Morgan Stanley Variable Insurance Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07607

Morgan Stanley Variable Insurance Fund, Inc.

(Exact name of registrant as specified in charter)

		522 Fifth Avenue, New York, New York 10036
		(Address of principal executive offices) (Zip code)

John H. Gernon

522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

Registrant's telephone number, including area code: 212-296-0289

Date of fiscal year end: December 31,

Date of reporting period: June 30, 2022

Item 1 - Report to Shareholders

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Core Plus Fixed Income Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Expense Example					2
Portfolio of Investments					3
Statement of Assets and Liabilities					12
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					15
Notes to Financial Statements					17
Investment Advisory Agreement Approval					28
Liquidity Risk Management Program					30
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Expense Example

Core Plus Fixed Income Portfolio

As a shareholder of the Core Plus Fixed Income Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any insurance company charges. Therefore, the table below is useful in comparing ongoing costs, but will not help you determine the relative total cost of owning different funds. In addition, if these insurance company charges were included, your costs would have been higher.

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Core Plus Fixed Income Portfolio Class I	$	1,000.00	$	886.30	$	1,021.62	$	2.99	$	3.21		0.64	%
Core Plus Fixed Income Portfolio Class II		1,000.00		884.50		1,020.38		4.16		4.46		0.89

* Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 181/365 (to reflect the most recent one-half year period).

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.6%)
Agency Adjustable Rate Mortgages (0.0%) (a)
Federal Home Loan Mortgage Corporation, Conventional Pool: 12 Month USD LIBOR + 1.63%, 2.44%, 7/1/45		$20		$20
Federal National Mortgage Association, Conventional Pool: 12 Month USD LIBOR + 1.59%, 1.84%, 12/1/45		11		11
				31
Agency Fixed Rate Mortgages (16.5%)
Federal Home Loan Mortgage Corporation, Gold Pools: 2.00%, 10/1/51		54		46
3.50%, 1/1/44		292		287
4.00%, 12/1/41 - 10/1/44		334		338
5.41%, 7/1/37 - 8/1/37		11		11
5.44%, 1/1/37 - 2/1/38		46		47
5.46%, 5/1/37 - 1/1/38		39		41
5.48%, 8/1/37		10		11
5.50%, 8/1/37 - 11/1/37		47		49
5.52%, 10/1/37		5		5
5.62%, 12/1/36 - 8/1/37		47		48
6.00%, 8/1/37 - 5/1/38		13		14
7.50%, 5/1/35		17		19
8.00%, 8/1/32		11		12
8.50%, 8/1/31		16		17
Federal National Mortgage Association, Conventional Pools: 2.00%, 11/1/51		300		253
2.00%, 3/1/52		300		261
2.50%, 2/1/50		209		188
3.00%, 7/1/49		51		47
3.50%, 7/1/46 - 7/1/49		655		637
4.00%, 11/1/41 - 8/1/49		615		618
4.50%, 8/1/40 - 9/1/48		192		194
5.00%, 7/1/40		45		47
5.62%, 12/1/36		18		18
6.00%, 12/1/38		147		157
6.50%, 11/1/27 - 10/1/38		11		11
7.00%, 6/1/29		3		4
7.50%, 8/1/37		30		34
8.00%, 4/1/33		23		26
8.50%, 10/1/32		25		28
9.50%, 4/1/30		2		2
July TBA: 2.50%, 7/1/52 (b)		1,350		1,214
3.50%, 7/1/52 (b)		4,500		4,329
4.00%, 7/1/52 (b)		1,125		1,110
4.50%, 7/1/52 (b)		1,450		1,456
5.00%, 7/1/52 (b)		1,025		1,046
Government National Mortgage Association, July TBA: 4.00%, 7/20/52 (b)		975		971

	Face Amount (000)		Value (000)
Various Pools: 3.50%, 11/20/40 - 7/20/46	$	243	$	240
4.00%, 7/15/44		85		87
5.00%, 12/20/48 - 2/20/49		12		12
				13,935
Asset-Backed Securities (12.0%)
AIMCO CLO, Series 2018-B 3 Month USD LIBOR + 1.10%, 2.14%, 1/15/32 (c)(d)		625		610
Allegro CLO XI Ltd., 3 Month USD LIBOR + 1.39%, 2.43%, 1/19/33 (c)(d)		250		245
American Homes 4 Rent Trust, 6.07%, 10/17/52 (c)		490		501
Benefit Street Partners CLO XX Ltd., 3 Month USD LIBOR + 1.17%, 2.21%, 7/15/34 (c)(d)		390		378
Blackbird Capital Aircraft Lease Securitization Ltd., 5.68%, 12/16/41 (c)		356		288
Cologix Data Centers US Issuer LLC, 3.30%, 12/26/51 (c)		225		207
Cologix Canadian US Issuer LLC, 4.94%, 1/25/52 (c)		400		291
Conn's Receivables Funding 2021-A LLC, 2.87%, 5/15/26 (c)		125		121
ELFI Graduate Loan Program 2022-A LLC, 4.51%, 8/26/47		200		200
Falcon Aerospace Ltd., 3.60%, 9/15/39 (c)		187		159
Foundation Finance Trust, 3.86%, 11/15/34 (c)		101		100
FREED ABS Trust, 5.39%, 6/18/26 (c)		272		272
GAIA Aviation Ltd., 7.00%, 12/15/44 (c)		338		235
Goodgreen Trust, 5.53%, 4/15/55 (c)		432		409
JOL Air Ltd., 4.95%, 4/15/44 (c)		227		185
Lunar 2021-1 Structured Aircraft Portfolio Notes, 2.64%, 10/15/46 (c)		317		289
Lunar Aircraft Ltd., 3.38%, 2/15/45 (c)		112		96
Mosaic Solar Loan Trust, 1.92%, 6/20/52 (c)		204		175
New Residential Mortgage LLC, 5.44%, 6/25/25 - 7/25/25 (c)		736		720
Newday Funding Master Issuer PLC, SOFR + 1.50%, 2.28%, 4/15/30 (c)(d)		500		496
NovaStar Mortgage Funding Trust, 1 Month USD LIBOR + 1.06%, 2.68%, 12/25/33 (d)		184		182
NRZ Excess Spread-Collateralized Notes, Class A 3.47%, 11/25/26 (c)		256		240

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
Octagon Investment Partners 51 Ltd., 3 Month USD LIBOR + 1.15%, 2.21%, 7/20/34 (c)(d)	$	900	$	871
Oxford Finance Funding LLC, 5.44%, 2/15/27 (c)		198		196
PMT FMSR Issuer Trust, 1 Month USD LIBOR + 3.00%, 4.62%, 3/25/26 (c)(d)		650		642
PNMAC GMSR Issuer Trust, 1 Month USD LIBOR + 2.85%, 4.47%, 2/25/23 (c)(d)		300		298
5.14%, 6/25/27		300		299
5.18%, 5/25/27		300		299
PRET 2021-NPL6 LLC, 2.49%, 7/25/51 (c)		185		173
Sculptor CLO XXVI Ltd., 3 Month USD LIBOR + 1.27%, 2.33%, 7/20/34 (c)(d)		840		805
START Ireland, 4.09%, 3/15/44 (c)		129		119
				10,101
Collateralized Mortgage Obligations — Agency Collateral Series (1.9%)
Federal Home Loan Mortgage Corporation, 1 Month USD LIBOR + 4.35%, 5.47%, 12/25/26 (c)(d)		59		59
1 Month USD LIBOR + 5.25%, 6.37%, 7/25/26 (c)(d)		42		43
IO 2.72%, 1/25/49 (d)		3,665		633
2.75%, 2/25/49 (d)		1,635		284
3.17%, 11/25/36 (d)		475		135
3.57%, 10/25/38 (d)		800		247
IO REMIC 6.00% – 1 Month USD LIBOR, 4.68%, 11/15/43 - 6/15/44 (e)		907		111
IO STRIPS 7.50%, 12/15/29		2		—	@
Federal National Mortgage Association, IO REMIC 6.00%, 5/25/33 - 7/25/33		100		18
IO STRIPS 8.00%, 6/25/35 (d)		7		1
REMIC 7.00%, 9/25/32		17		19
Government National Mortgage Association, IO 0.75%, 8/20/58 (d)		3,290		50
5.00%, 2/16/41		44		8
				1,608
Commercial Mortgage-Backed Securities (6.1%)
BANK 2019-BNK21, IO 0.99%, 10/17/52 (d)		3,656		173
BANK 2020-BNK30, 3.02%, 12/15/53 (d)		725		528

	Face Amount (000)		Value (000)
Citigroup Commercial Mortgage Trust, 3.62%, 12/10/41 (c)(d)	$	300	$	204
IO 0.87%, 11/10/48 (d)		2,282		45
1.03%, 9/10/58 (d)		4,198		97
Commercial Mortgage Trust, IO 0.04%, 7/10/45 (d)		6,582		1
0.82%, 10/10/47 (d)		2,217		27
1.15%, 7/15/47 (d)		2,461		38
GS Mortgage Securities Trust, 4.88%, 8/10/46 (c)(d)		500		472
IO 0.84%, 9/10/47 (d)		4,249		53
1.37%, 10/10/48		4,615		147
Highways 2021 PLC, 2.47%, 11/18/26	GBP	300		361
Jackson Park Trust, 3.35%, 10/14/39 (c)(d)	$	400		300
JP Morgan Chase Commercial Mortgage Securities Trust, IO 0.65%, 4/15/46 (d)		6,000		25
0.72%, 12/15/49 (d)		2,589		50
0.99%, 7/15/47 (d)		4,609		44
JPMBB Commercial Mortgage Securities Trust, IO 1.10%, 8/15/47 (d)		2,809		39
Last Mile Logistics Pan Euro Finance DAC, 1.90%, 8/17/33	EUR	100		100
MF1 2021-W10X, SOFR + 2.82%, 4.10%, 12/15/34 (c)(d)	$	475		451
MFT Trust, 3.59%, 2/10/42 (c)(d)		200		160
MKT 2020-525M Mortgage Trust, 3.04%, 2/12/40 (c)(d)		200		139
Multifamily Connecticut Avenue Securities Trust, 1 Month USD LIBOR + 1.95%, 3.57%, 3/25/50 (c)(d)		28		27
Natixis Commercial Mortgage Securities Trust, 1 Month USD LIBOR + 2.20%, 3.52%, 7/15/36 (c)(d)		500		489
4.46%, 1/15/43 (c)(d)		200		174
Real Estate Asset Liquidity Trust, IO 1.17%, 2/12/31 (c)(d)	CAD	3,492		133
SG Commercial Mortgage Securities Trust, 3.85%, 3/15/37 (c)(d)	$	450		406
SLG Office Trust, IO 0.26%, 7/15/41 (c)(d)		3,650		64
WFRBS Commercial Mortgage Trust, 4.28%, 5/15/45 (c)(d)		385		368
				5,115

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (28.0%)
Finance (10.0%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28	$	150	$	126
4.13%, 7/3/23		325		322
Australia & New Zealand Banking Group Ltd. 2.57%, 11/25/35 (c)		200		159
Avolon Holdings Funding Ltd. 2.88%, 2/15/25 (c)		275		253
Banco de Credito e Inversiones SA 2.88%, 10/14/31 (c)		225		186
Banco Santander Chile 2.70%, 1/10/25 (c)		150		144
Banco Santander SA 4.18%, 3/24/28		200		191
Bank Hapoalim BM 3.26%, 1/21/32 (c)		225		194
Bank of America Corp., 2.48%, 9/21/36		375		291
2.69%, 4/22/32		175		147
3.85%, 3/8/37		25		22
MTN 4.00%, 1/22/25		610		608
Bank of Ireland Group PLC 2.03%, 9/30/27 (c)		250		218
Bank of Montreal 3.09%, 1/10/37		150		123
Belrose Funding Trust 2.33%, 8/15/30 (c)		100		80
BNP Paribas SA 4.40%, 8/14/28 (c)		300		287
BPCE SA 5.15%, 7/21/24 (c)		300		300
Brown & Brown, Inc. 2.38%, 3/15/31		50		40
Centene Corp. 2.50%, 3/1/31		150		120
Citigroup, Inc., 2.52%, 11/3/32		475		386
5.50%, 9/13/25		150		154
CNO Financial Group, Inc. 5.25%, 5/30/29		95		92
Coinbase Global, Inc. 3.38%, 10/1/28 (c)		110		70
Goldman Sachs Group, Inc. 2.62%, 4/22/32		525		436
Grupo Aval Ltd. 4.38%, 2/4/30 (c)		200		150
HSBC Holdings PLC 4.25%, 3/14/24		425		423
JPMorgan Chase & Co. 1.95%, 2/4/32		125		100
Life Storage LP 2.40%, 10/15/31		125		100
Lloyds Banking Group PLC 4.38%, 3/22/28		300		292

	Face Amount (000)		Value (000)
Macquarie Group Ltd. 2.87%, 1/14/33 (c)	$	125	$	102
Marsh & McLennan Cos., Inc. 5.88%, 8/1/33		125		137
Nationwide Building Society 4.30%, 3/8/29 (c)		375		359
Oversea-Chinese Banking Corp. Ltd. 1.83%, 9/10/30 (c)		200		185
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. 3.88%, 3/1/31 (c)		170		128
Societe Generale SA 2.63%, 1/22/25 (c)		225		214
Sun Communities Operating LP 4.20%, 4/15/32		225		205
SVB Financial Group, 1.80%, 2/2/31		125		96
4.10%, 2/15/31 (f)		100		69
Toronto-Dominion Bank 4.46%, 6/8/32		275		272
United Overseas Bank Ltd. 3.86%, 10/7/32 (c)		325		311
Wells Fargo & Co., 3.07%, 4/30/41		125		97
MTN 2.88%, 10/30/30		200		176
Westpac Banking Corp. 2.67%, 11/15/35		75		60
				8,425
Industrials (15.8%)
Airbnb, Inc. 0.00%, 3/15/26		130		109
Alibaba Group Holding Ltd. 2.13%, 2/9/31		200		166
Altria Group, Inc. 3.40%, 2/4/41		125		83
Amazon.com, Inc. 2.70%, 6/3/60		100		68
American Airlines Inc/AAdvantage Loyalty IP Ltd. 5.75%, 4/20/29 (c)		160		137
Amgen, Inc., 2.80%, 8/15/41		100		74
4.20%, 2/22/52		75		66
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 4/15/48		100		90
AT&T, Inc., 2.55%, 12/1/33		225		183
3.55%, 9/15/55		150		113
BAT Capital Corp. 3.56%, 8/15/27		300		275
Boeing Co. 3.25%, 2/1/35		150		114
BP Capital Markets PLC, 4.38%, 6/22/25 (f)		75		71
4.88%, 3/22/30 (f)		75		66
Burlington Northern Santa Fe LLC 3.30%, 9/15/51		100		80

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/1/32	$	50	$	38
2.80%, 4/1/31		100		80
3.50%, 3/1/42		300		209
Children's Health System of Texas 2.51%, 8/15/50		175		119
Comcast Corp. 1.95%, 1/15/31		200		167
Crown Castle International Corp. 3.30%, 7/1/30		150		132
Dell International LLC/EMC Corp. 3.45%, 12/15/51 (c)		275		187
Delta Air Lines Pass Through Trust, Series AA 3.20%, 10/25/25		150		145
Dexcom, Inc. 0.25%, 11/15/25 (g)		200		184
Dick's Sporting Goods, Inc. 4.10%, 1/15/52		250		167
DXC Technology Co. 1.80%, 9/15/26		350		315
Enbridge, Inc. 2.50%, 8/1/33		275		223
Energy Transfer LP, 2.90%, 5/15/25		250		238
4.75%, 1/15/26		75		75
Enterprise Products Operating LLC 3.30%, 2/15/53		100		73
Fox Corp. 5.48%, 1/25/39		175		170
Galaxy Pipeline Assets Bidco Ltd. 1.75%, 9/30/27 (c)		290		270
Garda World Security Corp. 4.63%, 2/15/27 (c)		200		172
GE Capital International Funding Co., Unlimited Co. 4.42%, 11/15/35		225		210
General Motors Co., 6.60%, 4/1/36		75		76
6.75%, 4/1/46		75		75
General Motors Financial Co., Inc. 4.35%, 1/17/27		275		264
Georgia-Pacific LLC 2.30%, 4/30/30 (c)		175		152
Gilead Sciences, Inc. 2.80%, 10/1/50		100		70
Global Partners LP/GLP Finance Corp. 7.00%, 8/1/27		80		72
GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32		50		40
5.38%, 4/15/26		125		123
Grifols SA 2.25%, 11/15/27 (c)		100		88
HCA, Inc. 4.63%, 3/15/52 (c)		50		40

	Face Amount (000)		Value (000)
Hyundai Capital America 1.80%, 1/10/28 (c)	$	250	$	211
Imperial Brands Finance PLC 3.13%, 7/26/24 (c)		350		339
Intel Corp. 2.80%, 8/12/41		175		134
JBS Finance Luxembourg Sarl 2.50%, 1/15/27 (c)		225		196
Johns Hopkins University, Series A 2.81%, 1/1/60		145		106
Las Vegas Sands Corp. 3.20%, 8/8/24		100		95
Level 3 Financing, Inc. 3.40%, 3/1/27 (c)		175		151
Lions Gate Capital Holdings LLC 5.50%, 4/15/29 (c)		145		113
Macy's Retail Holdings LLC 5.88%, 3/15/30 (c)(g)		80		67
Magallanes, Inc. Co., 4.28%, 3/15/32 (c)		175		157
5.05%, 3/15/42 (c)		100		85
5.14%, 3/15/52 (c)		100		84
Matador Resources Co. 5.88%, 9/15/26		200		193
Mauser Packaging Solutions Holding Co. 7.25%, 4/15/25 (c)		120		105
McLaren Health Care Corp., Series A 4.39%, 5/15/48		150		140
Medline Borrower LP 3.88%, 4/1/29 (c)		150		128
MPLX LP 4.95%, 3/14/52		200		173
NBN Co. Ltd. 2.63%, 5/5/31 (c)		225		192
Netflix, Inc. 3.63%, 5/15/27		100		98
Newcastle Coal Infrastructure Group Pty Ltd. 4.40%, 9/29/27 (c)		275		244
Nissan Motor Co. Ltd. 3.04%, 9/15/23 (c)		275		270
NOVA Chemicals Corp. 4.25%, 5/15/29 (c)(g)		165		129
ONEOK, Inc., 3.10%, 3/15/30		125		108
3.40%, 9/1/29		50		44
Peloton Interactive, Inc. 0.00%, 2/15/26		235		149
Pertamina Persero PT 2.30%, 2/9/31		450		367
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.63%, 4/16/29 (c)		200		163
RingCentral, Inc. 0.00%, 3/15/26		125		94
Rockies Express Pipeline LLC 3.60%, 5/15/25 (c)		100		91

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Rogers Communications, Inc. 4.55%, 3/15/52 (c)	$	175	$	154
Sealed Air Corp. 1.57%, 10/15/26 (c)		75		65
Silgan Holdings, Inc. 1.40%, 4/1/26 (c)		200		179
Splunk, Inc. 1.13%, 6/15/27		200		166
Spotify USA, Inc. 0.00%, 3/15/26		140		111
Standard Industries, Inc. 2.25%, 11/21/26 (c)	EUR	125		103
Syngenta Finance NV 4.89%, 4/24/25 (c)	$	300		301
T-Mobile USA, Inc. 2.25%, 11/15/31		100		81
Take-Two Interactive Software, Inc. 4.00%, 4/14/32		75		70
Telefonica Emisiones SA 4.10%, 3/8/27		300		294
TotalEnergies SE, Series FP 0.50%, 12/2/22		200		205
Uber Technologies, Inc. 0.00%, 12/15/25 (g)		190		152
Verizon Communications, Inc., 2.65%, 11/20/40		250		184
2.99%, 10/30/56		25		17
Volkswagen Group of America Finance LLC 4.75%, 11/13/28 (c)		275		274
Vontier Corp. 2.40%, 4/1/28		250		211
VTR Finance NV 6.38%, 7/15/28 (c)		200		143
Wayfair, Inc. 0.63%, 10/1/25		285		190
Western Digital Corp. 1.50%, 2/1/24		125		119
				13,314
Utilities (2.2%)
Duke Energy Indiana LLC 2.75%, 4/1/50		83		59
Enel Finance International NV 5.00%, 6/15/32 (c)		200		193
Entergy Louisiana LLC 1.60%, 12/15/30		125		100
Fells Point Funding Trust 3.05%, 1/31/27 (c)		250		231
Jersey Central Power & Light Co. 2.75%, 3/1/32 (c)		150		128
Mississippi Power Co. 3.95%, 3/30/28		275		268
NextEra Energy Capital Holdings, Inc. 3.00%, 1/15/52		150		108
Niagara Mohawk Power Corp. 2.76%, 1/10/32 (c)		300		257

	Face Amount (000)		Value (000)
Northern States Power Co. 2.90%, 3/1/50	$	150	$	113
NRG Energy, Inc., 3.63%, 2/15/31 (c)		125		98
3.88%, 2/15/32 (c)		30		24
Piedmont Natural Gas Co., Inc. 2.50%, 3/15/31		125		106
Public Service Enterprise Group, Inc. 2.45%, 11/15/31		150		125
Virginia Electric and Power Co. 2.95%, 11/15/51		125		93
				1,903
				23,642
Mortgages — Other (27.8%)
Alternative Loan Trust, 1 Month USD LIBOR + 0.36%, 1.98%, 5/25/47 (d)		77		67
5.50%, 2/25/36		5		3
6.00%, 7/25/37		39		28
PAC 5.50%, 2/25/36		3		2
6.00%, 4/25/36		12		7
BAMLL Commercial Mortgage Securities Trust, SOFR + 3.00%, 4.28%, 1/15/39 (c)(d)		350		332
Banc of America Alternative Loan Trust, 1 Month USD LIBOR + 0.65%, 2.27%, 7/25/46 (d)		103		84
6.36%, 10/25/36		261		88
Banc of America Funding Trust, 5.25%, 7/25/37		15		15
6.00%, 7/25/37		15		12
Bayview MSR Opportunity Master Fund Trust, 3.00%, 11/25/51 (c)		231		207
BPR Trust 2022-SSP, 4.28%, 5/15/39		350		345
Brean Asset Backed Securities Trust, 1.40%, 10/25/63 (c)(d)		250		220
1.75%, 10/25/61 (c)(d)		265		239
BX Trust BX 2022 VAMF, SOFR + 2.70%, 3.98%, 1/15/39 (c)(d)		390		357
CFMT 2021-HB7 LLC, 3.85%, 10/27/31 (c)(d)		350		330
CFMT 2022-HB8 LLC, 3.75%, 4/25/25		300		275
ChaseFlex Trust, 6.00%, 2/25/37		312		152
CIM Trust, 2.50%, 7/1/51 (c)		382		327
2.57%, 7/25/55 (c)		398		382
2.82%, 10/25/61 (c)		257		242
Citigroup Mortgage Loan Trust, 2.50%, 9/25/51 (c)		463		397
COLT 2021-RPL1 Trust, 1.67%, 9/25/61 (c)(d)		169		157

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Credit Suisse Mortgage Trust, 1 Month USD LIBOR + 3.97%, 5.29%, 4/15/23 (c)(d)	$	568	$	549
CSFB Mortgage-Backed Pass-Through Certificates, 6.50%, 11/25/35		752		176
Eurosail BV, 3 Month EURIBOR + 1.80%, 1.35%, 10/17/40 (d)	EUR	300		306
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, 2.98%, 1/25/49 (d)	$	800		163
3.08%, 1/25/32 (d)		625		132
3.32%, 5/25/32 (d)		1,300		302
3.56%, 7/25/32		775		194
Federal Home Loan Mortgage Corporation, 3.00%, 9/25/45 - 5/25/47		531		506
3.50%, 5/25/45 - 5/25/47		321		315
3.86%, 5/25/45 (c)(d)		1		1
4.00%, 5/25/45		8		7
Flagstar Mortgage Trust, 2.50%, 9/25/51 (c)		386		331
FMC GMSR Issuer Trust, 3.85%, 10/25/26 (c)(d)		300		269
Freddie Mac STACR REMIC Trust, SOFR30A + 2.20%, 3.13%, 5/25/42 (c)(d)		191		189
GCAT 2022-NQM3 Trust, 4.35%, 4/25/67		525		515
GSR Mortgage Loan Trust, 5.75%, 1/25/37		79		58
Headlands Residential 2021-RPL1 LLC, 2.49%, 9/25/26 (c)(d)		350		327
Hundred Acre Wood Trust, 2.50%, 10/25/51 (c)		916		789
Imperial Fund Mortgage Trust, 2.09%, 1/25/57 (c)(d)		500		429
2.49%, 2/25/67 (c)		288		273
JP Morgan Alternative Loan Trust, 6.00%, 12/25/35		32		25
JP Morgan Mortgage Trust, 3.36%, 6/25/37 (d)		29		24
6.00%, 6/25/37		4		11
Legacy Mortgage Asset Trust, 3.25%, 2/25/60 (c)		354		346
Lehman Mortgage Trust, 6.50%, 9/25/37		623		252
LHOME Mortgage Trust, 3.23%, 10/25/24 (c)		73		73
Life Mortgage Trust, SOFR + 2.09%, 3.37%, 5/15/39 (c)(d)		175		169
Natixis Commercial Mortgage Securities Trust, 1 Month USD LIBOR + 1.70%, 3.02%, 8/15/38 (c)(d)		325		307
PMC PLS ESR Issuer LLC, 5.11%, 2/25/27 (c)		313		303

	Face Amount (000)		Value (000)
Preston Ridge Partners LLC, 1.74%, 9/25/26 (c)(d)	$	227	$	212
2.36%, 10/25/26 (c)		249		235
2.49%, 11/25/26 (c)		336		317
5.00%, 3/25/27 (c)		312		306
5.56%, 6/25/27		300		295
RALI Trust, 6.00%, 4/25/36 - 1/25/37		24		21
Rate Mortgage Trust, 2.50%, 11/25/51 (c)		531		456
Residential Asset Securitization Trust, 6.00%, 7/25/36		20		13
Sage AR Funding PLC (SGSHR) No. 1, 2.83%, 11/17/51 (d)	GBP	400		457
Seasoned Credit Risk Transfer Trust, 3.00%, 7/25/56 - 5/25/60	$	4,182		3,979
4.00%, 7/25/56 (d)		226		224
4.00%, 8/25/58 - 2/25/59		356		356
4.25%, 5/25/60 (c)(d)		600		561
4.50%, 6/25/57		627		638
4.75%, 7/25/56 - 6/25/57 (c)(d)		700		670
Stanwich Mortgage Loan Co. LLC, 2.74%, 10/16/26 (c)		289		277
Structured Asset Securities Corp. Reverse Mortgage Loan Trust, 1 Month USD LIBOR + 1.85%, 3.47%, 5/25/47 (c)(d)		866		824
Taubman Centers Commercial Mortgage Trust, SOFR + 2.19%, 3.46%, 5/15/37 (c)(d)		450		439
TVC Mortgage Trust, 3.47%, 9/25/24 (c)		112		112
United Wholesale Mortgage Trust, 2.50%, 8/25/51 (c)		483		413
2.50% 11/25/51 (c)		356		306
Vita Scientia 2022-1 DAC, 3 Month EURIBOR + 2.49%, 2.49%, 8/27/25 (c)(d)	EUR	250		249
VMC Finance 2021-HT1 LLC, 1 Month USD LIBOR + 1.65%, 3.26%, 1/18/37 (c)(d)	$	344		338
VOLT CV LLC, 2.49%, 11/27/51 (c)		178		166
				23,473
Municipal Bonds (1.6%)
Chicago O'Hare International Airport, IL, O'Hare International Airport Revenue Series 2010B 6.40%, 1/1/40		115		138
City of New York, NY, Series G-1 5.97%, 3/1/36		245		279
Illinois State Toll Highway Authority, IL, Highway Revenue, Build America Bonds Series A 6.18%, 1/1/34		705		814

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Municipal Bonds (cont'd)
University of Michigan, MI, Series A 4.45%, 4/1/22	$	170	$	156
				1,387
Sovereign (4.4%)
Australia Government Bond, 1.25%, 5/21/32	AUD	825		457
Dominican Republic International Bond, 5.88%, 1/30/60 (c)	$	225		154
Ecuador Government International Bond, 0.50%, 7/31/40 (c)(h)		62		26
Egypt Government International Bond, 6.38%, 4/11/31 (c)		200		132
7.50%, 2/16/61 (c)		200		112
Export-Import Bank of India, 3.25%, 1/15/30 (c)(g)		200		174
Hellenic Republic Government Bond, 2.00%, 4/22/27 (c)	EUR	143		145
Italy Buoni Poliennali Del Tesoro, 0.65%, 10/28/27 (c)		606		631
Ivory Coast Government International Bond, 4.88%, 1/30/32 (c)	$	125		95
Nigeria Government International Bond, 9.25%, 1/21/49 (c)		200		136
Petroleos Mexicanos, 6.70%, 2/16/32		388		297
6.95%, 1/28/60		55		34
Philippine Government International Bond, 4.20%, 3/29/47		200		176
Republic of Nigeria, 8.38%, 3/24/29 (c)		200		153
Republic of South Africa Government Bond, 8.25%, 3/31/32	ZAR	12,298		633
Republic of South Africa Government International Bond, 5.88%, 4/20/32	$	200		171
Senegal Government International Bond, 6.25%, 5/23/33 (c)		200		154
				3,680
Supranational (0.3%)
Banque Ouest Africaine de Developpement 4.70%, 10/22/31 (c)		350		291
Total Fixed Income Securities (Cost $91,018)				83,263
	Shares
Short-Term Investments (13.9%)
Investment Company (9.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note H) (Cost $8,132)		8,132,018		8,132

	Shares		Value (000)
Securities held as Collateral on Loaned Securities (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note H) (Cost $1,369)		1,369,225	$	1,369
	Face Amount (000)
U.S. Treasury Securities (2.7%)
U.S. Treasury Bill, 1.40%, 10/27/22 (i)(j)	$	833		828
U.S. Treasury Notes, 0.13%, 12/31/22 (g)		1,000		988
0.50%, 3/15/23		450		443
Total U.S. Treasury Securities (Cost $2,273)				2,259
Total Short-Term Investments (Cost $11,774)				11,760
Total Investments (112.5%) (Cost $102,792) Including $1,699 of Securities Loaned (k)(l)				95,023
Liabilities in Excess of Other Assets (–12.5%)				(10,544	)
Net Assets (100.0%)			$	84,479

(a) Amount is less than 0.05%.

(b) Security is subject to delayed delivery.

(c) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(d) Floating or variable rate securities: The rates disclosed are as of June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(e) Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at June 30, 2022.

(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 June 30, 2022.

(g) All or a portion of this security was on loan at June 30, 2022.

(h) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of June 30, 2022. Maturity date disclosed is the ultimate maturity date.

(i) Rate shown is the yield to maturity at June 30, 2022.

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

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

(l) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $740,000 and the aggregate gross unrealized depreciation is approximately $8,543,000, resulting in net unrealized depreciation of approximately $7,803,000.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

CLO Collateralized Loan Obligation.

EURIBOR Euro Interbank Offered Rate.

IO Interest Only.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

PAC Planned Amortization Class.

REMIC Real Estate Mortgage Investment Conduit.

SOFR Secured Overnight Financing Rate.

STRIPS Separate Trading of Registered Interest and Principal of Securities.

TBA To Be Announced.

USD United States Dollar.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at June 30, 2022:

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	$	1		CAD	2		8/19/22	$	(—	@)
Bank of America NA	EGP	980		$	51		8/18/22		1
Barclays Bank PLC	$	118		EUR	111		8/19/22		(1	)
BNP Paribas SA	$	53		EGP	980		8/18/22		(2	)
BNP Paribas SA	CNY	4,393		$	644		8/19/22		(12	)
BNP Paribas SA	$	230		CNY	1,537		8/19/22		(—	@)
HSBC Bank PLC	CAD	—	@	$	—	@	8/19/22		—	@
JPMorgan Chase Bank NA	AUD	595		$	412		8/19/22		2
JPMorgan Chase Bank NA	AUD	83		$	58		8/19/22		1
JPMorgan Chase Bank NA	EUR	252		$	266		8/19/22		1
JPMorgan Chase Bank NA	GBP	1,064		$	1,304		8/19/22		8
JPMorgan Chase Bank NA	$	4		CAD	5		8/19/22		—	@
JPMorgan Chase Bank NA	$	26		EUR	25		8/19/22		(1	)
JPMorgan Chase Bank NA	$	3		GBP	3		8/19/22		(—	@)
JPMorgan Chase Bank NA	$	252		GBP	206		8/19/22		(1	)
JPMorgan Chase Bank NA	ZAR	10,797		$	659		8/19/22		(2	)
Standard Chartered Bank	EUR	94		$	99		8/19/22		(—	@)
State Street Bank and Trust Co.	$	209		MXN	4,235		8/19/22		(1	)
UBS AG	CAD	577		$	447		8/19/22		(2	)
UBS AG	EUR	1,535		$	1,626		8/19/22		13
UBS AG	GBP	2		$	2		7/5/22		(—	@)
UBS AG	$	2		GBP	2		8/19/22		—	@
								$	4

Futures Contracts:

The Fund had the following futures contracts open at June 30, 2022:

	Number of Contracts		Expiration Date	Notional Amount (000)		Value (000)		Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 10 yr. Note		12	Sep-22	$	1,200	$	1,422	$	(20	)
U.S. Treasury 5 yr. Note		45	Sep-22		4,500		5,051		65
U.S. Treasury Long Bond		39	Sep-22		3,900		5,407		(24	)
U.S. Treasury Ultra Bond		35	Sep-22		3,500		5,402		(147	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Futures Contracts (cont'd):

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Short:
Euro-Buxl 30yr. Bond		1	Sep-22	EUR	(100	)	$	(172	)	$	18
Euro OAT		2	Sep-22		(200	)		(290	)		11
German Euro BTP		3	Sep-22		(300	)		(387	)		14
German Euro Bund		1	Sep-22		(100	)		(156	)		5
Japan 10 yr. Bond		1	Sep-22	JPY	(100,000	)		(1,095	)		5
U.S. Treasury 10 yr. Ultra Note		16	Sep-22	$	(1,600	)		(2,038	)		10
U.S. Treasury 2 yr. Note		14	Sep-22		(2,800	)		(2,940	)		(17	)
										$	(80	)

Credit Default Swap Agreements:

The Fund had the following credit default swap agreements open at June 30, 2022:

Swap Counterparty and Reference Obligation				Credit Rating of Reference Obligation†				Buy/Sell Protection				Pay/ Receive Fixed Rate				Payment Frequency				Maturity Date				Notional Amount (000)				Value (000)				Upfront Payment Received (000)				Unrealized Appreciation (000)
Morgan Stanley & Co. LLC* CDX.NA.HY.38				NR				Buy					5.00	%		Quarterly				6/20/27				$	869			$	25			$	(19	)		$	44

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at June 30, 2022:

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
Depreciation
(000)

Morgan Stanley & Co. LLC*

US CPI All Urban
Consumers Index

Pay

2.50%

Quarterly/
Quarterly

5/9/27

$3,100

)

—

$(2)

@ Value is less than $500.

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

† Credit rating as issued by Standard & Poor's.

BTP Buoni del Tesoro Poliennali.

OAT Obligations Assimilables du Trésor (Treasury Obligation).

NR Not rated.

AUD — Australian Dollar

CAD — Canadian Dollar

CNY — Chinese Yuan Renminbi

EGP — Egyptian Pound

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

MXN — Mexican Peso

USD — United States Dollar

ZAR — South African Rand

Portfolio Composition**

Classification	Percentage of Total Investments
Mortgages — Other		25.1	%
Agency Fixed Rate Mortgages		14.9
Industrials		14.2
Short-Term Investments		11.1
Asset-Backed Securities		10.8
Other***		9.5
Finance		9.0
Commercial Mortgage-Backed Securities		5.4
Total Investments		100.0	%****

** Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.

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

**** Does not include open long/short futures contracts with a value of approximately $24,360,000 and net unrealized depreciation of approximately $80,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $4,000. Also does not include open swap agreements with net unrealized appreciation of approximately $42,000.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $93,291)	$	85,522
Investment in Security of Affiliated Issuer, at Value (Cost $9,501)		9,501
Total Investments in Securities, at Value (Cost $102,792)		95,023
Receivable for Variation Margin on Futures Contracts		651
Interest Receivable		562
Cash		159
Foreign Currency at Value (Cost $83)		83
Due from Broker		75
Receivable for Investments Sold		44
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		26
Receivable from Affiliate		7
Tax Reclaim Receivable		4
Receivable for Variation Margin on Swap Agreements		4
Receivable for Fund Shares Sold		—	@
Receivable from Securities Lending Income		—	@
Other Assets		19
Total Assets		96,657
Liabilities:
Payable for Investments Purchased		10,365
Collateral on Securities Loaned, at Value		1,369
Payable for Fund Shares Redeemed		194
Payable for Professional Fees		44
Payable for Servicing Fees		35
Deferred Capital Gain Country Tax		31
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		22
Payable for Custodian Fees		19
Payable for Advisory Fees		8
Payable for Administration Fees		6
Payable for Transfer Agency Fees		2
Payable for Distribution Fees — Class II Shares		2
Other Liabilities		81
Total Liabilities		12,178
NET ASSETS	$	84,479
Net Assets Consist of:
Paid-in-Capital	$	90,059
Total Accumulated Loss		(5,580	)
Net Assets	$	84,479
CLASS I:
Net Assets	$	70,593
Net Asset Value, Offering and Redemption Price Per Share Applicable to 7,607,714 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	9.28
CLASS II:
Net Assets	$	13,886
Net Asset Value, Offering and Redemption Price Per Share Applicable to 1,486,048 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	9.34
⁽¹⁾Including:
Securities on Loan, at Value:	$	1,699

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld)	$	1,631
Dividends from Security of Affiliated Issuer (Note H)		16
Income from Securities Loaned — Net		2
Total Investment Income		1,649
Expenses:
Advisory Fees (Note B)		171
Professional Fees		80
Servicing Fees (Note D)		61
Administration Fees (Note C)		36
Pricing Fees		27
Custodian Fees (Note G)		21
Distribution Fees — Class II Shares (Note E)		19
Shareholder Reporting Fees		18
Transfer Agency Fees (Note F)		5
Directors' Fees and Expenses		3
Other Expenses		9
Total Expenses		450
Waiver of Advisory Fees (Note B)		(135	)
Rebate from Morgan Stanley Affiliate (Note H)		(3	)
Net Expenses		312
Net Investment Income		1,337
Realized Gain (Loss):
Investments Sold		(2,604	)
Foreign Currency Forward Exchange Contracts		254
Foreign Currency Translation		(2	)
Futures Contracts		(1,458	)
Swap Agreements		(4	)
Net Realized Loss		(3,814	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $2)		(8,752	)
Foreign Currency Forward Exchange Contracts		9
Foreign Currency Translation		(1	)
Futures Contracts		(109	)
Swap Agreements		42
Net Change in Unrealized Appreciation (Depreciation)		(8,811	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(12,625	)
Net Decrease in Net Assets Resulting from Operations	$	(11,288	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,337		$	3,165
Net Realized Gain (Loss)		(3,814	)		1,853
Net Change in Unrealized Appreciation (Depreciation)		(8,811	)		(6,061	)
Net Decrease in Net Assets Resulting from Operations		(11,288	)		(1,043	)
Dividends and Distributions to Shareholders:
Class I		—			(8,987	)
Class II		—			(1,617	)
Total Dividends and Distributions to Shareholders		—			(10,604	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		2,088			18,715
Distributions Reinvested		—			8,987
Redeemed		(7,673	)		(19,863	)
Class II:
Subscribed		594			13,539
Distributions Reinvested		—			1,617
Redeemed		(1,497	)		(90,146	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(6,488	)		(67,151	)
Total Decrease in Net Assets		(17,776	)		(78,798	)
Net Assets:
Beginning of Period		102,255			181,053
End of Period	$	84,479		$	102,255
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		212			1,680
Shares Issued on Distributions Reinvested		—			855
Shares Redeemed		(774	)		(1,788	)
Net Increase (Decrease) in Class I Shares Outstanding		(562	)		747
Class II:
Shares Subscribed		57			1,183
Shares Issued on Distributions Reinvested		—			152
Shares Redeemed		(153	)		(7,806	)
Net Decrease in Class II Shares Outstanding		(96	)		(6,471	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Core Plus Fixed Income Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	10.47		$	11.72		$	11.31		$	10.63		$	10.98		$	10.67
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.14			0.26			0.28			0.35			0.34			0.34
Net Realized and Unrealized Gain (Loss)		(1.33	)		(0.29	)		0.58			0.79			(0.41	)		0.32
Total from Investment Operations		(1.19	)		(0.03	)		0.86			1.14			(0.07	)		0.66
Distributions from and/or in Excess of:
Net Investment Income		—			(0.46	)		(0.33	)		(0.46	)		(0.28	)		(0.35	)
Net Realized Gain		—			(0.76	)		(0.12	)		—			—			—
Total Distributions		—			(1.22	)		(0.45	)		(0.46	)		(0.28	)		(0.35	)
Net Asset Value, End of Period	$	9.28		$	10.47		$	11.72		$	11.31		$	10.63		$	10.98
Total Return⁽²⁾		(11.37	)%⁽⁶⁾		(0.32	)%		7.80	%		10.88	%⁽³⁾		(0.65	)%		6.24	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	70,593		$	85,556		$	86,993		$	92,157		$	70,476		$	79,752
Ratio of Expenses Before Expense Limitation		0.95	%⁽⁷⁾		0.82	%		0.75	%		0.77	%		0.76	%		0.76	%
Ratio of Expenses After Expense Limitation		0.64	%⁽⁴⁾⁽⁷⁾		0.67	%⁽⁴⁾⁽⁵⁾		0.68	%⁽⁴⁾		0.69	%⁽⁴⁾		0.68	%⁽⁴⁾		0.68	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.68	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income		2.98	%⁽⁴⁾⁽⁷⁾		2.35	%⁽⁴⁾		2.47	%⁽⁴⁾		3.16	%⁽⁴⁾		3.12	%⁽⁴⁾		3.10	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		115	%⁽⁶⁾		399	%		296	%		231	%		220	%		277	%

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

(2) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(3) Performance was positively impacted by approximately 0.10% due to the receipt of proceeds from the settlement of class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class I shares would have been approximately 10.78%.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) Effective July 1, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.65% for Class I shares. Prior to July 1, 2021, the maximum ratio was 0.70% for Class I shares.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Core Plus Fixed Income Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	10.56		$	11.68		$	11.27		$	10.59		$	10.94		$	10.64
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.13			0.24			0.25			0.32			0.31			0.31
Net Realized and Unrealized Gain (Loss)		(1.35	)		(0.30	)		0.58			0.79			(0.41	)		0.31
Total from Investment Operations		(1.22	)		(0.06	)		0.83			1.11			(0.10	)		0.62
Distributions from and/or in Excess of:
Net Investment Income		—			(0.30	)		(0.30	)		(0.43	)		(0.25	)		(0.32	)
Net Realized Gain		—			(0.76	)		(0.12	)		—			—			—
Total Distributions		—			(1.06	)		(0.42	)		(0.43	)		(0.25	)		(0.32	)
Net Asset Value, End of Period	$	9.34		$	10.56		$	11.68		$	11.27		$	10.59		$	10.94
Total Return⁽²⁾		(11.55	)%⁽⁶⁾		(0.54	)%		7.55	%		10.61	%⁽³⁾		(0.91	)%		5.89	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	13,886		$	16,699		$	94,060		$	95,952		$	91,733		$	111,585
Ratio of Expenses Before Expense Limitation		1.20	%⁽⁷⁾		1.07	%		1.00	%		1.02	%		1.01	%		1.01	%
Ratio of Expenses After Expense Limitation		0.89	%⁽⁴⁾⁽⁷⁾		0.92	%⁽⁴⁾⁽⁵⁾		0.93	%⁽⁴⁾		0.94	%⁽⁴⁾		0.93	%⁽⁴⁾		0.93	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.93	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income		2.73	%⁽⁴⁾⁽⁷⁾		2.10	%⁽⁴⁾		2.22	%⁽⁴⁾		2.91	%⁽⁴⁾		2.87	%⁽⁴⁾		2.85	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		115	%⁽⁶⁾		399	%		296	%		231	%		220	%		277	%

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

(5) Effective July 1, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.90% for Class II shares. Prior to July 1, 2021, the maximum ratio was 0.95% for Class II shares.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements

Morgan Stanley Variable Insurance Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Company is comprised of ten separate active, diversified and non-diversified funds (individually referred to as a "Fund," collectively as the "Funds"). The Company applies investment company accounting and reporting guidance.

The accompanying financial statements relate to the Core Plus Fixed Income Portfolio. The Fund seeks above-average total return over a market cycle of three to five years by investing primarily in a diversified portfolio of fixed income securities. The Fund offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1. Security Valuation: (1) Certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange

does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) 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; (3) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (4) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (5) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Company's Adviser or a valuation committee, to assist the Directors in 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 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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2. Fair Value Measurement: FASB Accounting Standards Codification^TM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—		$	31		$	—	$	31
Agency Fixed Rate Mortgages		—			13,935			—		13,935
Asset-Backed Securities		—			10,101			—		10,101
Collateralized Mortgage Obligations - Agency Collateral Series		—			1,608			—		1,608
Commercial Mortgage- Backed Securities		—			5,115			—		5,115
Corporate Bonds		—			23,642			—		23,642
Mortgages - Other		—			23,473			—		23,473
Municipal Bonds		—			1,387			—		1,387
Sovereign		—			3,680			—		3,680
Supranational		—			291			—		291
Total Fixed Income Securities		—			83,263			—		83,263
Short-Term Investments
Investment Company		9,501			—			—		9,501
U.S. Treasury Securities		—			2,259			—		2,259
Total Short-Term Investments		9,501			2,259			—		11,760
Foreign Currency Forward Exchange Contracts		—			26			—		26
Futures Contracts		128			—			—		128
Credit Default Swap Agreement		—			44			—		44
Total Assets		9,629			85,592			—		95,221
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(22	)		—		(22	)
Futures Contracts		(208	)		—			—		(208	)
Interest Rate Swap Agreement		—			(2	)		—		(2	)
Total Liabilities		(208	)		(24	)		—		(232	)
Total	$	9,421		$	85,568		$	—	$	94,989

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from sales and maturities of foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

4. Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission ("SEC") rules and regulations, or may cause the Fund to be more volatile than if the Fund

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

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

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Fund also entered into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses)

when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the clearinghouse or counterparty based upon changes in the value of the contract (variation margin). The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund's use of swaps during the period included those based on the credit of an underlying security commonly referred to as "credit default swaps." The Fund may be either the buyer or seller in a credit default swap. Where the Fund is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by the issuer of the debt obligation. If no default occurs, the Fund would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event by the issuer of the referenced debt obligation. The use of credit default swaps could result in losses to the Fund if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying

securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

The current credit rating of each individual issuer is listed in the table following the Portfolio of Investments and serves as an indicator of the current status of the payment/performance risk of the credit derivative. Alternatively, for credit default swaps on an index of credits, the quoted market prices and current values serve as an indicator of the current status of the payment/performance risk of the credit derivative. Generally, lower credit ratings and increasing market values, in absolute terms, represent a deterioration of the credit and a greater likelihood of an adverse credit event of the issuer.

The Fund may enter into interest rate swaps which is an agreement between two parties to exchange their respective commitments to pay or receive interest. Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of market loss with respect to interest rate swaps is typically limited to the net amount of interest payments that the Fund is contractually obligated to make.

When the Fund has an unrealized loss on a swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Consolidated Statement of Assets and Liabilities.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Statement of Assets and Liabilities.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2022:

Asset Derivatives
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

128

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(a)

Total

198

Liability Derivatives
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

(22

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

(208

)(a)

Swap Agreement

Variation Margin on
Swap Agreement

Interest
Rate Risk

)(a)

Total

(232

)

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended June 30, 2022 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	254
Interest Rate Risk	Futures Contracts		(1,458	)
Credit Risk	Swap Agreement		(4	)
Total		$	(1,208	)

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	9
Interest Rate Risk	Futures Contracts		(109	)
Credit Risk	Swap Agreement		44
Interest Rate Risk	Swap Agreement		(2	)
Total		$	(58	)

At June 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	26	$	(22	)

(b) Excludes exchange-traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	1		$	—		$	—	$	1
HSBC Bank PLC		—	@		—			—		—	@
JPMorgan Chase Bank NA		12			(4	)		—		8
UBS AG		13			(2	)		—		11
Total	$	26		$	(6	)	$	—	$	20
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	—	@	$	—		$	—	$	—	@
Barclays Bank PLC		1			—			—		1
BNP Paribas SA		14			—			—		14
JPMorgan Chase Bank NA		4			(4	)		—		0
Standard Chartered Bank		—	@		—			—		—	@
State Street Bank and Trust Co.		1			—			—		1
UBS AG		2			(2	)		—		0
Total	$	22		$	(6	)	$	—	$	16

@ Amount is less than $500.

For the six months ended June 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	9,584,000
Futures Contracts:
Average monthly notional value	$	31,862,000
Swap Agreements:
Average monthly notional amount	$	592,000

5. When-Issued/Delayed Delivery Securities: The Fund purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

6. Securities Lending: The Fund lends securities to qualified financial institutions, such as broker-dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	1,699	(d)	$	—	$	(1,699	)(e)(f)	$	0

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

(e) The Fund received cash collateral of approximately $1,369,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $368,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(f) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of June 30, 2022:

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	360	$	—	$	—	$	—	$	360
U.S. Treasury Security		1,009		—		—		—		1,009
Total Borrowings	$	1,369	$	—	$	—	$	—	$	1,369
Gross amount of recognized liabilities for securities lending transactions									$	1,369

7. Indemnifications: The Company enters into contracts that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

8. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date net of applicable withholding taxes. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Settlement and registration of foreign securities transactions may be subject to significant risks not normally associated with investments in the United States. In certain markets, ownership of shares is defined according to entries in the issuer's share register. It is possible that a Fund holding these securities could lose its share registration through fraud, negligence or even mere oversight. In addition, shares being delivered for sales and cash being paid for purchases may be delivered before the exchange is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

9. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

First $1 billion				Over $1 billion
0.375%				0.30%

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.07% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses,

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.65% for Class I shares and 0.90% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $135,000 of advisory fees were waived pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Servicing Fees: The Company accrues daily and pays quarterly a servicing fee of up to 0.17% of the average daily value of shares of the Fund held in an insurance company's account. Certain insurance companies have entered into a servicing agreement with the Company to provide administrative and other contract-owner related services on behalf of the Fund.

F. Dividend Disbursing and Transfer Agent: The Company's dividend disbursing and transfer agent is DST Asset Manager Solutions, Inc. ("DST"). Pursuant to a Transfer Agency Agreement, the Company pays DST a fee based on the number of classes, accounts and transactions relating to the Funds of the Company.

G. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Company in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Company as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account

maintenance fees, plus reimbursement for certain out-of-pocket expenses.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $17,074,000 and $26,435,000, respectively. For the six months ended June 30, 2022, purchases and sales of long-term U.S. Government securities were approximately $87,411,000 and $84,292,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	8,555			$	43,411			$	42,465			$	16

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	9,501

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 six months ended June 30, 2022, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

I. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2021 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2021 and 2020 was as follows:

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	8,540	$	2,064	$	6,132	$	507

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$3,240				$1,507

J. Credit Facility: The Company and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility. During the six months ended June 30, 2022, the Fund did not have any borrowings under the Facility.

K. Other: At June 30, 2022, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 35.6%.

L. Market Risk: The outbreak of the coronavirus ("COVID-19") and the recovery responses could adversely impact the operations of the Fund and its service providers and financial performance of the Fund and the Fund's investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. If the financial performance of the Fund's investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

M. LIBOR Discontinuance or Unavailability Risk: LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The Financial Conduct Authority (the "FCA"), which is the regulatory authority that oversees financial services firms, financial markets in the U.K. and the administrator of LIBOR, has announced that, after the end of 2021, one-week and two-month U.S. Dollar LIBOR and all non-U.S. Dollar LIBOR settings have either ended or are no longer representative of the underlying market they seek to measure. The FCA also announced that the most commonly used U.S. Dollar LIBOR settings, may continue to be provided on a representative basis until mid-2023. However, in connection with supervisory guidance from regulators, some regulated entities may no longer enter into most new LIBOR-based contracts. As a result of the foregoing, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain derivatives and other instruments or investments comprising some or all of the Fund's portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Although state and federal statutes have been enacted to address difficult LIBOR transition issues, the application and effect of these statutes are uncertain. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to

enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's performance or NAV.

N. Results of Special Meeting of Shareholders: On February 25, 2022, a special meeting of the Fund's shareholders was held for the purpose of voting on the following matter, the results of which were as follows:

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

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

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

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods but below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's management fee was lower than its peer group average and the Fund's total expense ratio was higher than its peer group average. After discussion, the Board concluded that the Fund's (i) performance and management fee were competitive with its peer group average and (ii) total expense ratio was acceptable.

Economies of Scale

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

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

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

Other Benefits of the Relationship

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

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

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

Other Factors and Current Trends

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

As part of the Board's review, the Board received information from management on the impact of the COVID-19 pandemic on the firm generally and the Adviser and the Fund in particular including, among other information, the pandemic's current and expected impact on the Fund's performance and operations.

General Conclusion

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Directors (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2022, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2021, through December 31, 2021, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Company's Proxy Voting Policy and Procedures and information regarding how the Company voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 548-7786 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of the Fund. For more detailed information about the Fund, its fees and expenses and other pertinent information, please read its Prospectus. The Company's Statement of Additional Information contains additional information about the Fund, including its Directors. It is available, without charge, by calling 1 (800) 548-7786.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1 (800) 548-7786, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFCPFISAN
4869981 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Discovery Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Consolidated Expense Example					2
Consolidated Portfolio of Investments					3
Consolidated Statement of Assets and Liabilities					6
Consolidated Statement of Operations					7
Consolidated Statements of Changes in Net Assets					8
Consolidated Financial Highlights					9
Notes to Consolidated Financial Statements					11
Investment Advisory Agreement Approval					23
Liquidity Risk Management Program					25
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Expense Example

Discovery Portfolio

As a shareholder of the Discovery Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Discovery Portfolio Class I	$	1,000.00	$	430.20	$	1,020.08	$	3.37	$	4.76		0.95	%
Discovery Portfolio Class II		1,000.00		430.20		1,019.59		3.72		5.26		1.05

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (91.6%)
Biotechnology (0.5%)
Intellia Therapeutics, Inc. (a)		13,526	$	700
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)		225,752		537
Commercial Services & Supplies (0.2%)
Aurora Innovation, Inc. (a)		129,934		248
Consumer Finance (1.1%)
Upstart Holdings, Inc. (a)(b)		48,161		1,523
Entertainment (4.4%)
ROBLOX Corp., Class A (a)		192,414		6,323
Health Care Providers & Services (8.2%)
Agilon Health, Inc. (a)		486,061		10,611
Guardant Health, Inc. (a)		29,849		1,204
				11,815
Health Care Technology (7.9%)
Doximity, Inc., Class A (a)		208,168		7,248
GoodRx Holdings, Inc., Class A (a)		332,583		1,969
Veeva Systems, Inc., Class A (a)		11,026		2,184
				11,401
Information Technology Services (24.7%)
Adyen NV (Netherlands) (a)		2,572		3,712
Affirm Holdings, Inc. (a)		248,966		4,496
Cloudflare, Inc., Class A (a)		173,894		7,608
MongoDB, Inc. (a)		36,539		9,482
Shopify, Inc., Class A (Canada) (a)		63,200		1,974
Snowflake, Inc., Class A (a)		58,423		8,124
				35,396
Interactive Media & Services (4.3%)
ZoomInfo Technologies, Inc., Class A (a)		184,749		6,141
Internet & Direct Marketing Retail (11.9%)
Chewy, Inc., Class A (a)		145,505		5,052
Coupang, Inc. (a)		203,407		2,593
DoorDash, Inc., Class A (a)		108,972		6,993
Farfetch Ltd., Class A (a)		131,945		945
Wayfair, Inc., Class A (a)		35,495		1,546
				17,129
Leisure Products (1.4%)
Peloton Interactive, Inc., Class A (a)		212,530		1,951
Life Sciences Tools & Services (1.4%)
10X Genomics, Inc., Class A (a)		45,099		2,041
Pharmaceuticals (6.6%)
Royalty Pharma PLC, Class A (United Kingdom)		223,909		9,413
Road & Rail (1.4%)
Grab Holdings Ltd., Class A (Singapore) (a)		794,339		2,010

	Shares		Value (000)
Software (16.9%)
Bill.Com Holdings, Inc. (a)		54,022	$	5,939
Cipher Mining, Inc. (a)		202,446		277
Datadog, Inc., Class A (a)		78,864		7,511
MicroStrategy, Inc., Class A (a)(b)		2,554		420
Trade Desk, Inc., Class A (a)		166,733		6,984
Unity Software, Inc. (a)		85,631		3,153
				24,284
Specialty Retail (0.3%)
Carvana Co. (a)		17,942		405
Total Common Stocks (Cost $228,244)				131,317
Preferred Stock (1.5%)
Software (1.5%)
Databricks, Inc. (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) Cost ($2,666)		12,093		2,105
Investment Company (0.7%)
Grayscale Bitcoin Trust (a) (Cost $3,877)		87,968		1,061
	No. of Warrants
Warrant (0.0%) (e)
Chemicals (0.0%) (e)
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $55)		16,415		9
	Shares
Short-Term Investments (7.6%)
Securities held as Collateral on Loaned Securities (1.2%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H)		1,424,839		1,425
	Face Amount (000)
Repurchase Agreements (0.2%)
HSBC Securities USA, Inc., (1.50%, dated 6/30/22, due 7/1/22; proceeds $111; fully collateralized by U.S. Government obligations; 0.00% - 3.63% due 2/15/23 - 5/15/32; valued at $114)	$	111		111
Merrill Lynch & Co., Inc., (1.46%, dated 6/30/22, due 7/1/22; proceeds $216; fully collateralized by a U.S. Government obligation; 1.63% due 5/15/31; valued at $220)		216		216
				327
Total Securities held as Collateral on Loaned Securities (Cost $1,752)				1,752

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Shares		Value (000)
Investment Company (6.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H) (Cost $9,173)		9,173,357	$	9,173
Total Short-Term Investments (Cost $10,925)				10,925
Total Investments Excluding Purchased Options (101.4%) (Cost $245,767)				145,417
Total Purchased Options Outstanding (0.1%) (Cost $1,192)				86
Total Investments (101.5%) (Cost $246,959) Including $1,753 of Securities Loaned (f)(g)(h)				145,503
Liabilities in Excess of Other Assets (–1.5%)				(2,164	)
Net Assets (100.0%)			$	143,339

The Fund had the following Derivative Contract — PIPE — Open at June 30, 2022:

Counterparty				Referenced Obligation				Notional Amount				Settlement Date				Unrealized Depreciation (000)				% of Net Assets
Social Capital Suvretta Holdings Corp.III				ProKidney, LP (a)(c)(d)(i)(j)				$	790,840			12/30/2022				$	(114	)			(0.08	)%

(a) Non-income producing security.

(b) All or a portion of this security was on loan at June 30, 2022.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at June 30, 2022 amounts to approximately $1,991,000 and represents 1.4% of net assets.

(d) At June 30, 2022, the Fund held a fair valued security and derivative contract at approximately $1,991,000, representing 1.4% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.

(e) Amount is less than 0.05%.

(f) The approximate fair value and percentage of net assets, $3,712,000 and 2.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Consolidated Financial Statements.

(g) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,386,000 and the aggregate gross unrealized depreciation is approximately $106,956,000, resulting in net unrealized depreciation of approximately $101,570,000.

(h) Securities are available for collateral in connection with a derivative contract - PIPE and purchased options.

(i) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 79,084 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP and Social Capital Suvretta Holdings Corp.III, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp.III and ProKidney, LP, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp.III and ProKidney, LP. The investment is restricted from resale until the settlement date.

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

PIPE Private Investment in Public Equity.

SPAC Special Purpose Acquisition Company.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at June 30, 2022:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Depreciation (000)
Goldman Sachs International	USD/CNH	CNH	7.27	Nov-22		85,198,084	$	85,198	$	84		$	409	$	(325	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.28	Jul-22		85,091,612		85,092		1			397		(396	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.31	Aug-22		37,813,460		37,813		1			257		(256	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.38	Jul-22		24,370,551		24,371		—	@		129		(129	)
									$	86		$	1,192	$	(1,106	)

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Information Technology Services		24.6	%
Software		18.4
Others**		16.0
Internet & Direct Marketing Retail		11.9
Health Care Providers & Services		8.2
Health Care Technology		7.9
Pharmaceuticals		6.6
Short-Term Investments		6.4
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.

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

*** Does not include an open PIPE contract with unrealized depreciation of approximately $114,000.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Discovery Portfolio

Consolidated Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $236,361)	$	134,905
Investment in Security of Affiliated Issuer, at Value (Cost $10,598)		10,598
Total Investments in Securities, at Value (Cost $246,959)		145,503
Foreign Currency, at Value (Cost $1)		1
Cash from Securities Lending		95
Receivable for Fund Shares Sold		434
Receivable from Securities Lending Income		36
Receivable from Affiliate		6
Other Assets		21
Total Assets		146,096
Liabilities:
Collateral on Securities Loaned, at Value		1,847
Due to Broker		330
Payable for Advisory Fees		246
Unrealized Depreciation on Derivative Contract — PIPE		114
Payable for fund shares redeemed		68
Payable for Servicing Fees		55
Payable for Professional Fees		52
Payable for Custodian Fees		14
Payable for Administration Fees		10
Payable for Distribution Fees — Class II Shares		10
Payable for Transfer Agency Fees		2
Other Liabilities		9
Total Liabilities		2,757
NET ASSETS	$	143,339
Net Assets Consist of:
Paid-in-Capital	$	240,656
Total Accumulated Loss		(97,317	)
Net Assets	$	143,339
CLASS I:
Net Assets	$	25,510
Net Asset Value, Offering and Redemption Price Per Share Applicable to 3,482,294 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	7.33
CLASS II:
Net Assets	$	117,829
Net Asset Value, Offering and Redemption Price Per Share Applicable to 17,087,995 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	6.90
⁽¹⁾Including:
Securities on Loan, at Value:	$	1,753

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Discovery Portfolio

Consolidated Statement of Operations	Year Ended June 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers	$	90
Income from Securities Loaned — Net		73
Dividends from Security of Affiliated Issuer (Note H)		12
Total Investment Income		175
Expenses:
Advisory Fees (Note B)		787
Distribution Fees — Class II Shares (Note E)		215
Servicing Fees (Note D)		161
Administration Fees (Note C)		84
Professional Fees		77
Shareholder Reporting Fees		23
Custodian Fees (Note G)		8
Transfer Agency Fees (Note F)		5
Directors' Fees and Expenses		4
Pricing Fees		2
Other Expenses		10
Total Expenses		1,376
Waiver of Advisory Fees (Note B)		(164	)
Waiver of Distribution Fees — Class II Shares (Note E)		(129	)
Rebate from Morgan Stanley Affiliate (Note H)		(5	)
Net Expenses		1,078
Net Investment Loss		(903	)
Realized Loss:
Investments Sold		(74,999	)
Foreign Currency Translation		(1	)
Net Realized Loss		(75,000	)
Change in Unrealized Appreciation (Depreciation):
Investments		(108,637	)
Foreign Currency Translation		(—	@)
Derivative Contracts — PIPE		(114	)
Net Change in Unrealized Appreciation (Depreciation)		(108,751	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(183,751	)
Net Decrease in Net Assets Resulting from Operations	$	(184,654	)

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Discovery Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(903	)	$	(3,379	)
Net Realized Gain (Loss)		(75,000	)		87,816
Net Change in Unrealized Appreciation (Depreciation)		(108,751	)		(124,504	)
Net Decrease in Net Assets Resulting from Operations		(184,654	)		(40,067	)
Dividends and Distributions to Shareholders:
Class I		—			(23,695	)
Class II		—			(124,612	)
Total Dividends and Distributions to Shareholders		—			(148,307	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		17,341			19,984
Distributions Reinvested		—			23,695
Redeemed		(15,813	)		(25,575	)
Class II:
Subscribed		14,059			32,347
Distributions Reinvested		—			124,612
Redeemed		(10,911	)		(64,212	)
Net Increase in Net Assets Resulting from Capital Share Transactions		4,676			110,851
Total Decrease in Net Assets		(179,978	)		(77,523	)
Net Assets:
Beginning of Period		323,317			400,840
End of Period	$	143,339		$	323,317
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		1,547			837
Shares Issued on Distributions Reinvested		—			1,162
Shares Redeemed		(1,360	)		(1,019	)
Net Increase in Class I Shares Outstanding		187			980
Class II:
Shares Subscribed		1,463			1,279
Shares Issued on Distributions Reinvested		—			6,487
Shares Redeemed		(1,028	)		(2,819	)
Net Increase in Class II Shares Outstanding		435			4,947

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Consolidated Financial Highlights

Discovery Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾			2017⁽¹⁾
Net Asset Value, Beginning of Period	$	17.04		$	29.50		$	13.05		$	10.71		$	12.10		$	8.72
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.04	)		(0.19	)		(0.17	)		(0.07	)		(0.08	)		(0.05	)
Net Realized and Unrealized Gain (Loss)		(9.67	)		(1.27	)		18.96			4.45			1.69			3.43
Total from Investment Operations		(9.71	)		(1.46	)		18.79			4.38			1.61			3.38
Distributions from and/or in Excess of:
Net Realized Gain		—			(11.00	)		(2.34	)		(2.04	)		(3.00	)		—
Net Asset Value, End of Period	$	7.33		$	17.04		$	29.50		$	13.05		$	10.71		$	12.10
Total Return⁽³⁾		(56.98	)%⁽⁷⁾		(11.06	)%		152.30	%		40.11	%		10.65	%		38.76	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	25,510		$	56,135		$	68,299		$	30,739		$	27,630		$	28,747
Ratio of Expenses Before Expense Limitation		1.11	%⁽⁸⁾		1.06	%		1.08	%		1.11	%		1.15	%		1.17	%
Ratio of Expenses After Expense Limitation		0.95	%⁽⁴⁾⁽⁸⁾		0.95	%⁽⁴⁾		0.95	%⁽⁴⁾		0.94	%⁽⁴⁾		0.94	%⁽⁴⁾		0.99	%⁽⁴⁾⁽⁵⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.95	%⁽⁴⁾		N/A			N/A			N/A			N/A
Ratio of Net Investment Loss		(0.78	)%⁽⁴⁾⁽⁸⁾		(0.78	)%⁽⁴⁾		(0.86	)%⁽⁴⁾		(0.49	)%⁽⁴⁾		(0.59	)%⁽⁴⁾		(0.45	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.01	%		0.00	%⁽⁶⁾
Portfolio Turnover Rate		33	%⁽⁷⁾		95	%		112	%		101	%		89	%		64	%

(1) Not consolidated.

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

(3) Calculated based on the net asset value as of the last business day of the period. Performance does not reflect fees and expenses imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total return would be lower.

(4) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5) Effective July 1, 2017, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.95% for Class I shares. Prior to July 1, 2017, the maximum ratio was 1.05% for Class I shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Consolidated Financial Highlights

Discovery Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾			2017⁽¹⁾
Net Asset Value, Beginning of Period	$	16.04		$	28.41		$	12.63		$	10.42		$	11.85		$	8.55
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.05	)		(0.20	)		(0.18	)		(0.08	)		(0.09	)		(0.06	)
Net Realized and Unrealized Gain (Loss)		(9.09	)		(1.17	)		18.30			4.33			1.66			3.36
Total from Investment Operations		(9.14	)		(1.37	)		18.12			4.25			1.57			3.30
Distributions from and/or in Excess of:
Net Realized Gain		—			(11.00	)		(2.34	)		(2.04	)		(3.00	)		—
Net Asset Value, End of Period	$	6.90		$	16.04		$	28.41		$	12.63		$	10.42		$	11.85
Total Return⁽³⁾		(56.98	)%⁽⁷⁾		(11.19	)%		152.04	%		39.97	%		10.53	%		38.60	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	117,829		$	267,182		$	332,541		$	133,224		$	100,030		$	89,140
Ratio of Expenses Before Expense Limitation		1.36	%⁽⁸⁾		1.31	%		1.33	%		1.36	%		1.40	%		1.42	%
Ratio of Expenses After Expense Limitation		1.05	%⁽⁴⁾⁽⁸⁾		1.05	%⁽⁴⁾		1.05	%⁽⁴⁾		1.04	%⁽⁴⁾		1.04	%⁽⁴⁾		1.09	%⁽⁴⁾⁽⁵⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.05	%⁽⁴⁾		N/A			N/A			N/A			N/A
Ratio of Net Investment Loss		(0.88	)%⁽⁴⁾⁽⁸⁾		(0.88	)%⁽⁴⁾		(0.96	)%⁽⁴⁾		(0.59	)%⁽⁴⁾		(0.69	)%⁽⁴⁾		(0.55	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.01	%		0.00	%⁽⁶⁾
Portfolio Turnover Rate		33	%⁽⁷⁾		95	%		112	%		101	%		89	%		64	%

(1) Not consolidated.

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

(5) Effective July 1, 2017, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.05% for Class II shares. Prior to July 1, 2017, the maximum ratio was 1.15% for Class II shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements

The accompanying consolidated financial statements relate to the Discovery Portfolio. The Fund seeks long-term capital growth by investing primarily in common stocks and other equity securities. The Fund offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Discovery Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) ("GBTC"), a privately offered investment vehicle that invests in bitcoin. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of June 30, 2022, the Subsidiary represented approximately $1,239,000 or approximately 0.86% of the total net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of

Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

1. Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (3) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such 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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (4) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (5) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (6) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and

(7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

2. Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards Codification^TM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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.)

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Biotechnology	$	700	$	—	$	—	$	700
Chemicals		537		—		—		537
Commercial Services & Supplies		248		—		—		248
Consumer Finance		1,523		—		—		1,523
Entertainment		6,323		—		—		6,323
Health Care Providers & Services		11,815		—		—		11,815
Health Care Technology		11,401		—		—		11,401
Information Technology Services		31,684		3,712		—		35,396
Interactive Media & Services		6,141		—		—		6,141
Internet & Direct Marketing Retail		17,129		—		—		17,129
Leisure Products		1,951		—		—		1,951
Life Sciences Tools & Services		2,041		—		—		2,041
Pharmaceuticals		9,413		—		—		9,413
Road & Rail		2,010		—		—		2,010
Software		24,284		—		—		24,284
Specialty Retail		405		—		—		405
Total Common Stocks		127,605		3,712		—		131,317

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Preferred Stock
Software	$	—	$	—	$	2,105		$	2,105
Investment Company		1,061		—		—			1,061
Warrant		9		—		—			9
Call Options Purchased		—		86		—			86
Short-Term Investments
Investment Company		10,598		—		—			10,598
Repurchase Agreements		—		327		—			327
Total Short-Term Investments		10,598		327		—			10,925
Total Assets		139,273		4,125		2,105			145,503
Liabilities:
Derivative Contract — PIPE		—		—		(114	)		(114	)
Total	$	139,273	$	4,125	$	1,991		$	145,389

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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

	Preferred Stock (000)			Derivative Contract — PIPE (000)
Beginning Balance	$	2,729		$	—
Purchases		—			—
Sales		—			—
PIPE transactions		—			(114	)
Amortization of discount		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		(624	)		—
Realized gains (losses)		—			—
Ending Balance	$	2,105		$	(114	)
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(624	)	$	(114	)

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of June 30, 2022:

	Fair Value at June 30, 2022 (000)			Valuation Technique	Unobservable Input	Amount*			Impact to Valuation from an Increase in Input**
Preferred Stock	$	2,105		Discounted Cash Flow	Weighted Average Cost of Capital		13.5	%	Decrease
					Perpetual Growth Rate		3.5	%	Increase
				Market Comparable Companies	Enterprise Value/ Revenue		25.0	x	Increase
					Discount for Lack of Marketability		14.0	%	Decrease
PIPE	$	(114	)	Market Implied	Discount for Lack of Marketability and Transaction Risk		14.0	%	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.

3. Repurchase Agreements: The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Consolidated Statement of Operations.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Options: With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Premiums paid for purchasing options which expired are treated as realized losses. If the Fund sells an option, it sells to another party the right to buy from or sell to the Fund a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

Private Investment in Public Equity: The Fund may acquire equity securities of an issuer that are issued through a private investment in public equity transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's securities. The Fund's PIPE investment represents an unfunded subscription agreement in a private investment in public equity. The Fund will earmark or segregate cash or liquid assets or establish a segregated account on the Fund's books in which it will continually maintain cash or cash equivalents or other liquid portfolio securities equal in value to commitments to purchase securities on a forward commitment basis.

At June 30, 2022, the Fund's derivative contract PIPE position is reflected as a Derivative Contract — PIPE in the Consolidated Portfolio of Investments.

derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2022:

Asset Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Purchased Options

Investments, at Value
(Purchased Options)

Currency Risk

(a)

Liability Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

PIPE

Unrealized Depreciation on
Derivative Contract — PIPE

Equity Risk

(114

)

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

The following table sets forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended June 30, 2022 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(775	)(b)

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	416	(c)
Equity Risk	Derivative Contract — PIPE		(114	)
Total		$	302

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

At June 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives	Assets (000)			Liabilities (000)
Purchased Options	$	86	(a)(d)	$	—
Derivative Contract — PIPE		—			(114	)(e)
Total	$	86		$	(114	)

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

(d) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

(e) Assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities(a) (000)		Financial Instrument (000)		Collateral Received(f) (000)			Net Amount (not less than $0) (000)
Goldman Sachs International	$	84	$	—	$	(84	)	$	0
JP Morgan Chase Bank		2		—		(2	)		0
Total	$	86	$	—	$	(86	)	$	0

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

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

For the six months ended June 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount		257,481,000
Derivative Contract — PIPE:
Average monthly notional amount	$	791,000

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	1,753	(g)	$	—	$	(1,753	)(h)(i)	$	0

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

(h) The Fund received cash collateral of approximately $1,847,000, of which approximately $1,752,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Consolidated Portfolio of Investments. As of June 30, 2022, there was uninvested cash of approximately $95,000, which is not reflected in the Consolidated Portfolio of Investments.

(i) The actual collateral received is greater than the amount shown here due to overcollateralization.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Common Stock	$	1,847	$	—	$	—	$	—	$	1,847
Total Borrowings	$	1,847	$	—	$	—	$	—	$	1,847
Gross amount of recognized liabilities for securities lending transactions									$	1,847

7. Restricted Securities: The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period.

Restricted securities are identified in the Consolidated Portfolio of Investments.

8. Indemnifications: The Company enters into contracts that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

9. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

10. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

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

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.59% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I shares and 1.05% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $164,000 of advisory fees were waived pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

E. Distribution Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.15% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the six months ended June 30, 2022, this waiver amounted to approximately $129,000.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $87,775,000 and $69,304,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds -Treasury Securities Portfolio (the "Liquidity Funds"), an open-end management

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	24,583			$	30,693			$	44,678			$	12

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	10,598

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2021 remains subject to examination by taxing authorities.

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	32,577	$	115,730	$	6,331	$	23,020

Permanent differences, due to nondeductible offering costs related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2021:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$3				$(3)

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$5,485				$77,635

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

Bitcoin: The Fund may have exposure to bitcoin indirectly through investments in GBTC, a privately offered investment vehicle that invests in bitcoin. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by GBTC (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the GBTC investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including,

but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The GBTC exposure to cryptocurrency could result in substantial losses to the Fund.

Market: The outbreak of the coronavirus ("COVID-19") and the recovery responses could adversely impact the operations of the Fund and its service providers and financial performance of the Fund and the Fund's investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. If the financial performance of the Fund's investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

Other risks of investing in SPACs include that a significant portion of the monies raised by the SPAC may be expended during the search for a target transaction; an attractive transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may dissolve and be required to return any remaining monies to shareholders, causing the Fund to incur the opportunity cost of missed investment opportunities the Fund otherwise could have benefited from; a transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. In addition, a SPAC target company may have limited operating experience, a smaller size, limited product lines, markets, distribution channels and financial and managerial resources. Investing in the securities of smaller companies involves greater risk, and portfolio price volatility.

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

M. Results of Special Meeting of Shareholders: On February 25, 2022, a special meeting of the Fund's shareholders was held for the purpose of voting on the following matter, the results of which were as follows:

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for three- and five-year periods but below its peer group average for the one-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's contractual management fee was higher than its peer group average and actual management fee and total expense ratio were higher than but close to its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

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

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

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

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFMCGSAN
4870010 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Emerging Markets Debt Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Expense Example					2
Portfolio of Investments					3
Statement of Assets and Liabilities					9
Statement of Operations					10
Statements of Changes in Net Assets					11
Financial Highlights					12
Notes to Financial Statements					14
Investment Advisory Agreement Approval					24
Liquidity Risk Management Program					26
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Expense Example

Emerging Markets Debt Portfolio

As a shareholder of the Emerging Markets Debt Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Emerging Markets Debt Portfolio Class I	$	1,000.00	$	781.90	$	1,019.34	$	4.86	$	5.51		1.10	%
Emerging Markets Debt Portfolio Class II		1,000.00		781.50		1,019.09		5.08		5.76		1.15

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.0%)
Angola (1.1%)
Sovereign (1.1%)
Angolan Government International Bond, 8.00%, 11/26/29	$	495	$	393
8.00%, 11/26/29 (a)		590		469
9.38%, 5/8/48 (a)		400		291
				1,153
Argentina (1.2%)
Sovereign (1.2%)
Argentine Republic Government International Bond, 0.50%, 7/9/30 (b)		786		186
1.00%, 7/9/29		148		34
1.13%, 7/9/35 (b)		690		150
2.00%, 1/9/38 (b)		3,150		901
				1,271
Armenia (0.5%)
Sovereign (0.5%)
Republic of Armenia International Bond, 3.60%, 2/2/31		250		174
3.95%, 9/26/29		460		343
				517
Azerbaijan (1.1%)
Sovereign (1.1%)
Republic of Azerbaijan International Bond, 3.50%, 9/1/32		1,460		1,169
Bahrain (1.6%)
Sovereign (1.6%)
Bahrain Government International Bond, 7.50%, 9/20/47		2,000		1,689
Benin (0.9%)
Sovereign (0.9%)
Benin Government International Bond, 4.95%, 1/22/35	EUR	1,400		962
Brazil (3.6%)
Corporate Bonds (2.2%)
Arcos Dorados BV, 6.13%, 5/27/29 (a)	$	650		612
Braskem Netherlands Finance BV, 4.50%, 1/31/30 (a)		730		625
Hidrovias International Finance Sarl, 4.95%, 2/8/31		580		449
Natura & Co Luxembourg Holdings Sarl, 6.00%, 4/19/29 (a)		520		459
Suzano Austria GmbH, 3.75%, 1/15/31		175		142
				2,287

	Face Amount (000)		Value (000)
Sovereign (1.4%)
Brazilian Government International Bond, 3.88%, 6/12/30	$	200	$	168
4.50%, 5/30/29		420		376
5.00%, 1/27/45		1,279		917
				1,461
				3,748
Chile (1.6%)
Corporate Bond (0.8%)
Colbun SA, 3.15%, 3/6/30 (a)		990		828
Sovereign (0.8%)
Chile Government International Bond, 3.50%, 1/25/50		900		691
3.86%, 6/21/47		230		193
				884
				1,712
China (4.5%)
Sovereign (4.5%)
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 5/17/42		390		384
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23		650		661
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 4/10/24		600		610
Sinopec Group Overseas Development 2018 Ltd., 2.95%, 11/12/29 (a)		1,600		1,493
Three Gorges Finance I Cayman Islands Ltd., 3.70%, 6/10/25		750		754
3.70%, 6/10/25 (a)		838		843
				4,745
Colombia (2.8%)
Corporate Bonds (0.5%)
Millicom International Cellular SA, 4.50%, 4/27/31 (a)		357		265
Termocandelaria Power Ltd., 7.88%, 1/30/29 (a)		247		223
				488
Sovereign (2.3%)
Colombia Government International Bond, 3.00%, 1/30/30		816		622
4.13%, 5/15/51		1,100		662
5.00%, 6/15/45		1,740		1,169
				2,453
				2,941

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Costa Rica (1.0%)
Sovereign (1.0%)
Costa Rica Government International Bond, 6.13%, 2/19/31 (a)	$	380	$	356
7.00%, 4/4/44		810		699
				1,055
Dominican Republic (5.2%)
Sovereign (5.2%)
Dominican Republic International Bond, 4.88%, 9/23/32 (a)		230		178
5.30%, 1/21/41 (a)		710		494
5.50%, 2/22/29 (a)		350		306
5.88%, 1/30/60 (a)		1,360		934
6.00%, 7/19/28 (a)		570		531
6.85%, 1/27/45 (a)		740		587
6.88%, 1/29/26		1,000		1,023
6.88%, 1/29/26 (a)		820		839
7.45%, 4/30/44 (a)		739		633
				5,525
Ecuador (1.8%)
Sovereign (1.8%)
Ecuador Government International Bond, 0.00%, 7/31/30 (a)		273		114
0.50%, 7/31/40 (b)		265		109
0.50%, 7/31/40 (a)(b)		1,126		463
1.00%, 7/31/35 (b)		440		213
1.00%, 7/31/35 (a)(b)		1,107		536
5.00%, 7/31/30 (a)(b)		787		513
				1,948
Egypt (2.5%)
Sovereign (2.5%)
Egypt Government International Bond, 5.25%, 10/6/25 (a)		200		164
6.38%, 4/11/31 (a)	EUR	750		496
7.50%, 2/16/61 (a)	$	770		431
8.15%, 11/20/59 (a)		1,500		872
8.88%, 5/29/50		750		458
8.88%, 5/29/50 (a)		340		208
				2,629
El Salvador (0.5%)
Sovereign (0.5%)
El Salvador Government International Bond, 6.38%, 1/18/27		1,141		391
8.63%, 2/28/29 (a)		370		124
				515
Ethiopia (0.3%)
Sovereign (0.3%)
Ethiopia International Bond, 6.63%, 12/11/24		630		361

	Face Amount (000)		Value (000)
Gabon (1.0%)
Sovereign (1.0%)
Republic of Gabon, 6.95%, 6/16/25 (a)	$	610	$	536
Gabon Government International Bond, 7.00%, 11/24/31		650		476
				1,012
Ghana (1.1%)
Sovereign (1.1%)
Ghana Government International Bond, 7.75%, 4/7/29		950		477
7.88%, 2/11/35		345		163
8.63%, 6/16/49 (a)		460		219
8.88%, 5/7/42 (a)		680		329
				1,188
Guatemala (1.1%)
Sovereign (1.1%)
Guatemala Government Bond, 4.65%, 10/7/41 (a)		310		226
4.88%, 2/13/28		687		644
6.13%, 6/1/50 (a)		320		270
				1,140
Honduras (0.7%)
Sovereign (0.7%)
Honduras Government International Bond, 5.63%, 6/24/30		500		339
5.63%, 6/24/30 (a)		180		122
6.25%, 1/19/27		300		236
				697
Hungary (1.0%)
Sovereign (1.0%)
Hungary Government International Bond, 5.38%, 3/25/24		750		766
7.63%, 3/29/41		220		255
				1,021
India (2.2%)
Corporate Bond (0.5%)
Vedanta Resources Finance II PLC, 13.88%, 1/21/24		550		491
Sovereign (1.7%)
Export-Import Bank of India, 3.25%, 1/15/30		1,190		1,036
3.38%, 5/8/26 (a)		790		755
				1,791
				2,282

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Indonesia (5.5%)
Sovereign (5.5%)
Indonesia Government International Bond, 3.85%, 7/18/27	$	400	$	393
4.13%, 1/15/25		1,484		1,480
4.45%, 4/15/70		560		481
4.75%, 1/8/26		782		794
Pertamina Persero PT, 4.30%, 5/20/23		1,320		1,325
6.45%, 5/30/44 (a)		680		692
6.50%, 11/7/48 (a)		660		671
				5,836
Ivory Coast (1.3%)
Sovereign (1.3%)
Ivory Coast Government International Bond, 4.88%, 1/30/32	EUR	630		477
4.88%, 1/30/32 (a)		1,244		942
				1,419
Jamaica (0.9%)
Sovereign (0.9%)
Jamaica Government International Bond, 7.88%, 7/28/45	$	720		758
8.00%, 3/15/39		150		162
				920
Jordan (0.9%)
Sovereign (0.9%)
Jordan Government International Bond, 7.38%, 10/10/47 (a)		840		619
7.75%, 1/15/28		370		346
				965
Kazakhstan (0.8%)
Sovereign (0.8%)
Kazakhstan Government International Bond, 6.50%, 7/21/45		800		806
Kenya (0.2%)
Sovereign (0.2%)
Kenya Government International Bond, 8.00%, 5/22/32 (a)		270		192
Lebanon (0.2%)
Sovereign (0.2%)
Lebanon Government International Bond, 6.85%, 3/23/27 - 5/25/29 (c)(d)		2,940		187
Macedonia (0.3%)
Sovereign (0.3%)
North Macedonia Government International Bond, 1.63%, 3/10/28	EUR	440		347
Malaysia (1.8%)
Sovereign (1.8%)
Petronas Capital Ltd., 3.50%, 3/18/25 - 4/21/30	$	1,970		1,891

	Face Amount (000)		Value (000)
Mexico (5.8%)
Corporate Bond (0.9%)
Cemex SAB de CV, 5.13%, 8/6/26 (a)(e)	$	400	$	341
Sovereign (4.9%)
Banco Nacional de Comercio Exterior SNC, 2.72%, 8/11/31 (a)		600		529
Petroleos Mexicanos, 5.95%, 1/28/31		840		617
6.35%, 2/12/48		1,326		783
6.70%, 2/16/32		2,294		1,754
6.95%, 1/28/60		470		291
7.69%, 1/23/50		2,638		1,802
				5,776
				6,117
Mongolia (0.4%)
Sovereign (0.4%)
Mongolia Government International Bond, 5.63%, 5/1/23		399		394
Morocco (0.3%)
Sovereign (0.3%)
Morocco Government International Bond, 4.00%, 12/15/50 (a)		610		358
Nigeria (3.1%)
Corporate Bond (0.8%)
IHS Netherlands Holdco BV, 8.00%, 9/18/27 (a)		950		835
Sovereign (2.3%)
Nigeria Government International Bond, 6.38%, 7/12/23		270		265
6.50%, 11/28/27 (a)		590		451
7.14%, 2/23/30 (a)		860		610
7.38%, 9/28/33 (a)		200		132
8.25%, 9/28/51 (a)		360		225
9.25%, 1/21/49 (a)		900		614
Republic of Nigeria, 8.38%, 3/24/29 (a)		220		168
				2,465
				3,300
Oman (3.7%)
Sovereign (3.7%)
Oman Government International Bond, 6.00%, 8/1/29 (a)		2,200		2,125
6.25%, 1/25/31 (a)		1,600		1,549
6.75%, 1/17/48		350		303
				3,977
Pakistan (0.2%)
Sovereign (0.2%)
Pakistan Government International Bond, 6.88%, 12/5/27		320		218

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Panama (2.7%)
Corporate Bond (0.3%)
AES Panama Generation Holdings SRL, 4.38%, 5/31/30 (a)	$	375	$	321
Sovereign (2.4%)
Panama Government International Bond, 3.87%, 7/23/60		470		334
4.00%, 9/22/24		914		913
4.50%, 4/1/56		450		358
8.88%, 9/30/27		763		899
				2,504
				2,825
Paraguay (0.3%)
Sovereign (0.3%)
Paraguay Government International Bond, 4.95%, 4/28/31 (a)		200		185
5.40%, 3/30/50 (a)		200		156
				341
Peru (2.6%)
Corporate Bond (0.2%)
Intercorp Peru Ltd., 3.88%, 8/15/29		320		266
Sovereign (2.4%)
Corporación Financiera de Desarrollo SA, 5.25%, 7/15/29 (a)		739		713
Fondo MIVIVIENDA SA, 4.63%, 4/12/27 (a)(f)		260		252
Peruvian Government International Bond, 3.55%, 3/10/51 (f)		1,200		900
6.55%, 3/14/37		650		707
				2,572
				2,838
Philippines (1.5%)
Sovereign (1.5%)
Philippine Government International Bond, 9.50%, 2/2/30		1,199		1,550
Qatar (2.6%)
Sovereign (2.6%)
Qatar Government International Bond, 4.00%, 3/14/29		300		303
4.82%, 3/14/49 (a)		2,470		2,493
				2,796
Romania (2.1%)
Sovereign (2.1%)
Romanian Government International Bond, 1.75%, 7/13/30 (a)	EUR	315		236
2.00%, 4/14/33		330		225
3.00%, 2/27/27 (a)		636		562
3.75%, 2/7/34 (a)		560		443
4.00%, 2/14/51	$	830		544
6.13%, 1/22/44		250		220
				2,230

	Face Amount (000)		Value (000)
Saudi Arabia (2.5%)
Corporate Bond (0.6%)
SA Global Sukuk Ltd., 2.69%, 6/17/31 (a)	$	780	$	687
Sovereign (1.9%)
Saudi Government International Bond, 3.45%, 2/2/61 (a)		1,000		751
4.38%, 4/16/29		440		447
5.25%, 1/16/50 (a)		830		847
				2,045
				2,732
Senegal (0.9%)
Sovereign (0.9%)
Senegal Government International Bond, 6.25%, 5/23/33 (a)		1,220		939
Serbia (0.7%)
Sovereign (0.7%)
Serbia International Bond, 2.13%, 12/1/30		720		530
2.13%, 12/1/30 (a)		310		229
				759
South Africa (1.8%)
Sovereign (1.8%)
Eskom Holdings SOC Ltd., 8.45%, 8/10/28		710		578
Republic of South Africa Government International Bond, 4.30%, 10/12/28		1,540		1,319
				1,897
Sri Lanka (1.5%)
Sovereign (1.5%)
Sri Lanka Government International Bond, 6.20%, 5/11/27 (c)(d)		1,800		586
6.85%, 11/3/25 (c)(d)		1,100		363
7.55%, 3/28/30 (c)(d)		1,900		615
				1,564
Suriname (0.8%)
Sovereign (0.8%)
Suriname Government International Bond, 9.25%, 10/26/26		1,000		817
Turkey (2.5%)
Sovereign (2.5%)
Turkey Government International Bond, 4.88%, 4/16/43		630		374
5.75%, 3/22/24		1,017		947
5.88%, 6/26/31		1,080		778
6.88%, 3/17/36		700		515
				2,614
Ukraine (1.3%)
Corporate Bond (0.1%)
NPC Ukrenergo, 6.88%, 11/9/26 (a)		510		130

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Sovereign (1.2%)
Ukraine Government International Bond, 6.75%, 6/20/26	$	1,200	$	330
6.88%, 5/21/29		1,000		248
7.75%, 9/1/23		2,210		727
				1,305
				1,435
United Arab Emirates (3.7%)
Corporate Bond (0.7%)
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/40 (a)		965		765
Sovereign (3.0%)
Abu Dhabi Government International Bond, 2.50%, 9/30/29 (a)		1,750		1,611
2.70%, 9/2/70 (a)		820		551
3.13%, 5/3/26		238		234
DP World Crescent Ltd., 4.85%, 9/26/28		740		741
				3,137
				3,902
Uruguay (1.7%)
Sovereign (1.7%)
Uruguay Government International Bond, 4.38%, 10/27/27		800		812
5.10%, 6/18/50		1,020		1,029
				1,841
Uzbekistan (0.9%)
Sovereign (0.9%)
Republic of Uzbekistan International Bond, 3.70%, 11/25/30 (a)		410		298
3.90%, 10/19/31		860		611
				909
Venezuela (0.9%)
Sovereign (0.9%)
Petroleos de Venezuela SA, 6.00%, 11/15/26 (c)(d)		15,740		940
Vietnam (1.2%)
Sovereign (1.2%)
Vietnam Government International Bond, 4.80%, 11/19/24		1,320		1,317
Zambia (1.1%)
Sovereign (1.1%)
Zambia Government International Bond, 5.38%, 9/20/22		650		373
8.97%, 7/30/27		1,360		799
				1,172
Total Fixed Income Securities (Cost $140,120)				101,625

	No. of Warrants		Value (000)
Warrant (0.0%) (g)
Venezuela (0.0%) (g)
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (h) (Cost $—)		3,750	$	29
	Shares
Short-Term Investments (3.4%)
Securities held as Collateral on Loaned Securities (0.8%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H)		706,023		706
	Face Amount (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (1.50%, dated 6/30/22, due 7/1/22; proceeds $55; fully collateralized by U.S. Government obligations; 0.00% - 3.63% due 2/15/23 - 5/15/32; valued at $56)	$	55		55
Merrill Lynch & Co., Inc., (1.46%, dated 6/30/22, due 7/1/22; proceeds $107; fully collateralized by a U.S. Government obligation; 1.63% due 5/15/31; valued at $109)		107		107
				162
Total Securities held as Collateral on Loaned Securities (Cost $868)				868
	Shares
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H) (Cost $1,214)		1,214,362		1,214
	Face Amount (000)
Oman (1.5%)
Sovereign (1.5%)
Oman Government International Bond, 4.13%, 1/17/23 (Cost $1,601)	$	1,600		1,600
Total Short-Term Investments (Cost $3,683)				3,682
Total Investments (99.4%) (Cost $143,803) Including $1,162 of Securities Loaned (i)(j)				105,336
Other Assets in Excess of Liabilities (0.6%)				677
Net Assets (100.0%)			$	106,013

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt 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.

(a) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(b) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of June 30, 2022. Maturity date disclosed is the ultimate maturity date.

(d) Issuer in bankruptcy.

(e) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of June 30, 2022.

(f) All or a portion of this security was on loan at June 30, 2022.

(g) Amount is less than 0.005%.

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

(i) Securities are available for collateral in connection with open foreign currency forward exchange contracts and an open futures contract.

(j) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $395,000 and the aggregate gross unrealized depreciation is approximately $38,822,000, resulting in net unrealized depreciation of approximately $38,427,000.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at June 30, 2022:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	EUR	87	$	91	7/15/22	$	(—	@)
Australia & New Zealand Banking Group Ltd.	EUR	168	$	176	7/15/22		(—	@)
Barclays Bank PLC	EUR	4,650	$	4,929	8/18/22		41
JPMorgan Chase Bank NA	$	306	EUR	290	8/18/22		(1	)
						$	40

Futures Contract:

The Fund had the following futures contract open at June 30, 2022:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (000)
Short:
German Euro BOBL		1	Sep-22	EUR	(100	)		(130	)	$	—	@

@ Value is less than $500.

EUR — Euro

Portfolio Composition*

Classification	Percentage of Total Investments
Sovereign		90.2	%
Corporate Bonds		7.1
Others**		2.7
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.

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

*** Does not include an open short futures contract with a value of approximately $130,000 and unrealized appreciation of less than $500. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $40,000.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Emerging Markets Debt Portfolio

Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $141,883)	$	103,416
Investment in Security of Affiliated Issuer, at Value (Cost $1,920)		1,920
Total Investments in Securities, at Value (Cost $143,803)		105,336
Foreign Currency, at Value (Cost $85)		85
Cash from Securities Lending		47
Interest Receivable		2,052
Receivable for Investments Sold		532
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		41
Receivable for Fund Shares Sold		41
Due from Broker		5
Receivable from Affiliate		1
Receivable for Variation Margin on Futures Contracts		—	@
Receivable from Securities Lending Income		—	@
Other Assets		18
Total Assets		108,158
Liabilities:
Collateral on Securities Loaned, at Value		915
Deferred Capital Gain Country Tax		371
Payable for Investments Purchased		352
Payable for Fund Shares Redeemed		193
Payable for Advisory Fees		181
Payable for Professional Fees		47
Payable for Servicing Fees		26
Payable for Custodian Fees		7
Payable for Administration Fees		7
Bank Overdraft		5
Payable for Transfer Agency Fees		2
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1
Payable for Distribution Fees — Class II Shares		1
Other Liabilities		37
Total Liabilities		2,145
NET ASSETS	$	106,013
Net Assets Consist of:
Paid-in-Capital	$	163,173
Total Accumulated Loss		(57,160	)
Net Assets	$	106,013
CLASS I:
Net Assets	$	93,785
Net Asset Value, Offering and Redemption Price Per Share Applicable to 16,655,760 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	5.63
CLASS II:
Net Assets	$	12,228
Net Asset Value, Offering and Redemption Price Per Share Applicable to 2,191,412 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	5.58
⁽¹⁾Including:
Securities on Loan, at Value:	$	1,162

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Emerging Markets Debt Portfolio

Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $23 of Foreign Taxes Withheld)	$	4,296
Income from Securities Loaned — Net		3
Dividends from Security of Affiliated Issuer (Note H)		2
Total Investment Income		4,301
Expenses:
Advisory Fees (Note B)		476
Servicing Fees (Note D)		106
Professional Fees		79
Administration Fees (Note C)		51
Distribution Fees — Class II Shares (Note E)		18
Shareholder Reporting Fees		18
Custodian Fees (Note G)		11
Pricing Fees		8
Transfer Agency Fees (Note F)		5
Directors' Fees and Expenses		3
Other Expenses		8
Total Expenses		783
Waiver of Advisory Fees (Note B)		(67	)
Waiver of Distribution Fees — Class II Shares (Note E)		(14	)
Rebate from Morgan Stanley Affiliate (Note H)		(1	)
Net Expenses		701
Net Investment Income		3,600
Realized Gain (Loss):
Investments Sold (Net of $15 of Capital Gain Country Tax)		(5,914	)
Foreign Currency Forward Exchange Contracts		316
Foreign Currency Translation		(81	)
Net Realized Loss		(5,679	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $63)		(29,069	)
Foreign Currency Forward Exchange Contracts		66
Foreign Currency Translation		22
Futures Contracts		—	@
Net Change in Unrealized Appreciation (Depreciation)		(28,981	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(34,660	)
Net Decrease in Net Assets Resulting from Operations	$	(31,060	)

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Emerging Markets Debt Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,600		$	7,147
Net Realized Gain (Loss)		(5,679	)		706
Net Change in Unrealized Appreciation (Depreciation)		(28,981	)		(11,049	)
Net Decrease in Net Assets Resulting from Operations		(31,060	)		(3,196	)
Dividends and Distributions to Shareholders:
Class I		—			(7,092	)
Class II		—			(875	)
Total Dividends and Distributions to Shareholders		—			(7,967	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		3,510			10,446
Distributions Reinvested		—			7,092
Redeemed		(15,547	)		(19,503	)
Class II:
Subscribed		385			1,399
Distributions Reinvested		—			875
Redeemed		(869	)		(2,626	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,521	)		(2,317	)
Total Decrease in Net Assets		(43,581	)		(13,480	)
Net Assets:
Beginning of Period		149,594			163,074
End of Period	$	106,013		$	149,594
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		535			1,399
Shares Issued on Distributions Reinvested		—			969
Shares Redeemed		(2,411	)		(2,616	)
Net Decrease in Class I Shares Outstanding		(1,876	)		(248	)
Class II:
Shares Subscribed		61			190
Shares Issued on Distributions Reinvested		—			120
Shares Redeemed		(137	)		(357	)
Net Decrease in Class II Shares Outstanding		(76	)		(47	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Emerging Markets Debt Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	7.20		$	7.74		$	7.68		$	7.09		$	8.08		$	7.79
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.18			0.34			0.32			0.38			0.36			0.42
Net Realized and Unrealized Gain (Loss)		(1.75	)		(0.49	)		0.08			0.62			(0.92	)		0.32
Total from Investment Operations		(1.57	)		(0.15	)		0.40			1.00			(0.56	)		0.74
Distributions from and/or in Excess of:
Net Investment Income		—			(0.39	)		(0.34	)		(0.41	)		(0.43	)		(0.45	)
Net Asset Value, End of Period	$	5.63		$	7.20		$	7.74		$	7.68		$	7.09		$	8.08
Total Return⁽²⁾		(21.81	)%⁽⁶⁾		(2.02	)%		5.55	%		14.25	%		(6.94	)%		9.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	93,785		$	133,413		$	145,312		$	170,382		$	165,582		$	219,994
Ratio of Expenses Before Expense Limitation		1.21	%⁽⁷⁾		1.17	%		N/A			N/A			N/A			N/A
Ratio of Expenses After Expense Limitation		1.10	%⁽³⁾⁽⁷⁾		1.12	%⁽³⁾⁽⁴⁾		1.15	%⁽³⁾		1.11	%⁽³⁾		1.11	%⁽³⁾		1.10	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			N/A			1.11	%⁽³⁾		N/A
Ratio of Net Investment Income		5.68	%⁽³⁾⁽⁷⁾		4.59	%⁽³⁾		4.34	%⁽³⁾		5.04	%⁽³⁾		4.83	%⁽³⁾		5.22	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁷⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.00	%⁽⁵⁾		0.01	%
Portfolio Turnover Rate		26	%⁽⁶⁾		28	%		40	%		40	%		32	%		46	%

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

(3) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4) Effective July 1, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.10% for Class I shares. Prior to July 1, 2021, the maximum ratio was 1.30% for Class I shares.

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Emerging Markets Debt Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	7.14		$	7.67		$	7.61		$	7.03		$	8.02		$	7.74
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.18			0.34			0.31			0.37			0.36			0.41
Net Realized and Unrealized Gain (Loss)		(1.74	)		(0.48	)		0.08			0.62			(0.92	)		0.32
Total from Investment Operations		(1.56	)		(0.14	)		0.39			0.99			(0.56	)		0.73
Distributions from and/or in Excess of:
Net Investment Income		—			(0.39	)		(0.33	)		(0.41	)		(0.43	)		(0.45	)
Net Asset Value, End of Period	$	5.58		$	7.14		$	7.67		$	7.61		$	7.03		$	8.02
Total Return⁽²⁾		(21.85	)%⁽⁶⁾		(1.96	)%		5.53	%		14.17	%		(7.04	)%		9.58	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	12,228		$	16,181		$	17,762		$	21,163		$	19,502		$	22,144
Ratio of Expenses Before Expense Limitation		1.46	%⁽⁷⁾		1.42	%		1.40	%		1.37	%		1.36	%		1.36	%
Ratio of Expenses After Expense Limitation		1.15	%⁽³⁾⁽⁷⁾		1.17	%⁽³⁾⁽⁴⁾		1.20	%⁽³⁾		1.16	%⁽³⁾		1.16	%⁽³⁾		1.15	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			N/A			1.16	%⁽³⁾		N/A
Ratio of Net Investment Income		5.63	%⁽³⁾⁽⁷⁾		4.54	%⁽³⁾		4.29	%⁽³⁾		4.99	%⁽³⁾		4.78	%⁽³⁾		5.17	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁷⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.00	%⁽⁵⁾		0.01	%
Portfolio Turnover Rate		26	%⁽⁶⁾		28	%		40	%		40	%		32	%		46	%

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

(4) Effective July 1, 2021, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.15% for Class II shares. Prior to July 1, 2021, the maximum ratio was 1.35% for Class II shares.

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Emerging Markets Debt Portfolio. The Fund seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries. The Fund offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) when market quotations are not readily available, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (3) 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; (4) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

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

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

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Corporate Bonds	$	—		$	7,439		$	—	$	7,439
Sovereign		—			94,186			—		94,186
Total Fixed Income Securities		—			101,625			—		101,625
Warrant		—			29			—		29
Short-Term Investments
Investment Company		1,920			—			—		1,920
Repurchase Agreements		—			162			—		162
Sovereign		—			1,600			—		1,600
Total Short-Term Investments		1,920			1,762			—		3,682
Foreign Currency Forward Exchange Contract		—			41			—		41
Futures Contract		—	@		—			—		—	@
Total Assets		1,920			103,457			—		105,377
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(1	)		—		(1	)
Total	$	1,920		$	103,456		$	—	$	105,376

@ Value is less than $500.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

transactions for the period is reflected in the Statement of Operations.

5. Structured Investments: The Fund invested a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular time, may be unable to find qualified buyers for these securities.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

6. Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

Futures: A futures contract is a standardized, exchangetraded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

wellconceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2022:

Asset Derivatives
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contract

Unrealized Appreciation
on Foreign Currency
Forward Exchange
Contract

Currency Risk

Futures Contract

Variation Margin on
Futures Contract

Interest
Rate Risk

—

@(a)

Total

Liability Derivatives
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contracts

Unrealized Depreciation
on Foreign Currency
Forward Exchange
Contracts

Currency Risk

)

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract

for the six months ended June 30, 2022 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	316
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	66
Interest Rate Risk	Futures Contract		—	@
Total		$	66

At June 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives	Assets(b) (000)		Liabilities(b) (000)
Foreign Currency Forward Exchange Contracts	$	41	$	(1	)

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)		Net Amount (not less than $0) (000)
Barclays Bank PLC	$	41		$	—	$	—	$	41
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Pledged (000)		Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	—	@	$	—	$	—	$	—	@
JPMorgan Chase Bank NA		1			—		—		1
Total	$	1		$	—	$	—	$	1

@ Amount is less than $500.

For the six months ended June 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	6,164,000
Futures Contracts:
Average monthly notional value	$	22,000

7. Securities Lending: The Fund lends securities to qualified financial institutions, such as broker-dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and

any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	1,162	(c)	$	—	$	(1,162	)(d)(e)	$	0

(d) The Fund received cash collateral of approximately $915,000, of which approximately $868,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of June 30, 2022, there was uninvested cash of approximately $47,000, which is not reflected in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $259,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(e) The actual collateral received is greater than the amount shown here due to overcollateralization.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Sovereign	$	915	$	—	$	—	$	—	$	915
Total Borrowings	$	915	$	—	$	—	$	—	$	915
Gross amount of recognized liabilities for securities lending transactions									$	915

B. Advisory/Sub-Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the daily net assets as follows:

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

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.64% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.10% for Class I shares and 1.15% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $67,000 of advisory fees were waived pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

E. Distribution Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.20% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the six months ended June 30, 2022, this waiver amounted to approximately $14,000.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $32,392,000 and $41,763,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds -Treasury Securities Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	2,831			$	22,132			$	23,043			$	2

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	1,920

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

2021 Distributions Paid From:		2020 Distributions Paid From:
Ordinary Income (000)		Ordinary Income (000)
$	7,967	$	7,189

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$8,544				$—

At December 31, 2021, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $1,883,000 and $19,504,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2021, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $300,000.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. If the financial performance of the Fund's investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

On February 24, 2022, Russia launched a large-scale invasion of Ukraine significantly amplifying already existing geopolitical tensions. In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on the investments having exposure to Russia, Ukraine, and other combatants, including Belarus. Russia in turn has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

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

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and three-year periods and below its peer group average for the five-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's management fee was higher than the peer group average and total expense ratio was higher than but close to its peer group averages. After discussion, the Board concluded that the Fund's (i) performance and total expense ratio were competitive with its peer group averages and (ii) management fee was acceptable.

Economies of Scale

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Profitability of the Adviser and Affiliates

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

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor

New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFEMDSAN
4870025 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Emerging Markets Equity Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Expense Example					2
Portfolio of Investments					3
Statement of Assets and Liabilities					5
Statement of Operations					6
Statements of Changes in Net Assets					7
Financial Highlights					8
Notes to Financial Statements					10
Investment Advisory Agreement Approval					17
Liquidity Risk Management Program					19
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Expense Example

Emerging Markets Equity Portfolio

As a shareholder of the Emerging Markets Equity Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Emerging Markets Equity Portfolio Class I	$	1,000.00	$	736.60	$	1,018.60	$	5.38	$	6.26		1.25	%
Emerging Markets Equity Portfolio Class II		1,000.00		736.10		1,018.35		5.60		6.51		1.30

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

	Shares		Value (000)
Common Stocks (97.5%)
Argentina (1.2%)
Globant SA (a)		10,955	$	1,906
Brazil (4.2%)
Cia Brasileira de Aluminio		260,675		577
Itau Unibanco Holding SA (Preference)		607,900		2,633
Lojas Renner SA		525,653		2,272
Petroleo Brasileiro SA (Preference)		250,365		1,336
				6,818
China (18.8%)
BYD Co., Ltd. H Shares (b)		67,500		2,721
China Construction Bank Corp. H Shares (b)		5,640,230		3,803
China Mengniu Dairy Co., Ltd. (b)		512,000		2,567
China Merchants Bank Co., Ltd. H Shares (b)		442,500		2,989
China Resources Beer Holdings Co., Ltd. (b)		318,000		2,376
China Tourism Group Duty Free Corp. Ltd., Class A		16,300		568
Hua Hong Semiconductor Ltd. (a)(b)		99,000		359
JD.com, Inc., Class A (b)		8,180		264
Jiangsu Hengrui Medicine Co., Ltd., Class A		145,909		810
Kweichow Moutai Co., Ltd., Class A		7,291		2,230
Li Ning Co., Ltd. (b)		157,000		1,462
Proya Cosmetics Co. Ltd., Class A		31,920		788
Shenzhou International Group Holdings Ltd. (b)		170,500		2,081
Sungrow Power Supply Co. Ltd.		53,698		791
Tencent Holdings Ltd. (b)		128,600		5,821
Will Semiconductor Co. Ltd. Shanghai		13,200		342
Zijin Mining Group Co., Ltd. H Shares (b)		654,000		796
				30,768
Czech Republic (1.0%)
Komercni Banka AS		58,911		1,668
Germany (0.9%)
Infineon Technologies AG		59,686		1,452
India (20.6%)
Asian Paints Ltd.		38,302		1,311
Bajaj Auto Ltd.		40,252		1,896
Eicher Motors Ltd.		26,499		942
Gland Pharma Ltd. (a)		24,118		827
HDFC Bank Ltd. ADR		56,213		3,090
Hindalco Industries Ltd.		487,057		2,100
Housing Development Finance Corp., Ltd.		58,563		1,620
ICICI Bank Ltd.		418,310		3,758
ICICI Prudential Life Insurance Co., Ltd.		195,242		1,213
Infosys Ltd.		114,982		2,137
Infosys Ltd. ADR		34,407		637
Macrotech Developers Ltd.		37,624		512
Mahindra & Mahindra Financial Services Ltd.		525,759		1,173
Mahindra & Mahindra Ltd.		125,769		1,749
MakeMyTrip Ltd. (a)		32,454		834
Max Healthcare Institute Ltd. (a)		269,633		1,257
Reliance Industries Ltd.		159,310		5,260

	Shares		Value (000)
Shree Cement Ltd.		2,940	$	710
State Bank of India		450,840		2,674
				33,700
Indonesia (2.6%)
Bank Central Asia Tbk PT		3,898,600		1,898
Bank Mandiri Persero Tbk PT		2,930,100		1,565
Bank Rakyat Indonesia Persero Tbk PT		2,737,800		765
				4,228
Korea, Republic of (9.6%)
KB Financial Group, Inc.		47,588		1,777
Kia Corp.		16,605		991
LG Chem Ltd.		2,395		951
NAVER Corp.		3,882		724
Samsung Electronics Co., Ltd.		170,824		7,535
Samsung SDI Co., Ltd.		3,208		1,323
SK Hynix, Inc.		33,435		2,361
				15,662
Mexico (3.9%)
Grupo Financiero Banorte SAB de CV Series O		600,560		3,350
Wal-Mart de Mexico SAB de CV		871,273		2,998
				6,348
Netherlands (0.7%)
ASML Holding N.V.		2,246		1,069
Panama (1.5%)
Copa Holdings SA, Class A (a)		38,026		2,410
Poland (1.8%)
Dino Polska SA (a)		12,909		921
LPP SA		997		2,014
				2,935
Portugal (1.3%)
Galp Energia SGPS SA		184,816		2,162
South Africa (5.9%)
Anglo American Platinum Ltd.		27,389		2,390
Anglo American PLC		118,509		4,245
Capitec Bank Holdings Ltd.		24,289		2,977
				9,612
Taiwan (15.2%)
Airtac International Group		85,901		2,867
ASE Technology Holding Co., Ltd.		298,738		769
CTBC Financial Holding Co., Ltd.		2,064,000		1,746
Delta Electronics, Inc.		472,000		3,519
Silergy Corp.		17,000		1,375
Taiwan Semiconductor Manufacturing Co., Ltd.		522,000		8,366
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		70,108		5,731
Voltronic Power Technology Corp.		10,000		485
				24,858
Thailand (0.6%)
Ngern Tid Lor PCL		1,087,692		902

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Equity Portfolio

	Shares		Value (000)
United Kingdom (3.0%)
Antofagasta PLC		135,375	$	1,912
Mondi PLC (c)		169,456		3,011
				4,923
United States (4.7%)
Applied Materials, Inc.		9,918		902
EPAM Systems, Inc. (a)		4,641		1,368
MercadoLibre, Inc. (a)		2,182		1,390
NIKE, Inc., Class B		14,955		1,529
NVIDIA Corp.		16,098		2,440
				7,629
Total Common Stocks (Cost $148,237)				159,050
Short-Term Investment (2.6%)
Investment Company (2.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note H) (Cost $4,302)		4,301,853		4,302
Total Investments (100.1%) (Cost $152,539) Including $45 of Securities Loaned (d)(e)				163,352
Liabilities in Excess of Other Assets (–0.1%)				(91	)
Net Assets (100.0%)			$	163,261

(a) Non-income producing security.

(b) Security trades on the Hong Kong exchange.

(d) The approximate fair value and percentage of net assets, $122,578,000 and 75.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

(e) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $29,855,000 and the aggregate gross unrealized depreciation is approximately $19,042,000, resulting in net unrealized appreciation of approximately $10,813,000.

ADR American Depositary Receipt.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		45.4	%
Banks		21.3
Semiconductors & Semiconductor Equipment		15.4
Metals & Mining		7.4
Oil, Gas & Consumable Fuels		5.4
Automobiles		5.1
Total Investments		100.0	%

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Emerging Markets Equity Portfolio

Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $148,237)	$	159,050
Investment in Security of Affiliated Issuer, at Value (Cost $4,302)		4,302
Total Investments in Securities, at Value (Cost $152,539)		163,352
Foreign Currency, at Value (Cost $51)		51
Cash		6
Dividends Receivable		960
Tax Reclaim Receivable		77
Receivable for Fund Shares Sold		44
Receivable from Affiliate		4
Receivable from Securities Lending Income		—	@
Other Assets		24
Total Assets		164,518
Liabilities:
Deferred Capital Gain Country Tax		463
Payable for Advisory Fees		344
Payable for Investments Purchased		219
Payable for Fund Shares Redeemed		59
Payable for Servicing Fees		56
Payable for Custodian Fees		52
Payable for Professional Fees		36
Payable for Administration Fees		11
Payable for Transfer Agency Fees		3
Payable for Distribution Fees — Class II Shares		—	@
Other Liabilities		14
Total Liabilities		1,257
NET ASSETS	$	163,261
Net Assets Consist of:
Paid-in-Capital	$	128,777
Total Distributable Earnings		34,484
Net Assets	$	163,261
CLASS I:
Net Assets	$	114,284
Net Asset Value, Offering and Redemption Price Per Share Applicable to 8,570,796 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	13.33
CLASS II:
Net Assets	$	48,977
Net Asset Value, Offering and Redemption Price Per Share Applicable to 3,688,033 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	13.28
⁽¹⁾Including:
Securities on Loan, at Value:	$	45

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Emerging Markets Equity Portfolio

Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $368 of Foreign Taxes Withheld)	$	2,697
Dividends from Security of Affiliated Issuer (Note H)		8
Income from Securities Loaned — Net		4
Total Investment Income		2,709
Expenses:
Advisory Fees (Note B)		818
Servicing Fees (Note D)		154
Administration Fees (Note C)		77
Professional Fees		76
Distribution Fees — Class II Shares (Note E)		72
Custodian Fees (Note G)		63
Shareholder Reporting Fees		36
Transfer Agency Fees (Note F)		7
Directors' Fees and Expenses		3
Pricing Fees		3
Interest Expenses		2
Other Expenses		5
Total Expenses		1,316
Waiver of Distribution Fees — Class II Shares (Note E)		(58	)
Waiver of Advisory Fees (Note B)		(39	)
Rebate from Morgan Stanley Affiliate (Note H)		(2	)
Net Expenses		1,217
Net Investment Income		1,492
Realized Gain (Loss):
Investments Sold (Net of $2 of Capital Gain Country Tax)		4,182
Foreign Currency Translation		(120	)
Net Realized Gain		4,062
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $218)		(64,715	)
Foreign Currency Translation		(13	)
Net Change in Unrealized Appreciation (Depreciation)		(64,728	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(60,666	)
Net Decrease in Net Assets Resulting from Operations	$	(59,174	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Emerging Markets Equity Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,492		$	1,045
Net Realized Gain		4,062			37,437
Net Change in Unrealized Appreciation (Depreciation)		(64,728	)		(30,847	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(59,174	)		7,635
Dividends and Distributions to Shareholders:
Class I		—			(1,446	)
Class II		—			(557	)
Total Dividends and Distributions to Shareholders		—			(2,003	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		4,837			17,164
Distributions Reinvested		—			1,446
Redeemed		(9,799	)		(28,766	)
Class II:
Subscribed		3,544			6,350
Distributions Reinvested		—			557
Redeemed		(4,108	)		(14,697	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,526	)		(17,946	)
Total Decrease in Net Assets		(64,700	)		(12,314	)
Net Assets:
Beginning of Period		227,961			240,275
End of Period	$	163,261		$	227,961
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		314			918
Shares Issued on Distributions Reinvested		—			77
Shares Redeemed		(614	)		(1,544	)
Net Decrease in Class I Shares Outstanding		(300	)		(549	)
Class II:
Shares Subscribed		224			341
Shares Issued on Distributions Reinvested		—			30
Shares Redeemed		(266	)		(790	)
Net Decrease in Class II Shares Outstanding		(42	)		(419	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Emerging Markets Equity Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	18.11		$	17.73		$	15.99		$	14.48		$	17.65		$	13.16
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.08			0.05			0.20			0.14			0.09
Net Realized and Unrealized Gain (Loss)		(4.90	)		0.46			2.15			2.56			(3.23	)		4.52
Total from Investment Operations		(4.78	)		0.54			2.20			2.76			(3.09	)		4.61
Distributions from and/or in Excess of:
Net Investment Income		—			(0.16	)		(0.21	)		(0.17	)		(0.08	)		(0.12	)
Net Realized Gain		—			—			(0.25	)		(1.08	)		—			—
Total Distributions		—			(0.16	)		(0.46	)		(1.25	)		(0.08	)		(0.12	)
Net Asset Value, End of Period	$	13.33		$	18.11		$	17.73		$	15.99		$	14.48		$	17.65
Total Return⁽²⁾		(26.34	)%⁽⁵⁾		2.99	%		14.44	%		19.59	%		(17.47	)%		35.06	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	114,284		$	160,661		$	166,989		$	163,794		$	175,300		$	238,026
Ratio of Expenses Before Expense Limitation		1.29	%⁽⁶⁾		1.25	%		1.30	%		1.27	%		N/A			1.32	%
Ratio of Expenses After Expense Limitation		1.25	%⁽³⁾⁽⁶⁾		1.25	%⁽³⁾		1.25	%⁽³⁾		1.25	%⁽³⁾		1.22	%⁽³⁾		1.25	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		1.25	%⁽³⁾⁽⁶⁾		N/A			1.25	%⁽³⁾		1.25	%⁽³⁾		1.22	%⁽³⁾		N/A
Ratio of Net Investment Income		1.57	%⁽³⁾⁽⁶⁾		0.44	%⁽³⁾		0.35	%⁽³⁾		1.33	%⁽³⁾		0.86	%⁽³⁾		0.56	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾⁽⁶⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.01	%		0.00	%⁽⁴⁾
Portfolio Turnover Rate		25	%⁽⁵⁾		39	%		52	%		36	%		42	%		37	%

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

(4) Amount is less than 0.005%.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Emerging Markets Equity Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	18.04		$	17.66		$	15.93		$	14.44		$	17.59		$	13.11
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.07			0.04			0.19			0.13			0.08
Net Realized and Unrealized Gain (Loss)		(4.88	)		0.46			2.14			2.54			(3.21	)		4.51
Total from Investment Operations		(4.76	)		0.53			2.18			2.73			(3.08	)		4.59
Distributions from and/or in Excess of:
Net Investment Income		—			(0.15	)		(0.20	)		(0.16	)		(0.07	)		(0.11	)
Net Realized Gain		—			—			(0.25	)		(1.08	)		—			—
Total Distributions		—			(0.15	)		(0.45	)		(1.24	)		(0.07	)		(0.11	)
Net Asset Value, End of Period	$	13.28		$	18.04		$	17.66		$	15.93		$	14.44		$	17.59
Total Return⁽²⁾		(26.39	)%⁽⁵⁾		2.95	%		14.36	%		19.51	%		(17.51	)%		35.06	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	48,977		$	67,300		$	73,286		$	71,662		$	68,404		$	89,249
Ratio of Expenses Before Expense Limitation		1.54	%⁽⁶⁾		1.50	%		1.55	%		1.52	%		1.48	%		1.57	%
Ratio of Expenses After Expense Limitation		1.30	%⁽³⁾⁽⁶⁾		1.30	%⁽³⁾		1.30	%⁽³⁾		1.30	%⁽³⁾		1.27	%⁽³⁾		1.30	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		1.30	%⁽³⁾⁽⁶⁾		N/A			1.30	%⁽³⁾		1.30	%⁽³⁾		1.27	%⁽³⁾		N/A
Ratio of Net Investment Income		1.52	%⁽³⁾⁽⁶⁾		0.39	%⁽³⁾		0.30	%⁽³⁾		1.28	%⁽³⁾		0.81	%⁽³⁾		0.51	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾⁽⁶⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.01	%		0.00	%⁽⁴⁾
Portfolio Turnover Rate		25	%⁽⁵⁾		39	%		52	%		36	%		42	%		37	%

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

(4) Amount is less than 0.005%.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Emerging Markets Equity Portfolio. The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries. The Fund offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

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 or dealers; (3) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Company ("MSIM Company") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (4) when market quotations are not readily available, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (5) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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.)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Airlines	$	2,410	$	—	$	—	$	2,410
Automobiles		—		8,299		—		8,299
Banks		9,073		25,620		—		34,693
Beverages		—		4,606		—		4,606
Chemicals		—		2,262		—		2,262
Construction Materials		—		710		—		710
Consumer Finance		—		2,075		—		2,075
Electrical Equipment		—		1,276		—		1,276
Electronic Equipment, Instruments & Components		—		4,842		—		4,842
Food & Staples Retailing		2,998		921		—		3,919
Food Products		—		2,567		—		2,567
Health Care Providers & Services		—		1,257		—		1,257
Hotels, Restaurants & Leisure		834		—		—		834

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Common Stocks (cont'd)
Information Technology Services	$	3,911	$	2,137	$	—	$	6,048
Insurance		—		1,213		—		1,213
Interactive Media & Services		—		6,545		—		6,545
Internet & Direct Marketing Retail		1,390		264		—		1,654
Machinery		—		2,867		—		2,867
Metals & Mining		577		11,443		—		12,020
Multi-Line Retail		2,272		—		—		2,272
Oil, Gas & Consumable Fuels		1,336		7,422		—		8,758
Paper & Forest Products		—		3,011		—		3,011
Personal Products		—		788		—		788
Pharmaceuticals		—		1,637		—		1,637
Real Estate		—		512		—		512
Semiconductors & Semiconductor Equipment		10,142		15,024		—		25,166
Specialty Retail		—		568		—		568
Tech Hardware, Storage & Peripherals		—		7,535		—		7,535
Textiles, Apparel & Luxury Goods		1,529		5,557		—		7,086
Thrifts & Mortgage Finance		—		1,620		—		1,620
Total Common Stocks		36,472		122,578		—		159,050
Short-Term Investment
Investment Company		4,302		—		—		4,302
Total Assets	$	40,774	$	122,578	$	—	$	163,352

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

4. Securities Lending: The Fund lends securities to qualified financial institutions, such as broker-dealers, to

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	45	(a)	$	—	$	(45	)(b)(c)	$	0

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

(b) The Fund received non-cash collateral of approximately $48,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

5. Indemnifications: The Company enters into contracts that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior

claims or losses pursuant to these contracts and expects the risk of loss to be remote.

6. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

7. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

First $500 million				Next $500 million				Next $1.5 billion				Over $2.5 billion
	0.85	%			0.75	%			0.70	%			0.65	%

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.81% of the Fund's average daily net assets.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25% for Class I shares and 1.30% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $39,000 of advisory fees were waived pursuant to this arrangement.

E. Distribution Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Distributor of the Fund and provides the Fund's Class II shareholders with distribution services pursuant to a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares. The Distributor has agreed to waive 0.20% of the 0.25% distribution fee that it may receive. This fee waiver will continue for at least one year from the date of the Fund's prospectus or

until such time as the Directors act to discontinue all or a portion of such waiver when they deem such action is appropriate. For the six months ended June 30, 2022, this waiver amounted to approximately $58,000.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $47,138,000 and $54,491,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds – Government Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	2,032			$	29,025			$	26,755			$	8

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	4,302

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for

tax purposes. The tax character of distributions paid during fiscal years 2021 and 2020 was as follows:

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	2,003	$	—	$	2,804	$	3,447

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$731				$18,524

During the year ended December 31, 2021, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $18,003,000.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. If the financial performance of the Fund's investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

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

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-year period but below its peer group average for the three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

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

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

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

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Company
23 Church Street
16-01 Capital Square, Singapore 049481

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFEMESAN
4870046 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Franchise Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Expense Example					2
Portfolio of Investments					3
Statement of Assets and Liabilities					4
Statement of Operations					5
Statements of Changes in Net Assets					6
Financial Highlights					7
Notes to Financial Statements					8
Investment Advisory Agreement Approval					14
Liquidity Risk Management Program					16
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Expense Example

Global Franchise Portfolio

As a shareholder of the Global Franchise Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

				Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value				Actual Expenses Paid During Period*				Hypothetical Expenses Paid During Period*				Net Expense Ratio During Period**
Global Franchise Portfolio Class II				$	1,000.00			$	813.30			$	1,018.84			$	5.40			$	6.01				1.20	%

* Expenses are calculated using the Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 181/365 (to reflect the most recent one-half year period).

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

	Shares		Value (000)
Common Stocks (98.2%)
France (5.6%)
L'Oreal SA		1,605	$	557
LVMH Moet Hennessy Louis Vuitton SE		969		594
Pernod Ricard SA		2,681		496
				1,647
Germany (4.6%)
SAP SE		14,603		1,331
Italy (0.4%)
Davide Campari-Milano NV		11,449		121
Netherlands (2.2%)
Heineken NV		7,050		641
United Kingdom (10.3%)
Experian PLC		8,912		262
Reckitt Benckiser Group PLC		27,152		2,042
RELX PLC (Euronext NV)		5,295		143
RELX PLC (LSE)		20,218		549
				2,996
United States (75.1%)
Abbott Laboratories		11,847		1,287
Accenture PLC, Class A		5,108		1,418
Automatic Data Processing, Inc.		3,698		777
Baxter International, Inc.		17,418		1,119
Becton Dickinson & Co.		4,400		1,085
Broadridge Financial Solutions, Inc.		2,618		373
Coca-Cola Co.		9,829		618
Danaher Corp.		6,255		1,586
Equifax, Inc.		2,642		483
Estee Lauder Cos., Inc., Class A		1,658		422
Fidelity National Information Services, Inc.		7,239		664
Intercontinental Exchange, Inc.		11,377		1,070
Microsoft Corp.		9,973		2,561
Moody's Corp.		1,119		304
NIKE, Inc., Class B		3,771		385
Otis Worldwide Corp.		6,184		437
Philip Morris International, Inc.		22,206		2,193
Procter & Gamble Co.		6,858		986
Roper Technologies, Inc.		1,537		607
Steris PLC		314		65
Thermo Fisher Scientific, Inc.		2,589		1,406
Visa, Inc., Class A		8,857		1,744
Zoetis, Inc.		2,001		344
				21,934
Total Common Stocks (Cost $18,591)				28,670

	Shares		Value (000)
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H) (Cost $382)		381,695	$	382
Total Investments (99.5%) (Cost $18,973) (a)(b)				29,052
Other Assets in Excess of Liabilities (0.5%)				159
Net Assets (100.0%)			$	29,211

(a) The approximate fair value and percentage of net assets, $6,736,000 and 23.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

(b) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,746,000 and the aggregate gross unrealized depreciation is approximately $667,000, resulting in net unrealized appreciation of approximately $10,079,000.

Euronext NV Euronext Amsterdam Stock Market.

LSE London Stock Exchange.

Portfolio Composition

Classification	Percentage of Total Investments
Information Technology Services		17.1	%
Software		15.5
Other*		15.5
Health Care Equipment & Supplies		12.2
Household Products		10.4
Life Sciences Tools & Services		10.3
Tobacco		7.6
Beverages		6.5
Professional Services		4.9
Total Investments		100.0	%

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Franchise Portfolio

Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $18,591)	$	28,670
Investment in Security of Affiliated Issuer, at Value (Cost $382)		382
Total Investments in Securities, at Value (Cost $18,973)		29,052
Foreign Currency, at Value (Cost $6)		6
Receivable for Investments Sold		227
Dividends Receivable		50
Tax Reclaim Receivable		15
Receivable from Affiliate		—	@
Receivable for Fund Shares Sold		—	@
Other Assets		13
Total Assets		29,363
Liabilities:
Payable for Fund Shares Redeemed		48
Payable for Professional Fees		45
Payable for Advisory Fees		14
Payable for Servicing Fees		12
Payable for Custodian Fees		9
Payable for Investments Purchased		8
Payable for Distribution Fees — Class II Shares		6
Payable for Administration Fees		2
Payable for Transfer Agency Fees		1
Other Liabilities		7
Total Liabilities		152
NET ASSETS	$	29,211
Net Assets Consist of:
Paid-in-Capital	$	14,825
Total Distributable Earnings		14,386
Net Assets	$	29,211
CLASS II:
Net Assets	$	29,211
Net Asset Value, Offering and Redemption Price Per Share Applicable to 2,628,196 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	11.11

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Franchise Portfolio

Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $9 of Foreign Taxes Withheld)	$	294
Dividends from Security of Affiliated Issuer (Note H)		1
Total Investment Income		295
Expenses:
Advisory Fees (Note B)		130
Professional Fees		64
Distribution Fees — Class II Shares (Note E)		41
Servicing Fees (Note D)		22
Administration Fees (Note C)		13
Shareholder Reporting Fees		9
Custodian Fees (Note G)		5
Directors' Fees and Expenses		2
Transfer Agency Fees (Note F)		2
Pricing Fees		1
Other Expenses		4
Total Expenses		293
Waiver of Advisory Fees (Note B)		(97	)
Rebate from Morgan Stanley Affiliate (Note H)		(—	@)
Net Expenses		196
Net Investment Income		99
Realized Gain (Loss):
Investments Sold		1,240
Foreign Currency Translation		(2	)
Net Realized Gain		1,238
Change in Unrealized Appreciation (Depreciation):
Investments		(8,252	)
Foreign Currency Translation		(2	)
Net Change in Unrealized Appreciation (Depreciation)		(8,254	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(7,016	)
Net Decrease in Net Assets Resulting from Operations	$	(6,917	)

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Franchise Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	99		$	187
Net Realized Gain		1,238			3,069
Net Change in Unrealized Appreciation (Depreciation)		(8,254	)		3,889
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,917	)		7,145
Dividends and Distributions to Shareholders:
Class II		—			(3,966	)
Capital Share Transactions:⁽¹⁾
Class II:
Subscribed		674			2,741
Distributions Reinvested		—			3,966
Redeemed		(2,680	)		(5,940	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(2,006	)		767
Total Increase (Decrease) in Net Assets		(8,923	)		3,946
Net Assets:
Beginning of Period		38,134			34,188
End of Period	$	29,211		$	38,134
⁽¹⁾Capital Share Transactions:
Class II:
Shares Subscribed		56			216
Shares Issued on Distributions Reinvested		—			315
Shares Redeemed		(220	)		(461	)
Net Increase (Decrease) in Class II Shares Outstanding		(164	)		70

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Global Franchise Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	13.66		$	12.56		$	12.47		$	11.18		$	13.73		$	12.64
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.04			0.07			0.09			0.10			0.11			0.13
Net Realized and Unrealized Gain (Loss)		(2.59	)		2.52			1.41			3.09			(0.22	)		2.96
Total from Investment Operations		(2.55	)		2.59			1.50			3.19			(0.11	)		3.09
Distributions from and/or in Excess of:
Net Investment Income		—			(0.09	)		(0.11	)		(0.12	)		(0.15	)		(0.19	)
Net Realized Gain		—			(1.40	)		(1.30	)		(1.78	)		(2.29	)		(1.81	)
Total Distributions		—			(1.49	)		(1.41	)		(1.90	)		(2.44	)		(2.00	)
Net Asset Value, End of Period	$	11.11		$	13.66		$	12.56		$	12.47		$	11.18		$	13.73
Total Return⁽²⁾		(18.67	)%⁽⁵⁾		21.67	%		13.21	%		29.53	%		(1.77	)%		25.75	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	29,211		$	38,134		$	34,188		$	35,293		$	32,322		$	39,318
Ratio of Expenses Before Expense Limitation		1.79	%⁽⁶⁾		1.80	%		1.80	%		1.69	%		1.77	%		1.73	%
Ratio of Expenses After Expense Limitation		1.20	%⁽³⁾⁽⁶⁾		1.20	%⁽³⁾		1.20	%⁽³⁾		1.20	%⁽³⁾		1.20	%⁽³⁾		1.20	%⁽³⁾
Ratio of Net Investment Income		0.61	%⁽³⁾⁽⁶⁾		0.52	%⁽³⁾		0.74	%⁽³⁾		0.82	%⁽³⁾		0.88	%⁽³⁾		0.96	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾⁽⁶⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		9	%⁽⁵⁾		14	%		17	%		14	%		27	%		26	%

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

(4) Amount is less than 0.005%.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Global Franchise Portfolio. The Company seeks long-term capital appreciation. The Fund currently offers Class II shares only, although Class I shares may be offered in the future.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

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 or dealers; (3) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (4) when market quotations are not readily available, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (5) quotations of

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Beverages	$	618	$	1,258	$	—	$	1,876
Capital Markets		1,374		—		—		1,374
Health Care Equipment & Supplies		3,556		—		—		3,556
Household Products		986		2,042		—		3,028
Information Technology Services		4,976		—		—		4,976
Life Sciences Tools & Services		2,992		—		—		2,992
Machinery		437		—		—		437
Personal Products		422		557		—		979
Pharmaceuticals		344		—		—		344
Professional Services		483		954		—		1,437
Software		3,168		1,331		—		4,499
Textiles, Apparel & Luxury Goods		385		594		—		979
Tobacco		2,193		—		—		2,193
Total Common Stocks		21,934		6,736		—		28,670
Short-Term Investment
Investment Company		382		—		—		382
Total Assets	$	22,316	$	6,736	$	—	$	29,052

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

foreign securities markets and the possibility of political or economic instability.

4. Indemnifications: The Company enters into contracts that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

5. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

addition, shares being delivered for sales and cash being paid for purchases may be delivered before the exchange is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

6. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

First $500 million				Next $500 million				Over $1 billion
	0.80	%			0.75	%			0.70	%

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.20% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that the total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.20% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $97,000 of advisory fees were waived pursuant to this arrangement.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State

Street a portion of the fee the Administrator receives from the Fund.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $2,816,000 and $4,708,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds – Treasury Securities Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

by less than $500 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	590			$	2,562			$	2,770			$	1

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	382

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	276	$	3,690	$	367	$	3,263

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$188				$3,060

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility. During the six months ended June 30, 2022, the Fund did not have any borrowings under the Facility.

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

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

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-year period but below its peer group average for the three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's contractual management fee was higher than its peer group average, the actual management fee was lower than its peer group average and total expense ratio was higher than but close to its peer group average. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Profitability of the Adviser and Affiliates

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFGFSAN
4870057 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Infrastructure Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Expense Example				2
Portfolio of Investments				3
Statement of Assets and Liabilities				5
Statement of Operations				6
Statements of Changes in Net Assets				7
Financial Highlights				8
Notes to Financial Statements				10
Investment Advisory Agreement Approval				17
Liquidity Risk Management Program				19
Director and Officer Information				Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Expense Example

Global Infrastructure Portfolio

As a shareholder of the Global Infrastructure Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Global Infrastructure Portfolio Class I	$	1,000.00	$	935.30	$	1,020.48	$	4.17	$	4.36		0.87	%
Global Infrastructure Portfolio Class II		1,000.00		934.70		1,019.24		5.37		5.61		1.12

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments

Global Infrastructure Portfolio

	Shares		Value (000)
Common Stocks (97.8%)
Australia (2.2%)
Atlas Arteria Ltd. (Units) (a)		67,397	$	375
Transurban Group (Units) (a)		153,146		1,524
				1,899
Canada (17.1%)
Canadian Pacific Railway Ltd.		4,917		344
Enbridge, Inc.		77,668		3,280
GFL Environmental, Inc.		140,469		3,624
Gibson Energy, Inc. (b)		93,681		1,735
Pembina Pipeline Corp.		65,415		2,312
TC Energy Corp. (b)		64,920		3,363
				14,658
China (9.3%)
China Gas Holdings Ltd. (c)		5,134,200		7,948
France (4.9%)
Aeroports de Paris (d)		884		113
Getlink SE		56,542		1,003
Vinci SA		34,113		3,062
				4,178
Germany (0.2%)
Fraport AG Frankfurt Airport Services Worldwide (d)		4,038		177
Hong Kong (1.1%)
Power Assets Holdings Ltd.		144,500		910
Italy (7.1%)
Atlantia SpA		57,303		1,345
Infrastrutture Wireless Italiane SpA		328,495		3,340
Terna — Rete Elettrica Nazionale		180,355		1,418
				6,103
Mexico (2.5%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		73,804		1,032
Grupo Aeroportuario del Sureste SAB de CV, Class B		54,490		1,071
				2,103
New Zealand (0.4%)
Auckland International Airport Ltd. (d)		84,293		378
Portugal (0.4%)
EDP Renovaveis SA		15,472		365
Spain (4.8%)
Aena SME SA (d)		4,765		608
Cellnex Telecom SA		34,849		1,356
Ferrovial SA		40,183		1,022
Iberdrola SA		108,420		1,129
				4,115
Switzerland (0.3%)
Flughafen Zurich AG (Registered) (d)		1,897		287

	Shares		Value (000)
United Kingdom (6.0%)
National Grid PLC		246,149	$	3,163
Pennon Group PLC		86,031		1,001
Severn Trent PLC		27,865		925
				5,089
United States (41.5%)
Ameren Corp.		9,785		884
American Electric Power Co., Inc.		20,503		1,967
American Tower Corp. REIT		30,781		7,867
American Water Works Co., Inc.		7,942		1,182
Atmos Energy Corp.		11,039		1,237
CenterPoint Energy, Inc.		40,708		1,204
Cheniere Energy, Inc.		11,116		1,479
Crown Castle International Corp. REIT		23,361		3,933
Edison International		22,325		1,412
Entergy Corp.		9,791		1,103
Eversource Energy		19,602		1,656
NiSource, Inc.		39,184		1,156
ONEOK, Inc.		9,596		533
PG&E Corp. (d)		56,326		562
SBA Communications Corp. REIT		5,247		1,679
Sempra Energy		25,380		3,814
Targa Resources Corp.		24,938		1,488
Waste Connections, Inc.		2,017		250
Williams Cos., Inc. (The)		48,403		1,511
Xcel Energy, Inc.		7,579		536
				35,453
Total Common Stocks (Cost $78,393)				83,663
Short-Term Investments (2.5%)
Securities held as Collateral on Loaned Securities (0.3%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H)		216,409		216
	Face Amount (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (1.50%, dated 6/30/22, due 7/1/22; proceeds $17; fully collateralized by U.S. Government obligations; 0.00% - 3.63% due 2/15/23 - 5/15/32; valued at $17)	$	17		17
Merrill Lynch & Co., Inc., (1.46%, dated 6/30/22, due 7/1/22; proceeds $33; fully collateralized by a U.S. Government obligation; 1.63% due 5/15/31; valued at $33)		33		33
				50
Total Securities held as Collateral on Loaned Securities (Cost $266)				266

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Global Infrastructure Portfolio

	Shares		Value (000)
Investment Company (2.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H) (Cost $1,860)		1,859,670	$	1,860
Total Short-Term Investments (Cost $2,126)				2,126
Total Investments (100.3%) (Cost $80,519) Including $3,560 of Securities Loaned (e)(f)				85,789
Liabilities in Excess of Other Assets (–0.3%)				(296	)
Net Assets (100.0%)			$	85,493

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.

(b) All or a portion of this security was on loan at June 30, 2022.

(d) Non-income producing security.

(e) The approximate fair value and percentage of net assets, $31,449,000 and 36.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

(f) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,091,000 and the aggregate gross unrealized depreciation is approximately $4,821,000, resulting in net unrealized appreciation of approximately $5,270,000.

REIT Real Estate Investment Trust.

Portfolio Composition*

Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		34.9	%
Communications		21.2
Other**		16.5
Electricity Transmission & Distribution		16.2
Diversified		6.2
Toll Roads		5.0
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Infrastructure Portfolio

Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $78,443)	$	83,713
Investment in Security of Affiliated Issuer, at Value (Cost $2,076)		2,076
Total Investments in Securities, at Value (Cost $80,519)		85,789
Foreign Currency, at Value (Cost $136)		136
Cash from Securities Lending		14
Dividends Receivable		256
Receivable for Fund Shares Sold		127
Receivable for Investments Sold		44
Tax Reclaim Receivable		31
Receivable from Affiliate		2
Receivable from Securities Lending Income		—	@
Other Assets		16
Total Assets		86,415
Liabilities:
Payable for Investments Purchased		349
Collateral on Securities Loaned, at Value		280
Payable for Fund Shares Redeemed		93
Payable for Advisory Fees		77
Payable for Professional Fees		42
Payable for Servicing Fees		41
Payable for Custodian Fees		18
Payable for Distribution Fees — Class II Shares		11
Payable for Administration Fees		6
Payable for Transfer Agency Fees		1
Other Liabilities		4
Total Liabilities		922
NET ASSETS	$	85,493
Net Assets Consist of:
Paid-in-Capital	$	66,952
Total Distributable Earnings		18,541
Net Assets	$	85,493
CLASS I:
Net Assets	$	32,874
Net Asset Value, Offering and Redemption Price Per Share Applicable to 4,214,283 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	7.80
CLASS II:
Net Assets	$	52,619
Net Asset Value, Offering and Redemption Price Per Share Applicable to 6,811,234 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	7.73
⁽¹⁾Including:
Securities on Loan, at Value:	$	3,560

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Infrastructure Portfolio

Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $95 of Foreign Taxes Withheld)	$	1,335
Dividends from Security of Affiliated Issuer (Note H)		4
Income from Securities Loaned — Net		3
Total Investment Income		1,342
Expenses:
Advisory Fees (Note B)		368
Professional Fees		66
Distribution Fees — Class II Shares (Note E)		65
Servicing Fees (Note D)		65
Administration Fees (Note C)		35
Custodian Fees (Note G)		30
Shareholder Reporting Fees		14
Transfer Agency Fees (Note F)		3
Directors' Fees and Expenses		2
Pricing Fees		2
Other Expenses		4
Total Expenses		654
Waiver of Advisory Fees (Note B)		(212	)
Rebate from Morgan Stanley Affiliate (Note H)		(1	)
Net Expenses		441
Net Investment Income		901
Realized Gain:
Investments Sold		6,847
Foreign Currency Translation		3
Net Realized Gain		6,850
Change in Unrealized Appreciation (Depreciation):
Investments		(13,709	)
Foreign Currency Translation		(6	)
Net Change in Unrealized Appreciation (Depreciation)		(13,715	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(6,865	)
Net Decrease in Net Assets Resulting from Operations	$	(5,964	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Infrastructure Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	901		$	1,646
Net Realized Gain		6,850			6,024
Net Change in Unrealized Appreciation (Depreciation)		(13,715	)		3,185
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,964	)		10,855
Dividends and Distributions to Shareholders:
Class I		—			(2,180	)
Class II		—			(2,860	)
Total Dividends and Distributions to Shareholders		—			(5,040	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		2,042			1,945
Distributions Reinvested		—			2,180
Redeemed		(3,412	)		(6,091	)
Class II:
Subscribed		7,166			14,755
Distributions Reinvested		—			2,860
Redeemed		(4,769	)		(8,179	)
Net Increase in Net Assets Resulting from Capital Share Transactions		1,027			7,470
Total Increase (Decrease) in Net Assets		(4,937	)		13,285
Net Assets:
Beginning of Period		90,430			77,145
End of Period	$	85,493		$	90,430
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		250			241
Shares Issued on Distributions Reinvested		—			267
Shares Redeemed		(421	)		(745	)
Net Decrease in Class I Shares Outstanding		(171	)		(237	)
Class II:
Shares Subscribed		892			1,822
Shares Issued on Distributions Reinvested		—			354
Shares Redeemed		(593	)		(1,022	)
Net Increase in Class II Shares Outstanding		299			1,154

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Global Infrastructure Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	8.34		$	7.76		$	8.12		$	6.80		$	7.91		$	7.53
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.09			0.17			0.15			0.20			0.20			0.23
Net Realized and Unrealized Gain (Loss)		(0.63	)		0.92			(0.26	)		1.69			(0.79	)		0.72
Total from Investment Operations		(0.54	)		1.09			(0.11	)		1.89			(0.59	)		0.95
Distributions from and/or in Excess of:
Net Investment Income		—			(0.21	)		(0.13	)		(0.22	)		(0.23	)		(0.19	)
Net Realized Gain		—			(0.30	)		(0.12	)		(0.35	)		(0.29	)		(0.38	)
Total Distributions		—			(0.51	)		(0.25	)		(0.57	)		(0.52	)		(0.57	)
Net Asset Value, End of Period	$	7.80		$	8.34		$	7.76		$	8.12		$	6.80		$	7.91
Total Return⁽²⁾		(6.47	)%⁽⁵⁾		14.26	%		(1.15	)%		28.30	%		(7.85	)%		12.96	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	32,874		$	36,573		$	35,868		$	42,162		$	38,642		$	50,116
Ratio of Expenses Before Expense Limitation		1.36	%⁽⁶⁾		1.38	%		1.36	%		1.33	%		1.34	%		1.34	%
Ratio of Expenses After Expense Limitation		0.87	%⁽³⁾⁽⁶⁾		0.87	%⁽³⁾		0.87	%⁽³⁾		0.87	%⁽³⁾		0.87	%⁽³⁾		0.86	%⁽³⁾
Ratio of Net Investment Income		2.23	%⁽³⁾⁽⁶⁾		2.11	%⁽³⁾		2.06	%⁽³⁾		2.58	%⁽³⁾		2.80	%⁽³⁾		2.98	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾⁽⁶⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.01	%
Portfolio Turnover Rate		37	%⁽⁵⁾		59	%		62	%		30	%		44	%		43	%

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

(4) Amount is less than 0.005%.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Global Infrastructure Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	8.27		$	7.70		$	8.06		$	6.76		$	7.85		$	7.49
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.15			0.13			0.18			0.18			0.21
Net Realized and Unrealized Gain (Loss)		(0.62	)		0.92			(0.26	)		1.67			(0.77	)		0.71
Total from Investment Operations		(0.54	)		1.07			(0.13	)		1.85			(0.59	)		0.92
Distributions from and/or in Excess of:
Net Investment Income		—			(0.20	)		(0.11	)		(0.20	)		(0.21	)		(0.18	)
Net Realized Gain		—			(0.30	)		(0.12	)		(0.35	)		(0.29	)		(0.38	)
Total Distributions		—			(0.50	)		(0.23	)		(0.55	)		(0.50	)		(0.56	)
Net Asset Value, End of Period	$	7.73		$	8.27		$	7.70		$	8.06		$	6.76		$	7.85
Total Return⁽²⁾		(6.53	)%⁽⁵⁾		14.00	%		(1.43	)%		27.87	%		(7.89	)%		12.54	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	52,619		$	53,857		$	41,277		$	46,055		$	38,193		$	45,234
Ratio of Expenses Before Expense Limitation		1.61	%⁽⁶⁾		1.63	%		1.61	%		1.58	%		1.59	%		1.59	%
Ratio of Expenses After Expense Limitation		1.12	%⁽³⁾⁽⁶⁾		1.12	%⁽³⁾		1.12	%⁽³⁾		1.12	%⁽³⁾		1.12	%⁽³⁾		1.11	%⁽³⁾
Ratio of Net Investment Income		1.98	%⁽³⁾⁽⁶⁾		1.86	%⁽³⁾		1.81	%⁽³⁾		2.33	%⁽³⁾		2.55	%⁽³⁾		2.73	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾⁽⁶⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.01	%
Portfolio Turnover Rate		37	%⁽⁵⁾		59	%		62	%		30	%		44	%		43	%

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

(4) Amount is less than 0.005%.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Global Infrastructure Portfolio. The Fund seeks both capital appreciation and current income. The Fund offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

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 or dealers; (3) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (4) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

by the Adviser using a pricing service and/or procedures approved by the Directors; (5) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Airports	$	2,103	$	1,563	$	—	$	3,666
Commercial Services & Supplies		3,874		—		—		3,874
Communications		13,479		4,696		—		18,175
Diversified		1,204		4,084		—		5,288
Electricity Transmission & Distribution		7,236		6,620		—		13,856
Oil & Gas Storage & Transportation		21,908		7,948		—		29,856
Railroads		344		—		—		344
Renewables		—		365		—		365
Toll Roads		—		4,247		—		4,247
Utilities		884		—		—		884
Water		1,182		1,926		—		3,108
Total Common Stocks		52,214		31,449		—		83,663
Short-Term Investments
Investment Company		2,076		—		—		2,076
Repurchase Agreements		—		50		—		50
Total Short-Term Investments		2,076		50		—		2,126
Total Assets	$	54,290	$	31,499	$	—	$	85,789

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	3,560	(a)	$	—	$	(3,560	)(b)(c)	$	0

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

(b) The Fund received cash collateral of approximately $280,000, of which approximately $266,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of June 30, 2022, there was uninvested cash of approximately $14,000, which is not reflected in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $3,496,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Common Stocks	$	280	$	—	$	—	$	—	$	280
Total Borrowings	$	280	$	—	$	—	$	—	$	280
Gross amount of recognized liabilities for securities lending transactions									$	280

6. Indemnifications: The Company enters into contracts that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

is complete. This may subject the Fund to further risk of loss in the event of a failure to complete the transaction by the counterparty.

8. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.85% of the daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.87% for Class I shares and 1.12% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $212,000 of advisory fees were waived pursuant to this arrangement.

the Distributor a distribution fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class II shares.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $34,798,000 and $31,923,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds – Treasury Securities Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	2,577			$	17,694			$	18,195			$	4

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	2,076

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to

short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2021 and 2020 was as follows:

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	2,024	$	3,016	$	1,179	$	1,185

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$3,323				$4,045

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. If the financial performance of the Fund's investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's contractual management fee was higher than its peer group average, actual management fee was lower than its peer group average, and total expense ratio was higher than but close to its peer group average. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

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

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFGINSAN
4870072 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Real Estate Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Expense Example					2
Portfolio of Investments					3
Statement of Assets and Liabilities					5
Statement of Operations					6
Statements of Changes in Net Assets					7
Financial Highlights					8
Notes to Financial Statements					9
Investment Advisory Agreement Approval					17
Liquidity Risk Management Program					19
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Expense Example

Global Real Estate Portfolio

As a shareholder of the Global Real Estate Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

				Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value				Actual Expenses Paid During Period*				Hypothetical Expenses Paid During Period*				Net Expense Ratio During Period**
Global Real Estate Portfolio Class II				$	1,000.00			$	787.60			$	1,018.60			$	5.54			$	6.26				1.25	%

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments

Global Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.3%)
Australia (2.9%)
Dexus REIT		48,045	$	295
GPT Group REIT		78,867		231
National Storage REIT		190,357		282
Shopping Centres Australasia Property Group REIT		118,571		226
Vicinity Centres REIT		139,459		177
				1,211
Austria (0.4%)
CA Immobilien Anlagen AG		4,908		156
Belgium (0.7%)
Aedifica SA REIT		1,081		104
Warehouses De Pauw CVA REIT		5,387		170
				274
Canada (2.3%)
Chartwell Retirement Residences		31,260		271
InterRent REIT		27,976		261
Tricon Residential, Inc.		42,748		433
				965
China (0.4%)
GDS Holdings Ltd. ADR (a)		3,089		103
Longfor Group Holdings Ltd. (b)		15,500		74
				177
Finland (0.5%)
Kojamo Oyj		11,840		206
France (0.9%)
Klepierre SA REIT		10,039		194
Mercialys SA REIT		22,318		181
				375
Germany (1.6%)
Grand City Properties SA		13,166		178
Vonovia SE		16,222		502
				680
Hong Kong (5.3%)
CK Asset Holdings Ltd. (b)		97,000		689
Link REIT (b)		93,560		765
Sun Hung Kai Properties Ltd. (b)		56,393		668
Wharf Real Estate Investment Co., Ltd. (b)		20,420		97
				2,219
Japan (10.5%)
Daiwa Office Investment Corp. REIT		42		216
Frontier Real Estate Investment Corp. REIT		49		189
GLP J-REIT		223		273
Hoshino Resorts, Inc.		39		189
Japan Metropolitan Fund Investment Corp. REIT		418		326
Japan Real Estate Investment Corp. REIT		85		391
Mitsubishi Estate Co., Ltd.		48,400		701
Mitsui Fudosan Co., Ltd.		36,800		791
Mitsui Fudosan Logistics Park, Inc. REIT		74		280
Nippon Building Fund, Inc. REIT		90		449

	Shares		Value (000)
Nomura Real Estate Master Fund, Inc. REIT		238	$	297
Orix, Inc. J-REIT		208		283
				4,385
Malta (0.0%) (c)
BGP Holdings PLC (d)		5,886,464		19
Netherlands (0.9%)
Eurocommercial Properties NV CVA REIT		7,236		155
NSI NV REIT		6,446		222
				377
Singapore (3.1%)
CapitaLand Integrated Commercial Trust REIT		319,200		499
Capitaland Investment Ltd.		29,300		80
Digital Core Management Pte Ltd. REIT (a)(e)		191,000		147
Frasers Centrepoint Trust REIT		13,800		23
Mapletree Commercial Trust REIT		239,800		316
Suntec Real Estate Investment Trust REIT		184,200		215
				1,280
Spain (1.0%)
Inmobiliaria Colonial Socimi SA REIT		31,068		199
Merlin Properties Socimi SA REIT		23,385		226
				425
Sweden (0.7%)
Catena AB		2,970		108
Fabege AB		20,081		190
				298
Switzerland (0.5%)
PSP Swiss Property AG (Registered)		1,804		201
United Kingdom (4.5%)
Big Yellow Group PLC REIT		12,129		195
Derwent London PLC REIT		6,499		207
Empiric Student Property PLC REIT		104,984		110
Helical PLC		30,960		140
Land Securities Group PLC REIT		35,819		291
LondonMetric Property PLC REIT		43,684		121
Segro PLC REIT		36,678		438
UNITE Group PLC REIT		16,215		211
Workspace Group PLC REIT		22,588		152
				1,865
United States (62.1%)
Agree Realty Corp. REIT		22,893		1,651
American Tower Corp. REIT		1,630		417
Americold Realty Trust Inc. REIT		14,168		426
AvalonBay Communities, Inc. REIT		7,406		1,439
Boyd Gaming Corp. REIT		4,890		243
Brixmor Property Group, Inc. REIT		38,244		773
Digital Realty Trust, Inc. REIT		18,423		2,392
Duke Realty Corp. REIT		11,000		604
Equity Residential REIT		21,810		1,575
Extra Space Storage, Inc. REIT		4,932		839
Healthpeak Properties, Inc. REIT		27,023		700
Host Hotels & Resorts, Inc. REIT		23,437		367

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Global Real Estate Portfolio

	Shares		Value (000)
United States (cont'd)
Invitation Homes, Inc. REIT		21,863	$	778
Kilroy Realty Corp. REIT		7,353		385
Kite Realty Group Trust REIT		29,455		509
Mid-America Apartment Communities, Inc. REIT		7,036		1,229
NETSTREIT Corp. REIT		21,174		400
Park Hotels & Resorts, Inc. REIT		19,365		263
ProLogis, Inc. REIT		22,512		2,648
Public Storage REIT		7,513		2,349
Rexford Industrial Realty, Inc. REIT		7,061		407
RPT Realty REIT		38,163		375
Simon Property Group, Inc. REIT		4,232		402
SITE Centers Corp. REIT		56,756		764
SL Green Realty Corp. REIT (e)		9,510	��	439
Sun Communities, Inc. REIT		5,142		819
Welltower, Inc. REIT		32,239		2,655
				25,848
Total Common Stocks (Cost $43,726)				40,961
Short-Term Investments (2.4%)
Securities held as Collateral on Loaned Securities (1.1%)
Investment Company (0.9%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H)		354,059		354
	Face Amount (000)
Repurchase Agreements (0.2%)
HSBC Securities USA, Inc. (1.50%, dated 6/30/22, due 7/1/22; proceeds $28; fully collateralized by U.S. Government obligations; 0.00% - 3.63% due 2/15/23 - 5/15/32; valued at $28)	$	28		28
Merrill Lynch & Co., Inc. (1.46%, dated 6/30/22, due 7/1/22; proceeds $54; fully collateralized by a U.S. Government obligation; 1.63% due 5/15/31; valued at $55)		54		54
				82
Total Securities held as Collateral on Loaned Securities (Cost $436)				436
	Shares
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H) (Cost $560)		560,155		560
Total Short-Term Investments (Cost $996)				996
Total Investments (100.7%) (Cost $44,722) Including $575 of Securities Loaned (f)(g)				41,957
Liabilities in Excess of Other Assets (–0.7%)				(311	)
Net Assets (100.0%)			$	41,646

(a) Non-income producing security.

(b) Security trades on the Hong Kong exchange.

(d) At June 30, 2022, the Fund held a fair valued security valued at approximately $19,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.

(e) All or a portion of this security was on loan at June 30, 2022.

(f) The approximate fair value and percentage of net assets, $14,003,000 and 33.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.

(g) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,951,000 and the aggregate gross unrealized depreciation is approximately $4,716,000, resulting in net unrealized depreciation of approximately $2,765,000.

ADR American Depositary Receipt.

CVA Certificaten Van Aandelen.

REIT Real Estate Investment Trust.

Portfolio Composition*

Classification	Percentage of Total Investments
Diversified		22.3	%
Residential		18.6
Retail		14.5
Industrial		12.9
Health Care		9.0
Self Storage		8.8
Office		8.8
Other**		5.1
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Real Estate Portfolio

Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $43,808)	$	41,043
Investment in Security of Affiliated Issuer, at Value (Cost $914)		914
Total Investments in Securities, at Value (Cost $44,722)		41,957
Foreign Currency, at Value (Cost $40)		40
Cash from Securities Lending		23
Receivable for Investments Sold		208
Dividends Receivable		146
Tax Reclaim Receivable		19
Receivable for Fund Shares Sold		17
Receivable from Securities Lending Income		1
Receivable from Affiliate		—	@
Other Assets		15
Total Assets		42,426
Liabilities:
Collateral on Securities Loaned, at Value		459
Payable for Investments Purchased		102
Payable for Professional Fees		46
Payable for Custodian Fees		40
Payable for Advisory Fees		38
Deferred Capital Gain Country Tax		30
Payable for Fund Shares Redeemed		24
Payable for Servicing Fees		16
Payable for Distribution Fees — Class II Shares		9
Payable for Administration Fees		3
Payable for Transfer Agency Fees		1
Other Liabilities		12
Total Liabilities		780
NET ASSETS	$	41,646
Net Assets Consist of:
Paid-in-Capital	$	41,685
Total Accumulated Loss		(39	)
Net Assets	$	41,646
CLASS II:
Net Asset Value, Offering and Redemption Price Per Share Applicable to 5,106,657 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	8.16
⁽¹⁾Including:
Securities on Loan, at Value:	$	575

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Real Estate Portfolio

Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $36 of Foreign Taxes Withheld)	$	862
Income from Securities Loaned — Net		3
Dividends from Security of Affiliated Issuer (Note H)		1
Total Investment Income		866
Expenses:
Advisory Fees (Note B)		200
Professional Fees		66
Distribution Fees — Class II Shares (Note E)		63
Servicing Fees (Note D)		42
Custodian Fees (Note G)		25
Administration Fees (Note C)		20
Shareholder Reporting Fees		9
Pricing Fees		4
Transfer Agency Fees (Note F)		2
Directors' Fees and Expenses		2
Other Expenses		5
Total Expenses		438
Waiver of Advisory Fees (Note B)		(125	)
Rebate from Morgan Stanley Affiliate (Note H)		(—	@)
Net Expenses		313
Net Investment Income		553
Realized Loss:
Investments Sold (Net of $1 of Capital Gain Country Tax)		(165	)
Foreign Currency Translation		(—	@)
Net Realized Loss		(165	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $6)		(12,062	)
Foreign Currency Translation		(4	)
Net Change in Unrealized Appreciation (Depreciation)		(12,066	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(12,231	)
Net Decrease in Net Assets Resulting from Operations	$	(11,678	)

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Real Estate Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	553		$	1,066
Net Realized Gain (Loss)		(165	)		12,068
Net Change in Unrealized Appreciation (Depreciation)		(12,066	)		(1,166	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(11,678	)		11,968
Dividends and Distributions to Shareholders:
Class II		—			(1,323	)
Capital Share Transactions:⁽¹⁾
Class II:
Subscribed		1,491			4,667
Distributions Reinvested		—			1,323
Redeemed		(6,444	)		(11,612	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(4,953	)		(5,622	)
Total Increase (Decrease) in Net Assets		(16,631	)		5,023
Net Assets:
Beginning of Period		58,277			53,254
End of Period	$	41,646		$	58,277
⁽¹⁾Capital Share Transactions:
Class II:
Shares Subscribed		159			488
Shares Issued on Distributions Reinvested		—			135
Shares Redeemed		(675	)		(1,222	)
Net Decrease in Class II Shares Outstanding		(516	)		(599	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

Global Real Estate Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	10.36		$	8.56		$	10.80		$	9.87		$	11.09		$	10.36
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.18			0.16			0.18			0.25			0.24
Net Realized and Unrealized Gain (Loss)		(2.30	)		1.85			(1.86	)		1.58			(1.13	)		0.75
Total from Investment Operations		(2.20	)		2.03			(1.70	)		1.76			(0.88	)		0.99
Distributions from and/or in Excess of:
Net Investment Income		—			(0.23	)		(0.37	)		(0.29	)		(0.34	)		(0.26	)
Net Realized Gain		—			—			(0.17	)		(0.54	)		—			—
Total Distributions		—			(0.23	)		(0.54	)		(0.83	)		(0.34	)		(0.26	)
Net Asset Value, End of Period	$	8.16		$	10.36		$	8.56		$	10.80		$	9.87		$	11.09
Total Return⁽²⁾		(21.24	)%⁽⁶⁾		23.83	%		(14.85	)%		18.06	%		(8.20	)%		9.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	41,646		$	58,277		$	53,254		$	70,426		$	66,751		$	83,625
Ratio of Expenses Before Expense Limitation		1.75	%⁽⁷⁾		1.81	%		1.81	%		1.64	%		1.66	%		1.69	%
Ratio of Expenses After Expense Limitation		1.25	%⁽³⁾⁽⁷⁾		1.25	%⁽³⁾		1.25	%⁽³⁾		1.25	%⁽³⁾		1.33	%⁽³⁾⁽⁴⁾		1.40	%⁽³⁾
Ratio of Net Investment Income		2.21	%⁽³⁾⁽⁷⁾		1.89	%⁽³⁾		1.89	%⁽³⁾		1.67	%⁽³⁾		2.37	%⁽³⁾		2.26	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁷⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		46	%⁽⁶⁾		123	%		53	%		24	%		36	%		34	%

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

(4) Effective July 1, 2018, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.25% for Class II shares. Prior to July 1, 2018, the maximum ratio was 1.40% for Class II shares.

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Global Real Estate Portfolio. The Fund seeks to provide current income and capital appreciation. The Fund currently offers Class II shares only, although Class I shares may be offered in the future.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

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 or dealers; (3) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. 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 or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (4) when market quotations are not readily available, including circumstances under which the Adviser or the 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 established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (5) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

The Fund invests a significant portion of its assets in securities of REITs. The market's perception of prospective declines in private real estate values and other financial assets may result in increased volatility of market prices that can negatively impact the valuation of certain issuers held by the Fund.

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.)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Diversified	$	2,495	$	6,803	$	—	$	9,298
Health Care		3,626		104		—		3,730
Industrial		4,085		1,269		—		5,354
Lodging/Resorts		873		189		—		1,062
Office		824		2,832		—		3,656
Residential		6,534		1,207		19		7,760
Retail		4,897		1,122		—		6,019
Self Storage		3,188		477		—		3,665
Specialty		417		—		—		417
Total Common Stocks		26,939		14,003		19		40,961

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets: (cont'd)
Short-Term Investments
Investment Company	$	914	$	—	$	—	$	914
Repurchase Agreements		—		82		—		82
Total Short-Term Investments		914		82		—		996
Total Assets	$	27,853	$	14,085	$	19	$	41,957

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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

	Common Stock (000)
Beginning Balance	$	20
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(1	)
Realized gains (losses)		—
Ending Balance	$	19
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(1	)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2022:

Fair Value at
June 30, 2022
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

Market Transaction
Method

Transaction Valuation

0.003

Increase

* Amount is indicative of the weighted average.

to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

5. Securities Lending: The Fund lends securities to qualified financial institutions, such as broker-dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	575	(a)	$	—	$	(575	)(b)(c)	$	0

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

(b) The Fund received cash collateral of approximately $459,000, of which approximately $436,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of June 30, 2022, there was uninvested cash of approximately $23,000, which is not reflected in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $160,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Common Stocks	$	459	$	—	$	—	$	—	$	459
Total Borrowings	$	459	$	—	$	—	$	—	$	459
Gross amount of recognized liabilities for securities lending transactions									$	459

The Fund owns shares of REITs which report information on the source of their distributions annually in the following calendar year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

B. Advisory/Sub-Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.80% of the daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that the total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $125,000 of advisory fees were waived pursuant to this arrangement.

The Adviser has entered into Sub-Advisory Agreements with the Sub-Advisers, each a wholly-owned subsidiary of Morgan Stanley. The Sub-Advisers provide the Fund with advisory services subject to the overall supervision of the Adviser and the Company's Officers and Directors. The Adviser pays the Sub-Advisers on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

C. Administration Fees: The Adviser also serves as Administrator to the Company and provides administrative services pursuant to an Administration Agreement for an annual

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $23,153,000 and $27,847,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	298			$	7,793			$	7,177			$	1

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	914

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	1,323	$	—	$	2,346	$	1,057

Permanent differences, due to equalization debits, resulted in the following reclassifications among the components of net assets at December 31, 2021:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$(347)				$347

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$3,600				$162

During the year ended December 31, 2021, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $6,764,000.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

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

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee was lower than its peer group average and total expense ratio was higher than but close to its peer group average. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

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

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Advisers

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Morgan Stanley Investment Management Company
23 Church Street
16-01 Capital Square, Singapore 049481

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFGRESAN
4870088 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Growth Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Consolidated Expense Example					2
Consolidated Portfolio of Investments					3
Consolidated Statement of Assets and Liabilities					6
Consolidated Statement of Operations					7
Consolidated Statements of Changes in Net Assets					8
Consolidated Financial Highlights					9
Notes to Consolidated Financial Statements					11
Investment Advisory Agreement Approval					23
Liquidity Risk Management Program					25
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Expense Example

Growth Portfolio

As a shareholder of the Growth Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Growth Portfolio Class I	$	1,000.00	$	433.70	$	1,021.97	$	2.03	$	2.86		0.57	%
Growth Portfolio Class II		1,000.00		433.30		1,020.73		2.91		4.11		0.82

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

	Shares		Value (000)
Common Stocks (94.7%)
Automobiles (0.4%)
Rivian Automotive, Inc., Class A (a)		61,252	$	1,577
Biotechnology (0.6%)
Alnylam Pharmaceuticals, Inc. (a)		9,636		1,405
Moderna, Inc. (a)		9,485		1,355
				2,760
Capital Markets (0.7%)
Coinbase Global, Inc., Class A (a)(b)		59,851		2,814
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)		691,736		1,646
Commercial Services & Supplies (0.2%)
Aurora Innovation, Inc. (a)		371,870		710
Consumer Finance (0.3%)
Upstart Holdings, Inc. (a)(b)		36,140		1,143
Electronic Equipment, Instruments & Components (0.0%)
Magic Leap, Class A (a)(c)(d) (acquisition cost — $1,526; acquired 12/22/15)		3,138		—
Entertainment (5.9%)
ROBLOX Corp., Class A (a)		588,109		19,325
Sea Ltd. ADR (Singapore) (a)		86,979		5,816
				25,141
Health Care Equipment & Supplies (0.5%)
DexCom, Inc. (a)		30,152		2,247
Health Care Providers & Services (3.9%)
Agilon Health, Inc. (a)		587,958		12,835
Guardant Health, Inc. (a)		90,331		3,644
				16,479
Health Care Technology (4.4%)
Doximity, Inc., Class A (a)		196,133		6,829
GoodRx Holdings, Inc., Class A (a)		204,198		1,209
Veeva Systems, Inc., Class A (a)		55,463		10,984
				19,022
Hotels, Restaurants & Leisure (1.2%)
Airbnb, Inc., Class A (a)		60,207		5,363
Information Technology Services (24.3%)
Adyen NV (Netherlands) (a)		7,874		11,363
Affirm Holdings, Inc. (a)		109,919		1,985
Block, Inc., Class A (a)		192,855		11,853
Cloudflare, Inc., Class A (a)		491,307		21,495
MongoDB, Inc. (a)		30,136		7,820
Shopify, Inc., Class A (Canada) (a)		633,030		19,776
Snowflake, Inc., Class A (a)		212,208		29,510
				103,802
Interactive Media & Services (1.5%)
ZoomInfo Technologies, Inc., Class A (a)		188,338		6,260

	Shares		Value (000)
Internet & Direct Marketing Retail (12.0%)
Chewy, Inc., Class A (a)		268,041	$	9,307
Coupang, Inc. (a)		638,046		8,135
DoorDash, Inc., Class A (a)		332,090		21,310
MercadoLibre, Inc. (a)		12,488		7,953
Wayfair, Inc., Class A (a)		107,519		4,684
				51,389
Leisure Products (0.3%)
Peloton Interactive, Inc., Class A (a)		136,294		1,251
Life Sciences Tools & Services (2.3%)
10X Genomics, Inc., Class A (a)		139,275		6,302
Illumina, Inc. (a)		19,390		3,575
				9,877
Pharmaceuticals (6.8%)
Royalty Pharma PLC, Class A (United Kingdom)		686,498		28,861
Road & Rail (6.1%)
Grab Holdings Ltd., Class A (Singapore) (a)		2,183,955		5,526
Uber Technologies, Inc. (a)		999,860		20,457
				25,983
Semiconductors & Semiconductor Equipment (3.1%)
ASML Holding NV (Netherlands)		28,077		13,361
Software (19.5%)
Bill.Com Holdings, Inc. (a)		122,970		13,519
Datadog, Inc., Class A (a)		238,611		22,724
Trade Desk, Inc., Class A (a)		511,974		21,447
Unity Software, Inc. (a)		269,942		9,939
Zoom Video Communications, Inc., Class A (a)		146,582		15,827
				83,456
Specialty Retail (0.3%)
Carvana Co. (a)		53,202		1,201
Total Common Stocks (Cost $673,283)				404,343
Preferred Stocks (1.7%)
Software (1.7%)
Databricks, Inc. (a)(c)(d) (acquisition cost — $8,310; acquired 8/31/21)		37,696		6,563
Lookout, Inc. Series F (a)(c)(d) (acquisition cost — $1,618; acquired 6/17/14)		141,612		735
Total Preferred Stocks (Cost $9,928)				7,298
Investment Company (0.8%)
Grayscale Bitcoin Trust (a) (Cost $11,735)		270,111		3,258
Short-Term Investments (3.5%)
Securities held as Collateral on Loaned Securities (0.8%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H)		3,026,844		3,027

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (1.50%, dated 6/30/22, due 7/1/22; proceeds $236; fully collateralized by U.S. Government obligations; 0.00% - 3.63% due 2/15/23 - 5/15/32; valued at $241)	$	236	$	236
Merrill Lynch & Co., Inc., (1.46%, dated 6/30/22, due 7/1/22; proceeds $458; fully collateralized by a U.S. Government obligation; 1.63% due 5/15/31; valued at $467)		458		458
				694
Total Securities held as Collateral on Loaned Securities (Cost $3,721)				3,721

	Shares		Value (000)
Investment Company (2.7%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H) (Cost $11,516)		11,515,967	$	11,516
Total Short-Term Investments (Cost $15,237)				15,237
Total Investments Excluding Purchased Options (100.7%) (Cost $710,183)				430,136
Total Purchased Options Outstanding (0.1%) (Cost $3,580)				258
Total Investments (100.8%) (Cost $713,763) Including $3,672 of Securities Loaned (e)(f)(g)				430,394
Liabilities in Excess of Other Assets (–0.8%)				(3,607	)
Net Assets (100.0%)			$	426,787

The Fund had the following Derivative Contract — PIPE open at June 30, 2022:

Counterparty				Referenced Obligation				Notional Amount				Settlement Date				Unrealized (Depreciation) (000)				% of Net Assets
Social Capital Suvretta Holdings Corp.III				ProKidney, LP (a)(c)(d)(h)(i)				$	2,420,430			12/30/2022				$	(349	)			(0.08	)%

(a) Non-income producing security.

(b) All or a portion of this security was on loan at June 30, 2022.

(d) At June 30, 2022, the Fund held fair valued securities and derivative contract at approximately $6,949,000, representing 1.6% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.

(e) The approximate fair value and percentage of net assets, $11,363,000 and 2.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Consolidated Financial Statements.

(f) Securities are available as collateral in connection with a derivative contract - PIPE and purchased options.

(g) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,796,000 and the aggregate gross unrealized depreciation is approximately $297,514,000, resulting in net unrealized depreciation of approximately $283,718,000.

(h) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 242,043 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ProKidney, LP and Social Capital Suvretta Holdings Corp.III, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Social Capital Suvretta Holdings Corp.III, and ProKidney, LP , and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Social Capital Suvretta Holdings Corp.III, and ProKidney, LP. The investment is restricted from resale until the settlement date.

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

ADR American Depositary Receipt.

PIPE Private Investment in Public Equity.

SPAC Special Purpose Acquisition Company.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at June 30, 2022:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Depreciation (000)
Goldman Sachs International	USD/CNH	CNH	7.27	Nov-22		255,980,426	$	255,980	$	253		$	1,229	$	(976	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.28	Jul-22		250,959,503		250,960		2			1,169		(1,167	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.31	Aug-22		117,162,448		117,162		3			796		(793	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.38	Jul-22		72,806,938		72,807		—	@		386		(386	)
									$	258		$	3,580	$	(3,322	)

@ Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Information Technology Services		24.3	%
Others**		23.5
Software		21.3
Internet & Direct Marketing Retail		12.1
Pharmaceuticals		6.8
Road & Rail		6.1
Entertainment		5.9
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.

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

*** Does not include an open PIPE contract with unrealized depreciation of approximately $349,000.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Growth Portfolio

Consolidated Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $699,220)	$	415,851
Investment in Security of Affiliated Issuer, at Value (Cost $14,543)		14,543
Total Investments in Securities, at Value (Cost $713,763)		430,394
Foreign Currency, at Value (Cost $1)		1
Receivable for Fund Shares Sold		1,728
Cash from Securities Lending		202
Receivable from Securities Lending Income		28
Receivable from Affiliate		10
Other Assets		75
Total Assets		432,438
Liabilities:
Collateral on Securities Loaned, at Value		3,923
Payable for Advisory Fees		383
Unrealized Depreciation on Derivative Contract — PIPE		349
Due to Broker		320
Payable for Servicing Fees		190
Bank Overdraft		260
Payable for Professional Fees		49
Payable for Distribution Fees — Class II Shares		35
Payable for Administration Fees		29
Payable for Fund Shares Redeemed		25
Payable for Custodian Fees		17
Payable for Directors' Fees and Expenses		10
Payable for Transfer Agency Fees		3
Other Liabilities		58
Total Liabilities		5,651
NET ASSETS	$	426,787
Net Assets Consist of:
Paid-in-Capital	$	472,366
Total Accumulated Loss		(45,579	)
Net Assets	$	426,787
CLASS I:
Net Assets	$	258,248
Net Asset Value, Offering and Redemption Price Per Share Applicable to 11,083,422 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	23.30
CLASS II:
Net Assets	$	168,539
Net Asset Value, Offering and Redemption Price Per Share Applicable to 8,034,770 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	20.98
⁽¹⁾Including:
Securities on Loan, at Value:	$	3,672

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Growth Portfolio

Consolidated Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $16 of Foreign Taxes Withheld)	$	361
Income from Securities Loaned — Net		88
Dividends from Security of Affiliated Issuer (Note H)		21
Total Investment Income		470
Expenses:
Advisory Fees (Note B)		1,600
Servicing Fees (Note D)		440
Distribution Fees — Class II Shares (Note E)		293
Administration Fees (Note C)		256
Professional Fees		75
Shareholder Reporting Fees		29
Custodian Fees (Note G)		19
Directors' Fees and Expenses		7
Transfer Agency Fees (Note F)		6
Pricing Fees		2
Other Expenses		16
Total Expenses		2,743
Waiver of Advisory Fees (Note B)		(625	)
Rebate from Morgan Stanley Affiliate (Note H)		(9	)
Net Expenses		2,109
Net Investment Loss		(1,639	)
Realized Loss:
Investments Sold		(37,114	)
Foreign Currency Translation		(1	)
Net Realized Loss		(37,115	)
Change in Unrealized Appreciation (Depreciation):
Investments		(522,314	)
Foreign Currency Translation		—	@
Derivative Contracts — PIPE		(349	)
Net Change in Unrealized Appreciation (Depreciation)		(522,663	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(559,778	)
Net Decrease in Net Assets Resulting from Operations	$	(561,417	)

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Growth Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(1,639	)	$	(6,912	)
Net Realized Gain (Loss)		(37,115	)		291,430
Net Change in Unrealized Appreciation (Depreciation)		(522,663	)		(275,645	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(561,417	)		8,873
Dividends and Distributions to Shareholders:
Class I		—			(182,572	)
Class II		—			(102,441	)
Total Dividends and Distributions to Shareholders		—			(285,013	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		14,009			36,428
Distributions Reinvested		—			182,572
Redeemed		(45,836	)		(134,771	)
Class II:
Subscribed		55,030			119,731
Distributions Reinvested		—			102,441
Redeemed		(40,079	)		(150,916	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(16,876	)		155,485
Total Decrease in Net Assets		(578,293	)		(120,655	)
Net Assets:
Beginning of Period		1,005,080			1,125,735
End of Period	$	426,787		$	1,005,080
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		411			535
Shares Issued on Distributions Reinvested		—			3,013
Shares Redeemed		(1,343	)		(2,028	)
Net Increase (Decrease) in Class I Shares Outstanding		(932	)		1,520
Class II:
Shares Subscribed		1,862			2,052
Shares Issued on Distributions Reinvested		—			1,873
Shares Redeemed		(1,254	)		(2,469	)
Net Increase in Class II Shares Outstanding		608			1,456

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Consolidated Financial Highlights

Growth Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021				2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾			2017⁽¹⁾
Net Asset Value, Beginning of Period	$	53.72		$	70.24			$	35.80		$	28.62		$	32.38		$	24.65
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.07	)		(0.35	)			(0.28	)		(0.14	)		(0.14	)		(0.13	)
Net Realized and Unrealized Gain (Loss)		(30.35	)		2.53				40.32			9.23			3.34			10.44
Total from Investment Operations		(30.42	)		2.18				40.04			9.09			3.20			10.31
Distributions from and/or in Excess of:
Net Realized Gain		—			(18.70	)			(5.60	)		(1.91	)		(6.96	)		(2.58	)
Net Asset Value, End of Period	$	23.30		$	53.72			$	70.24		$	35.80		$	28.62		$	32.38
Total Return⁽³⁾		(56.63	)%⁽⁷⁾		0.10	%			117.31	%		31.81	%		7.54	%		43.15	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	258,248		$	645,473		��	$	737,155		$	386,720		$	126,941		$	133,745
Ratio of Expenses Before Expense Limitation		0.77	%⁽⁸⁾		0.74	%			0.74	%		0.78	%		N/A			0.81	%
Ratio of Expenses After Expense Limitation		0.57	%⁽⁴⁾⁽⁸⁾		0.57	%⁽⁴⁾			0.56	%⁽⁴⁾		0.61	%⁽⁴⁾⁽⁵⁾		0.79	%⁽⁴⁾		0.79	%⁽⁴⁾
Ratio of Net Investment Loss		(0.42	)%⁽⁴⁾⁽⁸⁾		(0.52	)%⁽⁴⁾			(0.55	)%⁽⁴⁾		(0.41	)%⁽⁴⁾		(0.39	)%⁽⁴⁾		(0.43	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾			0.01	%		0.01	%		0.00	%⁽⁶⁾		0.01	%
Portfolio Turnover Rate		25	%⁽⁷⁾		59	%			55	%		95	%		56	%		54	%

(1) Not consolidated.

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

(5) Effective April 29, 2019, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.57% for Class I shares. Prior to April 29, 2019, the maximum ratio was 0.80% for Class I shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Consolidated Financial Highlights

Growth Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾			2017⁽¹⁾
Net Asset Value, Beginning of Period	$	48.42		$	65.09		$	33.51		$	26.95		$	30.89		$	23.66
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.10	)		(0.46	)		(0.38	)		(0.21	)		(0.21	)		(0.19	)
Net Realized and Unrealized Gain (Loss)		(27.34	)		2.49			37.56			8.68			3.23			10.00
Total from Investment Operations		(27.44	)		2.03			37.18			8.47			3.02			9.81
Distributions from and/or in Excess of:
Net Realized Gain		—			(18.70	)		(5.60	)		(1.91	)		(6.96	)		(2.58	)
Net Asset Value, End of Period	$	20.98		$	48.42		$	65.09		$	33.51		$	26.95		$	30.89
Total Return⁽³⁾		(56.67	)%⁽⁷⁾		(0.15	)%		116.76	%		31.47	%		7.30	%		42.82	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	168,539		$	359,607		$	388,580		$	213,760		$	139,300		$	124,268
Ratio of Expenses Before Expense Limitation		1.02	%⁽⁸⁾		0.99	%		0.99	%		1.03	%		N/A			1.06	%
Ratio of Expenses After Expense Limitation		0.82	%⁽⁴⁾⁽⁸⁾		0.82	%⁽⁴⁾		0.81	%⁽⁴⁾		0.86	%⁽⁴⁾⁽⁵⁾		1.04	%⁽⁴⁾		1.04	%⁽⁴⁾
Ratio of Net Investment Loss		(0.67	)%⁽⁴⁾⁽⁸⁾		(0.77	)%⁽⁴⁾		(0.80	)%⁽⁴⁾		(0.66	)%⁽⁴⁾		(0.64	)%⁽⁴⁾		(0.68	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.01	%		0.01	%		0.00	%⁽⁶⁾		0.01	%
Portfolio Turnover Rate		25	%⁽⁷⁾		59	%		55	%		95	%		56	%		54	%

(1) Not consolidated.

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

(5) Effective April 29, 2019, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.82% for Class II shares. Prior to April 29, 2019, the maximum ratio was 1.05% for Class II shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements

The accompanying consolidated financial statements relate to the Growth Portfolio. The Fund seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of large capitalization companies. The Fund offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Growth Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) ("GBTC"), a privately offered investment vehicle that invests in bitcoin. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of June 30, 2022, the Subsidiary represented approximately $3,662,000 or approximately 0.86% of the total net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (4) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (5) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (6) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the

close of the NYSE; (7) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Assets:
Common Stocks
Automobiles	$	1,577	$	—	$	—		$	1,577
Biotechnology		2,760		—		—			2,760
Capital Markets		2,814		—		—			2,814
Chemicals		1,646		—		—			1,646
Commercial Services & Supplies		710		—		—			710
Consumer Finance		1,143		—		—			1,143
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		25,141		—		—			25,141
Health Care Equipment & Supplies		2,247		—		—			2,247
Health Care Providers & Services		16,479		—		—			16,479
Health Care Technology		19,022		—		—			19,022
Hotels, Restaurants & Leisure		5,363		—		—			5,363
Information Technology Services		92,439		11,363		—			103,802
Interactive Media & Services		6,260		—		—			6,260
Internet & Direct Marketing Retail		51,389		—		—			51,389
Leisure Products		1,251		—		—			1,251

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (Cont'd)
Life Sciences Tools & Services	$	9,877	$	—	$	—		$	9,877
Pharmaceuticals		28,861		—		—			28,861
Road & Rail		25,983		—		—			25,983
Semiconductors & Semiconductor Equipment		13,361		—		—			13,361
Software		83,456		—		—			83,456
Specialty Retail		1,201		—		—			1,201
Total Common Stocks		392,980		11,363		—	†		404,343	†
Preferred Stocks
Software		—		—		7,298			7,298
Investment Company		3,258		—		—			3,258
Call Options Purchased		—		258		—			258
Short-Term Investments
Investment Company		14,543		—		—			14,543
Repurchase Agreements		—		694		—			694
Total Short-Term Investments		14,543		694		—			15,237
Total Assets		410,781		12,315		7,298	†		430,394	†
Liabilities:
Derivative Contract — PIPE		—		—		(349	)		(349	)
Total	$	410,781	$	12,315	$	6,949	†	$	430,045	†

† Includes a security valued at zero.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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

	Common Stock (000)			Preferred Stocks (000)			Derivative Contract — PIPE (000)
Beginning Balance	$	—		$	9,175	†	$	—
Purchases		—			—			—
Sales		—			—			—
PIPE transactions		—			—			(349	)
Amortization of discount		—			—			—
Transfers in		—	†		—			—
Transfers out		—			(—	)†		—
Corporate actions		—			—			—
Change in unrealized appreciation (depreciation)		—			(1,877	)		—
Realized gains (losses)		—			—			—
Ending Balance	$	—	†	$	7,298		$	(349	)

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

				Common Stock (000)				Preferred Stocks (000)				Derivative Contract — PIPE (000)
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022				$	—			$	(1,877	)		$	(349	)

† Includes a security valued at zero.

Fair Value at
June 30, 2022
(000)

Valuation
Technique

Unobservable
Input

Amount or Range/
Weighted Average*

Impact to
Valuation from an
Increase in Input**

Preferred Stocks

7,298

Discounted Cash Flow

Weighted Average
Cost of Capital

11.5%–14.5%/13.4%

Decrease

Perpetual Growth
Rate

3.0%–4.0%/3.5%

Increase

Market Comparable
Companies

Enterprise Value/
Revenue

1.4x–16.5x/23.3x

Increase

Discount for Lack
of Marketability

11.0%–14.0%/13.7%

Decrease

PIPE

(349

)

Market Implied

Discount for Lack of
Marketability
and Transaction Risk

14.0

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.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

5. Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for premiums paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Premiums paid for purchasing options which expired are treated as realized losses. If the Fund sells an option, it sells to another party the right to buy from or sell to the Fund a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

At June 30, 2022, the Fund's derivative contract PIPE position is reflected as a Derivative Contract — PIPE in the Consolidated Portfolio of Investments.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2022:

Asset Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Purchased Options

Investments, at Value
(Purchased Options)

Currency Risk

258

(a)

Liability Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

PIPE

Unrealized Depreciation on
Derivative Contract — PIPE

Equity Risk

(349

)

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

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(2,167	)(b)

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	1,090	(c)
Equity Risk	Derivative Contract — PIPE		(349	)
Total		$	741

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

At June 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives	Assets (000)			Liabilities (000)
Purchased Options	$	258	(a)(d)	$	—
Derivative Contract — PIPE		—			(349	)(e)
Total	$	258		$	(349	)

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

(d) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

(e) Assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities(a) (000)		Financial Instrument (000)		Collateral Received(f) (000)			Net Amount (not less than $0) (000)
Goldman Sachs International	$	253	$	—	$	(253	)	$	0
JP Morgan Chase Bank NA		5		—		(5	)		0
Total	$	258	$	—	$	(258	)	$	0

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

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

For the six months ended June 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount		766,038,000
Derivative Contract — PIPE:
Average monthly notional amount	$	2,420,000

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	3,672	(g)	$	—	$	(3,672	)(h)(i)	$	0

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

(h) The Fund received cash collateral of approximately $3,923,000, of which approximately $3,721,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Consolidated Portfolio of Investments. As of June 30, 2022, there was uninvested cash of approximately $202,000, which is not reflected in the Consolidated Portfolio of Investments.

(i) The actual collateral received is greater than the amount shown here due to overcollateralization.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining

contractual maturity of those transactions as of June 30, 2022:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Common Stock	$	3,923	$	—	$	—	$	—	$	3,923
Total Borrowings	$	3,923	$	—	$	—	$	—	$	3,923
Gross amount of recognized liabilities for securities lending transactions									$	3,923

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Company can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

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

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.30% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.57% for Class I shares and 0.82% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $625,000 of advisory fees were waived pursuant to this arrangement.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $171,059,000 and $167,549,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds -Treasury Securities Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $9,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	33,895			$	115,646			$	134,998			$	21

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	14,543

I. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income.

Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	34,650	$	250,363	$	13,028	$	77,000

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$9,134				$272,400

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

increase the volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the three- and five-year periods but below its peer group average for the one-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

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

Profitability of the Adviser and Affiliates

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFCGSAN
4870110 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

U.S. Real Estate Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Expense Example					2
Portfolio of Investments					3
Statement of Assets and Liabilities					5
Statement of Operations					6
Statements of Changes in Net Assets					7
Financial Highlights					8
Notes to Financial Statements					10
Investment Advisory Agreement Approval					17
Liquidity Risk Management Program					19
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Expense Example

U.S. Real Estate Portfolio

As a shareholder of the U.S. Real Estate Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
U.S. Real Estate Portfolio Class I	$	1,000.00	$	786.10	$	1,020.73	$	3.63	$	4.11		0.82	%
U.S. Real Estate Portfolio Class II		1,000.00		785.60		1,019.49		4.74		5.36		1.07

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments

U.S. Real Estate Portfolio

	Shares		Value (000)
Common Stocks (97.7%)
Apartments (16.5%)
AvalonBay Communities, Inc. REIT		48,943	$	9,507
Equity Residential REIT		207,398		14,978
Mid-America Apartment Communities, Inc. REIT		79,045		13,807
UDR, Inc. REIT		281,209		12,947
				51,239
Data Centers (8.5%)
Digital Realty Trust, Inc. REIT		195,561		25,389
GDS Holdings Ltd. ADR (China) (a)		31,263		1,044
				26,433
Free Standing (8.2%)
Agree Realty Corp. REIT		75,624		5,455
NETSTREIT Corp. REIT		194,788		3,675
Realty Income Corp. REIT		238,952		16,311
				25,441
Health Care (12.1%)
Healthpeak Properties, Inc. REIT		361,456		9,365
Ventas, Inc. REIT		183,146		9,419
Welltower, Inc. REIT		227,667		18,749
				37,533
Industrial (15.0%)
Americold Realty Trust, Inc. REIT		160,357		4,817
Duke Realty Corp. REIT		130,301		7,160
ProLogis, Inc. REIT		255,981		30,116
Rexford Industrial Realty, Inc. REIT		79,607		4,585
				46,678
Lodging/Resorts (2.9%)
Boyd Gaming Corp.		45,235		2,250
Host Hotels & Resorts, Inc. REIT		287,635		4,510
Park Hotels & Resorts, Inc. REIT		166,748		2,263
				9,023
Manufactured Homes (2.8%)
Sun Communities, Inc. REIT		55,314		8,815
Office (2.3%)
Kilroy Realty Corp. REIT		54,042		2,828
SL Green Realty Corp. REIT (b)		96,766		4,466
				7,294
Regional Malls (1.9%)
Simon Property Group, Inc. REIT		63,442		6,022
Self Storage (11.5%)
Extra Space Storage, Inc. REIT		55,405		9,426
Life Storage, Inc. REIT		56,546		6,314
Public Storage REIT		63,886		19,975
				35,715
Shopping Centers (7.7%)
Brixmor Property Group, Inc. REIT		365,475		7,386
Kite Realty Group Trust REIT		343,405		5,937
RPT Realty REIT		379,808		3,734
SITE Centers Corp. REIT		522,760		7,042
				24,099

	Shares		Value (000)
Single Family Homes (3.1%)
Invitation Homes, Inc. REIT		268,161	$	9,541
Specialty (5.2%)
American Tower Corp. REIT		15,354		3,924
Iron Mountain, Inc. REIT		142,225		6,925
Outfront Media, Inc. REIT		162,884		2,761
VICI Properties, Inc. REIT		90,795		2,705
				16,315
Total Common Stocks (Cost $309,274)				304,148
Short-Term Investments (3.1%)
Securities held as Collateral on Loaned Securities (1.5%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H)		3,602,613		3,603
	Face Amount (000)
Repurchase Agreements (0.3%)
Merrill Lynch & Co., Inc. (1.46%, dated 6/30/22, due 7/1/22; proceeds $545; fully collateralized by U.S. Government obligations; 1.63% due 5/15/31; valued at $556)	$	545		545
HSBC Securities USA, Inc. (1.50%, dated 6/30/22, due 7/1/22; proceeds $281; fully collateralized by U.S. Government obligations; 0.00% - 3.63% due 2/15/23 - 5/15/32; valued at $287)		281		281
				826
Total Securities held as Collateral on Loaned Securities (Cost $4,429)				4,429
	Shares
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note H) (Cost $4,969)		4,968,887		4,969
Total Short-Term Investments (Cost $9,398)				9,398
Total Investments (100.8%) (Cost $318,672) Including $4,466 of Securities Loaned (c)				313,546
Liabilities in Excess of Other Assets (–0.8%)				(2,391	)
Net Assets (100.0%)			$	311,155

(a) Non-income producing security.

(b) All or a portion of this security was on loan at June 30, 2022.

(c) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $23,444,000 and the aggregate gross unrealized depreciation is approximately $28,570,000, resulting in net unrealized depreciation of approximately $5,126,000.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

U.S. Real Estate Portfolio

Portfolio Composition*

Classification	Percentage of Total Investments
Apartments		16.5	%
Industrial		15.1
Other**		15.0
Health Care		12.1
Self Storage		11.5
Data Centers		8.5
Free Standing		8.2
Shopping Centers		7.8
Specialty		5.3
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

U.S. Real Estate Portfolio

Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $310,100)	$	304,974
Investment in Security of Affiliated Issuer, at Value (Cost $8,572)		8,572
Total Investments in Securities, at Value (Cost $318,672)		313,546
Foreign Currency, at Value (Cost $21)		21
Cash from Securities Lending		240
Receivable for Fund Shares Sold		1,875
Dividends Receivable		866
Receivable from Affiliate		5
Other Assets		66
Total Assets		316,619
Liabilities:
Collateral on Securities Loaned, at Value		4,669
Payable for Advisory Fees		441
Payable for Servicing Fees		130
Payable for Fund Shares Redeemed		82
Payable for Professional Fees		42
Payable for Distribution Fees — Class II Shares		35
Payable for Administration Fees		21
Payable for Custodian Fees		4
Payable for Transfer Agency Fees		3
Other Liabilities		37
Total Liabilities		5,464
NET ASSETS	$	311,155
Net Assets Consist of:
Paid-in-Capital	$	233,771
Total Distributable Earnings		77,384
Net Assets	$	311,155
CLASS I:
Net Assets	$	144,352
Net Asset Value, Offering and Redemption Price Per Share Applicable to 7,823,259 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	18.45
CLASS II:
Net Assets	$	166,803
Net Asset Value, Offering and Redemption Price Per Share Applicable to 9,106,683 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	18.32
⁽¹⁾Including:
Securities on Loan, at Value:	$	4,466

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

U.S. Real Estate Portfolio

Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers	$	5,311
Dividends from Security of Affiliated Issuer (Note H)		7
Income from Securities Loaned — Net		2
Total Investment Income		5,320
Expenses:
Advisory Fees (Note B)		1,266
Servicing Fees (Note D)		266
Distribution Fees — Class II Shares (Note E)		242
Administration Fees (Note C)		145
Professional Fees		60
Shareholder Reporting Fees		38
Custodian Fees (Note G)		7
Transfer Agency Fees (Note F)		7
Directors' Fees and Expenses		4
Pricing Fees		1
Other Expenses		6
Total Expenses		2,042
Waiver of Advisory Fees (Note B)		(317	)
Rebate from Morgan Stanley Affiliate (Note H)		(2	)
Net Expenses		1,723
Net Investment Income		3,597
Realized Gain:
Investments Sold		2,645
Change in Unrealized Appreciation (Depreciation):
Investments		(91,950	)
Foreign Currency Translation		(—	@)
Net Change in Unrealized Appreciation (Depreciation)		(91,950	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(89,305	)
Net Decrease in Net Assets Resulting from Operations	$	(85,708	)

@ Amount is less than $500.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

U.S. Real Estate Portfolio

Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,597		$	4,687
Net Realized Gain		2,645			114,749
Net Change in Unrealized Appreciation (Depreciation)		(91,950	)		8,475
Net Increase (Decrease) in Net Assets Resulting from Operations		(85,708	)		127,911
Dividends and Distributions to Shareholders:
Class I		—			(3,597	)
Class II		—			(3,799	)
Total Dividends and Distributions to Shareholders		—			(7,396	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		8,127			8,959
Distributions Reinvested		—			3,597
Redeemed		(18,082	)		(43,565	)
Class II:
Subscribed		7,837			9,915
Distributions Reinvested		—			3,799
Redeemed		(17,414	)		(46,670	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(19,532	)		(63,965	)
Total Increase (Decrease) in Net Assets		(105,240	)		56,550
Net Assets:
Beginning of Period		416,395			359,845
End of Period	$	311,155		$	416,395
⁽¹⁾ Capital Share Transactions:
Class I:
Shares Subscribed		390			451
Shares Issued on Distributions Reinvested		—			174
Shares Redeemed		(834	)		(2,241	)
Net Decrease in Class I Shares Outstanding		(444	)		(1,616	)
Class II:
Shares Subscribed		390			499
Shares Issued on Distributions Reinvested		—			185
Shares Redeemed		(818	)		(2,337	)
Net Decrease in Class II Shares Outstanding		(428	)		(1,653	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

U.S. Real Estate Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	23.47		$	17.13		$	21.93		$	19.52		$	21.72		$	21.39
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.22			0.27			0.35			0.51			0.51			0.45
Net Realized and Unrealized Gain (Loss)		(5.24	)		6.49			(4.20	)		3.15			(2.13	)		0.20
Total from Investment Operations		(5.02	)		6.76			(3.85	)		3.66			(1.62	)		0.65
Distributions from and/or in Excess of:
Net Investment Income		—			(0.42	)		(0.48	)		(0.42	)		(0.58	)		(0.32	)
Net Realized Gain		—			—			(0.47	)		(0.83	)		—			—
Total Distributions		—			(0.42	)		(0.95	)		(1.25	)		(0.58	)		(0.32	)
Net Asset Value, End of Period	$	18.45		$	23.47		$	17.13		$	21.93		$	19.52		$	21.72
Total Return⁽²⁾		(21.39	)%⁽⁷⁾		39.80	%		(16.85	)%		18.94	%		(7.71	)%		3.11	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	144,352		$	194,007		$	169,291		$	200,635		$	185,191		$	228,487
Ratio of Expenses Before Expense Limitation		1.00	%⁽⁸⁾		0.98	%		0.99	%		0.97	%		1.03	%		1.07	%
Ratio of Expenses After Expense Limitation		0.82	%⁽³⁾⁽⁸⁾		0.82	%⁽³⁾		0.82	%⁽³⁾		0.82	%⁽³⁾		0.86	%⁽³⁾⁽⁴⁾		0.92	%⁽³⁾⁽⁵⁾
Ratio of Net Investment Income		2.12	%⁽³⁾⁽⁸⁾		1.36	%⁽³⁾		2.07	%⁽³⁾		2.36	%⁽³⁾		2.47	%⁽³⁾		2.13	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		26	%⁽⁷⁾		129	%		50	%		20	%		40	%		44	%

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

(4) Effective July 1, 2018, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.82% for Class I shares. Prior to July 1, 2018, the maximum ratio was 0.90% for Class I shares.

(5) Effective July 1, 2017, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.90% for Class I shares. Prior to July 1, 2017, the maximum ratio was 0.95% for Class I shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Financial Highlights

U.S. Real Estate Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	23.32		$	17.03		$	21.80		$	19.40		$	21.59		$	21.26
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.20			0.22			0.30			0.45			0.46			0.40
Net Realized and Unrealized Gain (Loss)		(5.20	)		6.44			(4.17	)		3.14			(2.13	)		0.20
Total from Investment Operations		(5.00	)		6.66			(3.87	)		3.59			(1.67	)		0.60
Distributions from and/or in Excess of:
Net Investment Income		—			(0.37	)		(0.43	)		(0.36	)		(0.52	)		(0.27	)
Net Realized Gain		—			—			(0.47	)		(0.83	)		—			—
Total Distributions		—			(0.37	)		(0.90	)		(1.19	)		(0.52	)		(0.27	)
Net Asset Value, End of Period	$	18.32		$	23.32		$	17.03		$	21.80		$	19.40		$	21.59
Total Return⁽²⁾		(21.44	)%⁽⁷⁾		39.44	%		(17.10	)%		18.68	%		(7.97	)%		2.87	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	166,803		$	222,388		$	190,554		$	228,085		$	218,290		$	283,481
Ratio of Expenses Before Expense Limitation		1.25	%⁽⁸⁾		1.23	%		1.24	%		1.22	%		1.28	%		1.32	%
Ratio of Expenses After Expense Limitation		1.07	%⁽³⁾⁽⁸⁾		1.07	%⁽³⁾		1.07	%⁽³⁾		1.07	%⁽³⁾		1.11	%⁽³⁾⁽⁴⁾		1.17	%⁽³⁾⁽⁵⁾
Ratio of Net Investment Income		1.87	%⁽³⁾⁽⁸⁾		1.11	%⁽³⁾		1.82	%⁽³⁾		2.11	%⁽³⁾		2.22	%⁽³⁾		1.88	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		26	%⁽⁷⁾		129	%		50	%		20	%		40	%		44	%

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

(4) Effective July 1, 2018, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.07% for Class II shares. Prior to July 1, 2018, the maximum ratio was 1.15% for Class II shares.

(5) Effective July 1, 2017, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.15% for Class II shares. Prior to July 1, 2017, the maximum ratio was 1.20% for Class II shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the U.S. Real Estate Portfolio. The Fund seeks to provide above average current income and long-term capital appreciation by investing primarily in equity securities of companies in the U.S. real estate industry, including real estate investment trusts ("REITs"). The Fund offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

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 or dealers; (3) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (4) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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.)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Apartments	$	51,239	$	—	$	—	$	51,239
Data Centers		26,433		—		—		26,433
Free Standing		25,441		—		—		25,441
Health Care		37,533		—		—		37,533
Industrial		46,678		—		—		46,678
Lodging/Resorts		9,023		—		—		9,023
Manufactured Homes		8,815		—		—		8,815
Office		7,294		—		—		7,294
Regional Malls		6,022		—		—		6,022
Self Storage		35,715		—		—		35,715
Shopping Centers		24,099		—		—		24,099
Single Family Homes		9,541		—		—		9,541
Specialty		16,315		—		—		16,315
Total Common Stocks		304,148		—		—		304,148

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Short-Term Investments
Investment Company	$	8,572	$	—	$	—	$	8,572
Repurchase Agreements		—		826		—		826
Total Short-Term Investments		8,572		826		—		9,398
Total Assets	$	312,720	$	826	$	—	$	313,546

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	4,466	(a)	$	—	$	(4,466	)(b)(c)	$	0

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

(b) The Fund received cash collateral of approximately $4,669,000, of which approximately $4,429,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of June 30, 2022, there was uninvested cash of approximately $240,000, which is not reflected in the Portfolio of Investments.

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Common Stock	$	4,669	$	—	$	—	$	—	$	4,669
Total Borrowings	$	4,669	$	—	$	—	$	—	$	4,669
Gross amount of recognized liabilities for securities lending transactions									$	4,669

The Fund owns shares of REITs which report information on the source of their distributions annually in the

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

following calendar year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

First $500 million				Next $500 million				Over $1 billion
	0.70	%			0.65	%			0.60	%

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.52% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.82% for Class I shares and 1.07% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $317,000 of advisory fees were waived pursuant to this arrangement.

administrative and other contract-owner related services on behalf of the Fund.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $95,137,000 and $119,588,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds – Treasury Securities Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	425			$	41,649			$	33,502			$	7

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	8,572

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax

return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2021 remains subject to examination by taxing authorities.

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	7,396	$	—	$	9,512	$	9,477

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$33,500				$43,031

During the year ended December 31, 2021, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $35,808,000.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility. During the six months ended June 30, 2022, the Fund did not have any borrowings under the Facility.

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee was higher than but close to its peer group average and the actual management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Profitability of the Adviser and Affiliates

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFREISAN
4870122 EXP 08.31.23

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Strategist Portfolio

The Fund is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Table of Contents

Consolidated Expense Example					2
Consolidated Portfolio of Investments					3
Consolidated Statement of Assets and Liabilities					30
Consolidated Statement of Operations					31
Consolidated Statements of Changes in Net Assets					32
Consolidated Financial Highlights					33
Notes to Consolidated Financial Statements					35
Investment Advisory Agreement Approval					48
Liquidity Risk Management Program					50
Director and Officer Information					Back Cover

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Expense Example

Global Strategist Portfolio

As a shareholder of the Global Strategist Portfolio (the "Fund"), you incur two types of costs: (1) insurance company charges; and (2) ongoing costs, which may include advisory fees, administration fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Global Strategist Portfolio Class I	$	1,000.00	$	826.50	$	1,020.38	$	4.03	$	4.46		0.89	%
Global Strategist Portfolio Class II		1,000.00		826.40		1,019.89		4.48		4.96		0.99

** Annualized.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (54.5%)
Agency Adjustable Rate Mortgage (0.0%) (a)
United States (0.0%) (a)
Federal Home Loan Mortgage Corporation, Conventional Pool: 12 Month USD LIBOR + 1.63%, 2.44%, 7/1/45 (Cost $4)	$	4	$	4
Agency Fixed Rate Mortgages (3.9%)
United States (3.9%)
Federal Home Loan Mortgage Corporation, Conventional Pool: 4.50%, 1/1/49		12		12
Gold Pools: 3.50%, 2/1/45 - 6/1/45		183		180
4.50%, 1/1/49		11		11
Federal National Mortgage Association, Conventional Pools: 3.50%, 1/1/51		496		483
4.00%, 11/1/41 - 1/1/46		191		193
4.50%, 3/1/41 - 11/1/44		80		82
5.00%, 1/1/41 - 3/1/41		30		32
6.00%, 1/1/38		6		6
6.50%, 8/1/38		2		2
July TBA: 2.00%, 7/1/52 (b)		650		564
2.50%, 7/1/52 (b)		300		270
3.00%, 7/1/52 (b)		520		485
4.00%, 7/1/52 (b)		350		345
4.50%, 7/1/52 (b)		350		351
5.00%, 7/1/52 (b)		200		204
Government National Mortgage Association, Various Pools: 4.00%, 7/15/44		12		12
5.00%, 2/20/49		5		5
Total Agency Fixed Rate Mortgages (Cost $3,323)				3,237
Asset-Backed Securities (0.2%)
United States (0.2%)
Renaissance Home Equity Loan Trust, 1 Month USD LIBOR + 0.76%, 2.38%, 12/25/32 (c)		75		66
SLM Student Loan Trust, 3 Month EURIBOR + 0.55%, 0.09%, 7/25/39 (c)	EUR	83		84
Total Asset-Backed Securities (Cost $161)				150
Commercial Mortgage-Backed Securities (0.7%)
United Kingdom (0.1%)
Taurus 2018-2 UK DAC, 3 Month GBP SONIA + 1.22%, 1.21%, 5/22/28 (c)	GBP	59		71
United States (0.6%)
Commercial Mortgage Trust, 3.28%, 1/10/46	$	45		45
3.96%, 3/10/47		144		143
4.24%, 2/10/47 (c)		77		77
4.91%, 7/15/47 (c)(d)		100		92

	Face Amount (000)		Value (000)
UBS-Barclays Commercial Mortgage Trust, 3.53%, 5/10/63	$	4	$	4
WFRBS Commercial Mortgage Trust, 5.15%, 9/15/46 (c)(d)		140		131
				492
Total Commercial Mortgage-Backed Securities (Cost $581)				563
Corporate Bonds (13.2%)
Australia (0.5%)
Macquarie Group Ltd., 4.15%, 3/27/24 (d)		50		50
NBN Co. Ltd., 2.63%, 5/5/31 (d)		200		171
Transurban Finance Co. Pty Ltd., 2.00%, 8/28/25	EUR	100		103
Westpac Banking Corp., 2.67%, 11/15/35	$	125		100
				424
Belgium (0.1%)
Anheuser-Busch InBev SA, 2.75%, 3/17/36	EUR	75		70
Brazil (0.2%)
JBS Finance Luxembourg Sarl, 2.50%, 1/15/27 (d)	$	225		196
Canada (0.7%)
Enbridge, Inc., 2.50%, 1/15/25		125		120
Province of Ontario Canada, 2.30%, 6/15/26		190		183
Province of Quebec Canada, 1.35%, 5/28/30		240		204
Rogers Communications, Inc., 3.80%, 3/15/32 (d)		100		92
				599
China (0.3%)
Baidu, Inc., 2.88%, 7/6/22		200		200
Colombia (0.2%)
Ecopetrol SA, 5.88%, 9/18/23		140		141
France (0.6%)
AXA SA, 3.25%, 5/28/49	EUR	100		97
BNP Paribas SA, 1.13%, 6/11/26		125		122
BPCE SA, 5.15%, 7/21/24 (d)	$	200		200
Orange SA, 5.00%, 1/10/26 (e)	EUR	100		106
				525
Germany (0.9%)
Bayer US Finance II LLC, 3.88%, 12/15/23 (d)	$	200		200
Deutsche Bank AG, Series E 0.96%, 11/8/23		150		144

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Germany (cont'd%)
Deutsche Telekom International Finance BV, 4.38%, 6/21/28 (d)	$	150	$	150
Kreditanstalt fuer Wiederaufbau, 1.13%, 9/15/32	EUR	190		181
Volkswagen International Finance NV, Series 10Y 1.88%, 3/30/27		100		97
				772
India (0.2%)
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 7/27/26	$	200		194
Ireland (0.3%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26		175		153
Avolon Holdings Funding Ltd., 2.88%, 2/15/25 (d)		50		46
				199
Italy (0.1%)
Assicurazioni Generali SpA, 5.50%, 10/27/47	EUR	100		106
Japan (0.2%)
NTT Finance Corp., 1.59%, 4/3/28 (d)	$	200		174
Korea, Republic of (0.7%)
Korea Electric Power Corp., 2.50%, 6/24/24 (d)		200		196
Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23 (d)		200		201
Korea Southern Power Co. Ltd., 0.75%, 1/27/26 (d)		200		180
				577
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings Sarl, 1.25%, 4/26/27	EUR	100		87
Mexico (0.1%)
Fomento Economico Mexicano SAB de CV, 0.50%, 5/28/28		100		89
Netherlands (0.1%)
ASR Nederland NV, 5.00%, 9/30/24 (e)		100		104
Qatar (0.2%)
Ooredoo International Finance Ltd., 2.63%, 4/8/31 (d)	$	200		174
Spain (0.5%)
Banco Santander SA, 3.13%, 1/19/27	EUR	100		101
5.18%, 11/19/25	$	200		200
CaixaBank SA, 0.75%, 4/18/23	EUR	100		105
				406

	Face Amount (000)		Value (000)
Sweden (0.1%)
Akelius Residential Property Financing BV, 1.13%, 1/11/29	EUR	100	$	86
Switzerland (0.3%)
Syngenta Finance NV, 4.44%, 4/24/23 (d)	$	200		202
United Arab Emirates (0.5%)
ADCB Finance Cayman Ltd., 4.00%, 3/29/23 (d)		200		200
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 3/31/36 (d)		225		183
				383
United Kingdom (1.4%)
BAT Capital Corp., 3.56%, 8/15/27		125		114
HSBC Holdings PLC, 2.26%, 11/13/26	GBP	100		113
4.25%, 3/14/24	$	200		199
Lloyds Banking Group PLC, 1.75%, 9/7/28	EUR	100		102
2.25%, 10/16/24	GBP	100		117
Nationwide Building Society, 3.77%, 3/8/24 (d)	$	200		200
Natwest Group PLC, 3.88%, 9/12/23		200		200
NGG Finance PLC, 5.63%, 6/18/73	GBP	100		115
				1,160
United States (4.9%)
Altria Group, Inc., 2.45%, 2/4/32	$	75		57
Amazon.com, Inc., 2.70%, 6/3/60		50		34
American Express Co., 2.55%, 3/4/27		50		47
Aon Corp., 2.80%, 5/15/30		50		44
AT&T, Inc., 1.80%, 9/5/26	EUR	100		102
2.90%, 12/4/26	GBP	100		118
Bank of America Corp., 2.69%, 4/22/32	$	50		42
3.85%, 3/8/37		50		43
MTN 4.00%, 1/22/25		175		174
Boeing Co. , 5.15%, 5/1/30		100		96
Burlington Northern Santa Fe LLC, 3.05%, 2/15/51		25		19
3.30%, 9/15/51		50		40
CDW LLC/CDW Finance Corp., 2.67%, 12/1/26		25		22
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/1/32		25		19

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd%)
2.80%, 4/1/31	$	75	$	60
3.50%, 3/1/42		25		17
5.13%, 7/1/49		25		21
Chubb INA Holdings, Inc., 0.88%, 6/15/27	EUR	100		96
Cigna Corp., 3.88%, 10/15/47	$	50		41
Citigroup, Inc., 2.52%, 11/3/32		75		61
3.06%, 1/25/33		25		21
4.91%, 5/24/33		25		25
5.50%, 9/13/25		75		77
Comcast Corp., 1.95%, 1/15/31		125		104
CVS Health Corp., 1.75%, 8/21/30		100		80
1.88%, 2/28/31		25		20
Deere & Co., 3.10%, 4/15/30		100		94
Emerson Electric Co., 1.25%, 10/15/25	EUR	125		127
Energy Transfer LP, 2.90%, 5/15/25	$	150		143
Enterprise Products Operating LLC, 3.95%, 1/31/60		50		40
Fox Corp., 4.71%, 1/25/29		150		147
Georgia-Pacific LLC, 2.30%, 4/30/30 (d)		175		152
Goldman Sachs Group, Inc. , 2.62%, 4/22/32		150		125
HCA, Inc., 5.25%, 6/15/49		50		43
JPMorgan Chase & Co., 1.95%, 2/4/32		250		200
4.13%, 12/15/26		75		74
Level 3 Financing, Inc., 3.40%, 3/1/27 (d)		100		86
Lowe's Cos., Inc., 1.30%, 4/15/28		75		63
1.70%, 10/15/30		100		80
Magallanes, Inc. Co., 4.28%, 3/15/32 (d)		75		67
5.05%, 3/15/42 (d)		25		21
McDonald's Corp., MTN 3.38%, 5/26/25		100		99
Metropolitan Life Global Funding I, 2.95%, 4/9/30 (d)		150		135
NextEra Energy Capital Holdings, Inc., 2.75%, 11/1/29		175		155
NVIDIA Corp., 2.85%, 4/1/30		125		115
Occidental Petroleum Corp., 3.20%, 8/15/26		35		32
5.55%, 3/15/26		75		75

	Face Amount (000)		Value (000)
PepsiCo, Inc., 2.63%, 4/28/26	EUR	100	$	107
Prologis Euro Finance LLC, 1.88%, 1/5/29		100		96
Upjohn Finance BV, 1.91%, 6/23/32		100		78
Verizon Communications, Inc., 1.13%, 11/3/28	GBP	100		104
3.40%, 3/22/41	$	50		41
Vontier Corp., 2.40%, 4/1/28		50		42
Walt Disney Co. , 2.65%, 1/13/31		25		22
3.80%, 3/22/30		25		24
				4,067
Total Corporate Bonds (Cost $12,341)				10,935
Mortgages — Other (1.5%)
Germany (0.1%)
Berg Finance, 1.05%, 4/22/33	EUR	33		34
United Kingdom (0.1%)
Landmark Mortgage Securities No. 3 PLC, 3 Month GBP LIBOR + 2.10%, 3.26%, 4/17/44 (c)	GBP	70		82
United States (1.3%)
Bayview MSR Opportunity Master Fund Trust, 3.00%, 1/25/52 (c)(d)	$	98		87
Federal Home Loan Mortgage Corporation, 3.00%, 9/25/45 - 5/25/47		104		99
3.50%, 5/25/45 - 7/25/46		39		37
4.00%, 5/25/45		2		2
Hundred Acre Wood Trust, 2.50%, 10/25/51 (c)(d)		96		82
JP Morgan Mortgage Trust, 3.00%, 4/25/52 (c)(d)		179		160
3.00%, 9/25/52 (c)(d)		192		172
3.25%, 7/25/52 (c)(d)		96		85
MFA Trust, 4.00%, 5/25/67		100		97
PRMI Securitization Trust, 2.50%, 4/25/51 (c)(d)		90		77
Seasoned Credit Risk Transfer Trust, 3.00%, 11/25/57 - 10/25/58		195		187
4.00%, 10/25/58		14		14
				1,099
Total Mortgages — Other (Cost $1,308)				1,215
Sovereign (28.1%)
Australia (0.8%)
Australia Government Bond, 0.25%, 11/21/25	AUD	450		281
1.25%, 5/21/32		300		166
2.50%, 5/21/30		160		103
2.75%, 11/21/29		150		98

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Australia (cont'd%)
3.25%, 4/21/25	AUD	10	$	7
				655
Austria (0.1%)
Republic of Austria Government Bond, 0.00%, 2/20/30 (d)	EUR	70		64
Belgium (0.3%)
Kingdom of Belgium Government Bond, 0.90%, 6/22/29 (d)		30		30
1.70%, 6/22/50 (d)		90		77
1.90%, 6/22/38 (d)		150		147
				254
Canada (1.1%)
Canadian Government Bond, 1.25%, 6/1/30	CAD	1,400		940
2.00%, 12/1/51		20		12
				952
China (11.5%)
Agricultural Development Bank of China, 2.25%, 4/22/25	CNY	770		114
3.79%, 10/26/30		740		116
China Development Bank, 3.07%, 3/10/30		1,410		210
3.34%, 7/14/25		740		113
China Government Bond, 2.37%, 1/20/27		3,200		472
3.02%, 5/27/31		17,370		2,622
3.13%, 11/21/29		4,990		758
3.27%, 11/19/30		30,810		4,741
3.81%, 9/14/50		300		49
3.86%, 7/22/49		1,430		232
Export-Import Bank of China, 2.93%, 3/2/25		740		112
				9,539
Colombia (0.0%) (a)
Colombian TES, Series B 7.75%, 9/18/30	COP	122,600		24
Czech Republic (0.0%) (a)
Czech Republic Government Bond, 1.20%, 3/13/31	CZK	1,200		38
Denmark (0.1%)
Denmark Government Bond, 0.50%, 11/15/27	DKK	630		85
Finland (0.1%)
Finland Government Bond, 1.13%, 4/15/34 (d)	EUR	70		66
France (1.8%)
Agence Francaise de Developpement EPIC, 1.50%, 10/31/34		100		95

	Face Amount (000)		Value (000)
Banque Federative du Credit Mutuel SA, 1.25%, 12/5/25	GBP	100	$	112
French Republic Government Bond OAT, 0.00%, 11/25/29	EUR	1,050		976
2.00%, 5/25/48 (d)		200		192
SNCF Reseau, 1.88%, 3/30/34		100		100
				1,475
Germany (0.8%)
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 5/15/36		150		127
0.25%, 2/15/29		90		89
4.25%, 7/4/39		100		146
State of North Rhine-Westphalia Germany, 1.65%, 2/22/38		290		274
				636
Greece (2.6%)
Hellenic Republic Government Bond, 0.75%, 6/18/31 (d)		2,656		2,181
Hungary (0.0%) (a)
Hungary Government Bond, 3.00%, 8/21/30	HUF	4,450		8
Indonesia (0.3%)
Indonesia Government International Bond, 1.75%, 4/24/25	EUR	130		132
Indonesia Treasury Bond, 8.25%, 5/15/29	IDR	839,000		60
8.38%, 3/15/34		981,000		70
				262
Ireland (0.1%)
Ireland Government Bond, 0.20%, 10/18/30	EUR	80		74
Italy (1.2%)
Italy Buoni Poliennali Del Tesoro, 0.00%, 8/1/26		150		143
0.45%, 2/15/29		50		45
1.85%, 7/1/25 (d)		390		408
2.45%, 9/1/50 (d)		240		201
Republic of Italy Government International Bond, 0.88%, 5/6/24	$	200		189
				986
Japan (3.6%)
Japan Government Five Year Bond, 0.10%, 6/20/24	JPY	105,000		777
Japan Government Ten Year Bond, 0.10%, 6/20/26 - 6/20/29		74,000		545
Japan Government Thirty Year Bond, 0.30%, 6/20/46		37,000		229
0.40%, 9/20/49		26,000		157

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Japan (cont'd%)
0.60%, 6/20/50	JPY	9,000	$	57
1.70%, 6/20/33		75,000		631
Japan Government Twenty Year Bond, 0.40%, 6/20/41		80,000		542
				2,938
Korea, Republic of (0.7%)
Export-Import Bank of Korea, 0.63%, 2/9/26	$	200		181
Korea Development Bank, 0.80%, 7/19/26		200		180
Korea International Bond, 2.00%, 6/19/24		200		195
				556
Malaysia (0.4%)
Malaysia Government Bond, 3.89%, 8/15/29	MYR	440		98
Petronas Capital Ltd., 3.50%, 3/18/25 (d)	$	200		198
				296
Mexico (0.4%)
Mexican Bonos, Series M 7.50%, 6/3/27	MXN	1,700		79
8.50%, 5/31/29		800		39
Mexico Government International Bond, 4.50%, 4/22/29	$	200		194
				312
Netherlands (0.2%)
Netherlands Government Bond, 0.00%, 7/15/30 (d)	EUR	190		176
2.75%, 1/15/47 (d)		20		25
				201
Norway (0.0%) (a)
Norway Government Bond, 2.13%, 5/18/32 (d)	NOK	190		18
Poland (0.1%)
Republic of Poland Government Bond, 0.25%, 10/25/26	PLN	300		50
Russia (0.0%) (a)
Russian Federal Bond — OFZ, 7.95%, 10/7/26 (f)(g)(h)	RUB	6,010		9
Spain (0.7%)
Spain Government Bond, 0.00%, 1/31/28	EUR	110		104
0.70%, 4/30/32 (d)		119		106
1.25%, 10/31/30 (d)		289		281
2.70%, 10/31/48 (d)		40		40
3.45%, 7/30/66 (d)		21		23
				554
Sweden (0.1%)
Sweden Government Bond, 0.75%, 5/12/28	SEK	740		68

	Face Amount (000)		Value (000)
United Kingdom (1.1%)
United Kingdom Gilt, 0.38%, 10/22/30	GBP	230	$	243
0.63%, 10/22/50		180		134
1.63%, 10/22/28		85		101
3.50%, 1/22/45		180		250
4.25%, 9/7/39		130		194
				922
Total Sovereign (Cost $27,116)				23,223
Supranational (1.4%)
Asian Development Bank, 2.13%, 5/19/31	NZD	60		31
European Investment Bank, 0.20%, 7/15/24	EUR	220		226
Series EARN 0.00%, 1/14/31		200		177
International Bank for Reconstruction & Development, SOFR + 0.43%, 1.65%, 8/19/27 (c)	$	330		333
2.20%, 2/27/24	AUD	610		413
Total Supranational (Cost $1,312)				1,180
U.S. Treasury Securities (5.5%)
United States (5.5%)
U.S. Treasury Bonds, 1.13%, 5/15/40	$	920		641
1.25%, 5/15/50		470		299
1.88%, 2/15/32		120		108
2.50%, 2/15/45		590		501
2.75%, 8/15/47		410		367
U.S. Treasury Notes, 0.13%, 1/15/32		2,723		2,587
Total U.S. Treasury Securities (Cost $4,985)				4,503
Total Fixed Income Securities (Cost $51,131)				45,010
	Shares
Common Stocks (30.4%)
Australia (0.6%)
Ampol Ltd.		113		3
APA Group		509		4
Aristocrat Leisure Ltd.		265		6
ASX Ltd.		84		5
Aurizon Holdings Ltd.		771		2
Australia & New Zealand Banking Group Ltd.		1,313		20
BHP Group Ltd. (ASX)		1,326		38
BHP Group Ltd. (LSE)		1,962		55
BlueScope Steel Ltd.		238		3
Brambles Ltd.		627		5
Cochlear Ltd.		29		4
Coles Group Ltd.		580		7
Commonwealth Bank of Australia		795		50
Computershare Ltd.		252		4
CSL Ltd.		209		39
Dexus REIT		444		3

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
Domino's Pizza Enterprises Ltd.		28	$	1
Endeavour Group Ltd. (Australia)		630		3
Evolution Mining Ltd.		760		1
Fortescue Metals Group Ltd.		762		9
Goodman Group REIT		744		9
GPT Group REIT		900		3
IDP Education Ltd.		98		2
Insurance Australia Group Ltd.		1,099		3
James Hardie Industries PLC CDI		194		4
Lendlease Corp Ltd. REIT		327		2
Lottery Corp. Ltd. (i)		1,052		3
Macquarie Group Ltd.		155		18
Magellan Financial Group Ltd.		64		1
Medibank Pvt Ltd.		1,313		3
Mirvac Group REIT		1,719		2
National Australia Bank Ltd.		1,512		29
Newcrest Mining Ltd.		364		5
Northern Star Resources Ltd.		502		2
OneMarket Ltd. (i)		137		—
Orica Ltd.		193		2
Origin Energy Ltd.		876		3
Qantas Airways Ltd. (i)		439		1
QBE Insurance Group Ltd.		670		6
Ramsay Health Care Ltd.		81		4
REA Group Ltd.		25		2
Reece Ltd.		136		1
Rio Tinto Ltd.		166		12
Santos Ltd.		1,429		7
Scentre Group REIT		2,253		4
SEEK Ltd.		156		2
Sonic Healthcare Ltd.		203		5
South32 Ltd.		2,025		5
Stockland REIT		1,111		3
Suncorp Group Ltd.		560		4
Tabcorp Holdings Ltd.		1,052		1
Telstra Corp., Ltd.		1,808		5
Transurban Group		1,365		14
Treasury Wine Estates Ltd.		335		3
Vicinity Centres REIT		1,630		2
Washington H Soul Pattinson & Co. Ltd.		103		2
Wesfarmers Ltd.		503		15
Westpac Banking Corp.		1,653		22
WiseTech Global Ltd.		60		2
Woodside Energy Group Ltd. (ASX)		696		15
Woodside Energy Group Ltd. (LSE) (i)		354		7
Woolworths Group Ltd.		567		14
Xero Ltd. (i)		55		3
				514
Austria (0.1%)
Erste Group Bank AG		1,290		33
OMV AG		119		6
Raiffeisen Bank International AG		118		1

	Shares		Value (000)
Verbund AG		56	$	5
voestalpine AG		92		2
				47
Belgium (0.2%)
Ageas SA NV		157		7
Anheuser-Busch InBev SA NV		698		38
Argenx SE (i)		44		16
Elia Group SA NV		29		4
Etablissements Franz Colruyt NV		51		1
Groupe Bruxelles Lambert SA		105		9
KBC Group NV		1,009		57
Proximus SADP		145		2
Sofina SA		14		3
Solvay SA		69		6
UCB SA		118		10
Umicore SA		183		6
				159
Canada (1.9%)
Agnico Eagle Mines Ltd.		404		18
Air Canada (i)		161		2
Algonquin Power & Utilities Corp.		489		7
Alimentation Couche-Tard, Inc.		838		33
AltaGas Ltd.		256		5
Ballard Power Systems, Inc. (i)		221		1
Bank of Montreal		567		55
Bank of Nova Scotia		1,159		69
Barrick Gold Corp. (LSE)		57		1
Barrick Gold Corp. (NYSE)		1,419		25
Bausch Health Cos., Inc. (i)		273		2
BCE, Inc.		66		3
Blackberry Ltd. (i)		506		3
Brookfield Asset Management, Inc., Class A		1,422		63
Brookfield Renewable Corp., Class A		120		4
CAE, Inc. (i)		281		7
Cameco Corp.		357		7
Canadian Apartment Properties REIT		77		3
Canadian Imperial Bank of Commerce		792		38
Canadian National Railway Co.		714		80
Canadian Natural Resources Ltd.		1,141		61
Canadian Pacific Railway Ltd. (NYSE)		105		7
Canadian Pacific Railway Ltd. (TSX)		587		41
Canadian Tire Corp., Ltd., Class A		51		6
Canadian Utilities Ltd., Class A		117		3
Canopy Growth Corp. (i)		224		1
CCL Industries, Inc., Class B		139		7
Cenovus Energy, Inc.		1,260		24
CGI, Inc. (i)		192		15
Constellation Software, Inc.		17		25
Dollarama, Inc.		255		15
Emera, Inc.		226		11
Empire Co., Ltd., Class A		154		5
Enbridge, Inc.		1,770		75
Fairfax Financial Holdings Ltd.		23		12

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
First Quantum Minerals Ltd.		630	$	12
FirstService Corp.		36		4
Fortis, Inc.		411		19
Franco-Nevada Corp.		168		22
George Weston Ltd.		66		8
GFL Environmental, Inc.		145		4
Gildan Activewear, Inc.		177		5
Great-West Lifeco, Inc.		245		6
Hydro One Ltd.		288		8
IA Financial Corp., Inc.		99		5
IGM Financial, Inc.		77		2
Imperial Oil Ltd.		218		10
Intact Financial Corp.		155		22
Ivanhoe Mines Ltd., Class A (i)		462		3
Keyera Corp.		204		5
Kinross Gold Corp.		1,096		4
Lightspeed Commerce, Inc. (i)		102		2
Loblaw Cos., Ltd.		148		13
Lundin Mining Corp.		698		4
Magna International, Inc.		250		14
Manulife Financial Corp.		1,685		29
Metro, Inc.		215		12
National Bank of Canada		297		19
Northland Power, Inc.		207		6
Nutrien Ltd.		399		32
Nuvei Corp. (i)		54		2
Onex Corp.		69		3
Open Text Corp.		239		9
Pan American Silver Corp.		195		4
Parkland Corp.		138		4
Pembina Pipeline Corp.		487		17
Power Corp. of Canada		394		10
Quebecor, Inc., Class B		154		3
Restaurant Brands International, Inc.		251		13
RioCan REIT		142		2
Ritchie Bros Auctioneers, Inc.		102		7
Rogers Communications, Inc., Class B		313		15
Royal Bank of Canada		1,250		121
Saputo, Inc.		227		5
Shaw Communications, Inc., Class B		398		12
Shopify, Inc., Class A (i)		1,020		32
Sun Life Financial, Inc.		516		24
Suncor Energy, Inc.		1,497		53
TC Energy Corp.		762		39
Teck Resources Ltd., Class B		421		13
TELUS Corp.		391		9
TFI International, Inc.		73		6
Thomson Reuters Corp.		152		16
TMX Group Ltd.		51		5
Toromont Industries Ltd.		72		6
Toronto-Dominion Bank		1,492		98
Tourmaline Oil Corp.		273		14

	Shares		Value (000)
West Fraser Timber Co., Ltd.		85	$	7
Wheaton Precious Metals Corp.		395		14
WSP Global, Inc.		104		12
				1,579
China (0.0%) (a)
China Common Rich Renewable Energy Investments Ltd. (i)		18,000		—	@
Wharf Holdings Ltd. (j)		1,400		5
				5
Denmark (0.4%)
Ambu AS Series B		153		1
AP Moller — Maersk AS Series A		3		7
AP Moller — Maersk AS Series B		5		12
Carlsberg AS Series B		88		11
Chr Hansen Holding AS		90		7
Coloplast AS Series B		105		12
Danske Bank AS		598		9
Demant AS (i)		108		4
DSV AS		178		25
Genmab AS (i)		60		19
GN Store Nord AS		113		4
Novo Nordisk AS Series B		1,471		163
Novozymes AS Series B		179		11
Orsted AS		168		18
Pandora AS		82		5
ROCKWOOL AS, Class B		8		2
Tryg AS		312		7
Vestas Wind Systems AS		897		19
				336
Finland (0.2%)
Elisa Oyj		129		7
Fortum Oyj		412		6
Kesko Oyj, Class B		252		6
Kone Oyj, Class B		312		15
Neste Oyj		387		17
Nokia Oyj		4,931		23
Orion Oyj, Class B		96		4
Sampo Oyj, Class A		452		20
Stora Enso Oyj, Class R		532		9
UPM-Kymmene Oyj		491		15
Wartsila Oyj Abp		433		4
				126
France (2.0%)
Accor SA (i)		154		4
Aeroports de Paris (i)		27		3
Air Liquide SA		478		64
Airbus SE		536		52
Alstom SA		291		7
Amundi SA		57		3
ArcelorMittal SA		606		14
Arkema SA		56		5
AXA SA		1,772		40

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
BioMerieux		38	$	4
BNP Paribas SA		4,511		216
Bollore SA		825		4
Bouygues SA		208		6
Bureau Veritas SA		271		7
Capgemini SE		148		26
Carrefour SA		570		10
Cie de Saint-Gobain		468		20
Cie Generale des Etablissements Michelin SCA		616		17
Covivio REIT		49		3
Credit Agricole SA		5,070		47
Danone SA		598		33
Dassault Aviation SA		23		4
Dassault Systemes SE		619		23
Edenred		231		11
Eiffage SA		77		7
Electricite de France SA		434		4
Engie SA		1,691		20
EssilorLuxottica SA		264		40
Eurazeo SE		37		2
Euroapi SA (i)		44		1
Eurofins Scientific SE		122		10
Euronext NV		79		6
Faurecia SE (i)		106		2
Gecina SA REIT		42		4
Getlink SE		402		7
Hermes International		29		33
Ipsen SA		35		3
Kering SA		69		36
Klepierre SA REIT		186		4
L'Oreal SA		229		79
La Francaise des Jeux SAEM		87		3
Legrand SA		246		18
LVMH Moet Hennessy Louis Vuitton SE		256		157
Orange SA		1,829		22
Orpea SA		47		1
Pernod Ricard SA		192		35
Publicis Groupe SA		210		10
Remy Cointreau SA		21		4
Renault SA (i)		175		4
Safran SA		315		31
Sanofi		1,028		104
Sartorius Stedim Biotech		26		8
Schneider Electric SE		498		59
SEB SA		25		2
Societe Generale SA		744		16
Sodexo SA		81		6
STMicroelectronics NV		624		20
Teleperformance		54		17
Thales SA		99		12
TotalEnergies SE		2,284		120
Ubisoft Entertainment SA (i)		87		4

	Shares		Value (000)
Unibail-Rodamco-Westfield REIT (i)		114	$	6
Unibail-Rodamco-Westfield REIT CDI (i)		1,000		3
Valeo SA		206		4
Veolia Environnement SA		602		15
Vinci SA		496		45
Vivendi SE		713		7
Wendel SE		25		2
Worldline SA (i)		222		8
				1,624
Germany (1.2%)
Adidas AG		176		31
Allianz SE (Registered)		377		72
Aroundtown SA		912		3
BASF SE		833		36
Bayer AG (Registered)		873		52
Bayerische Motoren Werke AG		303		23
Bayerische Motoren Werke AG (Preference)		53		4
Bechtle AG		78		3
Beiersdorf AG		91		9
Brenntag SE		142		9
Carl Zeiss Meditec AG		38		5
Commerzbank AG (i)		4,239		30
Continental AG		98		7
Covestro AG		173		6
Daimler Truck Holding AG (i)		420		11
Delivery Hero SE (i)		152		6
Deutsche Bank AG (Registered)		1,883		17
Deutsche Boerse AG		172		29
Deutsche Lufthansa AG (Registered) (i)		546		3
Deutsche Post AG (Registered)		902		34
Deutsche Telekom AG (Registered)		3,045		61
E.ON SE		2,038		17
Evonik Industries AG		191		4
Fresenius Medical Care AG & Co., KGaA		189		9
Fresenius SE & Co., KGaA		385		12
Fuchs Petrolub SE (Preference)		63		2
GEA Group AG		140		5
Hannover Rueck SE (Registered)		55		8
HeidelbergCement AG		135		7
HelloFresh SE (i)		158		5
Henkel AG & Co., KGaA		94		6
Henkel AG & Co., KGaA (Preference)		162		10
Infineon Technologies AG		1,198		29
KION Group AG		67		3
Knorr-Bremse AG		67		4
Lanxess AG		75		3
LEG Immobilien SE		66		5
Mercedes-Benz Group AG (Registered)		902		52
Merck KGaA		118		20
MTU Aero Engines AG		49		9
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		127		30
Nemetschek SE		55		3

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Germany (cont'd)
Porsche Automobil Holding SE (Preference)		137	$	9
Puma SE		97		6
QIAGEN NV (i)		210		10
Rational AG		5		3
RWE AG		588		22
SAP SE		951		87
Sartorius AG (Preference)		25		9
Scout24 SE		78		4
Siemens AG (Registered)		699		72
Siemens Energy AG (i)		368		5
Siemens Healthineers AG		258		13
Symrise AG		116		13
Telefonica Deutschland Holding AG		956		3
Uniper SE		83		1
United Internet AG (Registered)		90		3
Volkswagen AG		30		5
Volkswagen AG (Preference)		168		23
Vonovia SE		674		21
Zalando SE (i)		211		6
				1,009
Hong Kong (0.3%)
AIA Group Ltd.		6,965		76
BOC Hong Kong Holdings Ltd.		2,124		8
Budweiser Brewing Co., APAC Ltd.		1,025		3
Chow Tai Fook Jewellery Group Ltd.		1,221		2
CK Asset Holdings Ltd.		1,141		8
CK Hutchison Holdings Ltd.		1,554		11
CK Infrastructure Holdings Ltd.		392		2
CLP Holdings Ltd.		933		8
ESR Group Ltd. (i)		1,199		3
Futu Holdings Ltd. ADR (i)		31		2
Galaxy Entertainment Group Ltd.		1,282		8
Hang Lung Properties Ltd.		1,214		2
Hang Seng Bank Ltd.		436		8
Henderson Land Development Co., Ltd.		878		3
HK Electric Investments & HK Electric Investments Ltd.		1,576		1
HKT Trust & HKT Ltd.		2,269		3
Hong Kong & China Gas Co., Ltd.		6,411		7
Hong Kong Exchanges & Clearing Ltd.		688		34
Hongkong Land Holdings Ltd.		704		4
Jardine Matheson Holdings Ltd.		123		6
Link REIT		1,323		11
Melco Resorts & Entertainment Ltd. ADR (i)		131		1
MTR Corp., Ltd.		923		5
New World Development Co. Ltd.		916		3
Power Assets Holdings Ltd.		821		5
Sands China Ltd. (i)		1,503		4
Sino Land Co., Ltd.		2,035		3
SITC International Holdings Co. Ltd.		804		2
Sun Hung Kai Properties Ltd.		747		9
Swire Pacific Ltd., Class A		284		2
Swire Properties Ltd.		718		2

	Shares		Value (000)
Techtronic Industries Co., Ltd.		804	$	8
WH Group Ltd.		5,079		4
Wharf Real Estate Investment Co., Ltd.		1,006		5
Xinyi Glass Holdings Ltd.		1,124		3
				266
Ireland (0.1%)
CRH PLC		715		25
Flutter Entertainment PLC (i)		152		15
Kerry Group PLC, Class A		144		14
Kingspan Group PLC		144		9
Smurfit Kappa Group PLC		226		7
				70
Israel (0.1%)
Azrieli Group Ltd.		40		3
Bank Hapoalim BM		1,078		9
Bank Leumi Le-Israel BM		1,368		12
Check Point Software Technologies Ltd. (i)		100		12
CyberArk Software Ltd. (i)		37		5
Elbit Systems Ltd.		25		6
Fiverr International Ltd. (i)		28		1
ICL Group Ltd.		669		6
Inmode Ltd. (i)		47		1
Israel Discount Bank Ltd., Class A		1,105		6
Kornit Digital Ltd. (i)		44		1
Mizrahi Tefahot Bank Ltd.		133		4
Nice Ltd. (i)		59		11
Teva Pharmaceutical Industries Ltd. ADR (i)		1,039		8
Wix.com Ltd. (i)		53		4
				89
Italy (0.5%)
Amplifon SpA		113		4
Assicurazioni Generali SpA		1,006		16
Atlantia SpA		451		11
CNH Industrial NV		934		11
Davide Campari-Milano NV		474		5
DiaSorin SpA		23		3
Enel SpA		7,372		40
Eni SpA		2,283		27
EXOR NV		99		6
Ferrari NV		116		21
FinecoBank Banca Fineco SpA		561		7
Infrastrutture Wireless Italiane SpA		302		3
Intesa Sanpaolo SpA		69,336		130
Iveco Group NV (i)		186		1
Mediobanca Banca di Credito Finanziario SpA		2,562		22
Moncler SpA		189		8
Nexi SpA (i)		432		4
Poste Italiane SpA		473		4
Prysmian SpA		230		6
Recordati Industria Chimica e Farmaceutica SpA		96		4
Snam SpA		1,836		10
Stellantis NV		1,829		23

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Italy (cont'd)
Telecom Italia SpA (Milano) (i)		9,001	$	2
Tenaris SA		426		6
Terna — Rete Elettrica Nazionale		1,274		10
UniCredit SpA		1,918		18
				402
Netherlands (0.8%)
ABN Amro Bank NV CVA		1,697		19
Adyen NV (i)		19		27
Aegon NV		1,631		7
Akzo Nobel NV		171		11
ASM International NV		43		11
ASML Holding NV		382		180
Basic-Fit NV (i)		788		30
Coca-Cola Europacific Partners PLC		187		10
Heineken Holding NV		105		8
Heineken NV		236		21
IMCD NV		54		7
ING Groep NV		16,424		162
InPost SA (i)		189		1
JDE Peet's NV		91		3
Just Eat Takeaway.com NV (i)		168		3
Koninklijke Ahold Delhaize NV		952		25
Koninklijke DSM NV		160		23
Koninklijke KPN NV		3,062		11
Koninklijke Philips NV		846		18
NN Group NV		246		11
Prosus NV		865		56
Randstad NV		109		5
Universal Music Group NV		661		13
Wolters Kluwer NV		246		24
				686
New Zealand (0.0%) (a)
Auckland International Airport Ltd. (i)		1,200		5
Fisher & Paykel Healthcare Corp., Ltd.		543		7
Mercury NZ Ltd.		639		2
Meridian Energy Ltd.		1,230		4
Ryman Healthcare Ltd.		396		2
Spark New Zealand Ltd.		1,717		5
				25
Norway (0.1%)
Adevinta ASA (i)		246		2
Aker BP ASA		119		4
DNB Bank ASA		878		16
Equinor ASA		934		33
Gjensidige Forsikring ASA		189		4
Mowi ASA		415		9
Norsk Hydro ASA		1,271		7
Orkla ASA		710		6
Schibsted ASA, Class A		70		1
Schibsted ASA, Class B		95		2
Telenor ASA		667		9

	Shares		Value (000)
Yara International ASA		155	$	6
				99
Portugal (0.0%) (a)
EDP — Energias de Portugal SA		2,636		12
EDP Renovaveis SA		274		6
Galp Energia SGPS SA		471		6
Jeronimo Martins SGPS SA		265		6
				30
Singapore (0.1%)
Ascendas REIT		1,401		3
CapitaLand Integrated Commercial Trust REIT		1,995		3
Capitaland Investment Ltd.		1,230		3
CDL Hospitality Trusts REIT		15		—	@
City Developments Ltd.		100		1
DBS Group Holdings Ltd.		701		15
Genting Singapore Ltd.		2,300		1
Keppel Corp., Ltd.		615		3
Mapletree Commercial Trust REIT		900		1
Mapletree Logistics Trust REIT		1,200		1
Oversea-Chinese Banking Corp., Ltd.		1,401		12
Singapore Airlines Ltd. (i)		615		2
Singapore Exchange Ltd.		300		2
Singapore Technologies Engineering Ltd.		701		2
Singapore Telecommunications Ltd.		3,590		7
United Overseas Bank Ltd.		615		12
UOL Group Ltd.		100		1
Venture Corp. Ltd.		100		1
Wilmar International Ltd.		787		2
				72
South Africa (0.0%) (a)
Nedbank Group Ltd.		249		3
Old Mutual Ltd.		7,755		5
Thungela Resources Ltd.		132		2
				10
Spain (0.8%)
ACS Actividades de Construccion y Servicios SA		223		5
Aena SME SA (i)		68		9
Amadeus IT Group SA (i)		412		23
Banco Bilbao Vizcaya Argentaria SA		28,120		128
Banco Santander SA		71,612		203
CaixaBank SA		18,320		64
Cellnex Telecom SA		466		18
Enagas SA		227		5
Endesa SA		291		6
Ferrovial SA		446		11
Grifols SA		274		5
Iberdrola SA		5,303		55
Industria de Diseno Textil SA		984		22
Naturgy Energy Group SA		178		5
Red Electrica Corp., SA		394		7
Repsol SA		1,321		20
Siemens Gamesa Renewable Energy SA (i)		220		4

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Spain (cont'd)
Telefonica SA		4,793	$	25
				615
Sweden (0.5%)
Alfa Laval AB		284		7
Assa Abloy AB, Class B		902		19
Atlas Copco AB, Class A		2,590		24
Atlas Copco AB, Class B		1,412		12
Boliden AB		248		8
Electrolux AB		224		3
Embracer Group AB (i)		485		4
Epiroc AB, Class A		605		9
Epiroc AB, Class B		355		5
EQT AB		272		6
Essity AB, Class B		541		14
Evolution AB		156		14
Fastighets AB Balder (i)		616		3
Getinge AB, Class B		211		5
Hennes & Mauritz AB, Class B		656		8
Hexagon AB, Class B		1,820		19
Husqvarna AB, Class B		422		3
Industrivarden AB, Class A		133		3
Industrivarden AB, Class C		168		4
Investment AB Latour, Class B		138		3
Investor AB, Class A		453		8
Investor AB, Class B		1,651		27
Kinnevik AB, Class B (i)		221		4
L E Lundbergforetagen AB, Class B		70		3
Lifco AB, Class B		221		4
Nibe Industrier AB, Class B		1,309		10
Nordea Bank Abp		2,921		26
Sagax AB		144		3
Sandvik AB		1,024		17
Securitas AB, Class B		287		2
Sinch AB (i)		527		2
Skandinaviska Enskilda Banken AB, Class A		1,464		14
Skanska AB, Class B		313		5
SKF AB, Class B		347		5
Svenska Cellulosa AB SCA, Class B		545		8
Svenska Handelsbanken AB, Class A		1,324		11
Swedbank AB, Class A		818		10
Swedish Match AB		1,333		14
Tele2 AB, Class B		466		5
Telefonaktiebolaget LM Ericsson, Class B		2,624		20
Telia Co., AB		2,393		9
Volvo AB, Class A		203		3
Volvo AB, Class B		1,306		20
				409
Switzerland (1.5%)
ABB Ltd. (Registered)		1,471		39
Adecco Group AG (Registered)		142		5
Alcon, Inc.		457		32
Bachem Holding AG		30		2

	Shares		Value (000)
Baloise Holding AG (Registered)		42	$	7
Barry Callebaut AG (Registered)		3		7
Chocoladefabriken Lindt & Sprungli AG		1		10
Cie Financiere Richemont SA (Registered)		464		50
Clariant AG (Registered)		196		4
Credit Suisse Group AG (Registered)		2,374		14
EMS-Chemie Holding AG (Registered)		6		5
Geberit AG (Registered)		32		15
Givaudan SA (Registered)		8		28
Holcim AG (Registered)		463		20
Julius Baer Group Ltd.		201		9
Kuehne & Nagel International AG (Registered)		50		12
Logitech International SA (Registered)		157		8
Lonza Group AG (Registered)		68		36
Nestle SA (Registered)		2,506		293
Novartis AG (Registered)		1,962		166
Partners Group Holding AG		21		19
Roche Holding AG		28		11
Roche Holding AG (Genusschein)		624		209
Schindler Holding AG		38		7
Schindler Holding AG (Registered)		18		3
SGS SA (Registered)		5		12
Sika AG (Registered)		127		29
Sonova Holding AG (Registered)		49		16
Straumann Holding AG (Registered)		90		11
Swatch Group AG		26		6
Swatch Group AG (Registered)		48		2
Swiss Life Holding AG (Registered)		28		14
Swiss Prime Site AG (Registered)		70		6
Swiss Re AG		269		21
Swisscom AG (Registered)		24		13
Temenos AG (Registered)		62		5
UBS Group AG (Registered)		3,151		51
VAT Group AG		24		6
Vifor Pharma AG		46		8
Zurich Insurance Group AG		134		58
				1,269
United Kingdom (2.5%)
3i Group PLC		893		12
Aberdeen PLC		1,996		4
Admiral Group PLC		177		5
Anglo American PLC		1,209		43
Antofagasta PLC		366		5
Ashtead Group PLC		417		18
Associated British Foods PLC		325		6
AstraZeneca PLC		1,458		192
Auto Trader Group PLC		883		6
AVEVA Group PLC		119		3
Aviva PLC		2,732		13
BAE Systems PLC		2,969		30
Barclays PLC		15,523		29
Barratt Developments PLC		938		5
Berkeley Group Holdings PLC		102		5

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
BP PLC		18,442	$	87
British American Tobacco PLC		1,973		85
British Land Co., PLC REIT		807		4
BT Group PLC		8,141		19
Bunzl PLC		313		10
Burberry Group PLC		370		7
Coca-Cola HBC AG		185		4
Compass Group PLC		1,672		34
Croda International PLC		127		10
DCC PLC		90		6
Diageo PLC		2,156		93
Entain PLC (i)		543		8
Evraz PLC		464		—
Experian PLC		863		25
Ferguson PLC		205		23
G4S PLC		2,164		6
GlaxoSmithKline PLC		4,647		100
Glencore PLC		9,179		50
Halma PLC		345		9
Hargreaves Lansdown PLC		327		3
Hikma Pharmaceuticals PLC		170		3
HSBC Holdings PLC		18,900		124
Imperial Brands PLC		872		20
Informa PLC (i)		1,338		9
InterContinental Hotels Group PLC		164		9
Intertek Group PLC		150		8
Intu Properties PLC REIT (i)		1,268		—	@
J Sainsbury PLC		1,616		4
JD Sports Fashion PLC		2,402		3
Johnson Matthey PLC		189		4
Kingfisher PLC		1,974		6
Land Securities Group PLC REIT		643		5
Legal & General Group PLC		5,506		16
Lloyds Banking Group PLC		65,635		34
London Stock Exchange Group PLC		301		28
M&G PLC		2,381		6
Melrose Industries PLC		4,086		8
Mondi PLC		432		8
National Grid PLC		3,341		43
Natwest Group PLC		5,260		14
Next PLC		123		9
Ocado Group PLC (i)		451		4
Paragon Offshore PLC (f)(i)		67		—
Pearson PLC		691		6
Persimmon PLC		295		7
Phoenix Group Holdings PLC		590		4
Prudential PLC		2,410		30
Reckitt Benckiser Group PLC		661		50
RELX PLC		1,806		49
Rentokil Initial PLC		1,749		10
Rio Tinto PLC		1,034		62
Rolls-Royce Holdings PLC (i)		7,850		8

	Shares		Value (000)
Sage Group PLC		959	$	7
Schroders PLC		121		4
Segro PLC REIT		1,119		13
Severn Trent PLC		231		8
Shell PLC		6,748		176
Smith & Nephew PLC		805		11
Smiths Group PLC		365		6
Spirax-Sarco Engineering PLC		68		8
SSE PLC		972		19
St. James's Place PLC		493		7
Standard Chartered PLC		2,438		18
Taylor Wimpey PLC		3,371		5
Tesco PLC		7,117		22
Unilever PLC CVA		2,388		109
United Utilities Group PLC		628		8
Virgin Money UK PLC		888		1
Vodafone Group PLC		25,575		40
Whitbread PLC		187		6
WPP PLC		1,089		11
				2,029
United States (16.5%)
10X Genomics, Inc., Class A (i)		32		1
3M Co.		226		29
Abbott Laboratories		588		64
AbbVie, Inc.		582		89
ABIOMED, Inc. (i)		18		4
Accenture PLC, Class A		243		67
Activision Blizzard, Inc.		312		24
Adobe, Inc. (i)		181		66
Advance Auto Parts, Inc.		25		4
Advanced Micro Devices, Inc. (i)		642		49
AES Corp.		270		6
Affirm Holdings, Inc. (i)		47		1
Aflac, Inc.		248		14
Agilent Technologies, Inc.		118		14
AGNC Investment Corp. REIT		213		2
Air Products & Chemicals, Inc.		86		21
Airbnb, Inc., Class A (i)		94		8
Akamai Technologies, Inc. (i)		65		6
Albemarle Corp.		46		10
Alexandria Real Estate Equities, Inc. REIT		56		8
Align Technology, Inc. (i)		30		7
Alleghany Corp. (i)		5		4
Allegion PLC		36		4
Alliant Energy Corp.		100		6
Allstate Corp.		115		15
Ally Financial, Inc.		145		5
Alnylam Pharmaceuticals, Inc. (i)		46		7
Alphabet, Inc., Class A (i)		117		255
Alphabet, Inc., Class C (i)		113		247
Altria Group, Inc.		612		26
Amazon.com, Inc. (i)		3,120		331
AMC Entertainment Holdings, Inc., Class A (i)		228		3

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Amcor PLC		619	$	8
AMERCO		4		2
Ameren Corp.		100		9
American Electric Power Co., Inc.		195		19
American Express Co.		266		37
American Financial Group, Inc.		28		4
American International Group, Inc.		336		17
American Tower Corp. REIT		176		45
American Water Works Co., Inc.		71		11
Ameriprise Financial, Inc.		45		11
AmerisourceBergen Corp.		61		9
AMETEK, Inc.		89		10
Amgen, Inc.		224		54
Amphenol Corp., Class A		231		15
Analog Devices, Inc.		212		31
Annaly Capital Management, Inc. REIT		585		3
ANSYS, Inc. (i)		34		8
AO Smith Corp.		54		3
Aon PLC, Class A		89		24
Apollo Global Management, Inc.		130		6
Apple, Inc.		5,595		765
Applied Materials, Inc.		355		32
Aptiv PLC (i)		105		9
Aramark		94		3
Arch Capital Group Ltd. (i)		159		7
Archer-Daniels-Midland Co.		218		17
Arista Networks, Inc. (i)		89		8
Arrow Electronics, Inc. (i)		28		3
Arthur J Gallagher & Co.		80		13
Asana, Inc., Class A (i)		38		1
Assurant, Inc.		24		4
AT&T, Inc.		2,396		50
Atmos Energy Corp.		54		6
Autodesk, Inc. (i)		85		15
Automatic Data Processing, Inc.		165		35
AutoZone, Inc. (i)		8		17
Avalara, Inc. (i)		36		3
AvalonBay Communities, Inc. REIT		54		10
Avantor, Inc. (i)		212		7
Avery Dennison Corp.		33		5
Baker Hughes Co.		321		9
Ball Corp.		127		9
Bank of America Corp.		2,573		80
Bank of New York Mellon Corp.		321		13
Bath & Body Works, Inc.		105		3
Baxter International, Inc.		196		13
Becton Dickinson & Co.		113		28
Bentley Systems, Inc., Class B		69		2
Berkshire Hathaway, Inc., Class B (i)		514		140
Best Buy Co., Inc.		89		6
Bill.Com Holdings, Inc. (i)		30		3
Bio-Rad Laboratories, Inc., Class A (i)		9		4

	Shares		Value (000)
Bio-Techne Corp.		15	$	5
Biogen, Inc. (i)		59		12
BioMarin Pharmaceutical, Inc. (i)		75		6
Black Knight, Inc. (i)		63		4
BlackRock, Inc.		59		36
Blackstone Group, Inc.		268		24
Block, Inc. (i)		37		2
Block, Inc., Class A (i)		161		10
Boeing Co. (i)		222		30
Booking Holdings, Inc. (i)		16		28
Booz Allen Hamilton Holding Corp.		54		5
BorgWarner, Inc.		97		3
Boston Properties, Inc. REIT		60		5
Boston Scientific Corp. (i)		561		21
Bristol-Myers Squibb Co.		777		60
Broadcom, Inc.		149		72
Broadridge Financial Solutions, Inc.		46		7
Brown & Brown, Inc.		97		6
Brown-Forman Corp., Class B		120		8
Bunge Ltd.		56		5
Burlington Stores, Inc. (i)		27		4
Cable One, Inc.		3		4
Cadence Design Systems, Inc. (i)		106		16
Caesars Entertainment, Inc. (i)		84		3
Camden Property Trust REIT		40		5
Campbell Soup Co.		77		4
Capital One Financial Corp.		174		18
Cardinal Health, Inc.		118		6
Carlyle Group, Inc.		64		2
CarMax, Inc. (i)		65		6
Carnival Corp. (i)		336		3
Carrier Global Corp.		325		12
Carvana Co. (i)		36		1
Catalent, Inc. (i)		69		7
Caterpillar, Inc.		215		38
Cboe Global Markets, Inc.		42		5
CBRE Group, Inc., Class A (i)		131		10
CDW Corp.		54		9
Celanese Corp.		44		5
Centene Corp. (i)		218		18
CenterPoint Energy, Inc.		236		7
Ceridian HCM Holding, Inc. (i)		55		3
CF Industries Holdings, Inc.		84		7
CH Robinson Worldwide, Inc.		52		5
Charles River Laboratories International, Inc. (i)		19		4
Charles Schwab Corp.		569		36
Charter Communications, Inc., Class A (i)		50		23
Cheniere Energy, Inc.		94		13
Chevron Corp.		761		110
Chewy, Inc., Class A (i)		51		2
Chipotle Mexican Grill, Inc. (i)		12		16
Chubb Ltd.		171		34
Church & Dwight Co., Inc.		96		9

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Cigna Corp.		132	$	35
Cincinnati Financial Corp.		61		7
Cintas Corp.		36		13
Cisco Systems, Inc.		1,410		60
Citigroup, Inc.		815		37
Citizens Financial Group, Inc.		168		6
Citrix Systems, Inc.		50		5
Clarivate PLC (i)		152		2
Clorox Co.		49		7
Cloudflare, Inc., Class A (i)		94		4
CME Group, Inc.		140		29
CMS Energy Corp.		112		8
Coca-Cola Co.		1,376		87
Cognex Corp.		71		3
Cognizant Technology Solutions Corp., Class A		203		14
Coinbase Global, Inc., Class A (i)		18		1
Colgate-Palmolive Co.		309		25
Comcast Corp., Class A		1,579		62
Conagra Brands, Inc.		192		7
ConocoPhillips		5,105		458
Consolidated Edison, Inc.		137		13
Constellation Brands, Inc., Class A		65		15
Constellation Energy Corp.		129		7
Cooper Cos., Inc.		19		6
Copart, Inc. (i)		84		9
Corning, Inc.		317		10
Corteva, Inc.		288		16
CoStar Group, Inc. (i)		156		9
Costco Wholesale Corp.		164		79
Coterra Energy, Inc.		3,123		81
Coupa Software, Inc. (i)		31		2
Crowdstrike Holdings, Inc., Class A (i)		75		13
Crown Castle International Corp. REIT		166		28
Crown Holdings, Inc.		51		5
CSX Corp.		781		23
Cummins, Inc.		56		11
CVS Health Corp.		510		47
Danaher Corp.		251		64
Darden Restaurants, Inc.		50		6
Datadog, Inc., Class A (i)		75		7
DaVita, Inc. (i)		27		2
Deere & Co.		115		34
Dell Technologies, Inc., Class C		111		5
Delta Air Lines, Inc. (i)		70		2
Dentsply Sirona, Inc.		87		3
Devon Energy Corp.		2,508		138
Dexcom, Inc. (i)		152		11
Diamondback Energy, Inc.		685		83
Digital Realty Trust, Inc. REIT		110		14
Discover Financial Services		115		11
DISH Network Corp., Class A (i)		99		2
DocuSign, Inc. (i)		78		4

	Shares		Value (000)
Dollar General Corp.		91	$	22
Dollar Tree, Inc. (i)		86		13
Dominion Energy, Inc.		315		25
Domino's Pizza, Inc.		15		6
DoorDash, Inc., Class A (i)		44		3
Dover Corp.		56		7
Dow, Inc.		291		15
DR Horton, Inc.		132		9
DraftKings, Inc., Class A (i)		161		2
Dropbox, Inc., Class A (i)		127		3
DTE Energy Co.		77		10
Duke Energy Corp.		297		32
Duke Realty Corp. REIT		147		8
DuPont de Nemours, Inc.		202		11
Dynatrace, Inc. (i)		74		3
Eastman Chemical Co.		54		5
Eaton Corp., PLC		154		19
eBay, Inc.		254		11
Ecolab, Inc.		100		15
Edison International		146		9
Edwards Lifesciences Corp. (i)		243		23
Elanco Animal Health, Inc. (i)		172		3
Electronic Arts, Inc.		110		13
Elevance Health, Inc.		94		45
Eli Lilly & Co.		317		103
Embecta Corp. (i)		27		1
Emerson Electric Co.		233		19
Enphase Energy, Inc. (i)		49		10
Entegris, Inc.		54		5
Entergy Corp.		79		9
EOG Resources, Inc.		231		26
EPAM Systems, Inc. (i)		22		6
Equifax, Inc.		47		9
Equinix, Inc. REIT		35		23
Equitable Holdings, Inc.		150		4
Equity Lifestyle Properties, Inc. REIT		69		5
Equity Residential REIT		139		10
Erie Indemnity Co., Class A		11		2
Essential Utilities, Inc.		94		4
Essex Property Trust, Inc. REIT		25		7
Estee Lauder Cos., Inc. , Class A		89		23
Etsy, Inc. (i)		51		4
Everest Re Group Ltd.		16		4
Evergy, Inc.		91		6
Eversource Energy		135		11
Exact Sciences Corp. (i)		69		3
Exelon Corp.		377		17
Expedia Group, Inc. (i)		58		5
Expeditors International of Washington, Inc.		67		7
Extra Space Storage, Inc. REIT		52		9
Exxon Mobil Corp.		1,459		125
F5 Networks, Inc. (i)		24		4
Factset Research Systems, Inc.		15		6

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Fair Isaac Corp. (i)		12	$	5
Fastenal Co.		222		11
FedEx Corp.		99		22
Fidelity National Financial, Inc.		109		4
Fidelity National Information Services, Inc.		450		41
Fifth Third Bancorp		272		9
First Republic Bank		69		10
FirstEnergy Corp.		211		8
Fiserv, Inc. (i)		233		21
FleetCor Technologies, Inc. (i)		32		7
FMC Corp.		51		5
Ford Motor Co.		1,273		14
Fortinet, Inc. (i)		260		15
Fortive Corp.		134		7
Fortune Brands Home & Security, Inc.		56		3
Fox Corp., Class A		130		4
Fox Corp., Class B		66		2
Franklin Resources, Inc.		120		3
Freeport-McMoRan, Inc.		579		17
Garmin Ltd.		61		6
Gartner, Inc. (i)		33		8
Generac Holdings, Inc. (i)		25		5
General Dynamics Corp.		93		21
General Electric Co.		433		28
General Mills, Inc.		235		18
General Motors Co. (i)		494		16
Genuine Parts Co.		57		8
Gilead Sciences, Inc.		392		24
Global Payments, Inc.		116		13
Globe Life, Inc.		38		4
GoDaddy, Inc., Class A (i)		67		5
Goldman Sachs Group, Inc.		135		40
Guidewire Software, Inc. (i)		32		2
Halliburton Co.		350		11
Hartford Financial Services Group, Inc.		135		9
Hasbro, Inc.		53		4
HCA Healthcare, Inc.		100		17
Healthpeak Properties, Inc. REIT		217		6
HEICO Corp.		17		2
HEICO Corp., Class A		29		3
Henry Schein, Inc. (i)		56		4
Hershey Co.		56		12
Hess Corp.		110		12
Hewlett Packard Enterprise Co.		517		7
Hilton Worldwide Holdings, Inc.		109		12
Hologic, Inc. (i)		102		7
Home Depot, Inc.		311		85
Honeywell International, Inc.		266		46
Horizon Therapeutics PLC (i)		84		7
Hormel Foods Corp.		118		6
Host Hotels & Resorts, Inc. REIT		291		5
Howmet Aerospace, Inc.		155		5

	Shares		Value (000)
HP, Inc.		468	$	15
HubSpot, Inc. (i)		17		5
Humana, Inc.		49		23
Huntington Bancshares, Inc.		483		6
Huntington Ingalls Industries, Inc.		16		3
IAC/InterActiveCorp (i)		33		3
IDEX Corp.		30		5
IDEXX Laboratories, Inc. (i)		33		12
Illinois Tool Works, Inc.		123		22
Illumina, Inc. (i)		57		11
Incyte Corp. (i)		78		6
Ingersoll Rand, Inc.		159		7
Insulet Corp. (i)		28		6
Intel Corp.		1,389		52
Intercontinental Exchange, Inc.		219		21
International Business Machines Corp.		350		49
International Flavors & Fragrances, Inc.		98		12
International Paper Co.		150		6
Interpublic Group of Cos., Inc.		156		4
Intuit, Inc.		106		41
Intuitive Surgical, Inc. (i)		138		28
Invesco Ltd.		140		2
Invitation Homes, Inc. REIT		224		8
IPG Photonics Corp. (i)		15		1
IQVIA Holdings, Inc. (i)		75		16
Iron Mountain, Inc. REIT		193		9
Jack Henry & Associates, Inc.		29		5
Jackson Financial, Inc., Class A		64		2
Jacobs Engineering Group, Inc.		52		7
Jazz Pharmaceuticals PLC (i)		25		4
JB Hunt Transport Services, Inc.		33		5
JM Smucker Co.		43		6
Johnson & Johnson		1,033		183
Johnson Controls International PLC		278		13
JPMorgan Chase & Co.		971		109
Juniper Networks, Inc.		127		4
Kellogg Co.		102		7
Keurig Dr Pepper, Inc.		273		10
KeyCorp		375		6
Keysight Technologies, Inc. (i)		73		10
Kimberly-Clark Corp.		131		18
Kinder Morgan, Inc.		701		12
KKR & Co., Inc.		206		10
KLA Corp.		60		19
Knight-Swift Transportation Holdings, Inc.		63		3
Kraft Heinz Co.		261		10
Kroger Co.		273		13
L3Harris Technologies, Inc.		79		19
Laboratory Corp. of America Holdings		36		8
Lam Research Corp.		54		23
Las Vegas Sands Corp. (i)		140		5
Lear Corp.		24		3
Leidos Holdings, Inc.		54		5

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Lennar Corp., Class A		107	$	8
Lennox International, Inc.		13		3
Liberty Broadband Corp., Class A (i)		13		1
Liberty Broadband Corp., Class C (i)		57		7
Liberty Global PLC, Class A (i)		68		1
Liberty Global PLC Series C (i)		137		3
Liberty Media Corp-Liberty SiriusXM, Class A (i)		36		1
Liberty Media Corp-Liberty SiriusXM, Class C (i)		68		2
Liberty Media Corp.-Liberty Formula One, Class C (i)		78		5
Lincoln National Corp.		73		3
Linde PLC		201		58
Live Nation Entertainment, Inc. (i)		66		5
LKQ Corp.		111		5
Lockheed Martin Corp.		97		42
Loews Corp.		87		5
Lowe's Cos., Inc.		269		47
Lucid Group, Inc. (i)		158		3
Lululemon Athletica, Inc. (i)		46		13
Lumen Technologies, Inc.		380		4
Lyft, Inc., Class A (i)		108		1
LyondellBasell Industries NV, Class A		105		9
M&T Bank Corp.		60		10
Marathon Oil Corp.		2,681		60
Marathon Petroleum Corp.		251		21
Markel Corp. (i)		5		6
MarketAxess Holdings, Inc.		15		4
Marriott International, Inc., Class A		107		15
Marsh & McLennan Cos., Inc.		197		31
Martin Marietta Materials, Inc.		24		7
Marvell Technology, Inc.		324		14
Masco Corp.		99		5
Masimo Corp. (i)		21		3
Mastercard, Inc., Class A		340		107
Match Group, Inc. (i)		104		7
McCormick & Co., Inc.		96		8
McDonald's Corp.		290		72
McKesson Corp.		60		20
Medical Properties Trust, Inc. REIT		239		4
Medtronic PLC		529		47
MercadoLibre, Inc. (i)		17		11
Merck & Co., Inc.		895		82
Meta Platforms, Inc., Class A (i)		832		134
MetLife, Inc.		285		18
Mettler-Toledo International, Inc. (i)		9		10
MGM Resorts International		156		5
Microchip Technology, Inc.		214		12
Micron Technology, Inc.		442		24
Microsoft Corp.		2,334		599
Mid-America Apartment Communities, Inc. REIT		46		8
Moderna, Inc. (i)		144		21
Mohawk Industries, Inc. (i)		24		3
Molina Healthcare, Inc. (i)		23		6

	Shares		Value (000)
Molson Coors Beverage Co., Class B		76	$	4
Mondelez International, Inc., Class A		538		33
MongoDB, Inc. (i)		23		6
Monolithic Power Systems, Inc.		17		7
Monster Beverage Corp. (i)		154		14
Moody's Corp.		65		18
Mosaic Co.		147		7
Motorola Solutions, Inc.		64		13
MSCI, Inc.		33		14
Nasdaq, Inc.		47		7
NetApp, Inc.		90		6
Netflix, Inc. (i)		174		30
Neurocrine Biosciences, Inc. (i)		39		4
Newell Brands, Inc.		156		3
Newmont Corp. (NYSE)		184		11
Newmont Corp. (TSX)		314		19
News Corp., Class A		158		2
NextEra Energy, Inc.		663		51
NIKE, Inc., Class B		498		51
NiSource, Inc.		157		5
Nordson Corp.		21		4
Norfolk Southern Corp.		95		22
Northern Trust Corp.		77		7
Northrop Grumman Corp.		59		28
NortonLifeLock, Inc.		231		5
Novavax, Inc. (i)		33		2
Novocure Ltd. (i)		38		3
NRG Energy, Inc.		97		4
Nucor Corp.		115		12
NVIDIA Corp.		888		135
NVR, Inc. (i)		2		8
NXP Semiconductors NV		105		16
O'Reilly Automotive, Inc. (i)		26		16
Oak Street Health, Inc. (i)		52		1
Occidental Petroleum Corp.		369		22
Okta, Inc. (i)		49		4
Old Dominion Freight Line, Inc.		38		10
Omnicom Group, Inc.		84		5
ON Semiconductor Corp. (i)		166		8
ONEOK, Inc.		174		10
Oracle Corp.		564		39
Otis Worldwide Corp.		159		11
Ovintiv, Inc.		72		3
Owens Corning		42		3
PACCAR, Inc.		135		11
Packaging Corp. of America		38		5
Palantir Technologies, Inc., Class A (i)		651		6
Palo Alto Networks, Inc. (i)		38		19
Paramount Global, Class B		244		6
Parker Hannifin Corp.		49		12
Paychex, Inc.		125		14
Paycom Software, Inc. (i)		20		6
PayPal Holdings, Inc. (i)		444		31

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
PDC Energy, Inc.		324	$	20
Peloton Interactive, Inc., Class A (i)		118		1
Pentair PLC		66		3
PepsiCo, Inc.		535		89
PerkinElmer, Inc.		45		6
Pfizer, Inc.		1,873		98
PG&E Corp. (i)		607		6
Philip Morris International, Inc.		504		50
Phillips 66		172		14
Pinterest, Inc., Class A (i)		231		4
Pioneer Natural Resources Co.		946		211
Plug Power, Inc. (i)		214		4
PNC Financial Services Group, Inc.		166		26
Pool Corp.		16		6
PPG Industries, Inc.		93		11
PPL Corp.		300		8
Principal Financial Group, Inc.		107		7
Procter & Gamble Co.		840		121
Progressive Corp.		229		27
ProLogis, Inc. REIT		288		34
Prudential Financial, Inc.		151		14
PTC, Inc. (i)		45		5
Public Service Enterprise Group, Inc.		197		12
Public Storage REIT		61		19
Pulte Group, Inc.		104		4
Qorvo, Inc. (i)		46		4
QUALCOMM, Inc.		440		56
Quest Diagnostics, Inc.		49		7
Raymond James Financial, Inc.		75		7
Raytheon Technologies Corp.		592		57
Realty Income Corp. REIT		233		16
Regency Centers Corp. REIT		62		4
Regeneron Pharmaceuticals, Inc. (i)		41		24
Regions Financial Corp.		376		7
Republic Services, Inc.		86		11
ResMed, Inc.		58		12
RingCentral, Inc., Class A (i)		32		2
Rivian Automotive, Inc., Class A (i)		71		2
Robert Half International, Inc.		45		3
Rockwell Automation, Inc.		45		9
Roku, Inc. (i)		47		4
Rollins, Inc.		89		3
Roper Technologies, Inc.		42		17
Ross Stores, Inc.		139		10
Royal Caribbean Cruises Ltd. (i)		92		3
Royalty Pharma PLC, Class A		139		6
RPM International, Inc.		52		4
S&P Global, Inc.		137		46
Salesforce, Inc. (i)		491		81
SBA Communications Corp. REIT		43		14
Schlumberger NV		546		20
Seagate Technology Holdings PLC		80		6

	Shares		Value (000)
Seagen, Inc. (i)		54	$	10
Sealed Air Corp.		59		3
SEI Investments Co.		49		3
Sempra Energy		125		19
Sensata Technologies Holding PLC		64		3
ServiceNow, Inc. (i)		76		36
Sherwin-Williams Co.		97		22
Signature Bank		25		4
Simon Property Group, Inc. REIT		130		12
Sirius XM Holdings, Inc.		435		3
Skyworks Solutions, Inc.		64		6
Snap, Inc., Class A (i)		424		6
Snap-On, Inc.		22		4
Snowflake, Inc., Class A (i)		81		11
SoFi Technologies, Inc. (i)		215		1
SolarEdge Technologies, Inc. (i)		21		6
Southern Co.		411		29
Southwest Airlines Co. (i)		63		2
Splunk, Inc. (i)		67		6
SS&C Technologies Holdings, Inc.		92		5
Stanley Black & Decker, Inc.		63		7
Starbucks Corp.		457		35
State Street Corp.		144		9
Steel Dynamics, Inc.		84		6
Steris PLC		40		8
Stryker Corp.		134		27
Sun Communities, Inc. REIT		46		7
Sunrun, Inc. (i)		76		2
SVB Financial Group (i)		23		9
Synchrony Financial		224		6
Synopsys, Inc. (i)		59		18
Sysco Corp.		201		17
T Rowe Price Group, Inc.		91		10
T-Mobile US, Inc. (i)		243		33
Take-Two Interactive Software, Inc. (i)		47		6
Target Corp.		191		27
TE Connectivity Ltd.		125		14
Teladoc Health, Inc. (i)		57		2
Teledyne Technologies, Inc. (i)		18		7
Teleflex, Inc.		18		4
Teradyne, Inc.		66		6
Tesla, Inc. (i)		324		218
Texas Instruments, Inc.		360		55
Textron, Inc.		89		5
Thermo Fisher Scientific, Inc.		153		83
TJX Cos., Inc.		369		21
Tractor Supply Co.		46		9
Trade Desk, Inc., Class A (i)		171		7
Tradeweb Markets, Inc., Class A		42		3
Trane Technologies PLC		93		12
TransDigm Group, Inc. (i)		20		11
TransUnion		77		6
Travelers Cos., Inc.		97		16

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Trimble, Inc. (i)		102	$	6
Truist Financial Corp.		525		25
Twilio, Inc., Class A (i)		64		5
Twitter, Inc. (i)		321		12
Tyler Technologies, Inc. (i)		16		5
Tyson Foods, Inc., Class A		115		10
Uber Technologies, Inc. (i)		486		10
UDR, Inc. REIT		120		6
UGI Corp.		84		3
Ulta Beauty, Inc. (i)		20		8
Union Pacific Corp.		254		54
United Parcel Service, Inc., Class B		281		51
United Rentals, Inc. (i)		29		7
UnitedHealth Group, Inc.		370		190
Unity Software, Inc. (i)		29		1
Universal Health Services, Inc., Class B		31		3
Upstart Holdings, Inc. (i)		11		—	@
US Bancorp		548		25
Vail Resorts, Inc.		16		3
Valero Energy Corp.		161		17
Veeva Systems, Inc., Class A (i)		54		11
Ventas, Inc. REIT		154		8
VeriSign, Inc. (i)		40		7
Verisk Analytics, Inc.		59		10
Verizon Communications, Inc.		3,453		175
Vertex Pharmaceuticals, Inc. (i)		102		29
VF Corp.		134		6
Viatris, Inc.		486		5
VICI Properties, Inc. REIT		247		7
Visa, Inc., Class A		655		129
Vistra Corp.		175		4
VMware, Inc., Class A		82		9
Vornado Realty Trust REIT		68		2
Vulcan Materials Co.		51		7
Walgreens Boots Alliance, Inc.		286		11
Walmart, Inc.		601		73
Walt Disney Co. (i)		613		58
Warner Bros Discovery, Inc. (i)		949		13
Waste Connections, Inc.		102		13
Waste Management, Inc.		163		25
Waters Corp. (i)		24		8
Wayfair, Inc., Class A (i)		33		1
WEC Energy Group, Inc.		123		12
Wells Fargo & Co.		1,399		55
Welltower, Inc. REIT		168		14
West Pharmaceutical Services, Inc.		28		8
Western Digital Corp. (i)		124		6
Western Union Co.		162		3
Westinghouse Air Brake Technologies Corp.		73		6
WestRock Co.		108		4
Weyerhaeuser Co. REIT		292		10
Whirlpool Corp.		25		4

	Shares		Value (000)
Williams Cos., Inc.		479	$	15
Willis Towers Watson PLC		50		10
Workday, Inc., Class A (i)		75		10
WP Carey, Inc. REIT		74		6
WR Berkley Corp.		84		6
WW Grainger, Inc.		17		8
Wynn Resorts Ltd. (i)		42		2
Xcel Energy, Inc.		209		15
Xylem, Inc.		73		6
Yum! Brands, Inc.		115		13
Zebra Technologies Corp., Class A (i)		20		6
Zendesk, Inc. (i)		49		4
Zillow Group, Inc., Class A (i)		33		1
Zillow Group, Inc., Class C (i)		69		2
Zimmer Biomet Holdings, Inc.		83		9
Zimvie, Inc. (i)		9		—	@
Zoetis, Inc.		184		32
Zoom Video Communications, Inc., Class A (i)		85		9
ZoomInfo Technologies, Inc., Class A (i)		89		3
Zscaler, Inc. (i)		33		5
				13,665
Total Common Stocks (Cost $24,814)				25,135
	No. of Warrants
Warrant (0.0%) (a)
Australia (0.0%) (a)
Magellan Financial Group Ltd., expires 4/16/27 (i) (Cost $—)		8		—	@
	Shares
Short-Term Investments (14.0%)
Investment Company (13.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note H) (Cost $10,902)		10,901,845		10,902
	Face Amount (000)
U.S. Treasury Security (0.8%)
U.S. Treasury Bill, 1.40%, 10/27/22 (k)(l) (Cost $673)	$	676		672
Total Short-Term Investments (Cost $11,575)				11,574
Total Investments (98.9%) (Cost $87,520) (m)(n)(o)				81,719
Other Assets in Excess of Liabilities (1.1%)				922
Net Assets (100.0%)			$	82,641

(a) Amount is less than 0.05%.

(b) Security is subject to delayed delivery.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

(c) Floating or variable rate securities: The rates disclosed are as of June 30, 2022. 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.

(d) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(f) At June 30, 2022, the Fund held a fair valued security valued at approximately $9,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.

(g) Non-income producing security; bond in default.

(h) Issuer in bankruptcy.

(i) Non-income producing security.

(j) Security trades on the Hong Kong exchange.

(k) Rate shown is the yield to maturity at June 30, 2022.

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

(m) 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.

(n) The approximate fair value and percentage of net assets, $9,826,000 and 11.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Consolidated Financial Statements.

(o) At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,303,000 and the aggregate gross unrealized depreciation is approximately $12,955,000, resulting in net unrealized depreciation of approximately $8,652,000.

@ Value is less than $500.

ADR American Depositary Receipt.

ASX Australian Stock Exchange.

CDI CHESS Depositary Interest.

CVA Certificaten Van Aandelen.

EURIBOR Euro Interbank Offered Rate.

LIBOR London Interbank Offered Rate.

LSE London Stock Exchange.

MTN Medium Term Note.

NYSE New York Stock Exchange.

OAT Obligations Assimilables du Trésor (Treasury Obligation).

OFZ Obilgatsyi Federal'novo Zaima (Russian Federal Loan Obligation).

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

SONIA Sterling Overnight Index Average

TBA To Be Announced.

TSX Toronto Stock Exchange.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at June 30, 2022:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	CNH	2,390	$	353	9/15/22	$	(4	)
Bank of America NA	PLN	67	$	15	9/15/22		(—	@)
Bank of America NA	$	32	ILS	110	9/15/22		(—	@)
Bank of America NA	$	38	JPY	4,935	8/19/22		(2	)
Bank of America NA	$	24	NZD	38	9/15/22		—	@
Barclays Bank PLC	$	64	AUD	93	9/15/22		—	@
Barclays Bank PLC	$	585	JPY	75,376	8/19/22		(28	)
Barclays Bank PLC	$	116	THB	4,040	8/19/22		(2	)
BNP Paribas SA	CAD	108	$	84	9/15/22		(—	@)
BNP Paribas SA	CHF	50	$	53	9/15/22		(—	@)
BNP Paribas SA	DKK	117	$	16	9/15/22		(—	@)
BNP Paribas SA	EUR	423	$	443	9/15/22		(2	)
BNP Paribas SA	GBP	29	$	35	9/15/22		(—	@)
BNP Paribas SA	INR	37,927	$	483	9/15/22		5
BNP Paribas SA	JPY	27,559	$	206	9/15/22		2
BNP Paribas SA	TWD	103,573	$	3,531	9/15/22		38
BNP Paribas SA	$	39	BRL	209	9/15/22		(—	@)
BNP Paribas SA	$	22	BRL	110	9/15/22		(1	)
BNP Paribas SA	$	13	COP	50,392	9/15/22		(1	)
BNP Paribas SA	$	30	HKD	232	9/15/22		—	@

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (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)
BNP Paribas SA	$	26	IDR	375,000	9/15/22	$	(1	)
BNP Paribas SA	$	52	INR	4,166	9/15/22		—	@
BNP Paribas SA	$	609	MXN	12,784	9/15/22		18
BNP Paribas SA	$	47	SEK	477	9/15/22		—	@
BNP Paribas SA	$	115	SGD	161	9/15/22		—	@
BNP Paribas SA	$	305	TWD	9,003	9/15/22		(1	)
BNP Paribas SA	$	804	TWD	23,649	9/15/22		(6	)
BNP Paribas SA	$	402	TWD	11,824	9/15/22		(3	)
BNP Paribas SA	$	401	TWD	11,824	9/15/22		(3	)
Citibank NA	$	7	CZK	168	9/15/22		—	@
Citibank NA	$	29	ILS	100	9/15/22		(—	@)
Citibank NA	$	4	THB	145	9/15/22		(—	@)
Goldman Sachs International	CAD	30	$	23	9/15/22		(—	@)
Goldman Sachs International	CLP	8,452	$	10	9/15/22		1
Goldman Sachs International	EUR	800	$	838	9/15/22		(5	)
Goldman Sachs International	GBP	62	$	75	9/15/22		(1	)
Goldman Sachs International	KRW	49,602	$	38	9/15/22		—	@
Goldman Sachs International	NOK	5	$	1	9/15/22		(—	@)
Goldman Sachs International	$	67	AUD	97	9/15/22		—	@
Goldman Sachs International	$	23	CLP	21,905	9/15/22		—	@
Goldman Sachs International	$	432	CNH	2,945	8/19/22		8
Goldman Sachs International	$	52	CNH	349	8/19/22		—	@
Goldman Sachs International	$	21	EUR	20	9/15/22		(—	@)
Goldman Sachs International	$	163	EUR	154	9/15/22		(2	)
Goldman Sachs International	$	9	HKD	68	9/15/22		—	@
Goldman Sachs International	$	15	HUF	5,668	8/19/22		(—	@)
Goldman Sachs International	$	166	JPY	22,273	9/15/22		(1	)
Goldman Sachs International	$	12	KRW	15,023	9/15/22		(—	@)
Goldman Sachs International	$	137	MXN	2,872	9/15/22		4
Goldman Sachs International	$	35	PEN	135	8/19/22		(—	@)
Goldman Sachs International	$	1,726	THB	60,252	9/15/22		(16	)
JPMorgan Chase Bank NA	AUD	153	$	106	9/15/22		(—	@)
JPMorgan Chase Bank NA	AUD	30	$	21	8/19/22		—	@
JPMorgan Chase Bank NA	AUD	848	$	588	8/19/22		3
JPMorgan Chase Bank NA	CAD	44	$	35	8/19/22		1
JPMorgan Chase Bank NA	CHF	35	$	37	8/19/22		(—	@)
JPMorgan Chase Bank NA	CNY	44,913	$	6,706	9/15/22		(3	)
JPMorgan Chase Bank NA	EUR	8	$	8	7/5/22		(—	@)
JPMorgan Chase Bank NA	EUR	100	$	105	9/15/22		(—	@)
JPMorgan Chase Bank NA	GBP	32	$	39	9/15/22		(1	)
JPMorgan Chase Bank NA	GBP	87	$	106	9/15/22		(—	@)
JPMorgan Chase Bank NA	GBP	294	$	361	8/19/22		2
JPMorgan Chase Bank NA	JPY	6,969	$	51	8/19/22		(—	@)
JPMorgan Chase Bank NA	JPY	42,653	$	316	9/15/22		(—	@)
JPMorgan Chase Bank NA	SEK	17	$	2	9/15/22		—	@
JPMorgan Chase Bank NA	SGD	59	$	43	9/15/22		(—	@)
JPMorgan Chase Bank NA	$	164	AUD	238	9/15/22		—	@
JPMorgan Chase Bank NA	$	195	CHF	194	8/19/22		10
JPMorgan Chase Bank NA	$	387	CHF	370	9/15/22		3
JPMorgan Chase Bank NA	$	8	EUR	8	8/19/22		—	@
JPMorgan Chase Bank NA	$	33	EUR	31	9/15/22		(—	@)
JPMorgan Chase Bank NA	$	141	EUR	133	9/15/22		(1	)
JPMorgan Chase Bank NA	$	30	EUR	29	9/15/22		—	@

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts (cont'd):

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	$	142	EUR	133	8/19/22	$	(2	)
JPMorgan Chase Bank NA	$	73	GBP	59	8/19/22		(2	)
JPMorgan Chase Bank NA	$	439	JPY	59,266	8/19/22		(1	)
JPMorgan Chase Bank NA	$	20	JPY	2,693	9/15/22		—	@
JPMorgan Chase Bank NA	$	18	JPY	2,450	9/15/22		(—	@)
JPMorgan Chase Bank NA	$	373	KRW	478,408	8/19/22		(5	)
JPMorgan Chase Bank NA	$	14	NOK	141	8/19/22		(—	@)
JPMorgan Chase Bank NA	$	74	SEK	740	8/19/22		(1	)
JPMorgan Chase Bank NA	$	73	SGD	101	8/19/22		—	@
JPMorgan Chase Bank NA	ZAR	19	$	1	9/15/22		—	@
Royal Bank of Canada	$	361	EUR	341	8/19/22		(2	)
State Street Bank and Trust Co.	$	1	HKD	8	9/15/22		—	@
UBS AG	CHF	27	$	27	9/15/22		(1	)
UBS AG	DKK	144	$	20	8/19/22		(—	@)
UBS AG	EUR	56	$	59	9/15/22		(—	@)
UBS AG	GBP	6	$	7	7/5/22		(—	@)
UBS AG	JPY	5,856	$	44	9/15/22		—	@
UBS AG	JPY	33,828	$	249	7/5/22		—	@
UBS AG	MXN	13,552	$	653	9/15/22		(12	)
UBS AG	MXN	628	$	31	8/19/22		(—	@)
UBS AG	NOK	285	$	29	9/15/22		(—	@)
UBS AG	SEK	92	$	9	9/15/22		—	@
UBS AG	THB	13,963	$	395	9/15/22		(1	)
UBS AG	THB	13,963	$	395	9/15/22		(1	)
UBS AG	THB	13,963	$	396	9/15/22		(—	@)
UBS AG	THB	13,963	$	396	9/15/22		(—	@)
UBS AG	THB	8,800	$	250	9/15/22		(—	@)
UBS AG	$	3	AUD	5	8/19/22		(—	@)
UBS AG	$	219	AUD	317	9/15/22		1
UBS AG	$	48	CAD	62	8/19/22		—	@
UBS AG	$	165	CHF	157	9/15/22		1
UBS AG	$	164	EUR	155	9/15/22		(1	)
UBS AG	$	387	EUR	363	9/15/22		(4	)
UBS AG	$	164	GBP	134	9/15/22		(1	)
UBS AG	$	386	GBP	314	9/15/22		(3	)
UBS AG	$	7	GBP	6	8/19/22		—	@
UBS AG	$	12	HKD	93	9/15/22		—	@
UBS AG	$	1	HUF	419	9/15/22		—	@
UBS AG	$	7	JPY	1,016	8/19/22		—	@
UBS AG	$	386	JPY	52,257	9/15/22		1
UBS AG	$	250	JPY	33,828	8/19/22		(—	@)
UBS AG	$	85	JPY	11,482	9/15/22		—	@
UBS AG	$	104	MXN	2,119	9/15/22		—	@
UBS AG	$	747	MXN	15,682	9/15/22		22
UBS AG	$	5	MXN	99	8/19/22		(—	@)
UBS AG	$	25	RON	122	8/19/22		—	@
UBS AG	$	1	SEK	6	8/19/22		(—	@)
UBS AG	$	1,703	THB	59,487	9/15/22		(15	)
UBS AG	$	3	TRY	62	9/15/22		—	@
UBS AG	ZAR	327	$	20	9/15/22		—	@
						$	(16	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts:

The Fund had the following futures contracts open at June 30, 2022:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
SPI 200 Index (Australia)		4	Sep-22	AUD	—	@	$	446		$	(8	)
South Korea 10 yr. Bond (Korea, Republic of)		5	Sep-22	KRW	500,000			427			6
SGX MSCI Singapore Index (Singapore)		5	Jul-22	SGD	1			101			(4	)
IBEX 35 Index (Spain)		1	Jul-22	EUR	—	@		84			(3	)
Hang Seng Index (Hong Kong)		1	Jul-22	HKD	—	@		139			(1	)
German Euro-Schatz Index (Germany)		10	Sep-22	EUR	1,000			1,144			9
FTSE MIB Index (Italy)		1	Sep-22		—	@		111			(7	)
Euro Stoxx 50 Index (Germany)		51	Sep-22		1			1,839			(16	)
CAC40 Index (France)		1	Jul-22		—	@		62			(3	)
Crude Oil WTI Index (United States)		8	Nov-23	$	8			666			30
U.S. Treasury 5 yr. Note (United States)		9	Sep-22		900			1,010			(9	)
Short:
U.S. Treasury 5 yr. Note (United States)		51	Sep-22		(5,100	)		(5,725	)		52
U.S. Treasury 10 yr. Note (United States)		19	Sep-22		(1,900	)		(2,252	)		2
SGX NIFTY 50 Index (Singapore)		15	Jul-22		—	@		(472	)		3
S&P 500 E Mini Index (United States)		2	Sep-22		—	@		(379	)		(10	)
Nikkei 255 Index (Japan)		2	Sep-22	JPY	(1	)		(195	)		4
MSCI Emerging Market Index (United States)		7	Sep-22	$	—	@		(351	)		—	@
FTSE 100 Index (United Kingdom)		1	Sep-22	GBP	—	@		(87	)		—	@
Euro BTP Short-Term Index (Germany)		7	Sep-22	EUR	(700	)		(799	)		(15	)
CME Bitcoin Index (United States)		3	Jul-22	$	—	@		(281	)		31
German Euro-BTP Index (Germany)		16	Sep-22	EUR	(1,600	)		(2,064	)		(17	)
German Euro-Bund Index (Germany)		2	Sep-22		(200	)		(312	)		9
U.S. Treasury 10 yr. Ultra Note (United States)		3	Sep-22	$	(300	)		(382	)		6
U.S. Treasury 2 yr. Note (United States)		19	Sep-22		(3,800	)		(3,990	)		22
										$	81

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at June 30, 2022:

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 Depreciation (000)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.14	%	Quarterly/ Quarterly	7/3/23	MXN	23,872	$	(40	)	$	—	$	(40	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.14		Quarterly/ Quarterly	7/3/23		23,872		(41	)		—		(41	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.13		Quarterly/ Quarterly	7/5/23		23,872		(41	)		—		(41	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.30		Quarterly/ Quarterly	12/26/23		23,778		(38	)		—		(38	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.31		Quarterly/ Quarterly	12/26/23		24,139		(38	)		—		(38	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.30		Quarterly/ Quarterly	12/27/23		24,139		(39	)		—		(39	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.68		Quarterly/ Quarterly	6/29/26		6,814		(28	)		—		(28	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Interest Rate Swap Agreements (cont'd):

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Depreciation (000)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.68	%	Quarterly/ Quarterly	6/29/26	MXN	6,814	$	(27	)	$	—	$	(27	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.66		Quarterly/ Quarterly	7/1/26		6,814		(28	)		—		(28	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.36		Quarterly/ Quarterly	12/22/26		10,395		(32	)		—		(32	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.38		Quarterly/ Quarterly	12/22/26		10,395		(32	)		—		(32	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.63		Semi-Annual/ Quarterly	1/2/25	BRL	2,012		(7	)		—		(7	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.69		Semi-Annual/ Quarterly	1/2/25		3,353		(11	)		—		(11	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.74		Semi-Annual/ Quarterly	1/2/25		6,991		(21	)		—		(21	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.80		Semi-Annual/ Quarterly	1/2/25		3,995		(11	)		—		(11	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.85		Semi-Annual/ Quarterly	1/2/25		4,679		(12	)		—		(12	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.90		Semi-Annual/ Quarterly	1/2/25		4,680		(10	)		—		(10	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.52		Semi-Annual/ Quarterly	1/4/27		3,801		(32	)		—		(32	)
										$	(488	)	$	—	$	(488	)

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at June 30, 2022:

Swap Counterparty	Index	Pay/ Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	BNP Custom U.S. Banks Index††	Receive	3 Month USD LIBOR plus 0.40%	Quarterly	9/16/22	$	134	$	—	@	$	—	$	—	@
BNP Paribas SA	BNP Custom U.S. Banks Index††	Receive	3 Month USD LIBOR plus 0.40%	Quarterly	9/16/22		38		—	@		—		—	@
BNP Paribas SA	BNP Custom U.S. Banks Index††	Receive	SOFR + 0.40%	Quarterly	9/16/22		378		—	@		—		—	@
BNP Paribas SA	BNP Custom U.S. Banks Index††	Receive	SOFR + 0.40%	Quarterly	9/16/22		507		—	@		—		—	@
BNP Paribas SA	BNP U.S. Cloud Custom Basket Index	Pay	SOFR + 0.43%	Quarterly	4/28/23		625		87			—		87
BNP Paribas SA	MSCI Brazil Banks Index	Receive	SOFR + 0.10%	Quarterly	2/16/23		285		(45	)		—		(45	)
BNP Paribas SA	MSCI Brazil Banks Index	Receive	SOFR + 0.10%	Quarterly	2/16/23		188		(23	)		—		(23	)
BNP Paribas SA	MSCI Daily Total Return Gross USA Index	Receive	3 Month USD LIBOR plus 0.38%	Quarterly	7/14/22		6,703		(970	)		—		(970	)
BNP Paribas SA	MSCI Daily Total Return Gross USA Index	Receive	3 Month USD LIBOR plus 0.39%	Quarterly	9/29/22		5,425		(168	)		—		(168	)
BNP Paribas SA	MSCI Japan Net Total Return Index	Receive	SOFR + 0.35%	Quarterly	2/10/23		3,023		(144	)		—		(144	)
Goldman Sachs International	MSCI Daily Total Return Gross USA Index	Receive	3 Month USD LIBOR plus 0.37%	Quarterly	10/13/22		3,228		(474	)		—		(474	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements (cont'd):

Swap Counterparty	Index	Pay/ Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Receive	SOFR + 0.24%	Quarterly	1/26/23	$	6,347	$	(232	)	$	—	$	(232	)
JPMorgan Chase Bank NA	JPM EMU Growth Custom Basket Index	Pay	EURIBOR + 0.10	Quarterly	5/16/23	EUR	561		(13	)		—		(13	)
JPMorgan Chase Bank NA	JPM EMU Value Custom Basket Index	Pay	EURIBOR + 0.14	Quarterly	5/16/23		562		(44	)		—		(44	)
JPMorgan Chase Bank NA	JPM SPX 1500 Growth Index††	Pay	SOFR + 0.35%	Quarterly	5/16/23	$	1,297		15			—		15
JPMorgan Chase Bank NA	JPM SPX 1500 Growth Index††	Pay	SOFR + 0.35%	Quarterly	5/16/23		1,329		62			—		62
JPMorgan Chase Bank NA	JPM SPX 1500 Growth Index††	Pay	SOFR + 0.35%	Quarterly	5/16/23		1,249		57			—		57
JPMorgan Chase Bank NA	JPM SPX 1500 Growth Index††	Pay	SOFR + 0.35%	Quarterly	5/16/23		1,304		78			—		78
JPMorgan Chase Bank NA	JPM SPX 1500 Growth Index††	Pay	SOFR + 0.35%	Quarterly	5/16/23		1,124		47			—		47
JPMorgan Chase Bank NA	JPM SPX 1500 Value Index††	Receive	SOFR + 0.35%	Quarterly	5/16/23		1,299		(69	)		—		(69	)
JPMorgan Chase Bank NA	JPM SPX 1500 Value Index††	Receive	SOFR + 0.35%	Quarterly	5/16/23		1,320		(110	)		—		(110	)
JPMorgan Chase Bank NA	JPM SPX 1500 Value Index††	Receive	SOFR + 0.35%	Quarterly	5/16/23		1,264		(107	)		—		(107	)
JPMorgan Chase Bank NA	JPM SPX 1500 Value Index††	Receive	SOFR + 0.35%	Quarterly	5/16/23		1,311		(144	)		—		(144	)
JPMorgan Chase Bank NA	JPM SPX 1500 Value Index††	Receive	SOFR + 0.35%	Quarterly	5/16/23		1,057		(99	)		—		(99	)
JPMorgan Chase Bank NA	JPM SPX 500 Anti-Value Index††	Pay	SOFR + 0.35%	Quarterly	5/16/23		2,424		29			—		29
JPMorgan Chase Bank NA	JPM SPX 500 Value Index††	Receive	SOFR + 0.35%	Quarterly	5/16/23		2,430		(161	)		—		(161	)
								$	(2,428	)	$	—	$	(2,428	)

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

The following table represents the equity basket holdings underlying the total return swap with BNP Custom U.S. Banks Index as of June 30, 2022:

Security Description	Shares		Value (000)		Index Weight
BNP Custom U.S. Banks Index
Bank of America Corp.		308,343	$	9,599		21.09	%
Citigroup, Inc.		79,236		3,644		8.01
Citizens Financial Group		15,687		560		1.23
Comerica, Inc.		5,287		388		0.85
East West Bancorp., Inc.		4,961		321		0.71
Fifth Third Bancorp.		25,079		843		1.85
First Citizens Bancshares, Inc. Class A		204		134		0.29
First Republic Bank		5,750		829		1.82
Huntington Bancshares, Inc.		35,695		429		0.94

Security Description	Shares		Value (000)		Index Weight
BNP Custom U.S. Banks Index (cont'd)
Jpmorgan Chase & Co.		110,953	$	12,494		27.45	%
Keycorp.		34,389		593		1.30
M & T Bank Corp.		6,047		964		2.12
PNC Financial Services Group		15,425		2,434		5.35
Regions Financial Corp.		34,597		649		1.43
Signature Bank		1,907		342		0.75
SVB Financial Group		1,793		708		1.56
Truist Financial Corp.		45,852		2,175		4.78
US Bancorp.		51,605		2,375		5.22
Wells Fargo & Co.		146,120		5,724		12.57
Zions Bancorp.		6,245		318		0.70

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Index as of June 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Growth Index
AAON, Inc.		977	$	54		0.54	%
Abiomed, Inc.		210		52		0.52
Agilysys, Inc.		1,307		62		0.62
American Tower Corp.		218		56		0.56
Arrowhead Pharmaceuticals, Inc.		1,695		60		0.60
Autozone, Inc.		25		55		0.55
Avid Bioservices, Inc.		4,198		64		0.65
Axon Enterprise, Inc.		582		54		0.55
Badger Meter, Inc.		643		52		0.52
Balchem Corp.		422		55		0.55
Bancfirst Corp.		586		56		0.56
Boeing Co.		379		52		0.52
Brown-Forman Corp. — Class B		756		53		0.53
Cable One, Inc.		46		59		0.60
Cara Therapeutics, Inc.		5,732		52		0.53
Celsius Holdings, Inc.		1,035		68		0.68
Chefs' Warehouse, Inc.		1,450		56		0.57
Cytokinetics, Inc.		1,330		52		0.53
Deckers Outdoor Corp.		214		55		0.55
Dollar General Corp.		215		53		0.53
Eli Lilly & Co.		171		55		0.56
Enphase Energy, Inc.		357		70		0.70
Equinix, Inc.		79		52		0.52
Estee Lauder Companies — Class A		214		54		0.55
Exponent, Inc.		565		52		0.52
Glacier Bancorp., Inc.		1,094		52		0.52
Glaukos Corp.		1,408		64		0.64
Healthequity, Inc.		906		56		0.56
Inari Medical, Inc.		941		64		0.64
Kinsale Capital Group, Inc.		246		56		0.57
Lamb Weston Holdings, Inc.		800		57		0.58
Las Vegas Sands Corp.		1,618		54		0.55
Lattice Semiconductor Corp.		1,099		53		0.54
Lindsay Corp.		404		54		0.54
MSCI, Inc.		127		52		0.53
Nextera Energy, Inc.		699		54		0.55
NV5 Global, Inc.		456		53		0.54
Par Pacific Holdings, Inc.		3,318		52		0.52
Paycom Software, Inc.		184		52		0.52
Paylocity Holding Corp.		305		53		0.54
Servicenow, Inc.		117		56		0.56
Simulations Plus, Inc.		1,210		60		0.60
Solaredge Technologies, Inc.		227		62		0.63
SPS Commerce, Inc.		478		54		0.54
STAAR Surgical Co.		977		69		0.70
TechTarget		801		53		0.53
Trupanion, Inc.		859		52		0.52

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Growth Index (cont'd)
U.S. Physical Therapy, Inc.		500	$	55		0.55	%
WD-40 Co.		278		56		0.56
Zoetis, Inc.		307		53		0.53

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Index as of June 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Value Index
ACI Worldwide, Inc.		2,008	$	52		0.55	%
American Equity Investment Life Holding Co.		1,448		53		0.56
America's Car-Mart, Inc.		629		63		0.66
Avanos Medical, Inc.		1,971		54		0.57
B&G Foods, Inc.		2,123		50		0.53
Bio-Rad Laboratories — Class A		104		51		0.54
Cars.com. Inc.		5,570		53		0.55
Coca-Cola Consolidated, Inc.		99		56		0.59
Cohu, Inc.		1,891		52		0.55
Collegium Pharmaceutical, Inc.		3,417		61		0.64
Cross Country Healthcare, Inc.		3,090		64		0.68
DXC Technology Co.		1,793		54		0.57
Emergent Biosolutions, Inc.		1,766		55		0.58
Fresh Del Monte Produce, Inc.		2,013		59		0.62
Fulgent Genetics, Inc.		1,015		55		0.58
Geo Group, Inc.		8,248		54		0.57
Getty Realty Corp.		1,968		52		0.55
Greif, Inc. — Class A		844		53		0.55
Heidrick & Struggles International, Inc.		1,583		51		0.54
Hibbett, Inc.		1,179		52		0.54
Huntington Ingalls Industries		240		52		0.55
Ichor Holdings Ltd.		1,964		51		0.54
Iteos Therapeutics, Inc.		2,745		57		0.59
Kelly Services, Inc. — Class A		2,703		54		0.56
Laredo Petroleum, Inc.		851		59		0.62
MDU Resources Group, Inc.		1,966		53		0.56
Mednax, Inc.		2,818		59		0.62
Moderna, Inc.		400		57		0.60
Moog, Inc. — Class A		661		52		0.55
Mueller Industries, Inc.		946		50		0.53
Nabors Industries Ltd.		392		53		0.55
New York Community Bancorp.		5,545		51		0.53
O-I Glass, Inc.		3,812		53		0.56
Omega Healthcare Investors		1,823		51		0.54
Penn National Gaming, Inc.		1,687		51		0.54
Perdoceo Education Corp.		4,906		58		0.61
Photronics, Inc.		3,311		65		0.68
PNM Resources, Inc.		1,084		52		0.54
Quidelortho Corp.		555		54		0.57
Resources Connection, Inc.		3,009		61		0.64
REX American Resources Corp.		594		50		0.53

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Value Index (cont'd)
Sanmina Corp.		1,251	$	51		0.54	%
Select Medical Holdings Corp.		2,281		54		0.57
Syneos Health, Inc.		723		52		0.54
Timkensteel Corp.		2,763		52		0.54
Universal Health Realty Income Trust		1,032		55		0.58
Varex Imaging Corp.		2,448		52		0.55
Vir Biotechnology, Inc.		2,589		66		0.69
Virtus Investment Partners		299		51		0.54
Zynex, Inc.		8,043		64		0.67

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Anti-Value Index as of June 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Anti-Value Index
Abiomed, Inc.		149	$	37		1.07	%
Air Products & Chemicals, Inc.		151		36		1.05
American Tower Corp.		156		40		1.15
American Water Works Co., Inc.		241		36		1.04
Ansys, Inc.		147		35		1.02
Arthur J Gallagher & Co.		222		36		1.04
Bio-Techne Corp.		101		35		1.01
Boeing Co.		278		38		1.10
Brown & Brown, Inc.		621		36		1.05
Brown-Forman Corp. — Class B		535		38		1.09
Cadence Design System, Inc.		259		39		1.13
Chipotle Mexican Grill, Inc.		27		36		1.04
Cintas Corp.		94		35		1.02
CME Group, Inc.		177		36		1.05
Copart, Inc.		325		35		1.02
Edwards Lifesciences Corp.		376		36		1.03
Electronic Arts, Inc.		289		35		1.02
Eli Lilly & Co.		122		40		1.15
Enphase Energy, Inc.		254		50		1.43
Equinix, Inc.		56		37		1.06
Factset Research Systems, Inc.		95		37		1.06
Fortinet, Inc.		654		37		1.07
Hess Corp.		326		35		1.00
IDEX Corp.		190		35		1.00
IDEXX Laboratories, Inc.		102		36		1.04
Jack Henry & Associates, Inc.		198		36		1.03
Las Vegas Sands Corp.		1,169		39		1.14
Marketaxess Holdings, Inc.		137		35		1.01
Marsh & Mclennan Cos.		224		35		1.00
Mcdonald's Corp.		143		35		1.02
Monolithic Power Systems, Inc.		90		35		1.00
Monster Beverage Corp.		408		38		1.09
MSCI, Inc.		90		37		1.07
Nasdaq, Inc.		243		37		1.07
Nextera Energy, Inc.		500		39		1.12

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Anti-Value Index (cont'd)
Paycom Software, Inc.		129	$	36		1.05	%
Progressive Corp.		323		38		1.09
Public Storage		112		35		1.01
Resmed, Inc.		181		38		1.10
Rollins, Inc.		1,059		37		1.07
S&P Global, Inc.		107		36		1.04
Sba Communications Corp.		110		35		1.02
Servicenow, Inc.		82		39		1.13
Solaredge Technologies, Inc.		161		44		1.27
Synopsys, Inc.		134		41		1.18
Verisk Analytics, Inc.		201		35		1.00
Waters Corp.		112		37		1.07
Wec Energy Group, Inc.		346		35		1.01
West Pharmaceutical Services		119		36		1.04
Zoetis, Inc.		216		37		1.08

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Index as of June 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Value Index
AES Corp.		1,628	$	34		1.13	%
AT&T, Inc.		1,648		35		1.14
Biogen, Inc.		167		34		1.13
Cardinal Health, Inc.		591		31		1.02
Cbre Group, Inc. — Class A		414		31		1.01
Centene Corp.		401		34		1.12
Cigna Corp.		126		33		1.10
Citigroup, Inc.		688		32		1.05
Citizens Financial Group		854		30		1.01
Conagra Brands, Inc.		899		31		1.02
Constellation Energy		575		33		1.09
Cummins, Inc.		164		32		1.05
CVS Health Corp.		332		31		1.02
Diamondback Energy, Inc.		260		31		1.04
Digital Realty Trust, Inc.		255		33		1.10
Dish Network Corp. — Class A		1,735		31		1.03
DR Horton, Inc.		484		32		1.06
DXC Technology Co.		1,162		35		1.17
Edison International		484		31		1.01
Entergy Corp.		277		31		1.03
Equity Residential		437		32		1.05
Exxon Mobil Corp.		381		33		1.08
Fedex Corp.		157		36		1.18
Fidelity National Information Services		350		32		1.06
Fox Corp. — Class A		968		31		1.03
Franklin Resources, Inc.		1,337		31		1.03
Global Payments, Inc.		276		30		1.01
Goldman Sachs Group, Inc.		108		32		1.07
Huntington Ingalls Industries		156		34		1.13

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Value Index (cont'd)
Invesco Ltd.		1,874	$	30		1.00	%
Laboratory Corporation of America Holdings		134		31		1.04
Leidos Holdings, Inc.		316		32		1.06
Lennar Corp. — Class A		439		31		1.03
Lumen Technologies, Inc.		2,912		32		1.05
Metlife, Inc.		510		32		1.06
Moderna, Inc.		252		36		1.19
Molson Coors Beverage Co. — Class B		577		31		1.04
Organon & Co.		953		32		1.07
Paccar, Inc.		389		32		1.06
Penn National Gaming, Inc.		1,084		33		1.09
Pfizer, Inc.		653		34		1.13
Pinnacle West Capital		440		32		1.07
Pultegroup, Inc.		775		31		1.02
Quest Diagnostics, Inc.		240		32		1.06
Regions Financial Corp.		1,626		30		1.01
Tapestry, Inc.		1,083		33		1.09
Textron, Inc.		521		32		1.05
Tyson Foods, Inc. — Class A		361		31		1.03
United Parcel Services — Class B		185		34		1.12
Viatris, Inc.		3,026		32		1.05

@ Value/Notional amount is less than $500.

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

BTP Buoni del Tesoro Poliennali.

CAC Cotation Assistée en Continu.

CDI Certificado de Depósito Interbancári.

CME Chicago Mercantile Exchange.

FTSE Financial Times Stock Exchange.

IBEX Índice Bursátil Español.

MIB Milano Indice di Borsa.

MSCI Morgan Stanley Capital International.

SGX Singapore Exchange Ltd.

SPI Schedule Performance Index.

TIIE Interbank Equilibrium Interest Rate.

WTI West Texas Intermediate.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi Offshore

CNY — Chinese Yuan Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

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		55.1	%
Common Stocks		30.7
Short-Term Investments		14.2
Total Investments		100.0	%**

** Does not include open long/short futures contracts with a value of approximately $23,318,000 and net unrealized appreciation of approximately $81,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $16,000. Also does not include open swap agreements with net unrealized depreciation of approximately $2,916,000.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	June 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $76,618)	$	70,817
Investment in Security of Affiliated Issuer, at Value (Cost $10,902)		10,902
Total Investments in Securities, at Value (Cost $87,520)		81,719
Foreign Currency, at Value (Cost $571)		568
Due from Broker		3,220
Receivable for Investments Sold		951
Receivable for Variation Margin on Futures Contracts		860
Unrealized Appreciation on Swap Agreements		375
Interest Receivable		227
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		120
Tax Reclaim Receivable		36
Dividends Receivable		29
Receivable from Affiliate		9
Receivable for Fund Shares Sold		4
Due from Adviser		3
Other Assets		17
Total Assets		88,138
Liabilities:
Unrealized Depreciation on Swap Agreements		2,803
Payable for Investments Purchased		2,271
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		136
Payable for Professional Fees		70
Payable for Custodian Fees		40
Payable for Servicing Fees		27
Bank Overdraft		14
Payable for Fund Shares Redeemed		7
Payable for Administration Fees		6
Payable for Transfer Agency Fees		3
Payable for Distribution Fees — Class II Shares		1
Other Liabilities		119
Total Liabilities		5,497
NET ASSETS	$	82,641
Net Assets Consist of:
Paid-in-Capital	$	77,703
Total Distributable Earnings		4,938
Net Assets	$	82,641
CLASS I:
Net Assets	$	69,042
Net Asset Value, Offering and Redemption Price Per Share Applicable to 7,388,142 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	9.34
CLASS II:
Net Assets	$	13,599
Net Asset Value, Offering and Redemption Price Per Share Applicable to 1,465,060 Outstanding $0.001 Par Value Shares (Authorized 500,000,000 Shares)	$	9.28

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Operations	Six Months Ended June 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld)	$	476
Dividends from Securities of Unaffiliated Issuers (Net of $40 of Foreign Taxes Withheld)		471
Dividends from Security of Affiliated Issuer (Note H)		23
Total Investment Income		970
Expenses:
Advisory Fees (Note B)		355
Professional Fees		107
Custodian Fees (Note G)		100
Servicing Fees (Note D)		73
Pricing Fees		44
Administration Fees (Note C)		38
Distribution Fees — Class II Shares (Note E)		19
Shareholder Reporting Fees		16
Transfer Agency Fees (Note F)		5
Directors' Fees and Expenses		3
Other Expenses		3
Total Expenses		763
Waiver of Advisory Fees (Note B)		(320	)
Waiver of Distribution Fees — Class II Shares (Note E)		(11	)
Rebate from Morgan Stanley Affiliate (Note H)		(5	)
Net Expenses		427
Net Investment Income		543
Realized Gain (Loss):
Investments Sold		(457	)
Foreign Currency Forward Exchange Contracts		(124	)
Foreign Currency Translation		306
Futures Contracts		2,143
Swap Agreements		(2,572	)
Net Realized Loss		(704	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $1)		(14,171	)
Foreign Currency Forward Exchange Contracts		11
Foreign Currency Translation		(6	)
Futures Contracts		204
Swap Agreements		(3,624	)
Net Change in Unrealized Appreciation (Depreciation)		(17,586	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(18,290	)
Net Decrease in Net Assets Resulting from Operations	$	(17,747	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended June 30, 2022 (unaudited) (000)			Year Ended December 31, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	543		$	937
Net Realized Gain (Loss)		(704	)		16,015
Net Change in Unrealized Appreciation (Depreciation)		(17,586	)		(8,416	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,747	)		8,536
Dividends and Distributions to Shareholders:
Class I		—			(4,709	)
Class II		—			(855	)
Total Dividends and Distributions to Shareholders		—			(5,564	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		1,975			5,366
Distributions Reinvested		—			4,709
Redeemed		(6,762	)		(12,450	)
Class II:
Subscribed		850			1,095
Distributions Reinvested		—			855
Redeemed		(1,164	)		(1,825	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,101	)		(2,250	)
Total Increase (Decrease) in Net Assets		(22,848	)		722
Net Assets:
Beginning of Period		105,489			104,767
End of Period	$	82,641		$	105,489
⁽¹⁾Capital Share Transactions:
Class I:
Shares Subscribed		184			470
Shares Issued on Distributions Reinvested		—			421
Shares Redeemed		(644	)		(1,099	)
Net Decrease in Class I Shares Outstanding		(460	)		(208	)
Class II:
Shares Subscribed		81			97
Shares Issued on Distributions Reinvested		—			77
Shares Redeemed		(110	)		(162	)
Net Increase (Decrease) in Class II Shares Outstanding		(29	)		12

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	11.30		$	10.99		$	10.91		$	9.85		$	11.17		$	9.87
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.06			0.10			0.09			0.16			0.16			0.20
Net Realized and Unrealized Gain (Loss)		(2.02	)		0.81			0.95			1.56			(0.86	)		1.38
Total from Investment Operations		(1.96	)		0.91			1.04			1.72			(0.70	)		1.58
Distributions from and/or in Excess of:
Net Investment Income		—			(0.21	)		(0.16	)		(0.20	)		(0.13	)		(0.12	)
Net Realized Gain		—			(0.39	)		(0.80	)		(0.46	)		(0.49	)		(0.16	)
Total Distributions		—			(0.60	)		(0.96	)		(0.66	)		(0.62	)		(0.28	)
Net Asset Value, End of Period	$	9.34		$	11.30		$	10.99		$	10.91		$	9.85		$	11.17
Total Return⁽²⁾		(17.35	)%⁽⁵⁾		8.37	%		10.92	%		17.77	%		(6.50	)%		16.11	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	69,042		$	88,704		$	88,563		$	89,575		$	87,675		$	107,015
Ratio of Expenses Before Expense Limitation		1.58	%⁽⁶⁾		1.52	%		1.59	%		1.49	%		1.44	%		1.42	%
Ratio of Expenses After Expense Limitation		0.89	%⁽³⁾⁽⁶⁾		0.90	%⁽³⁾		0.88	%⁽³⁾		0.88	%⁽³⁾		0.89	%⁽³⁾		0.88	%⁽³⁾
Ratio of Net Investment Income		1.16	%⁽³⁾⁽⁶⁾		0.89	%⁽³⁾		0.89	%⁽³⁾		1.55	%⁽³⁾		1.48	%⁽³⁾		1.85	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.00	%⁽⁴⁾		0.02	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		37	%⁽⁵⁾		111	%		114	%		124	%		85	%		99	%

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

(4) Amount is less than 0.005%.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022

Consolidated Financial Highlights

Global Strategist Portfolio

	Class II
	Six Months Ended June 30, 2022			Year Ended December 31,
Selected Per Share Data and Ratios	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	11.23		$	10.93		$	10.85		$	9.79		$	11.11		$	9.82
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05			0.09			0.08			0.15			0.15			0.18
Net Realized and Unrealized Gain (Loss)		(2.00	)		0.80			0.94			1.56			(0.86	)		1.38
Total from Investment Operations		(1.95	)		0.89			1.02			1.71			(0.71	)		1.56
Distributions from and/or in Excess of:
Net Investment Income		—			(0.20	)		(0.14	)		(0.19	)		(0.12	)		(0.11	)
Net Realized Gain		—			(0.39	)		(0.80	)		(0.46	)		(0.49	)		(0.16	)
Total Distributions		—			(0.59	)		(0.94	)		(0.65	)		(0.61	)		(0.27	)
Net Asset Value, End of Period	$	9.28		$	11.23		$	10.93		$	10.85		$	9.79		$	11.11
Total Return⁽²⁾		(17.36	)%⁽⁵⁾		8.22	%		10.85	%		17.74	%		(6.65	)%		15.96	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	13,599		$	16,785		$	16,204		$	16,589		$	16,906		$	21,700
Ratio of Expenses Before Expense Limitation		1.83	%⁽⁶⁾		1.77	%		1.84	%		1.74	%		1.69	%		1.67	%
Ratio of Expenses After Expense Limitation		0.99	%⁽³⁾⁽⁶⁾		1.00	%⁽³⁾		0.98	%⁽³⁾		0.98	%⁽³⁾		0.99	%⁽³⁾		0.98	%⁽³⁾
Ratio of Net Investment Income		1.06	%⁽³⁾⁽⁶⁾		0.79	%⁽³⁾		0.79	%⁽³⁾		1.45	%⁽³⁾		1.38	%⁽³⁾		1.75	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.00	%⁽⁴⁾		0.02	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		37	%⁽⁵⁾		111	%		114	%		124	%		85	%		99	%

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

(4) Amount is less than 0.005%.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements

The accompanying consolidated financial statements relate to the Global Strategist Portfolio. The Fund seeks total return and offers two classes of shares — Class I and Class II. Both classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

The Company is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain life insurance companies.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Company in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, VIF Global Strategist Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily futures, swaps and notes. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of June 30, 2022, the Subsidiary represented approximately $11,724,000 or approximately 14.19% of the total net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Code and recent Internal

Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

1. Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (3) certain portfolio 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or 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 broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (6) when market quotations are not readily available, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the

NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (7) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgage	$	—	$	4	$	—	$	4
Agency Fixed Rate Mortgages		—		3,237		—		3,237
Asset-Backed Securities		—		150		—		150
Commercial Mortgage- Backed Securities		—		563		—		563
Corporate Bonds		—		10,935		—		10,935
Mortgages - Other		—		1,215		—		1,215
Sovereign		—		23,214		9		23,223
Supranational		—		1,180		—		1,180
U.S. Treasury Securities		—		4,503		—		4,503
Total Fixed Income Securities		—		45,001		9		45,010
Common Stocks
Aerospace & Defense		233		154		—		387
Air Freight & Logistics		85		60		—		145
Airlines		6		6		—		12
Auto Components		29		30		—		59
Automobiles		253		164		—		417
Banks		824		1,669		—		2,493
Beverages		237		225		—		462
Biotechnology		298		79		—		377
Building Products		58		78		—		136
Capital Markets		442		272		—		714

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (cont'd)
Chemicals	$	265	$	291	$	—		$	556
Commercial Services & Supplies		85		23		—			108
Communications Equipment		89		43		—			132
Construction & Engineering		12		79		—			91
Construction Materials		14		56		—			70
Consumer Finance		78		—		—			78
Containers & Packaging		52		7		—			59
Distributors		19		—		—			19
Diversified Consumer Services		—		2		—			2
Diversified Financial Services		152		77		—			229
Diversified Telecommunication Services		259		227		—			486
Electric Utilities		275		207		—			482
Electrical Equipment		72		150		—			222
Electronic Equipment, Instruments & Components		84		29		—			113
Energy Equipment & Services		40		12		—	†		52	†
Entertainment		161		25		—			186
Equity Real Estate Investment Trusts (REITs)		372		87		—			459
Food & Staples Retailing		264		107		—			371
Food Products		148		387		—			535
Gas Utilities		14		31		—			45
Health Care Equipment & Supplies		348		159		—			507
Health Care Providers & Services		441		37		—			478
Health Care Technology		13		—		—			13
Hotels, Restaurants & Leisure		262		150		—			412
Household Durables		45		27		—			72
Household Products		180		80		—			260
Independent Power Producers & Energy Traders		20		33		—			53
Industrial Conglomerates		103		119		—			222
Information Technology Services		669		108		—			777
Insurance		423		491		—			914
Interactive Media & Services		671		16		—			687
Internet & Direct Marketing Retail		364		71		—			435
Leisure Products		5		—		—			5

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (cont'd)
Life Sciences Tools & Services	$	241		$	66		$	—		$	307
Machinery		196			201			—			397
Marine		—			33			—			33
Media		143			46			—			189
Metals & Mining		184			322	†		—			506	†
Multi-Line Retail		83			24			—			107
Multi-Utilities		130			95			—			225
Oil, Gas & Consumable Fuels		1,767			525			—			2,292
Paper & Forest Products		7			40			—			47
Personal Products		23			197			—			220
Pharmaceuticals		595			1,049			—			1,644
Professional Services		72			152			—			224
Real Estate Management & Development		17			100			—			117
Road & Rail		264			7			—			271
Semiconductors & Semiconductor Equipment		642			240			—			882
Software		1,176			146	†		—			1,322	†
Specialty Retail		237			41			—			278
Tech Hardware, Storage & Peripherals		810			8			—			818
Textiles, Apparel & Luxury Goods		75			381			—			456
Tobacco		76			119			—			195
Trading Companies & Distributors		32			68			—			100
Transportation Infrastructure		—			49			—			49
Water Utilities		15			16			—			31
Wireless Telecommunication Services		48			45			—			93
Total Common Stocks		15,297			9,838	†		—	†		25,135	†
Warrant		—	@		—			—			—	@
Short-Term Investments
Investment Company		10,902			—			—			10,902
U.S. Treasury Security		—			672			—			672
Total Short-Term Investments		10,902			672			—			11,574
Foreign Currency Forward Exchange Contracts		—			120			—			120
Futures Contracts		174			—			—			174
Total Return Swap Agreements		—			375			—			375
Total Assets		26,373			56,006	†		9	†		82,388	†

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	$	—		$	(136	)	$	—		$	(136	)
Futures Contracts		(93	)		—			—			(93	)
Interest Rate Swap Agreements		—			(488	)		—			(488	)
Total Return Swap Agreements		—			(2,803	)		—			(2,803	)
Total Liabilities		(93	)		(3,427	)		—			(3,520	)
Total	$	26,280		$	52,579	†	$	9	†	$	78,868	†

@ Value is less than $500.

† Includes one or more securities valued at zero.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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

	Fixed Income (000)		Common Stock (000)
Beginning Balance	$	—	$	—
Purchases		—		—
Sales		—		—
Amortization of discount		—		—
Transfers in		9		—	†
Transfers out		—		—
Corporate actions		—		—
Change in unrealized appreciation (depreciation)		—		—
Realized gains (losses)		—		—
Ending Balance	$	9	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	—	$	—

† Includes one or more securities valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2022:

Fair Value at
June 30, 2022
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Sovereign

Market Implied

Expected Recovery Value

0.15

Increase

* Amount is indicative of the weighted average.

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

transactions for the period is reflected in the Consolidated Statement of Operations.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

Swaps: The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the clearinghouse or counterparty based upon changes in the value of the contract (variation margin). The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund may enter into total return swaps in which one party agrees to make periodic payments to another party based on the change in market value of the assets

underlying the contract, which may include, but not be limited to, a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swaps may be used to obtain long or short exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swaps may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Consolidated Statement of Assets and Liabilities.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2022:

Asset Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contracts

Unrealized Appreciation
on Foreign Currency
Forward Exchange
Contracts

Currency Risk

120

Futures Contract

Variation Margin on
Futures Contract

Commodity
Risk

(a)

Futures Contract

Variation Margin on
Futures Contract

Currency Risk

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

106

(a)

Swap Agreements

Unrealized Appreciation
on Swap Agreements

Equity Risk

375

Total

669

Liability Derivatives
Consolidated
Statement of Assets
and Liabilities
Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward
Exchange
Contracts

Unrealized Depreciation
on Foreign Currency
Forward Exchange
Contracts

Currency Risk

(136

)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(52

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest
Rate Risk

(41

)(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest
Rate Risk

(488

)(a)

Swap Agreements

Unrealized Depreciation
on Swap Agreements

Equity Risk

(2,803

)

Total

(3,520

)

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Consolidated Portfolio of Investments. The Consolidated Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract

for the six months ended June 30, 2022 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts		$(124)
Commodity Risk	Futures Contracts		(50	)
Currency Risk	Futures Contracts		159
Equity Risk	Futures Contracts		813
Interest Rate Risk	Futures Contracts		1,221
Equity Risk	Swap Agreements		(2,427	)
Interest Rate Risk	Swap Agreements		(145	)
Total		$	(553	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts		$11
Commodity Risk	Futures Contracts		33
Currency Risk	Futures Contracts		31
Equity Risk	Futures Contracts		47
Interest Rate Risk	Futures Contracts		93
Equity Risk	Swap Agreements		(2,978	)
Interest Rate Risk	Swap Agreements		(646	)
Total		$	(3,409	)

At June 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	120	$	(136	)
Swap Agreements		375		(2,803	)
Total	$	495	$	(2,939	)

(b) Excludes exchange-traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received(d) (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	—	@	$	(—	@)	$	—	$	0
Barclays Bank PLC		—	@		(—	@)		—		0
BNP Paribas SA		150			(105	)		—		45
Citibank NA		—	@		(—	@)		—		0
Goldman Sachs International		13			(13	)		—		0
JPMorgan Chase Bank NA		307			(304	)		—		3
State Street Bank and Trust Co.		—	@		—			—		—	@
UBS AG		25			(25	)		—		0
Total	$	495		$	(447	)	$	—	$	48

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged(d) (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	6		$	(—	@)	$	—		$	6
Barclays Bank PLC		30			(—	@)		—			30
BNP Paribas SA		1,368			(105	)		(1,263	)		0
Citibank NA		—	@		(—	@)		—			0
Goldman Sachs International		731			(13	)		(670	)		48
JPMorgan Chase Bank NA		763			(304	)		(290	)		169
Royal Bank of Canada		2			—			—			2
UBS AG		39			(25	)		—			14
Total	$	2,939		$	(447	)	$	(2,223	)	$	269

@ Value is less than $500.

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

For the six months ended June 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	30,560,000
Futures Contracts:
Average monthly notional value	$	34,849,000
Swap Agreements:
Average monthly notional amount	$	28,250,000

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

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

For the six months ended June 30, 2022, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.06% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I shares and 1.00% for Class II shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Directors act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended June 30, 2022, approximately $320,000 of advisory fees were waived pursuant to this arrangement.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Street"), State Street provides certain administrative services to the Company. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

H. Security Transactions and Transactions with Affiliates: For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $9,505,000 and $18,365,000, respectively. For the six months ended June 30, 2022, purchases and sales of long-term U.S. Government

securities were approximately $20,415,000 and $17,083,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds – Government Portfolio (the "Liquidity Funds"), 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:

Affiliated Investment Company				Value December 31, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	13,700			$	27,953			$	30,751			$	23

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value June 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	10,902

During the six months ended June 30, 2022, the Fund incurred less than $500 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator, Sub-Adviser and Distributor, for portfolio transactions executed on behalf of the Fund.

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

2021 Distributions Paid From:				2020 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	4,054	$	1,510	$	4,575	$	4,083

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.

At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$5,291				$9,927

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on the investments having exposure to Russia, Ukraine, and other combatants, including Belarus. Russia in turn has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.

prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Election of Directors by all shareholders:

	For		Against
Frances L. Cashman		113,375,219		4,792,054
Nancy C. Everett		113,605,585		4,561,688
Eddie A. Grier		113,188,820		4,978,453
Jakki L. Haussler		113,619,810		4,547,463
Patricia A. Maleski		113,689,242		4,478,031

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

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

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's contractual management fee was higher than its peer group average and the actual management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

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

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Investment Advisory Agreement Approval (cont'd)

Profitability of the Adviser and Affiliates

Other Benefits of the Relationship

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

Other Factors and Current Trends

General Conclusion

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Variable Insurance Fund, Inc.

Semi-Annual Report – June 30, 2022 (unaudited)

Director and Officer Information

Directors

Frank L. Bowman

Frances L. Cashman

Kathleen A. Dennis

Nancy C. Everett

Eddie A. Grier

Jakki L. Haussler

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Patricia A. Maleski

W. Allen Reed, Chair of the Board

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Distributor

Morgan Stanley Distribution, Inc.

522 Fifth Avenue

New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Directors

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

UIFIMSAN
4870100 EXP 08.31.23

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to annual reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable to reports filed by closed-end funds.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

Item 11. Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the most recent fiscal half-year period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.

Not Applicable.

Item 13. Exhibits

(a) Code of Ethics – Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant as part of EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Variable Insurance Fund, Inc.

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

August 17, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

August 17, 2022

/s/ Francis J. Smith
Francis J. Smith
Principal Financial Officer

August 17, 2022

Morgan Stanley Variable Insurance Fund N-CSRSCertified semi-annual shareholder report (management investment company)