Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (92.1%)
Biotechnology (2.1%)
Alnylam Pharmaceuticals, Inc. (a)		762	$	135
Intellia Therapeutics, Inc. (a)		16,207		512
ProKidney Corp. (a)		76,405		350
Roivant Sciences Ltd. (a)		166,771		1,948
				2,945
Broadline Retail (7.1%)
Global-e Online Ltd. (Israel) (a)		246,474		9,795
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		303,298		549
Entertainment (4.6%)
ROBLOX Corp., Class A (a)		219,644		6,361
Financial Services (12.0%)
Adyen NV (Netherlands) (a)		4,762		3,531
Affirm Holdings, Inc. (a)		467,715		9,948
Toast, Inc., Class A (a)		170,905		3,201
				16,680
Ground Transportation (2.0%)
Grab Holdings Ltd., Class A (Singapore) (a)		798,239		2,826
Health Care Equipment & Supplies (0.8%)
Dexcom, Inc. (a)		7,762		724
Penumbra, Inc. N (a)		1,527		370
				1,094
Health Care Providers & Services (5.2%)
Agilon health, Inc. (a)		403,976		7,175
Health Care Technology (1.4%)
Doximity, Inc., Class A (a)		89,137		1,891
Hotels, Restaurants & Leisure (6.2%)
DoorDash, Inc., Class A (a)		108,680		8,637
Information Technology Services (10.4%)
Cloudflare, Inc., Class A (a)		172,869		10,898
MongoDB, Inc. (a)		10,124		3,501
				14,399
Interactive Media & Services (0.1%)
Snap, Inc., Class A (a)		16,081		143
Leisure Products (1.6%)
Peloton Interactive, Inc., Class A (a)		433,141		2,187
Life Sciences Tools & Services (1.3%)
10X Genomics, Inc., Class A (a)		44,684		1,843
Media (7.4%)
Trade Desk, Inc., Class A (a)		130,640		10,209
Pharmaceuticals (4.6%)
Royalty Pharma PLC, Class A		236,060		6,407
Semiconductors & Semiconductor Equipment (0.1%)
Enphase Energy, Inc. (a)		1,167		140
Software (18.0%)
Aurora Innovation, Inc. (a)		774,309		1,820
Bill Holdings, Inc. (a)		64,652		7,019
Gitlab, Inc., Class A (a)		71,713		3,243
HubSpot, Inc. (a)		2,879		1,418
Klaviyo, Inc., Class A (a)		22,458		775
MicroStrategy, Inc., Class A (a)		3,276		1,075
Procore Technologies, Inc. (a)		60,178		3,931
Samsara, Inc., Class A (a)		223,157		5,626
Unity Software, Inc. (a)		4,444		139
				25,046
Specialty Retail (6.8%)
Carvana Co. (a)		144,609		6,071
Wayfair, Inc., Class A (a)		55,917		3,387
				9,458
Total Common Stocks (Cost $176,373)				127,785
Preferred Stocks (2.4%)
Software (2.4%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21)		36,279		2,667
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23)		9,645		709
Total Preferred Stocks (Cost $3,375)				3,376
Investment Company (1.6%)
Grayscale Bitcoin Trust (a) (Cost $4,221)		116,412		2,234
	No. of Warrants
Warrant (0.0%)‡
Chemicals (0.0%)‡
Ginkgo Bioworks Holdings, Inc. , expires 12/31/27 (a) (Cost $55)		16,415		3
	Shares
Short-Term Investments (4.6%)
Investment Company (4.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $5,844)		5,844,263		5,844
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e)		456,922		457

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.1%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $32; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $32)	$	32	$	32
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $69; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $71)		69		69
				101
Total Securities held as Collateral on Loaned Securities (Cost $558)				558
Total Short-Term Investments (Cost $6,402)				6,402
Total Investments Excluding Purchased Options (100.7%) (Cost $190,426)				139,800
Total Purchased Options Outstanding (0.3%) (Cost $420)				438
Total Investments (101.0%) (Cost $190,846) Including $505 of Securities Loaned (f)(g)(h)(i)				140,238
Liabilities in Excess of Other Assets (–1.0%)				(1,453	)
Net Assets (100.0%)			$	138,785

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $505,000 and $558,000 respectively. The Fund received cash collateral of approximately $558,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $3,376,000 and represents 2.4% of net assets.
(d)	At September 30, 2023, the Fund held fair valued securities valued at approximately $3,376,000, representing 2.4% 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 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $3,531,000 and 2.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,889,000 and the aggregate gross unrealized depreciation is approximately $64,497,000, resulting in net unrealized depreciation of approximately $50,608,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts	Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24	27,229,362	$	27,229	$	124		$	128	$	(4	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24	33,393,235		33,393		174			142	32
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24	36,061,106		36,061		140			149	(9		)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23	291,150		291		—	@		1	(1		)
								$	438		$	420	$	18

@		Value is less than $500.
CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		24.8	%
Software		20.4
Financial Services		12.0
Information Technology Services		10.3
Media		7.3
Broadline Retail		7.0
Specialty Retail		6.8
Hotels, Restaurants & Leisure		6.2
Health Care Providers & Services		5.2
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.4%)
Albania (1.8%)
Sovereign (1.8%)
Albania Government International Bond,
3.50%, 10/9/25	EUR	210	$	215
5.90%, 6/9/28		1,500		1,548
				1,763
Angola (0.9%)
Sovereign (0.9%)
Angolan Government International Bond,
8.75%, 4/14/32	$	1,092		881
Argentina (0.7%)
Sovereign (0.7%)
Argentine Republic Government International Bond,
1.00%, 7/9/29		400		112
3.50%, 7/9/41 (a)		600		155
4.25%, 1/9/38 (a)		1,600		473
				740
Armenia (0.2%)
Corporate Bond (0.2%)
Ardshinbank CJSC Via Dilijan Finance BV,
6.50%, 1/28/25		200		198
Bahrain (2.5%)
Sovereign (2.5%)
Bahrain Government International Bond,
5.45%, 9/16/32		1,070		934
5.63%, 5/18/34		1,000		858
7.00%, 10/12/28		650		661
				2,453
Barbados (1.4%)
Sovereign (1.4%)
Barbados Government International Bond,
6.50%, 10/1/29		1,451		1,355
Benin (1.9%)
Sovereign (1.9%)
Benin Government International Bond,
4.88%, 1/19/32	EUR	250		196
4.95%, 1/22/35		390		284
6.88%, 1/19/52		1,970		1,396
				1,876
Brazil (4.4%)
Corporate Bonds (4.4%)
Coruripe Netherlands BV,
10.00%, 2/10/27	$	830		609
FORESEA Holding SA,
7.50%, 6/15/30		500		470
Guara Norte Sarl,
5.20%, 6/15/34		424		362
Hidrovias International Finance Sarl,
4.95%, 2/8/31		580		466
MC Brazil Downstream Trading Sarl,
7.25%, 6/30/31		657		505
Minerva Luxembourg SA,
8.88%, 9/13/33 (b)		812		807
MV24 Capital BV,
6.75%, 6/1/34		578		511
Natura &Co. Luxembourg Holdings Sarl,
6.00%, 4/19/29		201		185
Samarco Mineracao SA,
5.75%, 10/24/23 (c)(d)		520		409
				4,324
Bulgaria (0.2%)
Corporate Bond (0.2%)
Bulgarian Energy Holding EAD,
2.45%, 7/22/28	EUR	230		204
Burkina Faso (0.8%)
Corporate Bond (0.8%)
Endeavour Mining PLC,
5.00%, 10/14/26	$	880		788
Chile (2.7%)
Corporate Bonds (1.3%)
AES Andes SA,
7.13%, 3/26/79		659		622
Liberty Latin America Ltd.,
2.00%, 7/15/24		311		294
VTR Comunicaciones SpA,
4.38%, 4/15/29		200		111
5.13%, 1/15/28		400		226
				1,253
Sovereign (1.4%)
Chile Government International Bond,
2.45%, 1/31/31		300		247
2.55%, 7/27/33		830		639
3.50%, 1/25/50		750		502
				1,388
				2,641
China (1.2%)
Corporate Bonds (1.2%)
KWG Group Holdings Ltd.,
7.88%, 8/30/24 (c)(d)		450		41
Longfor Group Holdings Ltd.,
3.85%, 1/13/32		231		98
Meituan,
0.00%, 4/27/27		500		443
Shimao Group Holdings Ltd.,
5.60%, 7/15/26		1,218		43
Sunac China Holdings Ltd.,
8.35%, 4/19/23 (c)(d)		740		112
Times China Holdings Ltd.,
5.55%, 6/4/24 (c)(d)		1,376		48

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont’d)
6.75%, 7/16/23 (c)(d)	$	280	$	10
Yuexiu REIT MTN Co. Ltd.,
2.65%, 2/2/26		430		370
				1,165
Colombia (2.2%)
Corporate Bonds (2.2%)
ABRA Global Finance
6.00% Cash, 5.50% PIK, 11.50%, 3/2/28 (b)(e)		526		422
Aris Mining Corp.,
6.88%, 8/9/26		830		665
Avianca Midco 2 PLC,
9.00%, 12/1/28		290		248
Canacol Energy Ltd.,
5.75%, 11/24/28		552		438
SierraCol Energy Andina LLC,
6.00%, 6/15/28		501		399
				2,172
Costa Rica (0.9%)
Corporate Bond (0.6%)
Liberty Costa Rica Senior Secured Finance,
10.88%, 1/15/31 (b)		630		632
Sovereign (0.3%)
Costa Rica Government International Bond,
6.55%, 4/3/34		300		293
				925
Dominican Republic (2.3%)
Sovereign (2.3%)
Dominican Republic International Bond,
4.88%, 9/23/32		600		489
5.88%, 1/30/60		200		144
6.00%, 7/19/28 (b)		600		572
6.85%, 1/27/45 (b)		740		632
7.45%, 4/30/44 (b)		500		458
				2,295
Egypt (1.6%)
Sovereign (1.6%)
Egypt Government International Bond,
5.25%, 10/6/25 (b)		500		386
5.75%, 5/29/24		300		279
6.38%, 4/11/31 (b)	EUR	500		296
6.88%, 4/30/40	$	104		54
7.50%, 2/16/61		370		188
8.88%, 5/29/50		730		398
				1,601
El Salvador (1.1%)
Sovereign (1.1%)
El Salvador Government International Bond,
5.88%, 1/30/25		157		143
6.38%, 1/18/27		487		399
7.63%, 2/1/41		150		103
7.65%, 6/15/35		27		19
8.25%, 4/10/32		526		420
				1,084
Ethiopia (1.0%)
Sovereign (1.0%)
Ethiopia International Bond,
6.63%, 12/11/24		1,580		1,027
Gabon (0.3%)
Sovereign (0.3%)
Gabon Government International Bond,
6.95%, 6/16/25 (b)		300		268
Georgia (0.4%)
Corporate Bond (0.4%)
TBC Bank JSC,
10.78%, 10/3/24 (f)		370		362
Ghana (2.3%)
Corporate Bonds (0.8%)
Kosmos Energy Ltd.,
7.50%, 3/1/28		282		254
7.75%, 5/1/27		215		199
Tullow Oil PLC,
10.25%, 5/15/26		398		346
				799
Sovereign (1.5%)
Ghana Government International Bond,
6.38%, 2/11/27 (c)(d)		200		89
7.75%, 4/7/29 (c)(d)		205		91
8.13%, 3/26/32 (c)(d)		387		171
8.63%, 4/7/34 (c)(d)		417		186
8.63%, 6/16/49 (c)(d)		1,230		526
8.75%, 3/11/61 (c)(d)		403		173
8.88%, 5/7/42 (c)(d)		233		100
8.95%, 3/26/51 (c)(d)		245		105
				1,441
				2,240
Guatemala (0.7%)
Sovereign (0.7%)
Guatemala Government Bond,
3.70%, 10/7/33		300		231
4.65%, 10/7/41 (b)		310		230
6.13%, 6/1/50 (b)		320		277
				738
Honduras (0.1%)
Sovereign (0.1%)
Honduras Government International Bond,
6.25%, 1/19/27		150		142

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Sovereign (cont'd)
Hungary (2.3%)
Corporate Bond (0.6%)
OTP Bank Nyrt,
8.75%, 5/15/33	$	550	$	547
Sovereign (1.7%)
Hungary Government International Bond,
5.38%, 9/12/33	EUR	134		137
6.25%, 9/22/32	$	600		586
6.25%, 9/22/32 (b)		1,000		977
				1,700
				2,247
India (1.7%)
Corporate Bonds (1.4%)
Indiabulls Housing Finance Ltd.,
4.50%, 9/28/26		387		352
JSW Steel Ltd.,
5.05%, 4/5/32		642		516
Vedanta Resources Finance II PLC,
13.88%, 1/21/24		550		493
				1,361
Sovereign (0.3%)
Export-Import Bank of India,
5.50%, 1/18/33 (b)		300		288
				1,649
Indonesia (3.9%)
Corporate Bonds (1.3%)
APL Realty Holdings Pte. Ltd.,
5.95%, 6/2/24		350		271
Minejesa Capital BV,
4.63%, 8/10/30		1,165		1,040
				1,311
Sovereign (2.6%)
Indonesia Government International Bond,
3.55%, 3/31/32		600		519
4.45%, 4/15/70		300		228
4.65%, 9/20/32		780		731
4.85%, 1/11/33		1,160		1,106
				2,584
				3,895
Iraq (0.4%)
Sovereign (0.4%)
Iraq International Bond,
5.80%, 1/15/28		478		444
Ivory Coast (2.5%)
Sovereign (2.5%)
Ivory Coast Government International Bond,
4.88%, 1/30/32	EUR	600		485
6.63%, 3/22/48		2,031		1,482
6.88%, 10/17/40		591		464
				2,431
Jamaica (0.6%)
Corporate Bond (0.6%)
Digicel International Finance Ltd./Digicel international Holdings Ltd.,
8.75%, 5/25/24	$	700		631
Jordan (0.8%)
Sovereign (0.8%)
Jordan Government International Bond,
7.38%, 10/10/47 (b)		514		425
7.50%, 1/13/29		200		196
7.75%, 1/15/28		200		200
				821
Kazakhstan (0.8%)
Sovereign (0.8%)
Kazakhstan Government International Bond,
6.50%, 7/21/45		800		816
Kenya (0.9%)
Sovereign (0.9%)
Republic of Kenya Government International Bond,
8.00%, 5/22/32		1,200		936
Kuwait (0.5%)
Sovereign (0.5%)
Kuwait International Government Bond,
3.50%, 3/20/27		550		522
Lebanon (0.2%)
Sovereign (0.2%)
Lebanon Government International Bond,
6.85%, 3/23/27 - 5/25/29 (c)(d)		2,420		199
Macedonia (2.9%)
Sovereign (2.9%)
North Macedonia Government International Bond,
1.63%, 3/10/28	EUR	1,554		1,339
6.96%, 3/13/27		1,449		1,564
				2,903
Mexico (5.5%)
Corporate Bonds (3.3%)
Banco Mercantil del Norte SA,
8.38%, 10/14/30 (f)	$	234		222
BBVA Bancomer SA,
5.13%, 1/18/33		465		401
8.45%, 6/29/38 (b)		289		285
Braskem Idesa SAPI,
6.99%, 2/20/32		478		288
7.45%, 11/15/29		515		322
Cemex SAB de CV,
5.13%, 6/8/26 (f)		300		281
9.13%, 3/14/28 (b)(f)		244		254

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont'd)
Grupo Aeromexico SAB de CV,
8.50%, 3/17/27	$	280	$	262
Total Play Telecomunicaciones SA de CV,
7.50%, 11/12/25		1,351		968
				3,283
Sovereign (2.2%)
Petroleos Mexicanos,
4.25%, 1/15/25		330		316
5.95%, 1/28/31		900		645
6.35%, 2/12/48		400		228
6.70%, 2/16/32		500		372
6.88%, 8/4/26		300		277
10.00%, 2/7/33 (b)		300		267
				2,105
				5,388
Moldova (0.3%)
Corporate Bond (0.3%)
Aragvi Finance International DAC,
8.45%, 4/29/26		450		311
Mongolia (0.3%)
Corporate Bond (0.3%)
Mongolian Mining Corp./Energy Resources LLC,
9.25%, 4/15/24		265		265
Morocco (0.6%)
Sovereign (0.6%)
Morocco Government International Bond,
3.00%, 12/15/32		300		229
4.00%, 12/15/50 (b)		610		379
				608
Nigeria (3.4%)
Corporate Bonds (0.6%)
IHS Netherlands Holdco BV,
8.00%, 9/18/27 (b)		300		252
SEPLAT Energy PLC,
7.75%, 4/1/26		410		351
				603
Sovereign (2.8%)
Nigeria Government International Bond,
6.50%, 11/28/27 (b)		300		251
6.50%, 11/28/27		360		301
7.38%, 9/28/33		1,025		761
7.63%, 11/28/47		200		134
7.70%, 2/23/38		1,017		715
8.25%, 9/28/51		830		577
				2,739
				3,342
Oman (2.4%)
Sovereign (2.4%)
Oman Government International Bond,
5.38%, 3/8/27		200		195
6.25%, 1/25/31 (b)		550		544
6.25%, 1/25/31		1,060		1,049
6.75%, 1/17/48		440		406
7.38%, 10/28/32		200		212
				2,406
Panama (2.5%)
Corporate Bonds (1.3%)
C&W Senior Financing DAC,
6.88%, 9/15/27		873		768
Multibank, Inc.,
7.75%, 2/3/28 (b)		531		536
				1,304
Sovereign (1.2%)
Panama Bonos del Tesoro,
6.38%, 7/25/33		130		123
Panama Government International Bond,
2.25%, 9/29/32		600		436
3.87%, 7/23/60		470		273
4.50%, 4/1/56		500		331
				1,163
				2,467
Paraguay (1.2%)
Corporate Bond (0.7%)
Frigorifico Concepcion SA,
7.70%, 7/21/28		786		651
Sovereign (0.5%)
Paraguay Government International Bond,
5.40%, 3/30/50		248		196
5.40%, 3/30/50 (b)		400		317
				513
				1,164
Peru (2.6%)
Corporate Bonds (1.8%)
Auna SAA,
6.50%, 11/20/25		989		911
Hunt Oil Co. of Peru LLC Sucursal Del Peru,
8.55%, 9/18/33 (b)		200		202
Peru LNG Srl,
5.38%, 3/22/30		905		712
				1,825
Sovereign (0.8%)
Peruvian Government International Bond,
2.78%, 1/23/31		300		246

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Sovereign (cont'd)
3.00%, 1/15/34	$	300	$	232
3.55%, 3/10/51		400		265
				743
				2,568
Romania (5.1%)
Sovereign (5.1%)
Romanian Government International Bond,
1.75%, 7/13/30 (b)	EUR	315		253
1.75%, 7/13/30		1,724		1,383
2.00%, 4/14/33		562		410
2.12%, 7/16/31		749		589
2.13%, 3/7/28		532		489
3.75%, 2/7/34		121		101
3.75%, 2/7/34 (b)		560		469
4.00%, 2/14/51	$	830		531
6.13%, 1/22/44		250		224
6.63%, 9/27/29	EUR	500		545
				4,994
Senegal (0.2%)
Sovereign (0.2%)
Senegal Government International Bond,
6.25%, 5/23/33	$	300		241
Serbia (1.6%)
Sovereign (1.6%)
Serbia International Bond,
1.50%, 6/26/29	EUR	600		490
2.05%, 9/23/36		270		170
2.13%, 12/1/30 (b)	$	310		228
2.13%, 12/1/30		720		530
6.50%, 9/26/33		200		191
				1,609
South Africa (1.1%)
Corporate Bonds (1.1%)
Petra Diamonds U.S. Treasury PLC
6.07% Cash, 3.96 % PIK,
9.75%, 3/8/26 (e)		151		133
Sasol Financing USA LLC,
5.50%, 3/18/31		870		683
8.75%, 5/3/29		233		224
				1,040
Sri Lanka (2.5%)
Sovereign (2.5%)
Sri Lanka Government International Bond,
5.75%, 4/18/23 (c)(d)		200		97
6.20%, 5/11/27 (c)(d)		2,400		1,121
6.35%, 6/28/24 (c)(d)		200		96
6.83%, 7/18/26 (c)(d)		200		96
6.85%, 3/14/24 - 11/3/25 (c)(d)		2,100		1,015
				2,425
Suriname (5.9%)
Sovereign (5.9%)
Suriname Government International Bond,
9.25%, 10/26/26 (c)(d)		4,633		3,996
12.88%, 12/30/23 (b)(c)(d)		868		782
12.88%, 12/30/23 (c)(d)		1,122		1,011
				5,789
Tanzania, United Republic Of (0.8%)
Corporate Bonds (0.8%)
HTA Group Ltd.,
2.88%, 3/18/27		200		165
7.00%, 12/18/25		600		579
				744
Trinidad And Tobago (0.3%)
Sovereign (0.3%)
Trinidad & Tobago Government International Bond,
4.50%, 6/26/30		350		323
Turkey (2.2%)
Corporate Bonds (2.2%)
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS,
9.50%, 7/10/36		749		676
Ulker Biskuvi Sanayi AS,
6.95%, 10/30/25		740		697
WE Soda Investments Holding PLC,
9.50%, 10/6/28		800		808
				2,181
Ukraine (1.0%)
Sovereign (1.0%)
Ukraine Government Bond,
7.75%, 9/1/25 (c)(d)		100		33
Ukraine Government International Bond,
6.88%, 5/21/31 (c)(d)		1,000		267
7.75%, 9/1/24 - 9/1/25 (c)(d)		1,571		523
7.75%, 8/1/41 (c)(d)(g)		300		139
				962
United Arab Emirates (3.3%)
Sovereign (3.3%)
Finance Department Government of Sharjah,
4.00%, 7/28/50		1,671		976
4.38%, 3/10/51		500		313
6.50%, 11/23/32		550		549
6.50%, 11/23/32 (b)		1,430		1,429
				3,267
Uruguay (1.7%)
Sovereign (1.7%)
Uruguay Government International Bond,
4.38%, 1/23/31		550		527

Morgan Stanley Variable Insurance Fund, Inc.  

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

	Face Amount (000)		Value (000)
Sovereign (cont'd)
5.10%, 6/18/50	$	750	$	667
5.75%, 10/28/34		490		500
				1,694
Uzbekistan (1.7%)
Corporate Bond (0.5%)
Uzbek Industrial and Construction Bank ATB,
5.75%, 12/2/24		462		442
Sovereign (1.2%)
Republic of Uzbekistan International Bond,
3.70%, 11/25/30 (b)		200		157
3.90%, 10/19/31		634		496
5.38%, 2/20/29		600		538
				1,191
				1,633
Venezuela (0.3%)
Sovereign (0.3%)
Petroleos de Venezuela SA,
6.00%, 11/15/26 (c)(d)		5,850		336
Vietnam (0.6%)
Corporate Bond (0.6%)
Mong Duong Finance Holdings BV,
5.13%, 5/7/29		606		551
Zambia (0.2%)
Sovereign (0.2%)
Zambia Government International Bond,
8.50%, 4/14/24 (c)(d)		401		221
Total Fixed Income Securities (Cost $109,717)				95,265

	No. of Warrants
Warrant (0.0%)‡
Venezuela (0.0%)‡
Venezuela Government International Bond, Oil-Linked Payment Obligation,expires 4/15/20 (h)(i) (Cost $—)		3,750	19

	Shares
Short-Term Investments (1.7%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (j) (Cost $1,595)		1,595,201	1,595

	Face Amount (000)
United States (0.1%)
U.S. Treasury Security (0.1%)
U.S. Treasury Bill,
4.47%, 11/30/23 (k) (Cost $124)	$	125	$	124
Total Short-Term Investments (Cost $1,719)				1,719
Total Investments (98.1%) (Cost $111,436) (l)(m)				97,003
Other Assets in Excess of Liabilities (1.9%)				1,831
Net Assets (100.0%)			$	98,834

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (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.

‡	Amount is less than 0.05%.
(a)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2023. Maturity date disclosed is the ultimate maturity date.
(b)	144A security – Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c)	Issuer in bankruptcy.
(d)	Non-income producing security; bond in default.
(e)	Income may be paid in additional securities and/or cash at the discretion of the issuer.
(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 September 30, 2023.
(g)	Floating or variable rate securities: The rates disclosed are as of September 30, 2023. 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.
(h)	Perpetual maturity date. Date disclosed is the last expiration date.
(i)	Non-income producing security.
(j)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.
(k)	Rate shown is the yield to maturity at September 30, 2023.
(l)	Securities are available for collateral in connection with open foreign currency forward exchange contracts and futures contracts.
(m)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,922,000 and the aggregate gross unrealized depreciation is approximately $17,170,000, resulting in net unrealized depreciation of approximately $15,248,000.
DAC	Designated Activity Company.
MTN	Medium Term Note.
PIK	Payment-in-Kind.
REIT	Real Estate Investment Trust.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	$	1,415	EUR	1,321	10/6/23	$	(18	)
Australia & New Zealand Banking Group Ltd.	$	1,064	EUR	1,000	10/6/23		(7	)
Barclays Bank PLC	EUR	1,022	$	1,096	10/6/23		16
Citibank NA	$	150	EUR	140	10/6/23		(2	)
HSBC Bank PLC	EUR	666	$	716	10/6/23		12
HSBC Bank PLC	EUR	263	$	283	10/6/23		5
HSBC Bank PLC	EUR	247	$	266	10/6/23		4
HSBC Bank PLC	EUR	264	$	284	10/6/23		5
HSBC Bank PLC	EUR	1,200	$	1,290	10/6/23		21
HSBC Bank PLC	EUR	287	$	309	10/6/23		5
HSBC Bank PLC	EUR	76	$	82	10/6/23		1
Standard Chartered Bank	EUR	444	$	476	10/6/23		7
State Street Bank and Trust Co.	EUR	525	$	563	10/6/23		8
State Street Bank and Trust Co.	EUR	482	$	516	10/6/23		7
State Street Bank and Trust Co.	EUR	483	$	518	10/6/23		7
State Street Bank and Trust Co.	EUR	1,222	$	1,310	10/6/23		18
State Street Bank and Trust Co.	EUR	452	$	485	10/6/23		7
State Street Bank and Trust Co.	EUR	2,201	$	2,362	10/6/23		35
State Street Bank and Trust Co.	EUR	1,200	$	1,289	10/6/23		21
State Street Bank and Trust Co.	EUR	264	$	284	10/6/23		5
State Street Bank and Trust Co.	EUR	287	$	308	10/6/23		5
State Street Bank and Trust Co.	EUR	247	$	265	10/6/23		4
State Street Bank and Trust Co.	EUR	666	$	716	10/6/23		11
State Street Bank and Trust Co.	EUR	263	$	283	10/6/23		5
State Street Bank and Trust Co.	EUR	1,861	$	1,996	10/6/23		28
State Street Bank and Trust Co.	EUR	1,032	$	1,107	10/6/23		16
State Street Bank and Trust Co.	EUR	408	$	438	10/6/23		6
State Street Bank and Trust Co.	EUR	409	$	439	10/6/23		6
State Street Bank and Trust Co.	EUR	383	$	411	10/6/23		6
UBS AG	EUR	74	$	80	10/6/23		1
UBS AG	EUR	111	$	117	10/6/23		—	@
						$	245

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)	4	Dec-23	$	800		$	811		$	(3	)
U.S. Treasury 10 yr. Note (United States)	9	Dec-23		900			973			(10	)
U.S. Treasury 10 yr. Ultra Note (United States)	132	Dec-23		13,200			14,726			(419	)
U.S. Treasury Long Bond (United States)	11	Dec-23		1,100			1,252			(69	)
U.S. Treasury Ultra Bond (United States)	96	Dec-23		9,600			11,394			(837	)
Short:
Euro-Buxl 30 yr. Bond (Germany)	8	Dec-23	EUR	(800	)		(1,035	)		72
German Euro-Bobl Index (Germany)	41	Dec-23		(4,100	)		(5,018	)		52
German Euro-Bund Index (Germany)	43	Dec-23	EUR	(4,300	)	$	(5,848	)	$	121
U.S. Treasury 5 yr. Note (United States)	45	Dec-23	$	(4,500	)		(4,741	)		33
									$	(1,060	)

@		Value is less than $500.
EUR	—	Euro

Portfolio Composition

Classification	Percentage of Total Investments
Sovereign	68.4	%
Corporate Bonds	29.8
Other*	1.8
Total Investments	100.0	%**

* 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 $45,798,000 and net unrealized depreciation of approximately $1,060,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $245,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

	Shares		Value (000)
Common Stocks (99.5%)
Brazil (7.7%)
Banco BTG Pactual SA (Units) (a)		280,047	$	1,731
Itau Unibanco Holding SA (Preference)		311,497		1,686
Localiza Rent a Car SA		171,964		2,003
Lojas Renner SA		523,607		1,396
Petroleo Brasileiro SA (Preference)		394,665		2,720
Raia Drogasil SA		268,157		1,474
WEG SA		96,793		698
				11,708
China (18.1%)
Alibaba Group Holding Ltd. (b)(c)		209,900		2,276
BYD Co. Ltd., H Shares (b)		82,500		2,542
China Construction Bank Corp., H Shares (b)		4,891,230		2,749
China Mengniu Dairy Co. Ltd. (b)(c)		458,000		1,528
China Merchants Bank Co. Ltd., H Shares (b)		358,000		1,486
China Resources Beer Holdings Co. Ltd. (b)		188,000		1,027
China Tourism Group Duty Free Corp. Ltd. (b)(c)(d)		38,400		507
JD.com, Inc., Class A (b)		32,430		472
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		157,809		976
Kweichow Moutai Co. Ltd., Class A		6,391		1,585
Li Ning Co. Ltd. (b)		172,500		720
Meituan, Class B (b)(c)		60,280		873
NARI Technology Co. Ltd., Class A		306,200		932
Postal Savings Bank of China Co. Ltd. (b)		2,719,000		1,369
Proya Cosmetics Co. Ltd., Class A		63,848		890
Shenzhou International Group Holdings Ltd. (b)		209,400		1,991
Sungrow Power Supply Co. Ltd., Class A		77,798		954
Tencent Holdings Ltd. (b)		115,700		4,485
				27,362
India (24.3%)
Axis Bank Ltd.		93,946		1,169
Bajaj Auto Ltd.		36,748		2,235
Bajaj Finance Ltd.		18,943		1,777
Delhivery Ltd. (c)		184,002		912
HDFC Asset Management Co. Ltd.		32,414		1,032
HDFC Bank Ltd.		145,704		2,672
Hindalco Industries Ltd.		343,541		2,028
ICICI Bank Ltd.		327,035		3,747
ICICI Prudential Life Insurance Co. Ltd.		178,353		1,214
Infosys Ltd.		113,031		1,943
Infosys Ltd. ADR		46,495		796
Larsen & Toubro Ltd.		43,097		1,566
Macrotech Developers Ltd. (c)		159,125		1,529
Mahindra & Mahindra Ltd.		113,279		2,115
MakeMyTrip Ltd. (c)		18,965		769
Max Healthcare Institute Ltd. (c)		354,387		2,421
Pidilite Industries Ltd.		33,120		971
Reliance Industries Ltd.		125,807		3,542
Star Health & Allied Insurance Co. Ltd. (c)		143,602		1,038
State Bank of India		337,168		2,422
United Breweries Ltd.		46,795		877
				36,775
Indonesia (4.3%)
Bank Central Asia Tbk PT		2,804,400		1,598
Bank Mandiri Persero Tbk PT		6,475,300		2,520
Bank Rakyat Indonesia Persero Tbk PT		4,959,900		1,675
Cisarua Mountain Dairy PT TBK		2,951,200		758
				6,551
Korea, Republic of (10.2%)
DB Insurance Co. Ltd.		5,710		378
Hyundai Marine & Fire Insurance Co. Ltd.		15,810		380
KB Financial Group, Inc.		25,877		1,055
Kia Corp.		15,128		911
Korea Zinc Co. Ltd.		2,799		1,049
LG Chem Ltd.		849		311
Samsung Electronics Co. Ltd.		154,852		7,828
Samsung SDI Co. Ltd.		2,265		856
SK Hynix, Inc.		30,629		2,593
				15,361
Mexico (6.0%)
Gruma SAB de CV , Class B		147,276		2,516
Grupo Aeroportuario del Sureste SAB de CV, Class B		58,710		1,437
Grupo Financiero Banorte SAB de CV Series O		82,089		688
Qualitas Controladora SAB de CV		201,013		1,513
Wal-Mart de Mexico SAB de CV		786,753		2,970
				9,124
Poland (1.8%)
LPP SA		891		2,644
Portugal (2.1%)
Galp Energia SGPS SA		217,912		3,228
Saudi Arabia (0.9%)
Alinma Bank		145,567		1,298
South Africa (5.6%)
Anglo American PLC		109,995		3,041
AVI Ltd.		494,510		1,947
Bidvest Group Ltd. (d)		116,001		1,668
Capitec Bank Holdings Ltd.		19,826		1,793
				8,449
Taiwan (13.5%)
Advantech Co. Ltd.		36,000		385
Airtac International Group		32,901		1,000
Chailease Holding Co. Ltd.		312,940		1,757
CTBC Financial Holding Co. Ltd.		843,000		641
Delta Electronics, Inc.		140,000		1,410
MediaTek, Inc.		63,000		1,440
Taiwan Semiconductor Manufacturing Co. Ltd.		509,000		8,300
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		41,165		3,577
United Microelectronics Corp.		833,000		1,170
Voltronic Power Technology Corp.		14,000		689
				20,369

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Equity Portfolio

	Shares		Value (000)
Thailand (1.9%)
Central Retail Corp. PCL		355,100	$	377
CP ALL PCL		221,600		367
Kasikornbank PCL		296,000		1,022
Tisco Financial Group PCL		413,700		1,121
				2,887
United Kingdom (3.1%)
Antofagasta PLC		122,196		2,121
Mondi PLC (d)		151,528		2,532
				4,653
Total Common Stocks (Cost $131,271)				150,409

	No. of Rights
Rights (0.0%)‡
Brazil (0.0%)‡
Localiza Rent a Car SA, expires 11/10/23 (c) (Cost $—)		1,260	4

	Shares
Short-Term Investment (1.2%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (e) (Cost $1,805)		1,805,257		1,805
Total Investments (100.7%) (Cost $133,076) Including $3,427 of Securities Loaned (f)(g)(h)(i)				152,218
Liabilities in Excess of Other Assets (–0.7%)				(1,038	)
Net Assets (100.0%)			$	151,180

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

‡	Amount is less than 0.05%.
(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	Security trades on the Hong Kong exchange.
(c)	Non-income producing security.
(d)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $3,427,000 and $3,594,000 respectively. The Fund received non-cash collateral of approximately $3,594,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $121,548,000 and 80.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with open futures contracts.
(i)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $31,042,000 and the aggregate gross unrealized depreciation is approximately $11,924,000, resulting in net unrealized appreciation of approximately $19,118,000.
ADR	American Depositary Receipt.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Equity Portfolio

Futures Contract:

The Fund had the following futures contract open at September 30, 2023:

	Number of Contracts	Expiration Date	Notional Amount (000)		Value (000)		Unrealized Depreciation (000)
Long:
MSCI Emerging Market Index (United States)	14	Dec-23	$	693	$	669	$	(24	)

MSCI Morgan Stanley Capital International.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		46.5	%
Banks		20.2
Semiconductors & Semiconductor Equipment		11.2
Oil, Gas & Consumable Fuels		6.2
Metals & Mining		5.4
Tech Hardware, Storage & Peripherals		5.4
Automobiles		5.1
Total Investments		100.0	%**

*	Industries and/or investment types representing less than 5% of total investments.
**	Does not include an open long futures contract with a value of approximately $669,000 and unrealized depreciation of approximately $24,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Infrastructure Portfolio

	Shares		Value (000)
Common Stocks (96.5%)
Australia (2.4%)
Transurban Group (Units) (a)		199,860	$	1,624
Canada (16.7%)
Enbridge, Inc.		95,803		3,177
Fortis, Inc. (b)		8,737		332
GFL Environmental, Inc.		119,449		3,794
Keyera Corp. (b)		17,508		411
Pembina Pipeline Corp.		61,062		1,836
TC Energy Corp. (b)		48,490		1,668
				11,218
China (5.0%)
China Gas Holdings Ltd. (c)		3,533,600		3,331
France (5.4%)
Aeroports de Paris		2,026		239
Getlink SE		10,581		169
Vinci SA		29,237		3,234
				3,642
Italy (3.7%)
Infrastrutture Wireless Italiane SpA		136,304		1,619
Snam SpA		14,681		69
Terna - Rete Elettrica Nazionale		110,477		831
				2,519
Mexico (1.8%)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		51,533		846
Grupo Aeroportuario del Sureste SAB de CV, Class B		15,054		369
				1,215
New Zealand (0.6%)
Auckland International Airport Ltd.		79,754		378
Portugal (0.4%)
EDP Renovaveis SA		15,468		253
Spain (7.6%)
Aena SME SA		7,572		1,139
Cellnex Telecom SA		46,635		1,622
Ferrovial SE		44,327		1,355
Iberdrola SA		89,358		999
				5,115
Switzerland (0.9%)
Flughafen Zurich AG (Registered)		3,223		614
United Kingdom (6.3%)
National Grid PLC		254,917		3,048
Pennon Group PLC		34,144		244
Severn Trent PLC		33,259		959
				4,251
United States (45.7%)
Ameren Corp.		5,892		441
American Electric Power Co., Inc.		22,428		1,687
American Tower Corp. REIT		24,742		4,069
American Water Works Co., Inc.		11,759		1,456
Atmos Energy Corp.		10,246		1,085
CenterPoint Energy, Inc.		60,276		1,619
Cheniere Energy, Inc.		14,925		2,477
Crown Castle, Inc. REIT		8,437		777
Edison International		20,491		1,297
Eversource Energy		19,402		1,128
Exelon Corp.		58,726		2,219
Kinder Morgan, Inc.		34,910		579
NiSource, Inc.		40,832		1,008
ONEOK, Inc.		18,962		1,203
PG&E Corp. (d)		88,919		1,434
SBA Communications Corp. REIT		6,060		1,213
Sempra		38,014		2,586
Targa Resources Corp.		28,453		2,439
Williams Cos., Inc.		60,653		2,043
				30,760
Total Common Stocks (Cost $67,358)				64,920
Short-Term Investments (5.0%)
Investment Company (3.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $2,155)		2,154,802		2,155
Securities held as Collateral on Loaned Securities (1.8%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e)		1,028,007		1,028

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Global Infrastructure Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.3%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $71; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $72)	$	71	$	71
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $156; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $159)		156		156
				227
Total Securities held as Collateral on Loaned Securities (Cost $1,255)				1,255
Total Short-Term Investments (Cost $3,410)				3,410
Total Investments (101.5%) (Cost $70,768) Including $2,101 of Securities Loaned (f)(g)(h)				68,330
Liabilities in Excess of Other Assets (–1.5%)				(1,041	)
Net Assets (100.0%)			$	67,289

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

(a)	Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $2,101,000 and $2,215,000 respectively. The Fund received cash collateral of approximately $1,255,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $960,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security trades on the Hong Kong exchange.
(d)	Non-income producing security.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $21,727,000 and 32.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,976,000 and the aggregate gross unrealized depreciation is approximately $7,414,000, resulting in net unrealized depreciation of approximately $2,438,000.
REIT	Real Estate Investment Trust.

Portfolio Composition*  

Classification	Percentage of Total Investments
Oil & Gas Storage & Transportation		35.7	%
Electricity Transmission & Distribution		15.3
Diversified		13.9
Communications		13.9
Other**		9.9
Others		6.0
Airports		5.3
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Real Estate Portfolio

			Value
	Shares		(000)
Common Stocks (99.1%)
Australia (3.8%)
Goodman Group REIT		25,613	$	351
National Storage REIT		201,238		280
Region RE Ltd. REIT		208,145		269
Stockland REIT		129,181		323
				1,223
Belgium (1.7%)
Aedifica SA REIT		3,452		196
Shurgard Self Storage Ltd. REIT		3,913		155
Warehouses De Pauw CVA REIT		7,538		186
				537
Canada (3.6%)
Boardwalk REIT		8,321		409
Chartwell Retirement Residences (Units) (a)		37,699		285
Granite REIT		3,061		163
InterRent REIT		35,435		326
				1,183
France (1.0%)
Carmila SA REIT (b)		13,125		196
Gecina SA REIT		1,343		137
				333
Germany (1.9%)
LEG Immobilien SE (b)		4,279		294
Vonovia SE		13,485		323
				617
Hong Kong (3.8%)
Link REIT		108,494		530
Sun Hung Kai Properties Ltd.		36,893		394
Wharf Real Estate Investment Co. Ltd.		82,420		318
				1,242
Japan (11.0%)
Heiwa Real Estate, Inc. REIT		149		146
Hulic Co. Ltd.		30,500		273
Invincible Investment Corp. REIT		1,114		460
Japan Hotel REIT Investment Corp.		486		254
Japan Metropolitan Fund Invest REIT		224		145
Japan Real Estate Investment Corp. REIT		72		281
Mitsubishi Estate Co. Ltd.		19,300		252
Mitsui Fudosan Co. Ltd.		41,500		914
Mitsui Fudosan Logistics Park, Inc. REIT		51		161
Nippon Building Fund, Inc. REIT		53		215
Nippon Prologis REIT, Inc. REIT		118		220
Nomura Real Estate Master Fund, Inc. REIT		238		266
				3,587
Netherlands (0.4%)
CTP NV		9,309		133
Singapore (2.8%)
CapitaLand Integrated Commercial Trust REIT		176,800		239
Frasers Centrepoint Trust REIT		145,500		232
Frasers Logistics & Commercial Trust REIT		326,200		255
Mapletree Pan Asia Commercial Trust REIT		188,300		196
				922
Spain (0.8%)
Merlin Properties Socimi SA REIT		29,301		247
Sweden (1.4%)
Castellum AB		26,658		270
Pandox AB		17,271		184
				454
Switzerland (0.6%)
PSP Swiss Property AG (Registered)		1,699		200
United Kingdom (3.9%)
Impact Healthcare PLC REIT		119,840		121
LondonMetric Property PLC REIT		93,372		195
Segro PLC REIT		57,488		503
UNITE Group PLC REIT		28,133		307
Workspace Group PLC REIT		21,902		130
				1,256
United States (62.4%)
Agree Realty Corp. REIT		5,017		277
Alexandria Real Estate Equities, Inc. REIT		1,680		168
American Homes 4 Rent, Class A REIT		34,032		1,147
Americold Realty Trust, Inc. REIT		13,794		420
AvalonBay Communities, Inc. REIT		7,010		1,204
Brixmor Property Group, Inc. REIT		25,597		532
CareTrust REIT, Inc.		16,034		329
Digital Realty Trust, Inc. REIT		9,331		1,129
Equinix, Inc. REIT		2,611		1,896
Essex Property Trust, Inc. REIT		4,015		852
Extra Space Storage, Inc. REIT		2,700		328
Hilton Worldwide Holdings, Inc.		1,158		174
Host Hotels & Resorts, Inc. REIT		23,565		379
Iron Mountain, Inc. REIT		3,061		182
Kite Realty Group Trust REIT		24,625		528
Mid-America Apartment Communities, Inc. REIT		4,384		564
NETSTREIT Corp. REIT		10,184		159
Prologis, Inc. REIT		25,376		2,847
Public Storage REIT		4,462		1,176
Realty Income Corp. REIT		16,304		814
Rexford Industrial Realty, Inc. REIT		6,545		323
Simon Property Group, Inc. REIT		8,963		968
Sun Communities, Inc. REIT		4,059		480
Urban Edge Properties REIT		10,754		164
Ventas, Inc. REIT		6,490		273

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Global Real Estate Portfolio

			Value
	Shares		(000)
United States (cont'd)
VICI Properties, Inc. REIT		30,216	$	879
Welltower, Inc. REIT		25,449		2,085
				20,277
Total Common Stocks (Cost $33,030)				32,211
Short-Term Investment (0.8%)
Investment Company (0.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $272)		271,881		272
Total Investments (99.9%) (Cost $33,302) (d)(e)(f)				32,483
Other Assets in Excess of Liabilities (0.1%)				25
Net Assets (100.0%)			$	32,508

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

(a)	Consists of one or more classes of securities traded together as a unit.
(b)	Non-income producing security.
(c)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(d)	The approximate fair value and percentage of net assets, $10,751,000 and 33.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,008,000 and the aggregate gross unrealized depreciation is approximately $2,827,000, resulting in net unrealized depreciation of approximately $819,000.
CVA	Certificaten Van Aandelen.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Residential	18.2	%
Industrial	16.3
Diversified	13.7
Other*	13.7
Retail	12.7
Health Care	10.1
Data Centers	9.3
Self Storage	6.0
Total Investments	100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face
	Amount		Value
	(000)		(000)
Fixed Income Securities (48.1%)
Agency Fixed Rate Mortgages (3.9%)
United States (3.9%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.00%, 6/1/52	$	631	$	481
3.00%, 11/1/52		101		83
4.50%, 1/1/49		12		11
Gold Pools:
3.50%, 2/1/45 - 6/1/45		163		143
4.50%, 1/1/49		8		7
Federal National Mortgage Association, Conventional Pools:
2.50%, 10/1/51		293		233
3.00%, 4/1/52		399		330
3.50%, 1/1/51		422		369
4.00%, 11/1/41 - 1/1/46		165		151
4.50%, 3/1/41 - 11/1/44		66		63
5.00%, 1/1/41 - 3/1/41		27		27
6.00%, 1/1/38		5		5
October TBA
3.00%, 10/1/53 (a)		100		83
4.00%, 10/1/53 (a)		350		312
4.50%, 10/1/52 (a)		100		92
5.00%, 10/1/53 (a)		400		378
5.50%, 10/1/53 (a)		75		72
6.00%, 10/1/53 (a)		220		217
Government National Mortgage Association, Various Pools:
4.00%, 7/15/44		11		10
5.00%, 2/20/49		3		3
Total Agency Fixed Rate Mortgages (Cost $3,349)				3,070
Asset-Backed Securities (0.3%)
Ireland (0.1%)
European Residential Loan Securitisation
2019-NPL1 DAC, Class A
1 Month EURIBOR + 3.25%,
7.12%, 7/24/54 (b)	EUR	84		88
United States (0.2%)
Renaissance Home Equity Loan Trust,
1 Month Term SOFR + 0.87%,
6.19%, 12/25/32 (b)	$	82		74
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%,
4.27%, 7/25/39 (b)	EUR	64		64
				138
Total Asset-Backed Securities (Cost $230)				226
Commercial Mortgage-Backed Securities (0.6%)
United States (0.6%)
Commercial Mortgage Trust,
3.96%, 3/10/47	$	144		143
4.24%, 2/10/47 (b)	$	63		63
4.89%, 7/15/47 (b)(c)		100		88
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 3.14%,
8.48%, 9/9/24 (b)(c)		100		101
WFRBS Commercial Mortgage Trust,
5.17%, 9/15/46 (b)(c)		111		100
Total Commercial Mortgage-Backed Securities (Cost $513)				495
Corporate Bonds (9.9%)
Australia (0.5%)
NBN Co. Ltd.,
2.63%, 5/5/31 (c)		200		161
Transurban Finance Co. Pty Ltd.,
2.00%, 8/28/25	EUR	100		102
Westpac Banking Corp.,
2.67%, 11/15/35	$	125		94
				357
Brazil (0.2%)
JBS USA LUX SA/JBS USA Food Co./JBS
USA Finance, Inc.,
2.50%, 1/15/27		225		199
Canada (0.6%)
Province of Ontario Canada,
2.30%, 6/15/26		190		177
Province of Quebec Canada,
0.00%, 10/29/30	EUR	210		173
Rogers Communications, Inc.,
3.80%, 3/15/32	$	100		83
				433
France (0.8%)
AXA SA,
3.25%, 5/28/49	EUR	100		95
BNP Paribas SA,
1.13%, 6/11/26		225		221
BPCE SA,
5.15%, 7/21/24 (c)	$	200		197
Orange SA,
5.00%, 10/1/26 (d)	EUR	100		105
				618
Germany (0.5%)
Deutsche Bank AG,
Series E
0.96%, 11/8/23	$	150		149
Kreditanstalt fuer Wiederaufbau,
1.13%, 9/15/32	EUR	190		167
Volkswagen International Finance NV,
Series 10Y
1.88%, 3/30/27	EUR	100		97
				413

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face
	Amount		Value
	(000)		(000)
Ireland (0.2%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
2.45%, 10/29/26	$	175	$	157
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 (c)	$	200	169
Korea, Republic of (0.5%)
Korea Electric Power Corp.,
2.50%, 6/24/24 (c)		200	195
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (c)		200	179
			374
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings Sarl,
1.25%, 4/26/27	EUR	100	89
Netherlands (0.1%)
ASR Nederland NV,
5.00%, 9/30/24 (d)		100	104
Spain (0.4%)
Banco Santander SA,
3.13%, 1/19/27		100	101
5.18%, 11/19/25	$	200	195
			296
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29	EUR	100	83
United Arab Emirates (0.2%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (c)	$	225	174
United Kingdom (0.8%)
BAT Capital Corp.,
3.56%, 8/15/27		33	30
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	100	113
6.16%, 3/9/29	$	225	223
Lloyds Banking Group PLC,
2.25%, 10/16/24	GBP	100	117
NGG Finance PLC,
5.63%, 6/18/73		100	117
			600
United States (4.6%)
Amazon.com, Inc.,
2.10%, 5/12/31	$	100	80
3.10%, 5/12/51		50	33
AT&T, Inc.,
1.80%, 9/5/26	EUR	100	99
2.90%, 12/4/26	GBP	100	112
3.65%, 6/1/51	$	50	32
Bank of America Corp.,
2.69%, 4/22/32		50	39
3.85%, 3/8/37		25	20
4.38%, 4/27/28		100	94
4.57%, 4/27/33		25	22
CDW LLC/CDW Finance Corp.,
2.67%, 12/1/26		25	23
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		50	49
Centene Corp.,
2.50%, 3/1/31		175	135
Charles Schwab Corp.,
5.85%, 5/19/34		65	62
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.38%, 10/23/35		75	70
Citigroup, Inc.,
3.06%, 1/25/33		50	40
3.79%, 3/17/33		225	188
Comcast Corp.,
1.95%, 1/15/31		125	98
Dick's Sporting Goods, Inc.,
4.10%, 1/15/52		75	46
Energy Transfer LP,
2.90%, 5/15/25		150	143
Enterprise Products Operating LLC,
3.95%, 1/31/60		50	35
5.35%, 1/31/33		25	25
Georgia-Pacific LLC,
2.30%, 4/30/30 (c)		175	143
Global Payments, Inc.,
4.45%, 6/1/28		100	93
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		150	117
HCA, Inc.,
4.63%, 3/15/52 (c)		75	56
Intel Corp.,
5.70%, 2/10/53		75	70
JPMorgan Chase & Co.,
2.55%, 11/8/32		225	174

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face
	Amount		Value
	(000)		(000)
United States (cont'd)
Lowe's Cos., Inc.,
1.30%, 4/15/28	$	75	$	63
1.70%, 10/15/30		100		77
Marriott International, Inc.,
4.90%, 4/15/29		25		24
Medtronic Global Holdings SCA,
1.00%, 7/2/31	EUR	100		86
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (c)	$	150		127
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		175		149
ONEOK, Inc.,
5.65%, 11/1/28		50		49
Prologis Euro Finance LLC,
1.88%, 1/5/29	EUR	100		92
Republic Services, Inc.,
5.00%, 4/1/34	$	50		47
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31	EUR	100		83
Truist Financial Corp.,
5.87%, 6/8/34	$	100		94
U.S. Bancorp,
5.78%, 6/12/29		75		73
5.84%, 6/12/34		75		71
Upjohn Finance BV,
1.91%, 6/23/32	EUR	100		82
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	100		98
3.40%, 3/22/41	$	50		36
Vontier Corp.,
2.40%, 4/1/28		50		42
Warnermedia Holdings, Inc.,
4.28%, 3/15/32		150		127
5.05%, 3/15/42		25		19
				3,537
Total Corporate Bonds (Cost $8,845)				7,709
Mortgages - Other (1.4%)
Germany (0.0%)‡
Berg Finance DAC,
3 Month EURIBOR + 1.05%,
4.75%, 4/22/33 (b)	EUR	15		15
United Kingdom (0.1%)
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP SONIA + 2.22%,
7.37%, 4/17/44 (b)	GBP	56		63
United States (1.3%)
Bayview Opportunity Master Fund VIA Trust,
3.00%, 1/25/52 (b)(c)	$	91		72
BX Commercial Mortgage Trust,
1 Month Term SOFR + 2.28%,
7.61%, 6/15/40 (b)(c)	$	100		100
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45		17		15
3.00%, 7/25/46		8		7
3.00%, 12/25/46		30		25
3.00%, 5/25/47		37		31
3.50%, 5/25/45		7		6
3.50%, 9/25/45		16		14
3.50%, 7/25/46		10		9
4.00%, 5/25/45		2		1
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)		88		67
JP Morgan Mortgage Trust,
3.00%, 4/25/52 (b)(c)		162		129
3.00%, 9/25/52 (b)(c)		176		140
3.25%, 7/25/52 (b)(c)		88		71
PRKCM 2023-AFC1 Trust, Class A1
6.60%, 2/25/58 (c)		88		89
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)		84		63
Seasoned Credit Risk Transfer Trust,
3.00%, 11/25/57		79		67
3.00%, 7/25/58		85		71
3.00%, 10/25/58		13		11
4.00%, 10/25/58		12		11
				999
Total Mortgages - Other (Cost $1,261)				1,077
Sovereign (26.2%)
Australia (0.3%)
Australia Government Bond,
1.25%, 5/21/32	AUD	530		264
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30 (c)	EUR	70		60
Belgium (0.2%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29 (c)		30		28
1.70%, 6/22/50 (c)		90		61
Series 99
3.45%, 6/22/43 (c)		100		99
				188
Brazil (2.1%)
Brazil Notas do Tesouro Nacional,
10.00%, 1/1/27	BRL	8,262		1,607
Canada (0.8%)
Canadian Government Bond,
1.25%, 6/1/30	CAD	580		357
2.00%, 12/1/51	CAD	20		10
2.50%, 12/1/32		350		227
				594

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face
	Amount		Value
	(000)		(000)
China (7.8%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	770	$	105
3.79%, 10/26/30		740		107
China Development Bank,
3.07%, 3/10/30		1,410		196
3.34%, 7/14/25		740		103
China Government Bond,
2.37%, 1/20/27		3,200		437
2.76%, 5/15/32		25,730		3,525
2.80%, 11/15/32		1,600		220
3.13%, 11/21/29		4,390		619
3.27%, 11/19/30		1,840		263
3.52%, 4/25/46		410		61
3.53%, 10/18/51		200		30
3.81%, 9/14/50		300		46
3.86%, 7/22/49		1,270		198
Export-Import Bank of China,
2.93%, 3/2/25		740		102
				6,012
Colombia (0.1%)
Colombian TES,
Series B
7.00%, 3/26/31	COP	268,000		52
Czech Republic (0.1%)
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	1,200		41
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	630		81
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34	EUR	70		59
France (1.6%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		100		85
Banque Federative du Credit Mutuel SA,
1.25%, 12/5/25	GBP	100		111
French Republic Government Bond OAT,
0.00%, 11/25/29	EUR	940		821
2.00%, 5/25/48 (c)		200		151
SNCF Reseau,
1.88%, 3/30/34		100		88
				1,256
Germany (1.5%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 8/15/50	EUR	748		615
0.25%, 2/15/29		190		176
4.25%, 7/4/39		120		146
Series G
1.80%, 8/15/53		28		23
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		290		240
				1,200
Greece (2.5%)
Hellenic Republic Government Bonds,
4.25%, 6/15/33 (c)		1,880		1,975
Hungary (0.1%)
Hungary Government Bond,
Series 30/A
3.00%, 8/21/30	HUF	8,480		18
Series 32/A
4.75%, 11/24/32		18,110		41
Series 32/G
4.50%, 5/27/32		10,410		23
				82
Indonesia (0.3%)
Indonesia Treasury Bond,
8.25%, 5/15/29	IDR	839,000		59
8.38%, 3/15/34		2,481,000		179
				238
Ireland (0.1%)
Ireland Government Bond,
0.20%, 10/18/30	EUR	80		69
Italy (0.6%)
Italy Buoni Poliennali Del Tesoro,
0.45%, 2/15/29		50		43
2.50%, 12/1/32		220		197
4.45%, 9/1/43		199		194
				434
Japan (3.7%)
Japan Government Five Year Bond,
0.10%, 6/20/24	JPY	90,300		605
Japan Government Ten Year Bond,
0.10%, 6/20/26 - 6/20/31		148,800		973
Japan Government Thirty Year Bond,
0.30%, 6/20/46		34,300		176
0.40%, 9/20/49		21,900		109
0.60%, 6/20/50		29,000		151
1.70%, 6/20/33		54,300		396
Japan Government Twenty Year Bond,
0.40%, 6/20/41	JPY	77,000		439
				2,849

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face
	Amount		Value
	(000)		(000)
Korea, Republic of (0.5%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	200	$	178
Korea Development Bank,
0.80%, 7/19/26		200		176
				354
Malaysia (0.4%)
Malaysia Government Bond,
Series 0219
3.89%, 8/15/29	MYR	440		93
Series 0122
3.58%, 7/15/32		200		41
Petronas Capital Ltd.,
3.50%, 3/18/25 (c)	$	200		194
				328
Mexico (0.2%)
Mexican Bonos,
Series M
7.50%, 6/3/27	MXN	1,700		89
8.50%, 5/31/29		800		43
				132
Netherlands (0.2%)
Netherlands Government Bond,
0.00%, 7/15/30	EUR	190		164
2.75%, 1/15/47		20		20
				184
New Zealand (0.3%)
New Zealand Government Bond,
Series 0530
4.50%, 5/15/30	NZD	200		115
Series 0534
4.25%, 5/15/34		200		109
				224
Norway (0.0%)‡
Norway Government Bond,
2.13%, 5/18/32 (c)	NOK	190		15
Poland (0.0%)‡
Republic of Poland Government Bond,
Series 0432
1.75%, 4/25/32	PLN	200		33
Singapore (0.1%)
Singapore Government Bond,
2.63%, 8/1/32	SGD	70		48
Slovenia (0.2%)
Slovenia Government International Bond,
5.00%, 9/19/33 (c)	$	200		194
Spain (0.9%)
Spain Government Bond,
0.00%, 5/31/25 - 1/31/28 (c)	EUR	360		355
2.70%, 10/31/48 (c)		40		31
3.45%, 7/30/66 (c)		21		18
3.55%, 10/31/33 (c)		264		271
				675
Sweden (0.1%)
Sweden Government Bond,
Series 1065
1.75%, 11/11/33	SEK	800		66
Thailand (0.1%)
Thailand Government Bond,
2.00%, 12/17/31	THB	4,000		101
United Kingdom (1.1%)
United Kingdom Gilt,
0.63%, 10/22/50	GBP	140		63
0.88%, 7/31/33		70		61
1.63%, 10/22/28		710		764
				888
Total Sovereign (Cost $23,227)				20,303
Supranational (1.1%)
Asian Development Bank,
2.13%, 5/19/31	NZD	60		28
European Investment Bank,
0.00%, 1/14/31	EUR	200		167
International Bank for Reconstruction & Development,
2.20%, 2/27/24	AUD	610		389
4.25%, 9/18/30	CAD	340		245
Total Supranational (Cost $976)				829
U.S. Treasury Securities (4.7%)
United States (4.7%)
U.S. Treasury Bonds,
1.13%, 5/15/40	$	790		454
1.75%, 8/15/41		530		330
2.50%, 2/15/45		300		204
2.75%, 8/15/47		90		63
2.88%, 5/15/49		126		90
				1,141
U.S. Treasury Notes,
0.38%, 12/31/25		1,800		1,627
3.38%, 5/15/33		940		853
				2,480
Total U.S. Treasury Securities (Cost $4,005)				3,621
Total Fixed Income Securities (Cost $42,406)				37,330

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

			Value
	Shares			(000)
Common Stocks (36.6%)
Australia (0.9%)
Ampol Ltd.		157	$	3
ANZ Group Holdings Ltd.		1,950		32
APA Group		773		4
Aristocrat Leisure Ltd.		401		10
ASX Ltd.		127		5
Aurizon Holdings Ltd.		1,261		3
BHP Group Ltd.		3,377		95
BlueScope Steel Ltd.		298		4
Brambles Ltd.		928		9
Cochlear Ltd.		43		7
Coles Group Ltd.		888		9
Commonwealth Bank of Australia		1,107		71
Computershare Ltd.		375		6
CSL Ltd.		312		50
Dexus REIT		711		3
Endeavour Group Ltd.		925		3
Fortescue Metals Group Ltd.		1,108		15
Goodman Group REIT		1,130		16
GPT Group REIT		1,264		3
IDP Education Ltd.		169		2
IGO Ltd.		461		4
Insurance Australia Group Ltd.		1,567		6
James Hardie Industries PLC (e)		292		8
Lendlease Corp. Ltd. REIT		489		2
Lottery Corp. Ltd.		1,463		4
Macquarie Group Ltd.		244		26
Medibank Pvt Ltd.		1,762		4
Mineral Resources Ltd.		113		5
Mirvac Group REIT		2,602		4
National Australia Bank Ltd.		2,030		38
Newcrest Mining Ltd.		590		9
Northern Star Resources Ltd.		751		5
Orica Ltd.		296		3
Origin Energy Ltd.		1,123		6
Pilbara Minerals Ltd.		1,736		5
Qantas Airways Ltd. (e)		604		2
QBE Insurance Group Ltd.		979		10
Ramsay Health Care Ltd.		120		4
REA Group Ltd.		35		3
Reece Ltd.		152		2
Rio Tinto Ltd.		247		18
Santos Ltd.		2,189		11
Scentre Group REIT		3,428		5
SEEK Ltd.		219		3
Sonic Healthcare Ltd.		292		6
South32 Ltd.		2,983		6
Stockland REIT		1,592		4
Suncorp Group Ltd.		836		7
Telstra Group Ltd.		2,682		7
Transurban Group (Units)		2,070		17
Treasury Wine Estates Ltd.		475		4
Vicinity Ltd. REIT		2,559		3
Washington H Soul Pattinson & Co. Ltd.		154		3
Wesfarmers Ltd.		751		25
Westpac Banking Corp.		2,298		31
WiseTech Global Ltd.		107		4
Woodside Energy Group Ltd.		1,268		29
Woolworths Group Ltd.		812		19
Xero Ltd. (e)		93		7
				709
Austria (0.1%)
Erste Group Bank AG		895		31
OMV AG		119		6
Verbund AG		53		4
Voestalpine AG		96		3
				44
Belgium (0.2%)
Ageas SA		124		5
Anheuser-Busch InBev SA		668		37
Argenx SE (e)		42		21
D'ieteren Group		17		3
Elia Group SA		22		2
Groupe Bruxelles Lambert NV		76		6
KBC Group NV		650		40
Sofina SA		12		2
Solvay SA		57		6
UCB SA		96		8
Umicore SA		160		4
Warehouses De Pauw CVA REIT		121		3
				137
Canada (1.7%)
Agnico Eagle Mines Ltd.		386		18
Air Canada (e)		136		2
Algonquin Power & Utilities Corp.		521		3
Alimentation Couche-Tard, Inc.		613		31
AltaGas Ltd.		219		4
ARC Resources Ltd.		469		8
Bank of Montreal		551		47
Bank of Nova Scotia		921		41
Barrick Gold Corp. (LSE)		1,217		18
Barrick Gold Corp. (NYSE)		57		1
BCE, Inc.		56		2
Brookfield Asset Management Ltd., Class A		272		9
Brookfield Corp.		983		31
Brookfield Renewable Corp., Class A		100		2
BRP, Inc.		28		2
CAE, Inc. (e)		250		6
Cameco Corp.		337		13
Canadian Apartment Properties REIT		64		2
Canadian Imperial Bank of Commerce		703		27
Canadian National Railway Co.		443		48
Canadian Natural Resources Ltd.		861		56

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
Canadian Pacific Kansas City Ltd.		619	$	46
Canadian Tire Corp. Ltd., Class A		42		5
Canadian Utilities Ltd., Class A		101		2
CCL Industries, Inc., Class B		117		5
Cenovus Energy, Inc.		1,124		23
CGI, Inc. (e)		166		16
Constellation Software, Inc.		16		33
Descartes Systems Group, Inc. (e)		67		5
Dollarama, Inc.		222		15
Element Fleet Management Corp.		307		4
Emera, Inc.		209		7
Empire Co. Ltd., Class A		121		3
Enbridge, Inc.		1,567		52
Fairfax Financial Holdings Ltd.		17		14
First Quantum Minerals Ltd.		454		11
FirstService Corp.		31		5
Fortis, Inc.		373		14
Franco-Nevada Corp.		149		20
George Weston Ltd.		49		5
GFL Environmental, Inc.		181		6
Gildan Activewear, Inc.		140		4
Great-West Lifeco, Inc.		219		6
Hydro One Ltd.		255		7
IA Financial Corp., Inc.		80		5
IGM Financial, Inc.		65		2
Imperial Oil Ltd.		161		10
Intact Financial Corp.		137		20
Ivanhoe Mines Ltd., Class A (e)		470		4
Keyera Corp.		177		4
Kinross Gold Corp.		988		5
Loblaw Cos. Ltd.		125		11
Lundin Mining Corp.		503		4
Magna International, Inc.		209		11
Manulife Financial Corp.		1,444		26
Metro, Inc.		182		9
National Bank of Canada		262		17
Northland Power, Inc.		193		3
Nutrien Ltd.		377		23
Nuvei Corp.		50		1
Onex Corp.		53		3
Open Text Corp.		210		7
Pan American Silver Corp.		282		4
Parkland Corp.		108		3
Pembina Pipeline Corp.		427		13
Power Corp. of Canada		458		12
Quebecor, Inc., Class B		119		3
RB Global, Inc.		142		9
Restaurant Brands International, Inc.		231		15
RioCan Real Estate Investment Trust REIT		114		2
Rogers Communications, Inc., Class B		274		11
Royal Bank of Canada		978		85
Saputo, Inc.		197		4
Shopify, Inc., Class A (e)		920		50
Sun Life Financial, Inc.		458		22
Suncor Energy, Inc.		1,043		36
TC Energy Corp.		687		24
Teck Resources Ltd., Class B		356		15
TELUS Corp.		361		6
TFI International, Inc.		59		8
Thomson Reuters Corp.		126		15
TMX Group Ltd.		217		5
Toromont Industries Ltd.		64		5
Toronto-Dominion Bank		1,411		85
Tourmaline Oil Corp.		248		13
West Fraser Timber Co. Ltd.		45		3
Wheaton Precious Metals Corp.		354		14
WSP Global, Inc.		98		14
				1,320
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (e)		18,000		—
Denmark (0.5%)
AP Moller - Maersk AS Series B		6		11
Carlsberg AS Series B		75		9
Chr Hansen Holding AS		80		5
Coloplast AS Series B		91		10
Danske Bank AS		533		12
Demant AS (e)		73		3
DSV AS		143		27
Genmab AS (e)		51		18
Novo Nordisk AS, Class B		2,534		231
Novozymes AS Series B		155		6
Orsted AS		146		8
Pandora AS		70		7
ROCKWOOL AS, Class B		7		2
Tryg AS		273		5
Vestas Wind Systems AS (e)		767		16
				370
Finland (0.1%)
Elisa Oyj		113		5
Fortum Oyj		353		4
Kesko Oyj, Class B		213		4
Kone Oyj, Class B		269		11
Metso Oyj		535		6
Neste Oyj		332		11
Nokia Oyj		4,242		16
Orion Oyj, Class B		84		3
Sampo Oyj, Class A		368		16
Stora Enso Oyj, Class R		459		6
UPM-Kymmene Oyj		419		15
Wartsila Oyj Abp		375		4
				101

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (1.9%)
Accor SA		135	$	5
Aeroports de Paris		22		3
Air Liquide SA		385		65
Airbus SE		432		58
Alstom SA		235		6
Amundi SA		44		2
ArcelorMittal SA		360		9
Arkema SA		41		4
AXA SA		1,348		40
BioMerieux		30		3
BNP Paribas SA		2,822		179
Bollore SE		648		3
Bouygues SA		149		5
Bureau Veritas SA		213		5
Capgemini SE		120		21
Carrefour SA		431		7
Cie de Saint-Gobain SA		359		21
Cie Generale des Etablissements Michelin SCA		490		15
Covivio SA REIT		34		2
Credit Agricole SA		3,068		38
Danone SA		470		26
Dassault Aviation SA		18		3
Dassault Systemes SE		482		18
Edenred SE		183		11
Eiffage SA		54		5
Engie SA		1,337		20
EssilorLuxottica SA		212		37
Eurazeo SE		32		2
Eurofins Scientific SE		97		5
Euronext NV		62		4
Gecina SA REIT		33		3
Getlink SE		263		4
Hermes International		23		42
Ipsen SA		28		4
Kering SA		52		24
Klepierre SA REIT		156		4
L'Oreal SA		178		74
La Francaise des Jeux SAEM		77		2
Legrand SA		198		18
LVMH Moet Hennessy Louis Vuitton SE		203		153
Orange SA		1,353		16
Pernod Ricard SA		151		25
Publicis Groupe SA		171		13
Remy Cointreau SA		17		2
Renault SA		140		6
Safran SA		249		39
Sanofi		837		90
Sartorius Stedim Biotech		20		5
Schneider Electric SE		403		66
SEB SA		18		2
Societe Generale SA		1,972		48
Sodexo SA		65		7
STMicroelectronics NV		499		22
Teleperformance SE		43		5
Thales SA		77		11
TotalEnergies SE		1,732		114
Unibail-Rodamco-Westfield REIT (e)		85		4
Valeo SE		152		3
Veolia Environnement SA		496		14
Vinci SA		385		43
Vivendi SE		521		5
Wendel SE		19		1
Worldline SA (e)		169		5
				1,496
Germany (1.3%)
Adidas AG		126		22
Allianz SE (Registered)		314		75
BASF SE		691		31
Bayer AG (Registered)		767		37
Bayerische Motoren Werke AG		259		26
Bayerische Motoren Werke AG (Preference)		46		4
Bechtle AG		62		3
Beiersdorf AG		79		10
Brenntag SE		121		9
Carl Zeiss Meditec AG		31		3
Commerzbank AG		2,770		31
Continental AG		84		6
Covestro AG (e)		153		8
Daimler Truck Holding AG		392		14
Delivery Hero SE (e)		131		4
Deutsche Bank AG (Registered)		1,495		16
Deutsche Boerse AG		147		25
Deutsche Lufthansa AG (Registered) (e)		460		4
Deutsche Post AG (Registered)		783		32
Deutsche Telekom AG (Registered)		2,525		53
Dr Ing hc F Porsche AG (Preference)		88		8
E.ON SE		1,753		21
Evonik Industries AG		164		3
Fresenius Medical Care AG & Co. KGaA		159		7
Fresenius SE & Co. KGaA		330		10
GEA Group AG		117		4
Hannover Rueck SE (Registered)		47		10
Heidelberg Materials AG		112		9
HelloFresh SE (e)		123		4
Henkel AG & Co. KGaA		81		5
Henkel AG & Co. KGaA (Preference)		131		9
Infineon Technologies AG		1,022		34
Knorr-Bremse AG		56		4
LEG Immobilien SE (e)		54		4
Mercedes-Benz Group AG (Registered)		674		47
Merck KGaA		100		17
MTU Aero Engines AG		42		8
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		110		43

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Germany (cont'd)
Nemetschek SE		44	$	3
Porsche Automobil Holding SE (Preference)		119		6
Puma SE		80		5
QIAGEN NV (e)		177		7
Rational AG		4		2
Rheinmetall AG		34		9
RWE AG		493		18
SAP SE		809		105
Sartorius AG (Preference)		20		7
Scout24 SE		58		4
Siemens AG (Registered)		595		85
Siemens Energy AG (e)		406		5
Siemens Healthineers AG		217		11
Symrise AG		102		10
Talanx AG		50		3
Telefonica Deutschland Holding AG		697		1
Volkswagen AG		23		3
Volkswagen AG (Preference)		160		18
Vonovia SE		517		12
Wacker Chemie AG		14		2
Zalando SE (e)		170		4
				980
Hong Kong (0.2%)
AIA Group Ltd.		4,705		38
BOC Hong Kong Holdings Ltd.		1,829		5
Budweiser Brewing Co. APAC Ltd.		781		2
CK Asset Holdings Ltd.		971		5
CK Hutchison Holdings Ltd.		1,313		7
CK Infrastructure Holdings Ltd.		309		2
CLP Holdings Ltd.		801		6
ESR Group Ltd.		786		1
Futu Holdings Ltd. ADR (e)		28		2
Galaxy Entertainment Group Ltd.		1,071		6
Hang Lung Properties Ltd.		899		1
Hang Seng Bank Ltd.		376		5
Henderson Land Development Co. Ltd.		716		2
HKT Trust & HKT Ltd.		1,841		2
Hong Kong & China Gas Co. Ltd.		4,512		3
Hong Kong Exchanges & Clearing Ltd.		496		18
Hongkong Land Holdings Ltd.		449		2
Jardine Matheson Holdings Ltd.		77		4
Link REIT		1,073		5
MTR Corp. Ltd.		787		3
New World Development Co. Ltd.		752		2
Power Assets Holdings Ltd.		671		3
Sands China Ltd. (e)		793		2
Sino Land Co. Ltd.		1,828		2
SITC International Holdings Co. Ltd.		684		1
Sun Hung Kai Properties Ltd.		714		8
Swire Pacific Ltd., Class A		212		1
Swire Properties Ltd.		570		1
Techtronic Industries Co. Ltd.		652		6
WH Group Ltd.		3,622		2
Wharf Real Estate Investment Co. Ltd.		809		3
Xinyi Glass Holdings Ltd.		848		1
				151
Ireland (0.1%)
AIB Group PLC		1,019		4
Bank of Ireland Group PLC		803		8
CRH PLC ADR		553		30
Flutter Entertainment PLC (e)		133		22
Kerry Group PLC, Class A		119		10
Kingspan Group PLC		115		9
Smurfit Kappa Group PLC		195		6
				89
Israel (0.1%)
Azrieli Group Ltd.		34		2
Bank Hapoalim BM		1,008		9
Bank Leumi Le-Israel BM		1,225		10
Check Point Software Technologies Ltd. (e)		77		10
CyberArk Software Ltd. (e)		33		6
Elbit Systems Ltd.		21		4
ICL Group Ltd.		614		3
Israel Discount Bank Ltd., Class A		989		5
Mizrahi Tefahot Bank Ltd.		123		5
Monday.com Ltd. (e)		15		2
Nice Ltd. (e)		50		9
Teva Pharmaceutical Industries Ltd. ADR (e)		885		9
Tower Semiconductor Ltd. (e)		87		2
Wix.com Ltd. (e)		43		4
				80
Italy (0.5%)
Amplifon SpA		49		1
Assicurazioni Generali SpA		395		8
CNH Industrial NV		398		5
Davide Campari-Milano NV		204		2
DiaSorin SpA		10		1
Enel SpA		3,175		20
Eni SpA		908		15
EXOR NV		177		15
Ferrari NV		49		14
FinecoBank Banca Fineco SpA		1,321		16
Infrastrutture Wireless Italiane SpA		132		2
Intesa Sanpaolo SpA		35,990		92
Mediobanca Banca di Credito Finanziario SpA		1,311		17
Moncler SpA		81		5
Nexi SpA (e)		226		1
Poste Italiane SpA		203		2
Prysmian SpA		99		4
Recordati Industria Chimica e Farmaceutica SpA		41		2
Snam SpA		775		4

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Italy (cont'd)
Stellantis NV		875	$	17
Telecom Italia SpA (Milano) (e)		3,857		1
Tenaris SA		184		3
Terna - Rete Elettrica Nazionale		541		4
UniCredit SpA		4,477		107
				358
Netherlands (0.8%)
ABN AMRO Bank NV CVA		1,080		15
Adyen NV (e)		17		13
Aegon NV		1,322		6
AerCap Holdings NV (e)		128		8
Akzo Nobel NV		131		9
ASM International NV		36		15
ASML Holding NV		309		182
Basic-Fit NV (e)		788		22
Coca-Cola Europacific Partners PLC		159		10
DSM BV (e)		148		15
DSM-Firmenich AG		134		11
Heineken Holding NV		89		7
Heineken NV		201		18
IMCD NV		44		6
ING Groep NV		9,832		130
JDE Peet's NV		97		3
Just Eat Takeaway.com NV (e)		155		2
Koninklijke Ahold Delhaize NV		754		23
Koninklijke KPN NV		2,495		8
Koninklijke Philips NV		718		14
NN Group NV		197		6
OCI NV (e)		81		2
Prosus NV (e)		1,344		40
Randstad NV		85		5
Universal Music Group NV		634		16
Wolters Kluwer NV		198		24
				610
New Zealand (0.0%)‡
Auckland International Airport Ltd.		1,110		5
EBOS Group Ltd.		136		3
Fisher & Paykel Healthcare Corp. Ltd.		519		7
Mercury NZ Ltd.		633		2
Meridian Energy Ltd.		1,127		3
Spark New Zealand Ltd.		1,639		5
				25
Norway (0.1%)
Adevinta ASA (e)		206		2
Aker BP ASA		231		6
DNB Bank ASA		684		14
Equinor ASA		710		23
Gjensidige Forsikring ASA		146		2
Kongsberg Gruppen ASA		66		3
Mowi ASA		316		6
Norsk Hydro ASA		1,018		6
Orkla ASA		554		4
Salmar ASA		52		3
Telenor ASA		519		6
Yara International ASA		127		5
				80
Portugal (0.0%)‡
EDP - Energias de Portugal SA		2,277		9
EDP Renovaveis SA		198		3
Galp Energia SGPS SA		384		6
Jeronimo Martins SGPS SA		221		5
				23
Singapore (0.2%)
CapitaLand Ascendas REIT		2,252		4
CapitaLand Integrated Commercial Trust REIT		3,555		5
CapitaLand Investment Ltd.		1,735		4
City Developments Ltd.		334		2
DBS Group Holdings Ltd.		1,202		29
Genting Singapore Ltd.		4,000		2
Grab Holdings Ltd., Class A (e)		1,241		4
Jardine Cycle & Carriage Ltd.		66		2
Keppel Corp. Ltd.		967		5
Mapletree Logistics Trust REIT		2,325		3
Mapletree Pan Asia Commercial Trust REIT		1,568		2
Oversea-Chinese Banking Corp. Ltd.		2,248		21
Sea Ltd. ADR (e)		245		11
Seatrium Ltd. (e)		26,845		3
Singapore Airlines Ltd.		886		4
Singapore Exchange Ltd.		576		4
Singapore Technologies Engineering Ltd.		1,038		3
Singapore Telecommunications Ltd.		5,534		10
United Overseas Bank Ltd.		843		18
UOL Group Ltd.		310		1
Venture Corp. Ltd.		186		2
Wilmar International Ltd.		1,261		3
				142
Spain (0.6%)
Acciona SA		13		1
ACS Actividades de Construccion y Servicios SA		109		4
Aena SME SA		38		6
Amadeus IT Group SA		227		14
Banco Bilbao Vizcaya Argentaria SA		15,218		123
Banco Santander SA		39,847		152
CaixaBank SA		10,348		41
Cellnex Telecom SA (e)		285		10
Corp. ACCIONA Energias Renovables SA		33		1
Enagas SA		125		2
Endesa SA		163		3
Ferrovial SE		256		8
Grifols SA (e)		145		2

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Spain (cont'd)
Iberdrola SA		3,041	$	34
Industria de Diseno Textil SA		558		21
Naturgy Energy Group SA		64		2
Redeia Corp. SA		203		3
Repsol SA		677		11
Telefonica SA		2,641		11
				449
Sweden (0.5%)
Alfa Laval AB		215		7
Assa Abloy AB, Class B		741		16
Atlas Copco AB, Class A		3,228		41
Beijer Ref AB		295		3
Boliden AB (e)		202		6
Embracer Group AB (e)		552		1
Epiroc AB, Class A		794		14
EQT AB		256		5
Essity AB, Class B		447		10
Evolution AB		135		14
Fastighets AB Balder, Class B (e)		485		2
Getinge AB, Class B		175		3
H & M Hennes & Mauritz AB, Class B		483		7
Hexagon AB, Class B		1,476		12
Holmen AB, Class B		70		3
Husqvarna AB, Class B		312		2
Industrivarden AB, Class A		214		6
Indutrade AB		205		4
Investment AB Latour, Class B		115		2
Investor AB, Class A		1,571		30
Kinnevik AB, Class B (e)		185		2
L E Lundbergforetagen AB, Class B		56		2
Lifco AB, Class B		173		3
Nibe Industrier AB, Class B		1,098		7
Nordea Bank Abp		2,371		26
Saab AB, Class B		61		3
Sagax AB, Class B		136		3
Sandvik AB		798		15
Securitas AB, Class B		361		3
Skandinaviska Enskilda Banken AB, Class A		1,182		14
Skanska AB, Class B		249		4
SKF AB, Class B		250		4
Svenska Cellulosa AB SCA, Class B		443		6
Svenska Handelsbanken AB, Class A		1,086		10
Swedbank AB, Class A		630		11
Swedish Orphan Biovitrum AB (e)		133		3
Tele2 AB, Class B		394		3
Telefonaktiebolaget LM Ericsson, Class B		2,122		10
Telia Co. AB		1,821		4
Volvo AB, Class A		1,260		26
Volvo Car AB, Class B (e)		471		2
				349
Switzerland (1.4%)
ABB Ltd. (Registered)		1,219		44
Adecco Group AG (Registered)		126		5
Alcon, Inc.		382		29
Bachem Holding AG		26		2
Baloise Holding AG (Registered)		35		5
Banque Cantonale Vaudoise (Registered)		23		2
Barry Callebaut AG (Registered)		3		5
BKW AG		16		3
Chocoladefabriken Lindt & Spruengli AG		1		11
Cie Financiere Richemont SA (Registered)		409		50
Clariant AG (Registered) (e)		166		3
Dufry AG (Registered) (e)		78		3
EMS-Chemie Holding AG (Registered)		5		3
Geberit AG (Registered)		26		13
Givaudan SA (Registered)		7		23
Helvetia Holding AG (Registered)		29		4
Holcim AG (e)		425		27
Julius Baer Group Ltd.		165		11
Kuehne & Nagel International AG (Registered)		42		12
Logitech International SA (Registered)		128		9
Lonza Group AG (Registered)		57		26
Nestle SA (Registered)		2,094		237
Novartis AG (Registered)		1,568		160
Partners Group Holding AG		17		19
Roche Holding AG		25		7
Roche Holding AG (Genusschein)		534		146
Schindler Holding AG		32		6
Schindler Holding AG (Registered)		18		3
SGS SA (Registered)		115		10
SIG Group AG (e)		234		6
Sika AG (Registered)		111		28
Sonova Holding AG (Registered)		40		9
Straumann Holding AG (Registered)		85		11
Swatch Group AG		23		6
Swatch Group AG (Registered)		43		2
Swiss Life Holding AG (Registered)		24		15
Swiss Prime Site AG (Registered)		60		6
Swiss Re AG		233		24
Swisscom AG (Registered)		20		12
Temenos AG (Registered)		49		3
UBS Group AG (Registered) (e)		2,508		62
VAT Group AG		21		8
Zurich Insurance Group AG		114		52
				1,122
United Kingdom (2.3%)
3i Group PLC		797		20
abrdn PLC		1,635		3
Admiral Group PLC		169		5
Anglo American PLC		1,067		29
Antofagasta PLC		335		6
Ashtead Group PLC		358		22

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Associated British Foods PLC		289	$	7
AstraZeneca PLC		1,258		170
Auto Trader Group PLC		738		6
Aviva PLC		2,273		11
BAE Systems PLC		2,498		30
Barclays PLC		12,654		24
Barratt Developments PLC		753		4
Berkeley Group Holdings PLC		84		4
BP PLC		14,451		93
British American Tobacco PLC		1,723		54
British Land Co. PLC REIT		677		3
BT Group PLC		5,615		8
Bunzl PLC		275		10
Burberry Group PLC		304		7
Centrica PLC		4,733		9
Coca-Cola HBC AG (e)		181		5
Compass Group PLC		1,427		35
Croda International PLC		113		7
DCC PLC		80		4
Diageo PLC		1,825		67
Endeavour Mining PLC		152		3
Entain PLC		514		6
Evraz PLC (e)		464		—
Experian PLC		750		25
G4S Ltd. (e)		2,164		6
Glencore PLC		8,897		51
GSK PLC		3,334		60
Haleon PLC		4,068		17
Halma PLC		306		7
Hargreaves Lansdown PLC		276		3
Hikma Pharmaceuticals PLC		130		3
HSBC Holdings PLC		16,477		129
Imperial Brands PLC		715		15
Informa PLC		1,140		10
InterContinental Hotels Group PLC		139		10
Intertek Group PLC		131		7
J Sainsbury PLC		1,310		4
JD Sports Fashion PLC		2,038		4
Johnson Matthey PLC		151		3
Kingfisher PLC		1,515		4
Land Securities Group PLC REIT		535		4
Legal & General Group PLC		4,788		13
Lloyds Banking Group PLC		53,886		29
London Stock Exchange Group PLC		328		33
M&G PLC		1,759		4
Mondi PLC		396		7
National Grid PLC		2,985		36
NatWest Group PLC		4,621		13
Next PLC		98		9
Ocado Group PLC (e)		475		3
Paragon Offshore PLC (e)(f)		67		—
Pearson PLC		526		6
Persimmon PLC		246		3
Phoenix Group Holdings PLC		597		3
Prudential PLC		2,282		25
Reckitt Benckiser Group PLC		586		41
RELX PLC (LSE)		1,553		52
Rentokil Initial PLC		2,040		15
Rio Tinto PLC		942		59
Rolls-Royce Holdings PLC (e)		6,732		18
Sage Group PLC		832		10
Schroders PLC		655		3
Segro PLC REIT		940		8
Severn Trent PLC		201		6
Shell PLC		5,611		178
Smith & Nephew PLC		714		9
Smiths Group PLC		287		6
Spirax-Sarco Engineering PLC		59		7
SSE PLC		887		17
St. James's Place PLC		428		4
Standard Chartered PLC		1,990		18
Taylor Wimpey PLC		2,709		4
Tesco PLC		5,932		19
Unilever PLC CVA		2,060		102
United Utilities Group PLC		544		6
Vodafone Group PLC		18,644		17
Whitbread PLC		165		7
Wise PLC Class A (e)		479		4
WPP PLC		891		8
				1,816
United States (23.1%)
3M Co.		265		25
A O Smith Corp.		62		4
Abbott Laboratories		832		81
AbbVie, Inc.		843		126
Accenture PLC, Class A		307		94
Activision Blizzard, Inc.		362		34
Adobe, Inc. (e)		223		114
Advance Auto Parts, Inc.		28		2
Advanced Micro Devices, Inc. (e)		790		81
AECOM		63		5
AES Corp.		321		5
Aflac, Inc.		278		21
Agilent Technologies, Inc.		139		16
Air Products & Chemicals, Inc.		106		30
Airbnb, Inc., Class A (e)		200		27
Akamai Technologies, Inc. (e)		76		8
Albemarle Corp.		57		10
Albertsons Cos., Inc., Class A		141		3
Alcoa Corp.		87		3
Alexandria Real Estate Equities, Inc. REIT		78		8
Align Technology, Inc. (e)		36		11
Allegion PLC		42		4
Alliant Energy Corp.		122		6

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Allstate Corp.		126	$	14
Ally Financial, Inc.		128		3
Alnylam Pharmaceuticals, Inc. (e)		61		11
Alphabet, Inc., Class A (e)		5,137		674
Altria Group, Inc.		857		36
Amazon.com, Inc. (e)		4,072		518
Amcor PLC		724		7
Ameren Corp.		126		9
American Electric Power Co., Inc.		243		18
American Express Co.		307		46
American Financial Group, Inc.		35		4
American Homes 4 Rent, Class A REIT		160		5
American International Group, Inc.		355		22
American Tower Corp. REIT		220		36
American Water Works Co., Inc.		93		12
Ameriprise Financial, Inc.		51		17
AMETEK, Inc.		111		16
Amgen, Inc.		257		69
Amphenol Corp., Class A		288		24
Analog Devices, Inc.		243		43
Annaly Capital Management, Inc. REIT		237		4
ANSYS, Inc. (e)		42		12
Aon PLC, Class A		100		32
APA Corp.		151		6
Apollo Global Management, Inc.		193		17
Apple, Inc.		6,996		1,198
Applied Materials, Inc.		417		58
Aptiv PLC (e)		130		13
Aramark		114		4
Arch Capital Group Ltd. (e)		181		14
Archer-Daniels-Midland Co.		263		20
Ares Management Corp., Class A		77		8
Arista Networks, Inc. (e)		124		23
Arrow Electronics, Inc. (e)		28		4
Arthur J Gallagher & Co.		103		23
Aspen Technology, Inc. (e)		15		3
Assurant, Inc.		26		4
AT&T, Inc.		2,973		45
Atlanta Braves Holdings, Inc., Class C (e)		2		—	@
Atlassian Corp., Class A (e)		72		15
Atmos Energy Corp.		69		7
Autodesk, Inc. (e)		103		21
Automatic Data Processing, Inc.		197		47
AutoZone, Inc. (e)		9		23
AvalonBay Communities, Inc. REIT		68		12
Avantor, Inc. (e)		314		7
Avery Dennison Corp.		38		7
Axon Enterprise, Inc. (e)		35		7
Baker Hughes Co.		489		17
Ball Corp.		152		8
Bank of America Corp.		3,072		84
Bank of New York Mellon Corp.		385		16
Bath & Body Works, Inc.		105		4
Baxter International, Inc.		239		9
Becton Dickinson & Co.		138		36
Bentley Systems, Inc., Class B		110		6
Berkshire Hathaway, Inc., Class B (e)		631		221
Best Buy Co., Inc.		97		7
Bill Holdings, Inc. (e)		48		5
Biogen, Inc. (e)		69		18
BioMarin Pharmaceutical, Inc. (e)		91		8
Bio-Rad Laboratories, Inc., Class A (e)		12		4
Bio-Techne Corp.		77		5
BlackRock, Inc.		72		47
Blackstone, Inc.		335		36
Block, Inc., Class A (e)		263		12
Boeing Co. (e)		278		53
Booking Holdings, Inc. (e)		19		59
Booz Allen Hamilton Holding Corp.		62		7
BorgWarner, Inc.		113		5
Boston Properties, Inc. REIT		71		4
Boston Scientific Corp. (e)		699		37
Bristol-Myers Squibb Co.		1,005		58
Broadcom, Inc.		203		169
Broadridge Financial Solutions, Inc.		57		10
Brown & Brown, Inc.		116		8
Brown-Forman Corp., Class B		147		8
Builders FirstSource, Inc. (e)		66		8
Bunge Ltd.		72		8
Burlington Stores, Inc. (e)		32		4
Cadence Design Systems, Inc. (e)		132		31
Caesars Entertainment, Inc. (e)		105		5
Camden Property Trust REIT		52		5
Campbell Soup Co.		94		4
Capital One Financial Corp.		183		18
Cardinal Health, Inc.		126		11
Carlisle Cos., Inc.		24		6
Carlyle Group, Inc.		105		3
CarMax, Inc. (e)		78		6
Carnival Corp. (e)		499		7
Carrier Global Corp.		404		22
Catalent, Inc. (e)		87		4
Caterpillar, Inc.		251		69
Cboe Global Markets, Inc.		51		8
CBRE Group, Inc., Class A (e)		149		11
CDW Corp.		64		13
Celanese Corp.		51		6
Cencora, Inc.		84		15
Centene Corp. (e)		257		18
CenterPoint Energy, Inc.		300		8
Ceridian HCM Holding, Inc. (e)		71		5
CF Industries Holdings, Inc.		94		8
CH Robinson Worldwide, Inc.		58		5
Charles River Laboratories International, Inc. (e)		24		5
Charles Schwab Corp.		712		39

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Charter Communications, Inc., Class A (e)		47	$	21
Cheniere Energy, Inc.		119		20
Chesapeake Energy Corp.		56		5
Chevron Corp.		861		145
Chewy, Inc., Class A (e)		50		1
Chipotle Mexican Grill, Inc. (e)		14		26
Chubb Ltd.		197		41
Church & Dwight Co., Inc.		118		11
Cigna Group		139		40
Cincinnati Financial Corp.		76		8
Cintas Corp.		45		22
Cisco Systems, Inc.		1,844		99
Citigroup, Inc.		929		38
Citizens Financial Group, Inc.		222		6
Clarivate PLC (e)		188		1
Cleveland-Cliffs, Inc. (e)		253		4
Clorox Co.		60		8
Cloudflare, Inc., Class A (e)		132		8
CME Group, Inc.		172		34
CMS Energy Corp.		138		7
Coca-Cola Co.		1,951		109
Cognex Corp.		85		4
Cognizant Technology Solutions Corp., Class A		246		17
Coinbase Global, Inc., Class A (e)		79		6
Colgate-Palmolive Co.		378		27
Comcast Corp., Class A		2,017		89
Conagra Brands, Inc.		230		6
ConocoPhillips		578		69
Consolidated Edison, Inc.		166		14
Constellation Brands, Inc., Class A		77		19
Constellation Energy Corp.		159		17
Contra Abiomed, Inc. (e)		14		—	@
Cooper Cos., Inc.		24		8
Copart, Inc. (e)		418		18
Corning, Inc.		389		12
Corteva, Inc.		338		17
CoStar Group, Inc. (e)		194		15
Costco Wholesale Corp.		215		121
Coterra Energy, Inc.		370		10
Crowdstrike Holdings, Inc., Class A (e)		103		17
Crown Castle, Inc. REIT		203		19
Crown Holdings, Inc.		58		5
CSX Corp.		984		30
Cummins, Inc.		68		16
CVS Health Corp.		606		42
Danaher Corp.		331		82
Darden Restaurants, Inc.		58		8
Darling Ingredients, Inc. (e)		79		4
Datadog, Inc., Class A (e)		120		11
DaVita, Inc. (e)		27		3
Deckers Outdoor Corp. (e)		12		6
Deere & Co.		135		51
Dell Technologies, Inc., Class C		123		8
Delta Air Lines, Inc.		79		3
Dentsply Sirona, Inc.		105		4
Devon Energy Corp.		314		15
Dexcom, Inc. (e)		193		18
Diamondback Energy, Inc.		82		13
Dick's Sporting Goods, Inc.		29		3
Digital Realty Trust, Inc. REIT		138		17
Discover Financial Services		126		11
DocuSign, Inc. (e)		99		4
Dollar General Corp.		103		11
Dollar Tree, Inc. (e)		104		11
Dominion Energy, Inc.		396		18
Domino's Pizza, Inc.		18		7
DoorDash, Inc., Class A (e)		124		10
Dover Corp.		68		9
Dow, Inc.		342		18
DR Horton, Inc.		149		16
Dropbox, Inc., Class A (e)		128		3
DTE Energy Co.		101		10
Duke Energy Corp.		366		32
DuPont de Nemours, Inc.		219		16
Dynatrace, Inc. (e)		106		5
Eastman Chemical Co.		58		4
Eaton Corp. PLC		193		41
eBay, Inc.		255		11
Ecolab, Inc.		126		21
Edison International		181		11
Edwards Lifesciences Corp. (e)		294		20
Electronic Arts, Inc.		134		16
Elevance Health, Inc.		107		47
Eli Lilly & Co.		389		209
Emerson Electric Co.		277		27
Enphase Energy, Inc. (e)		65		8
Entegris, Inc.		75		7
Entergy Corp.		102		9
EOG Resources, Inc.		284		36
EPAM Systems, Inc. (e)		27		7
EQT Corp.		175		7
Equifax, Inc.		60		11
Equinix, Inc. REIT		43		31
Equitable Holdings, Inc.		175		5
Equity Lifestyle Properties, Inc. REIT		85		5
Equity Residential REIT		172		10
Erie Indemnity Co., Class A		12		4
Essential Utilities, Inc.		121		4
Essex Property Trust, Inc. REIT		31		7
Estee Lauder Cos., Inc., Class A		110		16
Etsy, Inc. (e)		59		4
Everest Group Ltd.		22		8
Evergy, Inc.		108		5
Eversource Energy		166		10
Exact Sciences Corp. (e)		86		6

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Exelon Corp.		477	$	18
Expedia Group, Inc. (e)		73		8
Expeditors International of Washington, Inc.		74		8
Extra Space Storage, Inc. REIT		64		8
Exxon Mobil Corp.		1,942		228
F5, Inc. (e)		29		5
FactSet Research Systems, Inc.		19		8
Fair Isaac Corp. (e)		12		10
Fastenal Co.		272		15
FedEx Corp.		116		31
Ferguson PLC		100		16
Fidelity National Financial, Inc.		126		5
Fidelity National Information Services, Inc.		281		16
Fifth Third Bancorp		322		8
First Citizens BancShares, Inc., Class A		5		7
First Horizon Corp.		261		3
First Republic Bank (e)		76		—	@
First Solar, Inc. (e)		50		8
FirstEnergy Corp.		261		9
Fiserv, Inc. (e)		303		34
FleetCor Technologies, Inc. (e)		35		9
FMC Corp.		61		4
Ford Motor Co.		1,899		24
Fortinet, Inc. (e)		330		19
Fortive Corp.		170		13
Fortune Brands Innovations, Inc.		63		4
Fox Corp., Class A		218		7
Franklin Resources, Inc.		145		4
Freeport-McMoRan, Inc.		693		26
Gaming and Leisure Properties, Inc. REIT		128		6
Garmin Ltd.		74		8
Gartner, Inc. (e)		38		13
GE HealthCare Technologies, Inc.		197		13
Gen Digital, Inc.		280		5
Generac Holdings, Inc. (e)		29		3
General Dynamics Corp.		111		25
General Electric Co.		534		59
General Mills, Inc.		282		18
General Motors Co.		669		22
Genuine Parts Co.		68		10
Gilead Sciences, Inc.		593		44
Global Payments, Inc.		127		15
Globe Life, Inc.		43		5
GoDaddy, Inc., Class A (e)		73		5
Goldman Sachs Group, Inc.		159		51
Graco, Inc.		82		6
Halliburton Co.		447		18
Hartford Financial Services Group, Inc.		150		11
Hasbro, Inc.		63		4
HCA Healthcare, Inc.		103		25
Healthcare Realty Trust, Inc. REIT		182		3
Healthpeak Properties, Inc. REIT		262		5
HEICO Corp.		57		9
Henry Schein, Inc. (e)		63		5
Hershey Co.		70		14
Hess Corp.		134		21
Hewlett Packard Enterprise Co.		629		11
HF Sinclair Corp.		74		4
Hilton Worldwide Holdings, Inc.		129		19
Hologic, Inc. (e)		118		8
Home Depot, Inc.		485		147
Honeywell International, Inc.		320		59
Horizon Therapeutics PLC (e)		86		10
Hormel Foods Corp.		148		6
Host Hotels & Resorts, Inc. REIT		347		6
Howmet Aerospace, Inc.		190		9
HP, Inc.		424		11
Hubbell, Inc.		26		8
HubSpot, Inc. (e)		23		11
Humana, Inc.		60		29
Huntington Bancshares, Inc.		595		6
Huntington Ingalls Industries, Inc.		20		4
Hyatt Hotels Corp., Class A		23		2
IDEX Corp.		36		7
IDEXX Laboratories, Inc. (e)		39		17
Illinois Tool Works, Inc.		147		34
Illumina, Inc. (e)		76		10
Incyte Corp. (e)		91		5
Ingersoll Rand, Inc.		199		13
Insulet Corp. (e)		33		5
Intel Corp.		1,820		65
Intercontinental Exchange, Inc.		272		30
International Business Machines Corp.		437		61
International Flavors & Fragrances, Inc.		120		8
International Paper Co.		161		6
Interpublic Group of Cos., Inc.		203		6
Intuit, Inc.		134		68
Intuitive Surgical, Inc. (e)		172		50
Invesco Ltd.		168		2
Invitation Homes, Inc. REIT		293		9
IQVIA Holdings, Inc. (e)		90		18
Iron Mountain, Inc. REIT		142		8
J M Smucker Co.		51		6
Jack Henry & Associates, Inc.		35		5
Jacobs Solutions, Inc.		62		8
Jazz Pharmaceuticals PLC (e)		31		4
JB Hunt Transport Services, Inc.		38		7
Johnson & Johnson		1,250		195
Johnson Controls International PLC		333		18
JPMorgan Chase & Co.		1,402		203
Juniper Networks, Inc.		157		4
Kellogg Co.		131		8
Keurig Dr Pepper, Inc.		434		14
KeyCorp		429		5
Keysight Technologies, Inc. (e)		85		11

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Kimberly-Clark Corp.		162	$	20
Kimco Realty Corp. REIT		300		5
Kinder Morgan, Inc.		974		16
KKR & Co., Inc.		292		18
KLA Corp.		69		32
Knight-Swift Transportation Holdings, Inc.		78		4
Kraft Heinz Co.		378		13
Kroger Co.		324		15
L3Harris Technologies, Inc.		92		16
Laboratory Corp. of America Holdings		42		8
Lam Research Corp.		66		41
Lamb Weston Holdings, Inc.		71		7
Las Vegas Sands Corp.		169		8
Lattice Semiconductor Corp. (e)		69		6
Lear Corp.		28		4
Leidos Holdings, Inc.		63		6
Lennar Corp., Class A		123		14
Lennox International, Inc.		16		6
Liberty Broadband Corp., Class C (e)		58		5
Liberty Global PLC Series C (e)		204		3
Liberty Media Corp.-Liberty Formula One, Class C (e)		97		6
Liberty Media Corp.-Liberty Live, Class C (e)		25		1
Liberty Media Corp.-Liberty SiriusXM, Class C (e)		83		2
Linde PLC		240		89
Live Nation Entertainment, Inc. (e)		80		7
LKQ Corp.		131		6
Lockheed Martin Corp.		110		45
Loews Corp.		97		6
Lowe's Cos., Inc.		287		60
LPL Financial Holdings, Inc.		38		9
Lucid Group, Inc. (e)		430		2
Lululemon Athletica, Inc. (e)		55		21
LyondellBasell Industries NV, Class A		126		12
M&T Bank Corp.		79		10
Marathon Oil Corp.		300		8
Marathon Petroleum Corp.		209		32
Markel Group, Inc. (e)		7		10
MarketAxess Holdings, Inc.		19		4
Marriott International, Inc., Class A		129		25
Marsh & McLennan Cos., Inc.		239		45
Martin Marietta Materials, Inc.		31		13
Marvell Technology, Inc.		413		22
Masco Corp.		108		6
Masimo Corp. (e)		23		2
Mastercard, Inc., Class A		411		163
Match Group, Inc. (e)		137		5
McCormick & Co., Inc.		120		9
McDonald's Corp.		352		93
McKesson Corp.		66		29
Medtronic PLC		643		50
MercadoLibre, Inc. (e)		22		28
Merck & Co., Inc.		1,219		125
Meta Platforms, Inc., Class A (e)		1,059		318
MetLife, Inc.		312		20
Mettler-Toledo International, Inc. (e)		12		13
MGM Resorts International (e)		148		5
Microchip Technology, Inc.		269		21
Micron Technology, Inc.		524		36
Microsoft Corp.		3,164		999
Mid-America Apartment Communities, Inc. REIT		57		7
Moderna, Inc. (e)		155		16
Mohawk Industries, Inc. (e)		26		2
Molina Healthcare, Inc. (e)		27		9
Molson Coors Beverage Co., Class B		91		6
Mondelez International, Inc., Class A		650		45
MongoDB, Inc. (e)		35		12
Monolithic Power Systems, Inc.		22		10
Monster Beverage Corp. (e)		373		20
Moody's Corp.		79		25
Mosaic Co.		159		6
Motorola Solutions, Inc.		81		22
MSCI, Inc.		38		19
Nasdaq, Inc.		168		8
NetApp, Inc.		103		8
Netflix, Inc. (e)		216		82
Neurocrine Biosciences, Inc. (e)		47		5
Newmont Corp. (TSX)		383		14
News Corp., Class A		191		4
NextEra Energy, Inc.		975		56
NIKE, Inc., Class B		595		57
NiSource, Inc.		198		5
Nordson Corp.		24		5
Norfolk Southern Corp.		108		21
Northern Trust Corp.		89		6
Northrop Grumman Corp.		69		30
Novocure Ltd. (e)		50		1
NRG Energy, Inc.		112		4
Nucor Corp.		124		19
NVIDIA Corp.		1,205		524
NVR, Inc. (e)		1		6
NXP Semiconductors NV		126		25
Occidental Petroleum Corp.		347		23
Okta, Inc. (e)		77		6
Old Dominion Freight Line, Inc.		47		19
Omnicom Group, Inc.		108		8
ON Semiconductor Corp. (e)		213		20
ONEOK, Inc.		216		14
Oracle Corp.		793		84
O'Reilly Automotive, Inc. (e)		29		26
Otis Worldwide Corp.		200		16
Ovintiv, Inc.		118		6
Owens Corning		43		6
PACCAR, Inc.		253		22

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Packaging Corp. of America		43	$	7
Palantir Technologies, Inc., Class A (e)		879		14
Palo Alto Networks, Inc. (e)		148		35
Paramount Global, Class B		231		3
Parker-Hannifin Corp.		62		24
Paychex, Inc.		155		18
Paycom Software, Inc.		27		7
Paylocity Holding Corp. (e)		22		4
PayPal Holdings, Inc. (e)		516		30
Pentair PLC		80		5
PepsiCo, Inc.		657		111
Pfizer, Inc.		2,496		83
PG&E Corp. (e)		853		14
Philip Morris International, Inc.		743		69
Phillips 66		219		26
Pinterest, Inc., Class A (e)		292		8
Pioneer Natural Resources Co.		112		26
PNC Financial Services Group, Inc.		190		23
Pool Corp.		19		7
PPG Industries, Inc.		114		15
PPL Corp.		351		8
Principal Financial Group, Inc.		115		8
Procter & Gamble Co.		1,032		151
Progressive Corp.		286		40
Prologis, Inc. REIT		447		50
Prudential Financial, Inc.		176		17
PTC, Inc. (e)		55		8
Public Service Enterprise Group, Inc.		238		14
Public Storage REIT		77		20
PulteGroup, Inc.		107		8
Qorvo, Inc. (e)		50		5
QUALCOMM, Inc.		528		59
Quanta Services, Inc.		70		13
Quest Diagnostics, Inc.		54		7
Raymond James Financial, Inc.		100		10
Realty Income Corp. REIT		314		16
Regency Centers Corp. REIT		74		4
Regeneron Pharmaceuticals, Inc. (e)		53		44
Regions Financial Corp.		446		8
Reliance Steel & Aluminum Co.		29		8
Repligen Corp. (e)		26		4
Republic Services, Inc.		106		15
ResMed, Inc.		72		11
Revvity, Inc.		60		7
Rivian Automotive, Inc., Class A (e)		309		8
Robert Half, Inc.		54		4
ROBLOX Corp., Class A (e)		210		6
Rockwell Automation, Inc.		57		16
Roku, Inc. (e)		61		4
Rollins, Inc.		121		5
Roper Technologies, Inc.		51		25
Ross Stores, Inc.		165		19
Royal Caribbean Cruises Ltd. (e)		111		10
Royalty Pharma PLC, Class A		184		5
RPM International, Inc.		63		6
RTX Corp.		706		51
S&P Global, Inc.		158		58
Salesforce, Inc. (e)		470		95
SBA Communications Corp. REIT		51		10
Schlumberger NV		686		40
Seagate Technology Holdings PLC		91		6
Seagen, Inc. (e)		68		14
Sealed Air Corp.		69		2
SEI Investments Co.		42		3
Sempra		299		20
Sensata Technologies Holding PLC		75		3
ServiceNow, Inc. (e)		98		55
Sherwin-Williams Co.		118		30
Simon Property Group, Inc. REIT		155		17
Sirius XM Holdings, Inc.		386		2
Skyworks Solutions, Inc.		78		8
Snap, Inc., Class A (e)		496		4
Snap-on, Inc.		26		7
Snowflake, Inc., Class A (e)		127		19
SolarEdge Technologies, Inc. (e)		27		3
Southern Co.		520		34
Southwest Airlines Co.		71		2
Splunk, Inc. (e)		77		11
SS&C Technologies Holdings, Inc.		106		6
Stanley Black & Decker, Inc.		75		6
Starbucks Corp.		552		50
State Street Corp.		158		11
Steel Dynamics, Inc.		81		9
Steris PLC		47		10
Stryker Corp.		166		45
Sun Communities, Inc. REIT		58		7
Synchrony Financial		211		6
Synopsys, Inc. (e)		74		34
Sysco Corp.		239		16
T Rowe Price Group, Inc.		106		11
Take-Two Interactive Software, Inc. (e)		82		12
Targa Resources Corp.		103		9
Target Corp.		220		24
TE Connectivity Ltd.		153		19
Teledyne Technologies, Inc. (e)		23		9
Teleflex, Inc.		23		5
Teradyne, Inc.		78		8
Tesla, Inc. (e)		1,374		344
Texas Instruments, Inc.		438		70
Texas Pacific Land Corp.		3		5
Textron, Inc.		102		8
Thermo Fisher Scientific, Inc.		181		92
TJX Cos., Inc.		554		49
T-Mobile US, Inc. (e)		292		41
Toast, Inc., Class A (e)		178		3

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Toro Co.		51	$	4
Tractor Supply Co.		54		11
Trade Desk, Inc., Class A (e)		217		17
Tradeweb Markets, Inc., Class A		54		4
Trane Technologies PLC		111		23
TransDigm Group, Inc. (e)		27		23
TransUnion		94		7
Travelers Cos., Inc.		111		18
Trimble, Inc. (e)		119		6
Truist Financial Corp.		624		18
Twilio, Inc., Class A (e)		85		5
Tyler Technologies, Inc. (e)		22		8
Tyson Foods, Inc., Class A		137		7
Uber Technologies, Inc. (e)		883		41
UDR, Inc. REIT		151		5
UGI Corp.		105		2
U-Haul Holding Co.		47		2
UiPath, Inc., Class A (e)		175		3
Ulta Beauty, Inc. (e)		24		10
Union Pacific Corp.		292		59
United Parcel Service, Inc., Class B		347		54
United Rentals, Inc.		35		16
United Therapeutics Corp. (e)		22		5
UnitedHealth Group, Inc.		445		224
Unity Software, Inc. (e)		109		3
Universal Health Services, Inc., Class B		31		4
US Bancorp		696		23
Vail Resorts, Inc.		20		4
Valero Energy Corp.		175		25
Veeva Systems, Inc., Class A (e)		72		15
Ventas, Inc. REIT		190		8
VeriSign, Inc. (e)		45		9
Verisk Analytics, Inc.		69		16
Verizon Communications, Inc.		1,920		62
Vertex Pharmaceuticals, Inc. (e)		124		43
VF Corp.		153		3
Viatris, Inc.		570		6
VICI Properties, Inc. REIT		478		14
Visa, Inc., Class A		781		180
Vistra Corp.		165		5
VMware, Inc., Class A (e)		107		18
Vulcan Materials Co.		64		13
W R Berkley Corp.		103		7
Walgreens Boots Alliance, Inc.		351		8
Walmart, Inc.		716		115
Walt Disney Co. (e)		867		70
Warner Bros Discovery, Inc. (e)		1,082		12
Waste Connections, Inc.		124		17
Waste Management, Inc.		195		30
Waters Corp. (e)		28		8
Watsco, Inc.		16		6
Webster Financial Corp.		83		3
WEC Energy Group, Inc.		149		12
Wells Fargo & Co.		1,693		69
Welltower, Inc. REIT		236		19
West Pharmaceutical Services, Inc.		35		13
Western Digital Corp. (e)		152		7
Westinghouse Air Brake Technologies Corp.		88		9
Westlake Corp.		19		2
Westrock Co.		124		4
Weyerhaeuser Co. REIT		356		11
Whirlpool Corp.		26		3
Williams Cos., Inc.		589		20
Willis Towers Watson PLC		51		11
Wolfspeed, Inc. (e)		61		2
Workday, Inc., Class A (e)		98		21
WP Carey, Inc. REIT		103		6
WW Grainger, Inc.		22		15
Wynn Resorts Ltd.		51		5
Xcel Energy, Inc.		262		15
Xylem, Inc.		115		10
Yum! Brands, Inc.		134		17
Zebra Technologies Corp., Class A (e)		24		6
Zillow Group, Inc., Class C (e)		75		3
Zimmer Biomet Holdings, Inc.		101		11
Zoetis, Inc.		223		39
Zoom Video Communications, Inc., Class A (e)		111		8
ZoomInfo Technologies, Inc., Class A (e)		136		2
Zscaler, Inc. (e)		41		6
				17,926
Total Common Stocks (Cost $25,276)				28,377

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

	Face Amount (000)
Short-Term Investments (15.1%)
U.S. Treasury Security (0.9%)
U.S. Treasury Bill 5.01%, 11/30/23 (g)(h) (Cost $671)	$	676	670

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Investment Company (14.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (i) (Cost $11,009)		11,009,192	$	11,009
Total Short-Term Investments (Cost $11,680)				11,679
Total Investments (99.8%) (Cost $79,362) (j)(k)(l)(m)				77,386
Other Assets in Excess of Liabilities (0.2%)				146
Net Assets (100.0%)			$	77,532

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

@	Value is less than $500.
‡	Amount is less than 0.05%.
(a)	Security is subject to delayed delivery.
(b)	Floating or variable rate securities: The rates disclosed are as of September 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.
(c)	144A security – Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(d)	Perpetual - One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2023.
(e)	Non-income producing security.
(f)	At September 30, 2023, the Fund held a fair valued security at $0, representing 0.0% 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)	Rate shown is the yield to maturity at September 30, 2023.
(h)	All or a portion of the security was pledged to cover margin requirements for swap agreements.
(i)	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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Funds.
(j)	The approximate fair value and percentage of net assets, $9,015,000 and 11.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(k)	Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(l)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

(m)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,606,000 and the aggregate gross unrealized depreciation is approximately $8,798,000, resulting in net unrealized depreciation of approximately $2,192,000.
ADR	American Depositary Receipt.
CVA	Certificaten Van Aandelen.
DAC	Designated Activity Company.
EURIBOR	Euro Interbank Offered Rate.
LSE	London Stock Exchange.
NYSE	New York Stock Exchange.
OAT	Obligations Assimilables du Trésor (French Treasury Obligation).
REIT	Real Estate Investment Trust.
SOFR	Secured Overnight Financing Rate.
SONIA	Sterling Overnight Index Average.
TBA	To Be Announced.
TSX	Toronto Stock Exchange.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	NZD	399	$	245	11/10/23	$	5
Australia & New Zealand Banking Group Ltd.	$	111	EUR	104	11/10/23	(2		)
Bank of America NA	CNH	2,334	$	321	12/14/23	(—		@)
Bank of America NA	PLN	67	$	15	12/14/23	—		@
Bank of America NA	$	7	ILS	26	12/14/23	(—		@)
Bank of America NA	$	12	JPY	1,803	12/14/23	(—		@)
Bank of America NA	$	308	KRW	398,634	11/10/23	(12		)
Barclays Bank PLC	EUR	184	$	198	12/14/23	3
Barclays Bank PLC	$	95	CHF	82	11/10/23	(5		)
Barclays Bank PLC	$	75	GBP	59	11/10/23	(3		)
Barclays Bank PLC	$	158	JPY	22,981	12/14/23	(3		)
Barclays Bank PLC	$	67	MXN	1,169	12/14/23	(—		@)
Barclays Bank PLC	$	313	SEK	3,469	12/14/23	5
BNP Paribas SA	BRL	112	$	22	12/14/23	—		@
BNP Paribas SA	CAD	120	$	89	12/14/23	—		@
BNP Paribas SA	CNY	22,004	$	3,026	12/14/23	(5		)
BNP Paribas SA	COP	245,300	$	59	11/10/23	(1		)
BNP Paribas SA	DKK	117	$	17	12/14/23	—		@
BNP Paribas SA	EUR	90	$	98	11/10/23	3
BNP Paribas SA	EUR	100	$	108	12/14/23	2
BNP Paribas SA	GBP	37	$	46	12/14/23	1
BNP Paribas SA	IDR	3,303,595	$	217	11/10/23	4
BNP Paribas SA	JPY	10,210	$	69	11/10/23	—		@
BNP Paribas SA	THB	285	$	8	11/10/23	—		@
BNP Paribas SA	$	76	AUD	118	12/14/23	—		@
BNP Paribas SA	$	40	AUD	63	12/14/23	(—		@)
BNP Paribas SA	$	22	CAD	29	12/14/23	(—		@)
BNP Paribas SA	$	15	CLP	13,453	12/14/23	—		@
BNP Paribas SA	$	530	CNY	3,762	11/10/23	(13		)
BNP Paribas SA	$	12	COP	50,392	12/14/23	(—		@)
BNP Paribas SA	$	455	EUR	411	11/10/23	(20		)
BNP Paribas SA	$	3	INR	210	12/14/23	—		@
BNP Paribas SA	$	107	JPY	15,428	11/10/23	(3		)
BNP Paribas SA	$	728	MXN	12,784	12/14/23	(3		)
BNP Paribas SA	$	13	TWD	419	12/14/23	(—		@)
Citibank NA	$	40	CAD	54	11/10/23	(—		@)
Citibank NA	$	7	CZK	168	12/14/23	(—		@)
Citibank NA	$	24	ILS	93	12/14/23	(—		@)
Citibank NA	$	134	SEK	1,421	11/10/23	(4		)
Goldman Sachs International	BRL	5,936	$	1,174	12/14/23	4
Goldman Sachs International	DKK	11	$	2	12/14/23	—		@
Goldman Sachs International	HUF	21,763	$	60	11/10/23	1
Goldman Sachs International	MYR	120	$	27	11/10/23	1
Goldman Sachs International	NOK	6	$	1	12/14/23	—
Goldman Sachs International	$	64	AUD	99	12/14/23	—		@
Goldman Sachs International	$	203	CHF	180	12/14/23	(5		)
Goldman Sachs International	$	18	CLP	15,810	11/10/23	(—		@)
Goldman Sachs International	$	282	JPY	40,943	12/14/23	(5		)
Goldman Sachs International	$	170	JPY	25,194	11/10/23	(1		)

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts (cont’d):

Counterparty	Contracts to Deliver (000)			In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	$	24		MXN	418	11/10/23	$	(—	@)
Goldman Sachs International	$	56		MXN	969	11/10/23	(1		)
Goldman Sachs International	$	272		MXN	4,784	12/14/23	(1		)
Goldman Sachs International	$	36		PEN	135	11/10/23	(1		)
Goldman Sachs International	$	23		PLN	94	11/10/23	(2		)
Goldman Sachs International	$	27		RON	122	11/10/23	(1		)
Goldman Sachs International	$	54		SEK	597	12/14/23	1
JPMorgan Chase Bank NA	CAD	37		$	27	11/10/23	—		@
JPMorgan Chase Bank NA	CNH	683		$	94	12/14/23	(—		@)
JPMorgan Chase Bank NA	CNY	230		$	32	11/10/23	—		@
JPMorgan Chase Bank NA	DKK	141		$	21	11/10/23	1
JPMorgan Chase Bank NA	EUR	1,224		$	1,317	12/14/23	19
JPMorgan Chase Bank NA	EUR	247		$	262	12/14/23	—		@
JPMorgan Chase Bank NA	GBP	41		$	51	12/14/23	1
JPMorgan Chase Bank NA	MXN	3,114		$	179	11/10/23	1
JPMorgan Chase Bank NA	NZD	774		$	457	12/14/23	(7		)
JPMorgan Chase Bank NA	$	264		AUD	410	12/14/23	—		@
JPMorgan Chase Bank NA	$	291		CHF	257	12/14/23	(8		)
JPMorgan Chase Bank NA	$	34		COP	146,725	11/10/23	1
JPMorgan Chase Bank NA	$	124		EUR	117	12/14/23	—		@
JPMorgan Chase Bank NA	$	49		HKD	384	12/14/23	(—		@)
JPMorgan Chase Bank NA	$	176		JPY	25,578	12/14/23	(3		)
JPMorgan Chase Bank NA	$	80		MXN	1,390	11/10/23	(1		)
JPMorgan Chase Bank NA	$	124		MXN	2,173	12/14/23	(1		)
JPMorgan Chase Bank NA	$	132		MXN	2,322	12/14/23	(—		@)
JPMorgan Chase Bank NA	$	14		NOK	145	11/10/23	(1		)
JPMorgan Chase Bank NA	$	25		SEK	274	12/14/23	—		@
JPMorgan Chase Bank NA	$	24		SGD	33	11/10/23	(1		)
JPMorgan Chase Bank NA	ZAR	19		$	1	12/14/23	(—		@)
Standard Chartered Bank	EUR	40		$	44	11/10/23	2
Standard Chartered Bank	EUR	2		$	2	11/10/23	—		@
Standard Chartered Bank	GBP	1		$	1	11/10/23	—		@
Standard Chartered Bank	$	276		CAD	377	11/10/23	1
State Street Bank and Trust Co.	$	—	@	HKD	1	12/14/23	—
UBS AG	AUD	460		$	303	11/10/23	7
UBS AG	CAD	37		$	27	11/10/23	—		@
UBS AG	EUR	325		$	349	12/14/23	5
UBS AG	GBP	208		$	266	11/10/23	12
UBS AG	GBP	172		$	209	11/10/23	(1		)
UBS AG	JPY	24,615		$	167	12/14/23	—
UBS AG	KRW	32,118		$	24	12/14/23	—		@
UBS AG	NOK	285		$	27	12/14/23	—
UBS AG	NZD	2,162		$	1,276	12/14/23	(20		)
UBS AG	SEK	739		$	66	11/10/23	(1		)
UBS AG	THB	608		$	17	12/14/23	—		@
UBS AG	$	113		AUD	176	12/14/23	—		@
UBS AG	$	54		GBP	44	12/14/23	(—		@)
UBS AG	$	1		HKD	10	12/14/23		(—	@)
UBS AG	$	1		HUF	254	11/10/23		(—	@)
UBS AG	$	1		HUF	419	12/14/23		(—	@)

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (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)
UBS AG	$	4	IDR	64,177	12/14/23	$	(—	@)
UBS AG	$	237	JPY	33,117	11/10/23	(14		)
UBS AG	$	66	JPY	9,621	11/10/23	(1		)
UBS AG	$	51	KRW	66,310	11/10/23	(1		)
UBS AG	$	35	KRW	46,475	12/14/23	(—		@)
UBS AG	$	276	MXN	4,846	12/14/23	(1		)
UBS AG	$	60	NZD	101	12/14/23	(—		@)
UBS AG	$	19	SEK	205	12/14/23	—		@
UBS AG	$	2	TRY	62	12/14/23	(—		@)
UBS AG	ZAR	327	$	17	12/14/23	(—		@)
Westpac Banking Corp.	CAD	339	$	251	11/10/23		1
						$	(71	)

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
CAC 40 Index (France)	1	Oct-23	EUR	—	@	$	76		$	(1	)
FTSE MIB Index (Italy)	1	Dec-23		—	@		150			(1	)
German Euro-Bobl Index (Germany)	4	Dec-23		400			490			(7	)
German Euro-BTP Index (Germany)	1	Dec-23		100			116			(5	)
German Euro-Schatz Index (Germany)	18	Dec-23		1,800			1,998			(9	)
Hang Seng Index (Hong Kong)	1	Oct-23	HKD	—	@		114			1
IBEX 35 Index (Spain)	1	Oct-23	EUR	—	@		100			(—	@)
ICE Brent Crude Oil Index (United States)	10	Oct-23	$	10			922			128
KFE 10 yr. Treasury Bond Index (Korea, Republic of)	4	Dec-23	KRW	400,000			320			(2	)
Long Gilt Index (United Kingdom)	2	Dec-23	GBP	200			230			(2	)
Nikkei 225 Index (United States)	1	Dec-23	JPY	1			106			(2	)
S&P 500 E Mini Index (United States)	1	Dec-23	$	—	@		216			(10	)
SFE 10 yr. Australian Bond (Australia)	26	Dec-23	AUD	2,600			1,872			(50	)
SGX MSCI Singapore Index (Singapore)	1	Oct-23	SGD	—	@		21			—	@
SPI 200 Index (Australia)	1	Dec-23	AUD	—	@		114			(3	)
U.S. Treasury 2 yr. Note (United States)	4	Dec-23	$	800			811			(2	)
U.S. Treasury 5 yr. Note (United States)	17	Dec-23		1,700			1,791			(17	)
U.S. Treasury 10 yr. Note (United States)	4	Dec-23		400			432			(8	)
U.S. Treasury 10 yr. Ultra Note (United States)	13	Dec-23		1,300			1,450			(59	)
U.S. Treasury Ultra Bond (United States)	5	Dec-23		500			593			(45	)
Short:
Euro Stoxx 50 Index (Germany)	8	Dec-23	EUR	(—	@)		(356	)		4
FTSE 100 Index (United Kingdom)	1	Dec-23	GBP	(—	@)		(94	)		(1	)
German Euro-BTP Index (Germany)	17	Dec-23	EUR	(1,700	)		(1,972	)		67
German Euro-Bund Index (Germany)	9	Dec-23		(900	)		(1,224	)		38
MSCI Emerging Market Index (United States)	1	Dec-23	$	(—	@)		(48	)		2
TSE Japanese 10 yr. Bond index (Japan)	9	Dec-23	JPY	(900,000	)		(8,730	)		60
U.S. Treasury 5 yr. Note (United States)	8	Dec-23	$	(800	)		(843	)		7

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts (cont’d):

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 10 yr. Ultra Note (United States)	11	Dec-23	$	(1,100	)	$	(1,227	)	$	36
U.S. Treasury Ultra Long Bond (United States)	1	Dec-23		(100	)		(119	)		9
									$	128

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at September 30, 2023:

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate		Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)		Upfront Payment Paid (000)		Unrealized Appreciation (000)
Morgan Stanley & Co. LLC*	1 Week CNY	Pay	2.56	%	Quarterly/Quarterly	5/16/28		11,796	$	14	$	—	$	14
Morgan Stanley & Co. LLC*	1 Week CNY	Pay	2.56		Quarterly/Quarterly	5/16/28		11,796		13		—		13
									$	27	$	—	$	27

Total Return Swap Agreements

The Fund had the following total return swap agreements open at September 30, 2023:

Swap Counterparty	Index	Pay/ Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)			Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Bank of America NA	MSCI USA Index	pay	SOFR + 0.45%	Quarterly	7/16/24	$	(1,970	)	$	(95	)	$	—	$	(95	)
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24	159				9			—		9
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24	106				5			—		5
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24	106				3			—		3
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24	106				2			—		2
Barclays Bank PLC	Barclays US Cyclicals Custom Basket Index††	Receive	SOFR + 0.00%	Quarterly	7/24/24	754				56			—		56
Barclays Bank PLC	Barclays US Cyclicals Custom Basket Index††	Receive	SOFR + 0.00%	Quarterly	7/24/24	756				57			—		57
Barclays Bank PLC	Barclays US Cyclicals Custom Basket Index††	Receive	SOFR + 0.03%	Quarterly	7/24/24	746				58			—		58
Barclays Bank PLC	Barclays US Cyclicals Custom Basket Index††	Receive	SOFR + 0.03%	Quarterly	7/24/24	713				35			—		35
Barclays Bank PLC	Barclays US Defensives Custom Basket Index††	Pay	SOFR + 0.00%	Quarterly	7/24/24	(758		)		(55	)		—		(55	)
Barclays Bank PLC	Barclays US Defensives Custom Basket Index††	Pay	SOFR + 0.00%	Quarterly	7/24/24	(755		)		(61	)		—		(61	)
Barclays Bank PLC	Barclays US Defensives Custom Basket Index††	Pay	SOFR + 0.00%	Quarterly	7/24/24	(752		)		(60	)		—		(60	)
Barclays Bank PLC	Barclays US Defensives Custom Basket Index††	Pay	SOFR + 0.03%	Quarterly	7/24/24	(742		)		(31	)		—		(31	)
Barclays Bank PLC	E&P Index	Pay	SOFR + 0.20%	Quarterly	4/10/24	(150		)		21			—		21
Barclays Bank PLC	E&P Index	Pay	SOFR + 0.20%	Quarterly	4/10/24	(352		)		49			—		49
Barclays Bank PLC	MSCI Daily Total Return World Gross Consumer Staples Index	Receive	SOFR + 0.10%	Quarterly	5/20/24	844				49			—		49
Barclays Bank PLC	MSCI World Tobacco Index	Pay	SOFR + 0.25%	Quarterly	5/20/24	(847		)		(16	)		—		(16	)
BNP Paribas SA	BNP EU Luxury Index††	Receive	SOFR + 0.24%	Quarterly	6/5/24	431				47			—		47
BNP Paribas SA	BNP EU Luxury Index††	Receive	SOFR + 0.24%	Quarterly	6/5/24	790				87			—		87
BNP Paribas SA	BNP EU Luxury Index††	Receive	SOFR + 0.24%	Quarterly	6/5/24	442				48			—		48

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements (cont'd)

Swap Counterparty	Index	Pay/ Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)			Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	BNP EU Luxury Index††	Receive	SOFR + 0.24%	Quarterly	6/5/24	$	138		$	19		$	—	$	19
BNP Paribas SA	BNP EU Luxury Index††	Receive	SOFR + 0.24%	Quarterly	6/5/24	481				47			—		47
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index††	Receive	SOFR + 0.02%	Quarterly	9/18/24	EUR	375			17			—		17
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index††	Receive	SOFR + 0.02%	Quarterly	9/18/24	679				25			—		25
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index††	Receive	SOFR + 0.02%	Quarterly	9/18/24	685				21			—		21
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index††	Receive	SOFR + 0.02%	Quarterly	9/18/24	692				25			—		25
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index††	Receive	SOFR + 0.02%	Quarterly	9/18/24	678				14			—		14
BNP Paribas SA	EMU IMI Value Custom Basket Index††	Pay	SOFR + 0.35%	Quarterly	9/18/24	(374		)		(11	)		—		(11	)
BNP Paribas SA	EMU IMI Value Custom Basket Index††	Pay	SOFR + 0.35%	Quarterly	9/18/24	(681		)		(15	)		—		(15	)
BNP Paribas SA	EMU IMI Value Custom Basket Index††	Pay	SOFR + 0.35%	Quarterly	9/18/24	(688		)		(14	)		—		(14	)
BNP Paribas SA	EMU IMI Value Custom Basket Index††	Pay	SOFR + 0.35%	Quarterly	9/18/24	(693		)		(20	)		—		(20	)
BNP Paribas SA	EMU IMI Value Custom Basket Index††	Pay	SOFR + 0.35%	Quarterly	9/18/24	(667		)		(13	)		—		(13	)
BNP Paribas SA	MSCI Japan Net Total Return	Pay	SOFR + 0.01%	Quarterly	2/12/24	$	(2,932	)		(93	)		—		(93	)
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Pay	SOFR + 0.21%	Quarterly	1/26/24	(5,680		)		(374	)		—		(374	)
JPMorgan Chase Bank NA	Japan Growth Index††	Receive	SOFR + 0.19%	Quarterly	9/17/24	1,253				50			—		50
JPMorgan Chase Bank NA	Japan Value Index††	Pay	SOFR + 0.00%	Quarterly	9/17/24	(1,262		)		(18	)		—		(18	)
JPMorgan Chase Bank NA	JPM Russell SPX Broad Growth Custom Basket Index††	Receive	SOFR + 0.40%	Quarterly	9/20/24	1,350				51			—		51
JPMorgan Chase Bank NA	JPM Russell SPX Broad Growth Custom Basket Index††	Receive	SOFR + 0.40%	Quarterly	9/20/24	2,665				7			—		7
JPMorgan Chase Bank NA	JPM Russell SPX Broad Value Custom Basket Index††	Pay	SOFR + 0.40%	Quarterly	9/20/24	(1,358		)		(25	)		—		(25	)
JPMorgan Chase Bank NA	JPM Russell SPX Broad Value Custom Basket Index††	Pay	SOFR + 0.40%	Quarterly	9/20/24	(2,694		)		(17	)		—		(17	)
JPMorgan Chase Bank NA	JPM SPX1500 Growth Custom Basket Index††	Receive	SOFR + 0.05%	Quarterly	9/16/24	584				29			—		29
JPMorgan Chase Bank NA	JPM SPX1500 Growth Custom Basket Index††	Receive	SOFR + 0.05%	Quarterly	9/16/24	875				40			—		40
JPMorgan Chase Bank NA	JPM SPX1500 Value Custom Basket Index††	Pay	SOFR + 0.05%	Quarterly	9/16/24	(586		)		(9	)		—		(9	)
JPMorgan Chase Bank NA	JPM SPX1500 Value Custom Basket Index††	Pay	SOFR + 0.05%	Quarterly	9/16/24	(872		)		(10	)		—		(10	)
JPMorgan Chase Bank NA	Korea Growth Index	Receive	SOFR + 0.30%	Quarterly	9/17/24	313				17			—		17
JPMorgan Chase Bank NA	Korea Value Index	Pay	SOFR + 0.16%	Quarterly	9/17/24	(315		)		(7	)		—		(7	)
UBS AG	MSCI USA Index	pay	SOFR + 0.46%	Quarterly	9/24/24	(9,392		)		(244	)		—		(244	)
									$	(300	)	$	—	$	(300	)

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with Barclays U.S. Cyclicals Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Barclays U.S. Cyclicals Custom Basket Index
3M Co.		3,766	$	353		0.66	%
Activision Blizzard, Inc.		5,135		481		0.90
Air Products & Chemicals, Inc.		1,528		433		0.81
Airbnb, Inc., Class A		2,840		390		0.73
Automatic Data Processing		2,848		685		1.28
Autozone, Inc.		128		325		0.61
Boeing Co.		3,881		744		1.39
Booking Holdings, Inc.		259		799		1.50
Carrier Global Corp.		5,759		318		0.60
Caterpillar, Inc.		3,576		976		1.83
Chipotle Mexican Grill, Inc.		192		352		0.66
Cintas Corp.		631		304		0.57
Comcast Corp., Class A		28,954		1,284		2.40
CSX Corp.		14,189		436		0.82
Deere & Co.		1,931		729		1.36
Eaton Corp. PLC		2,737		584		1.09
Ecolab, Inc.		1,765		299		0.56
Emerson Electric Co.		3,939		380		0.71
FedEx Corp.		1,647		436		0.82
Ford Motor Co.		26,855		334		0.62
Freeport-Mcmoran, Inc.		9,787		365		0.68
General Dynamics Corp.		1,607		355		0.66
General Electric Co.		7,452		824		1.54
General Motors Co.		9,525		314		0.59
Home Depot, Inc.		6,981		2,109		3.95
Honeywell International, Inc.		4,578		846		1.58
Illinois Tool Works, Inc.		2,089		481		0.90
Linde PLC		3,361		1,251		2.34
Lowe's Cos, Inc.		4,087		849		1.59
Lululemon Athletica, Inc.		807		311		0.58
Marriott International, Class A		1,812		356		0.67
Mcdonald's Corp.		5,018		1,322		2.48
Netflix, Inc.		3,069		1,159		2.17
Nike, Inc., Class B		8,603		823		1.54
Norfolk Southern Corp.		1,570		309		0.58
Northrop Grumman Corp.		983		433		0.81
O'Reilly Automotive, Inc.		426		387		0.72
Paccar, Inc.		3,605		307		0.57
Parker Hannifin Corp.		875		341		0.64
Sherwin-Williams Co.		1,703		434		0.81
Starbucks Corp.		7,910		722		1.35
Tesla, Inc.		20,206		5,056		9.47
TJX Companies, Inc.		7,955		707		1.32
Trane Technologies PLC		1,579		320		0.60
Transdigm Group, Inc.		376		317		0.59
Uber Technologies, Inc.		12,509		575		1.08
Union Pacific Corp.		4,215		858		1.61
United Parcel Service, Class B		4,975		775		1.45
Walt Disney Co.		12,555		1,018		1.91
Waste Management, Inc.		2,776		423		0.79

The following table represents the equity basket holdings underlying the total return swap with Barclays U.S. Defensives Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Barclays U.S. Defensives Custom Basket Index
Abbott Laboratories		11,273	$	1,092		2.03	%
Abbvie, Inc.		11,323		1,688		3.14
American Electric Power		3,293		248		0.46
Amgen, Inc.		3,483		936		1.74
Archer-Daniels-Midland Co.		3,488		263		0.49
AT&T, Inc.		46,068		692		1.29
Becton Dickinson and Co.		1,796		464		0.86
Biogen, Inc.		938		241		0.45
Boston Scientific Corp.		9,220		487		0.91
Bristol-Myers Squibb Co.		13,540		786		1.46
Centene Corp.		3,497		241		0.45
Coca-Cola Co.		26,512		1,484		2.76
Colgate-Palmolive Co.		5,063		360		0.67
Costco Wholesale Corp.		2,849		1,610		3.00
Cvs Health Corp.		8,196		572		1.07
Danaher Corp.		4,456		1,106		2.06
Duke Energy Corp.		4,938		436		0.81
Edwards Lifesciences Corp.		3,878		269		0.50
Elevance Health, Inc.		1,517		661		1.23
Eli Lilly & Co.		5,181		2,783		5.18
Exelon Corp.		6,349		240		0.45
General Mills, Inc.		3,772		241		0.45
Gilead Sciences, Inc.		8,087		606		1.13
Hca Healthcare, Inc.		1,332		328		0.61
Humana, Inc.		808		393		0.73
Intuitive Surgical, Inc.		2,264		662		1.23
Johnson & Johnson		16,810		2,618		4.87
Kimberly-Clark Corp.		2,161		261		0.49
Mckesson Corp.		873		380		0.71
Medtronic PLC		8,520		668		1.24
Merck & Co., Inc.		16,323		1,680		3.13
Mondelez International, Inc., Class A		8,806		611		1.14
Monster Beverage Corp.		5,047		267		0.50
Nextera Energy, Inc.		12,912		740		1.38
Pepsico, Inc.		8,858		1,501		2.79
Pfizer, Inc.		36,258		1,203		2.24
Procter & Gamble Co.		15,152		2,210		4.11
Regeneron Pharmaceuticals		697		574		1.07
Sempra		4,018		273		0.51
Southern Co.		7,004		453		0.84
Stryker Corp.		2,206		603		1.12
Target Corp.		2,938		325		0.60
The Cigna Group		1,899		543		1.01
Thermo Fisher Scientific, Inc.		2,469		1,250		2.33
T-Mobile US, Inc.		3,889		545		1.01
Unitedhealth Group, Inc.		5,994		3,022		5.63
Verizon Communications, Inc.		27,295		885		1.65
Vertex Pharmaceuticals, Inc.		1,667		580		1.08
Walmart, Inc.		9,515		1,522		2.83
Zoetis, Inc.		2,985		519		0.97

Morgan Stanley Variable Insurance Fund, Inc. 

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with BNP EU Luxury Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
BNP EU Luxury Index
Brunello Cucinelli SpA		199	$	15		1.80	%
Burberry Group PLC		1,109		26		3.07
Cie Financiere Richemo, Class A Reg		1,319		162		19.22
Hermes International		93		170		20.28
Hugo Boss AG		210		13		1.58
Kering		342		156		18.60
LVMH Moet Hennessy Louis Vuitton SE		239		181		21.54
Moncler SpA		813		47		5.64
Salvatore Ferragamo SpA		530		7		0.84
Swatch Group AG		150		39		4.59
Tapestry, Inc.		693		20		2.37
Tod's SpA		104		4		0.45

The following table represents the equity basket holdings underlying the total return swap with EMU IMI Anti Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
EMU IMI Anti Value Custom Basket Index
Adyen NV		12	$	9		0.90	%
Air Liquide SA		50		8		0.84
Akzo Nobel NV		118		8		0.84
Allfunds Group PLC		1,664		9		0.91
Amplifon SpA		290		8		0.85
Arcadis NV		192		8		0.85
Bawag Group AG		206		9		0.93
Bureau Veritas SA		342		8		0.84
Ca Immobilien Anlagen AG		273		9		0.90
Carl Zeiss Meditec AG		104		9		0.90
Cellnex Telecom SA		269		9		0.93
Covestro AG		158		8		0.84
Credit Agricole SA		756		9		0.92
CTS Eventim AG & Co. KGaA		177		10		1.00
Dassault Systemes SE		263		9		0.97
Deutsche Boerse AG		52		9		0.90
Dsm-Firmenich AG		108		9		0.90
Eckert & Ziegler Strahlen und Medizintechnik AG		286		9		0.96
Edenred		145		9		0.90
Edp Renovaveis SA		529		8		0.86
Finecobank SpA		745		9		0.90
Fuchs SE - Pref		224		8		0.86
Gecina SA		90		9		0.91
Groupe Bruxelles Lambert NV		117		8		0.86
Hannover Rueck SE		43		9		0.94
Imcd NV		67		8		0.84
Infrastrutture Wireless Italiane SpA		827		9		0.97
Inmobiliaria Colonial Socimi SA		1,545		8		0.87
KBC Group NV		149		9		0.92
Kingspan Group PLC		114		8		0.84
Legrand SA		93		8		0.85
Lotus Bakeries		1		8		0.84
Mediobanca SpA		722		9		0.94
Merlin Properties Socimi SA		1,056		8		0.88
Nemetschek SE		158		9		0.96
Neoen SA		312		9		0.90
OCI NV		317		8		0.87
Qt Group Oyj		171		9		0.93
Sampo Oyj - A Shares		220		9		0.94
SAP SE		73		9		0.93
Schneider Electric SE		52		8		0.85
Scout24 SE		151		10		1.04
Solaria Energía y Medio Ambiente SA		598		9		0.92
Symrise AG		91		8		0.86
Talanx AG		144		9		0.91
Universal Music Group NV		410		10		1.06
VGP		91		8		0.83
Vidrala SA		99		8		0.85
Warehouses De Pauw SCA		346		8		0.85
Wolters Kluwer		71		8		0.85

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with EMU IMI Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
EMU IMI Value Custom Basket Index
Acerinox SA		1,029	$	9		0.97	%
Anheuser-Busch Inbev SA		169		9		0.91
Anima Holding SpA		2,353		9		0.96
Aperam		340		9		0.96
Arcelormittal		391		9		0.96
Aroundtown SA		5,496		11		1.11
Azimut Holding SpA		431		9		0.92
Bollore SE		1,663		8		0.87
Bouygues SA		292		10		0.99
Cargotec Oyj - B Share		235		9		0.96
Clariane SE		1,521		9		0.89
Cnh Industrial NV		761		9		0.90
Compagnie De Saint Gobain		170		10		0.99
Daimler Truck Holding AG		289		9		0.97
Deutsche Bank AG-Registered		885		9		0.95
Deutsche Pfandbriefbank AG		1,257		8		0.87
D'Ieteren Group		72		12		1.19
Eiffage		104		9		0.96
Flow Traders Ltd.		509		9		0.92
Fresenius Medical Care AG & Co.		223		9		0.93
Fresenius Se & Co. KGaA		315		9		0.95
Glanbia PLC		563		9		0.90
Heidelberg Materials AG		129		10		0.98
Ipsos Group SA		191		8		0.86
Iveco Group NV		1,066		9		0.97
JDE Peet's NV		356		9		0.97
Jungheinrich - Prfd		331		9		0.97
Kion Group AG		253		9		0.95
Konecranes Oyj		308		10		1.00
Leonardo SpA		698		10		0.98
Mapfre SA		4,449		9		0.88
Mercedes-Benz Group AG		130		9		0.88
Nexity		611		9		0.88
Outokumpu Oyj		2,273		9		0.93
Rexel SA		427		9		0.94
Salzgitter AG		374		9		0.97
Sanofi		82		8		0.86
Saras SpA		6,307		9		0.88
Schaeffler AG - Pref		1,606		9		0.90
Seb SA		96		9		0.87
Signify NV		389		10		1.02
Siltronic AG		117		9		0.97
Stellantis NV		491		9		0.92
Stmicroelectronics NV		207		8		0.87
Unipol Gruppo SpA		1,694		9		0.89
Voestalpine AG		347		9		0.92
Volkswagen AG - Pref		69		9		0.89
Volkswagen AG - Pref		79		9		0.89
Vonovia SE		384		9		0.90
Wienerberger AG		384		9		0.95

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Japan Growth Index
Advantest Corp.		7,449	$	208		2.22	%
Asahi Intecc Co. Ltd.		10,118		182		1.94
Bandai Namco Holdings, Inc.		9,521		194		2.07
Baycurrent Consulting, Inc.		6,076		203		2.17
Capcom Co. Ltd.		5,061		182		1.94
Daifuku Co. Ltd.		11,352		215		2.29
Daiichi Sankyo Co. Ltd.		7,355		202		2.15
Daikin Industries Ltd.		1,233		194		2.06
Disco Corp.		1,180		218		2.32
Fanuc Corp.		7,540		196		2.09
Fast Retailing Co. Ltd.		905		197		2.10
Gmo Payment Gateway, Inc.		3,516		192		2.05
Hoshizaki Corp.		5,405		188		2.00
Japan Exchange Group, Inc.		11,867		220		2.35
Japan Real Estate Investment		52		203		2.16
JSR Corp		7,622		205		2.18
Keio Corp.		5,926		204		2.17
Keisei Electric Railway Co.		5,439		189		2.01
Keyence Corp.		525		195		2.08
Kikkoman Corp.		3,687		194		2.06
Kobe Bussan Co. Ltd.		8,713		204		2.18
Lasertec Corp.		1,457		227		2.42
M3, Inc.		11,029		200		2.14
Mcdonald's Holdings Co.		5,345		204		2.18
Monotaro Co. Ltd.		19,657		211		2.24
MS&AD Insurance Group Holdings, Inc.		5,557		204		2.18
Nidec Corp.		4,170		193		2.06
Nippon Paint Holdings Co. Ltd.		26,388		178		1.89
Nippon Prologis REIT, Inc.		108		202		2.15
Nissan Chemical Corp.		4,788		204		2.17
Nomura Real Estate Master Fund, Inc		181		203		2.16
Nomura Research Institute Ltd.		7,270		189		2.02
OBIC Co. Ltd.		1,239		188		2.00
Oracle Corp.		3,003		223		2.38
Oriental Land Co. Ltd.		5,894		194		2.06
Rakuten Group, Inc.		51,454		211		2.25
Recruit Holdings Co. Ltd.		5,994		185		1.97
Shiseido Co. Ltd.		5,451		192		2.04
SMC Corp.		441		198		2.11
Softbank Group Corp.		4,576		194		2.07
T&D Holdings, Inc.		12,442		206		2.19
Toho Co. Ltd.		5,429		185		1.98
Tokio Marine Holdings, Inc.		9,029		209		2.23
Tokyo Electric Power Co.		48,039		215		2.29
Unicharm Corp.		5,429		192		2.05
Yaskawa Electric Corp.		5,367		194		2.06
Zensho Holdings Co. Ltd.		4,565		199		2.12

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with Japan Value Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Japan Value Index
AGC, Inc.		6,545	$	230		2.16	%
Aisin Corp.		6,781		256		2.41
Asahi Group Holdings Ltd.		5,838		218		2.05
Brother Industries Ltd.		13,827		223		2.10
Canon, Inc.		9,464		228		2.15
Daiwa House Industry Co. Ltd.		8,337		224		2.11
Dentsu Group, Inc.		7,668		226		2.12
Hitachi Construction Machinery		7,133		217		2.04
Honda Motor Co. Ltd.		20,263		228		2.14
Isuzu Motors Ltd.		17,757		224		2.10
Japan Post Insurance Co. Ltd.		13,649		230		2.16
JFE Holdings, Inc.		15,489		227		2.14
Kajima Corp.		13,324		217		2.04
Kansai Electric Power Co., Inc.		15,008		209		1.96
Kawasaki Kisen Kaisha Ltd.		6,456		221		2.07
Kddi Corp.		7,555		231		2.18
Kirin Holdings Co. Ltd.		16,283		228		2.14
Mazda Motor Corp.		20,025		227		2.14
Mitsubishi Corp.		4,581		219		2.05
Mitsui & Co. Ltd.		6,091		221		2.08
Mitsui Osk Lines Ltd.		8,085		222		2.09
Mizuho Financial Group, Inc.		13,073		222		2.09
NEC Corp.		4,137		229		2.15
NGK Insulators Ltd.		17,428		231		2.17
Nippon Express Holdings, Inc.		4,514		236		2.22
Nippon Steel Corp.		9,678		227		2.13
Nippon Telegraph & Telephone		196,702		233		2.19
Nippon Yusen Kabushiki Kaisha		8,638		225		2.11
Nissan Motor Co. Ltd.		52,589		232		2.19
Nomura Real Estate Holdings, Inc.		9,199		231		2.17
OJI Holdings Corp.		53,517		225		2.12
ONO Pharmaceutical Co. Ltd.		11,785		226		2.13
ORIX Corp.		12,086		226		2.12
Otsuka Holdings Co. Ltd.		6,235		222		2.08
Ricoh Co. Ltd.		26,959		233		2.19
Sbi Holdings, Inc.		10,626		224		2.10
Seiko Epson Corp.		14,951		235		2.21
Seven & I Holdings Co. Ltd.		5,647		221		2.08
Shionogi & Co. Ltd.		5,128		229		2.16
Subaru Corp.		11,592		225		2.12
Sumco Corp.		17,534		229		2.15
Sumitomo Corp.		11,103		222		2.08
Sumitomo Mitsui Financial Group		4,608		227		2.13
Sumitomo Realty & Development Co. Ltd.		8,435		219		2.06
Suntory Beverage & Food Ltd.		7,134		217		2.04
TDK Corp.		6,381		237		2.23
Toyota Tsusho Corp.		3,834		226		2.12

The following table represents the equity basket holdings underlying the total return swap with JPM Russell SPX Broad Growth Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell SPX Broad Growth Custom Basket Index
Aerovironment, Inc.		371	$	41		0.43	%
Aptargroup, Inc.		328		41		0.43
Arista Networks, Inc.		224		41		0.43
Atlassian Corp., Class A		204		41		0.43
Avery Dennison Corp.		229		42		0.44
City Holding Co.		458		41		0.43
Cloudflare, Inc., Class A		658		42		0.43
Constellation Energy		376		41		0.43
Costco Wholesale Corp.		74		42		0.44
Crowdstrike Holdings, Inc., Class A		250		42		0.44
Elastic NV		528		43		0.45
Erie Indemnity Company, Class A		145		43		0.44
Factset Research Systems, Inc.		97		42		0.44
Five Below		260		42		0.44
Garmin Ltd.		389		41		0.43
Glaukos Corp.		550		41		0.43
Goosehead Insurance, Inc., Class A		572		43		0.45
Healthequity, Inc.		599		44		0.46
Ionis Pharmaceuticals, Inc.		963		44		0.46
Kinsale Capital Group, Inc.		101		42		0.44
Lennox International, Inc.		110		41		0.43
Manhattan Associates, Inc.		208		41		0.43
Monolithic Power Systems, Inc.		89		41		0.43
New Fortress Energy, Inc.		1,312		43		0.45
Nike, Inc., Class B		429		41		0.43
Nvidia Corp.		94		41		0.43
Old Dominion Freight Line		101		41		0.43
Palantir Technologies, Inc., Class A		2,696		43		0.45
Paycor HCM, Inc.		1,812		41		0.43
PDF Solutions, Inc.		1,305		42		0.44
Peloton Interactive, Inc., Class A		8,199		41		0.43
Pinterest, Inc., Class A		1,607		43		0.45
Procore Technologies, Inc.		646		42		0.44
Progyny, Inc.		1,208		41		0.43
Quinstreet, Inc.		4,607		41		0.43
Roblox Corp., Class A		1,481		43		0.45
Roivant Sciences Ltd.		3,660		43		0.45
Rollins, Inc.		1,116		42		0.44
Seagate Technology Holdings		648		43		0.45
Servisfirst Bancshares, Inc.		804		42		0.44
Siteone Landscape Supply, Inc.		259		42		0.44
Targa Resources Corp.		488		42		0.44
Techtarget		1,413		43		0.45
Texas Pacific Land Corp.		23		43		0.44
Universal Display Corp.		262		41		0.43
Valvoline, Inc.		1,289		42		0.43
Vicor Corp.		706		42		0.43
Wingstop, Inc.		243		44		0.46
Xpel, Inc.		531		41		0.43
Zscaler, Inc.		265		41		0.43

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (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 Russell SPX Broad Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell SPX Broad Value Custom Basket Index
Aaron's Co., Inc.		4,238	$	44		0.45	%
Acuity Brands, Inc.		259		44		0.45
Adeia, Inc.		4,153		44		0.45
Amgen, Inc.		158		43		0.43
Amkor Technology, Inc.		1,857		42		0.43
Andersons, Inc.		818		42		0.43
Asbury Automotive Group		184		42		0.43
Avanos Medical, Inc.		2,073		42		0.43
Boise Cascade Co.		413		43		0.43
Callon Petroleum Co.		1,071		42		0.43
Cal-Maine Foods, Inc.		897		43		0.44
Centene Corp.		609		42		0.43
Chico's Fas, Inc.		9,003		67		0.69
Cinemark Holdings, Inc.		2,464		45		0.46
Cleveland-Cliffs, Inc.		2,892		45		0.46
Concentrix Corp.		559		45		0.46
Corebridge Financial, Inc.		2,203		44		0.44
Cross Country Healthcare, Inc.		1,713		42		0.43
Designer Brands, Inc., Class A		3,429		43		0.44
Diodes, Inc.		536		42		0.43
Encore Wire Corp.		239		44		0.45
Fresh Del Monte Produce, Inc.		1,624		42		0.43
Geo Group, Inc.		5,459		45		0.46
GMS, Inc.		657		42		0.43
Group 1 Automotive, Inc.		157		42		0.43
Hewlett Packard Enterprise		2,421		42		0.43
Hibbett, Inc.		917		44		0.44
Koppers Holdings, Inc.		1,066		42		0.43
Macy's, Inc.		3,709		43		0.44
Millerknoll, Inc.		2,273		56		0.57
Movado Group, Inc.		1,541		42		0.43
Mueller Industries, Inc.		559		42		0.43
Olympic Steel, Inc.		823		46		0.47
Orasure Technologies, Inc.		7,472		44		0.45
Photronics, Inc.		2,122		43		0.44
Pnm Resources, Inc.		944		42		0.43
RPC, Inc.		4,717		42		0.43
Ryder System, Inc.		405		43		0.44
Sanmina Corp.		791		43		0.44
Shoe Carnival, Inc.		1,861		45		0.46
Stonex Group, Inc.		443		43		0.44
Suncoke Energy, Inc.		4,309		44		0.45
Textron, Inc.		542		42		0.43
Titan International, Inc.		3,306		44		0.45
Trueblue, Inc.		2,956		43		0.44
United Therapeutics Corp.		188		42		0.43
Universal Insurance Holdings		3,188		45		0.46
Vista Outdoor, Inc.		1,401		46		0.47
Vital Energy, Inc.		770		43		0.44
Warrior Met Coal, Inc.		875		45		0.46

The following table represents the equity basket holdings underlying the total return swap with JPM SPX1500 Growth Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM SPX1500 Growth Custom Basket Index
Aerovironment, Inc.		430	$	48		0.50	%
Agilysys, Inc.		727		48		0.51
Antero Midstream Corp.		4,212		50		0.53
Aptargroup, Inc.		384		48		0.50
Arthur J Gallagher & Co.		213		49		0.51
Avery Dennison Corp.		269		49		0.52
Bancfirst Corp.		556		48		0.51
Bank Of Hawaii Corp.		999		50		0.52
Calix, Inc.		1,052		48		0.51
City Holding Co.		543		49		0.52
Cognex Corp.		1,128		48		0.50
Commerce Bancshares, Inc.		1,044		50		0.53
Constellation Energy		444		48		0.51
Costco Wholesale Corp.		87		49		0.52
Equitrans Midstream Corp.		5,245		49		0.52
Erie Indemnity Company, Class A		172		51		0.53
Expeditors Intl Wash, Inc.		420		48		0.51
Factset Research Systems, Inc.		114		50		0.53
Fastenal Co.		893		49		0.51
Five Below		305		49		0.52
Garmin Ltd.		462		49		0.51
Glacier Bancorp, Inc.		1,701		48		0.51
Glaukos Corp.		642		48		0.51
Goosehead Insurance, Inc., Class A		669		50		0.52
Healthequity, Inc.		696		51		0.53
Ironwood Pharmaceuticals, Inc.		5,906		57		0.60
Kinsale Capital Group, Inc.		118		49		0.51
Lancaster Colony Corp.		301		50		0.52
Madison Square Garden Sports		284		50		0.53
Nike, Inc., Class B		504		48		0.51
Oneok, Inc.		756		48		0.50
PDF Solutions, Inc.		1,504		49		0.51
PRA Group, Inc.		2,511		48		0.51
Progressive Corp.		355		50		0.52
Rollins, Inc.		1,351		50		0.53
Seagate Technology Holdings		759		50		0.53
Servisfirst Bancshares, Inc.		934		49		0.51
Simulations Plus, Inc.		1,165		49		0.51
Sitime Corp.		442		50		0.53
Targa Resources Corp.		582		50		0.52
Triumph Financial, Inc.		748		48		0.51
Trupanion, Inc.		1,712		48		0.51
Valaris Ltd.		677		51		0.53
Verisign, Inc.		241		49		0.51
Watsco, Inc.		139		52		0.55
WD-40 Co.		239		49		0.51
Williams Cos, Inc.		1,448		49		0.51
Wingstop, Inc.		294		53		0.56
Xpel, Inc.		657		51		0.53
Yeti Holdings, Inc.		1,040		50		0.53

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (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 SPX1500 Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM SPX1500 Value Custom Basket Index
Aaron's Co., Inc.		4,754	$	50		0.50	%
Acuity Brands, Inc.		309		53		0.53
Adeia, Inc.		5,240		56		0.57
Advansix, Inc.		1,604		50		0.50
Amc Networks, Inc., Class A		4,475		53		0.53
Amkor Technology, Inc.		2,228		50		0.51
Andersons, Inc.		976		50		0.51
Associated Banc-Corp		2,914		50		0.50
AT&T, Inc.		3,360		50		0.51
Brinker International, Inc.		1,597		50		0.51
Callon Petroleum Co.		1,272		50		0.50
Centene Corp.		734		51		0.51
Chico's FAS, Inc.		10,768		81		0.81
Cinemark Holdings, Inc.		3,030		56		0.56
Cleveland-Cliffs, Inc.		3,462		54		0.55
Cno Financial Group, Inc.		2,104		50		0.50
Computer Programs & Systems		3,330		53		0.54
Concentrix Corp.		675		54		0.55
Cross Country Healthcare, Inc.		2,057		51		0.52
Designer Brands, Inc., Class A		3,972		50		0.51
Dxc Technology Co.		2,389		50		0.50
Encore Wire Corp.		292		53		0.54
Fortrea Holdings, Inc.		1,841		53		0.53
Fresh Del Monte Produce, Inc.		1,948		50		0.51
Futurefuel Corp.		6,979		50		0.51
Genworth Financial, Inc., Class A		8,680		51		0.51
Geo Group, Inc.		6,756		55		0.56
G-Iii Apparel Group Ltd.		2,012		50		0.51
Group 1 Automotive, Inc.		187		50		0.51
Heidrick & Struggles International, Inc.		1,994		50		0.50
Hibbett, Inc.		1,118		53		0.54
Koppers Holdings, Inc.		1,297		51		0.52
Millerknoll, Inc.		2,921		71		0.72
Mueller Industries, Inc.		675		51		0.51
Ovintiv, Inc.		1,069		51		0.51
Penn Entertainment, Inc.		2,248		52		0.52
Propetro Holding Corp.		4,811		51		0.52
Revvity, Inc.		453		50		0.51
RPC, Inc.		5,835		52		0.53
Ryder System, Inc.		503		54		0.54
Sanmina Corp.		917		50		0.50
Shoe Carnival, Inc.		2,332		56		0.57
Stonex Group, Inc.		535		52		0.52
Suncoke Energy, Inc.		5,337		54		0.55
Titan International, Inc.		4,194		56		0.57
Us Silica Holdings, Inc.		3,649		51		0.52
Vista Outdoor, Inc.		1,752		58		0.59
Walgreens Boots Alliance, Inc.		2,276		51		0.51
Warrior Met Coal, Inc.		1,143		58		0.59
Westrock Co.		1,432		51		0.52

@	Value/Notional amount is less than $500.
*	Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
AGC	Assured Guaranty Corporation.
CAC	Cotation Assistée en Continu.
EMU	European Economic and Monetary Union.
FTSE	Financial Times Stock Exchange.
IBEX	Índice Bursátil Español.
ICE	Intercontinental Exchange.
IMI	Investable Market Index.
KFE	Korean Futures Exchange.
MIB	Milano Indice di Borsa.
MSCI	Morgan Stanley Capital International.
REIT	Real Estate Investment Trust.
SFE	Sydney Futures Exchange.
SGX	Singapore Exchange Ltd.
SOFR	Secured Overnight Financing Rate.
SPI	Schedule Performance Index.
TSE	Toronto Stock Exchange.

AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNH	—	Chinese Yuan Renminbi Offshore
CNY	—	Chinese Yuan Renminbi
COP	—	Colombian Peso
CZK	—	Czech Koruna
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	South Korean Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PEN	—	Peruvian Nuevo Sol
PLN	—	Polish Zloty
RON	—	Romanian New Leu
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
THB	—	Thai Baht
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
ZAR	—	South African Rand

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities	48.2	%
Common Stocks	36.7
Short-Term Investments	15.1
Total Investments	100.0	%**

** Does not include open long/short futures contracts with a value of approximately $26,535,000 and net unrealized appreciation of approximately $128,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $71,000. Also does not include open swap agreements with net unrealized depreciation of approximately $273,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

	Shares		Value (000)
Common Stocks (93.8%)
Automobiles (5.4%)
Rivian Automotive, Inc., Class A (a)		48,118	$	1,168
Tesla, Inc. (a)		89,067		22,287
				23,455
Biotechnology (1.6%)
Intellia Therapeutics, Inc. (a)		38,556		1,219
Moderna, Inc. (a)		3,644		377
ProKidney Corp. (a)		232,466		1,065
Roivant Sciences Ltd. (a)		353,457		4,128
				6,789
Broadline Retail (4.3%)
Global-e Online Ltd. (Israel) (a)		193,133		7,675
MercadoLibre, Inc. (a)		8,830		11,196
				18,871
Capital Markets (0.4%)
Coinbase Global, Inc., Class A (a)		23,755		1,784
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		851,540		1,541
Electronic Equipment, Instruments & Components (0.0%)
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $1,526; acquired 12/22/15)		3,138		—
Entertainment (4.6%)
ROBLOX Corp., Class A (a)		687,878		19,921
Financial Services (5.1%)
Adyen NV (Netherlands) (a)		15,159		11,240
Affirm Holdings, Inc. (a)		505,424		10,750
				21,990
Ground Transportation (9.2%)
Grab Holdings Ltd., Class A (Singapore) (a)		2,210,355		7,825
Uber Technologies, Inc. (a)		705,282		32,436
				40,261
Health Care Providers & Services (3.7%)
Agilon health, Inc. (a)		911,781		16,193
Health Care Technology (0.5%)
Doximity, Inc., Class A (a)		107,299		2,277
Hotels, Restaurants & Leisure (11.6%)
Airbnb, Inc., Class A (a)		166,753		22,880
DoorDash, Inc., Class A (a)		345,452		27,453
				50,333
Information Technology Services (20.5%)
Cloudflare, Inc., Class A (a)		512,965		32,337
Shopify, Inc., Class A (Canada) (a)		546,310		29,812
Snowflake, Inc., Class A (a)		177,788		27,161
				89,310
Leisure Products (0.5%)
Peloton Interactive, Inc., Class A (a)		457,641		2,311
Life Sciences Tools & Services (0.5%)
10X Genomics, Inc., Class A (a)		47,349		1,953
Media (7.4%)
Trade Desk, Inc., Class A (a)		412,890		32,267
Pharmaceuticals (4.6%)
Royalty Pharma PLC, Class A		742,457		20,150
Software (9.9%)
Aurora Innovation, Inc. (a)		1,706,923		4,011
Bill Holdings, Inc. (a)		204,937		22,250
Gitlab, Inc., Class A (a)		135,892		6,145
Procore Technologies, Inc. (a)		74,938		4,895
Samsara, Inc., Class A (a)		238,084		6,002
				43,303
Specialty Retail (3.6%)
Carvana Co. (a)		274,865		11,539
Wayfair, Inc., Class A (a)		70,568		4,274
				15,813
Total Common Stocks (Cost $486,628)				408,522
Preferred Stocks (2.8%)
Financial Services (0.3%)
Stripe, Inc., Series H(a)(c)(d) (acquisition cost — $1,061; acquired 3/17/23)		52,681		1,198
Software (2.5%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $8,310; acquired 8/31/21)		113,088		8,312
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $2,242; acquired 9/15/23)		30,506		2,242
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $1,618; acquired 6/17/14)		141,612		462
				11,016
Total Preferred Stocks (Cost $13,231)				12,214

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

	Shares		Value (000)
Investment Company (1.6%)
Grayscale Bitcoin Trust (a) (Cost $12,825)		360,224	$	6,913
Short-Term Investments (2.6%)
Investment Company (2.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $10,052)		10,052,203		10,052
Securities held as Collateral on Loaned Securities (0.3%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e)		1,152,168		1,152

	Face Amount (000)
Repurchase Agreements (0.0%)‡
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $80; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $81)	$	80		80
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $175; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $178)		174		174
				254
Total Securities held as Collateral on Loaned Securities (Cost $1,406)				1,406
Total Short-Term Investments (Cost $11,458)				11,458
Total Investments Excluding Purchased Options (100.8%) (Cost $524,142)				439,107
Total Purchased Options Outstanding (0.3%) (Cost $1,332)				1,392
Total Investments (101.1%) (Cost $525,474) Including $1,273 of Securities Loaned (f)(g)(h)(i)				440,499
Liabilities in Excess of Other Assets (–1.1%)				(4,981	)
Net Assets (100.0%)			$	435,518

‡	Amount is less than 0.05%.
(a)	Non-income producing security.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $1,273,000 and $1,406,000 respectively. The Fund received cash collateral of approximately $1,406,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $12,214,000 and represents 2.8% of net assets.
(d)	At September 30, 2023, the Fund held fair valued securities valued at approximately $12,214,000, representing 2.8% 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 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $18,000 relating to the Fund's investment in the Liquidity Funds.
(f)	The approximate fair value and percentage of net assets, $11,240,000 and 2.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h)	Securities are available for collateral in connection with purchased options.
(i)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,029,000 and the aggregate gross unrealized depreciation is approximately $142,004,000, resulting in net unrealized depreciation of approximately $84,975,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24		83,529,990	$	83,530	$	382		$	393	$	(11	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		109,090,159		109,090		565			462		103
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		114,161,744		114,162		445			473		(28	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct–23		880,149		880		—	@		4		(4	)
									$	1,392		$	1,332	$	60

@		Value is less than $500.
CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition*  

Classification	Percentage of Total Investments
Other**	28.4	%
Information Technology Services	20.4
Software	12.4
Hotels, Restaurants & Leisure	11.5
Ground Transportation	9.2
Media	7.4
Automobiles	5.4
Financial Services	5.3
Total Investments	100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

U.S. Real Estate Portfolio

	Shares		Value (000)
Common Stocks (98.6%)
Apartments (12.2%)
AvalonBay Communities, Inc. REIT		83,917	$	14,412
Essex Property Trust, Inc. REIT		38,682		8,204
Mid-America Apartment Communities, Inc. REIT		45,841		5,897
				28,513
Data Centers (14.7%)
Digital Realty Trust, Inc. REIT		109,915		13,302
Equinix, Inc. REIT		29,092		21,128
				34,430
Free Standing (6.2%)
Agree Realty Corp. REIT		75,500		4,171
NETSTREIT Corp. REIT		143,441		2,235
Realty Income Corp. REIT		163,378		8,159
				14,565
Gaming (4.8%)
VICI Properties, Inc. REIT		388,418		11,303
Health Care (11.2%)
CareTrust REIT, Inc.		200,452		4,109
Ventas, Inc. REIT		86,876		3,660
Welltower, Inc. REIT		224,318		18,376
				26,145
Industrial (17.7%)
Americold Realty Trust, Inc. REIT		167,548		5,095
Prologis, Inc. REIT		291,991		32,764
Rexford Industrial Realty, Inc. REIT		71,180		3,513
				41,372
Lodging/Resorts (2.6%)
Hilton Worldwide Holdings, Inc.		10,005		1,503
Host Hotels & Resorts, Inc. REIT		277,983		4,467
				5,970
Manufactured Homes (2.4%)
Sun Communities, Inc. REIT		47,284		5,596
Office (1.1%)
Alexandria Real Estate Equities, Inc. REIT		25,361		2,539
Regional Malls (4.2%)
Simon Property Group, Inc. REIT		90,994		9,830
Self Storage (7.4%)
Extra Space Storage, Inc. REIT		34,189		4,157
Public Storage REIT		49,997		13,175
				17,332
Shopping Centers (6.1%)
Brixmor Property Group, Inc. REIT		308,002		6,400
Kite Realty Group Trust REIT		299,308		6,411
Urban Edge Properties REIT		98,663		1,506
				14,317
Single Family Homes (4.9%)
American Homes 4 Rent Class A REIT		337,646		11,375
Specialty (3.1%)
Iron Mountain, Inc. REIT		121,482		7,222
Total Common Stocks (Cost $224,629)				230,509
Short-Term Investment (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $3,038)		3,037,555		3,038
Total Investments (99.9%) (Cost $227,667) (b)(c)				233,547
Other Assets in Excess of Liabilities (0.1%)				297
Net Assets (100.0%)			$	233,844

(a)	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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.
(b)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(c)	At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $20,725,000 and the aggregate gross unrealized depreciation is approximately $14,845,000, resulting in net unrealized appreciation of approximately $5,880,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*	24.4	%
Industrial	17.7
Data Centers	14.8
Apartments	12.2
Health Care	11.2
Self Storage	7.4
Free Standing	6.2
Shopping Centers	6.1
Total Investments	100.0	%

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the "Sub-Advisers"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. 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; (8) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

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

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

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

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

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

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
Discovery
Assets:
Common Stocks
Biotechnology	$	2,945	$	—	$	—	$	2,945
Broadline Retail		9,795		—		—		9,795
Chemicals		549		—		—		549
Entertainment		6,361		—		—		6,361
Financial Services		13,149		3,531		—		16,680
Ground Transportation		2,826		—		—		2,826
Health Care Equipment & Supplies		1,094		—		—		1,094
Health Care Providers & Services		7,175		—		—		7,175
Health Care Technology		1,891		—		—		1,891
Hotels, Restaurants & Leisure		8,637		—		—		8,637
Information Technology Services		14,399		—		—		14,399
Interactive Media & Services		143		—		—		143
Leisure Products		2,187		—		—		2,187
Life Sciences Tools & Services		1,843		—		—		1,843
Media		10,209		—		—		10,209
Pharmaceuticals		6,407		—		—		6,407
Semiconductors & Semiconductor Equipment		140		—		—		140
Software		25,046		—		—		25,046
Specialty Retail		9,458		—		—		9,458
Total Common Stocks		124,254		3,531		—		127,785
Preferred Stocks
Software		—		—		3,376		3,376
Investment Company		2,234		—		—		2,234
Warrant		3		—		—		3
Call Options Purchased		—		438		—		438
Short-Term Investments
Investment Company		6,301		—		—		6,301
Repurchase Agreements		—		101		—		101
Total Short-Term Investments		6,301		101		—		6,402
Total Assets	$	132,792	$	4,070	$	3,376	$	140,238

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

Discovery	Preferred Stocks (000)
Beginning Balance	$	1,996
Purchases		709
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		671
Realized gains (losses)		—
Ending Balance	$	3,376
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	671

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (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 September 30, 2023.

Discovery	Fair Value at September 30, 2023 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Preferred Stocks	$	3,376	Market Transaction Method	Precedent Transaction	$	73.50	Increase

*	Amount is indicative of the weighted average.
**	Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

  

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)		Total (000)
Emerging Markets Debt
Assets:
Fixed Income Securities
Corporate Bonds	$	—		$	28,947		$	—	$	28,947
Sovereign		—			66,318			—		66,318
Total Fixed Income Securities		—			95,265			—		95,265
Warrant		—			19			—		19
Short-Term Investments
U.S. Treasury Security		—			124			—		124
Investment Company		1,595			—			—		1,595
Total Short-Term Investments		1,595			124			—		1,719
Foreign Currency Forward Exchange Contracts		—			272			—		272
Futures Contracts		278			—			—		278
Total Assets		1,873			95,680			—		97,553
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(27	)		—		(27	)
Futures Contracts		(1,338	)		—			—		(1,338	)
Total Liabilities		(1,338	)		(27	)		—		(1,365	)
Total	$	535		$	95,653		$	—	$	96,188

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
Emerging Markets Equity
Assets:
Common Stocks
Air Freight & Logistics	$	—		$	912	$	—	$	912
Automobiles		—			7,803		—		7,803
Banks		2,831			27,881		—		30,712
Beverages		—			3,489		—		3,489
Broadline Retail		376			2,748		—		3,124
Capital Markets		—			2,763		—		2,763
Chemicals		—			1,282		—		1,282
Construction & Engineering		—			1,566		—		1,566
Consumer Finance		—			1,777		—		1,777
Consumer Staples Distribution & Retail		3,338			1,473		—		4,811
Electrical Equipment		698			2,575		—		3,273
Electronic Equipment, Instruments & Components		—			2,266		—		2,266
Financial Services		—			1,757		—		1,757
Food Products		2,515			4,234		—		6,749
Ground Transportation		2,003			—		—		2,003
Health Care Providers & Services		—			2,421		—		2,421
Hotels, Restaurants & Leisure		768			873		—		1,641
Industrial Conglomerates		—			1,668		—		1,668
Information Technology Services		796			1,942		—		2,738
Insurance		1,514			3,010		—		4,524
Interactive Media & Services		—			4,485		—		4,485
Machinery		—			1,000		—		1,000
Metals & Mining		—			8,238		—		8,238
Oil, Gas & Consumable Fuels		—			9,490		—		9,490
Paper & Forest Products		—			2,532		—		2,532
Personal Care Products		—			890		—		890
Pharmaceuticals		—			976		—		976
Real Estate Management & Development		—			1,529		—		1,529
Semiconductors & Semiconductor Equipment		3,577			13,503		—		17,080
Specialty Retail		—			1,903		—		1,903
Tech Hardware, Storage & Peripherals		—			8,214		—		8,214
Textiles, Apparel & Luxury Goods		—			5,356		—		5,356
Transportation Infrastructure		1,437			—		—		1,437
Total Common Stocks		19,853			130,556		—		150,409
Rights		4			—		—		4
Short-Term Investment
Investment Company		1,805			—		—		1,805
Total Assets		21,662			130,556		—		152,218
Liabilities:
Futures Contract		(24	)		—		—		(24	)
Total	$	21,638		$	130,556	$	—	$	152,194

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited) 

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
Global Infrastructure
Assets:
Common Stocks
Airports	$	1,215	$	2,370	$	—	$	3,585
Communications		6,059		3,241		—		9,300
Diversified		3,747		5,588		—		9,335
Electricity Transmission & Distribution		6,410		3,879		—		10,289
Oil & Gas Storage & Transportation		20,512		3,400		—		23,912
Others		3,794		253		—		4,047
Toll Roads		—		1,793		—		1,793
Water		1,456		1,203		—		2,659
Total Common Stocks		43,193		21,727		—		64,920
Short-Term Investments
Investment Company		3,183		—		—		3,183
Repurchase Agreements		—		227		—		227
Total Short-Term Investments		3,183		227		—		3,410
Total Assets	$	46,376	$	21,954	$	—	$	68,330

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
Global Real Estate
Assets:
Common Stocks
Data Centers	$	3,025	$	—	$	—	$	3,025
Diversified		—		4,443		—		4,443
Health Care		2,972		317		—		3,289
Industrial		3,753		1,554		—		5,307
Industrial/Office Mixed		—		720		—		720
Lodging/Resorts		553		898		—		1,451
Office		168		763		—		931
Residential		4,982		924		—		5,906
Retail		3,442		697		—		4,139
Self Storage		1,504		435		—		1,939
Specialty		1,061		—		—		1,061
Total Common Stocks		21,460		10,751		—		32,211
Short-Term Investment
Investment Company		272		—		—		272
Total Assets	$	21,732	$	10,751	$	—	$	32,483

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)			Total (000)
Global Strategist
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—	$	3,070	$	—		$	3,070
Asset-Backed Securities		—		226		—			226
Commercial Mortgage-Backed Securities		—		495		—			495
Corporate Bonds		—		7,709		—			7,709
Mortgages - Other		—		1,077		—			1,077
Sovereign		—		20,303		—			20,303
Supranational		—		829		—			829
U.S. Treasury Securities		—		3,621		—			3,621
Total Fixed Income Securities		—		37,330		—			37,330
Common Stocks
Aerospace & Defense		286		189		—			475
Air Freight & Logistics		98		59		—			157
Automobile Components		33		24		—			57
Automobiles		400		151		—			551
Banks		816		1,653		—			2,469
Beverages		297		178		—			475
Biotechnology		424		94		—			518
Broadline Retail		581		74		—			655
Building Products		107		69		—			176
Capital Markets		547		263		—			810
Chemicals		325		259		—			584
Commercial Services & Supplies		122		33		—			155
Communications Equipment		153		26		—			179
Construction & Engineering		32		69		—			101
Construction Materials		56		44		—			100
Consumer Finance		84		—		—			84
Consumer Staples Distribution & Retail		383		100		—			483
Containers & Packaging		51		12		—			63
Distributors		23		3		—			26
Diversified Consumer Services		—		8		—			8
Diversified REITs		61		18		—			79
Diversified Telecommunication Services		131		161		—			292
Electric Utilities		294		131		—			425
Electrical Equipment		114		153		—			267
Electronic Equipment, Instruments & Components		108		21		—			129
Energy Equipment & Services		75		3		—	†		78	†
Entertainment		261		20		—			281
Financial Services		719		107		—			826
Food Products		179		317		—			496
Gas Utilities		13		15		—			28
Ground Transportation		289		6		—			295
Health Care		35		—		—			35
Health Care Equipment & Supplies		452		157		—			609
Health Care Providers & Services		516		31		—			547
Health Care Technology		15		—		—			15
Hotel & Resort REITs		6		—		—			6
Hotels, Restaurants & Leisure		414		174		—			588
Household Durables		57		17		—			74
Household Products		217		65		—			282

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

Investment Type	Level 1 Unadjusted Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total (000)
Common Stocks (cont’d)
Independent Power & Renewable Electricity Producers		15			24			—			39
Independent Power Producers & Energy Traders		—			1			—			1
Industrial Conglomerates		143			118			—			261
Industrial REITs		50			34			—			84
Information Technology Services		334			24			—			358
Insurance		511			443			—			954
Interactive Media & Services		1,011			18			—			1,029
Investment Company		—			—	†		—			—	†
Leisure Products		6			—			—			6
Life Sciences Tools & Services		284			52			—			336
Machinery		326			202			—			528
Marine Transportation		—			24			—			24
Media		164			36			—			200
Metals & Mining		196			339	†		—			535	†
Multi-Utilities		122			100			—			222
Office REITs		12			8			—			20
Oil, Gas & Consumable Fuels		1,044			506			—			1,550
Paper & Forest Products		3			37			—			40
Passenger Airlines		7			10			—			17
Personal Care Products		16			203			—			219
Pharmaceuticals		737			938			—			1,675
Professional Services		187			144			—			331
Real Estate Management & Development		19			66			—			85
Residential REITs		74			—			—			74
Retail		44			28			—			72
Semiconductors & Semiconductor Equipment		1,331			255			—			1,586
Software		1,850			159			—			2,009
Specialized REITs		93			—			—			93
Specialty Retail		394			43			—			437
Tech Hardware, Storage & Peripherals		1,249			9			—			1,258
Textiles, Apparel & Luxury Goods		91			323			—			414
Tobacco		105			69			—			174
Trading Companies & Distributors		81			52			—			133
Transportation Infrastructure		—			35			—			35
Water Utilities		16			12			—			28
Wireless Telecommunication Services		52			20			—			72
Total Common Stocks		19,341			9,036	†		—	†		28,377	†
Warrant		—	@		—			—			—	@
Short-Term Investments
Investment Company		11,009			—			—			11,009
U.S. Treasury Security		—			670			—			670
Total Short-Term Investments		11,009			670			—			11,679
Foreign Currency Forward Exchange Contracts		—			81			—			81
Futures Contracts		352			—			—			352
Interest Rate Swap Agreements		—			27			—			27
Total Return Swap Agreements		—			888			—			888
Total Assets		30,702			48,032	†		—	†		78,734	†
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(152	)		—			(152	)
Futures Contracts		(224	)		—			—			(224	)
Total Return Swap Agreements		—			(1,188	)		—			(1,188	)
Total Liabilities		(224	)		(1,340	)		—			(1,564	)
Total	$	30,478		$	46,692	†	$	—	†	$	77,170	†

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

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

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

Global Strategist	Common Stock (000)
Beginning Balance	$	—	††
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	††
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	—

†† Includes a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)			Total (000)
Growth
Assets:
Common Stocks
Automobiles	$	23,455	$	—	$	—		$	23,455
Biotechnology		6,789		—		—			6,789
Broadline Retail		18,871		—		—			18,871
Capital Markets		1,784		—		—			1,784
Chemicals		1,541		—		—			1,541
Electronic Equipment, Instruments & Components		—		—		—	†		—	†
Entertainment		19,921		—		—			19,921
Financial Services		10,750		11,240		—			21,990
Ground Transportation		40,261		—		—			40,261
Health Care Providers & Services		16,193		—		—			16,193
Health Care Technology		2,277		—		—			2,277
Hotels, Restaurants & Leisure		50,333		—		—			50,333
Information Technology Services		89,310		—		—			89,310
Leisure Products		2,311		—		—			2,311
Life Sciences Tools & Services		1,953		—		—			1,953
Media		32,267		—		—			32,267
Pharmaceuticals		20,150		—		—			20,150
Software		43,303		—		—			43,303
Specialty Retail		15,813		—		—			15,813
Total Common Stocks		397,282		11,240		—	†		408,522	†
Preferred Stocks
Financial Services		—		—		1,198			1,198
Software		—		—		11,016			11,016
Total Preferred Stocks		—		—		12,214			12,214
Investment Company		6,913		—		—			6,913
Call Options Purchased		—		1,392		—			1,392
Short-Term Investments
Investment Company		11,204		—		—			11,204
Repurchase Agreements		—		254		—			254
Total Short-Term Investments		11,204		254		—			11,458
Total Assets	$	415,399	$	12,886	$	12,214	†	$	440,499	†

† Includes one or more securities valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

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

Growth	Common Stock (000)			Preferred Stocks (000)
Beginning Balance	$	—	†	$	6,887
Purchases		—			3,303
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			2,024
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	12,214
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	—		$	2,024

† Includes a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (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 September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

Growth	Fair Value at September 30, 2023 (000)		Valuation Technique	Unobservable Input	Amount or Range/ Weighted Average*	Impact to Valuation from an Increase in Input**
Preferred Stocks	$	12,214	Market Transaction Method	Precedent Transaction	$73.50	Increase
			Discounted Cash Flow	Weighted Average Cost of Capital	15.5%-17.5%/16.2%	Decrease
				Perpetual Growth Rate	3.0%-4.0%/3.5%	Increase
			Market Comparable Companies	Enterprise Value/Revenue	1.1x-12.6x/3.7x	Increase
				Discount for Lack of Marketability	14.0%-16.0%/14.6%	Decrease
			Comparable Transactions	Enterprise Value/Revenue	9.3x	Increase

*	Amount is indicative of the weighted average.
**	Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
U.S. Real Estate
Assets:
Common Stocks
Apartments	$	28,513	$	—	$	—	$	28,513
Data Centers		34,430		—		—		34,430
Free Standing		14,565		—		—		14,565
Gaming		11,303		—		—		11,303
Health Care		26,145		—		—		26,145
Industrial		41,372		—		—		41,372
Lodging/Resorts		5,970		—		—		5,970
Manufactured Homes		5,596		—		—		5,596
Office		2,539		—		—		2,539
Regional Malls		9,830		—		—		9,830
Self Storage		17,332		—		—		17,332
Shopping Centers		14,317		—		—		14,317
Single Family Homes		11,375		—		—		11,375
Specialty		7,222		—		—		7,222
Total Common Stocks		230,509		—		—		230,509
Short-Term Investment
Investment Company		3,038		—		—		3,038
Total Assets	$	233,547	$	—	$	—	$	233,547

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