<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
EMERGING MARKETS EQUITY PORTFOLIO
OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the section
"PORTFOLIO MANAGERS." on page 19 is hereby deleted and replaced with the
following:
PORTFOLIO MANAGERS. The following individuals have primary responsibility
for the Portfolio.
Robert L. Meyer and Andy Skov. Robert L. Meyer joined MSAM in 1989. He is
a Managing Director of MSAM and of Morgan Stanley and co-manager of MSAM's
emerging markets group and head of MSAM's Latin American team. He was born
in Argentina and graduated from Yale University with a B.A. in Economics
and Political Science. He received a J.D. from Harvard Law School. In
addition, he is also a Chartered Financial Analyst. Andy Skov joined MSAM
in 1994 as a Portfolio Manager. Currently, he is a Principal of MSAM and
Morgan Stanley. Prior to joining MSAM, he worked in the Latin America group
at Bankers Trust in corporate finance, research and sales; two of those
years he spent in Argentina. He graduated from the University of California
at Berkeley with a B.A. (Phi Beta Kappa) in Political Science and Economic
Development. Mr. Meyer has shared primary responsibility for managing the
Portfolio's assets since September 1997. Mr. Skov has shared primary
responsibility for managing the Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED ON OCTOBER 6, 1998
EMERGING MARKETS DEBT PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the fourth
paragraph under "PORTFOLIO MANAGERS." on page 23 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED ON OCTOBER 6, 1998
MONEY MARKET PORTFOLIO
FIXED INCOME PORTFOLIO
HIGH YIELD PORTFOLIO
CORE EQUITY PORTFOLIO
EQUITY GROWTH PORTFOLIO
VALUE PORTFOLIO
MID CAP GROWTH PORTFOLIO
MID CAP VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
INTERNATIONAL FIXED INCOME PORTFOLIO
EMERGING MARKETS DEBT PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
ASIAN EQUITY PORTFOLIO
LATIN AMERICAN PORTFOLIO
BALANCED PORTFOLIO
MULTI-ASSET-CLASS PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the
fourteenth paragraph under "PORTFOLIO MANAGERS." is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED ON OCTOBER 6, 1998
FIXED INCOME PORTFOLIO
HIGH YIELD PORTFOLIO
EQUITY GROWTH PORTFOLIO
VALUE PORTFOLIO
GLOBAL EQUITY PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the sixth
paragraph under "PORTFOLIO MANAGERS." on page 25 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998,
AS PREVIOUSLY SUPPLEMENTED THROUGH OCTOBER 6, 1998
FIXED INCOME PORTFOLIO
HIGH YIELD PORTFOLIO
EQUITY GROWTH PORTFOLIO
VALUE PORTFOLIO
MID CAP VALUE PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
ASIAN EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the eighth
paragraph under "PORTFOLIO MANAGERS." on page 29 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
VAG SPT MSEM
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED ON OCTOBER 6, 1998
EQUITY GROWTH PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the fourth
paragraph under "PORTFOLIO MANAGERS." on page 22 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
#40182
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
FIXED INCOME PORTFOLIO
VALUE PORTFOLIO
MID CAP VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the fifth
paragraph under "PORTFOLIO MANAGERS." on page 24 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED ON SEPTEMBER 1, 1998
U.S. REAL ESTATE PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
ASIAN EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the fourth
paragraph under "PORTFOLIO MANAGERS." on page 23 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
VALUE PORTFOLIO
MID CAP VALUE PORTFOLIO
GLOBAL EQUITY PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the fourth
paragraph under "PORTFOLIO MANAGERS." on page 21 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
#40183
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
FIXED INCOME PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the second
paragraph under "PORTFOLIO MANAGERS." on page 22 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 1, 1998
HIGH YIELD PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the third
paragraph under "PORTFOLIO MANAGERS." on page 24 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED MAY 12, 1998
VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY UNIVERSAL FUNDS, INC.
P. O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
----------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Emerging Markets Equity Portfolio. Madhav Dhar no
longer serves as Portfolio Manager of the Emerging Markets Equity Portfolio.
Robert L. Meyer and Andy Skov now share primary responsibility for managing
the assets of the Emerging Markets Equity Portfolio. Accordingly, the fourth
paragraph under "PORTFOLIO MANAGERS." on page 22 is hereby deleted and
replaced with the following:
EMERGING MARKETS EQUITY PORTFOLIO--Robert L. Meyer and Andy Skov. Robert
L. Meyer joined MSAM in 1989. He is a Managing Director of MSAM and of
Morgan Stanley and co-manager of MSAM's emerging markets group and head of
MSAM's Latin American team. He was born in Argentina and graduated from
Yale University with a B.A. in Economics and Political Science. He received
a J.D. from Harvard Law School. In addition, he is also a Chartered
Financial Analyst. Andy Skov joined MSAM in 1994 as a Portfolio Manager.
Currently, he is a Principal of MSAM and Morgan Stanley. Prior to joining
MSAM, he worked in the Latin America group at Bankers Trust in corporate
finance, research and sales; two of those years he spent in Argentina. He
graduated from the University of California at Berkeley with a B.A. (Phi
Beta Kappa) in Political Science and Economic Development. Mr. Meyer has
shared primary responsibility for managing the Portfolio's assets since
September 1997. Mr. Skov has shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
