<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 1998
EMERGING MARKETS DEBT 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 Debt Portfolio. Paul Ghaffari no
longer serves as Portfolio Manager of the Emerging Markets Debt Portfolio.
Thomas L. Bennett, Stephen F. Esser and Abigail L. McKenna now share primary
responsibility for managing the assets of the Emerging Markets Debt Portfolio.
Accordingly, the section "PORTFOLIO MANAGER." on page 19 is hereby deleted and
replaced with the following:
PORTFOLIO MANAGER. The following persons have primary responsibility for
the Portfolio.
Thomas L. Bennett, Stephen F. Esser and Abigail L. McKenna. Thomas L.
Bennett, a Managing Director of Morgan Stanley, joined MAS in 1984. He
assumed responsibility for the MAS Funds Fixed Income Portfolio in 1984,
the MAS Funds Domestic Fixed Income Portfolio in 1987, the MAS Funds High
Yield Portfolio in 1985, the MAS Funds Fixed Income Portfolio II in 1990,
the MAS Funds Special Purpose Fixed Income and Balanced Portfolios in 1992
and the MAS Funds Multi-Asset-Class Portfolio in 1994. Mr. Bennett is
Chairman of the Board of Trustees of MAS Funds, a member of the Executive
Committee of MAS and a Director of MAS Fund Distributors, Inc. Mr Bennett
holds a B.S. in Chemistry and an M.B.A. from University of Cincinnati.
Stephen F. Esser, a Managing Director of Morgan Stanley, joined MAS in
1988. He assumed responsibility for the MAS Funds High Yield Portfolio in
1989. Mr. Esser holds a B.S. from University of Delaware. Abigail L.
McKenna joined MSAM in 1996 and is a Vice President of MSAM and Morgan
Stanley. She focuses primarily on the trading and management of the
emerging markets debt portfolios. Prior to joining MSAM, she was a Senior
Portfolio Manager at MIMCO from 1995 to 1996 and a Limited Partner at Weiss
Peck & Greer from 1991 to 1995, where she was responsible for the trading
and management of Corporate Bond Portfolios. She holds a B.A. in
International Relations from Georgetown University and is a Chartered
Financial Analyst. Messrs. Bennett and Esser and Ms. McKenna have shared
primary responsibility for managing the Portfolio's assets since October
1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 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 Debt Portfolio. Paul Ghaffari no
longer serves as Portfolio Manager of the Emerging Markets Debt Portfolio.
Thomas L. Bennett, Stephen F. Esser and Abigail L. McKenna now share primary
responsibility for managing the assets of the Emerging Markets Debt Portfolio.
Accordingly, the first paragraph under "PORTFOLIO MANAGERS." on page 23 is
hereby deleted and replaced with the following:
EMERGING MARKETS DEBT PORTFOLIO--Thomas L. Bennett, Stephen F. Esser and
Abigail L. McKenna. Thomas L. Bennett, a Managing Director of Morgan
Stanley, joined MAS in 1984. He assumed responsibility for the MAS Funds
Fixed Income Portfolio in 1984, the MAS Funds Domestic Fixed Income
Portfolio in 1987, the MAS Funds High Yield Portfolio in 1985, the MAS
Funds Fixed Income Portfolio II in 1990, the MAS Funds Special Purpose
Fixed Income and Balanced Portfolios in 1992 and the MAS Funds Multi-Asset-
Class Portfolio in 1994. Mr. Bennett is Chairman of the Board of Trustees
of MAS Funds, a member of the Executive Committee of MAS and a Director of
MAS Fund Distributors, Inc. Mr Bennett holds a B.S. in Chemistry and an
M.B.A. from University of Cincinnati. Stephen F. Esser, a Managing Director
of Morgan Stanley, joined MAS in 1988. He assumed responsibility for the
MAS Funds High Yield Portfolio in 1989. Mr. Esser holds a B.S. from
University of Delaware. Abigail L. McKenna joined MSAM in 1996 and is a
Vice President of MSAM and Morgan Stanley. She focuses primarily on the
trading and management of the emerging markets debt portfolios. Prior to
joining MSAM, she was a Senior Portfolio Manager at MIMCO from 1995 to 1996
and a Limited Partner at Weiss Peck & Greer from 1991 to 1995, where she
was responsible for the trading and management of Corporate Bond
Portfolios. She holds a B.A. in International Relations from Georgetown
University and is a Chartered Financial Analyst. Messrs. Bennett and Esser
and Ms. McKenna have shared primary responsibility for managing the
Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED ON SEPTEMBER 1, 1998
HIGH YIELD PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
EMERGING MARKETS DEBT 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 Debt Portfolio. Paul Ghaffari no
longer serves as Portfolio Manager of the Emerging Markets Debt Portfolio.
Thomas L. Bennett, Stephen F. Esser and Abigail L. McKenna now share primary
responsibility for managing the assets of the Emerging Markets Debt Portfolio.
Accordingly, the third paragraph under "PORTFOLIO MANAGERS." on page 24 is
hereby deleted and replaced with the following:
EMERGING MARKETS DEBT PORTFOLIO--Thomas L. Bennett, Stephen F. Esser and
Abigail L. McKenna. Information about Thomas L. Bennett and Stephen F.
Esser is included under High Yield Portfolio above. Abigail L. McKenna
joined MSAM in 1996 and is a Vice President of MSAM and Morgan Stanley. She
focuses primarily on the trading and management of the emerging markets
debt portfolios. Prior to joining MSAM, she was a Senior Portfolio Manager
at MIMCO from 1995 to 1996 and a Limited Partner at Weiss Peck & Greer from
1991 to 1995, where she was responsible for the trading and management of
Corporate Bond Portfolios. She holds a B.A. in International Relations from
Georgetown University and is a Chartered Financial Analyst. Messrs. Bennett
and Esser and Ms. McKenna have shared primary responsibility for managing
the Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 1998
FIXED INCOME PORTFOLIO
VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
EMERGING MARKETS DEBT 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 Debt Portfolio. Paul Ghaffari no
longer serves as Portfolio Manager of the Emerging Markets Debt Portfolio.
Thomas L. Bennett, Stephen F. Esser and Abigail L. McKenna now share primary
responsibility for managing the assets of the Emerging Markets Debt Portfolio.
Accordingly, the fourth paragraph under "PORTFOLIO MANAGERS." on page 23 is
hereby deleted and replaced with the following:
EMERGING MARKETS DEBT PORTFOLIO--Thomas L. Bennett, Stephen F. Esser and
Abigail L. McKenna. Information about Thomas L. Bennett is included under
Fixed Income Portfolio above. Stephen F. Esser, a Managing Director of
Morgan Stanley, joined MAS in 1988. He assumed responsibility for the MAS
Funds High Yield Portfolio in 1989. Mr. Esser holds a B.S. from University
of Delaware. Abigail L. McKenna joined MSAM in 1996 and is a Vice President
of MSAM and Morgan Stanley. She focuses primarily on the trading and
management of the emerging markets debt portfolios. Prior to joining MSAM,
she was a Senior Portfolio Manager at MIMCO from 1995 to 1996 and a Limited
Partner at Weiss Peck & Greer from 1991 to 1995, where she was responsible
for the trading and management of Corporate Bond Portfolios. She holds a
B.A. in International Relations from Georgetown University and is a
Chartered Financial Analyst. Messrs. Bennett and Esser and Ms. McKenna have
shared primary responsibility for managing the Portfolio's assets since
October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 1998
HIGH YIELD PORTFOLIO
MID CAP VALUE PORTFOLIO
EMERGING MARKETS DEBT 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 Debt Portfolio. Paul Ghaffari no
longer serves as Portfolio Manager of the Emerging Markets Debt Portfolio.
Thomas L. Bennett, Stephen F. Esser and Abigail L. McKenna now share primary
responsibility for managing the assets of the Emerging Markets Debt Portfolio.
Accordingly, the third paragraph under "PORTFOLIO MANAGERS." on page 23 is
hereby deleted and replaced with the following:
EMERGING MARKETS DEBT PORTFOLIO--Thomas L. Bennett, Stephen F. Esser and
Abigail L. McKenna. Information about Thomas L. Bennett and Stephen F.
Esser is included under High Yield Portfolio above. Abigail L. McKenna
joined MSAM in 1996 and is a Vice President of MSAM and Morgan Stanley. She
focuses primarily on the trading and management of the emerging markets
debt portfolios. Prior to joining MSAM, she was a Senior Portfolio Manager
at MIMCO from 1995 to 1996 and a Limited Partner at Weiss Peck & Greer from
1991 to 1995, where she was responsible for the trading and management of
Corporate Bond Portfolios. She holds a B.A. in International Relations from
Georgetown University and is a Chartered Financial Analyst. Messrs. Bennett
and Esser and Ms. McKenna have shared primary responsibility for managing
the Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 1998
HIGH YIELD PORTFOLIO
EQUITY GROWTH PORTFOLIO
VALUE PORTFOLIO
EMERGING MARKETS DEBT PORTFOLIO
GLOBAL 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 Equity Growth and Emerging Markets Debt
Portfolios. Kurt A. Feuerman no longer serves as a Portfolio Manager of the
Equity Growth Portfolio. Philip W. Friedman and William S. Auslander now share
primary responsibility for managing the assets of the Equity Growth Portfolio
with Margaret K. Johnson. In addition, Paul Ghaffari no longer serves as
Portfolio Manager of the Emerging Markets Debt Portfolio. Thomas L. Bennet,
Stephen F. Esser and Abigail L. McKenna now share primary responsibility for
managing the assets of the Emerging Market Debt Portfolio. Accordingly, the
second and fourth paragraphs under "PORTFOLIO MANAGERS." on page 25 is hereby
deleted and replaced with the following:
EQUITY GROWTH PORTFOLIO--Philip W. Friedman, Margaret K. Johnson and
William S. Auslander. Philip W. Friedman is a Managing Director of Morgan
Stanley and MSAM and is a member of MSAM's investment management team. In
addition to portfolio management, his equity research responsibilities
include business equipment and services, capital goods, consumer durables,
multi-industry and transportation. Prior to joining MSAM in 1997, he was
the North American Director of Equity Research at Morgan Stanley. From 1990
to 1995, he was a member of Morgan Stanley's Equity Research team. Mr.
Friedman graduated from Rutgers University with a B.A. (Phi Beta Kappa and
Summa Cum Laude) in Economics. He also holds an M.B.A. from the J. L.
Kellogg School of Management at Northwestern University. Margaret K.
Johnson is a Principal of MSAM and Morgan Stanley and a Portfolio Manager
in the Institutional Equity Group. She joined MSAM in 1984. She holds a
B.A. degree from Yale College and is a Chartered Financial Analyst. William
S. Auslander is a Vice President of MSAM and Morgan Stanley. He joined MSAM
in 1995 as an equity analyst in the Institutional Equity Group. Prior to
joining MSAM, he worked at Icahn & Co. for nine years as an equity analyst.
He graduated from the University of Wisconsin at Madison with a B.A. in
Economics and received an M.B.A. from Columbia University. Ms. Johnson has
shared primary responsibility for managing the Portfolio's assets since its
inception. Messrs. Friedman and Auslander have shared primary
responsibility for managing the Portfolio's assets since September 1998.
<PAGE>
EMERGING MARKETS DEBT PORTFOLIO--Thomas L. Bennett, Stephen F. Esser and
Abigail L. McKenna. Information about Thomas L. Bennett and Stephen F.
Esser is included under High Yield Portfolio above. Abigail L. McKenna
joined MSAM in 1996 and is a Vice President of MSAM and Morgan Stanley. She
focuses primarily on the trading and management of the emerging markets
debt portfolios. Prior to joining MSAM, she was a Senior Portfolio Manager
at MIMCO from 1995 to 1996 and a Limited Partner at Weiss Peck & Greer from
1991 to 1995, where she was responsible for the trading and management of
Corporate Bond Portfolios. She holds a B.A. in International Relations from
Georgetown University and is a Chartered Financial Analyst. Messrs. Bennett
and Esser and Ms. McKenna have shared primary responsibility for managing
the Portfolio's assets since October 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 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 Core Equity, Equity Growth, Emerging Markets Debt
and Asian Equity Portfolios. Kurt A. Feuerman no longer serves as a Portfolio
Manager of the Core Equity and Equity Growth Portfolios. Philip W. Friedman
and William S. Auslander now share primary responsibility for managing the
assets of the Equity Growth Portfolio with Margaret K. Johnson. Mr. Friedman
has also been added as a Portfolio Manager of the Core Equity Portfolio. In
addition, Paul Ghaffari no longer serves as Portfolio Manager of the Emerging
Markets Debt Portfolio. Thomas L. Bennett, Stephen F. Esser and Abigail L.
McKenna now share primary responsibility for managing the assets of the
Emerging Markets Debt Portfolio. Furthermore, Timothy Jensen and Ashutosh
Sinha now share responsibility for managing the assets of the Asian Equity
Portfolio with Vinod Sethi. Accordingly, the fourth, fifth, eleventh and
fifteenth paragraphs under "PORTFOLIO MANAGERS." are hereby deleted and
replaced with the following:
CORE EQUITY PORTFOLIO--Arden C. Armstrong, Philip W. Friedman, James J.
Jolinger, Nicholas J. Kovich, Robert J. Marcin, Gary G. Schlarbaum, and
Brian Kramp. Arden C. Armstrong, a Managing Director of Morgan Stanley,
joined MAS in 1986. She assumed responsibility for the MAS Funds Mid Cap
Growth Portfolio in 1990, the MAS Funds Growth Portfolio in 1993 and the
MAS Funds Equity Portfolio in 1994. Ms. Armstrong received a B.A. (Magna
Cum Laude) in Economics from Brown University, an M.B.A. from the Wharton
School at University of Pennsylvania and is a Chartered Financial Analyst.
Philip W. Friedman is a Managing Director of Morgan Stanley and MSAM and is
a member of MSAM's investment management team. In addition to portfolio
management, his equity research responsibilities include business equipment
and services, capital goods, consumer durables, multi-industry and
transportation. Prior to joining MSAM in 1997, he was the North American
Director of Equity Research at
<PAGE>
Morgan Stanley. From 1990 to 1995, he was a member of Morgan Stanley's
Equity Research team. Mr. Friedman graduated from Rutgers University with a
B.A. (Phi Beta Kappa and Summa Cum Laude) in Economics. He also holds an
M.B.A. from the J. L. Kellogg School of Management at Northwestern
University. James J. Jolinger, a Vice President of Morgan Stanley, joined
MAS in 1994. He served as Equity Analyst for Oppenheimer Capital from 1987-
1994. Nicholas J. Kovich, a Managing Director of Morgan Stanley, joined MAS
in 1988. He assumed responsibility for the MAS Funds Equity Portfolio in
1994. Mr. Kovich received a B.S. in Chemical Engineering and an M.B.A. from
University of Kansas. Robert J. Marcin, a Managing Director of Morgan
Stanley, joined MAS in 1988. He assumed responsibility for the MAS Funds
Value Portfolio in 1990 and the MAS Funds Equity Portfolio in 1994. Mr.
Marcin holds a B.A. (Cum Laude) from Dartmouth College and is a Chartered
Financial Analyst. Gary G. Schlarbaum, a Managing Director of Morgan
Stanley, joined MAS in 1987. He assumed responsibility for the MAS Funds
Equity and Small Cap Value Portfolios in 1987, the MAS Funds Balanced
Portfolio in 1992 and the MAS Funds Multi-Asset-Class and Mid Cap Value
Portfolios in 1994. Mr. Schlarbaum holds a B.A. from Coe College and a
Ph.D. from University of Pennsylvania. Brian Kramp, a Vice President of
Morgan Stanley, joined MAS in 1997. He served as Analyst/Portfolio Manager
for Meridian Asset Management and its successor, CoreStates Investment
Advisors from 1985-1997. Ms. Armstrong and Messrs. Friedman, Jolinger,
Kovich, Marcin, Schlarbaum and Kramp have shared primary responsibility for
managing the Portfolio's assets since its inception.
EQUITY GROWTH PORTFOLIO--Philip W. Friedman, Margaret K. Johnson and
William S. Auslander. Information about Philip W. Friedman is included
under Core Equity Portfolio above. Margaret K. Johnson is a Principal of
MSAM and Morgan Stanley and a Portfolio Manager in the Institutional Equity
Group. She joined MSAM in 1984. She holds a B.A. degree from Yale College
and is a Chartered Financial Analyst. William S. Auslander is a Vice
President of MSAM and Morgan Stanley. He joined MSAM in 1995 as an equity
analyst in the Institutional Equity Group. Prior to joining MSAM, he worked
at Icahn & Co. for nine years as an equity analyst. He graduated from the
University of Wisconsin at Madison with a B.A. in Economics and received an
M.B.A. from Columbia University. Ms. Johnson has shared primary
responsibility for managing the Portfolio's assets since its inception.
Messrs. Friedman and Auslander have shared primary responsibility for
managing the Portfolio's assets since September 1998.
EMERGING MARKETS DEBT PORTFOLIO--Thomas L. Bennett, Stephen F. Esser and
Abigail L. McKenna. Information about Thomas L. Bennett is included under
Fixed Income Portfolio above. Information about Stephen F. Esser is
included under High Yield Portfolio above. Abigail L. McKenna joined MSAM
in 1996 and is a Vice President of MSAM and Morgan Stanley & Co.
Incorporated. She focuses primarily on the trading and management of the
emerging markets debt portfolios. Prior to joining MSAM, she was a Senior
Portfolio Manager at MIMCO from 1995 to 1996 and a Limited Partner at Weiss
Peck & Greer from 1991 to 1995, where she was responsible for the trading
and management of Corporate Bond Portfolios. She holds a B.A. in
International Relations from Georgetown University and is a Chartered
Financial Analyst. Messrs. Bennett and Esser and Ms. McKenna have shared
primary responsibility for managing the Portfolio's assets since October
1998.
<PAGE>
ASIAN EQUITY PORTFOLIO--Vinod Sethi, Timothy Jensen and Ashutosh Sinha.
Vinod Sethi joined MSAM in 1989 and since then, has been actively involved
in MSAM's emerging market group. Mr. Sethi is a Managing Director of Morgan
Stanley and MSAM and is MSAM's Chief Investment Officer for the Asian
region. He received his undergraduate degree in Chemical Engineering from
I.I.T. (Bombay) and his M.B.A. from New York University School of Business.
Timothy Jensen joined MSAM in 1998. He is a Principal of Morgan Stanley and
MSAM and a member of MSAM's emerging markets group focusing primarily on
the East Asian markets. Prior to joining MSAM, he was a Partner at Ardsley
Partners, where he managed a portion of the emerging markets assets. Prior
to that, he was a Vice President at Bankers Trust Company where he was
responsible for a Latin American equity portfolio. He graduated from
Harvard College with a B.A. in History and received an M.B.A. in Finance
from UCLA. Ashutosh Sinha joined MSAM in 1995. He is a Vice President of
Morgan Stanley and MSAM and a member of MSAM's emerging markets group
focusing primarily on the East Asian and Middle Eastern markets. Prior to
joining MSAM, he spent two years at SBI Funds Management Ltd., where he was
an analyst for the India Magnum Fund. Previous to that, he worked for three
years as a consultant for Citicorp Overseas Software Ltd. He graduated from
I.I.T. (Kanpur) with a degree in Electrical Engineering and received an
M.B.A. from the Indian Institute of Management, Calcutta. Mr. Sethi has had
primary responsibility for managing the Asian Equity Portfolio since April
1998 and Mr. Jensen and Mr. Sinha have shared primary responsibility for
managing the Asian Equity Portfolio since August 1, 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 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 Equity Growth Portfolio. Kurt A. Feuerman no
longer serves as a Portfolio Manager of the Equity Growth Portfolio. Philip W.
Friedman and William S. Auslander now share primary responsibility for
managing the assets of the Equity Growth Portfolio with Margaret K. Johnson.
Accordingly, the third paragraph under "PORTFOLIO MANAGERS." on page 25 is
hereby deleted and replaced with the following:
EQUITY GROWTH PORTFOLIO--Philip W. Friedman, Margaret K. Johnson and
William S. Auslander. Philip W. Friedman is a Managing Director of Morgan
Stanley and MSAM and is a member of MSAM's investment management team. In
addition to portfolio management, his equity research responsibilities
include business equipment and services, capital goods, consumer durables,
multi-industry and transportation. Prior to joining MSAM in 1997, he was
the North American Director of Equity Research at Morgan Stanley. From 1990
to 1995, he was a member of Morgan Stanley's Equity Research team. Mr.
Friedman graduated from Rutgers University with a B.A. (Phi Beta Kappa and
Summa Cum Laude) in Economics. He also holds an M.B.A. from the J. L.
Kellogg School of Management at Northwestern University. Margaret K.
Johnson is a Principal of MSAM and Morgan Stanley and a Portfolio Manager
in the Institutional Equity Group. She joined MSAM in 1984. She holds a
B.A. degree from Yale College and is a Chartered Financial Analyst. William
S. Auslander is a Vice President of MSAM and Morgan Stanley. He joined MSAM
in 1995 as an equity analyst in the Institutional Equity Group. Prior to
joining MSAM, he worked at Icahn & Co. for nine years as an equity analyst.
He graduated from the University of Wisconsin at Madison with a B.A. in
Economics and received an M.B.A. from Columbia University. Ms. Johnson has
shared primary responsibility for managing the Portfolio's assets since its
inception. Messrs. Friedman and Auslander have shared primary
responsibility for managing the Portfolio's assets since September 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 1998
HIGH YIELD PORTFOLIO
EQUITY GROWTH 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 Equity Growth Portfolio. Kurt A. Feuerman no
longer serves as a Portfolio Manager of the Equity Growth Portfolio. Philip W.
Friedman and William S. Auslander now share primary responsibility for
managing the assets of the Equity Growth Portfolio with Margaret K. Johnson.
Accordingly, the second paragraph under "PORTFOLIO MANAGERS." on page 21 is
hereby deleted and replaced with the following:
EQUITY GROWTH PORTFOLIO--Philip W. Friedman, Margaret K. Johnson and
William S. Auslander. Philip W. Friedman is a Managing Director of Morgan
Stanley and MSAM and is a member of MSAM's investment management team. In
addition to portfolio management, his equity research responsibilities
include business equipment and services, capital goods, consumer durables,
multi-industry and transportation. Prior to joining MSAM in 1997, he was
the North American Director of Equity Research at Morgan Stanley. From 1990
to 1995, he was a member of Morgan Stanley's Equity Research team. Mr.
Friedman graduated from Rutgers University with a B.A. (Phi Beta Kappa and
Summa Cum Laude) in Economics. He also holds an M.B.A. from the J. L.
Kellogg School of Management at Northwestern University. Margaret K.
Johnson is a Principal of MSAM and Morgan Stanley and a Portfolio Manager
in the Institutional Equity Group. She joined MSAM in 1984. She holds a
B.A. degree from Yale College and is a Chartered Financial Analyst. William
S. Auslander is a Vice President of MSAM and Morgan Stanley. He joined MSAM
in 1995 as an equity analyst in the Institutional Equity Group. Prior to
joining MSAM, he worked at Icahn & Co. for nine years as an equity analyst.
He graduated from the University of Wisconsin at Madison with a B.A. in
Economics and received an M.B.A. from Columbia University. Ms. Johnson has
shared primary responsibility for managing the Portfolio's assets since its
inception. Messrs. Friedman and Auslander have shared primary
responsibility for managing the Portfolio's assets since September 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 1998,
AS PREVIOUSLY SUPPLEMENTED ON SEPTEMBER 1, 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 Equity Growth Portfolio. Kurt A. Feuerman no
longer serves as a Portfolio Manager of the Equity Growth Portfolio. Philip W.
Friedman and William S. Auslander now share primary responsibility for
managing the assets of the Equity Growth Portfolio with Margaret K. Johnson.
Accordingly, the third paragraph under "PORTFOLIO MANAGERS." on page 29 is
hereby deleted and replaced with the following:
EQUITY GROWTH PORTFOLIO--Philip W. Friedman, Margaret K. Johnson and
William S. Auslander. Philip W. Friedman is a Managing Director of Morgan
Stanley and MSAM and is a member of MSAM's investment management team. In
addition to portfolio management, his equity research responsibilities
include business equipment and services, capital goods, consumer durables,
multi-industry and transportation. Prior to joining MSAM in 1997, he was
the North American Director of Equity Research at Morgan Stanley. From 1990
to 1995, he was a member of Morgan Stanley's Equity Research team. Mr.
Friedman graduated from Rutgers University with a B.A. (Phi Beta Kappa and
Summa Cum Laude) in Economics. He also holds an M.B.A. from the J. L.
Kellogg School of Management at Northwestern University. Margaret K.
Johnson is a Principal of MSAM and Morgan Stanley and a Portfolio Manager
in the Institutional Equity Group. She joined MSAM in 1984. She holds a
B.A. degree from Yale College and is a Chartered Financial Analyst. William
S. Auslander is a Vice President of MSAM and Morgan Stanley. He joined MSAM
in 1995 as an equity analyst in the Institutional Equity Group. Prior to
joining MSAM, he worked at Icahn & Co. for nine years as an equity analyst.
He graduated from the University of Wisconsin at Madison with a B.A. in
Economics and received an M.B.A. from Columbia University. Ms. Johnson has
shared primary responsibility for managing the Portfolio's assets since its
inception. Messrs. Friedman and Auslander have shared primary
responsibility for managing the Portfolio's assets since September 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED MAY 1, 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 Equity Growth Portfolio. Kurt A. Feuerman no
longer serves as a Portfolio Manager of the Equity Growth Portfolio. Philip W.
Friedman and William S. Auslander now share primary responsibility for
managing the assets of the Equity Growth Portfolio with Margaret K. Johnson.
Accordingly, the first paragraph under "PORTFOLIO MANAGERS." on page 22 is
hereby deleted and replaced with the following:
EQUITY GROWTH PORTFOLIO--Philip W. Friedman, Margaret K. Johnson and
William S. Auslander. Philip W. Friedman is a Managing Director of Morgan
Stanley and MSAM and is a member of MSAM's investment management team. In
addition to portfolio management, his equity research responsibilities
include business equipment and services, capital goods, consumer durables,
multi-industry and transportation. Prior to joining MSAM in 1997, he was
the North American Director of Equity Research at Morgan Stanley. From 1990
to 1995, he was a member of Morgan Stanley's Equity Research team. Mr.
Friedman graduated from Rutgers University with a B.A. (Phi Beta Kappa and
Summa Cum Laude) in Economics. He also holds an M.B.A. from the J. L.
Kellogg School of Management at Northwestern University. Margaret K.
Johnson is a Principal of MSAM and Morgan Stanley and a Portfolio Manager
in the Institutional Equity Group. She joined MSAM in 1984. She holds a
B.A. degree from Yale College and is a Chartered Financial Analyst. William
S. Auslander is a Vice President of MSAM and Morgan Stanley. He joined MSAM
in 1995 as an equity analyst in the Institutional Equity Group. Prior to
joining MSAM, he worked at Icahn & Co. for nine years as an equity analyst.
He graduated from the University of Wisconsin at Madison with a B.A. in
Economics and received an M.B.A. from Columbia University. Ms. Johnson has
shared primary responsibility for managing the Portfolio's assets since its
inception. Messrs. Friedman and Auslander have shared primary
responsibility for managing the Portfolio's assets since September 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED OCTOBER 6, 1998
TO PROSPECTUS DATED AUGUST 28, 1998
EQUITY GROWTH 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 Equity Growth Portfolio. Kurt A. Feuerman no
longer serves as a Portfolio Manager of the Equity Growth Portfolio. Philip W.
Friedman and William S. Auslander now share primary responsibility for
managing the assets of the Equity Growth Portfolio with Margaret K. Johnson.
Accordingly, the section "PORTFOLIO MANAGERS." on page 18 is hereby deleted
and replaced with the following:
PORTFOLIO MANAGERS. The following persons have primary responsibility for
the Portfolio.
Philip W. Friedman, Margaret K. Johnson and William S. Auslander. Philip
W. Friedman is a Managing Director of Morgan Stanley and MSAM and is a
member of MSAM's investment management team. In addition to portfolio
management, his equity research responsibilities include business equipment
and services, capital goods, consumer durables, multi-industry and
transportation. Prior to joining MSAM in 1997, he was the North American
Director of Equity Research at Morgan Stanley. From 1990 to 1995, he was a
member of Morgan Stanley's Equity Research team. Mr. Friedman graduated
from Rutgers University with a B.A. (Phi Beta Kappa and Summa Cum Laude) in
Economics. He also holds an M.B.A. from the J. L. Kellogg School of
Management at Northwestern University. Margaret K. Johnson is a Principal
of MSAM and Morgan Stanley and a Portfolio Manager in the Institutional
Equity Group. She joined MSAM in 1984. She holds a B.A. degree from Yale
College and is a Chartered Financial Analyst. William S. Auslander is a
Vice President of MSAM and Morgan Stanley. He joined MSAM in 1995 as an
equity analyst in the Institutional Equity Group. Prior to joining MSAM, he
worked at Icahn & Co. for nine years as an equity analyst. He graduated
from the University of Wisconsin at Madison with a B.A. in Economics and
received an M.B.A. from Columbia University. Ms. Johnson has shared primary
responsibility for managing the Portfolio's assets since its inception.
Messrs. Friedman and Auslander have shared primary responsibility for
managing the Portfolio's assets since September 1998.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
