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SUPPLEMENT DATED NOVEMBER 13, 1998
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH OCTOBER 26, 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
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The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Latin American Portfolio. Robert L. Meyer, Andy Skov
and Michael Perl now share primary responsibility for managing the assets of the
Latin American Portfolio. Accordingly, the sixteenth paragraph under "PORTFOLIO
MANAGERS" is hereby deleted and replaced with the following:
LATIN AMERICAN PORTFOLIO -- Robert L. Meyer, Andy Skov and Michael
Perl. Information about Messrs. Meyer and Skov is included under the
Emerging Markets Equity Portfolio above. Michael Perl joined MSAM in 1998.
He is a Vice President and Portfolio Manager in the Emerging Markets Equity
Group. Prior to joining MSAM, he worked as a Latin American Portfolio
Manager at Bankers Trust Australia from 1992 to 1998. He graduated from the
University of New South Wales with a Bachelor of Commerce (Honors),
majoring in Finance, Accounting and Taxation. Mr. Meyer has had primary
responsibility for managing the Portfolio's assets since inception. Messrs.
Skov and Perl have shared primary responsibility for managing the
Portfolio's assets since May 1997 and November 1998, respectively.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
