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Supplement dated September 1, 2000
to Prospectus dated May 1, 2000
of
Value Portfolio
A Portfolio of
The Universal Institutional Funds, Inc.
P.O. Box 2798
Boston, Massachusetts
02208-2798
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The Prospectus is hereby amended and supplemented to reflect a change in
the portfolio management of the Value Portfolio. Nicholas J. Kovich no
longer serves as a Portfolio Manager of the Portfolio. Robert J. Marcin and
Richard M. Behler, who previously shared primary responsibility with Mr.
Kovich, will continue to have primary responsibility for managing the
assets of the Portfolio. Accordingly, the paragraph under "PORTFOLIO
MANAGERS" on page 4 is hereby deleted and replaced with the following:
Richard J. Marcin and Richard M. Behler
Robert J. Marcin, a Managing Director of Morgan Stanley, joined MAS in 1988
as a Portfolio Manager. Mr. Marcin holds a B.A. (Cum Laude) from Dartmouth
College and is a Chartered Financial Analyst. Richard M. Behler, a
Principal of Morgan Stanley, joined MAS in 1995. He served as a Portfolio
Manager from 1992 through 1995 for Moore Capital Management and as a Senior
Vice President for Merrill Lynch Economics from 1987 through 1992. Mr.
Behler received a B.A. (Cum Laude) in Economics from Villanova University
and an M.A. and a Ph.D. in Economics from The University of Notre Dame.
Messrs. Marcin and Behler have shared primary responsibility for managing
the Portfolio's assets since its inception.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
