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Supplement dated January 12, 2001
to Prospectus dated May 1, 2000 as supplemented through September 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. Richard J. Marcin no
longer serves as a Portfolio Manager of the Portfolio. Richard M. Behler,
who previously shared primary responsibility with Mr. Marcin, will continue
to manage the assets of the Portfolio. Accordingly, the paragraph under
"PORTFOLIO MANAGERS" on page 4 is hereby deleted and replaced with the
following:
Richard M. Behler
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. Mr. Behler has had primary responsibility for
managing the Portfolio's assets since its inception.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
