Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (98.7%) | ||||||||
Agency Adjustable Rate Mortgages (0.1%) | ||||||||
Federal Home Loan Mortgage Corporation, Conventional Pool: | ||||||||
12 Month USD LIBOR + 1.62%, 3.18%, 7/1/45 | $ | 69 | $ | 72 | ||||
Federal National Mortgage Association, Conventional Pool: | ||||||||
12 Month USD LIBOR + 1.59%, 2.15%, 12/1/45 | 21 | 22 | ||||||
94 | ||||||||
Agency Fixed Rate Mortgages (20.5%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Gold Pools: | ||||||||
3.50%, 1/1/44 | 433 | 470 | ||||||
4.00%, 12/1/41 – 10/1/44 | 508 | 559 | ||||||
5.41%, 7/1/37 – 8/1/37 | 19 | 21 | ||||||
5.44%, 1/1/37 – 2/1/38 | 49 | 54 | ||||||
5.46%, 5/1/37 – 1/1/38 | 41 | 46 | ||||||
5.48%, 8/1/37 | 11 | 12 | ||||||
5.50%, 8/1/37 – 4/1/38 | 58 | 65 | ||||||
5.52%, 10/1/37 | 5 | 6 | ||||||
5.62%, 12/1/36 – 8/1/37 | 57 | 65 | ||||||
6.00%, 8/1/37 – 5/1/38 | 16 | 18 | ||||||
6.50%, 9/1/32 | 7 | 8 | ||||||
7.50%, 5/1/35 | 24 | 29 | ||||||
8.00%, 8/1/32 | 15 | 17 | ||||||
8.50%, 8/1/31 | 20 | 24 | ||||||
Federal National Mortgage Association, April TBA: | ||||||||
3.00%, 4/1/51 (a) | 675 | 703 | ||||||
3.50%, 4/1/51 (a) | 3,000 | 3,169 | ||||||
Conventional Pools: | ||||||||
2.50%, 2/1/50 | 336 | 344 | ||||||
3.00%, 7/1/49 | 117 | 120 | ||||||
3.50%, 7/1/46 – 7/1/49 | 1,568 | 1,665 | ||||||
4.00%, 11/1/41 – 8/1/49 | 967 | 1,053 | ||||||
4.50%, 8/1/40 – 9/1/48 | 997 | 1,108 | ||||||
5.00%, 7/1/40 | 62 | 70 | ||||||
5.62%, 12/1/36 | 19 | 20 | ||||||
6.00%, 12/1/38 | 285 | 334 | ||||||
6.50%, 11/1/27 – 10/1/38 | 13 | 15 | ||||||
7.00%, 6/1/29 | 6 | 6 | ||||||
7.50%, 8/1/37 | 42 | 51 | ||||||
8.00%, 4/1/33 | 33 | 40 | ||||||
8.50%, 10/1/32 | 32 | 40 | ||||||
9.50%, 4/1/30 | 3 | 3 | ||||||
June TBA: | ||||||||
1.50%, 6/1/51 (a) | 775 | 746 | ||||||
2.00%, 6/1/51 (a) | 16,125 | 16,034 | ||||||
2.50%, 6/1/51 (a) | 8,275 | 8,456 | ||||||
Government National Mortgage Association, Various Pools: | ||||||||
3.50%, 11/20/40 – 7/20/46 | 362 | 388 | ||||||
4.00%, 7/15/44 – 5/20/49 | 825 | 886 | ||||||
5.00%, 12/20/48 – 2/20/49 | 46 | 50 | ||||||
36,695 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Asset-Backed Securities (10.6%) | ||||||||
Accredited Mortgage Loan Trust, | ||||||||
1 Month USD LIBOR + 0.60%, 0.71%, 4/25/34 (b) | 437 | 433 | ||||||
Ajax Mortgage Loan Trust, | ||||||||
1.70%, 5/25/59 (c) | 456 | 462 | ||||||
American Homes 4 Rent Trust, | ||||||||
6.07%, 10/17/52 (c) | 490 | 539 | ||||||
AMSR 2019-SFR1 Trust, | ||||||||
2.77%, 1/19/39 (c) | 600 | 626 | ||||||
Aqua Finance Trust, | ||||||||
3.47%, 7/16/40 (c) | 300 | 316 | ||||||
Avant Loans Funding Trust, | ||||||||
4.65%, 4/15/26 (c) | 400 | 405 | ||||||
5.00%, 11/17/25 (c) | 102 | 102 | ||||||
Blackbird Capital Aircraft Lease Securitization Ltd., | ||||||||
5.68%, 12/16/41 (c) | 376 | 372 | ||||||
Cascade Funding Mortgage Trust, | ||||||||
5.60%, 4/25/30 (b)(c) | 200 | 212 | ||||||
7.30%, 4/25/30 (b)(c) | 400 | 429 | ||||||
Cascade MH Asset Trust, | ||||||||
4.00%, 11/25/44 (b)(c) | 362 | 380 | ||||||
CFMT 2020-HB3 LLC, | ||||||||
6.28%, 5/25/30 (b)(c) | 250 | 252 | ||||||
Conn’s Receivables Funding LLC, | ||||||||
3.62%, 6/17/24 (c) | 223 | 224 | ||||||
CWABS Asset-Backed Certificates Trust, | ||||||||
1 Month USD LIBOR + 1.58%, 1.68%, 12/25/34 (b) | 644 | 646 | ||||||
Fair Square Issuance Trust, | ||||||||
2.90%, 9/20/24 (c) | 200 | 202 | ||||||
Falcon Aerospace Ltd., | ||||||||
3.60%, 9/15/39 (c) | 219 | 221 | ||||||
Foundation Finance Trust, | ||||||||
3.86%, 11/15/34 (c) | 202 | 209 | ||||||
FREED ABS Trust, | ||||||||
3.87%, 6/18/26 (c) | 177 | 179 | ||||||
4.52%, 6/18/27 (c) | 89 | 90 | ||||||
4.61%, 10/20/25 (c) | 447 | 451 | ||||||
GAIA Aviation Ltd., | ||||||||
7.00%, 12/15/44 (c) | 310 | 248 | ||||||
Golub Capital Partners ABS Funding Ltd., | ||||||||
2.77%, 4/20/29 (c)(d) | 650 | 650 | ||||||
Goodgreen Trust, | ||||||||
5.53%, 4/15/55 (c) | 568 | 584 | ||||||
JOL Air Ltd., | ||||||||
4.95%, 4/15/44 (c) | 227 | 213 | ||||||
Lunar Aircraft Ltd., | ||||||||
3.38%, 2/15/45 (c) | 124 | 122 | ||||||
MACH 1 Cayman Ltd., | ||||||||
3.47%, 10/15/39 (c) | 293 | 295 | ||||||
METAL LLC, | ||||||||
4.58%, 10/15/42 (c) | 368 | 304 | ||||||
Mosaic Solar Loan Trust, | ||||||||
2.10%, 4/20/46 (c) | 207 | 210 | ||||||
New Residential Mortgage LLC, | ||||||||
5.44%, 6/25/25 – 7/25/25 (c) | 992 | 1,014 | ||||||
NovaStar Mortgage Funding Trust, | ||||||||
1 Month USD LIBOR + 1.06%, 1.17%, 12/25/33 (b) | 226 | 226 | ||||||
Oxford Finance Funding LLC, | ||||||||
3.10%, 2/15/28 (c) | 250 | 258 | ||||||
5.44%, 2/15/27 (c) | 296 | 307 | ||||||
PNMAC GMSR Issuer Trust, | ||||||||
1 Month USD LIBOR + 2.85%, 2.96%, 2/25/23 (b)(c) | 300 | 300 | ||||||
1 Month USD LIBOR + 3.00%, 3.12%, 3/25/26 (b)(c) | 650 | 650 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Pretium Mortgage Credit Partners I LLC, | ||||||||||||
3.72%, 2/27/60 (c) | 355 | 358 | ||||||||||
Prosper Marketplace Issuance Trust, | ||||||||||||
5.50%, 10/15/24 (c) | 385 | 385 | ||||||||||
Raptor Aircraft Finance I LLC, | ||||||||||||
4.21%, 8/23/44 (c) | 607 | 578 | ||||||||||
S-Jets Ltd., | ||||||||||||
3.97%, 8/15/42 (c) | 493 | 484 | ||||||||||
7.02%, 8/15/42 (c) | 696 | 431 | ||||||||||
SFS Asset Securitization LLC, | ||||||||||||
4.24%, 6/10/25 (c) | 509 | 510 | ||||||||||
SLM Student Loan Trust, | ||||||||||||
3 Month EURIBOR + 0.55%, 0.01%, 7/25/39 – 1/25/40 (b) | EUR | 1,097 | 1,226 | |||||||||
Small Business Lending Trust, | ||||||||||||
2.85%, 7/15/26 (c) | $ | 42 | 42 | |||||||||
Sprite Ltd., | ||||||||||||
4.25%, 12/15/37 (c) | 225 | 228 | ||||||||||
START Ireland, | ||||||||||||
4.09%, 3/15/44 (c) | 154 | 155 | ||||||||||
Tricon American Homes Trust, | ||||||||||||
5.10%, 1/17/36 (c) | 600 | 622 | ||||||||||
5.15%, 9/17/34 (c) | 400 | 408 | ||||||||||
Upstart Securitization Trust, | ||||||||||||
3.09%, 4/22/30 (c) | 580 | 593 | ||||||||||
3.73%, 9/20/29 (c) | 550 | 561 | ||||||||||
VCAT LLC, | ||||||||||||
3.67%, 8/25/50 (c) | 317 | 320 | ||||||||||
19,032 | ||||||||||||
Collateralized Mortgage Obligations - Agency Collateral Series (1.6%) | ||||||||||||
Federal Home Loan Mortgage Corporation, | ||||||||||||
1 Month USD LIBOR + 4.35%, 4.47%, 12/25/26 (b)(c) | 61 | 60 | ||||||||||
1 Month USD LIBOR + 5.05%, 5.17%, 7/25/23 (b) | 92 | 94 | ||||||||||
1 Month USD LIBOR + 5.25%, 5.37%, 7/25/26 (b)(c) | 43 | 44 | ||||||||||
IO | ||||||||||||
0.33%, 11/25/27 (b) | 13,329 | 276 | ||||||||||
2.63%, 1/25/49 (b) | 715 | 149 | ||||||||||
2.65%, 2/25/49 (b) | 1,635 | 349 | ||||||||||
2.73%, 9/25/48 (b) | 3,100 | 665 | ||||||||||
2.75%, 1/25/49 (b) | 2,950 | 631 | ||||||||||
3.46%, 10/25/38 (b) | 800 | 291 | ||||||||||
IO REMIC | ||||||||||||
6.00% - 1 Month USD LIBOR, 5.89%, 11/15/43 – 6/15/44 (e) | 1,439 | 247 | ||||||||||
6.05% - 1 Month USD LIBOR, 5.94%, 4/15/39 (e) | 14 | — | @ | |||||||||
IO STRIPS | ||||||||||||
7.50%, 12/15/29 | 2 | — | @ | |||||||||
Federal National Mortgage Association, | ||||||||||||
IO REMIC | ||||||||||||
6.00%, 5/25/33 – 7/25/33 | 137 | 28 | ||||||||||
IO STRIPS | ||||||||||||
8.00%, 4/25/24 | — | @ | — | @ | ||||||||
8.00%, 6/25/35 (b) | 10 | 2 | ||||||||||
9.00%, 11/25/26 | 1 | — | @ | |||||||||
REMIC | ||||||||||||
7.00%, 9/25/32 | 23 | 28 | ||||||||||
Government National Mortgage Association, | ||||||||||||
IO | ||||||||||||
0.77%, 8/20/58 (b) | 3,430 | 72 | ||||||||||
5.00%, 2/16/41 | 63 | 12 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
IO PAC | ||||||||
6.15% - 1 Month USD LIBOR, 6.04%, 10/20/41 (e) | 306 | 8 | ||||||
2,956 | ||||||||
Commercial Mortgage-Backed Securities (6.0%) | ||||||||
Bancorp Commercial Mortgage Trust, | ||||||||
1 Month USD LIBOR + 2.30%, 2.41%, 9/15/36 (b)(c) | 450 | 446 | ||||||
BANK 2019-BNK21, | ||||||||
IO | ||||||||
0.87%, 10/17/52 (b) | 3,981 | 238 | ||||||
BANK 2020-BNK30, | ||||||||
2.92%, 12/15/53 (b) | 725 | 651 | ||||||
BF 2019-NYT Mortgage Trust, | ||||||||
1 Month USD LIBOR + 1.70%, 1.81%, 12/15/35 (b)(c) | 600 | 598 | ||||||
BXP Trust, | ||||||||
1 Month USD LIBOR + 3.00%, 3.11%, 11/15/34 (b)(c) | 650 | 575 | ||||||
Citigroup Commercial Mortgage Trust, | ||||||||
3.50%, 12/10/41 (b)(c) | 300 | 231 | ||||||
IO | ||||||||
0.78%, 11/10/48 (b) | 2,431 | 66 | ||||||
0.88%, 9/10/58 (b) | 4,419 | 147 | ||||||
COMM Mortgage Trust, | ||||||||
IO | ||||||||
0.09%, 7/10/45 (b) | 9,580 | 15 | ||||||
0.72%, 10/10/47 (b) | 2,847 | 57 | ||||||
1.00%, 7/15/47 (b) | 2,697 | 71 | ||||||
CSWF 2018-TOP, | ||||||||
1 Month USD LIBOR + 1.45%, 1.56%, 8/15/35 (b)(c) | 480 | 480 | ||||||
GS Mortgage Securities Trust, | ||||||||
4.74%, 8/10/46 (b)(c) | 500 | 491 | ||||||
IO | ||||||||
0.73%, 9/10/47 (b) | 4,581 | 94 | ||||||
1.22%, 10/10/48 (b) | 4,736 | 215 | ||||||
InTown Hotel Portfolio Trust, | ||||||||
1 Month USD LIBOR + 2.30%, 2.41%, 1/15/33 (b)(c) | 346 | 345 | ||||||
Jackson Park Trust LIC, | ||||||||
3.24%, 10/14/39 (b)(c) | 400 | 363 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, | ||||||||
IO | ||||||||
0.51%, 4/15/46 (b) | 6,000 | 62 | ||||||
0.68%, 12/15/49 (b) | 2,892 | 71 | ||||||
1.71%, 7/15/47 (b) | 6,443 | 95 | ||||||
JPMBB Commercial Mortgage Securities Trust, | ||||||||
IO | ||||||||
0.99%, 8/15/47 (b) | 3,497 | 94 | ||||||
MFT Trust, | ||||||||
3.48%, 2/10/42 (b)(c) | 200 | 186 | ||||||
MKT 2020-525M Mortgage Trust, | ||||||||
2.94%, 2/12/40 (b)(c) | 200 | 178 | ||||||
Multifamily Connecticut Avenue Securities Trust, | ||||||||
1 Month USD LIBOR + 1.95%, 2.06%, 3/25/50 (b)(c) | 573 | 578 | ||||||
Natixis Commercial Mortgage Securities Trust, | ||||||||
1 Month USD LIBOR + 2.20%, 2.31%, 7/15/36 (b)(c) | 500 | 502 | ||||||
4.13%, 5/15/39 (b)(c) | 450 | 465 | ||||||
4.32%, 1/15/43 (b)(c) | 200 | 198 | ||||||
4.41%, 2/15/39 (b)(c) | 807 | 753 | ||||||
Olympic Tower 2017-OT Mortgage Trust, | ||||||||
3.57%, 5/10/39 (c) | 600 | 638 | ||||||
SG Commercial Mortgage Securities Trust, | ||||||||
3.73%, 3/15/37 (b)(c) | 450 | 453 | ||||||
4.51%, 2/15/41 (b)(c) | 550 | 491 | ||||||
Wells Fargo Commercial Mortgage Trust, |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
1 Month USD LIBOR + 1.74%, 1.85%, 2/15/37 (b)(c) | 250 | 246 | ||||||
1 Month USD LIBOR + 2.21%, 2.32%, 1/15/35 (b)(c) | 200 | 200 | ||||||
WFRBS Commercial Mortgage Trust, | ||||||||
4.14%, 5/15/45 (b)(c) | 385 | 377 | ||||||
10,670 | ||||||||
Corporate Bonds (39.4%) | ||||||||
Energy (0.1%) | ||||||||
Midwest Connector Capital Co. LLC | ||||||||
3.63%, 4/1/22 (c)(f) | 175 | 178 | ||||||
Finance (16.4%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
4.13%, 7/3/23 | 575 | 610 | ||||||
Air Lease Corp. | ||||||||
2.30%, 2/1/25 | 325 | 332 | ||||||
American International Group, Inc. | ||||||||
4.50%, 7/16/44 | 150 | 170 | ||||||
Anthem, Inc. | ||||||||
2.25%, 5/15/30 | 150 | 148 | ||||||
Australia & New Zealand Banking Group Ltd. | ||||||||
2.57%, 11/25/35 (c) | 200 | 188 | ||||||
AvalonBay Communities, Inc. | ||||||||
2.95%, 5/11/26 | 175 | 188 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
2.88%, 2/15/25 (c) | 475 | 474 | ||||||
Banco Bradesco SA | ||||||||
3.20%, 1/27/25 (c) | 700 | 717 | ||||||
Banco Santander Chile | ||||||||
2.70%, 1/10/25 (c) | 300 | 314 | ||||||
Bank of America Corp., | ||||||||
2.68%, 6/19/41 | 491 | 461 | ||||||
MTN | ||||||||
4.00%, 1/22/25 | 1,085 | 1,189 | ||||||
Series N | ||||||||
2.65%, 3/11/32 | 75 | 75 | ||||||
Bank of Montreal | ||||||||
3.80%, 12/15/32 | 450 | 495 | ||||||
Belrose Funding Trust | ||||||||
2.33%, 8/15/30 (c) | 200 | 193 | ||||||
BNP Paribas SA | ||||||||
2.82%, 1/26/41 (c) | 350 | 315 | ||||||
4.40%, 8/14/28 (c) | 300 | 342 | ||||||
Boston Properties LP | ||||||||
3.80%, 2/1/24 | 145 | 156 | ||||||
BPCE SA | ||||||||
5.15%, 7/21/24 (c) | 550 | 616 | ||||||
Brookfield Finance LLC | ||||||||
3.45%, 4/15/50 | 250 | 237 | ||||||
Brown & Brown, Inc. | ||||||||
2.38%, 3/15/31 | 175 | 169 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
2.25%, 1/28/25 | 600 | 623 | ||||||
Capital One Financial Corp. | ||||||||
3.30%, 10/30/24 | 725 | 782 | ||||||
Chubb INA Holdings, Inc. | ||||||||
1.38%, 9/15/30 | 450 | 411 | ||||||
Citigroup, Inc., | ||||||||
2.57%, 6/3/31 | 75 | 75 | ||||||
2.67%, 1/29/31 | 447 | 450 | ||||||
4.41%, 3/31/31 | 373 | 426 | ||||||
5.50%, 9/13/25 | 250 | 290 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
CNO Financial Group, Inc. | ||||||||
5.25%, 5/30/29 | 170 | 197 | ||||||
Commonwealth Bank of Australia | ||||||||
3.31%, 3/11/41 (c) | 300 | 292 | ||||||
Cooperatieve Rabobank UA | ||||||||
3.95%, 11/9/22 | 625 | 658 | ||||||
Credit Agricole SA | ||||||||
3.25%, 10/4/24 (c) | 250 | 269 | ||||||
Credit Suisse Group AG | ||||||||
2.59%, 9/11/25 (c) | 700 | 726 | ||||||
Crown Castle International Corp. | ||||||||
3.30%, 7/1/30 | 250 | 262 | ||||||
Danske Bank A/S | ||||||||
5.00%, 1/12/23 (c) | 200 | 206 | ||||||
Deutsche Bank AG | ||||||||
3.95%, 2/27/23 | 425 | 449 | ||||||
Equinix, Inc. | ||||||||
1.00%, 9/15/25 | 525 | 516 | ||||||
GA Global Funding Trust | ||||||||
1.00%, 4/8/24 | 325 | 325 | ||||||
GE Capital International Funding Co., Unlimited Co. | ||||||||
4.42%, 11/15/35 | 350 | 401 | ||||||
GLP Capital LP/GLP Financing II, Inc. | ||||||||
5.38%, 4/15/26 | 200 | 225 | ||||||
Goldman Sachs Group, Inc. (The), | ||||||||
1.99%, 1/27/32 | 500 | 475 | ||||||
MTN | ||||||||
4.80%, 7/8/44 | 175 | 215 | ||||||
Grupo Aval Ltd. | ||||||||
4.38%, 2/4/30 (c) | 200 | 202 | ||||||
Howard Hughes Corp. (The) | ||||||||
4.38%, 2/1/31 (c) | 250 | 245 | ||||||
HSBC Holdings PLC, | ||||||||
4.25%, 3/14/24 | 750 | 817 | ||||||
Series. | ||||||||
4.00%, 12/31/99 (g) | 425 | 424 | ||||||
HSBC USA, Inc. | ||||||||
3.50%, 6/23/24 | 250 | 270 | ||||||
Intercontinental Exchange, Inc. | ||||||||
1.85%, 9/15/32 | 550 | 504 | ||||||
Intesa Sanpaolo SpA | ||||||||
5.25%, 1/12/24 | 300 | 334 | ||||||
Itau Unibanco Holding SA | ||||||||
2.90%, 1/24/23 (c) | 800 | 818 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | ||||||||
6.25%, 6/3/26 (c) | 300 | 317 | ||||||
JPMorgan Chase & Co., | ||||||||
1.95%, 2/4/32 | 525 | 498 | ||||||
4.13%, 12/15/26 | 550 | 620 | ||||||
Lloyds Banking Group PLC | ||||||||
4.38%, 3/22/28 | 525 | 590 | ||||||
Macquarie Bank Ltd. | ||||||||
2.30%, 1/22/25 (c) | 450 | 467 | ||||||
Marsh & McLennan Cos., Inc. | ||||||||
5.88%, 8/1/33 | 275 | 362 | ||||||
MassMutual Global Funding II | ||||||||
3.40%, 3/8/26 (c) | 400 | 439 | ||||||
Metropolitan Life Global Funding I | ||||||||
2.95%, 4/9/30 (c) | 150 | 157 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||
5.00%, 10/15/27 | 175 | 184 | ||||||
Nationwide Building Society, | ||||||||
4.30%, 3/8/29 (c) | 375 | 415 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
4.36%, 8/1/24 (c) | 200 | 216 | ||||||
Natwest Group PLC | ||||||||
3.88%, 9/12/23 | 250 | 268 | ||||||
NTT Finance Corp. | ||||||||
1.59%, 4/3/28 (c) | 675 | 659 | ||||||
Ooredoo International Finance Ltd. | ||||||||
2.63%, 4/8/31 | 230 | 228 | ||||||
Oversea-Chinese Banking Corp. Ltd. | ||||||||
1.83%, 9/10/30 (c) | 200 | 198 | ||||||
Pine Street Trust I | ||||||||
4.57%, 2/15/29 (c) | 250 | 281 | ||||||
Progressive Corp. (The), | ||||||||
3.20%, 3/26/30 | 150 | 161 | ||||||
4.00%, 3/1/29 | 100 | 114 | ||||||
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. | ||||||||
3.88%, 3/1/31 (c) | 270 | 261 | ||||||
Realty Income Corp. | ||||||||
0.75%, 3/15/26 | 277 | 267 | ||||||
SBA Communications Corp. | ||||||||
3.13%, 2/1/29 (c) | 270 | 260 | ||||||
Societe Generale SA | ||||||||
2.63%, 1/22/25 (c) | 425 | 441 | ||||||
Standard Chartered PLC | ||||||||
4.64%, 4/1/31 (c) | 200 | 227 | ||||||
SVB Financial Group | ||||||||
1.80%, 2/2/31 | 500 | 462 | ||||||
Syngenta Finance N.V. | ||||||||
4.89%, 4/24/25 (c) | 550 | 589 | ||||||
TD Ameritrade Holding Corp. | ||||||||
3.63%, 4/1/25 | 475 | 518 | ||||||
Travelers Cos., Inc. (The) | ||||||||
3.75%, 5/15/46 | 200 | 217 | ||||||
Wells Fargo & Co., | ||||||||
2.57%, 2/11/31 | 375 | 377 | ||||||
5.01%, 4/4/51 | 125 | 161 | ||||||
Westpac Banking Corp. | ||||||||
2.67%, 11/15/35 | 150 | 143 | ||||||
29,373 | ||||||||
Industrials (20.7%) | ||||||||
7-Eleven, Inc. | ||||||||
1.80%, 2/10/31 (c) | 400 | 374 | ||||||
AbbVie, Inc. | ||||||||
4.25%, 11/21/49 | 200 | 227 | ||||||
Adobe, Inc. | ||||||||
2.30%, 2/1/30 | 325 | 329 | ||||||
Akamai Technologies, Inc. | ||||||||
0.38%, 9/1/27 | 181 | 197 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||||||||
3.50%, 2/15/23 (c) | 175 | 179 | ||||||
Alibaba Group Holding Ltd. | ||||||||
2.13%, 2/9/31 | 200 | 191 | ||||||
Altria Group, Inc. | ||||||||
3.40%, 2/4/41 | 375 | 348 | ||||||
Amazon.com, Inc. | ||||||||
2.70%, 6/3/60 | 325 | 289 | ||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd. | ||||||||
5.75%, 4/20/29 (c) | 270 | 288 | ||||||
Amgen, Inc. | ||||||||
3.15%, 2/21/40 | 175 | 174 | ||||||
Anheuser-Busch InBev Worldwide, Inc., | ||||||||
3.50%, 6/1/30 | 125 | 136 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
4.50%, 6/1/50 | 300 | 341 | ||||||
4.60%, 4/15/48 | 175 | 201 | ||||||
Apple, Inc. | ||||||||
2.65%, 2/8/51 | 250 | 229 | ||||||
Arches Buyer, Inc. | ||||||||
4.25%, 6/1/28 (c) | 270 | 270 | ||||||
AT&T, Inc., | ||||||||
2.55%, 12/1/33 (c) | 400 | 380 | ||||||
3.55%, 9/15/55 (c) | 450 | 413 | ||||||
3.65%, 9/15/59 (c) | 50 | 46 | ||||||
Automatic Data Processing, Inc. | ||||||||
1.25%, 9/1/30 | 450 | 413 | ||||||
Baidu, Inc. | ||||||||
1.72%, 4/9/26 | 275 | 274 | ||||||
BAT Capital Corp. | ||||||||
3.56%, 8/15/27 | 550 | 586 | ||||||
Berry Global, Inc. | ||||||||
1.57%, 1/15/26 (c) | 225 | 222 | ||||||
Boeing Co. (The), | ||||||||
2.95%, 2/1/30 | 250 | 249 | ||||||
3.25%, 2/1/35 | 75 | 73 | ||||||
3.95%, 8/1/59 | 100 | 96 | ||||||
Booking Holdings, Inc. | ||||||||
0.90%, 9/15/21 | 160 | 188 | ||||||
BP Capital Markets America, Inc. | ||||||||
3.12%, 5/4/26 | 375 | 404 | ||||||
BP Capital Markets PLC, | ||||||||
4.38%, 12/31/99 (g) | 150 | 159 | ||||||
4.88%, 12/31/99 (g) | 150 | 161 | ||||||
Braskem Netherlands Finance BV | ||||||||
4.50%, 1/31/30 (c) | 310 | 312 | ||||||
Burlington Northern Santa Fe LLC | ||||||||
3.30%, 9/15/51 | 175 | 176 | ||||||
Campbell Soup Co. | ||||||||
3.13%, 4/24/50 | 300 | 280 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
2.30%, 2/1/32 | 250 | 233 | ||||||
3.50%, 6/1/41 | 150 | 142 | ||||||
3.85%, 4/1/61 | 350 | 321 | ||||||
Chevron Corp. | ||||||||
3.08%, 5/11/50 | 150 | 144 | ||||||
Children’s Health System of Texas | ||||||||
2.51%, 8/15/50 | 175 | 155 | ||||||
Cigna Corp., | ||||||||
2.40%, 3/15/30 | 75 | 74 | ||||||
3.05%, 10/15/27 | 100 | 107 | ||||||
4.90%, 12/15/48 | 225 | 276 | ||||||
Citrix Systems, Inc. | ||||||||
1.25%, 3/1/26 | 225 | 221 | ||||||
CNOOC Finance 2013 Ltd. | ||||||||
3.00%, 5/9/23 | 220 | 229 | ||||||
Coca-Cola Femsa SAB de CV | ||||||||
2.75%, 1/22/30 | 400 | 403 | ||||||
Comcast Corp., | ||||||||
1.95%, 1/15/31 | 675 | 651 | ||||||
2.45%, 8/15/52 | 350 | 300 | ||||||
Conagra Brands, Inc. | ||||||||
1.38%, 11/1/27 | 225 | 217 | ||||||
ConocoPhillips | ||||||||
4.88%, 10/1/47 (c) | 150 | 183 | ||||||
CVS Health Corp., | ||||||||
1.88%, 2/28/31 | 512 | 481 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
5.13%, 7/20/45 | 75 | 92 | ||||||||||
Deere & Co. | ||||||||||||
3.10%, 4/15/30 | 125 | 134 | ||||||||||
Dell International LLC/EMC Corp., | ||||||||||||
5.85%, 7/15/25 (c) | 50 | 58 | ||||||||||
6.02%, 6/15/26 (c) | 375 | 444 | ||||||||||
Delta Air Lines, Inc., | ||||||||||||
Series AA | ||||||||||||
3.20%, 4/25/24 | 250 | 259 | ||||||||||
DexCom, Inc. | ||||||||||||
0.25%, 11/15/25 (c) | 200 | 197 | ||||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. | ||||||||||||
6.63%, 8/15/27 (c)(f) | 250 | 130 | ||||||||||
Diamondback Energy, Inc. | ||||||||||||
3.25%, 12/1/26 | 425 | 448 | ||||||||||
Enbridge, Inc. | ||||||||||||
2.50%, 1/15/25 | 250 | 261 | ||||||||||
Energy Transfer Operating LP | ||||||||||||
2.90%, 5/15/25 | 250 | 260 | ||||||||||
Enterprise Products Operating LLC | ||||||||||||
4.20%, 1/31/50 | 350 | 374 | ||||||||||
Ford Motor Credit Co., LLC, | ||||||||||||
3.10%, 5/4/23 | 200 | 204 | ||||||||||
4.39%, 1/8/26 | 200 | 210 | ||||||||||
Fortive Corp. | ||||||||||||
0.88%, 2/15/22 | 176 | 179 | ||||||||||
Fox Corp. | ||||||||||||
5.58%, 1/25/49 | 200 | 256 | ||||||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||||||
1.75%, 9/30/27 (c) | 575 | 576 | ||||||||||
General Motors Co. | ||||||||||||
6.60%, 4/1/36 | 125 | 162 | ||||||||||
General Motors Financial Co., Inc., | ||||||||||||
3.85%, 1/5/28 | 150 | 162 | ||||||||||
4.35%, 1/17/27 | 375 | 417 | ||||||||||
Georgia-Pacific LLC | ||||||||||||
2.30%, 4/30/30 (c) | 325 | 324 | ||||||||||
Gilead Sciences, Inc. | ||||||||||||
2.80%, 10/1/50 | 175 | 156 | ||||||||||
Glencore Funding LLC | ||||||||||||
4.13%, 3/12/24 (c) | 450 | 488 | ||||||||||
Global Payments, Inc. | ||||||||||||
1.20%, 3/1/26 | 175 | 172 | ||||||||||
Grifols SA | ||||||||||||
2.25%, 11/15/27 (c) | EUR | 200 | 238 | |||||||||
GSK Finance No 3 PLC | ||||||||||||
0.00%, 6/22/23 (c) | $ | 250 | 271 | |||||||||
HCA, Inc. | ||||||||||||
5.25%, 6/15/49 | 300 | 368 | ||||||||||
Heathrow Funding Ltd. | ||||||||||||
4.88%, 7/15/23 (c) | 435 | 439 | ||||||||||
Hyundai Capital America | ||||||||||||
1.80%, 1/10/28 (c) | 450 | 431 | ||||||||||
Imperial Brands Finance PLC | ||||||||||||
3.13%, 7/26/24 (c) | 350 | 370 | ||||||||||
International Business Machines Corp. | ||||||||||||
2.95%, 5/15/50 | 200 | 187 | ||||||||||
J2 Global, Inc., | ||||||||||||
1.75%, 11/1/26 (Convertible) (c) | 165 | 194 | ||||||||||
4.63%, 10/15/30 (c) | 250 | 253 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Jazz Investments I Ltd. | ||||||||
1.88%, 8/15/21 | 200 | 205 | ||||||
Johns Hopkins University, | ||||||||
Series A | ||||||||
2.81%, 1/1/60 | 270 | 254 | ||||||
Kimberly-Clark de Mexico SAB de CV | ||||||||
2.43%, 7/1/31 (c) | 300 | 293 | ||||||
Las Vegas Sands Corp. | ||||||||
3.20%, 8/8/24 | 175 | 183 | ||||||
Level 3 Financing, Inc. | ||||||||
3.40%, 3/1/27 (c) | 325 | 345 | ||||||
Lions Gate Capital Holdings LLC | ||||||||
5.50%, 4/15/29 (c)(d) | 270 | 271 | ||||||
Lowe’s Cos., Inc., | ||||||||
1.30%, 4/15/28 | 150 | 143 | ||||||
1.70%, 10/15/30 | 225 | 212 | ||||||
LYB International Finance III LLC | ||||||||
4.20%, 5/1/50 | 175 | 189 | ||||||
MARB BondCo PLC | ||||||||
3.95%, 1/29/31 (c) | 400 | 381 | ||||||
Marriott Vacations Worldwide Corp. | ||||||||
1.50%, 9/15/22 | 150 | 195 | ||||||
Masco Corp. | ||||||||
2.00%, 2/15/31 | 275 | 261 | ||||||
McLaren Health Care Corp., | ||||||||
Series A | ||||||||
4.39%, 5/15/48 | 250 | 296 | ||||||
Meituan | ||||||||
2.13%, 10/28/25 (c) | 200 | 199 | ||||||
Newcastle Coal Infrastructure Group Pty Ltd. | ||||||||
4.40%, 9/29/27 (c) | 475 | 483 | ||||||
Newmont Corp. | ||||||||
2.25%, 10/1/30 | 250 | 244 | ||||||
NIKE, Inc. | ||||||||
2.85%, 3/27/30 | 300 | 316 | ||||||
Nissan Motor Co. Ltd. | ||||||||
3.04%, 9/15/23 (c) | 475 | 497 | ||||||
NuStar Logistics LP | ||||||||
6.38%, 10/1/30 | 400 | 433 | ||||||
NVIDIA Corp. | ||||||||
2.85%, 4/1/30 | 300 | 315 | ||||||
Occidental Petroleum Corp., | ||||||||
3.20%, 8/15/26 | 45 | 43 | ||||||
5.55%, 3/15/26 | 325 | 344 | ||||||
ONEOK, Inc., | ||||||||
4.45%, 9/1/49 | 50 | 50 | ||||||
5.20%, 7/15/48 | 100 | 110 | ||||||
Post Holdings, Inc. | ||||||||
4.50%, 9/15/31 (c) | 450 | 446 | ||||||
Procter & Gamble Co. (The) | ||||||||
1.20%, 10/29/30 | 250 | 232 | ||||||
Raytheon Technologies Corp. | ||||||||
3.13%, 7/1/50 | 125 | 121 | ||||||
Resort at Summerlin LP, | ||||||||
Series B | ||||||||
13.00%, 12/15/07 (h)(i)(j)(k) | 299 | — | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc. | ||||||||
4.63%, 4/16/29 (c) | 400 | 404 | ||||||
Rockies Express Pipeline LLC | ||||||||
3.60%, 5/15/25 (c) | 475 | 477 | ||||||
Royalty Pharma PLC | ||||||||
3.55%, 9/2/50 (c) | 75 | 72 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Saudi Arabian Oil Co. | ||||||||||||
3.25%, 11/24/50 (c) | 200 | 181 | ||||||||||
Shell International Finance BV | ||||||||||||
3.13%, 11/7/49 | 100 | 97 | ||||||||||
Sherwin-Williams Co. (The) | ||||||||||||
2.30%, 5/15/30 | 275 | 271 | ||||||||||
Silgan Holdings, Inc. | ||||||||||||
1.40%, 4/1/26 (c) | 350 | 343 | ||||||||||
Splunk, Inc. | ||||||||||||
1.13%, 6/15/27 (c) | 200 | 191 | ||||||||||
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC | ||||||||||||
3.36%, 3/20/23 (c) | 133 | 134 | ||||||||||
Standard Industries, Inc. | ||||||||||||
2.25%, 11/21/26 (c) | EUR | 125 | 149 | |||||||||
Sunoco Logistics Partners Operations LP | ||||||||||||
3.90%, 7/15/26 | $ | 200 | 215 | |||||||||
T-Mobile USA, Inc., | ||||||||||||
2.25%, 11/15/31 (c)(f) | 350 | 333 | ||||||||||
2.88%, 2/15/31 | 270 | 261 | ||||||||||
3.60%, 11/15/60 (c) | 100 | 96 | ||||||||||
Telefonica Emisiones SA | ||||||||||||
4.10%, 3/8/27 | 550 | 615 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV, | ||||||||||||
2.20%, 7/21/21 | 46 | 46 | ||||||||||
2.80%, 7/21/23 | 175 | 174 | ||||||||||
TOTAL SE, | ||||||||||||
Series FP | ||||||||||||
0.50%, 12/2/22 | 200 | 209 | ||||||||||
Trimble, Inc. | ||||||||||||
4.15%, 6/15/23 | 625 | 668 | ||||||||||
TSMC Global Ltd. | ||||||||||||
0.75%, 9/28/25 (c) | 250 | 244 | ||||||||||
Twitter, Inc. | ||||||||||||
1.00%, 9/15/21 | 175 | 182 | ||||||||||
Upjohn, Inc. | ||||||||||||
4.00%, 6/22/50 (c) | 150 | 153 | ||||||||||
Verizon Communications, Inc., | ||||||||||||
2.65%, 11/20/40 | 300 | 275 | ||||||||||
2.99%, 10/30/56 (c) | 450 | 398 | ||||||||||
3.40%, 3/22/41 | 125 | 127 | ||||||||||
Volkswagen Group of America Finance LLC | ||||||||||||
4.75%, 11/13/28 (c) | 275 | 319 | ||||||||||
Vontier Corp. | ||||||||||||
2.40%, 4/1/28 (c) | 450 | 443 | ||||||||||
VTR Finance | ||||||||||||
6.38%, 7/15/28 (c)(f) | 200 | 217 | ||||||||||
Walmart, Inc., | ||||||||||||
2.95%, 9/24/49 | 52 | 51 | ||||||||||
4.05%, 6/29/48 | 44 | 52 | ||||||||||
Walt Disney Co. (The), | ||||||||||||
2.75%, 9/1/49 | 397 | 364 | ||||||||||
3.60%, 1/13/51 | 61 | 65 | ||||||||||
Western Digital Corp. | ||||||||||||
1.50%, 2/1/24 | 225 | 231 | ||||||||||
Western Midstream Operating LP | ||||||||||||
4.35%, 2/1/25 | 300 | 311 | ||||||||||
Williams Cos., Inc. (The) | ||||||||||||
4.85%, 3/1/48 | 350 | 389 | ||||||||||
Zynga, Inc. | ||||||||||||
0.00%, 12/15/26 (c) | 200 | 213 | ||||||||||
37,087 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Utilities (2.2%) | ||||||||||||
Calpine Corp. | ||||||||||||
4.50%, 2/15/28 (c) | 350 | 353 | ||||||||||
DTE Electric Co. | ||||||||||||
2.95%, 3/1/50 | 100 | 95 | ||||||||||
Duke Energy Indiana LLC, | ||||||||||||
2.75%, 4/1/50 | 58 | 52 | ||||||||||
Series YYY | ||||||||||||
3.25%, 10/1/49 | 91 | 90 | ||||||||||
Enel Finance International N.V. | ||||||||||||
3.63%, 5/25/27 (c) | 275 | 298 | ||||||||||
Entergy Louisiana LLC | ||||||||||||
1.60%, 12/15/30 | 200 | 187 | ||||||||||
FirstEnergy Corp., | ||||||||||||
Series C | ||||||||||||
3.40%, 3/1/50 | 150 | 132 | ||||||||||
Korea Hydro & Nuclear Power Co., Ltd. | ||||||||||||
3.75%, 7/25/23 (c) | 710 | 762 | ||||||||||
Mississippi Power Co. | ||||||||||||
3.95%, 3/30/28 | 500 | 552 | ||||||||||
Northern States Power Co. | ||||||||||||
2.90%, 3/1/50 | 250 | 240 | ||||||||||
NRG Energy, Inc. | ||||||||||||
3.63%, 2/15/31 (c) | 260 | 254 | ||||||||||
Oglethorpe Power Corp. | ||||||||||||
5.05%, 10/1/48 | 250 | 295 | ||||||||||
Pacific Gas and Electric Co. | ||||||||||||
3.30%, 8/1/40 | 175 | 159 | ||||||||||
Piedmont Natural Gas Co., Inc. | ||||||||||||
2.50%, 3/15/31 | 200 | 198 | ||||||||||
Xcel Energy, Inc. | ||||||||||||
2.60%, 12/1/29 | 325 | 328 | ||||||||||
3,995 | ||||||||||||
70,633 | ||||||||||||
Mortgages - Other (13.9%) | ||||||||||||
Alternative Loan Trust, | ||||||||||||
1 Month USD LIBOR + 0.18%, 0.29%, 5/25/47 (b) | 100 | 96 | ||||||||||
5.50%, 2/25/36 | 6 | 5 | ||||||||||
6.00%, 7/25/37 | 47 | 40 | ||||||||||
PAC | ||||||||||||
5.50%, 2/25/36 | 3 | 3 | ||||||||||
6.00%, 4/25/36 | 14 | 10 | ||||||||||
Banc of America Alternative Loan Trust, | ||||||||||||
1 Month USD LIBOR + 0.65%, 0.76%, 7/25/46 (b) | 127 | 96 | ||||||||||
6.36%, 10/25/36 | 291 | 133 | ||||||||||
Banc of America Funding Trust, | ||||||||||||
5.25%, 7/25/37 | 52 | 52 | ||||||||||
6.00%, 7/25/37 | 17 | 16 | ||||||||||
Brean Asset Backed Securities Trust, | ||||||||||||
1.40%, 10/25/63 (b)(c) | 325 | 310 | ||||||||||
Bunker Hill Loan Depositary Trust, | ||||||||||||
1.72%, 2/25/55 (b)(c) | 484 | 492 | ||||||||||
ChaseFlex Trust, | ||||||||||||
6.00%, 2/25/37 | 338 | 199 | ||||||||||
CIM Trust, | ||||||||||||
2.57%, 7/25/55 (c) | 630 | 629 | ||||||||||
Classic RMBS Trust, | ||||||||||||
3.06%, 8/16/49 (c) | CAD | 304 | 242 | |||||||||
CSFB Mortgage-Backed Pass-Through Certificates, | ||||||||||||
6.50%, 11/25/35 | $ | 748 | 240 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Eurosail BV, | ||||||||||||
3 Month EURIBOR + 1.80%, 1.25%, 10/17/40 (b) | EUR | 300 | 353 | |||||||||
Eurosail PLC, | ||||||||||||
3 Month GBP LIBOR + 0.95%, 1.03%, 6/13/45 (b) | GBP | 410 | 553 | |||||||||
Farringdon Mortgages No. 2 PLC, | ||||||||||||
3 Month GBP LIBOR + 1.50%, 1.53%, 7/15/47 (b) | 209 | 290 | ||||||||||
Federal Home Loan Mortgage Corporation, | ||||||||||||
1 Month USD LIBOR + 2.35%, 2.46%, 4/25/30 (b) | $ | 507 | 515 | |||||||||
3.00%, 9/25/45 – 5/25/47 | 997 | 987 | ||||||||||
3.50%, 5/25/45 – 5/25/47 | 722 | 723 | ||||||||||
3.88%, 5/25/45 (b)(c) | 15 | 15 | ||||||||||
4.00%, 5/25/45 | 30 | 30 | ||||||||||
FMC GMSR Issuer Trust, | ||||||||||||
5.07%, 5/25/24 (b)(c) | 650 | 655 | ||||||||||
Grifonas Finance PLC, | ||||||||||||
6 Month EURIBOR + 0.28%, 0.00%, 8/28/39 (b) | EUR | 305 | 351 | |||||||||
GSR Mortgage Loan Trust, | ||||||||||||
5.75%, 1/25/37 | $ | 104 | 89 | |||||||||
HarborView Mortgage Loan Trust, | ||||||||||||
1 Month USD LIBOR + 0.19%, 0.30%, 1/19/38 (b) | 273 | 263 | ||||||||||
Headlands Residential LLC, | ||||||||||||
3.97%, 6/25/24 (c) | 150 | 151 | ||||||||||
IM Pastor 3 FTH, | ||||||||||||
3 Month EURIBOR + 0.14%, 0.00%, 3/22/43 (b) | EUR | 363 | 393 | |||||||||
JP Morgan Alternative Loan Trust, | ||||||||||||
6.00%, 12/25/35 | $ | 45 | 41 | |||||||||
JP Morgan Mortgage Trust, | ||||||||||||
3.51%, 6/25/37 (b) | 41 | 37 | ||||||||||
6.00%, 6/25/37 | 24 | 27 | ||||||||||
L1C 2020-1 LLC, | ||||||||||||
5.29%, 8/25/51 (c) | 400 | 401 | ||||||||||
Landmark Mortgage Securities No. 1 PLC, | ||||||||||||
3 Month EURIBOR + 0.60%, 0.06%, 6/17/38 (b) | EUR | 384 | 426 | |||||||||
Legacy Mortgage Asset Trust, | ||||||||||||
3.25%, 2/25/60 (c) | $ | 543 | 550 | |||||||||
Lehman Mortgage Trust, | ||||||||||||
6.50%, 9/25/37 | 635 | 295 | ||||||||||
LHOME Mortgage Trust, | ||||||||||||
3.23%, 10/25/24 (c) | 170 | 171 | ||||||||||
4.58%, 10/25/23 (c) | 243 | 244 | ||||||||||
New Residential Mortgage Loan Trust, | ||||||||||||
3.23%, 8/25/60 (c) | 103 | 104 | ||||||||||
New Residential Mortgage Loan Trust, | ||||||||||||
4.00%, 9/25/57 (b)(c) | 306 | 325 | ||||||||||
NRPL Trust, | ||||||||||||
4.25%, 7/25/67 (c) | 440 | 443 | ||||||||||
NYMT Loan Trust, | ||||||||||||
3.96%, 6/25/25 (c) | 636 | 639 | ||||||||||
OBX Trust, | ||||||||||||
3.50%, 2/25/60 (b)(c) | 180 | 185 | ||||||||||
Paragon Mortgages No. 13 PLC, | ||||||||||||
3 Month GBP LIBOR + 0.40%, 0.43%, 1/15/39 (b) | GBP | 260 | 359 | |||||||||
RALI Trust, | ||||||||||||
6.00%, 4/25/36 – 1/25/37 | $ | 31 | 30 | |||||||||
Residential Asset Securitization Trust, | ||||||||||||
6.00%, 7/25/36 | 24 | 19 | ||||||||||
RMF Buyout Issuance Trust, | ||||||||||||
1.71%, 6/25/30 (b)(c) | 356 | 358 | ||||||||||
2.15%, 6/25/30 (b)(c) | 150 | 151 | ||||||||||
Rochester Financing No. 2 PLC, | ||||||||||||
3 Month GBP LIBOR + 2.75%, 3.83%, 6/18/45 (b) | GBP | 350 | 483 | |||||||||
Seasoned Credit Risk Transfer Trust, | ||||||||||||
3.00%, 7/25/56 – 5/25/60 | $ | 5,301 | 5,561 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
4.00%, 7/25/56 (b) | 300 | 304 | ||||||||||
4.00%, 8/25/56 (b)(c) | 400 | 410 | ||||||||||
4.00%, 8/25/58 – 2/25/59 | 495 | 543 | ||||||||||
4.25%, 8/25/59 – 5/25/60(b)(c) | 1,250 | 1,262 | ||||||||||
4.50%, 6/25/57 | 935 | 1,042 | ||||||||||
4.75%, 7/25/56 – 6/25/57(b)(c) | 700 | 720 | ||||||||||
4.75%, 10/25/58 (b) | 300 | 315 | ||||||||||
Structured Asset Securities Corp. Reverse Mortgage Loan Trust, | ||||||||||||
1 Month USD LIBOR + 1.85%, 1.96%, 5/25/47 (b)(c) | 846 | 750 | ||||||||||
TDA 27 FTA, | ||||||||||||
3 Month EURIBOR + 0.19%, 0.00%, 12/28/50 (b) | EUR | 500 | 484 | |||||||||
TVC Mortgage Trust, | ||||||||||||
3.47%, 9/25/24 (c) | $ | 200 | 202 | |||||||||
24,812 | ||||||||||||
Municipal Bonds (1.3%) | ||||||||||||
Chicago O’Hare International Airport, IL, | ||||||||||||
O’Hare International Airport Revenue Series 2010B | ||||||||||||
6.40%, 1/1/40 | 115 | 166 | ||||||||||
City of New York, NY, | ||||||||||||
Series G-1 | ||||||||||||
5.97%, 3/1/36 | 245 | 330 | ||||||||||
Illinois State Toll Highway Authority, IL, | ||||||||||||
Highway Revenue, Build America Bonds Series A | ||||||||||||
6.18%, 1/1/34 | 705 | 965 | ||||||||||
Methodist Hospital (The), | ||||||||||||
Series 20A | ||||||||||||
2.71%, 12/1/50 | 300 | 277 | ||||||||||
Pennsylvania State University/The, PA, | ||||||||||||
Series D | ||||||||||||
2.84%, 9/1/50 | 325 | 318 | ||||||||||
University of Virginia, VA | ||||||||||||
2.26%, 9/1/50 | 325 | 282 | ||||||||||
2,338 | ||||||||||||
Sovereign (5.0%) | ||||||||||||
Australia Government Bond, | ||||||||||||
3.25%, 4/21/25 | AUD | 1,100 | 928 | |||||||||
Brazil Notas do Tesouro Nacional, Series F, | ||||||||||||
10.00%, 1/1/25 | BRL | 2,100 | 412 | |||||||||
Croatia Government International Bond, | ||||||||||||
1.50%, 6/17/31 | EUR | 275 | 340 | |||||||||
Dominican Republic International Bond, | ||||||||||||
5.88%, 1/30/60 (c) | $ | 400 | 385 | |||||||||
Ecuador Government International Bond, | ||||||||||||
0.50%, 7/31/40 (c)(l) | 62 | 27 | ||||||||||
Egypt Government Bond, | ||||||||||||
13.77%, 1/5/24 | EGP | 2,800 | 177 | |||||||||
Egypt Government International Bond, | ||||||||||||
6.38%, 4/11/31 (c) | EUR | 400 | 482 | |||||||||
7.50%, 2/16/61 (c) | $ | 200 | 182 | |||||||||
Export-Import Bank of India, | ||||||||||||
3.25%, 1/15/30 (c) | 200 | 199 | ||||||||||
Honduras Government International Bond, | ||||||||||||
5.63%, 6/24/30 (c) | 150 | 158 | ||||||||||
Italy Buoni Poliennali Del Tesoro, | ||||||||||||
0.65%, 10/28/27 (c) | EUR | 226 | 279 | |||||||||
1.30%, 5/15/28 (c) | 209 | 282 | ||||||||||
Ivory Coast Government International Bond, | ||||||||||||
4.88%, 1/30/32 (c) | 230 | 264 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Mexican Bonos, | ||||||||||||
Series M | ||||||||||||
7.75%, 5/29/31 | MXN | 13,000 | 678 | |||||||||
Mexico Government International Bond, | ||||||||||||
3.75%, 4/19/71 | $ | 200 | 174 | |||||||||
Morocco Government International Bond, | ||||||||||||
4.00%, 12/15/50 (c) | 200 | 178 | ||||||||||
Nigeria Government International Bond, | ||||||||||||
9.25%, 1/21/49 (c)(f) | 400 | 441 | ||||||||||
North Macedonia Government International Bond, | ||||||||||||
1.63%, 3/10/28 (c) | EUR | 160 | 184 | |||||||||
Pertamina Persero PT, | ||||||||||||
6.50%, 11/7/48 (c) | $ | 350 | 450 | |||||||||
Petroleos Mexicanos, | ||||||||||||
6.50%, 1/23/29 | 210 | 213 | ||||||||||
6.84%, 1/23/30 | 180 | 183 | ||||||||||
6.88%, 10/16/25 (c)(f) | 170 | 184 | ||||||||||
6.95%, 1/28/60 | 55 | 47 | ||||||||||
7.69%, 1/23/50 | 159 | 147 | ||||||||||
Qatar Government International Bond, | ||||||||||||
5.10%, 4/23/48 (c) | 300 | 380 | ||||||||||
Republic of Belarus Ministry of Finance, | ||||||||||||
6.38%, 2/24/31 (c) | 220 | 204 | ||||||||||
Republic of South Africa Government Bond, | ||||||||||||
8.00%, 1/31/30 | ZAR | 6,815 | 421 | |||||||||
8.25%, 3/31/32 | 7,358 | 431 | ||||||||||
Republic of Uzbekistan Bond, | ||||||||||||
3.70%, 11/25/30 (c)(f) | $ | 200 | 195 | |||||||||
Senegal Government International Bond, | ||||||||||||
6.25%, 5/23/33 (c) | 200 | 200 | ||||||||||
Serbia International Bond, | ||||||||||||
1.65%, 3/3/33 (c) | EUR | 150 | 171 | |||||||||
8,996 | ||||||||||||
Supranational (0.3%) | ||||||||||||
Banque Ouest Africaine de Developpement, | ||||||||||||
2.75%, 1/22/33 (c) | $ | 100 | 121 | |||||||||
4.70%, 10/22/31 (c) | 350 | 374 | ||||||||||
495 | ||||||||||||
Total Fixed Income Securities (Cost $174,683) | 176,721 |
Shares | ||||||||
Short-Term Investments (18.2%) | ||||||||
Investment Company (16.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (m) (Cost $30,305) | 30,305,076 | 30,305 | ||||||
Securities held as Collateral on Loaned Securities (0.8%) | ||||||||
Investment Company (0.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (m) (Cost $1,507) | 1,506,750 | 1,507 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Face Amount (000) | ||||||||
U.S. Treasury Security (0.5%) | ||||||||
U.S. Treasury Bill | ||||||||
0.09%, 6/3/21 (n) (Cost $833) | $ | 833 | 833 | |||||
Total Short-Term Investments (Cost $32,851) | 32,645 | |||||||
Total Investments (116.9%) (Cost $207,534) Including $1,656 of Securities Loaned (o)(p)(q) | 209,366 | |||||||
Liabilities in Excess of Other Assets (-16.9%) | (30,314 | ) | ||||||
Net Assets (100.0%) | $ | 179,052 |
(a) | Security is subject to delayed delivery. |
(b) | Floating or variable rate securities: The rates disclosed are as of March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
(c) | 144A security – Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(d) | When-issued security. |
(e) | Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2021. |
(f) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $1,656,000 and $1,691,000, respectively. The Fund received cash collateral of approximately $1,507,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $185,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(g) | Perpetual – One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2021. |
(h) | Issuer in bankruptcy. |
(i) | Non-income producing security; bond in default. |
(j) | Acquired through exchange offer. |
(k) | At March 31, 2021, the Fund held a fair valued security valued at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
(l) | Multi-step – Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2021. Maturity date disclosed is the ultimate maturity date. |
(m) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Funds. |
(n) | Rate shown is the yield to maturity at March 31, 2021. |
(o) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts and futures contracts. |
(p) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(q) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,338,000 and the aggregate gross unrealized depreciation is approximately $4,423,000, resulting in net unrealized appreciation of approximately $1,915,000. |
EURIBOR | Euro Interbank Offered Rate. |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
IO | Interest Only. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
PAC | Planned Amortization Class. |
REMIC | Real Estate Mortgage Investment Conduit. |
STRIPS | Separate Trading of Registered Interest and Principal of Securities. |
TBA | To Be Announced. |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2021:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||
Bank of America NA | AUD | 2,201 | $ | 1,743 | 5/25/21 | $ | 71 | |||||
Bank of America NA | $ | 727 | AUD | 941 | 5/25/21 | (12 | ) | |||||
Bank of America NA | $ | 1 | CAD | 1 | 5/25/21 | — | @ | |||||
Barclays Bank PLC | BRL | 2,365 | $ | 435 | 5/25/21 | 17 | ||||||
Barclays Bank PLC | CAD | 1,229 | $ | 974 | 5/25/21 | (4 | ) | |||||
BNP Paribas SA | CHF | 400 | $ | 447 | 5/25/21 | 23 | ||||||
BNP Paribas SA | CHF | 425 | $ | 473 | 5/25/21 | 23 | ||||||
BNP Paribas SA | GBP | 225 | $ | 317 | 5/25/21 | 6 | ||||||
BNP Paribas SA | IDR | 5,140,174 | $ | 361 | 5/25/21 | 8 | ||||||
BNP Paribas SA | MXN | 9,533 | $ | 452 | 5/25/21 | (12 | ) | |||||
BNP Paribas SA | $ | 80 | CAD | 100 | 5/25/21 | (— | @) | |||||
BNP Paribas SA | $ | 459 | KRW | 507,940 | 5/25/21 | (11 | ) | |||||
BNP Paribas SA | ZAR | 8,183 | $ | 530 | 5/25/21 | (21 | ) | |||||
Citibank NA | EUR | 145 | $ | 173 | 5/25/21 | 3 | ||||||
Citibank NA | $ | 448 | CNY | 2,915 | 5/25/21 | (5 | ) | |||||
JPMorgan Chase Bank NA | EUR | 4,830 | $ | 5,879 | 5/25/21 | 209 | ||||||
JPMorgan Chase Bank NA | IDR | 6,382,241 | $ | 437 | 5/25/21 | (— | @) | |||||
JPMorgan Chase Bank NA | $ | 160 | ZAR | 2,493 | 5/25/21 | 7 | ||||||
Royal Bank Of Canada | $ | 445 | JPY | 46,708 | 5/25/21 | (23 | ) | |||||
Royal Bank Of Canada | $ | 1,375 | NOK | 11,663 | 5/25/21 | (11 | ) | |||||
State Street Bank and Trust Co. | $ | 458 | CAD | 573 | 5/25/21 | (2 | ) | |||||
UBS AG | MXN | 5,936 | $ | 285 | 5/25/21 | (4 | ) | |||||
UBS AG | SEK | 7,535 | $ | 912 | 5/25/21 | 49 | ||||||
UBS AG | $ | 468 | JPY | 49,107 | 5/25/21 | (24 | ) | |||||
UBS AG | $ | 204 | ZAR | 3,168 | 5/25/21 | 9 | ||||||
UBS AG | $ | 132 | ZAR | 1,989 | 5/25/21 | 2 | ||||||
UBS AG | ZAR | 12,971 | $ | 864 | 5/25/21 | (9 | ) | |||||
$ | 289 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Futures Contracts:
The Fund had the following futures contracts open at March 31, 2021:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||
Long: | |||||||||||||||||
U.S. Treasury 2 yr. Note | 65 | Jun-21 | $ | 13,000 | $ | 14,347 | $ | (12 | ) | ||||||||
U.S. Treasury 5 yr. Note | 83 | Jun-21 | 8,300 | 10,242 | (107 | ) | |||||||||||
U.S. Treasury Ultra Bond | 50 | Jun-21 | 5,000 | 9,061 | (375 | ) | |||||||||||
Short: | |||||||||||||||||
Euro OAT | 13 | Jun-21 | EUR | (1,300 | ) | (2,469 | ) | 4 | |||||||||
German Euro 30 yr. Bond | 1 | Jun-21 | (100 | ) | (242 | ) | 4 | ||||||||||
German Euro BTP | 3 | Jun-21 | (300 | ) | (525 | ) | (3 | ) | |||||||||
German Euro Bund | 3 | Jun-21 | (300 | ) | (603 | ) | 1 | ||||||||||
U.S. Treasury 10 yr. Note | 9 | Jun-21 | $ | (900 | ) | (1,178 | ) | 24 | |||||||||
U.S. Treasury 30 yr. Bond | 14 | Jun-21 | (1,400 | ) | (2,164 | ) | 57 | ||||||||||
U.S. Treasury Ultra Long Bond | 46 | Jun-21 | (4,600 | ) | (6,610 | ) | 194 | ||||||||||
UK Long Gilt Bond | 6 | Jun-21 | GBP | (600 | ) | (1,055 | ) | 7 | |||||||||
$ | (206 | ) |
@ | Value is less than $500. |
AUD | – Australian Dollar |
BRL | – Brazilian Real |
CAD | – Canadian Dollar |
CHF | – Swiss Franc |
CNY | – Chinese Yuan Renminbi |
EGP | – Egyptian Pound |
EUR | – Euro |
GBP | – British Pound |
IDR | – Indonesian Rupiah |
JPY | – Japanese Yen |
KRW | – South Korean Won |
MXN | – Mexican Peso |
NOK | – Norwegian Krone |
SEK | – Swedish Krona |
USD | – United States Dollar |
ZAR | – South African Rand |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments | |||
Industrials | 17.7 | % | ||
Agency Fixed Rate Mortgages | 17.7 | |||
Short-Term Investments | 15.1 | |||
Finance | 14.1 | |||
Mortgages - Other | 12.1 | |||
Asset-Backed Securities | 9.2 | |||
Other** | 9.0 | |||
Commercial Mortgage-Backed Securities | 5.1 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021. |
** | Industries and/or investment types representing less than 5% of total investments. |
*** | Does not include open long/short futures contracts with a value of approximately $48,496,000 and net unrealized depreciation of approximately $206,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $289,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (92.2%) | ||||||||
Aerospace & Defense (2.6%) | ||||||||
Axon Enterprise, Inc. (a) | 70,712 | $ | 10,071 | |||||
Biotechnology (2.9%) | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 13,986 | 1,975 | ||||||
Exact Sciences Corp. (a) | 30,894 | 4,071 | ||||||
Moderna, Inc. (a) | 39,183 | 5,131 | ||||||
11,177 | ||||||||
Diversified Holding Companies (0.7%) | ||||||||
BowX Acquisition Corp., Class A SPAC | 43,477 | 508 | ||||||
Soaring Eagle Acquisition Corp. SPAC | 229,320 | 2,321 | ||||||
2,829 | ||||||||
Entertainment (5.0%) | ||||||||
ROBLOX Corp., Class A (a) | 32,381 | 2,099 | ||||||
Roku, Inc. (a) | 16,774 | 5,465 | ||||||
Skillz, Inc. (a) | 607,413 | 11,565 | ||||||
19,129 | ||||||||
Health Care Equipment & Supplies (2.6%) | ||||||||
DexCom, Inc. (a) | 16,948 | 6,091 | ||||||
Penumbra, Inc. (a) | 14,333 | 3,878 | ||||||
9,969 | ||||||||
Health Care Providers & Services (4.3%) | ||||||||
Covetrus, Inc. (a) | 334,855 | 10,035 | ||||||
Guardant Health, Inc. (a) | 27,808 | 4,245 | ||||||
Oak Street Health, Inc. (a) | 43,132 | 2,341 | ||||||
16,621 | ||||||||
Health Care Technology (6.1%) | ||||||||
Agilon Health Topco, Inc.(a)(b)(c) | ||||||||
(acquisition cost – $596; acquired 11/7/18) | 1,577 | 1,715 | ||||||
GoodRx Holdings, Inc., Class A (a) | 98,924 | 3,860 | ||||||
Teladoc Health, Inc. (a) | 20,741 | 3,770 | ||||||
Veeva Systems, Inc., Class A (a) | 53,912 | 14,084 | ||||||
23,429 | ||||||||
Hotels, Restaurants & Leisure (3.1%) | ||||||||
Airbnb, Inc., Class B (a) | 67,272 | 11,948 | ||||||
Information Technology Services (17.0%) | ||||||||
Affirm Holdings, Inc. (a) | 24,575 | 1,738 | ||||||
Fastly, Inc., Class A (a) | 221,749 | 14,919 | ||||||
MongoDB, Inc. (a) | 34,914 | 9,337 | ||||||
Okta, Inc. (a) | 48,569 | 10,706 | ||||||
Snowflake, Inc., Class A (a) | 42,409 | 9,724 | ||||||
Twilio, Inc., Class A (a) | 57,012 | 19,427 | ||||||
65,851 | ||||||||
Interactive Media & Services (13.6%) | ||||||||
Pinterest, Inc., Class A (a) | 286,408 | 21,203 | ||||||
Twitter, Inc. (a) | 319,524 | 20,331 | ||||||
Zillow Group, Inc., Class C (a) | 44,234 | 5,734 |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
ZoomInfo Technologies, Inc., Class A (a) | 105,124 | 5,141 | ||||||
52,409 | ||||||||
Internet & Direct Marketing Retail (13.1%) | ||||||||
Chewy, Inc., Class A (a) | 40,164 | 3,402 | ||||||
ContextLogic, Inc., Class A (a)(d) | 293,783 | 4,642 | ||||||
DoorDash, Inc., Class A (a) | 101,975 | 13,372 | ||||||
Farfetch Ltd., Class A (a) | 171,097 | 9,071 | ||||||
Overstock.com, Inc. (a) | 67,897 | 4,499 | ||||||
Stitch Fix, Inc., Class A (a) | 88,038 | 4,361 | ||||||
Wayfair, Inc., Class A (a) | 36,253 | 11,411 | ||||||
50,758 | ||||||||
Leisure Products (1.1%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 38,966 | 4,381 | ||||||
Life Sciences Tools & Services (2.1%) | ||||||||
10X Genomics, Inc., Class A (a) | 22,552 | 4,082 | ||||||
NanoString Technologies, Inc. (a) | 60,712 | 3,989 | ||||||
8,071 | ||||||||
Metals & Mining (0.8%) | ||||||||
MP Materials Corp. (a)(d) | 54,991 | 1,977 | ||||||
Royal Gold, Inc. | 11,323 | 1,219 | ||||||
3,196 | ||||||||
Oil, Gas & Consumable Fuels (0.7%) | ||||||||
Texas Pacific Land Corp. | 1,626 | 2,584 | ||||||
Pharmaceuticals (3.4%) | ||||||||
Royalty Pharma PLC, Class A (United Kingdom) | 298,716 | 13,030 | ||||||
Real Estate Management & Development (1.5%) | ||||||||
Opendoor Technologies, Inc. (a)(d) | 78,408 | 1,662 | ||||||
Redfin Corp. (a) | 64,726 | 4,310 | ||||||
5,972 | ||||||||
Software (8.0%) | ||||||||
Appian Corp. (a) | 9,942 | 1,322 | ||||||
Cloudflare, Inc., Class A (a) | 82,701 | 5,810 | ||||||
Coupa Software, Inc. (a) | 29,539 | 7,517 | ||||||
MicroStrategy, Inc., Class A (a) | 3,188 | 2,164 | ||||||
Nuance Communications, Inc. (a) | 90,961 | 3,969 | ||||||
Qualtrics International, Inc., Class A (a) | 60,770 | 2,000 | ||||||
Trade Desk, Inc. (The), Class A (a) | 8,963 | 5,841 | ||||||
Unity Software, Inc. (a) | 21,401 | 2,147 | ||||||
30,770 | ||||||||
Specialty Retail (3.6%) | ||||||||
Carvana Co. (a) | 53,409 | 14,015 | ||||||
Total Common Stocks (Cost $270,389) | 356,210 | |||||||
Preferred Stock (0.1%) | ||||||||
Internet & Direct Marketing Retail (0.1%) | ||||||||
Overstock.com, Inc. Series A-1 (a) (Cost $80) | 7,866 | 549 |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Short-Term Investments (9.9%) | ||||||||
Securities held as Collateral on Loaned Securities (1.7%) | ||||||||
Investment Company (1.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 5,092,946 | 5,093 |
Face | ||||||||
Amount | ||||||||
(000) | ||||||||
Repurchase Agreements (0.4%) | ||||||||
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $264; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $269) | $ | 264 | 264 | |||||
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $1,109; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $1,132) | 1,109 | 1,109 | ||||||
1,373 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $6,466) | 6,466 | |||||||
Shares | ||||||||
Investment Company (8.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $31,709) | 31,709,143 | 31,709 | ||||||
Total Short-Term Investments (Cost $38,175) | 38,175 | |||||||
Total Investments Excluding Purchased Options (102.2%) (Cost $308,644) | 394,934 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $1,900) | 613 | |||||||
Total Investments (102.4%) (Cost $310,544) Including $8,280 of Securities Loaned (f)(g) | 395,547 | |||||||
Liabilities in Excess of Other Assets (-2.4%) | (9,244 | ) | ||||||
Net Assets (100.0%) | $ | 386,303 |
The Fund had the following Derivative Contracts - PIPE open at March 31, 2021.
Counterparty | Referenced Obligation | Notional Amount | Settlement Date | Unrealized Appreciation (Depreciation) (000) | % of Net Assets | |||||||||||
Good Works Acquisition Corp. | Cipher Mining (a)(b)(h)(j) | $ | 2,024,460 | 05/31/21 | $ | 168 | 0.04 | % | ||||||||
Thoma Bravo Advantage | IronSource Ltd. (a)(b)(i)(j) | 3,783,790 | 05/31/21 | (129 | ) | (0.03 | ) | |||||||||
$ | 39 | 0.01 | % |
(a) | Non-income producing security. |
(b) | At March 31, 2021, the Fund held a fair valued security valued at approximately $1,754,000, representing 0.5% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
(c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2021 amounts to approximately $13,663,000 and represents 3.5% of net assets. |
(d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $8,280,000 and $8,125,000, respectively. The Fund received cash collateral of approximately $6,478,000, of which approximately $6,466,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At March 31, 2021, there was uninvested cash collateral of approximately $12,000, which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $1,647,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds. |
(f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(g) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $99,483,000 and the aggregate gross unrealized depreciation is approximately $14,441,000, resulting in net unrealized appreciation of approximately $85,042,000. |
(h) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 202,446 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Cipher Mining., and Good Works Acquisition Corp., a special purpose acquisition company (SPAC). The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Good Works Acquisition Corp., and Cipher Mining, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Good Works Acquisition Corp., and Cipher Mining. The investment is restricted from resale until the settlement date. |
(i) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 378,379 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between IronSource Ltd., and Thoma Bravo Advantage, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both IronSource Ltd., and Thoma Bravo Advantage, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to IronSource Ltd., and Thoma Bravo Advantage. The investment is restricted from resale until the settlement date. |
(j) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
SPAC | Special Purpose Acquisition Company. |
PIPE | Private Investment in Public Equity. |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2021:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||||
BNP Paribas | USD/CNH | CNH | 7.99 | Sep - 21 | 48,631,053 | $ | 48,631 | $ | 14 | $ | 294 | $ | (280 | ) | |||||||||||||||
BNP Paribas | USD/CNH | CNH | 7.45 | Jan - 22 | 75,453,606 | 75,454 | 224 | 403 | (179 | ) | |||||||||||||||||||
BNP Paribas | USD/CNH | CNH | 7.64 | Nov - 21 | 60,267,001 | 60,267 | 80 | 327 | (247 | ) | |||||||||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar - 22 | 75,023,260 | 75,023 | 288 | 373 | (85 | ) | |||||||||||||||||||
Royal Bank of Scotland | USD/CNH | CNH | 8.06 | Jul - 21 | 53,638,983 | 53,639 | 7 | 284 | (277 | ) | |||||||||||||||||||
Royal Bank of Scotland | USD/CNH | CNH | 8.48 | May - 21 | 35,020,637 | 35,021 | — | @ | 219 | (219 | ) | ||||||||||||||||||
$ | 613 | $ | 1,900 | $ | (1,287 | ) |
@ | Value is less than $500. |
CNH | – Chinese Yuan Renminbi Offshore |
USD | – United States Dollar |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments | |||
Other** | 34.3 | % | ||
Information Technology Services | 16.7 | |||
Interactive Media & Services | 13.3 | |||
Internet & Direct Marketing Retail | 13.1 | |||
Short-Term Investments | 8.7 | |||
Software | 8.0 | |||
Health Care Technology | 5.9 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021. |
** | Industries and/or investment types representing less than 5% of total investments. |
*** | Does not include open PIPE contracts with net unrealized appreciation of approximately $39,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (97.9%) | ||||||||
Angola (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Angolan Government International Bond, | ||||||||
8.00%, 11/26/29 (a) | $ | 790 | $ | 744 | ||||
9.38%, 5/8/48 (a) | 890 | 841 | ||||||
1,585 | ||||||||
Argentina (1.4%) | ||||||||
Corporate Bonds (1.1%) | ||||||||
Province of Santa Fe, | ||||||||
6.90%, 11/1/27 (a) | 960 | 662 | ||||||
Provincia de Entre Rios Argentina, | ||||||||
5.00%, 8/8/28 (a)(b)(c) | 1,523 | 960 | ||||||
1,622 | ||||||||
Sovereign (0.3%) | ||||||||
Argentine Republic Government International Bond, | ||||||||
0.13%, 7/9/30 – 7/9/35(d) | 1,476 | 472 | ||||||
1.00%, 7/9/29 | 148 | 53 | ||||||
525 | ||||||||
2,147 | ||||||||
Armenia (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Republic of Armenia International Bond, | ||||||||
3.95%, 9/26/29 | 460 | 438 | ||||||
7.15%, 3/26/25 | 370 | 410 | ||||||
848 | ||||||||
Azerbaijan (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Republic of Azerbaijan International Bond, | ||||||||
3.50%, 9/1/32 | 1,460 | 1,447 | ||||||
Bahrain (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Bahrain Government International Bond, | ||||||||
7.50%, 9/20/47 | 1,050 | 1,100 | ||||||
Belarus (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Republic of Belarus International Bond, | ||||||||
6.20%, 2/28/30 (a) | 720 | 670 | ||||||
Republic of Belarus Ministry of Finance, | ||||||||
6.38%, 2/24/31 (a) | 550 | 511 | ||||||
1,181 | ||||||||
Brazil (4.1%) | ||||||||
Corporate Bonds (1.7%) | ||||||||
Braskem Netherlands Finance BV, | ||||||||
4.50%, 1/31/30 (a) | 1,030 | 1,037 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
CSN Inova Ventures, | ||||||||
6.75%, 1/28/28 (a) | 930 | 987 | ||||||
MARB BondCo PLC, | ||||||||
3.95%, 1/29/31 (a) | 480 | 457 | ||||||
Suzano Austria GmbH, | ||||||||
3.75%, 1/15/31 | 175 | 180 | ||||||
2,661 | ||||||||
Sovereign (2.4%) | ||||||||
Brazilian Government International Bond, | ||||||||
3.88%, 6/12/30 (e) | 460 | 447 | ||||||
4.50%, 5/30/29 | 420 | 433 | ||||||
5.00%, 1/27/45 | 1,339 | 1,278 | ||||||
6.00%, 4/7/26 | 1,250 | 1,437 | ||||||
3,595 | ||||||||
6,256 | ||||||||
Chile (2.0%) | ||||||||
Corporate Bond (0.7%) | ||||||||
Colbun SA, | ||||||||
3.15%, 3/6/30 (a) | 990 | 1,018 | ||||||
Sovereign (1.3%) | ||||||||
Chile Government International Bond, | ||||||||
3.50%, 1/25/50 | 900 | 919 | ||||||
3.86%, 6/21/47 | 230 | 247 | ||||||
Empresa Nacional del Petroleo, | ||||||||
4.75%, 12/6/21 | 761 | 778 | ||||||
1,944 | ||||||||
2,962 | ||||||||
China (4.4%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Fufeng Group Ltd., | ||||||||
5.88%, 8/28/21 | 950 | 965 | ||||||
Sovereign (3.8%) | ||||||||
Sinopec Group Overseas Development 2012 Ltd., | ||||||||
4.88%, 5/17/42 | 390 | 466 | ||||||
Sinopec Group Overseas Development 2013 Ltd., | ||||||||
4.38%, 10/17/23 | 650 | 705 | ||||||
Sinopec Group Overseas Development 2018 Ltd., | ||||||||
2.95%, 11/12/29 (a) | 1,600 | 1,636 | ||||||
Three Gorges Finance I Cayman Islands Ltd., | ||||||||
2.30%, 6/2/21 (a) | 1,340 | 1,340 | ||||||
3.70%, 6/10/25 | 750 | 801 | ||||||
3.70%, 6/10/25 (a) | 838 | 895 | ||||||
5,843 | ||||||||
6,808 | ||||||||
Colombia (2.9%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
Geopark Ltd., | ||||||||
6.50%, 9/21/24 (a) | 890 | 923 | ||||||
Millicom International Cellular SA, | ||||||||
6.63%, 10/15/26 (a) | 351 | 375 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Termocandelaria Power Ltd., | ||||||||
7.88%, 1/30/29 (a) | 564 | 613 | ||||||
1,911 | ||||||||
Sovereign (1.6%) | ||||||||
Colombia Government International Bond, | ||||||||
3.00%, 1/30/30 | 556 | 546 | ||||||
5.00%, 6/15/45 | 1,740 | 1,860 | ||||||
2,406 | ||||||||
4,317 | ||||||||
Costa Rica (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Costa Rica Government International Bond, | ||||||||
6.13%, 2/19/31 (a) | 380 | 383 | ||||||
Croatia (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Croatia Government International Bond, | ||||||||
6.00%, 1/26/24 | 400 | 458 | ||||||
Dominican Republic (3.7%) | ||||||||
Sovereign (3.7%) | ||||||||
Dominican Republic International Bond, | ||||||||
4.88%, 9/23/32 (a) | 230 | 235 | ||||||
5.30%, 1/21/41 (a) | 410 | 404 | ||||||
5.88%, 1/30/60 (a) | 960 | 923 | ||||||
6.00%, 7/19/28 (a) | 570 | 644 | ||||||
6.85%, 1/27/45 (a) | 740 | 821 | ||||||
6.88%, 1/29/26 (a) | 820 | 954 | ||||||
7.45%, 4/30/44 (a) | 739 | 873 | ||||||
9.75%, 6/5/26 (a) | DOP | 44,050 | 840 | |||||
5,694 | ||||||||
Ecuador (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Ecuador Government International Bond, | ||||||||
0.00%, 7/31/30 (a) | $ | 273 | 111 | |||||
0.50%, 7/31/30 – 7/31/40(a)(d) | 3,770 | 1,826 | ||||||
0.50%, 7/31/40 (d) | 265 | 115 | ||||||
2,052 | ||||||||
Egypt (5.0%) | ||||||||
Sovereign (5.0%) | ||||||||
Egypt Government Bond, | ||||||||
13.77%, 1/5/24 | EGP | 20,850 | 1,319 | |||||
14.06%, 1/12/26 | 12,560 | 792 | ||||||
Egypt Government International Bond, | ||||||||
4.75%, 4/16/26 | EUR | 510 | 619 | |||||
5.25%, 10/6/25 (a) | $ | 550 | 570 | |||||
6.38%, 4/11/31 (a) | EUR | 1,050 | 1,266 | |||||
6.59%, 2/21/28 | $ | 550 | 566 | |||||
7.50%, 1/31/27 – 2/16/61(a) | 1,360 | 1,341 | ||||||
8.15%, 11/20/59 (a) | 840 | 804 | ||||||
8.88%, 5/29/50 (a) | 340 | 348 | ||||||
7,625 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
El Salvador (1.5%) | ||||||||
Sovereign (1.5%) | ||||||||
El Salvador Government International Bond, | ||||||||
6.38%, 1/18/27 | 1,141 | 1,133 | ||||||
7.12%, 1/20/50 (a) | 360 | 323 | ||||||
8.63%, 2/28/29 (a) | 760 | 811 | ||||||
2,267 | ||||||||
Gabon (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Republic of Gabon, | ||||||||
6.95%, 6/16/25 (a) | 610 | 636 | ||||||
Ghana (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
Ghana Government International Bond, | ||||||||
8.63%, 6/16/49 (a) | 1,060 | 984 | ||||||
8.88%, 5/7/42 (a) | 680 | 655 | ||||||
8.95%, 3/26/51 (a) | 1,070 | 1,017 | ||||||
2,656 | ||||||||
Guatemala (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Guatemala Government Bond, | ||||||||
4.88%, 2/13/28 | 1,410 | 1,558 | ||||||
6.13%, 6/1/50 (a) | 320 | 372 | ||||||
1,930 | ||||||||
Honduras (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Honduras Government International Bond, | ||||||||
5.63%, 6/24/30 (a) | 180 | 189 | ||||||
Hungary (1.2%) | ||||||||
Sovereign (1.2%) | ||||||||
Hungary Government International Bond, | ||||||||
5.38%, 3/25/24 | 1,250 | 1,418 | ||||||
7.63%, 3/29/41 | 220 | 357 | ||||||
1,775 | ||||||||
India (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Export-Import Bank of India, | ||||||||
3.38%, 8/5/26 (a) | 790 | 838 | ||||||
Indonesia (5.4%) | ||||||||
Sovereign (5.4%) | ||||||||
Indonesia Government International Bond, | ||||||||
3.85%, 7/18/27 | 400 | 440 | ||||||
4.13%, 1/15/25 | 1,484 | 1,629 | ||||||
4.45%, 4/15/70 | 660 | 725 | ||||||
4.75%, 1/8/26 (a) | 830 | 941 | ||||||
4.75%, 1/8/26 | 990 | 1,123 | ||||||
5.35%, 2/11/49 | 200 | 249 | ||||||
5.88%, 1/15/24 | 1,250 | 1,417 | ||||||
Pertamina Persero PT, | ||||||||
6.45%, 5/30/44 (a) | 680 | 848 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
6.50%, 11/7/48 (a) | 660 | 848 | ||||||
8,220 | ||||||||
Ivory Coast (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 (a) | EUR | 590 | 676 | |||||
Jamaica (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Jamaica Government International Bond, | ||||||||
7.88%, 7/28/45 | $ | 720 | 979 | |||||
8.00%, 3/15/39 | 710 | 976 | ||||||
1,955 | ||||||||
Jordan (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Jordan Government International Bond, | ||||||||
7.38%, 10/10/47 (a) | 840 | 861 | ||||||
Kazakhstan (2.0%) | ||||||||
Sovereign (2.0%) | ||||||||
Kazakhstan Government International Bond, | ||||||||
5.13%, 7/21/25 (a) | 200 | 233 | ||||||
5.13%, 7/21/25 | 1,000 | 1,163 | ||||||
6.50%, 7/21/45 | 320 | 455 | ||||||
KazMunayGas National Co., JSC, | ||||||||
6.38%, 10/24/48 (a) | 980 | 1,255 | ||||||
3,106 | ||||||||
Kenya (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Kenya Government International Bond, | ||||||||
8.00%, 5/22/32 (a) | 1,110 | 1,182 | ||||||
Lebanon (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Lebanon Government International Bond, | ||||||||
6.85%, 3/23/27 – 5/25/29 (b)(c) | 2,940 | 357 | ||||||
Macedonia (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
North Macedonia Government International Bond, | ||||||||
1.63%, 3/10/28 (a) | EUR | 350 | 402 | |||||
Malaysia (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Petronas Capital Ltd., | ||||||||
3.50%, 3/18/25 | $ | 720 | 779 | |||||
Mexico (7.3%) | ||||||||
Corporate Bond (0.9%) | ||||||||
Orbia Advance Corp SAB de CV, | ||||||||
5.50%, 1/15/48 (a) | 1,240 | 1,415 | ||||||
Sovereign (6.4%) | ||||||||
Banco Nacional de Comercio Exterior SNC, | ||||||||
3.80%, 8/11/26 (a) | 243 | 243 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Mexican Bonos Series M, | ||||||||
7.75%, 5/29/31 | MXN | 29,597 | 1,544 | |||||
Mexico Government International Bond, | ||||||||
3.75%, 1/11/28 – 4/19/71 | $ | 610 | 571 | |||||
4.15%, 3/28/27 (e) | 1,244 | 1,382 | ||||||
4.50%, 4/22/29 | 410 | 455 | ||||||
Petroleos Mexicanos, | ||||||||
6.84%, 1/23/30 | 1,501 | 1,526 | ||||||
6.88%, 10/16/25 (a)(e) | 575 | 624 | ||||||
6.95%, 1/28/60 | 470 | 404 | ||||||
7.69%, 1/23/50 | 3,238 | 3,002 | ||||||
9,751 | ||||||||
11,166 | ||||||||
Mongolia (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Mongolia Government International Bond, | ||||||||
5.13%, 4/7/26 (a) | 240 | 257 | ||||||
5.63%, 5/1/23 | 740 | 776 | ||||||
1,033 | ||||||||
Morocco (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Morocco Government International Bond, | ||||||||
4.00%, 12/15/50 (a) | 610 | 541 | ||||||
Nigeria (3.1%) | ||||||||
Corporate Bond (0.7%) | ||||||||
IHS Netherlands Holdco BV, | ||||||||
8.00%, 9/18/27 (a) | 950 | 1,028 | ||||||
Sovereign (2.4%) | ||||||||
Nigeria Government International Bond, | ||||||||
6.38%, 7/12/23 | 270 | 290 | ||||||
6.50%, 11/28/27 (a) | 920 | 951 | ||||||
7.14%, 2/23/30 (a)(e) | 860 | 880 | ||||||
9.25%, 1/21/49 (a) | 1,400 | 1,542 | ||||||
3,663 | ||||||||
4,691 | ||||||||
Oman (3.1%) | ||||||||
Sovereign (3.1%) | ||||||||
Oman Government International Bond, | ||||||||
6.00%, 8/1/29 (a) | 2,200 | 2,293 | ||||||
6.25%, 1/25/31 (a) | 2,370 | 2,484 | ||||||
4,777 | ||||||||
Pakistan (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Islamic Republic of Pakistan, | ||||||||
7.38%, 4/8/31 (a) | 800 | 818 | ||||||
Panama (2.8%) | ||||||||
Corporate Bond (0.3%) | ||||||||
AES Panama Generation Holdings SRL, | ||||||||
4.38%, 5/31/30 (a) | 375 | 389 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Sovereign (2.5%) | ||||||||
Aeropuerto Internacional de Tocumen SA, | ||||||||
5.63%, 5/18/36 (a) | 765 | 813 | ||||||
Panama Government International Bond, | ||||||||
3.87%, 7/23/60 | 470 | 466 | ||||||
4.00%, 9/22/24 | 914 | 997 | ||||||
4.50%, 4/1/56 | 450 | 494 | ||||||
8.88%, 9/30/27 | 763 | 1,054 | ||||||
3,824 | ||||||||
4,213 | ||||||||
Paraguay (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Paraguay Government International Bond, | ||||||||
4.95%, 4/28/31 (a) | 600 | 681 | ||||||
5.40%, 3/30/50 (a) | 1,100 | 1,245 | ||||||
1,926 | ||||||||
Peru (2.7%) | ||||||||
Sovereign (2.7%) | ||||||||
Corporación Financiera de Desarrollo SA, | ||||||||
2.40%, 9/28/27 (a) | 280 | 277 | ||||||
5.25%, 7/15/29 (a) | 998 | 1,063 | ||||||
Peruvian Government International Bond, | ||||||||
5.63%, 11/18/50 | 890 | 1,181 | ||||||
6.55%, 3/14/37 | 1,150 | 1,557 | ||||||
4,078 | ||||||||
Philippines (2.1%) | ||||||||
Sovereign (2.1%) | ||||||||
Philippine Government International Bond, | ||||||||
3.95%, 1/20/40 | 386 | 416 | ||||||
9.50%, 2/2/30 | 1,749 | 2,724 | ||||||
3,140 | ||||||||
Poland (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Republic of Poland Government International Bond, | ||||||||
3.00%, 3/17/23 | 940 | 987 | ||||||
Qatar (3.2%) | ||||||||
Sovereign (3.2%) | ||||||||
Qatar Government International Bond, | ||||||||
3.75%, 4/16/30 (a) | 760 | 851 | ||||||
4.00%, 3/14/29 | 420 | 478 | ||||||
4.82%, 3/14/49 (a) | 2,870 | 3,523 | ||||||
4,852 | ||||||||
Romania (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Romanian Government International Bond, | ||||||||
3.00%, 2/14/31 | 380 | 381 | ||||||
4.00%, 2/14/51 | 830 | 806 | ||||||
4.38%, 8/22/23 | 600 | 652 | ||||||
4.88%, 1/22/24 | 500 | 556 | ||||||
2,395 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Russia (3.7%) | ||||||||
Sovereign (3.7%) | ||||||||
Russian Foreign Bond - Eurobond, | ||||||||
4.50%, 4/4/22 | 2,200 | 2,277 | ||||||
5.63%, 4/4/42 | 2,800 | 3,436 | ||||||
5,713 | ||||||||
Saudi Arabia (2.2%) | ||||||||
Sovereign (2.2%) | ||||||||
Saudi Government International Bond, | ||||||||
3.45%, 2/2/61 (a) | 800 | 738 | ||||||
4.38%, 4/16/29 | 1,100 | 1,257 | ||||||
5.25%, 1/16/50 (a) | 1,080 | 1,327 | ||||||
3,322 | ||||||||
Senegal (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Senegal Government International Bond, | ||||||||
6.25%, 5/23/33 (a) | 920 | 921 | ||||||
Serbia (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Serbia International Bond, | ||||||||
2.13%, 12/1/30 (a) | 310 | 287 | ||||||
South Africa (1.4%) | ||||||||
Sovereign (1.4%) | ||||||||
Eskom Holdings SOC Ltd., | ||||||||
8.45%, 8/10/28 | 710 | 774 | ||||||
8.45%, 8/10/28 (a)(e) | 1,220 | 1,331 | ||||||
2,105 | ||||||||
Sri Lanka (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Sri Lanka Government International Bond, | ||||||||
6.20%, 5/11/27 | 1,800 | 1,111 | ||||||
7.55%, 3/28/30 | 300 | 185 | ||||||
1,296 | ||||||||
Turkey (3.4%) | ||||||||
Sovereign (3.4%) | ||||||||
Turkey Government International Bond, | ||||||||
4.88%, 4/16/43 | 630 | 483 | ||||||
5.25%, 3/13/30 | 1,670 | 1,488 | ||||||
5.88%, 6/26/31 | 1,300 | 1,179 | ||||||
6.38%, 10/14/25 | 830 | 824 | ||||||
6.88%, 3/17/36 | 700 | 667 | ||||||
7.25%, 12/23/23 | 480 | 496 | ||||||
5,137 | ||||||||
Ukraine (2.5%) | ||||||||
Sovereign (2.5%) | ||||||||
Ukraine Government International Bond, | ||||||||
7.75%, 9/1/23 – 9/1/26 | 3,550 | 3,843 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
United Arab Emirates (3.4%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
3.25%, 9/30/40 (a) | 965 | 924 | ||||||
Sovereign (2.8%) | ||||||||
Abu Dhabi Government International Bond, | ||||||||
2.50%, 9/30/29 (a) | 1,750 | 1,799 | ||||||
2.70%, 9/2/70 (a) | 820 | 696 | ||||||
3.13%, 5/3/26 | 938 | 1,019 | ||||||
DP World Crescent Ltd., | ||||||||
4.85%, 9/26/28 | 740 | 829 | ||||||
4,343 | ||||||||
5,267 | ||||||||
Uruguay (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
Uruguay Government International Bond, | ||||||||
4.38%, 10/27/27 | 1,100 | 1,252 | ||||||
5.10%, 6/18/50 | 1,020 | 1,268 | ||||||
2,520 | ||||||||
Uzbekistan (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Republic of Uzbekistan Bond, | ||||||||
3.70%, 11/25/30 (a) | 410 | 399 | ||||||
Venezuela (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Petroleos de Venezuela SA, | ||||||||
6.00%, 11/15/26 (b)(c) | 15,740 | 746 | ||||||
Zambia (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Zambia Government International Bond, | ||||||||
5.38%, 9/20/22 | 650 | 365 | ||||||
Total Fixed Income Securities (Cost $156,251) | 149,230 |
No. of Warrants | ||||||||
Warrants (0.0%) (f) | ||||||||
Nigeria (0.0%) (f) | ||||||||
Central Bank of Nigeria Bond, expires 11/15/20 | 750 | 1 | ||||||
Venezuela (0.0%) (f) | ||||||||
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (g) | 3,750 | 8 | ||||||
Total Warrants (Cost $—) | 9 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Shares | ||||||||
Short-Term Investments (3.6%) | ||||||||
Securities held as Collateral on Loaned Securities (1.7%) | ||||||||
Investment Company (1.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (h) (Cost $2,044) | 2,043,604 | 2,044 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.4%) | ||||||||
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $106; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $108) | $ | 106 | 106 | |||||
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $445; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $454) | 445 | 445 | ||||||
551 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $2,595) | 2,595 |
Shares | ||||||||
Investment Company (1.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (h) (Cost $1,995) | 1,995,220 | 1,995 |
Face Amount (000) | ||||||||
Sovereign (0.6%) | ||||||||
Egypt (0.6%) | ||||||||
Egypt Treasury Bill, | ||||||||
13.25%, 9/7/21 | EGP | 15,850 | 957 | |||||
Total Short-Term Investments (Cost $5,543) | 5,547 | |||||||
Total Investments (101.5%) (Cost $161,794) Including $3,882 of Securities Loaned (i)(j)(k) | 154,786 | |||||||
Liabilities in Excess of Other Assets (-1.5%) | (2,227 | ) | ||||||
Net Assets (100.0%) | $ | 152,559 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(b) | Non-income producing security; bond in default. |
(c) | Issuer in bankruptcy. |
(d) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2021. Maturity date disclosed is the ultimate maturity date. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
(e) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $3,882,000 and $3,961,000, respectively. The Fund received cash collateral of approximately $2,600,000, of which approximately $2,595,000, was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At March 31, 2021, there was uninvested cash collateral of approximately $5,000 which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $1,361,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(f) | Amount is less than 0.05%. |
(g) | Perpetual maturity date. Date disclosed is the last expiration date. |
(h) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds. |
(i) | Securities are available for collateral in connection with open foreign currency forward exchange contracts. |
(j) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(k) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,065,000 and the aggregate gross unrealized depreciation is approximately $14,991,000, resulting in net unrealized depreciation of approximately $6,926,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts: The Fund had the following foreign currency forward exchange contracts open at March 31, 2021: |
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (000) | ||||||||||||
BNP Paribas SA | EUR | 2,300 | $ | 2,772 | 5/25/21 | $ | 71 | |||||||||
BNP Paribas SA | EUR | 340 | $ | 410 | 5/25/21 | 11 | ||||||||||
$ | 82 |
DOP | – | Dominican Peso |
EGP | – | Egyptian Pound |
EUR | – | Euro |
MXN | – | Mexican Peso |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Sovereign | 90.2 | % | ||
Corporate Bonds | 7.8 | |||
Other** | 2.0 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021. |
** | Industries and/or investment types representing less than 5% of total investments. |
*** | Does not include open foreign currency forward exchange contracts with unrealized appreciation of approximately $82,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (97.7%) | ||||||||
Argentina (1.0%) | ||||||||
Globant SA (a) | 11,644 | $ | 2,417 | |||||
Brazil (5.1%) | ||||||||
Hapvida Participacoes e Investimentos SA | 882,265 | 2,332 | ||||||
Localiza Rent a Car SA | 167,843 | 1,781 | ||||||
Lojas Renner SA | 342,572 | 2,592 | ||||||
Pagseguro Digital Ltd., Class A (a) | 50,797 | 2,352 | ||||||
Petroleo Brasileiro SA | 353,304 | 1,503 | ||||||
Petroleo Brasileiro SA (Preference) | 424,930 | 1,820 | ||||||
12,380 | ||||||||
China (26.1%) | ||||||||
Alibaba Group Holding Ltd. (a)(b) | 332,396 | 9,407 | ||||||
Anhui Conch Cement Co., Ltd., Class A | 268,784 | 2,100 | ||||||
China Construction Bank Corp. H Shares (b) | 4,196,230 | 3,530 | ||||||
China International Capital Corp., Ltd. H Shares (a)(b)(c) | 527,200 | 1,278 | ||||||
China Mengniu Dairy Co., Ltd. (a)(b) | 549,000 | 3,143 | ||||||
China Resources Beer Holdings Co., Ltd. (b) | 504,000 | 3,951 | ||||||
China Resources Land Ltd. (b) | 232,000 | 1,124 | ||||||
Jiangsu Hengrui Medicine Co., Ltd., Class A | 63,758 | 896 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd. | 342,300 | 669 | ||||||
Kweichow Moutai Co., Ltd., Class A | 19,591 | 6,004 | ||||||
Meituan, Class B (a)(b) | 54,100 | 2,075 | ||||||
New Oriental Education & Technology Group, Inc. ADR (a) | 181,210 | 2,537 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 124,889 | 1,499 | ||||||
Ping An Insurance Group Co. of China Ltd. H Shares (b) | 94,500 | 1,125 | ||||||
Shenzhou International Group Holdings Ltd. (b) | 183,100 | 3,794 | ||||||
TAL Education Group ADR (a) | 25,068 | 1,350 | ||||||
Tencent Holdings Ltd. (b) | 231,900 | 18,196 | ||||||
Wuxi Biologics Cayman, Inc. (a)(b) | 89,000 | 1,115 | ||||||
63,793 | ||||||||
Germany (1.1%) | ||||||||
Infineon Technologies AG | 63,874 | 2,708 | ||||||
Hong Kong (1.1%) | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 44,100 | 2,595 | ||||||
India (9.1%) | ||||||||
Asian Paints Ltd. | 40,018 | 1,389 | ||||||
Bharti Airtel Ltd. | 224,911 | 1,591 | ||||||
Eicher Motors Ltd. | 26,499 | 944 | ||||||
HDFC Bank Ltd. ADR (a) | 29,033 | 2,255 | ||||||
Housing Development Finance Corp., Ltd. | 92,858 | 3,173 | ||||||
ICICI Bank Ltd. (a) | 383,570 | 3,054 | ||||||
ICICI Prudential Life Insurance Co., Ltd. (a) | 195,242 | 1,190 | ||||||
Infosys Ltd. | 122,734 | 2,296 | ||||||
Infosys Ltd. ADR | 35,722 | 669 | ||||||
Mahindra & Mahindra Ltd. | 131,841 | 1,434 | ||||||
Reliance Industries Ltd. | 39,498 | 1,082 | ||||||
Reliance Industries Partly Paid | 133,488 | 1,991 | ||||||
Shree Cement Ltd. | 2,965 | 1,195 | ||||||
22,263 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Indonesia (1.1%) | ||||||||
Bank Central Asia Tbk PT | 1,274,900 | 2,728 | ||||||
Korea, Republic of (10.9%) | ||||||||
Hyundai Motor Co. | 4,922 | 948 | ||||||
Kakao Corp. | 6,403 | 2,818 | ||||||
Kia Motors Corp. | 12,388 | 907 | ||||||
LG Chem Ltd. | 1,589 | 1,130 | ||||||
NAVER Corp. | 4,009 | 1,336 | ||||||
Samsung Biologics Co., Ltd. (a) | 1,769 | 1,169 | ||||||
Samsung Electronics Co., Ltd. | 197,463 | 14,202 | ||||||
Samsung SDI Co., Ltd. | 3,236 | 1,887 | ||||||
SK Hynix, Inc. | 19,971 | 2,338 | ||||||
26,735 | ||||||||
Mexico (1.3%) | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV (a) | 516,661 | 3,259 | ||||||
Netherlands (1.7%) | ||||||||
ASML Holding N.V. | 6,792 | 4,193 | ||||||
Panama (1.2%) | ||||||||
Copa Holdings SA, Class A | 36,002 | 2,909 | ||||||
Poland (1.5%) | ||||||||
Allegro.eu SA (a) | 97,560 | 1,372 | ||||||
LPP SA (a) | 1,071 | 2,202 | ||||||
3,574 | ||||||||
Russia (7.4%) | ||||||||
Fix Price Group Ltd. GDR (a) | 96,387 | 941 | ||||||
LUKOIL PJSC ADR | 30,892 | 2,498 | ||||||
Novatek PJSC GDR | 16,779 | 3,314 | ||||||
Novolipetsk Steel PJSC GDR | 94,400 | 3,009 | ||||||
Ozon Holdings PLC ADR (a) | 19,636 | 1,101 | ||||||
TCS Group Holding PLC GDR | 65,620 | 3,806 | ||||||
Yandex N.V., Class A (a) | 51,389 | 3,292 | ||||||
17,961 | ||||||||
Singapore (1.4%) | ||||||||
Sea Ltd. ADR (a) | 15,715 | 3,508 | ||||||
South Africa (5.3%) | ||||||||
Anglo American Platinum Ltd. | 19,615 | 2,860 | ||||||
Anglo American PLC | 146,787 | 5,775 | ||||||
Capitec Bank Holdings Ltd. (a)(c) | 25,812 | 2,483 | ||||||
Clicks Group Ltd. | 114,310 | 1,862 | ||||||
12,980 | ||||||||
Taiwan (15.0%) | ||||||||
Airtac International Group | 33,000 | 1,162 | ||||||
ASE Technology Holding Co., Ltd. | 975,738 | 3,676 | ||||||
Delta Electronics, Inc. | 379,000 | 3,826 | ||||||
MediaTek, Inc. | 55,000 | 1,868 | ||||||
Novatek Microelectronics Corp. | 69,000 | 1,391 | ||||||
Silergy Corp. | 13,000 | 1,050 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,155,000 | 23,761 | ||||||
36,734 | ||||||||
United Kingdom (3.1%) | ||||||||
Avast PLC | 467,901 | 2,941 | ||||||
Mondi PLC | 179,995 | 4,626 | ||||||
7,567 | ||||||||
United States (4.3%) | ||||||||
Applied Materials, Inc. | 11,445 | 1,529 | ||||||
EPAM Systems, Inc. (a) | 6,664 | 2,643 | ||||||
Lam Research Corp. | 2,333 | 1,389 | ||||||
MercadoLibre, Inc. (a) | 1,851 | 2,725 | ||||||
NIKE, Inc., Class B | 15,997 | 2,126 | ||||||
10,412 | ||||||||
Total Common Stocks (Cost $140,784) | 238,716 | |||||||
Short-Term Investment (2.0%) | ||||||||
Investment Company (2.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $4,794) | 4,794,269 | 4,794 | ||||||
Total Investments (99.7%) (Cost $145,578) Including $2,884 of Securities Loaned (e)(f) | 243,510 | |||||||
Other Assets in Excess of Liabilities (0.3%) | 659 | |||||||
Net Assets (100.0%) | $ | 244,169 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Non-income producing security. |
(b) | Security trades on the Hong Kong exchange. |
(c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $2,884,000 and $3,062000, respectively. The Fund received non-cash collateral of approximately $3,062,000, in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds. |
(e) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $100,825,000 and the aggregate gross unrealized depreciation is approximately $2,893,000, resulting in net unrealized appreciation of approximately $97,932,000. |
ADR | American Depositary Receipt. |
GDR | Global Depositary Receipt. |
PJSC | Public Joint Stock Company. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 46.4 | % | ||
Semiconductors & Semiconductor Equipment | 18.0 | |||
Interactive Media & Services | 10.5 | |||
Banks | 7.4 | |||
Internet & Direct Marketing Retail | 6.9 | |||
Tech Hardware, Storage & Peripherals | 5.8 | |||
Oil, Gas & Consumable Fuels | 5.0 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (97.9%) | ||||||||
France (6.5%) | ||||||||
L’Oreal SA (BSRM) | 2,233 | $ | 856 | |||||
LVMH Moet Hennessy Louis Vuitton SE | 826 | 550 | ||||||
Pernod Ricard SA | 4,374 | 821 | ||||||
2,227 | ||||||||
Germany (4.4%) | ||||||||
SAP SE | 12,237 | 1,499 | ||||||
Italy (0.5%) | ||||||||
Davide Campari-Milano N.V. | 16,133 | 181 | ||||||
Netherlands (2.2%) | ||||||||
Heineken N.V. | 7,244 | 744 | ||||||
United Kingdom (13.8%) | ||||||||
British American Tobacco PLC | 21,861 | 836 | ||||||
Experian PLC | 11,043 | 380 | ||||||
Reckitt Benckiser Group PLC | 30,483 | 2,731 | ||||||
RELX PLC (Euronext N.V.) | 6,549 | 164 | ||||||
RELX PLC (LSE) | 24,958 | 626 | ||||||
4,737 | ||||||||
United States (70.5%) | ||||||||
Abbott Laboratories | 12,097 | 1,450 | ||||||
Accenture PLC, Class A | 6,326 | 1,748 | ||||||
Automatic Data Processing, Inc. | 7,964 | 1,501 | ||||||
Baxter International, Inc. | 18,324 | 1,545 | ||||||
Becton Dickinson & Co. | 5,062 | 1,231 | ||||||
Coca-Cola Co. (The) | 12,169 | 641 | ||||||
Danaher Corp. | 6,135 | 1,381 | ||||||
Factset Research Systems, Inc. | 665 | 205 | ||||||
Fidelity National Information Services, Inc. | 6,320 | 889 | ||||||
Intercontinental Exchange, Inc. | 8,294 | 926 | ||||||
Microsoft Corp. | 13,212 | 3,115 | ||||||
Moody’s Corp. | 1,261 | 377 | ||||||
NIKE, Inc., Class B | 2,845 | 378 | ||||||
Philip Morris International, Inc. | 32,569 | 2,890 | ||||||
Procter & Gamble Co. (The) | 11,851 | 1,605 | ||||||
Roper Technologies, Inc. | 1,746 | 704 | ||||||
Thermo Fisher Scientific, Inc. | 3,039 | 1,387 | ||||||
Visa, Inc., Class A | 8,706 | 1,843 | ||||||
Zoetis, Inc. | 2,709 | 427 | ||||||
24,243 | ||||||||
Total Common Stocks (Cost $19,509) | 33,631 | |||||||
Short-Term Investment (1.4%) | ||||||||
Investment Company (1.4%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $486) | 486,148 | 486 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Total Investments (99.3%) (Cost $19,995) (b)(c) | 34,117 | |||
Other Assets in Excess of Liabilities (0.7%) | 256 | |||
Net Assets (100.0%) | $ | 34,373 | ||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds. |
(b) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(c) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,137,000 and the aggregate gross unrealized depreciation is approximately $15,000, resulting in net unrealized appreciation of approximately $14,122,000. |
BSRM | Berlin Second Regulated Market. |
Euronext N.V. | Euronext Amsterdam Stock Market. |
LSE | London Stock Exchange. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 21.9 | % | ||
Information Technology Services | 17.5 | |||
Health Care Equipment & Supplies | 16.5 | |||
Software | 13.5 | |||
Household Products | 12.7 | |||
Tobacco | 10.9 | |||
Beverages | 7.0 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (98.2%) | ||||||||
Australia (4.2%) | ||||||||
Atlas Arteria Ltd. (a) | 164,649 | $ | 744 | |||||
Sydney Airport (a)(b) | 120,049 | 565 | ||||||
Transurban Group (a) | 200,755 | 2,031 | ||||||
3,340 | ||||||||
Canada (11.6%) | ||||||||
Canadian National Railway Co. | 12,271 | 1,424 | ||||||
Enbridge, Inc. | 61,068 | 2,225 | ||||||
Gibson Energy, Inc. (c) | 141,030 | 2,499 | ||||||
Keyera Corp. (c) | 23,932 | 497 | ||||||
Pembina Pipeline Corp. (c) | 29,157 | 842 | ||||||
TC Energy Corp. (c) | 38,452 | 1,763 | ||||||
9,250 | ||||||||
China (8.7%) | ||||||||
China Everbright Environment Group Ltd. (d) | 2,108,000 | 1,426 | ||||||
China Gas Holdings Ltd. (d) | 621,200 | 2,545 | ||||||
China Merchants Port Holdings Co., Ltd. (d) | 361,034 | 554 | ||||||
GDS Holdings Ltd. ADR (b) | 13,009 | 1,055 | ||||||
Jiangsu Expressway Co., Ltd. H Shares (d) | 622,000 | 774 | ||||||
Zhejiang Expressway Co., Ltd., Class H (d) | 688,000 | 610 | ||||||
6,964 | ||||||||
Denmark (0.9%) | ||||||||
Orsted A/S | 4,241 | 685 | ||||||
France (6.0%) | ||||||||
Aeroports de Paris (ADP) (b) | 1,568 | 187 | ||||||
Getlink SE (b) | 43,558 | 668 | ||||||
Vinci SA | 38,142 | 3,908 | ||||||
4,763 | ||||||||
Germany (1.0%) | ||||||||
Vantage Towers AG (b) | 27,938 | 786 | ||||||
Hong Kong (1.1%) | ||||||||
Power Assets Holdings Ltd. | 144,000 | 850 | ||||||
India (0.7%) | ||||||||
Azure Power Global Ltd. (b) | 19,895 | 541 | ||||||
Italy (3.5%) | ||||||||
Atlantia SpA (b) | 42,462 | 794 | ||||||
Infrastrutture Wireless Italiane SpA | 89,028 | 992 | ||||||
Terna Rete Elettrica Nazionale SpA | 129,668 | 979 | ||||||
2,765 | ||||||||
Japan (2.1%) | ||||||||
Central Japan Railway Co. | 3,800 | 568 | ||||||
East Japan Railway Co. | 15,300 | 1,083 | ||||||
1,651 | ||||||||
Mexico (3.8%) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (b) | 88,907 | 928 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Grupo Aeroportuario del Sureste SAB de CV, Class B (b) | 56,330 | 1,001 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 139,681 | 1,066 | ||||||
2,995 | ||||||||
New Zealand (1.0%) | ||||||||
Auckland International Airport Ltd. (b) | 139,741 | 765 | ||||||
Spain (4.2%) | ||||||||
Aena SME SA (b) | 4,225 | 685 | ||||||
Cellnex Telecom SA (c) | 19,109 | 1,100 | ||||||
EDP Renovaveis SA | 13,237 | 283 | ||||||
Ferrovial SA | 36,824 | 960 | ||||||
Iberdrola SA | 27,624 | 356 | ||||||
3,384 | ||||||||
Switzerland (0.9%) | ||||||||
Flughafen Zurich AG (Registered) (b) | 4,511 | 741 | ||||||
United Kingdom (5.2%) | ||||||||
National Grid PLC | 253,838 | 3,024 | ||||||
Pennon Group PLC | 36,173 | 486 | ||||||
Severn Trent PLC | 20,669 | 657 | ||||||
4,167 | ||||||||
United States (43.3%) | ||||||||
Ameren Corp. | 11,969 | 974 | ||||||
American Electric Power Co., Inc. | 14,251 | 1,207 | ||||||
American Tower Corp. REIT | 23,201 | 5,547 | ||||||
American Water Works Co., Inc. | 10,014 | 1,501 | ||||||
Atmos Energy Corp. | 10,478 | 1,036 | ||||||
Avangrid, Inc. | 16,643 | 829 | ||||||
Cheniere Energy, Inc. (b) | 24,027 | 1,730 | ||||||
Crown Castle International Corp. REIT | 33,060 | 5,691 | ||||||
Edison International | 23,386 | 1,370 | ||||||
Eversource Energy | 18,484 | 1,601 | ||||||
Kansas City Southern | 10,402 | 2,745 | ||||||
ONEOK, Inc. | 55,077 | 2,790 | ||||||
Republic Services, Inc. | 6,979 | 693 | ||||||
SBA Communications Corp. REIT | 4,962 | 1,377 | ||||||
Sempra Energy | 17,333 | 2,298 | ||||||
Targa Resources Corp. | 59,180 | 1,879 | ||||||
Union Pacific Corp. | 2,025 | 446 | ||||||
Williams Cos., Inc. (The) | 29,022 | 688 | ||||||
34,402 | ||||||||
Total Common Stocks (Cost $60,026) | 78,049 | |||||||
Short-Term Investments (6.9%) | ||||||||
Securities held as Collateral on Loaned Securities (5.3%) | ||||||||
Investment Company (4.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 3,327,773 | 3,328 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Face Amount (000) | ||||||||
Repurchase Agreements (1.1%) | ||||||||
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $172; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $176) | $ | 172 | 172 | |||||
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $725; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $739) | 725 | 725 | ||||||
897 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $4,225) | 4,225 |
Shares | ||||||||
Investment Company (1.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $1,289) | 1,288,770 | 1,289 | ||||||
Total Short-Term Investments (Cost $5,514) | 5,514 | |||||||
Total Investments (105.1%) (Cost $65,540) Including $6,490 of Securities Loaned (f)(g) | 83,563 | |||||||
Liabilities in Excess of Other Assets (-5.1%) | (4,077 | ) | ||||||
Net Assets (100.0%) | $ | 79,486 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $6,490,000 and $6,700,000, respectively. The Fund received cash collateral of approximately $4,233,000, of which approximately $4,225,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds -Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At March 31, 2021, there was uninvested cash collateral of approximately $8,000, which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $2,467,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(d) | Security trades on the Hong Kong exchange. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $1,000, relating to the Fund’s investment in the Liquidity Funds. |
(f) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
(g) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $18,677,000 and the aggregate gross unrealized depreciation is approximately $654,000, resulting in net unrealized appreciation of approximately $18,023,000. |
ADR | American Depositary Receipt. |
REIT | Real Estate Investment Trust. |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Oil & Gas Storage & Transportation | 26.2 | % | ||
Communications | 20.9 | |||
Electricity Transmission & Distribution | 12.9 | |||
Toll Roads | 8.4 | |||
Railroads | 7.9 | |||
Other** | 6.3 | |||
Airports | 6.2 | |||
Diversified | 6.1 | |||
Water | 5.1 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (98.7%) | ||||||||
Australia (3.6%) | ||||||||
Charter Hall Group REIT | 36,208 | $ | 354 | |||||
Goodman Group REIT | 24,532 | 338 | ||||||
GPT Group (The) REIT | 30,045 | 105 | ||||||
Mirvac Group REIT | 241,681 | 459 | ||||||
Scentre Group REIT | 82,637 | 177 | ||||||
Stockland REIT | 147,065 | 491 | ||||||
1,924 | ||||||||
Austria (0.2%) | ||||||||
CA Immobilien Anlagen AG | 2,142 | 91 | ||||||
Canada (1.6%) | ||||||||
Granite REIT | 9,105 | 554 | ||||||
RioCan REIT | 20,149 | 312 | ||||||
866 | ||||||||
China (2.2%) | ||||||||
China Resources Land Ltd. (a) | 72,000 | 349 | ||||||
China Resources Mixc Lifestyle Services Ltd. (a)(b) | 51,553 | 307 | ||||||
GDS Holdings Ltd. ADR (b) | 3,471 | 281 | ||||||
Longfor Group Holdings Ltd. (a) | 41,000 | 272 | ||||||
1,209 | ||||||||
Finland (0.5%) | ||||||||
Kojamo Oyj | 15,134 | 296 | ||||||
France (2.5%) | ||||||||
Gecina SA REIT | 4,174 | 575 | ||||||
ICADE REIT | 3,366 | 246 | ||||||
Klepierre SA REIT | 7,159 | 167 | ||||||
Mercialys SA REIT | 31,680 | 349 | ||||||
1,337 | ||||||||
Germany (5.1%) | ||||||||
Alstria Office AG REIT | 20,331 | 329 | ||||||
Deutsche Wohnen SE | 15,574 | 727 | ||||||
LEG Immobilien AG | 3,195 | 420 | ||||||
Vonovia SE | 20,108 | 1,313 | ||||||
2,789 | ||||||||
Hong Kong (5.6%) | ||||||||
ESR Cayman Ltd. (b) | 157,600 | 516 | ||||||
Hysan Development Co., Ltd. | 28,000 | 109 | ||||||
Link REIT | 63,575 | 579 | ||||||
New World Development Co., Ltd. | 81,146 | 420 | ||||||
Sun Hung Kai Properties Ltd. | 31,893 | 483 | ||||||
Swire Properties Ltd. | 114,100 | 353 | ||||||
Wharf Real Estate Investment Co., Ltd. | 100,420 | 563 | ||||||
3,023 | ||||||||
Ireland (0.7%) | ||||||||
Hibernia REIT PLC | 306,490 | 397 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Japan (11.3%) | ||||||||
Activia Properties, Inc. REIT | 77 | 338 | ||||||
GLP J-REIT | 141 | 231 | ||||||
Japan Hotel Investment Corp. REIT | 407 | 229 | ||||||
Japan Prime Realty Investment Corp. REIT | 49 | 183 | ||||||
Japan Retail Fund Investment Corp. REIT | 471 | 481 | ||||||
Mitsubishi Estate Co., Ltd. | 45,100 | 787 | ||||||
Mitsubishi Estate Logistics Investment Corp. REIT | 60 | 236 | ||||||
Mitsui Fudosan Co., Ltd. | 36,700 | 833 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 36 | 178 | ||||||
Nippon Building Fund, Inc. REIT | 75 | 441 | ||||||
Nippon Prologis, Inc. REIT | 110 | 353 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 273 | 410 | ||||||
Orix, Inc. J-REIT | 163 | 283 | ||||||
Premier Investment Corp. REIT | 158 | 226 | ||||||
Sumitomo Realty & Development Co., Ltd. | 18,400 | 649 | ||||||
United Urban Investment Corp. REIT | 183 | 246 | ||||||
6,104 | ||||||||
Malta (0.0%) (c) | ||||||||
BGP Holdings PLC (d) | 5,886,464 | 8 | ||||||
Netherlands (1.1%) | ||||||||
Eurocommercial Properties N.V. CVA REIT (b) | 13,476 | 297 | ||||||
NSI N.V. REIT | 7,411 | 294 | ||||||
591 | ||||||||
Singapore (1.6%) | ||||||||
Frasers Logistics & Commercial Trust REIT | 182,100 | 196 | ||||||
Keppel REIT | 213,200 | 193 | ||||||
Keppel DC REIT | 172,000 | 345 | ||||||
Mapletree Industrial Trust REIT | 64,600 | 132 | ||||||
866 | ||||||||
Spain (1.2%) | ||||||||
Inmobiliaria Colonial Socimi SA REIT | 9,893 | 96 | ||||||
Merlin Properties Socimi SA REIT | 52,250 | 534 | ||||||
630 | ||||||||
Sweden (1.7%) | ||||||||
Atrium Ljungberg AB, Class B (e) | 4,816 | 86 | ||||||
Castellum AB (e) | 8,150 | 180 | ||||||
Fabege AB (e) | 26,142 | 352 | ||||||
Hufvudstaden AB, Class A (e) | 15,769 | 229 | ||||||
Kungsleden AB | 5,610 | 59 | ||||||
906 | ||||||||
Switzerland (0.5%) | ||||||||
PSP Swiss Property AG (Registered) | 2,258 | 275 | ||||||
United Kingdom (3.9%) | ||||||||
British Land Co., PLC (The) REIT | 58,300 | 406 | ||||||
Derwent London PLC REIT | 2,713 | 121 | ||||||
Grainger PLC | 51,401 | 189 | ||||||
Hammerson PLC REIT (e) | 178,409 | 86 | ||||||
Land Securities Group PLC REIT | 54,352 | 517 | ||||||
Segro PLC REIT | 26,062 | 337 | ||||||
St. Modwen Properties PLC | 60,841 | 339 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Tritax Big Box PLC REIT | 51,500 | 127 | ||||||
2,122 | ||||||||
United States (55.4%) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 5,703 | 937 | ||||||
American Campus Communities, Inc. REIT | 3,153 | 136 | ||||||
AvalonBay Communities, Inc. REIT | 11,907 | 2,197 | ||||||
Boyd Gaming Corp. (b) | 2,781 | 164 | ||||||
Brixmor Property Group, Inc. REIT | 55,173 | 1,116 | ||||||
Caesars Entertainment, Inc. (b) | 3,964 | 347 | ||||||
CubeSmart REIT | 10,329 | 391 | ||||||
CyrusOne, Inc. REIT | 6,488 | 439 | ||||||
Douglas Emmett, Inc. REIT | 17,129 | 538 | ||||||
Duke Realty Corp. REIT | 19,075 | 800 | ||||||
Empire State Realty Trust, Inc., Class A REIT | 69,737 | 776 | ||||||
Equinix, Inc. REIT | 965 | 656 | ||||||
Equity Lifestyle Properties, Inc. REIT | 12,262 | 780 | ||||||
Essex Property Trust, Inc. REIT | 4,075 | 1,108 | ||||||
Healthcare Trust of America, Inc., Class A REIT | 19,693 | 543 | ||||||
Healthpeak Properties, Inc. REIT | 59,267 | 1,881 | ||||||
Host Hotels & Resorts, Inc. REIT | 43,972 | 741 | ||||||
Invitation Homes, Inc. REIT | 34,096 | 1,091 | ||||||
JBG SMITH Properties REIT | 14,780 | 470 | ||||||
Kilroy Realty Corp. REIT | 9,542 | 626 | ||||||
Medical Properties Trust, Inc. REIT | 29,209 | 622 | ||||||
NETSTREIT Corp. REIT | 29,259 | 541 | ||||||
Prologis, Inc. REIT | 19,225 | 2,038 | ||||||
Public Storage REIT | 7,774 | 1,918 | ||||||
QTS Realty Trust, Inc., Class A REIT | 6,961 | 432 | ||||||
Red Rock Resorts, Inc., Class A | 9,695 | 316 | ||||||
Retail Properties of America, Inc., Class A REIT | 57,190 | 599 | ||||||
RLJ Lodging Trust REIT | 19,091 | 295 | ||||||
RPT Realty REIT | 54,774 | 625 | ||||||
Simon Property Group, Inc. REIT | 13,732 | 1,562 | ||||||
UDR, Inc. REIT | 14,979 | 657 | ||||||
VEREIT, Inc. REIT | 24,719 | 955 | ||||||
VICI Properties, Inc. REIT | 44,331 | 1,252 | ||||||
Welltower, Inc. REIT | 34,115 | 2,444 | ||||||
29,993 | ||||||||
Total Common Stocks (Cost $44,994) | 53,427 | |||||||
Short-Term Investments (3.2%) | ||||||||
Securities held as Collateral on Loaned Securities (1.8%) | ||||||||
Investment Company (1.4%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) | 765,682 | 766 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.4%) | ||||||||
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $39; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $40) | $ | 39 | 39 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $167; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $170) | 167 | 167 | ||||||
206 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $972) | 972 |
Shares | ||||||||
Investment Company (1.4%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $756) | 755,935 | 756 | ||||||
Total Short-Term Investments (Cost $1,728) | 1,728 | |||||||
Total Investments (101.9%) (Cost $46,722) Including $916 of Securities Loaned (g)(h) | 55,155 | |||||||
Liabilities in Excess of Other Assets (-1.9%) | (1,045 | ) | ||||||
Net Assets (100.0%) | $ | 54,110 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Security trades on the Hong Kong exchange. |
(b) | Non-income producing security. |
(c) | Amount is less than 0.05%. |
(d) | At March 31, 2021, the Fund held a fair valued security valued at approximately $8,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
(e) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $916,000 and $974,000, respectively. The Fund received cash collateral of approximately $974,000, of which approximately $972,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At March 31, 2021, there was uninvested cash collateral of approximately $2,000, which is not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately less than $500 relating to the Fund’s investment in the Liquidity Funds. |
(g) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(h) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,792,000 and the aggregate gross unrealized depreciation is approximately $359,000, resulting in net unrealized appreciation of approximately $8,433,000. |
ADR | American Depositary Receipt. |
CVA | Certificaten Van Aandelen. |
REIT | Real Estate Investment Trust. |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Diversified | 26.3 | % | ||
Residential | 16.5 | |||
Other** | 12.9 | |||
Retail | 12.7 | |||
Office | 11.0 | |||
Industrial | 10.5 | |||
Health Care | 10.1 | |||
Total Investments | 100.0 | % |
* | Percentage indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (42.5%) | ||||||||
Agency Adjustable Rate Mortgage (0.0%) (a) | ||||||||
United States (0.0%) (a) | ||||||||
Federal Home Loan Mortgage Corporation, Conventional Pool: | ||||||||
12 Month USD LIBOR + 1.62%, 3.18%, 7/1/45 (Cost $14) | $ | 13 | $ | 14 | ||||
Agency Fixed Rate Mortgages (3.2%) | ||||||||
United States (3.2%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Conventional Pool: | ||||||||
4.50%, 1/1/49 | 34 | 37 | ||||||
Gold Pools: | ||||||||
3.50%, 2/1/45 – 6/1/45 | 261 | 281 | ||||||
4.50%, 1/1/49 | 24 | 26 | ||||||
Federal National Mortgage Association, | ||||||||
April TBA: | ||||||||
3.00%, 4/1/51 (b) | 520 | 542 | ||||||
3.50%, 4/1/51 (b) | 900 | 951 | ||||||
Conventional Pools: | ||||||||
4.00%, 11/1/41 – 1/1/46 | 270 | 297 | ||||||
4.50%, 3/1/41 – 11/1/44 | 135 | 151 | ||||||
5.00%, 1/1/41 – 3/1/41 | 46 | 52 | ||||||
6.00%, 1/1/38 | 9 | 11 | ||||||
6.50%, 8/1/38 | 2 | 2 | ||||||
June TBA: | ||||||||
2.00%, 6/1/51 (b) | 650 | 646 | ||||||
2.50%, 6/1/51 (b) | 300 | 307 | ||||||
Government National Mortgage Association, | ||||||||
Various Pool: | ||||||||
4.00%, 7/15/44 | 23 | 25 | ||||||
Various Pools: | ||||||||
5.00%, 2/20/49 – 3/20/49 | 28 | 30 | ||||||
Total Agency Fixed Rate Mortgages (Cost $3,336) | 3,358 | |||||||
Asset-Backed Securities (0.4%) | ||||||||
United States (0.4%) | ||||||||
Freed ABS Trust, | ||||||||
3.06%, 3/18/27 (c) | 100 | 102 | ||||||
Louisiana Public Facilities Authority, | ||||||||
3 Month USD LIBOR + 0.90%, 1.12%, 4/26/27 (d) | 4 | 4 | ||||||
New Century Home Equity Loan Trust, | ||||||||
1 Month USD LIBOR + 1.35%, 1.46%, 3/25/33 (d) | 73 | 73 | ||||||
North Carolina State Education Assistance Authority, | ||||||||
3 Month USD LIBOR + 0.80%, 1.02%, 7/25/25 (d) | 7 | 7 | ||||||
NovaStar Mortgage Funding Trust, | ||||||||
1 Month USD LIBOR + 1.58%, 1.68%, 12/25/34 (d) | 75 | 75 | ||||||
Renaissance Home Equity Loan Trust, | ||||||||
1 Month USD LIBOR + 0.76%, 0.87%, 12/25/32 (d) | 83 | 80 | ||||||
SLM Student Loan Trust, | ||||||||
3 Month EURIBOR + 0.55%, 0.01%, 7/25/39 (d) | EUR | 99 | 113 | |||||
Total Asset-Backed Securities (Cost $445) | 454 | |||||||
Commercial Mortgage-Backed Securities (0.6%) | ||||||||
United Kingdom (0.1%) | ||||||||
Taurus 2018-2 UK DAC, | ||||||||
3 Month GBP LIBOR + 1.10%, 1.16%, 5/22/28 (d) | GBP | 60 | 82 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
United States (0.5%) | ||||||||
COMM Mortgage Trust, | ||||||||
3.28%, 1/10/46 | $ | 45 | 47 | |||||
3.96%, 3/10/47 | 144 | 155 | ||||||
4.74%, 7/15/47 (c)(d) | 100 | 102 | ||||||
Commercial Mortgage Pass-Through Certificates, | ||||||||
4.24%, 2/10/47 (d) | 77 | 84 | ||||||
UBS-Barclays Commercial Mortgage Trust, | ||||||||
3.53%, 5/10/63 | 40 | 41 | ||||||
WFRBS Commercial Mortgage Trust, | ||||||||
5.01%, 9/15/46 (c)(d) | 140 | 113 | ||||||
542 | ||||||||
Total Commercial Mortgage-Backed Securities (Cost $621) | 624 | |||||||
Corporate Bonds (13.1%) | ||||||||
Australia (0.3%) | ||||||||
Macquarie Bank Ltd., | ||||||||
6.63%, 4/7/21 (c) | 85 | 85 | ||||||
Macquarie Group Ltd., | ||||||||
4.15%, 3/27/24 (c) | 50 | 53 | ||||||
Transurban Finance Co. Pty Ltd., | ||||||||
2.00%, 8/28/25 | EUR | 100 | 127 | |||||
Westpac Banking Corp., | ||||||||
2.67%, 11/15/35 | $ | 75 | 71 | |||||
336 | ||||||||
Belgium (0.1%) | ||||||||
Anheuser-Busch InBev SA N.V., | ||||||||
2.75%, 3/17/36 | EUR | 75 | 106 | |||||
Canada (0.7%) | ||||||||
Enbridge, Inc., | ||||||||
2.50%, 1/15/25 | $ | 125 | 130 | |||||
Province of British Columbia Canada, | ||||||||
2.00%, 10/23/22 | 310 | 319 | ||||||
Province of Ontario Canada, | ||||||||
2.30%, 6/15/26 | 260 | 275 | ||||||
724 | ||||||||
China (0.2%) | ||||||||
Baidu, Inc., | ||||||||
2.88%, 7/6/22 | 200 | 205 | ||||||
Colombia (0.1%) | ||||||||
Ecopetrol SA, | ||||||||
5.88%, 9/18/23 | 140 | 155 | ||||||
France (0.7%) | ||||||||
Banque Federative du Credit Mutuel SA, | ||||||||
1.75%, 12/19/24 | EUR | 100 | 142 | |||||
BNP Paribas SA, | ||||||||
1.13%, 6/11/26 | 125 | 153 | ||||||
BPCE SA, | ||||||||
5.15%, 7/21/24 (c) | $ | 200 | 224 | |||||
Orange SA, | ||||||||
5.00%, 10/1/26 (e) | EUR | 100 | 141 | |||||
TOTAL SE, | ||||||||
3.88%, 5/18/22 (e) | 100 | 122 | ||||||
782 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Germany (1.0%) | ||||||||
Bayer US Finance II LLC, | ||||||||
3.88%, 12/15/23 (c) | $ | 200 | 216 | |||||
Daimler Finance North America LLC, | ||||||||
2.70%, 6/14/24 (c) | 150 | 158 | ||||||
Deutsche Telekom International Finance BV, | ||||||||
3.60%, 1/19/27 (c) | 150 | 165 | ||||||
Kreditanstalt fuer Wiederaufbau, | ||||||||
1.13%, 9/15/32 | EUR | 190 | 251 | |||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, | ||||||||
6.00%, 5/26/41 | 100 | 118 | ||||||
Volkswagen International Finance N.V., Series 10Y | ||||||||
1.88%, 3/30/27 | 100 | 127 | ||||||
1,035 | ||||||||
India (0.2%) | ||||||||
ONGC Videsh Vankorneft Pte Ltd., | ||||||||
3.75%, 7/27/26 | $ | 200 | 212 | |||||
Ireland (0.0%) (a) | ||||||||
Avolon Holdings Funding Ltd., | ||||||||
2.88%, 2/15/25 (c) | 50 | 50 | ||||||
Israel (0.0%) (a) | ||||||||
Teva Pharmaceutical Finance Netherlands III BV, | ||||||||
2.20%, 7/21/21 | 32 | 32 | ||||||
Japan (0.2%) | ||||||||
NTT Finance Corp., | ||||||||
1.59%, 4/3/28 (c) | 200 | 195 | ||||||
Korea, Republic of (0.6%) | ||||||||
Korea Electric Power Corp., | ||||||||
2.50%, 6/24/24 (c) | 200 | 212 | ||||||
Korea Hydro & Nuclear Power Co., Ltd., | ||||||||
3.75%, 7/25/23 (c) | 200 | 215 | ||||||
Korea Southern Power Co. Ltd., | ||||||||
0.75%, 1/27/26 (c) | 200 | 194 | ||||||
621 | ||||||||
Netherlands (0.1%) | ||||||||
ASR Nederland N.V., | ||||||||
5.00%, 9/30/24 (e) | EUR | 100 | 133 | |||||
Qatar (0.2%) | ||||||||
Ooredoo International Finance Ltd., | ||||||||
2.63%, 4/8/31 (c) | $ | 200 | 198 | |||||
Saudi Arabia (0.2%) | ||||||||
Saudi Arabian Oil Co., | ||||||||
3.50%, 4/16/29 | 200 | 213 | ||||||
Spain (0.5%) | ||||||||
Banco Santander SA, | ||||||||
3.13%, 1/19/27 | EUR | 100 | 133 | |||||
5.18%, 11/19/25 | $ | 200 | 227 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
CaixaBank SA, | ||||||||
0.75%, 4/18/23 | EUR | 100 | 119 | |||||
479 | ||||||||
Switzerland (0.9%) | ||||||||
Credit Suisse Group AG, | ||||||||
2.19%, 6/5/26 (c) | $ | 500 | 509 | |||||
Syngenta Finance N.V., | ||||||||
4.44%, 4/24/23 (c) | 200 | 210 | ||||||
UBS Group AG, | ||||||||
3.49%, 5/23/23 (c) | 200 | 206 | ||||||
925 | ||||||||
United Arab Emirates (0.4%) | ||||||||
ADCB Finance Cayman Ltd., | ||||||||
4.00%, 3/29/23 (c) | 200 | 212 | ||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
2.63%, 3/31/36 (c) | 225 | 216 | ||||||
428 | ||||||||
United Kingdom (1.4%) | ||||||||
BAT Capital Corp., | ||||||||
3.56%, 8/15/27 | 125 | 133 | ||||||
Heathrow Funding Ltd., | ||||||||
4.88%, 7/15/23 (c) | 100 | 101 | ||||||
HSBC Holdings PLC, | ||||||||
2.26%, 11/13/26 | GBP | 100 | 143 | |||||
4.25%, 3/14/24 | $ | 200 | 218 | |||||
Lloyds Banking Group PLC, | ||||||||
1.75%, 9/7/28 | EUR | 100 | 121 | |||||
2.25%, 10/16/24 | GBP | 100 | 143 | |||||
Nationwide Building Society, | ||||||||
3.77%, 3/8/24 (c) | $ | 200 | 212 | |||||
Natwest Group PLC, | ||||||||
3.88%, 9/12/23 | 200 | 215 | ||||||
NGG Finance PLC, | ||||||||
5.63%, 6/18/73 | GBP | 100 | 155 | |||||
1,441 | ||||||||
United States (5.3%) | ||||||||
7-Eleven, Inc., | ||||||||
1.30%, 2/10/28 (c) | $ | 100 | 96 | |||||
Air Lease Corp., | ||||||||
2.30%, 2/1/25 | 75 | 77 | ||||||
Altria Group, Inc., | ||||||||
2.45%, 2/4/32 | 75 | 72 | ||||||
Amazon.com, Inc., | ||||||||
2.70%, 6/3/60 | 50 | 44 | ||||||
AT&T, Inc., | ||||||||
1.80%, 9/5/26 | EUR | 100 | 127 | |||||
2.90%, 12/4/26 | GBP | 100 | 149 | |||||
Bank of America Corp., | ||||||||
MTN | ||||||||
4.00%, 1/22/25 | 175 | 192 | ||||||
Series N | ||||||||
2.65%, 3/11/32 | 100 | 100 | ||||||
Boeing Co. (The), | ||||||||
5.15%, 5/1/30 | 100 | 115 | ||||||
Campbell Soup Co., | ||||||||
2.38%, 4/24/30 | 50 | 49 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
4.80%, 3/1/50 | 25 | 27 | ||||||
5.75%, 4/1/48 | 25 | 30 | ||||||
Chubb INA Holdings, Inc., | ||||||||
0.88%, 6/15/27 | EUR | 100 | 122 | |||||
Cigna Corp., | ||||||||
2.40%, 3/15/30 | $ | 25 | 25 | |||||
3.88%, 10/15/47 | 50 | 54 | ||||||
Citigroup, Inc., | ||||||||
2.67%, 1/29/31 | 22 | 22 | ||||||
2.98%, 11/5/30 | 13 | 13 | ||||||
4.41%, 3/31/31 | 62 | 71 | ||||||
5.50%, 9/13/25 | 75 | 87 | ||||||
Comcast Corp., | ||||||||
1.95%, 1/15/31 | 125 | 121 | ||||||
Crown Castle International Corp., | ||||||||
3.30%, 7/1/30 | 25 | 26 | ||||||
CVS Health Corp., | ||||||||
1.88%, 2/28/31 | 100 | 94 | ||||||
Deere & Co., | ||||||||
3.10%, 4/15/30 | 100 | 107 | ||||||
Diamondback Energy, Inc., | ||||||||
2.88%, 12/1/24 | 150 | 158 | ||||||
Emerson Electric Co., | ||||||||
1.25%, 10/15/25 | EUR | 125 | 155 | |||||
Energy Transfer Operating LP, | ||||||||
2.90%, 5/15/25 | $ | 150 | 156 | |||||
Enterprise Products Operating LLC, | ||||||||
3.95%, 1/31/60 | 50 | 50 | ||||||
Ford Motor Credit Co. LLC, | ||||||||
3.09%, 1/9/23 | 200 | 204 | ||||||
Fox Corp., | ||||||||
4.71%, 1/25/29 | 150 | 173 | ||||||
Georgia-Pacific LLC, | ||||||||
2.30%, 4/30/30 (c) | 125 | 125 | ||||||
Global Payments, Inc., | ||||||||
1.20%, 3/1/26 | 50 | 49 | ||||||
Goldman Sachs Group, Inc. (The), | ||||||||
2.88%, 10/31/22 | 75 | 76 | ||||||
HCA, Inc., | ||||||||
5.25%, 6/15/49 | 25 | 31 | ||||||
HSBC USA, Inc., | ||||||||
3.50%, 6/23/24 | 100 | 108 | ||||||
JPMorgan Chase & Co., | ||||||||
1.95%, 2/4/32 | 75 | 71 | ||||||
3.70%, 5/6/30 | 75 | 82 | ||||||
4.13%, 12/15/26 | 75 | 85 | ||||||
Las Vegas Sands Corp., | ||||||||
3.20%, 8/8/24 | 25 | 26 | ||||||
3.50%, 8/18/26 | 50 | 52 | ||||||
Level 3 Financing, Inc., | ||||||||
3.40%, 3/1/27 (c) | 100 | 106 | ||||||
Lowe’s Cos., Inc., | ||||||||
1.30%, 4/15/28 | 75 | 71 | ||||||
1.70%, 10/15/30 | 100 | 94 | ||||||
Metropolitan Life Global Funding I, | ||||||||
2.95%, 4/9/30 (c) | 150 | 156 | ||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
2.25%, 6/1/30 | 175 | 171 | ||||||
NIKE, Inc., | ||||||||
2.85%, 3/27/30 | 50 | 53 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
NiSource, Inc., | ||||||||
3.60%, 5/1/30 | 100 | 109 | ||||||
NVIDIA Corp., | ||||||||
2.85%, 4/1/30 | 125 | 131 | ||||||
Occidental Petroleum Corp., | ||||||||
3.20%, 8/15/26 | 35 | 34 | ||||||
5.55%, 3/15/26 | 75 | 79 | ||||||
Oracle Corp., | ||||||||
3.85%, 4/1/60 | 50 | 49 | ||||||
Pacific Gas and Electric Co., | ||||||||
2.50%, 2/1/31 | 25 | 24 | ||||||
PepsiCo, Inc., | ||||||||
2.63%, 4/28/26 | EUR | 100 | 133 | |||||
Prologis Euro Finance LLC, | ||||||||
1.88%, 1/5/29 | 100 | 130 | ||||||
Synchrony Bank, | ||||||||
3.00%, 6/15/22 | $ | 250 | 257 | |||||
Union Pacific Corp., | ||||||||
3.84%, 3/20/60 | 50 | 53 | ||||||
Verizon Communications, Inc., | ||||||||
2.99%, 10/30/56 (c) | 50 | 44 | ||||||
3.40%, 3/22/41 | 100 | 102 | ||||||
Vontier Corp., | ||||||||
2.40%, 4/1/28 (c) | 50 | 49 | ||||||
Walt Disney Co. (The), | ||||||||
2.65%, 1/13/31 | 150 | 153 | ||||||
Wells Fargo & Co., | ||||||||
2.57%, 2/11/31 | 125 | 126 | ||||||
5,545 | ||||||||
Total Corporate Bonds (Cost $13,467) | 13,815 | |||||||
Mortgages - Other (0.6%) | ||||||||
United Kingdom (0.1%) | ||||||||
Landmark Mortgage Securities No 3 PLC, | ||||||||
3 Month GBP LIBOR + 2.10%, 2.13%, 4/17/44 (d) | GBP | 80 | 110 | |||||
United States (0.5%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
3.00%, 9/25/45 – 5/25/47 | $ | 191 | 191 | |||||
3.50%, 5/25/45 – 7/25/46 | 83 | 83 | ||||||
4.00%, 5/25/45 | 7 | 7 | ||||||
Seasoned Credit Risk Transfer Trust, | ||||||||
3.00%, 11/25/57 – 10/25/58 | 247 | 258 | ||||||
4.00%, 10/25/58 | 20 | 22 | ||||||
561 | ||||||||
Total Mortgages - Other (Cost $652) | 671 | |||||||
Sovereign (21.6%) | ||||||||
Australia (1.0%) | ||||||||
Australia Government Bond, | ||||||||
0.25%, 11/21/24 – 11/21/25 | AUD | 1,170 | 878 | |||||
2.50%, 5/21/30 | 120 | 98 | ||||||
2.75%, 11/21/29 | 150 | 125 | ||||||
1,101 | ||||||||
Austria (0.1%) | ||||||||
Republic of Austria Government Bond, | ||||||||
0.00%, 2/20/30 (c) | EUR | 70 | 83 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Belgium (0.4%) | ||||||||
Kingdom of Belgium Government Bond, | ||||||||
0.90%, 6/22/29 (c) | 30 | 39 | ||||||
1.70%, 6/22/50 (c) | 90 | 131 | ||||||
1.90%, 6/22/38 (c) | 150 | 220 | ||||||
390 | ||||||||
Brazil (2.1%) | ||||||||
Brazil Letras do Tesouro Nacional, | ||||||||
0.00%, 1/1/24 | BRL | 15,000 | 2,169 | |||||
Canada (1.3%) | ||||||||
Canadian Government Bond, | ||||||||
2.25%, 6/1/29 | CAD | 1,370 | 1,165 | |||||
Province of Quebec Canada, | ||||||||
1.35%, 5/28/30 | $ | 240 | 229 | |||||
1,394 | ||||||||
China (1.8%) | ||||||||
Agricultural Development Bank of China, | ||||||||
2.25%, 4/22/25 | CNY | 770 | 113 | |||||
3.79%, 10/26/30 | 740 | 114 | ||||||
China Development Bank, | ||||||||
3.07%, 3/10/30 | 1,410 | 206 | ||||||
3.34%, 7/14/25 | 740 | 113 | ||||||
China Government Bond, | ||||||||
3.13%, 11/21/29 | 4,990 | 755 | ||||||
3.27%, 11/19/30 | 1,490 | 229 | ||||||
3.81%, 9/14/50 | 150 | 23 | ||||||
3.86%, 7/22/49 | 1,430 | 224 | ||||||
Export-Import Bank of China (The), | ||||||||
2.93%, 3/2/25 | 740 | 111 | ||||||
1,888 | ||||||||
Colombia (0.0%) (a) | ||||||||
Colombian TES, Series B | ||||||||
7.75%, 9/18/30 | COP | 122,600 | 35 | |||||
Denmark (0.1%) | ||||||||
Denmark Government Bond, | ||||||||
0.50%, 11/15/27 | DKK | 630 | 105 | |||||
Finland (0.1%) | ||||||||
Finland Government Bond, | ||||||||
1.13%, 4/15/34 (c) | EUR | 70 | 93 | |||||
France (1.2%) | ||||||||
Agence Francaise de Developpement EPIC, | ||||||||
1.50%, 10/31/34 | 100 | 134 | ||||||
French Republic Government Bond OAT, | ||||||||
0.00%, 11/25/29 | 650 | 772 | ||||||
2.00%, 5/25/48 (c) | 170 | 263 | ||||||
SNCF Reseau, | ||||||||
1.88%, 3/30/34 | 100 | 139 | ||||||
1,308 | ||||||||
Germany (1.0%) | ||||||||
Bundesrepublik Deutschland Bundesanleihe, | ||||||||
0.25%, 2/15/29 | 380 | 471 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
4.25%, 7/4/39 | 40 | 83 | ||||||
4.75%, 7/4/34 | 60 | 117 | ||||||
State of North Rhine-Westphalia Germany, | ||||||||
1.65%, 2/22/38 | 290 | 410 | ||||||
1,081 | ||||||||
Greece (2.6%) | ||||||||
Hellenic Republic Government Bond, | ||||||||
3.75%, 1/30/28 | 1,921 | 2,747 | ||||||
Hungary (0.0%) (a) | ||||||||
Hungary Government Bond, | ||||||||
3.00%, 8/21/30 | HUF | 4,450 | 15 | |||||
Indonesia (0.3%) | ||||||||
Indonesia Government International Bond, | ||||||||
1.75%, 4/24/25 | EUR | 130 | 160 | |||||
Indonesia Treasury Bond, | ||||||||
8.25%, 5/15/29 | IDR | 839,000 | 63 | |||||
8.38%, 3/15/34 | 981,000 | 74 | ||||||
297 | ||||||||
Ireland (0.1%) | ||||||||
Ireland Government Bond, | ||||||||
0.20%, 10/18/30 | EUR | 80 | 96 | |||||
Italy (0.9%) | ||||||||
Italy Buoni Poliennali Del Tesoro, | ||||||||
1.40%, 5/26/25 (c) | 101 | 126 | ||||||
1.85%, 7/1/25 (c) | 390 | 495 | ||||||
2.45%, 9/1/50 (c) | 230 | 321 | ||||||
942 | ||||||||
Japan (4.6%) | ||||||||
Japan Government Five Year Bond, 0.10%, 12/20/23 – 6/20/24 | JPY | 118,000 | 1,074 | |||||
Japan Government Ten Year Bond, 0.10%, 6/20/26 – 6/20/29 | 195,000 | 1,775 | ||||||
Japan Government Thirty Year Bond, | ||||||||
0.30%, 6/20/46 | 37,000 | 312 | ||||||
0.40%, 9/20/49 | 25,000 | 211 | ||||||
1.70%, 6/20/33 | 62,000 | 662 | ||||||
2.00%, 9/20/40 | 70,000 | 812 | ||||||
4,846 | ||||||||
Korea, Republic of (0.8%) | ||||||||
Export-Import Bank of Korea, | ||||||||
0.63%, 2/9/26 | $ | 200 | 194 | |||||
2.38%, 6/25/24 | 200 | 212 | ||||||
Korea Development Bank (The), | ||||||||
0.80%, 7/19/26 | 200 | 195 | ||||||
Korea International Bond, | ||||||||
2.00%, 6/19/24 | 200 | 210 | ||||||
811 | ||||||||
Malaysia (0.3%) | ||||||||
Malaysia Government Bond, | ||||||||
3.89%, 8/15/29 | MYR | 440 | 111 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Petronas Capital Ltd., | ||||||||
3.50%, 3/18/25 (c) | $ | 200 | 216 | |||||
327 | ||||||||
Mexico (0.4%) | ||||||||
Mexican Bonos, | ||||||||
Series M | ||||||||
7.50%, 6/3/27 | MXN | 1,700 | 89 | |||||
7.75%, 5/29/31 | 1,000 | 52 | ||||||
8.50%, 5/31/29 | 800 | 44 | ||||||
Mexico Government International Bond, | ||||||||
4.50%, 4/22/29 | 200 | 222 | ||||||
Petroleos Mexicanos, | ||||||||
6.95%, 1/28/60 | $ | 20 | 17 | |||||
424 | ||||||||
Netherlands (0.2%) | ||||||||
Netherlands Government Bond, | ||||||||
0.00%, 7/15/30 (c) | 190 | 228 | ||||||
2.75%, 1/15/47 (c) | 20 | 38 | ||||||
266 | ||||||||
New Zealand (0.0%) (a) | ||||||||
New Zealand Government Bond, | ||||||||
0.25%, 5/15/28 | NZD | 80 | 52 | |||||
Norway (0.0%) (a) | ||||||||
Norway Government Bond, | ||||||||
1.38%, 8/19/30 (c) | NOK | 220 | 26 | |||||
Poland (0.1%) | ||||||||
Republic of Poland Government Bond, | ||||||||
2.50%, 7/25/27 | PLN | 230 | 63 | |||||
Portugal (0.1%) | ||||||||
Portugal Obrigacoes do Tesouro OT, | ||||||||
0.70%, 10/15/27 (c) | EUR | 110 | 136 | |||||
Russia (0.1%) | ||||||||
Russian Federal Bond - OFZ, | ||||||||
7.95%, 10/7/26 | RUB | 6,010 | 84 | |||||
Spain (0.6%) | ||||||||
Spain Government Bond, | ||||||||
1.25%, 10/31/30(c) | EUR | 410 | 525 | |||||
2.70%, 10/31/48 (c) | 40 | 64 | ||||||
3.45%, 7/30/66 (c) | 21 | 39 | ||||||
628 | ||||||||
Sweden (0.1%) | ||||||||
Sweden Government Bond, | ||||||||
0.75%, 5/12/28 | SEK | 740 | 88 | |||||
United Kingdom (1.3%) | ||||||||
United Kingdom Gilt, | ||||||||
0.38%, 10/22/30 | GBP | 140 | 184 | |||||
0.63%, 10/22/50 | 120 | 135 | ||||||
1.63%, 10/22/28 | 290 | 429 | ||||||
3.50%, 1/22/45 | 150 | 296 | ||||||
4.25%, 9/7/39 | 140 | 288 | ||||||
1,332 | ||||||||
Total Sovereign (Cost $ 22,050) | 22,827 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Supranational (1.1%) | ||||||||
European Investment Bank, | ||||||||
0.20%, 7/15/24 | EUR | 220 | 265 | |||||
International Bank for Reconstruction & Development, | ||||||||
SOFR + 0.43%, 0.45%, 8/19/27 (d) | $ | 330 | 332 | |||||
2.20%, 2/27/24 | AUD | 730 | 583 | |||||
Total Supranational (Cost $1,116) | 1,180 | |||||||
U.S. Treasury Securities (1.9%) | ||||||||
United States (1.9%) | ||||||||
U.S. Treasury Bonds, | ||||||||
1.13%, 5/15/40 | $ | 680 | 555 | |||||
1.25%, 5/15/50 | 320 | 241 | ||||||
1.50%, 2/15/30 | 250 | 247 | ||||||
2.50%, 2/15/45 | 500 | 511 | ||||||
3.13%, 5/15/48 | 360 | 413 | ||||||
Total U.S. Treasury Securities (Cost $2,233) | 1,967 | |||||||
Total Fixed Income Securities (Cost $43,934) | 44,910 |
Shares | ||||||||
Common Stocks (43.5%) | ||||||||
Australia (0.9%) | ||||||||
AGL Energy Ltd. | 461 | 3 | ||||||
Alumina Ltd. | 4,119 | 5 | ||||||
Amcor PLC CDI | 1,085 | 13 | ||||||
AMP Ltd. | 3,700 | 4 | ||||||
ASX Ltd. | 182 | 10 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,612 | 56 | ||||||
BHP Group Ltd. | 6,993 | 241 | ||||||
Brambles Ltd. | 1,145 | 9 | ||||||
CIMIC Group Ltd. (f) | 211 | 3 | ||||||
Coca-Cola Amatil Ltd. | 317 | 3 | ||||||
Coles Group Ltd. | 721 | 9 | ||||||
Commonwealth Bank of Australia | 830 | 54 | ||||||
CSL Ltd. | 317 | 64 | ||||||
Fortescue Metals Group Ltd. | 4,549 | 69 | ||||||
GPT Group (The) REIT | 3,081 | 11 | ||||||
Incitec Pivot Ltd. (f) | 2,326 | 5 | ||||||
Insurance Australia Group Ltd. | 2,009 | 7 | ||||||
Macquarie Group Ltd. | 285 | 33 | ||||||
National Australia Bank Ltd. | 2,517 | 50 | ||||||
Newcrest Mining Ltd. | 452 | 8 | ||||||
OneMarket Ltd. (f) | 137 | — | ||||||
Orica Ltd. | 451 | 5 | ||||||
Origin Energy Ltd. | 1,182 | 4 | ||||||
Orora Ltd. | 1,212 | 3 | ||||||
QBE Insurance Group Ltd. | 1,583 | 12 | ||||||
Rio Tinto Ltd. | 308 | 26 | ||||||
Santos Ltd. | 940 | 5 | ||||||
Scentre Group REIT | 4,211 | 9 | ||||||
Shopping Centres Australasia Property Group REIT | 346 | 1 | ||||||
South32 Ltd. (ASX) | 2,613 | 6 | ||||||
South32 Ltd. (LSE) | 7,996 | 17 | ||||||
Star Entertainment Grp Ltd. (The) (f) | 225 | 1 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Stockland REIT | 3,748 | 12 | ||||||
Suncorp Group Ltd. | 1,112 | 8 | ||||||
Sydney Airport (f) | 452 | 2 | ||||||
Tabcorp Holdings Ltd. | 224 | 1 | ||||||
Telstra Corp., Ltd. | 2,803 | 7 | ||||||
Transurban Group | 1,328 | 13 | ||||||
Treasury Wine Estates Ltd. | 731 | 6 | ||||||
Wesfarmers Ltd. | 767 | 31 | ||||||
Westpac Banking Corp. | 2,184 | 40 | ||||||
Woodside Petroleum Ltd. | 504 | 9 | ||||||
Woolworths Group Ltd. | 905 | 28 | ||||||
903 | ||||||||
Austria (0.0%) (a) | ||||||||
Erste Group Bank AG (f) | 315 | 11 | ||||||
IMMOFINANZ AG (f) | 56 | 1 | ||||||
Verbund AG | 75 | 5 | ||||||
voestalpine AG | 158 | 7 | ||||||
24 | ||||||||
Belgium (0.1%) | ||||||||
Ageas | 219 | 13 | ||||||
Anheuser-Busch InBev SA N.V. | 525 | 33 | ||||||
Colruyt SA | 71 | 4 | ||||||
Groupe Bruxelles Lambert SA | 119 | 12 | ||||||
KBC Group N.V. (f) | 89 | 7 | ||||||
Solvay SA | 57 | 7 | ||||||
Umicore SA | 254 | 14 | ||||||
90 | ||||||||
Brazil (0.1%) | ||||||||
Vale SA | 5,887 | 103 | ||||||
Canada (0.7%) | ||||||||
Agnico Eagle Mines Ltd. | 100 | 6 | ||||||
Bank of Montreal | 276 | 25 | ||||||
Bank of Nova Scotia (The) | 367 | 23 | ||||||
Barrick Gold Corp. (LSE) | 1,449 | 29 | ||||||
Barrick Gold Corp. (NYSE) | 17,201 | 341 | ||||||
BCE, Inc. | 100 | 5 | ||||||
Brookfield Asset Management, Inc., Class A | 563 | 25 | ||||||
Brookfield Business Partners LP | 20 | 1 | ||||||
Cameco Corp. | 76 | 1 | ||||||
Canadian Imperial Bank of Commerce | 76 | 7 | ||||||
Canadian National Railway Co. | 62 | 7 | ||||||
Canadian Natural Resources Ltd. | 362 | 11 | ||||||
Canadian Pacific Railway Ltd. | 100 | 38 | ||||||
Cenovus Energy, Inc. | 362 | 3 | ||||||
Crescent Point Energy Corp. | 86 | — | @ | |||||
Eldorado Gold Corp. (f) | 94 | 1 | ||||||
Enbridge, Inc. (NYSE) | 438 | 16 | ||||||
Enbridge, Inc. (TSX) | 357 | 13 | ||||||
George Weston Ltd. | 17 | 2 | ||||||
Imperial Oil Ltd. | 95 | 2 | ||||||
Kinross Gold Corp. | 352 | 2 | ||||||
Loblaw Cos., Ltd. | 129 | 7 | ||||||
Magna International, Inc. | 271 | 24 | ||||||
Manulife Financial Corp. | 381 | 8 | ||||||
National Bank of Canada | 500 | 34 | ||||||
Nutrien Ltd. | 129 | 7 | ||||||
Obsidian Energy Ltd. (f) | 71 | — | @ |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Power Corp. of Canada | 71 | 2 | ||||||
PrairieSky Royalty Ltd. | 19 | — | @ | |||||
Rogers Communications, Inc., Class B | 281 | 13 | ||||||
Royal Bank of Canada | 52 | 5 | ||||||
Sun Life Financial, Inc. | 367 | 19 | ||||||
Suncor Energy, Inc. | 533 | 11 | ||||||
TC Energy Corp. | 71 | 3 | ||||||
Teck Resources Ltd., Class B | 76 | 1 | ||||||
Thomson Reuters Corp. | 363 | 32 | ||||||
Toronto-Dominion Bank (The) | 229 | 15 | ||||||
Wheaton Precious Metals Corp. | 281 | 11 | ||||||
Yamana Gold, Inc. | 557 | 2 | ||||||
752 | ||||||||
China (0.1%) | ||||||||
Brilliance China Automotive Holdings Ltd. (g) | 1,709 | 2 | ||||||
BYD Co., Ltd. H Shares (g) | 518 | 11 | ||||||
China Common Rich Renewable Energy Investments Ltd. (f) | 18,000 | — | ||||||
Dongfeng Motor Group Co., Ltd. H Shares (g) | 1,523 | 1 | ||||||
Geely Automobile Holdings Ltd. (g) | 3,325 | 9 | ||||||
Great Wall Motor Co., Ltd. H Shares (g) | 1,892 | 5 | ||||||
Guangzhou Automobile Group Co., Ltd. H Shares (g) | 1,659 | 1 | ||||||
Wharf Holdings Ltd. (The) (g) | 1,400 | 4 | ||||||
Yadea Group Holdings Ltd. (g) | 592 | 1 | ||||||
Yum China Holdings, Inc. | 456 | 27 | ||||||
61 | ||||||||
Denmark (0.4%) | ||||||||
AP Moller - Maersk A/S Series A | 5 | 11 | ||||||
AP Moller - Maersk A/S Series B | 9 | 21 | ||||||
Danske Bank A/S | 585 | 11 | ||||||
Drilling Co of 1972 A/S (The) (f) | 30 | 1 | ||||||
DSV Panalpina A/S | 296 | 58 | ||||||
Novo Nordisk A/S Series B | 3,209 | 217 | ||||||
Novozymes A/S Series B | 269 | 17 | ||||||
Vestas Wind Systems A/S | 306 | 63 | ||||||
399 | ||||||||
Finland (0.1%) | ||||||||
Elisa Oyj | 163 | 10 | ||||||
Fortum Oyj | 382 | 10 | ||||||
Kone Oyj, Class B | 343 | 28 | ||||||
Metso Outotec Oyj | 516 | 6 | ||||||
Neles Oyj | 120 | 2 | ||||||
Nokian Renkaat Oyj | 141 | 5 | ||||||
Nordea Bank Abp (OMXH) | 35 | — | @ | |||||
Nordea Bank Abp (SSE) | 3,270 | 32 | ||||||
Sampo Oyj, Class A | 355 | 16 | ||||||
Stora Enso Oyj, Class R | 588 | 11 | ||||||
UPM-Kymmene Oyj | 325 | 12 | ||||||
Valmet Oyj | 120 | 4 | ||||||
Wartsila Oyj Abp | 513 | 5 | ||||||
141 | ||||||||
France (2.0%) | ||||||||
Accor SA (f) | 2,121 | 80 | ||||||
Aeroports de Paris (f) | 1,970 | 235 | ||||||
Air Liquide SA | 366 | 60 | ||||||
Airbus SE (f) | 396 | 45 | ||||||
Alstom SA (f) | 238 | 12 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
ArcelorMittal SA (f) | 262 | 8 | ||||||
AXA SA | 1,795 | 48 | ||||||
BNP Paribas SA (f) | 1,161 | 71 | ||||||
Bouygues SA | 208 | 8 | ||||||
Capgemini SE | 195 | 33 | ||||||
Carrefour SA | 436 | 8 | ||||||
CGG SA (f) | 5 | — | @ | |||||
Cie de Saint-Gobain (f) | 408 | 24 | ||||||
Cie Generale des Etablissements Michelin SCA | 214 | 32 | ||||||
Covivio REIT | 31 | 3 | ||||||
Credit Agricole SA (f) | 1,522 | 22 | ||||||
Danone SA | 432 | 30 | ||||||
Eiffage SA (f) | 808 | 81 | ||||||
Electricite de France SA (f) | 328 | 4 | ||||||
Engie SA (f) | 1,158 | 16 | ||||||
EssilorLuxottica SA | 178 | 29 | ||||||
Faurecia SE (f) | 35 | 2 | ||||||
Gecina SA REIT | 22 | 3 | ||||||
Getlink SE (f) | 557 | 9 | ||||||
Hermes International | 23 | 25 | ||||||
Klepierre SA REIT | 187 | 4 | ||||||
L’Oreal SA | 246 | 94 | ||||||
Legrand SA | 114 | 11 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 185 | 123 | ||||||
Orange SA | 1,686 | 21 | ||||||
Pernod Ricard SA | 206 | 39 | ||||||
Publicis Groupe SA | 183 | 11 | ||||||
Renault SA (f) | 194 | 8 | ||||||
Safran SA (f) | 147 | 20 | ||||||
Sanofi | 455 | 45 | ||||||
Schneider Electric SE | 459 | 70 | ||||||
SES SA | 360 | 3 | ||||||
Societe Generale SA (f) | 868 | 23 | ||||||
Sodexo SA (f) | 160 | 15 | ||||||
Stellantis | 2,154 | 38 | ||||||
Thales SA | 92 | 9 | ||||||
TOTAL SE | 1,305 | 61 | ||||||
Unibail-Rodamco-Westfield REIT (f) | 52 | 4 | ||||||
Unibail-Rodamco-Westfield REIT CDI | 1,000 | 4 | ||||||
Vallourec SA (f) | 2 | — | @ | |||||
Veolia Environnement SA | 344 | 9 | ||||||
Vinci SA | 5,387 | 552 | ||||||
Vivendi SA | 1,030 | 34 | ||||||
2,086 | ||||||||
Germany (1.0%) | ||||||||
Adidas AG (f) | 126 | 39 | ||||||
Allianz SE (Registered) | 284 | 72 | ||||||
BASF SE | 417 | 35 | ||||||
Bayer AG (Registered) | 471 | 30 | ||||||
Bayerische Motoren Werke AG | 441 | 46 | ||||||
Bayerische Motoren Werke AG (Preference) | 32 | 2 | ||||||
CECONOMY AG (f) | 125 | 1 | ||||||
Commerzbank AG (f) | 55 | — | @ | |||||
Continental AG (f) | 60 | 8 | ||||||
Daimler AG (Registered) | 971 | 86 | ||||||
Deutsche Bank AG (Registered) (f) | 628 | 7 | ||||||
Deutsche Boerse AG | 110 | 18 | ||||||
Deutsche Lufthansa AG (Registered) (f) | 129 | 2 | ||||||
Deutsche Post AG (Registered) | 433 | 24 | ||||||
Deutsche Telekom AG (Registered) | 1,535 | 31 | ||||||
E.ON SE | 1,058 | 12 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Fraport AG Frankfurt Airport Services Worldwide (f) | 1,818 | 110 | ||||||
Fresenius Medical Care AG & Co., KGaA | 133 | 10 | ||||||
Fresenius SE & Co., KGaA | 290 | 13 | ||||||
HeidelbergCement AG | 44 | 4 | ||||||
Henkel AG & Co., KGaA | 114 | 11 | ||||||
Henkel AG & Co., KGaA (Preference) | 211 | 24 | ||||||
Infineon Technologies AG | 911 | 39 | ||||||
K+S AG (Registered) | 63 | 1 | ||||||
LANXESS AG | 38 | 3 | ||||||
Linde PLC | 29 | 8 | ||||||
Linde PLC (f) | 167 | 47 | ||||||
Merck KGaA | 138 | 24 | ||||||
METRO AG | 125 | 1 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 146 | 45 | ||||||
OSRAM Licht AG (f) | 40 | 2 | ||||||
Porsche Automobil Holding SE (Preference) | 275 | 29 | ||||||
QIAGEN N.V. (f) | 321 | 15 | ||||||
RWE AG | 346 | 14 | ||||||
Salzgitter AG (f) | 52 | 2 | ||||||
SAP SE | 563 | 69 | ||||||
Siemens AG (Registered) | 408 | 67 | ||||||
Siemens Energy AG (f) | 204 | 7 | ||||||
thyssenKrupp AG (f) | 146 | 2 | ||||||
Uniper SE | 105 | 4 | ||||||
Volkswagen AG | 44 | 16 | ||||||
Volkswagen AG (Preference) | 213 | 60 | ||||||
1,040 | ||||||||
Hong Kong (0.0%) (a) | ||||||||
CLP Holdings Ltd. | 700 | 7 | ||||||
Hong Kong & China Gas Co., Ltd. | 1,680 | 2 | ||||||
I-CABLE Communications Ltd. (f) | 1,072 | — | @ | |||||
MTR Corp., Ltd. | 30 | — | @ | |||||
Sino Land Co., Ltd. | 2,825 | 4 | ||||||
Wharf Real Estate Investment Co., Ltd. | 1,400 | 8 | ||||||
21 | ||||||||
Ireland (0.0%) (a) | ||||||||
CRH PLC | 488 | 23 | ||||||
Italy (0.3%) | ||||||||
Assicurazioni Generali SpA (f) | 766 | 15 | ||||||
Atlantia SpA (f) | 7,057 | 132 | ||||||
Banco BPM SpA (f) | 215 | 1 | ||||||
CNH Industrial N.V. (f) | 456 | 7 | ||||||
Enel SpA | 4,573 | 46 | ||||||
Eni SpA | 1,280 | 16 | ||||||
EXOR N.V. | 55 | 5 | ||||||
Ferrari N.V. | 132 | 28 | ||||||
Intesa Sanpaolo SpA (f) | 7,380 | 20 | ||||||
Italgas SpA | 197 | 1 | ||||||
Leonardo SpA | 351 | 3 | ||||||
Mediobanca Banca di Credito Finanziario SpA (f) | 449 | 5 | ||||||
Prysmian SpA | 116 | 4 | ||||||
Rizzoli Corriere Della Sera Mediagroup SpA (f) | 41 | — | @ | |||||
Saipem SpA | 15 | — | @ | |||||
Snam SpA | 989 | 5 | ||||||
Telecom Italia SpA (Milano) | 7,592 | 4 | ||||||
Tenaris SA | 277 | 3 | ||||||
Terna Rete Elettrica Nazionale SpA | 922 | 7 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
UniCredit SpA (f) | 687 | 7 | ||||||
309 | ||||||||
Japan (0.2%) | ||||||||
Honda Motor Co., Ltd. | 918 | 28 | ||||||
Isuzu Motors Ltd. | 312 | 3 | ||||||
Mazda Motor Corp. | 318 | 3 | ||||||
Nissan Motor Co., Ltd. (f) | 1,308 | 7 | ||||||
Subaru Corp. | 345 | 7 | ||||||
Suzuki Motor Corp. | 208 | 9 | ||||||
Takeda Pharmaceutical Co., Ltd. ADR | 2,312 | 42 | ||||||
Toyota Motor Corp. | 1,194 | 93 | ||||||
Yamaha Motor Co., Ltd. | 159 | 4 | ||||||
196 | ||||||||
Netherlands (0.4%) | ||||||||
Akzo Nobel N.V. | 202 | 23 | ||||||
ASML Holding N.V. | 299 | 181 | ||||||
Basic-Fit N.V. (f) | 788 | 30 | ||||||
Coca-Cola European Partners PLC | 129 | 7 | ||||||
Fugro N.V. (f) | 28 | — | @ | |||||
Heineken N.V. | 360 | 37 | ||||||
ING Groep N.V. | 3,316 | 41 | ||||||
Koninklijke Ahold Delhaize N.V. | 882 | 24 | ||||||
Koninklijke KPN N.V. | 1,070 | 4 | ||||||
Koninklijke Philips N.V. (f) | 1,120 | 64 | ||||||
Koninklijke Vopak N.V. | 68 | 3 | ||||||
PostNL N.V. (f) | 385 | 2 | ||||||
416 | ||||||||
New Zealand (0.0%) (a) | ||||||||
Auckland International Airport Ltd. (f) | 1,421 | 8 | ||||||
Contact Energy Ltd. | 1,031 | 5 | ||||||
Fletcher Building Ltd. | 973 | 5 | ||||||
Mercury NZ Ltd. | 998 | 4 | ||||||
Meridian Energy Ltd. | 1,851 | 7 | ||||||
Ryman Healthcare Ltd. | 545 | 6 | ||||||
Spark New Zealand Ltd. | 2,665 | 8 | ||||||
43 | ||||||||
Norway (0.1%) | ||||||||
Akastor ASA (f) | 246 | — | @ | |||||
Aker Carbon Capture AS (f) | 184 | — | @ | |||||
Aker Offshore Wind AS (f) | 184 | — | @ | |||||
Aker Solutions ASA (f) | 447 | 1 | ||||||
DNB ASA | 1,426 | 31 | ||||||
Equinor ASA | 1,409 | 28 | ||||||
Norsk Hydro ASA | 1,231 | 8 | ||||||
Orkla ASA | 745 | 7 | ||||||
REC Silicon ASA (f) | 118 | — | @ | |||||
Subsea 7 SA (f) | 324 | 3 | ||||||
Telenor ASA | 614 | 11 | ||||||
Yara International ASA | 217 | 11 | ||||||
100 | ||||||||
Portugal (0.0%) (a) | ||||||||
EDP - Energias de Portugal SA | 2,371 | 14 | ||||||
Galp Energia SGPS SA | 247 | 3 | ||||||
Jeronimo Martins SGPS SA | 241 | 4 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Pharol SGPS SA (Registered) (f) | 610 | — | @ | |||||
21 | ||||||||
South Africa (0.0%) (a) | ||||||||
Nedbank Group Ltd. | 249 | 2 | ||||||
Old Mutual Ltd. | 7,755 | 7 | ||||||
9 | ||||||||
Spain (0.8%) | ||||||||
ACS Actividades de Construccion y Servicios SA | 195 | 6 | ||||||
Aena SME SA (f) | 3,084 | 500 | ||||||
Amadeus IT Group SA (f) | 176 | 12 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 3,600 | 19 | ||||||
Banco de Sabadell SA | 4,429 | 2 | ||||||
Banco Santander SA (f) | 6,415 | 22 | ||||||
CaixaBank SA | 823 | 3 | ||||||
Enagas SA | 211 | 5 | ||||||
Ferrovial SA | 6,386 | 166 | ||||||
Grifols SA | 163 | 4 | ||||||
Grifols SA (Preference) Class B | 38 | 1 | ||||||
Iberdrola SA | 2,771 | 36 | ||||||
Industria de Diseno Textil SA | 824 | 27 | ||||||
International Consolidated Airlines Group SA (f) | 1,054 | 3 | ||||||
Melia Hotels International SA (f) | 2,015 | 15 | ||||||
Naturgy Energy Group SA | 192 | 5 | ||||||
Red Electrica Corp., SA | 338 | 6 | ||||||
Repsol SA | 870 | 11 | ||||||
Telefonica SA | 2,506 | 11 | ||||||
854 | ||||||||
Sweden (0.5%) | ||||||||
Alfa Laval AB (f) | 368 | 11 | ||||||
Assa Abloy AB, Class B | 1,096 | 31 | ||||||
Atlas Copco AB, Class A | 725 | 44 | ||||||
Atlas Copco AB, Class B | 423 | 22 | ||||||
Boliden AB | 331 | 12 | ||||||
Electrolux AB, Class B | 299 | 8 | ||||||
Electrolux Professional AB (f) | 293 | 1 | ||||||
Epiroc AB, Class A | 746 | 17 | ||||||
Epiroc AB, Class B | 487 | 10 | ||||||
Essity AB, Class B | 663 | 21 | ||||||
Getinge AB, Class B | 295 | 8 | ||||||
Hennes & Mauritz AB, Class B (f) | 1,005 | 23 | ||||||
Hexagon AB, Class B | 278 | 26 | ||||||
Husqvarna AB, Class B | 581 | 8 | ||||||
ICA Gruppen AB | 103 | 5 | ||||||
Industrivarden AB, Class C (f) | 220 | 8 | ||||||
Investor AB, Class B | 502 | 40 | ||||||
Kinnevik AB (f) | 280 | 14 | ||||||
L E Lundbergforetagen AB, Class B (f) | 114 | 6 | ||||||
Lundin Petroleum AB | 233 | 7 | ||||||
Millicom International Cellular SA SDR (f) | 85 | 3 | ||||||
Modern Times Group MTG AB, Class B (f) | 17 | — | @ | |||||
Nordic Entertainment Group AB, Class B (f) | 17 | 1 | ||||||
Sandvik AB (f) | 1,204 | 33 | ||||||
Securitas AB, Class B | 388 | 7 | ||||||
Skandinaviska Enskilda Banken AB, Class A (f) | 1,646 | 20 | ||||||
Skanska AB, Class B | 421 | 11 | ||||||
SKF AB, Class B | 444 | 13 | ||||||
Svenska Handelsbanken AB, Class A | 1,673 | 18 | ||||||
Swedbank AB, Class A | 1,000 | 18 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Swedish Match AB | 201 | 16 | ||||||
Tele2 AB, Class B | 446 | 6 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 3,394 | 45 | ||||||
Telia Co., AB | 2,874 | 12 | ||||||
Volvo AB, Class B (f) | 1,683 | 43 | ||||||
568 | ||||||||
Switzerland (1.5%) | ||||||||
ABB Ltd. (Registered) | 2,567 | 78 | ||||||
Adecco Group AG (Registered) | 275 | 18 | ||||||
Alcon, Inc. (f) | 241 | 17 | ||||||
Baloise Holding AG (Registered) | 105 | 18 | ||||||
Cie Financiere Richemont SA (Registered) | 529 | 51 | ||||||
Credit Suisse Group AG (Registered) | 1,437 | 15 | ||||||
GAM Holding AG (f) | 529 | 1 | ||||||
Geberit AG (Registered) | 83 | 53 | ||||||
Givaudan SA (Registered) | 15 | 58 | ||||||
Idorsia Ltd. (f) | 321 | 9 | ||||||
Julius Baer Group Ltd. (f) | 301 | 19 | ||||||
Kuehne & Nagel International AG (Registered) | 87 | 25 | ||||||
LafargeHolcim Ltd. (Registered) (f) (Euronext) | 294 | 17 | ||||||
LafargeHolcim Ltd. (Registered) (f) (SIX) | 128 | 8 | ||||||
Lonza Group AG (Registered) (f) | 122 | 68 | ||||||
Nestle SA (Registered) | 3,082 | 343 | ||||||
Novartis AG (Registered) | 1,131 | 97 | ||||||
Roche Holding AG (Genusschein) | 1,102 | 356 | ||||||
Schindler Holding AG | 90 | 26 | ||||||
SGS SA (Registered) | 13 | 37 | ||||||
Sonova Holding AG (Registered) (f) | 132 | 35 | ||||||
Swatch Group AG (The) | 40 | 11 | ||||||
Swiss Life Holding AG (Registered) | 42 | 21 | ||||||
Swiss Re AG | 159 | 16 | ||||||
UBS Group AG (Registered) | 3,825 | 59 | ||||||
Zurich Insurance Group AG | 189 | 81 | ||||||
1,537 | ||||||||
United Kingdom (2.6%) | ||||||||
3i Group PLC | 1,090 | 17 | ||||||
Admiral Group PLC | 259 | 11 | ||||||
Anglo American PLC | 1,362 | 53 | ||||||
Antofagasta PLC | 515 | 12 | ||||||
Ashtead Group PLC | 509 | 30 | ||||||
Associated British Foods PLC (f) | 416 | 14 | ||||||
AstraZeneca PLC | 1,368 | 137 | ||||||
Auto Trader Group PLC (f) | 1,244 | 9 | ||||||
Aviva PLC | 4,166 | 23 | ||||||
Babcock International Group PLC (f) | 360 | 1 | ||||||
BAE Systems PLC | 3,193 | 22 | ||||||
Barclays PLC | 17,420 | 45 | ||||||
Barratt Developments PLC (f) | 1,249 | 13 | ||||||
Berkeley Group Holdings PLC | 167 | 10 | ||||||
BHP Group PLC | 2,251 | 65 | ||||||
BP PLC | 21,377 | 87 | ||||||
British American Tobacco PLC | 2,563 | 98 | ||||||
British Land Co., PLC (The) REIT | 1,225 | 8 | ||||||
BT Group PLC (f) | 8,919 | 19 | ||||||
Bunzl PLC | 439 | 14 | ||||||
Burberry Group PLC (f) | 531 | 14 | ||||||
Capita PLC (f) | 954 | 1 | ||||||
Carnival PLC | 266 | 6 | ||||||
Centrica PLC (f) | 7,841 | 6 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Coca-Cola HBC AG | 237 | 8 | ||||||
Compass Group PLC (f) | 1,603 | 32 | ||||||
ConvaTec Group PLC | 2,001 | 5 | ||||||
Croda International PLC | 161 | 14 | ||||||
DCC PLC | 111 | 10 | ||||||
Diageo PLC | 2,726 | 112 | ||||||
Direct Line Insurance Group PLC | 1,766 | 8 | ||||||
Dixons Carphone PLC (f) | 1,404 | 3 | ||||||
easyJet PLC (f) | 225 | 3 | ||||||
Experian PLC | 956 | 33 | ||||||
Ferguson PLC | 253 | 30 | ||||||
Fresnillo PLC | 324 | 4 | ||||||
G4S PLC (f) | 2,164 | 7 | ||||||
GlaxoSmithKline PLC | 5,293 | 94 | ||||||
Glencore PLC (f) | 12,496 | 49 | ||||||
Hammerson PLC REIT | 228 | — | @ | |||||
Hargreaves Lansdown PLC | 327 | 7 | ||||||
Hikma Pharmaceuticals PLC | 204 | 6 | ||||||
HSBC Holdings PLC | 21,931 | 128 | ||||||
IMI PLC | 381 | 7 | ||||||
Imperial Brands PLC | 975 | 20 | ||||||
InterContinental Hotels Group PLC (f) | 1,463 | 100 | ||||||
Intertek Group PLC | 184 | 14 | ||||||
Intu Properties PLC REIT (f) | 1,268 | — | @ | |||||
Investec PLC | 931 | 3 | ||||||
ITV PLC (f) | 4,716 | 8 | ||||||
J Sainsbury PLC | 2,261 | 8 | ||||||
Johnson Matthey PLC | 239 | 10 | ||||||
Kingfisher PLC (f) | 2,946 | 13 | ||||||
Land Securities Group PLC REIT | 933 | 9 | ||||||
Legal & General Group PLC | 5,966 | 23 | ||||||
Lloyds Banking Group PLC (f) | 73,196 | 43 | ||||||
London Stock Exchange Group PLC | 327 | 31 | ||||||
M&G PLC | 3,192 | 9 | ||||||
Marks & Spencer Group PLC (f) | 2,152 | 4 | ||||||
Mediclinic International PLC (f) | 533 | 2 | ||||||
Meggitt PLC (f) | 1,017 | 7 | ||||||
Melrose Industries PLC (f) | 4,699 | 11 | ||||||
Micro Focus International PLC | 504 | 4 | ||||||
Micro Focus International PLC ADR | 219 | 2 | ||||||
Mondi PLC | 463 | 12 | ||||||
National Grid PLC | 3,460 | 41 | ||||||
Next PLC (f) | 165 | 18 | ||||||
Ninety One PLC | 465 | 1 | ||||||
Paragon Offshore PLC (f)(h) | 67 | — | ||||||
Pearson PLC | 1,093 | 12 | ||||||
Persimmon PLC | 355 | 14 | ||||||
Provident Financial PLC (f) | 221 | 1 | ||||||
Prudential PLC | 2,638 | 56 | ||||||
Quilter PLC | 2,394 | 5 | ||||||
Reckitt Benckiser Group PLC | 688 | 62 | ||||||
RELX PLC | 1,092 | 27 | ||||||
Rio Tinto PLC | 3,038 | 232 | ||||||
Rolls-Royce Holdings PLC (f) | 2,086 | 3 | ||||||
Royal Bank of Scotland Group PLC | 4,278 | 12 | ||||||
Royal Dutch Shell PLC, Class A | 4,823 | 94 | ||||||
Royal Dutch Shell PLC, Class B | 4,102 | 75 | ||||||
Royal Mail PLC (f) | 1,287 | 9 | ||||||
RSA Insurance Group PLC | 1,337 | 13 | ||||||
Sage Group PLC (The) | 1,277 | 11 | ||||||
Schroders PLC | 162 | 8 | ||||||
Segro PLC REIT | 1,120 | 14 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Severn Trent PLC | 301 | 10 | ||||||
Smith & Nephew PLC | 903 | 17 | ||||||
Smiths Group PLC | 503 | 11 | ||||||
SSE PLC | 1,023 | 20 | ||||||
St. James’s Place PLC | 662 | 12 | ||||||
Standard Chartered PLC | 3,358 | 23 | ||||||
Standard Life Aberdeen PLC | 2,899 | 12 | ||||||
Tate & Lyle PLC | 619 | 7 | ||||||
Taylor Wimpey PLC (f) | 4,058 | 10 | ||||||
Tesco PLC | 6,906 | 22 | ||||||
Travis Perkins PLC (f) | 335 | 7 | ||||||
TUI AG (f) | 585 | 3 | ||||||
Unilever PLC | 1,074 | 60 | ||||||
Unilever PLC CVA | 1,300 | 73 | ||||||
United Utilities Group PLC | 849 | 11 | ||||||
Virgin Money UK PLC (f) | 888 | 2 | ||||||
Vodafone Group PLC | 26,803 | 49 | ||||||
Weir Group PLC (The) (f) | 287 | 7 | ||||||
Whitbread PLC (f) | 1,452 | 69 | ||||||
Wm Morrison Supermarkets PLC | 2,934 | 7 | ||||||
WPP PLC | 1,407 | 18 | ||||||
2,766 | ||||||||
United States (31.7%) | ||||||||
3M Co. | 1,055 | 203 | ||||||
Abbott Laboratories | 1,463 | 175 | ||||||
AbbVie, Inc. | 1,458 | 158 | ||||||
Accenture PLC, Class A | 1,029 | 284 | ||||||
Adient PLC (f) | 38 | 2 | ||||||
Adobe, Inc. (f) | 632 | 300 | ||||||
AdvanSix, Inc. (f) | 142 | 4 | ||||||
AES Corp. (The) | 392 | 11 | ||||||
Agilent Technologies, Inc. | 226 | 29 | ||||||
Alaska Air Group, Inc. | 440 | 30 | ||||||
Alexion Pharmaceuticals, Inc. (f) | 234 | 36 | ||||||
Allegiant Travel Co. | 56 | 14 | ||||||
Alphabet, Inc., Class A (f) | 449 | 926 | ||||||
Alphabet, Inc., Class C (f) | 438 | 906 | ||||||
Altria Group, Inc. | 1,713 | 88 | ||||||
Amazon.com, Inc. (f) | 543 | 1,680 | ||||||
Ameren Corp. | 210 | 17 | ||||||
American Electric Power Co., Inc. | 541 | 46 | ||||||
American Express Co. | 3,005 | 425 | ||||||
American International Group, Inc. | 1,751 | 81 | ||||||
American Tower Corp. REIT | 575 | 137 | ||||||
Ameriprise Financial, Inc. | 224 | 52 | ||||||
AmerisourceBergen Corp. | 370 | 44 | ||||||
Amgen, Inc. | 736 | 183 | ||||||
Amphenol Corp., Class A | 1,054 | 70 | ||||||
Analog Devices, Inc. | 168 | 26 | ||||||
Annaly Capital Management, Inc. REIT | 580 | 5 | ||||||
Anthem, Inc. | 546 | 196 | ||||||
APA Corp. | 342 | 6 | ||||||
Apple, Inc. | 16,416 | 2,005 | ||||||
AT&T, Inc. | 4,338 | 131 | ||||||
Automatic Data Processing, Inc. | 534 | 101 | ||||||
Avanos Medical, Inc. (f) | 534 | 23 | ||||||
Avery Dennison Corp. | 390 | 72 | ||||||
Baker Hughes Co. | 467 | 10 | ||||||
Bank of America Corp. | 9,042 | 350 | ||||||
Bank of New York Mellon Corp. (The) | 616 | 29 | ||||||
Baxter International, Inc. | 889 | 75 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Becton Dickinson & Co. | 577 | 140 | ||||||
Berkshire Hathaway, Inc., Class B (f) | 811 | 207 | ||||||
Biogen, Inc. (f) | 544 | 152 | ||||||
BlackRock, Inc. | 405 | 305 | ||||||
Boeing Co. (The) | 805 | 205 | ||||||
Booking Holdings, Inc. (f) | 53 | 123 | ||||||
Boston Properties, Inc. REIT | 175 | 18 | ||||||
Boston Scientific Corp. (f) | 457 | 18 | ||||||
Bristol-Myers Squibb Co. | 2,748 | 173 | ||||||
Broadcom, Inc. | 7 | 3 | ||||||
Brookfield Property Partners LP (f) (TSX) | 138 | 2 | ||||||
Brookfield Property Partners LP (NASDAQ) | 40 | 1 | ||||||
Cabot Oil & Gas Corp. | 5,015 | 94 | ||||||
Capital One Financial Corp. | 224 | 29 | ||||||
Cardinal Health, Inc. | 182 | 11 | ||||||
Carnival Corp. | 2 | — | @ | |||||
Carrier Global Corp. | 2,612 | 110 | ||||||
Caterpillar, Inc. | 847 | 196 | ||||||
CDK Global, Inc. | 152 | 8 | ||||||
CenterPoint Energy, Inc. | 175 | 4 | ||||||
Cerner Corp. | 539 | 39 | ||||||
CF Industries Holdings, Inc. | 38 | 2 | ||||||
CH Robinson Worldwide, Inc. | 232 | 22 | ||||||
Charles Schwab Corp. (The) | 614 | 40 | ||||||
Charter Communications, Inc., Class A (f) | 183 | 113 | ||||||
Chemours Co. (The) | 416 | 12 | ||||||
Chevron Corp. | 1,433 | 150 | ||||||
Chipotle Mexican Grill, Inc. (f) | 45 | 64 | ||||||
Choice Hotels International, Inc. | 315 | 34 | ||||||
Cigna Corp. | 666 | 161 | ||||||
Cintas Corp. | 188 | 64 | ||||||
Cisco Systems, Inc. | 3,997 | 207 | ||||||
CIT Group, Inc. | 559 | 29 | ||||||
Citigroup, Inc. | 2,527 | 184 | ||||||
Citrix Systems, Inc. | 347 | 49 | ||||||
Cleveland-Cliffs, Inc. | 20 | — | @ | |||||
CME Group, Inc. | 212 | 43 | ||||||
CNX Resources Corp. (f) | 383 | 6 | ||||||
Coca-Cola Co. (The) | 809 | 43 | ||||||
Cognizant Technology Solutions Corp., Class A | 512 | 40 | ||||||
Colgate-Palmolive Co. | 2,100 | 166 | ||||||
Comcast Corp., Class A | 4,194 | 227 | ||||||
Comerica, Inc. | 224 | 16 | ||||||
Conduent, Inc. (f) | 419 | 3 | ||||||
ConocoPhillips | 16,219 | 859 | ||||||
CONSOL Energy, Inc. (f) | 46 | — | @ | |||||
Consolidated Edison, Inc. | 539 | 40 | ||||||
Corteva, Inc. | 878 | 41 | ||||||
Costco Wholesale Corp. | 781 | 275 | ||||||
Covetrus, Inc. (f) | 131 | 4 | ||||||
Crown Castle International Corp. REIT | 449 | 77 | ||||||
CSX Corp. | 444 | 43 | ||||||
Cummins, Inc. | 9 | 2 | ||||||
CVS Health Corp. | 2,470 | 186 | ||||||
Danaher Corp. | 538 | 121 | ||||||
DaVita, Inc. (f) | 402 | 43 | ||||||
Deere & Co. | 24 | 9 | ||||||
Dell Technologies, Inc., Class C (f) | 350 | 31 | ||||||
Delta Air Lines, Inc. | 1,965 | 95 | ||||||
Devon Energy Corp. | 7,218 | 158 | ||||||
Discover Financial Services | 427 | 41 | ||||||
Discovery, Inc., Class A (f) | 527 | 23 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Discovery, Inc., Class C (f) | 467 | 17 | ||||||
Dominion Energy, Inc. | 370 | 28 | ||||||
Dow, Inc. | 878 | 56 | ||||||
DTE Energy Co. | 380 | 51 | ||||||
Duke Energy Corp. | 811 | 78 | ||||||
DuPont de Nemours, Inc. | 878 | 68 | ||||||
DXC Technology Co. | 166 | 5 | ||||||
Eaton Corp., PLC | 30 | 4 | ||||||
eBay, Inc. | 1,218 | 75 | ||||||
Ecolab, Inc. | 34 | 7 | ||||||
Edison International | 464 | 27 | ||||||
Edwards Lifesciences Corp. (f) | 1,448 | 121 | ||||||
Eli Lilly & Co. | 1,048 | 196 | ||||||
Emerson Electric Co. | 1,061 | 96 | ||||||
Empire State Realty Trust, Inc., Class A REIT | 4,104 | 46 | ||||||
Entergy Corp. | 383 | 38 | ||||||
EOG Resources, Inc. | 472 | 34 | ||||||
Equity Residential REIT | 463 | 33 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 387 | 113 | ||||||
Exelon Corp. | 571 | 25 | ||||||
Extended Stay America, Inc. (Units) | 1,175 | 23 | ||||||
Exxon Mobil Corp. | 2,795 | 156 | ||||||
Facebook, Inc., Class A (f) | 1,123 | 331 | ||||||
Fastenal Co. | 30 | 2 | ||||||
FedEx Corp. | 543 | 154 | ||||||
Fidelity National Information Services, Inc. | 208 | 29 | ||||||
Fifth Third Bancorp | 512 | 19 | ||||||
FirstEnergy Corp. | 512 | 18 | ||||||
Fluor Corp. | 45 | 1 | ||||||
Ford Motor Co. (f) | 6,130 | 75 | ||||||
Fortive Corp. | 392 | 28 | ||||||
Fox Corp., Class A | 465 | 17 | ||||||
Fox Corp., Class B | 216 | 8 | ||||||
Franklin Resources, Inc. | 422 | 12 | ||||||
Freeport-McMoRan, Inc. (f) | 6,648 | 219 | ||||||
Frontier Communications Corp. (f) | 34 | — | @ | |||||
Garrett Motion, Inc. (f) | 161 | 1 | ||||||
General Dynamics Corp. | 73 | 13 | ||||||
General Electric Co. | 4,172 | 55 | ||||||
General Mills, Inc. | 623 | 38 | ||||||
General Motors Co. | 736 | 42 | ||||||
Gilead Sciences, Inc. | 760 | 49 | ||||||
Goldman Sachs Group, Inc. (The) | 589 | 193 | ||||||
Halliburton Co. | 6,442 | 138 | ||||||
Healthpeak Properties, Inc. REIT | 519 | 16 | ||||||
Henry Schein, Inc. (f) | 629 | 44 | ||||||
Hershey Co. (The) | 166 | 26 | ||||||
Hess Corp. | 3,564 | 252 | ||||||
Hewlett Packard Enterprise Co. | 908 | 14 | ||||||
Hilton Worldwide Holdings, Inc. | 2,003 | 242 | ||||||
Home Depot, Inc. (The) | 1,450 | 443 | ||||||
Honeywell International, Inc. | 1,317 | 286 | ||||||
HP, Inc. | 597 | 19 | ||||||
Humana, Inc. | 131 | 55 | ||||||
Hyatt Hotels Corp., Class A | 829 | 69 | ||||||
Illinois Tool Works, Inc. | 29 | 6 | ||||||
Intel Corp. | 2,033 | 130 | ||||||
Intercontinental Exchange, Inc. | 579 | 65 | ||||||
International Business Machines Corp. | 862 | 115 | ||||||
Interpublic Group of Cos., Inc. (The) | 618 | 18 | ||||||
Intuit, Inc. | 427 | 164 | ||||||
Intuitive Surgical, Inc. (f) | 142 | 105 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Invesco Ltd. | 541 | 14 | ||||||
Iron Mountain, Inc. REIT | 700 | 26 | ||||||
JBG SMITH Properties REIT | 65 | 2 | ||||||
JetBlue Airways Corp. (f) | 969 | 20 | ||||||
Johnson & Johnson | 2,045 | 336 | ||||||
Johnson Controls International PLC | 550 | 33 | ||||||
JPMorgan Chase & Co. | 3,392 | 516 | ||||||
Juniper Networks, Inc. | 560 | 14 | ||||||
Kellogg Co. | 425 | 27 | ||||||
KeyCorp | 540 | 11 | ||||||
Keysight Technologies, Inc. (f) | 126 | 18 | ||||||
Kimberly-Clark Corp. | 735 | 102 | ||||||
Kimco Realty Corp. REIT | 501 | 9 | ||||||
Kohl’s Corp. | 402 | 24 | ||||||
Kontoor Brands, Inc. | 49 | 2 | ||||||
Kraft Heinz Co. (The) | 95 | 4 | ||||||
Kroger Co. (The) | 582 | 21 | ||||||
L Brands, Inc. | 366 | 23 | ||||||
Laboratory Corp. of America Holdings (f) | 173 | 44 | ||||||
Las Vegas Sands Corp. | 162 | 10 | ||||||
Liberty Global PLC, Class A (f) | 565 | 15 | ||||||
Liberty Global PLC Series C (f) | 561 | 14 | ||||||
Liberty Latin America Ltd., Class A (f) | 72 | 1 | ||||||
Liberty Latin America Ltd., Class C (f) | 181 | 2 | ||||||
Lockheed Martin Corp. | 15 | 6 | ||||||
Lowe’s Cos., Inc. | 1,299 | 247 | ||||||
Lumen Technologies, Inc. | 580 | 8 | ||||||
M&T Bank Corp. | 203 | 31 | ||||||
Macerich Co. (The) REIT | 592 | 7 | ||||||
Mallinckrodt PLC (f) | 29 | — | @ | |||||
ManpowerGroup, Inc. | 210 | 21 | ||||||
Marathon Oil Corp. | 407 | 4 | ||||||
Marathon Petroleum Corp. | 426 | 23 | ||||||
Marriott International, Inc., Class A | 2,418 | 358 | ||||||
Marriott Vacations Worldwide Corp. | 239 | 42 | ||||||
Mastercard, Inc., Class A | 1,772 | 631 | ||||||
McDonald’s Corp. | 783 | 176 | ||||||
McKesson Corp. | 402 | 78 | ||||||
Medtronic PLC | 1,194 | 141 | ||||||
Merck & Co., Inc. | 1,586 | 122 | ||||||
Microsoft Corp. | 4,640 | 1,094 | ||||||
Mondelez International, Inc., Class A | 787 | 46 | ||||||
Mosaic Co. (The) | 29 | 1 | ||||||
Murphy Oil Corp. | 539 | 9 | ||||||
Murphy USA, Inc. | 162 | 23 | ||||||
Nasdaq, Inc. | 188 | 28 | ||||||
NetApp, Inc. | 404 | 29 | ||||||
NetScout Systems, Inc. (f) | 2,032 | 57 | ||||||
New York Community Bancorp, Inc. | 188 | 2 | ||||||
Newmont Corp. (NYSE) | 184 | 11 | ||||||
Newmont Corp. (TSX) | 4,946 | 298 | ||||||
News Corp., Class A | 556 | 14 | ||||||
News Corp., Class B | 410 | 10 | ||||||
NextEra Energy, Inc. | 1,780 | 135 | ||||||
NIKE, Inc., Class B | 2,568 | 341 | ||||||
Nordstrom, Inc. | 137 | 5 | ||||||
Norfolk Southern Corp. | 458 | 123 | ||||||
Northrop Grumman Corp. | 20 | 6 | ||||||
NortonLifeLock, Inc. | 408 | 9 | ||||||
NOV, Inc. | 618 | 8 | ||||||
NOW, Inc. (f) | 188 | 2 | ||||||
nVent Electric PLC | 6 | — | @ |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
O’Reilly Automotive, Inc. (f) | 242 | 123 | ||||||
Occidental Petroleum Corp. | 1,070 | 28 | ||||||
Omnicom Group, Inc. | 377 | 28 | ||||||
ONE Gas, Inc. | 129 | 10 | ||||||
ONEOK, Inc. | 431 | 22 | ||||||
Oracle Corp. | 2,821 | 198 | ||||||
Otis Worldwide Corp. | 1,306 | 89 | ||||||
Ovintiv, Inc. (NYSE) | 165 | 4 | ||||||
Ovintiv, Inc. (TSX) | 72 | 2 | ||||||
PACCAR, Inc. | 22 | 2 | ||||||
Paramount Group, Inc. REIT | 5,335 | 54 | ||||||
PayPal Holdings, Inc. (f) | 1,218 | 296 | ||||||
Pentair PLC | 6 | — | @ | |||||
People’s United Financial, Inc. | 189 | 3 | ||||||
PepsiCo, Inc. | 1,216 | 172 | ||||||
Perspecta, Inc. | 83 | 2 | ||||||
Pfizer, Inc. | 3,298 | 119 | ||||||
Philip Morris International, Inc. | 1,172 | 104 | ||||||
Phillips 66 | 614 | 50 | ||||||
Pioneer Natural Resources Co. | 2,841 | 451 | ||||||
Pitney Bowes, Inc. | 432 | 4 | ||||||
PNC Financial Services Group, Inc. (The) | 674 | 118 | ||||||
PPL Corp. | 489 | 14 | ||||||
Procter & Gamble Co. (The) | 1,992 | 270 | ||||||
Prologis, Inc. REIT | 792 | 84 | ||||||
Public Service Enterprise Group, Inc. | 389 | 23 | ||||||
Public Storage REIT | 167 | 41 | ||||||
QUALCOMM, Inc. | 1,896 | 251 | ||||||
Quest Diagnostics, Inc. | 247 | 32 | ||||||
Range Resources Corp. (f) | 146 | 2 | ||||||
Rayonier Advanced Materials, Inc. (f) | 393 | 4 | ||||||
Rayonier, Inc. REIT | 516 | 17 | ||||||
Raytheon Technologies Corp. | 2,063 | 159 | ||||||
Regions Financial Corp. | 536 | 11 | ||||||
Republic Services, Inc. | 618 | 61 | ||||||
Resideo Technologies, Inc. (f) | 236 | 7 | ||||||
Robert Half International, Inc. | 224 | 17 | ||||||
Rockwell Automation, Inc. | 9 | 2 | ||||||
Ross Stores, Inc. | 420 | 50 | ||||||
Royal Caribbean Cruises Ltd. | 2 | — | @ | |||||
S&P Global, Inc. | 517 | 182 | ||||||
Sabra Health Care, Inc. REIT | 118 | 2 | ||||||
salesforce.com, Inc. (f) | 565 | 120 | ||||||
Schlumberger Ltd. | 1,095 | 30 | ||||||
Sempra Energy | 557 | 74 | ||||||
Simon Property Group, Inc. REIT | 549 | 62 | ||||||
SL Green Realty Corp. REIT | 1,709 | 120 | ||||||
Southern Co. (The) | 383 | 24 | ||||||
Southwest Airlines Co. | 2,014 | 123 | ||||||
Southwestern Energy Co. (f) | 644 | 3 | ||||||
Starbucks Corp. | 1,743 | 190 | ||||||
State Street Corp. | 557 | 47 | ||||||
Stericycle, Inc. (f) | 349 | 24 | ||||||
Stryker Corp. | 527 | 128 | ||||||
Sysco Corp. | 387 | 30 | ||||||
T Rowe Price Group, Inc. | 378 | 65 | ||||||
T-Mobile US, Inc. (f) | 73 | 9 | ||||||
Tapestry, Inc. | 446 | 18 | ||||||
Target Corp. | 765 | 152 | ||||||
TE Connectivity Ltd. | 186 | 24 | ||||||
Texas Instruments, Inc. | 2,111 | 399 | ||||||
Thermo Fisher Scientific, Inc. | 406 | 185 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
TJX Cos., Inc. (The) | 856 | 57 | ||||||
Truist Financial Corp. | 1,187 | 69 | ||||||
Union Pacific Corp. | 1,287 | 284 | ||||||
United Airlines Holdings, Inc. (f) | 1,389 | 80 | ||||||
United Parcel Service, Inc., Class B | 1,307 | 222 | ||||||
UnitedHealth Group, Inc. | 1,463 | 544 | ||||||
Urban Edge Properties REIT | 74 | 1 | ||||||
US Bancorp | 855 | 47 | ||||||
Valero Energy Corp. | 400 | 29 | ||||||
Varex Imaging Corp. (f) | 124 | 3 | ||||||
Varian Medical Systems, Inc. (f) | 375 | 66 | ||||||
Ventas, Inc. REIT | 253 | 14 | ||||||
Verisk Analytics, Inc. | 168 | 30 | ||||||
Verizon Communications, Inc. | 7,641 | 444 | ||||||
VF Corp. | 548 | 44 | ||||||
ViacomCBS, Inc., Class B | 718 | 32 | ||||||
Viatris, Inc. (f) | 397 | 6 | ||||||
Visa, Inc., Class A | 1,991 | 422 | ||||||
Vontier Corp. (f) | 116 | 4 | ||||||
Vornado Realty Trust REIT | 4,724 | 214 | ||||||
Walgreens Boots Alliance, Inc. | 568 | 31 | ||||||
Walmart, Inc. | 1,966 | 267 | ||||||
Walt Disney Co. (The) (f) | 1,450 | 268 | ||||||
Washington Prime Group, Inc. REIT | 67 | — | @ | |||||
Waste Management, Inc. | 433 | 56 | ||||||
WEC Energy Group, Inc. | 220 | 21 | ||||||
Wells Fargo & Co. | 2,753 | 108 | ||||||
Welltower, Inc. REIT | 563 | 40 | ||||||
Western Digital Corp. | 72 | 5 | ||||||
Western Union Co. (The) | 88 | 2 | ||||||
Westinghouse Air Brake Technologies Corp. | 19 | 2 | ||||||
Weyerhaeuser Co. REIT | 618 | 22 | ||||||
Williams Cos., Inc. (The) | 458 | 11 | ||||||
WW Grainger, Inc. | 5 | 2 | ||||||
Wyndham Hotels & Resorts, Inc. | 529 | 37 | ||||||
Wynn Resorts Ltd. | 215 | 27 | ||||||
Xcel Energy, Inc. | 395 | 26 | ||||||
Xerox Holdings Corp. | 241 | 6 | ||||||
Xylem, Inc. | 135 | 14 | ||||||
Yum! Brands, Inc. | 413 | 45 | ||||||
Zimmer Biomet Holdings, Inc. | 349 | 56 | ||||||
Zoetis, Inc. | 910 | 143 | ||||||
33,469 | ||||||||
Total Common Stocks (Cost $34,795) | 45,931 | |||||||
No. of Rights | ||||||||
Right (0.0%) (a) | ||||||||
Italy (0.0%) (a) | ||||||||
Snam SpA (f) (Cost $—) | 989 | — | @ |
No. of Warrants | ||||||||
Warrants (0.0%) (a) | ||||||||
France (0.0%) (a) | ||||||||
CGG SA, expires 2/21/22 (f) | 5 | — | @ |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Switzerland (0.0%) (a) | ||||||||
Cie Financiere Richemont SA, expires 11/22/23 (f) | 1,124 | 1 | ||||||
United Kingdom (0.0%) (a) | ||||||||
NOBLE Corp., expires 3/30/39 (f) | 2 | — | ||||||
United States (0.0%) (a) | ||||||||
Occidental Petroleum Corp., expires 8/3/27 (f) | 108 | 1 | ||||||
Total Warrants (Cost $3) | 2 |
Shares | ||||||||
Investment Company (4.4%) | ||||||||
United States (4.4%) | ||||||||
SPDR S&P 500 ETF Trust (Cost $2,078) | 11,613 | 4,603 | ||||||
Short-Term Investments (9.8%) | ||||||||
Investment Company (9.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $9,678) | 9,678,254 | 9,678 |
Face Amount (000) | ||||||||
U.S. Treasury Security (0.6%) | ||||||||
U.S. Treasury Bill 0.09%, 6/3/21 (j) (Cost $676) | $ | 676 | 676 | |||||
Total Short-Term Investments (Cost $10,354) | 10,354 | |||||||
Total Investments (100.2%) (Cost $91,164) (k)(l)(m) | 105,800 | |||||||
Liabilities in Excess of Other Assets (-0.2%) | (211 | ) | ||||||
Net Assets (100.0%) | $ | 105,589 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Amount is less than 0.05%. |
(b) | Security is subject to delayed delivery. |
(c) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(d) | Floating or variable rate securities: The rates disclosed are as of March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments. |
(e) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2021. |
(f) | Non-income producing security. |
(g) | Security trades on the Hong Kong exchange. |
(h) | At March 31, 2021, the Fund a held fair valued security valued at $0, representing 0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
(i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Funds. |
(j) | Rate shown is the yield to maturity at March 31, 2021. |
(k) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
(l) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(m) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $17,562,000 and the aggregate gross unrealized depreciation is approximately $3,425,000, resulting in net unrealized appreciation of approximately $14,137,000. |
ADR | American Depositary Receipt. |
ASX | Australian Securities Exchange. |
CDI | CHESS Depositary Interest. |
CVA | Certificaten Van Aandelen. |
ETF | Exchange Traded Fund. |
EURIBOR | Euro Interbank Offered Rate. |
Euronext | Euronext Paris Exchange. |
LSE | London Stock Exchange. |
MTN | Medium Term Note. |
NASDAQ | Nasdaq Stock Exchange. |
NYSE | New York Stock Exchange. |
OAT | Obligations Assimilables du Trésor (Treasury Obligation). |
OFZ | Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation). |
OMXH | Helsinki Stock Exchange. |
REIT | Real Estate Investment Trust. |
SDR | Swedish Depositary Receipt. |
SIX | Swiss Exchange. |
SOFR | Secured Overnight Financing Rate. |
SPDR | Standard & Poor’s Depository Receipt. |
SSE | Stockholm Stock Exchange. |
TBA | To Be Announced. |
TSX | Toronto Stock Exchange. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts: The Fund had the following foreign currency forward exchange contracts open at March 31, 2021: |
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | |||||||||||
Bank of America NA | AUD | 947 | $ | 750 | 5/25/21 | $ | 31 | ||||||||
Bank of America NA | CNH | 2,390 | $ | 365 | 6/17/21 | 3 | |||||||||
Bank of America NA | EUR | 80 | $ | 95 | 5/25/21 | — | @ | ||||||||
Bank of America NA | PLN | 67 | $ | 17 | 6/17/21 | — | @ | ||||||||
Bank of America NA | $ | 26 | CAD | 33 | 5/25/21 | — | @ | ||||||||
Bank of America NA | $ | 57 | ILS | 189 | 6/17/21 | (1 | ) | ||||||||
Bank of Montreal | $ | 219 | CAD | 272 | 6/17/21 | (2 | ) | ||||||||
Barclays Bank PLC | CAD | 78 | $ | 62 | 5/25/21 | (— | )@ | ||||||||
Barclays Bank PLC | JPY | 17,008 | $ | 154 | 4/5/21 | (— | )@ | ||||||||
Barclays Bank PLC | $ | 34 | AUD | 43 | 6/17/21 | (1 | ) | ||||||||
Barclays Bank PLC | $ | 109 | CAD | 135 | 6/17/21 | (1 | ) | ||||||||
Barclays Bank PLC | $ | 402 | CNY | 2,630 | 6/17/21 | (3 | ) | ||||||||
Barclays Bank PLC | $ | 14 | COP | 50,392 | 6/17/21 | (1 | ) | ||||||||
Barclays Bank PLC | $ | 152 | EUR | 126 | 5/25/21 | (4 | ) | ||||||||
Barclays Bank PLC | $ | 4 | GBP | 3 | 5/25/21 | (— | )@ | ||||||||
Barclays Bank PLC | $ | 154 | JPY | 17,008 | 5/25/21 | — | @ | ||||||||
Barclays Bank PLC | $ | 37 | PEN | 135 | 5/25/21 | (1 | ) | ||||||||
BNP Paribas SA | CAD | 43 | $ | 34 | 4/6/21 | (— | )@ | ||||||||
BNP Paribas SA | EUR | 133 | $ | 159 | 6/17/21 | 2 | |||||||||
BNP Paribas SA | EUR | 53 | $ | 63 | 6/17/21 | 1 | |||||||||
BNP Paribas SA | EUR | 53 | $ | 64 | 6/17/21 | 1 | |||||||||
BNP Paribas SA | GBP | 381 | $ | 537 | 5/25/21 | 11 | |||||||||
BNP Paribas SA | IDR | 215,849 | $ | 15 | 5/25/21 | — | @ | ||||||||
BNP Paribas SA | IDR | 26,173 | $ | 2 | 6/17/21 | — | @ | ||||||||
BNP Paribas SA | JPY | 10,379 | $ | 95 | 6/17/21 | 2 | |||||||||
BNP Paribas SA | JPY | 4,147 | $ | 38 | 6/17/21 | 1 | |||||||||
BNP Paribas SA | JPY | 4,147 | $ | 38 | 6/17/21 | 1 | |||||||||
BNP Paribas SA | PEN | 10 | $ | 3 | 6/17/21 | — | @ | ||||||||
BNP Paribas SA | RUB | 1,954 | $ | 26 | 5/25/21 | — | @ | ||||||||
BNP Paribas SA | $ | 7 | AUD | 10 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 345 | CAD | 429 | 6/17/21 | (3 | ) | ||||||||
BNP Paribas SA | $ | 34 | CAD | 43 | 5/25/21 | — | @ | ||||||||
BNP Paribas SA | $ | 29 | CHF | 27 | 6/17/21 | (1 | ) | ||||||||
BNP Paribas SA | $ | 217 | CHF | 194 | 5/25/21 | (11 | ) | ||||||||
BNP Paribas SA | $ | 14 | DKK | 88 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 111 | EUR | 93 | 6/17/21 | (2 | ) | ||||||||
BNP Paribas SA | $ | 208 | EUR | 177 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 284 | GBP | 204 | 6/17/21 | (2 | ) | ||||||||
BNP Paribas SA | $ | 68 | HKD | 530 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 92 | HKD | 719 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 1 | INR | 83 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 67 | JPY | 7,252 | 6/17/21 | (1 | ) | ||||||||
BNP Paribas SA | $ | 333 | JPY | 36,273 | 6/17/21 | (5 | ) | ||||||||
BNP Paribas SA | $ | 160 | JPY | 17,691 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 16 | KRW | 18,082 | 6/17/21 | — | @ | ||||||||
BNP Paribas SA | $ | 457 | KRW | 505,579 | 5/25/21 | (11 | ) | ||||||||
BNP Paribas SA | $ | 30 | KRW | 34,350 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 275 | MXN | 5,709 | 6/17/21 | 2 | |||||||||
BNP Paribas SA | $ | 292 | MXN | 6,012 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 15 | PLN | 56 | 5/25/21 | (1 | ) | ||||||||
BNP Paribas SA | $ | 15 | RUB | 1,114 | 6/17/21 | (— | )@ | ||||||||
BNP Paribas SA | $ | 182 | SGD | 245 | 6/17/21 | — | @ | ||||||||
BNP Paribas SA | $ | 134 | THB | 4,040 | 5/25/21 | (5 | ) | ||||||||
BNP Paribas SA | $ | 1 | TWD | 32 | 6/17/21 | (— | )@ |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Citibank NA | $ | 871 | CNH | 5,671 | 5/25/21 | (10 | ) | ||||||||
Citibank NA | $ | 8 | CZK | 168 | 6/17/21 | (— | )@ | ||||||||
Citibank NA | $ | 47 | CZK | 1,001 | 5/25/21 | (2 | ) | ||||||||
Citibank NA | $ | 74 | HKD | 572 | 6/17/21 | (— | )@ | ||||||||
Citibank NA | $ | 52 | ILS | 172 | 6/17/21 | (1 | ) | ||||||||
Citibank NA | $ | 30 | RON | 122 | 5/25/21 | (1 | ) | ||||||||
Citibank NA | $ | 77 | SGD | 101 | 5/25/21 | (1 | ) | ||||||||
Citibank NA | $ | 5 | THB | 145 | 6/17/21 | (— | )@ | ||||||||
Commonwealth Bank of Australia | NZD | 13 | $ | 9 | 6/17/21 | — | @ | ||||||||
Goldman Sachs International | BRL | 25,528 | $ | 4,526 | 6/17/21 | 13 | |||||||||
Goldman Sachs International | $ | 111 | AUD | 144 | 6/17/21 | (2 | ) | ||||||||
Goldman Sachs International | $ | 2,348 | BRL | 13,023 | 6/17/21 | (46 | ) | ||||||||
Goldman Sachs International | $ | 240 | CAD | 299 | 6/17/21 | (2 | ) | ||||||||
Goldman Sachs International | $ | 43 | CHF | 40 | 6/17/21 | (1 | ) | ||||||||
Goldman Sachs International | $ | 15 | CLP | 10,924 | 6/17/21 | (— | )@ | ||||||||
Goldman Sachs International | $ | 210 | EUR | 178 | 6/17/21 | (2 | ) | ||||||||
Goldman Sachs International | $ | 65 | HKD | 502 | 6/17/21 | (— | )@ | ||||||||
Goldman Sachs International | $ | 19 | HUF | 5,535 | 5/25/21 | (1 | ) | ||||||||
JPMorgan Chase Bank NA | AUD | 497 | $ | 384 | 5/25/21 | 6 | |||||||||
JPMorgan Chase Bank NA | CAD | 65 | $ | 52 | 5/25/21 | (— | )@ | ||||||||
JPMorgan Chase Bank NA | CNH | 901 | $ | 130 | 8/12/21 | (6 | ) | ||||||||
JPMorgan Chase Bank NA | CNH | 530 | $ | 78 | 8/12/21 | (2 | ) | ||||||||
JPMorgan Chase Bank NA | CNH | 383 | $ | 58 | 8/12/21 | — | @ | ||||||||
JPMorgan Chase Bank NA | CNH | 19,362 | $ | 2,965 | 8/12/21 | 44 | |||||||||
JPMorgan Chase Bank NA | DKK | 148 | $ | 24 | 5/25/21 | 1 | |||||||||
JPMorgan Chase Bank NA | EUR | 9 | $ | 11 | 5/25/21 | — | @ | ||||||||
JPMorgan Chase Bank NA | JPY | 6,669 | $ | 60 | 5/25/21 | — | @ | ||||||||
JPMorgan Chase Bank NA | $ | 36 | AUD | 46 | 6/17/21 | (1 | ) | ||||||||
JPMorgan Chase Bank NA | $ | 19 | CAD | 24 | 6/17/21 | (— | )@ | ||||||||
JPMorgan Chase Bank NA | $ | 152 | CNH | 1,078 | 8/12/21 | 11 | |||||||||
JPMorgan Chase Bank NA | $ | 2,658 | CNH | 18,870 | 8/12/21 | 189 | |||||||||
JPMorgan Chase Bank NA | $ | 184 | CNH | 1,229 | 8/12/21 | 2 | |||||||||
JPMorgan Chase Bank NA | $ | 1,730 | EUR | 1,421 | 5/25/21 | (61 | ) | ||||||||
JPMorgan Chase Bank NA | $ | 313 | GBP | 224 | 5/25/21 | (4 | ) | ||||||||
JPMorgan Chase Bank NA | $ | 137 | HKD | 1,060 | 6/17/21 | (— | )@ | ||||||||
JPMorgan Chase Bank NA | $ | 7 | JPY | 750 | 5/25/21 | (— | )@ | ||||||||
JPMorgan Chase Bank NA | $ | 69 | JPY | 7,318 | 5/25/21 | (3 | ) | ||||||||
JPMorgan Chase Bank NA | ZAR | 19 | $ | 1 | 6/17/21 | (— | )@ | ||||||||
Royal Bank of Canada | $ | 421 | JPY | 44,200 | 5/25/21 | (22 | ) | ||||||||
Royal Bank of Canada | $ | 14 | NOK | 119 | 5/25/21 | (— | )@ | ||||||||
State Street Bank and Trust Co. | $ | 8 | HKD | 61 | 6/17/21 | (— | )@ | ||||||||
UBS AG | CHF | 209 | $ | 223 | 6/17/21 | 1 | |||||||||
UBS AG | EUR | 189 | $ | 222 | 6/17/21 | 1 | |||||||||
UBS AG | EUR | 38 | $ | 45 | 6/17/21 | — | @ | ||||||||
UBS AG | GBP | 162 | $ | 223 | 6/17/21 | (1 | ) | ||||||||
UBS AG | JPY | 24,262 | $ | 223 | 6/17/21 | 3 | |||||||||
UBS AG | MXN | 1,908 | $ | 92 | 5/25/21 | (1 | ) | ||||||||
UBS AG | NOK | 297 | $ | 35 | 6/17/21 | — | @ | ||||||||
UBS AG | TRY | 896 | $ | 101 | 6/17/21 | (2 | ) | ||||||||
UBS AG | TRY | 5,333 | $ | 601 | 6/17/21 | (12 | ) | ||||||||
UBS AG | TRY | 1,010 | $ | 115 | 6/17/21 | (2 | ) | ||||||||
UBS AG | $ | 6 | AUD | 8 | 5/25/21 | (— | )@ | ||||||||
UBS AG | $ | 330 | AUD | 426 | 6/17/21 | (7 | ) | ||||||||
UBS AG | $ | 505 | CAD | 628 | 6/17/21 | (5 | ) | ||||||||
UBS AG | $ | 368 | CHF | 340 | 6/17/21 | (8 | ) | ||||||||
UBS AG | $ | 30 | EUR | 25 | 6/17/21 | (1 | ) | ||||||||
UBS AG | $ | 33 | EUR | 28 | 6/17/21 | (— | )@ | ||||||||
UBS AG | $ | 409 | EUR | 343 | 6/17/21 | (6 | ) | ||||||||
UBS AG | $ | 129 | GBP | 93 | 6/17/21 | (1 | ) | ||||||||
UBS AG | $ | 82 | HKD | 638 | 6/17/21 | (— | )@ | ||||||||
UBS AG | $ | 1 | HUF | 419 | 6/17/21 | — | @ | ||||||||
UBS AG | $ | 18 | JPY | 1,942 | 6/17/21 | (— | )@ |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
UBS AG | $ | 20 | JPY | 2,190 | 6/17/21 | (— | )@ | ||||||||
UBS AG | $ | 525 | JPY | 57,204 | 6/17/21 | (8 | ) | ||||||||
UBS AG | $ | 90 | SEK | 740 | 5/25/21 | (5 | ) | ||||||||
UBS AG | $ | 122 | TRY | 914 | 6/17/21 | (17 | ) | ||||||||
UBS AG | $ | 816 | TRY | 6,387 | 6/17/21 | (82 | ) | ||||||||
UBS AG | ZAR | 327 | $ | 22 | 6/17/21 | (— | )@ | ||||||||
$ | (56 | ) |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Futures Contracts: The Fund had the following futures contracts open at March 31, 2021: |
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||
Long: | |||||||||||||||||||
NIKKEI 225 Index (Japan) | 1 | Jun-21 | JPY | 1 | $ | 133 | $ | 1 | |||||||||||
Euro STOXX 50 Index (Germany) | 26 | Jun-21 | EUR | — | @ | 1,179 | 26 | ||||||||||||
South Korea 10 yr. Bond (Korea, Republic of) | 4 | Jun-21 | KRW | 400,000 | 446 | (1 | ) | ||||||||||||
CAC 40 Index (France) | 1 | Apr-21 | EUR | — | @ | 71 | 1 | ||||||||||||
SGX MSCI Singapore (Singapore) | 7 | Apr-21 | SGD | 1 | 186 | 1 | |||||||||||||
S&P TSE 60 Index (Canada) | 6 | Jun-21 | CAD | 1 | 1,061 | (1 | ) | ||||||||||||
Hang Seng Index (Hong Kong) | 3 | Apr-21 | HKD | — | @ | 546 | 10 | ||||||||||||
SPI 200 Index (Australia) | 4 | Jun-21 | AUD | — | @ | 514 | 2 | ||||||||||||
IBEX 35 Index (Spain) | 7 | Apr-21 | EUR | — | @ | 705 | (1 | ) | |||||||||||
FTSE MIB Index (Italy) | 5 | Jun-21 | — | @ | 715 | 17 | |||||||||||||
U.S. Treasury 5 yr. Note (United States) | 42 | Jun-21 | $ | 4,200 | 5,183 | (66 | ) | ||||||||||||
U.S. Treasury 10 yr. Note (United States) | 41 | Jun-21 | 4,100 | 5,368 | (82 | ) | |||||||||||||
Short: | |||||||||||||||||||
U.S. Treasury Ultra Long Bond (United States) | 14 | Jun-21 | (1,400 | ) | (2,537 | ) | 113 | ||||||||||||
U.S. Treasury 10 yr. Note (United States) | 5 | Jun-21 | (500 | ) | (655 | ) | 17 | ||||||||||||
S&P 500 E Mini Index (United States) | 35 | Jun-21 | (2 | ) | (6,943 | ) | (115 | ) | |||||||||||
U.S. Treasury 2 yr. Note (United States) | 4 | Jun-21 | (800 | ) | (883 | ) | 1 | ||||||||||||
U.S. Treasury Ultra Long Bond (United States) | 21 | Jun-21 | (2,100 | ) | (3,017 | ) | 107 | ||||||||||||
FTSE 100 Index (United Kingdom) | 1 | Jun-21 | GBP | — | @ | (92 | ) | — | @ | ||||||||||
German Euro BTP (Germany) | 12 | Jun-21 | EUR | (1,200 | ) | (2,101 | ) | (11 | ) | ||||||||||
MSCI Emerging Market E Mini (United States) | 6 | Jun-21 | $ | — | @ | (397 | ) | 3 | |||||||||||
U.S. Treasury 30 yr. Bond (United States) | 1 | Jun-21 | (100 | ) | (155 | ) | 3 | ||||||||||||
$ | 25 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Interest Rate Swap Agreements: The Fund had the following interest rate swap agreements open at March 31, 2021: | ||||||||||||||||||||||||||||
Swap Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.24 | % | Semi-Annual/ Quarterly | 3/30/30 | $ | 316 | $ | 38 | $ | — | $ | 38 | ||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.27 | Semi-Annual/ Quarterly | 3/30/30 | 1,106 | 127 | — | 127 | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.30 | Semi-Annual/ Quarterly | 3/30/30 | 315 | 36 | — | 36 | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.18 | Semi-Annual/ Quarterly | 3/31/30 | 526 | 65 | — | 65 | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.31 | Semi-Annual/ Quarterly | 4/28/30 | 190 | 21 | — | 21 | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.37 | Semi-Annual/ Quarterly | 5/29/30 | 134 | 15 | — | 15 | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.75 | Semi-Annual/ Quarterly | 7/30/30 | 247 | 22 | — | 22 | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 1.96 | Semi-Annual/ Quarterly | 8/28/30 | 138 | 9 | — | 9 | |||||||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 2.18 | Semi-Annual/ Quarterly | 12/23/30 | $ | 387 | 14 | — | 14 | ||||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.78 | Quarterly/ Quarterly | 10/3/30 | MXN | 4,150 | (15 | ) | — | (15 | ) | ||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.78 | Quarterly/ Quarterly | 10/4/30 | 7,103 | (25 | ) | — | (25 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.78 | Quarterly/ Quarterly | 10/4/30 | 7,113 | (25 | ) | — | (25 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.58 | Quarterly/ Quarterly | 11/1/30 | 4,361 | (19 | ) | — | (19 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.59 | Quarterly/ Quarterly | 11/1/30 | 4,360 | (19 | ) | — | (19 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.60 | Quarterly/ Quarterly | 11/1/30 | 8,555 | (36 | ) | — | (36 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.61 | Quarterly/ Quarterly | 11/1/30 | 7,125 | (30 | ) | — | (30 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.61 | Quarterly/ Quarterly | 11/1/30 | 9,980 | (42 | ) | — | (42 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 5.61 | Quarterly/ Quarterly | 11/1/30 | 9,980 | (42 | ) | — | (42 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.03 | Quarterly/ Quarterly | 2/12/31 | 6,976 | (20 | ) | — | (20 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.03 | Quarterly/ Quarterly | 2/12/31 | 6,977 | (20 | ) | — | (20 | ) | |||||||||||||||||
$ | 54 | $ | — | $ | 54 |
Total Return Swap Agreements: The Fund had the following total return swap agreements open at March 31, 2021: | ||||||||||||||||||||||||||
Swap Counterparty | Index | Pay/Receive Total Return of Referenced Index | Floating Rate | Payment Frequency | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||
Barclays Bank PLC | Barclays Electric Vehicles Basket Index | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 2/22/22 | $ | 381 | $ | 77 | $ | — | $ | 77 | |||||||||||||
Barclays Bank PLC | Barclays Electric Vehicles Basket Index | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 2/22/22 | 92 | (6 | ) | — | (6 | ) | |||||||||||||||
BNP Paribas SA | BNP Custom U.S. Banks Index†† | Receive | 3 Month USD LIBOR plus 0.15% | Quarterly | 9/16/21 | 241 | (3 | ) | — | (3 | ) |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
BNP Paribas SA | BNP Custom U.S. Banks Index†† | Receive | 3 Month USD LIBOR plus 0.25% | Quarterly | 9/16/21 | 414 | (5 | ) | — | (5 | ) | |||||||||||||||
BNP Paribas SA | BNP Custom U.S. Banks Index†† | Receive | 3 Month USD LIBOR plus 0.25% | Quarterly | 9/16/21 | 541 | (6 | ) | — | (6 | ) | |||||||||||||||
BNP Paribas SA | BNP Custom U.S. Banks Index†† | Receive | 3 Month USD LIBOR plus 0.25% | Quarterly | 9/16/21 | 743 | (8 | ) | — | (8 | ) | |||||||||||||||
BNP Paribas SA | BNP Custom U.S. Banks Index†† | Receive | 3 Month USD LIBOR plus 0.25% | Quarterly | 9/16/21 | 324 | (4 | ) | — | (4 | ) | |||||||||||||||
BNP Paribas SA | BNP Custom U.S. Banks Index†† | Receive | 3 Month USD LIBOR plus 0.25% | Quarterly | 9/16/21 | 386 | (4 | ) | — | (4 | ) | |||||||||||||||
BNP Paribas SA | MSCI Emerging Markets ex China Index | Receive | 3 Month USD LIBOR plus 0.52% | Quarterly | 1/13/22 | 420 | (6 | ) | — | (6 | ) | |||||||||||||||
BNP Paribas SA | MSCI Japan Net Total Return Index | Receive | 3 Month USD LIBOR plus 0.18% | Quarterly | 2/10/22 | 4,264 | (129 | ) | — | (129 | ) | |||||||||||||||
Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Receive | 3 Month USD LIBOR plus 0.18% | Quarterly | 1/26/22 | 8,934 | (467 | ) | — | (467 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 723 | 8 | — | 8 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 717 | 16 | — | 16 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 705 | 26 | — | 26 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 655 | 26 | — | 26 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
JPMorgan Chase Bank NA | JPM SPX 1500 Low Vol Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 603 | (14 | ) | — | (14 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Low Vol Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 602 | (14 | ) | — | (14 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Low Vol Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 594 | (9 | ) | — | (9 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Low Vol Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 586 | (8 | ) | — | (8 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Basket Index†† | Receive | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 1,314 | 19 | — | 19 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Basket Index†† | Receive | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 1,323 | 12 | — | 12 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Basket Index†† | Receive | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 1,296 | (6 | ) | — | (6 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Basket Index†† | Receive | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/11/22 | 1,252 | (18 | ) | — | (18 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 500 Growth Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/10/22 | 4,311 | (88 | ) | — | (88 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 500 Low Vol Basket Index†† | Pay | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/10/22 | 1,958 | (78 | ) | — | (78 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 500 Value Basket Index†† | Receive | 3 Month USD LIBOR plus 0.20% | Quarterly | 3/10/22 | 6,355 | 167 | — | 167 | |||||||||||||||||
$ | (522 | ) | $ | — | $ | (522 | ) |
†† See tables below for details of the equity basket holdings underlying the swap. |
The following table represents the equity basket holdings underlying the total return swap with BNP U.S. Banks Basket Index as of March 31, 2021:
Security Description | Shares | Value (000) | Index Weight | |||||||||
BNP U.S. Banks Basket Index | ||||||||||||
JPMorgan Chase & Co. | 110,953 | $ | 16,890 | 29.87 | % | |||||||
Bank of America Corp. | 308,343 | 11,930 | 21.09 | |||||||||
Citigroup, Inc. | 79,236 | 5,764 | 10.19 | |||||||||
Wells Fargo & Co. | 146,120 | 5,709 | 10.09 | |||||||||
US Bancorp | 51,605 | 2,854 | 5.05 | |||||||||
Pnc Financial Services Group | 15,425 | 2,706 | 4.78 | |||||||||
Truist Financial Corp. | 45,852 | 2,674 | 4.73 | |||||||||
First Republic Bank | 5,750 | 959 | 1.69 | |||||||||
Fifth Third Bancorp | 25,079 | 939 | 1.66 | |||||||||
Svb Financial Group | 1,793 | 885 | 1.56 | |||||||||
Regions Financial Corp. | 34,597 | 715 | 1.26 | |||||||||
Citizens Financial Group | 15,687 | 693 | 1.22 | |||||||||
Keycorp | 34,389 | 687 | 1.21 | |||||||||
M & T Bank Corp. | 4,440 | 673 | 1.19 | |||||||||
Huntington Bancshares, Inc. | 35,695 | 561 | 0.99 | |||||||||
Signature Bank | 1,907 | 431 | 0.76 | |||||||||
Comerica, Inc. | 5,287 | 379 | 0.67 | |||||||||
East West Bancorp, Inc. | 4,961 | 366 | 0.65 | |||||||||
Zions Bancorp NA | 6,245 | 343 | 0.61 | |||||||||
People’s United Financial | 13,619 | 244 | 0.43 | |||||||||
CIT Group, Inc. | 3,298 | 170 | 0.30 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Basket Index as of March 31, 2021:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 1500 Growth Basket Index | ||||||||||||
Staar Surgical Co. | 649 | $ | 68 | 0.68 | % | |||||||
Fluor Corp. | 2,765 | 64 | 0.63 | |||||||||
Tabula Rasa Healthcare, Inc. | 1,379 | 64 | 0.63 | |||||||||
Enphase Energy, Inc. | 388 | 63 | 0.63 | |||||||||
3D Systems Corp. | 2,242 | 62 | 0.61 | |||||||||
American Tower Corp. | 258 | 62 | 0.62 | |||||||||
Cytokinetics, Inc. | 2,672 | 62 | 0.62 | |||||||||
Titan International, Inc. | 6,721 | 62 | 0.62 | |||||||||
Universal Display Corp. | 257 | 61 | 0.60 | |||||||||
Crown Castle International Corp. | 349 | 60 | 0.60 | |||||||||
Monolithic Power Systems, Inc. | 170 | 60 | 0.60 | |||||||||
Neogenomics, Inc. | 1,234 | 60 | 0.59 | |||||||||
Solaredge Technologies, Inc. | 208 | 60 | 0.59 | |||||||||
Cree, Inc. | 545 | 59 | 0.59 | |||||||||
Equinix, Inc. | 86 | 59 | 0.58 | |||||||||
Sba Communications Corp. | 211 | 59 | 0.58 | |||||||||
Boeing Co. (The) | 229 | 58 | 0.59 | |||||||||
Boston Beer Company, Inc. - Class A | 48 | 58 | 0.57 | |||||||||
Ceva, Inc. | 1,036 | 58 | 0.58 | |||||||||
Fastenal Co. | 1,148 | 58 | 0.57 | |||||||||
Tactile Systems Technology | 1,072 | 58 | 0.58 | |||||||||
Tripadvisor, Inc. | 1,077 | 58 | 0.58 | |||||||||
Cognex Corp. | 682 | 57 | 0.57 | |||||||||
Generac Holdings, Inc. | 174 | 57 | 0.57 | |||||||||
Amedisys, Inc. | 210 | 56 | 0.55 | |||||||||
Barnes & Noble Education, Inc. | 6,921 | 56 | 0.56 | |||||||||
Cutera, Inc. | 1,868 | 56 | 0.56 | |||||||||
Graco, Inc. | 776 | 56 | 0.55 | |||||||||
Nisource, Inc. | 2,327 | 56 | 0.56 | |||||||||
Old Dominion Freight Line | 235 | 56 | 0.56 | |||||||||
Saia, Inc. | 244 | 56 | 0.56 | |||||||||
Wec Energy Group, Inc. | 594 | 56 | 0.55 | |||||||||
Zoetis, Inc. | 353 | 56 | 0.55 | |||||||||
Coresite Realty Corp. | 457 | 55 | 0.54 | |||||||||
Duke Energy Corp. | 568 | 55 | 0.55 | |||||||||
Eversource Energy | 636 | 55 | 0.55 | |||||||||
Garmin Ltd. | 419 | 55 | 0.55 | |||||||||
Lennox International, Inc. | 175 | 55 | 0.54 | |||||||||
LHC Group, Inc. | 290 | 55 | 0.55 | |||||||||
Livent Corp. | 3,185 | 55 | 0.55 | |||||||||
Nextera Energy, Inc. | 724 | 55 | 0.54 | |||||||||
Paypal Holdings, Inc. | 227 | 55 | 0.55 | |||||||||
Repligen Corp. | 283 | 55 | 0.55 | |||||||||
Servicenow, Inc. | 111 | 55 | 0.55 | |||||||||
ETSY, Inc. | 270 | 54 | 0.54 | |||||||||
Granite Construction, Inc. | 1,345 | 54 | 0.54 | |||||||||
Green Plains, Inc. | 2,012 | 54 | 0.54 | |||||||||
Liveramp Holdings, Inc. | 1,050 | 54 | 0.54 | |||||||||
Rollins, Inc. | 1,578 | 54 | 0.54 | |||||||||
United Parcel Service - Class B | 319 | 54 | 0.54 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Low Vol Basket Index as of March 31, 2021:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 1500 Low Vol Basket Index | ||||||||||||
Kansas City Southern | 258 | $ | 68 | 0.66 | % | |||||||
American Tower Corp. | 274 | 65 | 0.63 | |||||||||
Crown Castle Intl Corp. | 370 | 64 | 0.62 | |||||||||
Home Depot, Inc. | 210 | 64 | 0.62 | |||||||||
Corning, Inc. | 1,445 | 63 | 0.61 | |||||||||
Lowe’s Cos, Inc. | 334 | 63 | 0.61 | |||||||||
Murphy USA, Inc. | 432 | 63 | 0.61 | |||||||||
Texas Instruments, Inc. | 335 | 63 | 0.61 | |||||||||
Costco Wholesale Corp. | 175 | 62 | 0.60 | |||||||||
Hawaiian Electric Industries | 1,402 | 62 | 0.60 | |||||||||
SBA Communications Corp. | 224 | 62 | 0.60 | |||||||||
Synopsys, Inc. | 249 | 62 | 0.60 | |||||||||
Adobe, Inc. | 129 | 61 | 0.59 | |||||||||
Autozone, Inc. | 44 | 61 | 0.60 | |||||||||
Dollar General Corp. | 299 | 61 | 0.59 | |||||||||
Expeditors Intl Wash, Inc. | 564 | 61 | 0.59 | |||||||||
Agilent Technologies, Inc. | 468 | 60 | 0.58 | |||||||||
Ameren Corporation | 733 | 60 | 0.58 | |||||||||
Amerisourcebergen Corp. | 506 | 60 | 0.58 | |||||||||
Broadcom, Inc. | 129 | 60 | 0.58 | |||||||||
Domino’S Pizza, Inc. | 163 | 60 | 0.58 | |||||||||
Linde PLC | 214 | 60 | 0.58 | |||||||||
Prologis, Inc. | 566 | 60 | 0.58 | |||||||||
Steris PLC | 315 | 60 | 0.58 | |||||||||
Tractor Supply Company | 338 | 60 | 0.58 | |||||||||
Watsco, Inc. | 229 | 60 | 0.57 | |||||||||
Allegion PLC | 467 | 59 | 0.57 | |||||||||
Amgen, Inc. | 239 | 59 | 0.58 | |||||||||
Analog Devices, Inc. | 377 | 59 | 0.57 | |||||||||
Atmos Energy Corp. | 593 | 59 | 0.57 | |||||||||
Baxter International, Inc. | 694 | 59 | 0.57 | |||||||||
Cisco Systems, Inc. | 1,144 | 59 | 0.57 | |||||||||
Duke Realty Corp. | 1,397 | 59 | 0.57 | |||||||||
Graco, Inc. | 822 | 59 | 0.57 | |||||||||
Jacobs Engineering Group, Inc. | 460 | 59 | 0.58 | |||||||||
Resmed, Inc. | 303 | 59 | 0.57 | |||||||||
Zoetis, Inc. | 374 | 59 | 0.57 | |||||||||
Amphenol Corp. - Class A | 886 | 58 | 0.57 | |||||||||
CDW Corp. | 350 | 58 | 0.56 | |||||||||
Eversource Energy | 674 | 58 | 0.57 | |||||||||
FMC Corp. | 527 | 58 | 0.57 | |||||||||
Garmin Ltd. | 444 | 58 | 0.57 | |||||||||
Henry Schein, Inc. | 839 | 58 | 0.56 | |||||||||
McDonald’S Corp. | 260 | 58 | 0.56 | |||||||||
Mid-America Apartment Communities | 405 | 58 | 0.57 | |||||||||
Newmont Corp. | 964 | 58 | 0.56 | |||||||||
O’Reilly Automotive, Inc. | 115 | 58 | 0.56 | |||||||||
Pepsico, Inc. | 411 | 58 | 0.56 | |||||||||
Sherwin-Williams Co. (The) | 79 | 58 | 0.56 | |||||||||
Xcel Energy, Inc. | 877 | 58 | 0.57 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Basket Index as of March 31, 2021:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 1500 Value Basket Index | ||||||||||||
Ichor Holdings Ltd. | 1,342 | $ | 72 | 0.71 | % | |||||||
Ultra Clean Holdings, Inc. | 1,235 | 72 | 0.69 | |||||||||
Acuity Brands, Inc. | 399 | 66 | 0.64 | |||||||||
First Solar, Inc. | 734 | 64 | 0.63 | |||||||||
Synnex Corp. | 557 | 64 | 0.63 | |||||||||
Edgewell Personal Care Co. | 1,591 | 63 | 0.62 | |||||||||
Jabil, Inc. | 1,201 | 63 | 0.61 | |||||||||
Meridian Bioscience, Inc. | 2,370 | 62 | 0.61 | |||||||||
Ebix, Inc. | 1,898 | 61 | 0.60 | |||||||||
Facebook Inc - Class A | 205 | 61 | 0.59 | |||||||||
Amkor Technology, Inc. | 2,539 | 60 | 0.59 | |||||||||
Ebay, Inc. | 980 | 60 | 0.59 | |||||||||
Caci International Inc - Class A | 240 | 59 | 0.58 | |||||||||
Central Garden And Pet Co. - Class A | 1,146 | 59 | 0.58 | |||||||||
Dxc Technology Co. | 1,872 | 59 | 0.57 | |||||||||
Essent Group Ltd. | 1,238 | 59 | 0.58 | |||||||||
Myr Group, Inc. | 826 | 59 | 0.58 | |||||||||
Owens & Minor, Inc. | 1,567 | 59 | 0.58 | |||||||||
Avista Corp. | 1,225 | 58 | 0.57 | |||||||||
Corecivic, Inc. | 6,435 | 58 | 0.57 | |||||||||
Mgic Investment Corp. | 4,202 | 58 | 0.57 | |||||||||
Navient Corp. | 4,069 | 58 | 0.57 | |||||||||
Photronics, Inc. | 4,521 | 58 | 0.57 | |||||||||
Agco Corp. | 394 | 57 | 0.55 | |||||||||
Arrow Electronics, Inc. | 514 | 57 | 0.55 | |||||||||
First American Financial | 999 | 57 | 0.56 | |||||||||
Jack In The Box, Inc. | 523 | 57 | 0.56 | |||||||||
M/I Homes, Inc. | 970 | 57 | 0.56 | |||||||||
Odp Corp. (The) | 1,310 | 57 | 0.56 | |||||||||
Vista Outdoor, Inc. | 1,776 | 57 | 0.56 | |||||||||
Alliance Data Systems Corp. | 498 | 56 | 0.55 | |||||||||
Boise Cascade Co. | 943 | 56 | 0.55 | |||||||||
Chemours Co. (The) | 1,990 | 56 | 0.55 | |||||||||
Customers Bancorp, Inc. | 1,748 | 56 | 0.55 | |||||||||
H.B. Fuller Co. | 884 | 56 | 0.55 | |||||||||
Hewlett Packard Enterprise | 3,541 | 56 | 0.55 | |||||||||
Hibbett Sports, Inc. | 809 | 56 | 0.55 | |||||||||
Hill-Rom Holdings, Inc. | 502 | 56 | 0.54 | |||||||||
Huntington Ingalls Industries | 274 | 56 | 0.55 | |||||||||
Intl Business Machines Corp. | 420 | 56 | 0.55 | |||||||||
Knight-Swift Transportation | 1,157 | 56 | 0.55 | |||||||||
Laboratory Corp of Amer Holdings | 218 | 56 | 0.55 | |||||||||
Molson Coors Beverage Co. - Class B | 1,100 | 56 | 0.55 | |||||||||
Quest Diagnostics, Inc. | 433 | 56 | 0.55 | |||||||||
Sanmina Corp. | 1,352 | 56 | 0.55 | |||||||||
Wabtec Corp. | 705 | 56 | 0.55 | |||||||||
Atlas Air Worldwide Holdings | 914 | 55 | 0.54 | |||||||||
CVS Health Corp. | 731 | 55 | 0.54 | |||||||||
Dish Network Corp. - Class A | 1,506 | 55 | 0.53 | |||||||||
Equitrans Midstream Corp. | 6,698 | 55 | 0.54 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Basket Index as of March 31, 2021:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 500 Growth Basket Index | ||||||||||||
American Tower Corp. | 490 | $ | 117 | 1.14 | % | |||||||
American Airlines Group, Inc. | 4,794 | 115 | 1.12 | |||||||||
Boeing Co. (The) | 439 | 112 | 1.09 | |||||||||
Crown Castle International Corp. | 653 | 112 | 1.09 | |||||||||
SBA Communications Corp. | 405 | 112 | 1.09 | |||||||||
United Airlines Holdings, Inc. | 1,941 | 112 | 1.09 | |||||||||
Enphase Energy, Inc. | 683 | 111 | 1.08 | |||||||||
Tesla, Inc. | 164 | 110 | 1.07 | |||||||||
Equinix, Inc. | 161 | 109 | 1.06 | |||||||||
WEC Energy Group, Inc. | 1,161 | 109 | 1.07 | |||||||||
American Water Works Co., Inc. | 721 | 108 | 1.05 | |||||||||
Ansys, Inc. | 318 | 108 | 1.05 | |||||||||
Fortinet, Inc. | 585 | 108 | 1.05 | |||||||||
Nisource, Inc. | 4,485 | 108 | 1.05 | |||||||||
Mettler-Toledo International | 92 | 107 | 1.04 | |||||||||
Old Dominion Freight Line | 446 | 107 | 1.04 | |||||||||
Sherwin-Williams Co. (The) | 145 | 107 | 1.04 | |||||||||
Adobe, Inc. | 222 | 106 | 1.03 | |||||||||
Cadence Design Systems, Inc. | 774 | 106 | 1.03 | |||||||||
Zoetis, Inc. | 673 | 106 | 1.04 | |||||||||
Air Products & Chemicals, Inc. | 372 | 105 | 1.02 | |||||||||
Alaska Air Group, Inc. | 1,511 | 105 | 1.02 | |||||||||
Chipotle Mexican Grill, Inc. | 74 | 105 | 1.02 | |||||||||
Eversource Energy | 1,215 | 105 | 1.02 | |||||||||
Host Hotels & Resorts, Inc. | 6,205 | 105 | 1.02 | |||||||||
Nextera Energy, Inc. | 1,387 | 105 | 1.02 | |||||||||
Nvidia Corp. | 197 | 105 | 1.02 | |||||||||
Southwest Airlines Co. | 1,722 | 105 | 1.02 | |||||||||
West Pharmaceutical Services | 374 | 105 | 1.04 | |||||||||
Abiomed, Inc. | 325 | 104 | 1.01 | |||||||||
IDEX Corp. | 495 | 104 | 1.01 | |||||||||
Monolithic Power Systems, Inc. | 294 | 104 | 1.01 | |||||||||
Tyler Technologies, Inc. | 244 | 104 | 1.01 | |||||||||
Illinois Tool Works | 467 | 103 | 1.01 | |||||||||
Monster Beverage Corp. | 1,134 | 103 | 1.01 | |||||||||
Resmed, Inc. | 530 | 103 | 1.00 | |||||||||
S&P Global, Inc. | 293 | 103 | 1.01 | |||||||||
Verisk Analytics, Inc. | 583 | 103 | 1.00 | |||||||||
Xylem, Inc. | 978 | 103 | 1.00 | |||||||||
Autodesk, Inc. | 367 | 102 | 0.99 | |||||||||
Coca-Cola Co. (The) | 1,930 | 102 | 0.99 | |||||||||
Delta Air Lines, Inc. | 2,122 | 102 | 1.00 | |||||||||
Intuitive Surgical, Inc. | 137 | 102 | 0.99 | |||||||||
Marsh & Mclennan Cos | 838 | 102 | 0.99 | |||||||||
Moody’s Corp. | 341 | 102 | 0.99 | |||||||||
Rollins, Inc. | 2,976 | 102 | 1.00 | |||||||||
Starbucks Corp. | 932 | 102 | 0.99 | |||||||||
AES Corp. | 3,772 | 101 | 0.98 | |||||||||
Ball Corp. | 1,193 | 101 | 0.98 | |||||||||
Ecolab, Inc. | 472 | 101 | 0.98 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Low Vol Basket Index as of March 31, 2021:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 500 Low Vol Basket Index | ||||||||||||
Kansas City Southern | 508 | $ | 134 | 1.27 | % | |||||||
American Tower Corp. | 538 | 129 | 1.22 | |||||||||
Home Depot, Inc. | 424 | 129 | 1.23 | |||||||||
Autozone, Inc. | 88 | 124 | 1.17 | |||||||||
Crown Castle International Corp. | 716 | 123 | 1.17 | |||||||||
SBA Communications Corp. | 444 | 123 | 1.17 | |||||||||
Dollar General Corp. | 602 | 122 | 1.15 | |||||||||
Linde PLC | 434 | 122 | 1.15 | |||||||||
Tractor Supply Company | 690 | 122 | 1.16 | |||||||||
Amerisourcebergen Corp. | 1,026 | 121 | 1.15 | |||||||||
Texas Instruments, Inc. | 640 | 121 | 1.15 | |||||||||
Ameren Corporation | 1,476 | 120 | 1.14 | |||||||||
Expeditors Intl Wash, Inc. | 1,114 | 120 | 1.14 | |||||||||
Accenture PLC - Class A | 431 | 119 | 1.13 | |||||||||
CMS Energy Corp. | 1,942 | 119 | 1.13 | |||||||||
Dominion Energy, Inc. | 1,539 | 117 | 1.11 | |||||||||
O’Reilly Automotive, Inc. | 231 | 117 | 1.11 | |||||||||
Sherwin-Williams Co. (The) | 159 | 117 | 1.11 | |||||||||
Waste Management, Inc. | 906 | 117 | 1.11 | |||||||||
Xcel Energy, Inc. | 1,753 | 117 | 1.10 | |||||||||
Adobe, Inc. | 244 | 116 | 1.10 | |||||||||
Assurant, Inc. | 815 | 116 | 1.09 | |||||||||
Atmos Energy Corp. | 1,172 | 116 | 1.10 | |||||||||
Baxter International, Inc. | 1,377 | 116 | 1.10 | |||||||||
Duke Realty Corp. | 2,760 | 116 | 1.10 | |||||||||
FMC Corp. | 1,047 | 116 | 1.10 | |||||||||
Garmin Ltd. | 878 | 116 | 1.10 | |||||||||
Mcdonald’s Corp. | 519 | 116 | 1.10 | |||||||||
Mid-America Apartment Communities, Inc. | 803 | 116 | 1.10 | |||||||||
Procter & Gamble Co. (The) | 854 | 116 | 1.09 | |||||||||
Steris PLC | 607 | 116 | 1.10 | |||||||||
Zoetis, Inc. | 738 | 116 | 1.10 | |||||||||
3M Co. | 595 | 115 | 1.09 | |||||||||
Air Products & Chemicals, Inc. | 408 | 115 | 1.09 | |||||||||
Eversource Energy | 1,333 | 115 | 1.09 | |||||||||
Progressive Corp. | 1,201 | 115 | 1.09 | |||||||||
Unitedhealth Group, Inc. | 310 | 115 | 1.09 | |||||||||
Automatic Data Processing | 603 | 114 | 1.08 | |||||||||
IDEX Corp. | 543 | 114 | 1.08 | |||||||||
Kimberly-Clark Corp. | 817 | 114 | 1.08 | |||||||||
Paychex, Inc. | 1,167 | 114 | 1.08 | |||||||||
Pepsico, Inc. | 808 | 114 | 1.08 | |||||||||
Akamai Technologies, Inc. | 1,107 | 113 | 1.07 | |||||||||
Hershey Co. (The) | 715 | 113 | 1.07 | |||||||||
Honeywell International, Inc. | 521 | 113 | 1.07 | |||||||||
Illinois Tool Works | 512 | 113 | 1.07 | |||||||||
Johnson & Johnson | 689 | 113 | 1.07 | |||||||||
Merck & Co., Inc.. | 1,470 | 113 | 1.07 | |||||||||
Otis Worldwide Corp. | 1,658 | 113 | 1.07 | |||||||||
Public Storage | 457 | 113 | 1.07 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Basket Index as of March 31, 2021:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 500 Value Basket Index | ||||||||||||
Nucor Corp. | 1,602 | $ | 129 | 1.22 | % | |||||||
Hartford Financial Services Group, Inc. | 1,880 | 126 | 1.20 | |||||||||
Lennar Corp. - Class A | 1,172 | 119 | 1.13 | |||||||||
Netapp, Inc. | 1,643 | 119 | 1.14 | |||||||||
Corning, Inc. | 2,691 | 117 | 1.12 | |||||||||
Pultegroup, Inc. | 2,204 | 116 | 1.10 | |||||||||
Carrier Global Corp. | 2,729 | 115 | 1.10 | |||||||||
DXC Technology Co. | 3,693 | 115 | 1.10 | |||||||||
Dr Horton, Inc. | 1,276 | 114 | 1.08 | |||||||||
Whirlpool Corp. | 516 | 114 | 1.09 | |||||||||
Alliant Energy Corp. | 2,083 | 113 | 1.07 | |||||||||
Best Buy Co., Inc. | 980 | 113 | 1.07 | |||||||||
Cisco Systems, Inc. | 2,179 | 113 | 1.07 | |||||||||
Fortune Brands Home & Security | 1,175 | 113 | 1.07 | |||||||||
Franklin Resources, Inc. | 3,808 | 113 | 1.07 | |||||||||
Entergy Corp. | 1,131 | 112 | 1.07 | |||||||||
Huntington Ingalls Industries | 543 | 112 | 1.06 | |||||||||
Molson Coors Beverage Co. - Class B | 2,184 | 112 | 1.06 | |||||||||
Dollar Tree, Inc. | 968 | 111 | 1.06 | |||||||||
Exelon Corp. | 2,543 | 111 | 1.06 | |||||||||
Fedex Corp. | 392 | 111 | 1.06 | |||||||||
Consolidated Edison, Inc. | 1,476 | 110 | 1.05 | |||||||||
Hewlett Packard Enterprise | 6,999 | 110 | 1.05 | |||||||||
Newell Brands, Inc. | 4,091 | 110 | 1.04 | |||||||||
Quest Diagnostics, Inc. | 854 | 110 | 1.04 | |||||||||
United Rentals, Inc. | 335 | 110 | 1.05 | |||||||||
Intl Business Machines Corp. | 821 | 109 | 1.04 | |||||||||
L3Harris Technologies, Inc. | 539 | 109 | 1.04 | |||||||||
Stanley Black & Decker, Inc. | 544 | 109 | 1.03 | |||||||||
Textron, Inc. | 1,942 | 109 | 1.04 | |||||||||
Anthem, Inc. | 302 | 108 | 1.03 | |||||||||
Dish Network Corp. - Class A | 2,981 | 108 | 1.03 | |||||||||
General Motors Co. | 1,875 | 108 | 1.03 | |||||||||
HP, Inc. | 3,388 | 108 | 1.02 | |||||||||
Jm Smucker Co. (The) | 852 | 108 | 1.03 | |||||||||
Laboratory Corp. of Amer Holdings | 424 | 108 | 1.03 | |||||||||
CVS Health Corp. | 1,427 | 107 | 1.02 | |||||||||
General Dynamics Corp. | 591 | 107 | 1.02 | |||||||||
Invesco Ltd. | 4,242 | 107 | 1.02 | |||||||||
Juniper Networks, Inc. | 4,233 | 107 | 1.02 | |||||||||
Kraft Heinz Co. (The) | 2,663 | 107 | 1.01 | |||||||||
Leidos Holdings, Inc. | 1,111 | 107 | 1.02 | |||||||||
Newmont Corp. | 1,776 | 107 | 1.02 | |||||||||
Snap-on, Inc. | 464 | 107 | 1.02 | |||||||||
State Street Corp. | 1,269 | 107 | 1.02 | |||||||||
Wabtec Corp. | 1,351 | 107 | 1.03 | |||||||||
Bank Of New York Mellon Corp. | 2,238 | 106 | 1.01 | |||||||||
Centene Corp. | 1,665 | 106 | 1.01 | |||||||||
Cigna Corp. | 437 | 106 | 1.01 | |||||||||
Intel Corp. | 1,659 | 106 | 1.01 |
@ | Value is less than $500. | |
* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
BTP | Buoni del Tesoro Poliennali. | |
CAC | Cotation Assistée en Continu. | |
CPI | Consumer Price Index. | |
FTSE | Financial Times Stock Exchange. | |
IBEX | Índice Bursátil Español. | |
LIBOR | London Interbank Offered Rate. | |
MIB | Milano Indice di Borsa. | |
SGX | Singapore Exchange Ltd. | |
TIIE | Interbank Equilibrium Interest Rate. | |
TSE | Toronto Stock Exchange. | |
AUD | — | Australian Dollar |
BRL | — | Brazilian Real |
CAD | — | Canadian Dollar |
CHF | — | Swiss Franc |
CLP | — | Chilean Peso |
CNH | — | Chinese Yuan Renminbi Offshore |
CNY | — | Chinese Yuan Renminbi |
COP | — | Colombian Peso |
CZK | — | Czech Koruna |
DKK | — | Danish Krone |
EUR | — | Euro |
GBP | — | British Pound |
HKD | — | Hong Kong Dollar |
HUF | — | Hungarian Forint |
IDR | — | Indonesian Rupiah |
ILS | — | Israeli Shekel |
INR | — | Indian Rupee |
JPY | — | Japanese Yen |
KRW | — | South Korean Won |
MXN | — | Mexican Peso |
MYR | — | Malaysian Ringgit |
NOK | — | Norwegian Krone |
NZD | — | New Zealand Dollar |
PEN | — | Peruvian Nuevo Sol |
PLN | — | Polish Zloty |
RON | — | Romanian New Leu |
RUB | — | Russian Ruble |
SEK | — | Swedish Krona |
SGD | — | Singapore Dollar |
THB | — | Thai Baht |
TRY | — | Turkish Lira |
TWD | — | Taiwan Dollar |
USD | — | United States Dollar |
ZAR | — | South African Rand |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Common Stocks | 43.4 | % | ||
Fixed Income Securities | 42.4 | |||
Short-Term Investments | 9.8 | |||
Other** | 4.4 | |||
Total Investments | 100.0 | %*** |
** | Industries and/or investment types representing less than 5% of total investments. |
*** | Does not include open long/short futures contracts with a value of approximately $32,887,000 and net unrealized appreciation of approximately $25,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $56,000. Also does not include open swap agreements with net unrealized depreciation of approximately $468,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (95.4%) | ||||||||
Biotechnology (1.2%) | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 26,281 | $ | 3,711 | |||||
Moderna, Inc. (a) | 65,586 | 8,588 | ||||||
12,299 | ||||||||
Entertainment (5.7%) | ||||||||
Netflix, Inc. (a) | 21,047 | 10,979 | ||||||
ROBLOX Corp., Class A (a) | 87,189 | 5,652 | ||||||
Spotify Technology SA (a) | 162,182 | 43,457 | ||||||
60,088 | ||||||||
Health Care Equipment & Supplies (5.2%) | ||||||||
DexCom, Inc. (a) | 45,769 | 16,449 | ||||||
Intuitive Surgical, Inc. (a) | 52,561 | 38,839 | ||||||
55,288 | ||||||||
Health Care Providers & Services (1.0%) | ||||||||
Guardant Health, Inc. (a) | 69,976 | 10,682 | ||||||
Health Care Technology (3.9%) | ||||||||
Agilon Health Topco, Inc.(a)(b)(c) (acquisition cost — $1,272; acquired 11/7/18) | 3,363 | 3,657 | ||||||
Veeva Systems, Inc., Class A (a) | 145,092 | 37,904 | ||||||
41,561 | ||||||||
Information Technology Services (23.0%) | ||||||||
Adyen N.V. (Netherlands) (a) | 5,140 | 11,474 | ||||||
Fastly, Inc., Class A (a) | 110,553 | 7,438 | ||||||
MongoDB, Inc. (a) | 38,024 | 10,169 | ||||||
Okta, Inc. (a) | 127,953 | 28,205 | ||||||
Shopify, Inc., Class A (Canada) (a) | 48,774 | 53,968 | ||||||
Snowflake, Inc., Class A (a) | 164,753 | 37,774 | ||||||
Square, Inc., Class A (a) | 248,385 | 56,396 | ||||||
Twilio, Inc., Class A (a) | 114,400 | 38,983 | ||||||
244,407 | ||||||||
Interactive Media & Services (16.0%) | ||||||||
Facebook, Inc., Class A (a) | 53,311 | 15,702 | ||||||
Pinterest, Inc., Class A (a) | 384,939 | 28,497 | ||||||
Snap, Inc., Class A (a) | 893,127 | 46,702 | ||||||
Twitter, Inc. (a) | 830,400 | 52,838 | ||||||
Zillow Group, Inc., Class C (a) | 198,218 | 25,697 | ||||||
169,436 | ||||||||
Internet & Direct Marketing Retail (12.3%) | ||||||||
Airbnb, Inc. Class B (a) | 151,002 | 26,818 | ||||||
Amazon.com, Inc. (a) | 18,700 | 57,859 | ||||||
Chewy, Inc., Class A (a) | 110,046 | 9,322 | ||||||
DoorDash, Inc., Class A (a) | 120,369 | 15,784 | ||||||
Wayfair, Inc., Class A (a) | 64,120 | 20,182 | ||||||
129,965 | ||||||||
Life Sciences Tools & Services (2.0%) | ||||||||
10X Genomics, Inc., Class A (a) | 61,648 | 11,159 | ||||||
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Illumina, Inc. (a) | 26,158 | 10,046 | ||||||
21,205 | ||||||||
Metals & Mining (0.3%) | ||||||||
Royal Gold, Inc. | 27,342 | 2,943 | ||||||
Oil, Gas & Consumable Fuels (0.6%) | ||||||||
Texas Pacific Land Corp. | 4,264 | 6,777 | ||||||
Pharmaceuticals (2.3%) | ||||||||
Royalty Pharma PLC, Class A | 565,406 | 24,663 | ||||||
Road & Rail (5.1%) | ||||||||
Uber Technologies, Inc. (a) | 997,864 | 54,394 | ||||||
Semiconductors & Semiconductor Equipment (1.6%) | ||||||||
NVIDIA Corp. | 31,465 | 16,800 | ||||||
Software (12.4%) | ||||||||
Cloudflare, Inc., Class A (a) | 228,804 | 16,076 | ||||||
Coupa Software, Inc. (a) | 78,546 | 19,989 | ||||||
Datadog, Inc., Class A (a) | 200,280 | 16,691 | ||||||
DocuSign, Inc. (a) | 50,547 | 10,233 | ||||||
Trade Desk, Inc. (The), Class A (a) | 23,879 | 15,561 | ||||||
Unity Software, Inc. (a) | 55,784 | 5,596 | ||||||
Zoom Video Communications, Inc., Class A (a) | 148,191 | 47,612 | ||||||
131,758 | ||||||||
Specialty Retail (2.8%) | ||||||||
Carvana Co. (a) | 113,130 | 29,685 | ||||||
Total Common Stocks (Cost $591,735) | 1,011,951 | |||||||
Preferred Stocks (0.0%) (d) | ||||||||
Electronic Equipment, Instruments & Components (0.0%) (d) | ||||||||
Magic Leap Series C (a)(b)(c) (acquisition cost — $1,526; acquired 12/22/15) | 66,235 | — | ||||||
Software (0.0%) (d) | ||||||||
Lookout, Inc. Series F (a)(b)(c) (acquisition cost — $1,618; acquired 6/17/14) | 141,612 | 480 | ||||||
Total Preferred Stocks (Cost $3,144) | 480 | |||||||
Short-Term Investment (4.2%) | ||||||||
Investment Company (4.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $44,290) | 44,290,001 | 44,290 | ||||||
Total Investments Excluding Purchased Options (99.6%) (Cost $639,169) | 1,056,721 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $5,765) | 1,733 | |||||||
Total Investments (99.8%) (Cost $644,934) (f)(g) | 1,058,454 | |||||||
Other Assets in Excess of Liabilities (0.2%) | 2,197 | |||||||
Net Assets (100.0%) | $ | 1,060,651 |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
(a) | Non-income producing security. |
(b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2021 amounts to approximately $4,137,000 and represents 0.4% of net assets. |
(c) | At March 31, 2021, the Fund held fair valued securities valued at approximately $4,137,000, representing 0.4% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors. |
(d) | Amount is less than 0.05%. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $8,000 relating to the Fund’s investment in the Liquidity Funds. |
(f) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(g) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $435,988,000 and the aggregate gross unrealized depreciation is approximately $22,468,000, resulting in net unrealized appreciation of approximately $413,520,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2021:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | ||||||||||||||||||||
BNP Paribas | USD/CNH | CNH | 7.99 | Sep - 21 | 155,868,409 | 155,868 | $ | 45 | $ | 944 | $ | (899 | ) | |||||||||||||||
BNP Paribas | USD/CNH | CNH | 7.45 | Jan - 22 | 212,955,750 | 212,956 | 633 | 1,137 | (504 | ) | ||||||||||||||||||
BNP Paribas | USD/CNH | CNH | 7.64 | Nov - 21 | 178,151,986 | 178,152 | 237 | 967 | (730 | ) | ||||||||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.57 | Mar - 22 | 207,385,996 | 207,386 | 796 | 1,030 | (234 | ) | ||||||||||||||||||
Royal Bank of Scotland | USD/CNH | CNH | 8.06 | Jul - 21 | 175,450,794 | 175,451 | 22 | 931 | (909 | ) | ||||||||||||||||||
Royal Bank of Scotland | USD/CNH | CNH | 8.48 | May - 21 | 121,053,871 | 121,054 | — | @ | 756 | (756 | ) | |||||||||||||||||
$ | 1,733 | $ | 5,765 | $ | (4,032 | ) |
@ | Value is less than $500. | |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Information Technology Services | 23.1 | % | ||
Other* | 20.0 | |||
Interactive Media & Services | 16.0 | |||
Software | 12.5 | |||
Internet & Direct Marketing Retail | 12.3 | |||
Entertainment | 5.7 | |||
Health Care Equipment & Supplies | 5.2 | |||
Road & Rail | 5.2 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (99.3%) | ||||||||
Apartments (12.2%) | ||||||||
American Campus Communities, Inc. REIT | 36,423 | $ | 1,577 | |||||
AvalonBay Communities, Inc. REIT | 115,893 | 21,383 | ||||||
Essex Property Trust, Inc. REIT | 37,341 | 10,151 | ||||||
UDR, Inc. REIT | 252,562 | 11,077 | ||||||
44,188 | ||||||||
Data Centers (11.8%) | ||||||||
CyrusOne, Inc. REIT | 73,781 | 4,996 | ||||||
Digital Realty Trust, Inc. REIT | 39,945 | 5,626 | ||||||
Equinix, Inc. REIT | 35,379 | 24,043 | ||||||
GDS Holdings Ltd. ADR (China) (a) | 21,423 | 1,737 | ||||||
QTS Realty Trust, Inc., Class A REIT | 99,109 | 6,149 | ||||||
42,551 | ||||||||
Diversified (4.3%) | ||||||||
JBG SMITH Properties REIT | 196,795 | 6,256 | ||||||
VEREIT, Inc. REIT | 235,104 | 9,080 | ||||||
15,336 | ||||||||
Free Standing (1.2%) | ||||||||
NETSTREIT Corp. REIT | 242,620 | 4,486 | ||||||
Health Care (17.0%) | ||||||||
Healthcare Trust of America, Inc., Class A REIT | 272,592 | 7,518 | ||||||
Healthpeak Properties, Inc. REIT | 694,121 | 22,032 | ||||||
Medical Properties Trust, Inc. REIT | 301,232 | 6,410 | ||||||
Welltower, Inc. REIT | 356,064 | 25,505 | ||||||
61,465 | ||||||||
Industrial (8.6%) | ||||||||
Prologis, Inc. REIT | 291,747 | 30,925 | ||||||
Lodging/Resorts (5.0%) | ||||||||
Boyd Gaming Corp. (a) | 33,122 | 1,953 | ||||||
Caesars Entertainment, Inc. (a) | 27,554 | 2,410 | ||||||
Host Hotels & Resorts, Inc. REIT | 435,735 | 7,342 | ||||||
Red Rock Resorts, Inc., Class A | 83,728 | 2,729 | ||||||
RLJ Lodging Trust REIT | 223,228 | 3,455 | ||||||
17,889 | ||||||||
Manufactured Homes (2.8%) | ||||||||
Equity Lifestyle Properties, Inc. REIT | 155,721 | 9,910 | ||||||
Office (10.0%) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 64,659 | 10,623 | ||||||
Boston Properties, Inc. REIT | 68,044 | 6,890 | ||||||
Douglas Emmett, Inc. REIT | 198,029 | 6,218 | ||||||
Empire State Realty Trust, Inc., Class A REIT | 314,025 | 3,495 | ||||||
Kilroy Realty Corp. REIT | 135,800 | 8,913 | ||||||
36,139 | ||||||||
Regional Malls (4.6%) | ||||||||
Simon Property Group, Inc. REIT | 147,149 | 16,741 |
Morgan Stanley Variable Insurance Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)
Self Storage (7.7%) | ||||||||
CubeSmart REIT | 143,206 | 5,418 | ||||||
Public Storage REIT | 89,918 | 22,188 | ||||||
27,606 | ||||||||
Shopping Centers (7.6%) | ||||||||
Brixmor Property Group, Inc. REIT | 444,452 | 8,991 | ||||||
Retail Properties of America, Inc., Class A REIT | 510,938 | 5,355 | ||||||
RPT Realty REIT | 534,923 | 6,103 | ||||||
Weingarten Realty Investors REIT | 263,824 | 7,100 | ||||||
27,549 | ||||||||
Single Family Homes (3.0%) | ||||||||
Invitation Homes, Inc. REIT | 337,558 | 10,799 | ||||||
Specialty (3.5%) | ||||||||
VICI Properties, Inc. REIT | 448,024 | 12,652 | ||||||
Total Common Stocks (Cost $302,359) | 358,236 | |||||||
Short-Term Investment (0.5%) | ||||||||
Investment Company (0.5%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (b) (Cost $1,850) | 1,849,978 | 1,850 | ||||||
Total Investments (99.8%) (Cost $304,209) (c)(d) | 360,086 | |||||||
Other Assets in Excess of Liabilities (0.2%) | 778 | |||||||
Net Assets (100.0%) | $ | 360,864 |
(a) | Non-income producing security. |
(b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds. |
(c) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(d) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $58,224,000 and the aggregate gross unrealized depreciation is approximately $2,347,000, resulting in net unrealized appreciation of approximately $55,877,000. |
ADR | American Depositary Receipt. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 19.9 | % | ||
Health Care | 17.1 | |||
Apartments | 12.3 | |||
Data Centers | 11.8 | |||
Office | 10.0 | |||
Industrial | 8.6 | |||
Self Storage | 7.7 | |||
Shopping Centers | 7.6 | |||
Lodging/Resorts | 5.0 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Notes to the Portfolio of Investments ▪ March 31, 2021 (unaudited)
In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other IBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Company’s Board of Directors (the “Directors”). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the “Adviser”) or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the “Sub-Advisers”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security’s fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Company’s Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company’s Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Value Measurement: FASB Accounting Standards CodificationTM (“ASC”) 820, “Fair Value Measurement” (“ASC 820”), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Core Plus Fixed Income | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Agency Adjustable Rate Mortgages | $ | — | $ | 94 | $ | — | $ | 94 | ||||||||
Agency Fixed Rate Mortgages | — | 36,695 | — | 36,695 | ||||||||||||
Asset-Backed Securities | — | 19,032 | — | 19,032 | ||||||||||||
Collateralized Mortgage Obligations - Agency Collateral Series | — | 2,956 | — | 2,956 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 10,670 | — | 10,670 | ||||||||||||
Corporate Bonds | — | 70,633 | — | † | 70,633 | |||||||||||
Mortgages - Other | — | 24,812 | — | 24,812 | ||||||||||||
Municipal Bonds | — | 2,338 | — | 2,338 | ||||||||||||
Sovereign | — | 8,996 | — | 8,996 | ||||||||||||
Supranational | — | 495 | — | 495 | ||||||||||||
Total Fixed Income Securities | — | 176,721 | — | † | 176,721 | |||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 31,812 | — | — | 31,812 | ||||||||||||
U.S. Treasury Securities | — | 833 | — | 833 | ||||||||||||
Total Short-Term Investments | 31,812 | 833 | — | 32,645 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 427 | — | 427 | ||||||||||||
Futures Contracts | 291 | — | — | 291 | ||||||||||||
Total Assets | 32,103 | 177,981 | — | 210,084 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (138 | ) | — | (138 | ) | ||||||||||
Futures Contracts | (497 | ) | — | — | (497 | ) | ||||||||||
Total Liabilities | (497 | ) | (138 | ) | — | (635 | ) | |||||||||
Total | $ | 31,606 | $ | 177,843 | $ | — | † | $ | 209,449 |
† | Includes a security valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Core Plus Fixed Income | Corporate Bond (000) | |||
Beginning Balance | $ | - | † | |
Purchases | - | |||
Sales | - | |||
Amortization of discount | - | |||
Transfers in | - | |||
Transfers out | - | |||
Corporate actions | - | |||
Change in unrealized appreciation (depreciation) | - | |||
Realized gains (losses) | - | |||
Ending Balance | $ | - | † | |
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021 | $ | - |
† | Includes a security valued at zero. |
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Discovery | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | 10,071 | $ | — | $ | — | $ | 10,071 | ||||||||
Biotechnology | 11,177 | — | — | 11,177 | ||||||||||||
Diversified Holding Companies | 2,829 | — | — | 2,829 | ||||||||||||
Entertainment | 19,129 | — | — | 19,129 | ||||||||||||
Health Care Equipment & Supplies | 9,969 | — | — | 9,969 | ||||||||||||
Health Care Providers & Services | 16,621 | — | — | 16,621 | ||||||||||||
Health Care Technology | 21,714 | — | 1,715 | 23,429 | ||||||||||||
Hotels, Restaurants & Leisure | — | 11,948 | — | 11,948 | ||||||||||||
Information Technology Services | 65,851 | — | — | 65,851 | ||||||||||||
Interactive Media & Services | 52,409 | — | — | 52,409 | ||||||||||||
Internet & Direct Marketing Retail | 50,758 | — | — | 50,758 | ||||||||||||
Leisure Products | 4,381 | — | — | 4,381 | ||||||||||||
Life Sciences Tools & Services | 8,071 | — | — | 8,071 | ||||||||||||
Metals & Mining | 3,196 | — | — | 3,196 | ||||||||||||
Oil, Gas & Consumable Fuels | 2,584 | — | — | 2,584 | ||||||||||||
Pharmaceuticals | 13,030 | — | — | 13,030 | ||||||||||||
Real Estate Management & Development | 5,972 | — | — | 5,972 | ||||||||||||
Software | 30,770 | — | — | 30,770 | ||||||||||||
Specialty Retail | 14,015 | — | — | 14,015 | ||||||||||||
Total Common Stocks | 342,547 | 11,948 | 1,715 | 356,210 | ||||||||||||
Preferred Stock | ||||||||||||||||
Internet & Direct Marketing Retail | 549 | — | — | 549 | ||||||||||||
Call Options Purchased | — | 613 | — | 613 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 36,802 | — | — | 36,802 | ||||||||||||
Repurchase Agreements | — | 1,373 | — | 1,373 | ||||||||||||
Total Short-Term Investments | 36,802 | 1,373 | — | 38,175 | ||||||||||||
Derivative Contracts — PIPE | — | — | 168 | 168 | ||||||||||||
Total Assets | $ | 379,898 | $ | 13,934 | $ | 1,883 | $ | 395,715 | ||||||||
Liabilities: | ||||||||||||||||
Derivative Contracts — PIPE | — | — | (129 | ) | (129 | ) | ||||||||||
Total | $ | 379,898 | $ | 13,934 | $ | 1,754 | $ | 395,586 |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Discovery | Common Stock (000) | Derivative Contracts – PIPE (000) | ||||||
Beginning Balance | $ | 929 | $ | - | ||||
Purchases | - | - | ||||||
Sales | - | - | ||||||
PIPE transaction | - | 39 | ||||||
Amortization of discount | - | - | ||||||
Transfers in | - | - | ||||||
Transfers out | - | - | ||||||
Corporate actions | - | - | ||||||
Change in unrealized appreciation (depreciation) | 786 | - | ||||||
Realized gains (losses) | - | - | ||||||
Ending Balance | $ | 1,715 | $ | 39 | ||||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021 | $ | 786 | $ | 39 |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
Discovery | Fair Value at March 31, 2021 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
Common Stock | $ | 1,715 | Discounted Cash Flow | Weighted Average Cost of Capital | 11.0 | % | Decrease | |||||||
Perpetual Growth Rate | 3.5 | % | Increase | |||||||||||
Market Comparable Companies | Enterprise Value/Revenue | 3.0 | x | Increase | ||||||||||
Discount for Lack of Marketability | 7.0 | % | Decrease | |||||||||||
PIPE’s | $ | 39 | Market Implied | Discount for Lack of Marketability and Transaction Risk | 0.0% - 7.6 | % | Decrease |
* | Amount is indicative of the weighted average. |
** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Emerging Markets Debt | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 11,933 | $ | — | $ | 11,933 | ||||||||
Sovereign | — | 137,297 | — | 137,297 | ||||||||||||
Total Fixed Income Securities | — | 149,230 | — | 149,230 | ||||||||||||
Warrants | — | 9 | — | 9 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 4,039 | — | — | 4,039 | ||||||||||||
Repurchase Agreements | — | 551 | — | 551 | ||||||||||||
Sovereign | — | 957 | — | 957 | ||||||||||||
Total Short-Term Investments | 4,039 | 1,508 | — | 5,547 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 82 | — | 82 | ||||||||||||
Total Assets | $ | 4,039 | $ | 150,829 | $ | — | $ | 154,868 |
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Emerging Markets Equity | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Airlines | $ | 2,909 | $ | — | $ | — | $ | 2,909 | ||||||||
Automobiles | 4,233 | — | — | 4,233 | ||||||||||||
Banks | 17,856 | — | — | 17,856 | ||||||||||||
Beverages | 9,955 | — | — | 9,955 | ||||||||||||
Capital Markets | 3,873 | — | — | 3,873 | ||||||||||||
Chemicals | 2,519 | — | — | 2,519 | ||||||||||||
Construction Materials | 3,295 | — | — | 3,295 | ||||||||||||
Diversified Consumer Services | 3,887 | — | — | 3,887 | ||||||||||||
Electronic Equipment, Instruments & Components | 5,713 | — | — | 5,713 | ||||||||||||
Entertainment | 3,508 | — | — | 3,508 | ||||||||||||
Food & Staples Retailing | 1,862 | — | — | 1,862 | ||||||||||||
Food Products | 3,143 | — | — | 3,143 | ||||||||||||
Health Care Providers & Services | 2,332 | — | — | 2,332 | ||||||||||||
Information Technology Services | 10,377 | — | — | 10,377 | ||||||||||||
Insurance | 3,814 | — | — | 3,814 | ||||||||||||
Interactive Media & Services | 25,642 | — | — | 25,642 | ||||||||||||
Internet & Direct Marketing Retail | 16,680 | — | — | 16,680 | ||||||||||||
Life Sciences Tools & Services | 2,284 | — | — | 2,284 | ||||||||||||
Machinery | 1,162 | — | — | 1,162 | ||||||||||||
Metals & Mining | 11,644 | — | — | 11,644 | ||||||||||||
Multi-Line Retail | 2,592 | 941 | — | 3,533 | ||||||||||||
Oil, Gas & Consumable Fuels | 12,208 | — | — | 12,208 | ||||||||||||
Paper & Forest Products | 4,626 | — | — | 4,626 | ||||||||||||
Pharmaceuticals | 1,565 | — | — | 1,565 | ||||||||||||
Real Estate Management & Development | 1,124 | — | — | 1,124 | ||||||||||||
Road & Rail | 1,781 | — | — | 1,781 | ||||||||||||
Semiconductors & Semiconductor Equipment | 43,903 | — | — | 43,903 | ||||||||||||
Software | 2,941 | — | — | 2,941 | ||||||||||||
Tech Hardware, Storage & Peripherals | 14,202 | — | — | 14,202 | ||||||||||||
Textiles, Apparel & Luxury Goods | 8,122 | — | — | 8,122 | ||||||||||||
Thrifts & Mortgage Finance | 3,173 | — | — | 3,173 | ||||||||||||
Transportation Infrastructure | 3,259 | — | — | 3,259 | ||||||||||||
Wireless Telecommunication Services | 1,591 | — | — | 1,591 | ||||||||||||
Total Common Stocks | 237,775 | 941 | — | 238,716 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 4,794 | — | — | 4,794 | ||||||||||||
Total Assets | $ | 242,569 | $ | 941 | $ | — | $ | 243,510 |
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Franchise | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Beverages | $ | 2,387 | $ | — | $ | — | $ | 2,387 | ||||||||
Capital Markets | 1,508 | — | — | 1,508 | ||||||||||||
Health Care Equipment & Supplies | 5,607 | — | — | 5,607 | ||||||||||||
Household Products | 4,336 | — | — | 4,336 | ||||||||||||
Industrial Conglomerates | 704 | — | — | 704 | ||||||||||||
Information Technology Services | 5,981 | — | — | 5,981 | ||||||||||||
Life Sciences Tools & Services | 1,387 | — | — | 1,387 | ||||||||||||
Personal Products | 856 | — | — | 856 | ||||||||||||
Pharmaceuticals | 427 | — | — | 427 | ||||||||||||
Professional Services | 1,170 | — | — | 1,170 | ||||||||||||
Software | 4,614 | — | — | 4,614 | ||||||||||||
Textiles, Apparel & Luxury Goods | 928 | — | — | 928 | ||||||||||||
Tobacco | 3,726 | — | — | 3,726 | ||||||||||||
Total Common Stocks | 33,631 | — | — | 33,631 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 486 | — | — | 486 | ||||||||||||
Total Assets | $ | 34,117 | $ | — | $ | — | $ | 34,117 |
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Infrastructure | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Airports | $ | 4,872 | $ | — | $ | — | $ | 4,872 | ||||||||
Commercial Services & Supplies | 693 | — | — | 693 | ||||||||||||
Communications | 16,548 | — | — | 16,548 | ||||||||||||
Diversified | 4,868 | — | — | 4,868 | ||||||||||||
Electricity Transmission & Distribution | 10,216 | — | — | 10,216 | ||||||||||||
Oil & Gas Storage & Transportation | 20,792 | — | — | 20,792 | ||||||||||||
Ports | 554 | — | — | 554 | ||||||||||||
Railroads | 6,266 | — | — | 6,266 | ||||||||||||
Renewables | 1,509 | — | — | 1,509 | ||||||||||||
Toll Roads | 6,687 | — | — | 6,687 | ||||||||||||
Utilities | 974 | — | — | 974 | ||||||||||||
Water | 4,070 | — | — | 4,070 | ||||||||||||
Total Common Stocks | 78,049 | — | — | 78,049 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 4,617 | — | — | 4,617 | ||||||||||||
Repurchase Agreements | — | 897 | — | 897 | ||||||||||||
Total Short-Term Investments | 4,617 | 897 | — | 5,514 | ||||||||||||
Total Assets | $ | 82,666 | $ | 897 | $ | — | $ | 83,563 |
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Real Estate | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Diversified | $ | 14,247 | $ | — | $ | — | $ | 14,247 | ||||||||
Health Care | 5,490 | — | — | 5,490 | ||||||||||||
Industrial | 5,708 | — | — | 5,708 | ||||||||||||
Industrial/Office Mixed | 567 | — | — | 567 | ||||||||||||
Lodging/Resorts | 2,092 | — | — | 2,092 | ||||||||||||
Office | 5,949 | — | — | 5,949 | ||||||||||||
Residential | 8,914 | — | 8 | 8,922 | ||||||||||||
Retail | 6,891 | — | — | 6,891 | ||||||||||||
Self Storage | 2,309 | — | — | 2,309 | ||||||||||||
Specialty | 1,252 | — | — | 1,252 | ||||||||||||
Total Common Stocks | 53,419 | — | 8 | 53,427 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 1,522 | — | — | 1,522 | ||||||||||||
Repurchase Agreements | — | 206 | — | 206 | ||||||||||||
Total Short-Term Investments | 1,522 | 206 | — | 1,728 | ||||||||||||
Total Assets | $ | 54,941 | $ | 206 | $ | 8 | $ | 55,155 |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Global Real Estate | Common Stock (000) | |||
Beginning Balance | $ | 9 | ||
Purchases | - | |||
Sales | - | |||
Amortization of discount | - | |||
Transfers in | - | |||
Transfers out | - | |||
Corporate actions | - | |||
Change in unrealized appreciation (depreciation) | (1 | ) | ||
Realized gains (losses) | - | |||
Ending Balance | $ | 8 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021. | $ | (1 | ) |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2021:
Global Real Estate | Fair Value at March 31, 2021 (000) | Valuation Technique | Unobservable Input | Amount * | Impact to Valuation from an Increase in Input** | |||||||||
Common Stock | $ | 8 | Market Transaction Method | Transaction Valuation | $ | 0.001 | Increase | |||||||
Discount for Lack of Marketability | 50.0 | % | Decrease |
* | Amount is indicative of the weighted average. |
** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Strategist | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Agency Adjustable Rate Mortgage | $ | — | $ | 14 | $ | — | $ | 14 | ||||||||
Agency Fixed Rate Mortgages | — | 3,358 | — | 3,358 | ||||||||||||
Asset-Backed Securities | — | 454 | — | 454 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 624 | — | 624 | ||||||||||||
Corporate Bonds | — | 13,815 | — | 13,815 | ||||||||||||
Mortgages - Other | — | 671 | — | 671 | ||||||||||||
Sovereign | — | 22,827 | — | 22,827 | ||||||||||||
Supranational | 1,180 | 1,180 | ||||||||||||||
U.S. Treasury Securities | — | 1,967 | — | 1,967 | ||||||||||||
Total Fixed Income Securities | — | 44,910 | — | 44,910 | ||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | 498 | — | — | 498 | ||||||||||||
Air Freight & Logistics | 491 | — | — | 491 | ||||||||||||
Airlines | 370 | — | — | 370 | ||||||||||||
Auto Components | 74 | — | — | 74 | ||||||||||||
Automobiles | 612 | 2 | — | 614 | ||||||||||||
Banks | 2,458 | — | — | 2,458 | ||||||||||||
Beverages | 460 | — | — | 460 | ||||||||||||
Biotechnology | 656 | — | — | 656 | ||||||||||||
Building Products | 258 | — | — | 258 | ||||||||||||
Capital Markets | 1,358 | — | — | 1,358 | ||||||||||||
Chemicals | 520 | — | — | 520 | ||||||||||||
Commercial Banks | 2 | — | — | 2 | ||||||||||||
Commercial Services & Supplies | 233 | — | — | 233 | ||||||||||||
Communications Equipment | 323 | — | — | 323 | ||||||||||||
Construction & Engineering | 829 | — | — | 829 | ||||||||||||
Construction Materials | 57 | — | — | 57 | ||||||||||||
Consumer Finance | 496 | — | — | 496 | ||||||||||||
Containers & Packaging | 88 | — | — | 88 | ||||||||||||
Diversified Financial Services | 305 | — | — | 305 | ||||||||||||
Diversified Telecommunication Services | 758 | — | — | 758 | ||||||||||||
Electric Utilities | 595 | — | — | 595 | ||||||||||||
Electrical Equipment | 337 | — | — | 337 | ||||||||||||
Electronic Equipment, Instruments & Components | 142 | — | — | 142 | ||||||||||||
Energy Equipment & Services | 194 | — | — | † | 194 | † | ||||||||||
Entertainment | 302 | — | — | 302 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 1,129 | — | @ | — | 1,129 | |||||||||||
Food & Staples Retailing | 753 | — | — | 753 | ||||||||||||
Food Products | 542 | — | — | 542 | ||||||||||||
Gas Utilities | 28 | — | — | 28 | ||||||||||||
Health Care Equipment & Supplies | 1,318 | — | — | 1,318 | ||||||||||||
Health Care Providers & Services | 1,473 | — | — | 1,473 | ||||||||||||
Health Care Technology | 39 | — | — | 39 | ||||||||||||
Hotels, Restaurants & Leisure | 1,696 | — | — | 1,696 | ||||||||||||
Household Durables | 63 | — | — | 63 | ||||||||||||
Household Products | 656 | — | — | 656 | ||||||||||||
Independent Power & Renewable Electricity Producers | 22 | — | — | 22 | ||||||||||||
Industrial Conglomerates | 643 | — | — | 643 | ||||||||||||
Information Technology Services | 1,976 | — | — | 1,976 | ||||||||||||
Insurance | 623 | — | — | 623 | ||||||||||||
Interactive Media & Services | 2,172 | — | — | 2,172 | ||||||||||||
Internet & Direct Marketing Retail | 1,878 | — | — | 1,878 | ||||||||||||
Life Sciences Tools & Services | 297 | — | — | 297 | ||||||||||||
Machinery | 646 | — | — | 646 | ||||||||||||
Marine | 57 | — | — | 57 | ||||||||||||
Media | 560 | — | — | 560 |
Metals & Mining | 1,850 | — | — | 1,850 | ||||||||||||
Multi-Line Retail | 234 | — | — | 234 | ||||||||||||
Multi-Utilities | 359 | — | — | 359 | ||||||||||||
Oil, Gas & Consumable Fuels | 2,816 | — | — | 2,816 | ||||||||||||
Paper & Forest Products | 35 | — | — | 35 | ||||||||||||
Personal Products | 340 | — | — | 340 | ||||||||||||
Pharmaceuticals | 2,143 | — | — | 2,143 | ||||||||||||
Professional Services | 229 | — | — | 229 | ||||||||||||
Real Estate Management & Development | 20 | — | — | 20 | ||||||||||||
Road & Rail | 495 | — | — | 495 | ||||||||||||
Semiconductors & Semiconductor Equipment | 1,029 | — | — | 1,029 | ||||||||||||
Software | 2,028 | — | † | — | 2,028 | † | ||||||||||
Specialty Retail | 1,033 | — | — | 1,033 | ||||||||||||
Tech Hardware, Storage & Peripherals | 2,109 | — | — | 2,109 | ||||||||||||
Textiles, Apparel & Luxury Goods | 697 | — | — | 697 | ||||||||||||
Thrifts & Mortgage Finance | 2 | — | — | 2 | ||||||||||||
Tobacco | 326 | — | — | 326 | ||||||||||||
Trading Companies & Distributors | 87 | — | — | 87 | ||||||||||||
Transportation Infrastructure | 1,009 | — | — | 1,009 | ||||||||||||
Water Utilities | 21 | — | — | 21 | ||||||||||||
Wireless Telecommunication Services | 80 | — | — | 80 | ||||||||||||
Total Common Stocks | 45,929 | 2 | † | — | † | 45,931 | † | |||||||||
Right | — | — | @ | — | — | @ | ||||||||||
Warrants | 2 | — | @ | — | 2 | |||||||||||
Investment Company | 4,603 | — | — | 4,603 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 9,678 | — | — | 9,678 | ||||||||||||
U.S. Treasury Security | — | 676 | — | 676 | ||||||||||||
Total Short-Term Investments | 9,678 | 676 | — | 10,354 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 326 | — | 326 | ||||||||||||
Futures Contracts | 302 | — | — | 302 | ||||||||||||
Interest Rate Swap Agreements | — | 347 | — | 347 | ||||||||||||
Total Return Swap Agreements | — | 351 | — | 351 | ||||||||||||
Total Assets | 60,514 | 46,612 | † | — | † | 107,126 | † | |||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (382 | ) | — | (382 | ) | ||||||||||
Futures Contracts | (277 | ) | — | — | (277 | ) | ||||||||||
Interest Rate Swap Agreements | — | (293 | ) | — | (293 | ) | ||||||||||
Total Return Swap Agreements | — | (873 | ) | — | (873 | ) | ||||||||||
Total Liabilities | (277 | ) | (1,548 | ) | — | (1,825 | ) | |||||||||
Total | $ | 60,237 | $ | 45,064 | † | $ | — | † | $ | 105,301 | † |
@ | Value is less than $500. |
† | Includes one or more securities valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Global Strategist | Common Stock (000) | |||
Beginning Balance | $ | - | † | |
Purchases | - | |||
Sales | - | |||
Amortization of discount | - | |||
Transfers in | - | |||
Transfers out | - | |||
Corporate actions | - | |||
Change in unrealized appreciation (depreciation) | - | |||
Realized gains (losses) | - | |||
Ending Balance | $ | - | † | |
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021 | $ | - |
† | Includes a security valued at zero. |
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Growth | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Biotechnology | $ | 12,299 | $ | — | $ | — | $ | 12,299 | ||||||||
Entertainment | 60,088 | — | — | 60,088 | ||||||||||||
Health Care Equipment & Supplies | 55,288 | — | — | 55,288 | ||||||||||||
Health Care Providers & Services | 10,682 | — | — | 10,682 | ||||||||||||
Health Care Technology | 37,904 | — | 3,657 | 41,561 | ||||||||||||
Information Technology Services | 244,407 | — | — | 244,407 | ||||||||||||
Interactive Media & Services | 169,436 | — | — | 169,436 | ||||||||||||
Internet & Direct Marketing Retail | 103,147 | 26,818 | — | 129,965 | ||||||||||||
Life Sciences Tools & Services | 21,205 | — | — | 21,205 | ||||||||||||
Metals & Mining | 2,943 | — | — | 2,943 | ||||||||||||
Oil, Gas & Consumable Fuels | 6,777 | — | — | 6,777 | ||||||||||||
Pharmaceuticals | 24,663 | — | — | 24,663 | ||||||||||||
Road & Rail | 54,394 | — | — | 54,394 | ||||||||||||
Semiconductors & Semiconductor Equipment | 16,800 | — | — | 16,800 | ||||||||||||
Software | 131,758 | — | — | 131,758 | ||||||||||||
Specialty Retail | 29,685 | — | — | 29,685 | ||||||||||||
Total Common Stocks | 981,476 | 26,818 | 3,657 | 1,011,951 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
Software | — | — | 480 | 480 | ||||||||||||
Total Preferred Stocks | — | — | 480 | † | 480 | † | ||||||||||
Call Options Purchased | — | 1,733 | — | 1,733 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 44,290 | — | — | 44,290 | ||||||||||||
Total Assets | $ | 1,025,766 | $ | 28,551 | $ | 4,137 | † | $ | 1,058,454 | † |
† | Includes a security valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Growth | Common Stock (000) | Preferred Stocks (000) | ||||||
Beginning Balance | $ | 1,982 | $ | 439 | † | |||
Purchases | - | - | ||||||
Sales | - | - | ||||||
Amortization of discount | - | - | ||||||
Transfers in | - | - | ||||||
Transfers out | - | - | ||||||
Corporate actions | - | - | ||||||
Change in unrealized appreciation (depreciation) | 1,675 | 41 | ||||||
Realized gains (losses) | - | - | ||||||
Ending Balance | $ | 3,657 | $ | 480 | † | |||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021 | $ | 1,675 | $ | 41 |
† | Includes a security valued at zero. |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
Growth | Fair Value at | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
Common Stock | $ | 3,657 | Discounted Cash Flow | Weighted Average Cost of Capital | 11.0 | % | Decrease | |||||||
Perpetual Growth Rate | 3.5 | % | Increase | |||||||||||
Market Comparable Companies | Enterprise Value/Revenue | 3.0 | x | Increase | ||||||||||
Discount for Lack of Marketability | 7.0 | % | Decrease | |||||||||||
Preferred Stock | $ | 480 | Discounted Cash Flow | Weighted Average Cost of Capital | 15.0 | % | Decrease | |||||||
Perpetual Growth Rate | 3.5 | % | Increase | |||||||||||
Market Comparable Companies | Enterprise Value/Revenue | 5.8 | x | Increase | ||||||||||
Discount for Lack of Marketability | 13.0 | % | Decrease | |||||||||||
Comparable Transactions | Enterprise Value/Revenue | 4.0 | x | Increase |
* | Amount is indicative of the weighted average. |
** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
U.S. Real Estate Portfolio | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Apartments | $ | 44,188 | $ | — | $ | — | $ | 44,188 | ||||||||
Data Centers | 42,551 | — | — | 42,551 | ||||||||||||
Diversified | 15,336 | — | — | 15,336 | ||||||||||||
Free Standing | 4,486 | — | — | 4,486 | ||||||||||||
Health Care | 61,465 | — | — | 61,465 | ||||||||||||
Industrial | 30,925 | — | — | 30,925 | ||||||||||||
Lodging/Resorts | 17,889 | — | — | 17,889 | ||||||||||||
Manufactured Homes | 9,910 | — | — | 9,910 | ||||||||||||
Office | 36,139 | — | — | 36,139 | ||||||||||||
Regional Malls | 16,741 | — | — | 16,741 | ||||||||||||
Self Storage | 27,606 | — | — | 27,606 | ||||||||||||
Shopping Centers | 27,549 | — | — | 27,549 | ||||||||||||
Single Family Homes | 10,799 | — | — | 10,799 | ||||||||||||
Specialty | 12,652 | — | — | 12,652 | ||||||||||||
Total Common Stocks | 358,236 | — | — | 358,236 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,850 | — | — | 1,850 | ||||||||||||
Total Assets | $ | 360,086 | $ | — | $ | — | $ | 360,086 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.