Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (97.5%) | ||||||||
Agency Adjustable Rate Mortgages (0.0%) (a) | ||||||||
Federal Home Loan Mortgage Corporation, Conventional
Pool: 12 Month USD LIBOR + 1.63%, 3.39%, 7/1/45 | $ | 13 | $ | 13 | ||||
Federal National Mortgage Association,
Conventional Pool: 12 Month USD LIBOR + 1.59%, 2.60%, 12/1/45 | 10 | 11 | ||||||
24 | ||||||||
Agency Fixed Rate Mortgages (16.6%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Conventional Pools: | ||||||||
2.00%, 10/1/51 | 54 | 43 | ||||||
Gold Pools: | ||||||||
3.50%, 1/1/44 | 282 | 260 | ||||||
4.00%, 12/1/41 – 10/1/44 | 325 | 309 | ||||||
5.41%, 7/1/37 – 8/1/37 | 11 | 11 | ||||||
5.44%, 1/1/37 – 2/1/38 | 40 | 40 | ||||||
5.46%, 5/1/37 – 1/1/38 | 39 | 39 | ||||||
5.48%, 8/1/37 | 10 | 10 | ||||||
5.50%, 8/1/37 – 11/1/37 | 46 | 46 | ||||||
5.52%, 10/1/37 | 5 | 5 | ||||||
5.62%, 12/1/36 – 8/1/37 | 46 | 46 | ||||||
6.00%, 8/1/37 – 5/1/38 | 12 | 13 | ||||||
7.50%, 5/1/35 | 16 | 17 | ||||||
8.00%, 8/1/32 | 10 | 11 | ||||||
8.50%, 8/1/31 | 15 | 16 | ||||||
Federal National Mortgage Association, | ||||||||
Conventional Pools: | ||||||||
2.00%, 11/1/51 – 3/1/52 | 592 | 474 | ||||||
2.50%, 2/1/50 | 208 | 175 | ||||||
3.00%, 7/1/49 | 50 | 43 | ||||||
3.50%, 7/1/46 – 7/1/49 | 635 | 588 | ||||||
4.00%, 11/1/41 – 8/1/49 | 586 | 553 | ||||||
4.50%, 8/1/40 – 9/1/48 | 177 | 172 | ||||||
5.00%, 7/1/40 | 45 | 45 | ||||||
5.62%, 12/1/36 | 18 | 18 | ||||||
6.00%, 12/1/38 | 145 | 149 | ||||||
6.50%, 11/1/27 – 10/1/38 | 11 | 11 | ||||||
7.00%, 6/1/29 | 3 | 3 | ||||||
7.50%, 8/1/37 | 28 | 30 | ||||||
8.00%, 4/1/33 | 21 | 23 | ||||||
8.50%, 10/1/32 | 23 | 25 | ||||||
9.50%, 4/1/30 | 1 | 1 | ||||||
October TBA: | ||||||||
2.50%, 10/1/52 (b) | 1,350 | 1,133 | ||||||
3.50%, 10/1/52 (b) | 2,825 | 2,543 | ||||||
4.00%, 10/1/52 (b) | 350 | 325 | ||||||
4.50%, 10/1/52 (b) | 4,250 | 4,050 | ||||||
5.00%, 10/1/52 (b) | 1,025 | 999 | ||||||
5.50%, 10/1/52 (b) | 1,725 | 1,715 | ||||||
Government National Mortgage Association, | ||||||||
Various Pools: | ||||||||
3.50%, 11/20/40 – 7/20/46 | 240 | 219 | ||||||
4.00%, 7/15/44 | 84 | 81 | ||||||
5.00%, 12/20/48 – 2/20/49 | 12 | 12 | ||||||
14,253 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Asset-Backed Securities (11.1%) | ||||||||
AIMCO CLO, | ||||||||
Series 2018-B | ||||||||
3 Month USD LIBOR + 1.10%, 3.61%, 1/15/32 (c)(d) | 625 | 608 | ||||||
Allegro CLO XI Ltd., | ||||||||
3 Month USD LIBOR + 1.39%, 4.13%, 1/19/33 (c)(d) | 250 | 244 | ||||||
American Homes 4 Rent Trust, | ||||||||
6.07%, 10/17/52 (d) | 490 | 486 | ||||||
Benefit Street Partners CLO XX Ltd., | ||||||||
3 Month USD LIBOR + 1.17%, 3.68%, 7/15/34 (c)(d) | 390 | 375 | ||||||
Blackbird Capital Aircraft Lease Securitization Ltd., | ||||||||
5.68%, 12/16/41 (d) | 356 | 273 | ||||||
Cologix Data Centers US Issuer LLC, | ||||||||
3.30%, 12/26/51 (d) | 225 | 201 | ||||||
4.94%, 1/25/52 (d) | 400 | 268 | ||||||
Conn's Receivables Funding LLC, | ||||||||
2.87%, 5/15/26 (d) | 125 | 122 | ||||||
9.52%, 12/15/26 (d) | 400 | 399 | ||||||
ELFI Graduate Loan Program LLC, | ||||||||
4.51%, 8/26/47 (d) | 196 | 189 | ||||||
Falcon Aerospace Ltd., | ||||||||
3.60%, 9/15/39 (d) | 180 | 143 | ||||||
Foundation Finance Trust, | ||||||||
3.86%, 11/15/34 (d) | 84 | 82 | ||||||
Freed ABS Trust, | ||||||||
5.39%, 6/18/26 (d) | 112 | 112 | ||||||
GAIA Aviation Ltd., | ||||||||
7.00%, 12/15/44 (d) | 344 | 193 | ||||||
Goodgreen Trust, | ||||||||
5.53%, 4/15/55 (d) | 415 | 341 | ||||||
JOL Air Ltd., | ||||||||
4.95%, 4/15/44 (d) | 227 | 158 | ||||||
Lunar 2021-1 Structured Aircraft Portfolio Notes, | ||||||||
2.64%, 10/15/46 (d) | 311 | 258 | ||||||
Lunar Aircraft Ltd., | ||||||||
3.38%, 2/15/45 (d) | 108 | 88 | ||||||
Mosaic Solar Loan Trust, | ||||||||
1.92%, 6/20/52 (d) | 195 | 158 | ||||||
New Residential Mortgage LLC, | ||||||||
5.44%, 6/25/25 – 7/25/25 (d) | 694 | 657 | ||||||
Newday Funding Master Issuer PLC, | ||||||||
SOFR + 1.50%, 4.17%, 4/15/30 (c)(d) | 500 | 487 | ||||||
NovaStar Mortgage Funding Trust, | ||||||||
1 Month USD LIBOR + 1.06%, 4.14%, 12/25/33 (c) | 179 | 176 | ||||||
NRZ Excess Spread-Collateralized Notes, | ||||||||
Class A | ||||||||
3.47%, 11/25/26 (d) | 242 | 213 | ||||||
Octagon Investment Partners 51 Ltd., | ||||||||
3 Month USD LIBOR + 1.15%, 3.86%, 7/20/34 (c)(d) | 900 | 862 | ||||||
Oxford Finance Funding LLC, | ||||||||
5.44%, 2/15/27 (d) | 138 | 136 | ||||||
PMT FMSR Issuer Trust, | ||||||||
1 Month USD LIBOR + 3.00%, 6.08%, 3/25/26 (c)(d) | 650 | 608 | ||||||
PNMAC GMSR Issuer Trust, | ||||||||
SOFR30A + 4.19%, 6.49%, 6/25/27 (c)(d) | 300 | 289 | ||||||
SOFR30A + 4.25%, 6.53%, 5/25/27 (c)(d) | 300 | 287 | ||||||
PRET 2021-NPL6 LLC, | ||||||||
2.49%, 7/25/51 (d) | 169 | 158 | ||||||
Sculptor CLO XXVI Ltd., | ||||||||
3 Month USD LIBOR + 1.27%, 3.98%, 7/20/34 (c)(d) | 840 | 807 | ||||||
START Ireland, | ||||||||
4.09%, 3/15/44 (d) | 125 | 111 | ||||||
9,489 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Collateralized Mortgage Obligations - Agency Collateral Series (0.2%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
IO REMIC | ||||||||
6.00% - 1 Month USD LIBOR, 3.18%, 11/15/43 – 6/15/44 (e) | 854 | 73 | ||||||
IO STRIPS | ||||||||
7.50%, 12/15/29 | 2 | —@ | ||||||
Federal National Mortgage Association, | ||||||||
IO REMIC | ||||||||
6.00%, 5/25/33 – 7/25/33 | 100 | 18 | ||||||
IO STRIPS | ||||||||
8.00%, 6/25/35 (c) | 6 | 1 | ||||||
REMIC | ||||||||
7.00%, 9/25/32 | 17 | 18 | ||||||
Government National Mortgage Association, | ||||||||
IO | ||||||||
0.57%, 8/20/58 (c) | 3,290 | 42 | ||||||
5.00%, 2/16/41 | 41 | 8 | ||||||
160 | ||||||||
Commercial Mortgage-Backed Securities (11.9%) | ||||||||
BAMLL Commercial Mortgage Securities Trust, | ||||||||
SOFR + 3.00%, 5.85%, 1/15/39 (c)(d) | 350 | 334 | ||||||
BANK 2019-BNK21, | ||||||||
IO | ||||||||
0.97%, 10/17/52 (c) | 3,503 | 154 | ||||||
BANK 2020-BNK30, | ||||||||
3.02%, 12/15/53 (c) | 725 | 493 | ||||||
BPR Trust, | ||||||||
SOFR + 3.00%, 5.85%, 5/15/39 (c)(d) | 350 | 345 | ||||||
BX Trust BX 2022 VAMF, | ||||||||
SOFR + 2.70%, 5.55%, 1/15/39 (c)(d) | 390 | 367 | ||||||
Citigroup Commercial Mortgage Trust, | ||||||||
3.62%, 12/10/41 (c)(d) | 300 | 195 | ||||||
IO | ||||||||
0.87%, 11/10/48 (c) | 2,277 | 40 | ||||||
1.03%, 9/10/58 (c) | 4,140 | 85 | ||||||
Commercial Mortgage Trust, | ||||||||
IO | ||||||||
0.04%, 7/10/45 (c) | 6,150 | 1 | ||||||
0.82%, 10/10/47 (c) | 2,217 | 23 | ||||||
1.15%, 7/15/47 (c) | 2,433 | 31 | ||||||
Credit Suisse Mortgage Trust, | ||||||||
1 Month USD LIBOR + 3.97%, 6.79%, 4/15/23 (c)(d) | 525 | 506 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, | ||||||||
2.98%, 1/25/49 (c) | 800 | 153 | ||||||
3.08%, 1/25/32 (c) | 625 | 124 | ||||||
3.32%, 5/25/32 (c) | 1,300 | 285 | ||||||
3.69%, 7/25/32 (c) | 775 | 182 | ||||||
4.29%, 8/25/54 (c) | 650 | 179 | ||||||
Federal Home Loan Mortgage Corporation, | ||||||||
1 Month USD LIBOR + 4.35%, 6.90%, 12/25/26 (c)(d) | 40 | 39 | ||||||
1 Month USD LIBOR + 5.25%, 7.80%, 7/25/26 (c)(d) | 42 | 42 | ||||||
IO | ||||||||
2.72%, 1/25/49(c) | 3,665 | 589 | ||||||
2.75%, 2/25/49 (c) | 1,635 | 267 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
3.17%, 11/25/36 (c) | 475 | 127 | ||||||
3.57%, 10/25/38 (c) | 800 | 223 | ||||||
3.92%, 6/25/50 (c) | 900 | 221 | ||||||
GS Mortgage Securities Trust, | ||||||||
4.88%, 8/10/46 (c)(d) | 500 | 471 | ||||||
IO | ||||||||
0.84%, 9/10/47 (c) | 4,221 | 45 | ||||||
1.37%, 10/10/48 (c) | 4,596 | 132 | ||||||
Highways 2021 PLC, | ||||||||
3.19%, 12/18/31 | GBP | 300 | 328 | |||||
Jackson Park Trust, | ||||||||
3.35%, 10/14/39 (c)(d) | $ | 400 | 275 | |||||
JP Morgan Chase Commercial Mortgage Securities Trust, | ||||||||
IO | ||||||||
0.65%, 4/15/46 (c) | 6,000 | 17 | ||||||
0.72%, 12/15/49 (c) | 2,581 | 45 | ||||||
0.96%, 7/15/47 (c) | 4,270 | 32 | ||||||
JPMBB Commercial Mortgage Securities Trust, | ||||||||
IO | ||||||||
1.10%, 8/15/47 (c) | 2,663 | 33 | ||||||
Last Mile Logistics Pan Euro Finance DAC, | ||||||||
3 Month EURIBOR + 1.90%, 2.24%, 8/17/33 (c)(d) | EUR | 100 | 91 | |||||
Life Mortgage Trust, | ||||||||
SOFR + 2.09%, 4.94%, 5/15/39 (c)(d) | $ | 175 | 169 | |||||
MF1 2021-W10X, | ||||||||
SOFR + 2.82%, 5.67%, 12/15/34 (c)(d) | 475 | 461 | ||||||
MFT Trust, | ||||||||
3.59%, 2/10/42 (c)(d) | 200 | 148 | ||||||
MKT 2020-525M Mortgage Trust, | ||||||||
3.04%, 2/12/40 (c)(d) | 200 | 124 | ||||||
Multifamily Connecticut Avenue Securities Trust, | ||||||||
1 Month USD LIBOR + 1.95%, 5.03%, 3/25/50 (c)(d) | 20 | 20 | ||||||
Natixis Commercial Mortgage Securities Trust, | ||||||||
4.46%, 1/15/43 (c)(d) | 200 | 163 | ||||||
1 Month USD LIBOR + 1.70%, 4.52%, 8/15/38 (c)(d) | 325 | 305 | ||||||
1 Month USD LIBOR + 2.20%, 5.02%, 7/15/36 (c)(d) | 500 | 488 | ||||||
Real Estate Asset Liquidity Trust, | ||||||||
IO | ||||||||
1.17%, 2/12/31 (c)(d) | CAD | 3,458 | 117 | |||||
SG Commercial Mortgage Securities Trust, | ||||||||
3.85%, 3/15/37 (c)(d) | $ | 450 | 393 | |||||
SLG Office Trust, | ||||||||
IO | ||||||||
0.26%, 7/15/41 (c)(d) | 3,650 | 61 | ||||||
Taubman Centers Commercial Mortgage Trust, | ||||||||
SOFR + 2.19%, 5.03%, 5/15/37 (c)(d) | 450 | 441 | ||||||
Vita Scientia 2022-1 DAC, | ||||||||
3 Month EURIBOR + 2.49%, 3.01%, 8/27/25 (c)(d) | EUR | 250 | 230 | |||||
VMC Finance 2021-HT1 LLC, | ||||||||
1 Month USD LIBOR + 1.65%, 4.64%, 1/18/37 (c)(d) | $ | 261 | 253 | |||||
WFRBS Commercial Mortgage Trust, | ||||||||
4.29%, 5/15/45 (c)(d) | 385 | 369 | ||||||
10,216 | ||||||||
Corporate Bonds (25.8%) | ||||||||
Finance (8.9%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | ||||||||
3.00%, 10/29/28 | 150 | 120 | ||||||
4.13%, 7/3/23 | 325 | 323 | ||||||
Australia & New Zealand Banking Group Ltd. | ||||||||
2.57%, 11/25/35 (d) | 200 | 145 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Avolon Holdings Funding Ltd. | ||||||||
2.88%, 2/15/25 (d) | 275 | 249 | ||||||
Banco de Credito e Inversiones SA | ||||||||
2.88%, 10/14/31 (d) | 225 | 174 | ||||||
Banco Santander Chile | ||||||||
2.70%, 1/10/25 (d) | 150 | 140 | ||||||
Banco Santander SA | ||||||||
4.18%, 3/24/28 | 200 | 180 | ||||||
Bank Hapoalim BM | ||||||||
3.26%, 1/21/32 (d) | 225 | 188 | ||||||
Bank of America Corp., | ||||||||
2.48%, 9/21/36 | 250 | 181 | ||||||
2.69%, 4/22/32 | 175 | 137 | ||||||
3.71%, 4/24/28 | 125 | 114 | ||||||
3.85%, 3/8/37 | 125 | 101 | ||||||
MTN | ||||||||
4.00%, 1/22/25 | 385 | 373 | ||||||
Bank of Ireland Group PLC | ||||||||
2.03%, 9/30/27 (d) | 250 | 207 | ||||||
Bank of Montreal | ||||||||
3.09%, 1/10/37 | 150 | 112 | ||||||
Belrose Funding Trust | ||||||||
2.33%, 8/15/30 (d) | 100 | 76 | ||||||
BNP Paribas SA | ||||||||
4.40%, 8/14/28 (d) | 300 | 270 | ||||||
BPCE SA | ||||||||
5.15%, 7/21/24 (d) | 300 | 293 | ||||||
Citigroup, Inc., | ||||||||
2.52%, 11/3/32 | 475 | 361 | ||||||
5.50%, 9/13/25 | 150 | 150 | ||||||
CNO Financial Group, Inc. | ||||||||
5.25%, 5/30/29 | 95 | 89 | ||||||
Coinbase Global, Inc. | ||||||||
3.38%, 10/1/28 (d) | 110 | 69 | ||||||
Credit Suisse Group AG | ||||||||
6.54%, 8/12/33 (d) | 250 | 225 | ||||||
Goldman Sachs Group, Inc. | ||||||||
2.62%, 4/22/32 | 525 | 408 | ||||||
Grupo Aval Ltd. | ||||||||
4.38%, 2/4/30 (d) | 200 | 145 | ||||||
HSBC Holdings PLC | ||||||||
3.80%, 3/11/25 | 450 | 435 | ||||||
JPMorgan Chase & Co. | ||||||||
1.95%, 2/4/32 | 125 | 93 | ||||||
Life Storage LP | ||||||||
2.40%, 10/15/31 | 125 | 94 | ||||||
Macquarie Group Ltd. | ||||||||
2.87%, 1/14/33 (d) | 125 | 94 | ||||||
Marsh & McLennan Cos., Inc. | ||||||||
5.88%, 8/1/33 | 125 | 127 | ||||||
Nationwide Building Society | ||||||||
4.30%, 3/8/29 (d) | 375 | 334 | ||||||
Nordea Bank Abp | ||||||||
5.38%, 9/22/27 (d) | 200 | 195 | ||||||
Oversea-Chinese Banking Corp. Ltd. | ||||||||
1.83%, 9/10/30 (d) | 200 | 179 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | ||||||||
3.88%, 3/1/31 (d) | 170 | 123 | ||||||
Societe Generale SA | ||||||||
2.63%, 1/22/25 (d) | 225 | 208 | ||||||
Sun Communities Operating LP | ||||||||
4.20%, 4/15/32 | 225 | 189 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
SVB Financial Group, | ||||||||
1.80%, 2/2/31 | 125 | 90 | ||||||
4.10%, 2/15/31 (f) | 100 | 69 | ||||||
United Overseas Bank Ltd. | ||||||||
3.86%, 10/7/32 (d) | 325 | 296 | ||||||
Wells Fargo & Co., | ||||||||
3.07%, 4/30/41 | 125 | 86 | ||||||
MTN | ||||||||
2.88%, 10/30/30 | 200 | 165 | ||||||
Westpac Banking Corp. | ||||||||
2.67%, 11/15/35 | 75 | 55 | ||||||
7,662 | ||||||||
Industrials (14.8%) | ||||||||
Airbnb, Inc. | ||||||||
0.00%, 3/15/26 | 130 | 108 | ||||||
Alibaba Group Holding Ltd. | ||||||||
2.13%, 2/9/31 (g) | 200 | 154 | ||||||
Altria Group, Inc. | ||||||||
3.40%, 2/4/41 | 125 | 79 | ||||||
Amazon.com, Inc. | ||||||||
2.70%, 6/3/60 | 100 | 59 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
5.75%, 4/20/29 (d) | 160 | 140 | ||||||
Amgen, Inc., | ||||||||
2.80%, 8/15/41 | 100 | 69 | ||||||
4.20%, 2/22/52 | 75 | 59 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
4.60%, 4/15/48 | 100 | 83 | ||||||
AT&T, Inc., | ||||||||
2.55%, 12/1/33 | 225 | 167 | ||||||
3.55%, 9/15/55 | 150 | 99 | ||||||
BAT Capital Corp. | ||||||||
2.26%, 3/25/28 | 275 | 219 | ||||||
Boeing Co. | ||||||||
3.25%, 2/1/35 | 150 | 106 | ||||||
BP Capital Markets PLC, | ||||||||
4.38%, 6/22/25 (f) | 75 | 70 | ||||||
4.88%, 3/22/30 (f) | 75 | 65 | ||||||
Celanese U.S. Holdings LLC | ||||||||
6.17%, 7/15/27 | 250 | 237 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
2.30%, 2/1/32 | 50 | 36 | ||||||
2.80%, 4/1/31 | 100 | 76 | ||||||
3.50%, 3/1/42 | 300 | 191 | ||||||
Children's Health System of Texas | ||||||||
2.51%, 8/15/50 | 175 | 105 | ||||||
Comcast Corp. | ||||||||
1.95%, 1/15/31 | 200 | 156 | ||||||
Crown Castle International Corp. | ||||||||
3.30%, 7/1/30 | 150 | 126 | ||||||
Dell International LLC/EMC Corp. | ||||||||
3.45%, 12/15/51 (d) | 275 | 157 | ||||||
Delta Air Lines Pass Through Trust, | ||||||||
Series AA | ||||||||
3.20%, 10/25/25 | 150 | 145 | ||||||
Dexcom, Inc. | ||||||||
0.25%, 11/15/25 (g) | 200 | 185 | ||||||
Dick's Sporting Goods, Inc. | ||||||||
4.10%, 1/15/52 | 250 | 155 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
DXC Technology Co. | ||||||||
1.80%, 9/15/26 | 350 | 300 | ||||||
Enbridge, Inc. | ||||||||
2.50%, 8/1/33 | 275 | 206 | ||||||
Energy Transfer LP, | ||||||||
2.90%, 5/15/25 | 250 | 233 | ||||||
4.75%, 1/15/26 | 75 | 72 | ||||||
Enterprise Products Operating LLC | ||||||||
3.30%, 2/15/53 | 100 | 65 | ||||||
EQM Midstream Partners LP | ||||||||
7.50%, 6/1/27 (d) | 25 | 24 | ||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||
1.75%, 9/30/27 (d) | 264 | 240 | ||||||
Garda World Security Corp. | ||||||||
4.63%, 2/15/27 (d) | 200 | 172 | ||||||
GE Capital International Funding Co., Unlimited Co. | ||||||||
4.42%, 11/15/35 | 225 | 202 | ||||||
General Motors Co., | ||||||||
5.40%, 10/15/29 | 175 | 162 | ||||||
6.60%, 4/1/36 | 75 | 70 | ||||||
6.75%, 4/1/46 | 75 | 68 | ||||||
Georgia-Pacific LLC | ||||||||
2.30%, 4/30/30 (d) | 175 | 144 | ||||||
Global Partners LP/GLP Finance Corp. | ||||||||
7.00%, 8/1/27 | 80 | 73 | ||||||
GLP Capital LP/GLP Financing II, Inc., | ||||||||
3.25%, 1/15/32 | 50 | 38 | ||||||
5.38%, 4/15/26 | 125 | 120 | ||||||
Grifols SA | ||||||||
2.25%, 11/15/27 (d) | EUR | 200 | 153 | |||||
HCA, Inc. | ||||||||
5.25%, 6/15/49 | $ | 175 | 143 | |||||
Hyundai Capital America | ||||||||
1.80%, 1/10/28 (d) | 250 | 200 | ||||||
Imperial Brands Finance PLC | ||||||||
3.13%, 7/26/24 (d) | 350 | 335 | ||||||
Intel Corp. | ||||||||
2.80%, 8/12/41 | 175 | 118 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
2.50%, 1/15/27 (d) | 225 | 193 | ||||||
Johns Hopkins University, | ||||||||
Series A | ||||||||
2.81%, 1/1/60 | 145 | 90 | ||||||
Las Vegas Sands Corp. | ||||||||
3.20%, 8/8/24 | 100 | 94 | ||||||
Level 3 Financing, Inc. | ||||||||
3.40%, 3/1/27 (d) | 175 | 147 | ||||||
Lions Gate Capital Holdings LLC | ||||||||
5.50%, 4/15/29 (d) | 145 | 108 | ||||||
Lowe's Cos., Inc. | ||||||||
5.80%, 9/15/62 | 75 | 69 | ||||||
Macy's Retail Holdings LLC | ||||||||
5.88%, 3/15/30 (d)(g) | 80 | 63 | ||||||
Magallanes, Inc. Co., | ||||||||
5.05%, 3/15/42 (d) | 100 | 75 | ||||||
5.14%, 3/15/52 (d) | 150 | 109 | ||||||
Matador Resources Co. | ||||||||
5.88%, 9/15/26 | 205 | 198 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
7.25%, 4/15/25 (d)(g) | 120 | 106 | ||||||
McLaren Health Care Corp., | ||||||||
Series A | ||||||||
4.39%, 5/15/48 | 150 | 127 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Medline Borrower LP | ||||||||
3.88%, 4/1/29 (d) | 150 | 121 | ||||||
MPLX LP | ||||||||
4.95%, 3/14/52 | 200 | 157 | ||||||
NBN Co. Ltd. | ||||||||
2.63%, 5/5/31 (d) | 225 | 179 | ||||||
Newcastle Coal Infrastructure Group Pty Ltd. | ||||||||
4.40%, 9/29/27 (d) | 275 | 236 | ||||||
Nissan Motor Co. Ltd. | ||||||||
3.04%, 9/15/23 (d) | 275 | 267 | ||||||
NOVA Chemicals Corp. | ||||||||
4.25%, 5/15/29 (d)(g) | 165 | 129 | ||||||
ONEOK, Inc., | ||||||||
3.10%, 3/15/30 | 125 | 102 | ||||||
3.40%, 9/1/29 | 50 | 42 | ||||||
Peloton Interactive, Inc. | ||||||||
0.00%, 2/15/26 | 235 | 160 | ||||||
Pertamina Persero PT | ||||||||
2.30%, 2/9/31 | 450 | 342 | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc. | ||||||||
4.63%, 4/16/29 (d) | 200 | 152 | ||||||
RingCentral, Inc. | ||||||||
0.00%, 3/15/26 | 125 | 97 | ||||||
Rockies Express Pipeline LLC | ||||||||
3.60%, 5/15/25 (d) | 100 | 90 | ||||||
Rogers Communications, Inc. | ||||||||
4.55%, 3/15/52 (d) | 175 | 140 | ||||||
Sealed Air Corp. | ||||||||
1.57%, 10/15/26 (d) | 75 | 63 | ||||||
Silgan Holdings, Inc. | ||||||||
1.40%, 4/1/26 (d) | 200 | 171 | ||||||
Splunk, Inc. | ||||||||
1.13%, 6/15/27 | 200 | 158 | ||||||
Spotify USA, Inc. | ||||||||
0.00%, 3/15/26 | 140 | 111 | ||||||
Standard Industries, Inc. | ||||||||
2.25%, 11/21/26 (d) | EUR | 125 | 97 | |||||
Syngenta Finance NV | ||||||||
4.89%, 4/24/25 (d) | $ | 300 | 290 | |||||
Take-Two Interactive Software, Inc. | ||||||||
4.00%, 4/14/32 | 75 | 65 | ||||||
Telefonica Emisiones SA | ||||||||
4.10%, 3/8/27 | 300 | 278 | ||||||
TotalEnergies SE, | ||||||||
Series FP | ||||||||
0.50%, 12/2/22 | 200 | 199 | ||||||
Uber Technologies, Inc. | ||||||||
0.00%, 12/15/25 | 190 | 159 | ||||||
Union Pacific Corp. | ||||||||
4.95%, 9/9/52 | 100 | 93 | ||||||
Verizon Communications, Inc. | ||||||||
2.65%, 11/20/40 | 250 | 164 | ||||||
Volkswagen Group of America Finance LLC | ||||||||
4.75%, 11/13/28 (d) | 275 | 256 | ||||||
Vontier Corp. | ||||||||
2.40%, 4/1/28 | 250 | 196 | ||||||
VTR Finance NV | ||||||||
6.38%, 7/15/28 (d) | 200 | 113 | ||||||
Warnermedia Holdings, Inc. | ||||||||
4.28%, 3/15/32 (d) | 175 | 144 | ||||||
Wayfair, Inc. | ||||||||
0.63%, 10/1/25 | 285 | 192 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Western Digital Corp. | ||||||||
1.50%, 2/1/24 | 125 | 119 | ||||||
12,645 | ||||||||
Utilities (2.1%) | ||||||||
Duke Energy Indiana LLC | ||||||||
2.75%, 4/1/50 | 83 | 52 | ||||||
Enel Finance International NV | ||||||||
5.00%, 6/15/32 (d) | 200 | 171 | ||||||
Entergy Louisiana LLC | ||||||||
1.60%, 12/15/30 | 125 | 94 | ||||||
Fells Point Funding Trust | ||||||||
3.05%, 1/31/27 (d) | 250 | 223 | ||||||
Jersey Central Power & Light Co. | ||||||||
2.75%, 3/1/32 (d) | 150 | 119 | ||||||
Mississippi Power Co. | ||||||||
3.95%, 3/30/28 | 275 | 254 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
3.00%, 1/15/52 | 150 | 96 | ||||||
Niagara Mohawk Power Corp. | ||||||||
2.76%, 1/10/32 (d) | 300 | 235 | ||||||
Northern States Power Co. | ||||||||
2.90%, 3/1/50 | 150 | 101 | ||||||
NRG Energy, Inc. | ||||||||
3.88%, 2/15/32 (d) | 160 | 125 | ||||||
Piedmont Natural Gas Co., Inc. | ||||||||
2.50%, 3/15/31 | 125 | 99 | ||||||
Public Service Enterprise Group, Inc. | ||||||||
2.45%, 11/15/31 | 150 | 117 | ||||||
Virginia Electric and Power Co. | ||||||||
2.95%, 11/15/51 | 125 | 81 | ||||||
1,767 | ||||||||
22,074 | ||||||||
Mortgages - Other (21.9%) | ||||||||
Alternative Loan Trust, | ||||||||
1 Month USD LIBOR + 0.36%, 3.44%, 5/25/47 (c) | 72 | 61 | ||||||
5.50%, 2/25/36 | 5 | 3 | ||||||
6.00%, 7/25/37 | 38 | 26 | ||||||
PAC | ||||||||
5.50%, 2/25/36 | 2 | 2 | ||||||
6.00%, 4/25/36 | 11 | 6 | ||||||
Banc of America Alternative Loan Trust, | ||||||||
1 Month USD LIBOR + 0.65%, 3.73%, 7/25/46 (c) | 96 | 78 | ||||||
6.36%, 10/25/36 | 256 | 78 | ||||||
Banc of America Funding Trust, | ||||||||
5.25%, 7/25/37 | 14 | 14 | ||||||
6.00%, 7/25/37 | 15 | 11 | ||||||
Bayview MSR Opportunity Master Fund Trust, | ||||||||
3.00%, 11/25/51 (c)(d) | 227 | 188 | ||||||
Brean Asset Backed Securities Trust, | ||||||||
1.40%, 10/25/63 (c)(d) | 241 | 207 | ||||||
1.75%, 10/25/61 (c)(d) | 246 | 215 | ||||||
CFMT LLC, | ||||||||
3.25%, 9/25/37 | 230 | 179 | ||||||
3.75%, 4/25/25 (c)(d) | 300 | 268 | ||||||
3.85%, 10/27/31 (c)(d) | 350 | 319 | ||||||
ChaseFlex Trust, | ||||||||
6.00%, 2/25/37 | 306 | 137 | ||||||
CIM Trust, | ||||||||
2.50%, 7/1/51 (c)(d) | 374 | 299 | ||||||
2.57%, 7/25/55 (d) | 354 | 337 | ||||||
2.82%, 10/25/61 (d) | 245 | 227 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
COLT 2021-RPL1 Trust, | ||||||||
1.67%, 9/25/61 (c)(d) | 161 | 146 | ||||||
CSFB Mortgage-Backed Pass-Through Certificates, | ||||||||
6.50%, 11/25/35 | 752 | 159 | ||||||
Eurosail-NL 2007-2 BV, | ||||||||
3 Month EURIBOR + 1.80%, 1.80%, 10/17/40 (c) | EUR | 300 | 287 | |||||
Federal Home Loan Mortgage Corporation, | ||||||||
3.00%, 9/25/45 – 5/25/47 | $ | 511 | 469 | |||||
3.50%, 5/25/45 – 5/25/47 | 312 | 291 | ||||||
3.85%, 5/25/45 (c)(d) | 1 | 1 | ||||||
4.00%, 5/25/45 | 7 | 7 | ||||||
Flagstar Mortgage Trust, | ||||||||
2.50%, 9/25/51 (c)(d) | 378 | 302 | ||||||
FMC GMSR Issuer Trust, | ||||||||
3.85%, 10/25/26 (c)(d) | 300 | 243 | ||||||
7.90%, 7/25/27 (d) | 300 | 279 | ||||||
Freddie Mac STACR REMIC Trust, | ||||||||
SOFR30A + 2.20%, 4.48%, 5/25/42 (c)(d) | 182 | 181 | ||||||
GCAT 2022-NQM3 Trust, | ||||||||
4.35%, 4/25/67 (c)(d) | 508 | 490 | ||||||
GSR Mortgage Loan Trust, | ||||||||
5.75%, 1/25/37 | 77 | 51 | ||||||
Headlands Residential 2021-RPL1 LLC, | ||||||||
2.49%, 9/25/26 (c)(d) | 350 | 323 | ||||||
Hundred Acre Wood Trust, | ||||||||
2.50%, 10/25/51 (c)(d) | 896 | 716 | ||||||
Imperial Fund Mortgage Trust, | ||||||||
2.09%, 1/25/57 (c)(d) | 493 | 401 | ||||||
2.49%, 2/25/67 (c)(d) | 282 | 250 | ||||||
JP Morgan Alternative Loan Trust, | ||||||||
6.00%, 12/25/35 | 32 | 24 | ||||||
JP Morgan Mortgage Trust, | ||||||||
3.45%, 6/25/37 (c) | 27 | 22 | ||||||
6.00%, 6/25/37 | 4 | 11 | ||||||
Legacy Mortgage Asset Trust, | ||||||||
3.25%, 2/25/60 (d) | 331 | 324 | ||||||
Lehman Mortgage Trust, | ||||||||
6.50%, 9/25/37 | 623 | 234 | ||||||
LHOME Mortgage Trust, | ||||||||
3.23%, 10/25/24 (d) | 25 | 25 | ||||||
PMC PLS ESR Issuer LLC, | ||||||||
5.11%, 2/25/27 (d) | 288 | 274 | ||||||
PNMAC GMSR Issuer Trust, | ||||||||
1 Month USD LIBOR + 2.85%, 5.93%, 2/25/23 (c)(d) | 300 | 298 | ||||||
Preston Ridge Partners LLC, | ||||||||
1.74%, 9/25/26 (c)(d) | 216 | 198 | ||||||
2.36%, 10/25/26 (d) | 235 | 218 | ||||||
2.49%, 11/25/26 (d) | 327 | 304 | ||||||
5.56%, 6/25/27 (d) | 278 | 269 | ||||||
Preston Ridge Partners Mortgage LLC, | ||||||||
5.00%, 3/25/27 (d) | 300 | 286 | ||||||
PRET 2022-NPL4 LLC, | ||||||||
6.56%, 8/25/52 (d) | 293 | 293 | ||||||
RALI Trust, | ||||||||
6.00%, 4/25/36 – 1/25/37 | 24 | 18 | ||||||
Rate Mortgage Trust, | ||||||||
2.50%, 11/25/51 (c)(d) | 526 | 415 | ||||||
Residential Asset Securitization Trust, | ||||||||
6.00%, 7/25/36 | 20 | 11 | ||||||
Sage AR Funding PLC (SGSHR) No. 1, | ||||||||
3.58%, 11/17/51 (c) | GBP | 400 | 418 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Seasoned Credit Risk Transfer Trust, | ||||||||
3.00%, 7/25/56 – 5/25/60 | $ | 4,079 | 3,674 | |||||
4.00%, 7/25/56 (c) | 194 | 190 | ||||||
4.00%, 8/25/58 – 2/25/59 | 342 | 328 | ||||||
4.25%, 5/25/60 (c)(d) | 600 | 532 | ||||||
4.50%, 6/25/57 | 591 | 579 | ||||||
4.75%, 7/25/56 – 6/25/57(c)(d) | 700 | 645 | ||||||
Stanwich Mortgage Loan Co. LLC, | ||||||||
2.74%, 10/16/26 (d) | 269 | 252 | ||||||
Structured Asset Securities Corp. Reverse Mortgage Loan Trust, | ||||||||
1 Month USD LIBOR + 1.85%, 4.93%, 5/25/47 (c)(d) | 877 | 811 | ||||||
TVC Mortgage Trust, | ||||||||
3.47%, 9/25/24 (d) | 79 | 79 | ||||||
United Wholesale Mortgage Trust, | ||||||||
2.50%, 8/25/51 (c)(d) | 474 | 379 | ||||||
UWM Mortgage Trust, | ||||||||
2.50%, 11/25/51 (c)(d) | 349 | 278 | ||||||
VOLT CV LLC, | ||||||||
2.49%, 11/27/51 (d) | 167 | 153 | ||||||
18,793 | ||||||||
Municipal Bonds (1.5%) | ||||||||
Chicago O’Hare International Airport, IL, | ||||||||
O'Hare International Airport Revenue Series 2010B | ||||||||
6.40%, 1/1/40 | 115 | 127 | ||||||
City of New York, NY, | ||||||||
Series G-1 | ||||||||
5.97%, 3/1/36 | 245 | 257 | ||||||
Illinois State Toll Highway Authority, IL, | ||||||||
Highway Revenue, Build America Bonds Series A | ||||||||
6.18%, 1/1/34 | 705 | 756 | ||||||
University of Michigan, MI, | ||||||||
Series A | ||||||||
4.45%, 4/1/22 | 170 | 136 | ||||||
1,276 | ||||||||
Sovereign (3.3%) | ||||||||
Australia Government Bond, | ||||||||
1.25%, 5/21/32 | AUD | 825 | 417 | |||||
Dominican Republic International Bond, | ||||||||
5.88%, 1/30/60 (d) | $ | 225 | 149 | |||||
Ecuador Government International Bond, | ||||||||
1.50%, 7/31/40 (d)(h) | 62 | 19 | ||||||
Egypt Government International Bond, | ||||||||
6.38%, 4/11/31 (d) | 200 | 115 | ||||||
7.50%, 2/16/61 (d) | 200 | 106 | ||||||
Export-Import Bank of India, | ||||||||
3.25%, 1/15/30 (d) | 200 | 167 | ||||||
Hellenic Republic Government Bond, | ||||||||
2.00%, 4/22/27 (d) | EUR | 143 | 129 | |||||
Italy Buoni Poliennali Del Tesoro, | ||||||||
0.65%, 10/28/27 (d) | 620 | 588 | ||||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 (d) | $ | 125 | 82 | |||||
Petroleos Mexicanos, | ||||||||
6.70%, 2/16/32 | 388 | 273 | ||||||
6.95%, 1/28/60 | 55 | 31 | ||||||
Philippine Government International Bond, | ||||||||
4.20%, 3/29/47 | 200 | 156 |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Republic of South Africa Government Bond, | ||||||||
8.25%, 3/31/32 | ZAR | 12,298 | 559 | |||||
2,791 | ||||||||
Supranational (0.3%) | ||||||||
Banque Ouest Africaine de Developpement, | ||||||||
4.70%, 10/22/31 (d) | $ | 350 | 283 | |||||
U.S. Treasury Securities (4.9%) | ||||||||
U.S. Treasury Bond, | ||||||||
1.75%, 8/15/41 | 3,700 | 2,532 | ||||||
U.S. Treasury Note, | ||||||||
2.25%, 2/15/27 | 1,800 | 1,664 | ||||||
4,196 | ||||||||
Total Fixed Income Securities (Cost $94,735) | 83,555 |
Shares | ||||||||
Short-Term Investments (14.4%) | ||||||||
Investment Company (11.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $9,585) | 9,585,259 | 9,585 | ||||||
Securities held as Collateral on Loaned Securities (0.6%) | ||||||||
Investment Company (0.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $468) | 468,063 | 468 |
Face Amount (000) | ||||||||
U.S. Treasury Securities (2.6%) | ||||||||
U.S. Treasury Bill, | ||||||||
3.84%, 3/16/23 (j) | $ | 833 | 819 | |||||
U.S. Treasury Notes, | ||||||||
0.13%, 12/31/22 | 1,000 | 992 | ||||||
0.50%, 3/15/23 | 450 | 443 | ||||||
Total U.S. Treasury Securities (Cost $2,265) | 2,254 | |||||||
Total Short-Term Investments (Cost $12,318) | 12,307 | |||||||
Total Investments (111.9%) (Cost $107,053) Including $643 of Securities Loaned (k)(l)(m) | 95,862 | |||||||
Liabilities in Excess of Other Assets (–11.9%) | (10,185 | ) | ||||||
Net Assets (100.0%) | $ | 85,677 |
(a) | Amount is less than 0.05%. |
(b) | Security is subject to delayed delivery. |
(c) | Floating or variable rate securities: The rates disclosed are as of September 30, 2022. 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. |
(d) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(e) | Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at September 30, 2022. |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(f) | 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 September 30, 2022. |
(g) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $643,000 and $657,000, respectively. The Fund received cash collateral of approximately $468,000, 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 $189,000 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. |
(h) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2022. Maturity date disclosed is the ultimate maturity date. |
(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, 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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds. |
(j) | Rate shown is the yield to maturity at September 30, 2022. |
(k) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency exchange contracts, futures contracts and a swap agreement. |
(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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(m) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $699,000 and the aggregate gross unrealized depreciation is approximately $12,374,000, resulting in net unrealized depreciation of approximately $11,675,000. |
@ | Value is less than $500. |
CLO | Collateralized Loan Obligation. |
EURIBOR | Euro Interbank Offered Rate. |
IO | Interest Only. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
PAC | Planned Amortization Class. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
STRIPS | Separate Trading of Registered Interest and Principal of Securities. |
TBA | To Be Announced. |
USD | — | United States Dollar |
Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:
Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date | Unrealized Appreciation (Depreciation) (000) | |||||||||
BNP Paribas SA | CNY | 2,856 | $ | 425 | 11/10/22 | $ | 22 | ||||||
Goldman Sachs International | $ | 212 | BRL | 1,106 | 11/10/22 | (9 | ) | ||||||
Royal Bank of Canada | EUR | 1,886 | $ | 1,935 | 11/10/22 | 81 | |||||||
Standard Chartered Bank | $ | 215 | JPY | 30,511 | 11/10/22 | (4 | ) | ||||||
UBS AG | AUD | 677 | $ | 476 | 11/10/22 | 43 | |||||||
UBS AG | CAD | 566 | $ | 438 | 11/10/22 | 28 | |||||||
UBS AG | GBP | 2 | $ | 2 | 11/10/22 | —@ | |||||||
UBS AG | GBP | 677 | $ | 820 | 11/10/22 | 64 | |||||||
UBS AG | $ | 4 | CAD | 5 | 11/10/22 | (—@ | ) | ||||||
UBS AG | $ | 3 | EUR | 3 | 11/10/22 | (—@ | ) | ||||||
UBS AG | $ | 5 | GBP | 5 | 11/10/22 | (—@ | ) | ||||||
UBS AG | $ | 209 | MXN | 4,235 | 11/10/22 | (—@ | ) | ||||||
UBS AG | ZAR | 10,797 | $ | 652 | 11/10/22 | 58 | |||||||
$ | 283 |
Futures Contracts:
The Fund had the following futures contracts open at September 30, 2022:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
Long: | ||||||||||||||||||
U.S. Treasury 10 yr. Note | 15 | Dec-22 | $ | 1,500 | $ | 1,681 | $ | (60 | ) | |||||||||
U.S. Treasury 10 yr. Ultra Note | 25 | Dec-22 | 2,500 | 2,962 | (2 | ) | ||||||||||||
U.S. Treasury 5 yr. Note | 40 | Dec-22 | 4,000 | 4,300 | (117 | ) | ||||||||||||
U.S. Treasury Long Bond | 17 | Dec-22 | 1,700 | 2,149 | (127 | ) | ||||||||||||
U.S. Treasury Ultra Bond | 38 | Dec-22 | 3,800 | 5,206 | (497 | ) | ||||||||||||
Short: | ||||||||||||||||||
Euro-Buxl 30yr. Bond | 1 | Dec-22 | EUR | (100 | ) | (144 | ) | 19 | ||||||||||
German Euro-BTP Italian Index | 3 | Dec-22 | (300 | ) | (329 | ) | 18 | |||||||||||
Japan 10 yr. Bond | 1 | Dec-22 | JPY | (100,000 | ) | (1,025 | ) | 2 | ||||||||||
U.S. Treasury 2 yr. Note | 27 | Dec-22 | $ | (5,400 | ) | (5,545 | ) | 5 | ||||||||||
$ | (759 | ) |
Credit Default Swap Agreement:
The Fund had the following credit default swap agreement open at September 30, 2022:
Swap
Counterparty and Reference Obligation | Credit Rating of Reference Obligation† (Unaudited) | Buy/Sell Protection | Pay/Receive Fixed Rate | Payment Frequency | Maturity
Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Morgan Stanley & Co. LLC* | ||||||||||||||||||||||||||||
CDX.NA.HY.39 | NR | Buy | 5.00 | % | Quarterly | 12/20/27 | $ | 1,099 | $ | 44 | $ | 52 | $ | (8 | ) |
* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
† | Credit rating as issued by Standard & Poor’s. | |
BTP | Buoni del Tesoro Poliennali. | |
NR | Not rated. | |
AUD | — | Australian Dollar |
BRL | — | Brazilian Real |
CAD | — | Canadian Dollar |
CNY | — | Chinese Yuan Renminbi |
EUR | — | Euro |
GBP | — | British Pound |
JPY | — | Japanese Yen |
MXN | — | Mexican Peso |
USD | — | United States Dollar |
ZAR | — | South African Rand |
Portfolio Composition*
Classification | Percentage
of Total Investments |
|||
Mortgages - Other | 19.7 | % | ||
Agency Fixed Rate Mortgages | 14.9 | |||
Industrials | 13.3 | |||
Short-Term Investments | 12.4 | |||
Others** | 11.0 | |||
Commercial Mortgage-Backed Securities | 10.7 | |||
Asset-Backed Securities | 10.0 | |||
Finance | 8.0 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | 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 $23,341,000 and net unrealized depreciation of approximately $759,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $283,000. Also does not include open swap agreements with total unrealized depreciation of approximately $8,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (96.2%) | ||||||||
Biotechnology (1.0%) | ||||||||
Intellia Therapeutics, Inc. (a) | 13,526 | $ | 757 | |||||
ProKidney Corp. (a) | 79,084 | 712 | ||||||
1,469 | ||||||||
Chemicals (0.6%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a) | 265,674 | 829 | ||||||
Commercial Services & Supplies (0.2%) | ||||||||
Aurora Innovation, Inc. (a) | 129,934 | 287 | ||||||
Consumer Finance (0.7%) | ||||||||
Upstart Holdings, Inc. (a)(b) | 48,161 | 1,001 | ||||||
Entertainment (4.9%) | ||||||||
ROBLOX Corp., Class A (a) | 192,414 | 6,896 | ||||||
Health Care Providers & Services (9.2%) | ||||||||
Agilon Health, Inc. (a) | 486,061 | 11,383 | ||||||
Guardant Health, Inc. (a) | 29,849 | 1,607 | ||||||
12,990 | ||||||||
Health Care Technology (4.4%) | ||||||||
Doximity, Inc., Class A (a) | 205,707 | 6,216 | ||||||
Information Technology Services (25.0%) | ||||||||
Adyen NV (Netherlands) (a) | 2,594 | 3,235 | ||||||
Affirm Holdings, Inc. (a) | 245,424 | 4,604 | ||||||
Cloudflare, Inc., Class A (a) | 172,869 | 9,561 | ||||||
MongoDB, Inc. (a) | 32,756 | 6,504 | ||||||
Shopify, Inc., Class A (Canada) (a) | 63,200 | 1,703 | ||||||
Snowflake, Inc., Class A (a) | 57,529 | 9,778 | ||||||
35,385 | ||||||||
Interactive Media & Services (5.4%) | ||||||||
ZoomInfo Technologies, Inc., Class A (a) | 183,645 | 7,651 | ||||||
Internet & Direct Marketing Retail (12.3%) | ||||||||
Chewy, Inc., Class A (a) | 145,505 | 4,470 | ||||||
Coupang, Inc. (a) | 199,556 | 3,327 | ||||||
DoorDash, Inc., Class A (a) | 112,354 | 5,556 | ||||||
Farfetch Ltd., Class A (a) | 131,945 | 983 | ||||||
Global-e Online Ltd. (Israel) (a) | 75,887 | 2,031 | ||||||
Wayfair, Inc., Class A (a) | 35,495 | 1,155 | ||||||
17,522 | ||||||||
Leisure Products (1.2%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 242,392 | 1,680 | ||||||
Life Sciences Tools & Services (1.2%) | ||||||||
10X Genomics, Inc., Class A (a) | 58,761 | 1,674 | ||||||
Pharmaceuticals (6.3%) | ||||||||
Royalty Pharma PLC, Class A (United Kingdom) | 222,569 | 8,943 |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Road & Rail (1.4%) | ||||||||
Grab Holdings Ltd., Class A (Singapore) (a) | 788,239 | 2,073 | ||||||
Software (21.7%) | ||||||||
Bill.Com Holdings, Inc. (a) | 58,027 | 7,681 | ||||||
Cipher Mining, Inc. (a) | 202,446 | 255 | ||||||
Datadog, Inc., Class A (a) | 80,505 | 7,147 | ||||||
Gitlab, Inc., Class A (a) | 43,853 | 2,246 | ||||||
MicroStrategy, Inc., Class A (a)(b) | 2,554 | 542 | ||||||
Samsara, Inc., Class A (a) | 124,865 | 1,507 | ||||||
Trade Desk, Inc., Class A (a) | 166,733 | 9,963 | ||||||
Unity Software, Inc. (a) | 45,027 | 1,435 | ||||||
30,776 | ||||||||
Specialty Retail (0.7%) | ||||||||
Carvana Co. (a) | 48,202 | 978 | ||||||
Total Common Stocks (Cost $218,453) | 136,370 | |||||||
Preferred Stock (1.5%) | ||||||||
Software (1.5%) | ||||||||
Databricks, Inc. (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) (Cost $2,666) | 36,279 | 2,161 | ||||||
Investment Company (0.7%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $3,877) | 87,968 | 1,004 |
No. of Warrants | ||||||||
Warrant (0.0%) (e) | ||||||||
Chemicals (0.0%) (e) | ||||||||
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $55) | 16,415 | 12 |
Shares | ||||||||
Short-Term Investments (2.0%) | ||||||||
Securities held as Collateral on Loaned Securities (1.1%) | ||||||||
Investment Company (0.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) | 1,322,344 | 1,322 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.2%) | ||||||||
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $188; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $191) | $ | 188 | 188 | |||||
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $56; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $57) | 56 | 56 | ||||||
244 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $1,566) | 1,566 |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Shares | ||||||||
Investment Company (0.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $1,229) | 1,229,094 | 1,229 | ||||||
Total Short-Term Investments (Cost $2,795) | 2,795 | |||||||
Total Investments Excluding Purchased Options (100.4%) (Cost $227,846) | 142,342 | |||||||
Total Purchased Options Outstanding (0.8%) (Cost $750) | 1,104 | |||||||
Total Investments (101.2%) (Cost $228,596) Including $1,543 of Securities Loaned (g)(h)(i)(j) | 143,446 | |||||||
Liabilities in Excess of Other Assets (–1.2%) | (1,736 | ) | ||||||
Net Assets (100.0%) | $ | 141,710 |
(a) | Non-income producing security. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $1,543,000 and $1,588,000, respectively. The Fund received cash collateral of approximately $1,588,000, of which approximately $1,566,000, was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $22,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(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 September 30, 2022 amounts to approximately $2,161,000 and represents 1.5% of net assets. |
(d) | At September 30, 2022, the Fund held a fair valued security at approximately $2,161,000, representing 1.5% 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. |
(e) | Amount is less than 0.05%. |
(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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Funds. |
(g) | The approximate fair value and percentage of net assets, $3,235,000 and 2.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
(h) | 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(i) | Securities are available for collateral in connection with purchased options. |
(j) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,748,000 and the aggregate gross unrealized depreciation is approximately $93,898,000, resulting in net unrealized depreciation of approximately $85,150,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2022:
Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional
Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (000) | ||||||||||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.27 | Nov-22 | 85,198,084 | 85,198 | $ | 436 | $ | 409 | $ | 27 | ||||||||||||||||
JP Morgan Chase Bank NA | USD/CNH | CNH | 7.53 | Jul-23 | 34,360,212 | 34,360 | 317 | 171 | 146 | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | Aug-23 | 38,083157 | 38,083 | 351 | 170 | 181 | |||||||||||||||||||
$ | 1, 104 | $ | 750 | $ | 354 |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition*
Classification | Percentage
of Total Investments | |||
Information Technology Services | 25.1 | % | ||
Software | 23.4 | |||
Others** | 18.0 | |||
Internet & Direct Marketing Retail | 12.5 | |||
Health Care Providers & Services | 9.2 | |||
Pharmaceuticals | 6.4 | |||
Interactive Media & Services | 5.4 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (93.4%) | ||||||||
Albania (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Albania Government International Bond, | ||||||||
3.50%, 10/9/25 | EUR | 109 | $ | 98 | ||||
Angola (1.1%) | ||||||||
Sovereign (1.1%) | ||||||||
Angolan Government International Bond, | ||||||||
8.00%, 11/26/29 | $ | 495 | 374 | |||||
8.00%, 11/26/29 (a) | 590 | 445 | ||||||
9.38%, 5/8/48 (a) | 400 | 272 | ||||||
1,091 | ||||||||
Argentina (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Argentine Republic Government International Bond, | ||||||||
3.50%, 7/9/41 (b) | 890 | 191 | ||||||
Provincia de Cordoba, | ||||||||
6.88%, 12/10/25 | 301 | 230 | ||||||
421 | ||||||||
Armenia (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Republic of Armenia International Bond, | ||||||||
3.60%, 2/2/31 | 250 | 170 | ||||||
3.95%, 9/26/29 | 460 | 328 | ||||||
498 | ||||||||
Azerbaijan (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Republic of Azerbaijan International Bond, | ||||||||
3.50%, 9/1/32 | 550 | 445 | ||||||
Bahrain (1.4%) | ||||||||
Sovereign (1.4%) | ||||||||
Bahrain Government International Bond, | ||||||||
7.50%, 9/20/47 | 1,770 | 1,411 | ||||||
Barbados (1.5%) | ||||||||
Sovereign (1.5%) | ||||||||
Barbados Government International Bond, | ||||||||
6.50%, 10/1/29 | 1,660 | 1,473 | ||||||
Benin (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Benin Government International Bond, | ||||||||
4.88%, 1/19/32 | EUR | 764 | 513 | |||||
4.95%, 1/22/35 | 1,600 | 996 | ||||||
6.88%, 1/19/52 | 110 | 68 | ||||||
1,577 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Brazil (1.6%) | ||||||||
Corporate Bonds (1.4%) | ||||||||
Arcos Dorados BV, | ||||||||
6.13%, 5/27/29 (a) | $ | 231 | 210 | |||||
Braskem Netherlands Finance BV, | ||||||||
4.50%, 1/31/30 (a) | 360 | 291 | ||||||
Hidrovias International Finance Sarl, | ||||||||
4.95%, 2/8/31 | 580 | 448 | ||||||
Natura &Co Luxembourg Holdings Sarl, | ||||||||
6.00%, 4/19/29 (a) | 350 | 289 | ||||||
Suzano Austria GmbH, | ||||||||
3.75%, 1/15/31 | 175 | 137 | ||||||
1,375 | ||||||||
Sovereign (0.2%) | ||||||||
Brazilian Government International Bond, | ||||||||
3.88%, 6/12/30 | 200 | 166 | ||||||
1,541 | ||||||||
Cayman Islands (1.3%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
KWG Group Holdings Ltd., | ||||||||
7.88%, 9/1/23 | 300 | 77 | ||||||
Shelf Drilling Holdings Ltd., | ||||||||
8.88%, 11/15/24 | 1,080 | 1,050 | ||||||
Shimao Group Holdings Ltd., | ||||||||
5.60%, 7/15/26 | 660 | 84 | ||||||
Times China Holdings Ltd., | ||||||||
5.55%, 6/4/24 | 330 | 49 | ||||||
1,260 | ||||||||
Chile (1.8%) | ||||||||
Corporate Bonds (1.0%) | ||||||||
AES Andes SA, | ||||||||
7.13%, 3/26/79 | 400 | 352 | ||||||
VTR Comunicaciones SpA, | ||||||||
4.38%, 4/15/29 | 434 | 270 | ||||||
5.13%, 1/15/28 | 566 | 383 | ||||||
1,005 | ||||||||
Sovereign (0.8%) | ||||||||
Chile Government International Bond, | ||||||||
3.50%, 1/25/50 (c) | 900 | 615 | ||||||
3.86%, 6/21/47 | 230 | 170 | ||||||
785 | ||||||||
1,790 | ||||||||
China (3.4%) | ||||||||
Sovereign (3.4%) | ||||||||
Sinopec Group Overseas Development 2012 Ltd., | ||||||||
4.88%, 5/17/42 | 390 | 370 | ||||||
Sinopec Group Overseas Development 2018 Ltd., | ||||||||
2.95%, 11/12/29 (a) | 1,600 | 1,439 | ||||||
Three Gorges Finance I Cayman Islands Ltd., | ||||||||
3.70%, 6/10/25 | 750 | 732 | ||||||
3.70%, 6/10/25 (a) | 838 | 818 | ||||||
3,359 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Colombia (2.1%) | ||||||||
Corporate Bond (0.3%) | ||||||||
Millicom International Cellular SA, | ||||||||
4.50%, 4/27/31 (a) | 357 | 255 | ||||||
Sovereign (1.8%) | ||||||||
Colombia Government International Bond, | ||||||||
3.00%, 1/30/30 | 816 | 586 | ||||||
4.13%, 5/15/51 | 760 | 410 | ||||||
5.00%, 6/15/45 | 1,260 | 768 | ||||||
1,764 | ||||||||
2,019 | ||||||||
Costa Rica (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Costa Rica Government International Bond, | ||||||||
6.13%, 2/19/31 (a) | 380 | 349 | ||||||
7.00%, 4/4/44 | 450 | 376 | ||||||
725 | ||||||||
Dominican Republic (3.5%) | ||||||||
Sovereign (3.5%) | ||||||||
Dominican Republic International Bond, | ||||||||
5.30%, 1/21/41 (a) | 400 | 272 | ||||||
5.50%, 2/22/29 (a) | 350 | 302 | ||||||
5.88%, 1/30/60 (a) | 1,360 | 903 | ||||||
6.00%, 7/19/28 (a) | 570 | 519 | ||||||
6.85%, 1/27/45 (a) | 740 | 579 | ||||||
6.88%, 1/29/26 | 500 | 489 | ||||||
7.45%, 4/30/44 (a) | 500 | 422 | ||||||
3,486 | ||||||||
Ecuador (1.4%) | ||||||||
Sovereign (1.4%) | ||||||||
Ecuador Government International Bond, | ||||||||
0.00%, 7/31/30 (a) | 273 | 80 | ||||||
1.50%, 7/31/40 (b) | 265 | 79 | ||||||
1.50%, 7/31/40 (a)(b) | 1,126 | 335 | ||||||
2.50%, 7/31/35 (b) | 440 | 146 | ||||||
2.50%, 7/31/35 (a)(b) | 1,107 | 367 | ||||||
5.50%, 7/31/30 (a)(b) | 787 | 376 | ||||||
1,383 | ||||||||
Egypt (2.3%) | ||||||||
Sovereign (2.3%) | ||||||||
Egypt Government International Bond, | ||||||||
5.25%, 10/6/25 (a) | 200 | 156 | ||||||
6.38%, 4/11/31 (a) | EUR | 500 | 287 | |||||
7.50%, 2/16/61 (a) | $ | 770 | 409 | |||||
8.15%, 11/20/59 (a) | 1,500 | 814 | ||||||
8.88%, 5/29/50 | 750 | 419 | ||||||
8.88%, 5/29/50 (a) | 340 | 190 | ||||||
2,275 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
El Salvador (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
El Salvador Government International Bond, | ||||||||
6.38%, 1/18/27 | 1,141 | 431 | ||||||
8.63%, 2/28/29 (a) | 370 | 137 | ||||||
568 | ||||||||
Ethiopia (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Ethiopia International Bond, | ||||||||
6.63%, 12/11/24 | 630 | 322 | ||||||
Gabon (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Gabon Government International Bond, | ||||||||
6.95%, 6/16/25 (a) | 610 | 506 | ||||||
7.00%, 11/24/31 | 650 | 431 | ||||||
937 | ||||||||
Georgia (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Georgia Government International Bond, | ||||||||
2.75%, 4/22/26 | 215 | 184 | ||||||
Ghana (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Ghana Government International Bond, | ||||||||
7.75%, 4/7/29 | 950 | 364 | ||||||
7.88%, 2/11/35 | 345 | 130 | ||||||
8.63%, 6/16/49 (a) | 460 | 171 | ||||||
8.88%, 5/7/42 (a) | 680 | 253 | ||||||
918 | ||||||||
Guatemala (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Guatemala Government Bond, | ||||||||
4.65%, 10/7/41 (a) | 310 | 219 | ||||||
6.13%, 6/1/50 (a) | 320 | 264 | ||||||
483 | ||||||||
Honduras (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Honduras Government International Bond, | ||||||||
5.63%, 6/24/30 | 500 | 364 | ||||||
5.63%, 6/24/30 (a) | 180 | 131 | ||||||
6.25%, 1/19/27 | 1,320 | 1,089 | ||||||
1,584 | ||||||||
Hungary (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Hungary Government International Bond, | ||||||||
5.38%, 3/25/24 | 750 | 739 | ||||||
7.63%, 3/29/41 | 220 | 219 | ||||||
958 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
India (2.6%) | ||||||||
Corporate Bonds (1.1%) | ||||||||
JSW Infrastructure Ltd., | ||||||||
4.95%, 1/21/29 | 780 | 607 | ||||||
Vedanta Resources Finance II PLC, | ||||||||
13.88%, 1/21/24 | 550 | 460 | ||||||
1,067 | ||||||||
Sovereign (1.5%) | ||||||||
Export-Import Bank of India, | ||||||||
3.25%, 1/15/30 | 890 | 745 | ||||||
3.38%, 8/5/26 (a) | 790 | 732 | ||||||
1,477 | ||||||||
2,544 | ||||||||
Indonesia (4.5%) | ||||||||
Sovereign (4.5%) | ||||||||
Indonesia Government International Bond, | ||||||||
3.55%, 3/31/32 | 800 | 696 | ||||||
3.85%, 7/18/27 | 400 | 375 | ||||||
4.13%, 1/15/25 | 800 | 787 | ||||||
4.45%, 4/15/70 | 560 | 423 | ||||||
4.65%, 9/20/32 | 400 | 376 | ||||||
6.75%, 1/15/44 | 640 | 671 | ||||||
Pertamina Persero PT, | ||||||||
4.30%, 5/20/23 | 800 | 794 | ||||||
6.50%, 11/7/48 (a) | 300 | 276 | ||||||
4,398 | ||||||||
Iraq (2.1%) | ||||||||
Sovereign (2.1%) | ||||||||
Iraq International Bond, | ||||||||
5.80%, 1/15/28 | 2,524 | 2,080 | ||||||
Ireland (0.5%) | ||||||||
Corporate Bond (0.5%) | ||||||||
Aragvi Finance International DAC, | ||||||||
8.45%, 4/29/26 | 750 | 524 | ||||||
Ivory Coast (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 | EUR | 630 | 416 | |||||
4.88%, 1/30/32 (a) | 550 | 363 | ||||||
6.63%, 3/22/48 | 308 | 179 | ||||||
958 | ||||||||
Jamaica (1.3%) | ||||||||
Corporate Bond (1.3%) | ||||||||
Digicel International Finance Ltd./Digicel International Holdings Ltd., | ||||||||
8.75%, 5/25/24 | $ | 1,388 | 1,273 | |||||
Jordan (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Jordan Government International Bond, | ||||||||
7.38%, 10/10/47 (a) | 840 | 616 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Kazakhstan (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Kazakhstan Government International Bond, | ||||||||
6.50%, 7/21/45 | 800 | 743 | ||||||
Kenya (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Kenya Government International Bond, | ||||||||
8.00%, 5/22/32 (a) | 1,000 | 681 | ||||||
Lebanon (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Lebanon Government International Bond, | ||||||||
6.85%, 3/23/27 – 5/25/29 (d)(e) | 2,940 | 183 | ||||||
Luxembourg (1.3%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
Gol Finance SA, | ||||||||
8.00%, 6/30/26 | 471 | 289 | ||||||
Guara Norte Sarl, | ||||||||
5.20%, 6/15/34 | 374 | 299 | ||||||
Kernel Holding SA, | ||||||||
6.50%, 10/17/24 | 200 | 79 | ||||||
6.75%, 10/27/27 | 219 | 81 | ||||||
MC Brazil Downstream Trading Sarl, | ||||||||
7.25%, 6/30/31 | 680 | 513 | ||||||
1,261 | ||||||||
Macedonia (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
North Macedonia Government International Bond, | ||||||||
1.63%, 3/10/28 | EUR | 1,011 | 740 | |||||
Mexico (6.0%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
Braskem Idesa SAPI, | ||||||||
7.45%, 11/15/29 | $ | 1,250 | 950 | |||||
Total Play Telecomunicaciones SA de CV, | ||||||||
7.50%, 11/12/25 | 400 | 341 | ||||||
1,291 | ||||||||
Sovereign (4.7%) | ||||||||
Banco Nacional de Comercio Exterior SNC, | ||||||||
2.72%, 8/11/31 (a) | 600 | 518 | ||||||
Petroleos Mexicanos, | ||||||||
5.95%, 1/28/31 | 840 | 569 | ||||||
6.35%, 2/12/48 | 1,000 | 539 | ||||||
6.70%, 2/16/32 | 2,294 | 1,613 | ||||||
6.95%, 1/28/60 | 470 | 261 | ||||||
7.69%, 1/23/50 | 1,900 | 1,166 | ||||||
4,666 | ||||||||
5,957 | ||||||||
Mongolia (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Mongolia Government International Bond, | ||||||||
5.63%, 5/1/23 | 399 | 378 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Morocco (0.8%) | ||||||||
Corporate Bond (0.4%) | ||||||||
OCP SA, | ||||||||
5.13%, 6/23/51 | 600 | 384 | ||||||
Sovereign (0.4%) | ||||||||
Morocco Government International Bond, | ||||||||
4.00%, 12/15/50 (a) | 610 | 351 | ||||||
735 | ||||||||
Netherlands (1.0%) | ||||||||
Corporate Bonds (1.0%) | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV, | ||||||||
6.50%, 1/28/25 | 460 | 442 | ||||||
Coruripe Netherlands BV, | ||||||||
10.00%, 2/10/27 | 600 | 515 | ||||||
957 | ||||||||
Nigeria (2.9%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
IHS Netherlands Holdco BV, | ||||||||
8.00%, 9/18/27 (a) | 950 | 801 | ||||||
SEPLAT Energy PLC, | ||||||||
7.75%, 4/1/26 | 610 | 502 | ||||||
1,303 | ||||||||
Sovereign (1.6%) | ||||||||
Nigeria Government International Bond, | ||||||||
6.38%, 7/12/23 | 270 | 263 | ||||||
6.50%, 11/28/27 (a) | 300 | 218 | ||||||
7.14%, 2/23/30 (a) | 300 | 197 | ||||||
7.38%, 9/28/33 (a) | 200 | 121 | ||||||
8.25%, 9/28/51 (a) | 360 | 204 | ||||||
9.25%, 1/21/49 (a) | 600 | 387 | ||||||
Republic of Nigeria, | ||||||||
8.38%, 3/24/29 (a) | 220 | 158 | ||||||
1,548 | ||||||||
2,851 | ||||||||
Oman (2.5%) | ||||||||
Sovereign (2.5%) | ||||||||
Oman Government International Bond, | ||||||||
6.00%, 8/1/29 (a) | 540 | 504 | ||||||
6.25%, 1/25/31 (a) | 1,300 | 1,215 | ||||||
6.75%, 1/17/48 | 894 | 720 | ||||||
2,439 | ||||||||
Pakistan (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Pakistan Government International Bond, | ||||||||
6.88%, 12/5/27 | 320 | 123 | ||||||
7.38%, 4/8/31 | 345 | 129 | ||||||
8.88%, 4/8/51 | 1,300 | 477 | ||||||
729 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Panama (2.9%) | ||||||||
Corporate Bond (0.3%) | ||||||||
AES Panama Generation Holdings SRL, | ||||||||
4.38%, 5/31/30 (a) | 375 | 296 | ||||||
Sovereign (2.6%) | ||||||||
Panama Government International Bond, | ||||||||
2.25%, 9/29/32 | 930 | 657 | ||||||
3.87%, 7/23/60 | 470 | 281 | ||||||
4.50%, 4/1/56 | 1,060 | 719 | ||||||
8.88%, 9/30/27 | 763 | 874 | ||||||
2,531 | ||||||||
2,827 | ||||||||
Paraguay (1.3%) | ||||||||
Corporate Bond (0.5%) | ||||||||
Frigorifico Concepcion SA, | ||||||||
7.70%, 7/21/28 | 596 | 473 | ||||||
Sovereign (0.8%) | ||||||||
Paraguay Government International Bond, | ||||||||
4.95%, 4/28/31 (a) | 600 | 536 | ||||||
5.40%, 3/30/50 (a) | 400 | 296 | ||||||
832 | ||||||||
1,305 | ||||||||
Peru (2.9%) | ||||||||
Corporate Bond (0.4%) | ||||||||
Auna SAA, | ||||||||
6.50%, 11/20/25 | 480 | 390 | ||||||
Sovereign (2.5%) | ||||||||
Corporación Financiera de Desarrollo SA, | ||||||||
5.25%, 7/15/29 (a) | 739 | 700 | ||||||
Fondo MIVIVIENDA SA, | ||||||||
4.63%, 4/12/27 (a) | 260 | 244 | ||||||
Peruvian Government International Bond, | ||||||||
3.55%, 3/10/51 | 1,200 | 807 | ||||||
6.55%, 3/14/37 | 650 | 668 | ||||||
2,419 | ||||||||
2,809 | ||||||||
Philippines (1.5%) | ||||||||
Sovereign (1.5%) | ||||||||
Philippine Government International Bond, | ||||||||
9.50%, 2/2/30 | 1,199 | 1,487 | ||||||
Qatar (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Qatar Government International Bond, | ||||||||
4.00%, 3/14/29 | 300 | 288 | ||||||
Romania (2.9%) | ||||||||
Sovereign (2.9%) | ||||||||
Romania Government International Bond, | ||||||||
5.00%, 9/27/26 | EUR | 455 | 431 | |||||
6.63%, 9/27/29 | 445 | 414 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Romanian Government International Bond, | ||||||||
1.75%, 7/13/30 (a) | 315 | 201 | ||||||
2.00%, 4/14/33 | 330 | 193 | ||||||
3.00%, 2/27/27 (a) | $ | 636 | 539 | |||||
3.75%, 2/7/34 (a) | EUR | 560 | 381 | |||||
4.00%, 2/14/51 | $ | 830 | 465 | |||||
6.13%, 1/22/44 | 250 | 200 | ||||||
2,824 | ||||||||
Senegal (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Senegal Government International Bond, | ||||||||
6.75%, 3/13/48 | 1,014 | 635 | ||||||
Serbia (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Serbia International Bond, | ||||||||
2.05%, 9/23/36 | EUR | 270 | 140 | |||||
2.13%, 12/1/30 | $ | 720 | 473 | |||||
2.13%, 12/1/30 (a) | 310 | 204 | ||||||
817 | ||||||||
South Africa (1.9%) | ||||||||
Sovereign (1.9%) | ||||||||
Eskom Holdings SOC Ltd., | ||||||||
8.45%, 8/10/28 | 710 | 606 | ||||||
Republic of South Africa Government International Bond, | ||||||||
4.30%, 10/12/28 | 1,540 | 1,286 | ||||||
1,892 | ||||||||
Sri Lanka (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Sri Lanka Government International Bond, | ||||||||
6.20%, 5/11/27 (d)(e) | 2,000 | 511 | ||||||
6.85%, 3/14/24 | 200 | 51 | ||||||
6.85%, 11/3/25 (d)(e) | 1,300 | 350 | ||||||
7.55%, 3/28/30 (d)(e) | 2,420 | 617 | ||||||
7.85%, 3/14/29 | 200 | 51 | ||||||
1,580 | ||||||||
Suriname (1.4%) | ||||||||
Sovereign (1.4%) | ||||||||
Suriname Government International Bond, | ||||||||
9.25%, 10/26/26 | 1,700 | 1,348 | ||||||
Turkey (2.5%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, | ||||||||
9.50%, 7/10/36 | 950 | 776 | ||||||
Ulker Biskuvi Sanayi AS, | ||||||||
6.95%, 10/30/25 | 740 | 513 | ||||||
1,289 | ||||||||
Sovereign (1.2%) | ||||||||
Turkey Government International Bond, | ||||||||
4.88%, 4/16/43 | 300 | 170 | ||||||
5.75%, 3/22/24 | 400 | 388 | ||||||
5.88%, 6/26/31 | 500 | 364 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
6.88%, 3/17/36 (c) | 400 | 292 | ||||||
1,214 | ||||||||
2,503 | ||||||||
Ukraine (1.1%) | ||||||||
Corporate Bond (0.1%) | ||||||||
NPC Ukrenergo, | ||||||||
6.88%, 11/9/28 (a) | 510 | 99 | ||||||
Sovereign (1.0%) | ||||||||
Ukraine Government International Bond, | ||||||||
6.75%, 6/20/28 | EUR | 1,200 | 231 | |||||
6.88%, 5/21/31 | $ | 1,000 | 187 | |||||
7.75%, 9/1/25 | 2,210 | 528 | ||||||
946 | ||||||||
1,045 | ||||||||
United Arab Emirates (3.6%) | ||||||||
Corporate Bonds (1.2%) | ||||||||
DP World Salaam, | ||||||||
6.00%, 1/10/25 (f) | 500 | 487 | ||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
3.25%, 9/30/40 (a) | 965 | 709 | ||||||
1,196 | ||||||||
Sovereign (2.4%) | ||||||||
Abu Dhabi Government International Bond, | ||||||||
2.50%, 9/30/29 (a) | 600 | 523 | ||||||
3.13%, 4/16/30 | 450 | 408 | ||||||
Finance Department Government of Sharjah, | ||||||||
4.00%, 7/28/50 | 1,671 | 993 | ||||||
4.38%, 3/10/51 | 676 | 415 | ||||||
2,339 | ||||||||
3,535 | ||||||||
United Kingdom (0.8%) | ||||||||
Corporate Bonds (0.8%) | ||||||||
Endeavour Mining PLC, | ||||||||
5.00%, 10/14/26 | 629 | 502 | ||||||
Petra Diamonds U.S. Treasury PLC, | ||||||||
6.59% Cash, 3.91% PIK, 3/8/26 (g) | 286 | 289 | ||||||
791 | ||||||||
United States (0.4%) | ||||||||
Corporate Bond (0.4%) | ||||||||
Mercury Chile Holdco LLC, | ||||||||
6.50%, 1/24/27 | 400 | 350 | ||||||
Uruguay (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Uruguay Government International Bond, | ||||||||
5.10%, 6/18/50 | 1,020 | 937 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Uzbekistan (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Republic of Uzbekistan International Bond, | ||||||||
3.70%, 11/25/30 (a) | 410 | 294 | ||||||
3.90%, 10/19/31 | 860 | 606 | ||||||
900 | ||||||||
Venezuela (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Petroleos de Venezuela SA, | ||||||||
6.00%, 11/15/26 (d)(e) | 15,740 | 374 | ||||||
Vietnam (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Vietnam Government International Bond, | ||||||||
4.80%, 11/19/24 | 1,320 | 1,308 | ||||||
Zambia (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Zambia Government International Bond, | ||||||||
5.38%, 9/20/22 | 1,292 | 610 | ||||||
8.97%, 7/30/27 | 1,360 | 651 | ||||||
1,261 | ||||||||
Total Fixed Income Securities (Cost $132,853) | 91,669 |
No. of Warrants | ||||||||
Warrant (0.0%) (h) | ||||||||
Venezuela (0.0%) (h) | ||||||||
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (i) (Cost $—) | 3,750 | 19 |
Shares | ||||||||
Short-Term Investments (4.5%) | ||||||||
Securities held as Collateral on Loaned Securities (0.1%) | ||||||||
Investment Company (0.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (j) | 77,476 | 78 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.0%) (h) | ||||||||
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $11; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $11) | $ | 11 | 11 | |||||
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $3; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $3) | 3 | 3 | ||||||
14 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $92) | 92 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Shares | ||||||||
Investment Company (3.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (j) (Cost $3,026) | 3,025,899 | 3,026 |
Face Amount (000) |
||||||||
El Salvador (1.1%) | ||||||||
Sovereign (1.1%) | ||||||||
El Salvador Government International Bond, | ||||||||
7.75%, 1/24/23 (Cost $1,117) | $ | 1,223 | 1,119 | |||||
Cayman Islands (0.2%) | ||||||||
Corporate Bonds (0.2%) | ||||||||
Sunac China Holdings Ltd., | ||||||||
8.35%, 4/19/23 | 740 | 108 | ||||||
Times China Holdings Ltd., | ||||||||
6.75%, 7/16/23 | 280 | 60 | ||||||
Total Corporate Bonds (Cost $287) | 168 | |||||||
Total Short-Term Investments (Cost $4,522) | 4,405 | |||||||
Total Investments (97.9%) (Cost $137,375) including $711 of Securities Loaned (k)(l) | 96,093 | |||||||
Other Assets in Excess of Liabilities (2.1%) | 2,111 | |||||||
Net Assets (100.0%) | $ | 98,204 |
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) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2022. Maturity date disclosed is the ultimate maturity date. |
(c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $711,000 and $723,000 respectively. The Fund received cash collateral of approximately $93,000, of which $92,000 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 September 30, 2022, there was uninvested cash collateral of approximately 1,000. The remaining collateral of approximately $630,000 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. At September 30, 2022, The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(d) | Non-income producing security; bond in default. |
(e) | Issuer in bankruptcy. |
(f) | 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 September 30, 2022. |
(g) | PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(h) | Amount is less than 0.005%. |
(i) | Perpetual maturity date. Date disclosed is the last expiration date. |
(j) | 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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(k) | Securities are available for collateral in connection with open foreign currency forward exchange contracts. 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(l) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $890,000 and the aggregate gross unrealized depreciation is approximately $42,516,000, resulting in net unrealized depreciation of approximately $41,626,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:
Counterparty | Contracts to Deliver (000) | In
Exchange For (000) | Delivery Date | Unrealized
Appreciation (Depreciation) (000) | ||||||||||
Citibank NA | EUR | 5,124 | $ | 5,223 | 10/7/22 | $ | 200 | |||||||
Citibank NA | EUR | 374 | $ | 370 | 10/7/22 | 3 | ||||||||
Citibank NA | EUR | 80 | $ | 78 | 10/7/22 | (1 | ) | |||||||
HSBC Bank PLC | EUR | 116 | $ | 114 | 10/7/22 | 1 | ||||||||
JPMorgan Chase Bank NA | $ | 670 | EUR | 700 | 10/7/22 | 16 | ||||||||
State Street Bank and Trust Co. | EUR | 157 | $ | 152 | 10/7/22 | (1 | ) | |||||||
State Street Bank and Trust Co. | EUR | 75 | $ | 72 | 10/7/22 | (1 | ) | |||||||
State Street Bank and Trust Co. | EUR | 467 | $ | 453 | 10/7/22 | (5 | ) | |||||||
State Street Bank and Trust Co. | EUR | 469 | $ | 455 | 10/7/22 | (5 | ) | |||||||
State Street Bank and Trust Co. | EUR | 143 | $ | 139 | 10/7/22 | (1 | ) | |||||||
$ | 206 |
Futures Contracts:
The Fund had the following futures contracts open at September 30, 2022:
Number of Contracts | Expiration Date | Notional Amount | Value (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
Long: | ||||||||||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 28 | Dec-22 | $ | 2,800 | $ | 3,317 | $ | (179 | ) | |||||||||
U.S. Treasury 2 yr. Note (United States) | 10 | Dec-22 | 2,000 | 2,054 | (32 | ) | ||||||||||||
U.S. Treasury 5 yr. Note (United States) | 74 | Dec-22 | 7,400 | 7,956 | (272 | ) | ||||||||||||
U.S. Treasury Long Bond (United States) | 12 | Dec-22 | 1,200 | 1,517 | (113 | ) | ||||||||||||
U.S. Treasury Ultra Long Bond (United States) | 34 | Dec-22 | 3,400 | 4,658 | (362 | ) | ||||||||||||
Short: | ||||||||||||||||||
German Euro-Buxl 30yr. Bond (Germany) | 1 | Dec-22 | EUR | (100 | ) | (144 | ) | 8 | ||||||||||
German Euro-Bobl Index (Germany) | 24 | Dec-22 | (2,400 | ) | (2,816 | ) | 46 | |||||||||||
German Euro-Bund Index (Germany) | 19 | Dec-22 | (1,900 | ) | (2,579 | ) | 101 | |||||||||||
U.S. Treasury 10 yr. Note (United States) | 48 | Dec-22 | $ | (4,800 | ) | (5,379 | ) | 253 | ||||||||||
$ | (550 | ) |
EUR | — | Euro |
Portfolio Composition*
Classification | Percentage
of Total Investments | |||
Sovereign | 78.0 | % | ||
Corporate Bonds | 17.5 | |||
Others** | 4.5 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | 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 $30,420,000 and net unrealized depreciation of approximately $550,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $206,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)
Shares | Value (000) |
|||||||
Common Stocks (99.3%) | ||||||||
Brazil (6.3%) | ||||||||
Cia Brasileira de Aluminio | 324,932 | $ | 689 | |||||
Itau Unibanco Holding SA (Preference) | 659,948 | 3,433 | ||||||
Lojas Renner SA | 525,653 | 2,714 | ||||||
Petroleo Brasileiro SA (Preference) | 298,089 | 1,646 | ||||||
Raia Drogasil SA | 189,830 | 800 | ||||||
9,282 | ||||||||
China (19.8%) | ||||||||
Alibaba Group Holding Ltd. (a)(b) | 228,600 | 2,281 | ||||||
BYD Co., Ltd. H Shares (b) | 67,500 | 1,663 | ||||||
China Construction Bank Corp. H Shares (b) | 5,640,230 | 3,256 | ||||||
China Mengniu Dairy Co., Ltd. (b) | 512,000 | 2,024 | ||||||
China Merchants Bank Co., Ltd. H Shares (b) | 442,500 | 2,048 | ||||||
China Resources Beer Holdings Co., Ltd. (b) | 318,000 | 2,206 | ||||||
China Tourism Group Duty Free Corp. Ltd. Class A (a)(b) | 31,900 | 802 | ||||||
Hua Hong Semiconductor Ltd. (a)(b) | 99,000 | 224 | ||||||
JD.com, Inc., Class A (b) | 35,280 | 890 | ||||||
Jiangsu Hengrui Medicine Co., Ltd., Class A | 145,909 | 719 | ||||||
Kweichow Moutai Co., Ltd., Class A | 7,291 | 1,919 | ||||||
Li Ning Co., Ltd. (b) | 157,000 | 1,191 | ||||||
Meituan, Class B (a)(b) | 52,300 | 1,099 | ||||||
NARI Technology Co. Ltd., Class A | 96,200 | 335 | ||||||
Postal Savings Bank of China Co. Ltd. (b) | 1,245,000 | 732 | ||||||
Proya Cosmetics Co. Ltd., Class A | 33,620 | 771 | ||||||
Shenzhou International Group Holdings Ltd. (b) | 170,500 | 1,317 | ||||||
Sungrow Power Supply Co. Ltd. | 53,698 | 832 | ||||||
Tencent Holdings Ltd. (b) | 116,100 | 3,921 | ||||||
Will Semiconductor Co. Ltd. Shanghai | 17,820 | 200 | ||||||
Zijin Mining Group Co.,Ltd. H Shares (b) | 654,000 | 633 | ||||||
29,063 | ||||||||
Czech Republic (1.0%) | ||||||||
Komercni Banka AS | 58,911 | 1,473 | ||||||
Germany (0.9%) | ||||||||
Infineon Technologies AG | 59,686 | 1,306 | ||||||
India (23.8%) | ||||||||
Asian Paints Ltd. | 27,651 | 1,130 | ||||||
Bajaj Auto Ltd. | 40,252 | 1,737 | ||||||
Eicher Motors Ltd. | 26,499 | 1,187 | ||||||
Gland Pharma Ltd. (a) | 24,118 | 618 | ||||||
HDFC Bank Ltd. ADR | 56,213 | 3,284 | ||||||
Hindalco Industries Ltd. | 487,057 | 2,309 | ||||||
Housing Development Finance Corp., Ltd. | 58,563 | 1,634 | ||||||
ICICI Bank Ltd. | 418,310 | 4,392 | ||||||
ICICI Prudential Life Insurance Co., Ltd. | 195,242 | 1,253 | ||||||
Infosys Ltd. | 114,982 | 1,971 | ||||||
Infosys Ltd. ADR | 34,407 | 584 | ||||||
Macrotech Developers Ltd. (a) | 37,624 | 424 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 525,759 | 1,187 | ||||||
Mahindra & Mahindra Ltd. | 125,769 | 1,946 | ||||||
MakeMyTrip Ltd. (a) | 27,246 | 836 | ||||||
Max Healthcare Institute Ltd. (a) | 269,633 | 1,345 | ||||||
Reliance Industries Ltd. | 159,310 | 4,623 | ||||||
Shree Cement Ltd. | 2,940 | 756 | ||||||
Star Health & Allied Insurance Co. Ltd. (a) | 107,166 | 923 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
State Bank of India | 450,840 | 2,920 | ||||||
35,059 | ||||||||
Indonesia (3.3%) | ||||||||
Bank Central Asia Tbk PT | 3,898,600 | 2,177 | ||||||
Bank Mandiri Persero Tbk PT | 2,930,100 | 1,799 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 2,737,800 | 801 | ||||||
4,777 | ||||||||
Korea, Republic of (8.9%) | ||||||||
KB Financial Group, Inc. | 47,588 | 1,437 | ||||||
Kia Corp. | 16,605 | 826 | ||||||
LG Chem Ltd. | 2,395 | 884 | ||||||
NAVER Corp. | 3,882 | 517 | ||||||
Samsung Electronics Co., Ltd. | 170,824 | 6,273 | ||||||
Samsung SDI Co., Ltd. | 3,208 | 1,207 | ||||||
SK Hynix, Inc. | 33,435 | 1,913 | ||||||
13,057 | ||||||||
Mexico (4.7%) | ||||||||
Grupo Financiero Banorte SAB de CV Series O | 600,560 | 3,856 | ||||||
Wal-Mart de Mexico SAB de CV | 871,273 | 3,060 | ||||||
6,916 | ||||||||
Panama (1.7%) | ||||||||
Copa Holdings SA, Class A (a) | 38,026 | 2,548 | ||||||
Poland (1.5%) | ||||||||
Dino Polska SA (a) | 10,720 | 650 | ||||||
LPP SA | 997 | 1,555 | ||||||
2,205 | ||||||||
Portugal (1.2%) | ||||||||
Galp Energia SGPS SA | 184,816 | 1,778 | ||||||
South Africa (6.3%) | ||||||||
Anglo American Platinum Ltd. | 27,389 | 1,943 | ||||||
Anglo American PLC | 118,509 | 3,553 | ||||||
Capitec Bank Holdings Ltd. | 24,289 | 2,081 | ||||||
Sanlam Ltd. | 168,097 | 475 | ||||||
Woolworths Holdings Ltd. (c) | 350,781 | 1,179 | ||||||
9,231 | ||||||||
Taiwan (13.1%) | ||||||||
Airtac International Group | 85,901 | 1,965 | ||||||
CTBC Financial Holding Co., Ltd. | 2,064,000 | 1,284 | ||||||
Delta Electronics, Inc. | 366,000 | 2,907 | ||||||
Silergy Corp. | 68,000 | 887 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 522,000 | 6,919 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 70,108 | 4,807 | ||||||
Voltronic Power Technology Corp. | 10,000 | 440 | ||||||
19,209 | ||||||||
Thailand (0.5%) | ||||||||
Ngern Tid Lor PCL | 1,087,692 | 775 |
Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
United Kingdom (2.9%) | ||||||||
Antofagasta PLC | 135,375 | 1,659 | ||||||
Mondi PLC | 169,456 | 2,616 | ||||||
4,275 | ||||||||
United States (3.4%) | ||||||||
EPAM Systems, Inc. (a) | 4,641 | 1,681 | ||||||
MercadoLibre, Inc. (a) | 2,182 | 1,806 | ||||||
NIKE, Inc., Class B | 7,253 | 603 | ||||||
NVIDIA Corp. | 7,972 | 968 | ||||||
5,058 | ||||||||
Total Common Stocks (Cost $149,748) | 146,012 | |||||||
Short-Term Investment (1.3%) | ||||||||
Investment Company (1.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $1,904) | 1,903,517 | 1,904 | ||||||
Total Investments (100.6%) (Cost $151,652) Including $237 of Securities Loaned (e)(f)(g) | 147,916 | |||||||
Liabilities in Excess of Other Assets (–0.6%) | (852 | ) | ||||||
Net Assets (100.0%) | $ | 147,064 |
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 September 30, 2022, were approximately $237,000 and $253,000, respectively. The Fund received non-cash collateral of approximately $253,000, 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. 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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $3,000 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(f) | The approximate fair value and percentage of net assets, $111,895,000 and 76.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
(g) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $22,019,000 and the aggregate gross unrealized depreciation is approximately $25,755,000, resulting in net unrealized depreciation of approximately $3,736,000. |
ADR | American Depositary Receipt. |
Portfolio Composition
Classification | Percentage
of Total Investments | |||
Others* | 47.5 | % | ||
Banks | 23.2 | |||
Semiconductors & Semiconductor Equipment | 11.6 | |||
Metals & Mining | 7.3 | |||
Oil, Gas & Consumable Fuels | 5.4 | |||
Automobiles | 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
Third Quarter Report
September 30, 2022 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (97.9%) | ||||||||
France (7.0%) | ||||||||
L'Oreal SA | 1,586 | $ | 507 | |||||
LVMH Moet Hennessy Louis Vuitton SE | 1,185 | 699 | ||||||
Pernod Ricard SA | 3,506 | 643 | ||||||
1,849 | ||||||||
Germany (4.4%) | ||||||||
SAP SE | 14,429 | 1,176 | ||||||
Italy (0.4%) | ||||||||
Davide Campari-Milano NV | 11,312 | 100 | ||||||
Netherlands (2.3%) | ||||||||
Heineken NV | 6,966 | 608 | ||||||
United Kingdom (9.9%) | ||||||||
Experian PLC | 13,105 | 384 | ||||||
Reckitt Benckiser Group PLC | 24,300 | 1,611 | ||||||
RELX PLC (Euronext NV) | 5,232 | 127 | ||||||
RELX PLC (LSE) | 19,977 | 488 | ||||||
2,610 | ||||||||
United States (73.9%) | ||||||||
Abbott Laboratories | 10,399 | 1,006 | ||||||
Accenture PLC, Class A | 5,047 | 1,299 | ||||||
Automatic Data Processing, Inc. | 3,534 | 799 | ||||||
Baxter International, Inc. | 17,210 | 927 | ||||||
Becton Dickinson & Co. | 4,076 | 908 | ||||||
Broadridge Financial Solutions, Inc. | 2,586 | 373 | ||||||
Coca-Cola Co. | 8,665 | 485 | ||||||
Danaher Corp. | 5,951 | 1,537 | ||||||
Equifax, Inc. | 2,610 | 448 | ||||||
Estee Lauder Cos., Inc., Class A | 1,638 | 354 | ||||||
Fidelity National Information Services, Inc. | 7,153 | 541 | ||||||
Intercontinental Exchange, Inc. | 11,242 | 1,016 | ||||||
Microsoft Corp. | 10,237 | 2,384 | ||||||
Moody's Corp. | 1,106 | 269 | ||||||
NIKE, Inc., Class B | 3,726 | 310 | ||||||
Otis Worldwide Corp. | 6,111 | 390 | ||||||
Philip Morris International, Inc. | 21,942 | 1,821 | ||||||
Procter & Gamble Co. | 5,741 | 725 | ||||||
Roper Technologies, Inc. | 1,671 | 601 | ||||||
Steris PLC | 1,246 | 207 | ||||||
Thermo Fisher Scientific, Inc. | 2,459 | 1,247 | ||||||
Visa, Inc., Class A | 8,752 | 1,555 | ||||||
Zoetis, Inc. | 1,977 | 293 | ||||||
19,495 | ||||||||
Total Common Stocks (Cost $18,370) | 25,838 | |||||||
Short-Term Investment (1.9%) | ||||||||
Investment Company (1.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $506) | 506,087 | 506 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Total Investments (99.8%) (Cost $18,876) (b)(c)(d) | 26,344 | |||
Other Assets in Excess of Liabilities (0.2%) | 46 | |||
Net Assets (100.0%) | $ | 26,390 |
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 nine months ended September 30, 2022, 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(c) | The approximate fair value and percentage of net assets, $6,343,000 and 24.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
(d) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,728,000 and the aggregate gross unrealized depreciation is approximately $1,260,000, resulting in net unrealized appreciation of approximately $7,468,000. |
Euronext NV | Euronext Amsterdam Stock Market. |
LSE | London Stock Exchange. |
Portfolio Composition
Classification | Percentage
of Total Investments | |||
Information Technology Services | 17.3 | % | ||
Other* | 16.5 | |||
Software | 15.8 | |||
Health Care Equipment & Supplies | 11.6 | |||
Life Sciences Tools & Services | 10.6 | |||
Household Products | 8.8 | |||
Beverages | 7.0 | |||
Tobacco | 6.9 | |||
Professional Services | 5.5 | |||
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
Third Quarter Report
September 30, 2022 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (95.6%) | ||||||||
Australia (2.4%) | ||||||||
Atlas Arteria Ltd. (Units) (a)(b) | 65,506 | $ | 261 | |||||
Transurban Group (Units) (a) | 189,259 | 1,495 | ||||||
1,756 | ||||||||
Canada (15.9%) | ||||||||
Canadian Pacific Railway Ltd. | 4,654 | 311 | ||||||
Enbridge, Inc. | 70,925 | 2,630 | ||||||
GFL Environmental, Inc. | 185,604 | 4,694 | ||||||
Gibson Energy, Inc. (b) | 71,360 | 1,135 | ||||||
Pembina Pipeline Corp. | 61,692 | 1,874 | ||||||
TC Energy Corp. (b) | 28,678 | 1,155 | ||||||
11,799 | ||||||||
China (10.0%) | ||||||||
China Gas Holdings Ltd. (c) | 6,168,200 | 7,378 | ||||||
France (3.8%) | ||||||||
Aeroports de Paris (d) | 1,523 | 176 | ||||||
Getlink SE | 21,016 | 326 | ||||||
Vinci SA | 28,135 | 2,275 | ||||||
2,777 | ||||||||
Hong Kong (0.8%) | ||||||||
Power Assets Holdings Ltd. | 124,500 | 624 | ||||||
Italy (5.6%) | ||||||||
Infrastrutture Wireless Italiane SpA | 363,615 | 3,172 | ||||||
Terna - Rete Elettrica Nazionale | 165,263 | 1,007 | ||||||
4,179 | ||||||||
Mexico (2.1%) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 56,524 | 716 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 41,955 | 826 | ||||||
1,542 | ||||||||
New Zealand (0.4%) | ||||||||
Auckland International Airport Ltd. (d) | 79,950 | 320 | ||||||
Portugal (0.4%) | ||||||||
EDP Renovaveis SA | 15,283 | 314 | ||||||
Spain (4.9%) | ||||||||
Aena SME SA (d) | 5,478 | 569 | ||||||
Cellnex Telecom SA | 35,502 | 1,095 | ||||||
Ferrovial SA | 41,779 | 948 | ||||||
Iberdrola SA | 105,232 | 981 | ||||||
3,593 | ||||||||
Switzerland (0.5%) | ||||||||
Flughafen Zurich AG (Registered) (d) | 2,403 | 355 | ||||||
United Kingdom (5.2%) | ||||||||
National Grid PLC | 233,071 | 2,399 | ||||||
Pennon Group PLC | 83,304 | 727 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Severn Trent PLC | 26,327 | 688 | ||||||
3,814 | ||||||||
United States (43.6%) | ||||||||
Ameren Corp. | 8,768 | 706 | ||||||
American Electric Power Co., Inc. | 26,321 | 2,276 | ||||||
American Tower Corp. REIT | 28,818 | 6,187 | ||||||
American Water Works Co., Inc. | 7,813 | 1,017 | ||||||
Atmos Energy Corp. | 10,360 | 1,055 | ||||||
CenterPoint Energy, Inc. | 38,443 | 1,083 | ||||||
Cheniere Energy, Inc. | 16,341 | 2,711 | ||||||
Crown Castle, Inc. REIT | 16,196 | 2,341 | ||||||
Edison International | 21,013 | 1,189 | ||||||
Entergy Corp. | 10,337 | 1,040 | ||||||
Eversource Energy | 23,012 | 1,794 | ||||||
NiSource, Inc. | 37,000 | 932 | ||||||
ONEOK, Inc. | 13,461 | 690 | ||||||
PG&E Corp. (d) | 76,263 | 953 | ||||||
SBA Communications Corp. REIT | 6,436 | 1,832 | ||||||
Sempra Energy | 19,189 | 2,877 | ||||||
Targa Resources Corp. | 27,338 | 1,650 | ||||||
Williams Cos., Inc. | 59,221 | 1,696 | ||||||
Xcel Energy, Inc. | 3,788 | 243 | ||||||
32,272 | ||||||||
Total Common Stocks (Cost $78,554) | 70,723 |
No. of Rights | ||||||||
Right (0.0%) | ||||||||
Australia (0.0%) | ||||||||
Atlas Arteria Ltd. (d) (Cost $—) | 33,592 | — |
Shares | ||||||||
Short-Term Investments (6.5%) | ||||||||
Securities held as Collateral on Loaned Securities (2.6%) | ||||||||
Investment Company (2.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 1,638,262 | 1,638 |
Face Amount (000) |
||||||||
Repurchase Agreements (0.4%) | ||||||||
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $232; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $237) | $ | 232 | 232 | |||||
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $70; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $71) | 70 | 70 | ||||||
302 | ||||||||
Total
Securities held as Collateral on Loaned Securities (Cost $1,940) |
1,940 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Shares | ||||||||
Investment Company (3.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (e) (Cost $2,865) | 2,864,968 | 2,865 | ||||||
Total Short-Term Investments (Cost $4,805) | 4,805 | |||||||
Total Investments (102.1%) (Cost $83,359) Including $1,912 of Securities Loaned (f)(g)(h) | 75,528 | |||||||
Liabilities in Excess of Other Assets (–2.1%) | (1,555 | ) | ||||||
Net Assets (100.0%) | $ | 73,973 |
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) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $1,912,000 and $2,048,000, respectively. The Fund received cash collateral of approximately $1,967,000, of which approximately $1,940,000 was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $27,000. The remaining collateral of approximately $81,000 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. |
(c) | Security trades on the Hong Kong exchange. |
(d) | Non-income producing security. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $3,000 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(g) | The approximate fair value and percentage of net assets, $25,110,000 and 33.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
(h) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,024,000 and the aggregate gross unrealized depreciation is approximately $9,855,000, resulting in net unrealized depreciation of approximately $7,831,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition* | ||||
Classification | Percentage
of Total Investments | |||
Oil & Gas Storage & Transportation | 35.0 | % | ||
Communications | 19.9 | |||
Electricity Transmission & Distribution | 17.0 | |||
Other** | 15.9 | |||
Commercial Services & Supplies | 6.4 | |||
Diversified | 5.8 | |||
Total Investments | 100.0 | % |
* | Percentage indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | 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
Third Quarter Report
September 30, 2022 (unaudited)
Shares | Value (000) |
|||||||
Common Stocks (98.0%) | ||||||||
Australia (3.1%) | ||||||||
Dexus REIT | 34,789 | $ | 173 | |||||
National Storage REIT (a) | 194,925 | 281 | ||||||
Shopping Centres Australasia Property Group REIT | 247,637 | 373 | ||||||
Vicinity Centres REIT | 228,205 | 255 | ||||||
1,082 | ||||||||
Austria (0.3%) | ||||||||
CA Immobilien Anlagen AG | 4,033 | 120 | ||||||
Belgium (1.0%) | ||||||||
Aedifica SA REIT | 3,020 | 233 | ||||||
Warehouses De Pauw CVA REIT | 5,008 | 123 | ||||||
356 | ||||||||
Canada (2.1%) | ||||||||
Chartwell Retirement Residences | 32,702 | 220 | ||||||
InterRent REIT | 29,965 | 249 | ||||||
RioCan REIT | 19,465 | 262 | ||||||
731 | ||||||||
France (0.4%) | ||||||||
Mercialys SA REIT | 20,515 | 155 | ||||||
Germany (1.1%) | ||||||||
Vonovia SE | 17,071 | 368 | ||||||
Hong Kong (5.3%) | ||||||||
CK Asset Holdings Ltd. | 95,000 | 570 | ||||||
Link REIT | 66,260 | 463 | ||||||
Sun Hung Kai Properties Ltd. | 55,393 | 611 | ||||||
Wharf Real Estate Investment Co., Ltd. | 49,420 | 224 | ||||||
1,868 | ||||||||
Japan (11.1%) | ||||||||
Activia Properties, Inc. REIT | 13 | 38 | ||||||
Daiwa House Investment Corp. REIT | 54 | 113 | ||||||
Frontier Real Estate Investment Corp. REIT | 43 | 159 | ||||||
GLP J-REIT | 254 | 282 | ||||||
Hoshino Resorts, Inc. | 33 | 153 | ||||||
Invincible Investment Corp. REIT | 296 | 93 | ||||||
Japan Metropolitan Fund Investment Corp. REIT | 418 | 314 | ||||||
Japan Real Estate Investment Corp. REIT | 67 | 276 | ||||||
Mitsubishi Estate Co., Ltd. | 46,200 | 609 | ||||||
Mitsui Fudosan Co., Ltd. | 30,300 | 577 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 83 | 284 | ||||||
Nippon Building Fund, Inc. REIT | 111 | 489 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 222 | 245 | ||||||
Orix, Inc. J-REIT | 208 | 266 | ||||||
3,898 | ||||||||
Malta (0.0%) (b) | ||||||||
BGP Holdings PLC (c) | 5,886,464 | 17 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Netherlands (0.8%) | ||||||||
Eurocommercial Properties NV CVA REIT | 6,785 | 135 | ||||||
NSI NV REIT | 6,418 | 152 | ||||||
287 | ||||||||
Singapore (2.9%) | ||||||||
CapitaLand Integrated Commercial Trust REIT | 311,900 | 415 | ||||||
Capitaland Investment Ltd. | 29,300 | 70 | ||||||
Frasers Centrepoint Trust REIT | 173,500 | 262 | ||||||
Mapletree Pan Asia Commercial Trust REIT | 239,800 | 286 | ||||||
1,033 | ||||||||
Spain (0.9%) | ||||||||
Inmobiliaria Colonial Socimi SA REIT | 31,068 | 150 | ||||||
Merlin Properties Socimi SA REIT | 23,385 | 180 | ||||||
330 | ||||||||
Sweden (0.6%) | ||||||||
Catena AB | 2,845 | 84 | ||||||
Fabege AB | 19,584 | 133 | ||||||
217 | ||||||||
Switzerland (0.5%) | ||||||||
PSP Swiss Property AG (Registered) | 1,804 | 180 | ||||||
United Kingdom (4.2%) | ||||||||
Big Yellow Group PLC REIT | 11,833 | 140 | ||||||
Derwent London PLC REIT | 6,053 | 136 | ||||||
Empiric Student Property PLC REIT | 104,984 | 101 | ||||||
Helical PLC | 29,853 | 119 | ||||||
Impact Healthcare PLC REIT | 58,898 | 67 | ||||||
Land Securities Group PLC REIT | 34,922 | 202 | ||||||
LondonMetric Property PLC REIT | 42,023 | 82 | ||||||
Segro PLC REIT | 46,480 | 388 | ||||||
UNITE Group PLC REIT | 15,660 | 149 | ||||||
Workspace Group PLC REIT | 21,162 | 94 | ||||||
1,478 | ||||||||
United States (63.7%) | ||||||||
Agree Realty Corp. REIT | 24,332 | 1,644 | ||||||
American Homes 4 Rent, Class A REIT | 26,782 | 879 | ||||||
American Tower Corp. REIT | 2,090 | 449 | ||||||
Americold Realty Trust, Inc. REIT | 20,885 | 514 | ||||||
AvalonBay Communities, Inc. REIT | 7,857 | 1,447 | ||||||
Boyd Gaming Corp. REIT | 5,876 | 280 | ||||||
Brixmor Property Group, Inc. REIT | 28,431 | 525 | ||||||
Digital Realty Trust, Inc. REIT | 16,041 | 1,591 | ||||||
Duke Realty Corp. REIT | 10,416 | 502 | ||||||
Equity Residential REIT | 12,497 | 840 | ||||||
Extra Space Storage, Inc. REIT | 4,608 | 796 | ||||||
Healthpeak Properties, Inc. REIT | 18,006 | 413 | ||||||
Host Hotels & Resorts, Inc. REIT | 21,488 | 341 | ||||||
Invitation Homes, Inc. REIT | 27,233 | 920 | ||||||
Iron Mountain, Inc. REIT | 10,889 | 479 | ||||||
Kilroy Realty Corp. REIT | 6,649 | 280 | ||||||
Kite Realty Group Trust REIT | 31,236 | 538 | ||||||
Mid-America Apartment Communities, Inc. REIT | 5,371 | 833 | ||||||
NETSTREIT Corp. REIT (a) | 19,468 | 347 | ||||||
ProLogis, Inc. REIT | 21,502 | 2,184 | ||||||
Public Storage REIT | 7,271 | 2,129 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Rexford Industrial Realty, Inc. REIT | 6,674 | 347 | ||||||
RPT Realty REIT | 41,853 | 316 | ||||||
Simon Property Group, Inc. REIT | 5,931 | 532 | ||||||
SITE Centers Corp. REIT | 21,814 | 234 | ||||||
SL Green Realty Corp. REIT (a) | 6,876 | 276 | ||||||
Sun Communities, Inc. REIT | 5,078 | 687 | ||||||
VICI Properties, Inc. REIT | 12,328 | 368 | ||||||
Welltower, Inc. REIT | 26,737 | 1,720 | ||||||
22,411 | ||||||||
Total Common Stocks (Cost $41,078) | 34,531 | |||||||
Short-Term Investments (3.9%) | ||||||||
Securities held as Collateral on Loaned Securities (1.9%) | ||||||||
Investment Company (1.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) | 550,863 | 551 |
Face
Amount (000) | ||||||||
Repurchase Agreements (0.3%) | ||||||||
HSBC Securities USA, Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $78; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $80) | $ | 78 | 78 | |||||
Merrill Lynch & Co., Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $23; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $24) | 23 | 23 | ||||||
101 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $652) | 652 |
Shares | ||||||||
Investment Company (2.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $688) | 687,661 | 688 | ||||||
Total Short-Term Investments (Cost $1,340) | 1,340 | |||||||
Total Investments (101.9%) (Cost $42,418) Including $661 of Securities Loaned (e)(f)(g) | 35,871 | |||||||
Liabilities in Excess of Other Assets (–1.9%) | (654 | ) | ||||||
Net Assets (100.0%) | $ | 35,217 |
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) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $661,000 and $661,000, respectively. The Fund received cash collateral of approximately $661,000, of which approximately $652,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $9,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(b) | Amount is less than 0.05%. |
(c) | At September 30, 2022, the Fund held a fair valued security valued at approximately $17,000, 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. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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 nine months ended September 30, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
(e) | The approximate fair value and percentage of net assets, $11,372,000 and 32.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
(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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(g) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $896,000 and the aggregate gross unrealized depreciation is approximately $7,443,000, resulting in net unrealized depreciation of approximately $6,547,000. |
CVA | Certificaten Van Aandelen. |
REIT | Real Estate Investment Trust. |
Portfolio Composition* | ||||
Classification | Percentage of Total Investments |
|||
Diversified | 21.3 | % | ||
Residential | 18.4 | |||
Retail | 16.3 | |||
Industrial | 13.4 | |||
Self Storage | 9.5 | |||
Health Care | 7.5 | |||
Office | 6.8 | |||
Others** | 6.8 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | 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
Third Quarter Report
September 30, 2022 (unaudited)
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (52.0%) | ||||||||
Agency Adjustable Rate Mortgage (0.0%) (a) | ||||||||
United States (0.0%) (a) | ||||||||
Federal Home Loan Mortgage Corporation, Conventional Pool: | ||||||||
12 Month USD LIBOR + 1.63%, 3.39%, 7/1/45 (b) (Cost $3) | $ | 3 | $ | 3 | ||||
Agency Fixed Rate Mortgages (3.7%) | ||||||||
United States (3.7%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Conventional Pools: | ||||||||
4.50%, 1/1/49 | 12 | 11 | ||||||
Gold Pools: | ||||||||
3.50%, 2/1/45 – 6/1/45 | 177 | 163 | ||||||
4.50%, 1/1/49 | 8 | 8 | ||||||
Federal National Mortgage Association, | ||||||||
Conventional Pools: | ||||||||
3.50%, 1/1/51 | 471 | 430 | ||||||
4.00%, 11/1/41 – 1/1/46 | 187 | 179 | ||||||
4.50%, 3/1/41 – 11/1/44 | 75 | 72 | ||||||
5.00%, 1/1/41 – 3/1/41 | 29 | 29 | ||||||
6.00%, 1/1/38 | 5 | 6 | ||||||
October TBA: | ||||||||
2.00%, 10/1/52 (c) | 650 | 526 | ||||||
2.50%, 10/1/52 (c) | 300 | 252 | ||||||
3.00%, 10/1/52 (c) | 520 | 453 | ||||||
4.00%, 10/1/52 (c) | 350 | 325 | ||||||
4.50%, 10/1/52 (c) | 100 | 95 | ||||||
5.00%, 10/1/52 (c) | 200 | 195 | ||||||
Government National Mortgage Association, | ||||||||
Various Pools: | ||||||||
4.00%, 7/15/44 | 12 | 11 | ||||||
5.00%, 2/20/49 | 5 | 5 | ||||||
Total Agency Fixed Rate Mortgages (Cost $2,979) | 2,760 | |||||||
Asset-Backed Securities (0.4%) | ||||||||
Ireland (0.2%) | ||||||||
European Residential Loan Securitisation 2019-NPL1 DAC, | ||||||||
1 Month EURIBOR + 3.25%, 3.93%, 7/24/54 (b) | EUR | 152 | 147 | |||||
United States (0.2%) | ||||||||
Renaissance Home Equity Loan Trust, | ||||||||
1 Month USD LIBOR + 0.76%, 3.84%, 12/25/32 (b) | $ | 71 | 61 | |||||
SLM Student Loan Trust, | ||||||||
3 Month EURIBOR + 0.55%, 0.70%, 7/25/39 (b) | EUR | 79 | 75 | |||||
136 | ||||||||
Total Asset-Backed Securities (Cost $303) | 283 | |||||||
Commercial Mortgage-Backed Securities (0.7%) | ||||||||
United Kingdom (0.1%) | ||||||||
Taurus 2018-2 UK DAC, | ||||||||
3 Month GBP SONIA + 1.22%, 3.21%, 5/22/28 (b) | GBP | 59 | 65 | |||||
United States (0.6%) | ||||||||
Commercial Mortgage Trust, |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
3.28%, 1/10/46 | $ | 45 | 45 | |||||
3.96%, 3/10/47 | 144 | 141 | ||||||
4.24%, 2/10/47 (b) | 77 | 76 | ||||||
4.91%, 7/15/47 (b)(d) | 100 | 89 | ||||||
UBS-Barclays Commercial Mortgage Trust, | ||||||||
3.53%, 5/10/63 | 1 | 1 | ||||||
WFRBS Commercial Mortgage Trust, | ||||||||
5.15%, 9/15/46 (b)(d) | 140 | 131 | ||||||
483 | ||||||||
Total Commercial Mortgage-Backed Securities (Cost $579) | 548 | |||||||
Corporate Bonds (12.7%) | ||||||||
Australia (0.5%) | ||||||||
Macquarie Group Ltd., | ||||||||
4.15%, 3/27/24 (d) | 50 | 50 | ||||||
NBN Co. Ltd., | ||||||||
2.63%, 5/5/31 (d) | 200 | 159 | ||||||
Transurban Finance Co. Pty Ltd., | ||||||||
2.00%, 8/28/25 | EUR | 100 | 94 | |||||
Westpac Banking Corp., | ||||||||
2.67%, 11/15/35 | $ | 125 | 92 | |||||
395 | ||||||||
Canada (0.7%) | ||||||||
Enbridge, Inc., | ||||||||
2.50%, 1/15/25 | 125 | 117 | ||||||
Province of Ontario Canada, | ||||||||
2.30%, 6/15/26 | 190 | 175 | ||||||
Province of Quebec Canada, | ||||||||
0.00%, 10/29/30 | EUR | 210 | 159 | |||||
Rogers Communications, Inc., | ||||||||
3.80%, 3/15/32 (d) | $ | 100 | 87 | |||||
538 | ||||||||
Colombia (0.2%) | ||||||||
Ecopetrol SA, | ||||||||
5.88%, 9/18/23 | 140 | 139 | ||||||
France (0.7%) | ||||||||
AXA SA, | ||||||||
3.25%, 5/28/49 | EUR | 100 | 85 | |||||
BNP Paribas SA, | ||||||||
1.13%, 6/11/26 | 125 | 110 | ||||||
BPCE SA, | ||||||||
5.15%, 7/21/24 (d) | $ | 200 | 195 | |||||
Orange SA, | ||||||||
5.00%, 1/10/26 (e) | EUR | 100 | 97 | |||||
487 | ||||||||
Germany (1.0%) | ||||||||
Bayer US Finance II LLC, | ||||||||
3.88%, 12/15/23 (d) | $ | 200 | 196 | |||||
Deutsche Bank AG, Series E | ||||||||
0.96%, 11/8/23 | 150 | 143 | ||||||
Deutsche Telekom International Finance BV, | ||||||||
4.38%, 6/21/28 (d) | 150 | 142 | ||||||
Kreditanstalt fuer Wiederaufbau, | ||||||||
1.13%, 9/15/32 | EUR | 190 | 159 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Volkswagen International Finance NV, Series 10Y | ||||||||
1.88%, 3/30/27 | 100 | 88 | ||||||
728 | ||||||||
India (0.2%) | ||||||||
ONGC Videsh Vankorneft Pte Ltd., | ||||||||
3.75%, 7/27/26 | $ | 200 | 186 | |||||
Ireland (0.3%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | ||||||||
2.45%, 10/29/26 | 175 | 148 | ||||||
Avolon Holdings Funding Ltd., | ||||||||
2.88%, 2/15/25 (d) | 50 | 45 | ||||||
193 | ||||||||
Italy (0.1%) | ||||||||
Assicurazioni Generali SpA, | ||||||||
5.50%, 10/27/47 | EUR | 100 | 94 | |||||
Japan (0.2%) | ||||||||
NTT Finance Corp., | ||||||||
1.59%, 4/3/28 (d) | $ | 200 | 166 | |||||
Korea, Republic of (0.8%) | ||||||||
Korea Electric Power Corp., | ||||||||
2.50%, 6/24/24 (d) | 200 | 192 | ||||||
Korea Hydro & Nuclear Power Co., Ltd., | ||||||||
3.75%, 7/25/23 (d) | 200 | 199 | ||||||
Korea Southern Power Co. Ltd., | ||||||||
0.75%, 1/27/26 (d) | 200 | 175 | ||||||
566 | ||||||||
Luxembourg (0.1%) | ||||||||
Blackstone Property Partners Europe Holdings Sarl, | ||||||||
1.25%, 4/26/27 | EUR | 100 | 80 | |||||
Mexico (0.1%) | ||||||||
Fomento Economico Mexicano SAB de CV, | ||||||||
0.50%, 5/28/28 | 100 | 79 | ||||||
Netherlands (0.1%) | ||||||||
ASR Nederland NV, | ||||||||
5.00%, 9/30/24 (e) | 100 | 95 | ||||||
Qatar (0.2%) | ||||||||
Ooredoo International Finance Ltd., | ||||||||
2.63%, 4/8/31 (d) | $ | 200 | 166 | |||||
Spain (0.5%) | ||||||||
Banco Santander SA, | ||||||||
3.13%, 1/19/27 | EUR | 100 | 90 | |||||
5.18%, 11/19/25 | $ | 200 | 193 | |||||
CaixaBank SA, | ||||||||
0.75%, 4/18/23 | EUR | 100 | 98 | |||||
381 | ||||||||
Sweden (0.1%) | ||||||||
Akelius Residential Property Financing BV, | ||||||||
1.13%, 1/11/29 | EUR | 100 | 76 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Switzerland (0.3%) | ||||||||
Syngenta Finance NV, | ||||||||
4.44%, 4/24/23 (d) | $ | 200 | 199 | |||||
United Arab Emirates (0.5%) | ||||||||
ADCB Finance Cayman Ltd., | ||||||||
4.00%, 3/29/23 (d) | 200 | 199 | ||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
2.63%, 3/31/36 (d) | 225 | 175 | ||||||
374 | ||||||||
United Kingdom (1.2%) | ||||||||
BAT Capital Corp., | ||||||||
3.56%, 8/15/27 | 125 | 110 | ||||||
HSBC Holdings PLC, | ||||||||
2.26%, 11/13/26 | GBP | 100 | 96 | |||||
4.25%, 3/14/24 | $ | 200 | 196 | |||||
Lloyds Banking Group PLC, | ||||||||
1.75%, 9/7/28 | EUR | 100 | 94 | |||||
2.25%, 10/16/24 | GBP | 100 | 102 | |||||
Nationwide Building Society, | ||||||||
3.77%, 3/8/24 (d) | $ | 200 | 198 | |||||
NGG Finance PLC, | ||||||||
5.63%, 6/18/73 | GBP | 100 | 99 | |||||
895 | ||||||||
United States (4.9%) | ||||||||
Altria Group, Inc., | ||||||||
2.45%, 2/4/32 | $ | 75 | 53 | |||||
Amazon.com, Inc., | ||||||||
2.70%, 6/3/60 | 50 | 30 | ||||||
American Express Co., | ||||||||
2.55%, 3/4/27 | 50 | 45 | ||||||
Aon Corp., | ||||||||
2.80%, 5/15/30 | 50 | 41 | ||||||
AT&T, Inc., | ||||||||
1.80%, 9/5/26 | EUR | 100 | 91 | |||||
2.90%, 12/4/26 | GBP | 100 | 96 | |||||
Bank of America Corp., | ||||||||
2.69%, 4/22/32 | $ | 50 | 39 | |||||
3.71%, 4/24/28 | 25 | 23 | ||||||
3.85%, 3/8/37 | 50 | 40 | ||||||
MTN | ||||||||
4.00%, 1/22/25 | 100 | 97 | ||||||
Boeing Co., | ||||||||
5.15%, 5/1/30 | 100 | 93 | ||||||
CDW LLC/CDW Finance Corp., | ||||||||
2.67%, 12/1/26 | 25 | 22 | ||||||
Celanese U.S. Holdings LLC, | ||||||||
6.17%, 7/15/27 | 50 | 47 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
2.30%, 2/1/32 | 25 | 18 | ||||||
2.80%, 4/1/31 | 75 | 57 | ||||||
3.50%, 3/1/42 | 25 | 16 | ||||||
5.13%, 7/1/49 | 25 | 18 | ||||||
Cigna Corp., | ||||||||
3.88%, 10/15/47 | 50 | 37 | ||||||
Citigroup, Inc., | ||||||||
2.52%, 11/3/32 | 75 | 57 | ||||||
3.06%, 1/25/33 | 50 | 39 | ||||||
5.50%, 9/13/25 | 75 | 75 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Comcast Corp., | ||||||||
1.95%, 1/15/31 | 125 | 97 | ||||||
Deere & Co., | ||||||||
3.10%, 4/15/30 | 100 | 89 | ||||||
Energy Transfer LP, | ||||||||
2.90%, 5/15/25 | 150 | 140 | ||||||
Enterprise Products Operating LLC, | ||||||||
3.95%, 1/31/60 | 50 | 35 | ||||||
Georgia-Pacific LLC, | ||||||||
2.30%, 4/30/30 (d) | 175 | 144 | ||||||
Global Payments, Inc., | ||||||||
4.95%, 8/15/27 | 100 | 95 | ||||||
Goldman Sachs Group, Inc., | ||||||||
2.62%, 4/22/32 | 150 | 116 | ||||||
HCA, Inc., | ||||||||
5.25%, 6/15/49 | 50 | 41 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | ||||||||
2.50%, 1/15/27 (d) | 225 | 193 | ||||||
JPMorgan Chase & Co., | ||||||||
1.95%, 2/4/32 | 250 | 185 | ||||||
4.13%, 12/15/26 | 75 | 71 | ||||||
Level 3 Financing, Inc., | ||||||||
3.40%, 3/1/27 (d) | 100 | 84 | ||||||
Lowe's Cos., Inc., | ||||||||
1.30%, 4/15/28 | 75 | 61 | ||||||
1.70%, 10/15/30 | 100 | 76 | ||||||
Magallanes, Inc. Co., | ||||||||
5.05%, 3/15/42 (d) | 25 | 19 | ||||||
McDonald's Corp., MTN | ||||||||
3.38%, 5/26/25 | 100 | 96 | ||||||
Metropolitan Life Global Funding I, | ||||||||
2.95%, 4/9/30 (d) | 150 | 129 | ||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
2.75%, 11/1/29 | 175 | 147 | ||||||
NVIDIA Corp., | ||||||||
2.85%, 4/1/30 | 125 | 107 | ||||||
Occidental Petroleum Corp., | ||||||||
3.20%, 8/15/26 | 35 | 32 | ||||||
5.55%, 3/15/26 | 75 | 75 | ||||||
PepsiCo, Inc., | ||||||||
2.63%, 4/28/26 | EUR | 100 | 97 | |||||
Prologis Euro Finance LLC, | ||||||||
1.88%, 1/5/29 | 100 | 86 | ||||||
Union Pacific Corp., | ||||||||
4.95%, 9/9/52 | $ | 75 | 70 | |||||
Upjohn Finance BV, | ||||||||
1.91%, 6/23/32 | EUR | 100 | 70 | |||||
Verizon Communications, Inc., | ||||||||
1.13%, 11/3/28 | GBP | 100 | 82 | |||||
3.40%, 3/22/41 | $ | 50 | 37 | |||||
Vontier Corp., | ||||||||
2.40%, 4/1/28 | 50 | 39 | ||||||
Walt Disney Co., | ||||||||
2.65%, 1/13/31 | 25 | 21 | ||||||
3.80%, 3/22/30 | 25 | 23 | ||||||
Warnermedia Holdings, Inc., | ||||||||
4.28%, 3/15/32 (d) | 75 | 62 | ||||||
3,653 | ||||||||
Total Corporate Bonds (Cost $9,675) | 9,490 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Mortgages - Other (1.5%) | ||||||||
Germany (0.0%) (a) | ||||||||
Berg Finance, | ||||||||
1.18%, 4/22/33 | EUR | 29 | 28 | |||||
United Kingdom (0.1%) | ||||||||
Landmark Mortgage Securities No. 3 PLC, | ||||||||
3 Month GBP LIBOR + 2.10%, 4.00%, 4/17/44 (b) | GBP | 66 | 70 | |||||
United States (1.4%) | ||||||||
Bayview MSR Opportunity Master Fund Trust, | ||||||||
3.00%, 1/25/52 (b)(d) | $ | 96 | 79 | |||||
Federal Home Loan Mortgage Corporation, | ||||||||
3.00%, 9/25/45 – 5/25/47 | 100 | 91 | ||||||
3.50%, 5/25/45 – 7/25/46 | 37 | 34 | ||||||
4.00%, 5/25/45 | 2 | 2 | ||||||
Hundred Acre Wood Trust, | ||||||||
2.50%, 10/25/51 (b)(d) | 94 | 75 | ||||||
JP Morgan Mortgage Trust, | ||||||||
3.00%, 4/25/52 – 9/25/52(b)(d) | 364 | 300 | ||||||
3.25%, 7/25/52 (b)(d) | 94 | 80 | ||||||
MFA Trust, | ||||||||
4.00%, 5/25/67 (d) | 93 | 87 | ||||||
PRMI Securitization Trust, | ||||||||
2.50%, 4/25/51 (b)(d) | 88 | 70 | ||||||
Seasoned Credit Risk Transfer Trust, | ||||||||
3.00%, 11/25/57 – 10/25/58 | 191 | 173 | ||||||
4.00%, 10/25/58 | 14 | 13 | ||||||
1,004 | ||||||||
Total Mortgages - Other (Cost $1,264) | 1,102 | |||||||
Sovereign (27.8%) | ||||||||
Australia (1.0%) | ||||||||
Australia Government Bond, | ||||||||
0.25%, 11/21/25 | AUD | 450 | 260 | |||||
1.25%, 5/21/32 | 600 | 303 | ||||||
2.50%, 5/21/30 | 160 | 93 | ||||||
2.75%, 11/21/29 | 150 | 90 | ||||||
3.25%, 4/21/25 | 10 | 6 | ||||||
752 | ||||||||
Austria (0.1%) | ||||||||
Republic of Austria Government Bond, | ||||||||
0.00%, 2/20/30 (d) | EUR | 70 | 57 | |||||
Belgium (0.3%) | ||||||||
Kingdom of Belgium Government Bond, | ||||||||
0.90%, 6/22/29 (d) | 30 | 27 | ||||||
1.70%, 6/22/50 (d) | 90 | 66 | ||||||
1.90%, 6/22/38 (d) | 150 | 125 | ||||||
218 | ||||||||
Canada (1.2%) | ||||||||
Canadian Government Bond, | ||||||||
1.25%, 6/1/30 | CAD | 1,440 | 905 | |||||
2.00%, 12/1/51 | 20 | 12 | ||||||
917 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
China (10.2%) | ||||||||
Agricultural Development Bank of China, | ||||||||
2.25%, 4/22/25 | CNY | 770 | 108 | |||||
3.79%, 10/26/30 | 740 | 111 | ||||||
China Development Bank, | ||||||||
3.07%, 3/10/30 | 1,410 | 200 | ||||||
3.34%, 7/14/25 | 740 | 107 | ||||||
China Government Bond, | ||||||||
2.37%, 1/20/27 | 3,200 | 448 | ||||||
2.76%, 5/15/32 | 37,330 | 5,247 | ||||||
3.13%, 11/21/29 | 4,990 | 724 | ||||||
3.27%, 11/19/30 | 1,540 | 226 | ||||||
3.53%, 10/18/51 | 200 | 30 | ||||||
3.81%, 9/14/50 | 300 | 47 | ||||||
3.86%, 7/22/49 | 1,430 | 224 | ||||||
Export-Import Bank of China, | ||||||||
2.93%, 3/2/25 | 740 | 106 | ||||||
7,578 | ||||||||
Colombia (0.0%) (a) | ||||||||
Colombian TES, Series B | ||||||||
7.75%, 9/18/30 | COP | 122,600 | 20 | |||||
Czech Republic (0.1%) | ||||||||
Czech Republic Government Bond, | ||||||||
1.20%, 3/13/31 | CZK | 1,200 | 35 | |||||
Denmark (0.1%) | ||||||||
Denmark Government Bond, | ||||||||
0.50%, 11/15/27 | DKK | 630 | 76 | |||||
Finland (0.1%) | ||||||||
Finland Government Bond, | ||||||||
1.13%, 4/15/34 (d) | EUR | 70 | 57 | |||||
France (1.7%) | ||||||||
Agence Francaise de Developpement EPIC, | ||||||||
1.50%, 10/31/34 | 100 | 82 | ||||||
Banque Federative du Credit Mutuel SA, | ||||||||
1.25%, 12/5/25 | GBP | 100 | 96 | |||||
French Republic Government Bond OAT, | ||||||||
0.00%, 11/25/29 | EUR | 1,050 | 867 | |||||
2.00%, 5/25/48 (d) | 200 | 161 | ||||||
SNCF Reseau, | ||||||||
1.88%, 3/30/34 | 100 | 86 | ||||||
1,292 | ||||||||
Germany (1.2%) | ||||||||
Bundesrepublik Deutschland Bundesanleihe, | ||||||||
0.00%, 5/15/36 | 150 | 109 | ||||||
0.25%, 2/15/29 | 440 | 387 | ||||||
4.25%, 7/4/39 | 100 | 126 | ||||||
State of North Rhine-Westphalia Germany, | ||||||||
1.65%, 2/22/38 | 290 | 234 | ||||||
856 | ||||||||
Greece (2.7%) | ||||||||
Hellenic Republic Government Bond, | ||||||||
0.75%, 6/18/31 (d) | 2,852 | 2,009 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Hungary (0.0%) (a) | ||||||||
Hungary Government Bond, | ||||||||
3.00%, 8/21/30 | HUF | 4,450 | 7 | |||||
Indonesia (0.2%) | ||||||||
Indonesia Treasury Bond, | ||||||||
8.25%, 5/15/29 | IDR | 839,000 | 58 | |||||
8.38%, 3/15/34 | 981,000 | 68 | ||||||
126 | ||||||||
Ireland (0.1%) | ||||||||
Ireland Government Bond, | ||||||||
0.20%, 10/18/30 | EUR | 80 | 65 | |||||
Italy (1.2%) | ||||||||
Italy Buoni Poliennali Del Tesoro, | ||||||||
0.00%, 8/1/26 | 150 | 128 | ||||||
0.45%, 2/15/29 | 50 | 39 | ||||||
1.85%, 7/1/25 (d) | 390 | 368 | ||||||
2.45%, 9/1/50 (d) | 240 | 163 | ||||||
Republic of Italy Government International Bond, | ||||||||
0.88%, 5/6/24 | $ | 200 | 186 | |||||
884 | ||||||||
Japan (4.2%) | ||||||||
Japan Government Five Year Bond, | ||||||||
0.10%, 6/20/24 | JPY | 105,000 | 727 | |||||
Japan Government Ten Year Bond, | ||||||||
0.10%, 6/20/26 – 6/20/31 | 117,000 | 803 | ||||||
Japan Government Thirty Year Bond, | ||||||||
0.30%, 6/20/46 | 37,000 | 210 | ||||||
0.40%, 9/20/49 | 26,000 | 142 | ||||||
0.60%, 6/20/50 | 29,000 | 166 | ||||||
1.70%, 6/20/33 | 75,000 | 590 | ||||||
Japan Government Twenty Year Bond, | ||||||||
0.40%, 6/20/41 | 83,000 | 519 | ||||||
3,157 | ||||||||
Korea, Republic of (0.7%) | ||||||||
Export-Import Bank of Korea, | ||||||||
0.63%, 2/9/26 | $ | 200 | 176 | |||||
Korea Development Bank, | ||||||||
0.80%, 7/19/26 | 200 | 174 | ||||||
Korea International Bond, | ||||||||
2.00%, 6/19/24 | 200 | 192 | ||||||
542 | ||||||||
Malaysia (0.4%) | ||||||||
Malaysia Government Bond, | ||||||||
3.89%, 8/15/29 | MYR | 440 | 92 | |||||
Petronas Capital Ltd., | ||||||||
3.50%, 3/18/25 (d) | $ | 200 | 195 | |||||
287 | ||||||||
Mexico (0.4%) | ||||||||
Mexican Bonos, | ||||||||
Series M | ||||||||
7.50%, 6/3/27 | MXN | 1,700 | 77 | |||||
8.50%, 5/31/29 | 800 | 38 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Mexico Government International Bond, | ||||||||
4.50%, 4/22/29 | $ | 200 | 185 | |||||
300 | ||||||||
Netherlands (0.2%) | ||||||||
Netherlands Government Bond, | ||||||||
0.00%, 7/15/30 (d) | EUR | 190 | 156 | |||||
2.75%, 1/15/47 (d) | 20 | 21 | ||||||
177 | ||||||||
Norway (0.0%) (a) | ||||||||
Norway Government Bond, | ||||||||
2.13%, 5/18/32 (d) | NOK | 190 | 16 | |||||
Poland (0.1%) | ||||||||
Republic of Poland Government Bond, | ||||||||
0.25%, 10/25/26 | PLN | 300 | 46 | |||||
Russia (0.0%) (a) | ||||||||
Russian Federal Bond - OFZ, | ||||||||
7.95%, 10/7/26 (f)(g)(h) | RUB | 2,810 | 14 | |||||
Spain (0.6%) | ||||||||
Spain Government Bond, | ||||||||
0.00%, 1/31/28 | EUR | 110 | 93 | |||||
0.70%, 4/30/32 (d) | 79 | 62 | ||||||
1.25%, 10/31/30(d) | 289 | 248 | ||||||
2.70%, 10/31/48 (d) | 40 | 33 | ||||||
3.45%, 7/30/66 (d) | 21 | 19 | ||||||
455 | ||||||||
Sweden (0.1%) | ||||||||
Sweden Government Bond, | ||||||||
0.75%, 5/12/28 | SEK | 740 | 61 | |||||
United Kingdom (0.9%) | ||||||||
United Kingdom Gilt, | ||||||||
0.38%, 10/22/30 | GBP | 220 | 183 | |||||
0.63%, 10/22/50 | 180 | 93 | ||||||
1.63%, 10/22/28 | 85 | 81 | ||||||
3.50%, 1/22/45 | 180 | 188 | ||||||
4.25%, 9/7/39 | 130 | 147 | ||||||
692 | ||||||||
Total Sovereign (Cost $26,180) | 20,696 | |||||||
Supranational (1.5%) | ||||||||
Asian Development Bank, | ||||||||
2.13%, 5/19/31 | NZD | 60 | 27 | |||||
European Investment Bank, | ||||||||
0.20%, 7/15/24 | EUR | 220 | 207 | |||||
Series EARN | ||||||||
0.0%, 1/14/31 | 200 | 155 | ||||||
International Bank for Reconstruction & Development, | ||||||||
2.20%, 2/27/24 | $ | 610 | 380 | |||||
SOFR + 0.43%, 3.10%, 8/19/27 (b) | AUD | 330 | 332 | |||||
1,101 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
U.S. Treasury Securities (3.7%) | ||||||||
United States (3.7%) | ||||||||
U.S. Treasury Bonds, | ||||||||
1.13%, 5/15/40 | $ | 820 | 513 | |||||
1.25%, 5/15/50 | 570 | 319 | ||||||
2.50%, 2/15/45 | 640 | 489 | ||||||
2.75%, 8/15/47 | 410 | 328 | ||||||
U.S. Treasury Notes, | ||||||||
0.50%, 6/30/27 | 700 | 593 | ||||||
1.38%, 11/15/31 | 390 | 317 | ||||||
1.88%, 2/15/32 | 210 | 178 | ||||||
Total U.S. Treasury Securities (Cost $3,408) | 2,737 | |||||||
Total Fixed Income Securities (Cost $47,393) | 38,720 |
Shares | ||||||||
Common Stocks (31.0%) | ||||||||
Australia (1.1%) | ||||||||
Ampol Ltd. | 204 | 4 | ||||||
APA Group | 1,078 | 7 | ||||||
Aristocrat Leisure Ltd. | 501 | 11 | ||||||
ASX Ltd. | 163 | 8 | ||||||
Aurizon Holdings Ltd. | 1,576 | 4 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,541 | 37 | ||||||
BHP Group Ltd. | 4,293 | 107 | ||||||
BlueScope Steel Ltd. | 401 | 4 | ||||||
Brambles Ltd. | 1,205 | 9 | ||||||
Cochlear Ltd. | 55 | 7 | ||||||
Coles Group Ltd. | 1,172 | 12 | ||||||
Commonwealth Bank of Australia | 1,448 | 84 | ||||||
Computershare Ltd. | 461 | 7 | ||||||
CSL Ltd. | 416 | 76 | ||||||
Dexus REIT | 900 | 4 | ||||||
Domino's Pizza Enterprises Ltd. | 44 | 1 | ||||||
Endeavour Group Ltd. (Australia) | 1,140 | 5 | ||||||
Evolution Mining Ltd. | 1,376 | 2 | ||||||
Fortescue Metals Group Ltd. | 1,425 | 15 | ||||||
Goodman Group REIT | 1,398 | 14 | ||||||
GPT Group REIT | 1,546 | 4 | ||||||
IDP Education Ltd. | 173 | 3 | ||||||
Insurance Australia Group Ltd. | 2,165 | 6 | ||||||
James Hardie Industries PLC CDI | 369 | 7 | ||||||
Lendlease Corp Ltd. REIT | 582 | 3 | ||||||
Lottery Corp. Ltd. (i) | 1,891 | 5 | ||||||
Macquarie Group Ltd. | 306 | 30 | ||||||
Medibank Pvt Ltd. | 2,348 | 5 | ||||||
Mineral Resources Ltd. | 140 | 6 | ||||||
Mirvac Group REIT | 3,259 | 4 | ||||||
National Australia Bank Ltd. | 2,746 | 51 | ||||||
Newcrest Mining Ltd. | 751 | 8 | ||||||
Northern Star Resources Ltd. | 999 | 5 | ||||||
OneMarket Ltd. (i) | 137 | — | ||||||
Orica Ltd. | 381 | 3 | ||||||
Origin Energy Ltd. | 1,593 | 5 | ||||||
Qantas Airways Ltd. (i) | 774 | 3 | ||||||
QBE Insurance Group Ltd. | 1,283 | 10 | ||||||
Ramsay Health Care Ltd. | 155 | 6 | ||||||
REA Group Ltd. | 44 | 3 | ||||||
Reece Ltd. | 167 | 2 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Rio Tinto Ltd. | 316 | 19 | ||||||
Santos Ltd. | 2,766 | 13 | ||||||
Scentre Group REIT | 4,366 | 7 | ||||||
SEEK Ltd. | 284 | 3 | ||||||
Sonic Healthcare Ltd. | 387 | 8 | ||||||
South32 Ltd. | 3,923 | 9 | ||||||
Stockland REIT | 2,008 | 4 | ||||||
Suncorp Group Ltd. | 1,093 | 7 | ||||||
Telstra Corp., Ltd. | 3,937 | 10 | ||||||
Transurban Group (Units) | 2,590 | 20 | ||||||
Treasury Wine Estates Ltd. | 607 | 5 | ||||||
Vicinity Centres REIT | 3,273 | 4 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 182 | 3 | ||||||
Wesfarmers Ltd. | 954 | 26 | ||||||
Westpac Banking Corp. | 3,007 | 40 | ||||||
WiseTech Global Ltd. | 121 | 4 | ||||||
Woodside Energy Group Ltd. (i) | 1,608 | 33 | ||||||
Woolworths Group Ltd. | 1,058 | 23 | ||||||
Xero Ltd. (i) | 113 | 5 | ||||||
830 | ||||||||
Austria (0.1%) | ||||||||
Erste Group Bank AG | 1,159 | 26 | ||||||
OMV AG | 105 | 4 | ||||||
Verbund AG | 50 | 4 | ||||||
voestalpine AG | 83 | 1 | ||||||
35 | ||||||||
Belgium (0.2%) | ||||||||
Ageas SA | 145 | 5 | ||||||
Anheuser-Busch InBev SA | 785 | 36 | ||||||
Argenx SE (i) | 43 | 15 | ||||||
D'ieteren Group | 22 | 3 | ||||||
Elia Group SA | 31 | 4 | ||||||
Groupe Bruxelles Lambert SA | 90 | 6 | ||||||
KBC Group NV | 894 | 43 | ||||||
Proximus SADP | 134 | 1 | ||||||
Sofina SA | 14 | 3 | ||||||
Solvay SA | 66 | 5 | ||||||
UCB SA | 111 | 8 | ||||||
Umicore SA | 183 | 5 | ||||||
Warehouses De Pauw CVA REIT | 130 | 3 | ||||||
137 | ||||||||
Canada (2.0%) | ||||||||
Agnico Eagle Mines Ltd. | 390 | 16 | ||||||
Air Canada (i) | 147 | 2 | ||||||
Algonquin Power & Utilities Corp. | 612 | 7 | ||||||
Alimentation Couche-Tard, Inc. | 734 | 30 | ||||||
AltaGas Ltd. | 252 | 5 | ||||||
ARC Resources Ltd. | 581 | 7 | ||||||
Bank of Montreal | 635 | 56 | ||||||
Bank of Nova Scotia | 1,210 | 58 | ||||||
Barrick Gold Corp. (LSE) | 57 | 1 | ||||||
Barrick Gold Corp. (NYSE) | 1,648 | 25 | ||||||
Bausch Health Cos., Inc. (i) | 224 | 1 | ||||||
BCE, Inc. | 69 | 3 | ||||||
Blackberry Ltd. (i) | 444 | 2 | ||||||
Brookfield Asset Management, Inc., Class A | 1,201 | 49 | ||||||
Brookfield Renewable Corp., Class A | 118 | 4 | ||||||
BRP, Inc. | 32 | 2 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
CAE, Inc. (i) | 271 | 4 | ||||||
Cameco Corp. | 332 | 9 | ||||||
Canadian Apartment Properties REIT | 72 | 2 | ||||||
Canadian Imperial Bank of Commerce | 983 | 43 | ||||||
Canadian National Railway Co. | 502 | 54 | ||||||
Canadian Natural Resources Ltd. | 1,013 | 47 | ||||||
Canadian Pacific Railway Ltd. (NYSE) | 105 | 7 | ||||||
Canadian Pacific Railway Ltd. (TSX) | 780 | 52 | ||||||
Canadian Tire Corp., Ltd., Class A | 46 | 5 | ||||||
Canadian Utilities Ltd., Class A | 116 | 3 | ||||||
CCL Industries, Inc., Class B | 125 | 6 | ||||||
Cenovus Energy, Inc. | 1,217 | 19 | ||||||
CGI, Inc. (i) | 184 | 14 | ||||||
Constellation Software, Inc. | 17 | 24 | ||||||
Dollarama, Inc. | 238 | 14 | ||||||
Emera, Inc. | 235 | 9 | ||||||
Empire Co., Ltd., Class A | 138 | 3 | ||||||
Enbridge, Inc. | 1,910 | 71 | ||||||
Fairfax Financial Holdings Ltd. | 21 | 10 | ||||||
First Quantum Minerals Ltd. | 486 | 8 | ||||||
FirstService Corp. | 34 | 4 | ||||||
Fortis, Inc. | 427 | 16 | ||||||
Franco-Nevada Corp. | 163 | 19 | ||||||
George Weston Ltd. | 62 | 6 | ||||||
GFL Environmental, Inc. | 145 | 4 | ||||||
Gildan Activewear, Inc. | 157 | 4 | ||||||
Great-West Lifeco, Inc. | 234 | 5 | ||||||
Hydro One Ltd. | 298 | 7 | ||||||
IA Financial Corp., Inc. | 90 | 5 | ||||||
IGM Financial, Inc. | 71 | 2 | ||||||
Imperial Oil Ltd. | 199 | 9 | ||||||
Intact Financial Corp. | 148 | 21 | ||||||
Ivanhoe Mines Ltd., Class A (i) | 504 | 3 | ||||||
Keyera Corp. | 187 | 4 | ||||||
Kinross Gold Corp. | 1,059 | 4 | ||||||
Lightspeed Commerce, Inc. (i) | 112 | 2 | ||||||
Loblaw Cos., Ltd. | 144 | 11 | ||||||
Lundin Mining Corp. | 549 | 3 | ||||||
Magna International, Inc. | 241 | 11 | ||||||
Manulife Financial Corp. | 1,835 | 29 | ||||||
Metro, Inc. | 208 | 10 | ||||||
National Bank of Canada | 332 | 21 | ||||||
Northland Power, Inc. | 205 | 6 | ||||||
Nutrien Ltd. | 460 | 38 | ||||||
Nuvei Corp. (i) | 57 | 1 | ||||||
Onex Corp. | 62 | 3 | ||||||
Open Text Corp. | 228 | 6 | ||||||
Pan American Silver Corp. | 181 | 3 | ||||||
Parkland Corp. | 129 | 3 | ||||||
Pembina Pipeline Corp. | 467 | 14 | ||||||
Power Corp. of Canada | 469 | 11 | ||||||
Quebecor, Inc., Class B | 135 | 2 | ||||||
Restaurant Brands International, Inc. | 249 | 13 | ||||||
RioCan Real Estate Investment Trust | 128 | 2 | ||||||
Ritchie Bros Auctioneers, Inc. | 95 | 6 | ||||||
Rogers Communications, Inc., Class B | 337 | 13 | ||||||
Royal Bank of Canada | 1,484 | 134 | ||||||
Saputo, Inc. | 210 | 5 | ||||||
Shaw Communications, Inc., Class B | 402 | 10 | ||||||
Shopify, Inc., Class A (i) | 964 | 26 | ||||||
Sun Life Financial, Inc. | 494 | 20 | ||||||
Suncor Energy, Inc. | 1,232 | 35 | ||||||
TC Energy Corp. | 930 | 37 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Teck Resources Ltd., Class B | 394 | 12 | ||||||
TELUS Corp. | 433 | 9 | ||||||
TFI International, Inc. | 69 | 6 | ||||||
Thomson Reuters Corp. | 144 | 15 | ||||||
TMX Group Ltd. | 47 | 4 | ||||||
Toromont Industries Ltd. | 70 | 5 | ||||||
Toronto-Dominion Bank | 1,966 | 121 | ||||||
Tourmaline Oil Corp. | 266 | 14 | ||||||
West Fraser Timber Co., Ltd. | 52 | 4 | ||||||
Wheaton Precious Metals Corp. | 384 | 12 | ||||||
WSP Global, Inc. | 100 | 11 | ||||||
1,473 | ||||||||
China (0.0%) (a) | ||||||||
China Common Rich Renewable Energy Investments Ltd. (i) | 18,000 | — | ||||||
Wharf Holdings Ltd. (j) | 1,400 | 5 | ||||||
5 | ||||||||
Denmark (0.4%) | ||||||||
AP Moller - Maersk AS Series A | 3 | 5 | ||||||
AP Moller - Maersk AS Series B | 5 | 9 | ||||||
Carlsberg AS Series B | 87 | 10 | ||||||
Chr Hansen Holding AS | 89 | 4 | ||||||
Coloplast AS Series B | 101 | 10 | ||||||
Danske Bank AS | 593 | 7 | ||||||
Demant AS (i) | 82 | 2 | ||||||
DSV AS | 161 | 19 | ||||||
Genmab AS (i) | 56 | 18 | ||||||
GN Store Nord AS | 113 | 2 | ||||||
Novo Nordisk AS Series B | 1,450 | 145 | ||||||
Novozymes AS Series B | 172 | 9 | ||||||
Orsted AS | 168 | 14 | ||||||
Pandora AS | 78 | 4 | ||||||
ROCKWOOL AS, Class B | 8 | 1 | ||||||
Tryg AS | 303 | 6 | ||||||
Vestas Wind Systems AS | 872 | 16 | ||||||
281 | ||||||||
Finland (0.2%) | ||||||||
Elisa Oyj | 137 | 6 | ||||||
Fortum Oyj | 402 | 5 | ||||||
Kesko Oyj, Class B | 233 | 4 | ||||||
Kone Oyj, Class B | 289 | 11 | ||||||
Neste Oyj | 363 | 16 | ||||||
Nokia Oyj | 4,717 | 20 | ||||||
Orion Oyj, Class B | 91 | 4 | ||||||
Sampo Oyj, Class A | 425 | 18 | ||||||
Stora Enso Oyj, Class R | 476 | 6 | ||||||
UPM-Kymmene Oyj | 458 | 15 | ||||||
Wartsila Oyj Abp | 401 | 3 | ||||||
108 | ||||||||
France (1.8%) | ||||||||
Accor SA (i) | 145 | 3 | ||||||
Aeroports de Paris (i) | 25 | 3 | ||||||
Air Liquide SA | 443 | 51 | ||||||
Airbus SE | 503 | 43 | ||||||
Alstom SA | 271 | 4 | ||||||
Amundi SA | 52 | 2 | ||||||
ArcelorMittal SA | 529 | 11 | ||||||
Arkema SA | 51 | 4 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
AXA SA | 1,657 | 36 | ||||||
BioMerieux | 35 | 3 | ||||||
BNP Paribas SA | 3,794 | 160 | ||||||
Bollore SA | 761 | 3 | ||||||
Bouygues SA | 198 | 5 | ||||||
Bureau Veritas SA | 251 | 6 | ||||||
Capgemini SE | 140 | 22 | ||||||
Carrefour SA | 543 | 8 | ||||||
Cie de Saint-Gobain | 426 | 15 | ||||||
Cie Generale des Etablissements Michelin SCA | 581 | 13 | ||||||
Covivio REIT | 40 | 2 | ||||||
Credit Agricole SA | 4,324 | 35 | ||||||
Danone SA | 567 | 27 | ||||||
Dassault Aviation SA | 21 | 2 | ||||||
Dassault Systemes SE | 563 | 19 | ||||||
Edenred | 212 | 10 | ||||||
Eiffage SA | 71 | 6 | ||||||
Electricite de France SA | 434 | 5 | ||||||
Engie SA | 1,683 | 19 | ||||||
EssilorLuxottica SA | 243 | 33 | ||||||
Eurazeo SE | 37 | 2 | ||||||
Eurofins Scientific SE | 113 | 7 | ||||||
Euronext NV | 73 | 5 | ||||||
Gecina SA REIT | 39 | 3 | ||||||
Getlink SE | 373 | 6 | ||||||
Hermes International | 27 | 32 | ||||||
Ipsen SA | 32 | 3 | ||||||
Kering SA | 64 | 28 | ||||||
Klepierre SA REIT | 186 | 3 | ||||||
L'Oreal SA | 211 | 67 | ||||||
La Francaise des Jeux SAEM | 90 | 3 | ||||||
Legrand SA | 227 | 15 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 236 | 139 | ||||||
Orange SA | 1,927 | 17 | ||||||
Pernod Ricard SA | 183 | 34 | ||||||
Publicis Groupe SA | 193 | 9 | ||||||
Remy Cointreau SA | 19 | 3 | ||||||
Renault SA (i) | 165 | 4 | ||||||
Safran SA | 287 | 26 | ||||||
Sanofi | 996 | 76 | ||||||
Sartorius Stedim Biotech | 23 | 7 | ||||||
Schneider Electric SE | 461 | 52 | ||||||
SEB SA | 21 | 1 | ||||||
Societe Generale SA | 2,815 | 56 | ||||||
Sodexo SA | 75 | 6 | ||||||
STMicroelectronics NV | 581 | 18 | ||||||
Teleperformance | 50 | 13 | ||||||
Thales SA | 91 | 10 | ||||||
TotalEnergies SE | 2,175 | 102 | ||||||
Ubisoft Entertainment SA (i) | 80 | 2 | ||||||
Unibail-Rodamco-Westfield REIT (i) | 101 | 4 | ||||||
Valeo SA | 181 | 3 | ||||||
Veolia Environnement SA | 622 | 12 | ||||||
Vinci SA | 455 | 37 | ||||||
Vivendi SE | 621 | 5 | ||||||
Wendel SE | 23 | 2 | ||||||
Worldline SA (i) | 204 | 8 | ||||||
1,370 | ||||||||
Germany (1.1%) | ||||||||
Adidas AG | 148 | 17 | ||||||
Allianz SE (Registered) | 354 | 56 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Aroundtown SA | 860 | 2 | ||||||
BASF SE | 788 | 30 | ||||||
Bayer AG (Registered) | 865 | 40 | ||||||
Bayerische Motoren Werke AG | 285 | 19 | ||||||
Bayerische Motoren Werke AG (Preference) | 50 | 3 | ||||||
Bechtle AG | 72 | 3 | ||||||
Beiersdorf AG | 89 | 9 | ||||||
Brenntag SE | 132 | 8 | ||||||
Carl Zeiss Meditec AG | 34 | 4 | ||||||
Commerzbank AG (i) | 3,767 | 27 | ||||||
Continental AG | 96 | 4 | ||||||
Covestro AG | 167 | 5 | ||||||
Daimler Truck Holding AG (i) | 385 | 9 | ||||||
Delivery Hero SE (i) | 140 | 5 | ||||||
Deutsche Bank AG (Registered) | 1,793 | 13 | ||||||
Deutsche Boerse AG | 158 | 26 | ||||||
Deutsche Lufthansa AG (Registered) (i) | 501 | 3 | ||||||
Deutsche Post AG (Registered) | 842 | 25 | ||||||
Deutsche Telekom AG (Registered) | 3,134 | 53 | ||||||
E.ON SE | 2,071 | 16 | ||||||
Evonik Industries AG | 179 | 3 | ||||||
Fresenius Medical Care AG & Co., KGaA | 175 | 5 | ||||||
Fresenius SE & Co., KGaA | 358 | 8 | ||||||
GEA Group AG | 131 | 4 | ||||||
Hannover Rueck SE (Registered) | 51 | 8 | ||||||
HeidelbergCement AG | 123 | 5 | ||||||
HelloFresh SE (i) | 138 | 3 | ||||||
Henkel AG & Co., KGaA | 88 | 5 | ||||||
Henkel AG & Co., KGaA (Preference) | 157 | 9 | ||||||
Infineon Technologies AG | 1,118 | 24 | ||||||
KION Group AG | 62 | 1 | ||||||
Knorr-Bremse AG | 63 | 3 | ||||||
LEG Immobilien SE | 63 | 4 | ||||||
Mercedes-Benz Group AG (Registered) | 691 | 35 | ||||||
Merck KGaA | 111 | 18 | ||||||
MTU Aero Engines AG | 45 | 7 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 120 | 29 | ||||||
Nemetschek SE | 50 | 2 | ||||||
Porsche Automobil Holding SE (Preference) | 131 | 7 | ||||||
Puma SE | 90 | 4 | ||||||
QIAGEN NV (i) | 197 | 8 | ||||||
Rational AG | 4 | 2 | ||||||
Rheinmetall AG | 37 | 6 | ||||||
RWE AG | 592 | 22 | ||||||
SAP SE | 891 | 73 | ||||||
Sartorius AG (Preference) | 21 | 7 | ||||||
Scout24 SE | 68 | 3 | ||||||
Siemens AG (Registered) | 653 | 64 | ||||||
Siemens Energy AG (i) | 368 | 4 | ||||||
Siemens Healthineers AG | 244 | 10 | ||||||
Symrise AG | 112 | 11 | ||||||
Telefonica Deutschland Holding AG | 1,015 | 2 | ||||||
Uniper SE | 83 | —@ | ||||||
United Internet AG (Registered) | 95 | 2 | ||||||
Volkswagen AG | 25 | 4 | ||||||
Volkswagen AG (Preference) | 157 | 19 | ||||||
Vonovia SE | 602 | 13 | ||||||
Zalando SE (i) | 194 | 4 | ||||||
815 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Hong Kong (0.3%) | ||||||||
AIA Group Ltd. | 6,788 | 57 | ||||||
BOC Hong Kong Holdings Ltd. | 2,591 | 9 | ||||||
Budweiser Brewing Co., APAC Ltd. | 957 | 3 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 1,112 | 2 | ||||||
CK Asset Holdings Ltd. | 1,119 | 7 | ||||||
CK Hutchison Holdings Ltd. | 1,503 | 8 | ||||||
CK Infrastructure Holdings Ltd. | 353 | 2 | ||||||
CLP Holdings Ltd. | 1,007 | 8 | ||||||
ESR Group Ltd. | 1,123 | 3 | ||||||
Futu Holdings Ltd. ADR (i) | 31 | 1 | ||||||
Galaxy Entertainment Group Ltd. | 1,220 | 7 | ||||||
Hang Lung Properties Ltd. | 1,138 | 2 | ||||||
Hang Seng Bank Ltd. | 532 | 8 | ||||||
Henderson Land Development Co., Ltd. | 813 | 2 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 1,576 | 1 | ||||||
HKT Trust & HKT Ltd. | 2,518 | 3 | ||||||
Hong Kong & China Gas Co., Ltd. | 6,812 | 6 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 673 | 23 | ||||||
Hongkong Land Holdings Ltd. | 634 | 3 | ||||||
Jardine Matheson Holdings Ltd. | 123 | 6 | ||||||
Link REIT | 1,185 | 8 | ||||||
MTR Corp., Ltd. | 867 | 4 | ||||||
New World Development Co. Ltd. | 852 | 2 | ||||||
Power Assets Holdings Ltd. | 854 | 4 | ||||||
Sands China Ltd. (i) | 1,350 | 3 | ||||||
Sino Land Co., Ltd. | 1,922 | 3 | ||||||
SITC International Holdings Co. Ltd. | 804 | 1 | ||||||
Sun Hung Kai Properties Ltd. | 809 | 9 | ||||||
Swire Pacific Ltd., Class A | 284 | 2 | ||||||
Swire Properties Ltd. | 651 | 1 | ||||||
Techtronic Industries Co., Ltd. | 759 | 7 | ||||||
WH Group Ltd. | 4,612 | 3 | ||||||
Wharf Real Estate Investment Co., Ltd. | 934 | 4 | ||||||
Xinyi Glass Holdings Ltd. | 1,042 | 2 | ||||||
214 | ||||||||
Ireland (0.1%) | ||||||||
CRH PLC | 675 | 22 | ||||||
Flutter Entertainment PLC (i) | 148 | 16 | ||||||
Kerry Group PLC, Class A | 144 | 13 | ||||||
Kingspan Group PLC | 133 | 6 | ||||||
Smurfit Kappa Group PLC | 221 | 6 | ||||||
63 | ||||||||
Israel (0.1%) | ||||||||
Azrieli Group Ltd. | 37 | 3 | ||||||
Bank Hapoalim BM | 1,274 | 11 | ||||||
Bank Leumi Le-Israel BM | 1,552 | 13 | ||||||
Check Point Software Technologies Ltd. (i) | 88 | 10 | ||||||
CyberArk Software Ltd. (i) | 34 | 5 | ||||||
Elbit Systems Ltd. | 23 | 4 | ||||||
ICL Group Ltd. | 610 | 5 | ||||||
Israel Discount Bank Ltd., Class A | 1,066 | 5 | ||||||
Kornit Digital Ltd. (i) | 44 | 1 | ||||||
Mizrahi Tefahot Bank Ltd. | 154 | 5 | ||||||
Nice Ltd. (i) | 54 | 10 | ||||||
Teva Pharmaceutical Industries Ltd. ADR (i) | 948 | 8 | ||||||
Tower Semiconductor Ltd. (i) | 94 | 4 | ||||||
Wix.com Ltd. (i) | 49 | 4 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
ZIM Integrated Shipping Services Ltd. | 73 | 2 | |||||||
90 | |||||||||
Italy (0.5%) | |||||||||
Amplifon SpA | 106 | 3 | |||||||
Assicurazioni Generali SpA | 945 | 13 | |||||||
Atlantia SpA | 423 | 9 | |||||||
CNH Industrial NV | 874 | 10 | |||||||
Davide Campari-Milano NV | 446 | 4 | |||||||
DiaSorin SpA | 21 | 2 | |||||||
Enel SpA | 7,441 | 31 | |||||||
Eni SpA | 2,155 | 23 | |||||||
Ferrari NV | 108 | 20 | |||||||
FinecoBank Banca Fineco SpA | 2,133 | 26 | |||||||
Infrastrutture Wireless Italiane SpA | 287 | 3 | |||||||
Intesa Sanpaolo SpA | 58,268 | 96 | |||||||
Mediobanca Banca di Credito Finanziario SpA | 2,144 | 17 | |||||||
Moncler SpA | 175 | 7 | |||||||
Nexi SpA (i) | 447 | 4 | |||||||
Poste Italiane SpA | 446 | 3 | |||||||
Prysmian SpA | 217 | 6 | |||||||
Recordati Industria Chimica e Farmaceutica SpA | 89 | 3 | |||||||
Snam SpA | 1,845 | 7 | |||||||
Stellantis NV | 1,872 | 22 | |||||||
Telecom Italia SpA (Milano) (i) | 8,506 | 2 | |||||||
Tenaris SA | 403 | 5 | |||||||
Terna - Rete Elettrica Nazionale | 1,287 | 8 | |||||||
UniCredit SpA | 7,363 | 75 | |||||||
399 | |||||||||
Japan (0.8%) | |||||||||
Aeon Co. Ltd. | 17 | —@ | |||||||
Ajinomoto Co., Inc. | 12 | —@ | |||||||
Asahi Group Holdings Ltd. | 12 | 1 | |||||||
Astellas Pharma, Inc. | 28 | 1 | |||||||
Chiba Bank Ltd. | 3,109 | 17 | |||||||
Chubu Electric Power Co., Inc. | 39 | —@ | |||||||
Chugai Pharmaceutical Co. Ltd. | 10 | —@ | |||||||
Concordia Financial Group Ltd. | 6,396 | 20 | |||||||
Daiichi Sankyo Co. Ltd. | 26 | 1 | |||||||
Japan Post Bank Co. Ltd. | 2,419 | 17 | |||||||
Kansai Electric Power Co., Inc. | 42 | —@ | |||||||
Kao Corp. | 12 | 1 | |||||||
KDDI Corp. | 181 | 5 | |||||||
Kikkoman Corp. | 4 | —@ | |||||||
Kirin Holdings Co., Ltd. | 21 | —@ | |||||||
Mizuho Financial Group, Inc. | 14,138 | 153 | |||||||
Nippon Telegraph & Telephone Corp. | 134 | 4 | |||||||
Olympus Corp. | 18 | —@ | |||||||
Osaka Gas Co. Ltd. | 23 | —@ | |||||||
Resona Holdings, Inc. | 12,655 | 46 | |||||||
Seven & i Holdings Co. Ltd. | 19 | 1 | |||||||
Shiseido Co., Ltd. | 10 | —@ | |||||||
Shizuoka Bank Ltd. (i) | 2,630 | 16 | |||||||
SoftBank Corp. | 324 | 3 | |||||||
SoftBank Group Corp. | 135 | 5 | |||||||
Sumitomo Mitsui Financial Group, Inc. | 7,659 | 212 | |||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,984 | 57 | |||||||
Takeda Pharmaceutical Co. Ltd. | 22 | 1 | |||||||
Terumo Corp. | 10 | —@ | |||||||
Tokyo Electric Power Co. Holdings, Inc. (i) | 91 | —@ | |||||||
Tokyo Gas Co. Ltd. | 24 | 1 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Unicharm Corp. | 11 | —@ | |||||||
562 | |||||||||
Netherlands (0.7%) | |||||||||
ABN AMRO Bank NV CVA | 1,510 | 13 | |||||||
Adyen NV (i) | 18 | 22 | |||||||
Aegon NV | 1,578 | 6 | |||||||
AerCap Holdings NV (i) | 116 | 5 | |||||||
Akzo Nobel NV | 155 | 9 | |||||||
ASM International NV | 40 | 9 | |||||||
ASML Holding NV | 345 | 143 | |||||||
Basic-Fit NV (i) | 788 | 24 | |||||||
Coca-Cola Europacific Partners PLC | 179 | 8 | |||||||
EXOR NV | 93 | 6 | |||||||
Heineken Holding NV | 86 | 6 | |||||||
Heineken NV | 229 | 20 | |||||||
IMCD NV | 48 | 6 | |||||||
ING Groep NV | 13,750 | 118 | |||||||
JDE Peet's NV | 86 | 2 | |||||||
Just Eat Takeaway.com NV (i) | 154 | 2 | |||||||
Koninklijke Ahold Delhaize NV | 909 | 23 | |||||||
Koninklijke DSM NV | 149 | 17 | |||||||
Koninklijke KPN NV | 3,194 | 9 | |||||||
Koninklijke Philips NV | 770 | 12 | |||||||
NN Group NV | 257 | 10 | |||||||
OCI NV | 90 | 3 | |||||||
Prosus NV | 707 | 37 | |||||||
Randstad NV | 104 | 4 | |||||||
Universal Music Group NV | 618 | 12 | |||||||
Wolters Kluwer NV | 223 | 22 | |||||||
548 | |||||||||
New Zealand (0.0%) (a) | |||||||||
Auckland International Airport Ltd. (i) | 1,183 | 5 | |||||||
Fisher & Paykel Healthcare Corp., Ltd. | 544 | 6 | |||||||
Mercury NZ Ltd. | 655 | 2 | |||||||
Meridian Energy Ltd. | 1,301 | 3 | |||||||
Spark New Zealand Ltd. | 2,034 | 6 | |||||||
22 | |||||||||
Norway (0.1%) | |||||||||
Adevinta ASA (i) | 246 | 1 | |||||||
Aker BP ASA | 283 | 8 | |||||||
DNB Bank ASA | 815 | 13 | |||||||
Equinor ASA | 865 | 29 | |||||||
Gjensidige Forsikring ASA | 172 | 3 | |||||||
Kongsberg Gruppen ASA | 77 | 2 | |||||||
Mowi ASA | 358 | 5 | |||||||
Norsk Hydro ASA | 1,208 | 6 | |||||||
Orkla ASA | 648 | 5 | |||||||
Salmar ASA | 51 | 2 | |||||||
Telenor ASA | 687 | 6 | |||||||
Yara International ASA | 144 | 5 | |||||||
85 | |||||||||
Portugal (0.0%) (a) | |||||||||
EDP - Energias de Portugal SA | 2,297 | 10 | |||||||
EDP Renovaveis SA | 237 | 5 | |||||||
Galp Energia SGPS SA | 400 | 4 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Jeronimo Martins SGPS SA | 218 | 4 | ||||||
23 | ||||||||
Singapore (0.2%) | ||||||||
CapLand Ascendas REIT | 2,508 | 5 | ||||||
CapitaLand Integrated Commercial Trust REIT | 3,980 | 5 | ||||||
Capitaland Investment Ltd. | 1,969 | 5 | ||||||
City Developments Ltd. | 303 | 2 | ||||||
DBS Group Holdings Ltd. | 1,610 | 37 | ||||||
Genting Singapore Ltd. | 4,643 | 2 | ||||||
Grab Holdings Ltd., Class A (i) | 824 | 2 | ||||||
Keppel Corp., Ltd. | 1,096 | 5 | ||||||
Mapletree Logistics Trust REIT | 2,425 | 3 | ||||||
Mapletree Pan Asia Commercial Trust REIT | 1,746 | 2 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 2,976 | 24 | ||||||
Sea Ltd. ADR (i) | 267 | 15 | ||||||
Singapore Airlines Ltd. (i) | 1,008 | 4 | ||||||
Singapore Exchange Ltd. | 636 | 4 | ||||||
Singapore Technologies Engineering Ltd. | 1,187 | 3 | ||||||
Singapore Telecommunications Ltd. | 7,050 | 13 | ||||||
United Overseas Bank Ltd. | 1,041 | 19 | ||||||
UOL Group Ltd. | 347 | 2 | ||||||
Venture Corp. Ltd. | 207 | 2 | ||||||
Wilmar International Ltd. | 1,460 | 4 | ||||||
158 | ||||||||
South Africa (0.0%) (a) | ||||||||
Nedbank Group Ltd. | 249 | 3 | ||||||
Old Mutual Ltd. | 7,755 | 4 | ||||||
Thungela Resources Ltd. | 132 | 2 | ||||||
9 | ||||||||
Spain (0.7%) | ||||||||
Acciona SA | 21 | 4 | ||||||
ACS Actividades de Construccion y Servicios SA | 202 | 4 | ||||||
Aena SME SA (i) | 64 | 7 | ||||||
Amadeus IT Group SA (i) | 383 | 18 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 23,673 | 106 | ||||||
Banco Santander SA | 61,698 | 144 | ||||||
CaixaBank SA | 15,945 | 51 | ||||||
Cellnex Telecom SA | 528 | 16 | ||||||
Enagas SA | 229 | 4 | ||||||
Endesa SA | 292 | 4 | ||||||
Ferrovial SA | 414 | 9 | ||||||
Grifols SA (i) | 256 | 2 | ||||||
Iberdrola SA | 5,441 | 51 | ||||||
Industria de Diseno Textil SA | 933 | 19 | ||||||
Naturgy Energy Group SA | 132 | 3 | ||||||
Red Electrica Corp., SA | 370 | 6 | ||||||
Repsol SA (i) | 1,280 | 15 | ||||||
Siemens Gamesa Renewable Energy SA (i) | 205 | 4 | ||||||
Telefonica SA | 5,288 | 17 | ||||||
484 | ||||||||
Sweden (0.5%) | ||||||||
Alfa Laval AB | 252 | 6 | ||||||
Alleima AB (i) | 185 | 1 | ||||||
Assa Abloy AB, Class B | 857 | 16 | ||||||
Atlas Copco AB, Class A | 2,304 | 21 | ||||||
Atlas Copco AB, Class B | 1,339 | 11 | ||||||
Boliden AB | 241 | 7 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Electrolux AB | 197 | 2 | ||||||
Embracer Group AB (i) | 567 | 3 | ||||||
Epiroc AB, Class A | 555 | 8 | ||||||
Epiroc AB, Class B | 339 | 4 | ||||||
EQT AB | 252 | 5 | ||||||
Essity AB, Class B | 530 | 10 | ||||||
Evolution AB | 158 | 12 | ||||||
Fastighets AB Balder (i) | 559 | 2 | ||||||
Getinge AB, Class B | 197 | 3 | ||||||
Hennes & Mauritz AB, Class B | 633 | 6 | ||||||
Hexagon AB, Class B | 1,669 | 16 | ||||||
Holmen AB, Class B | 81 | 3 | ||||||
Husqvarna AB, Class B | 362 | 2 | ||||||
Industrivarden AB, Class A | 112 | 2 | ||||||
Industrivarden AB, Class C | 132 | 3 | ||||||
Indutrade AB | 236 | 4 | ||||||
Investment AB Latour, Class B | 127 | 2 | ||||||
Investor AB, Class A | 426 | 7 | ||||||
Investor AB, Class B | 1,559 | 23 | ||||||
Kinnevik AB, Class B (i) | 211 | 3 | ||||||
L E Lundbergforetagen AB, Class B | 65 | 2 | ||||||
Lifco AB, Class B | 198 | 3 | ||||||
Nibe Industrier AB, Class B | 1,286 | 11 | ||||||
Nordea Bank Abp | 2,863 | 24 | ||||||
Sagax AB | 166 | 3 | ||||||
Sandvik AB | 931 | 13 | ||||||
Securitas AB, Class B | 273 | 2 | ||||||
Sinch AB (i) | 527 | 1 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 1,635 | 16 | ||||||
Skanska AB, Class B | 293 | 4 | ||||||
SKF AB, Class B | 334 | 4 | ||||||
Svenska Cellulosa AB SCA, Class B | 519 | 7 | ||||||
Svenska Handelsbanken AB, Class A | 1,270 | 10 | ||||||
Swedbank AB, Class A | 785 | 10 | ||||||
Swedish Match AB | 1,367 | 14 | ||||||
Swedish Orphan Biovitrum AB (i) | 148 | 3 | ||||||
Tele2 AB, Class B | 556 | 5 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 2,519 | 15 | ||||||
Telia Co., AB | 2,590 | 7 | ||||||
Volvo AB, Class A | 175 | 3 | ||||||
Volvo AB, Class B | 1,311 | 19 | ||||||
Volvo Car AB, Calss B (i) | 521 | 2 | ||||||
360 | ||||||||
Switzerland (1.5%) | ||||||||
ABB Ltd. (Registered) | 1,451 | 37 | ||||||
Adecco Group AG (Registered) | 139 | 4 | ||||||
Alcon, Inc. | 450 | 26 | ||||||
Bachem Holding AG | 26 | 2 | ||||||
Baloise Holding AG (Registered) | 39 | 5 | ||||||
Barry Callebaut AG (Registered) | 3 | 6 | ||||||
Chocoladefabriken Lindt & Sprungli AG | 1 | 10 | ||||||
Cie Financiere Richemont SA (Registered) | 462 | 44 | ||||||
Clariant AG (Registered) | 182 | 3 | ||||||
Credit Suisse Group AG (Registered) | 2,331 | 9 | ||||||
EMS-Chemie Holding AG (Registered) | 6 | 4 | ||||||
Geberit AG (Registered) | 31 | 13 | ||||||
Givaudan SA (Registered) | 8 | 24 | ||||||
Holcim AG (Registered) | 488 | 20 | ||||||
Julius Baer Group Ltd. | 190 | 8 | ||||||
Kuehne & Nagel International AG (Registered) | 46 | 9 | ||||||
Logitech International SA (Registered) | 148 | 7 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Lonza Group AG (Registered) | 67 | 33 | ||||||
Nestle SA (Registered) | 2,538 | 274 | ||||||
Novartis AG (Registered) | 1,961 | 149 | ||||||
Partners Group Holding AG | 19 | 15 | ||||||
Roche Holding AG | 22 | 9 | ||||||
Roche Holding AG (Genusschein) | 626 | 204 | ||||||
Schindler Holding AG | 34 | 5 | ||||||
Schindler Holding AG (Registered) | 20 | 3 | ||||||
SGS SA (Registered) | 5 | 11 | ||||||
Sika AG (Registered) | 126 | 25 | ||||||
Sonova Holding AG (Registered) | 48 | 10 | ||||||
Straumann Holding AG (Registered) | 94 | 9 | ||||||
Swatch Group AG | 25 | 6 | ||||||
Swatch Group AG (Registered) | 45 | 2 | ||||||
Swiss Life Holding AG (Registered) | 28 | 12 | ||||||
Swiss Prime Site AG (Registered) | 65 | 5 | ||||||
Swiss Re AG | 265 | 19 | ||||||
Swisscom AG (Registered) | 25 | 12 | ||||||
Temenos AG (Registered) | 54 | 4 | ||||||
UBS Group AG (Registered) | 3,120 | 45 | ||||||
VAT Group AG | 23 | 5 | ||||||
Zurich Insurance Group AG | 135 | 54 | ||||||
1,142 | ||||||||
United Kingdom (2.3%) | ||||||||
3i Group PLC | 883 | 11 | ||||||
abrdn PLC | 1,856 | 3 | ||||||
Admiral Group PLC | 149 | 3 | ||||||
Anglo American PLC | 1,147 | 34 | ||||||
Antofagasta PLC | 361 | 4 | ||||||
Ashtead Group PLC | 389 | 17 | ||||||
Associated British Foods PLC | 322 | 4 | ||||||
AstraZeneca PLC | 1,360 | 149 | ||||||
Auto Trader Group PLC | 845 | 5 | ||||||
AVEVA Group PLC | 101 | 3 | ||||||
Aviva PLC | 2,554 | 11 | ||||||
BAE Systems PLC | 2,765 | 24 | ||||||
Barclays PLC | 17,086 | 27 | ||||||
Barratt Developments PLC | 923 | 3 | ||||||
Berkeley Group Holdings PLC | 100 | 4 | ||||||
BP PLC | 17,399 | 83 | ||||||
British American Tobacco PLC | 1,901 | 68 | ||||||
British Land Co., PLC REIT | 747 | 3 | ||||||
BT Group PLC | 7,089 | 10 | ||||||
Bunzl PLC | 301 | 9 | ||||||
Burberry Group PLC | 358 | 7 | ||||||
Coca-Cola HBC AG | 169 | 4 | ||||||
Compass Group PLC | 1,567 | 31 | ||||||
Croda International PLC | 124 | 9 | ||||||
DCC PLC | 89 | 5 | ||||||
Diageo PLC | 2,087 | 88 | ||||||
Entain PLC | 527 | 6 | ||||||
Evraz PLC | 464 | — | ||||||
Experian PLC | 808 | 24 | ||||||
Ferguson PLC | 192 | 20 | ||||||
G4S PLC (i) | 2,164 | 6 | ||||||
Glencore PLC | 8,880 | 47 | ||||||
GSK PLC | 3,764 | 54 | ||||||
Haleon PLC (i) | 4,704 | 15 | ||||||
Halma PLC | 339 | 8 | ||||||
Hargreaves Lansdown PLC | 302 | 3 | ||||||
Hikma Pharmaceuticals PLC | 146 | 2 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
HSBC Holdings PLC | 20,866 | 108 | ||||||
Imperial Brands PLC | 795 | 16 | ||||||
Informa PLC | 1,334 | 8 | ||||||
InterContinental Hotels Group PLC | 164 | 8 | ||||||
Intertek Group PLC | 145 | 6 | ||||||
Intu Properties PLC REIT (i) | 1,268 | —@ | ||||||
J Sainsbury PLC | 1,481 | 3 | ||||||
JD Sports Fashion PLC | 2,192 | 2 | ||||||
Johnson Matthey PLC | 156 | 3 | ||||||
Kingfisher PLC | 1,837 | 4 | ||||||
Land Securities Group PLC REIT | 627 | 4 | ||||||
Legal & General Group PLC | 5,241 | 13 | ||||||
Lloyds Banking Group PLC | 62,399 | 28 | ||||||
London Stock Exchange Group PLC | 281 | 24 | ||||||
M&G PLC | 2,361 | 4 | ||||||
Melrose Industries PLC | 3,874 | 4 | ||||||
Mondi PLC | 446 | 7 | ||||||
National Grid PLC | 3,410 | 35 | ||||||
NatWest Group PLC | 4,726 | 12 | ||||||
Next PLC | 120 | 6 | ||||||
Ocado Group PLC (i) | 482 | 2 | ||||||
Paragon Offshore PLC (f)(i) | 67 | — | ||||||
Pearson PLC | 616 | 6 | ||||||
Persimmon PLC | 286 | 4 | ||||||
Phoenix Group Holdings PLC | 673 | 4 | ||||||
Prudential PLC | 2,442 | 24 | ||||||
Reckitt Benckiser Group PLC | 645 | 43 | ||||||
RELX PLC | 1,697 | 41 | ||||||
Rentokil Initial PLC | 1,659 | 9 | ||||||
Rio Tinto PLC | 1,015 | 55 | ||||||
Rolls-Royce Holdings PLC (i) | 7,485 | 6 | ||||||
Sage Group PLC | 910 | 7 | ||||||
Schroders PLC | 629 | 3 | ||||||
Segro PLC REIT | 1,078 | 9 | ||||||
Severn Trent PLC | 242 | 6 | ||||||
Shell PLC | 6,820 | 169 | ||||||
Smith & Nephew PLC | 786 | 9 | ||||||
Smiths Group PLC | 347 | 6 | ||||||
Spirax-Sarco Engineering PLC | 66 | 8 | ||||||
SSE PLC | 997 | 17 | ||||||
St. James's Place PLC | 487 | 6 | ||||||
Standard Chartered PLC | 2,691 | 17 | ||||||
Taylor Wimpey PLC | 3,086 | 3 | ||||||
Tesco PLC | 6,864 | 16 | ||||||
Unilever PLC CVA | 2,246 | 99 | ||||||
United Utilities Group PLC | 654 | 6 | ||||||
Vodafone Group PLC | 23,874 | 27 | ||||||
Whitbread PLC | 181 | 5 | ||||||
WPP PLC | 1,015 | 8 | ||||||
1,714 | ||||||||
United States (16.3%) | ||||||||
3M Co. | 215 | 24 | ||||||
Abbott Laboratories | 585 | 57 | ||||||
AbbVie, Inc. | 687 | 92 | ||||||
ABIOMED, Inc. (i) | 18 | 4 | ||||||
Accenture PLC, Class A | 236 | 61 | ||||||
Activision Blizzard, Inc. | 292 | 22 | ||||||
Adobe, Inc. (i) | 178 | 49 | ||||||
Advance Auto Parts, Inc. | 22 | 3 | ||||||
Advanced Micro Devices, Inc. (i) | 614 | 39 | ||||||
AES Corp. | 291 | 7 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Affirm Holdings, Inc. (i) | 68 | 1 | ||||||
Aflac, Inc. | 231 | 13 | ||||||
Agilent Technologies, Inc. | 118 | 14 | ||||||
Air Products & Chemicals, Inc. | 83 | 19 | ||||||
Airbnb, Inc., Class A (i) | 126 | 13 | ||||||
Akamai Technologies, Inc. (i) | 59 | 5 | ||||||
Albemarle Corp. | 45 | 12 | ||||||
Alcoa Corp. | 67 | 2 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 57 | 8 | ||||||
Align Technology, Inc. (i) | 29 | 6 | ||||||
Alleghany Corp. (i) | 5 | 4 | ||||||
Allegion PLC | 33 | 3 | ||||||
Alliant Energy Corp. | 108 | 6 | ||||||
Allstate Corp. | 103 | 13 | ||||||
Ally Financial, Inc. | 120 | 3 | ||||||
Alnylam Pharmaceuticals, Inc. (i) | 47 | 9 | ||||||
Alphabet, Inc., Class A (i) | 2,055 | 197 | ||||||
Alphabet, Inc., Class C (i) | 1,930 | 186 | ||||||
Altria Group, Inc. | 675 | 27 | ||||||
Amazon.com, Inc. (i) | 2,964 | 335 | ||||||
AMC Entertainment Holdings, Inc., Class A (i) | 180 | 1 | ||||||
Amcor PLC | 556 | 6 | ||||||
AMERCO | 4 | 2 | ||||||
Ameren Corp. | 112 | 9 | ||||||
American Electric Power Co., Inc. | 220 | 19 | ||||||
American Express Co. | 242 | 33 | ||||||
American Financial Group, Inc. | 27 | 3 | ||||||
American Homes 4 Rent, Class A REIT | 117 | 4 | ||||||
American International Group, Inc. | 303 | 14 | ||||||
American Tower Corp. REIT | 173 | 37 | ||||||
American Water Works Co., Inc. | 79 | 10 | ||||||
Ameriprise Financial, Inc. | 41 | 10 | ||||||
AmerisourceBergen Corp. | 60 | 8 | ||||||
AMETEK, Inc. | 86 | 10 | ||||||
Amgen, Inc. | 215 | 48 | ||||||
Amphenol Corp., Class A | 224 | 15 | ||||||
Analog Devices, Inc. | 197 | 27 | ||||||
Annaly Capital Management, Inc. REIT | 161 | 3 | ||||||
ANSYS, Inc. (i) | 33 | 7 | ||||||
AO Smith Corp. | 49 | 2 | ||||||
Aon PLC, Class A | 80 | 21 | ||||||
APA Corp. | 132 | 5 | ||||||
Apollo Global Management, Inc. | 150 | 7 | ||||||
Apple, Inc. | 5,414 | 748 | ||||||
Applied Materials, Inc. | 333 | 27 | ||||||
AppLovin Corp., Class A (i) | 46 | 1 | ||||||
Aptiv PLC (i) | 102 | 8 | ||||||
Aramark | 86 | 3 | ||||||
Arch Capital Group Ltd. (i) | 141 | 6 | ||||||
Archer-Daniels-Midland Co. | 224 | 18 | ||||||
Arista Networks, Inc. (i) | 92 | 10 | ||||||
Arrow Electronics, Inc. (i) | 25 | 2 | ||||||
Arthur J Gallagher & Co. | 78 | 13 | ||||||
Assurant, Inc. | 20 | 3 | ||||||
AT&T, Inc. | 3,153 | 48 | ||||||
Atmos Energy Corp. | 59 | 6 | ||||||
Autodesk, Inc. (i) | 82 | 15 | ||||||
Automatic Data Processing, Inc. | 157 | 36 | ||||||
AutoZone, Inc. (i) | 8 | 17 | ||||||
Avalara, Inc. (i) | 33 | 3 | ||||||
AvalonBay Communities, Inc. REIT | 52 | 10 | ||||||
Avantor, Inc. (i) | 233 | 5 | ||||||
Avery Dennison Corp. | 31 | 5 |
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Baker Hughes Co. | 365 | 8 | ||||||
Ball Corp. | 117 | 6 | ||||||
Bank of America Corp. | 3,376 | 102 | ||||||
Bank of New York Mellon Corp. | 283 | 11 | ||||||
Bath & Body Works, Inc. | 91 | 3 | ||||||
Baxter International, Inc. | 196 | 11 | ||||||
Becton Dickinson & Co. | 110 | 24 | ||||||
Bentley Systems, Inc., Class B | 69 | 2 | ||||||
Berkshire Hathaway, Inc., Class B (i) | 477 | 127 | ||||||
Best Buy Co., Inc. | 77 | 5 | ||||||
Bill.Com Holdings, Inc. (i) | 36 | 5 | ||||||
Bio-Rad Laboratories, Inc., Class A (i) | 9 | 4 | ||||||
Bio-Techne Corp. | 16 | 5 | ||||||
Biogen, Inc. (i) | 58 | 15 | ||||||
BioMarin Pharmaceutical, Inc. (i) | 73 | 6 | ||||||
Black Knight, Inc. (i) | 58 | 4 | ||||||
BlackRock, Inc. | 57 | 31 | ||||||
Blackstone, Inc. | 265 | 22 | ||||||
Block, Inc., Class A (i) | 194 | 11 | ||||||
Boeing Co. (i) | 204 | 25 | ||||||
Booking Holdings, Inc. (i) | 15 | 25 | ||||||
Booz Allen Hamilton Holding Corp. | 50 | 5 | ||||||
BorgWarner, Inc. | 90 | 3 | ||||||
Boston Properties, Inc. REIT | 55 | 4 | ||||||
Boston Scientific Corp. (i) | 554 | 21 | ||||||
Bristol-Myers Squibb Co. | 851 | 60 | ||||||
Broadcom, Inc. | 155 | 69 | ||||||
Broadridge Financial Solutions, Inc. | 44 | 6 | ||||||
Brown & Brown, Inc. | 90 | 5 | ||||||
Brown-Forman Corp., Class B | 124 | 8 | ||||||
Bunge Ltd. | 58 | 5 | ||||||
Burlington Stores, Inc. (i) | 23 | 3 | ||||||
Cable One, Inc. | 2 | 2 | ||||||
Cadence Design Systems, Inc. (i) | 104 | 17 | ||||||
Caesars Entertainment, Inc. (i) | 79 | 3 | ||||||
Camden Property Trust REIT | 37 | 4 | ||||||
Campbell Soup Co. | 82 | 4 | ||||||
Capital One Financial Corp. | 153 | 14 | ||||||
Cardinal Health, Inc. | 107 | 7 | ||||||
Carlyle Group, Inc. | 73 | 2 | ||||||
CarMax, Inc. (i) | 58 | 4 | ||||||
Carnival Corp. (i) | 350 | 2 | ||||||
Carrier Global Corp. | 320 | 11 | ||||||
Carvana Co. (i) | 32 | 1 | ||||||
Catalent, Inc. (i) | 65 | 5 | ||||||
Caterpillar, Inc. | 199 | 33 | ||||||
Cboe Global Markets, Inc. | 40 | 5 | ||||||
CBRE Group, Inc., Class A (i) | 126 | 8 | ||||||
CDW Corp. | 50 | 8 | ||||||
Celanese Corp. | 40 | 4 | ||||||
Centene Corp. (i) | 229 | 18 | ||||||
CenterPoint Energy, Inc. | 275 | 8 | ||||||
Ceridian HCM Holding, Inc. (i) | 52 | 3 | ||||||
CF Industries Holdings, Inc. | 77 | 7 | ||||||
CH Robinson Worldwide, Inc. | 48 | 5 | ||||||
Charles River Laboratories International, Inc. (i) | 19 | 4 | ||||||
Charles Schwab Corp. | 534 | 38 | ||||||
Charter Communications, Inc., Class A (i) | 45 | 14 | ||||||
Cheniere Energy, Inc. | 84 | 14 | ||||||
Chevron Corp. | 735 | 106 | ||||||
Chewy, Inc., Class A (i) | 34 | 1 | ||||||
Chipotle Mexican Grill, Inc. (i) | 10 | 15 | ||||||
Chubb Ltd. | 158 | 29 |
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Church & Dwight Co., Inc. | 96 | 7 | ||||||
Cigna Corp. | 125 | 35 | ||||||
Cincinnati Financial Corp. | 57 | 5 | ||||||
Cintas Corp. | 35 | 14 | ||||||
Cisco Systems, Inc. | 1,347 | 54 | ||||||
Citigroup, Inc. | 1,032 | 43 | ||||||
Citizens Financial Group, Inc. | 254 | 9 | ||||||
Citrix Systems, Inc. | 47 | 5 | ||||||
Clarivate PLC (i) | 117 | 1 | ||||||
Cleveland-Cliffs, Inc. (i) | 192 | 3 | ||||||
Clorox Co. | 49 | 6 | ||||||
Cloudflare, Inc., Class A (i) | 94 | 5 | ||||||
CME Group, Inc. | 133 | 24 | ||||||
CMS Energy Corp. | 127 | 7 | ||||||
Coca-Cola Co. | 1,436 | 80 | ||||||
Cognex Corp. | 65 | 3 | ||||||
Cognizant Technology Solutions Corp., Class A | 195 | 11 | ||||||
Coinbase Global, Inc., Class A (i) | 44 | 3 | ||||||
Colgate-Palmolive Co. | 317 | 22 | ||||||
Comcast Corp., Class A | 1,503 | 44 | ||||||
Conagra Brands, Inc. | 190 | 6 | ||||||
ConocoPhillips | 1,802 | 184 | ||||||
Consolidated Edison, Inc. | 154 | 13 | ||||||
Constellation Brands, Inc., Class A | 65 | 15 | ||||||
Constellation Energy Corp. | 142 | 12 | ||||||
Cooper Cos., Inc. | 19 | 5 | ||||||
Copart, Inc. (i) | 80 | 9 | ||||||
Corning, Inc. | 298 | 9 | ||||||
Corteva, Inc. | 270 | 15 | ||||||
CoStar Group, Inc. (i) | 148 | 10 | ||||||
Costco Wholesale Corp. | 174 | 82 | ||||||
Coterra Energy, Inc. | 1,104 | 29 | ||||||
Coupa Software, Inc. (i) | 28 | 2 | ||||||
Crowdstrike Holdings, Inc., Class A (i) | 75 | 12 | ||||||
Crown Castle International Corp. REIT | 163 | 24 | ||||||
Crown Holdings, Inc. | 46 | 4 | ||||||
CSX Corp. | 715 | 19 | ||||||
Cummins, Inc. | 53 | 11 | ||||||
CVS Health Corp. | 511 | 49 | ||||||
Danaher Corp. | 267 | 69 | ||||||
Darden Restaurants, Inc. | 47 | 6 | ||||||
Datadog, Inc., Class A (i) | 86 | 8 | ||||||
DaVita, Inc. (i) | 21 | 2 | ||||||
Deere & Co. | 107 | 36 | ||||||
Dell Technologies, Inc., Class C | 108 | 4 | ||||||
Delta Air Lines, Inc. (i) | 59 | 2 | ||||||
Dentsply Sirona, Inc. | 84 | 2 | ||||||
Devon Energy Corp. | 883 | 53 | ||||||
Dexcom, Inc. (i) | 154 | 12 | ||||||
Diamondback Energy, Inc. | 241 | 29 | ||||||
Digital Realty Trust, Inc. REIT | 105 | 10 | ||||||
Discover Financial Services | 105 | 10 | ||||||
DISH Network Corp., Class A (i) | 99 | 1 | ||||||
DocuSign, Inc. (i) | 75 | 4 | ||||||
Dollar General Corp. | 85 | 20 | ||||||
Dollar Tree, Inc. (i) | 83 | 11 | ||||||
Dominion Energy, Inc. | 350 | 24 | ||||||
Domino's Pizza, Inc. | 14 | 4 | ||||||
DoorDash, Inc., Class A (i) | 74 | 4 | ||||||
Dover Corp. | 54 | 6 | ||||||
Dow, Inc. | 271 | 12 | ||||||
DR Horton, Inc. | 126 | 8 | ||||||
Dropbox, Inc., Class A (i) | 109 | 2 |
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DTE Energy Co. | 85 | 10 | ||||||
Duke Energy Corp. | 333 | 31 | ||||||
Duke Realty Corp. REIT | 144 | 7 | ||||||
DuPont de Nemours, Inc. | 191 | 10 | ||||||
Dynatrace, Inc. (i) | 74 | 3 | ||||||
Eastman Chemical Co. | 48 | 3 | ||||||
Eaton Corp., PLC | 149 | 20 | ||||||
eBay, Inc. | 214 | 8 | ||||||
Ecolab, Inc. | 96 | 14 | ||||||
Edison International | 165 | 9 | ||||||
Edwards Lifesciences Corp. (i) | 247 | 20 | ||||||
Elanco Animal Health, Inc. (i) | 163 | 2 | ||||||
Electronic Arts, Inc. | 103 | 12 | ||||||
Elevance Health, Inc. | 94 | 43 | ||||||
Eli Lilly & Co. | 319 | 103 | ||||||
Emerson Electric Co. | 220 | 16 | ||||||
Enphase Energy, Inc. (i) | 51 | 14 | ||||||
Entegris, Inc. | 55 | 5 | ||||||
Entergy Corp. | 88 | 9 | ||||||
EOG Resources, Inc. | 221 | 25 | ||||||
EPAM Systems, Inc. (i) | 21 | 8 | ||||||
EQT Corp. | 123 | 5 | ||||||
Equifax, Inc. | 47 | 8 | ||||||
Equinix, Inc. REIT | 34 | 19 | ||||||
Equitable Holdings, Inc. | 142 | 4 | ||||||
Equity Lifestyle Properties, Inc. REIT | 66 | 4 | ||||||
Equity Residential REIT | 133 | 9 | ||||||
Erie Indemnity Co., Class A | 10 | 2 | ||||||
Essential Utilities, Inc. | 106 | 4 | ||||||
Essex Property Trust, Inc. REIT | 24 | 6 | ||||||
Estee Lauder Cos., Inc., Class A | 93 | 20 | ||||||
Etsy, Inc. (i) | 46 | 5 | ||||||
Everest Re Group Ltd. | 15 | 4 | ||||||
Evergy, Inc. | 100 | 6 | ||||||
Eversource Energy | 150 | 12 | ||||||
Exact Sciences Corp. (i) | 69 | 2 | ||||||
Exelon Corp. | 424 | 16 | ||||||
Expedia Group, Inc. (i) | 55 | 5 | ||||||
Expeditors International of Washington, Inc. | 64 | 6 | ||||||
Extra Space Storage, Inc. REIT | 51 | 9 | ||||||
Exxon Mobil Corp. | 1,405 | 123 | ||||||
F5 Networks, Inc. (i) | 23 | 3 | ||||||
Factset Research Systems, Inc. | 14 | 6 | ||||||
Fair Isaac Corp. (i) | 10 | 4 | ||||||
Fastenal Co. | 214 | 10 | ||||||
FedEx Corp. | 92 | 14 | ||||||
Fidelity National Financial, Inc. | 100 | 4 | ||||||
Fidelity National Information Services, Inc. | 228 | 17 | ||||||
Fifth Third Bancorp | 348 | 11 | ||||||
First Citizens BancShares, Inc., Class A | 6 | 5 | ||||||
First Republic Bank | 93 | 12 | ||||||
FirstEnergy Corp. | 237 | 9 | ||||||
Fiserv, Inc. (i) | 231 | 22 | ||||||
FleetCor Technologies, Inc. (i) | 28 | 5 | ||||||
FMC Corp. | 46 | 5 | ||||||
Ford Motor Co. | 1,246 | 14 | ||||||
Fortinet, Inc. (i) | 260 | 13 | ||||||
Fortive Corp. | 127 | 7 | ||||||
Fortune Brands Home & Security, Inc. | 49 | 3 | ||||||
Fox Corp., Class A | 118 | 4 | ||||||
Fox Corp., Class B | 55 | 2 | ||||||
Franklin Resources, Inc. | 113 | 2 | ||||||
Freeport-McMoRan, Inc. | 532 | 15 |
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Garmin Ltd. | 58 | 5 | ||||||
Gartner, Inc. (i) | 31 | 9 | ||||||
Generac Holdings, Inc. (i) | 24 | 4 | ||||||
General Dynamics Corp. | 88 | 19 | ||||||
General Electric Co. | 407 | 25 | ||||||
General Mills, Inc. | 238 | 18 | ||||||
General Motors Co. | 518 | 17 | ||||||
Genuine Parts Co. | 53 | 8 | ||||||
Gilead Sciences, Inc. | 489 | 30 | ||||||
Global Payments, Inc. | 106 | 11 | ||||||
Globe Life, Inc. | 35 | 3 | ||||||
GoDaddy, Inc., Class A (i) | 62 | 4 | ||||||
Goldman Sachs Group, Inc. | 127 | 37 | ||||||
Guidewire Software, Inc. (i) | 30 | 2 | ||||||
Halliburton Co. | 343 | 8 | ||||||
Hartford Financial Services Group, Inc. | 123 | 8 | ||||||
Hasbro, Inc. | 49 | 3 | ||||||
HCA Healthcare, Inc. | 96 | 18 | ||||||
Healthcare Realty Trust, Inc. REIT | 143 | 3 | ||||||
Healthpeak Properties, Inc. REIT | 201 | 5 | ||||||
HEICO Corp. | 16 | 2 | ||||||
HEICO Corp., Class A | 27 | 3 | ||||||
Henry Schein, Inc. (i) | 52 | 3 | ||||||
Hershey Co. | 58 | 13 | ||||||
Hess Corp. | 106 | 12 | ||||||
Hewlett Packard Enterprise Co. | 483 | 6 | ||||||
Hilton Worldwide Holdings, Inc. | 104 | 13 | ||||||
Hologic, Inc. (i) | 99 | 6 | ||||||
Home Depot, Inc. | 373 | 103 | ||||||
Honeywell International, Inc. | 255 | 43 | ||||||
Horizon Therapeutics PLC (i) | 81 | 5 | ||||||
Hormel Foods Corp. | 120 | 5 | ||||||
Host Hotels & Resorts, Inc. REIT | 265 | 4 | ||||||
Howmet Aerospace, Inc. | 141 | 4 | ||||||
HP, Inc. | 392 | 10 | ||||||
HubSpot, Inc. (i) | 17 | 5 | ||||||
Humana, Inc. | 50 | 24 | ||||||
Huntington Bancshares, Inc. | 629 | 8 | ||||||
Huntington Ingalls Industries, Inc. | 15 | 3 | ||||||
IAC/InterActiveCorp (i) | 29 | 2 | ||||||
IDEX Corp. | 28 | 6 | ||||||
IDEXX Laboratories, Inc. (i) | 33 | 11 | ||||||
Illinois Tool Works, Inc. | 116 | 21 | ||||||
Illumina, Inc. (i) | 62 | 12 | ||||||
Incyte Corp. (i) | 71 | 5 | ||||||
Ingersoll Rand, Inc. | 152 | 7 | ||||||
Insulet Corp. (i) | 27 | 6 | ||||||
Intel Corp. | 1,321 | 34 | ||||||
Intercontinental Exchange, Inc. | 207 | 19 | ||||||
International Business Machines Corp. | 332 | 39 | ||||||
International Flavors & Fragrances, Inc. | 95 | 9 | ||||||
International Paper Co. | 132 | 4 | ||||||
Interpublic Group of Cos., Inc. | 146 | 4 | ||||||
Intuit, Inc. | 101 | 39 | ||||||
Intuitive Surgical, Inc. (i) | 141 | 26 | ||||||
Invesco Ltd. | 129 | 2 | ||||||
Invitation Homes, Inc. REIT | 227 | 8 | ||||||
IQVIA Holdings, Inc. (i) | 76 | 14 | ||||||
Iron Mountain, Inc. REIT | 109 | 5 | ||||||
Jack Henry & Associates, Inc. | 27 | 5 | ||||||
Jacobs Solutions, Inc. | 48 | 5 | ||||||
Jazz Pharmaceuticals PLC (i) | 23 | 3 | ||||||
JB Hunt Transport Services, Inc. | 31 | 5 |
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September 30, 2022 (unaudited)(cont’d)
JM Smucker Co. | 43 | 6 | ||||||
Johnson & Johnson | 1,013 | 165 | ||||||
Johnson Controls International PLC | 261 | 13 | ||||||
JPMorgan Chase & Co. | 1,399 | 146 | ||||||
Juniper Networks, Inc. | 120 | 3 | ||||||
Kellogg Co. | 103 | 7 | ||||||
Keurig Dr Pepper, Inc. | 311 | 11 | ||||||
KeyCorp | 477 | 8 | ||||||
Keysight Technologies, Inc. (i) | 69 | 11 | ||||||
Kimberly-Clark Corp. | 134 | 15 | ||||||
Kimco Realty Corp. REIT | 229 | 4 | ||||||
Kinder Morgan, Inc. | 661 | 11 | ||||||
KKR & Co., Inc. | 208 | 9 | ||||||
KLA Corp. | 57 | 17 | ||||||
Knight-Swift Transportation Holdings, Inc. | 58 | 3 | ||||||
Kraft Heinz Co. | 293 | 10 | ||||||
Kroger Co. | 271 | 12 | ||||||
L3Harris Technologies, Inc. | 72 | 15 | ||||||
Laboratory Corp. of America Holdings | 36 | 7 | ||||||
Lam Research Corp. | 52 | 19 | ||||||
Las Vegas Sands Corp. (i) | 130 | 5 | ||||||
Lear Corp. | 22 | 3 | ||||||
Leidos Holdings, Inc. | 50 | 4 | ||||||
Lennar Corp., Class A | 97 | 7 | ||||||
Lennox International, Inc. | 12 | 3 | ||||||
Liberty Broadband Corp., Class C (i) | 51 | 4 | ||||||
Liberty Global PLC, Class A (i) | 76 | 1 | ||||||
Liberty Global PLC Series C (i) | 155 | 3 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A (i) | 28 | 1 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C (i) | 62 | 2 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (i) | 72 | 4 | ||||||
Lincoln National Corp. | 61 | 3 | ||||||
Linde PLC | 192 | 52 | ||||||
Live Nation Entertainment, Inc. (i) | 63 | 5 | ||||||
LKQ Corp. | 101 | 5 | ||||||
Lockheed Martin Corp. | 91 | 35 | ||||||
Loews Corp. | 79 | 4 | ||||||
Lowe's Cos., Inc. | 241 | 45 | ||||||
LPL Financial Holdings, Inc. | 30 | 7 | ||||||
Lucid Group, Inc. (i) | 152 | 2 | ||||||
Lululemon Athletica, Inc. (i) | 44 | 12 | ||||||
Lumen Technologies, Inc. | 443 | 3 | ||||||
Lyft, Inc., Class A (i) | 108 | 1 | ||||||
LyondellBasell Industries NV, Class A | 97 | 7 | ||||||
M&T Bank Corp. | 91 | 16 | ||||||
Marathon Oil Corp. | 1,043 | 24 | ||||||
Marathon Petroleum Corp. | 211 | 21 | ||||||
Markel Corp. (i) | 5 | 5 | ||||||
MarketAxess Holdings, Inc. | 14 | 3 | ||||||
Marriott International, Inc., Class A | 102 | 14 | ||||||
Marsh & McLennan Cos., Inc. | 188 | 28 | ||||||
Martin Marietta Materials, Inc. | 23 | 7 | ||||||
Marvell Technology, Inc. | 320 | 14 | ||||||
Masco Corp. | 89 | 4 | ||||||
Masimo Corp. (i) | 18 | 3 | ||||||
Mastercard, Inc., Class A | 330 | 94 | ||||||
Match Group, Inc. (i) | 109 | 5 | ||||||
McCormick & Co., Inc. | 99 | 7 | ||||||
McDonald's Corp. | 278 | 64 | ||||||
McKesson Corp. | 58 | 20 | ||||||
Medical Properties Trust, Inc. REIT | 224 | 3 | ||||||
Medtronic PLC | 523 | 42 | ||||||
MercadoLibre, Inc. (i) | 17 | 14 |
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Merck & Co., Inc. | 885 | 76 | ||||||
Meta Platforms, Inc., Class A (i) | 767 | 104 | ||||||
MetLife, Inc. | 261 | 16 | ||||||
Mettler-Toledo International, Inc. (i) | 9 | 10 | ||||||
MGM Resorts International | 130 | 4 | ||||||
Microchip Technology, Inc. | 207 | 13 | ||||||
Micron Technology, Inc. | 422 | 21 | ||||||
Microsoft Corp. | 2,371 | 552 | ||||||
Mid-America Apartment Communities, Inc. REIT | 43 | 7 | ||||||
Moderna, Inc. (i) | 139 | 16 | ||||||
Mohawk Industries, Inc. (i) | 19 | 2 | ||||||
Molina Healthcare, Inc. (i) | 23 | 8 | ||||||
Molson Coors Beverage Co., Class B | 73 | 3 | ||||||
Mondelez International, Inc., Class A | 549 | 30 | ||||||
MongoDB, Inc. (i) | 25 | 5 | ||||||
Monolithic Power Systems, Inc. | 17 | 6 | ||||||
Monster Beverage Corp. (i) | 158 | 14 | ||||||
Moody's Corp. | 62 | 15 | ||||||
Mosaic Co. | 135 | 7 | ||||||
Motorola Solutions, Inc. | 63 | 14 | ||||||
MSCI, Inc. | 31 | 13 | ||||||
Nasdaq, Inc. | 129 | 7 | ||||||
NetApp, Inc. | 83 | 5 | ||||||
Netflix, Inc. (i) | 167 | 39 | ||||||
Neurocrine Biosciences, Inc. (i) | 36 | 4 | ||||||
Newell Brands, Inc. | 149 | 2 | ||||||
Newmont Corp. | 299 | 13 | ||||||
News Corp., Class A | 141 | 2 | ||||||
NextEra Energy, Inc. | 859 | 67 | ||||||
NIKE, Inc., Class B | 471 | 39 | ||||||
NiSource, Inc. | 176 | 4 | ||||||
Nordson Corp. | 20 | 4 | ||||||
Norfolk Southern Corp. | 89 | 19 | ||||||
Northern Trust Corp. | 74 | 6 | ||||||
Northrop Grumman Corp. | 56 | 26 | ||||||
NortonLifeLock, Inc. | 218 | 4 | ||||||
Novocure Ltd. (i) | 36 | 3 | ||||||
NRG Energy, Inc. | 105 | 4 | ||||||
Nucor Corp. | 100 | 11 | ||||||
NVIDIA Corp. | 834 | 101 | ||||||
NVR, Inc. (i) | 1 | 4 | ||||||
NXP Semiconductors NV | 99 | 15 | ||||||
O'Reilly Automotive, Inc. (i) | 25 | 18 | ||||||
Oak Street Health, Inc. (i) | 52 | 1 | ||||||
Occidental Petroleum Corp. | 355 | 22 | ||||||
Okta, Inc. (i) | 56 | 3 | ||||||
Old Dominion Freight Line, Inc. | 37 | 9 | ||||||
Omnicom Group, Inc. | 77 | 5 | ||||||
ON Semiconductor Corp. (i) | 162 | 10 | ||||||
ONEOK, Inc. | 169 | 9 | ||||||
Oracle Corp. | 598 | 37 | ||||||
Otis Worldwide Corp. | 159 | 10 | ||||||
Owens Corning | 37 | 3 | ||||||
PACCAR, Inc. | 130 | 11 | ||||||
Packaging Corp. of America | 34 | 4 | ||||||
Palantir Technologies, Inc., Class A (i) | 621 | 5 | ||||||
Palo Alto Networks, Inc. (i) | 111 | 18 | ||||||
Paramount Global, Class B | 223 | 4 | ||||||
Parker Hannifin Corp. | 48 | 12 | ||||||
Paychex, Inc. | 122 | 14 | ||||||
Paycom Software, Inc. (i) | 19 | 6 | ||||||
PayPal Holdings, Inc. (i) | 411 | 35 | ||||||
PDC Energy, Inc. | 92 | 5 |
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Peloton Interactive, Inc., Class A (i) | 104 | 1 | ||||||
Pentair PLC | 61 | 2 | ||||||
PepsiCo, Inc. | 551 | 90 | ||||||
PerkinElmer, Inc. | 50 | 6 | ||||||
Pfizer, Inc. | 1,981 | 87 | ||||||
PG&E Corp. (i) | 648 | 8 | ||||||
Philip Morris International, Inc. | 579 | 48 | ||||||
Phillips 66 | 180 | 15 | ||||||
Pinterest, Inc., Class A (i) | 214 | 5 | ||||||
Pioneer Natural Resources Co. | 332 | 72 | ||||||
Plug Power, Inc. (i) | 196 | 4 | ||||||
PNC Financial Services Group, Inc. | 213 | 32 | ||||||
Pool Corp. | 15 | 5 | ||||||
PPG Industries, Inc. | 88 | 10 | ||||||
PPL Corp. | 319 | 8 | ||||||
Principal Financial Group, Inc. | 98 | 7 | ||||||
Procter & Gamble Co. | 850 | 107 | ||||||
Progressive Corp. | 218 | 25 | ||||||
ProLogis, Inc. REIT | 278 | 28 | ||||||
Prudential Financial, Inc. | 140 | 12 | ||||||
PTC, Inc. (i) | 42 | 4 | ||||||
Public Service Enterprise Group, Inc. | 218 | 12 | ||||||
Public Storage REIT | 60 | 18 | ||||||
Pulte Group, Inc. | 92 | 3 | ||||||
Qorvo, Inc. (i) | 41 | 3 | ||||||
QUALCOMM, Inc. | 424 | 48 | ||||||
Quanta Services, Inc. | 54 | 7 | ||||||
Quest Diagnostics, Inc. | 47 | 6 | ||||||
Raymond James Financial, Inc. | 72 | 7 | ||||||
Raytheon Technologies Corp. | 565 | 46 | ||||||
Realty Income Corp. REIT | 224 | 13 | ||||||
Regency Centers Corp. REIT | 57 | 3 | ||||||
Regeneron Pharmaceuticals, Inc. (i) | 42 | 29 | ||||||
Regions Financial Corp. | 472 | 9 | ||||||
Republic Services, Inc. | 82 | 11 | ||||||
ResMed, Inc. | 57 | 12 | ||||||
RingCentral, Inc., Class A (i) | 32 | 1 | ||||||
Rivian Automotive, Inc., Class A (i) | 65 | 2 | ||||||
Robert Half International, Inc. | 41 | 3 | ||||||
ROBLOX Corp., Class A (i) | 135 | 5 | ||||||
Rockwell Automation, Inc. | 43 | 9 | ||||||
Roku, Inc. (i) | 44 | 2 | ||||||
Rollins, Inc. | 81 | 3 | ||||||
Roper Technologies, Inc. | 40 | 14 | ||||||
Ross Stores, Inc. | 127 | 11 | ||||||
Royal Caribbean Cruises Ltd. (i) | 83 | 3 | ||||||
Royalty Pharma PLC, Class A | 130 | 5 | ||||||
RPM International, Inc. | 48 | 4 | ||||||
S&P Global, Inc. | 133 | 41 | ||||||
Salesforce, Inc. (i) | 371 | 53 | ||||||
SBA Communications Corp. REIT | 42 | 12 | ||||||
Schlumberger NV | 536 | 19 | ||||||
Seagate Technology Holdings PLC | 78 | 4 | ||||||
Seagen, Inc. (i) | 53 | 7 | ||||||
Sealed Air Corp. | 55 | 2 | ||||||
SEI Investments Co. | 49 | 2 | ||||||
Sempra Energy | 137 | 21 | ||||||
Sensata Technologies Holding PLC | 59 | 2 | ||||||
ServiceNow, Inc. (i) | 76 | 29 | ||||||
Sherwin-Williams Co. | 93 | 19 | ||||||
Signature Bank | 33 | 5 | ||||||
Simon Property Group, Inc. REIT | 121 | 11 | ||||||
Sirius XM Holdings, Inc. | 300 | 2 |
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Global Strategist Portfolio
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Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Skyworks Solutions, Inc. | 62 | 5 | ||||||
Snap, Inc., Class A (i) | 397 | 4 | ||||||
Snap-On, Inc. | 20 | 4 | ||||||
Snowflake, Inc., Class A (i) | 83 | 14 | ||||||
SolarEdge Technologies, Inc. (i) | 20 | 5 | ||||||
Southern Co. | 459 | 31 | ||||||
Southwest Airlines Co. (i) | 55 | 2 | ||||||
Splunk, Inc. (i) | 60 | 5 | ||||||
SS&C Technologies Holdings, Inc. | 87 | 4 | ||||||
Stanley Black & Decker, Inc. | 60 | 5 | ||||||
Starbucks Corp. | 429 | 36 | ||||||
State Street Corp. | 136 | 8 | ||||||
Steel Dynamics, Inc. | 71 | 5 | ||||||
Steris PLC | 38 | 6 | ||||||
Stryker Corp. | 132 | 27 | ||||||
Sun Communities, Inc. REIT | 43 | 6 | ||||||
SVB Financial Group (i) | 32 | 11 | ||||||
Synchrony Financial | 193 | 5 | ||||||
Synopsys, Inc. (i) | 58 | 18 | ||||||
Sysco Corp. | 202 | 14 | ||||||
T Rowe Price Group, Inc. | 85 | 9 | ||||||
T-Mobile US, Inc. (i) | 305 | 41 | ||||||
Take-Two Interactive Software, Inc. (i) | 56 | 6 | ||||||
Targa Resources Corp. | 82 | 5 | ||||||
Target Corp. | 170 | 25 | ||||||
TE Connectivity Ltd. | 122 | 13 | ||||||
Teladoc Health, Inc. (i) | 61 | 2 | ||||||
Teledyne Technologies, Inc. (i) | 18 | 6 | ||||||
Teleflex, Inc. | 18 | 4 | ||||||
Teradyne, Inc. | 61 | 5 | ||||||
Tesla, Inc. (i) | 984 | 261 | ||||||
Texas Instruments, Inc. | 348 | 54 | ||||||
Textron, Inc. | 81 | 5 | ||||||
Thermo Fisher Scientific, Inc. | 153 | 78 | ||||||
TJX Cos., Inc. | 433 | 27 | ||||||
Tractor Supply Co. | 41 | 8 | ||||||
Trade Desk, Inc., Class A (i) | 168 | 10 | ||||||
Tradeweb Markets, Inc., Class A | 40 | 2 | ||||||
Trane Technologies PLC | 87 | 13 | ||||||
TransDigm Group, Inc. | 20 | 10 | ||||||
TransUnion | 72 | 4 | ||||||
Travelers Cos., Inc. | 90 | 14 | ||||||
Trimble, Inc. (i) | 94 | 5 | ||||||
Truist Financial Corp. | 679 | 30 | ||||||
Twilio, Inc., Class A (i) | 64 | 4 | ||||||
Twitter, Inc. (i) | 298 | 13 | ||||||
Tyler Technologies, Inc. (i) | 16 | 6 | ||||||
Tyson Foods, Inc., Class A | 118 | 8 | ||||||
Uber Technologies, Inc. (i) | 553 | 15 | ||||||
UDR, Inc. REIT | 118 | 5 | ||||||
UGI Corp. | 91 | 3 | ||||||
Ulta Beauty, Inc. (i) | 20 | 8 | ||||||
Union Pacific Corp. | 235 | 46 | ||||||
United Parcel Service, Inc., Class B | 273 | 44 | ||||||
United Rentals, Inc. (i) | 27 | 7 | ||||||
UnitedHealth Group, Inc. | 366 | 185 | ||||||
Unity Software, Inc. (i) | 72 | 2 | ||||||
Universal Health Services, Inc., Class B | 26 | 2 | ||||||
Upstart Holdings, Inc. (i) | 23 | —@ | ||||||
US Bancorp | 723 | 29 | ||||||
Vail Resorts, Inc. | 15 | 3 | ||||||
Valero Energy Corp. | 152 | 16 | ||||||
Veeva Systems, Inc., Class A (i) | 54 | 9 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Ventas, Inc. REIT | 150 | 6 | ||||||
VeriSign, Inc. (i) | 37 | 6 | ||||||
Verisk Analytics, Inc. | 61 | 10 | ||||||
Verizon Communications, Inc. | 1,362 | 52 | ||||||
Vertex Pharmaceuticals, Inc. (i) | 100 | 29 | ||||||
VF Corp. | 121 | 4 | ||||||
Viatris, Inc. | 455 | 4 | ||||||
VICI Properties, Inc. REIT | 361 | 11 | ||||||
Visa, Inc., Class A | 623 | 111 | ||||||
Vistra Corp. | 190 | 4 | ||||||
VMware, Inc., Class A | 78 | 8 | ||||||
Vornado Realty Trust REIT | 60 | 1 | ||||||
Vulcan Materials Co. | 49 | 8 | ||||||
Walgreens Boots Alliance, Inc. | 289 | 9 | ||||||
Walmart, Inc. | 579 | 75 | ||||||
Walt Disney Co. (i) | 673 | 63 | ||||||
Warner Bros Discovery, Inc. (i) | 801 | 9 | ||||||
Waste Connections, Inc. | 95 | 13 | ||||||
Waste Management, Inc. | 153 | 25 | ||||||
Waters Corp. (i) | 24 | 6 | ||||||
Wayfair, Inc., Class A (i) | 26 | 1 | ||||||
Webster Financial Corp. | 91 | 4 | ||||||
WEC Energy Group, Inc. | 136 | 12 | ||||||
Wells Fargo & Co. | 1,735 | 70 | ||||||
Welltower, Inc. REIT | 170 | 11 | ||||||
West Pharmaceutical Services, Inc. | 29 | 7 | ||||||
Western Digital Corp. (i) | 117 | 4 | ||||||
Western Union Co. | 148 | 2 | ||||||
Westinghouse Air Brake Technologies Corp. | 66 | 5 | ||||||
Westlake Chemical Corp. | 14 | 1 | ||||||
WestRock Co. | 97 | 3 | ||||||
Weyerhaeuser Co. REIT | 278 | 8 | ||||||
Whirlpool Corp. | 21 | 3 | ||||||
Williams Cos., Inc. | 447 | 13 | ||||||
Willis Towers Watson PLC | 44 | 9 | ||||||
Workday, Inc., Class A (i) | 74 | 11 | ||||||
WP Carey, Inc. REIT | 72 | 5 | ||||||
WR Berkley Corp. | 80 | 5 | ||||||
WW Grainger, Inc. | 17 | 8 | ||||||
Wynn Resorts Ltd. (i) | 42 | 3 | ||||||
Xcel Energy, Inc. | 236 | 15 | ||||||
Xylem, Inc. | 67 | 6 | ||||||
Yum! Brands, Inc. | 108 | 11 | ||||||
Zebra Technologies Corp., Class A (i) | 20 | 5 | ||||||
Zendesk, Inc. (i) | 46 | 3 | ||||||
Zillow Group, Inc., Class C (i) | 62 | 2 | ||||||
Zimmer Biomet Holdings, Inc. | 82 | 9 | ||||||
Zoetis, Inc. | 187 | 28 | ||||||
Zoom Video Communications, Inc., Class A (i) | 85 | 6 | ||||||
ZoomInfo Technologies, Inc., Class A (i) | 97 | 4 | ||||||
Zscaler, Inc. (i) | 32 | 5 | ||||||
12,152 | ||||||||
Total Common Stocks (Cost $24,544) | 23,079 | |||||||
Preferred Stock (0.0%) (a) | ||||||||
United States (0.0%) (a) | ||||||||
AMC Entertainment Holdings, Inc., (i) (Cost $2) | 180 | —@ |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
No. of Rights | ||||||||
Right (0.0%) (a) | ||||||||
Sweden (0.0%) (a) | ||||||||
Securitas AB (i) (Cost $1) | 1,092 | —@ | ||||||
Shares | ||||||||
Short-Term Investments (17.7%) | ||||||||
Investment Company (16.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (k) (Cost $12,497) | 12,496,538 | 12,497 | ||||||
Face Amount (000) | ||||||||
U.S. Treasury Security (0.9%) | ||||||||
U.S. Treasury Bill | ||||||||
3.84%, 3/16/23 (l)(m) (Cost $664) | $ | 676 | 665 | |||||
Total Short-Term Investments (Cost $13,161) | 13,162 | |||||||
Total Investments (100.7%) (Cost $85,101) (n)(o)(p)(q) | 74,961 | |||||||
Liabilities in Excess of Other Assets (–0.7%) | (494 | ) | ||||||
Net Assets (100.0%) | $ | 74,467 |
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) | Floating or variable rate securities: The rates disclosed are as of September 30, 2022. 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. |
(c) | Security is subject to delayed delivery. |
(d) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(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 September 30, 2022. |
(f) | At September 30, 2022, the Fund held a fair valued security valued at approximately $14,000, 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. |
(g) | Non-income producing security; bond in default. |
(h) | Issuer in bankruptcy. |
(i) | Non-income producing security. |
(j) | Security trades on the Hong Kong exchange. |
(k) | 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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $11,000 relating to the Fund's investment in the Liquidity Funds. |
(l) | Rate shown is the yield to maturity at September 30, 2022. |
(m) | All or a portion of the security was pledged to cover margin requirements for swap agreements. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(n) | 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. |
(o) | The approximate fair value and percentage of net assets, $9,346,000 and 12.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Consolidated Portfolio of Investments. |
(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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(q) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,964,000 and the aggregate gross unrealized depreciation is approximately $15,775,000, resulting in net unrealized depreciation of approximately $11,811,000. |
@ | Value is less than $500. |
ADR | American Depositary Receipt. |
CDI | CHESS Depositary Interest. |
CVA | Certificaten Van Aandelen. |
EURIBOR | Euro Interbank Offered Rate. |
LIBOR | London Interbank Offered Rate. |
LSE | London Stock Exchange. |
MTN | Medium Term Note. |
NYSE | New York Stock Exchange. |
OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
OFZ | Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation). |
REIT | Real Estate Investment Trust. |
SOFR | Secured Overnight Financing Rate. |
TBA | To Be Announced. |
TSX | Toronto Stock Exchange. |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:
Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
||||||||||
Bank of America NA | CNH | 2,390 | $ | 343 | 12/15/22 | $ | 8 | |||||||
Bank of America NA | $ | 38 | JPY | 5,260 | 11/10/22 | (2 | ) | |||||||
Bank of America NA | $ | 899 | JPY | 118,750 | 11/10/22 | (76 | ) | |||||||
Barclays Bank PLC | EUR | 391 | $ | 389 | 12/15/22 | 4 | ||||||||
Barclays Bank PLC | JPY | 12,472 | $ | 87 | 12/15/22 | —@ | ||||||||
Barclays Bank PLC | $ | 54 | AUD | 79 | 12/15/22 | (3 | ) | |||||||
BNP Paribas SA | CAD | 106 | $ | 81 | 12/15/22 | 4 | ||||||||
BNP Paribas SA | CNY | 34,272 | $ | 4,968 | 12/15/22 | 121 | ||||||||
BNP Paribas SA | DKK | 117 | $ | 16 | 12/15/22 | —@ | ||||||||
BNP Paribas SA | EUR | 367 | $ | 370 | 12/15/22 | 8 | ||||||||
BNP Paribas SA | GBP | 40 | $ | 47 | 12/15/22 | 2 | ||||||||
BNP Paribas SA | IDR | 336,924 | $ | 22 | 12/15/22 | (—@ | ) | |||||||
BNP Paribas SA | JPY | 34,005 | $ | 238 | 12/15/22 | 1 | ||||||||
BNP Paribas SA | $ | 11 | COP | 50,392 | 12/15/22 | (—@ | ) | |||||||
BNP Paribas SA | $ | 55 | HKD | 430 | 12/15/22 | (—@ | ) | |||||||
BNP Paribas SA | $ | 126 | IDR | 1,879,845 | 12/15/22 | (3 | ) | |||||||
BNP Paribas SA | $ | 97 | INR | 7,813 | 12/15/22 | (2 | ) | |||||||
BNP Paribas SA | $ | 432 | JPY | 61,746 | 12/15/22 | (2 | ) | |||||||
BNP Paribas SA | $ | 627 | MXN | 12,784 | 12/15/22 | (1 | ) | |||||||
BNP Paribas SA | $ | 27 | NZD | 49 | 12/15/22 | (—@ | ) | |||||||
BNP Paribas SA | $ | 37 | SEK | 388 | 12/15/22 | (2 | ) | |||||||
BNP Paribas SA | $ | 74 | SGD | 101 | 11/10/22 | (3 | ) | |||||||
BNP Paribas SA | $ | 252 | TWD | 7,617 | 12/15/22 | (10 | ) | |||||||
Citibank NA | $ | 7 | CZK | 168 | 12/15/22 | (—@ | ) | |||||||
Citibank NA | $ | 27 | ILS | 93 | 12/15/22 | (1 | ) | |||||||
Goldman Sachs International | BRL | 211 | $ | 40 | 12/15/22 | 1 | ||||||||
Goldman Sachs International | CAD | 101 | $ | 73 | 12/15/22 | —@ | ||||||||
Goldman Sachs International | DKK | 43 | $ | 6 | 12/15/22 | —@ | ||||||||
Goldman Sachs International | GBP | 8 | $ | 10 | 12/15/22 | —@ | ||||||||
Goldman Sachs International | GBP | 241 | $ | 263 | 12/15/22 | (6 | ) | |||||||
Goldman Sachs International | GBP | 151 | $ | 169 | 12/15/22 | (—@ | ) | |||||||
Goldman Sachs International | JPY | 4,591 | $ | 32 | 12/15/22 | —@ | ||||||||
Goldman Sachs International | JPY | 41,465 | $ | 292 | 12/15/22 | 3 | ||||||||
Goldman Sachs International | JPY | 16,491 | $ | 115 | 12/15/22 | (—@ | ) | |||||||
Goldman Sachs International | KRW | 30,969 | $ | 22 | 12/15/22 | (—@ | ) | |||||||
Goldman Sachs International | NOK | 14 | $ | 1 | 12/15/22 | —@ | ||||||||
Goldman Sachs International | NZD | 1 | $ | 1 | 12/15/22 | —@ | ||||||||
Goldman Sachs International | SGD | 12 | $ | 9 | 12/15/22 | —@ | ||||||||
Goldman Sachs International | $ | 5 | AUD | 7 | 11/10/22 | (—@ | ) | |||||||
Goldman Sachs International | $ | 161 | BRL | 835 | 12/15/22 | (8 | ) | |||||||
Goldman Sachs International | $ | 93 | CHF | 89 | 12/15/22 | (2 | ) | |||||||
Goldman Sachs International | $ | 15 | CLP | 13,453 | 12/15/22 | (1 | ) | |||||||
Goldman Sachs International | $ | 143 | EUR | 146 | 12/15/22 | 1 | ||||||||
Goldman Sachs International | $ | 74 | EUR | 75 | 11/10/22 | —@ | ||||||||
Goldman Sachs International | $ | 3 | HKD | 20 | 12/15/22 | (—@ | ) | |||||||
Goldman Sachs International | $ | 300 | JPY | 42,888 | 12/15/22 | (2 | ) | |||||||
Goldman Sachs International | $ | 249 | KRW | 335,155 | 12/15/22 | (14 | ) | |||||||
Goldman Sachs International | $ | 121 | MXN | 2,465 | 12/15/22 | (—@ | ) | |||||||
Goldman Sachs International | $ | 75 | MXN | 1,530 | 12/15/22 | (—@ | ) | |||||||
Goldman Sachs International | $ | 34 | PEN | 135 | 11/10/22 | (1 | ) | |||||||
Goldman Sachs International | $ | 25 | RON | 122 | 11/10/22 | (1 | ) | |||||||
Goldman Sachs International | $ | 273 | SEK | 2,885 | 12/15/22 | (12 | ) | |||||||
JPMorgan Chase Bank NA | CAD | 82 | $ | 63 | 12/15/22 | 3 | ||||||||
JPMorgan Chase Bank NA | CNH | 21,987 | $ | 3,156 | 12/15/22 | 72 | ||||||||
JPMorgan Chase Bank NA | DKK | 144 | $ | 20 | 11/10/22 | 1 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
JPMorgan Chase Bank NA | EUR | 59 | $ | 59 | 11/10/22 | 1 | ||||||||
JPMorgan Chase Bank NA | EUR | 416 | $ | 418 | 12/15/22 | 9 | ||||||||
JPMorgan Chase Bank NA | JPY | 9,732 | $ | 74 | 11/10/22 | 6 | ||||||||
JPMorgan Chase Bank NA | JPY | 17,688 | $ | 124 | 12/15/22 | 1 | ||||||||
JPMorgan Chase Bank NA | JPY | 5,569 | $ | 39 | 11/10/22 | —@ | ||||||||
JPMorgan Chase Bank NA | SGD | 6 | $ | 4 | 12/15/22 | —@ | ||||||||
JPMorgan Chase Bank NA | $ | 208 | CAD | 278 | 12/15/22 | (6 | ) | |||||||
JPMorgan Chase Bank NA | $ | 112 | CHF | 107 | 12/15/22 | (3 | ) | |||||||
JPMorgan Chase Bank NA | $ | 170 | CHF | 159 | 11/10/22 | (8 | ) | |||||||
JPMorgan Chase Bank NA | $ | 158 | CNH | 1,125 | 12/15/22 | (—@ | ) | |||||||
JPMorgan Chase Bank NA | $ | 487 | CNH | 3,294 | 11/10/22 | (25 | ) | |||||||
JPMorgan Chase Bank NA | $ | 31 | EUR | 31 | 11/10/22 | (1 | ) | |||||||
JPMorgan Chase Bank NA | $ | 14 | HUF | 5,668 | 11/10/22 | (1 | ) | |||||||
JPMorgan Chase Bank NA | $ | 15 | NOK | 141 | 11/10/22 | (2 | ) | |||||||
JPMorgan Chase Bank NA | $ | 73 | SEK | 745 | 11/10/22 | (5 | ) | |||||||
Royal Bank of Canada | GBP | 43 | $ | 50 | 12/15/22 | 2 | ||||||||
Royal Bank of Canada | NZD | 1,101 | $ | 664 | 12/15/22 | 47 | ||||||||
Royal Bank of Canada | PLN | 67 | $ | 14 | 12/15/22 | 1 | ||||||||
Royal Bank of Canada | $ | 49 | AUD | 73 | 12/15/22 | (3 | ) | |||||||
Royal Bank of Canada | $ | 39 | CNH | 278 | 11/10/22 | (—@ | ) | |||||||
Royal Bank of Canada | $ | 62 | EUR | 61 | 11/10/22 | (3 | ) | |||||||
Royal Bank of Canada | $ | 30 | ILS | 102 | 12/15/22 | (1 | ) | |||||||
Royal Bank of Canada | $ | 107 | MXN | 2,173 | 12/15/22 | (—@ | ) | |||||||
Royal Bank of Canada | ZAR | 19 | $ | 1 | 12/15/22 | —@ | ||||||||
State Street Bank and Trust Co. | $ | 1 | HKD | 8 | 12/15/22 | (—@ | ) | |||||||
UBS AG | AUD | 1,128 | $ | 793 | 11/10/22 | 72 | ||||||||
UBS AG | CAD | 275 | $ | 203 | 12/15/22 | 3 | ||||||||
UBS AG | CHF | 88 | $ | 91 | 12/15/22 | 1 | ||||||||
UBS AG | CHF | 58 | $ | 59 | 12/15/22 | —@ | ||||||||
UBS AG | EUR | 1,767 | $ | 1,781 | 12/15/22 | 40 | ||||||||
UBS AG | EUR | 1,330 | $ | 1,301 | 12/15/22 | (10 | ) | |||||||
UBS AG | EUR | 106 | $ | 104 | 12/15/22 | (—@ | ) | |||||||
UBS AG | GBP | 258 | $ | 313 | 11/10/22 | 24 | ||||||||
UBS AG | MXN | 530 | $ | 26 | 11/10/22 | —@ | ||||||||
UBS AG | NOK | 285 | $ | 28 | 12/15/22 | 2 | ||||||||
UBS AG | NZD | 1,101 | $ | 664 | 12/15/22 | 47 | ||||||||
UBS AG | SEK | 1,001 | $ | 89 | 12/15/22 | (1 | ) | |||||||
UBS AG | THB | 1,356 | $ | 37 | 12/15/22 | 1 | ||||||||
UBS AG | $ | 470 | AUD | 692 | 12/15/22 | (27 | ) | |||||||
UBS AG | $ | 14 | CAD | 17 | 11/10/22 | (1 | ) | |||||||
UBS AG | $ | 229 | CHF | 219 | 12/15/22 | (6 | ) | |||||||
UBS AG | $ | 8 | EUR | 8 | 11/10/22 | (—@ | ) | |||||||
UBS AG | $ | 1,141 | EUR | 1,137 | 12/15/22 | (21 | ) | |||||||
UBS AG | $ | 714 | EUR | 718 | 12/15/22 | (7 | ) | |||||||
UBS AG | $ | 1,332 | EUR | 1,336 | 12/15/22 | (15 | ) | |||||||
UBS AG | $ | 161 | EUR | 166 | 11/10/22 | 2 | ||||||||
UBS AG | $ | —@ | GBP | —@ | 11/10/22 | (—@ | ) | |||||||
UBS AG | $ | 276 | GBP | 243 | 12/15/22 | (5 | ) | |||||||
UBS AG | $ | 12 | HKD | 93 | 12/15/22 | (—@ | ) | |||||||
UBS AG | $ | 1 | HUF | 419 | 12/15/22 | (—@ | ) | |||||||
UBS AG | $ | 367 | KRW | 478,408 | 11/10/22 | (32 | ) | |||||||
UBS AG | $ | 208 | MXN | 4,249 | 12/15/22 | (—@ | ) | |||||||
UBS AG | $ | 91 | SEK | 1,003 | 12/15/22 | (1 | ) | |||||||
UBS AG | $ | 114 | THB | 4,040 | 11/10/22 | (7 | ) | |||||||
UBS AG | $ | 3 | TRY | 62 | 12/15/22 | (—@ | ) | |||||||
UBS AG | ZAR | 327 | $ | 19 | 12/15/22 | 1 | ||||||||
$ | 146 |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Futures Contracts:
The Fund had the following futures contracts open at September 30, 2022:
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value (000) |
Unrealized Appreciation (Depreciation) (000) |
|||||||||||||
Long: | |||||||||||||||||
SPI 200 Index (Australia) | 1 | Dec-22 | AUD | —@ | $ | 103 | $ | (9 | ) | ||||||||
IBEX 35 Index (Spain) | 1 | Oct-22 | EUR | —@ | 72 | (8 | ) | ||||||||||
Hang Seng Index (Hong Kong) | 1 | Oct-22 | HKD | —@ | 110 | (4 | ) | ||||||||||
FTSE MIB Index (Italy) | 1 | Dec-22 | EUR | —@ | 101 | (10 | ) | ||||||||||
CAC 40 Index (France) | 1 | Oct-22 | —@ | 56 | (6 | ) | |||||||||||
U.S. Treasury 5 yr. Note (United States) | 2 | Dec-22 | $ | 200 | 215 | (8 | ) | ||||||||||
Euro Stoxx 50 Index (Germany) | 27 | Dec-22 | EUR | —@ | 877 | (35 | ) | ||||||||||
Nikkei 255 Index (Japan) | 2 | Dec-22 | JPY | 1 | 179 | (9 | ) | ||||||||||
SGX MSCI Singapore Index (Singapore) | 1 | Oct-22 | SGD | —@ | 20 | (—@ | ) | ||||||||||
South Korea 10 yr. Bond (Korea, Republic of) | 4 | Dec-22 | KRW | 400,000 | 300 | (10 | ) | ||||||||||
Short: | |||||||||||||||||
MSCI Emerging Market Index (United States) | 4 | Dec-22 | $ | (—@ | ) | (174 | ) | 24 | |||||||||
FTSE 100 Index (United Kingdom) | 1 | Dec-22 | GBP | (—@ | ) | (77 | ) | 7 | |||||||||
U.S. Treasury 2 yr. Note (United States) | 15 | Dec-22 | $ | (3,000 | ) | (3,081 | ) | 50 | |||||||||
German Euro-BTP Index (Germany) | 17 | Dec-22 | EUR | (1,700 | ) | (1,866 | ) | 88 | |||||||||
German Euro-Bund Index (Germany) | 2 | Dec-22 | (200 | ) | (272 | ) | 14 | ||||||||||
U.S. Treasury 10 yr. Note (United States) | 29 | Dec-22 | $ | (2,900 | ) | (3,250 | ) | 102 | |||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 3 | Dec-22 | (300 | ) | (355 | ) | 21 | ||||||||||
U.S. Treasury 5 yr. Note (United States) | 31 | Dec-22 | (3,100 | ) | (3,333 | ) | 6 | ||||||||||
CME Bitcoin Index (United States) | 3 | Oct-22 | (—@ | ) | (291 | ) | (5 | ) | |||||||||
Euro BTP Short-Term Index (Germany) | 7 | Dec-22 | EUR | (700 | ) | (723 | ) | 14 | |||||||||
S&P 500 E Mini Index (United States) | 19 | Dec-22 | $ | (1 | ) | (3,421 | ) | 79 | |||||||||
$ | 301 |
Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at September 30, 2022:
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* | 1 Month TIIE | Pay | 6.14% | Quarterly/ Quarterly | 7/3/23 | MXN | 23,872 | $ | (38 | ) | $ | — | $ | (38 | ) | |||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.14 | Quarterly/ Quarterly | 7/3/23 | 23,872 | (38 | ) | — | (38 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.13 | Quarterly/ Quarterly | 7/5/23 | 23,872 | (38 | ) | — | (38 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 7.30 | Quarterly/ Quarterly | 12/26/23 | 23,778 | (46 | ) | — | (46 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 7.31 | Quarterly/ Quarterly | 12/26/23 | 24,139 | (47 | ) | — | (47 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 7.30 | Quarterly/ Quarterly | 12/27/23 | 24,139 | (47 | ) | — | (47 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.68 | Quarterly/
Quarterly |
6/29/26 | 6,814 | (29 | ) | — | (29 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.68 | Quarterly/
Quarterly |
6/29/26 | 6,814 | (29 | ) | — | (29 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.66 | Quarterly/
Quarterly |
7/1/26 | 6,814 | (29 | ) | — | (29 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 7.36 | Quarterly/
Quarterly |
12/22/26 | 10,395 | (36 | ) | — | (36 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 7.38 | Quarterly/
Quarterly |
12/22/26 | 10,395 | (36 | ) | — | (36 | ) | |||||||||||||||
Morgan Stanley & Co. LLC* | BRL-CDI | Pay | 11.80 | Semi-Annual/
Quarterly |
1/2/25 | BRL | 701 | 1 | — | 1 | ||||||||||||||||
Morgan Stanley & Co. LLC* | BRL-CDI | Pay | 11.85 | Semi-Annual/
Quarterly |
1/2/25 | 4,679 | 9 | — | 9 | |||||||||||||||||
Morgan Stanley & Co. LLC* | BRL-CDI | Pay | 11.90 | Semi-Annual/
Quarterly |
1/2/25 | 4,680 | 10 | — | 10 | |||||||||||||||||
Morgan Stanley & Co. LLC* | BRL-CDI | Pay | 11.52 | Semi-Annual/
Quarterly |
1/4/27 | 3,801 | (2 | ) | — | (2 | ) | |||||||||||||||
$ | (395 | ) | $ | — | $ | (395 | ) |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Total Return Swap Agreements:
The Fund had the following total return swap agreements open at September 30, 2022:
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 | MSCI Australia Banks Gross Total Return Index | Pay | 3 Month BBSW + 0.08% | Quarterly | 8/22/23 | AUD | 1,044 | $ | 47 | $ | — | $ | 47 | |||||||||||||
BNP Paribas SA | MSCI Australia Banks Index | Pay | 3 Month BBSW + 0.10% | Quarterly | 9/12/23 | 378 | 5 | — | 5 | |||||||||||||||||
BNP Paribas SA | MSCI Canada Banks Index | Pay | CORRA + 0.27% | Quarterly | 9/8/23 | CAD | 377 | 1 | — | 1 | ||||||||||||||||
BNP Paribas SA | BNP Custom U.S. Banks Index | Receive | SOFR + 0.40% | Quarterly | 12/22/22 | $ | 535 | (52 | ) | — | (52 | ) | ||||||||||||||
BNP Paribas SA | BNP European Growth Custom Index†† | Pay | ESTR + 0.04% | Quarterly | 9/29/23 | EUR | 1,099 | (5 | ) | — | (5 | ) | ||||||||||||||
BNP Paribas SA | BNP European Value Custom Index†† | Receive | ESTR + 0.42% | Quarterly | 9/28/23 | 1,100 | (16 | ) | — | (16 | ) | |||||||||||||||
BNP Paribas SA | MSCI Japan Net Total Return Index | Receive | SOFR + 0.35% | Quarterly | 2/10/23 | JPY | 3,044 | (392 | ) | — | (392 | ) | ||||||||||||||
Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Receive | SOFR + 0.24% | Quarterly | 1/26/23 | $ | 6,064 | (675 | ) | — | (675 | ) | ||||||||||||||
Goldman Sachs International | MSCI USA Index | Receive | SOFR + 0.35% | Quarterly | 7/14/23 | 5,812 | (356 | ) | — | (356 | ) | |||||||||||||||
Goldman Sachs International | MSCI USA Index | Receive | SOFR + 0.30% | Quarterly | 9/22/23 | 10,811 | (177 | ) | — | (177 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 9/8/23 | 3,025 | 234 | — | 234 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 9/8/23 | 3,050 | (310 | ) | — | (310 | ) | |||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 9/8/23 | 1,133 | 93 | — | 93 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 9/8/23 | 1,139 | (120 | ) | — | (120 | ) | |||||||||||||||
$ | (1,723 | ) | $ | — | $ | (1,723 | ) |
Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
†† See tables below for details of the equity basket holdings underlying the swaps.
The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of September 30, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
BNP European Growth Custom Index | ||||||||||||
Acciona SA | 116 | $ | 21 | 2.08 | % | |||||||
Adyen NV | 17 | 22 | 2.22 | |||||||||
Aeroports de Paris | 179 | 21 | 2.11 | |||||||||
Air Liquide SA | 184 | 21 | 2.15 | |||||||||
Argenx SE | 61 | 22 | 2.23 | |||||||||
ASML Holding NV | 49 | 21 | 2.12 | |||||||||
Beiersdorf AG | 219 | 22 | 2.19 | |||||||||
Carl Zeiss Meditec AG | 206 | 22 | 2.20 | |||||||||
Cellnex Telecom SA | 683 | 21 | 2.15 | |||||||||
Credit Agricole SA | 2,427 | 20 | 2.02 | |||||||||
Dassault Systemes SE | 621 | 22 | 2.20 | |||||||||
Davide Campari-Milano NV | 2,444 | 22 | 2.21 | |||||||||
Delivery Hero SE | 570 | 21 | 2.15 | |||||||||
Deutsche Boerse AG | 131 | 22 | 2.19 | |||||||||
Elia Group SA | 166 | 20 | 1.99 | |||||||||
Euronext NV | 342 | 22 | 2.21 | |||||||||
Ferrari NV | 114 | 21 | 2.18 | |||||||||
Ferrovial SA | 933 | 21 | 2.17 | |||||||||
FinecoBank Banca Fineco SpA | 1,756 | 22 | 2.22 | |||||||||
Gecina SA | 268 | 21 | 2.14 | |||||||||
Getlink SE | 1,349 | 21 | 2.13 | |||||||||
Groupe Bruxelles Lambert NV | 306 | 22 | 2.18 | |||||||||
Hannover Rueck SE | 141 | 21 | 2.15 | |||||||||
Hermes International | 19 | 22 | 2.24 | |||||||||
Koninklijke DSM NV | 191 | 22 | 2.22 | |||||||||
L'Oreal SA | 67 | 22 | 2.19 | |||||||||
LVMH Moet Hennessy Louis Vuitton SE | 36 | 22 | 2.18 | |||||||||
Neste Oyj | 514 | 23 | 2.29 | |||||||||
Prosus NV | 407 | 22 | 2.18 | |||||||||
Rational AG | 53 | 26 | 2.62 | |||||||||
Remy Cointreau SA | 129 | 22 | 2.19 | |||||||||
Safran SA | 235 | 22 | 2.19 | |||||||||
Sampo Oyj | 485 | 21 | 2.11 | |||||||||
Sartorius AG | 61 | 21 | 2.15 | |||||||||
Sartorius Stedim Biotech | 69 | 21 | 2.18 | |||||||||
Scout24 SE | 393 | 20 | 2.02 | |||||||||
Siemens Gamesa Renewable Energy SA | 1,212 | 21 | 2.16 | |||||||||
Symrise AG | 215 | 21 | 2.14 | |||||||||
Teleperformance | 84 | 21 | 2.17 | |||||||||
Terna - Rete Elettrica Nazionale | 3,181 | 19 | 1.97 | |||||||||
Universal Music Group NV | 1,177 | 22 | 2.26 | |||||||||
UPM-Kymmene Oyj | 668 | 21 | 2.16 | |||||||||
Vonovia SE | 988 | 21 | 2.18 | |||||||||
Warehouses De Pauw CVA | 870 | 21 | 2.17 | |||||||||
Wolters Kluwer NV | 220 | 22 | 2.18 | |||||||||
Zalando SE | 1,112 | 22 | 2.23 |
The following table represents the equity basket holdings underlying the total return swap with BNP European value custom index as of September 30, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
BNP European value custom index | ||||||||||||
ArcelorMittal SA | 1,034 | $ | 21 | 2.17 | % | |||||||
Banco Bilbao Vizcaya Argentaria SA | 4,569 | 21 | 2.14 | |||||||||
Banco Santander SA | 8,611 | 20 | 2.10 | |||||||||
Bayer AG | 439 | 20 | 2.11 | |||||||||
Bayerische Motoren Werke AG | 324 | 21 | 2.20 | |||||||||
Bayerische Motoren Werke AG | 305 | 21 | 2.16 | |||||||||
Bouygues SA | 799 | 21 | 2.18 | |||||||||
Capgemini SE | 140 | 23 | 2.36 | |||||||||
Carrefour SA | 1,468 | 20 | 2.12 | |||||||||
Cie de Saint-Gobain SA | 583 | 21 | 2.19 | |||||||||
Cie Generale des Etablissements Michelin SCA | 943 | 21 | 2.22 | |||||||||
Covestro AG | 750 | 22 | 2.25 | |||||||||
Daimler Truck Holding AG | 902 | 21 | 2.14 | |||||||||
Deutsche Bank AG | 2,518 | 19 | 1.96 | |||||||||
Deutsche Lufthansa AG | 3,831 | 22 | 2.30 | |||||||||
Deutsche Post AG | 721 | 22 | 2.28 | |||||||||
E.ON SE | 2,651 | 20 | 2.13 | |||||||||
Eiffage SA | 266 | 21 | 2.23 | |||||||||
Enel SpA | 4,681 | 19 | 2.01 | |||||||||
Engie SA | 1,740 | 20 | 2.09 | |||||||||
Erste Group Bank AG | 927 | 21 | 2.13 | |||||||||
Fresenius Medical Care AG & Co. KGaA | 740 | 21 | 2.18 | |||||||||
Fresenius SE & Co. KGaA | 995 | 21 | 2.22 | |||||||||
HeidelbergCement AG | 535 | 21 | 2.22 | |||||||||
Heineken Holding NV | 311 | 21 | 2.23 | |||||||||
Infineon Technologies AG | 947 | 21 | 2.18 | |||||||||
Kesko Oyj | 1,133 | 21 | 2.20 | |||||||||
KION Group AG | 1,078 | 21 | 2.17 | |||||||||
Klepierre SA | 1,233 | 22 | 2.24 | |||||||||
Koninklijke Ahold Delhaize NV | 812 | 21 | 2.15 | |||||||||
Koninklijke Philips NV | 1,334 | 21 | 2.17 | |||||||||
LEG Immobilien SE | 364 | 22 | 2.27 | |||||||||
Mercedes-Benz Group AG | 403 | 21 | 2.14 | |||||||||
NN Group NV | 539 | 21 | 2.19 | |||||||||
Nokia Oyj | 4,972 | 22 | 2.23 | |||||||||
Orange SA | 2,239 | 20 | 2.10 | |||||||||
Proximus SADP | 2,040 | 21 | 2.20 | |||||||||
Publicis Groupe SA | 445 | 21 | 2.21 | |||||||||
Randstad NV | 475 | 21 | 2.15 | |||||||||
Repsol SA | 1,914 | 22 | 2.29 | |||||||||
SEB SA | 349 | 22 | 2.29 | |||||||||
Societe Generale SA | 963 | 19 | 2.00 | |||||||||
Stellantis NV | 1,742 | 21 | 2.17 | |||||||||
UniCredit SpA | 2,013 | 21 | 2.14 | |||||||||
Veolia Environnement SA | 1,050 | 20 | 2.10 | |||||||||
voestalpine AG | 1,172 | 20 | 2.08 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Custom Index as of September 30, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 1500 Growth Custom Index | ||||||||||||
Aerovironment, Inc. | 598 | $ | 50 | 0.54 | % | |||||||
Albemarle Corp. | 191 | 50 | 0.55 | |||||||||
Autozone, Inc. | 23 | 50 | 0.54 | |||||||||
Axon Enterprise, Inc. | 428 | 50 | 0.54 | |||||||||
Badger Meter, Inc. | 527 | 49 | 0.53 | |||||||||
Cadence Design System, Inc. | 295 | 48 | 0.52 | |||||||||
Chart Industries, Inc. | 272 | 50 | 0.54 | |||||||||
Clearfield, Inc. | 496 | 52 | 0.56 | |||||||||
Cognex Corp. | 1,183 | 49 | 0.53 | |||||||||
Commerce Bancshares, Inc. | 724 | 48 | 0.52 | |||||||||
Cullen/Frost Bankers, Inc. | 377 | 50 | 0.54 | |||||||||
Cutera, Inc. | 1,063 | 48 | 0.53 | |||||||||
Cvb Financial Corp. | 1,940 | 49 | 0.53 | |||||||||
Deckers Outdoor Corp. | 156 | 49 | 0.53 | |||||||||
Dexcom, Inc. | 604 | 49 | 0.53 | |||||||||
Elf Beauty, Inc. | 1,293 | 49 | 0.53 | |||||||||
Eli Lilly & Co. | 164 | 53 | 0.58 | |||||||||
Enphase Energy, Inc. | 178 | 49 | 0.53 | |||||||||
First Finl Bankshares, Inc. | 1,187 | 50 | 0.54 | |||||||||
Firstcash Holdings, Inc. | 662 | 49 | 0.53 | |||||||||
Five Below | 382 | 53 | 0.57 | |||||||||
Glacier Bancorp, Inc. | 1,003 | 49 | 0.53 | |||||||||
Glaukos Corp. | 1,015 | 54 | 0.59 | |||||||||
Healthequity, Inc. | 774 | 52 | 0.56 | |||||||||
Hershey Co. | 221 | 49 | 0.53 | |||||||||
IDEX Corp. | 248 | 49 | 0.54 | |||||||||
Illumina, Inc. | 253 | 48 | 0.52 | |||||||||
Inari Medical, Inc. | 742 | 54 | 0.59 | |||||||||
Independent Bank Corp. | 644 | 48 | 0.52 | |||||||||
Kinsale Capital Group, Inc. | 195 | 50 | 0.54 | |||||||||
Lamb Weston Holdings, Inc. | 633 | 49 | 0.53 | |||||||||
Linde PLC | 178 | 48 | 0.52 | |||||||||
Livent Corp. | 1,623 | 50 | 0.54 | |||||||||
Manhattan Associates, Inc. | 362 | 48 | 0.52 | |||||||||
Option Care Health, Inc. | 1,622 | 51 | 0.55 | |||||||||
O'Reilly Automotive, Inc. | 70 | 50 | 0.54 | |||||||||
Palomar Holdings, Inc. | 590 | 49 | 0.54 | |||||||||
Paylocity Holding Corp. | 210 | 51 | 0.55 | |||||||||
Pdf Solutions, Inc. | 1,982 | 49 | 0.53 | |||||||||
Penumbra, Inc. | 300 | 57 | 0.62 | |||||||||
Progyny, Inc. | 1,319 | 49 | 0.53 | |||||||||
Rollins, Inc. | 1,468 | 51 | 0.55 | |||||||||
Royal Gold, Inc. | 548 | 51 | 0.56 | |||||||||
Shake Shack, Inc. - Class A | 1,066 | 48 | 0.52 | |||||||||
Tjx Companies, Inc. | 780 | 48 | 0.53 | |||||||||
Tractor Supply Company | 264 | 49 | 0.53 | |||||||||
Twitter, Inc. | 1,282 | 56 | 0.61 | |||||||||
Vericel Corp. | 2,183 | 51 | 0.55 | |||||||||
Wingstop, Inc. | 409 | 51 | 0.56 | |||||||||
Wynn Resorts Ltd. | 837 | 53 | 0.57 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Custom Index as of September 30, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 1500 Value Custom Index | ||||||||||||
Abercrombie & Fitch Co. - Class A | 120,871 | $ | 1,880 | 0.55 | % | |||||||
ACI Worldwide, Inc. | 85,141 | 1,779 | 0.52 | |||||||||
American Equity Investment Life Holding Company | 51,499 | 1,920 | 0.56 | |||||||||
Associated Banc-Corp | 96,252 | 1,933 | 0.57 | |||||||||
Bloomin' Brands, Inc. | 97,803 | 1,793 | 0.53 | |||||||||
Boise Cascade Co. | 30,591 | 1,819 | 0.53 | |||||||||
Brinker International. Inc. | 74,871 | 1,870 | 0.55 | |||||||||
Builders Firstsource, Inc. | 32,726 | 1,928 | 0.57 | |||||||||
Cars.Com, Inc. | 161,438 | 1,857 | 0.54 | |||||||||
Central Pacific Financial Co. | 88,298 | 1,827 | 0.54 | |||||||||
Century Communities, Inc. | 42,417 | 1,815 | 0.53 | |||||||||
Charles River Laboratories | 9,442 | 1,858 | 0.54 | |||||||||
Citizens Financial Group | 52,890 | 1,817 | 0.53 | |||||||||
Cno Financial Group, Inc. | 105,839 | 1,902 | 0.56 | |||||||||
Cohu, Inc. | 70,151 | 1,808 | 0.53 | |||||||||
Consensus Cloud Solution | 38,509 | 1,821 | 0.53 | |||||||||
Cross Country Healthcare, Inc. | 76,052 | 2,158 | 0.63 | |||||||||
Cvs Health Corp. | 19,184 | 1,830 | 0.54 | |||||||||
Edgewell Personal Care Co. | 49,429 | 1,849 | 0.54 | |||||||||
Emergent Biosolutions, Inc. | 85,334 | 1,791 | 0.52 | |||||||||
Enovis Corp. | 38,907 | 1,792 | 0.53 | |||||||||
FNB Corp. | 165,268 | 1,917 | 0.56 | |||||||||
Geo Group, Inc. | 231,906 | 1,786 | 0.52 | |||||||||
Hanmi Financial Corporation | 79,090 | 1,873 | 0.55 | |||||||||
HF Sinclair Corp. | 35,326 | 1,902 | 0.56 | |||||||||
Hologic, Inc. | 27,888 | 1,799 | 0.53 | |||||||||
Insteel Industries, Inc. | 67,507 | 1,791 | 0.52 | |||||||||
Ironwood Pharmaceuticals, Inc. | 176,266 | 1,826 | 0.54 | |||||||||
Jabil, Inc. | 32,932 | 1,901 | 0.56 | |||||||||
Juniper Networks, Inc. | 67,775 | 1,770 | 0.52 | |||||||||
Knight-Swift Transportation | 38,391 | 1,878 | 0.55 | |||||||||
Koppers Holdings, Inc. | 85,489 | 1,776 | 0.52 | |||||||||
Lincoln National Corp. | 41,038 | 1,802 | 0.53 | |||||||||
Maximus, Inc. | 31,226 | 1,807 | 0.53 | |||||||||
Moog Inc-Class A | 25,204 | 1,773 | 0.52 | |||||||||
Mueller Industries, Inc. | 30,596 | 1,819 | 0.53 | |||||||||
Navient Corp. | 132,728 | 1,950 | 0.57 | |||||||||
OFG Bancorp | 71,484 | 1,796 | 0.53 | |||||||||
O-I Glass, Inc. | 144,562 | 1,872 | 0.55 | |||||||||
PBF Energy, Inc. - Class A | 55,138 | 1,939 | 0.57 | |||||||||
Sanmina Corp. | 40,042 | 1,845 | 0.54 | |||||||||
Taylor Morrison Home Corp. | 78,693 | 1,835 | 0.54 | |||||||||
Timkensteel Corp. | 124,553 | 1,867 | 0.55 | |||||||||
Titan International, Inc. | 145,682 | 1,769 | 0.52 | |||||||||
Trueblue, Inc. | 94,321 | 1,800 | 0.53 | |||||||||
Unum Group | 50,153 | 1,946 | 0.57 | |||||||||
Varex Imaging Corp. | 90,334 | 1,910 | 0.56 | |||||||||
Vishay Intertechnology, Inc. | 100,093 | 1,781 | 0.52 | |||||||||
Wells Fargo & Co. | 44,066 | 1,772 | 0.52 | |||||||||
Western Union Co. | 131,017 | 1,769 | 0.52 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Custom Index as of September 30, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 500 Growth Custom Index | ||||||||||||
Abiomed, Inc. | 5,369 | $ | 1,319 | 1.01 | % | |||||||
Air Products & Chemicals, Inc. | 5,715 | 1,330 | 1.01 | |||||||||
Albemarle Corp. | 5,334 | 1,411 | 1.08 | |||||||||
Aon PLC - Class A | 5,020 | 1,345 | 1.03 | |||||||||
Arthur J Gallagher & Co. | 7,791 | 1,334 | 1.02 | |||||||||
Autodesk, Inc. | 7,130 | 1,332 | 1.02 | |||||||||
Brown & Brown, Inc. | 22,259 | 1,346 | 1.03 | |||||||||
Brown-Forman Corp. - Class B | 19,765 | 1,316 | 1.00 | |||||||||
Cadence Design System, Inc. | 8,432 | 1,378 | 1.05 | |||||||||
Ceridian Hcm Holding, Inc. | 23,612 | 1,319 | 1.01 | |||||||||
Chipotle Mexican Grill, Inc. | 863 | 1,296 | 0.99 | |||||||||
Cintas Corp. | 3,436 | 1,334 | 1.02 | |||||||||
Dexcom, Inc. | 17,169 | 1,383 | 1.05 | |||||||||
Edwards Lifesciences Corp. | 15,879 | 1,312 | 1.00 | |||||||||
Electronic Arts, Inc. | 11,341 | 1,312 | 1.00 | |||||||||
Eli Lilly & Co. | 4,574 | 1,479 | 1.13 | |||||||||
Enphase Energy, Inc. | 4,805 | 1,333 | 1.02 | |||||||||
Equifax, Inc. | 7,550 | 1,294 | 0.99 | |||||||||
Etsy, Inc. | 13,565 | 1,358 | 1.04 | |||||||||
Fortinet, Inc. | 28,533 | 1,402 | 1.07 | |||||||||
Hershey Co. | 6,300 | 1,389 | 1.06 | |||||||||
Hilton Worldwide Holdings, Inc. | 11,248 | 1,357 | 1.03 | |||||||||
IDEX Corp. | 7,012 | 1,401 | 1.07 | |||||||||
IDEXX Laboratories, Inc. | 4,133 | 1,347 | 1.03 | |||||||||
Illumina, Inc. | 7,016 | 1,339 | 1.02 | |||||||||
Intuitive Surgical, Inc. | 6,981 | 1,309 | 1.00 | |||||||||
Jack Henry & Associates, Inc. | 7,252 | 1,322 | 1.01 | |||||||||
Lamb Weston Holdings, Inc. | 18,125 | 1,402 | 1.07 | |||||||||
Linde PLC | 5,097 | 1,374 | 1.05 | |||||||||
Marsh & Mclennan Cos. | 8,746 | 1,306 | 1.00 | |||||||||
Monster Beverage Corp. | 15,803 | 1,374 | 1.05 | |||||||||
MSCI, Inc. | 3,105 | 1,310 | 1.00 | |||||||||
Nasdaq, Inc. | 23,388 | 1,326 | 1.01 | |||||||||
Nordson Corp. | 6,274 | 1,332 | 1.02 | |||||||||
Paycom Software, Inc. | 4,085 | 1,348 | 1.03 | |||||||||
Progressive Corp. | 11,507 | 1,337 | 1.02 | |||||||||
Resmed, Inc. | 6,420 | 1,401 | 1.07 | |||||||||
Rollins, Inc. | 39,687 | 1,376 | 1.05 | |||||||||
Royal Caribbean Cruises Ltd. | 34,430 | 1,305 | 1.00 | |||||||||
Schlumberger Ltd. | 37,850 | 1,359 | 1.04 | |||||||||
Schwab (Charles) Corp. | 20,016 | 1,439 | 1.10 | |||||||||
Synopsys, Inc. | 4,340 | 1,326 | 1.01 | |||||||||
Tesla, Inc. | 5,177 | 1,373 | 1.05 | |||||||||
Twitter, Inc. | 36,723 | 1,610 | 1.23 | |||||||||
Tyler Technologies, Inc. | 3,875 | 1,346 | 1.03 | |||||||||
Vulcan Materials Co. | 8,522 | 1,344 | 1.02 | |||||||||
Waste Management, Inc. | 8,349 | 1,338 | 1.02 | |||||||||
Wynn Resorts Ltd. | 24,294 | 1,531 | 1.17 | |||||||||
Xylem, Inc. | 15,274 | 1,334 | 1.02 | |||||||||
Zoetis, Inc. | 9,001 | 1,335 | 1.02 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Custom Index as of September 30, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 500 Value Custom Index | ||||||||||||
3M Co. | 782 | $ | 86 | 1.03 | % | |||||||
American International Group | 1,774 | 84 | 1.01 | |||||||||
Archer-Daniels-Midland Co. | 1,066 | 86 | 1.03 | |||||||||
AT&T, Inc. | 5,453 | 84 | 1.00 | |||||||||
Boston Properties, Inc. | 1,141 | 86 | 1.02 | |||||||||
Capital One Financial Corp. | 902 | 83 | 1.00 | |||||||||
Cigna Corp. | 323 | 90 | 1.07 | |||||||||
Citizens Financial Group | 2,584 | 89 | 1.06 | |||||||||
Cognizant Tech Solutions - Class A | 1,488 | 85 | 1.02 | |||||||||
Conagra Brands, Inc. | 2,714 | 89 | 1.06 | |||||||||
Cummins, Inc. | 435 | 89 | 1.06 | |||||||||
Cvs Health Corp. | 938 | 89 | 1.07 | |||||||||
Davita, Inc. | 1,047 | 87 | 1.04 | |||||||||
Dow, Inc. | 1,891 | 83 | 0.99 | |||||||||
Dr Horton, Inc. | 1,314 | 88 | 1.06 | |||||||||
Dxc Technology Co. | 3,466 | 85 | 1.02 | |||||||||
Fortune Brands Home & Security | 1,545 | 83 | 0.99 | |||||||||
Gilead Sciences, Inc. | 1,458 | 90 | 1.08 | |||||||||
Hewlett Packard Enterprise | 7,014 | 84 | 1.01 | |||||||||
HP, Inc. | 3,374 | 84 | 1.01 | |||||||||
Huntington Ingalls Industries | 402 | 89 | 1.07 | |||||||||
Juniper Networks, Inc. | 3,314 | 87 | 1.04 | |||||||||
Keycorp | 5,322 | 85 | 1.02 | |||||||||
Laboratory Corporation of America Holdings | 407 | 83 | 1.00 | |||||||||
Leidos Holdings, Inc. | 983 | 86 | 1.03 | |||||||||
Lennar Corp. - Class A | 1,205 | 90 | 1.08 | |||||||||
Lincoln National Corp. | 2,007 | 88 | 1.05 | |||||||||
Lyondellbasell Industries -Class A | 1,146 | 86 | 1.03 | |||||||||
Metlife, Inc. | 1,418 | 86 | 1.03 | |||||||||
Micron Technology, Inc. | 1,662 | 83 | 1.00 | |||||||||
Moderna, Inc. | 702 | 83 | 0.99 | |||||||||
Molson Coors Beverage Co. - Class B | 1,781 | 85 | 1.02 | |||||||||
NRG Energy, Inc. | 2,255 | 86 | 1.03 | |||||||||
Paccar, Inc. | 1,066 | 89 | 1.07 | |||||||||
Pentair PLC | 2,108 | 86 | 1.03 | |||||||||
Pfizer, Inc. | 2,011 | 88 | 1.05 | |||||||||
Phillips 66 | 1,057 | 85 | 1.02 | |||||||||
Pultegroup, Inc. | 2,317 | 87 | 1.04 | |||||||||
Quest Diagnostics, Inc. | 733 | 90 | 1.08 | |||||||||
Regeneron Pharmaceuticals | 158 | 109 | 1.30 | |||||||||
Robert Half International, Inc. | 1,205 | 92 | 1.10 | |||||||||
Snap-on, Inc. | 428 | 86 | 1.03 | |||||||||
Synchrony Financial | 2,966 | 84 | 1.00 | |||||||||
Textron, Inc. | 1,492 | 87 | 1.04 | |||||||||
United Rentals, Inc. | 317 | 86 | 1.02 | |||||||||
Universal Health Services - Class B | 960 | 85 | 1.01 | |||||||||
Valero Energy Corp. | 818 | 87 | 1.05 | |||||||||
Vici Properties, Inc. | 2,788 | 83 | 1.00 | |||||||||
Warner Bros Discovery, Inc. | 7,286 | 84 | 1.00 | |||||||||
Wells Fargo & Co. | 2,155 | 87 | 1.04 |
Portfolio Composition | ||||
Classification | Percentage
of Total Investments | |||
Fixed Income Securities | 51.6 | % | ||
Common Stocks | 30.8 | |||
Short-Term Investments | 17.6 | |||
Total Investments | 100.0 | %** |
** | Does not include open long/short futures contracts with a value of approximately $18,876,000 and net unrealized appreciation of approximately $301,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $146,000. Also does not include open swap agreements with net unrealized depreciation of approximately $2,118,000. |
@ | Value/Notional amount is less than $500. | |
* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
BBSW | Australia's Bank Bill Swap. | |
BTP | Buoni del Tesoro Poliennali. | |
CAC | Cotation Assistée en Continu. | |
CDI | Certificado de Depósito Interbancári. | |
CME | Chicago Mercantile Exchange. | |
CORRA | Canadian Overnight Repo Rate Average. | |
ESTR | Euro short-Term Rate. | |
FTSE | Financial Times Stock Exchange. | |
IBEX | Índice Bursátil Español. | |
MIB | Milano Indice di Borsa. | |
MSCI | Morgan Stanley Capital International. | |
SGX | Singapore Exchange Ltd. | |
SPI | Schedule Performance Index. | |
TIIE | Interbank Equilibrium Interest Rate. | |
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 |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (95.7%) | ||||||||
Automobiles (0.5%) | ||||||||
Rivian Automotive, Inc., Class A (a) | 61,252 | $ | 2,016 | |||||
Biotechnology (1.3%) | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 7,975 | 1,596 | ||||||
Intellia Therapeutics, Inc. (a) | 11,695 | 655 | ||||||
Moderna, Inc. (a) | 8,704 | 1,029 | ||||||
ProKidney Corp. (a)(b) | 242,043 | 2,181 | ||||||
5,461 | ||||||||
Capital Markets (0.9%) | ||||||||
Coinbase Global, Inc., Class A (a) | 59,851 | 3,860 | ||||||
Chemicals (0.6%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a) | 792,076 | 2,471 | ||||||
Commercial Services & Supplies (0.2%) | ||||||||
Aurora Innovation, Inc. (a) | 371,870 | 822 | ||||||
Consumer Finance (0.2%) | ||||||||
Upstart Holdings, Inc. (a)(c) | 36,140 | 751 | ||||||
Electronic Equipment, Instruments & Components (0.0%) (d) | ||||||||
Magic Leap Class A (a)(b)(e) (acquisition cost — $2,420; acquired 12/22/15) | 3,138 | — | ||||||
Entertainment (6.0%) | ||||||||
ROBLOX Corp., Class A (a) | 585,093 | 20,970 | ||||||
Sea Ltd. ADR (Singapore) (a) | 86,979 | 4,875 | ||||||
25,845 | ||||||||
Health Care Equipment & Supplies (0.6%) | ||||||||
Dexcom, Inc. (a) | 30,152 | 2,429 | ||||||
Health Care Providers & Services (4.3%) | ||||||||
Agilon health, Inc. (a) | 583,059 | 13,655 | ||||||
Guardant Health, Inc. (a) | 90,331 | 4,863 | ||||||
18,518 | ||||||||
Health Care Technology (2.4%) | ||||||||
Doximity, Inc., Class A (a) | 196,133 | 5,927 | ||||||
Veeva Systems, Inc., Class A (a) | 27,506 | 4,535 | ||||||
10,462 | ||||||||
Information Technology Services (25.4%) | ||||||||
Adyen NV (Netherlands) (a) | 10,271 | 12,810 | ||||||
Affirm Holdings, Inc. (a) | 211,240 | 3,963 | ||||||
Block, Inc., Class A (a) | 105,246 | 5,787 | ||||||
Cloudflare, Inc., Class A (a) | 491,307 | 27,174 | ||||||
MongoDB, Inc. (a) | 30,136 | 5,984 | ||||||
Shopify, Inc., Class A (Canada) (a) | 628,871 | 16,942 | ||||||
Snowflake, Inc., Class A (a) | 212,208 | 36,067 | ||||||
108,727 |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Interactive Media & Services (2.7%) | ||||||||
ZoomInfo Technologies, Inc., Class A (a) | 278,716 | 11,611 | ||||||
Internet & Direct Marketing Retail (11.9%) | ||||||||
Chewy, Inc., Class A (a) | 268,041 | 8,234 | ||||||
Coupang, Inc. (a) | 638,046 | 10,636 | ||||||
DoorDash, Inc., Class A (a) | 333,569 | 16,495 | ||||||
Global-e Online Ltd. (Israel) (a) | 62,287 | 1,667 | ||||||
MercadoLibre, Inc. (a) | 12,488 | 10,337 | ||||||
Wayfair, Inc., Class A (a) | 107,519 | 3,500 | ||||||
50,869 | ||||||||
Leisure Products (0.4%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 236,397 | 1,638 | ||||||
Life Sciences Tools & Services (2.2%) | ||||||||
10X Genomics, Inc., Class A (a) | 177,270 | 5,049 | ||||||
Illumina, Inc. (a) | 23,862 | 4,552 | ||||||
9,601 | ||||||||
Pharmaceuticals (6.3%) | ||||||||
Royalty Pharma PLC, Class A (United Kingdom) | 673,895 | 27,077 | ||||||
Road & Rail (7.4%) | ||||||||
Grab Holdings Ltd., Class A (Singapore) (a) | 2,149,855 | 5,654 | ||||||
Uber Technologies, Inc. (a) | 984,827 | 26,098 | ||||||
31,752 | ||||||||
Semiconductors & Semiconductor Equipment (2.4%) | ||||||||
ASML Holding NV (Netherlands) | 25,222 | 10,476 | ||||||
Software (19.3%) | ||||||||
Bill.Com Holdings, Inc. (a) | 153,401 | 20,306 | ||||||
Datadog, Inc., Class A (a) | 241,006 | 21,397 | ||||||
Gitlab, Inc., Class A (a) | 132,006 | 6,761 | ||||||
Trade Desk, Inc., Class A (a) | 504,686 | 30,155 | ||||||
Unity Software, Inc. (a) | 133,562 | 4,255 | ||||||
82,874 | ||||||||
Specialty Retail (0.7%) | ||||||||
Carvana Co. (a) | 143,406 | 2,911 | ||||||
Total Common Stocks (Cost $640,938) | 410,171 | |||||||
Preferred Stocks (1.7%) | ||||||||
Software (1.7%) | ||||||||
Databricks, Inc. (a)(b)(e) (acquisition cost — $8,310; acquired 8/31/21) | 113,088 | 6,736 | ||||||
Lookout, Inc. Series F (a)(b)(e) (acquisition cost — $1,618; acquired 6/17/14) | 141,612 | 688 | ||||||
Total Preferred Stocks (Cost $9,928) | 7,424 | |||||||
Investment Company (0.7%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $11,735) | 270,111 | 3,082 |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Short-Term Investments (2.4%) | ||||||||
Securities held as Collateral on Loaned Securities (0.2%) | ||||||||
Investment Company (0.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) | 647,120 | 647 |
Face Amount (000) | Value (000) | |||||||
Repurchase Agreements (0.0%) (d) | ||||||||
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $92; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $94) | $ | 92 | 92 | |||||
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $27; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $28) | 27 | 27 | ||||||
119 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $766) | 766 |
Shares | Value (000) | |||||||
Investment Company (2.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $9,259) | 9,259,238 | 9,259 | ||||||
Total Short-Term Investments (Cost $10,025) | 10,025 | |||||||
Total Investments Excluding Purchased Options (100.5%) (Cost $672,626) | 430,702 | |||||||
Total Purchased Options Outstanding (0.8%) (Cost $2,222) | 3,260 | |||||||
Total Investments (101.3%) (Cost $674,848) Including $751 of Securities Loaned (g)(h) | 433,962 | |||||||
Liabilities in Excess of Other Assets (–1.3%) | (5,520 | ) | ||||||
Net Assets (100.0%) | $ | 428,442 |
(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 September 30, 2022 amounts to approximately $9,605,000 and represents 2.2% of net assets. |
(c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $751,000 and $777,000, respectively. The Fund received cash collateral of approximately $777,000, of which approximately $766,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio – Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $11,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(d) | Amount is less than 0.05%. |
(e) | At September 30, 2022, the Fund held fair valued securities valued at approximately $7,424,000, representing 1.7% 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. |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $14,000 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(h) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,108,000 and the aggregate gross unrealized depreciation is approximately $253,994,000, resulting in net unrealized depreciation of approximately $240,886,000. |
ADR | American Depositary Receipt. |
Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2022:
Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (000) | |||||||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | Aug - 23 | 111,754,020 | 111,754 | $ | 1,029 | $ | 499 | $ | 530 | |||||||||||||||||||
JP Morgan Chase Bank NA | USD/CNH | CNH | 7.53 | Jul - 23 | 99,573,866 | 99,574 | 920 | 494 | 426 | ||||||||||||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.27 | Nov - 22 | 255,980,426 | 255,980 | 1,311 | 1,229 | 82 | ||||||||||||||||||||||
$ | 3,260 | $ | 2,222 | $ | 1,038 |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition* | ||||
Classification | Percentage
of Total Investments | |||
Information Technology Services | 25.3 | % | ||
Other** | 22.2 | |||
Software | 21.0 | |||
Internet & Direct Marketing Retail | 11.8 | |||
Road & Rail | 7.4 | |||
Pharmaceuticals | 6.3 | |||
Entertainment | 6.0 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | 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
Third Quarter Report
September 30, 2022 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (96.8%) | ||||||||
Apartments (14.4%) | ||||||||
AvalonBay Communities, Inc. REIT | 75,774 | $ | 13,957 | |||||
Equity Residential REIT | 210,083 | 14,122 | ||||||
Mid-America Apartment Communities, Inc. REIT | 76,062 | 11,795 | ||||||
39,874 | ||||||||
Data Centers (6.8%) | ||||||||
Digital Realty Trust, Inc. REIT | 189,312 | 18,776 | ||||||
Free Standing (8.5%) | ||||||||
Agree Realty Corp. REIT | 96,593 | 6,528 | ||||||
NETSTREIT Corp. REIT | 194,490 | 3,464 | ||||||
Realty Income Corp. REIT | 232,251 | 13,517 | ||||||
23,509 | ||||||||
Health Care (9.4%) | ||||||||
Healthpeak Properties, Inc. REIT | 237,106 | 5,434 | ||||||
Ventas, Inc. REIT | 182,844 | 7,345 | ||||||
Welltower, Inc. REIT | 204,927 | 13,181 | ||||||
25,960 | ||||||||
Industrial (14.9%) | ||||||||
Americold Realty Trust, Inc. REIT | 181,180 | 4,457 | ||||||
Duke Realty Corp. REIT | 133,118 | 6,416 | ||||||
ProLogis, Inc. REIT | 257,886 | 26,201 | ||||||
Rexford Industrial Realty, Inc. REIT | 79,607 | 4,140 | ||||||
41,214 | ||||||||
Lodging/Resorts (2.6%) | ||||||||
Boyd Gaming Corp. | 60,070 | 2,862 | ||||||
Host Hotels & Resorts, Inc. REIT | 267,704 | 4,251 | ||||||
7,113 | ||||||||
Manufactured Homes (2.8%) | ||||||||
Sun Communities, Inc. REIT | 56,687 | 7,671 | ||||||
Office (2.4%) | ||||||||
Kilroy Realty Corp. REIT | 65,421 | 2,755 | ||||||
SL Green Realty Corp. REIT (a) | 96,766 | 3,886 | ||||||
6,641 | ||||||||
Regional Malls (2.8%) | ||||||||
Simon Property Group, Inc. REIT | 84,925 | 7,622 | ||||||
Self Storage (12.8%) | ||||||||
Extra Space Storage, Inc. REIT | 49,782 | 8,598 | ||||||
Life Storage, Inc. REIT | 57,696 | 6,391 | ||||||
Public Storage REIT | 69,046 | 20,217 | ||||||
35,206 | ||||||||
Shopping Centers (6.7%) | ||||||||
Brixmor Property Group, Inc. REIT | 338,807 | 6,258 | ||||||
Kite Realty Group Trust REIT | 354,512 | 6,105 | ||||||
RPT Realty REIT | 379,808 | 2,871 | ||||||
SITE Centers Corp. REIT | 298,525 | 3,197 | ||||||
18,431 |
Morgan Stanley Variable Insurance Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
Single Family Homes (5.8%) | ||||||||
American Homes 4 Rent, Class A REIT | 214,147 | 7,026 | ||||||
Invitation Homes, Inc. REIT | 268,981 | 9,084 | ||||||
16,110 | ||||||||
Specialty (6.9%) | ||||||||
American Tower Corp. REIT | 20,966 | 4,501 | ||||||
Iron Mountain, Inc. REIT | 168,738 | 7,419 | ||||||
Outfront Media, Inc. REIT | 86,212 | 1,310 | ||||||
VICI Properties, Inc. REIT | 195,313 | 5,830 | ||||||
19,060 | ||||||||
Total Common Stocks (Cost $303,059) | 267,187 | |||||||
Short-Term Investments (3.6%) | ||||||||
Securities held as Collateral on Loaned Securities (0.9%) | ||||||||
Investment Company (0.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) | 2,107,203 | 2,107 |
Face Amount (000) |
||||||||
Repurchase Agreements (0.1%) | ||||||||
HSBC Securities USA, Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $299; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $305) | $ | 299 | 299 | |||||
Merrill Lynch & Co., Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $90; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $91) | 90 | 90 | ||||||
389 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $2,496) | 2,496 |
Shares | ||||||||
Investment Company (2.7%) | ||||||||
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio - Institutional Class (b) (Cost $7,549) | 7,549,228 | 7,549 | ||||||
Total Short-Term Investments (Cost $10,045) | 10,045 | |||||||
Total Investments (100.4%) (Cost $313,104) Including $2,540 of Securities Loaned (c)(d) | 277,232 | |||||||
Other Assets in Excess of Liabilities (0.4%) | 978 | |||||||
Net Assets (100.0%) | $ | 276,254 |
(a) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $2,540,000 and $2,530,000, respectively. The Fund received cash collateral of approximately $2,530,000, of which approximately $2,496,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $34,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
Morgan Stanley Variable Insurance Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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 nine months ended September 30, 2022, advisory fees paid were reduced by approximately $4,000 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. |
(d) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,239,000 and the aggregate gross unrealized depreciation is approximately $49,111,000, resulting in net unrealized depreciation of approximately $35,872,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition* | ||||
Classification | Percentage
of Total Investments | |||
Industrial | 15.0 | % | ||
Apartments | 14.5 | |||
Other** | 13.4 | |||
Self Storage | 12.8 | |||
Health Care | 9.4 | |||
Free Standing | 8.6 | |||
Specialty | 6.9 | |||
Data Centers | 6.8 | |||
Shopping Centers | 6.7 | |||
Single Family Homes | 5.9 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Notes to the Portfolio of Investments ▪ September 30, 2022 (unaudited)
On February 24, 2022, Russia launched a large-scale invasion of Ukraine significantly amplifying already existing geopolitical tensions. In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on the investments having exposure to Russia, Ukraine, and other combatants, including Belarus. Russia in turn has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers, markets or economies. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.
Security Valuation: (1) Fixed income 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. 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/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/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/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/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/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) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; (9) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (10) 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.
In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has have responsibility for 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, as valuation designee, 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: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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 September 30, 2022:
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 | $ | — | $ | 24 | $ | — | $ | 24 | ||||||||
Agency Fixed Rate Mortgages | — | 14,253 | — | 14,253 | ||||||||||||
Asset-Backed Securities | — | 9,489 | — | 9,489 | ||||||||||||
Collateralized Mortgage Obligations - Agency Collateral Series | — | 160 | — | 160 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 10,216 | — | 10,216 | ||||||||||||
Corporate Bonds | — | 22,074 | — | 22,074 | ||||||||||||
Mortgages - Other | — | 18,793 | — | 18,793 | ||||||||||||
Municipal Bonds | — | 1,276 | — | 1,276 | ||||||||||||
Sovereign | — | 2,791 | — | 2,791 | ||||||||||||
Supranational | — | 283 | — | 283 | ||||||||||||
U.S. Treasury Securities | — | 4,196 | — | 4,196 | ||||||||||||
Total Fixed Income Securities | — | 83,555 | — | 83,555 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 10,053 | — | — | 10,053 | ||||||||||||
U.S. Treasury Securities | — | 2,254 | — | 2,254 | ||||||||||||
Total Short-Term Investments | 10,053 | 2,254 | — | 12,307 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 296 | — | 296 | ||||||||||||
Futures Contracts | 44 | — | — | 44 | ||||||||||||
Total Assets | 10,097 | 86,105 | — | 96,202 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (13 | ) | — | (13 | ) | ||||||||||
Futures Contracts | (803 | ) | — | — | (803 | ) | ||||||||||
Credit Default Swap Agreement | — | (8 | ) | — | (8 | ) | ||||||||||
Total Liabilities | (803 | ) | (21 | ) | — | (824 | ) | |||||||||
Total | $ | 9,294 | $ | 86,084 | $ | — | $ | 95,378 |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:
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 | ||||||||||||||||
Biotechnology | $ | 1,469 | $ | — | $ | — | $ | 1,469 | ||||||||
Chemicals | 829 | — | — | 829 | ||||||||||||
Commercial Services & Supplies | 287 | — | — | 287 | ||||||||||||
Consumer Finance | 1,001 | — | — | 1,001 | ||||||||||||
Entertainment | 6,896 | — | — | 6,896 | ||||||||||||
Health Care Providers & Services | 12,990 | — | — | 12,990 | ||||||||||||
Health Care Technology | 6,216 | — | — | 6,216 | ||||||||||||
Information Technology Services | 32,150 | 3,235 | — | 35,385 | ||||||||||||
Interactive Media & Services | 7,651 | — | — | 7,651 | ||||||||||||
Internet & Direct Marketing Retail | 17,522 | — | — | 17,522 | ||||||||||||
Leisure Products | 1,680 | — | — | 1,680 | ||||||||||||
Life Sciences Tools & Services | 1,674 | — | — | 1,674 | ||||||||||||
Pharmaceuticals | 8,943 | — | — | 8,943 | ||||||||||||
Road & Rail | 2,073 | — | — | 2,073 | ||||||||||||
Software | 30,776 | — | — | 30,776 | ||||||||||||
Specialty Retail | 978 | — | — | 978 | ||||||||||||
Total Common Stocks | 133,135 | 3,235 | — | 136,370 | ||||||||||||
Preferred Stock | ||||||||||||||||
Software | — | — | 2,161 | 2,161 | ||||||||||||
Investment Company | 1,004 | — | — | 1,004 | ||||||||||||
Warrant | 12 | — | — | 12 | ||||||||||||
Call Options Purchased | — | 1,104 | — | 1,104 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 2,551 | — | — | 2,551 | ||||||||||||
Repurchase Agreements | — | 244 | — | 244 | ||||||||||||
Total Short-Term Investments | 2,551 | 244 | — | 2,795 | ||||||||||||
Total Assets | $ | 136,702 | $ | 4,583 | $ | 2,161 | $ | 143,446 |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Discovery | Preferred
Stock (000) | |||
Beginning Balance | $ | 2,729 | ||
Purchases | - | |||
Sales | - | |||
Amortization of discount | - | |||
Transfers in | - | |||
Transfers out | - | |||
Corporate actions | - | |||
Change in unrealized appreciation (depreciation) | (568 | ) | ||
Realized gains (losses) | - | |||
Ending Balance | $ | 2,161 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 | $ | (568 | ) |
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 September 30, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
Discovery | Fair
Value at September 30, 2022 (000) | Valuation
Technique | Unobservable
Input | Amount* | Impact
to Valuation from an Increase In Input** | |||||||||
Preferred Stock | $ | 2,161 | Discounted Cash Flow | Weighted Average Cost of Capital | 13.5% | Decrease | ||||||||
Perpetual Growth Rate | 3.5% | Increase | ||||||||||||
Market Comparable Companies | Enterprise Value /Revenue | 22.8x | Increase | |||||||||||
Discount for Lack of Marketability | 14.0% | 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 September 30, 2022:
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 | $ | — | $ | 16,839 | $ | — | $ | 16,839 | ||||||||
Sovereign | — | 74,830 | — | 74,830 | ||||||||||||
Total Fixed Income Securities | — | 91,669 | — | 91,669 | ||||||||||||
Warrant | — | 19 | — | 19 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Corporate Bonds | — | 168 | — | 168 | ||||||||||||
Investment Company | 3,104 | — | — | 3,104 | ||||||||||||
Repurchase Agreements | — | 14 | — | 14 | ||||||||||||
Sovereign | — | 1,119 | — | 1,119 | ||||||||||||
Total Short-Term Investments | 3,104 | 1,301 | — | 4,405 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 220 | — | 220 | ||||||||||||
Futures Contracts | 408 | — | — | 408 | ||||||||||||
Total Assets | 3,512 | 93,209 | — | 96,721 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (14 | ) | — | (14 | ) | ||||||||||
Futures Contracts | (958 | ) | — | — | (958 | ) | ||||||||||
Total Liabilities | (958 | ) | (14 | ) | — | (972 | ) | |||||||||
Total | $ | 2,554 | $ | 93,195 | $ | — | $ | 95,749 |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:
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 | $ | 2,548 | $ | — | $ | — | $ | 2,548 | ||||||||
Automobiles | — | 7,359 | — | 7,359 | ||||||||||||
Banks | 10,573 | 23,668 | — | 34,241 | ||||||||||||
Beverages | — | 4,125 | — | 4,125 | ||||||||||||
Chemicals | — | 2,014 | — | 2,014 | ||||||||||||
Commercial Banks | — | 732 | — | 732 | ||||||||||||
Construction Materials | — | 756 | — | 756 | ||||||||||||
Consumer Finance | — | 1,962 | — | 1,962 | ||||||||||||
Electrical Equipment | — | 1,607 | — | 1,607 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 4,114 | — | 4,114 | ||||||||||||
Food & Staples Retailing | 3,860 | 650 | — | 4,510 | ||||||||||||
Food Products | — | 2,024 | — | 2,024 | ||||||||||||
Health Care Providers & Services | — | 1,345 | — | 1,345 | ||||||||||||
Hotels, Restaurants & Leisure | 836 | — | — | 836 | ||||||||||||
Information Technology Services | 2,265 | 1,971 | — | 4,236 | ||||||||||||
Insurance | — | 2,651 | — | 2,651 | ||||||||||||
Interactive Media & Services | — | 4,438 | — | 4,438 | ||||||||||||
Internet & Direct Marketing Retail | 1,806 | 4,270 | — | 6,076 | ||||||||||||
Machinery | — | 1,965 | — | 1,965 | ||||||||||||
Metals & Mining | 689 | 10,097 | — | 10,786 | ||||||||||||
Multi-Line Retail | 2,714 | 1,179 | — | 3,893 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,646 | 6,401 | — | 8,047 | ||||||||||||
Paper & Forest Products | — | 2,616 | — | 2,616 | ||||||||||||
Personal Products | — | 771 | — | 771 | ||||||||||||
Pharmaceuticals | — | 1,337 | — | 1,337 | ||||||||||||
Real Estate Management & Development | — | 424 | — | 424 | ||||||||||||
Semiconductors & Semiconductor Equipment | 5,775 | 11,449 | — | 17,224 | ||||||||||||
Specialty Retail | 802 | — | — | 802 | ||||||||||||
Tech Hardware, Storage & Peripherals | — | 6,273 | — | 6,273 | ||||||||||||
Textiles, Apparel & Luxury Goods | 603 | 4,063 | — | 4,666 | ||||||||||||
Thrifts & Mortgage Finance | — | 1,634 | — | 1,634 | ||||||||||||
Total Common Stocks | 34,117 | 111,895 | — | 146,012 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,904 | — | — | 1,904 | ||||||||||||
Total Assets | $ | 36,021 | $ | 111,895 | $ | — | $ | 147,916 |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:
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 | $ | 485 | $ | 1,351 | $ | — | $ | 1,836 | ||||||||
Capital Markets | 1,285 | — | — | 1,285 | ||||||||||||
Health Care Equipment & Supplies | 3,048 | — | — | 3,048 | ||||||||||||
Household Products | 725 | 1,611 | — | 2,336 | ||||||||||||
Information Technology Services | 4,567 | — | — | 4,567 | ||||||||||||
Life Sciences Tools & Services | 2,784 | — | — | 2,784 | ||||||||||||
Machinery | 390 | — | — | 390 | ||||||||||||
Personal Products | 354 | 507 | — | 861 | ||||||||||||
Pharmaceuticals | 293 | — | — | 293 | ||||||||||||
Professional Services | 448 | 999 | — | 1,447 | ||||||||||||
Software | 2,985 | 1,176 | — | 4,161 | ||||||||||||
Textiles, Apparel & Luxury Goods | 310 | 699 | — | 1,009 | ||||||||||||
Tobacco | 1,821 | — | — | 1,821 | ||||||||||||
Total Common Stocks | 19,495 | 6,343 | — | 25,838 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 506 | — | — | 506 | ||||||||||||
Total Assets | $ | 20,001 | $ | 6,343 | $ | — | $ | 26,344 |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:
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 | $ | 1,542 | $ | 1,420 | $ | — | $ | 2,962 | ||||||||
Commercial Services & Supplies | 4,694 | — | — | 4,694 | ||||||||||||
Communications | 10,360 | 4,267 | — | 14,627 | ||||||||||||
Diversified | 1,083 | 3,223 | — | 4,306 | ||||||||||||
Electricity Transmission & Distribution | 7,495 | 5,011 | — | 12,506 | ||||||||||||
Oil & Gas Storage & Transportation | 18,405 | 7,378 | — | 25,783 | ||||||||||||
Railroads | 311 | — | — | 311 | ||||||||||||
Renewables | — | 314 | — | 314 | ||||||||||||
Toll Roads | — | 2,082 | — | 2,082 | ||||||||||||
Utilities | 706 | — | — | 706 | ||||||||||||
Water | 1,017 | 1,415 | — | 2,432 | ||||||||||||
Total Common Stocks | 45,613 | 25,110 | — | 70,723 | ||||||||||||
Right | — | — | † | — | — | † | ||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 4,503 | — | — | 4,503 | ||||||||||||
Repurchase Agreements | — | 302 | — | 302 | ||||||||||||
Total Short-Term Investments | 4,503 | 302 | — | 4,805 | ||||||||||||
Total Assets | $ | 50,116 | $ | 25,412 | † | $ | — | $ | 75,528 | † |
† | Includes a security valued at zero. |
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:
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 | $ | 2,070 | $ | 5,445 | $ | — | $ | 7,515 | ||||||||
Health Care | 2,353 | 300 | — | 2,653 | ||||||||||||
Industrial | 3,547 | 1,161 | — | 4,708 | ||||||||||||
Lodging/Resorts | 621 | 246 | — | 867 | ||||||||||||
Office | 556 | 1,842 | — | 2,398 | ||||||||||||
Residential | 5,855 | 618 | 17 | 6,490 | ||||||||||||
Retail | 4,398 | 1,339 | — | 5,737 | ||||||||||||
Self Storage | 2,925 | 421 | — | 3,346 | ||||||||||||
Specialty | 817 | — | — | 817 | ||||||||||||
Total Common Stocks | 23,142 | 11,372 | 17 | 34,531 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 1,239 | — | — | 1,239 | ||||||||||||
Repurchase Agreements | — | 101 | — | 101 | ||||||||||||
Total Short-Term Investments | 1,239 | 101 | — | 1,340 | ||||||||||||
Total Assets | $ | 24,381 | $ | 11,473 | $ | 17 | $ | 35,871 |
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 | $ | 20 | ||
Purchases | - | |||
Sales | - | |||
Amortization of discount | - | |||
Transfers in | - | |||
Transfers out | - | |||
Corporate actions | - | |||
Change in unrealized appreciation (depreciation) | (3 | ) | ||
Realized gains (losses) | - | |||
Ending Balance | $ | 17 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 | $ | (3 | ) |
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 September 30, 2022:
Global Real Estate | Fair Value
at September 30, 2022 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase In Input** | |||||||||
Common Stock | $ | 17 | Market Transaction Method | Transaction Valuation | $ | 0.003 | 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 September 30, 2022:
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 | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||
Agency Fixed Rate Mortgages | — | 2,760 | — | 2,760 | ||||||||||||
Asset-Backed Securities | — | 283 | — | 283 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 548 | — | 548 | ||||||||||||
Corporate Bonds | — | 9,490 | — | 9,490 | ||||||||||||
Mortgages - Other | — | 1,102 | — | 1,102 | ||||||||||||
Sovereign | — | 20,682 | 14 | 20,696 | ||||||||||||
Supranational | — | 1,101 | — | 1,101 | ||||||||||||
U.S. Treasury Securities | — | 2,737 | — | 2,737 | ||||||||||||
Total Fixed Income Securities | — | 38,706 | 14 | 38,720 | ||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | 197 | 133 | — | 330 | ||||||||||||
Air Freight & Logistics | 69 | 44 | — | 113 | ||||||||||||
Airlines | 6 | 10 | — | 16 | ||||||||||||
Auto Components | 25 | 20 | — | 45 | ||||||||||||
Automobiles | 296 | 135 | — | 431 | ||||||||||||
Banks | 974 | 2,137 | — | 3,111 | ||||||||||||
Beverages | 229 | 214 | — | 443 | ||||||||||||
Biotechnology | 297 | 114 | — | 411 | ||||||||||||
Building Products | 55 | 64 | — | 119 | ||||||||||||
Capital Markets | 400 | 243 | — | 643 | ||||||||||||
Chemicals | 248 | 237 | — | 485 | ||||||||||||
Commercial Banks | 9 | 12 | — | 21 | ||||||||||||
Commercial Services & Supplies | 85 | 26 | — | 111 | ||||||||||||
Communications Equipment | 84 | 35 | — | 119 | ||||||||||||
Construction & Engineering | 18 | 65 | — | 83 | ||||||||||||
Construction Materials | 15 | 54 | — | 69 | ||||||||||||
Consumer Finance | 65 | — | — | 65 | ||||||||||||
Containers & Packaging | 40 | 6 | — | 46 | ||||||||||||
Distributors | 18 | 3 | — | 21 | ||||||||||||
Diversified Consumer Services | — | 3 | — | 3 | ||||||||||||
Diversified Financial Services | 138 | 63 | — | 201 | ||||||||||||
Diversified Financials | 3 | — | — | 3 | ||||||||||||
Diversified Telecommunication Services | 119 | 199 | — | 318 | ||||||||||||
Electric Utilities | 294 | 185 | — | 479 | ||||||||||||
Electrical Equipment | 65 | 134 | — | 199 | ||||||||||||
Electronic Equipment, Instruments & Components | 77 | 26 | — | 103 | ||||||||||||
Energy Equipment & Services | 35 | 5 | — | † | 40 | † | ||||||||||
Entertainment | 183 | 20 | — | 203 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 341 | 90 | — | 431 | ||||||||||||
Food & Staples Retailing | 252 | 104 | — | 356 | ||||||||||||
Food Products | 142 | 355 | — | 497 | ||||||||||||
Gas Utilities | 14 | 28 | — | 42 | ||||||||||||
Health Care Equipment & Supplies | 317 | 155 | — | 472 | ||||||||||||
Health Care Providers & Services | 436 | 30 | — | 466 | ||||||||||||
Health Care Technology | 11 | — | — | 11 | ||||||||||||
Hotels, Restaurants & Leisure | 245 | 143 | — | 388 | ||||||||||||
Household Durables | 34 | 17 | — | 51 | ||||||||||||
Household Products | 157 | 67 | — | 224 | ||||||||||||
Independent Power Producers & Energy Traders | 21 | 30 | — | 51 | ||||||||||||
Industrial Conglomerates | 92 | 103 | — | 195 | ||||||||||||
Information Technology Services | 589 | 94 | — | 683 | ||||||||||||
Insurance | 379 | 427 | — | 806 | ||||||||||||
Interactive Media & Services | 520 | 15 | — | 535 | ||||||||||||
Internet & Direct Marketing Retail | 368 | 48 | — | 416 | ||||||||||||
Leisure Products | 6 | — | — | 6 | ||||||||||||
Life Sciences Tools & Services | 234 | 57 | — | 291 |
Machinery | 187 | 170 | — | 357 | ||||||||||||
Marine | 2 | 24 | — | 26 | ||||||||||||
Media | 103 | 36 | — | 139 | ||||||||||||
Metals & Mining | 155 | 341 | † | — | 496 | † | ||||||||||
Multi-Line Retail | 75 | 32 | — | 107 | ||||||||||||
Multi-Utilities | 130 | 82 | — | 212 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,067 | 508 | — | 1,575 | ||||||||||||
Paper & Forest Products | 4 | 38 | — | 42 | ||||||||||||
Personal Products | 35 | 176 | — | 211 | ||||||||||||
Pharmaceuticals | 547 | 867 | — | 1,414 | ||||||||||||
Professional Services | 65 | 131 | — | 196 | ||||||||||||
Real Estate Management & Development | 14 | 87 | — | 101 | ||||||||||||
Road & Rail | 240 | 8 | — | 248 | ||||||||||||
Semiconductors & Semiconductor Equipment | 551 | 198 | — | 749 | ||||||||||||
Software | 1,055 | 128 | † | — | 1,183 | † | ||||||||||
Specialty Retail | 256 | 33 | — | 289 | ||||||||||||
Tech Hardware, Storage & Peripherals | 781 | 7 | — | 788 | ||||||||||||
Textiles, Apparel & Luxury Goods | 59 | 290 | — | 349 | ||||||||||||
Tobacco | 75 | 98 | — | 173 | ||||||||||||
Trading Companies & Distributors | 35 | 62 | — | 97 | ||||||||||||
Transportation Infrastructure | — | 50 | — | 50 | ||||||||||||
Water Utilities | 14 | 12 | — | 26 | ||||||||||||
Wireless Telecommunication Services | 54 | 45 | — | 99 | ||||||||||||
Total Common Stocks | 13,706 | 9,373 | † | — | † | 23,079 | † | |||||||||
Preferred Stocks | ||||||||||||||||
Entertainment | —@ | — | — | —@ | ||||||||||||
Right | —@ | — | — | —@ | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 12,497 | — | — | 12,497 | ||||||||||||
U.S. Treasury Security | — | 665 | — | 665 | ||||||||||||
Total Short-Term Investments | 12,497 | 665 | — | 13,162 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 489 | — | 489 | ||||||||||||
Futures Contracts | 405 | — | — | 405 | ||||||||||||
Interest Rate Swap Agreements | — | 20 | — | 20 | ||||||||||||
Total Return Swap Agreements | — | 380 | — | 380 | ||||||||||||
Total Assets | 26,608 | 49,633 | † | 14 | † | 76,255 | † | |||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (343 | ) | — | (343 | ) | ||||||||||
Futures Contracts | (104 | ) | — | — | (104 | ) | ||||||||||
Interest Rate Swap Agreements | — | (415 | ) | — | (415 | ) | ||||||||||
Total Return Swap Agreements | — | (2,103 | ) | — | (2,103 | ) | ||||||||||
Total Liabilities | (104 | ) | (3,511 | ) | — | (3,615 | ) | |||||||||
Total | $ | 26,504 | $ | 46,772 | † | $ | 14 | † | $ | 73,290 | † |
@ | 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 | Fixed Income Security (000) | Common
Stocks (000) | ||||||
Beginning Balance | $ | - | $ | - | ||||
Purchases | - | - | ||||||
Sales | - | - | ||||||
Amortization of discount | - | - | ||||||
Transfers in | 14 | - | † | |||||
Transfers out | - | - | ||||||
Corporate actions | - | - | ||||||
Change in unrealized appreciation (depreciation) | - | - | ||||||
Realized gains (losses) | - | - | ||||||
Ending Balance | $ | 14 | $ | - | † | |||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 | $ | - | $ | - |
† | Includes one or more securities 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 September 30, 2022:
Global Strategist | Fair Value
at September 30, 2022 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation
from an Increase in Input** | |||||||||
Fixed Income Securities - Sovereign | $ | 14 | Market Implied | Expected Recovery Value | $ | 0.49 | 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 September 30, 2022:
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 | ||||||||||||||||
Automobiles | $ | 2,016 | $ | — | $ | — | $ | 2,016 | ||||||||
Biotechnology | 5,461 | — | — | 5,461 | ||||||||||||
Capital Markets | 3,860 | — | — | 3,860 | ||||||||||||
Chemicals | 2,471 | — | — | 2,471 | ||||||||||||
Commercial Services & Supplies | 822 | — | — | 822 | ||||||||||||
Consumer Finance | 751 | — | — | 751 | ||||||||||||
Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
Entertainment | 25,845 | — | — | 25,845 | ||||||||||||
Health Care Equipment & Supplies | 2,429 | — | — | 2,429 | ||||||||||||
Health Care Providers & Services | 18,518 | — | — | 18,518 | ||||||||||||
Health Care Technology | 10,462 | — | — | 10,462 | ||||||||||||
Information Technology Services | 95,917 | 12,810 | — | 108,727 | ||||||||||||
Interactive Media & Services | 11,611 | — | — | 11,611 | ||||||||||||
Internet & Direct Marketing Retail | 50,869 | — | — | 50,869 | ||||||||||||
Leisure Products | 1,638 | — | — | 1,638 | ||||||||||||
Life Sciences Tools & Services | 9,601 | — | — | 9,601 | ||||||||||||
Pharmaceuticals | 27,077 | — | — | 27,077 | ||||||||||||
Road & Rail | 31,752 | — | — | 31,752 | ||||||||||||
Semiconductors & Semiconductor Equipment | 10,476 | — | — | 10,476 | ||||||||||||
Software | 82,874 | — | — | 82,874 | ||||||||||||
Specialty Retail | 2,911 | — | — | 2,911 | ||||||||||||
Total Common Stocks | 397,361 | 12,810 | — | † | 410,171 | † | ||||||||||
Preferred Stocks | ||||||||||||||||
Software | — | — | 7,424 | 7,424 | ||||||||||||
Investment Company | 3,082 | — | — | 3,082 | ||||||||||||
Call Options Purchased | — | 3,260 | — | 3,260 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 9,906 | — | — | 9,906 | ||||||||||||
Repurchase Agreements | — | 119 | — | 119 | ||||||||||||
Total Short-Term Investments | 9,906 | 119 | — | 10,025 | ||||||||||||
Total Assets | $ | 410,349 | $ | 16,189 | $ | 7,424 | † | $ | 433,962 | † |
† | 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 | $ | - | $ | 9,175 | † | |||
Purchases | - | - | ||||||
Sales | - | (1,526 | ) | |||||
PIPE transactions | - | - | ||||||
Amortization of discount | - | - | ||||||
Transfers in | - | † | - | |||||
Transfers out | - | (- | )† | |||||
Corporate actions | - | - | ||||||
Change in unrealized appreciation (depreciation) | - | (225 | ) | |||||
Realized gains (losses) | - | - | ||||||
Ending Balance | $ | - | † | $ | 7,424 | |||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 | $ | - | $ | (225 | ) |
† | 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 September 30, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
Growth | Fair
Value at September 30, 2022 (000) | Valuation
Technique | Unobservable Input | Amount
or Range/ Weighted Average* | Impact
to Valuation from an Increase In Input** | |||||||||
Preferred Stocks | $ | 7,424 | Discounted Cash Flow | Weighted Average Cost of Capital | 12.5% - 14.5% / 13.5% | Decrease | ||||||||
Perpetual Growth Rate | 3.0% - 4.0% / 3.5% | Increase | ||||||||||||
Market Comparable Companies | Enterprise Value/Revenue | 1.1x - 26.3x / 21.5x | Increase | |||||||||||
Discount for Lack of Marketability | 12.0% - 14.0% / 13.8% | Decrease | ||||||||||||
Comparable Transactions | Enterprise Value/Revenue | 9.3x | 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 September 30, 2022:
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 | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Apartments | $ | 39,874 | $ | — | $ | — | $ | 39,874 | ||||||||
Data Centers | 18,776 | — | — | 18,776 | ||||||||||||
Free Standing | 23,509 | — | — | 23,509 | ||||||||||||
Health Care | 25,960 | — | — | 25,960 | ||||||||||||
Industrial | 41,214 | — | — | 41,214 | ||||||||||||
Lodging/Resorts | 7,113 | — | — | 7,113 | ||||||||||||
Manufactured Homes | 7,671 | — | — | 7,671 | ||||||||||||
Office | 6,641 | — | — | 6,641 | ||||||||||||
Regional Malls | 7,622 | — | — | 7,622 | ||||||||||||
Self Storage | 35,206 | — | — | 35,206 | ||||||||||||
Shopping Centers | 18,431 | — | — | 18,431 | ||||||||||||
Single Family Homes | 16,110 | — | — | 16,110 | ||||||||||||
Specialty | 19,060 | — | — | 19,060 | ||||||||||||
Total Common Stocks | 267,187 | — | — | 267,187 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 9,656 | — | — | 9,656 | ||||||||||||
Repurchase Agreements | — | 389 | — | 389 | ||||||||||||
Total Short-Term Investments | 9,656 | 389 | — | 10,045 | ||||||||||||
Total Assets | $ | 276,843 | $ | 389 | $ | — | $ | 277,232 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.