Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Discovery Portfolio
Shares | Value (000) | |||||||
Common Stocks (92.1%) | ||||||||
Biotechnology (2.1%) | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 762 | $ | 135 | |||||
Intellia Therapeutics, Inc. (a) | 16,207 | 512 | ||||||
ProKidney Corp. (a) | 76,405 | 350 | ||||||
Roivant Sciences Ltd. (a) | 166,771 | 1,948 | ||||||
2,945 | ||||||||
Broadline Retail (7.1%) | ||||||||
Global-e Online Ltd. (Israel) (a) | 246,474 | 9,795 | ||||||
Chemicals (0.4%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a)(b) | 303,298 | 549 | ||||||
Entertainment (4.6%) | ||||||||
ROBLOX Corp., Class A (a) | 219,644 | 6,361 | ||||||
Financial Services (12.0%) | ||||||||
Adyen NV (Netherlands) (a) | 4,762 | 3,531 | ||||||
Affirm Holdings, Inc. (a) | 467,715 | 9,948 | ||||||
Toast, Inc., Class A (a) | 170,905 | 3,201 | ||||||
16,680 | ||||||||
Ground Transportation (2.0%) | ||||||||
Grab Holdings Ltd., Class A (Singapore) (a) | 798,239 | 2,826 | ||||||
Health Care Equipment & Supplies (0.8%) | ||||||||
Dexcom, Inc. (a) | 7,762 | 724 | ||||||
Penumbra, Inc. N (a) | 1,527 | 370 | ||||||
1,094 | ||||||||
Health Care Providers & Services (5.2%) | ||||||||
Agilon health, Inc. (a) | 403,976 | 7,175 | ||||||
Health Care Technology (1.4%) | ||||||||
Doximity, Inc., Class A (a) | 89,137 | 1,891 | ||||||
Hotels, Restaurants & Leisure (6.2%) | ||||||||
DoorDash, Inc., Class A (a) | 108,680 | 8,637 | ||||||
Information Technology Services (10.4%) | ||||||||
Cloudflare, Inc., Class A (a) | 172,869 | 10,898 | ||||||
MongoDB, Inc. (a) | 10,124 | 3,501 | ||||||
14,399 | ||||||||
Interactive Media & Services (0.1%) | ||||||||
Snap, Inc., Class A (a) | 16,081 | 143 | ||||||
Leisure Products (1.6%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 433,141 | 2,187 | ||||||
Life Sciences Tools & Services (1.3%) | ||||||||
10X Genomics, Inc., Class A (a) | 44,684 | 1,843 | ||||||
Media (7.4%) | ||||||||
Trade Desk, Inc., Class A (a) | 130,640 | 10,209 | ||||||
Pharmaceuticals (4.6%) | ||||||||
Royalty Pharma PLC, Class A | 236,060 | 6,407 | ||||||
Semiconductors & Semiconductor Equipment (0.1%) | ||||||||
Enphase Energy, Inc. (a) | 1,167 | 140 | ||||||
Software (18.0%) | ||||||||
Aurora Innovation, Inc. (a) | 774,309 | 1,820 | ||||||
Bill Holdings, Inc. (a) | 64,652 | 7,019 | ||||||
Gitlab, Inc., Class A (a) | 71,713 | 3,243 | ||||||
HubSpot, Inc. (a) | 2,879 | 1,418 | ||||||
Klaviyo, Inc., Class A (a) | 22,458 | 775 | ||||||
MicroStrategy, Inc., Class A (a) | 3,276 | 1,075 | ||||||
Procore Technologies, Inc. (a) | 60,178 | 3,931 | ||||||
Samsara, Inc., Class A (a) | 223,157 | 5,626 | ||||||
Unity Software, Inc. (a) | 4,444 | 139 | ||||||
25,046 | ||||||||
Specialty Retail (6.8%) | ||||||||
Carvana Co. (a) | 144,609 | 6,071 | ||||||
Wayfair, Inc., Class A (a) | 55,917 | 3,387 | ||||||
9,458 | ||||||||
Total Common Stocks (Cost $176,373) | 127,785 | |||||||
Preferred Stocks (2.4%) | ||||||||
Software (2.4%) | ||||||||
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) | 36,279 | 2,667 | ||||||
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23) | 9,645 | 709 | ||||||
Total Preferred Stocks (Cost $3,375) | 3,376 | |||||||
Investment Company (1.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $4,221) | 116,412 | 2,234 | ||||||
No. of Warrants | ||||||||
Warrant (0.0%)‡ | ||||||||
Chemicals (0.0%)‡ | ||||||||
Ginkgo Bioworks Holdings, Inc. , expires 12/31/27 (a) (Cost $55) | 16,415 | 3 | ||||||
Shares | ||||||||
Short-Term Investments (4.6%) | ||||||||
Investment Company (4.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $5,844) | 5,844,263 | 5,844 | ||||||
Securities held as Collateral on Loaned Securities (0.4%) | ||||||||
Investment Company (0.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) | 456,922 | 457 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Discovery Portfolio
Face Amount (000) | Value (000) | |||||||
Repurchase Agreements (0.1%) | ||||||||
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $32; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $32) | $ | 32 | $ | 32 | ||||
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $69; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $71) | 69 | 69 | ||||||
101 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $558) | 558 | |||||||
Total Short-Term Investments (Cost $6,402) | 6,402 | |||||||
Total Investments Excluding Purchased Options (100.7%) (Cost $190,426) | 139,800 | |||||||
Total Purchased Options Outstanding (0.3%) (Cost $420) | 438 | |||||||
Total Investments (101.0%) (Cost $190,846) Including $505 of Securities Loaned (f)(g)(h)(i) | 140,238 | |||||||
Liabilities in Excess of Other Assets (–1.0%) | (1,453 | ) | ||||||
Net Assets (100.0%) | $ | 138,785 |
‡ | Amount is less than 0.05%. |
(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, 2023, were approximately $505,000 and $558,000 respectively. The Fund received cash collateral of approximately $558,000, which 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. 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, 2023 amounts to approximately $3,376,000 and represents 2.4% of net assets. |
(d) | At September 30, 2023, the Fund held fair valued securities valued at approximately $3,376,000, representing 2.4% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Funds. |
(f) | The approximate fair value and percentage of net assets, $3,531,000 and 2.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(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, 2023, the Fund did not engage in any cross-trade transactions. |
(h) | Securities are available for collateral in connection with purchased options. |
(i) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,889,000 and the aggregate gross unrealized depreciation is approximately $64,497,000, resulting in net unrealized depreciation of approximately $50,608,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Discovery Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 27,229,362 | $ | 27,229 | $ | 124 | $ | 128 | $ | (4 | ) | ||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 33,393,235 | 33,393 | 174 | 142 | 32 | |||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 36,061,106 | 36,061 | 140 | 149 | (9 | ) | ||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 291,150 | 291 | — | @ | 1 | (1 | ) | |||||||||||
$ | 438 | $ | 420 | $ | 18 |
@ | Value is less than $500. | |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Other** | 24.8 | % | ||
Software | 20.4 | |||
Financial Services | 12.0 | |||
Information Technology Services | 10.3 | |||
Media | 7.3 | |||
Broadline Retail | 7.0 | |||
Specialty Retail | 6.8 | |||
Hotels, Restaurants & Leisure | 6.2 | |||
Health Care Providers & Services | 5.2 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (96.4%) | ||||||||
Albania (1.8%) | ||||||||
Sovereign (1.8%) | ||||||||
Albania Government International Bond, | ||||||||
3.50%, 10/9/25 | EUR | 210 | �� | $ | 215 | |||
5.90%, 6/9/28 | 1,500 | 1,548 | ||||||
1,763 | ||||||||
Angola (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Angolan Government International Bond, | ||||||||
8.75%, 4/14/32 | $ | 1,092 | 881 | |||||
Argentina (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Argentine Republic Government International Bond, | ||||||||
1.00%, 7/9/29 | 400 | 112 | ||||||
3.50%, 7/9/41 (a) | 600 | 155 | ||||||
4.25%, 1/9/38 (a) | 1,600 | 473 | ||||||
740 | ||||||||
Armenia (0.2%) | ||||||||
Corporate Bond (0.2%) | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV, | ||||||||
6.50%, 1/28/25 | 200 | 198 | ||||||
Bahrain (2.5%) | ||||||||
Sovereign (2.5%) | ||||||||
Bahrain Government International Bond, | ||||||||
5.45%, 9/16/32 | 1,070 | 934 | ||||||
5.63%, 5/18/34 | 1,000 | 858 | ||||||
7.00%, 10/12/28 | 650 | 661 | ||||||
2,453 | ||||||||
Barbados (1.4%) | ||||||||
Sovereign (1.4%) | ||||||||
Barbados Government International Bond, | ||||||||
6.50%, 10/1/29 | 1,451 | 1,355 | ||||||
Benin (1.9%) | ||||||||
Sovereign (1.9%) | ||||||||
Benin Government International Bond, | ||||||||
4.88%, 1/19/32 | EUR | 250 | 196 | |||||
4.95%, 1/22/35 | 390 | 284 | ||||||
6.88%, 1/19/52 | 1,970 | 1,396 | ||||||
1,876 | ||||||||
Brazil (4.4%) | ||||||||
Corporate Bonds (4.4%) | ||||||||
Coruripe Netherlands BV, | ||||||||
10.00%, 2/10/27 | $ | 830 | 609 | |||||
FORESEA Holding SA, | ||||||||
7.50%, 6/15/30 | 500 | 470 | ||||||
Guara Norte Sarl, | ||||||||
5.20%, 6/15/34 | 424 | 362 | ||||||
Hidrovias International Finance Sarl, | ||||||||
4.95%, 2/8/31 | 580 | 466 | ||||||
MC Brazil Downstream Trading Sarl, | ||||||||
7.25%, 6/30/31 | 657 | 505 | ||||||
Minerva Luxembourg SA, | ||||||||
8.88%, 9/13/33 (b) | 812 | 807 | ||||||
MV24 Capital BV, | ||||||||
6.75%, 6/1/34 | 578 | 511 | ||||||
Natura &Co. Luxembourg Holdings Sarl, | ||||||||
6.00%, 4/19/29 | 201 | 185 | ||||||
Samarco Mineracao SA, | ||||||||
5.75%, 10/24/23 (c)(d) | 520 | 409 | ||||||
4,324 | ||||||||
Bulgaria (0.2%) | ||||||||
Corporate Bond (0.2%) | ||||||||
Bulgarian Energy Holding EAD, | ||||||||
2.45%, 7/22/28 | EUR | 230 | 204 | |||||
Burkina Faso (0.8%) | ||||||||
Corporate Bond (0.8%) | ||||||||
Endeavour Mining PLC, | ||||||||
5.00%, 10/14/26 | $ | 880 | 788 | |||||
Chile (2.7%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
AES Andes SA, | ||||||||
7.13%, 3/26/79 | 659 | 622 | ||||||
Liberty Latin America Ltd., | ||||||||
2.00%, 7/15/24 | 311 | 294 | ||||||
VTR Comunicaciones SpA, | ||||||||
4.38%, 4/15/29 | 200 | 111 | ||||||
5.13%, 1/15/28 | 400 | 226 | ||||||
1,253 | ||||||||
Sovereign (1.4%) | ||||||||
Chile Government International Bond, | ||||||||
2.45%, 1/31/31 | 300 | 247 | ||||||
2.55%, 7/27/33 | 830 | 639 | ||||||
3.50%, 1/25/50 | 750 | 502 | ||||||
1,388 | ||||||||
2,641 | ||||||||
China (1.2%) | ||||||||
Corporate Bonds (1.2%) | ||||||||
KWG Group Holdings Ltd., | ||||||||
7.88%, 8/30/24 (c)(d) | 450 | 41 | ||||||
Longfor Group Holdings Ltd., | ||||||||
3.85%, 1/13/32 | 231 | 98 | ||||||
Meituan, | ||||||||
0.00%, 4/27/27 | 500 | 443 | ||||||
Shimao Group Holdings Ltd., | ||||||||
5.60%, 7/15/26 | 1,218 | 43 | ||||||
Sunac China Holdings Ltd., | ||||||||
8.35%, 4/19/23 (c)(d) | 740 | 112 | ||||||
Times China Holdings Ltd., | ||||||||
5.55%, 6/4/24 (c)(d) | 1,376 | 48 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Corporate Bonds (cont’d) | ||||||||
6.75%, 7/16/23 (c)(d) | $ | 280 | $ | 10 | ||||
Yuexiu REIT MTN Co. Ltd., | ||||||||
2.65%, 2/2/26 | 430 | 370 | ||||||
1,165 | ||||||||
Colombia (2.2%) | ||||||||
Corporate Bonds (2.2%) | ||||||||
ABRA Global Finance | ||||||||
6.00% Cash, 5.50% PIK, 11.50%, 3/2/28 (b)(e) | 526 | 422 | ||||||
Aris Mining Corp., | ||||||||
6.88%, 8/9/26 | 830 | 665 | ||||||
Avianca Midco 2 PLC, | ||||||||
9.00%, 12/1/28 | 290 | 248 | ||||||
Canacol Energy Ltd., | ||||||||
5.75%, 11/24/28 | 552 | 438 | ||||||
SierraCol Energy Andina LLC, | ||||||||
6.00%, 6/15/28 | 501 | 399 | ||||||
2,172 | ||||||||
Costa Rica (0.9%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Liberty Costa Rica Senior Secured Finance, | ||||||||
10.88%, 1/15/31 (b) | 630 | 632 | ||||||
Sovereign (0.3%) | ||||||||
Costa Rica Government International Bond, | ||||||||
6.55%, 4/3/34 | 300 | 293 | ||||||
925 | ||||||||
Dominican Republic (2.3%) | ||||||||
Sovereign (2.3%) | ||||||||
Dominican Republic International Bond, | ||||||||
4.88%, 9/23/32 | 600 | 489 | ||||||
5.88%, 1/30/60 | 200 | 144 | ||||||
6.00%, 7/19/28 (b) | 600 | 572 | ||||||
6.85%, 1/27/45 (b) | 740 | 632 | ||||||
7.45%, 4/30/44 (b) | 500 | 458 | ||||||
2,295 | ||||||||
Egypt (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Egypt Government International Bond, | ||||||||
5.25%, 10/6/25 (b) | 500 | 386 | ||||||
5.75%, 5/29/24 | 300 | 279 | ||||||
6.38%, 4/11/31 (b) | EUR | 500 | 296 | |||||
6.88%, 4/30/40 | $ | 104 | 54 | |||||
7.50%, 2/16/61 | 370 | 188 | ||||||
8.88%, 5/29/50 | 730 | 398 | ||||||
1,601 | ||||||||
El Salvador (1.1%) | ||||||||
Sovereign (1.1%) | ||||||||
El Salvador Government International Bond, | ||||||||
5.88%, 1/30/25 | 157 | 143 | ||||||
6.38%, 1/18/27 | 487 | 399 | ||||||
7.63%, 2/1/41 | 150 | 103 | ||||||
7.65%, 6/15/35 | 27 | 19 | ||||||
8.25%, 4/10/32 | 526 | 420 | ||||||
1,084 | ||||||||
Ethiopia (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Ethiopia International Bond, | ||||||||
6.63%, 12/11/24 | 1,580 | 1,027 | ||||||
Gabon (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Gabon Government International Bond, | ||||||||
6.95%, 6/16/25 (b) | 300 | 268 | ||||||
Georgia (0.4%) | ||||||||
Corporate Bond (0.4%) | ||||||||
TBC Bank JSC, | ||||||||
10.78%, 10/3/24 (f) | 370 | 362 | ||||||
Ghana (2.3%) | ||||||||
Corporate Bonds (0.8%) | ||||||||
Kosmos Energy Ltd., | ||||||||
7.50%, 3/1/28 | 282 | 254 | ||||||
7.75%, 5/1/27 | 215 | 199 | ||||||
Tullow Oil PLC, | ||||||||
10.25%, 5/15/26 | 398 | 346 | ||||||
799 | ||||||||
Sovereign (1.5%) | ||||||||
Ghana Government International Bond, | ||||||||
6.38%, 2/11/27 (c)(d) | 200 | 89 | ||||||
7.75%, 4/7/29 (c)(d) | 205 | 91 | ||||||
8.13%, 3/26/32 (c)(d) | 387 | 171 | ||||||
8.63%, 4/7/34 (c)(d) | 417 | 186 | ||||||
8.63%, 6/16/49 (c)(d) | 1,230 | 526 | ||||||
8.75%, 3/11/61 (c)(d) | 403 | 173 | ||||||
8.88%, 5/7/42 (c)(d) | 233 | 100 | ||||||
8.95%, 3/26/51 (c)(d) | 245 | 105 | ||||||
1,441 | ||||||||
2,240 | ||||||||
Guatemala (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Guatemala Government Bond, | ||||||||
3.70%, 10/7/33 | 300 | 231 | ||||||
4.65%, 10/7/41 (b) | 310 | 230 | ||||||
6.13%, 6/1/50 (b) | 320 | 277 | ||||||
738 | ||||||||
Honduras (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Honduras Government International Bond, | ||||||||
6.25%, 1/19/27 | 150 | 142 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Sovereign (cont'd) | ||||||||
Hungary (2.3%) | ||||||||
Corporate Bond (0.6%) | ||||||||
OTP Bank Nyrt, | ||||||||
8.75%, 5/15/33 | $ | 550 | $ | 547 | ||||
Sovereign (1.7%) | ||||||||
Hungary Government International Bond, | ||||||||
5.38%, 9/12/33 | EUR | 134 | 137 | |||||
6.25%, 9/22/32 | $ | 600 | 586 | |||||
6.25%, 9/22/32 (b) | 1,000 | 977 | ||||||
1,700 | ||||||||
2,247 | ||||||||
India (1.7%) | ||||||||
Corporate Bonds (1.4%) | ||||||||
Indiabulls Housing Finance Ltd., | ||||||||
4.50%, 9/28/26 | 387 | 352 | ||||||
JSW Steel Ltd., | ||||||||
5.05%, 4/5/32 | 642 | 516 | ||||||
Vedanta Resources Finance II PLC, | ||||||||
13.88%, 1/21/24 | 550 | 493 | ||||||
1,361 | ||||||||
Sovereign (0.3%) | ||||||||
Export-Import Bank of India, | ||||||||
5.50%, 1/18/33 (b) | 300 | 288 | ||||||
1,649 | ||||||||
Indonesia (3.9%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
APL Realty Holdings Pte. Ltd., | ||||||||
5.95%, 6/2/24 | 350 | 271 | ||||||
Minejesa Capital BV, | ||||||||
4.63%, 8/10/30 | 1,165 | 1,040 | ||||||
1,311 | ||||||||
Sovereign (2.6%) | ||||||||
Indonesia Government International Bond, | ||||||||
3.55%, 3/31/32 | 600 | 519 | ||||||
4.45%, 4/15/70 | 300 | 228 | ||||||
4.65%, 9/20/32 | 780 | 731 | ||||||
4.85%, 1/11/33 | 1,160 | 1,106 | ||||||
2,584 | ||||||||
3,895 | ||||||||
Iraq (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Iraq International Bond, | ||||||||
5.80%, 1/15/28 | 478 | 444 | ||||||
Ivory Coast (2.5%) | ||||||||
Sovereign (2.5%) | ||||||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 | EUR | 600 | 485 | |||||
6.63%, 3/22/48 | 2,031 | 1,482 | ||||||
6.88%, 10/17/40 | 591 | 464 | ||||||
2,431 | ||||||||
Jamaica (0.6%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd., | ||||||||
8.75%, 5/25/24 | $ | 700 | 631 | |||||
Jordan (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Jordan Government International Bond, | ||||||||
7.38%, 10/10/47 (b) | 514 | 425 | ||||||
7.50%, 1/13/29 | 200 | 196 | ||||||
7.75%, 1/15/28 | 200 | 200 | ||||||
821 | ||||||||
Kazakhstan (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Kazakhstan Government International Bond, | ||||||||
6.50%, 7/21/45 | 800 | 816 | ||||||
Kenya (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Republic of Kenya Government International Bond, | ||||||||
8.00%, 5/22/32 | 1,200 | 936 | ||||||
Kuwait (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Kuwait International Government Bond, | ||||||||
3.50%, 3/20/27 | 550 | 522 | ||||||
Lebanon (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Lebanon Government International Bond, | ||||||||
6.85%, 3/23/27 - 5/25/29 (c)(d) | 2,420 | 199 | ||||||
Macedonia (2.9%) | ||||||||
Sovereign (2.9%) | ||||||||
North Macedonia Government International Bond, | ||||||||
1.63%, 3/10/28 | EUR | 1,554 | 1,339 | |||||
6.96%, 3/13/27 | 1,449 | 1,564 | ||||||
2,903 | ||||||||
Mexico (5.5%) | ||||||||
Corporate Bonds (3.3%) | ||||||||
Banco Mercantil del Norte SA, | ||||||||
8.38%, 10/14/30 (f) | $ | 234 | 222 | |||||
BBVA Bancomer SA, | ||||||||
5.13%, 1/18/33 | 465 | 401 | ||||||
8.45%, 6/29/38 (b) | 289 | 285 | ||||||
Braskem Idesa SAPI, | ||||||||
6.99%, 2/20/32 | 478 | 288 | ||||||
7.45%, 11/15/29 | 515 | 322 | ||||||
Cemex SAB de CV, | ||||||||
5.13%, 6/8/26 (f) | 300 | 281 | ||||||
9.13%, 3/14/28 (b)(f) | 244 | 254 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Corporate Bonds (cont'd) | ||||||||
Grupo Aeromexico SAB de CV, | ||||||||
8.50%, 3/17/27 | $ | 280 | $ | 262 | ||||
Total Play Telecomunicaciones SA de CV, | ||||||||
7.50%, 11/12/25 | 1,351 | 968 | ||||||
3,283 | ||||||||
Sovereign (2.2%) | ||||||||
Petroleos Mexicanos, | ||||||||
4.25%, 1/15/25 | 330 | 316 | ||||||
5.95%, 1/28/31 | 900 | 645 | ||||||
6.35%, 2/12/48 | 400 | 228 | ||||||
6.70%, 2/16/32 | 500 | 372 | ||||||
6.88%, 8/4/26 | 300 | 277 | ||||||
10.00%, 2/7/33 (b) | 300 | 267 | ||||||
2,105 | ||||||||
5,388 | ||||||||
Moldova (0.3%) | ||||||||
Corporate Bond (0.3%) | ||||||||
Aragvi Finance International DAC, | ||||||||
8.45%, 4/29/26 | 450 | 311 | ||||||
Mongolia (0.3%) | ||||||||
Corporate Bond (0.3%) | ||||||||
Mongolian Mining Corp./Energy Resources LLC, | ||||||||
9.25%, 4/15/24 | 265 | 265 | ||||||
Morocco (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Morocco Government International Bond, | ||||||||
3.00%, 12/15/32 | 300 | 229 | ||||||
4.00%, 12/15/50 (b) | 610 | 379 | ||||||
608 | ||||||||
Nigeria (3.4%) | ||||||||
Corporate Bonds (0.6%) | ||||||||
IHS Netherlands Holdco BV, | ||||||||
8.00%, 9/18/27 (b) | 300 | 252 | ||||||
SEPLAT Energy PLC, | ||||||||
7.75%, 4/1/26 | 410 | 351 | ||||||
603 | ||||||||
Sovereign (2.8%) | ||||||||
Nigeria Government International Bond, | ||||||||
6.50%, 11/28/27 (b) | 300 | 251 | ||||||
6.50%, 11/28/27 | 360 | 301 | ||||||
7.38%, 9/28/33 | 1,025 | 761 | ||||||
7.63%, 11/28/47 | 200 | 134 | ||||||
7.70%, 2/23/38 | 1,017 | 715 | ||||||
8.25%, 9/28/51 | 830 | 577 | ||||||
2,739 | ||||||||
3,342 | ||||||||
Oman (2.4%) | ||||||||
Sovereign (2.4%) | ||||||||
Oman Government International Bond, | ||||||||
5.38%, 3/8/27 | 200 | 195 | ||||||
6.25%, 1/25/31 (b) | 550 | 544 | ||||||
6.25%, 1/25/31 | 1,060 | 1,049 | ||||||
6.75%, 1/17/48 | 440 | 406 | ||||||
7.38%, 10/28/32 | 200 | 212 | ||||||
2,406 | ||||||||
Panama (2.5%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
C&W Senior Financing DAC, | ||||||||
6.88%, 9/15/27 | 873 | 768 | ||||||
Multibank, Inc., | ||||||||
7.75%, 2/3/28 (b) | 531 | 536 | ||||||
1,304 | ||||||||
Sovereign (1.2%) | ||||||||
Panama Bonos del Tesoro, | ||||||||
6.38%, 7/25/33 | 130 | 123 | ||||||
Panama Government International Bond, | ||||||||
2.25%, 9/29/32 | 600 | 436 | ||||||
3.87%, 7/23/60 | 470 | 273 | ||||||
4.50%, 4/1/56 | 500 | 331 | ||||||
1,163 | ||||||||
2,467 | ||||||||
Paraguay (1.2%) | ||||||||
Corporate Bond (0.7%) | ||||||||
Frigorifico Concepcion SA, | ||||||||
7.70%, 7/21/28 | 786 | 651 | ||||||
Sovereign (0.5%) | ||||||||
Paraguay Government International Bond, | ||||||||
5.40%, 3/30/50 | 248 | 196 | ||||||
5.40%, 3/30/50 (b) | 400 | 317 | ||||||
513 | ||||||||
1,164 | ||||||||
Peru (2.6%) | ||||||||
Corporate Bonds (1.8%) | ||||||||
Auna SAA, | ||||||||
6.50%, 11/20/25 | 989 | 911 | ||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru, | ||||||||
8.55%, 9/18/33 (b) | 200 | 202 | ||||||
Peru LNG Srl, | ||||||||
5.38%, 3/22/30 | 905 | 712 | ||||||
1,825 | ||||||||
Sovereign (0.8%) | ||||||||
Peruvian Government International Bond, | ||||||||
2.78%, 1/23/31 | 300 | 246 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Sovereign (cont'd) | ||||||||
3.00%, 1/15/34 | $ | 300 | $ | 232 | ||||
3.55%, 3/10/51 | 400 | 265 | ||||||
743 | ||||||||
2,568 | ||||||||
Romania (5.1%) | ||||||||
Sovereign (5.1%) | ||||||||
Romanian Government International Bond, | ||||||||
1.75%, 7/13/30 (b) | EUR | 315 | 253 | |||||
1.75%, 7/13/30 | 1,724 | 1,383 | ||||||
2.00%, 4/14/33 | 562 | 410 | ||||||
2.12%, 7/16/31 | 749 | 589 | ||||||
2.13%, 3/7/28 | 532 | 489 | ||||||
3.75%, 2/7/34 | 121 | 101 | ||||||
3.75%, 2/7/34 (b) | 560 | 469 | ||||||
4.00%, 2/14/51 | $ | 830 | 531 | |||||
6.13%, 1/22/44 | 250 | 224 | ||||||
6.63%, 9/27/29 | EUR | 500 | 545 | |||||
4,994 | ||||||||
Senegal (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Senegal Government International Bond, | ||||||||
6.25%, 5/23/33 | $ | 300 | 241 | |||||
Serbia (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Serbia International Bond, | ||||||||
1.50%, 6/26/29 | EUR | 600 | 490 | |||||
2.05%, 9/23/36 | 270 | 170 | ||||||
2.13%, 12/1/30 (b) | $ | 310 | 228 | |||||
2.13%, 12/1/30 | 720 | 530 | ||||||
6.50%, 9/26/33 | 200 | 191 | ||||||
1,609 | ||||||||
South Africa (1.1%) | ||||||||
Corporate Bonds (1.1%) | ||||||||
Petra Diamonds U.S. Treasury PLC | ||||||||
6.07% Cash, 3.96 % PIK, | ||||||||
9.75%, 3/8/26 (e) | 151 | 133 | ||||||
Sasol Financing USA LLC, | ||||||||
5.50%, 3/18/31 | 870 | 683 | ||||||
8.75%, 5/3/29 | 233 | 224 | ||||||
1,040 | ||||||||
Sri Lanka (2.5%) | ||||||||
Sovereign (2.5%) | ||||||||
Sri Lanka Government International Bond, | ||||||||
5.75%, 4/18/23 (c)(d) | 200 | 97 | ||||||
6.20%, 5/11/27 (c)(d) | 2,400 | 1,121 | ||||||
6.35%, 6/28/24 (c)(d) | 200 | 96 | ||||||
6.83%, 7/18/26 (c)(d) | 200 | 96 | ||||||
6.85%, 3/14/24 - 11/3/25 (c)(d) | 2,100 | 1,015 | ||||||
2,425 | ||||||||
Suriname (5.9%) | ||||||||
Sovereign (5.9%) | ||||||||
Suriname Government International Bond, | ||||||||
9.25%, 10/26/26 (c)(d) | 4,633 | 3,996 | ||||||
12.88%, 12/30/23 (b)(c)(d) | 868 | 782 | ||||||
12.88%, 12/30/23 (c)(d) | 1,122 | 1,011 | ||||||
5,789 | ||||||||
Tanzania, United Republic Of (0.8%) | ||||||||
Corporate Bonds (0.8%) | ||||||||
HTA Group Ltd., | ||||||||
2.88%, 3/18/27 | 200 | 165 | ||||||
7.00%, 12/18/25 | 600 | 579 | ||||||
744 | ||||||||
Trinidad And Tobago (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Trinidad & Tobago Government International Bond, | ||||||||
4.50%, 6/26/30 | 350 | 323 | ||||||
Turkey (2.2%) | ||||||||
Corporate Bonds (2.2%) | ||||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, | ||||||||
9.50%, 7/10/36 | 749 | 676 | ||||||
Ulker Biskuvi Sanayi AS, | ||||||||
6.95%, 10/30/25 | 740 | 697 | ||||||
WE Soda Investments Holding PLC, | ||||||||
9.50%, 10/6/28 | 800 | 808 | ||||||
2,181 | ||||||||
Ukraine (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Ukraine Government Bond, | ||||||||
7.75%, 9/1/25 (c)(d) | 100 | 33 | ||||||
Ukraine Government International Bond, | ||||||||
6.88%, 5/21/31 (c)(d) | 1,000 | 267 | ||||||
7.75%, 9/1/24 - 9/1/25 (c)(d) | 1,571 | 523 | ||||||
7.75%, 8/1/41 (c)(d)(g) | 300 | 139 | ||||||
962 | ||||||||
United Arab Emirates (3.3%) | ||||||||
Sovereign (3.3%) | ||||||||
Finance Department Government of Sharjah, | ||||||||
4.00%, 7/28/50 | 1,671 | 976 | ||||||
4.38%, 3/10/51 | 500 | 313 | ||||||
6.50%, 11/23/32 | 550 | 549 | ||||||
6.50%, 11/23/32 (b) | 1,430 | 1,429 | ||||||
3,267 | ||||||||
Uruguay (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
Uruguay Government International Bond, | ||||||||
4.38%, 1/23/31 | 550 | 527 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Sovereign (cont'd) | ||||||||
5.10%, 6/18/50 | $ | 750 | $ | 667 | ||||
5.75%, 10/28/34 | 490 | 500 | ||||||
1,694 | ||||||||
Uzbekistan (1.7%) | ||||||||
Corporate Bond (0.5%) | ||||||||
Uzbek Industrial and Construction Bank ATB, | ||||||||
5.75%, 12/2/24 | 462 | 442 | ||||||
Sovereign (1.2%) | ||||||||
Republic of Uzbekistan International Bond, | ||||||||
3.70%, 11/25/30 (b) | 200 | 157 | ||||||
3.90%, 10/19/31 | 634 | 496 | ||||||
5.38%, 2/20/29 | 600 | 538 | ||||||
1,191 | ||||||||
1,633 | ||||||||
Venezuela (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Petroleos de Venezuela SA, | ||||||||
6.00%, 11/15/26 (c)(d) | 5,850 | 336 | ||||||
Vietnam (0.6%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Mong Duong Finance Holdings BV, | ||||||||
5.13%, 5/7/29 | 606 | 551 | ||||||
Zambia (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Zambia Government International Bond, | ||||||||
8.50%, 4/14/24 (c)(d) | 401 | 221 | ||||||
Total Fixed Income Securities (Cost $109,717) | 95,265 |
No. of Warrants | ||||||||
Warrant (0.0%)‡ | ||||||||
Venezuela (0.0%)‡ | ||||||||
Venezuela Government International Bond, Oil-Linked Payment Obligation,expires 4/15/20 (h)(i) (Cost $—) | 3,750 | 19 |
Shares | ||||||||
Short-Term Investments (1.7%) | ||||||||
Investment Company (1.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (j) (Cost $1,595) | 1,595,201 | 1,595 |
Face Amount (000) | ||||||||
United States (0.1%) | ||||||||
U.S. Treasury Security (0.1%) | ||||||||
U.S. Treasury Bill, | ||||||||
4.47%, 11/30/23 (k) (Cost $124) | $ | 125 | $ | 124 | ||||
Total Short-Term Investments (Cost $1,719) | 1,719 | |||||||
Total Investments (98.1%) (Cost $111,436) (l)(m) | 97,003 | |||||||
Other Assets in Excess of Liabilities (1.9%) | 1,831 | |||||||
Net Assets (100.0%) | $ | 98,834 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
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.
‡ | Amount is less than 0.05%. |
(a) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2023. Maturity date disclosed is the ultimate maturity date. |
(b) | 144A security – Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(c) | Issuer in bankruptcy. |
(d) | Non-income producing security; bond in default. |
(e) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
(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, 2023. |
(g) | Floating or variable rate securities: The rates disclosed are as of September 30, 2023. 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. |
(h) | Perpetual maturity date. Date disclosed is the last expiration date. |
(i) | Non-income producing security. |
(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. 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, 2023, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds. |
(k) | Rate shown is the yield to maturity at September 30, 2023. |
(l) | Securities are available for collateral in connection with open foreign currency forward exchange contracts and futures contracts. |
(m) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,922,000 and the aggregate gross unrealized depreciation is approximately $17,170,000, resulting in net unrealized depreciation of approximately $15,248,000. |
DAC | Designated Activity Company. |
MTN | Medium Term Note. |
PIK | Payment-in-Kind. |
REIT | Real Estate Investment Trust. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||
Australia & New Zealand Banking Group Ltd. | $ | 1,415 | EUR | 1,321 | 10/6/23 | $ | (18 | ) | ||||
Australia & New Zealand Banking Group Ltd. | $ | 1,064 | EUR | 1,000 | 10/6/23 | (7 | ) | |||||
Barclays Bank PLC | EUR | 1,022 | $ | 1,096 | 10/6/23 | 16 | ||||||
Citibank NA | $ | 150 | EUR | 140 | 10/6/23 | (2 | ) | |||||
HSBC Bank PLC | EUR | 666 | $ | 716 | 10/6/23 | 12 | ||||||
HSBC Bank PLC | EUR | 263 | $ | 283 | 10/6/23 | 5 | ||||||
HSBC Bank PLC | EUR | 247 | $ | 266 | 10/6/23 | 4 | ||||||
HSBC Bank PLC | EUR | 264 | $ | 284 | 10/6/23 | 5 | ||||||
HSBC Bank PLC | EUR | 1,200 | $ | 1,290 | 10/6/23 | 21 | ||||||
HSBC Bank PLC | EUR | 287 | $ | 309 | 10/6/23 | 5 | ||||||
HSBC Bank PLC | EUR | 76 | $ | 82 | 10/6/23 | 1 | ||||||
Standard Chartered Bank | EUR | 444 | $ | 476 | 10/6/23 | 7 | ||||||
State Street Bank and Trust Co. | EUR | 525 | $ | 563 | 10/6/23 | 8 | ||||||
State Street Bank and Trust Co. | EUR | 482 | $ | 516 | 10/6/23 | 7 | ||||||
State Street Bank and Trust Co. | EUR | 483 | $ | 518 | 10/6/23 | 7 | ||||||
State Street Bank and Trust Co. | EUR | 1,222 | $ | 1,310 | 10/6/23 | 18 | ||||||
State Street Bank and Trust Co. | EUR | 452 | $ | 485 | 10/6/23 | 7 | ||||||
State Street Bank and Trust Co. | EUR | 2,201 | $ | 2,362 | 10/6/23 | 35 | ||||||
State Street Bank and Trust Co. | EUR | 1,200 | $ | 1,289 | 10/6/23 | 21 | ||||||
State Street Bank and Trust Co. | EUR | 264 | $ | 284 | 10/6/23 | 5 | ||||||
State Street Bank and Trust Co. | EUR | 287 | $ | 308 | 10/6/23 | 5 | ||||||
State Street Bank and Trust Co. | EUR | 247 | $ | 265 | 10/6/23 | 4 | ||||||
State Street Bank and Trust Co. | EUR | 666 | $ | 716 | 10/6/23 | 11 | ||||||
State Street Bank and Trust Co. | EUR | 263 | $ | 283 | 10/6/23 | 5 | ||||||
State Street Bank and Trust Co. | EUR | 1,861 | $ | 1,996 | 10/6/23 | 28 | ||||||
State Street Bank and Trust Co. | EUR | 1,032 | $ | 1,107 | 10/6/23 | 16 | ||||||
State Street Bank and Trust Co. | EUR | 408 | $ | 438 | 10/6/23 | 6 | ||||||
State Street Bank and Trust Co. | EUR | 409 | $ | 439 | 10/6/23 | 6 | ||||||
State Street Bank and Trust Co. | EUR | 383 | $ | 411 | 10/6/23 | 6 | ||||||
UBS AG | EUR | 74 | $ | 80 | 10/6/23 | 1 | ||||||
UBS AG | EUR | 111 | $ | 117 | 10/6/23 | — | @ | |||||
$ | 245 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Futures Contracts:
The Fund had the following futures contracts open at September 30, 2023:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||
Long: | |||||||||||||||||
U.S. Treasury 2 yr. Note (United States) | 4 | Dec-23 | $ | 800 | $ | 811 | $ | (3 | ) | ||||||||
U.S. Treasury 10 yr. Note (United States) | 9 | Dec-23 | 900 | 973 | (10 | ) | |||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 132 | Dec-23 | 13,200 | 14,726 | (419 | ) | |||||||||||
U.S. Treasury Long Bond (United States) | 11 | Dec-23 | 1,100 | 1,252 | (69 | ) | |||||||||||
U.S. Treasury Ultra Bond (United States) | 96 | Dec-23 | 9,600 | 11,394 | (837 | ) | |||||||||||
Short: | |||||||||||||||||
Euro-Buxl 30 yr. Bond (Germany) | 8 | Dec-23 | EUR | (800 | ) | (1,035 | ) | 72 | |||||||||
German Euro-Bobl Index (Germany) | 41 | Dec-23 | (4,100 | ) | (5,018 | ) | 52 | ||||||||||
German Euro-Bund Index (Germany) | 43 | Dec-23 | EUR | (4,300 | ) | $ | (5,848 | ) | $ | 121 | |||||||
U.S. Treasury 5 yr. Note (United States) | 45 | Dec-23 | $ | (4,500 | ) | (4,741 | ) | 33 | |||||||||
$ | (1,060 | ) |
@ | Value is less than $500. | |
EUR | — | Euro |
Portfolio Composition
Classification | Percentage of Total Investments | ||
Sovereign | 68.4 | % | |
Corporate Bonds | 29.8 | ||
Other* | 1.8 | ||
Total Investments | 100.0 | %** |
* | Industries and/or investment types representing less than 5% of total investments. |
** | Does not include open long/short futures contracts with a value of approximately $45,798,000 and net unrealized depreciation of approximately $1,060,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $245,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Emerging Markets Equity Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.5%) | ||||||||
Brazil (7.7%) | ||||||||
Banco BTG Pactual SA (Units) (a) | 280,047 | $ | 1,731 | |||||
Itau Unibanco Holding SA (Preference) | 311,497 | 1,686 | ||||||
Localiza Rent a Car SA | 171,964 | 2,003 | ||||||
Lojas Renner SA | 523,607 | 1,396 | ||||||
Petroleo Brasileiro SA (Preference) | 394,665 | 2,720 | ||||||
Raia Drogasil SA | 268,157 | 1,474 | ||||||
WEG SA | 96,793 | 698 | ||||||
11,708 | ||||||||
China (18.1%) | ||||||||
Alibaba Group Holding Ltd. (b)(c) | 209,900 | 2,276 | ||||||
BYD Co. Ltd., H Shares (b) | 82,500 | 2,542 | ||||||
China Construction Bank Corp., H Shares (b) | 4,891,230 | 2,749 | ||||||
China Mengniu Dairy Co. Ltd. (b)(c) | 458,000 | 1,528 | ||||||
China Merchants Bank Co. Ltd., H Shares (b) | 358,000 | 1,486 | ||||||
China Resources Beer Holdings Co. Ltd. (b) | 188,000 | 1,027 | ||||||
China Tourism Group Duty Free Corp. Ltd. (b)(c)(d) | 38,400 | 507 | ||||||
JD.com, Inc., Class A (b) | 32,430 | 472 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 157,809 | 976 | ||||||
Kweichow Moutai Co. Ltd., Class A | 6,391 | 1,585 | ||||||
Li Ning Co. Ltd. (b) | 172,500 | 720 | ||||||
Meituan, Class B (b)(c) | 60,280 | 873 | ||||||
NARI Technology Co. Ltd., Class A | 306,200 | 932 | ||||||
Postal Savings Bank of China Co. Ltd. (b) | 2,719,000 | 1,369 | ||||||
Proya Cosmetics Co. Ltd., Class A | 63,848 | 890 | ||||||
Shenzhou International Group Holdings Ltd. (b) | 209,400 | 1,991 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 77,798 | 954 | ||||||
Tencent Holdings Ltd. (b) | 115,700 | 4,485 | ||||||
27,362 | ||||||||
India (24.3%) | ||||||||
Axis Bank Ltd. | 93,946 | 1,169 | ||||||
Bajaj Auto Ltd. | 36,748 | 2,235 | ||||||
Bajaj Finance Ltd. | 18,943 | 1,777 | ||||||
Delhivery Ltd. (c) | 184,002 | 912 | ||||||
HDFC Asset Management Co. Ltd. | 32,414 | 1,032 | ||||||
HDFC Bank Ltd. | 145,704 | 2,672 | ||||||
Hindalco Industries Ltd. | 343,541 | 2,028 | ||||||
ICICI Bank Ltd. | 327,035 | 3,747 | ||||||
ICICI Prudential Life Insurance Co. Ltd. | 178,353 | 1,214 | ||||||
Infosys Ltd. | 113,031 | 1,943 | ||||||
Infosys Ltd. ADR | 46,495 | 796 | ||||||
Larsen & Toubro Ltd. | 43,097 | 1,566 | ||||||
Macrotech Developers Ltd. (c) | 159,125 | 1,529 | ||||||
Mahindra & Mahindra Ltd. | 113,279 | 2,115 | ||||||
MakeMyTrip Ltd. (c) | 18,965 | 769 | ||||||
Max Healthcare Institute Ltd. (c) | 354,387 | 2,421 | ||||||
Pidilite Industries Ltd. | 33,120 | 971 | ||||||
Reliance Industries Ltd. | 125,807 | 3,542 | ||||||
Star Health & Allied Insurance Co. Ltd. (c) | 143,602 | 1,038 | ||||||
State Bank of India | 337,168 | 2,422 | ||||||
United Breweries Ltd. | 46,795 | 877 | ||||||
36,775 | ||||||||
Indonesia (4.3%) | ||||||||
Bank Central Asia Tbk PT | 2,804,400 | 1,598 | ||||||
Bank Mandiri Persero Tbk PT | 6,475,300 | 2,520 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 4,959,900 | 1,675 | ||||||
Cisarua Mountain Dairy PT TBK | 2,951,200 | 758 | ||||||
6,551 | ||||||||
Korea, Republic of (10.2%) | ||||||||
DB Insurance Co. Ltd. | 5,710 | 378 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 15,810 | 380 | ||||||
KB Financial Group, Inc. | 25,877 | 1,055 | ||||||
Kia Corp. | 15,128 | 911 | ||||||
Korea Zinc Co. Ltd. | 2,799 | 1,049 | ||||||
LG Chem Ltd. | 849 | 311 | ||||||
Samsung Electronics Co. Ltd. | 154,852 | 7,828 | ||||||
Samsung SDI Co. Ltd. | 2,265 | 856 | ||||||
SK Hynix, Inc. | 30,629 | 2,593 | ||||||
15,361 | ||||||||
Mexico (6.0%) | ||||||||
Gruma SAB de CV , Class B | 147,276 | 2,516 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 58,710 | 1,437 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 82,089 | 688 | ||||||
Qualitas Controladora SAB de CV | 201,013 | 1,513 | ||||||
Wal-Mart de Mexico SAB de CV | 786,753 | 2,970 | ||||||
9,124 | ||||||||
Poland (1.8%) | ||||||||
LPP SA | 891 | 2,644 | ||||||
Portugal (2.1%) | ||||||||
Galp Energia SGPS SA | 217,912 | 3,228 | ||||||
Saudi Arabia (0.9%) | ||||||||
Alinma Bank | 145,567 | 1,298 | ||||||
South Africa (5.6%) | ||||||||
Anglo American PLC | 109,995 | 3,041 | ||||||
AVI Ltd. | 494,510 | 1,947 | ||||||
Bidvest Group Ltd. (d) | 116,001 | 1,668 | ||||||
Capitec Bank Holdings Ltd. | 19,826 | 1,793 | ||||||
8,449 | ||||||||
Taiwan (13.5%) | ||||||||
Advantech Co. Ltd. | 36,000 | 385 | ||||||
Airtac International Group | 32,901 | 1,000 | ||||||
Chailease Holding Co. Ltd. | 312,940 | 1,757 | ||||||
CTBC Financial Holding Co. Ltd. | 843,000 | 641 | ||||||
Delta Electronics, Inc. | 140,000 | 1,410 | ||||||
MediaTek, Inc. | 63,000 | 1,440 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 509,000 | 8,300 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 41,165 | 3,577 | ||||||
United Microelectronics Corp. | 833,000 | 1,170 | ||||||
Voltronic Power Technology Corp. | 14,000 | 689 | ||||||
20,369 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Equity Portfolio
Shares | Value (000) | |||||||
Thailand (1.9%) | ||||||||
Central Retail Corp. PCL | 355,100 | $ | 377 | |||||
CP ALL PCL | 221,600 | 367 | ||||||
Kasikornbank PCL | 296,000 | 1,022 | ||||||
Tisco Financial Group PCL | 413,700 | 1,121 | ||||||
2,887 | ||||||||
United Kingdom (3.1%) | ||||||||
Antofagasta PLC | 122,196 | 2,121 | ||||||
Mondi PLC (d) | 151,528 | 2,532 | ||||||
4,653 | ||||||||
Total Common Stocks (Cost $131,271) | 150,409 |
No. of Rights | ||||||||
Rights (0.0%)‡ | ||||||||
Brazil (0.0%)‡ | ||||||||
Localiza Rent a Car SA, expires 11/10/23 (c) (Cost $—) | 1,260 | 4 |
Shares | ||||||||
Short-Term Investment (1.2%) | ||||||||
Investment Company (1.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (e) (Cost $1,805) | 1,805,257 | 1,805 | ||||||
Total Investments (100.7%) (Cost $133,076) Including $3,427 of Securities Loaned (f)(g)(h)(i) | 152,218 | |||||||
Liabilities in Excess of Other Assets (–0.7%) | (1,038 | ) | ||||||
Net Assets (100.0%) | $ | 151,180 |
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.
‡ | Amount is less than 0.05%. |
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Security trades on the Hong Kong exchange. |
(c) | Non-income producing security. |
(d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $3,427,000 and $3,594,000 respectively. The Fund received non-cash collateral of approximately $3,594,000 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. |
(e) | 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, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds. |
(f) | The approximate fair value and percentage of net assets, $121,548,000 and 80.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(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, 2023, the Fund did not engage in any cross-trade transactions. |
(h) | Securities are available for collateral in connection with open futures contracts. |
(i) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $31,042,000 and the aggregate gross unrealized depreciation is approximately $11,924,000, resulting in net unrealized appreciation of approximately $19,118,000. |
ADR | American Depositary Receipt. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Equity Portfolio
Futures Contract: |
The Fund had the following futures contract open at September 30, 2023: |
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Depreciation (000) | ||||||||||||
Long: | ||||||||||||||||
MSCI Emerging Market Index (United States) | 14 | Dec-23 | $ | 693 | $ | 669 | $ | (24 | ) |
MSCI | Morgan Stanley Capital International. |
Portfolio Composition |
Classification | Percentage of Total Investments | |||
Other* | 46.5 | % | ||
Banks | 20.2 | |||
Semiconductors & Semiconductor Equipment | 11.2 | |||
Oil, Gas & Consumable Fuels | 6.2 | |||
Metals & Mining | 5.4 | |||
Tech Hardware, Storage & Peripherals | 5.4 | |||
Automobiles | 5.1 | |||
Total Investments | 100.0 | %** |
* | Industries and/or investment types representing less than 5% of total investments. |
** | Does not include an open long futures contract with a value of approximately $669,000 and unrealized depreciation of approximately $24,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Infrastructure Portfolio
Shares | Value (000) | |||||||
Common Stocks (96.5%) | ||||||||
Australia (2.4%) | ||||||||
Transurban Group (Units) (a) | 199,860 | $ | 1,624 | |||||
Canada (16.7%) | ||||||||
Enbridge, Inc. | 95,803 | 3,177 | ||||||
Fortis, Inc. (b) | 8,737 | 332 | ||||||
GFL Environmental, Inc. | 119,449 | 3,794 | ||||||
Keyera Corp. (b) | 17,508 | 411 | ||||||
Pembina Pipeline Corp. | 61,062 | 1,836 | ||||||
TC Energy Corp. (b) | 48,490 | 1,668 | ||||||
11,218 | ||||||||
China (5.0%) | ||||||||
China Gas Holdings Ltd. (c) | 3,533,600 | 3,331 | ||||||
France (5.4%) | ||||||||
Aeroports de Paris | 2,026 | 239 | ||||||
Getlink SE | 10,581 | 169 | ||||||
Vinci SA | 29,237 | 3,234 | ||||||
3,642 | ||||||||
Italy (3.7%) | ||||||||
Infrastrutture Wireless Italiane SpA | 136,304 | 1,619 | ||||||
Snam SpA | 14,681 | 69 | ||||||
Terna - Rete Elettrica Nazionale | 110,477 | 831 | ||||||
2,519 | ||||||||
Mexico (1.8%) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 51,533 | 846 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 15,054 | 369 | ||||||
1,215 | ||||||||
New Zealand (0.6%) | ||||||||
Auckland International Airport Ltd. | 79,754 | 378 | ||||||
Portugal (0.4%) | ||||||||
EDP Renovaveis SA | 15,468 | 253 | ||||||
Spain (7.6%) | ||||||||
Aena SME SA | 7,572 | 1,139 | ||||||
Cellnex Telecom SA | 46,635 | 1,622 | ||||||
Ferrovial SE | 44,327 | 1,355 | ||||||
Iberdrola SA | 89,358 | 999 | ||||||
5,115 | ||||||||
Switzerland (0.9%) | ||||||||
Flughafen Zurich AG (Registered) | 3,223 | 614 | ||||||
United Kingdom (6.3%) | ||||||||
National Grid PLC | 254,917 | 3,048 | ||||||
Pennon Group PLC | 34,144 | 244 | ||||||
Severn Trent PLC | 33,259 | 959 | ||||||
4,251 | ||||||||
United States (45.7%) | ||||||||
Ameren Corp. | 5,892 | 441 | ||||||
American Electric Power Co., Inc. | 22,428 | 1,687 | ||||||
American Tower Corp. REIT | 24,742 | 4,069 | ||||||
American Water Works Co., Inc. | 11,759 | 1,456 | ||||||
Atmos Energy Corp. | 10,246 | 1,085 | ||||||
CenterPoint Energy, Inc. | 60,276 | 1,619 | ||||||
Cheniere Energy, Inc. | 14,925 | 2,477 | ||||||
Crown Castle, Inc. REIT | 8,437 | 777 | ||||||
Edison International | 20,491 | 1,297 | ||||||
Eversource Energy | 19,402 | 1,128 | ||||||
Exelon Corp. | 58,726 | 2,219 | ||||||
Kinder Morgan, Inc. | 34,910 | 579 | ||||||
NiSource, Inc. | 40,832 | 1,008 | ||||||
ONEOK, Inc. | 18,962 | 1,203 | ||||||
PG&E Corp. (d) | 88,919 | 1,434 | ||||||
SBA Communications Corp. REIT | 6,060 | 1,213 | ||||||
Sempra | 38,014 | 2,586 | ||||||
Targa Resources Corp. | 28,453 | 2,439 | ||||||
Williams Cos., Inc. | 60,653 | 2,043 | ||||||
30,760 | ||||||||
Total Common Stocks (Cost $67,358) | 64,920 | |||||||
Short-Term Investments (5.0%) | ||||||||
Investment Company (3.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $2,155) | 2,154,802 | 2,155 | ||||||
Securities held as Collateral on Loaned Securities (1.8%) | ||||||||
Investment Company (1.5%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) | 1,028,007 | 1,028 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Global Infrastructure Portfolio
Face Amount (000) | Value (000) | |||||||
Repurchase Agreements (0.3%) | �� | |||||||
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $71; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $72) | $ | 71 | $ | 71 | ||||
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $156; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $159) | 156 | 156 | ||||||
227 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $1,255) | 1,255 | |||||||
Total Short-Term Investments (Cost $3,410) | 3,410 | |||||||
Total Investments (101.5%) (Cost $70,768) Including $2,101 of Securities Loaned (f)(g)(h) | 68,330 | |||||||
Liabilities in Excess of Other Assets (–1.5%) | (1,041 | ) | ||||||
Net Assets (100.0%) | $ | 67,289 |
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, 2023, were approximately $2,101,000 and $2,215,000 respectively. The Fund received cash collateral of approximately $1,255,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $960,000 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, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds. |
(f) | The approximate fair value and percentage of net assets, $21,727,000 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 Portfolio of Investments. |
(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, 2023, the Fund did not engage in any cross-trade transactions. |
(h) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,976,000 and the aggregate gross unrealized depreciation is approximately $7,414,000, resulting in net unrealized depreciation of approximately $2,438,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Oil & Gas Storage & Transportation | 35.7 | % | ||
Electricity Transmission & Distribution | 15.3 | |||
Diversified | 13.9 | |||
Communications | 13.9 | |||
Other** | 9.9 | |||
Others | 6.0 | |||
Airports | 5.3 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Real Estate Portfolio
Value | ||||||||
Shares | (000) | |||||||
Common Stocks (99.1%) | ||||||||
Australia (3.8%) | ||||||||
Goodman Group REIT | 25,613 | $ | 351 | |||||
National Storage REIT | 201,238 | 280 | ||||||
Region RE Ltd. REIT | 208,145 | 269 | ||||||
Stockland REIT | 129,181 | 323 | ||||||
1,223 | ||||||||
Belgium (1.7%) | ||||||||
Aedifica SA REIT | 3,452 | 196 | ||||||
Shurgard Self Storage Ltd. REIT | 3,913 | 155 | ||||||
Warehouses De Pauw CVA REIT | 7,538 | 186 | ||||||
537 | ||||||||
Canada (3.6%) | ||||||||
Boardwalk REIT | 8,321 | 409 | ||||||
Chartwell Retirement Residences (Units) (a) | 37,699 | 285 | ||||||
Granite REIT | 3,061 | 163 | ||||||
InterRent REIT | 35,435 | 326 | ||||||
1,183 | ||||||||
France (1.0%) | ||||||||
Carmila SA REIT (b) | 13,125 | 196 | ||||||
Gecina SA REIT | 1,343 | 137 | ||||||
333 | ||||||||
Germany (1.9%) | ||||||||
LEG Immobilien SE (b) | 4,279 | 294 | ||||||
Vonovia SE | 13,485 | 323 | ||||||
617 | ||||||||
Hong Kong (3.8%) | ||||||||
Link REIT | 108,494 | 530 | ||||||
Sun Hung Kai Properties Ltd. | 36,893 | 394 | ||||||
Wharf Real Estate Investment Co. Ltd. | 82,420 | 318 | ||||||
1,242 | ||||||||
Japan (11.0%) | ||||||||
Heiwa Real Estate, Inc. REIT | 149 | 146 | ||||||
Hulic Co. Ltd. | 30,500 | 273 | ||||||
Invincible Investment Corp. REIT | 1,114 | 460 | ||||||
Japan Hotel REIT Investment Corp. | 486 | 254 | ||||||
Japan Metropolitan Fund Invest REIT | 224 | 145 | ||||||
Japan Real Estate Investment Corp. REIT | 72 | 281 | ||||||
Mitsubishi Estate Co. Ltd. | 19,300 | 252 | ||||||
Mitsui Fudosan Co. Ltd. | 41,500 | 914 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 51 | 161 | ||||||
Nippon Building Fund, Inc. REIT | 53 | 215 | ||||||
Nippon Prologis REIT, Inc. REIT | 118 | 220 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 238 | 266 | ||||||
3,587 | ||||||||
Netherlands (0.4%) | ||||||||
CTP NV | 9,309 | 133 | ||||||
Singapore (2.8%) | ||||||||
CapitaLand Integrated Commercial Trust REIT | 176,800 | 239 | ||||||
Frasers Centrepoint Trust REIT | 145,500 | 232 | ||||||
Frasers Logistics & Commercial Trust REIT | 326,200 | 255 | ||||||
Mapletree Pan Asia Commercial Trust REIT | 188,300 | 196 | ||||||
922 | ||||||||
Spain (0.8%) | ||||||||
Merlin Properties Socimi SA REIT | 29,301 | 247 | ||||||
Sweden (1.4%) | ||||||||
Castellum AB | 26,658 | 270 | ||||||
Pandox AB | 17,271 | 184 | ||||||
454 | ||||||||
Switzerland (0.6%) | ||||||||
PSP Swiss Property AG (Registered) | 1,699 | 200 | ||||||
United Kingdom (3.9%) | ||||||||
Impact Healthcare PLC REIT | 119,840 | 121 | ||||||
LondonMetric Property PLC REIT | 93,372 | 195 | ||||||
Segro PLC REIT | 57,488 | 503 | ||||||
UNITE Group PLC REIT | 28,133 | 307 | ||||||
Workspace Group PLC REIT | 21,902 | 130 | ||||||
1,256 | ||||||||
United States (62.4%) | ||||||||
Agree Realty Corp. REIT | 5,017 | 277 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 1,680 | 168 | ||||||
American Homes 4 Rent, Class A REIT | 34,032 | 1,147 | ||||||
Americold Realty Trust, Inc. REIT | 13,794 | 420 | ||||||
AvalonBay Communities, Inc. REIT | 7,010 | 1,204 | ||||||
Brixmor Property Group, Inc. REIT | 25,597 | 532 | ||||||
CareTrust REIT, Inc. | 16,034 | 329 | ||||||
Digital Realty Trust, Inc. REIT | 9,331 | 1,129 | ||||||
Equinix, Inc. REIT | 2,611 | 1,896 | ||||||
Essex Property Trust, Inc. REIT | 4,015 | 852 | ||||||
Extra Space Storage, Inc. REIT | 2,700 | 328 | ||||||
Hilton Worldwide Holdings, Inc. | 1,158 | 174 | ||||||
Host Hotels & Resorts, Inc. REIT | 23,565 | 379 | ||||||
Iron Mountain, Inc. REIT | 3,061 | 182 | ||||||
Kite Realty Group Trust REIT | 24,625 | 528 | ||||||
Mid-America Apartment Communities, Inc. REIT | 4,384 | 564 | ||||||
NETSTREIT Corp. REIT | 10,184 | 159 | ||||||
Prologis, Inc. REIT | 25,376 | 2,847 | ||||||
Public Storage REIT | 4,462 | 1,176 | ||||||
Realty Income Corp. REIT | 16,304 | 814 | ||||||
Rexford Industrial Realty, Inc. REIT | 6,545 | 323 | ||||||
Simon Property Group, Inc. REIT | 8,963 | 968 | ||||||
Sun Communities, Inc. REIT | 4,059 | 480 | ||||||
Urban Edge Properties REIT | 10,754 | 164 | ||||||
Ventas, Inc. REIT | 6,490 | 273 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Global Real Estate Portfolio
Value | ||||||||
Shares | (000) | |||||||
United States (cont'd) | ||||||||
VICI Properties, Inc. REIT | 30,216 | $ | 879 | |||||
Welltower, Inc. REIT | 25,449 | 2,085 | ||||||
20,277 | ||||||||
Total Common Stocks (Cost $33,030) | 32,211 | |||||||
Short-Term Investment (0.8%) | ||||||||
Investment Company (0.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $272) | 271,881 | 272 | ||||||
Total Investments (99.9%) (Cost $33,302) (d)(e)(f) | 32,483 | |||||||
Other Assets in Excess of Liabilities (0.1%) | 25 | |||||||
Net Assets (100.0%) | $ | 32,508 |
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. |
(b) | Non-income producing security. |
(c) | 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. 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, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
(d) | The approximate fair value and percentage of net assets, $10,751,000 and 33.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(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, 2023, the Fund did not engage in any cross-trade transactions. |
(f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,008,000 and the aggregate gross unrealized depreciation is approximately $2,827,000, resulting in net unrealized depreciation of approximately $819,000. |
CVA | Certificaten Van Aandelen. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | ||
Residential | 18.2 | % | |
Industrial | 16.3 | ||
Diversified | 13.7 | ||
Other* | 13.7 | ||
Retail | 12.7 | ||
Health Care | 10.1 | ||
Data Centers | 9.3 | ||
Self Storage | 6.0 | ||
Total Investments | 100.0 | % |
* Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Global Strategist Portfolio
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Fixed Income Securities (48.1%) | ||||||||
Agency Fixed Rate Mortgages (3.9%) | ||||||||
United States (3.9%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Conventional Pools: | ||||||||
2.00%, 6/1/52 | $ | 631 | $ | 481 | ||||
3.00%, 11/1/52 | 101 | 83 | ||||||
4.50%, 1/1/49 | 12 | 11 | ||||||
Gold Pools: | ||||||||
3.50%, 2/1/45 - 6/1/45 | 163 | 143 | ||||||
4.50%, 1/1/49 | 8 | 7 | ||||||
Federal National Mortgage Association, Conventional Pools: | ||||||||
2.50%, 10/1/51 | 293 | 233 | ||||||
3.00%, 4/1/52 | 399 | 330 | ||||||
3.50%, 1/1/51 | 422 | 369 | ||||||
4.00%, 11/1/41 - 1/1/46 | 165 | 151 | ||||||
4.50%, 3/1/41 - 11/1/44 | 66 | 63 | ||||||
5.00%, 1/1/41 - 3/1/41 | 27 | 27 | ||||||
6.00%, 1/1/38 | 5 | 5 | ||||||
October TBA | ||||||||
3.00%, 10/1/53 (a) | 100 | 83 | ||||||
4.00%, 10/1/53 (a) | 350 | 312 | ||||||
4.50%, 10/1/52 (a) | 100 | 92 | ||||||
5.00%, 10/1/53 (a) | 400 | 378 | ||||||
5.50%, 10/1/53 (a) | 75 | 72 | ||||||
6.00%, 10/1/53 (a) | 220 | 217 | ||||||
Government National Mortgage Association, Various Pools: | ||||||||
4.00%, 7/15/44 | 11 | 10 | ||||||
5.00%, 2/20/49 | 3 | 3 | ||||||
Total Agency Fixed Rate Mortgages (Cost $3,349) | 3,070 | |||||||
Asset-Backed Securities (0.3%) | ||||||||
Ireland (0.1%) | ||||||||
European Residential Loan Securitisation | ||||||||
2019-NPL1 DAC, Class A | ||||||||
1 Month EURIBOR + 3.25%, | ||||||||
7.12%, 7/24/54 (b) | EUR | 84 | 88 | |||||
United States (0.2%) | ||||||||
Renaissance Home Equity Loan Trust, | ||||||||
1 Month Term SOFR + 0.87%, | ||||||||
6.19%, 12/25/32 (b) | $ | 82 | 74 | |||||
SLM Student Loan Trust, | ||||||||
3 Month EURIBOR + 0.55%, | ||||||||
4.27%, 7/25/39 (b) | EUR | 64 | 64 | |||||
138 | ||||||||
Total Asset-Backed Securities (Cost $230) | 226 | |||||||
Commercial Mortgage-Backed Securities (0.6%) | ||||||||
United States (0.6%) | ||||||||
Commercial Mortgage Trust, | ||||||||
3.96%, 3/10/47 | $ | 144 | 143 | |||||
4.24%, 2/10/47 (b) | $ | 63 | 63 | |||||
4.89%, 7/15/47 (b)(c) | 100 | 88 | ||||||
Credit Suisse Mortgage Trust, | ||||||||
1 Month Term SOFR + 3.14%, | ||||||||
8.48%, 9/9/24 (b)(c) | 100 | 101 | ||||||
WFRBS Commercial Mortgage Trust, | ||||||||
5.17%, 9/15/46 (b)(c) | 111 | 100 | ||||||
Total Commercial Mortgage-Backed Securities (Cost $513) | 495 | |||||||
Corporate Bonds (9.9%) | ||||||||
Australia (0.5%) | ||||||||
NBN Co. Ltd., | ||||||||
2.63%, 5/5/31 (c) | 200 | 161 | ||||||
Transurban Finance Co. Pty Ltd., | ||||||||
2.00%, 8/28/25 | EUR | 100 | 102 | |||||
Westpac Banking Corp., | ||||||||
2.67%, 11/15/35 | $ | 125 | 94 | |||||
357 | ||||||||
Brazil (0.2%) | ||||||||
JBS USA LUX SA/JBS USA Food Co./JBS | ||||||||
USA Finance, Inc., | ||||||||
2.50%, 1/15/27 | 225 | 199 | ||||||
Canada (0.6%) | ||||||||
Province of Ontario Canada, | ||||||||
2.30%, 6/15/26 | 190 | 177 | ||||||
Province of Quebec Canada, | ||||||||
0.00%, 10/29/30 | EUR | 210 | 173 | |||||
Rogers Communications, Inc., | ||||||||
3.80%, 3/15/32 | $ | 100 | 83 | |||||
433 | ||||||||
France (0.8%) | ||||||||
AXA SA, | ||||||||
3.25%, 5/28/49 | EUR | 100 | 95 | |||||
BNP Paribas SA, | ||||||||
1.13%, 6/11/26 | 225 | 221 | ||||||
BPCE SA, | ||||||||
5.15%, 7/21/24 (c) | $ | 200 | 197 | |||||
Orange SA, | ||||||||
5.00%, 10/1/26 (d) | EUR | 100 | 105 | |||||
618 | ||||||||
Germany (0.5%) | ||||||||
Deutsche Bank AG, | ||||||||
Series E | ||||||||
0.96%, 11/8/23 | $ | 150 | 149 | |||||
Kreditanstalt fuer Wiederaufbau, | ||||||||
1.13%, 9/15/32 | EUR | 190 | 167 | |||||
Volkswagen International Finance NV, | ||||||||
Series 10Y | ||||||||
1.88%, 3/30/27 | EUR | 100 | 97 | |||||
413 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Ireland (0.2%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | ||||||||
2.45%, 10/29/26 | $ | 175 | $ | 157 | ||||
Italy (0.1%) | ||||||||
Assicurazioni Generali SpA, | ||||||||
5.50%, 10/27/47 | EUR | 100 | 106 | |||||
Japan (0.2%) | ||||||||
NTT Finance Corp., | ||||||||
1.59%, 4/3/28 (c) | $ | 200 | 169 | |||||
Korea, Republic of (0.5%) | ||||||||
Korea Electric Power Corp., | ||||||||
2.50%, 6/24/24 (c) | 200 | 195 | ||||||
Korea Southern Power Co. Ltd., | ||||||||
0.75%, 1/27/26 (c) | 200 | 179 | ||||||
374 | ||||||||
Luxembourg (0.1%) | ||||||||
Blackstone Property Partners Europe Holdings Sarl, | ||||||||
1.25%, 4/26/27 | EUR | 100 | 89 | |||||
Netherlands (0.1%) | ||||||||
ASR Nederland NV, | ||||||||
5.00%, 9/30/24 (d) | 100 | 104 | ||||||
Spain (0.4%) | ||||||||
Banco Santander SA, | ||||||||
3.13%, 1/19/27 | 100 | 101 | ||||||
5.18%, 11/19/25 | $ | 200 | 195 | |||||
296 | ||||||||
Sweden (0.1%) | ||||||||
Akelius Residential Property Financing BV, | ||||||||
1.13%, 1/11/29 | EUR | 100 | 83 | |||||
United Arab Emirates (0.2%) | ||||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
2.63%, 3/31/36 (c) | $ | 225 | 174 | |||||
United Kingdom (0.8%) | ||||||||
BAT Capital Corp., | ||||||||
3.56%, 8/15/27 | 33 | 30 | ||||||
HSBC Holdings PLC, | ||||||||
2.26%, 11/13/26 | GBP | 100 | 113 | |||||
6.16%, 3/9/29 | $ | 225 | 223 | |||||
Lloyds Banking Group PLC, | ||||||||
2.25%, 10/16/24 | GBP | 100 | 117 | |||||
NGG Finance PLC, | ||||||||
5.63%, 6/18/73 | 100 | 117 | ||||||
600 | ||||||||
United States (4.6%) | ||||||||
Amazon.com, Inc., | ||||||||
2.10%, 5/12/31 | $ | 100 | 80 | |||||
3.10%, 5/12/51 | 50 | 33 | ||||||
AT&T, Inc., | ||||||||
1.80%, 9/5/26 | EUR | 100 | 99 | |||||
2.90%, 12/4/26 | GBP | 100 | 112 | |||||
3.65%, 6/1/51 | $ | 50 | 32 | |||||
Bank of America Corp., | ||||||||
2.69%, 4/22/32 | 50 | 39 | ||||||
3.85%, 3/8/37 | 25 | 20 | ||||||
4.38%, 4/27/28 | 100 | 94 | ||||||
4.57%, 4/27/33 | 25 | 22 | ||||||
CDW LLC/CDW Finance Corp., | ||||||||
2.67%, 12/1/26 | 25 | 23 | ||||||
Celanese U.S. Holdings LLC, | ||||||||
6.17%, 7/15/27 | 50 | 49 | ||||||
Centene Corp., | ||||||||
2.50%, 3/1/31 | 175 | 135 | ||||||
Charles Schwab Corp., | ||||||||
5.85%, 5/19/34 | 65 | 62 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
6.38%, 10/23/35 | 75 | 70 | ||||||
Citigroup, Inc., | ||||||||
3.06%, 1/25/33 | 50 | 40 | ||||||
3.79%, 3/17/33 | 225 | 188 | ||||||
Comcast Corp., | ||||||||
1.95%, 1/15/31 | 125 | 98 | ||||||
Dick's Sporting Goods, Inc., | ||||||||
4.10%, 1/15/52 | 75 | 46 | ||||||
Energy Transfer LP, | ||||||||
2.90%, 5/15/25 | 150 | 143 | ||||||
Enterprise Products Operating LLC, | ||||||||
3.95%, 1/31/60 | 50 | 35 | ||||||
5.35%, 1/31/33 | 25 | 25 | ||||||
Georgia-Pacific LLC, | ||||||||
2.30%, 4/30/30 (c) | 175 | 143 | ||||||
Global Payments, Inc., | ||||||||
4.45%, 6/1/28 | 100 | 93 | ||||||
Goldman Sachs Group, Inc., | ||||||||
2.62%, 4/22/32 | 150 | 117 | ||||||
HCA, Inc., | ||||||||
4.63%, 3/15/52 (c) | 75 | 56 | ||||||
Intel Corp., | ||||||||
5.70%, 2/10/53 | 75 | 70 | ||||||
JPMorgan Chase & Co., | ||||||||
2.55%, 11/8/32 | 225 | 174 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
United States (cont'd) | ||||||||
Lowe's Cos., Inc., | ||||||||
1.30%, 4/15/28 | $ | 75 | $ | 63 | ||||
1.70%, 10/15/30 | 100 | 77 | ||||||
Marriott International, Inc., | ||||||||
4.90%, 4/15/29 | 25 | 24 | ||||||
Medtronic Global Holdings SCA, | ||||||||
1.00%, 7/2/31 | EUR | 100 | 86 | |||||
Metropolitan Life Global Funding I, | ||||||||
2.95%, 4/9/30 (c) | $ | 150 | 127 | |||||
NextEra Energy Capital Holdings, Inc., | ||||||||
2.75%, 11/1/29 | 175 | 149 | ||||||
ONEOK, Inc., | ||||||||
5.65%, 11/1/28 | 50 | 49 | ||||||
Prologis Euro Finance LLC, | ||||||||
1.88%, 1/5/29 | EUR | 100 | 92 | |||||
Republic Services, Inc., | ||||||||
5.00%, 4/1/34 | $ | 50 | 47 | |||||
Thermo Fisher Scientific, Inc., | ||||||||
0.88%, 10/1/31 | EUR | 100 | 83 | |||||
Truist Financial Corp., | ||||||||
5.87%, 6/8/34 | $ | 100 | 94 | |||||
U.S. Bancorp, | ||||||||
5.78%, 6/12/29 | 75 | 73 | ||||||
5.84%, 6/12/34 | 75 | 71 | ||||||
Upjohn Finance BV, | ||||||||
1.91%, 6/23/32 | EUR | 100 | 82 | |||||
Verizon Communications, Inc., | ||||||||
1.13%, 11/3/28 | GBP | 100 | 98 | |||||
3.40%, 3/22/41 | $ | 50 | 36 | |||||
Vontier Corp., | ||||||||
2.40%, 4/1/28 | 50 | 42 | ||||||
Warnermedia Holdings, Inc., | ||||||||
4.28%, 3/15/32 | 150 | 127 | ||||||
5.05%, 3/15/42 | 25 | 19 | ||||||
3,537 | ||||||||
Total Corporate Bonds (Cost $8,845) | 7,709 | |||||||
Mortgages - Other (1.4%) | ||||||||
Germany (0.0%)‡ | ||||||||
Berg Finance DAC, | ||||||||
3 Month EURIBOR + 1.05%, | ||||||||
4.75%, 4/22/33 (b) | EUR | 15 | 15 | |||||
United Kingdom (0.1%) | ||||||||
Landmark Mortgage Securities No. 3 PLC, | ||||||||
3 Month GBP SONIA + 2.22%, | ||||||||
7.37%, 4/17/44 (b) | GBP | 56 | 63 | |||||
United States (1.3%) | ||||||||
Bayview Opportunity Master Fund VIA Trust, | ||||||||
3.00%, 1/25/52 (b)(c) | $ | 91 | 72 | |||||
BX Commercial Mortgage Trust, | ||||||||
1 Month Term SOFR + 2.28%, | ||||||||
7.61%, 6/15/40 (b)(c) | $ | 100 | 100 | |||||
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, | ||||||||
3.00%, 9/25/45 | 17 | 15 | ||||||
3.00%, 7/25/46 | 8 | 7 | ||||||
3.00%, 12/25/46 | 30 | 25 | ||||||
3.00%, 5/25/47 | 37 | 31 | ||||||
3.50%, 5/25/45 | 7 | 6 | ||||||
3.50%, 9/25/45 | 16 | 14 | ||||||
3.50%, 7/25/46 | 10 | 9 | ||||||
4.00%, 5/25/45 | 2 | 1 | ||||||
Hundred Acre Wood Trust, | ||||||||
2.50%, 12/25/51 (b)(c) | 88 | 67 | ||||||
JP Morgan Mortgage Trust, | ||||||||
3.00%, 4/25/52 (b)(c) | 162 | 129 | ||||||
3.00%, 9/25/52 (b)(c) | 176 | 140 | ||||||
3.25%, 7/25/52 (b)(c) | 88 | 71 | ||||||
PRKCM 2023-AFC1 Trust, Class A1 | ||||||||
6.60%, 2/25/58 (c) | 88 | 89 | ||||||
PRMI Securitization Trust, | ||||||||
2.50%, 4/25/51 (b)(c) | 84 | 63 | ||||||
Seasoned Credit Risk Transfer Trust, | ||||||||
3.00%, 11/25/57 | 79 | 67 | ||||||
3.00%, 7/25/58 | 85 | 71 | ||||||
3.00%, 10/25/58 | 13 | 11 | ||||||
4.00%, 10/25/58 | 12 | 11 | ||||||
999 | ||||||||
Total Mortgages - Other (Cost $1,261) | 1,077 | |||||||
Sovereign (26.2%) | ||||||||
Australia (0.3%) | ||||||||
Australia Government Bond, | ||||||||
1.25%, 5/21/32 | AUD | 530 | 264 | |||||
Austria (0.1%) | ||||||||
Republic of Austria Government Bond, | ||||||||
0.00%, 2/20/30 (c) | EUR | 70 | 60 | |||||
Belgium (0.2%) | ||||||||
Kingdom of Belgium Government Bond, | ||||||||
0.90%, 6/22/29 (c) | 30 | 28 | ||||||
1.70%, 6/22/50 (c) | 90 | 61 | ||||||
Series 99 | ||||||||
3.45%, 6/22/43 (c) | 100 | 99 | ||||||
188 | ||||||||
Brazil (2.1%) | ||||||||
Brazil Notas do Tesouro Nacional, | ||||||||
10.00%, 1/1/27 | BRL | 8,262 | 1,607 | |||||
Canada (0.8%) | ||||||||
Canadian Government Bond, | ||||||||
1.25%, 6/1/30 | CAD | 580 | 357 | |||||
2.00%, 12/1/51 | CAD | 20 | 10 | |||||
2.50%, 12/1/32 | 350 | 227 | ||||||
594 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
China (7.8%) | ||||||||
Agricultural Development Bank of China, | ||||||||
2.25%, 4/22/25 | CNY | 770 | $ | 105 | ||||
3.79%, 10/26/30 | 740 | 107 | ||||||
China Development Bank, | ||||||||
3.07%, 3/10/30 | 1,410 | 196 | ||||||
3.34%, 7/14/25 | 740 | 103 | ||||||
China Government Bond, | ||||||||
2.37%, 1/20/27 | 3,200 | 437 | ||||||
2.76%, 5/15/32 | 25,730 | 3,525 | ||||||
2.80%, 11/15/32 | 1,600 | 220 | ||||||
3.13%, 11/21/29 | 4,390 | 619 | ||||||
3.27%, 11/19/30 | 1,840 | 263 | ||||||
3.52%, 4/25/46 | 410 | 61 | ||||||
3.53%, 10/18/51 | 200 | 30 | ||||||
3.81%, 9/14/50 | 300 | 46 | ||||||
3.86%, 7/22/49 | 1,270 | 198 | ||||||
Export-Import Bank of China, | ||||||||
2.93%, 3/2/25 | 740 | 102 | ||||||
6,012 | ||||||||
Colombia (0.1%) | ||||||||
Colombian TES, | ||||||||
Series B | ||||||||
7.00%, 3/26/31 | COP | 268,000 | 52 | |||||
Czech Republic (0.1%) | ||||||||
Czech Republic Government Bond, | ||||||||
1.20%, 3/13/31 | CZK | 1,200 | 41 | |||||
Denmark (0.1%) | ||||||||
Denmark Government Bond, | ||||||||
0.50%, 11/15/27 | DKK | 630 | 81 | |||||
Finland (0.1%) | ||||||||
Finland Government Bond, | ||||||||
1.13%, 4/15/34 | EUR | 70 | 59 | |||||
France (1.6%) | ||||||||
Agence Francaise de Developpement EPIC, | ||||||||
1.50%, 10/31/34 | 100 | 85 | ||||||
Banque Federative du Credit Mutuel SA, | ||||||||
1.25%, 12/5/25 | GBP | 100 | 111 | |||||
French Republic Government Bond OAT, | ||||||||
0.00%, 11/25/29 | EUR | 940 | 821 | |||||
2.00%, 5/25/48 (c) | 200 | 151 | ||||||
SNCF Reseau, | ||||||||
1.88%, 3/30/34 | 100 | 88 | ||||||
1,256 | ||||||||
Germany (1.5%) | ||||||||
Bundesrepublik Deutschland Bundesanleihe, | ||||||||
0.00%, 8/15/31 - 8/15/50 | EUR | 748 | 615 | |||||
0.25%, 2/15/29 | 190 | 176 | ||||||
4.25%, 7/4/39 | 120 | 146 | ||||||
Series G | ||||||||
1.80%, 8/15/53 | 28 | 23 | ||||||
State of North Rhine-Westphalia Germany, | ||||||||
1.65%, 2/22/38 | 290 | 240 | ||||||
1,200 | ||||||||
Greece (2.5%) | ||||||||
Hellenic Republic Government Bonds, | ||||||||
4.25%, 6/15/33 (c) | 1,880 | 1,975 | ||||||
Hungary (0.1%) | ||||||||
Hungary Government Bond, | ||||||||
Series 30/A | ||||||||
3.00%, 8/21/30 | HUF | 8,480 | 18 | |||||
Series 32/A | ||||||||
4.75%, 11/24/32 | 18,110 | 41 | ||||||
Series 32/G | ||||||||
4.50%, 5/27/32 | 10,410 | 23 | ||||||
82 | ||||||||
Indonesia (0.3%) | ||||||||
Indonesia Treasury Bond, | ||||||||
8.25%, 5/15/29 | IDR | 839,000 | 59 | |||||
8.38%, 3/15/34 | 2,481,000 | 179 | ||||||
238 | ||||||||
Ireland (0.1%) | ||||||||
Ireland Government Bond, | ||||||||
0.20%, 10/18/30 | EUR | 80 | 69 | |||||
Italy (0.6%) | ||||||||
Italy Buoni Poliennali Del Tesoro, | ||||||||
0.45%, 2/15/29 | 50 | 43 | ||||||
2.50%, 12/1/32 | 220 | 197 | ||||||
4.45%, 9/1/43 | 199 | 194 | ||||||
434 | ||||||||
Japan (3.7%) | ||||||||
Japan Government Five Year Bond, | ||||||||
0.10%, 6/20/24 | JPY | 90,300 | 605 | |||||
Japan Government Ten Year Bond, | ||||||||
0.10%, 6/20/26 - 6/20/31 | 148,800 | 973 | ||||||
Japan Government Thirty Year Bond, | ||||||||
0.30%, 6/20/46 | 34,300 | 176 | ||||||
0.40%, 9/20/49 | 21,900 | 109 | ||||||
0.60%, 6/20/50 | 29,000 | 151 | ||||||
1.70%, 6/20/33 | 54,300 | 396 | ||||||
Japan Government Twenty Year Bond, | ||||||||
0.40%, 6/20/41 | JPY | 77,000 | 439 | |||||
2,849 |
Morgan Stanley Variable Insurance Fund, Inc. |
Third Quarter Report – September 30, 2023 (unaudited) |
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Korea, Republic of (0.5%) | ||||||||
Export-Import Bank of Korea, | ||||||||
0.63%, 2/9/26 | $ | 200 | $ | 178 | ||||
Korea Development Bank, | ||||||||
0.80%, 7/19/26 | 200 | 176 | ||||||
354 | ||||||||
Malaysia (0.4%) | ||||||||
Malaysia Government Bond, | ||||||||
Series 0219 | ||||||||
3.89%, 8/15/29 | MYR | 440 | 93 | |||||
Series 0122 | ||||||||
3.58%, 7/15/32 | 200 | 41 | ||||||
Petronas Capital Ltd., | ||||||||
3.50%, 3/18/25 (c) | $ | 200 | 194 | |||||
328 | ||||||||
Mexico (0.2%) | ||||||||
Mexican Bonos, | ||||||||
Series M | ||||||||
7.50%, 6/3/27 | MXN | 1,700 | 89 | |||||
8.50%, 5/31/29 | 800 | 43 | ||||||
132 | ||||||||
Netherlands (0.2%) | ||||||||
Netherlands Government Bond, | ||||||||
0.00%, 7/15/30 | EUR | 190 | 164 | |||||
2.75%, 1/15/47 | 20 | 20 | ||||||
184 | ||||||||
New Zealand (0.3%) | ||||||||
New Zealand Government Bond, | ||||||||
Series 0530 | ||||||||
4.50%, 5/15/30 | NZD | 200 | 115 | |||||
Series 0534 | ||||||||
4.25%, 5/15/34 | 200 | 109 | ||||||
224 | ||||||||
Norway (0.0%)‡ | ||||||||
Norway Government Bond, | ||||||||
2.13%, 5/18/32 (c) | NOK | 190 | 15 | |||||
Poland (0.0%)‡ | ||||||||
Republic of Poland Government Bond, | ||||||||
Series 0432 | ||||||||
1.75%, 4/25/32 | PLN | 200 | 33 | |||||
Singapore (0.1%) | ||||||||
Singapore Government Bond, | ||||||||
2.63%, 8/1/32 | SGD | 70 | 48 | |||||
Slovenia (0.2%) | ||||||||
Slovenia Government International Bond, | ||||||||
5.00%, 9/19/33 (c) | $ | 200 | 194 | |||||
Spain (0.9%) | ||||||||
Spain Government Bond, | ||||||||
0.00%, 5/31/25 - 1/31/28 (c) | EUR | 360 | 355 | |||||
2.70%, 10/31/48 (c) | 40 | 31 | ||||||
3.45%, 7/30/66 (c) | 21 | 18 | ||||||
3.55%, 10/31/33 (c) | 264 | 271 | ||||||
675 | ||||||||
Sweden (0.1%) | ||||||||
Sweden Government Bond, | ||||||||
Series 1065 | ||||||||
1.75%, 11/11/33 | SEK | 800 | 66 | |||||
Thailand (0.1%) | ||||||||
Thailand Government Bond, | ||||||||
2.00%, 12/17/31 | THB | 4,000 | 101 | |||||
United Kingdom (1.1%) | ||||||||
United Kingdom Gilt, | ||||||||
0.63%, 10/22/50 | GBP | 140 | 63 | |||||
0.88%, 7/31/33 | 70 | 61 | ||||||
1.63%, 10/22/28 | 710 | 764 | ||||||
888 | ||||||||
Total Sovereign (Cost $23,227) | 20,303 | |||||||
Supranational (1.1%) | ||||||||
Asian Development Bank, | ||||||||
2.13%, 5/19/31 | NZD | 60 | 28 | |||||
European Investment Bank, | ||||||||
0.00%, 1/14/31 | EUR | 200 | 167 | |||||
International Bank for Reconstruction & Development, | ||||||||
2.20%, 2/27/24 | AUD | 610 | 389 | |||||
4.25%, 9/18/30 | CAD | 340 | 245 | |||||
Total Supranational (Cost $976) | 829 | |||||||
U.S. Treasury Securities (4.7%) | ||||||||
United States (4.7%) | ||||||||
U.S. Treasury Bonds, | ||||||||
1.13%, 5/15/40 | $ | 790 | 454 | |||||
1.75%, 8/15/41 | 530 | 330 | ||||||
2.50%, 2/15/45 | 300 | 204 | ||||||
2.75%, 8/15/47 | 90 | 63 | ||||||
2.88%, 5/15/49 | 126 | 90 | ||||||
1,141 | ||||||||
U.S. Treasury Notes, | ||||||||
0.38%, 12/31/25 | 1,800 | 1,627 | ||||||
3.38%, 5/15/33 | 940 | 853 | ||||||
2,480 | ||||||||
Total U.S. Treasury Securities (Cost $4,005) | 3,621 | |||||||
Total Fixed Income Securities (Cost $42,406) | 37,330 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Value | ||||||||
Shares | (000) | |||||||
Common Stocks (36.6%) | ||||||||
Australia (0.9%) | ||||||||
Ampol Ltd. | 157 | $ | 3 | |||||
ANZ Group Holdings Ltd. | 1,950 | 32 | ||||||
APA Group | 773 | 4 | ||||||
Aristocrat Leisure Ltd. | 401 | 10 | ||||||
ASX Ltd. | 127 | 5 | ||||||
Aurizon Holdings Ltd. | 1,261 | 3 | ||||||
BHP Group Ltd. | 3,377 | 95 | ||||||
BlueScope Steel Ltd. | 298 | 4 | ||||||
Brambles Ltd. | 928 | 9 | ||||||
Cochlear Ltd. | 43 | 7 | ||||||
Coles Group Ltd. | 888 | 9 | ||||||
Commonwealth Bank of Australia | 1,107 | 71 | ||||||
Computershare Ltd. | 375 | 6 | ||||||
CSL Ltd. | 312 | 50 | ||||||
Dexus REIT | 711 | 3 | ||||||
Endeavour Group Ltd. | 925 | 3 | ||||||
Fortescue Metals Group Ltd. | 1,108 | 15 | ||||||
Goodman Group REIT | 1,130 | 16 | ||||||
GPT Group REIT | 1,264 | 3 | ||||||
IDP Education Ltd. | 169 | 2 | ||||||
IGO Ltd. | 461 | 4 | ||||||
Insurance Australia Group Ltd. | 1,567 | 6 | ||||||
James Hardie Industries PLC (e) | 292 | 8 | ||||||
Lendlease Corp. Ltd. REIT | 489 | 2 | ||||||
Lottery Corp. Ltd. | 1,463 | 4 | ||||||
Macquarie Group Ltd. | 244 | 26 | ||||||
Medibank Pvt Ltd. | 1,762 | 4 | ||||||
Mineral Resources Ltd. | 113 | 5 | ||||||
Mirvac Group REIT | 2,602 | 4 | ||||||
National Australia Bank Ltd. | 2,030 | 38 | ||||||
Newcrest Mining Ltd. | 590 | 9 | ||||||
Northern Star Resources Ltd. | 751 | 5 | ||||||
Orica Ltd. | 296 | 3 | ||||||
Origin Energy Ltd. | 1,123 | 6 | ||||||
Pilbara Minerals Ltd. | 1,736 | 5 | ||||||
Qantas Airways Ltd. (e) | 604 | 2 | ||||||
QBE Insurance Group Ltd. | 979 | 10 | ||||||
Ramsay Health Care Ltd. | 120 | 4 | ||||||
REA Group Ltd. | 35 | 3 | ||||||
Reece Ltd. | 152 | 2 | ||||||
Rio Tinto Ltd. | 247 | 18 | ||||||
Santos Ltd. | 2,189 | 11 | ||||||
Scentre Group REIT | 3,428 | 5 | ||||||
SEEK Ltd. | 219 | 3 | ||||||
Sonic Healthcare Ltd. | 292 | 6 | ||||||
South32 Ltd. | 2,983 | 6 | ||||||
Stockland REIT | 1,592 | 4 | ||||||
Suncorp Group Ltd. | 836 | 7 | ||||||
Telstra Group Ltd. | 2,682 | 7 | ||||||
Transurban Group (Units) | 2,070 | 17 | ||||||
Treasury Wine Estates Ltd. | 475 | 4 | ||||||
Vicinity Ltd. REIT | 2,559 | 3 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 154 | 3 | ||||||
Wesfarmers Ltd. | 751 | 25 | ||||||
Westpac Banking Corp. | 2,298 | 31 | ||||||
WiseTech Global Ltd. | 107 | 4 | ||||||
Woodside Energy Group Ltd. | 1,268 | 29 | ||||||
Woolworths Group Ltd. | 812 | 19 | ||||||
Xero Ltd. (e) | 93 | 7 | ||||||
709 | ||||||||
Austria (0.1%) | ||||||||
Erste Group Bank AG | 895 | 31 | ||||||
OMV AG | 119 | 6 | ||||||
Verbund AG | 53 | 4 | ||||||
Voestalpine AG | 96 | 3 | ||||||
44 | ||||||||
Belgium (0.2%) | ||||||||
Ageas SA | 124 | 5 | ||||||
Anheuser-Busch InBev SA | 668 | 37 | ||||||
Argenx SE (e) | 42 | 21 | ||||||
D'ieteren Group | 17 | 3 | ||||||
Elia Group SA | 22 | 2 | ||||||
Groupe Bruxelles Lambert NV | 76 | 6 | ||||||
KBC Group NV | 650 | 40 | ||||||
Sofina SA | 12 | 2 | ||||||
Solvay SA | 57 | 6 | ||||||
UCB SA | 96 | 8 | ||||||
Umicore SA | 160 | 4 | ||||||
Warehouses De Pauw CVA REIT | 121 | 3 | ||||||
137 | ||||||||
Canada (1.7%) | ||||||||
Agnico Eagle Mines Ltd. | 386 | 18 | ||||||
Air Canada (e) | 136 | 2 | ||||||
Algonquin Power & Utilities Corp. | 521 | 3 | ||||||
Alimentation Couche-Tard, Inc. | 613 | 31 | ||||||
AltaGas Ltd. | 219 | 4 | ||||||
ARC Resources Ltd. | 469 | 8 | ||||||
Bank of Montreal | 551 | 47 | ||||||
Bank of Nova Scotia | 921 | 41 | ||||||
Barrick Gold Corp. (LSE) | 1,217 | 18 | ||||||
Barrick Gold Corp. (NYSE) | 57 | 1 | ||||||
BCE, Inc. | 56 | 2 | ||||||
Brookfield Asset Management Ltd., Class A | 272 | 9 | ||||||
Brookfield Corp. | 983 | 31 | ||||||
Brookfield Renewable Corp., Class A | 100 | 2 | ||||||
BRP, Inc. | 28 | 2 | ||||||
CAE, Inc. (e) | 250 | 6 | ||||||
Cameco Corp. | 337 | 13 | ||||||
Canadian Apartment Properties REIT | 64 | 2 | ||||||
Canadian Imperial Bank of Commerce | 703 | 27 | ||||||
Canadian National Railway Co. | 443 | 48 | ||||||
Canadian Natural Resources Ltd. | 861 | 56 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Canada (cont'd) | ||||||||
Canadian Pacific Kansas City Ltd. | 619 | $ | 46 | |||||
Canadian Tire Corp. Ltd., Class A | 42 | 5 | ||||||
Canadian Utilities Ltd., Class A | 101 | 2 | ||||||
CCL Industries, Inc., Class B | 117 | 5 | ||||||
Cenovus Energy, Inc. | 1,124 | 23 | ||||||
CGI, Inc. (e) | 166 | 16 | ||||||
Constellation Software, Inc. | 16 | 33 | ||||||
Descartes Systems Group, Inc. (e) | 67 | 5 | ||||||
Dollarama, Inc. | 222 | 15 | ||||||
Element Fleet Management Corp. | 307 | 4 | ||||||
Emera, Inc. | 209 | 7 | ||||||
Empire Co. Ltd., Class A | 121 | 3 | ||||||
Enbridge, Inc. | 1,567 | 52 | ||||||
Fairfax Financial Holdings Ltd. | 17 | 14 | ||||||
First Quantum Minerals Ltd. | 454 | 11 | ||||||
FirstService Corp. | 31 | 5 | ||||||
Fortis, Inc. | 373 | 14 | ||||||
Franco-Nevada Corp. | 149 | 20 | ||||||
George Weston Ltd. | 49 | 5 | ||||||
GFL Environmental, Inc. | 181 | 6 | ||||||
Gildan Activewear, Inc. | 140 | 4 | ||||||
Great-West Lifeco, Inc. | 219 | 6 | ||||||
Hydro One Ltd. | 255 | 7 | ||||||
IA Financial Corp., Inc. | 80 | 5 | ||||||
IGM Financial, Inc. | 65 | 2 | ||||||
Imperial Oil Ltd. | 161 | 10 | ||||||
Intact Financial Corp. | 137 | 20 | ||||||
Ivanhoe Mines Ltd., Class A (e) | 470 | 4 | ||||||
Keyera Corp. | 177 | 4 | ||||||
Kinross Gold Corp. | 988 | 5 | ||||||
Loblaw Cos. Ltd. | 125 | 11 | ||||||
Lundin Mining Corp. | 503 | 4 | ||||||
Magna International, Inc. | 209 | 11 | ||||||
Manulife Financial Corp. | 1,444 | 26 | ||||||
Metro, Inc. | 182 | 9 | ||||||
National Bank of Canada | 262 | 17 | ||||||
Northland Power, Inc. | 193 | 3 | ||||||
Nutrien Ltd. | 377 | 23 | ||||||
Nuvei Corp. | 50 | 1 | ||||||
Onex Corp. | 53 | 3 | ||||||
Open Text Corp. | 210 | 7 | ||||||
Pan American Silver Corp. | 282 | 4 | ||||||
Parkland Corp. | 108 | 3 | ||||||
Pembina Pipeline Corp. | 427 | 13 | ||||||
Power Corp. of Canada | 458 | 12 | ||||||
Quebecor, Inc., Class B | 119 | 3 | ||||||
RB Global, Inc. | 142 | 9 | ||||||
Restaurant Brands International, Inc. | 231 | 15 | ||||||
RioCan Real Estate Investment Trust REIT | 114 | 2 | ||||||
Rogers Communications, Inc., Class B | 274 | 11 | ||||||
Royal Bank of Canada | 978 | 85 | ||||||
Saputo, Inc. | 197 | 4 | ||||||
Shopify, Inc., Class A (e) | 920 | 50 | ||||||
Sun Life Financial, Inc. | 458 | 22 | ||||||
Suncor Energy, Inc. | 1,043 | 36 | ||||||
TC Energy Corp. | 687 | 24 | ||||||
Teck Resources Ltd., Class B | 356 | 15 | ||||||
TELUS Corp. | 361 | 6 | ||||||
TFI International, Inc. | 59 | 8 | ||||||
Thomson Reuters Corp. | 126 | 15 | ||||||
TMX Group Ltd. | 217 | 5 | ||||||
Toromont Industries Ltd. | 64 | 5 | ||||||
Toronto-Dominion Bank | 1,411 | 85 | ||||||
Tourmaline Oil Corp. | 248 | 13 | ||||||
West Fraser Timber Co. Ltd. | 45 | 3 | ||||||
Wheaton Precious Metals Corp. | 354 | 14 | ||||||
WSP Global, Inc. | 98 | 14 | ||||||
1,320 | ||||||||
China (0.0%) | ||||||||
China Common Rich Renewable Energy Investments Ltd. (e) | 18,000 | — | ||||||
Denmark (0.5%) | ||||||||
AP Moller - Maersk AS Series B | 6 | 11 | ||||||
Carlsberg AS Series B | 75 | 9 | ||||||
Chr Hansen Holding AS | 80 | 5 | ||||||
Coloplast AS Series B | 91 | 10 | ||||||
Danske Bank AS | 533 | 12 | ||||||
Demant AS (e) | 73 | 3 | ||||||
DSV AS | 143 | 27 | ||||||
Genmab AS (e) | 51 | 18 | ||||||
Novo Nordisk AS, Class B | 2,534 | 231 | ||||||
Novozymes AS Series B | 155 | 6 | ||||||
Orsted AS | 146 | 8 | ||||||
Pandora AS | 70 | 7 | ||||||
ROCKWOOL AS, Class B | 7 | 2 | ||||||
Tryg AS | 273 | 5 | ||||||
Vestas Wind Systems AS (e) | 767 | 16 | ||||||
370 | ||||||||
Finland (0.1%) | ||||||||
Elisa Oyj | 113 | 5 | ||||||
Fortum Oyj | 353 | 4 | ||||||
Kesko Oyj, Class B | 213 | 4 | ||||||
Kone Oyj, Class B | 269 | 11 | ||||||
Metso Oyj | 535 | 6 | ||||||
Neste Oyj | 332 | 11 | ||||||
Nokia Oyj | 4,242 | 16 | ||||||
Orion Oyj, Class B | 84 | 3 | ||||||
Sampo Oyj, Class A | 368 | 16 | ||||||
Stora Enso Oyj, Class R | 459 | 6 | ||||||
UPM-Kymmene Oyj | 419 | 15 | ||||||
Wartsila Oyj Abp | 375 | 4 | ||||||
101 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
France (1.9%) | ||||||||
Accor SA | 135 | $ | 5 | |||||
Aeroports de Paris | 22 | 3 | ||||||
Air Liquide SA | 385 | 65 | ||||||
Airbus SE | 432 | 58 | ||||||
Alstom SA | 235 | 6 | ||||||
Amundi SA | 44 | 2 | ||||||
ArcelorMittal SA | 360 | 9 | ||||||
Arkema SA | 41 | 4 | ||||||
AXA SA | 1,348 | 40 | ||||||
BioMerieux | 30 | 3 | ||||||
BNP Paribas SA | 2,822 | 179 | ||||||
Bollore SE | 648 | 3 | ||||||
Bouygues SA | 149 | 5 | ||||||
Bureau Veritas SA | 213 | 5 | ||||||
Capgemini SE | 120 | 21 | ||||||
Carrefour SA | 431 | 7 | ||||||
Cie de Saint-Gobain SA | 359 | 21 | ||||||
Cie Generale des Etablissements Michelin SCA | 490 | 15 | ||||||
Covivio SA REIT | 34 | 2 | ||||||
Credit Agricole SA | 3,068 | 38 | ||||||
Danone SA | 470 | 26 | ||||||
Dassault Aviation SA | 18 | 3 | ||||||
Dassault Systemes SE | 482 | 18 | ||||||
Edenred SE | 183 | 11 | ||||||
Eiffage SA | 54 | 5 | ||||||
Engie SA | 1,337 | 20 | ||||||
EssilorLuxottica SA | 212 | 37 | ||||||
Eurazeo SE | 32 | 2 | ||||||
Eurofins Scientific SE | 97 | 5 | ||||||
Euronext NV | 62 | 4 | ||||||
Gecina SA REIT | 33 | 3 | ||||||
Getlink SE | 263 | 4 | ||||||
Hermes International | 23 | 42 | ||||||
Ipsen SA | 28 | 4 | ||||||
Kering SA | 52 | 24 | ||||||
Klepierre SA REIT | 156 | 4 | ||||||
L'Oreal SA | 178 | 74 | ||||||
La Francaise des Jeux SAEM | 77 | 2 | ||||||
Legrand SA | 198 | 18 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 203 | 153 | ||||||
Orange SA | 1,353 | 16 | ||||||
Pernod Ricard SA | 151 | 25 | ||||||
Publicis Groupe SA | 171 | 13 | ||||||
Remy Cointreau SA | 17 | 2 | ||||||
Renault SA | 140 | 6 | ||||||
Safran SA | 249 | 39 | ||||||
Sanofi | 837 | 90 | ||||||
Sartorius Stedim Biotech | 20 | 5 | ||||||
Schneider Electric SE | 403 | 66 | ||||||
SEB SA | 18 | 2 | ||||||
Societe Generale SA | 1,972 | 48 | ||||||
Sodexo SA | 65 | 7 | ||||||
STMicroelectronics NV | 499 | 22 | ||||||
Teleperformance SE | 43 | 5 | ||||||
Thales SA | 77 | 11 | ||||||
TotalEnergies SE | 1,732 | 114 | ||||||
Unibail-Rodamco-Westfield REIT (e) | 85 | 4 | ||||||
Valeo SE | 152 | 3 | ||||||
Veolia Environnement SA | 496 | 14 | ||||||
Vinci SA | 385 | 43 | ||||||
Vivendi SE | 521 | 5 | ||||||
Wendel SE | 19 | 1 | ||||||
Worldline SA (e) | 169 | 5 | ||||||
1,496 | ||||||||
Germany (1.3%) | ||||||||
Adidas AG | 126 | 22 | ||||||
Allianz SE (Registered) | 314 | 75 | ||||||
BASF SE | 691 | 31 | ||||||
Bayer AG (Registered) | 767 | 37 | ||||||
Bayerische Motoren Werke AG | 259 | 26 | ||||||
Bayerische Motoren Werke AG (Preference) | 46 | 4 | ||||||
Bechtle AG | 62 | 3 | ||||||
Beiersdorf AG | 79 | 10 | ||||||
Brenntag SE | 121 | 9 | ||||||
Carl Zeiss Meditec AG | 31 | 3 | ||||||
Commerzbank AG | 2,770 | 31 | ||||||
Continental AG | 84 | 6 | ||||||
Covestro AG (e) | 153 | 8 | ||||||
Daimler Truck Holding AG | 392 | 14 | ||||||
Delivery Hero SE (e) | 131 | 4 | ||||||
Deutsche Bank AG (Registered) | 1,495 | 16 | ||||||
Deutsche Boerse AG | 147 | 25 | ||||||
Deutsche Lufthansa AG (Registered) (e) | 460 | 4 | ||||||
Deutsche Post AG (Registered) | 783 | 32 | ||||||
Deutsche Telekom AG (Registered) | 2,525 | 53 | ||||||
Dr Ing hc F Porsche AG (Preference) | 88 | 8 | ||||||
E.ON SE | 1,753 | 21 | ||||||
Evonik Industries AG | 164 | 3 | ||||||
Fresenius Medical Care AG & Co. KGaA | 159 | 7 | ||||||
Fresenius SE & Co. KGaA | 330 | 10 | ||||||
GEA Group AG | 117 | 4 | ||||||
Hannover Rueck SE (Registered) | 47 | 10 | ||||||
Heidelberg Materials AG | 112 | 9 | ||||||
HelloFresh SE (e) | 123 | 4 | ||||||
Henkel AG & Co. KGaA | 81 | 5 | ||||||
Henkel AG & Co. KGaA (Preference) | 131 | 9 | ||||||
Infineon Technologies AG | 1,022 | 34 | ||||||
Knorr-Bremse AG | 56 | 4 | ||||||
LEG Immobilien SE (e) | 54 | 4 | ||||||
Mercedes-Benz Group AG (Registered) | 674 | 47 | ||||||
Merck KGaA | 100 | 17 | ||||||
MTU Aero Engines AG | 42 | 8 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 110 | 43 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Germany (cont'd) | ||||||||
Nemetschek SE | 44 | $ | 3 | |||||
Porsche Automobil Holding SE (Preference) | 119 | 6 | ||||||
Puma SE | 80 | 5 | ||||||
QIAGEN NV (e) | 177 | 7 | ||||||
Rational AG | 4 | 2 | ||||||
Rheinmetall AG | 34 | 9 | ||||||
RWE AG | 493 | 18 | ||||||
SAP SE | 809 | 105 | ||||||
Sartorius AG (Preference) | 20 | 7 | ||||||
Scout24 SE | 58 | 4 | ||||||
Siemens AG (Registered) | 595 | 85 | ||||||
Siemens Energy AG (e) | 406 | 5 | ||||||
Siemens Healthineers AG | 217 | 11 | ||||||
Symrise AG | 102 | 10 | ||||||
Talanx AG | 50 | 3 | ||||||
Telefonica Deutschland Holding AG | 697 | 1 | ||||||
Volkswagen AG | 23 | 3 | ||||||
Volkswagen AG (Preference) | 160 | 18 | ||||||
Vonovia SE | 517 | 12 | ||||||
Wacker Chemie AG | 14 | 2 | ||||||
Zalando SE (e) | 170 | 4 | ||||||
980 | ||||||||
Hong Kong (0.2%) | ||||||||
AIA Group Ltd. | 4,705 | 38 | ||||||
BOC Hong Kong Holdings Ltd. | 1,829 | 5 | ||||||
Budweiser Brewing Co. APAC Ltd. | 781 | 2 | ||||||
CK Asset Holdings Ltd. | 971 | 5 | ||||||
CK Hutchison Holdings Ltd. | 1,313 | 7 | ||||||
CK Infrastructure Holdings Ltd. | 309 | 2 | ||||||
CLP Holdings Ltd. | 801 | 6 | ||||||
ESR Group Ltd. | 786 | 1 | ||||||
Futu Holdings Ltd. ADR (e) | 28 | 2 | ||||||
Galaxy Entertainment Group Ltd. | 1,071 | 6 | ||||||
Hang Lung Properties Ltd. | 899 | 1 | ||||||
Hang Seng Bank Ltd. | 376 | 5 | ||||||
Henderson Land Development Co. Ltd. | 716 | 2 | ||||||
HKT Trust & HKT Ltd. | 1,841 | 2 | ||||||
Hong Kong & China Gas Co. Ltd. | 4,512 | 3 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 496 | 18 | ||||||
Hongkong Land Holdings Ltd. | 449 | 2 | ||||||
Jardine Matheson Holdings Ltd. | 77 | 4 | ||||||
Link REIT | 1,073 | 5 | ||||||
MTR Corp. Ltd. | 787 | 3 | ||||||
New World Development Co. Ltd. | 752 | 2 | ||||||
Power Assets Holdings Ltd. | 671 | 3 | ||||||
Sands China Ltd. (e) | 793 | 2 | ||||||
Sino Land Co. Ltd. | 1,828 | 2 | ||||||
SITC International Holdings Co. Ltd. | 684 | 1 | ||||||
Sun Hung Kai Properties Ltd. | 714 | 8 | ||||||
Swire Pacific Ltd., Class A | 212 | 1 | ||||||
Swire Properties Ltd. | 570 | 1 | ||||||
Techtronic Industries Co. Ltd. | 652 | 6 | ||||||
WH Group Ltd. | 3,622 | 2 | ||||||
Wharf Real Estate Investment Co. Ltd. | 809 | 3 | ||||||
Xinyi Glass Holdings Ltd. | 848 | 1 | ||||||
151 | ||||||||
Ireland (0.1%) | ||||||||
AIB Group PLC | 1,019 | 4 | ||||||
Bank of Ireland Group PLC | 803 | 8 | ||||||
CRH PLC ADR | 553 | 30 | ||||||
Flutter Entertainment PLC (e) | 133 | 22 | ||||||
Kerry Group PLC, Class A | 119 | 10 | ||||||
Kingspan Group PLC | 115 | 9 | ||||||
Smurfit Kappa Group PLC | 195 | 6 | ||||||
89 | ||||||||
Israel (0.1%) | ||||||||
Azrieli Group Ltd. | 34 | 2 | ||||||
Bank Hapoalim BM | 1,008 | 9 | ||||||
Bank Leumi Le-Israel BM | 1,225 | 10 | ||||||
Check Point Software Technologies Ltd. (e) | 77 | 10 | ||||||
CyberArk Software Ltd. (e) | 33 | 6 | ||||||
Elbit Systems Ltd. | 21 | 4 | ||||||
ICL Group Ltd. | 614 | 3 | ||||||
Israel Discount Bank Ltd., Class A | 989 | 5 | ||||||
Mizrahi Tefahot Bank Ltd. | 123 | 5 | ||||||
Monday.com Ltd. (e) | 15 | 2 | ||||||
Nice Ltd. (e) | 50 | 9 | ||||||
Teva Pharmaceutical Industries Ltd. ADR (e) | 885 | 9 | ||||||
Tower Semiconductor Ltd. (e) | 87 | 2 | ||||||
Wix.com Ltd. (e) | 43 | 4 | ||||||
80 | ||||||||
Italy (0.5%) | ||||||||
Amplifon SpA | 49 | 1 | ||||||
Assicurazioni Generali SpA | 395 | 8 | ||||||
CNH Industrial NV | 398 | 5 | ||||||
Davide Campari-Milano NV | 204 | 2 | ||||||
DiaSorin SpA | 10 | 1 | ||||||
Enel SpA | 3,175 | 20 | ||||||
Eni SpA | 908 | 15 | ||||||
EXOR NV | 177 | 15 | ||||||
Ferrari NV | 49 | 14 | ||||||
FinecoBank Banca Fineco SpA | 1,321 | 16 | ||||||
Infrastrutture Wireless Italiane SpA | 132 | 2 | ||||||
Intesa Sanpaolo SpA | 35,990 | 92 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 1,311 | 17 | ||||||
Moncler SpA | 81 | 5 | ||||||
Nexi SpA (e) | 226 | 1 | ||||||
Poste Italiane SpA | 203 | 2 | ||||||
Prysmian SpA | 99 | 4 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 41 | 2 | ||||||
Snam SpA | 775 | 4 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Italy (cont'd) | ||||||||
Stellantis NV | 875 | $ | 17 | |||||
Telecom Italia SpA (Milano) (e) | 3,857 | 1 | ||||||
Tenaris SA | 184 | 3 | ||||||
Terna - Rete Elettrica Nazionale | 541 | 4 | ||||||
UniCredit SpA | 4,477 | 107 | ||||||
358 | ||||||||
Netherlands (0.8%) | ||||||||
ABN AMRO Bank NV CVA | 1,080 | 15 | ||||||
Adyen NV (e) | 17 | 13 | ||||||
Aegon NV | 1,322 | 6 | ||||||
AerCap Holdings NV (e) | 128 | 8 | ||||||
Akzo Nobel NV | 131 | 9 | ||||||
ASM International NV | 36 | 15 | ||||||
ASML Holding NV | 309 | 182 | ||||||
Basic-Fit NV (e) | 788 | 22 | ||||||
Coca-Cola Europacific Partners PLC | 159 | 10 | ||||||
DSM BV (e) | 148 | 15 | ||||||
DSM-Firmenich AG | 134 | 11 | ||||||
Heineken Holding NV | 89 | 7 | ||||||
Heineken NV | 201 | 18 | ||||||
IMCD NV | 44 | 6 | ||||||
ING Groep NV | 9,832 | 130 | ||||||
JDE Peet's NV | 97 | 3 | ||||||
Just Eat Takeaway.com NV (e) | 155 | 2 | ||||||
Koninklijke Ahold Delhaize NV | 754 | 23 | ||||||
Koninklijke KPN NV | 2,495 | 8 | ||||||
Koninklijke Philips NV | 718 | 14 | ||||||
NN Group NV | 197 | 6 | ||||||
OCI NV (e) | 81 | 2 | ||||||
Prosus NV (e) | 1,344 | 40 | ||||||
Randstad NV | 85 | 5 | ||||||
Universal Music Group NV | 634 | 16 | ||||||
Wolters Kluwer NV | 198 | 24 | ||||||
610 | ||||||||
New Zealand (0.0%)‡ | ||||||||
Auckland International Airport Ltd. | 1,110 | 5 | ||||||
EBOS Group Ltd. | 136 | 3 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 519 | 7 | ||||||
Mercury NZ Ltd. | 633 | 2 | ||||||
Meridian Energy Ltd. | 1,127 | 3 | ||||||
Spark New Zealand Ltd. | 1,639 | 5 | ||||||
25 | ||||||||
Norway (0.1%) | ||||||||
Adevinta ASA (e) | 206 | 2 | ||||||
Aker BP ASA | 231 | 6 | ||||||
DNB Bank ASA | 684 | 14 | ||||||
Equinor ASA | 710 | 23 | ||||||
Gjensidige Forsikring ASA | 146 | 2 | ||||||
Kongsberg Gruppen ASA | 66 | 3 | ||||||
Mowi ASA | 316 | 6 | ||||||
Norsk Hydro ASA | 1,018 | 6 | ||||||
Orkla ASA | 554 | 4 | ||||||
Salmar ASA | 52 | 3 | ||||||
Telenor ASA | 519 | 6 | ||||||
Yara International ASA | 127 | 5 | ||||||
80 | ||||||||
Portugal (0.0%)‡ | ||||||||
EDP - Energias de Portugal SA | 2,277 | 9 | ||||||
EDP Renovaveis SA | 198 | 3 | ||||||
Galp Energia SGPS SA | 384 | 6 | ||||||
Jeronimo Martins SGPS SA | 221 | 5 | ||||||
23 | ||||||||
Singapore (0.2%) | ||||||||
CapitaLand Ascendas REIT | 2,252 | 4 | ||||||
CapitaLand Integrated Commercial Trust REIT | 3,555 | 5 | ||||||
CapitaLand Investment Ltd. | 1,735 | 4 | ||||||
City Developments Ltd. | 334 | 2 | ||||||
DBS Group Holdings Ltd. | 1,202 | 29 | ||||||
Genting Singapore Ltd. | 4,000 | 2 | ||||||
Grab Holdings Ltd., Class A (e) | 1,241 | 4 | ||||||
Jardine Cycle & Carriage Ltd. | 66 | 2 | ||||||
Keppel Corp. Ltd. | 967 | 5 | ||||||
Mapletree Logistics Trust REIT | 2,325 | 3 | ||||||
Mapletree Pan Asia Commercial Trust REIT | 1,568 | 2 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,248 | 21 | ||||||
Sea Ltd. ADR (e) | 245 | 11 | ||||||
Seatrium Ltd. (e) | 26,845 | 3 | ||||||
Singapore Airlines Ltd. | 886 | 4 | ||||||
Singapore Exchange Ltd. | 576 | 4 | ||||||
Singapore Technologies Engineering Ltd. | 1,038 | 3 | ||||||
Singapore Telecommunications Ltd. | 5,534 | 10 | ||||||
United Overseas Bank Ltd. | 843 | 18 | ||||||
UOL Group Ltd. | 310 | 1 | ||||||
Venture Corp. Ltd. | 186 | 2 | ||||||
Wilmar International Ltd. | 1,261 | 3 | ||||||
142 | ||||||||
Spain (0.6%) | ||||||||
Acciona SA | 13 | 1 | ||||||
ACS Actividades de Construccion y Servicios SA | 109 | 4 | ||||||
Aena SME SA | 38 | 6 | ||||||
Amadeus IT Group SA | 227 | 14 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 15,218 | 123 | ||||||
Banco Santander SA | 39,847 | 152 | ||||||
CaixaBank SA | 10,348 | 41 | ||||||
Cellnex Telecom SA (e) | 285 | 10 | ||||||
Corp. ACCIONA Energias Renovables SA | 33 | 1 | ||||||
Enagas SA | 125 | 2 | ||||||
Endesa SA | 163 | 3 | ||||||
Ferrovial SE | 256 | 8 | ||||||
Grifols SA (e) | 145 | 2 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Spain (cont'd) | ||||||||
Iberdrola SA | 3,041 | $ | 34 | |||||
Industria de Diseno Textil SA | 558 | 21 | ||||||
Naturgy Energy Group SA | 64 | 2 | ||||||
Redeia Corp. SA | 203 | 3 | ||||||
Repsol SA | 677 | 11 | ||||||
Telefonica SA | 2,641 | 11 | ||||||
449 | ||||||||
Sweden (0.5%) | ||||||||
Alfa Laval AB | 215 | 7 | ||||||
Assa Abloy AB, Class B | 741 | 16 | ||||||
Atlas Copco AB, Class A | 3,228 | 41 | ||||||
Beijer Ref AB | 295 | 3 | ||||||
Boliden AB (e) | 202 | 6 | ||||||
Embracer Group AB (e) | 552 | 1 | ||||||
Epiroc AB, Class A | 794 | 14 | ||||||
EQT AB | 256 | 5 | ||||||
Essity AB, Class B | 447 | 10 | ||||||
Evolution AB | 135 | 14 | ||||||
Fastighets AB Balder, Class B (e) | 485 | 2 | ||||||
Getinge AB, Class B | 175 | 3 | ||||||
H & M Hennes & Mauritz AB, Class B | 483 | 7 | ||||||
Hexagon AB, Class B | 1,476 | 12 | ||||||
Holmen AB, Class B | 70 | 3 | ||||||
Husqvarna AB, Class B | 312 | 2 | ||||||
Industrivarden AB, Class A | 214 | 6 | ||||||
Indutrade AB | 205 | 4 | ||||||
Investment AB Latour, Class B | 115 | 2 | ||||||
Investor AB, Class A | 1,571 | 30 | ||||||
Kinnevik AB, Class B (e) | 185 | 2 | ||||||
L E Lundbergforetagen AB, Class B | 56 | 2 | ||||||
Lifco AB, Class B | 173 | 3 | ||||||
Nibe Industrier AB, Class B | 1,098 | 7 | ||||||
Nordea Bank Abp | 2,371 | 26 | ||||||
Saab AB, Class B | 61 | 3 | ||||||
Sagax AB, Class B | 136 | 3 | ||||||
Sandvik AB | 798 | 15 | ||||||
Securitas AB, Class B | 361 | 3 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 1,182 | 14 | ||||||
Skanska AB, Class B | 249 | 4 | ||||||
SKF AB, Class B | 250 | 4 | ||||||
Svenska Cellulosa AB SCA, Class B | 443 | 6 | ||||||
Svenska Handelsbanken AB, Class A | 1,086 | 10 | ||||||
Swedbank AB, Class A | 630 | 11 | ||||||
Swedish Orphan Biovitrum AB (e) | 133 | 3 | ||||||
Tele2 AB, Class B | 394 | 3 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 2,122 | 10 | ||||||
Telia Co. AB | 1,821 | 4 | ||||||
Volvo AB, Class A | 1,260 | 26 | ||||||
Volvo Car AB, Class B (e) | 471 | 2 | ||||||
349 | ||||||||
Switzerland (1.4%) | ||||||||
ABB Ltd. (Registered) | 1,219 | 44 | ||||||
Adecco Group AG (Registered) | 126 | 5 | ||||||
Alcon, Inc. | 382 | 29 | ||||||
Bachem Holding AG | 26 | 2 | ||||||
Baloise Holding AG (Registered) | 35 | 5 | ||||||
Banque Cantonale Vaudoise (Registered) | 23 | 2 | ||||||
Barry Callebaut AG (Registered) | 3 | 5 | ||||||
BKW AG | 16 | 3 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 11 | ||||||
Cie Financiere Richemont SA (Registered) | 409 | 50 | ||||||
Clariant AG (Registered) (e) | 166 | 3 | ||||||
Dufry AG (Registered) (e) | 78 | 3 | ||||||
EMS-Chemie Holding AG (Registered) | 5 | 3 | ||||||
Geberit AG (Registered) | 26 | 13 | ||||||
Givaudan SA (Registered) | 7 | 23 | ||||||
Helvetia Holding AG (Registered) | 29 | 4 | ||||||
Holcim AG (e) | 425 | 27 | ||||||
Julius Baer Group Ltd. | 165 | 11 | ||||||
Kuehne & Nagel International AG (Registered) | 42 | 12 | ||||||
Logitech International SA (Registered) | 128 | 9 | ||||||
Lonza Group AG (Registered) | 57 | 26 | ||||||
Nestle SA (Registered) | 2,094 | 237 | ||||||
Novartis AG (Registered) | 1,568 | 160 | ||||||
Partners Group Holding AG | 17 | 19 | ||||||
Roche Holding AG | 25 | 7 | ||||||
Roche Holding AG (Genusschein) | 534 | 146 | ||||||
Schindler Holding AG | 32 | 6 | ||||||
Schindler Holding AG (Registered) | 18 | 3 | ||||||
SGS SA (Registered) | 115 | 10 | ||||||
SIG Group AG (e) | 234 | 6 | ||||||
Sika AG (Registered) | 111 | 28 | ||||||
Sonova Holding AG (Registered) | 40 | 9 | ||||||
Straumann Holding AG (Registered) | 85 | 11 | ||||||
Swatch Group AG | 23 | 6 | ||||||
Swatch Group AG (Registered) | 43 | 2 | ||||||
Swiss Life Holding AG (Registered) | 24 | 15 | ||||||
Swiss Prime Site AG (Registered) | 60 | 6 | ||||||
Swiss Re AG | 233 | 24 | ||||||
Swisscom AG (Registered) | 20 | 12 | ||||||
Temenos AG (Registered) | 49 | 3 | ||||||
UBS Group AG (Registered) (e) | 2,508 | 62 | ||||||
VAT Group AG | 21 | 8 | ||||||
Zurich Insurance Group AG | 114 | 52 | ||||||
1,122 | ||||||||
United Kingdom (2.3%) | ||||||||
3i Group PLC | 797 | 20 | ||||||
abrdn PLC | 1,635 | 3 | ||||||
Admiral Group PLC | 169 | 5 | ||||||
Anglo American PLC | 1,067 | 29 | ||||||
Antofagasta PLC | 335 | 6 | ||||||
Ashtead Group PLC | 358 | 22 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United Kingdom (cont'd) | ||||||||
Associated British Foods PLC | 289 | $ | 7 | |||||
AstraZeneca PLC | 1,258 | 170 | ||||||
Auto Trader Group PLC | 738 | 6 | ||||||
Aviva PLC | 2,273 | 11 | ||||||
BAE Systems PLC | 2,498 | 30 | ||||||
Barclays PLC | 12,654 | 24 | ||||||
Barratt Developments PLC | 753 | 4 | ||||||
Berkeley Group Holdings PLC | 84 | 4 | ||||||
BP PLC | 14,451 | 93 | ||||||
British American Tobacco PLC | 1,723 | 54 | ||||||
British Land Co. PLC REIT | 677 | 3 | ||||||
BT Group PLC | 5,615 | 8 | ||||||
Bunzl PLC | 275 | 10 | ||||||
Burberry Group PLC | 304 | 7 | ||||||
Centrica PLC | 4,733 | 9 | ||||||
Coca-Cola HBC AG (e) | 181 | 5 | ||||||
Compass Group PLC | 1,427 | 35 | ||||||
Croda International PLC | 113 | 7 | ||||||
DCC PLC | 80 | 4 | ||||||
Diageo PLC | 1,825 | 67 | ||||||
Endeavour Mining PLC | 152 | 3 | ||||||
Entain PLC | 514 | 6 | ||||||
Evraz PLC (e) | 464 | — | ||||||
Experian PLC | 750 | 25 | ||||||
G4S Ltd. (e) | 2,164 | 6 | ||||||
Glencore PLC | 8,897 | 51 | ||||||
GSK PLC | 3,334 | 60 | ||||||
Haleon PLC | 4,068 | 17 | ||||||
Halma PLC | 306 | 7 | ||||||
Hargreaves Lansdown PLC | 276 | 3 | ||||||
Hikma Pharmaceuticals PLC | 130 | 3 | ||||||
HSBC Holdings PLC | 16,477 | 129 | ||||||
Imperial Brands PLC | 715 | 15 | ||||||
Informa PLC | 1,140 | 10 | ||||||
InterContinental Hotels Group PLC | 139 | 10 | ||||||
Intertek Group PLC | 131 | 7 | ||||||
J Sainsbury PLC | 1,310 | 4 | ||||||
JD Sports Fashion PLC | 2,038 | 4 | ||||||
Johnson Matthey PLC | 151 | 3 | ||||||
Kingfisher PLC | 1,515 | 4 | ||||||
Land Securities Group PLC REIT | 535 | 4 | ||||||
Legal & General Group PLC | 4,788 | 13 | ||||||
Lloyds Banking Group PLC | 53,886 | 29 | ||||||
London Stock Exchange Group PLC | 328 | 33 | ||||||
M&G PLC | 1,759 | 4 | ||||||
Mondi PLC | 396 | 7 | ||||||
National Grid PLC | 2,985 | 36 | ||||||
NatWest Group PLC | 4,621 | 13 | ||||||
Next PLC | 98 | 9 | ||||||
Ocado Group PLC (e) | 475 | 3 | ||||||
Paragon Offshore PLC (e)(f) | 67 | — | ||||||
Pearson PLC | 526 | 6 | ||||||
Persimmon PLC | 246 | 3 | ||||||
Phoenix Group Holdings PLC | 597 | 3 | ||||||
Prudential PLC | 2,282 | 25 | ||||||
Reckitt Benckiser Group PLC | 586 | 41 | ||||||
RELX PLC (LSE) | 1,553 | 52 | ||||||
Rentokil Initial PLC | 2,040 | 15 | ||||||
Rio Tinto PLC | 942 | 59 | ||||||
Rolls-Royce Holdings PLC (e) | 6,732 | 18 | ||||||
Sage Group PLC | 832 | 10 | ||||||
Schroders PLC | 655 | 3 | ||||||
Segro PLC REIT | 940 | 8 | ||||||
Severn Trent PLC | 201 | 6 | ||||||
Shell PLC | 5,611 | 178 | ||||||
Smith & Nephew PLC | 714 | 9 | ||||||
Smiths Group PLC | 287 | 6 | ||||||
Spirax-Sarco Engineering PLC | 59 | 7 | ||||||
SSE PLC | 887 | 17 | ||||||
St. James's Place PLC | 428 | 4 | ||||||
Standard Chartered PLC | 1,990 | 18 | ||||||
Taylor Wimpey PLC | 2,709 | 4 | ||||||
Tesco PLC | 5,932 | 19 | ||||||
Unilever PLC CVA | 2,060 | 102 | ||||||
United Utilities Group PLC | 544 | 6 | ||||||
Vodafone Group PLC | 18,644 | 17 | ||||||
Whitbread PLC | 165 | 7 | ||||||
Wise PLC Class A (e) | 479 | 4 | ||||||
WPP PLC | 891 | 8 | ||||||
1,816 | ||||||||
United States (23.1%) | ||||||||
3M Co. | 265 | 25 | ||||||
A O Smith Corp. | 62 | 4 | ||||||
Abbott Laboratories | 832 | 81 | ||||||
AbbVie, Inc. | 843 | 126 | ||||||
Accenture PLC, Class A | 307 | 94 | ||||||
Activision Blizzard, Inc. | 362 | 34 | ||||||
Adobe, Inc. (e) | 223 | 114 | ||||||
Advance Auto Parts, Inc. | 28 | 2 | ||||||
Advanced Micro Devices, Inc. (e) | 790 | 81 | ||||||
AECOM | 63 | 5 | ||||||
AES Corp. | 321 | 5 | ||||||
Aflac, Inc. | 278 | 21 | ||||||
Agilent Technologies, Inc. | 139 | 16 | ||||||
Air Products & Chemicals, Inc. | 106 | 30 | ||||||
Airbnb, Inc., Class A (e) | 200 | 27 | ||||||
Akamai Technologies, Inc. (e) | 76 | 8 | ||||||
Albemarle Corp. | 57 | 10 | ||||||
Albertsons Cos., Inc., Class A | 141 | 3 | ||||||
Alcoa Corp. | 87 | 3 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 78 | 8 | ||||||
Align Technology, Inc. (e) | 36 | 11 | ||||||
Allegion PLC | 42 | 4 | ||||||
Alliant Energy Corp. | 122 | 6 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Allstate Corp. | 126 | $ | 14 | |||||
Ally Financial, Inc. | 128 | 3 | ||||||
Alnylam Pharmaceuticals, Inc. (e) | 61 | 11 | ||||||
Alphabet, Inc., Class A (e) | 5,137 | 674 | ||||||
Altria Group, Inc. | 857 | 36 | ||||||
Amazon.com, Inc. (e) | 4,072 | 518 | ||||||
Amcor PLC | 724 | 7 | ||||||
Ameren Corp. | 126 | 9 | ||||||
American Electric Power Co., Inc. | 243 | 18 | ||||||
American Express Co. | 307 | 46 | ||||||
American Financial Group, Inc. | 35 | 4 | ||||||
American Homes 4 Rent, Class A REIT | 160 | 5 | ||||||
American International Group, Inc. | 355 | 22 | ||||||
American Tower Corp. REIT | 220 | 36 | ||||||
American Water Works Co., Inc. | 93 | 12 | ||||||
Ameriprise Financial, Inc. | 51 | 17 | ||||||
AMETEK, Inc. | 111 | 16 | ||||||
Amgen, Inc. | 257 | 69 | ||||||
Amphenol Corp., Class A | 288 | 24 | ||||||
Analog Devices, Inc. | 243 | 43 | ||||||
Annaly Capital Management, Inc. REIT | 237 | 4 | ||||||
ANSYS, Inc. (e) | 42 | 12 | ||||||
Aon PLC, Class A | 100 | 32 | ||||||
APA Corp. | 151 | 6 | ||||||
Apollo Global Management, Inc. | 193 | 17 | ||||||
Apple, Inc. | 6,996 | 1,198 | ||||||
Applied Materials, Inc. | 417 | 58 | ||||||
Aptiv PLC (e) | 130 | 13 | ||||||
Aramark | 114 | 4 | ||||||
Arch Capital Group Ltd. (e) | 181 | 14 | ||||||
Archer-Daniels-Midland Co. | 263 | 20 | ||||||
Ares Management Corp., Class A | 77 | 8 | ||||||
Arista Networks, Inc. (e) | 124 | 23 | ||||||
Arrow Electronics, Inc. (e) | 28 | 4 | ||||||
Arthur J Gallagher & Co. | 103 | 23 | ||||||
Aspen Technology, Inc. (e) | 15 | 3 | ||||||
Assurant, Inc. | 26 | 4 | ||||||
AT&T, Inc. | 2,973 | 45 | ||||||
Atlanta Braves Holdings, Inc., Class C (e) | 2 | — | @ | |||||
Atlassian Corp., Class A (e) | 72 | 15 | ||||||
Atmos Energy Corp. | 69 | 7 | ||||||
Autodesk, Inc. (e) | 103 | 21 | ||||||
Automatic Data Processing, Inc. | 197 | 47 | ||||||
AutoZone, Inc. (e) | 9 | 23 | ||||||
AvalonBay Communities, Inc. REIT | 68 | 12 | ||||||
Avantor, Inc. (e) | 314 | 7 | ||||||
Avery Dennison Corp. | 38 | 7 | ||||||
Axon Enterprise, Inc. (e) | 35 | 7 | ||||||
Baker Hughes Co. | 489 | 17 | ||||||
Ball Corp. | 152 | 8 | ||||||
Bank of America Corp. | 3,072 | 84 | ||||||
Bank of New York Mellon Corp. | 385 | 16 | ||||||
Bath & Body Works, Inc. | 105 | 4 | ||||||
Baxter International, Inc. | 239 | 9 | ||||||
Becton Dickinson & Co. | 138 | 36 | ||||||
Bentley Systems, Inc., Class B | 110 | 6 | ||||||
Berkshire Hathaway, Inc., Class B (e) | 631 | 221 | ||||||
Best Buy Co., Inc. | 97 | 7 | ||||||
Bill Holdings, Inc. (e) | 48 | 5 | ||||||
Biogen, Inc. (e) | 69 | 18 | ||||||
BioMarin Pharmaceutical, Inc. (e) | 91 | 8 | ||||||
Bio-Rad Laboratories, Inc., Class A (e) | 12 | 4 | ||||||
Bio-Techne Corp. | 77 | 5 | ||||||
BlackRock, Inc. | 72 | 47 | ||||||
Blackstone, Inc. | 335 | 36 | ||||||
Block, Inc., Class A (e) | 263 | 12 | ||||||
Boeing Co. (e) | 278 | 53 | ||||||
Booking Holdings, Inc. (e) | 19 | 59 | ||||||
Booz Allen Hamilton Holding Corp. | 62 | 7 | ||||||
BorgWarner, Inc. | 113 | 5 | ||||||
Boston Properties, Inc. REIT | 71 | 4 | ||||||
Boston Scientific Corp. (e) | 699 | 37 | ||||||
Bristol-Myers Squibb Co. | 1,005 | 58 | ||||||
Broadcom, Inc. | 203 | 169 | ||||||
Broadridge Financial Solutions, Inc. | 57 | 10 | ||||||
Brown & Brown, Inc. | 116 | 8 | ||||||
Brown-Forman Corp., Class B | 147 | 8 | ||||||
Builders FirstSource, Inc. (e) | 66 | 8 | ||||||
Bunge Ltd. | 72 | 8 | ||||||
Burlington Stores, Inc. (e) | 32 | 4 | ||||||
Cadence Design Systems, Inc. (e) | 132 | 31 | ||||||
Caesars Entertainment, Inc. (e) | 105 | 5 | ||||||
Camden Property Trust REIT | 52 | 5 | ||||||
Campbell Soup Co. | 94 | 4 | ||||||
Capital One Financial Corp. | 183 | 18 | ||||||
Cardinal Health, Inc. | 126 | 11 | ||||||
Carlisle Cos., Inc. | 24 | 6 | ||||||
Carlyle Group, Inc. | 105 | 3 | ||||||
CarMax, Inc. (e) | 78 | 6 | ||||||
Carnival Corp. (e) | 499 | 7 | ||||||
Carrier Global Corp. | 404 | 22 | ||||||
Catalent, Inc. (e) | 87 | 4 | ||||||
Caterpillar, Inc. | 251 | 69 | ||||||
Cboe Global Markets, Inc. | 51 | 8 | ||||||
CBRE Group, Inc., Class A (e) | 149 | 11 | ||||||
CDW Corp. | 64 | 13 | ||||||
Celanese Corp. | 51 | 6 | ||||||
Cencora, Inc. | 84 | 15 | ||||||
Centene Corp. (e) | 257 | 18 | ||||||
CenterPoint Energy, Inc. | 300 | 8 | ||||||
Ceridian HCM Holding, Inc. (e) | 71 | 5 | ||||||
CF Industries Holdings, Inc. | 94 | 8 | ||||||
CH Robinson Worldwide, Inc. | 58 | 5 | ||||||
Charles River Laboratories International, Inc. (e) | 24 | 5 | ||||||
Charles Schwab Corp. | 712 | 39 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Charter Communications, Inc., Class A (e) | 47 | $ | 21 | |||||
Cheniere Energy, Inc. | 119 | 20 | ||||||
Chesapeake Energy Corp. | 56 | 5 | ||||||
Chevron Corp. | 861 | 145 | ||||||
Chewy, Inc., Class A (e) | 50 | 1 | ||||||
Chipotle Mexican Grill, Inc. (e) | 14 | 26 | ||||||
Chubb Ltd. | 197 | 41 | ||||||
Church & Dwight Co., Inc. | 118 | 11 | ||||||
Cigna Group | 139 | 40 | ||||||
Cincinnati Financial Corp. | 76 | 8 | ||||||
Cintas Corp. | 45 | 22 | ||||||
Cisco Systems, Inc. | 1,844 | 99 | ||||||
Citigroup, Inc. | 929 | 38 | ||||||
Citizens Financial Group, Inc. | 222 | 6 | ||||||
Clarivate PLC (e) | 188 | 1 | ||||||
Cleveland-Cliffs, Inc. (e) | 253 | 4 | ||||||
Clorox Co. | 60 | 8 | ||||||
Cloudflare, Inc., Class A (e) | 132 | 8 | ||||||
CME Group, Inc. | 172 | 34 | ||||||
CMS Energy Corp. | 138 | 7 | ||||||
Coca-Cola Co. | 1,951 | 109 | ||||||
Cognex Corp. | 85 | 4 | ||||||
Cognizant Technology Solutions Corp., Class A | 246 | 17 | ||||||
Coinbase Global, Inc., Class A (e) | 79 | 6 | ||||||
Colgate-Palmolive Co. | 378 | 27 | ||||||
Comcast Corp., Class A | 2,017 | 89 | ||||||
Conagra Brands, Inc. | 230 | 6 | ||||||
ConocoPhillips | 578 | 69 | ||||||
Consolidated Edison, Inc. | 166 | 14 | ||||||
Constellation Brands, Inc., Class A | 77 | 19 | ||||||
Constellation Energy Corp. | 159 | 17 | ||||||
Contra Abiomed, Inc. (e) | 14 | — | @ | |||||
Cooper Cos., Inc. | 24 | 8 | ||||||
Copart, Inc. (e) | 418 | 18 | ||||||
Corning, Inc. | 389 | 12 | ||||||
Corteva, Inc. | 338 | 17 | ||||||
CoStar Group, Inc. (e) | 194 | 15 | ||||||
Costco Wholesale Corp. | 215 | 121 | ||||||
Coterra Energy, Inc. | 370 | 10 | ||||||
Crowdstrike Holdings, Inc., Class A (e) | 103 | 17 | ||||||
Crown Castle, Inc. REIT | 203 | 19 | ||||||
Crown Holdings, Inc. | 58 | 5 | ||||||
CSX Corp. | 984 | 30 | ||||||
Cummins, Inc. | 68 | 16 | ||||||
CVS Health Corp. | 606 | 42 | ||||||
Danaher Corp. | 331 | 82 | ||||||
Darden Restaurants, Inc. | 58 | 8 | ||||||
Darling Ingredients, Inc. (e) | 79 | 4 | ||||||
Datadog, Inc., Class A (e) | 120 | 11 | ||||||
DaVita, Inc. (e) | 27 | 3 | ||||||
Deckers Outdoor Corp. (e) | 12 | 6 | ||||||
Deere & Co. | 135 | 51 | ||||||
Dell Technologies, Inc., Class C | 123 | 8 | ||||||
Delta Air Lines, Inc. | 79 | 3 | ||||||
Dentsply Sirona, Inc. | 105 | 4 | ||||||
Devon Energy Corp. | 314 | 15 | ||||||
Dexcom, Inc. (e) | 193 | 18 | ||||||
Diamondback Energy, Inc. | 82 | 13 | ||||||
Dick's Sporting Goods, Inc. | 29 | 3 | ||||||
Digital Realty Trust, Inc. REIT | 138 | 17 | ||||||
Discover Financial Services | 126 | 11 | ||||||
DocuSign, Inc. (e) | 99 | 4 | ||||||
Dollar General Corp. | 103 | 11 | ||||||
Dollar Tree, Inc. (e) | 104 | 11 | ||||||
Dominion Energy, Inc. | 396 | 18 | ||||||
Domino's Pizza, Inc. | 18 | 7 | ||||||
DoorDash, Inc., Class A (e) | 124 | 10 | ||||||
Dover Corp. | 68 | 9 | ||||||
Dow, Inc. | 342 | 18 | ||||||
DR Horton, Inc. | 149 | 16 | ||||||
Dropbox, Inc., Class A (e) | 128 | 3 | ||||||
DTE Energy Co. | 101 | 10 | ||||||
Duke Energy Corp. | 366 | 32 | ||||||
DuPont de Nemours, Inc. | 219 | 16 | ||||||
Dynatrace, Inc. (e) | 106 | 5 | ||||||
Eastman Chemical Co. | 58 | 4 | ||||||
Eaton Corp. PLC | 193 | 41 | ||||||
eBay, Inc. | 255 | 11 | ||||||
Ecolab, Inc. | 126 | 21 | ||||||
Edison International | 181 | 11 | ||||||
Edwards Lifesciences Corp. (e) | 294 | 20 | ||||||
Electronic Arts, Inc. | 134 | 16 | ||||||
Elevance Health, Inc. | 107 | 47 | ||||||
Eli Lilly & Co. | 389 | 209 | ||||||
Emerson Electric Co. | 277 | 27 | ||||||
Enphase Energy, Inc. (e) | 65 | 8 | ||||||
Entegris, Inc. | 75 | 7 | ||||||
Entergy Corp. | 102 | 9 | ||||||
EOG Resources, Inc. | 284 | 36 | ||||||
EPAM Systems, Inc. (e) | 27 | 7 | ||||||
EQT Corp. | 175 | 7 | ||||||
Equifax, Inc. | 60 | 11 | ||||||
Equinix, Inc. REIT | 43 | 31 | ||||||
Equitable Holdings, Inc. | 175 | 5 | ||||||
Equity Lifestyle Properties, Inc. REIT | 85 | 5 | ||||||
Equity Residential REIT | 172 | 10 | ||||||
Erie Indemnity Co., Class A | 12 | 4 | ||||||
Essential Utilities, Inc. | 121 | 4 | ||||||
Essex Property Trust, Inc. REIT | 31 | 7 | ||||||
Estee Lauder Cos., Inc., Class A | 110 | 16 | ||||||
Etsy, Inc. (e) | 59 | 4 | ||||||
Everest Group Ltd. | 22 | 8 | ||||||
Evergy, Inc. | 108 | 5 | ||||||
Eversource Energy | 166 | 10 | ||||||
Exact Sciences Corp. (e) | 86 | 6 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Exelon Corp. | 477 | $ | 18 | |||||
Expedia Group, Inc. (e) | 73 | 8 | ||||||
Expeditors International of Washington, Inc. | 74 | 8 | ||||||
Extra Space Storage, Inc. REIT | 64 | 8 | ||||||
Exxon Mobil Corp. | 1,942 | 228 | ||||||
F5, Inc. (e) | 29 | 5 | ||||||
FactSet Research Systems, Inc. | 19 | 8 | ||||||
Fair Isaac Corp. (e) | 12 | 10 | ||||||
Fastenal Co. | 272 | 15 | ||||||
FedEx Corp. | 116 | 31 | ||||||
Ferguson PLC | 100 | 16 | ||||||
Fidelity National Financial, Inc. | 126 | 5 | ||||||
Fidelity National Information Services, Inc. | 281 | 16 | ||||||
Fifth Third Bancorp | 322 | 8 | ||||||
First Citizens BancShares, Inc., Class A | 5 | 7 | ||||||
First Horizon Corp. | 261 | 3 | ||||||
First Republic Bank (e) | 76 | — | @ | |||||
First Solar, Inc. (e) | 50 | 8 | ||||||
FirstEnergy Corp. | 261 | 9 | ||||||
Fiserv, Inc. (e) | 303 | 34 | ||||||
FleetCor Technologies, Inc. (e) | 35 | 9 | ||||||
FMC Corp. | 61 | 4 | ||||||
Ford Motor Co. | 1,899 | 24 | ||||||
Fortinet, Inc. (e) | 330 | 19 | ||||||
Fortive Corp. | 170 | 13 | ||||||
Fortune Brands Innovations, Inc. | 63 | 4 | ||||||
Fox Corp., Class A | 218 | 7 | ||||||
Franklin Resources, Inc. | 145 | 4 | ||||||
Freeport-McMoRan, Inc. | 693 | 26 | ||||||
Gaming and Leisure Properties, Inc. REIT | 128 | 6 | ||||||
Garmin Ltd. | 74 | 8 | ||||||
Gartner, Inc. (e) | 38 | 13 | ||||||
GE HealthCare Technologies, Inc. | 197 | 13 | ||||||
Gen Digital, Inc. | 280 | 5 | ||||||
Generac Holdings, Inc. (e) | 29 | 3 | ||||||
General Dynamics Corp. | 111 | 25 | ||||||
General Electric Co. | 534 | 59 | ||||||
General Mills, Inc. | 282 | 18 | ||||||
General Motors Co. | 669 | 22 | ||||||
Genuine Parts Co. | 68 | 10 | ||||||
Gilead Sciences, Inc. | 593 | 44 | ||||||
Global Payments, Inc. | 127 | 15 | ||||||
Globe Life, Inc. | 43 | 5 | ||||||
GoDaddy, Inc., Class A (e) | 73 | 5 | ||||||
Goldman Sachs Group, Inc. | 159 | 51 | ||||||
Graco, Inc. | 82 | 6 | ||||||
Halliburton Co. | 447 | 18 | ||||||
Hartford Financial Services Group, Inc. | 150 | 11 | ||||||
Hasbro, Inc. | 63 | 4 | ||||||
HCA Healthcare, Inc. | 103 | 25 | ||||||
Healthcare Realty Trust, Inc. REIT | 182 | 3 | ||||||
Healthpeak Properties, Inc. REIT | 262 | 5 | ||||||
HEICO Corp. | 57 | 9 | ||||||
Henry Schein, Inc. (e) | 63 | 5 | ||||||
Hershey Co. | 70 | 14 | ||||||
Hess Corp. | 134 | 21 | ||||||
Hewlett Packard Enterprise Co. | 629 | 11 | ||||||
HF Sinclair Corp. | 74 | 4 | ||||||
Hilton Worldwide Holdings, Inc. | 129 | 19 | ||||||
Hologic, Inc. (e) | 118 | 8 | ||||||
Home Depot, Inc. | 485 | 147 | ||||||
Honeywell International, Inc. | 320 | 59 | ||||||
Horizon Therapeutics PLC (e) | 86 | 10 | ||||||
Hormel Foods Corp. | 148 | 6 | ||||||
Host Hotels & Resorts, Inc. REIT | 347 | 6 | ||||||
Howmet Aerospace, Inc. | 190 | 9 | ||||||
HP, Inc. | 424 | 11 | ||||||
Hubbell, Inc. | 26 | 8 | ||||||
HubSpot, Inc. (e) | 23 | 11 | ||||||
Humana, Inc. | 60 | 29 | ||||||
Huntington Bancshares, Inc. | 595 | 6 | ||||||
Huntington Ingalls Industries, Inc. | 20 | 4 | ||||||
Hyatt Hotels Corp., Class A | 23 | 2 | ||||||
IDEX Corp. | 36 | 7 | ||||||
IDEXX Laboratories, Inc. (e) | 39 | 17 | ||||||
Illinois Tool Works, Inc. | 147 | 34 | ||||||
Illumina, Inc. (e) | 76 | 10 | ||||||
Incyte Corp. (e) | 91 | 5 | ||||||
Ingersoll Rand, Inc. | 199 | 13 | ||||||
Insulet Corp. (e) | 33 | 5 | ||||||
Intel Corp. | 1,820 | 65 | ||||||
Intercontinental Exchange, Inc. | 272 | 30 | ||||||
International Business Machines Corp. | 437 | 61 | ||||||
International Flavors & Fragrances, Inc. | 120 | 8 | ||||||
International Paper Co. | 161 | 6 | ||||||
Interpublic Group of Cos., Inc. | 203 | 6 | ||||||
Intuit, Inc. | 134 | 68 | ||||||
Intuitive Surgical, Inc. (e) | 172 | 50 | ||||||
Invesco Ltd. | 168 | 2 | ||||||
Invitation Homes, Inc. REIT | 293 | 9 | ||||||
IQVIA Holdings, Inc. (e) | 90 | 18 | ||||||
Iron Mountain, Inc. REIT | 142 | 8 | ||||||
J M Smucker Co. | 51 | 6 | ||||||
Jack Henry & Associates, Inc. | 35 | 5 | ||||||
Jacobs Solutions, Inc. | 62 | 8 | ||||||
Jazz Pharmaceuticals PLC (e) | 31 | 4 | ||||||
JB Hunt Transport Services, Inc. | 38 | 7 | ||||||
Johnson & Johnson | 1,250 | 195 | ||||||
Johnson Controls International PLC | 333 | 18 | ||||||
JPMorgan Chase & Co. | 1,402 | 203 | ||||||
Juniper Networks, Inc. | 157 | 4 | ||||||
Kellogg Co. | 131 | 8 | ||||||
Keurig Dr Pepper, Inc. | 434 | 14 | ||||||
KeyCorp | 429 | 5 | ||||||
Keysight Technologies, Inc. (e) | 85 | 11 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Kimberly-Clark Corp. | 162 | $ | 20 | |||||
Kimco Realty Corp. REIT | 300 | 5 | ||||||
Kinder Morgan, Inc. | 974 | 16 | ||||||
KKR & Co., Inc. | 292 | 18 | ||||||
KLA Corp. | 69 | 32 | ||||||
Knight-Swift Transportation Holdings, Inc. | 78 | 4 | ||||||
Kraft Heinz Co. | 378 | 13 | ||||||
Kroger Co. | 324 | 15 | ||||||
L3Harris Technologies, Inc. | 92 | 16 | ||||||
Laboratory Corp. of America Holdings | 42 | 8 | ||||||
Lam Research Corp. | 66 | 41 | ||||||
Lamb Weston Holdings, Inc. | 71 | 7 | ||||||
Las Vegas Sands Corp. | 169 | 8 | ||||||
Lattice Semiconductor Corp. (e) | 69 | 6 | ||||||
Lear Corp. | 28 | 4 | ||||||
Leidos Holdings, Inc. | 63 | 6 | ||||||
Lennar Corp., Class A | 123 | 14 | ||||||
Lennox International, Inc. | 16 | 6 | ||||||
Liberty Broadband Corp., Class C (e) | 58 | 5 | ||||||
Liberty Global PLC Series C (e) | 204 | 3 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (e) | 97 | 6 | ||||||
Liberty Media Corp.-Liberty Live, Class C (e) | 25 | 1 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C (e) | 83 | 2 | ||||||
Linde PLC | 240 | 89 | ||||||
Live Nation Entertainment, Inc. (e) | 80 | 7 | ||||||
LKQ Corp. | 131 | 6 | ||||||
Lockheed Martin Corp. | 110 | 45 | ||||||
Loews Corp. | 97 | 6 | ||||||
Lowe's Cos., Inc. | 287 | 60 | ||||||
LPL Financial Holdings, Inc. | 38 | 9 | ||||||
Lucid Group, Inc. (e) | 430 | 2 | ||||||
Lululemon Athletica, Inc. (e) | 55 | 21 | ||||||
LyondellBasell Industries NV, Class A | 126 | 12 | ||||||
M&T Bank Corp. | 79 | 10 | ||||||
Marathon Oil Corp. | 300 | 8 | ||||||
Marathon Petroleum Corp. | 209 | 32 | ||||||
Markel Group, Inc. (e) | 7 | 10 | ||||||
MarketAxess Holdings, Inc. | 19 | 4 | ||||||
Marriott International, Inc., Class A | 129 | 25 | ||||||
Marsh & McLennan Cos., Inc. | 239 | 45 | ||||||
Martin Marietta Materials, Inc. | 31 | 13 | ||||||
Marvell Technology, Inc. | 413 | 22 | ||||||
Masco Corp. | 108 | 6 | ||||||
Masimo Corp. (e) | 23 | 2 | ||||||
Mastercard, Inc., Class A | 411 | 163 | ||||||
Match Group, Inc. (e) | 137 | 5 | ||||||
McCormick & Co., Inc. | 120 | 9 | ||||||
McDonald's Corp. | 352 | 93 | ||||||
McKesson Corp. | 66 | 29 | ||||||
Medtronic PLC | 643 | 50 | ||||||
MercadoLibre, Inc. (e) | 22 | 28 | ||||||
Merck & Co., Inc. | 1,219 | 125 | ||||||
Meta Platforms, Inc., Class A (e) | 1,059 | 318 | ||||||
MetLife, Inc. | 312 | 20 | ||||||
Mettler-Toledo International, Inc. (e) | 12 | 13 | ||||||
MGM Resorts International (e) | 148 | 5 | ||||||
Microchip Technology, Inc. | 269 | 21 | ||||||
Micron Technology, Inc. | 524 | 36 | ||||||
Microsoft Corp. | 3,164 | 999 | ||||||
Mid-America Apartment Communities, Inc. REIT | 57 | 7 | ||||||
Moderna, Inc. (e) | 155 | 16 | ||||||
Mohawk Industries, Inc. (e) | 26 | 2 | ||||||
Molina Healthcare, Inc. (e) | 27 | 9 | ||||||
Molson Coors Beverage Co., Class B | 91 | 6 | ||||||
Mondelez International, Inc., Class A | 650 | 45 | ||||||
MongoDB, Inc. (e) | 35 | 12 | ||||||
Monolithic Power Systems, Inc. | 22 | 10 | ||||||
Monster Beverage Corp. (e) | 373 | 20 | ||||||
Moody's Corp. | 79 | 25 | ||||||
Mosaic Co. | 159 | 6 | ||||||
Motorola Solutions, Inc. | 81 | 22 | ||||||
MSCI, Inc. | 38 | 19 | ||||||
Nasdaq, Inc. | 168 | 8 | ||||||
NetApp, Inc. | 103 | 8 | ||||||
Netflix, Inc. (e) | 216 | 82 | ||||||
Neurocrine Biosciences, Inc. (e) | 47 | 5 | ||||||
Newmont Corp. (TSX) | 383 | 14 | ||||||
News Corp., Class A | 191 | 4 | ||||||
NextEra Energy, Inc. | 975 | 56 | ||||||
NIKE, Inc., Class B | 595 | 57 | ||||||
NiSource, Inc. | 198 | 5 | ||||||
Nordson Corp. | 24 | 5 | ||||||
Norfolk Southern Corp. | 108 | 21 | ||||||
Northern Trust Corp. | 89 | 6 | ||||||
Northrop Grumman Corp. | 69 | 30 | ||||||
Novocure Ltd. (e) | 50 | 1 | ||||||
NRG Energy, Inc. | 112 | 4 | ||||||
Nucor Corp. | 124 | 19 | ||||||
NVIDIA Corp. | 1,205 | 524 | ||||||
NVR, Inc. (e) | 1 | 6 | ||||||
NXP Semiconductors NV | 126 | 25 | ||||||
Occidental Petroleum Corp. | 347 | 23 | ||||||
Okta, Inc. (e) | 77 | 6 | ||||||
Old Dominion Freight Line, Inc. | 47 | 19 | ||||||
Omnicom Group, Inc. | 108 | 8 | ||||||
ON Semiconductor Corp. (e) | 213 | 20 | ||||||
ONEOK, Inc. | 216 | 14 | ||||||
Oracle Corp. | 793 | 84 | ||||||
O'Reilly Automotive, Inc. (e) | 29 | 26 | ||||||
Otis Worldwide Corp. | 200 | 16 | ||||||
Ovintiv, Inc. | 118 | 6 | ||||||
Owens Corning | 43 | 6 | ||||||
PACCAR, Inc. | 253 | 22 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Packaging Corp. of America | 43 | $ | 7 | |||||
Palantir Technologies, Inc., Class A (e) | 879 | 14 | ||||||
Palo Alto Networks, Inc. (e) | 148 | 35 | ||||||
Paramount Global, Class B | 231 | 3 | ||||||
Parker-Hannifin Corp. | 62 | 24 | ||||||
Paychex, Inc. | 155 | 18 | ||||||
Paycom Software, Inc. | 27 | 7 | ||||||
Paylocity Holding Corp. (e) | 22 | 4 | ||||||
PayPal Holdings, Inc. (e) | 516 | 30 | ||||||
Pentair PLC | 80 | 5 | ||||||
PepsiCo, Inc. | 657 | 111 | ||||||
Pfizer, Inc. | 2,496 | 83 | ||||||
PG&E Corp. (e) | 853 | 14 | ||||||
Philip Morris International, Inc. | 743 | 69 | ||||||
Phillips 66 | 219 | 26 | ||||||
Pinterest, Inc., Class A (e) | 292 | 8 | ||||||
Pioneer Natural Resources Co. | 112 | 26 | ||||||
PNC Financial Services Group, Inc. | 190 | 23 | ||||||
Pool Corp. | 19 | 7 | ||||||
PPG Industries, Inc. | 114 | 15 | ||||||
PPL Corp. | 351 | 8 | ||||||
Principal Financial Group, Inc. | 115 | 8 | ||||||
Procter & Gamble Co. | 1,032 | 151 | ||||||
Progressive Corp. | 286 | 40 | ||||||
Prologis, Inc. REIT | 447 | 50 | ||||||
Prudential Financial, Inc. | 176 | 17 | ||||||
PTC, Inc. (e) | 55 | 8 | ||||||
Public Service Enterprise Group, Inc. | 238 | 14 | ||||||
Public Storage REIT | 77 | 20 | ||||||
PulteGroup, Inc. | 107 | 8 | ||||||
Qorvo, Inc. (e) | 50 | 5 | ||||||
QUALCOMM, Inc. | 528 | 59 | ||||||
Quanta Services, Inc. | 70 | 13 | ||||||
Quest Diagnostics, Inc. | 54 | 7 | ||||||
Raymond James Financial, Inc. | 100 | 10 | ||||||
Realty Income Corp. REIT | 314 | 16 | ||||||
Regency Centers Corp. REIT | 74 | 4 | ||||||
Regeneron Pharmaceuticals, Inc. (e) | 53 | 44 | ||||||
Regions Financial Corp. | 446 | 8 | ||||||
Reliance Steel & Aluminum Co. | 29 | 8 | ||||||
Repligen Corp. (e) | 26 | 4 | ||||||
Republic Services, Inc. | 106 | 15 | ||||||
ResMed, Inc. | 72 | 11 | ||||||
Revvity, Inc. | 60 | 7 | ||||||
Rivian Automotive, Inc., Class A (e) | 309 | 8 | ||||||
Robert Half, Inc. | 54 | 4 | ||||||
ROBLOX Corp., Class A (e) | 210 | 6 | ||||||
Rockwell Automation, Inc. | 57 | 16 | ||||||
Roku, Inc. (e) | 61 | 4 | ||||||
Rollins, Inc. | 121 | 5 | ||||||
Roper Technologies, Inc. | 51 | 25 | ||||||
Ross Stores, Inc. | 165 | 19 | ||||||
Royal Caribbean Cruises Ltd. (e) | 111 | 10 | ||||||
Royalty Pharma PLC, Class A | 184 | 5 | ||||||
RPM International, Inc. | 63 | 6 | ||||||
RTX Corp. | 706 | 51 | ||||||
S&P Global, Inc. | 158 | 58 | ||||||
Salesforce, Inc. (e) | 470 | 95 | ||||||
SBA Communications Corp. REIT | 51 | 10 | ||||||
Schlumberger NV | 686 | 40 | ||||||
Seagate Technology Holdings PLC | 91 | 6 | ||||||
Seagen, Inc. (e) | 68 | 14 | ||||||
Sealed Air Corp. | 69 | 2 | ||||||
SEI Investments Co. | 42 | 3 | ||||||
Sempra | 299 | 20 | ||||||
Sensata Technologies Holding PLC | 75 | 3 | ||||||
ServiceNow, Inc. (e) | 98 | 55 | ||||||
Sherwin-Williams Co. | 118 | 30 | ||||||
Simon Property Group, Inc. REIT | 155 | 17 | ||||||
Sirius XM Holdings, Inc. | 386 | 2 | ||||||
Skyworks Solutions, Inc. | 78 | 8 | ||||||
Snap, Inc., Class A (e) | 496 | 4 | ||||||
Snap-on, Inc. | 26 | 7 | ||||||
Snowflake, Inc., Class A (e) | 127 | 19 | ||||||
SolarEdge Technologies, Inc. (e) | 27 | 3 | ||||||
Southern Co. | 520 | 34 | ||||||
Southwest Airlines Co. | 71 | 2 | ||||||
Splunk, Inc. (e) | 77 | 11 | ||||||
SS&C Technologies Holdings, Inc. | 106 | 6 | ||||||
Stanley Black & Decker, Inc. | 75 | 6 | ||||||
Starbucks Corp. | 552 | 50 | ||||||
State Street Corp. | 158 | 11 | ||||||
Steel Dynamics, Inc. | 81 | 9 | ||||||
Steris PLC | 47 | 10 | ||||||
Stryker Corp. | 166 | 45 | ||||||
Sun Communities, Inc. REIT | 58 | 7 | ||||||
Synchrony Financial | 211 | 6 | ||||||
Synopsys, Inc. (e) | 74 | 34 | ||||||
Sysco Corp. | 239 | 16 | ||||||
T Rowe Price Group, Inc. | 106 | 11 | ||||||
Take-Two Interactive Software, Inc. (e) | 82 | 12 | ||||||
Targa Resources Corp. | 103 | 9 | ||||||
Target Corp. | 220 | 24 | ||||||
TE Connectivity Ltd. | 153 | 19 | ||||||
Teledyne Technologies, Inc. (e) | 23 | 9 | ||||||
Teleflex, Inc. | 23 | 5 | ||||||
Teradyne, Inc. | 78 | 8 | ||||||
Tesla, Inc. (e) | 1,374 | 344 | ||||||
Texas Instruments, Inc. | 438 | 70 | ||||||
Texas Pacific Land Corp. | 3 | 5 | ||||||
Textron, Inc. | 102 | 8 | ||||||
Thermo Fisher Scientific, Inc. | 181 | 92 | ||||||
TJX Cos., Inc. | 554 | 49 | ||||||
T-Mobile US, Inc. (e) | 292 | 41 | ||||||
Toast, Inc., Class A (e) | 178 | 3 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Toro Co. | 51 | $ | 4 | |||||
Tractor Supply Co. | 54 | 11 | ||||||
Trade Desk, Inc., Class A (e) | 217 | 17 | ||||||
Tradeweb Markets, Inc., Class A | 54 | 4 | ||||||
Trane Technologies PLC | 111 | 23 | ||||||
TransDigm Group, Inc. (e) | 27 | 23 | ||||||
TransUnion | 94 | 7 | ||||||
Travelers Cos., Inc. | 111 | 18 | ||||||
Trimble, Inc. (e) | 119 | 6 | ||||||
Truist Financial Corp. | 624 | 18 | ||||||
Twilio, Inc., Class A (e) | 85 | 5 | ||||||
Tyler Technologies, Inc. (e) | 22 | 8 | ||||||
Tyson Foods, Inc., Class A | 137 | 7 | ||||||
Uber Technologies, Inc. (e) | 883 | 41 | ||||||
UDR, Inc. REIT | 151 | 5 | ||||||
UGI Corp. | 105 | 2 | ||||||
U-Haul Holding Co. | 47 | 2 | ||||||
UiPath, Inc., Class A (e) | 175 | 3 | ||||||
Ulta Beauty, Inc. (e) | 24 | 10 | ||||||
Union Pacific Corp. | 292 | 59 | ||||||
United Parcel Service, Inc., Class B | 347 | 54 | ||||||
United Rentals, Inc. | 35 | 16 | ||||||
United Therapeutics Corp. (e) | 22 | 5 | ||||||
UnitedHealth Group, Inc. | 445 | 224 | ||||||
Unity Software, Inc. (e) | 109 | 3 | ||||||
Universal Health Services, Inc., Class B | 31 | 4 | ||||||
US Bancorp | 696 | 23 | ||||||
Vail Resorts, Inc. | 20 | 4 | ||||||
Valero Energy Corp. | 175 | 25 | ||||||
Veeva Systems, Inc., Class A (e) | 72 | 15 | ||||||
Ventas, Inc. REIT | 190 | 8 | ||||||
VeriSign, Inc. (e) | 45 | 9 | ||||||
Verisk Analytics, Inc. | 69 | 16 | ||||||
Verizon Communications, Inc. | 1,920 | 62 | ||||||
Vertex Pharmaceuticals, Inc. (e) | 124 | 43 | ||||||
VF Corp. | 153 | 3 | ||||||
Viatris, Inc. | 570 | 6 | ||||||
VICI Properties, Inc. REIT | 478 | 14 | ||||||
Visa, Inc., Class A | 781 | 180 | ||||||
Vistra Corp. | 165 | 5 | ||||||
VMware, Inc., Class A (e) | 107 | 18 | ||||||
Vulcan Materials Co. | 64 | 13 | ||||||
W R Berkley Corp. | 103 | 7 | ||||||
Walgreens Boots Alliance, Inc. | 351 | 8 | ||||||
Walmart, Inc. | 716 | 115 | ||||||
Walt Disney Co. (e) | 867 | 70 | ||||||
Warner Bros Discovery, Inc. (e) | 1,082 | 12 | ||||||
Waste Connections, Inc. | 124 | 17 | ||||||
Waste Management, Inc. | 195 | 30 | ||||||
Waters Corp. (e) | 28 | 8 | ||||||
Watsco, Inc. | 16 | 6 | ||||||
Webster Financial Corp. | 83 | 3 | ||||||
WEC Energy Group, Inc. | 149 | 12 | ||||||
Wells Fargo & Co. | 1,693 | 69 | ||||||
Welltower, Inc. REIT | 236 | 19 | ||||||
West Pharmaceutical Services, Inc. | 35 | 13 | ||||||
Western Digital Corp. (e) | 152 | 7 | ||||||
Westinghouse Air Brake Technologies Corp. | 88 | 9 | ||||||
Westlake Corp. | 19 | 2 | ||||||
Westrock Co. | 124 | 4 | ||||||
Weyerhaeuser Co. REIT | 356 | 11 | ||||||
Whirlpool Corp. | 26 | 3 | ||||||
Williams Cos., Inc. | 589 | 20 | ||||||
Willis Towers Watson PLC | 51 | 11 | ||||||
Wolfspeed, Inc. (e) | 61 | 2 | ||||||
Workday, Inc., Class A (e) | 98 | 21 | ||||||
WP Carey, Inc. REIT | 103 | 6 | ||||||
WW Grainger, Inc. | 22 | 15 | ||||||
Wynn Resorts Ltd. | 51 | 5 | ||||||
Xcel Energy, Inc. | 262 | 15 | ||||||
Xylem, Inc. | 115 | 10 | ||||||
Yum! Brands, Inc. | 134 | 17 | ||||||
Zebra Technologies Corp., Class A (e) | 24 | 6 | ||||||
Zillow Group, Inc., Class C (e) | 75 | 3 | ||||||
Zimmer Biomet Holdings, Inc. | 101 | 11 | ||||||
Zoetis, Inc. | 223 | 39 | ||||||
Zoom Video Communications, Inc., Class A (e) | 111 | 8 | ||||||
ZoomInfo Technologies, Inc., Class A (e) | 136 | 2 | ||||||
Zscaler, Inc. (e) | 41 | 6 | ||||||
17,926 | ||||||||
Total Common Stocks (Cost $25,276) | 28,377 |
No. of Warrants | ||||||||
Warrant (0.0%)‡ | ||||||||
Canada (0.0%) ‡ | ||||||||
Constellation Software, Inc. expires 3/31/40 (e) (Cost $—) | 16 | — | @ |
Face Amount (000) | ||||||||
Short-Term Investments (15.1%) | ||||||||
U.S. Treasury Security (0.9%) | ||||||||
U.S. Treasury Bill 5.01%, 11/30/23 (g)(h) (Cost $671) | $ | 676 | 670 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Investment Company (14.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (i) (Cost $11,009) | 11,009,192 | $ | 11,009 | |||||
Total Short-Term Investments (Cost $11,680) | 11,679 | |||||||
Total Investments (99.8%) (Cost $79,362) (j)(k)(l)(m) | 77,386 | |||||||
Other Assets in Excess of Liabilities (0.2%) | 146 | |||||||
Net Assets (100.0%) | $ | 77,532 |
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.
@ | Value is less than $500. |
‡ | Amount is less than 0.05%. |
(a) | Security is subject to delayed delivery. |
(b) | Floating or variable rate securities: The rates disclosed are as of September 30, 2023. 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) | 144A security – Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(d) | 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, 2023. |
(e) | Non-income producing security. |
(f) | At September 30, 2023, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
(g) | Rate shown is the yield to maturity at September 30, 2023. |
(h) | All or a portion of the security was pledged to cover margin requirements for swap agreements. |
(i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Funds. |
(j) | The approximate fair value and percentage of net assets, $9,015,000 and 11.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(k) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
(l) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
(m) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,606,000 and the aggregate gross unrealized depreciation is approximately $8,798,000, resulting in net unrealized depreciation of approximately $2,192,000. |
ADR | American Depositary Receipt. |
CVA | Certificaten Van Aandelen. |
DAC | Designated Activity Company. |
EURIBOR | Euro Interbank Offered Rate. |
LSE | London Stock Exchange. |
NYSE | New York Stock Exchange. |
OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
REIT | Real Estate Investment Trust. |
SOFR | Secured Overnight Financing Rate. |
SONIA | Sterling Overnight Index Average. |
TBA | To Be Announced. |
TSX | Toronto Stock Exchange. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
Australia & New Zealand Banking Group Ltd. | NZD | 399 | $ | 245 | 11/10/23 | $ | 5 | |||||||
Australia & New Zealand Banking Group Ltd. | $ | 111 | EUR | 104 | 11/10/23 | (2 | ) | |||||||
Bank of America NA | CNH | 2,334 | $ | 321 | 12/14/23 | (— | @) | |||||||
Bank of America NA | PLN | 67 | $ | 15 | 12/14/23 | — | @ | |||||||
Bank of America NA | $ | 7 | ILS | 26 | 12/14/23 | (— | @) | |||||||
Bank of America NA | $ | 12 | JPY | 1,803 | 12/14/23 | (— | @) | |||||||
Bank of America NA | $ | 308 | KRW | 398,634 | 11/10/23 | (12 | ) | |||||||
Barclays Bank PLC | EUR | 184 | $ | 198 | 12/14/23 | 3 | ||||||||
Barclays Bank PLC | $ | 95 | CHF | 82 | 11/10/23 | (5 | ) | |||||||
Barclays Bank PLC | $ | 75 | GBP | 59 | 11/10/23 | (3 | ) | |||||||
Barclays Bank PLC | $ | 158 | JPY | 22,981 | 12/14/23 | (3 | ) | |||||||
Barclays Bank PLC | $ | 67 | MXN | 1,169 | 12/14/23 | (— | @) | |||||||
Barclays Bank PLC | $ | 313 | SEK | 3,469 | 12/14/23 | 5 | ||||||||
BNP Paribas SA | BRL | 112 | $ | 22 | 12/14/23 | — | @ | |||||||
BNP Paribas SA | CAD | 120 | $ | 89 | 12/14/23 | — | @ | |||||||
BNP Paribas SA | CNY | 22,004 | $ | 3,026 | 12/14/23 | (5 | ) | |||||||
BNP Paribas SA | COP | 245,300 | $ | 59 | 11/10/23 | (1 | ) | |||||||
BNP Paribas SA | DKK | 117 | $ | 17 | 12/14/23 | — | @ | |||||||
BNP Paribas SA | EUR | 90 | $ | 98 | 11/10/23 | 3 | ||||||||
BNP Paribas SA | EUR | 100 | $ | 108 | 12/14/23 | 2 | ||||||||
BNP Paribas SA | GBP | 37 | $ | 46 | 12/14/23 | 1 | ||||||||
BNP Paribas SA | IDR | 3,303,595 | $ | 217 | 11/10/23 | 4 | ||||||||
BNP Paribas SA | JPY | 10,210 | $ | 69 | 11/10/23 | — | @ | |||||||
BNP Paribas SA | THB | 285 | $ | 8 | 11/10/23 | — | @ | |||||||
BNP Paribas SA | $ | 76 | AUD | 118 | 12/14/23 | — | @ | |||||||
BNP Paribas SA | $ | 40 | AUD | 63 | 12/14/23 | (— | @) | |||||||
BNP Paribas SA | $ | 22 | CAD | 29 | 12/14/23 | (— | @) | |||||||
BNP Paribas SA | $ | 15 | CLP | 13,453 | 12/14/23 | — | @ | |||||||
BNP Paribas SA | $ | 530 | CNY | 3,762 | 11/10/23 | (13 | ) | |||||||
BNP Paribas SA | $ | 12 | COP | 50,392 | 12/14/23 | (— | @) | |||||||
BNP Paribas SA | $ | 455 | EUR | 411 | 11/10/23 | (20 | ) | |||||||
BNP Paribas SA | $ | 3 | INR | 210 | 12/14/23 | — | @ | |||||||
BNP Paribas SA | $ | 107 | JPY | 15,428 | 11/10/23 | (3 | ) | |||||||
BNP Paribas SA | $ | 728 | MXN | 12,784 | 12/14/23 | (3 | ) | |||||||
BNP Paribas SA | $ | 13 | TWD | 419 | 12/14/23 | (— | @) | |||||||
Citibank NA | $ | 40 | CAD | 54 | 11/10/23 | (— | @) | |||||||
Citibank NA | $ | 7 | CZK | 168 | 12/14/23 | (— | @) | |||||||
Citibank NA | $ | 24 | ILS | 93 | 12/14/23 | (— | @) | |||||||
Citibank NA | $ | 134 | SEK | 1,421 | 11/10/23 | (4 | ) | |||||||
Goldman Sachs International | BRL | 5,936 | $ | 1,174 | 12/14/23 | 4 | ||||||||
Goldman Sachs International | DKK | 11 | $ | 2 | 12/14/23 | — | @ | |||||||
Goldman Sachs International | HUF | 21,763 | $ | 60 | 11/10/23 | 1 | ||||||||
Goldman Sachs International | MYR | 120 | $ | 27 | 11/10/23 | 1 | ||||||||
Goldman Sachs International | NOK | 6 | $ | 1 | 12/14/23 | — | ||||||||
Goldman Sachs International | $ | 64 | AUD | 99 | 12/14/23 | — | @ | |||||||
Goldman Sachs International | $ | 203 | CHF | 180 | 12/14/23 | (5 | ) | |||||||
Goldman Sachs International | $ | 18 | CLP | 15,810 | 11/10/23 | (— | @) | |||||||
Goldman Sachs International | $ | 282 | JPY | 40,943 | 12/14/23 | (5 | ) | |||||||
Goldman Sachs International | $ | 170 | JPY | 25,194 | 11/10/23 | (1 | ) |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Foreign Currency Forward Exchange Contracts (cont’d):
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
Goldman Sachs International | $ | 24 | MXN | 418 | 11/10/23 | $ | (— | @) | ||||||
Goldman Sachs International | $ | 56 | MXN | 969 | 11/10/23 | (1 | ) | |||||||
Goldman Sachs International | $ | 272 | MXN | 4,784 | 12/14/23 | (1 | ) | |||||||
Goldman Sachs International | $ | 36 | PEN | 135 | 11/10/23 | (1 | ) | |||||||
Goldman Sachs International | $ | 23 | PLN | 94 | 11/10/23 | (2 | ) | |||||||
Goldman Sachs International | $ | 27 | RON | 122 | 11/10/23 | (1 | ) | |||||||
Goldman Sachs International | $ | 54 | SEK | 597 | 12/14/23 | 1 | ||||||||
JPMorgan Chase Bank NA | CAD | 37 | $ | 27 | 11/10/23 | — | @ | |||||||
JPMorgan Chase Bank NA | CNH | 683 | $ | 94 | 12/14/23 | (— | @) | |||||||
JPMorgan Chase Bank NA | CNY | 230 | $ | 32 | 11/10/23 | — | @ | |||||||
JPMorgan Chase Bank NA | DKK | 141 | $ | 21 | 11/10/23 | 1 | ||||||||
JPMorgan Chase Bank NA | EUR | 1,224 | $ | 1,317 | 12/14/23 | 19 | ||||||||
JPMorgan Chase Bank NA | EUR | 247 | $ | 262 | 12/14/23 | — | @ | |||||||
JPMorgan Chase Bank NA | GBP | 41 | $ | 51 | 12/14/23 | 1 | ||||||||
JPMorgan Chase Bank NA | MXN | 3,114 | $ | 179 | 11/10/23 | 1 | ||||||||
JPMorgan Chase Bank NA | NZD | 774 | $ | 457 | 12/14/23 | (7 | ) | |||||||
JPMorgan Chase Bank NA | $ | 264 | AUD | 410 | 12/14/23 | — | @ | |||||||
JPMorgan Chase Bank NA | $ | 291 | CHF | 257 | 12/14/23 | (8 | ) | |||||||
JPMorgan Chase Bank NA | $ | 34 | COP | 146,725 | 11/10/23 | 1 | ||||||||
JPMorgan Chase Bank NA | $ | 124 | EUR | 117 | 12/14/23 | — | @ | |||||||
JPMorgan Chase Bank NA | $ | 49 | HKD | 384 | 12/14/23 | (— | @) | |||||||
JPMorgan Chase Bank NA | $ | 176 | JPY | 25,578 | 12/14/23 | (3 | ) | |||||||
JPMorgan Chase Bank NA | $ | 80 | MXN | 1,390 | 11/10/23 | (1 | ) | |||||||
JPMorgan Chase Bank NA | $ | 124 | MXN | 2,173 | 12/14/23 | (1 | ) | |||||||
JPMorgan Chase Bank NA | $ | 132 | MXN | 2,322 | 12/14/23 | (— | @) | |||||||
JPMorgan Chase Bank NA | $ | 14 | NOK | 145 | 11/10/23 | (1 | ) | |||||||
JPMorgan Chase Bank NA | $ | 25 | SEK | 274 | 12/14/23 | — | @ | |||||||
JPMorgan Chase Bank NA | $ | 24 | SGD | 33 | 11/10/23 | (1 | ) | |||||||
JPMorgan Chase Bank NA | ZAR | 19 | $ | 1 | 12/14/23 | (— | @) | |||||||
Standard Chartered Bank | EUR | 40 | $ | 44 | 11/10/23 | 2 | ||||||||
Standard Chartered Bank | EUR | 2 | $ | 2 | 11/10/23 | — | @ | |||||||
Standard Chartered Bank | GBP | 1 | $ | 1 | 11/10/23 | — | @ | |||||||
Standard Chartered Bank | $ | 276 | CAD | 377 | 11/10/23 | 1 | ||||||||
State Street Bank and Trust Co. | $ | — | @ | HKD | 1 | 12/14/23 | — | |||||||
UBS AG | AUD | 460 | $ | 303 | 11/10/23 | 7 | ||||||||
UBS AG | CAD | 37 | $ | 27 | 11/10/23 | — | @ | |||||||
UBS AG | EUR | 325 | $ | 349 | 12/14/23 | 5 | ||||||||
UBS AG | GBP | 208 | $ | 266 | 11/10/23 | 12 | ||||||||
UBS AG | GBP | 172 | $ | 209 | 11/10/23 | (1 | ) | |||||||
UBS AG | JPY | 24,615 | $ | 167 | 12/14/23 | — | ||||||||
UBS AG | KRW | 32,118 | $ | 24 | 12/14/23 | — | @ | |||||||
UBS AG | NOK | 285 | $ | 27 | 12/14/23 | — | ||||||||
UBS AG | NZD | 2,162 | $ | 1,276 | 12/14/23 | (20 | ) | |||||||
UBS AG | SEK | 739 | $ | 66 | 11/10/23 | (1 | ) | |||||||
UBS AG | THB | 608 | $ | 17 | 12/14/23 | — | @ | |||||||
UBS AG | $ | 113 | AUD | 176 | 12/14/23 | — | @ | |||||||
UBS AG | $ | 54 | GBP | 44 | 12/14/23 | (— | @) | |||||||
UBS AG | $ | 1 | HKD | 10 | 12/14/23 | (— | @) | |||||||
UBS AG | $ | 1 | HUF | 254 | 11/10/23 | (— | @) | |||||||
UBS AG | $ | 1 | HUF | 419 | 12/14/23 | (— | @) |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Foreign Currency Forward Exchange Contracts (cont’d):
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
UBS AG | $ | 4 | IDR | 64,177 | 12/14/23 | $ | (— | @) | ||||||
UBS AG | $ | 237 | JPY | 33,117 | 11/10/23 | (14 | ) | |||||||
UBS AG | $ | 66 | JPY | 9,621 | 11/10/23 | (1 | ) | |||||||
UBS AG | $ | 51 | KRW | 66,310 | 11/10/23 | (1 | ) | |||||||
UBS AG | $ | 35 | KRW | 46,475 | 12/14/23 | (— | @) | |||||||
UBS AG | $ | 276 | MXN | 4,846 | 12/14/23 | (1 | ) | |||||||
UBS AG | $ | 60 | NZD | 101 | 12/14/23 | (— | @) | |||||||
UBS AG | $ | 19 | SEK | 205 | 12/14/23 | — | @ | |||||||
UBS AG | $ | 2 | TRY | 62 | 12/14/23 | (— | @) | |||||||
UBS AG | ZAR | 327 | $ | 17 | 12/14/23 | (— | @) | |||||||
Westpac Banking Corp. | CAD | 339 | $ | 251 | 11/10/23 | 1 | ||||||||
$ | (71 | ) |
Futures Contracts:
The Fund had the following futures contracts open at September 30, 2023:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||
Long: | |||||||||||||||||
CAC 40 Index (France) | 1 | Oct-23 | EUR | — | @ | $ | 76 | $ | (1 | ) | |||||||
FTSE MIB Index (Italy) | 1 | Dec-23 | — | @ | 150 | (1 | ) | ||||||||||
German Euro-Bobl Index (Germany) | 4 | Dec-23 | 400 | 490 | (7 | ) | |||||||||||
German Euro-BTP Index (Germany) | 1 | Dec-23 | 100 | 116 | (5 | ) | |||||||||||
German Euro-Schatz Index (Germany) | 18 | Dec-23 | 1,800 | 1,998 | (9 | ) | |||||||||||
Hang Seng Index (Hong Kong) | 1 | Oct-23 | HKD | — | @ | 114 | 1 | ||||||||||
IBEX 35 Index (Spain) | 1 | Oct-23 | EUR | — | @ | 100 | (— | @) | |||||||||
ICE Brent Crude Oil Index (United States) | 10 | Oct-23 | $ | 10 | 922 | 128 | |||||||||||
KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 4 | Dec-23 | KRW | 400,000 | 320 | (2 | ) | ||||||||||
Long Gilt Index (United Kingdom) | 2 | Dec-23 | GBP | 200 | 230 | (2 | ) | ||||||||||
Nikkei 225 Index (United States) | 1 | Dec-23 | JPY | 1 | 106 | (2 | ) | ||||||||||
S&P 500 E Mini Index (United States) | 1 | Dec-23 | $ | — | @ | 216 | (10 | ) | |||||||||
SFE 10 yr. Australian Bond (Australia) | 26 | Dec-23 | AUD | 2,600 | 1,872 | (50 | ) | ||||||||||
SGX MSCI Singapore Index (Singapore) | 1 | Oct-23 | SGD | — | @ | 21 | — | @ | |||||||||
SPI 200 Index (Australia) | 1 | Dec-23 | AUD | — | @ | 114 | (3 | ) | |||||||||
U.S. Treasury 2 yr. Note (United States) | 4 | Dec-23 | $ | 800 | 811 | (2 | ) | ||||||||||
U.S. Treasury 5 yr. Note (United States) | 17 | Dec-23 | 1,700 | 1,791 | (17 | ) | |||||||||||
U.S. Treasury 10 yr. Note (United States) | 4 | Dec-23 | 400 | 432 | (8 | ) | |||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 13 | Dec-23 | 1,300 | 1,450 | (59 | ) | |||||||||||
U.S. Treasury Ultra Bond (United States) | 5 | Dec-23 | 500 | 593 | (45 | ) | |||||||||||
Short: | |||||||||||||||||
Euro Stoxx 50 Index (Germany) | 8 | Dec-23 | EUR | (— | @) | (356 | ) | 4 | |||||||||
FTSE 100 Index (United Kingdom) | 1 | Dec-23 | GBP | (— | @) | (94 | ) | (1 | ) | ||||||||
German Euro-BTP Index (Germany) | 17 | Dec-23 | EUR | (1,700 | ) | (1,972 | ) | 67 | |||||||||
German Euro-Bund Index (Germany) | 9 | Dec-23 | (900 | ) | (1,224 | ) | 38 | ||||||||||
MSCI Emerging Market Index (United States) | 1 | Dec-23 | $ | (— | @) | (48 | ) | 2 | |||||||||
TSE Japanese 10 yr. Bond index (Japan) | 9 | Dec-23 | JPY | (900,000 | ) | (8,730 | ) | 60 | |||||||||
U.S. Treasury 5 yr. Note (United States) | 8 | Dec-23 | $ | (800 | ) | (843 | ) | 7 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Futures Contracts (cont’d):
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 11 | Dec-23 | $ | (1,100 | ) | $ | (1,227 | ) | $ | 36 | |||||||
U.S. Treasury Ultra Long Bond (United States) | 1 | Dec-23 | (100 | ) | (119 | ) | 9 | ||||||||||
$ | 128 |
Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at September 30, 2023:
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 (000) | ||||||||||||||||||
Morgan Stanley & Co. LLC* | 1 Week CNY | Pay | 2.56 | % | Quarterly/Quarterly | 5/16/28 | 11,796 | $ | 14 | $ | — | $ | 14 | ||||||||||||||
Morgan Stanley & Co. LLC* | 1 Week CNY | Pay | 2.56 | Quarterly/Quarterly | 5/16/28 | 11,796 | 13 | — | 13 | ||||||||||||||||||
$ | 27 | $ | — | $ | 27 |
Total Return Swap Agreements
The Fund had the following total return swap agreements open at September 30, 2023:
Swap Counterparty | Index | Pay/ Receive Total Return of Reference Index | Floating Rate | Payment Frequency | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||
Bank of America NA | MSCI USA Index | pay | SOFR + 0.45% | Quarterly | 7/16/24 | $ | (1,970 | ) | $ | (95 | ) | $ | — | $ | (95 | ) | ||||||||||
Barclays Bank PLC | Barclays Macau Custom Basket Index | Receive | SOFR + 0.90% | Quarterly | 9/9/24 | 159 | 9 | — | 9 | |||||||||||||||||
Barclays Bank PLC | Barclays Macau Custom Basket Index | Receive | SOFR + 0.90% | Quarterly | 9/9/24 | 106 | 5 | — | 5 | |||||||||||||||||
Barclays Bank PLC | Barclays Macau Custom Basket Index | Receive | SOFR + 0.90% | Quarterly | 9/9/24 | 106 | 3 | — | 3 | |||||||||||||||||
Barclays Bank PLC | Barclays Macau Custom Basket Index | Receive | SOFR + 0.90% | Quarterly | 9/9/24 | 106 | 2 | — | 2 | |||||||||||||||||
Barclays Bank PLC | Barclays US Cyclicals Custom Basket Index†† | Receive | SOFR + 0.00% | Quarterly | 7/24/24 | 754 | 56 | — | 56 | |||||||||||||||||
Barclays Bank PLC | Barclays US Cyclicals Custom Basket Index†† | Receive | SOFR + 0.00% | Quarterly | 7/24/24 | 756 | 57 | — | 57 | |||||||||||||||||
Barclays Bank PLC | Barclays US Cyclicals Custom Basket Index†† | Receive | SOFR + 0.03% | Quarterly | 7/24/24 | 746 | 58 | — | 58 | |||||||||||||||||
Barclays Bank PLC | Barclays US Cyclicals Custom Basket Index†† | Receive | SOFR + 0.03% | Quarterly | 7/24/24 | 713 | 35 | — | 35 | |||||||||||||||||
Barclays Bank PLC | Barclays US Defensives Custom Basket Index†† | Pay | SOFR + 0.00% | Quarterly | 7/24/24 | (758 | ) | (55 | ) | — | (55 | ) | ||||||||||||||
Barclays Bank PLC | Barclays US Defensives Custom Basket Index†† | Pay | SOFR + 0.00% | Quarterly | 7/24/24 | (755 | ) | (61 | ) | — | (61 | ) | ||||||||||||||
Barclays Bank PLC | Barclays US Defensives Custom Basket Index†† | Pay | SOFR + 0.00% | Quarterly | 7/24/24 | (752 | ) | (60 | ) | — | (60 | ) | ||||||||||||||
Barclays Bank PLC | Barclays US Defensives Custom Basket Index†† | Pay | SOFR + 0.03% | Quarterly | 7/24/24 | (742 | ) | (31 | ) | — | (31 | ) | ||||||||||||||
Barclays Bank PLC | E&P Index | Pay | SOFR + 0.20% | Quarterly | 4/10/24 | (150 | ) | 21 | — | 21 | ||||||||||||||||
Barclays Bank PLC | E&P Index | Pay | SOFR + 0.20% | Quarterly | 4/10/24 | (352 | ) | 49 | — | 49 | ||||||||||||||||
Barclays Bank PLC | MSCI Daily Total Return World Gross Consumer Staples Index | Receive | SOFR + 0.10% | Quarterly | 5/20/24 | 844 | 49 | — | 49 | |||||||||||||||||
Barclays Bank PLC | MSCI World Tobacco Index | Pay | SOFR + 0.25% | Quarterly | 5/20/24 | (847 | ) | (16 | ) | — | (16 | ) | ||||||||||||||
BNP Paribas SA | BNP EU Luxury Index†† | Receive | SOFR + 0.24% | Quarterly | 6/5/24 | 431 | 47 | — | 47 | |||||||||||||||||
BNP Paribas SA | BNP EU Luxury Index†† | Receive | SOFR + 0.24% | Quarterly | 6/5/24 | 790 | 87 | — | 87 | |||||||||||||||||
BNP Paribas SA | BNP EU Luxury Index†† | Receive | SOFR + 0.24% | Quarterly | 6/5/24 | 442 | 48 | — | 48 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Total Return Swap Agreements (cont'd)
Swap Counterparty | Index | Pay/ Receive Total Return of Reference Index | Floating Rate | Payment Frequency | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||
BNP Paribas SA | BNP EU Luxury Index†† | Receive | SOFR + 0.24% | Quarterly | 6/5/24 | $ | 138 | $ | 19 | $ | — | $ | 19 | |||||||||||||
BNP Paribas SA | BNP EU Luxury Index†† | Receive | SOFR + 0.24% | Quarterly | 6/5/24 | 481 | 47 | — | 47 | |||||||||||||||||
BNP Paribas SA | EMU IMI Anti Value Custom Basket Index†† | Receive | SOFR + 0.02% | Quarterly | 9/18/24 | EUR | 375 | 17 | — | 17 | ||||||||||||||||
BNP Paribas SA | EMU IMI Anti Value Custom Basket Index†† | Receive | SOFR + 0.02% | Quarterly | 9/18/24 | 679 | 25 | — | 25 | |||||||||||||||||
BNP Paribas SA | EMU IMI Anti Value Custom Basket Index†† | Receive | SOFR + 0.02% | Quarterly | 9/18/24 | 685 | 21 | — | 21 | |||||||||||||||||
BNP Paribas SA | EMU IMI Anti Value Custom Basket Index†† | Receive | SOFR + 0.02% | Quarterly | 9/18/24 | 692 | 25 | — | 25 | |||||||||||||||||
BNP Paribas SA | EMU IMI Anti Value Custom Basket Index†† | Receive | SOFR + 0.02% | Quarterly | 9/18/24 | 678 | 14 | — | 14 | |||||||||||||||||
BNP Paribas SA | EMU IMI Value Custom Basket Index†† | Pay | SOFR + 0.35% | Quarterly | 9/18/24 | (374 | ) | (11 | ) | — | (11 | ) | ||||||||||||||
BNP Paribas SA | EMU IMI Value Custom Basket Index†† | Pay | SOFR + 0.35% | Quarterly | 9/18/24 | (681 | ) | (15 | ) | — | (15 | ) | ||||||||||||||
BNP Paribas SA | EMU IMI Value Custom Basket Index†† | Pay | SOFR + 0.35% | Quarterly | 9/18/24 | (688 | ) | (14 | ) | — | (14 | ) | ||||||||||||||
BNP Paribas SA | EMU IMI Value Custom Basket Index†† | Pay | SOFR + 0.35% | Quarterly | 9/18/24 | (693 | ) | (20 | ) | — | (20 | ) | ||||||||||||||
BNP Paribas SA | EMU IMI Value Custom Basket Index†† | Pay | SOFR + 0.35% | Quarterly | 9/18/24 | (667 | ) | (13 | ) | — | (13 | ) | ||||||||||||||
BNP Paribas SA | MSCI Japan Net Total Return | Pay | SOFR + 0.01% | Quarterly | 2/12/24 | $ | (2,932 | ) | (93 | ) | — | (93 | ) | |||||||||||||
Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Pay | SOFR + 0.21% | Quarterly | 1/26/24 | (5,680 | ) | (374 | ) | — | (374 | ) | ||||||||||||||
JPMorgan Chase Bank NA | Japan Growth Index†† | Receive | SOFR + 0.19% | Quarterly | 9/17/24 | 1,253 | 50 | — | 50 | |||||||||||||||||
JPMorgan Chase Bank NA | Japan Value Index†† | Pay | SOFR + 0.00% | Quarterly | 9/17/24 | (1,262 | ) | (18 | ) | — | (18 | ) | ||||||||||||||
JPMorgan Chase Bank NA | JPM Russell SPX Broad Growth Custom Basket Index†† | Receive | SOFR + 0.40% | Quarterly | 9/20/24 | 1,350 | 51 | — | 51 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM Russell SPX Broad Growth Custom Basket Index†† | Receive | SOFR + 0.40% | Quarterly | 9/20/24 | 2,665 | 7 | — | 7 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM Russell SPX Broad Value Custom Basket Index†† | Pay | SOFR + 0.40% | Quarterly | 9/20/24 | (1,358 | ) | (25 | ) | — | (25 | ) | ||||||||||||||
JPMorgan Chase Bank NA | JPM Russell SPX Broad Value Custom Basket Index†† | Pay | SOFR + 0.40% | Quarterly | 9/20/24 | (2,694 | ) | (17 | ) | — | (17 | ) | ||||||||||||||
JPMorgan Chase Bank NA | JPM SPX1500 Growth Custom Basket Index†† | Receive | SOFR + 0.05% | Quarterly | 9/16/24 | 584 | 29 | — | 29 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX1500 Growth Custom Basket Index†† | Receive | SOFR + 0.05% | Quarterly | 9/16/24 | 875 | 40 | — | 40 | |||||||||||||||||
JPMorgan Chase Bank NA | JPM SPX1500 Value Custom Basket Index†† | Pay | SOFR + 0.05% | Quarterly | 9/16/24 | (586 | ) | (9 | ) | — | (9 | ) | ||||||||||||||
JPMorgan Chase Bank NA | JPM SPX1500 Value Custom Basket Index†† | Pay | SOFR + 0.05% | Quarterly | 9/16/24 | (872 | ) | (10 | ) | — | (10 | ) | ||||||||||||||
JPMorgan Chase Bank NA | Korea Growth Index | Receive | SOFR + 0.30% | Quarterly | 9/17/24 | 313 | 17 | — | 17 | |||||||||||||||||
JPMorgan Chase Bank NA | Korea Value Index | Pay | SOFR + 0.16% | Quarterly | 9/17/24 | (315 | ) | (7 | ) | — | (7 | ) | ||||||||||||||
UBS AG | MSCI USA Index | pay | SOFR + 0.46% | Quarterly | 9/24/24 | (9,392 | ) | (244 | ) | — | (244 | ) | ||||||||||||||
$ | (300 | ) | $ | — | $ | (300 | ) |
†† | See tables below for details of the equity basket holdings underlying the swaps. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
The following table represents the equity basket holdings underlying the total return swap with Barclays U.S. Cyclicals Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
Barclays U.S. Cyclicals Custom Basket Index | ||||||||||||
3M Co. | 3,766 | $ | 353 | 0.66 | % | |||||||
Activision Blizzard, Inc. | 5,135 | 481 | 0.90 | |||||||||
Air Products & Chemicals, Inc. | 1,528 | 433 | 0.81 | |||||||||
Airbnb, Inc., Class A | 2,840 | 390 | 0.73 | |||||||||
Automatic Data Processing | 2,848 | 685 | 1.28 | |||||||||
Autozone, Inc. | 128 | 325 | 0.61 | |||||||||
Boeing Co. | 3,881 | 744 | 1.39 | |||||||||
Booking Holdings, Inc. | 259 | 799 | 1.50 | |||||||||
Carrier Global Corp. | 5,759 | 318 | 0.60 | |||||||||
Caterpillar, Inc. | 3,576 | 976 | 1.83 | |||||||||
Chipotle Mexican Grill, Inc. | 192 | 352 | 0.66 | |||||||||
Cintas Corp. | 631 | 304 | 0.57 | |||||||||
Comcast Corp., Class A | 28,954 | 1,284 | 2.40 | |||||||||
CSX Corp. | 14,189 | 436 | 0.82 | |||||||||
Deere & Co. | 1,931 | 729 | 1.36 | |||||||||
Eaton Corp. PLC | 2,737 | 584 | 1.09 | |||||||||
Ecolab, Inc. | 1,765 | 299 | 0.56 | |||||||||
Emerson Electric Co. | 3,939 | 380 | 0.71 | |||||||||
FedEx Corp. | 1,647 | 436 | 0.82 | |||||||||
Ford Motor Co. | 26,855 | 334 | 0.62 | |||||||||
Freeport-Mcmoran, Inc. | 9,787 | 365 | 0.68 | |||||||||
General Dynamics Corp. | 1,607 | 355 | 0.66 | |||||||||
General Electric Co. | 7,452 | 824 | 1.54 | |||||||||
General Motors Co. | 9,525 | 314 | 0.59 | |||||||||
Home Depot, Inc. | 6,981 | 2,109 | 3.95 | |||||||||
Honeywell International, Inc. | 4,578 | 846 | 1.58 | |||||||||
Illinois Tool Works, Inc. | 2,089 | 481 | 0.90 | |||||||||
Linde PLC | 3,361 | 1,251 | 2.34 | |||||||||
Lowe's Cos, Inc. | 4,087 | 849 | 1.59 | |||||||||
Lululemon Athletica, Inc. | 807 | 311 | 0.58 | |||||||||
Marriott International, Class A | 1,812 | 356 | 0.67 | |||||||||
Mcdonald's Corp. | 5,018 | 1,322 | 2.48 | |||||||||
Netflix, Inc. | 3,069 | 1,159 | 2.17 | |||||||||
Nike, Inc., Class B | 8,603 | 823 | 1.54 | |||||||||
Norfolk Southern Corp. | 1,570 | 309 | 0.58 | |||||||||
Northrop Grumman Corp. | 983 | 433 | 0.81 | |||||||||
O'Reilly Automotive, Inc. | 426 | 387 | 0.72 | |||||||||
Paccar, Inc. | 3,605 | 307 | 0.57 | |||||||||
Parker Hannifin Corp. | 875 | 341 | 0.64 | |||||||||
Sherwin-Williams Co. | 1,703 | 434 | 0.81 | |||||||||
Starbucks Corp. | 7,910 | 722 | 1.35 | |||||||||
Tesla, Inc. | 20,206 | 5,056 | 9.47 | |||||||||
TJX Companies, Inc. | 7,955 | 707 | 1.32 | |||||||||
Trane Technologies PLC | 1,579 | 320 | 0.60 | |||||||||
Transdigm Group, Inc. | 376 | 317 | 0.59 | |||||||||
Uber Technologies, Inc. | 12,509 | 575 | 1.08 | |||||||||
Union Pacific Corp. | 4,215 | 858 | 1.61 | |||||||||
United Parcel Service, Class B | 4,975 | 775 | 1.45 | |||||||||
Walt Disney Co. | 12,555 | 1,018 | 1.91 | |||||||||
Waste Management, Inc. | 2,776 | 423 | 0.79 |
The following table represents the equity basket holdings underlying the total return swap with Barclays U.S. Defensives Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
Barclays U.S. Defensives Custom Basket Index | ||||||||||||
Abbott Laboratories | 11,273 | $ | 1,092 | 2.03 | % | |||||||
Abbvie, Inc. | 11,323 | 1,688 | 3.14 | |||||||||
American Electric Power | 3,293 | 248 | 0.46 | |||||||||
Amgen, Inc. | 3,483 | 936 | 1.74 | |||||||||
Archer-Daniels-Midland Co. | 3,488 | 263 | 0.49 | |||||||||
AT&T, Inc. | 46,068 | 692 | 1.29 | |||||||||
Becton Dickinson and Co. | 1,796 | 464 | 0.86 | |||||||||
Biogen, Inc. | 938 | 241 | 0.45 | |||||||||
Boston Scientific Corp. | 9,220 | 487 | 0.91 | |||||||||
Bristol-Myers Squibb Co. | 13,540 | 786 | 1.46 | |||||||||
Centene Corp. | 3,497 | 241 | 0.45 | |||||||||
Coca-Cola Co. | 26,512 | 1,484 | 2.76 | |||||||||
Colgate-Palmolive Co. | 5,063 | 360 | 0.67 | |||||||||
Costco Wholesale Corp. | 2,849 | 1,610 | 3.00 | |||||||||
Cvs Health Corp. | 8,196 | 572 | 1.07 | |||||||||
Danaher Corp. | 4,456 | 1,106 | 2.06 | |||||||||
Duke Energy Corp. | 4,938 | 436 | 0.81 | |||||||||
Edwards Lifesciences Corp. | 3,878 | 269 | 0.50 | |||||||||
Elevance Health, Inc. | 1,517 | 661 | 1.23 | |||||||||
Eli Lilly & Co. | 5,181 | 2,783 | 5.18 | |||||||||
Exelon Corp. | 6,349 | 240 | 0.45 | |||||||||
General Mills, Inc. | 3,772 | 241 | 0.45 | |||||||||
Gilead Sciences, Inc. | 8,087 | 606 | 1.13 | |||||||||
Hca Healthcare, Inc. | 1,332 | 328 | 0.61 | |||||||||
Humana, Inc. | 808 | 393 | 0.73 | |||||||||
Intuitive Surgical, Inc. | 2,264 | 662 | 1.23 | |||||||||
Johnson & Johnson | 16,810 | 2,618 | 4.87 | |||||||||
Kimberly-Clark Corp. | 2,161 | 261 | 0.49 | |||||||||
Mckesson Corp. | 873 | 380 | 0.71 | |||||||||
Medtronic PLC | 8,520 | 668 | 1.24 | |||||||||
Merck & Co., Inc. | 16,323 | 1,680 | 3.13 | |||||||||
Mondelez International, Inc., Class A | 8,806 | 611 | 1.14 | |||||||||
Monster Beverage Corp. | 5,047 | 267 | 0.50 | |||||||||
Nextera Energy, Inc. | 12,912 | 740 | 1.38 | |||||||||
Pepsico, Inc. | 8,858 | 1,501 | 2.79 | |||||||||
Pfizer, Inc. | 36,258 | 1,203 | 2.24 | |||||||||
Procter & Gamble Co. | 15,152 | 2,210 | 4.11 | |||||||||
Regeneron Pharmaceuticals | 697 | 574 | 1.07 | |||||||||
Sempra | 4,018 | 273 | 0.51 | |||||||||
Southern Co. | 7,004 | 453 | 0.84 | |||||||||
Stryker Corp. | 2,206 | 603 | 1.12 | |||||||||
Target Corp. | 2,938 | 325 | 0.60 | |||||||||
The Cigna Group | 1,899 | 543 | 1.01 | |||||||||
Thermo Fisher Scientific, Inc. | 2,469 | 1,250 | 2.33 | |||||||||
T-Mobile US, Inc. | 3,889 | 545 | 1.01 | |||||||||
Unitedhealth Group, Inc. | 5,994 | 3,022 | 5.63 | |||||||||
Verizon Communications, Inc. | 27,295 | 885 | 1.65 | |||||||||
Vertex Pharmaceuticals, Inc. | 1,667 | 580 | 1.08 | |||||||||
Walmart, Inc. | 9,515 | 1,522 | 2.83 | |||||||||
Zoetis, Inc. | 2,985 | 519 | 0.97 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
The following table represents the equity basket holdings underlying the total return swap with BNP EU Luxury Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
BNP EU Luxury Index | ||||||||||||
Brunello Cucinelli SpA | 199 | $ | 15 | 1.80 | % | |||||||
Burberry Group PLC | 1,109 | 26 | 3.07 | |||||||||
Cie Financiere Richemo, Class A Reg | 1,319 | 162 | 19.22 | |||||||||
Hermes International | 93 | 170 | 20.28 | |||||||||
Hugo Boss AG | 210 | 13 | 1.58 | |||||||||
Kering | 342 | 156 | 18.60 | |||||||||
LVMH Moet Hennessy Louis Vuitton SE | 239 | 181 | 21.54 | |||||||||
Moncler SpA | 813 | 47 | 5.64 | |||||||||
Salvatore Ferragamo SpA | 530 | 7 | 0.84 | |||||||||
Swatch Group AG | 150 | 39 | 4.59 | |||||||||
Tapestry, Inc. | 693 | 20 | 2.37 | |||||||||
Tod's SpA | 104 | 4 | 0.45 |
The following table represents the equity basket holdings underlying the total return swap with EMU IMI Anti Value Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
EMU IMI Anti Value Custom Basket Index | ||||||||||||
Adyen NV | 12 | $ | 9 | 0.90 | % | |||||||
Air Liquide SA | 50 | 8 | 0.84 | |||||||||
Akzo Nobel NV | 118 | 8 | 0.84 | |||||||||
Allfunds Group PLC | 1,664 | 9 | 0.91 | |||||||||
Amplifon SpA | 290 | 8 | 0.85 | |||||||||
Arcadis NV | 192 | 8 | 0.85 | |||||||||
Bawag Group AG | 206 | 9 | 0.93 | |||||||||
Bureau Veritas SA | 342 | 8 | 0.84 | |||||||||
Ca Immobilien Anlagen AG | 273 | 9 | 0.90 | |||||||||
Carl Zeiss Meditec AG | 104 | 9 | 0.90 | |||||||||
Cellnex Telecom SA | 269 | 9 | 0.93 | |||||||||
Covestro AG | 158 | 8 | 0.84 | |||||||||
Credit Agricole SA | 756 | 9 | 0.92 | |||||||||
CTS Eventim AG & Co. KGaA | 177 | 10 | 1.00 | |||||||||
Dassault Systemes SE | 263 | 9 | 0.97 | |||||||||
Deutsche Boerse AG | 52 | 9 | 0.90 | |||||||||
Dsm-Firmenich AG | 108 | 9 | 0.90 | |||||||||
Eckert & Ziegler Strahlen und Medizintechnik AG | 286 | 9 | 0.96 | |||||||||
Edenred | 145 | 9 | 0.90 | |||||||||
Edp Renovaveis SA | 529 | 8 | 0.86 | |||||||||
Finecobank SpA | 745 | 9 | 0.90 | |||||||||
Fuchs SE - Pref | 224 | 8 | 0.86 | |||||||||
Gecina SA | 90 | 9 | 0.91 | |||||||||
Groupe Bruxelles Lambert NV | 117 | 8 | 0.86 | |||||||||
Hannover Rueck SE | 43 | 9 | 0.94 | |||||||||
Imcd NV | 67 | 8 | 0.84 | |||||||||
Infrastrutture Wireless Italiane SpA | 827 | 9 | 0.97 | |||||||||
Inmobiliaria Colonial Socimi SA | 1,545 | 8 | 0.87 | |||||||||
KBC Group NV | 149 | 9 | 0.92 | |||||||||
Kingspan Group PLC | 114 | 8 | 0.84 | |||||||||
Legrand SA | 93 | 8 | 0.85 | |||||||||
Lotus Bakeries | 1 | 8 | 0.84 | |||||||||
Mediobanca SpA | 722 | 9 | 0.94 | |||||||||
Merlin Properties Socimi SA | 1,056 | 8 | 0.88 | |||||||||
Nemetschek SE | 158 | 9 | 0.96 | |||||||||
Neoen SA | 312 | 9 | 0.90 | |||||||||
OCI NV | 317 | 8 | 0.87 | |||||||||
Qt Group Oyj | 171 | 9 | 0.93 | |||||||||
Sampo Oyj - A Shares | 220 | 9 | 0.94 | |||||||||
SAP SE | 73 | 9 | 0.93 | |||||||||
Schneider Electric SE | 52 | 8 | 0.85 | |||||||||
Scout24 SE | 151 | 10 | 1.04 | |||||||||
Solaria Energía y Medio Ambiente SA | 598 | 9 | 0.92 | |||||||||
Symrise AG | 91 | 8 | 0.86 | |||||||||
Talanx AG | 144 | 9 | 0.91 | |||||||||
Universal Music Group NV | 410 | 10 | 1.06 | |||||||||
VGP | 91 | 8 | 0.83 | |||||||||
Vidrala SA | 99 | 8 | 0.85 | |||||||||
Warehouses De Pauw SCA | 346 | 8 | 0.85 | |||||||||
Wolters Kluwer | 71 | 8 | 0.85 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
The following table represents the equity basket holdings underlying the total return swap with EMU IMI Value Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
EMU IMI Value Custom Basket Index | ||||||||||||
Acerinox SA | 1,029 | $ | 9 | 0.97 | % | |||||||
Anheuser-Busch Inbev SA | 169 | 9 | 0.91 | |||||||||
Anima Holding SpA | 2,353 | 9 | 0.96 | |||||||||
Aperam | 340 | 9 | 0.96 | |||||||||
Arcelormittal | 391 | 9 | 0.96 | |||||||||
Aroundtown SA | 5,496 | 11 | 1.11 | |||||||||
Azimut Holding SpA | 431 | 9 | 0.92 | |||||||||
Bollore SE | 1,663 | 8 | 0.87 | |||||||||
Bouygues SA | 292 | 10 | 0.99 | |||||||||
Cargotec Oyj - B Share | 235 | 9 | 0.96 | |||||||||
Clariane SE | 1,521 | 9 | 0.89 | |||||||||
Cnh Industrial NV | 761 | 9 | 0.90 | |||||||||
Compagnie De Saint Gobain | 170 | 10 | 0.99 | |||||||||
Daimler Truck Holding AG | 289 | 9 | 0.97 | |||||||||
Deutsche Bank AG-Registered | 885 | 9 | 0.95 | |||||||||
Deutsche Pfandbriefbank AG | 1,257 | 8 | 0.87 | |||||||||
D'Ieteren Group | 72 | 12 | 1.19 | |||||||||
Eiffage | 104 | 9 | 0.96 | |||||||||
Flow Traders Ltd. | 509 | 9 | 0.92 | |||||||||
Fresenius Medical Care AG & Co. | 223 | 9 | 0.93 | |||||||||
Fresenius Se & Co. KGaA | 315 | 9 | 0.95 | |||||||||
Glanbia PLC | 563 | 9 | 0.90 | |||||||||
Heidelberg Materials AG | 129 | 10 | 0.98 | |||||||||
Ipsos Group SA | 191 | 8 | 0.86 | |||||||||
Iveco Group NV | 1,066 | 9 | 0.97 | |||||||||
JDE Peet's NV | 356 | 9 | 0.97 | |||||||||
Jungheinrich - Prfd | 331 | 9 | 0.97 | |||||||||
Kion Group AG | 253 | 9 | 0.95 | |||||||||
Konecranes Oyj | 308 | 10 | 1.00 | |||||||||
Leonardo SpA | 698 | 10 | 0.98 | |||||||||
Mapfre SA | 4,449 | 9 | 0.88 | |||||||||
Mercedes-Benz Group AG | 130 | 9 | 0.88 | |||||||||
Nexity | 611 | 9 | 0.88 | |||||||||
Outokumpu Oyj | 2,273 | 9 | 0.93 | |||||||||
Rexel SA | 427 | 9 | 0.94 | |||||||||
Salzgitter AG | 374 | 9 | 0.97 | |||||||||
Sanofi | 82 | 8 | 0.86 | |||||||||
Saras SpA | 6,307 | 9 | 0.88 | |||||||||
Schaeffler AG - Pref | 1,606 | 9 | 0.90 | |||||||||
Seb SA | 96 | 9 | 0.87 | |||||||||
Signify NV | 389 | 10 | 1.02 | |||||||||
Siltronic AG | 117 | 9 | 0.97 | |||||||||
Stellantis NV | 491 | 9 | 0.92 | |||||||||
Stmicroelectronics NV | 207 | 8 | 0.87 | |||||||||
Unipol Gruppo SpA | 1,694 | 9 | 0.89 | |||||||||
Voestalpine AG | 347 | 9 | 0.92 | |||||||||
Volkswagen AG - Pref | 69 | 9 | 0.89 | |||||||||
Volkswagen AG - Pref | 79 | 9 | 0.89 | |||||||||
Vonovia SE | 384 | 9 | 0.90 | |||||||||
Wienerberger AG | 384 | 9 | 0.95 |
The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
Japan Growth Index | ||||||||||||
Advantest Corp. | 7,449 | $ | 208 | 2.22 | % | |||||||
Asahi Intecc Co. Ltd. | 10,118 | 182 | 1.94 | |||||||||
Bandai Namco Holdings, Inc. | 9,521 | 194 | 2.07 | |||||||||
Baycurrent Consulting, Inc. | 6,076 | 203 | 2.17 | |||||||||
Capcom Co. Ltd. | 5,061 | 182 | 1.94 | |||||||||
Daifuku Co. Ltd. | 11,352 | 215 | 2.29 | |||||||||
Daiichi Sankyo Co. Ltd. | 7,355 | 202 | 2.15 | |||||||||
Daikin Industries Ltd. | 1,233 | 194 | 2.06 | |||||||||
Disco Corp. | 1,180 | 218 | 2.32 | |||||||||
Fanuc Corp. | 7,540 | 196 | 2.09 | |||||||||
Fast Retailing Co. Ltd. | 905 | 197 | 2.10 | |||||||||
Gmo Payment Gateway, Inc. | 3,516 | 192 | 2.05 | |||||||||
Hoshizaki Corp. | 5,405 | 188 | 2.00 | |||||||||
Japan Exchange Group, Inc. | 11,867 | 220 | 2.35 | |||||||||
Japan Real Estate Investment | 52 | 203 | 2.16 | |||||||||
JSR Corp | 7,622 | 205 | 2.18 | |||||||||
Keio Corp. | 5,926 | 204 | 2.17 | |||||||||
Keisei Electric Railway Co. | 5,439 | 189 | 2.01 | |||||||||
Keyence Corp. | 525 | 195 | 2.08 | |||||||||
Kikkoman Corp. | 3,687 | 194 | 2.06 | |||||||||
Kobe Bussan Co. Ltd. | 8,713 | 204 | 2.18 | |||||||||
Lasertec Corp. | 1,457 | 227 | 2.42 | |||||||||
M3, Inc. | 11,029 | 200 | 2.14 | |||||||||
Mcdonald's Holdings Co. | 5,345 | 204 | 2.18 | |||||||||
Monotaro Co. Ltd. | 19,657 | 211 | 2.24 | |||||||||
MS&AD Insurance Group Holdings, Inc. | 5,557 | 204 | 2.18 | |||||||||
Nidec Corp. | 4,170 | 193 | 2.06 | |||||||||
Nippon Paint Holdings Co. Ltd. | 26,388 | 178 | 1.89 | |||||||||
Nippon Prologis REIT, Inc. | 108 | 202 | 2.15 | |||||||||
Nissan Chemical Corp. | 4,788 | 204 | 2.17 | |||||||||
Nomura Real Estate Master Fund, Inc | 181 | 203 | 2.16 | |||||||||
Nomura Research Institute Ltd. | 7,270 | 189 | 2.02 | |||||||||
OBIC Co. Ltd. | 1,239 | 188 | 2.00 | |||||||||
Oracle Corp. | 3,003 | 223 | 2.38 | |||||||||
Oriental Land Co. Ltd. | 5,894 | 194 | 2.06 | |||||||||
Rakuten Group, Inc. | 51,454 | 211 | 2.25 | |||||||||
Recruit Holdings Co. Ltd. | 5,994 | 185 | 1.97 | |||||||||
Shiseido Co. Ltd. | 5,451 | 192 | 2.04 | |||||||||
SMC Corp. | 441 | 198 | 2.11 | |||||||||
Softbank Group Corp. | 4,576 | 194 | 2.07 | |||||||||
T&D Holdings, Inc. | 12,442 | 206 | 2.19 | |||||||||
Toho Co. Ltd. | 5,429 | 185 | 1.98 | |||||||||
Tokio Marine Holdings, Inc. | 9,029 | 209 | 2.23 | |||||||||
Tokyo Electric Power Co. | 48,039 | 215 | 2.29 | |||||||||
Unicharm Corp. | 5,429 | 192 | 2.05 | |||||||||
Yaskawa Electric Corp. | 5,367 | 194 | 2.06 | |||||||||
Zensho Holdings Co. Ltd. | 4,565 | 199 | 2.12 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
The following table represents the equity basket holdings underlying the total return swap with Japan Value Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
Japan Value Index | ||||||||||||
AGC, Inc. | 6,545 | $ | 230 | 2.16 | % | |||||||
Aisin Corp. | 6,781 | 256 | 2.41 | |||||||||
Asahi Group Holdings Ltd. | 5,838 | 218 | 2.05 | |||||||||
Brother Industries Ltd. | 13,827 | 223 | 2.10 | |||||||||
Canon, Inc. | 9,464 | 228 | 2.15 | |||||||||
Daiwa House Industry Co. Ltd. | 8,337 | 224 | 2.11 | |||||||||
Dentsu Group, Inc. | 7,668 | 226 | 2.12 | |||||||||
Hitachi Construction Machinery | 7,133 | 217 | 2.04 | |||||||||
Honda Motor Co. Ltd. | 20,263 | 228 | 2.14 | |||||||||
Isuzu Motors Ltd. | 17,757 | 224 | 2.10 | |||||||||
Japan Post Insurance Co. Ltd. | 13,649 | 230 | 2.16 | |||||||||
JFE Holdings, Inc. | 15,489 | 227 | 2.14 | |||||||||
Kajima Corp. | 13,324 | 217 | 2.04 | |||||||||
Kansai Electric Power Co., Inc. | 15,008 | 209 | 1.96 | |||||||||
Kawasaki Kisen Kaisha Ltd. | 6,456 | 221 | 2.07 | |||||||||
Kddi Corp. | 7,555 | 231 | 2.18 | |||||||||
Kirin Holdings Co. Ltd. | 16,283 | 228 | 2.14 | |||||||||
Mazda Motor Corp. | 20,025 | 227 | 2.14 | |||||||||
Mitsubishi Corp. | 4,581 | 219 | 2.05 | |||||||||
Mitsui & Co. Ltd. | 6,091 | 221 | 2.08 | |||||||||
Mitsui Osk Lines Ltd. | 8,085 | 222 | 2.09 | |||||||||
Mizuho Financial Group, Inc. | 13,073 | 222 | 2.09 | |||||||||
NEC Corp. | 4,137 | 229 | 2.15 | |||||||||
NGK Insulators Ltd. | 17,428 | 231 | 2.17 | |||||||||
Nippon Express Holdings, Inc. | 4,514 | 236 | 2.22 | |||||||||
Nippon Steel Corp. | 9,678 | 227 | 2.13 | |||||||||
Nippon Telegraph & Telephone | 196,702 | 233 | 2.19 | |||||||||
Nippon Yusen Kabushiki Kaisha | 8,638 | 225 | 2.11 | |||||||||
Nissan Motor Co. Ltd. | 52,589 | 232 | 2.19 | |||||||||
Nomura Real Estate Holdings, Inc. | 9,199 | 231 | 2.17 | |||||||||
OJI Holdings Corp. | 53,517 | 225 | 2.12 | |||||||||
ONO Pharmaceutical Co. Ltd. | 11,785 | 226 | 2.13 | |||||||||
ORIX Corp. | 12,086 | 226 | 2.12 | |||||||||
Otsuka Holdings Co. Ltd. | 6,235 | 222 | 2.08 | |||||||||
Ricoh Co. Ltd. | 26,959 | 233 | 2.19 | |||||||||
Sbi Holdings, Inc. | 10,626 | 224 | 2.10 | |||||||||
Seiko Epson Corp. | 14,951 | 235 | 2.21 | |||||||||
Seven & I Holdings Co. Ltd. | 5,647 | 221 | 2.08 | |||||||||
Shionogi & Co. Ltd. | 5,128 | 229 | 2.16 | |||||||||
Subaru Corp. | 11,592 | 225 | 2.12 | |||||||||
Sumco Corp. | 17,534 | 229 | 2.15 | |||||||||
Sumitomo Corp. | 11,103 | 222 | 2.08 | |||||||||
Sumitomo Mitsui Financial Group | 4,608 | 227 | 2.13 | |||||||||
Sumitomo Realty & Development Co. Ltd. | 8,435 | 219 | 2.06 | |||||||||
Suntory Beverage & Food Ltd. | 7,134 | 217 | 2.04 | |||||||||
TDK Corp. | 6,381 | 237 | 2.23 | |||||||||
Toyota Tsusho Corp. | 3,834 | 226 | 2.12 |
The following table represents the equity basket holdings underlying the total return swap with JPM Russell SPX Broad Growth Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM Russell SPX Broad Growth Custom Basket Index | ||||||||||||
Aerovironment, Inc. | 371 | $ | 41 | 0.43 | % | |||||||
Aptargroup, Inc. | 328 | 41 | 0.43 | |||||||||
Arista Networks, Inc. | 224 | 41 | 0.43 | |||||||||
Atlassian Corp., Class A | 204 | 41 | 0.43 | |||||||||
Avery Dennison Corp. | 229 | 42 | 0.44 | |||||||||
City Holding Co. | 458 | 41 | 0.43 | |||||||||
Cloudflare, Inc., Class A | 658 | 42 | 0.43 | |||||||||
Constellation Energy | 376 | 41 | 0.43 | |||||||||
Costco Wholesale Corp. | 74 | 42 | 0.44 | |||||||||
Crowdstrike Holdings, Inc., Class A | 250 | 42 | 0.44 | |||||||||
Elastic NV | 528 | 43 | 0.45 | |||||||||
Erie Indemnity Company, Class A | 145 | 43 | 0.44 | |||||||||
Factset Research Systems, Inc. | 97 | 42 | 0.44 | |||||||||
Five Below | 260 | 42 | 0.44 | |||||||||
Garmin Ltd. | 389 | 41 | 0.43 | |||||||||
Glaukos Corp. | 550 | 41 | 0.43 | |||||||||
Goosehead Insurance, Inc., Class A | 572 | 43 | 0.45 | |||||||||
Healthequity, Inc. | 599 | 44 | 0.46 | |||||||||
Ionis Pharmaceuticals, Inc. | 963 | 44 | 0.46 | |||||||||
Kinsale Capital Group, Inc. | 101 | 42 | 0.44 | |||||||||
Lennox International, Inc. | 110 | 41 | 0.43 | |||||||||
Manhattan Associates, Inc. | 208 | 41 | 0.43 | |||||||||
Monolithic Power Systems, Inc. | 89 | 41 | 0.43 | |||||||||
New Fortress Energy, Inc. | 1,312 | 43 | 0.45 | |||||||||
Nike, Inc., Class B | 429 | 41 | 0.43 | |||||||||
Nvidia Corp. | 94 | 41 | 0.43 | |||||||||
Old Dominion Freight Line | 101 | 41 | 0.43 | |||||||||
Palantir Technologies, Inc., Class A | 2,696 | 43 | 0.45 | |||||||||
Paycor HCM, Inc. | 1,812 | 41 | 0.43 | |||||||||
PDF Solutions, Inc. | 1,305 | 42 | 0.44 | |||||||||
Peloton Interactive, Inc., Class A | 8,199 | 41 | 0.43 | |||||||||
Pinterest, Inc., Class A | 1,607 | 43 | 0.45 | |||||||||
Procore Technologies, Inc. | 646 | 42 | 0.44 | |||||||||
Progyny, Inc. | 1,208 | 41 | 0.43 | |||||||||
Quinstreet, Inc. | 4,607 | 41 | 0.43 | |||||||||
Roblox Corp., Class A | 1,481 | 43 | 0.45 | |||||||||
Roivant Sciences Ltd. | 3,660 | 43 | 0.45 | |||||||||
Rollins, Inc. | 1,116 | 42 | 0.44 | |||||||||
Seagate Technology Holdings | 648 | 43 | 0.45 | |||||||||
Servisfirst Bancshares, Inc. | 804 | 42 | 0.44 | |||||||||
Siteone Landscape Supply, Inc. | 259 | 42 | 0.44 | |||||||||
Targa Resources Corp. | 488 | 42 | 0.44 | |||||||||
Techtarget | 1,413 | 43 | 0.45 | |||||||||
Texas Pacific Land Corp. | 23 | 43 | 0.44 | |||||||||
Universal Display Corp. | 262 | 41 | 0.43 | |||||||||
Valvoline, Inc. | 1,289 | 42 | 0.43 | |||||||||
Vicor Corp. | 706 | 42 | 0.43 | |||||||||
Wingstop, Inc. | 243 | 44 | 0.46 | |||||||||
Xpel, Inc. | 531 | 41 | 0.43 | |||||||||
Zscaler, Inc. | 265 | 41 | 0.43 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
The following table represents the equity basket holdings underlying the total return swap with JPM Russell SPX Broad Value Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM Russell SPX Broad Value Custom Basket Index | ||||||||||||
Aaron's Co., Inc. | 4,238 | $ | 44 | 0.45 | % | |||||||
Acuity Brands, Inc. | 259 | 44 | 0.45 | |||||||||
Adeia, Inc. | 4,153 | 44 | 0.45 | |||||||||
Amgen, Inc. | 158 | 43 | 0.43 | |||||||||
Amkor Technology, Inc. | 1,857 | 42 | 0.43 | |||||||||
Andersons, Inc. | 818 | 42 | 0.43 | |||||||||
Asbury Automotive Group | 184 | 42 | 0.43 | |||||||||
Avanos Medical, Inc. | 2,073 | 42 | 0.43 | |||||||||
Boise Cascade Co. | 413 | 43 | 0.43 | |||||||||
Callon Petroleum Co. | 1,071 | 42 | 0.43 | |||||||||
Cal-Maine Foods, Inc. | 897 | 43 | 0.44 | |||||||||
Centene Corp. | 609 | 42 | 0.43 | |||||||||
Chico's Fas, Inc. | 9,003 | 67 | 0.69 | |||||||||
Cinemark Holdings, Inc. | 2,464 | 45 | 0.46 | |||||||||
Cleveland-Cliffs, Inc. | 2,892 | 45 | 0.46 | |||||||||
Concentrix Corp. | 559 | 45 | 0.46 | |||||||||
Corebridge Financial, Inc. | 2,203 | 44 | 0.44 | |||||||||
Cross Country Healthcare, Inc. | 1,713 | 42 | 0.43 | |||||||||
Designer Brands, Inc., Class A | 3,429 | 43 | 0.44 | |||||||||
Diodes, Inc. | 536 | 42 | 0.43 | |||||||||
Encore Wire Corp. | 239 | 44 | 0.45 | |||||||||
Fresh Del Monte Produce, Inc. | 1,624 | 42 | 0.43 | |||||||||
Geo Group, Inc. | 5,459 | 45 | 0.46 | |||||||||
GMS, Inc. | 657 | 42 | 0.43 | |||||||||
Group 1 Automotive, Inc. | 157 | 42 | 0.43 | |||||||||
Hewlett Packard Enterprise | 2,421 | 42 | 0.43 | |||||||||
Hibbett, Inc. | 917 | 44 | 0.44 | |||||||||
Koppers Holdings, Inc. | 1,066 | 42 | 0.43 | |||||||||
Macy's, Inc. | 3,709 | 43 | 0.44 | |||||||||
Millerknoll, Inc. | 2,273 | 56 | 0.57 | |||||||||
Movado Group, Inc. | 1,541 | 42 | 0.43 | |||||||||
Mueller Industries, Inc. | 559 | 42 | 0.43 | |||||||||
Olympic Steel, Inc. | 823 | 46 | 0.47 | |||||||||
Orasure Technologies, Inc. | 7,472 | 44 | 0.45 | |||||||||
Photronics, Inc. | 2,122 | 43 | 0.44 | |||||||||
Pnm Resources, Inc. | 944 | 42 | 0.43 | |||||||||
RPC, Inc. | 4,717 | 42 | 0.43 | |||||||||
Ryder System, Inc. | 405 | 43 | 0.44 | |||||||||
Sanmina Corp. | 791 | 43 | 0.44 | |||||||||
Shoe Carnival, Inc. | 1,861 | 45 | 0.46 | |||||||||
Stonex Group, Inc. | 443 | 43 | 0.44 | |||||||||
Suncoke Energy, Inc. | 4,309 | 44 | 0.45 | |||||||||
Textron, Inc. | 542 | 42 | 0.43 | |||||||||
Titan International, Inc. | 3,306 | 44 | 0.45 | |||||||||
Trueblue, Inc. | 2,956 | 43 | 0.44 | |||||||||
United Therapeutics Corp. | 188 | 42 | 0.43 | |||||||||
Universal Insurance Holdings | 3,188 | 45 | 0.46 | |||||||||
Vista Outdoor, Inc. | 1,401 | 46 | 0.47 | |||||||||
Vital Energy, Inc. | 770 | 43 | 0.44 | |||||||||
Warrior Met Coal, Inc. | 875 | 45 | 0.46 |
The following table represents the equity basket holdings underlying the total return swap with JPM SPX1500 Growth Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX1500 Growth Custom Basket Index | ||||||||||||
Aerovironment, Inc. | 430 | $ | 48 | 0.50 | % | |||||||
Agilysys, Inc. | 727 | 48 | 0.51 | |||||||||
Antero Midstream Corp. | 4,212 | 50 | 0.53 | |||||||||
Aptargroup, Inc. | 384 | 48 | 0.50 | |||||||||
Arthur J Gallagher & Co. | 213 | 49 | 0.51 | |||||||||
Avery Dennison Corp. | 269 | 49 | 0.52 | |||||||||
Bancfirst Corp. | 556 | 48 | 0.51 | |||||||||
Bank Of Hawaii Corp. | 999 | 50 | 0.52 | |||||||||
Calix, Inc. | 1,052 | 48 | 0.51 | |||||||||
City Holding Co. | 543 | 49 | 0.52 | |||||||||
Cognex Corp. | 1,128 | 48 | 0.50 | |||||||||
Commerce Bancshares, Inc. | 1,044 | 50 | 0.53 | |||||||||
Constellation Energy | 444 | 48 | 0.51 | |||||||||
Costco Wholesale Corp. | 87 | 49 | 0.52 | |||||||||
Equitrans Midstream Corp. | 5,245 | 49 | 0.52 | |||||||||
Erie Indemnity Company, Class A | 172 | 51 | 0.53 | |||||||||
Expeditors Intl Wash, Inc. | 420 | 48 | 0.51 | |||||||||
Factset Research Systems, Inc. | 114 | 50 | 0.53 | |||||||||
Fastenal Co. | 893 | 49 | 0.51 | |||||||||
Five Below | 305 | 49 | 0.52 | |||||||||
Garmin Ltd. | 462 | 49 | 0.51 | |||||||||
Glacier Bancorp, Inc. | 1,701 | 48 | 0.51 | |||||||||
Glaukos Corp. | 642 | 48 | 0.51 | |||||||||
Goosehead Insurance, Inc., Class A | 669 | 50 | 0.52 | |||||||||
Healthequity, Inc. | 696 | 51 | 0.53 | |||||||||
Ironwood Pharmaceuticals, Inc. | 5,906 | 57 | 0.60 | |||||||||
Kinsale Capital Group, Inc. | 118 | 49 | 0.51 | |||||||||
Lancaster Colony Corp. | 301 | 50 | 0.52 | |||||||||
Madison Square Garden Sports | 284 | 50 | 0.53 | |||||||||
Nike, Inc., Class B | 504 | 48 | 0.51 | |||||||||
Oneok, Inc. | 756 | 48 | 0.50 | |||||||||
PDF Solutions, Inc. | 1,504 | 49 | 0.51 | |||||||||
PRA Group, Inc. | 2,511 | 48 | 0.51 | |||||||||
Progressive Corp. | 355 | 50 | 0.52 | |||||||||
Rollins, Inc. | 1,351 | 50 | 0.53 | |||||||||
Seagate Technology Holdings | 759 | 50 | 0.53 | |||||||||
Servisfirst Bancshares, Inc. | 934 | 49 | 0.51 | |||||||||
Simulations Plus, Inc. | 1,165 | 49 | 0.51 | |||||||||
Sitime Corp. | 442 | 50 | 0.53 | |||||||||
Targa Resources Corp. | 582 | 50 | 0.52 | |||||||||
Triumph Financial, Inc. | 748 | 48 | 0.51 | |||||||||
Trupanion, Inc. | 1,712 | 48 | 0.51 | |||||||||
Valaris Ltd. | 677 | 51 | 0.53 | |||||||||
Verisign, Inc. | 241 | 49 | 0.51 | |||||||||
Watsco, Inc. | 139 | 52 | 0.55 | |||||||||
WD-40 Co. | 239 | 49 | 0.51 | |||||||||
Williams Cos, Inc. | 1,448 | 49 | 0.51 | |||||||||
Wingstop, Inc. | 294 | 53 | 0.56 | |||||||||
Xpel, Inc. | 657 | 51 | 0.53 | |||||||||
Yeti Holdings, Inc. | 1,040 | 50 | 0.53 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
The following table represents the equity basket holdings underlying the total return swap with JPM SPX1500 Value Custom Basket Index as of September 30, 2023:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX1500 Value Custom Basket Index | ||||||||||||
Aaron's Co., Inc. | 4,754 | $ | 50 | 0.50 | % | |||||||
Acuity Brands, Inc. | 309 | 53 | 0.53 | |||||||||
Adeia, Inc. | 5,240 | 56 | 0.57 | |||||||||
Advansix, Inc. | 1,604 | 50 | 0.50 | |||||||||
Amc Networks, Inc., Class A | 4,475 | 53 | 0.53 | |||||||||
Amkor Technology, Inc. | 2,228 | 50 | 0.51 | |||||||||
Andersons, Inc. | 976 | 50 | 0.51 | |||||||||
Associated Banc-Corp | 2,914 | 50 | 0.50 | |||||||||
AT&T, Inc. | 3,360 | 50 | 0.51 | |||||||||
Brinker International, Inc. | 1,597 | 50 | 0.51 | |||||||||
Callon Petroleum Co. | 1,272 | 50 | 0.50 | |||||||||
Centene Corp. | 734 | 51 | 0.51 | |||||||||
Chico's FAS, Inc. | 10,768 | 81 | 0.81 | |||||||||
Cinemark Holdings, Inc. | 3,030 | 56 | 0.56 | |||||||||
Cleveland-Cliffs, Inc. | 3,462 | 54 | 0.55 | |||||||||
Cno Financial Group, Inc. | 2,104 | 50 | 0.50 | |||||||||
Computer Programs & Systems | 3,330 | 53 | 0.54 | |||||||||
Concentrix Corp. | 675 | 54 | 0.55 | |||||||||
Cross Country Healthcare, Inc. | 2,057 | 51 | 0.52 | |||||||||
Designer Brands, Inc., Class A | 3,972 | 50 | 0.51 | |||||||||
Dxc Technology Co. | 2,389 | 50 | 0.50 | |||||||||
Encore Wire Corp. | 292 | 53 | 0.54 | |||||||||
Fortrea Holdings, Inc. | 1,841 | 53 | 0.53 | |||||||||
Fresh Del Monte Produce, Inc. | 1,948 | 50 | 0.51 | |||||||||
Futurefuel Corp. | 6,979 | 50 | 0.51 | |||||||||
Genworth Financial, Inc., Class A | 8,680 | 51 | 0.51 | |||||||||
Geo Group, Inc. | 6,756 | 55 | 0.56 | |||||||||
G-Iii Apparel Group Ltd. | 2,012 | 50 | 0.51 | |||||||||
Group 1 Automotive, Inc. | 187 | 50 | 0.51 | |||||||||
Heidrick & Struggles International, Inc. | 1,994 | 50 | 0.50 | |||||||||
Hibbett, Inc. | 1,118 | 53 | 0.54 | |||||||||
Koppers Holdings, Inc. | 1,297 | 51 | 0.52 | |||||||||
Millerknoll, Inc. | 2,921 | 71 | 0.72 | |||||||||
Mueller Industries, Inc. | 675 | 51 | 0.51 | |||||||||
Ovintiv, Inc. | 1,069 | 51 | 0.51 | |||||||||
Penn Entertainment, Inc. | 2,248 | 52 | 0.52 | |||||||||
Propetro Holding Corp. | 4,811 | 51 | 0.52 | |||||||||
Revvity, Inc. | 453 | 50 | 0.51 | |||||||||
RPC, Inc. | 5,835 | 52 | 0.53 | |||||||||
Ryder System, Inc. | 503 | 54 | 0.54 | |||||||||
Sanmina Corp. | 917 | 50 | 0.50 | |||||||||
Shoe Carnival, Inc. | 2,332 | 56 | 0.57 | |||||||||
Stonex Group, Inc. | 535 | 52 | 0.52 | |||||||||
Suncoke Energy, Inc. | 5,337 | 54 | 0.55 | |||||||||
Titan International, Inc. | 4,194 | 56 | 0.57 | |||||||||
Us Silica Holdings, Inc. | 3,649 | 51 | 0.52 | |||||||||
Vista Outdoor, Inc. | 1,752 | 58 | 0.59 | |||||||||
Walgreens Boots Alliance, Inc. | 2,276 | 51 | 0.51 | |||||||||
Warrior Met Coal, Inc. | 1,143 | 58 | 0.59 | |||||||||
Westrock Co. | 1,432 | 51 | 0.52 |
@ | Value/Notional amount is less than $500. | |
* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
AGC | Assured Guaranty Corporation. | |
CAC | Cotation Assistée en Continu. | |
EMU | European Economic and Monetary Union. | |
FTSE | Financial Times Stock Exchange. | |
IBEX | Índice Bursátil Español. | |
ICE | Intercontinental Exchange. | |
IMI | Investable Market Index. | |
KFE | Korean Futures Exchange. | |
MIB | Milano Indice di Borsa. | |
MSCI | Morgan Stanley Capital International. | |
REIT | Real Estate Investment Trust. | |
SFE | Sydney Futures Exchange. | |
SGX | Singapore Exchange Ltd. | |
SOFR | Secured Overnight Financing Rate. | |
SPI | Schedule Performance Index. | |
TSE | Toronto Stock Exchange. |
AUD | — | Australian Dollar |
BRL | — | Brazilian Real |
CAD | — | Canadian Dollar |
CHF | — | Swiss Franc |
CLP | — | Chilean Peso |
CNH | — | Chinese Yuan Renminbi Offshore |
CNY | — | Chinese Yuan Renminbi |
COP | — | Colombian Peso |
CZK | — | Czech Koruna |
DKK | — | Danish Krone |
EUR | — | Euro |
GBP | — | British Pound |
HKD | — | Hong Kong Dollar |
HUF | — | Hungarian Forint |
IDR | — | Indonesian Rupiah |
ILS | — | Israeli Shekel |
INR | — | Indian Rupee |
JPY | — | Japanese Yen |
KRW | — | South Korean Won |
MXN | — | Mexican Peso |
MYR | — | Malaysian Ringgit |
NOK | — | Norwegian Krone |
NZD | — | New Zealand Dollar |
PEN | — | Peruvian Nuevo Sol |
PLN | — | Polish Zloty |
RON | — | Romanian New Leu |
SEK | — | Swedish Krona |
SGD | — | Singapore Dollar |
THB | — | Thai Baht |
TRY | — | Turkish Lira |
TWD | — | Taiwan Dollar |
USD | — | United States Dollar |
ZAR | — | South African Rand |
Portfolio Composition
Classification | Percentage of Total Investments | ||
Fixed Income Securities | 48.2 | % | |
Common Stocks | 36.7 | ||
Short-Term Investments | 15.1 | ||
Total Investments | 100.0 | %** |
** | Does not include open long/short futures contracts with a value of approximately $26,535,000 and net unrealized appreciation of approximately $128,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $71,000. Also does not include open swap agreements with net unrealized depreciation of approximately $273,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Growth Portfolio
Shares | Value (000) | |||||||
Common Stocks (93.8%) | ||||||||
Automobiles (5.4%) | ||||||||
Rivian Automotive, Inc., Class A (a) | 48,118 | $ | 1,168 | |||||
Tesla, Inc. (a) | 89,067 | 22,287 | ||||||
23,455 | ||||||||
Biotechnology (1.6%) | ||||||||
Intellia Therapeutics, Inc. (a) | 38,556 | 1,219 | ||||||
Moderna, Inc. (a) | 3,644 | 377 | ||||||
ProKidney Corp. (a) | 232,466 | 1,065 | ||||||
Roivant Sciences Ltd. (a) | 353,457 | 4,128 | ||||||
6,789 | ||||||||
Broadline Retail (4.3%) | ||||||||
Global-e Online Ltd. (Israel) (a) | 193,133 | 7,675 | ||||||
MercadoLibre, Inc. (a) | 8,830 | 11,196 | ||||||
18,871 | ||||||||
Capital Markets (0.4%) | ||||||||
Coinbase Global, Inc., Class A (a) | 23,755 | 1,784 | ||||||
Chemicals (0.4%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a)(b) | 851,540 | 1,541 | ||||||
Electronic Equipment, Instruments & Components (0.0%) | ||||||||
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $1,526; acquired 12/22/15) | 3,138 | — | ||||||
Entertainment (4.6%) | ||||||||
ROBLOX Corp., Class A (a) | 687,878 | 19,921 | ||||||
Financial Services (5.1%) | ||||||||
Adyen NV (Netherlands) (a) | 15,159 | 11,240 | ||||||
Affirm Holdings, Inc. (a) | 505,424 | 10,750 | ||||||
21,990 | ||||||||
Ground Transportation (9.2%) | ||||||||
Grab Holdings Ltd., Class A (Singapore) (a) | 2,210,355 | 7,825 | ||||||
Uber Technologies, Inc. (a) | 705,282 | 32,436 | ||||||
40,261 | ||||||||
Health Care Providers & Services (3.7%) | ||||||||
Agilon health, Inc. (a) | 911,781 | 16,193 | ||||||
Health Care Technology (0.5%) | ||||||||
Doximity, Inc., Class A (a) | 107,299 | 2,277 | ||||||
Hotels, Restaurants & Leisure (11.6%) | ||||||||
Airbnb, Inc., Class A (a) | 166,753 | 22,880 | ||||||
DoorDash, Inc., Class A (a) | 345,452 | 27,453 | ||||||
50,333 | ||||||||
Information Technology Services (20.5%) | ||||||||
Cloudflare, Inc., Class A (a) | 512,965 | 32,337 | ||||||
Shopify, Inc., Class A (Canada) (a) | 546,310 | 29,812 | ||||||
Snowflake, Inc., Class A (a) | 177,788 | 27,161 | ||||||
89,310 | ||||||||
Leisure Products (0.5%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 457,641 | 2,311 | ||||||
Life Sciences Tools & Services (0.5%) | ||||||||
10X Genomics, Inc., Class A (a) | 47,349 | 1,953 | ||||||
Media (7.4%) | ||||||||
Trade Desk, Inc., Class A (a) | 412,890 | 32,267 | ||||||
Pharmaceuticals (4.6%) | ||||||||
Royalty Pharma PLC, Class A | 742,457 | 20,150 | ||||||
Software (9.9%) | ||||||||
Aurora Innovation, Inc. (a) | 1,706,923 | 4,011 | ||||||
Bill Holdings, Inc. (a) | 204,937 | 22,250 | ||||||
Gitlab, Inc., Class A (a) | 135,892 | 6,145 | ||||||
Procore Technologies, Inc. (a) | 74,938 | 4,895 | ||||||
Samsara, Inc., Class A (a) | 238,084 | 6,002 | ||||||
43,303 | ||||||||
Specialty Retail (3.6%) | ||||||||
Carvana Co. (a) | 274,865 | 11,539 | ||||||
Wayfair, Inc., Class A (a) | 70,568 | 4,274 | ||||||
15,813 | ||||||||
Total Common Stocks (Cost $486,628) | 408,522 | |||||||
Preferred Stocks (2.8%) | ||||||||
Financial Services (0.3%) | ||||||||
Stripe, Inc., Series H(a)(c)(d) (acquisition cost — $1,061; acquired 3/17/23) | 52,681 | 1,198 | ||||||
Software (2.5%) | ||||||||
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $8,310; acquired 8/31/21) | 113,088 | 8,312 | ||||||
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $2,242; acquired 9/15/23) | 30,506 | 2,242 | ||||||
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $1,618; acquired 6/17/14) | 141,612 | 462 | ||||||
11,016 | ||||||||
Total Preferred Stocks (Cost $13,231) | 12,214 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Growth Portfolio
Shares | Value (000) | |||||||
Investment Company (1.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $12,825) | 360,224 | $ | 6,913 | |||||
Short-Term Investments (2.6%) | ||||||||
Investment Company (2.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $10,052) | 10,052,203 | 10,052 | ||||||
Securities held as Collateral on Loaned Securities (0.3%) | ||||||||
Investment Company (0.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) | 1,152,168 | 1,152 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.0%)‡ | ||||||||
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $80; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $81) | $ | 80 | 80 | |||||
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $175; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $178) | 174 | 174 | ||||||
254 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $1,406) | 1,406 | |||||||
Total Short-Term Investments (Cost $11,458) | 11,458 | |||||||
Total Investments Excluding Purchased Options (100.8%) (Cost $524,142) | 439,107 | |||||||
Total Purchased Options Outstanding (0.3%) (Cost $1,332) | 1,392 | |||||||
Total Investments (101.1%) (Cost $525,474) Including $1,273 of Securities Loaned (f)(g)(h)(i) | 440,499 | |||||||
Liabilities in Excess of Other Assets (–1.1%) | (4,981 | ) | ||||||
Net Assets (100.0%) | $ | 435,518 |
‡ | Amount is less than 0.05%. |
(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, 2023, were approximately $1,273,000 and $1,406,000 respectively. The Fund received cash collateral of approximately $1,406,000, which 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. 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, 2023 amounts to approximately $12,214,000 and represents 2.8% of net assets. |
(d) | At September 30, 2023, the Fund held fair valued securities valued at approximately $12,214,000, representing 2.8% 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. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $18,000 relating to the Fund's investment in the Liquidity Funds. |
(f) | The approximate fair value and percentage of net assets, $11,240,000 and 2.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(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, 2023, the Fund did not engage in any cross-trade transactions. |
(h) | Securities are available for collateral in connection with purchased options. |
(i) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,029,000 and the aggregate gross unrealized depreciation is approximately $142,004,000, resulting in net unrealized depreciation of approximately $84,975,000. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Growth Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 83,529,990 | $ | 83,530 | $ | 382 | $ | 393 | $ | (11 | ) | |||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 109,090,159 | 109,090 | 565 | 462 | 103 | ||||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 114,161,744 | 114,162 | 445 | 473 | (28 | ) | |||||||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 880,149 | 880 | — | @ | 4 | (4 | ) | ||||||||||||||||
$ | 1,392 | $ | 1,332 | $ | 60 |
@ | Value is less than $500. | |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition*
Classification | Percentage of Total Investments | ||
Other** | 28.4 | % | |
Information Technology Services | 20.4 | ||
Software | 12.4 | ||
Hotels, Restaurants & Leisure | 11.5 | ||
Ground Transportation | 9.2 | ||
Media | 7.4 | ||
Automobiles | 5.4 | ||
Financial Services | 5.3 | ||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
U.S. Real Estate Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.6%) | ||||||||
Apartments (12.2%) | ||||||||
AvalonBay Communities, Inc. REIT | 83,917 | $ | 14,412 | |||||
Essex Property Trust, Inc. REIT | 38,682 | 8,204 | ||||||
Mid-America Apartment Communities, Inc. REIT | 45,841 | 5,897 | ||||||
28,513 | ||||||||
Data Centers (14.7%) | ||||||||
Digital Realty Trust, Inc. REIT | 109,915 | 13,302 | ||||||
Equinix, Inc. REIT | 29,092 | 21,128 | ||||||
34,430 | ||||||||
Free Standing (6.2%) | ||||||||
Agree Realty Corp. REIT | 75,500 | 4,171 | ||||||
NETSTREIT Corp. REIT | 143,441 | 2,235 | ||||||
Realty Income Corp. REIT | 163,378 | 8,159 | ||||||
14,565 | ||||||||
Gaming (4.8%) | ||||||||
VICI Properties, Inc. REIT | 388,418 | 11,303 | ||||||
Health Care (11.2%) | ||||||||
CareTrust REIT, Inc. | 200,452 | 4,109 | ||||||
Ventas, Inc. REIT | 86,876 | 3,660 | ||||||
Welltower, Inc. REIT | 224,318 | 18,376 | ||||||
26,145 | ||||||||
Industrial (17.7%) | ||||||||
Americold Realty Trust, Inc. REIT | 167,548 | 5,095 | ||||||
Prologis, Inc. REIT | 291,991 | 32,764 | ||||||
Rexford Industrial Realty, Inc. REIT | 71,180 | 3,513 | ||||||
41,372 | ||||||||
Lodging/Resorts (2.6%) | ||||||||
Hilton Worldwide Holdings, Inc. | 10,005 | 1,503 | ||||||
Host Hotels & Resorts, Inc. REIT | 277,983 | 4,467 | ||||||
5,970 | ||||||||
Manufactured Homes (2.4%) | ||||||||
Sun Communities, Inc. REIT | 47,284 | 5,596 | ||||||
Office (1.1%) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 25,361 | 2,539 | ||||||
Regional Malls (4.2%) | ||||||||
Simon Property Group, Inc. REIT | 90,994 | 9,830 | ||||||
Self Storage (7.4%) | ||||||||
Extra Space Storage, Inc. REIT | 34,189 | 4,157 | ||||||
Public Storage REIT | 49,997 | 13,175 | ||||||
17,332 | ||||||||
Shopping Centers (6.1%) | ||||||||
Brixmor Property Group, Inc. REIT | 308,002 | 6,400 | ||||||
Kite Realty Group Trust REIT | 299,308 | 6,411 | ||||||
Urban Edge Properties REIT | 98,663 | 1,506 | ||||||
14,317 | ||||||||
Single Family Homes (4.9%) | ||||||||
American Homes 4 Rent Class A REIT | 337,646 | 11,375 | ||||||
Specialty (3.1%) | ||||||||
Iron Mountain, Inc. REIT | 121,482 | 7,222 | ||||||
Total Common Stocks (Cost $224,629) | 230,509 | |||||||
Short-Term Investment (1.3%) | ||||||||
Investment Company (1.3%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $3,038) | 3,037,555 | 3,038 | ||||||
Total Investments (99.9%) (Cost $227,667) (b)(c) | 233,547 | |||||||
Other Assets in Excess of Liabilities (0.1%) | 297 | |||||||
Net Assets (100.0%) | $ | 233,844 |
(a) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $5,000 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, 2023, the Fund did not engage in any cross-trade transactions. |
(c) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $20,725,000 and the aggregate gross unrealized depreciation is approximately $14,845,000, resulting in net unrealized appreciation of approximately $5,880,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | ||
Other* | 24.4 | % | |
Industrial | 17.7 | ||
Data Centers | 14.8 | ||
Apartments | 12.2 | ||
Health Care | 11.2 | ||
Self Storage | 7.4 | ||
Free Standing | 6.2 | ||
Shopping Centers | 6.1 | ||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments
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 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, as defined by Rule 2a-5 under the Act, 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 approved 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; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has 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.
Morgan Stanley Variable Insurance Fund, Inc. |
Third Quarter Report — September 30, 2023 (unaudited) |
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 | $ | 2,945 | $ | — | $ | — | $ | 2,945 | ||||||||
Broadline Retail | 9,795 | — | — | 9,795 | ||||||||||||
Chemicals | 549 | — | — | 549 | ||||||||||||
Entertainment | 6,361 | — | — | 6,361 | ||||||||||||
Financial Services | 13,149 | 3,531 | — | 16,680 | ||||||||||||
Ground Transportation | 2,826 | — | — | 2,826 | ||||||||||||
Health Care Equipment & Supplies | 1,094 | — | — | 1,094 | ||||||||||||
Health Care Providers & Services | 7,175 | — | — | 7,175 | ||||||||||||
Health Care Technology | 1,891 | — | — | 1,891 | ||||||||||||
Hotels, Restaurants & Leisure | 8,637 | — | — | 8,637 | ||||||||||||
Information Technology Services | 14,399 | — | — | 14,399 | ||||||||||||
Interactive Media & Services | 143 | — | — | 143 | ||||||||||||
Leisure Products | 2,187 | — | — | 2,187 | ||||||||||||
Life Sciences Tools & Services | 1,843 | — | — | 1,843 | ||||||||||||
Media | 10,209 | — | — | 10,209 | ||||||||||||
Pharmaceuticals | 6,407 | — | — | 6,407 | ||||||||||||
Semiconductors & Semiconductor Equipment | 140 | — | — | 140 | ||||||||||||
Software | 25,046 | — | — | 25,046 | ||||||||||||
Specialty Retail | 9,458 | — | — | 9,458 | ||||||||||||
Total Common Stocks | 124,254 | 3,531 | — | 127,785 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Software | — | — | 3,376 | 3,376 | ||||||||||||
Investment Company | 2,234 | — | — | 2,234 | ||||||||||||
Warrant | 3 | — | — | 3 | ||||||||||||
Call Options Purchased | — | 438 | — | 438 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 6,301 | — | — | 6,301 | ||||||||||||
Repurchase Agreements | — | 101 | — | 101 | ||||||||||||
Total Short-Term Investments | 6,301 | 101 | — | 6,402 | ||||||||||||
Total Assets | $ | 132,792 | $ | 4,070 | $ | 3,376 | $ | 140,238 |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Discovery | Preferred Stocks (000) | |||
Beginning Balance | $ | 1,996 | ||
Purchases | 709 | |||
Sales | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | 671 | |||
Realized gains (losses) | — | |||
Ending Balance | $ | 3,376 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | 671 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
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, 2023.
Discovery | Fair Value at September 30, 2023 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
Preferred Stocks | $ | 3,376 | Market Transaction Method | Precedent Transaction | $ | 73.50 | 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. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 | $ | — | $ | 28,947 | $ | — | $ | 28,947 | ||||||||
Sovereign | — | 66,318 | — | 66,318 | ||||||||||||
Total Fixed Income Securities | — | 95,265 | — | 95,265 | ||||||||||||
Warrant | — | 19 | — | 19 | ||||||||||||
Short-Term Investments | ||||||||||||||||
U.S. Treasury Security | — | 124 | — | 124 | ||||||||||||
Investment Company | 1,595 | — | — | 1,595 | ||||||||||||
Total Short-Term Investments | 1,595 | 124 | — | 1,719 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 272 | — | 272 | ||||||||||||
Futures Contracts | 278 | — | — | 278 | ||||||||||||
Total Assets | 1,873 | 95,680 | — | 97,553 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (27 | ) | — | (27 | ) | ||||||||||
Futures Contracts | (1,338 | ) | — | — | (1,338 | ) | ||||||||||
Total Liabilities | (1,338 | ) | (27 | ) | — | (1,365 | ) | |||||||||
Total | $ | 535 | $ | 95,653 | $ | — | $ | 96,188 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 | ||||||||||||||||
Air Freight & Logistics | $ | — | $ | 912 | $ | — | $ | 912 | ||||||||
Automobiles | — | 7,803 | — | 7,803 | ||||||||||||
Banks | 2,831 | 27,881 | — | 30,712 | ||||||||||||
Beverages | — | 3,489 | — | 3,489 | ||||||||||||
Broadline Retail | 376 | 2,748 | — | 3,124 | ||||||||||||
Capital Markets | — | 2,763 | — | 2,763 | ||||||||||||
Chemicals | — | 1,282 | — | 1,282 | ||||||||||||
Construction & Engineering | — | 1,566 | — | 1,566 | ||||||||||||
Consumer Finance | — | 1,777 | — | 1,777 | ||||||||||||
Consumer Staples Distribution & Retail | 3,338 | 1,473 | — | 4,811 | ||||||||||||
Electrical Equipment | 698 | 2,575 | — | 3,273 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 2,266 | — | 2,266 | ||||||||||||
Financial Services | — | 1,757 | — | 1,757 | ||||||||||||
Food Products | 2,515 | 4,234 | — | 6,749 | ||||||||||||
Ground Transportation | 2,003 | — | — | 2,003 | ||||||||||||
Health Care Providers & Services | — | 2,421 | — | 2,421 | ||||||||||||
Hotels, Restaurants & Leisure | 768 | 873 | — | 1,641 | ||||||||||||
Industrial Conglomerates | — | 1,668 | — | 1,668 | ||||||||||||
Information Technology Services | 796 | 1,942 | — | 2,738 | ||||||||||||
Insurance | 1,514 | 3,010 | — | 4,524 | ||||||||||||
Interactive Media & Services | — | 4,485 | — | 4,485 | ||||||||||||
Machinery | — | 1,000 | — | 1,000 | ||||||||||||
Metals & Mining | — | 8,238 | — | 8,238 | ||||||||||||
Oil, Gas & Consumable Fuels | — | 9,490 | — | 9,490 | ||||||||||||
Paper & Forest Products | — | 2,532 | — | 2,532 | ||||||||||||
Personal Care Products | — | 890 | — | 890 | ||||||||||||
Pharmaceuticals | — | 976 | — | 976 | ||||||||||||
Real Estate Management & Development | — | 1,529 | — | 1,529 | ||||||||||||
Semiconductors & Semiconductor Equipment | 3,577 | 13,503 | — | 17,080 | ||||||||||||
Specialty Retail | — | 1,903 | — | 1,903 | ||||||||||||
Tech Hardware, Storage & Peripherals | — | 8,214 | — | 8,214 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 5,356 | — | 5,356 | ||||||||||||
Transportation Infrastructure | 1,437 | — | — | 1,437 | ||||||||||||
Total Common Stocks | 19,853 | 130,556 | — | 150,409 | ||||||||||||
Rights | 4 | — | — | 4 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,805 | — | — | 1,805 | ||||||||||||
Total Assets | 21,662 | 130,556 | — | 152,218 | ||||||||||||
Liabilities: | ||||||||||||||||
Futures Contract | (24 | ) | — | — | (24 | ) | ||||||||||
Total | $ | 21,638 | $ | 130,556 | $ | — | $ | 152,194 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 | $ | 1,215 | $ | 2,370 | $ | — | $ | 3,585 | ||||||||
Communications | 6,059 | 3,241 | — | 9,300 | ||||||||||||
Diversified | 3,747 | 5,588 | — | 9,335 | ||||||||||||
Electricity Transmission & Distribution | 6,410 | 3,879 | — | 10,289 | ||||||||||||
Oil & Gas Storage & Transportation | 20,512 | 3,400 | — | 23,912 | ||||||||||||
Others | 3,794 | 253 | — | 4,047 | ||||||||||||
Toll Roads | — | 1,793 | — | 1,793 | ||||||||||||
Water | 1,456 | 1,203 | — | 2,659 | ||||||||||||
Total Common Stocks | 43,193 | 21,727 | — | 64,920 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 3,183 | — | — | 3,183 | ||||||||||||
Repurchase Agreements | — | 227 | — | 227 | ||||||||||||
Total Short-Term Investments | 3,183 | 227 | — | 3,410 | ||||||||||||
Total Assets | $ | 46,376 | $ | 21,954 | $ | — | $ | 68,330 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 | ||||||||||||||||
Data Centers | $ | 3,025 | $ | — | $ | — | $ | 3,025 | ||||||||
Diversified | — | 4,443 | — | 4,443 | ||||||||||||
Health Care | 2,972 | 317 | — | 3,289 | ||||||||||||
Industrial | 3,753 | 1,554 | — | 5,307 | ||||||||||||
Industrial/Office Mixed | — | 720 | — | 720 | ||||||||||||
Lodging/Resorts | 553 | 898 | — | 1,451 | ||||||||||||
Office | 168 | 763 | — | 931 | ||||||||||||
Residential | 4,982 | 924 | — | 5,906 | ||||||||||||
Retail | 3,442 | 697 | — | 4,139 | ||||||||||||
Self Storage | 1,504 | 435 | — | 1,939 | ||||||||||||
Specialty | 1,061 | — | — | 1,061 | ||||||||||||
Total Common Stocks | 21,460 | 10,751 | — | 32,211 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 272 | — | — | 272 | ||||||||||||
Total Assets | $ | 21,732 | $ | 10,751 | $ | — | $ | 32,483 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 Fixed Rate Mortgages | $ | — | $ | 3,070 | $ | — | $ | 3,070 | ||||||||
Asset-Backed Securities | — | 226 | — | 226 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 495 | — | 495 | ||||||||||||
Corporate Bonds | — | 7,709 | — | 7,709 | ||||||||||||
Mortgages - Other | — | 1,077 | — | 1,077 | ||||||||||||
Sovereign | — | 20,303 | — | 20,303 | ||||||||||||
Supranational | — | 829 | — | 829 | ||||||||||||
U.S. Treasury Securities | — | 3,621 | — | 3,621 | ||||||||||||
Total Fixed Income Securities | — | 37,330 | — | 37,330 | ||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | 286 | 189 | — | 475 | ||||||||||||
Air Freight & Logistics | 98 | 59 | — | 157 | ||||||||||||
Automobile Components | 33 | 24 | — | 57 | ||||||||||||
Automobiles | 400 | 151 | — | 551 | ||||||||||||
Banks | 816 | 1,653 | — | 2,469 | ||||||||||||
Beverages | 297 | 178 | — | 475 | ||||||||||||
Biotechnology | 424 | 94 | — | 518 | ||||||||||||
Broadline Retail | 581 | 74 | — | 655 | ||||||||||||
Building Products | 107 | 69 | — | 176 | ||||||||||||
Capital Markets | 547 | 263 | — | 810 | ||||||||||||
Chemicals | 325 | 259 | — | 584 | ||||||||||||
Commercial Services & Supplies | 122 | 33 | — | 155 | ||||||||||||
Communications Equipment | 153 | 26 | — | 179 | ||||||||||||
Construction & Engineering | 32 | 69 | — | 101 | ||||||||||||
Construction Materials | 56 | 44 | — | 100 | ||||||||||||
Consumer Finance | 84 | — | — | 84 | ||||||||||||
Consumer Staples Distribution & Retail | 383 | 100 | — | 483 | ||||||||||||
Containers & Packaging | 51 | 12 | — | 63 | ||||||||||||
Distributors | 23 | 3 | — | 26 | ||||||||||||
Diversified Consumer Services | — | 8 | — | 8 | ||||||||||||
Diversified REITs | 61 | 18 | — | 79 | ||||||||||||
Diversified Telecommunication Services | 131 | 161 | — | 292 | ||||||||||||
Electric Utilities | 294 | 131 | — | 425 | ||||||||||||
Electrical Equipment | 114 | 153 | — | 267 | ||||||||||||
Electronic Equipment, Instruments & Components | 108 | 21 | — | 129 | ||||||||||||
Energy Equipment & Services | 75 | 3 | — | † | 78 | † | ||||||||||
Entertainment | 261 | 20 | — | 281 | ||||||||||||
Financial Services | 719 | 107 | — | 826 | ||||||||||||
Food Products | 179 | 317 | — | 496 | ||||||||||||
Gas Utilities | 13 | 15 | — | 28 | ||||||||||||
Ground Transportation | 289 | 6 | — | 295 | ||||||||||||
Health Care | 35 | — | — | 35 | ||||||||||||
Health Care Equipment & Supplies | 452 | 157 | — | 609 | ||||||||||||
Health Care Providers & Services | 516 | 31 | — | 547 | ||||||||||||
Health Care Technology | 15 | — | — | 15 | ||||||||||||
Hotel & Resort REITs | 6 | — | — | 6 | ||||||||||||
Hotels, Restaurants & Leisure | 414 | 174 | — | 588 | ||||||||||||
Household Durables | 57 | 17 | — | 74 | ||||||||||||
Household Products | 217 | 65 | — | 282 |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
Common Stocks (cont’d) | ||||||||||||||||
Independent Power & Renewable Electricity Producers | 15 | 24 | — | 39 | ||||||||||||
Independent Power Producers & Energy Traders | — | 1 | — | 1 | ||||||||||||
Industrial Conglomerates | 143 | 118 | — | 261 | ||||||||||||
Industrial REITs | 50 | 34 | — | 84 | ||||||||||||
Information Technology Services | 334 | 24 | — | 358 | ||||||||||||
Insurance | 511 | 443 | — | 954 | ||||||||||||
Interactive Media & Services | 1,011 | 18 | — | 1,029 | ||||||||||||
Investment Company | — | — | † | — | — | † | ||||||||||
Leisure Products | 6 | — | — | 6 | ||||||||||||
Life Sciences Tools & Services | 284 | 52 | — | 336 | ||||||||||||
Machinery | 326 | 202 | — | 528 | ||||||||||||
Marine Transportation | — | 24 | — | 24 | ||||||||||||
Media | 164 | 36 | — | 200 | ||||||||||||
Metals & Mining | 196 | 339 | † | — | 535 | † | ||||||||||
Multi-Utilities | 122 | 100 | — | 222 | ||||||||||||
Office REITs | 12 | 8 | — | 20 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,044 | 506 | — | 1,550 | ||||||||||||
Paper & Forest Products | 3 | 37 | — | 40 | ||||||||||||
Passenger Airlines | 7 | 10 | — | 17 | ||||||||||||
Personal Care Products | 16 | 203 | — | 219 | ||||||||||||
Pharmaceuticals | 737 | 938 | — | 1,675 | ||||||||||||
Professional Services | 187 | 144 | — | 331 | ||||||||||||
Real Estate Management & Development | 19 | 66 | — | 85 | ||||||||||||
Residential REITs | 74 | — | — | 74 | ||||||||||||
Retail | 44 | 28 | — | 72 | ||||||||||||
Semiconductors & Semiconductor Equipment | 1,331 | 255 | — | 1,586 | ||||||||||||
Software | 1,850 | 159 | — | 2,009 | ||||||||||||
Specialized REITs | 93 | — | — | 93 | ||||||||||||
Specialty Retail | 394 | 43 | — | 437 | ||||||||||||
Tech Hardware, Storage & Peripherals | 1,249 | 9 | — | 1,258 | ||||||||||||
Textiles, Apparel & Luxury Goods | 91 | 323 | — | 414 | ||||||||||||
Tobacco | 105 | 69 | — | 174 | ||||||||||||
Trading Companies & Distributors | 81 | 52 | — | 133 | ||||||||||||
Transportation Infrastructure | — | 35 | — | 35 | ||||||||||||
Water Utilities | 16 | 12 | — | 28 | ||||||||||||
Wireless Telecommunication Services | 52 | 20 | — | 72 | ||||||||||||
Total Common Stocks | 19,341 | 9,036 | † | — | † | 28,377 | † | |||||||||
Warrant | — | @ | — | — | — | @ | ||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 11,009 | — | — | 11,009 | ||||||||||||
U.S. Treasury Security | — | 670 | — | 670 | ||||||||||||
Total Short-Term Investments | 11,009 | 670 | — | 11,679 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 81 | — | 81 | ||||||||||||
Futures Contracts | 352 | — | — | 352 | ||||||||||||
Interest Rate Swap Agreements | — | 27 | — | 27 | ||||||||||||
Total Return Swap Agreements | — | 888 | — | 888 | ||||||||||||
Total Assets | 30,702 | 48,032 | † | — | † | 78,734 | † | |||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (152 | ) | — | (152 | ) | ||||||||||
Futures Contracts | (224 | ) | — | — | (224 | ) | ||||||||||
Total Return Swap Agreements | — | (1,188 | ) | — | (1,188 | ) | ||||||||||
Total Liabilities | (224 | ) | (1,340 | ) | — | (1,564 | ) | |||||||||
Total | $ | 30,478 | $ | 46,692 | † | $ | — | † | $ | 77,170 | † |
† | Includes one or more securities valued at zero. |
@ | Value is less than $500. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Global Strategist | Common Stock (000) | |||
Beginning Balance | $ | — | †† | |
Purchases | — | |||
Sales | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | — | |||
Realized gains (losses) | — | |||
Ending Balance | $ | — | †† | |
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | — |
†† | Includes a security valued at zero. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 | $ | 23,455 | $ | — | $ | — | $ | 23,455 | ||||||||
Biotechnology | 6,789 | — | — | 6,789 | ||||||||||||
Broadline Retail | 18,871 | — | — | 18,871 | ||||||||||||
Capital Markets | 1,784 | — | — | 1,784 | ||||||||||||
Chemicals | 1,541 | — | — | 1,541 | ||||||||||||
Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
Entertainment | 19,921 | — | — | 19,921 | ||||||||||||
Financial Services | 10,750 | 11,240 | — | 21,990 | ||||||||||||
Ground Transportation | 40,261 | — | — | 40,261 | ||||||||||||
Health Care Providers & Services | 16,193 | — | — | 16,193 | ||||||||||||
Health Care Technology | 2,277 | — | — | 2,277 | ||||||||||||
Hotels, Restaurants & Leisure | 50,333 | — | — | 50,333 | ||||||||||||
Information Technology Services | 89,310 | — | — | 89,310 | ||||||||||||
Leisure Products | 2,311 | — | — | 2,311 | ||||||||||||
Life Sciences Tools & Services | 1,953 | — | — | 1,953 | ||||||||||||
Media | 32,267 | — | — | 32,267 | ||||||||||||
Pharmaceuticals | 20,150 | — | — | 20,150 | ||||||||||||
Software | 43,303 | — | — | 43,303 | ||||||||||||
Specialty Retail | 15,813 | — | — | 15,813 | ||||||||||||
Total Common Stocks | 397,282 | 11,240 | — | † | 408,522 | † | ||||||||||
Preferred Stocks | ||||||||||||||||
Financial Services | — | — | 1,198 | 1,198 | ||||||||||||
Software | — | — | 11,016 | 11,016 | ||||||||||||
Total Preferred Stocks | — | — | 12,214 | 12,214 | ||||||||||||
Investment Company | 6,913 | — | — | 6,913 | ||||||||||||
Call Options Purchased | — | 1,392 | — | 1,392 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 11,204 | — | — | 11,204 | ||||||||||||
Repurchase Agreements | — | 254 | — | 254 | ||||||||||||
Total Short-Term Investments | 11,204 | 254 | — | 11,458 | ||||||||||||
Total Assets | $ | 415,399 | $ | 12,886 | $ | 12,214 | † | $ | 440,499 | † |
† | Includes one or more securities valued at zero. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
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 | $ | — | † | $ | 6,887 | |||
Purchases | — | 3,303 | ||||||
Sales | — | — | ||||||
Transfers in | — | — | ||||||
Transfers out | — | — | ||||||
Corporate actions | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | 2,024 | ||||||
Realized gains (losses) | — | — | ||||||
Ending Balance | $ | — | † | $ | 12,214 | |||
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | — | $ | 2,024 |
† | Includes a security valued at zero. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
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, 2023. 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, 2023 (000) | Valuation Technique | Unobservable Input | Amount or Range/ Weighted Average* | Impact to Valuation from an Increase in Input** | |||||||
Preferred Stocks | $ | 12,214 | Market Transaction Method | Precedent Transaction | $73.50 | Increase | ||||||
Discounted Cash Flow | Weighted Average Cost of Capital | 15.5%-17.5%/16.2% | Decrease | |||||||||
Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase | ||||||||||
Market Comparable Companies | Enterprise Value/Revenue | 1.1x-12.6x/3.7x | Increase | |||||||||
Discount for Lack of Marketability | 14.0%-16.0%/14.6% | 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. |
Morgan Stanley Variable Insurance Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
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 | $ | 28,513 | $ | — | $ | — | $ | 28,513 | ||||||||
Data Centers | 34,430 | — | — | 34,430 | ||||||||||||
Free Standing | 14,565 | — | — | 14,565 | ||||||||||||
Gaming | 11,303 | — | — | 11,303 | ||||||||||||
Health Care | 26,145 | — | — | 26,145 | ||||||||||||
Industrial | 41,372 | — | — | 41,372 | ||||||||||||
Lodging/Resorts | 5,970 | — | — | 5,970 | ||||||||||||
Manufactured Homes | 5,596 | — | — | 5,596 | ||||||||||||
Office | 2,539 | — | — | 2,539 | ||||||||||||
Regional Malls | 9,830 | — | — | 9,830 | ||||||||||||
Self Storage | 17,332 | — | — | 17,332 | ||||||||||||
Shopping Centers | 14,317 | — | — | 14,317 | ||||||||||||
Single Family Homes | 11,375 | — | — | 11,375 | ||||||||||||
Specialty | 7,222 | — | — | 7,222 | ||||||||||||
Total Common Stocks | 230,509 | — | — | 230,509 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,038 | — | — | 3,038 | ||||||||||||
Total Assets | $ | 233,547 | $ | — | $ | — | $ | 233,547 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.