Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments
Discovery Portfolio
Shares | Value (000) | |||||||
Common Stocks (92.7%) | ||||||||
Biotechnology (2.1%) | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 762 | $ | 114 | |||||
Argenx SE ADR (Belgium) (a) | 995 | 392 | ||||||
Intellia Therapeutics, Inc. (a) | 17,585 | 484 | ||||||
ProKidney Corp. (a)(b) | 80,451 | 132 | ||||||
Roivant Sciences Ltd. (a) | 240,294 | 2,532 | ||||||
3,654 | ||||||||
Broadline Retail (4.8%) | ||||||||
Global-e Online Ltd. (Israel) (a) | 230,124 | 8,365 | ||||||
Chemicals (0.2%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a) | 329,072 | 382 | ||||||
Entertainment (4.1%) | ||||||||
ROBLOX Corp., Class A (a) | 187,329 | 7,152 | ||||||
Financial Services (11.1%) | ||||||||
Adyen NV (Netherlands) (a) | 4,930 | 8,327 | ||||||
Affirm Holdings, Inc. (a) | 289,714 | 10,795 | ||||||
19,122 | ||||||||
Ground Transportation (1.5%) | ||||||||
Grab Holdings Ltd., Class A (Singapore) (a) | 833,227 | 2,616 | ||||||
Health Care Equipment & Supplies (0.8%) | ||||||||
Dexcom, Inc. (a) | 4,174 | 579 | ||||||
Penumbra, Inc. (a) | 3,851 | 860 | ||||||
1,439 | ||||||||
Health Care Providers & Services (2.7%) | ||||||||
Agilon Health, Inc. (a) | 764,287 | 4,662 | ||||||
Health Care Technology (1.5%) | ||||||||
Doximity, Inc., Class A (a) | 93,910 | 2,527 | ||||||
Hotels, Restaurants & Leisure (8.7%) | ||||||||
DoorDash, Inc., Class A (a) | 108,680 | 14,968 | ||||||
Information Technology Services (11.5%) | ||||||||
Cloudflare, Inc., Class A (a) | 154,815 | 14,991 | ||||||
Fastly, Inc., Class A (a) | 192,798 | 2,501 | ||||||
MongoDB, Inc. (a) | 6,718 | 2,409 | ||||||
19,901 | ||||||||
Leisure Products (1.1%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 447,993 | 1,920 | ||||||
Life Sciences Tools & Services (1.4%) | ||||||||
10X Genomics, Inc., Class A (a) | 64,465 | 2,419 | ||||||
Media (6.2%) | ||||||||
Trade Desk, Inc., Class A (a) | 123,004 | 10,753 | ||||||
Pharmaceuticals (4.4%) | ||||||||
Royalty Pharma PLC, Class A | 249,952 | 7,591 | ||||||
Software (18.2%) | ||||||||
Aurora Innovation, Inc. (a) | 819,653 | 2,312 | ||||||
Bill Holdings, Inc. (a) | 65,123 | 4,475 | ||||||
HubSpot, Inc. (a) | 1,484 | 930 | ||||||
Klaviyo, Inc., Class A (a) | 22,458 | 572 | ||||||
MicroStrategy, Inc., Class A (a) | 5,132 | 8,748 | ||||||
Procore Technologies, Inc. (a) | 53,016 | 4,356 | ||||||
Samsara, Inc., Class A (a) | 219,248 | 8,285 | ||||||
Zscaler, Inc. (a) | 9,011 | 1,736 | ||||||
31,414 | ||||||||
Specialty Retail (8.7%) | ||||||||
Carvana Co. (a) | 171,395 | 15,068 | ||||||
Textiles, Apparel & Luxury Goods (3.7%) | ||||||||
On Holding AG, Class A (Switzerland) (a) | 177,955 | 6,296 | ||||||
Total Common Stocks (Cost $149,953) | 160,249 | |||||||
Preferred Stocks (1.9%) | ||||||||
Software (1.9%) | ||||||||
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) | 36,279 | 2,565 | ||||||
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23) | 9,645 | 682 | ||||||
Total Preferred Stocks (Cost $3,375) | 3,247 | |||||||
Investment Company (2.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $1,957) | 71,881 | 4,541 |
No. of Warrants | ||||||||
Warrants (0.0%)‡ | ||||||||
Chemicals (0.0%)‡ | ||||||||
Ginkgo Bioworks Holdings, Inc. expires 8/1/26 (a) (Cost $55) | 16,415 | 1 |
Shares | ||||||||
Short-Term Investments (3.1%) | ||||||||
Investment Company (3.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $5,259) | 5,259,171 | 5,259 | ||||||
Securities held as Collateral on Loaned Securities (0.0%)‡ | ||||||||
Investment Company (0.0%)‡ | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) | 48,977 | 49 |
Face Amount (000) | |||||||
Repurchase Agreements (0.0%)‡ | |||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $4; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $4) | $ | 4 | 4 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Discovery Portfolio
Face Amount (000) | Value (000) | |||||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $2; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $2) | $ | 2 | $ | 2 | ||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $6; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $6) | 6 | 6 | ||||||
12 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $61) | 61 | |||||||
Total Short-Term Investments (Cost $5,320) | 5,320 | |||||||
Total Investments Excluding Purchased Options (100.3%) (Cost $160,660) | 173,358 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $615) | 329 | |||||||
Total Investments (100.5%) (Cost $161,275) Including $57 of Securities Loaned (f)(g)(h)(i) | 173,687 | |||||||
Liabilities in Excess of Other Assets (–0.5%) | (809 | ) | ||||||
Net Assets (100.0%) | $ | 172,878 |
‡ | 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 March 31, 2024, were approximately $57,000 and $61,000 respectively. The Fund received cash collateral of approximately $61,000, 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 March 31, 2024 amounts to approximately $3,247,000 and represents 1.9% of net assets. |
(d) | At March 31, 2024, the Fund held fair valued securities valued at approximately $3,247,000, representing 1.9% of net assets. These securities have been fair valued using significant unobservable inputs 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 Fund"), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $8,327,000 and 4.8%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | Securities are available for collateral in connection with purchased options. |
(i) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $51,272,000 and the aggregate gross unrealized depreciation is approximately $38,860,000, resulting in net unrealized appreciation of approximately $12,412,000. |
ADR | American Depositary Receipt. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Discovery Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | ||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 33,393,235 | $ | 33,393 | $ | 8 | $ | 142 | $ | (134 | ) | ||||||||||
Goldman Sachs & Co. LLC | USD/CNH | CNH | 7.68 | Jan–25 | 40,809,074 | 40,809 | 143 | 154 | (11 | ) | ||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 40,113,584 | 40,114 | 157 | 170 | (13 | ) | ||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 36,061,106 | 36,061 | 21 | 149 | (128 | ) | ||||||||||||||
$ | 329 | $ | 615 | $ | (286 | ) |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Other** | 33.8 | % | ||
Software | 20.0 | |||
Information Technology Services | 11.5 | |||
Financial Services | 11.1 | |||
Specialty Retail | 8.7 | |||
Hotels, Restaurants & Leisure | 8.7 | |||
Media | 6.2 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (90.9%) | ||||||||
Albania (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
Albania Government International Bond, | ||||||||
3.50%, 11/23/31 | EUR | 335 | $ | 326 | ||||
5.90%, 6/9/28 | 1,364 | 1,515 | ||||||
1,841 | ||||||||
Angola (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Angolan Government International Bond, | ||||||||
8.75%, 4/14/32 | $ | 692 | 638 | |||||
Argentina (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Argentine Republic Government International Bond, | ||||||||
3.50%, 7/9/41 (a) | 600 | 243 | ||||||
3.63%, 7/9/35 (a) | 600 | 250 | ||||||
4.25%, 1/9/38 (a) | 1,000 | 466 | ||||||
959 | ||||||||
Bahamas (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Bahamas Government International Bond, | ||||||||
8.95%, 10/15/32 | 200 | 194 | ||||||
Bahrain (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Bahrain Government International Bond, | ||||||||
5.45%, 9/16/32 | 800 | 735 | ||||||
5.63%, 5/18/34 | 600 | 542 | ||||||
7.00%, 10/12/28 | 400 | 412 | ||||||
1,689 | ||||||||
Barbados (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Barbados Government International Bond, | ||||||||
6.50%, 10/1/29 | 992 | 944 | ||||||
Benin (2.4%) | ||||||||
Sovereign (2.4%) | ||||||||
Benin Government International Bond, | ||||||||
4.88%, 1/19/32 | EUR | 250 | 228 | |||||
4.95%, 1/22/35 | 390 | 343 | ||||||
6.88%, 1/19/52 | 1,970 | 1,749 | ||||||
7.96%, 2/13/38 | $ | 200 | 195 | |||||
2,515 | ||||||||
Brazil (3.7%) | ||||||||
Corporate Bonds (3.7%) | ||||||||
3R Lux SARL, | ||||||||
9.75%, 2/5/31 (b) | 387 | 405 | ||||||
Braskem Netherlands Finance BV, | ||||||||
8.50%, 1/23/81 | 477 | 479 | ||||||
Coruripe Netherlands BV, | ||||||||
10.00%, 2/10/27 | 630 | 572 | ||||||
FORESEA Holding SA, | ||||||||
7.50%, 6/15/30 | 720 | 677 | ||||||
Gol Finance SA, | ||||||||
1 Month Term SOFR + 10.50%, | ||||||||
15.83%, 1/29/25 (b)(c) | 89 | 86 | ||||||
MC Brazil Downstream Trading SARL, | ||||||||
7.25%, 6/30/31 | 647 | 586 | ||||||
MV24 Capital BV, | ||||||||
6.75%, 6/1/34 | 394 | 371 | ||||||
Samarco Mineracao SA, | ||||||||
9.50%, 6/30/31 | 867 | 783 | ||||||
3,959 | ||||||||
Cameroon (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Republic of Cameroon International Bond, | ||||||||
5.95%, 7/7/32 | EUR | 107 | 90 | |||||
Chile (2.0%) | ||||||||
Corporate Bonds (1.0%) | ||||||||
AES Andes SA, | ||||||||
6.30%, 3/15/29 (b) | $ | 200 | 202 | |||||
7.13%, 3/26/79 | 659 | 653 | ||||||
Liberty Latin America Ltd., | ||||||||
2.00%, 7/15/24 | 257 | 251 | ||||||
1,106 | ||||||||
Sovereign (1.0%) | ||||||||
Chile Government International Bond, | ||||||||
2.55%, 7/27/33 | 830 | 676 | ||||||
3.50%, 1/25/50 | 500 | 366 | ||||||
1,042 | ||||||||
2,148 | ||||||||
China (1.1%) | ||||||||
Corporate Bonds (1.1%) | ||||||||
China Oil & Gas Group Ltd., | ||||||||
4.70%, 6/30/26 | 280 | 239 | ||||||
KWG Group Holdings Ltd., | ||||||||
7.88%, 8/30/24 (d)(e) | 450 | 34 | ||||||
Longfor Group Holdings Ltd., | ||||||||
3.85%, 1/13/32 | 231 | 100 | ||||||
Shimao Group Holdings Ltd., | ||||||||
5.60%, 7/15/26 (d)(e) | 1,218 | 39 | ||||||
Sunac China Holdings Ltd., | ||||||||
PIK | ||||||||
1.00%, 9/30/32 (d)(e)(f) | 85 | 6 | ||||||
6.00%, 9/30/26 (d)(e)(f) | 68 | 8 | ||||||
6.25%, 9/30/27 (d)(e)(f) | 68 | 7 | ||||||
6.50%, 9/30/27 (d)(e)(f) | 136 | 12 | ||||||
6.75%, 9/30/28 (d)(e)(f) | 204 | 15 | ||||||
7.00%, 9/30/29 (d)(e)(f) | 204 | 14 | ||||||
7.25%, 9/30/30 (d)(e)(f) | 96 | 7 | ||||||
Times China Holdings Ltd., | ||||||||
5.55%, 6/4/24 (d)(e) | 1,376 | 37 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Corporate Bonds (cont'd) | ||||||||
6.75%, 7/16/23 (d)(e) | $ | 280 | $ | 9 | ||||
Yuexiu REIT MTN Co. Ltd., | ||||||||
2.65%, 2/2/26 | 700 | 620 | ||||||
1,147 | ||||||||
Colombia (2.3%) | ||||||||
Corporate Bonds (2.3%) | ||||||||
ABRA Global Finance | ||||||||
6.00% Cash, 5.50% PIK, | ||||||||
11.50%, 3/2/28 (b)(f) | 237 | 220 | ||||||
Aris Mining Corp., | ||||||||
6.88%, 8/9/26 | 600 | 542 | ||||||
Avianca Midco 2 PLC, | ||||||||
9.00%, 12/1/28 | 750 | 723 | ||||||
Bancolombia SA, | ||||||||
6.91%, 10/18/27 | 56 | 56 | ||||||
Canacol Energy Ltd., | ||||||||
5.75%, 11/24/28 | 972 | 431 | ||||||
SierraCol Energy Andina LLC, | ||||||||
6.00%, 6/15/28 | 501 | 441 | ||||||
2,413 | ||||||||
Costa Rica (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Costa Rica Government International Bond, | ||||||||
6.55%, 4/3/34 | 700 | 726 | ||||||
Dominican Republic (1.8%) | ||||||||
Sovereign (1.8%) | ||||||||
Dominican Republic International Bond, | ||||||||
4.88%, 9/23/32 | 600 | 539 | ||||||
5.95%, 1/25/27 | 250 | 249 | ||||||
6.00%, 7/19/28 | 200 | 199 | ||||||
6.85%, 1/27/45 (b) | 400 | 397 | ||||||
7.45%, 4/30/44 (b) | 500 | 528 | ||||||
1,912 | ||||||||
Ecuador (2.1%) | ||||||||
Corporate Bond (0.2%) | ||||||||
International Airport Finance SA, | ||||||||
12.00%, 3/15/33 | 190 | 202 | ||||||
Sovereign (1.9%) | ||||||||
Ecuador Government International Bond, | ||||||||
0.00%, 7/31/30 | 1,257 | 622 | ||||||
2.50%, 7/31/40 (a) | 190 | 93 | ||||||
3.50%, 7/31/35 (a) | 2,339 | 1,237 | ||||||
6.00%, 7/31/30 (a) | 59 | 40 | ||||||
1,992 | ||||||||
2,194 | ||||||||
Egypt (6.8%) | ||||||||
Sovereign (6.8%) | ||||||||
Egypt Government International Bond, | ||||||||
5.25%, 10/6/25 (b) | 500 | 482 | ||||||
5.63%, 4/16/30 | EUR | 1,184 | 1,050 | |||||
5.75%, 5/29/24 | $ | 300 | 299 | |||||
6.38%, 4/11/31 (b) | EUR | 729 | 654 | |||||
6.88%, 4/30/40 | $ | 104 | 76 | |||||
7.05%, 1/15/32 | 488 | 405 | ||||||
7.50%, 2/16/61 | 370 | 267 | ||||||
7.63%, 5/29/32 | 200 | 171 | ||||||
7.90%, 2/21/48 | 718 | 547 | ||||||
8.15%, 11/20/59 | 200 | 154 | ||||||
8.50%, 1/31/47 | 1,489 | 1,185 | ||||||
8.70%, 3/1/49 | 617 | 500 | ||||||
8.75%, 9/30/51 | 216 | 175 | ||||||
8.88%, 5/29/50 | 1,544 | 1,272 | ||||||
7,237 | ||||||||
El Salvador (1.8%) | ||||||||
Sovereign (1.8%) | ||||||||
El Salvador Government International Bond, | ||||||||
5.88%, 1/30/25 | 608 | 584 | ||||||
6.38%, 1/18/27 | 640 | 559 | ||||||
7.63%, 2/1/41 | 250 | 183 | ||||||
7.65%, 6/15/35 | 27 | 21 | ||||||
8.25%, 4/10/32 | 620 | 516 | ||||||
1,863 | ||||||||
Ethiopia (1.9%) | ||||||||
Sovereign (1.9%) | ||||||||
Ethiopia International Bond, | ||||||||
6.63%, 12/11/24 (d)(e) | 2,712 | 1,993 | ||||||
Gabon (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Gabon Government International Bond, | ||||||||
6.95%, 6/16/25 (b) | 300 | 295 | ||||||
Georgia (0.3%) | ||||||||
Corporate Bond (0.3%) | ||||||||
TBC Bank JSC, | ||||||||
10.78%, 10/3/24 (g) | 370 | 371 | ||||||
Ghana (2.9%) | ||||||||
Corporate Bonds (0.8%) | ||||||||
Kosmos Energy Ltd., | ||||||||
7.50%, 3/1/28 | 282 | 274 | ||||||
7.75%, 5/1/27 | 215 | 212 | ||||||
Tullow Oil PLC, | ||||||||
10.25%, 5/15/26 | 398 | 379 | ||||||
865 | ||||||||
Sovereign (2.1%) | ||||||||
Ghana Government International Bond, | ||||||||
6.38%, 2/11/27 (d)(e) | 808 | 417 | ||||||
7.75%, 4/7/29 (d)(e) | 716 | 372 | ||||||
7.88%, 3/26/27 - 2/11/35 (d)(e) | 516 | 267 | ||||||
8.13%, 1/18/26 (d)(e) | 214 | 113 | ||||||
8.13%, 3/26/32 (d)(e) | 387 | 200 | ||||||
8.63%, 4/7/34 (d)(e) | 417 | 215 | ||||||
8.63%, 6/16/49 (d)(e) | 500 | 253 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Sovereign (cont'd) | ||||||||
8.75%, 3/11/61 (d)(e) | $ | 200 | $ | 102 | ||||
8.88%, 5/7/42 (d)(e) | 233 | 119 | ||||||
8.95%, 3/26/51 (d)(e) | 245 | 126 | ||||||
2,184 | ||||||||
3,049 | ||||||||
Guatemala (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Guatemala Government Bond, | ||||||||
3.70%, 10/7/33 | 300 | 248 | ||||||
4.65%, 10/7/41 (b) | 310 | 250 | ||||||
6.13%, 6/1/50 (b) | 320 | 299 | ||||||
797 | ||||||||
Honduras (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Honduras Government International Bond, | ||||||||
6.25%, 1/19/27 | 150 | 145 | ||||||
Hungary (1.6%) | ||||||||
Corporate Bonds (0.8%) | ||||||||
MBH Bank Nyrt, | ||||||||
8.63%, 10/19/27 | EUR | 338 | 386 | |||||
OTP Bank Nyrt, | ||||||||
8.75%, 5/15/33 | $ | 494 | 513 | |||||
899 | ||||||||
Sovereign (0.8%) | ||||||||
Hungary Government International Bond, | ||||||||
2.13%, 9/22/31 | 400 | 318 | ||||||
6.25%, 9/22/32 (b) | 500 | 521 | ||||||
839 | ||||||||
1,738 | ||||||||
India (1.6%) | ||||||||
Corporate Bonds (1.6%) | ||||||||
Azure Power Energy Ltd., | ||||||||
3.58%, 8/19/26 | 503 | 455 | ||||||
Indiabulls Housing Finance Ltd., | ||||||||
4.50%, 9/28/26 | 387 | 380 | ||||||
Vedanta Resources Finance II PLC, | ||||||||
13.88%, 1/21/27 - 12/9/28 | 947 | 871 | ||||||
1,706 | ||||||||
Indonesia (2.5%) | ||||||||
Corporate Bond (0.5%) | ||||||||
LLPL Capital Pte. Ltd., | ||||||||
6.88%, 2/4/39 | 503 | 504 | ||||||
Sovereign (2.0%) | ||||||||
Indonesia Government International Bond, | ||||||||
4.70%, 2/10/34 | 1,388 | 1,358 | ||||||
5.10%, 2/10/54 | 810 | 786 | ||||||
2,144 | ||||||||
2,648 | ||||||||
Iraq (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Iraq International Bond, | ||||||||
5.80%, 1/15/28 | 140 | 132 | ||||||
Ivory Coast (3.7%) | ||||||||
Sovereign (3.7%) | ||||||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 | EUR | 300 | 280 | |||||
6.63%, 3/22/48 | 2,031 | 1,791 | ||||||
6.88%, 10/17/40 | 591 | 553 | ||||||
8.25%, 1/30/37 | $ | 1,291 | 1,298 | |||||
3,922 | ||||||||
Jamaica (0.6%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., | ||||||||
PIK, | ||||||||
12.00%, 5/25/27 (f) | 700 | 689 | ||||||
Jordan (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Jordan Government International Bond, | ||||||||
5.85%, 7/7/30 | 227 | 210 | ||||||
7.38%, 10/10/47 | 200 | 177 | ||||||
7.50%, 1/13/29 | 400 | 400 | ||||||
7.75%, 1/15/28 | 200 | 203 | ||||||
990 | ||||||||
Kazakhstan (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Kazakhstan Government International Bond, | ||||||||
6.50%, 7/21/45 | 300 | 337 | ||||||
Kenya (2.6%) | ||||||||
Sovereign (2.6%) | ||||||||
Republic of Kenya Government International Bond, | ||||||||
8.00%, 5/22/32 | 801 | 753 | ||||||
9.75%, 2/16/31 | 1,960 | 2,012 | ||||||
2,765 | ||||||||
Kuwait (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Kuwait International Government Bond, | ||||||||
3.50%, 3/20/27 | 550 | 534 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Lebanon (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Lebanon Government International Bond, | ||||||||
6.85%, 3/23/27 (d)(e) | $ | 1,210 | $ | 82 | ||||
Macedonia (2.3%) | ||||||||
Sovereign (2.3%) | ||||||||
North Macedonia Government International Bond, | ||||||||
1.63%, 3/10/28 | EUR | 1,554 | 1,461 | |||||
6.96%, 3/13/27 | 900 | 1,018 | ||||||
2,479 | ||||||||
Mexico (3.1%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
BBVA Bancomer SA, | ||||||||
5.13%, 1/18/33 | $ | 465 | 432 | |||||
Grupo Aeromexico SAB de CV, | ||||||||
8.50%, 3/17/27 | 280 | 278 | ||||||
Total Play Telecomunicaciones SA de CV, | ||||||||
7.50%, 11/12/25 | 860 | 668 | ||||||
1,378 | ||||||||
Sovereign (1.8%) | ||||||||
Mexico Government International Bond, | ||||||||
4.88%, 5/19/33 | 550 | 522 | ||||||
Petroleos Mexicanos, | ||||||||
6.84%, 1/23/30 | 964 | 851 | ||||||
6.88%, 8/4/26 | 541 | 526 | ||||||
1,899 | ||||||||
3,277 | ||||||||
Moldova (0.3%) | ||||||||
Corporate Bond (0.3%) | ||||||||
Aragvi Finance International DAC, | ||||||||
8.45%, 4/29/26 | 450 | 354 | ||||||
Montenegro (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Montenegro Government International Bond, | ||||||||
2.88%, 12/16/27 | EUR | 112 | 111 | |||||
7.25%, 3/12/31 | $ | 751 | 765 | |||||
876 | ||||||||
Morocco (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Morocco Government International Bond, | ||||||||
3.00%, 12/15/32 | 300 | 242 | ||||||
4.00%, 12/15/50 (b) | 610 | 418 | ||||||
660 | ||||||||
Nigeria (1.1%) | ||||||||
Corporate Bond (0.4%) | ||||||||
Access Bank PLC, | ||||||||
6.13%, 9/21/26 | 483 | 449 | ||||||
Sovereign (0.7%) | ||||||||
Nigeria Government International Bond, | ||||||||
7.38%, 9/28/33 | 454 | 389 | ||||||
8.25%, 9/28/51 | 433 | 356 | ||||||
745 | ||||||||
1,194 | ||||||||
Oman (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Oman Government International Bond, | ||||||||
5.38%, 3/8/27 | 200 | 199 | ||||||
6.25%, 1/25/31 | 800 | 829 | ||||||
6.75%, 1/17/48 | 440 | 452 | ||||||
7.38%, 10/28/32 | 200 | 223 | ||||||
1,703 | ||||||||
Pakistan (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Pakistan Government International Bond, | ||||||||
6.88%, 12/5/27 | 267 | 228 | ||||||
7.38%, 4/8/31 | 281 | 222 | ||||||
450 | ||||||||
Panama (2.9%) | ||||||||
Corporate Bonds (1.0%) | ||||||||
AES Panama Generation Holdings SRL, | ||||||||
4.38%, 5/31/30 | 935 | 812 | ||||||
Multibank, Inc., | ||||||||
7.75%, 2/3/28 (b) | 250 | 252 | ||||||
1,064 | ||||||||
Sovereign (1.9%) | ||||||||
Panama Government International Bond, | ||||||||
2.25%, 9/29/32 | 1,300 | 931 | ||||||
3.16%, 1/23/30 | 622 | 519 | ||||||
3.87%, 7/23/60 | 470 | 274 | ||||||
4.50%, 4/1/56 | 500 | 327 | ||||||
2,051 | ||||||||
3,115 | ||||||||
Papua New Guinea (0.4%) | ||||||||
Corporate Bond (0.4%) | ||||||||
Puma International Financing SA, | ||||||||
5.00%, 1/24/26 | 484 | 470 | ||||||
Paraguay (0.6%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Frigorifico Concepcion SA, | ||||||||
7.70%, 7/21/28 | 786 | 689 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Peru (1.3%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
Auna SAA, | ||||||||
10.00%, 12/15/29 (b) | $ | 957 | $ | 996 | ||||
Peru LNG Srl, | ||||||||
5.38%, 3/22/30 | 416 | 363 | ||||||
1,359 | ||||||||
Philippines (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
Philippine Government International Bond, | ||||||||
5.00%, 7/17/33 | 1,040 | 1,042 | ||||||
5.50%, 1/17/48 | 720 | 733 | ||||||
1,775 | ||||||||
Romania (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Romanian Government International Bond, | ||||||||
1.75%, 7/13/30 | EUR | 500 | 444 | |||||
2.00%, 4/14/33 | 232 | 192 | ||||||
6.38%, 1/30/34 | $ | 670 | 681 | |||||
6.63%, 9/27/29 | EUR | 300 | 351 | |||||
1,668 | ||||||||
Serbia (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Serbia International Bond, | ||||||||
2.05%, 9/23/36 | 270 | 205 | ||||||
2.13%, 12/1/30 | $ | 720 | 572 | |||||
6.50%, 9/26/33 | 200 | 205 | ||||||
982 | ||||||||
Sri Lanka (2.6%) | ||||||||
Sovereign (2.6%) | ||||||||
Sri Lanka Government International Bond, | ||||||||
5.75%, 4/18/49 (d)(e) | 200 | 118 | ||||||
6.20%, 5/11/27 (d)(e) | 2,106 | 1,248 | ||||||
6.35%, 6/28/24 (d)(e) | 200 | 118 | ||||||
6.83%, 7/18/26 (d)(e) | 200 | 120 | ||||||
6.85%, 11/3/25 (d)(e) | 1,928 | 1,157 | ||||||
2,761 | ||||||||
Suriname (3.5%) | ||||||||
Sovereign (3.5%) | ||||||||
Suriname Government International Bond, | ||||||||
7.95%, 7/15/33 (b)(d)(e) | 2,438 | 2,240 | ||||||
9.00%, 12/31/50 (b)(c) | 1,996 | 1,475 | ||||||
3,715 | ||||||||
Tanzania, United Republic of (3.7%) | ||||||||
Corporate Bond (0.2%) | ||||||||
HTA Group Ltd., | ||||||||
2.88%, 3/18/27 | 200 | 178 | ||||||
Sovereign (3.5%) | ||||||||
Tanzania Loan Term, | ||||||||
10.76%, 2/27/31 (c) | 3,700 | 3,700 | ||||||
3,878 | ||||||||
Trinidad And Tobago (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Trinidad & Tobago Government International Bond, | ||||||||
4.50%, 6/26/30 | 350 | 328 | ||||||
Tunisia (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Tunisian Republic, | ||||||||
5.75%, 1/30/25 | 220 | 208 | ||||||
6.38%, 7/15/26 | EUR | 545 | 497 | |||||
705 | ||||||||
Turkey (2.2%) | ||||||||
Corporate Bonds (1.0%) | ||||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, | ||||||||
9.50%, 7/10/36 | $ | 463 | 430 | |||||
WE Soda Investments Holding PLC, | ||||||||
9.50%, 10/6/28 | 582 | 606 | ||||||
1,036 | ||||||||
Sovereign (1.2%) | ||||||||
Turkiye Government International Bond, | ||||||||
4.88%, 4/16/43 | 370 | 260 | ||||||
6.13%, 10/24/28 | 530 | 519 | ||||||
7.63%, 5/15/34 | 530 | 533 | ||||||
1,312 | ||||||||
2,348 | ||||||||
Ukraine (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Ukraine Government International Bond, | ||||||||
6.88%, 5/21/31 (d)(e) | 600 | 177 | ||||||
7.25%, 3/15/35 (d)(e) | 400 | 116 | ||||||
7.38%, 9/25/34 (d)(e) | 400 | 117 | ||||||
7.75%, 9/1/24 - 9/1/29 (d)(e) | 1,971 | 724 | ||||||
7.75%, 8/1/41 (c)(d)(e) | 300 | 167 | ||||||
9.75%, 11/1/30 (d)(e) | 200 | 71 | ||||||
1,372 | ||||||||
United Arab Emirates (2.1%) | ||||||||
Sovereign (2.1%) | ||||||||
Finance Department Government of Sharjah, | ||||||||
4.00%, 7/28/50 | 1,000 | 661 | ||||||
4.38%, 3/10/51 | 200 | 141 | ||||||
6.50%, 11/23/32 (b) | 1,350 | 1,406 | ||||||
2,208 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Face Amount (000) | Value (000) | |||||||
Uruguay (1.2%) | ||||||||
Sovereign (1.2%) | ||||||||
Uruguay Government International Bond, | ||||||||
4.38%, 1/23/31 | $ | 550 | $ | 539 | ||||
5.10%, 6/18/50 | 550 | 534 | ||||||
5.75%, 10/28/34 | 200 | 212 | ||||||
1,285 | ||||||||
Uzbekistan (0.2%) | ||||||||
Corporate Bond (0.2%) | ||||||||
Uzbek Industrial and Construction Bank ATB, | ||||||||
5.75%, 12/2/24 | 200 | 197 | ||||||
Venezuela (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Petroleos de Venezuela SA, | ||||||||
6.00%, 11/15/26 (d)(e) | 3,100 | 297 | ||||||
8.50%, 10/27/20 (d)(e) | 133 | 107 | ||||||
Venezuela Government International Bond, | ||||||||
7.00%, 3/31/38 (d)(e) | 84 | 13 | ||||||
8.25%, 10/13/24 (d)(e) | 25 | 4 | ||||||
9.00%, 5/7/23 (d)(e) | 76 | 11 | ||||||
9.25%, 9/15/27 - 5/7/28 (d)(e) | 339 | 59 | ||||||
9.38%, 1/13/34 (d)(e) | 25 | 4 | ||||||
11.95%, 8/5/31 (d)(e) | 39 | 7 | ||||||
12.75%, 8/23/22 (d)(e) | 60 | 11 | ||||||
513 | ||||||||
Vietnam (0.5%) | ||||||||
Corporate Bond (0.5%) | ||||||||
Mong Duong Finance Holdings BV, | ||||||||
5.13%, 5/7/29 | 559 | 535 | ||||||
Zambia (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Zambia Government International Bond, | ||||||||
5.38%, 9/20/22 (d)(e) | 375 | 249 | ||||||
8.50%, 4/14/24 (d)(e) | 401 | 298 | ||||||
8.97%, 7/30/27 (d)(e) | 633 | 467 | ||||||
1,014 | ||||||||
Total Fixed Income Securities (Cost $98,925) | 96,572 |
No. of Warrants | ||||||||
Warrants (0.0%)‡ | ||||||||
Venezuela (0.0%)‡ | ||||||||
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (h)(i) (Cost $—) | 3,750 | 26 |
Shares | ||||||||
Short-Term Investments (7.1%) | ||||||||
Investment Company (6.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (j) (Cost $7,306) | 7,305,938 | 7,306 |
Face Amount (000) | ||||||||
United States (0.2%) | ||||||||
U.S. Treasury Security (0.2%) | ||||||||
U.S. Treasury Bill, | ||||||||
5.31%, 8/1/24 (k) (Cost $236) | $ | 240 | 236 | |||||
Total Short-Term Investments (Cost $7,542) | 7,542 | |||||||
Total Investments (98.0%) (Cost $106,467) (l)(m)(n) | 104,140 | |||||||
Other Assets in Excess of Liabilities (2.0%) | 2,100 | |||||||
Net Assets (100.0%) | $ | 106,240 |
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 March 31, 2024. 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) | Floating or variable rate securities: The rates disclosed are as of March 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
(d) | Issuer in bankruptcy. |
(e) | Non-income producing security; bond in default. |
(f) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
(g) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of March 31, 2024. |
(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 Fund"), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund. |
(k) | Rate shown is the yield to maturity at March 31, 2024. |
(l) | 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. |
(m) | All or a portion of the security was pledged to cover margin requirements for swap agreements. |
(n) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,455,000 and the aggregate gross unrealized depreciation is approximately $8,605,000, resulting in net unrealized depreciation of approximately $2,150,000. |
DAC | Designated Activity Company. |
MTN | Medium Term Note. |
PIK | Payment-in-Kind. |
REIT | Real Estate Investment Trust. |
SOFR | Secured Overnight Financing Rate. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (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 March 31, 2024:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
Citibank NA | EUR | 87 | $ | 94 | 4/5/24 | $ | — | @ | ||||||
Citibank NA | $ | 543 | EUR | 500 | 4/5/24 | (3 | ) | |||||||
Citibank NA | $ | 120 | EUR | 109 | 4/5/24 | (2 | ) | |||||||
Citibank NA | $ | 335 | EUR | 307 | 4/5/24 | (4 | ) | |||||||
Citibank NA | $ | 127 | EUR | 117 | 4/5/24 | (1 | ) | |||||||
Citibank NA | $ | 393 | EUR | 361 | 4/5/24 | (3 | ) | |||||||
Citibank NA | $ | 127 | EUR | 116 | 4/5/24 | (1 | ) | |||||||
Citibank NA | $ | 193 | EUR | 177 | 4/5/24 | (2 | ) | |||||||
Citibank NA | $ | 116 | EUR | 107 | 4/5/24 | (1 | ) | |||||||
Citibank NA | $ | 182 | EUR | 168 | 4/5/24 | (1 | ) | |||||||
Goldman Sachs International | EUR | 1,540 | $ | 1,674 | 4/5/24 | 13 | ||||||||
HSBC Bank PLC | EUR | 417 | $ | 452 | 4/5/24 | 2 | ||||||||
HSBC Bank PLC | EUR | 268 | $ | 291 | 4/5/24 | 1 | ||||||||
HSBC Bank PLC | EUR | 669 | $ | 727 | 4/5/24 | 6 | ||||||||
HSBC Bank PLC | EUR | 230 | $ | 251 | 4/5/24 | 2 | ||||||||
HSBC Bank PLC | EUR | 51 | $ | 55 | 4/5/24 | — | @ | |||||||
HSBC Bank PLC | EUR | 1,260 | $ | 1,370 | 4/5/24 | 11 | ||||||||
HSBC Bank PLC | EUR | 714 | $ | 777 | 4/5/24 | 6 | ||||||||
HSBC Bank PLC | EUR | 50 | $ | 54 | 4/5/24 | — | @ | |||||||
HSBC Bank PLC | EUR | 182 | $ | 198 | 4/5/24 | 2 | ||||||||
HSBC Bank PLC | EUR | 570 | $ | 620 | 4/5/24 | 5 | ||||||||
HSBC Bank PLC | EUR | 168 | $ | 183 | 4/5/24 | 1 | ||||||||
HSBC Bank PLC | EUR | 1,581 | $ | 1,719 | 4/5/24 | 13 | ||||||||
HSBC Bank PLC | EUR | 148 | $ | 161 | 4/5/24 | 1 | ||||||||
HSBC Bank PLC | EUR | 184 | $ | 201 | 4/5/24 | 2 | ||||||||
HSBC Bank PLC | EUR | 146 | $ | 159 | 4/5/24 | 1 | ||||||||
HSBC Bank PLC | EUR | 843 | $ | 918 | 4/5/24 | 8 | ||||||||
HSBC Bank PLC | EUR | 706 | $ | 768 | 4/5/24 | 6 | ||||||||
HSBC Bank PLC | EUR | 661 | $ | 718 | 4/5/24 | 6 | ||||||||
HSBC Bank PLC | EUR | 577 | $ | 627 | 4/5/24 | 5 | ||||||||
HSBC Bank PLC | EUR | 228 | $ | 248 | 4/5/24 | 2 | ||||||||
HSBC Bank PLC | EUR | 834 | $ | 906 | 4/5/24 | 7 | ||||||||
HSBC Bank PLC | EUR | 170 | $ | 185 | 4/5/24 | 2 | ||||||||
HSBC Bank PLC | EUR | 1,600 | $ | 1,740 | 4/5/24 | 15 | ||||||||
HSBC Bank PLC | EUR | 1,274 | $ | 1,387 | 4/5/24 | 12 | ||||||||
HSBC Bank PLC | $ | 114 | EUR | 105 | 4/5/24 | (1 | ) | |||||||
HSBC Bank PLC | $ | 113 | EUR | 104 | 4/5/24 | (1 | ) | |||||||
State Street Bank & Trust Co. | EUR | 89 | $ | 96 | 4/5/24 | 1 | ||||||||
UBS AG | EUR | 300 | $ | 327 | 4/5/24 | 4 | ||||||||
UBS AG | EUR | 89 | $ | 97 | 4/5/24 | 1 | ||||||||
UBS AG | EUR | 87 | $ | 94 | 4/5/24 | — | @ | |||||||
UBS AG | $ | 119 | EUR | 109 | 4/5/24 | (2 | ) | |||||||
UBS AG | $ | 146 | EUR | 134 | 4/5/24 | (2 | ) | |||||||
UBS AG | $ | 128 | EUR | 118 | 4/5/24 | (1 | ) | |||||||
UBS AG | $ | 116 | EUR | 107 | 4/5/24 | (1 | ) | |||||||
$ | 109 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Debt Portfolio
Futures Contracts:
The Fund had the following futures contracts open at March 31, 2024:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||
Long: | |||||||||||||||||
U.S. Treasury Long Bond (United States) | 44 | Jun-24 | $ | 4,400 | $ | 5,299 | $ | 19 | |||||||||
U.S. Treasury Ultra Long Bond (United States) | 82 | Jun-24 | 8,200 | 10,578 | 95 | ||||||||||||
U.S. Treasury 2 yr. Note (United States) | 5 | Jun-24 | 1,000 | 1,022 | (— | @) | |||||||||||
U.S. Treasury 5 yr. Note (United States) | 84 | Jun-24 | 8,400 | 8,989 | 8 | ||||||||||||
U.S. Treasury 10 yr. Note (United States) | 27 | Jun-24 | 2,700 | 2,992 | (17 | ) | |||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 16 | Jun-24 | 1,600 | 1,834 | (1 | ) | |||||||||||
Short: | |||||||||||||||||
Euro-Buxl 30 yr. Bond Index (Germany) | 9 | Jun-24 | EUR | (900 | ) | (1,319 | ) | (24 | ) | ||||||||
German Euro-Bobl Index (Germany) | 45 | Jun-24 | (4,500 | ) | (5,741 | ) | (17 | ) | |||||||||
German Euro-Bund Index (Germany) | 25 | Jun-24 | (2,500 | ) | (3,597 | ) | (20 | ) | |||||||||
German Euro-Schatz Index (Germany) | 7 | Jun-24 | (700 | ) | (798 | ) | (— | @) | |||||||||
$ | 43 |
Credit Default Swap Agreements:
The Fund had the following credit default swap agreements open at March 31, 2024:
Swap Counterparty and Reference Obligation | Credit Rating of Reference Obligation† | Buy/Sell Protection | Pay/ Received Fixed Rate | Payment Frequency | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Received (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||||
Goldman Sachs International Panama Government International Bonds | NR | Sell | 1.00 | % | Quarterly | 6/20/29 | $ | 156 | $ | (6 | ) | $ | (6 | ) | $ | — | @ | ||||||||
JPMorgan Chase Bank NA Panama Government International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/29 | 175 | (7 | ) | (7 | ) | — | @ | |||||||||||||
Goldman Sachs International Panama Government International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/29 | 437 | (17 | ) | (17 | ) | — | @ | |||||||||||||
Goldman Sachs International Vietnam Government International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/29 | 400 | (4 | ) | (5 | ) | 1 | ||||||||||||||
Goldman Sachs International Panama Government International Bonds | NR | Sell | 1.00 | % | Quarterly | 6/20/29 | 141 | (5 | ) | (4 | ) | (1 | ) | ||||||||||||
Morgan Stanley & Co. LLC* Egypt Government International Bonds | NR | Sell | 1.00 | Quarterly | 12/20/28 | 188 | (30 | ) | (55 | ) | 25 | ||||||||||||||
$ | (69 | ) | $ | (94 | ) | $ | 25 |
@ | Value is less than $500. | |
† | Credit rating as issued by Standard & Poor’s. | |
* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
EUR | — | Euro |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Sovereign | 72.0 | % | ||
Corporate Bonds | 20.7 | |||
Investment Company | 7.0 | |||
Other* | 0.3 | |||
Total Investments | 100.0 | %** |
* | Industries and/or investment types representing less than 5% of total investments. |
** | Does not include open futures contracts with a value of approximately $42,169,000 and net unrealized appreciation of approximately $43,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $109,000. Also does not include open swap agreements with net unrealized appreciation of approximately $25,000. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
Emerging Markets Equity Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.9%) | ||||||||
Brazil (6.9%) | ||||||||
Banco BTG Pactual SA (Units) (a) | 212,906 | $ | 1,547 | |||||
Itau Unibanco Holding SA (Preference) | 242,570 | 1,675 | ||||||
Localiza Rent a Car SA | 197,912 | 2,158 | ||||||
NU Holdings Ltd., Class A (b) | 86,393 | 1,031 | ||||||
Petroleo Brasileiro SA (Preference) | 170,015 | 1,266 | ||||||
Raia Drogasil SA | 317,828 | 1,734 | ||||||
WEG SA | 236,421 | 1,801 | ||||||
11,212 | ||||||||
China (21.0%) | ||||||||
Alibaba Group Holding Ltd. (c) | 352,100 | 3,184 | ||||||
Baidu, Inc. ADR (b) | 4,834 | 509 | ||||||
BYD Co. Ltd., H Shares (c) | 77,500 | 1,984 | ||||||
China Construction Bank Corp., H Shares (c) | 4,722,230 | 2,850 | ||||||
China Mengniu Dairy Co. Ltd. (c) | 432,000 | 930 | ||||||
China Merchants Bank Co. Ltd., H Shares (c) | 434,000 | 1,720 | ||||||
China Resources Beer Holdings Co. Ltd. (c) | 186,000 | 859 | ||||||
China Tourism Group Duty Free Corp. Ltd. (c)(d) | 38,000 | 379 | ||||||
JD.com, Inc., Class A (c) | 32,080 | 440 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 151,209 | 968 | ||||||
KE Holdings, Inc. ADR | 24,690 | 339 | ||||||
Kweichow Moutai Co. Ltd., Class A | 6,191 | 1,459 | ||||||
Li Auto, Inc., Class A (b)(c) | 22,400 | 340 | ||||||
Li Ning Co. Ltd. (c) | 170,500 | 455 | ||||||
Meituan, Class B (b)(c) | 57,180 | 706 | ||||||
NARI Technology Co. Ltd., Class A | 290,700 | 970 | ||||||
NetEase, Inc. (c) | 56,400 | 1,169 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H (c) | 142,000 | 603 | ||||||
Postal Savings Bank of China Co. Ltd. (c) | 2,565,000 | 1,343 | ||||||
Proya Cosmetics Co. Ltd., Class A | 60,248 | 778 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 128,400 | 1,070 | ||||||
Shenzhou International Group Holdings Ltd. (c) | 198,400 | 1,884 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 75,098 | 1,073 | ||||||
Tencent Holdings Ltd. (c) | 155,100 | 6,041 | ||||||
Trip.com Group Ltd. ADR (b) | 32,114 | 1,410 | ||||||
Yum China Holdings, Inc. | 17,139 | 682 | ||||||
34,145 | ||||||||
Hong Kong (0.6%) | ||||||||
AIA Group Ltd. | 150,600 | 1,013 | ||||||
India (23.8%) | ||||||||
Axis Bank Ltd. | 90,677 | 1,143 | ||||||
Bajaj Auto Ltd. | 21,788 | 2,397 | ||||||
Bajaj Finance Ltd. | 18,063 | 1,577 | ||||||
Delhivery Ltd. (b) | 181,978 | 977 | ||||||
HDFC Asset Management Co. Ltd. | 31,408 | 1,416 | ||||||
HDFC Bank Ltd. | 141,213 | 2,462 | ||||||
Hindalco Industries Ltd. | 268,750 | 1,815 | ||||||
Hitachi Energy India Ltd. | 11,169 | 935 | ||||||
ICICI Bank Ltd. | 310,438 | 4,093 | ||||||
Infosys Ltd. | 113,031 | 2,035 | ||||||
Infosys Ltd. ADR | 41,211 | 739 | ||||||
Larsen & Toubro Ltd. | 41,984 | 1,899 | ||||||
Macrotech Developers Ltd. | 97,835 | 1,337 | ||||||
Mahindra & Mahindra Ltd. | 145,945 | 3,372 | ||||||
MakeMyTrip Ltd. (b) | 12,912 | 917 | ||||||
Max Healthcare Institute Ltd. | 135,531 | 1,337 | ||||||
Pidilite Industries Ltd. | 38,955 | 1,409 | ||||||
Reliance Industries Ltd. | 118,680 | 4,244 | ||||||
Star Health & Allied Insurance Co. Ltd. (b) | 136,722 | 894 | ||||||
State Bank of India | 317,594 | 2,876 | ||||||
United Breweries Ltd. | 45,080 | 940 | ||||||
38,814 | ||||||||
Indonesia (3.9%) | ||||||||
Bank Central Asia Tbk. PT | 2,707,400 | 1,722 | ||||||
Bank Mandiri Persero Tbk. PT | 4,293,900 | 1,953 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 4,748,700 | 1,816 | ||||||
Cisarua Mountain Dairy Tbk. PT | 2,918,700 | 902 | ||||||
6,393 | ||||||||
Korea, Republic of (10.8%) | ||||||||
DB Insurance Co. Ltd. | 8,884 | 635 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 24,640 | 564 | ||||||
Hyundai Motor Co. | 4,306 | 758 | ||||||
KB Financial Group, Inc. | 24,612 | 1,286 | ||||||
Kia Corp. | 14,723 | 1,224 | ||||||
Korea Zinc Co. Ltd. | 2,705 | 913 | ||||||
Samsung Electronics Co. Ltd. | 139,120 | 8,361 | ||||||
SK Hynix, Inc. | 29,385 | 3,893 | ||||||
17,634 | ||||||||
Mexico (5.6%) | ||||||||
Gruma SAB de CV, Class B | 140,223 | 2,633 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 196,779 | 2,090 | ||||||
Qualitas Controladora SAB de CV | 189,226 | 2,199 | ||||||
Wal-Mart de Mexico SAB de CV | 556,810 | 2,248 | ||||||
9,170 | ||||||||
Poland (2.0%) | ||||||||
Allegro.eu SA (b) | 196,698 | 1,629 | ||||||
Powszechny Zaklad Ubezpieczen SA | 130,949 | 1,599 | ||||||
3,228 | ||||||||
Saudi Arabia (1.9%) | ||||||||
Alinma Bank | 138,698 | 1,621 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 20,138 | 1,417 | ||||||
3,038 | ||||||||
South Africa (4.2%) | ||||||||
Anglo American PLC | 104,416 | 2,571 | ||||||
AVI Ltd. | 230,996 | 1,114 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Equity Portfolio
Shares | Value (000) | |||||||
South Africa (cont'd) | ||||||||
Bidvest Group Ltd. (d) | 111,465 | $ | 1,429 | |||||
Capitec Bank Holdings Ltd. | 15,551 | 1,720 | ||||||
6,834 | ||||||||
Taiwan (15.8%) | ||||||||
Advantech Co. Ltd. | 67,000 | 853 | ||||||
Airtac International Group | 30,901 | 1,071 | ||||||
Chailease Holding Co. Ltd. | 302,940 | 1,623 | ||||||
CTBC Financial Holding Co. Ltd. | 396,000 | 401 | ||||||
Delta Electronics, Inc. | 46,000 | 492 | ||||||
E Ink Holdings, Inc. | 116,000 | 823 | ||||||
Hon Hai Precision Industry Co. Ltd. | 86,000 | 413 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 621,000 | 14,877 | ||||||
Unimicron Technology Corp. | 289,000 | 1,718 | ||||||
United Microelectronics Corp. | 1,288,000 | 2,092 | ||||||
Voltronic Power Technology Corp. | 12,000 | 619 | ||||||
Wiwynn Corp. | 11,000 | 753 | ||||||
25,735 | ||||||||
Thailand (1.7%) | ||||||||
Central Retail Corp. PCL | 351,200 | 347 | ||||||
CP ALL PCL | 219,200 | 328 | ||||||
Kasikornbank PCL | 285,800 | 972 | ||||||
Tisco Financial Group PCL | 395,900 | 1,077 | ||||||
2,724 | ||||||||
United Arab Emirates (0.5%) | ||||||||
Americana Restaurants International PLC | 876,350 | 792 | ||||||
United Kingdom (1.2%) | ||||||||
Antofagasta PLC | 79,050 | 2,031 | ||||||
Total Common Stocks (Cost $126,668) | 162,763 | |||||||
Short-Term Investment (1.4%) | ||||||||
Investment Company (1.4%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (e) (Cost $2,261) | 2,260,679 | 2,261 | ||||||
Total Investments (101.3%) (Cost $128,929) Including $1,520 of Securities Loaned (f)(g)(h) | 165,024 | |||||||
Liabilities in Excess of Other Assets (–1.3%) | (2,171 | ) | ||||||
Net Assets (100.0%) | $ | 162,853 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Non-income producing security. |
(c) | Security trades on the Hong Kong exchange. |
(d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $1,520,000 and $1,576,000, respectively. The Fund received non-cash collateral of approximately $1,576,000 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 Fund"), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $146,541,000 and 89.9%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $45,321,000 and the aggregate gross unrealized depreciation is approximately $9,226,000, resulting in net unrealized appreciation of approximately $36,095,000. |
ADR | American Depositary Receipt. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Other* | 49.4 | % | ||
Banks | 20.5 | |||
Semiconductors & Semiconductor Equipment | 12.6 | |||
Automobiles | 6.1 | |||
Tech Hardware, Storage & Peripherals | 6.0 | |||
Insurance | 5.4 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
Global Infrastructure Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.9%) | ||||||||
Australia (2.1%) | ||||||||
Transurban Group (Units) (a) | 165,247 | $ | 1,433 | |||||
Brazil (0.1%) | ||||||||
Rumo SA | 7,404 | 33 | ||||||
Canada (20.4%) | ||||||||
Canadian National Railway Co. (b) | 800 | 105 | ||||||
Enbridge, Inc. (b) | 97,269 | 3,515 | ||||||
Fortis, Inc. | 17,118 | 676 | ||||||
GFL Environmental, Inc. | 123,077 | 4,246 | ||||||
Keyera Corp. | 35,903 | 925 | ||||||
Pembina Pipeline Corp. (b) | 72,453 | 2,557 | ||||||
TC Energy Corp. (b) | 50,046 | 2,012 | ||||||
14,036 | ||||||||
China (0.4%) | ||||||||
China Resources Gas Group Ltd. (c) | 77,800 | 248 | ||||||
France (4.2%) | ||||||||
Aeroports de Paris | 2,026 | 278 | ||||||
Getlink SE | 14,487 | 247 | ||||||
Vinci SA | 18,361 | 2,356 | ||||||
2,881 | ||||||||
Hong Kong (0.7%) | ||||||||
Power Assets Holdings Ltd. | 81,000 | 475 | ||||||
Italy (3.5%) | ||||||||
Infrastrutture Wireless Italiane SpA | 78,992 | 896 | ||||||
Snam SpA | 111,523 | 527 | ||||||
Terna — Rete Elettrica Nazionale | 119,048 | 984 | ||||||
2,407 | ||||||||
Japan (0.8%) | ||||||||
Central Japan Railway Co. | 23,400 | 581 | ||||||
Mexico (2.7%) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 102,496 | 1,670 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 5,641 | 179 | ||||||
1,849 | ||||||||
New Zealand (0.4%) | ||||||||
Auckland International Airport Ltd. | 59,025 | 295 | ||||||
Spain (7.7%) | ||||||||
Aena SME SA | 7,359 | 1,449 | ||||||
Cellnex Telecom SA (d) | 54,096 | 1,914 | ||||||
Ferrovial SE | 31,251 | 1,237 | ||||||
Iberdrola SA | 55,166 | 685 | ||||||
5,285 | ||||||||
Switzerland (0.9%) | ||||||||
Flughafen Zurich AG (Registered) | 2,861 | 650 | ||||||
United Kingdom (7.5%) | ||||||||
National Grid PLC | 254,917 | 3,435 | ||||||
Pennon Group PLC | 34,144 | 279 | ||||||
Severn Trent PLC | 33,259 | 1,038 | ||||||
United Utilities Group PLC | 29,981 | 389 | ||||||
5,141 | ||||||||
United States (48.5%) | ||||||||
American Electric Power Co., Inc. | 8,098 | 697 | ||||||
American Tower Corp. REIT | 23,060 | 4,556 | ||||||
American Water Works Co., Inc. | 8,934 | 1,092 | ||||||
Atmos Energy Corp. | 10,246 | 1,218 | ||||||
CenterPoint Energy, Inc. | 51,422 | 1,465 | ||||||
Cheniere Energy, Inc. | 11,221 | 1,810 | ||||||
CMS Energy Corp. | 26,668 | 1,609 | ||||||
Crown Castle, Inc. REIT | 15,384 | 1,628 | ||||||
CSX Corp. | 4,604 | 171 | ||||||
Edison International | 18,927 | 1,339 | ||||||
Essential Utilities, Inc. | 8,713 | 323 | ||||||
Eversource Energy | 13,511 | 807 | ||||||
Exelon Corp. | 40,114 | 1,507 | ||||||
Kinder Morgan, Inc. | 36,939 | 677 | ||||||
NiSource, Inc. | 47,669 | 1,318 | ||||||
ONEOK, Inc. | 38,315 | 3,072 | ||||||
PG&E Corp. | 95,141 | 1,595 | ||||||
PPL Corp. | 15,641 | 431 | ||||||
SBA Communications Corp. REIT | 5,408 | 1,172 | ||||||
Sempra | 32,631 | 2,344 | ||||||
Southern Co. | 7,182 | 515 | ||||||
Targa Resources Corp. | 23,354 | 2,615 | ||||||
Waste Connections, Inc. | 439 | 75 | ||||||
Williams Cos., Inc. | 17,249 | 672 | ||||||
Xcel Energy, Inc. | 10,655 | 573 | ||||||
33,281 | ||||||||
Total Common Stocks (Cost $62,625) | 68,595 | |||||||
Short-Term Investment (0.1%) | ||||||||
Investment Company (0.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (e) (Cost $79) | 78,714 | 79 | ||||||
Total Investments (100.0%) (Cost $62,704) Including $3,368 of Securities Loaned (f)(g)(h) | 68,674 | |||||||
Other Assets in Excess of Liabilities (0.0%)‡ | 6 | |||||||
Net Assets (100.0%) | $ | 68,680 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Global Infrastructure 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) | Consists of one or more classes of securities traded together as a unit. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $3,368,000 and $3,507,000, respectively. The Fund received non-cash collateral of approximately $3,507,000 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. |
(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 - Treasury Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $21,245,000 and 30.9%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,669,000 and the aggregate gross unrealized depreciation is approximately $1,699,000, resulting in net unrealized appreciation of approximately $5,970,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Oil & Gas Storage & Transportation | 34.2 | % | ||
Electricity Transmission & Distribution | 15.1 | |||
Communications | 14.8 | |||
Others | 11.5 | |||
Diversified | 9.4 | |||
Other* | 8.4 | |||
Airports | 6.6 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
Global Real Estate Portfolio
Shares | Value (000) | |||||||
Common Stocks (99.3%) | ||||||||
Australia (6.6%) | ||||||||
Goodman Group REIT | 62,007 | $ | 1,366 | |||||
National Storage REIT | 127,230 | 199 | ||||||
Region Group REIT | 186,652 | 290 | ||||||
Stockland REIT | 129,359 | 409 | ||||||
2,264 | ||||||||
Belgium (1.7%) | ||||||||
Aedifica SA REIT | 2,219 | 136 | ||||||
Montea NV REIT | 2,795 | 252 | ||||||
Shurgard Self Storage Ltd. REIT | 4,148 | 185 | ||||||
573 | ||||||||
Canada (2.9%) | ||||||||
Boardwalk REIT | 5,936 | 342 | ||||||
Chartwell Retirement Residences (Units) (a) | 37,477 | 342 | ||||||
InterRent REIT | 31,196 | 312 | ||||||
996 | ||||||||
France (2.0%) | ||||||||
Carmila SA REIT (b) | 11,056 | 193 | ||||||
Gecina SA REIT | 1,147 | 117 | ||||||
Unibail-Rodamco-Westfield REIT (b) | 4,800 | 386 | ||||||
696 | ||||||||
Germany (2.5%) | ||||||||
LEG Immobilien SE (b) | 3,970 | 341 | ||||||
Vonovia SE | 17,479 | 516 | ||||||
857 | ||||||||
Hong Kong (2.1%) | ||||||||
Link REIT | 60,127 | 259 | ||||||
Sun Hung Kai Properties Ltd. | 31,893 | 308 | ||||||
Wharf Real Estate Investment Co. Ltd. | 45,420 | 148 | ||||||
715 | ||||||||
Japan (10.5%) | ||||||||
Comforia Residential, Inc. REIT | 59 | 128 | ||||||
Heiwa Real Estate, Inc. REIT | 150 | 141 | ||||||
Hulic Co. Ltd. | 15,800 | 162 | ||||||
Invincible Investment Corp. REIT | 977 | 439 | ||||||
Japan Hotel REIT Investment Corp. | 444 | 233 | ||||||
Japan Metropolitan Fund Invest REIT | 184 | 115 | ||||||
Japan Real Estate Investment Corp. REIT | 26 | 93 | ||||||
Mitsubishi Estate Co. Ltd. | 9,400 | 171 | ||||||
Mitsui Fudosan Co. Ltd. | 83,200 | 897 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 46 | 138 | ||||||
Nippon Building Fund, Inc. REIT | 71 | 284 | ||||||
Nippon Prologis, Inc. REIT | 97 | 173 | ||||||
Sumitomo Realty & Development Co. Ltd. | 16,700 | 622 | ||||||
3,596 | ||||||||
Netherlands (0.7%) | ||||||||
CTP NV | 12,478 | 223 | ||||||
Singapore (1.7%) | ||||||||
CapitaLand Integrated Commercial Trust REIT | 148,700 | 218 | ||||||
Frasers Centrepoint Trust REIT | 146,700 | 238 | ||||||
Mapletree Industrial Trust REIT | 71,300 | 124 | ||||||
580 | ||||||||
Spain (0.7%) | ||||||||
Merlin Properties Socimi SA REIT | 20,893 | 225 | ||||||
Sweden (1.4%) | ||||||||
Castellum AB (b) | 22,718 | 299 | ||||||
Pandox AB | 9,655 | 162 | ||||||
461 | ||||||||
Switzerland (0.4%) | ||||||||
PSP Swiss Property AG (Registered) | 988 | 129 | ||||||
United Kingdom (4.4%) | ||||||||
Hammerson PLC REIT | 302,522 | 114 | ||||||
Impact Healthcare PLC REIT | 108,545 | 116 | ||||||
LondonMetric Property PLC REIT | 69,565 | 179 | ||||||
Segro PLC REIT | 51,149 | 583 | ||||||
Sirius Real Estate Ltd. REIT | 121,739 | 150 | ||||||
UNITE Group PLC REIT | 18,453 | 228 | ||||||
Workspace Group PLC REIT | 19,828 | 128 | ||||||
1,498 | ||||||||
United States (61.7%) | ||||||||
Agree Realty Corp. REIT | 7,239 | 413 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 4,292 | 553 | ||||||
American Homes 4 Rent, Class A REIT | 25,026 | 920 | ||||||
American Tower Corp. REIT | 825 | 163 | ||||||
Americold Realty Trust, Inc. REIT | 11,787 | 294 | ||||||
AvalonBay Communities, Inc. REIT | 5,883 | 1,092 | ||||||
CareTrust REIT, Inc. | 18,325 | 446 | ||||||
Digital Realty Trust, Inc. REIT | 8,761 | 1,262 | ||||||
EastGroup Properties, Inc. REIT | 2,151 | 387 | ||||||
Equinix, Inc. REIT | 2,563 | 2,116 | ||||||
Essential Properties Realty Trust, Inc. REIT | 8,988 | 239 | ||||||
Essex Property Trust, Inc. REIT | 2,380 | 583 | ||||||
Extra Space Storage, Inc. REIT | 2,045 | 300 | ||||||
Federal Realty Investment Trust REIT | 4,124 | 421 | ||||||
Hilton Worldwide Holdings, Inc. | 1,625 | 347 | ||||||
Iron Mountain, Inc. REIT | 6,254 | 502 | ||||||
Kilroy Realty Corp. REIT | 4,547 | 166 | ||||||
Kimco Realty Corp. REIT | 19,166 | 376 | ||||||
Kite Realty Group Trust REIT | 11,257 | 244 | ||||||
Lamar Advertising Co., Class A REIT | 1,472 | 176 | ||||||
Mid-America Apartment Communities, Inc. REIT | 4,859 | 639 | ||||||
Prologis, Inc. REIT | 14,923 | 1,943 | ||||||
Public Storage REIT | 3,936 | 1,142 | ||||||
Realty Income Corp. REIT | 10,992 | 595 | ||||||
Rexford Industrial Realty, Inc. REIT | 11,343 | 570 | ||||||
Ryman Hospitality Properties, Inc. REIT | 3,571 | 413 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
Global Real Estate Portfolio
Shares | Value (000) | |||||||
United States (cont’d) | ||||||||
Simon Property Group, Inc. REIT | 7,207 | $ | 1,128 | |||||
Sun Communities, Inc. REIT | 4,135 | 532 | ||||||
Urban Edge Properties REIT | 12,433 | 215 | ||||||
VICI Properties, Inc. REIT | 26,494 | 789 | ||||||
Welltower, Inc. REIT | 22,419 | 2,095 | ||||||
21,061 | ||||||||
Total Common Stocks (Cost $30,087) | 33,874 | |||||||
Short-Term Investment (0.8%) | ||||||||
Investment Company (0.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (c) (Cost $281) | 281,414 | 281 | ||||||
Total Investments (100.1%) (Cost $30,368) (d)(e)(f) | 34,155 | |||||||
Liabilities in Excess of Other Assets (–0.1%) | (29 | ) | ||||||
Net Assets (100.0%) | $ | 34,126 |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
(a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
(b) | Non-income producing security. |
(c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
(d) | The approximate fair value and percentage of net assets, $11,817,000 and 34.6%, 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. |
(e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(f) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,919,000 and the aggregate gross unrealized depreciation is approximately $1,132,000, resulting in net unrealized appreciation of approximately $3,787,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Residential | 16.5 | % | ||
Other* | 16.0 | |||
Diversified | 15.5 | |||
Retail | 14.2 | |||
Industrial | 13.4 | |||
Data Centers | 9.9 | |||
Health Care | 9.2 | |||
Self Storage | 5.3 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments
Global Strategist Portfolio
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Fixed Income Securities (45.5%) | ||||||||
Agency Fixed Rate Mortgages (4.0%) | ||||||||
United States (4.0%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Conventional Pools: | ||||||||
2.00%, 6/1/52 | $ | 614 | $ | 487 | ||||
3.00%, 11/1/52 | 98 | 85 | ||||||
4.50%, 1/1/49 | 12 | 11 | ||||||
Gold Pools: | ||||||||
3.50%, 2/1/45 - 6/1/45 | 159 | 144 | ||||||
4.50%, 1/1/49 | 8 | 7 | ||||||
Federal National Mortgage Association, | ||||||||
April TBA | ||||||||
2.50%, 4/1/54 (a) | 500 | 413 | ||||||
3.00%, 4/1/54 (a) | 100 | 86 | ||||||
4.00%, 4/1/54 (a) | 70 | 65 | ||||||
4.50%, 4/1/54 (a) | 100 | 95 | ||||||
5.00%, 4/1/54 (a) | 270 | 264 | ||||||
5.50%, 4/1/54 (a) | 250 | 249 | ||||||
6.00%, 4/1/54 (a) | 220 | 222 | ||||||
Conventional Pools: | ||||||||
2.50%, 10/1/51 | 286 | 237 | ||||||
3.00%, 4/1/52 | 388 | 335 | ||||||
3.50%, 1/1/51 | 405 | 368 | ||||||
4.00%, 11/1/41 - 1/1/46 | 158 | 150 | ||||||
4.50%, 3/1/41 - 11/1/44 | 64 | 63 | ||||||
5.00%, 1/1/41 - 3/1/41 | 26 | 26 | ||||||
6.00%, 1/1/38 | 5 | 5 | ||||||
6.50%, 10/1/53 | 24 | 24 | ||||||
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 $3,530) | 3,349 | |||||||
Asset-Backed Securities (0.3%) | ||||||||
Ireland (0.1%) | ||||||||
European Residential Loan Securitisation 2019-NPL1 DAC, Class A | ||||||||
1 Month EURIBOR + 3.25%, | ||||||||
7.10%, 7/24/54 (b) | EUR | 75 | 80 | |||||
United States (0.2%) | ||||||||
Renaissance Home Equity Loan Trust, | ||||||||
1 Month Term SOFR + 0.87%, | ||||||||
6.20%, 12/25/32 (b) | $ | 79 | 72 | |||||
Retained Vantage Data Centers Issuer LLC, Class A2A | ||||||||
5.00%, 9/15/48 (c) | 100 | 97 | ||||||
SLM Student Loan Trust, | ||||||||
3 Month EURIBOR + 0.55%, | ||||||||
4.50%, 7/25/39 (b) | EUR | 59 | 61 | |||||
230 | ||||||||
Total Asset-Backed Securities (Cost $308) | 310 | |||||||
Commercial Mortgage-Backed Securities (0.7%) | ||||||||
United States (0.7%) | ||||||||
BPR Trust, | ||||||||
1 Month Term SOFR + 3.00%, | ||||||||
8.33%, 5/15/39 (b)(c) | $ | 100 | 101 | |||||
Commercial Mortgage Trust, | ||||||||
4.76%, 7/15/47 (b)(c) | 100 | 91 | ||||||
Credit Suisse Mortgage Trust, | ||||||||
1 Month Term SOFR + 2.70%, | ||||||||
8.02%, 6/15/39 (b)(c) | 200 | 201 | ||||||
1 Month Term SOFR + 3.14%, | ||||||||
8.47%, 9/9/24 (b)(c) | 100 | 101 | ||||||
WFRBS Commercial Mortgage Trust, | ||||||||
4.63%, 9/15/46 (b)(c) | 86 | 77 | ||||||
Total Commercial Mortgage-Backed Securities (Cost $576) | 571 | |||||||
Corporate Bonds (11.5%) | ||||||||
Australia (0.5%) | ||||||||
NBN Co. Ltd., | ||||||||
2.63%, 5/5/31 (c) | 200 | 171 | ||||||
Transurban Finance Co. Pty. Ltd., | ||||||||
2.00%, 8/28/25 | EUR | 100 | 106 | |||||
Westpac Banking Corp., | ||||||||
2.67%, 11/15/35 | $ | 125 | 103 | |||||
380 | ||||||||
Brazil (0.3%) | ||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | ||||||||
2.50%, 1/15/27 | 225 | 208 | ||||||
Canada (1.2%) | ||||||||
Algonquin Power & Utilities Corp., | ||||||||
5.37%, 6/15/26 (d) | 50 | 50 | ||||||
Province of Ontario Canada, | ||||||||
2.30%, 6/15/26 | 190 | 180 | ||||||
4.10%, 3/4/33 | CAD | 200 | 148 | |||||
4.20%, 1/18/29 | $ | 180 | 178 | |||||
Province of Quebec Canada, | ||||||||
0.00%, 10/29/30 | EUR | 210 | 187 | |||||
4.50%, 4/3/29 (e) | $ | 200 | 200 | |||||
Rogers Communications, Inc., | ||||||||
3.80%, 3/15/32 | 100 | 90 | ||||||
1,033 | ||||||||
France (1.1%) | ||||||||
AXA SA, | ||||||||
3.25%, 5/28/49 | EUR | 100 | 104 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Global Strategist Portfolio
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
France (cont’d) | ||||||||
Banque Federative du Credit Mutuel SA, | ||||||||
1.25%, 12/5/25 | GBP | 100 | 118 | |||||
BNP Paribas SA, | ||||||||
1.13%, 6/11/26 | EUR | 225 | 231 | |||||
BPCE SA, | ||||||||
5.15%, 7/21/24 (c) | $ | 200 | 199 | |||||
5.75%, 6/1/33 | EUR | 100 | 114 | |||||
Orange SA, | ||||||||
5.00%, 10/1/26 (f) | 100 | 110 | ||||||
876 | ||||||||
Germany (0.8%) | ||||||||
Kreditanstalt fuer Wiederaufbau, | ||||||||
0.38%, 4/23/30 | 340 | 321 | ||||||
RWE AG, | ||||||||
3.63%, 1/10/32 | 100 | 108 | ||||||
Volkswagen International Finance NV, | ||||||||
Series 10Y | ||||||||
1.88%, 3/30/27 | 200 | 205 | ||||||
634 | ||||||||
Italy (0.1%) | ||||||||
Assicurazioni Generali SpA, | ||||||||
5.50%, 10/27/47 | 100 | 113 | ||||||
Japan (0.2%) | ||||||||
NTT Finance Corp., | ||||||||
1.59%, 4/3/28 (c) | $ | 200 | 177 | |||||
Korea, Republic of (0.5%) | ||||||||
Korea Electric Power Corp., | ||||||||
2.50%, 6/24/24 (c) | 200 | 198 | ||||||
Korea Southern Power Co. Ltd., | ||||||||
0.75%, 1/27/26 (c) | 200 | 185 | ||||||
383 | ||||||||
Luxembourg (0.1%) | ||||||||
Blackstone Property Partners Europe Holdings SARL, | ||||||||
1.25%, 4/26/27 | EUR | 100 | 98 | |||||
Netherlands (0.1%) | ||||||||
ASR Nederland NV, | ||||||||
5.00%, 9/30/24 (f) | 100 | 108 | ||||||
Spain (0.4%) | ||||||||
Banco Santander SA, | ||||||||
3.13%, 1/19/27 | 100 | 106 | ||||||
5.18%, 11/19/25 | $ | 200 | 198 | |||||
304 | ||||||||
Supranational (0.2%) | ||||||||
Corp. Andina de Fomento, | ||||||||
5.00%, 1/24/29 | 100 | 99 | ||||||
MTN | ||||||||
5.30%, 2/19/29 | AUD | 160 | 105 | |||||
204 | ||||||||
Sweden (0.1%) | ||||||||
Akelius Residential Property Financing BV, | ||||||||
1.13%, 1/11/29 | EUR | 100 | 92 | |||||
United Arab Emirates (0.2%) | ||||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
2.63%, 3/31/36 (c) | $ | 225 | 184 | |||||
United Kingdom (0.9%) | ||||||||
BAT Capital Corp., | ||||||||
3.56%, 8/15/27 | 58 | 55 | ||||||
HSBC Holdings PLC, | ||||||||
2.26%, 11/13/26 | GBP | 100 | 120 | |||||
5.55%, 3/4/30 | $ | 200 | 201 | |||||
Lloyds Banking Group PLC, | ||||||||
2.00%, 4/12/28 | GBP | 100 | 115 | |||||
2.25%, 10/16/24 | 100 | 124 | ||||||
NGG Finance PLC, | ||||||||
5.63%, 6/18/73 | 100 | 125 | ||||||
740 | ||||||||
United States (4.8%) | ||||||||
Air Lease Corp., | ||||||||
3.13%, 12/1/30 | $ | 75 | 66 | |||||
Amazon.com, Inc., | ||||||||
3.10%, 5/12/51 | 50 | 36 | ||||||
3.88%, 8/22/37 | 75 | 68 | ||||||
Aon North America, Inc., | ||||||||
5.45%, 3/1/34 | 100 | 101 | ||||||
AT&T, Inc., | ||||||||
1.80%, 9/5/26 | EUR | 100 | 104 | |||||
2.90%, 12/4/26 | GBP | 100 | 120 | |||||
3.65%, 6/1/51 | $ | 75 | 55 | |||||
Bank of America Corp., | ||||||||
4.38%, 4/27/28 | 100 | 98 | ||||||
Bank of New York Mellon Corp., | ||||||||
MTN | ||||||||
5.19%, 3/14/35 | 75 | 75 | ||||||
Bristol-Myers Squibb Co., | ||||||||
5.55%, 2/22/54 | 25 | 26 | ||||||
Celanese U.S. Holdings LLC, | ||||||||
6.17%, 7/15/27 | 75 | 76 | ||||||
Centene Corp., | ||||||||
2.50%, 3/1/31 | 175 | 144 | ||||||
Charles Schwab Corp., | ||||||||
5.85%, 5/19/34 | 65 | 67 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
6.38%, 10/23/35 | 25 | 25 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face Amount (000) | Value (000) | ||||||||
United States (cont'd) | |||||||||
Citigroup, Inc., | |||||||||
3.06%, 1/25/33 | $ | 275 | $ | 234 | |||||
Comcast Corp., | |||||||||
2.89%, 11/1/51 | 50 | 32 | |||||||
CVS Health Corp., | |||||||||
1.75%, 8/21/30 | 150 | 123 | |||||||
Energy Transfer LP, | |||||||||
2.90%, 5/15/25 | 150 | 146 | |||||||
Enterprise Products Operating LLC, | |||||||||
3.95%, 1/31/60 | 50 | 39 | |||||||
4.85%, 1/31/34 | 25 | 25 | |||||||
Georgia-Pacific LLC, | |||||||||
2.30%, 4/30/30 (c) | 175 | 150 | |||||||
Global Payments, Inc., | |||||||||
4.45%, 6/1/28 | 100 | 97 | |||||||
Goldman Sachs Group, Inc., | |||||||||
2.38%, 7/21/32 | 150 | 123 | |||||||
JPMorgan Chase & Co., | |||||||||
6.25%, 10/23/34 | 175 | 187 | |||||||
Medtronic Global Holdings SCA, | |||||||||
1.00%, 7/2/31 | EUR | 100 | 93 | ||||||
Metropolitan Life Global Funding I, | |||||||||
2.95%, 4/9/30 (c) | $ | 150 | 133 | ||||||
Microsoft Corp., | |||||||||
1.35%, 9/15/30 (c) | 175 | 145 | |||||||
NextEra Energy Capital Holdings, Inc., | |||||||||
2.75%, 11/1/29 | 175 | 156 | |||||||
ONEOK, Inc., | |||||||||
5.65%, 11/1/28 | 75 | 77 | |||||||
6.05%, 9/1/33 | 25 | 26 | |||||||
Pfizer Investment Enterprises Pte. Ltd., | |||||||||
5.34%, 5/19/63 | 25 | 24 | |||||||
PNC Financial Services Group, Inc., | |||||||||
6.88%, 10/20/34 | 125 | 137 | |||||||
Prologis Euro Finance LLC, | |||||||||
1.88%, 1/5/29 | EUR | 100 | 100 | ||||||
Republic Services, Inc., | |||||||||
5.00%, 4/1/34 | $ | 50 | 50 | ||||||
Thermo Fisher Scientific, Inc., | |||||||||
0.88%, 10/1/31 | EUR | 100 | 92 | ||||||
U.S. Bancorp, | |||||||||
5.78%, 6/12/29 | $ | 75 | 76 | ||||||
5.84%, 6/12/34 | 75 | 76 | |||||||
Upjohn Finance BV, | |||||||||
1.91%, 6/23/32 | EUR | 100 | 91 | ||||||
Verizon Communications, Inc., | |||||||||
1.13%, 11/3/28 | GBP | 100 | 109 | ||||||
2.36%, 3/15/32 | $ | 50 | 41 | ||||||
3.40%, 3/22/41 | 50 | 39 | |||||||
Vontier Corp., | |||||||||
2.40%, 4/1/28 | 50 | 44 | |||||||
Warnermedia Holdings, Inc., | |||||||||
4.28%, 3/15/32 | 150 | 134 | |||||||
5.05%, 3/15/42 | 25 | 21 | |||||||
Williams Cos., Inc., | |||||||||
5.30%, 8/15/52 | 100 | 96 | |||||||
3,977 | |||||||||
Total Corporate Bonds (Cost $10,093) | 9,511 | ||||||||
Mortgages - Other (1.5%) | |||||||||
Germany (0.0%)‡ | |||||||||
Berg Finance DAC, | |||||||||
3 Month EURIBOR + 1.05%, 5.02%, 4/22/33 (b) | EUR | 15 | 16 | ||||||
United Kingdom (0.1%) | |||||||||
Landmark Mortgage Securities No. 3 PLC, | |||||||||
3 Month GBP SONIA + 2.22%, 7.44%, 4/17/44 (b) | GBP | 53 | 65 | ||||||
United States (1.4%) | |||||||||
Bayview Opportunity Master Fund VIA Trust, | |||||||||
3.00%, 1/25/52 (b)(c) | $ | 89 | 74 | ||||||
BX Commercial Mortgage Trust, | |||||||||
1 Month Term SOFR + 2.28%, 7.61%, 6/15/40 (b)(c) | 100 | 101 | |||||||
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, | |||||||||
3.00%, 9/25/45 | 16 | 14 | |||||||
3.00%, 7/25/46 | 8 | 7 | |||||||
3.00%, 12/25/46 | 29 | 24 | |||||||
3.00%, 5/25/47 | 35 | 30 | |||||||
3.50%, 5/25/45 | 7 | 6 | |||||||
3.50%, 9/25/45 | 16 | 14 | |||||||
3.50%, 7/25/46 | 10 | 8 | |||||||
4.00%, 5/25/45 | 2 | 2 | |||||||
GCAT Trust, Class 2A2 | |||||||||
6.50%, 1/25/54 (b)(c) | 147 | 149 | |||||||
Hundred Acre Wood Trust, | |||||||||
2.50%, 12/25/51 (b)(c) | 86 | 69 | |||||||
JP Morgan Mortgage Trust, | |||||||||
3.00%, 4/25/52 (b)(c) | 157 | 132 | |||||||
3.00%, 9/25/52 (b)(c) | 170 | 143 | |||||||
3.25%, 7/25/52 (b)(c) | 85 | 73 | |||||||
PRKCM 2023-AFC1 Trust, Class A1 | |||||||||
6.60%, 2/25/58 (b)(c) | 79 | 80 | |||||||
PRMI Securitization Trust, | |||||||||
2.50%, 4/25/51 (b)(c) | 82 | 66 | |||||||
Seasoned Credit Risk Transfer Trust, | |||||||||
3.00%, 11/25/57 | 77 | 66 | |||||||
3.00%, 7/25/58 | 81 | 70 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face Amount (000) | Value (000) | ||||||||
United States (cont'd) | |||||||||
3.00%, 10/25/58 | $ | 13 | $ | 11 | |||||
4.00%, 10/25/58 | 12 | 11 | |||||||
1,150 | |||||||||
Total Mortgages - Other (Cost $1,366) | 1,231 | ||||||||
Sovereign (22.2%) | |||||||||
Australia (0.3%) | |||||||||
Australia Government Bond, | |||||||||
1.25%, 5/21/32 | AUD | 160 | 85 | ||||||
Treasury Corp. of Victoria, | |||||||||
MTN | |||||||||
5.25%, 9/15/38 | 300 | 199 | |||||||
284 | |||||||||
Austria (0.1%) | |||||||||
Republic of Austria Government Bond, | |||||||||
0.00%, 2/20/30 | EUR | 70 | 65 | ||||||
Belgium (0.3%) | |||||||||
Kingdom of Belgium Government Bond, | |||||||||
0.90%, 6/22/29 | 30 | 30 | |||||||
1.70%, 6/22/50 | 90 | 70 | |||||||
3.45%, 6/22/43 | 100 | 111 | |||||||
211 | |||||||||
Brazil (2.0%) | |||||||||
Brazil Notas do Tesouro Nacional, | |||||||||
10.00%, 1/1/27 | BRL | 8,262 | 1,641 | ||||||
Canada (0.5%) | |||||||||
Canadian Government Bond, | |||||||||
2.00%, 12/1/51 | CAD | 20 | 11 | ||||||
3.25%, 12/1/33 | 610 | 443 | |||||||
454 | |||||||||
China (7.4%) | |||||||||
Agricultural Development Bank of China, | |||||||||
2.25%, 4/22/25 | CNY | 770 | 107 | ||||||
3.79%, 10/26/30 | 740 | 110 | |||||||
China Development Bank, | |||||||||
3.07%, 3/10/30 | 1,410 | 202 | |||||||
3.34%, 7/14/25 | 740 | 104 | |||||||
China Government Bond, | |||||||||
2.37%, 1/20/27 | 1,700 | 237 | |||||||
2.40%, 7/15/28 | 1,000 | 139 | |||||||
2.76%, 5/15/32 | 23,850 | 3,384 | |||||||
2.80%, 11/15/32 | 1,600 | 228 | |||||||
3.12%, 10/25/52 | 200 | 30 | |||||||
3.13%, 11/21/29 | 5,390 | 779 | |||||||
3.27%, 11/19/30 | 2,140 | 314 | |||||||
3.52%, 4/25/46 | 410 | 65 | |||||||
3.53%, 10/18/51 | 200 | 32 | |||||||
3.81%, 9/14/50 | CNY | 300 | 51 | ||||||
3.86%, 7/22/49 | 1,270 | 215 | |||||||
Export-Import Bank of China, | |||||||||
2.93%, 3/2/25 | 740 | 103 | |||||||
6,100 | |||||||||
Colombia (0.1%) | |||||||||
Colombian TES, | |||||||||
7.00%, 3/26/31 | COP | 268,000 | 60 | ||||||
Czech Republic (0.1%) | |||||||||
Czech Republic Government Bond, | |||||||||
1.20%, 3/13/31 | CZK | 1,200 | 43 | ||||||
Denmark (0.1%) | |||||||||
Denmark Government Bond, | |||||||||
0.50%, 11/15/27 | DKK | 630 | 85 | ||||||
Estonia (0.1%) | |||||||||
Estonia Government International Bond, | |||||||||
3.25%, 1/17/34 | EUR | 60 | 64 | ||||||
Finland (0.1%) | |||||||||
Finland Government Bond, | |||||||||
1.13%, 4/15/34 | 70 | 65 | |||||||
France (1.6%) | |||||||||
Agence Francaise de Developpement EPIC, | |||||||||
1.50%, 10/31/34 | 100 | 92 | |||||||
French Republic Government Bond OAT, | |||||||||
0.00%, 11/25/29 | 940 | 877 | |||||||
2.00%, 11/25/32 - 5/25/48 | 280 | 254 | |||||||
SNCF Reseau, | |||||||||
1.88%, 3/30/34 | 100 | 96 | |||||||
1,319 | |||||||||
Germany (2.0%) | |||||||||
Bundesrepublik Deutschland Bundesanleihe, | |||||||||
0.00%, 8/15/31 - 8/15/50 | 558 | 491 | |||||||
0.25%, 2/15/29 | 240 | 235 | |||||||
1.70%, 8/15/32 | 380 | 393 | |||||||
1.80%, 8/15/53 | 88 | 82 | |||||||
4.25%, 7/4/39 | 120 | 159 | |||||||
State of North Rhine-Westphalia Germany, | |||||||||
1.65%, 2/22/38 | 290 | 268 | |||||||
1,628 | |||||||||
Greece (1.0%) | |||||||||
Hellenic Republic Government Bond, | |||||||||
3.38%, 6/15/34 | 150 | 162 | |||||||
4.25%, 6/15/33 | 592 | 688 | |||||||
850 | |||||||||
Hungary (0.1%) | |||||||||
Hungary Government Bond, | |||||||||
3.00%, 8/21/30 | HUF | 8,480 | 19 | ||||||
4.75%, 11/24/32 | 18,110 | 43 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face Amount (000) | Value (000) | ||||||||
Hungary (cont'd) | |||||||||
Hungary Government International Bond, | |||||||||
4.00%, 7/25/29 | EUR | 34 | $ | 37 | |||||
99 | |||||||||
Indonesia (0.5%) | |||||||||
Indonesia Treasury Bond, | |||||||||
7.00%, 2/15/33 | IDR | 2,000,000 | 129 | ||||||
8.25%, 5/15/29 | 839,000 | 57 | |||||||
8.38%, 3/15/34 | 2,981,000 | 210 | |||||||
396 | |||||||||
Italy (0.9%) | |||||||||
Italy Buoni Poliennali Del Tesoro, | |||||||||
0.45%, 2/15/29 | EUR | 50 | 47 | ||||||
2.50%, 12/1/32 | 220 | 220 | |||||||
4.00%, 11/15/30 | 240 | 269 | |||||||
4.45%, 9/1/43 | 68 | 77 | |||||||
4.50%, 10/1/53 | 110 | 125 | |||||||
738 | |||||||||
Japan (1.5%) | |||||||||
Japan Government Ten Year Bond, | |||||||||
0.10%, 6/20/31 | JPY | 42,800 | 275 | ||||||
Japan Government Thirty Year Bond, | |||||||||
0.30%, 6/20/46 | 34,300 | 174 | |||||||
0.40%, 9/20/49 | 47,900 | 235 | |||||||
0.60%, 6/20/50 | 29,000 | 149 | |||||||
Japan Government Twenty Year Bond, | |||||||||
0.40%, 6/20/41 | 77,000 | 439 | |||||||
1,272 | |||||||||
Korea, Republic of (0.4%) | |||||||||
Export-Import Bank of Korea, | |||||||||
0.63%, 2/9/26 | $ | 200 | 185 | ||||||
Korea Development Bank, | |||||||||
0.80%, 7/19/26 | 200 | 182 | |||||||
367 | |||||||||
Malaysia (0.2%) | |||||||||
Malaysia Government Bond, | |||||||||
3.58%, 7/15/32 | MYR | 200 | 41 | ||||||
3.89%, 8/15/29 | 440 | 94 | |||||||
135 | |||||||||
Mexico (0.2%) | |||||||||
Mexican Bonos, | |||||||||
7.50%, 6/3/27 | MXN | 1,700 | 97 | ||||||
8.50%, 5/31/29 | 800 | 46 | |||||||
143 | |||||||||
Netherlands (0.2%) | |||||||||
Netherlands Government Bond, | |||||||||
0.00%, 7/15/30 | EUR | 190 | 176 | ||||||
2.75%, 1/15/47 | 20 | 22 | |||||||
198 | |||||||||
Norway (0.0%)‡ | |||||||||
Norway Government Bond, | |||||||||
2.13%, 5/18/32 | NOK | 190 | 16 | ||||||
Poland (0.0%)‡ | |||||||||
Republic of Poland Government Bond, | |||||||||
1.75%, 4/25/32 | PLN | 200 | 38 | ||||||
Singapore (0.1%) | |||||||||
Singapore Government Bond, | |||||||||
2.63%, 8/1/32 | SGD | 70 | 50 | ||||||
Slovenia (0.2%) | |||||||||
Slovenia Government International Bond, | |||||||||
5.00%, 9/19/33 (c) | $ | 200 | 201 | ||||||
Spain (0.9%) | |||||||||
Spain Government Bond, | |||||||||
0.00%, 1/31/28 | EUR | 50 | 48 | ||||||
2.70%, 10/31/48 | 40 | 37 | |||||||
2.80%, 5/31/26 | 170 | 183 | |||||||
3.25%, 4/30/34 | 410 | 446 | |||||||
3.45%, 7/30/66 | 21 | 21 | |||||||
735 | |||||||||
Sweden (0.1%) | |||||||||
Sweden Government Bond, | |||||||||
1.75%, 11/11/33 | SEK | 800 | 71 | ||||||
Thailand (0.1%) | |||||||||
Thailand Government Bond, | |||||||||
2.00%, 12/17/31 | THB | 4,000 | 107 | ||||||
United Kingdom (1.1%) | |||||||||
United Kingdom Gilt, | |||||||||
0.63%, 10/22/50 | GBP | 350 | 184 | ||||||
0.88%, 7/31/33 | 180 | 174 | |||||||
3.50%, 10/22/25 - 1/22/45 | 480 | 585 | |||||||
943 | |||||||||
Total Sovereign (Cost $19,726) | 18,378 | ||||||||
Supranational (0.7%) | |||||||||
Asian Development Bank, | |||||||||
MTN | |||||||||
2.13%, 5/19/31 | NZD | 60 | 30 | ||||||
European Financial Stability Facility, | |||||||||
3.00%, 9/4/34 | EUR | 110 | 121 | ||||||
European Investment Bank, | |||||||||
0.00%, 1/14/31 | 180 | 162 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Face Amount (000) | Value (000) | ||||||||
Supranational (cont'd) | |||||||||
International Bank for Reconstruction & Development, | |||||||||
4.25%, 9/18/30 | CAD | 340 | $ | 257 | |||||
Total Supranational (Cost $555) | 570 | ||||||||
U.S. Treasury Securities (4.6%) | |||||||||
United States (4.6%) | |||||||||
U.S. Treasury Bonds, | |||||||||
1.13%, 5/15/40 | $ | 790 | 494 | ||||||
1.75%, 8/15/41 | 600 | 405 | |||||||
2.50%, 2/15/45 | 140 | 102 | |||||||
U.S. Treasury Notes, | |||||||||
0.38%, 12/31/25 | 1,800 | 1,670 | |||||||
1.50%, 2/15/30 | 30 | 26 | |||||||
1.88%, 2/15/32 | 530 | 448 | |||||||
3.38%, 5/15/33 | 690 | 646 | |||||||
Total U.S. Treasury Securities (Cost $3,987) | 3,791 | ||||||||
Total Fixed Income Securities (Cost $40,141) | 37,711 |
Shares | ||||||||
Common Stocks (34.9%) | ||||||||
Australia (0.9%) | ||||||||
Ampol Ltd. | 147 | 4 | ||||||
ANZ Group Holdings Ltd. | 1,856 | 36 | ||||||
APA Group | 785 | 4 | ||||||
Aristocrat Leisure Ltd. | 346 | 10 | ||||||
ASX Ltd. | 114 | 5 | ||||||
Aurizon Holdings Ltd. | 1,166 | 3 | ||||||
BHP Group Ltd. | 3,022 | 87 | ||||||
BlueScope Steel Ltd. | 272 | 4 | ||||||
Brambles Ltd. | 833 | 9 | ||||||
CAR Group Ltd. | 214 | 5 | ||||||
Cochlear Ltd. | 39 | 9 | ||||||
Coles Group Ltd. | 791 | 9 | ||||||
Commonwealth Bank of Australia | 991 | 78 | ||||||
Computershare Ltd. | 318 | 5 | ||||||
CSL Ltd. | 286 | 54 | ||||||
Dexus REIT | 664 | 3 | ||||||
Endeavour Group Ltd. | 910 | 3 | ||||||
Fortescue Ltd. | 998 | 17 | ||||||
Goodman Group REIT | 1,019 | 22 | ||||||
GPT Group REIT | 1,182 | 4 | ||||||
IDP Education Ltd. | 174 | 2 | ||||||
IGO Ltd. | 448 | 2 | ||||||
Insurance Australia Group Ltd. | 1,452 | 6 | ||||||
James Hardie Industries PLC (g) | 263 | 11 | ||||||
Lottery Corp. Ltd. | 1,319 | 4 | ||||||
Macquarie Group Ltd. | 219 | 29 | ||||||
Medibank Pvt Ltd. | 1,711 | 4 | ||||||
Mineral Resources Ltd. | 104 | 5 | ||||||
Mirvac Group REIT | 2,481 | 4 | ||||||
National Australia Bank Ltd. | 1,908 | 43 | ||||||
Northern Star Resources Ltd. | 698 | 7 | ||||||
Orica Ltd. | 282 | 3 | ||||||
Origin Energy Ltd. | 1,026 | 6 | ||||||
Pilbara Minerals Ltd. | 1,750 | 4 | ||||||
Qantas Airways Ltd.(g) | 551 | 2 | ||||||
QBE Insurance Group Ltd. | 889 | 11 | ||||||
Ramsay Health Care Ltd. | 112 | 4 | ||||||
REA Group Ltd. | 31 | 4 | ||||||
Reece Ltd. | 145 | 3 | ||||||
Rio Tinto Ltd. | 220 | 17 | ||||||
Santos Ltd. | 1,918 | 10 | ||||||
Scentre Group REIT | 3,072 | 7 | ||||||
SEEK Ltd. | 224 | 4 | ||||||
Sonic Healthcare Ltd. | 266 | 5 | ||||||
South32 Ltd. | 2,726 | 5 | ||||||
Stockland REIT | 1,419 | 4 | ||||||
Suncorp Group Ltd. | 755 | 8 | ||||||
Telstra Group Ltd. | 2,408 | 6 | ||||||
Transurban Group (Units) | 1,826 | 16 | ||||||
Treasury Wine Estates Ltd. | 496 | 4 | ||||||
Vicinity Ltd. REIT | 2,393 | 3 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 144 | 3 | ||||||
Wesfarmers Ltd. | 667 | 30 | ||||||
Westpac Banking Corp. | 2,082 | 35 | ||||||
WiseTech Global Ltd. | 99 | 6 | ||||||
Woodside Energy Group Ltd. | 1,111 | 22 | ||||||
Woolworths Group Ltd. | 720 | 16 | ||||||
Xero Ltd.(g) | 86 | 7 | ||||||
733 | ||||||||
Austria (0.1%) | ||||||||
Erste Group Bank AG | 1,107 | 49 | ||||||
OMV AG | 121 | 6 | ||||||
Verbund AG | 56 | 4 | ||||||
Voestalpine AG | 94 | 3 | ||||||
62 | ||||||||
Belgium (0.2%) | ||||||||
Ageas SA | 117 | 5 | ||||||
Anheuser-Busch InBev SA | 632 | 39 | ||||||
Argenx SE (g) | 42 | 17 | ||||||
D'ieteren Group | 16 | 4 | ||||||
Elia Group SA | 22 | 2 | ||||||
Groupe Bruxelles Lambert NV | 65 | 5 | ||||||
KBC Group NV | 783 | 59 | ||||||
Sofina SA | 11 | 2 | ||||||
Syensqo SA (g) | 57 | 5 | ||||||
UCB SA | 91 | 11 | ||||||
Umicore SA | 154 | 3 | ||||||
Warehouses De Pauw CVA REIT | 129 | 4 | ||||||
156 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont’d)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Canada (1.7%) | ||||||||
Agnico Eagle Mines Ltd. | 368 | $ | 22 | |||||
Air Canada (g) | 131 | 2 | ||||||
Algonquin Power & Utilities Corp. | 498 | 3 | ||||||
Alimentation Couche-Tard, Inc. | 471 | 27 | ||||||
AltaGas Ltd. | 214 | 5 | ||||||
ARC Resources Ltd. | 467 | 8 | ||||||
Bank of Montreal | 529 | 52 | ||||||
Bank of Nova Scotia | 886 | 46 | ||||||
Barrick Gold Corp. (LSE) | 1,047 | 17 | ||||||
Barrick Gold Corp. (NYSE) | 57 | 1 | ||||||
BCE, Inc. | 56 | 2 | ||||||
Brookfield Asset Management Ltd., Class A | 257 | 11 | ||||||
Brookfield Corp. | 830 | 35 | ||||||
Brookfield Renewable Corp., Class A | 103 | 2 | ||||||
BRP, Inc. | 26 | 2 | ||||||
CAE, Inc. (g) | 233 | 5 | ||||||
Cameco Corp. | 314 | 14 | ||||||
Canadian Apartment Properties REIT | 61 | 2 | ||||||
Canadian Imperial Bank of Commerce | 575 | 29 | ||||||
Canadian National Railway Co. | 411 | 54 | ||||||
Canadian Natural Resources Ltd. | 819 | 62 | ||||||
Canadian Pacific Kansas City Ltd. | 478 | 42 | ||||||
Canadian Tire Corp. Ltd., Class A | 39 | 4 | ||||||
Canadian Utilities Ltd., Class A | 101 | 2 | ||||||
CCL Industries, Inc., Class B | 111 | 6 | ||||||
Cenovus Energy, Inc. | 1,075 | 21 | ||||||
CGI, Inc. (g) | 152 | 17 | ||||||
Constellation Software, Inc. | 15 | 41 | ||||||
Descartes Systems Group, Inc. (g) | 63 | 6 | ||||||
Dollarama, Inc. | 209 | 16 | ||||||
Element Fleet Management Corp. | 297 | 5 | ||||||
Emera, Inc. | 205 | 7 | ||||||
Empire Co. Ltd., Class A | 108 | 3 | ||||||
Enbridge, Inc. | 1,377 | 50 | ||||||
Fairfax Financial Holdings Ltd. | 16 | 17 | ||||||
First Quantum Minerals Ltd. | 446 | 5 | ||||||
FirstService Corp. | 29 | 5 | ||||||
Fortis, Inc. | 366 | 14 | ||||||
Franco-Nevada Corp. | 146 | 17 | ||||||
George Weston Ltd. | 46 | 6 | ||||||
GFL Environmental, Inc. | 167 | 6 | ||||||
Gildan Activewear, Inc. | 128 | 5 | ||||||
Great-West Lifeco, Inc. | 204 | 6 | ||||||
Hydro One Ltd. | 246 | 7 | ||||||
iA Financial Corp., Inc. | 76 | 5 | ||||||
IGM Financial, Inc. | 63 | 2 | ||||||
Imperial Oil Ltd. | 148 | 10 | ||||||
Intact Financial Corp. | 131 | 21 | ||||||
Ivanhoe Mines Ltd., Class A (g) | 456 | 5 | ||||||
Keyera Corp. | 173 | 4 | ||||||
Kinross Gold Corp. | 910 | 6 | ||||||
Loblaw Cos. Ltd. | 116 | 13 | ||||||
Lundin Mining Corp. | 494 | 5 | ||||||
Magna International, Inc. | 201 | 11 | ||||||
Manulife Financial Corp. | 1,310 | 33 | ||||||
MEG Energy Corp. (g) | 218 | 5 | ||||||
Metro, Inc. | 170 | 9 | ||||||
National Bank of Canada | 249 | 21 | ||||||
Northland Power, Inc. | 198 | 3 | ||||||
Nutrien Ltd. | 371 | 20 | ||||||
Onex Corp. | 51 | 4 | ||||||
Open Text Corp. | 197 | 8 | ||||||
Pan American Silver Corp. | 278 | 4 | ||||||
Parkland Corp. | 108 | 3 | ||||||
Pembina Pipeline Corp. | 405 | 14 | ||||||
Power Corp. of Canada | 420 | 12 | ||||||
Quebecor, Inc., Class B | 115 | 2 | ||||||
RB Global, Inc. | 133 | 10 | ||||||
Restaurant Brands International, Inc. | 208 | 16 | ||||||
RioCan REIT | 114 | 2 | ||||||
Rogers Communications, Inc., Class B | 261 | 11 | ||||||
Royal Bank of Canada | 822 | 83 | ||||||
Saputo, Inc. | 189 | 4 | ||||||
Shopify, Inc., Class A (g) | 892 | 69 | ||||||
Stantec, Inc. | 81 | 7 | ||||||
Sun Life Financial, Inc. | 430 | 23 | ||||||
Suncor Energy, Inc. | 975 | 36 | ||||||
TC Energy Corp. | 562 | 23 | ||||||
Teck Resources Ltd., Class B | 337 | 15 | ||||||
TELUS Corp. | 354 | 6 | ||||||
TFI International, Inc. | 61 | 10 | ||||||
Thomson Reuters Corp. | 116 | 18 | ||||||
TMX Group Ltd. | 206 | 5 | ||||||
Toromont Industries Ltd. | 62 | 6 | ||||||
Toronto-Dominion Bank | 1,249 | 75 | ||||||
Tourmaline Oil Corp. | 247 | 12 | ||||||
West Fraser Timber Co. Ltd. | 43 | 4 | ||||||
Wheaton Precious Metals Corp. | 337 | 16 | ||||||
WSP Global, Inc. | 91 | 15 | ||||||
1,395 | ||||||||
China (0.0%) | ||||||||
China Common Rich Renewable Energy Investments Ltd. (g) | 18,000 | — | ||||||
Denmark (0.5%) | ||||||||
AP Moller - Maersk AS Series B | 6 | 8 | ||||||
Carlsberg AS Series B | 68 | 9 | ||||||
Coloplast AS Series B | 93 | 13 | ||||||
Danske Bank AS | 477 | 14 | ||||||
Demant AS (g) | 70 | 4 | ||||||
DSV AS | 128 | 21 | ||||||
Genmab AS (g) | 47 | 14 | ||||||
Novo Nordisk AS, Class B | 2,270 | 291 | ||||||
Novozymes AS Series B | 257 | 15 | ||||||
Orsted AS (g) | 127 | 7 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Denmark (cont’d) | ||||||||
Pandora AS | 58 | $ | 9 | |||||
Rockwool AS, Class B (g) | 7 | 2 | ||||||
Tryg AS | 239 | 5 | ||||||
Vestas Wind Systems AS (g) | 703 | 20 | ||||||
432 | ||||||||
Finland (0.2%) | ||||||||
Elisa OYJ | 102 | 4 | ||||||
Fortum OYJ | 328 | 4 | ||||||
Kesko OYJ, Class B | 199 | 4 | ||||||
Kone OYJ, Class B | 244 | 11 | ||||||
Metso OYJ | 479 | 6 | ||||||
Neste OYJ | 304 | 8 | ||||||
Nokia OYJ | 3,837 | 14 | ||||||
Nordea Bank Abp | 9,970 | 113 | ||||||
Orion OYJ, Class B | 78 | 3 | ||||||
Sampo OYJ, Class A | 325 | 14 | ||||||
Stora Enso OYJ, Class R | 429 | 6 | ||||||
UPM-Kymmene OYJ | 395 | 13 | ||||||
Wartsila OYJ Abp | 347 | 5 | ||||||
205 | ||||||||
France (2.1%) | ||||||||
Accor SA | 137 | 6 | ||||||
Aeroports de Paris | 24 | 3 | ||||||
Air Liquide SA | 364 | 76 | ||||||
Airbus SE | 416 | 77 | ||||||
Alstom SA | 203 | 3 | ||||||
Amundi SA | 43 | 3 | ||||||
ArcelorMittal SA | 352 | 10 | ||||||
Arkema SA | 41 | 4 | ||||||
AXA SA | 1,261 | 47 | ||||||
BioMerieux | 29 | 3 | ||||||
BNP Paribas SA | 3,245 | 231 | ||||||
Bollore SE | 516 | 4 | ||||||
Bouygues SA | 133 | 5 | ||||||
Bureau Veritas SA | 205 | 6 | ||||||
Capgemini SE | 109 | 25 | ||||||
Carrefour SA | 402 | 7 | ||||||
Cie de Saint-Gobain SA | 314 | 24 | ||||||
Cie Generale des Etablissements Michelin SCA | 473 | 18 | ||||||
Covivio SA REIT | 35 | 2 | ||||||
Credit Agricole SA | 3,305 | 49 | ||||||
Danone SA | 447 | 29 | ||||||
Dassault Aviation SA | 15 | 3 | ||||||
Dassault Systemes SE | 464 | 21 | ||||||
Edenred SE | 174 | 9 | ||||||
Eiffage SA | 51 | 6 | ||||||
Engie SA | 1,274 | 21 | ||||||
EssilorLuxottica SA | 205 | 46 | ||||||
Eurazeo SE | 30 | 3 | ||||||
Eurofins Scientific SE | 94 | 6 | ||||||
Euronext NV | 59 | 6 | ||||||
Gecina SA REIT | 32 | 3 | ||||||
Getlink SE | 250 | 4 | ||||||
Hermes International | 22 | 56 | ||||||
Ipsen SA | 26 | 3 | ||||||
Kering SA | 52 | 21 | ||||||
Klepierre SA REIT | 150 | 4 | ||||||
La Francaise des Jeux SAEM | 73 | 3 | ||||||
Legrand SA | 185 | 20 | ||||||
L'Oreal SA | 167 | 79 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 193 | 174 | ||||||
Orange SA | 1,290 | 15 | ||||||
Pernod Ricard SA | 143 | 23 | ||||||
Pluxee NV(g) | 61 | 2 | ||||||
Publicis Groupe SA | 159 | 17 | ||||||
Remy Cointreau SA | 16 | 2 | ||||||
Renault SA | 134 | 7 | ||||||
Safran SA | 238 | 54 | ||||||
Sanofi SA | 789 | 77 | ||||||
Sartorius Stedim Biotech (g) | 19 | 5 | ||||||
Schneider Electric SE | 379 | 86 | ||||||
SEB SA | 17 | 2 | ||||||
Societe Generale SA | 2,285 | 61 | ||||||
Sodexo SA | 61 | 5 | ||||||
STMicroelectronics NV | 476 | 21 | ||||||
Teleperformance SE | 41 | 4 | ||||||
Thales SA | 74 | 13 | ||||||
TotalEnergies SE | 1,585 | 109 | ||||||
Unibail-Rodamco-Westfield REIT (g) | 82 | 7 | ||||||
Veolia Environnement SA | 470 | 15 | ||||||
Vinci SA | 355 | 46 | ||||||
Vivendi SE | 469 | 5 | ||||||
Worldline SA (g) | 169 | 2 | ||||||
1,698 | ||||||||
Germany (1.4%) | ||||||||
adidas AG | 120 | 27 | ||||||
Allianz SE (Registered) | 299 | 90 | ||||||
BASF SE | 655 | 37 | ||||||
Bayer AG (Registered) | 733 | 22 | ||||||
Bayerische Motoren Werke AG | 235 | 27 | ||||||
Bayerische Motoren Werke AG (Preference) | 43 | 5 | ||||||
Bechtle AG | 62 | 3 | ||||||
Beiersdorf AG | 74 | 11 | ||||||
Brenntag SE | 103 | 9 | ||||||
Carl Zeiss Meditec AG | 27 | 3 | ||||||
Commerzbank AG | 3,308 | 45 | ||||||
Continental AG | 82 | 6 | ||||||
Covestro AG (g) | 144 | 8 | ||||||
Daimler Truck Holding AG | 392 | 20 | ||||||
Delivery Hero SE (g) | 134 | 4 | ||||||
Deutsche Bank AG (Registered) | 1,434 | 23 | ||||||
Deutsche Boerse AG | 140 | 29 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Germany (cont’d) | ||||||||
Deutsche Lufthansa AG (Registered) (g) | 445 | $ | 4 | |||||
Deutsche Post AG (Registered) | 730 | 31 | ||||||
Deutsche Telekom AG (Registered) | 2,393 | 58 | ||||||
Dr Ing hc F Porsche AG (Preference) | 84 | 8 | ||||||
E.ON SE | 1,653 | 23 | ||||||
Evonik Industries AG | 171 | 3 | ||||||
Fresenius Medical Care AG | 151 | 6 | ||||||
Fresenius SE & Co. KGaA | 309 | 8 | ||||||
GEA Group AG | 122 | 5 | ||||||
Hannover Rueck SE (Registered) | 44 | 12 | ||||||
Heidelberg Materials AG | 102 | 11 | ||||||
HelloFresh SE (g) | 116 | 1 | ||||||
Henkel AG & Co. KGaA | 76 | 5 | ||||||
Henkel AG & Co. KGaA (Preference) | 124 | 10 | ||||||
Infineon Technologies AG | 962 | 33 | ||||||
Knorr-Bremse AG | 54 | 4 | ||||||
LEG Immobilien SE (g) | 55 | 5 | ||||||
Mercedes-Benz Group AG (Registered) | 592 | 47 | ||||||
Merck KGaA | 98 | 17 | ||||||
MTU Aero Engines AG | 41 | 10 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 101 | 49 | ||||||
Nemetschek SE | 42 | 4 | ||||||
Porsche Automobil Holding SE (Preference) | 113 | 6 | ||||||
Puma SE | 78 | 4 | ||||||
QIAGEN NV (g) | 163 | 7 | ||||||
Rational AG | 4 | 3 | ||||||
Rheinmetall AG | 32 | 18 | ||||||
RWE AG | 464 | 16 | ||||||
SAP SE | 774 | 151 | ||||||
Sartorius AG (Preference) (g) | 19 | 8 | ||||||
Scout24 SE | 55 | 4 | ||||||
Siemens AG (Registered) | 564 | 108 | ||||||
Siemens Energy AG (g) | 392 | 7 | ||||||
Siemens Healthineers AG (g) | 208 | 13 | ||||||
Symrise AG | 98 | 12 | ||||||
Talanx AG | 47 | 4 | ||||||
Volkswagen AG | 22 | 3 | ||||||
Volkswagen AG (Preference) | 152 | 20 | ||||||
Vonovia SE | 539 | 16 | ||||||
Wacker Chemie AG | 14 | 2 | ||||||
Zalando SE (g) | 167 | 5 | ||||||
1,130 | ||||||||
Hong Kong (0.1%) | ||||||||
AIA Group Ltd. | 4,215 | 28 | ||||||
BOC Hong Kong Holdings Ltd. | 1,556 | 4 | ||||||
Budweiser Brewing Co. APAC Ltd. | 727 | 1 | ||||||
CK Asset Holdings Ltd. | 814 | 3 | ||||||
CK Hutchison Holdings Ltd. | 1,141 | 5 | ||||||
CK Infrastructure Holdings Ltd. | 263 | 2 | ||||||
CLP Holdings Ltd. | 690 | 6 | ||||||
ESR Group Ltd. | 937 | 1 | ||||||
Futu Holdings Ltd. ADR (g) | 23 | 1 | ||||||
Galaxy Entertainment Group Ltd. | 930 | 5 | ||||||
Hang Lung Properties Ltd. | 743 | 1 | ||||||
Hang Seng Bank Ltd. | 319 | 3 | ||||||
Henderson Land Development Co. Ltd. | 597 | 2 | ||||||
HKT Trust & HKT Ltd. | 1,602 | 2 | ||||||
Hong Kong & China Gas Co. Ltd. | 4,657 | 4 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 409 | 12 | ||||||
Hongkong Land Holdings Ltd. | 449 | 1 | ||||||
Jardine Matheson Holdings Ltd. | 67 | 2 | ||||||
Link REIT | 996 | 4 | ||||||
MTR Corp. Ltd. | 645 | 2 | ||||||
New World Development Co. Ltd. | 627 | 1 | ||||||
Power Assets Holdings Ltd. | 573 | 3 | ||||||
Sands China Ltd. (g) | 1,009 | 3 | ||||||
Sino Land Co. Ltd. | 1,567 | 2 | ||||||
SITC International Holdings Co. Ltd. | 569 | 1 | ||||||
Sun Hung Kai Properties Ltd. | 603 | 6 | ||||||
Swire Pacific Ltd., Class A | 176 | 1 | ||||||
Swire Properties Ltd. | 490 | 1 | ||||||
Techtronic Industries Co. Ltd. | 567 | 8 | ||||||
WH Group Ltd. | 3,122 | 2 | ||||||
Wharf Holdings Ltd. | 457 | 2 | ||||||
Wharf Real Estate Investment Co. Ltd. | 703 | 2 | ||||||
Xinyi Glass Holdings Ltd. | 701 | 1 | ||||||
122 | ||||||||
Ireland (0.2%) | ||||||||
AIB Group PLC | 4,868 | 25 | ||||||
Bank of Ireland Group PLC | 3,265 | 33 | ||||||
CRH PLC | 526 | 45 | ||||||
Flutter Entertainment PLC (g) | 124 | 25 | ||||||
Kerry Group PLC, Class A | 111 | 10 | ||||||
Kingspan Group PLC | 108 | 10 | ||||||
Smurfit Kappa Group PLC | 183 | 8 | ||||||
156 | ||||||||
Israel (0.1%) | ||||||||
Azrieli Group Ltd. | 33 | 2 | ||||||
Bank Hapoalim BM | 975 | 9 | ||||||
Bank Leumi Le-Israel BM | 1,170 | 10 | ||||||
Check Point Software Technologies Ltd. (g) | 72 | 12 | ||||||
CyberArk Software Ltd. (g) | 32 | 8 | ||||||
Elbit Systems Ltd. | 20 | 4 | ||||||
Global-e Online Ltd. (g) | 69 | 3 | ||||||
ICL Group Ltd. | 594 | 3 | ||||||
Israel Discount Bank Ltd., Class A | 950 | 5 | ||||||
Mizrahi Tefahot Bank Ltd. | 119 | 4 | ||||||
Monday.com Ltd. (g) | 20 | 5 | ||||||
Nice Ltd. (g) | 49 | 13 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Israel (cont’d) | ||||||||
Teva Pharmaceutical Industries Ltd. ADR (g) | 862 | $ | 12 | |||||
Wix.com Ltd. (g) | 42 | 6 | ||||||
96 | ||||||||
Italy (0.6%) | ||||||||
Amplifon SpA | 40 | 1 | ||||||
Assicurazioni Generali SpA | 332 | 8 | ||||||
Banco BPM SpA | 3,284 | 22 | ||||||
Davide Campari-Milano NV | 172 | 2 | ||||||
DiaSorin SpA | 7 | 1 | ||||||
Enel SpA | 2,648 | 18 | ||||||
Eni SpA | 775 | 12 | ||||||
EXOR NV | 163 | 18 | ||||||
Ferrari NV | 41 | 18 | ||||||
FinecoBank Banca Fineco SpA | 1,674 | 25 | ||||||
Infrastrutture Wireless Italiane SpA | 111 | 1 | ||||||
Intesa Sanpaolo SpA | 42,262 | 153 | ||||||
Leonardo SpA | 133 | 3 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 1,504 | 22 | ||||||
Moncler SpA | 67 | 5 | ||||||
Nexi SpA (g) | 193 | 1 | ||||||
Poste Italiane SpA | 171 | 2 | ||||||
Prysmian SpA | 86 | 5 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 34 | 2 | ||||||
Snam SpA | 659 | 3 | ||||||
Stellantis NV | 722 | 21 | ||||||
Telecom Italia SpA (Milano) (g) | 3,288 | 1 | ||||||
Tenaris SA | 155 | 3 | ||||||
Terna — Rete Elettrica Nazionale | 456 | 4 | ||||||
UniCredit SpA | 4,357 | 166 | ||||||
517 | ||||||||
Netherlands (1.0%) | ||||||||
ABN AMRO Bank NV CVA | 1,495 | 26 | ||||||
Adyen NV (g) | 16 | 27 | ||||||
Aegon Ltd. | 1,210 | 7 | ||||||
AerCap Holdings NV (g) | 150 | 13 | ||||||
Akzo Nobel NV | 127 | 9 | ||||||
ASM International NV | 35 | 21 | ||||||
ASML Holding NV | 298 | 289 | ||||||
ASR Nederland NV | 120 | 6 | ||||||
Basic-Fit NV (g) | 788 | 18 | ||||||
BE Semiconductor Industries NV | 57 | 9 | ||||||
Coca-Cola Europacific Partners PLC | 154 | 11 | ||||||
DSM BV (g) | 148 | 15 | ||||||
DSM-Firmenich AG | 138 | 16 | ||||||
Heineken Holding NV | 96 | 8 | ||||||
Heineken NV | 213 | 21 | ||||||
IMCD NV | 43 | 8 | ||||||
ING Groep NV | 11,378 | 187 | ||||||
JDE Peet's NV | 72 | 2 | ||||||
Koninklijke Ahold Delhaize NV | 715 | 21 | ||||||
Koninklijke KPN NV | 2,495 | 9 | ||||||
Koninklijke Philips NV | 581 | 12 | ||||||
NN Group NV | 202 | 9 | ||||||
OCI NV | 81 | 2 | ||||||
Prosus NV (g) | 1,094 | 34 | ||||||
Randstad NV | 82 | 4 | ||||||
Universal Music Group NV | 606 | 18 | ||||||
Wolters Kluwer NV | 183 | 29 | ||||||
831 | ||||||||
New Zealand (0.0%)‡ | ||||||||
Auckland International Airport Ltd. | 1,019 | 5 | ||||||
EBOS Group Ltd. | 119 | 2 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 456 | 7 | ||||||
Mercury NZ Ltd. | 538 | 2 | ||||||
Meridian Energy Ltd. | 975 | 4 | ||||||
Spark New Zealand Ltd. | 1,415 | 4 | ||||||
24 | ||||||||
Norway (0.1%) | ||||||||
Adevinta ASA (g) | 249 | 3 | ||||||
Aker BP ASA | 226 | 6 | ||||||
DNB Bank ASA | 656 | 13 | ||||||
Equinor ASA | 642 | 17 | ||||||
Gjensidige Forsikring ASA | 141 | 2 | ||||||
Kongsberg Gruppen ASA | 62 | 4 | ||||||
Mowi ASA | 326 | 6 | ||||||
Norsk Hydro ASA | 922 | 5 | ||||||
Orkla ASA | 493 | 3 | ||||||
Salmar ASA | 51 | 3 | ||||||
Telenor ASA | 454 | 5 | ||||||
Yara International ASA | 118 | 4 | ||||||
71 | ||||||||
Philippines (0.0%)‡ | ||||||||
Aboitiz Equity Ventures, Inc. | 471 | — | @ | |||||
Ayala Corp. | 69 | 1 | ||||||
Ayala Land, Inc. | 1,870 | 1 | ||||||
Bank of the Philippine Islands | 535 | 1 | ||||||
BDO Unibank, Inc. | 652 | 2 | ||||||
International Container Terminal Services, Inc. | 287 | 2 | ||||||
JG Summit Holdings, Inc. | 728 | — | @ | |||||
Jollibee Foods Corp. | 122 | 1 | ||||||
Manila Electric Co. | 79 | — | @ | |||||
Metropolitan Bank & Trust Co. | 495 | 1 | ||||||
PLDT, Inc. | 21 | 1 | ||||||
SM Investments Corp. | 66 | 1 | ||||||
SM Prime Holdings, Inc. | 2,789 | 2 | ||||||
Universal Robina Corp. | 246 | — | @ | |||||
13 | ||||||||
Portugal (0.0%)‡ | ||||||||
EDP - Energias de Portugal SA | 2,206 | 9 | ||||||
EDP Renovaveis SA | 218 | 3 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Portugal (cont’d) | ||||||||
Galp Energia SGPS SA | 318 | $ | 5 | |||||
Jeronimo Martins SGPS SA | 200 | 4 | ||||||
21 | ||||||||
Singapore (0.2%) | ||||||||
CapitaLand Ascendas REIT | 2,202 | 4 | ||||||
CapitaLand Integrated Commercial Trust REIT | 3,233 | 5 | ||||||
CapitaLand Investment Ltd. | 1,635 | 3 | ||||||
City Developments Ltd. | 323 | 1 | ||||||
DBS Group Holdings Ltd. | 1,070 | 29 | ||||||
Genting Singapore Ltd. | 3,598 | 2 | ||||||
Grab Holdings Ltd., Class A (g) | 1,141 | 4 | ||||||
Jardine Cycle & Carriage Ltd. | 66 | 1 | ||||||
Keppel Ltd. | 840 | 5 | ||||||
Mapletree Logistics Trust REIT | 2,041 | 2 | ||||||
Mapletree Pan Asia Commercial Trust REIT | 1,414 | 1 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,991 | 20 | ||||||
Sea Ltd. ADR (g) | 249 | 13 | ||||||
Seatrium Ltd. (g) | 26,712 | 2 | ||||||
Sembcorp Industries Ltd. | 578 | 2 | ||||||
Singapore Airlines Ltd. | 850 | 4 | ||||||
Singapore Exchange Ltd. | 554 | 4 | ||||||
Singapore Technologies Engineering Ltd. | 907 | 3 | ||||||
Singapore Telecommunications Ltd. | 4,896 | 9 | ||||||
United Overseas Bank Ltd. | 715 | 16 | ||||||
UOL Group Ltd. | 310 | 1 | ||||||
Wilmar International Ltd. | 1,161 | 3 | ||||||
134 | ||||||||
Spain (0.8%) | ||||||||
Acciona SA | 12 | 1 | ||||||
ACS Actividades de Construccion y Servicios SA | 97 | 4 | ||||||
Aena SME SA | 35 | 7 | ||||||
Amadeus IT Group SA | 212 | 14 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 17,084 | 203 | ||||||
Banco Santander SA | 46,256 | 226 | ||||||
CaixaBank SA | 11,821 | 57 | ||||||
Cellnex Telecom SA (g) | 267 | 9 | ||||||
Corp. ACCIONA Energias Renovables SA | 31 | 1 | ||||||
Enagas SA | 116 | 2 | ||||||
Endesa SA | 149 | 3 | ||||||
Ferrovial SE | 241 | 10 | ||||||
Grifols SA (g) | 140 | 1 | ||||||
Iberdrola SA | 2,836 | 35 | ||||||
Industria de Diseno Textil SA | 512 | 26 | ||||||
Naturgy Energy Group SA | 59 | 1 | ||||||
Redeia Corp. SA | 191 | 3 | ||||||
Repsol SA | 604 | 10 | ||||||
Telefonica SA | 2,429 | 11 | ||||||
624 | ||||||||
Sweden (0.4%) | ||||||||
Alfa Laval AB | 200 | 8 | ||||||
Assa Abloy AB, Class B | 692 | 20 | ||||||
Atlas Copco AB, Class A | 2,945 | 47 | ||||||
Beijer Ref AB | 289 | 4 | ||||||
Boliden AB | 190 | 5 | ||||||
Epiroc AB, Class A | 724 | 14 | ||||||
EQT AB | 252 | 8 | ||||||
Essity AB, Class B | 418 | 10 | ||||||
Evolution AB | 128 | 16 | ||||||
Fastighets AB Balder, Class B (g) | 491 | 4 | ||||||
Getinge AB, Class B | 172 | 3 | ||||||
H & M Hennes & Mauritz AB, Class B | 447 | 7 | ||||||
Hexagon AB, Class B | 1,436 | 17 | ||||||
Holmen AB, Class B (g) | 60 | 2 | ||||||
Husqvarna AB, Class B | 262 | 2 | ||||||
Industrivarden AB, Class A | 206 | 7 | ||||||
Indutrade AB (g) | 191 | 5 | ||||||
Investment AB Latour, Class B | 110 | 3 | ||||||
Investor AB, Class B | 1,190 | 30 | ||||||
L E Lundbergforetagen AB, Class B | 57 | 3 | ||||||
Lifco AB, Class B | 167 | 4 | ||||||
Nibe Industrier AB, Class B | 1,064 | 5 | ||||||
Saab AB, Class B | 58 | 5 | ||||||
Sagax AB, Class B | 145 | 4 | ||||||
Sandvik AB | 742 | 16 | ||||||
Securitas AB, Class B | 368 | 4 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 1,083 | 15 | ||||||
Skanska AB, Class B | 237 | 4 | ||||||
SKF AB, Class B | 235 | 5 | ||||||
Svenska Cellulosa AB SCA, Class B | 432 | 7 | ||||||
Svenska Handelsbanken AB, Class A | 1,000 | 10 | ||||||
Swedbank AB, Class A | 584 | 12 | ||||||
Swedish Orphan Biovitrum AB (g) | 140 | 4 | ||||||
Tele2 AB, Class B | 397 | 3 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,989 | 11 | ||||||
Telia Co. AB | 1,674 | 4 | ||||||
Volvo AB, Class A | 1,184 | 32 | ||||||
Volvo Car AB, Class B (g) | 449 | 2 | ||||||
362 | ||||||||
Switzerland (1.3%) | ||||||||
ABB Ltd. (Registered) | 1,123 | 52 | ||||||
Adecco Group AG (Registered) | 111 | 4 | ||||||
Alcon, Inc. | 345 | 29 | ||||||
Avolta AG (Registered) (g) | 71 | 3 | ||||||
Bachem Holding AG | 25 | 2 | ||||||
Baloise Holding AG (Registered) | 32 | 5 | ||||||
Banque Cantonale Vaudoise (Registered) | 21 | 2 | ||||||
Barry Callebaut AG (Registered) | 3 | 4 | ||||||
BKW AG | 15 | 2 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 12 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
Switzerland (cont’d) | ||||||||
Cie Financiere Richemont SA, Class A (Registered) | 365 | $ | 56 | |||||
Clariant AG (Registered) (g) | 159 | 2 | ||||||
EMS-Chemie Holding AG (Registered) | 5 | 4 | ||||||
Geberit AG (Registered) | 23 | 14 | ||||||
Givaudan SA (Registered) | 7 | 31 | ||||||
Helvetia Holding AG (Registered) | 26 | 4 | ||||||
Holcim AG (g) | 362 | 33 | ||||||
Julius Baer Group Ltd. | 145 | 8 | ||||||
Kuehne & Nagel International AG (Registered) | 37 | 10 | ||||||
Logitech International SA (Registered) | 114 | 10 | ||||||
Lonza Group AG (Registered) | 52 | 31 | ||||||
Nestle SA (Registered) | 1,859 | 198 | ||||||
Novartis AG (Registered) | 1,430 | 138 | ||||||
Partners Group Holding AG | 17 | 24 | ||||||
Roche Holding AG | 22 | 6 | ||||||
Roche Holding AG (Genusschein) | 488 | 125 | ||||||
Sandoz Group AG (g) | 284 | 9 | ||||||
Schindler Holding AG | 28 | 7 | ||||||
Schindler Holding AG (Registered) | 16 | 4 | ||||||
SGS SA (Registered) (g) | 105 | 10 | ||||||
SIG Group AG (g) | 215 | 5 | ||||||
Sika AG (Registered) | 106 | 32 | ||||||
Sonova Holding AG (Registered) | 35 | 10 | ||||||
Straumann Holding AG (Registered) | 77 | 12 | ||||||
Swatch Group AG | 21 | 5 | ||||||
Swatch Group AG (Registered) | 39 | 2 | ||||||
Swiss Life Holding AG (Registered) | 21 | 15 | ||||||
Swiss Prime Site AG (Registered) | 54 | 5 | ||||||
Swiss Re AG | 211 | 27 | ||||||
Swisscom AG (Registered) (g) | 18 | 11 | ||||||
Temenos AG (Registered) | 46 | 3 | ||||||
UBS Group AG (Registered) (g) | 2,305 | 71 | ||||||
VAT Group AG | 19 | 10 | ||||||
Zurich Insurance Group AG | 102 | 55 | ||||||
1,102 | ||||||||
United Kingdom (2.1%) | ||||||||
3i Group PLC | 724 | 26 | ||||||
abrdn PLC | 1,543 | 3 | ||||||
Admiral Group PLC | 201 | 7 | ||||||
Anglo American PLC | 963 | 24 | ||||||
Antofagasta PLC | 293 | 8 | ||||||
Ashtead Group PLC | 326 | 23 | ||||||
Associated British Foods PLC | 259 | 8 | ||||||
AstraZeneca PLC | 1,135 | 152 | ||||||
Auto Trader Group PLC | 698 | 6 | ||||||
Aviva PLC | 2,043 | 13 | ||||||
BAE Systems PLC | 2,248 | 38 | ||||||
Barclays PLC | 11,250 | 26 | ||||||
Barratt Developments PLC | 733 | 4 | ||||||
Berkeley Group Holdings PLC | 81 | 5 | ||||||
BP PLC | 12,687 | 80 | ||||||
British American Tobacco PLC | 1,585 | 48 | ||||||
BT Group PLC | 5,033 | 7 | ||||||
Bunzl PLC | 249 | 10 | ||||||
Burberry Group PLC | 276 | 4 | ||||||
Centrica PLC | 4,149 | 7 | ||||||
Coca-Cola HBC AG (g) | 168 | 5 | ||||||
Compass Group PLC | 1,257 | 37 | ||||||
Croda International PLC | 106 | 7 | ||||||
DCC PLC | 75 | 5 | ||||||
Diageo PLC | 1,663 | 62 | ||||||
Endeavour Mining PLC | 144 | 3 | ||||||
Entain PLC | 485 | 5 | ||||||
Evraz PLC (g) | 464 | — | ||||||
Experian PLC | 682 | 30 | ||||||
G4S Ltd. (g) | 2,164 | 7 | ||||||
Glencore PLC | 7,750 | 43 | ||||||
GSK PLC | 3,026 | 65 | ||||||
Haleon PLC | 4,114 | 17 | ||||||
Halma PLC | 284 | 8 | ||||||
Hargreaves Lansdown PLC | 301 | 3 | ||||||
Hikma Pharmaceuticals PLC | 130 | 3 | ||||||
HSBC Holdings PLC | 14,465 | 113 | ||||||
Imperial Brands PLC | 638 | 14 | ||||||
Informa PLC | 1,023 | 11 | ||||||
InterContinental Hotels Group PLC | 123 | 13 | ||||||
Intertek Group PLC | 121 | 8 | ||||||
J Sainsbury PLC | 1,257 | 4 | ||||||
JD Sports Fashion PLC | 2,038 | 3 | ||||||
Kingfisher PLC | 1,452 | 5 | ||||||
Land Securities Group PLC REIT | 536 | 4 | ||||||
Legal & General Group PLC | 4,401 | 14 | ||||||
Lloyds Banking Group PLC | 47,593 | 31 | ||||||
London Stock Exchange Group PLC | 309 | 37 | ||||||
M&G PLC | 1,712 | 5 | ||||||
Melrose Industries PLC | 1,021 | 9 | ||||||
Mondi PLC | 348 | 6 | ||||||
National Grid PLC | 2,721 | 37 | ||||||
NatWest Group PLC | 4,323 | 14 | ||||||
Next PLC | 90 | 10 | ||||||
Ocado Group PLC (g) | 445 | 3 | ||||||
Paragon Offshore PLC (g)(h) | 67 | — | ||||||
Pearson PLC | 487 | 6 | ||||||
Persimmon PLC | 244 | 4 | ||||||
Phoenix Group Holdings PLC | 571 | 4 | ||||||
Prudential PLC | 2,084 | 20 | ||||||
Reckitt Benckiser Group PLC | 529 | 30 | ||||||
RELX PLC (LSE) | 1,395 | 60 | ||||||
Rentokil Initial PLC | 1,893 | 11 | ||||||
Rio Tinto PLC | 821 | 52 | ||||||
Rolls-Royce Holdings PLC (g) | 6,230 | 33 | ||||||
Sage Group PLC | 763 | 12 | ||||||
Schroders PLC | 637 | 3 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United Kingdom (cont'd) | ||||||||
Segro PLC REIT | 872 | $ | 10 | |||||
Severn Trent PLC | 206 | 6 | ||||||
Shell PLC | 4,909 | 163 | ||||||
Smith & Nephew PLC | 650 | 8 | ||||||
Smiths Group PLC | 264 | 5 | ||||||
Spirax-Sarco Engineering PLC | 54 | 7 | ||||||
SSE PLC | 808 | 17 | ||||||
St. James's Place PLC | 439 | 3 | ||||||
Standard Chartered PLC | 1,713 | 14 | ||||||
Taylor Wimpey PLC | 2,677 | 5 | ||||||
Tesco PLC | 5,287 | 20 | ||||||
Unilever PLC CVA | 1,859 | 93 | ||||||
United Utilities Group PLC | 514 | 7 | ||||||
Vodafone Group PLC | 17,443 | 15 | ||||||
Whitbread PLC | 146 | 6 | ||||||
Wise PLC Class A (g) | 474 | 6 | ||||||
WPP PLC | 806 | 8 | ||||||
1,768 | ||||||||
United States (20.9%) | ||||||||
3M Co. | 225 | 24 | ||||||
A O Smith Corp. | 50 | 4 | ||||||
Abbott Laboratories | 598 | 68 | ||||||
AbbVie, Inc. | 605 | 110 | ||||||
Accenture PLC, Class A | 254 | 88 | ||||||
Adobe, Inc. (g) | 184 | 93 | ||||||
Advanced Micro Devices, Inc. (g) | 535 | 97 | ||||||
AECOM | 53 | 5 | ||||||
AES Corp. | 274 | 5 | ||||||
Aflac, Inc. | 227 | 20 | ||||||
Agilent Technologies, Inc. | 119 | 17 | ||||||
Air Products & Chemicals, Inc. | 91 | 22 | ||||||
Airbnb, Inc., Class A (g) | 176 | 29 | ||||||
Akamai Technologies, Inc. (g) | 62 | 7 | ||||||
Albemarle Corp. | 47 | 6 | ||||||
Albertsons Cos., Inc., Class A | 142 | 3 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 69 | 9 | ||||||
Align Technology, Inc. (g) | 30 | 10 | ||||||
Allegion PLC | 36 | 5 | ||||||
Alliant Energy Corp. | 103 | 5 | ||||||
Allstate Corp. | 105 | 18 | ||||||
Ally Financial, Inc. | 108 | 4 | ||||||
Alnylam Pharmaceuticals, Inc. (g) | 50 | 7 | ||||||
Alphabet, Inc., Class A (g) | 3,748 | 568 | ||||||
Altria Group, Inc. | 616 | 27 | ||||||
Amazon.com, Inc. (g) | 2,838 | 512 | ||||||
Amcor PLC | 596 | 6 | ||||||
Ameren Corp. | 108 | 8 | ||||||
American Electric Power Co., Inc. | 211 | 18 | ||||||
American Express Co. | 250 | 57 | ||||||
American Financial Group, Inc. | 29 | 4 | ||||||
American Homes 4 Rent, Class A REIT | 132 | 5 | ||||||
American International Group, Inc. | 283 | 22 | ||||||
American Tower Corp. REIT | 190 | 38 | ||||||
American Water Works Co., Inc. | 80 | 10 | ||||||
Ameriprise Financial, Inc. | 41 | 18 | ||||||
AMETEK, Inc. | 91 | 17 | ||||||
Amgen, Inc. | 215 | 61 | ||||||
Amphenol Corp., Class A | 240 | 28 | ||||||
Analog Devices, Inc. | 202 | 40 | ||||||
Annaly Capital Management, Inc. REIT | 201 | 4 | ||||||
ANSYS, Inc. (g) | 35 | 12 | ||||||
Aon PLC, Class A | 82 | 27 | ||||||
APA Corp. | 128 | 4 | ||||||
Apollo Global Management, Inc. | 160 | 18 | ||||||
Apple, Inc. | 5,217 | 895 | ||||||
Applied Materials, Inc. | 334 | 69 | ||||||
Aptiv PLC (g) | 116 | 9 | ||||||
Arch Capital Group Ltd. (g) | 150 | 14 | ||||||
Archer-Daniels-Midland Co. | 219 | 14 | ||||||
Ares Management Corp., Class A | 65 | 9 | ||||||
Arista Networks, Inc. (g) | 105 | 30 | ||||||
Arthur J Gallagher & Co. | 87 | 22 | ||||||
Aspen Technology, Inc. (g) | 12 | 3 | ||||||
Assurant, Inc. | 21 | 4 | ||||||
AT&T, Inc. | 2,409 | 42 | ||||||
Atlassian Corp., Class A (g) | 63 | 12 | ||||||
Atmos Energy Corp. | 60 | 7 | ||||||
Autodesk, Inc. (g) | 86 | 22 | ||||||
Automatic Data Processing, Inc. | 166 | 41 | ||||||
AutoZone, Inc. (g) | 8 | 25 | ||||||
AvalonBay Communities, Inc. REIT | 58 | 11 | ||||||
Avantor, Inc. (g) | 273 | 7 | ||||||
Avery Dennison Corp. | 33 | 7 | ||||||
Axon Enterprise, Inc. (g) | 29 | 9 | ||||||
Baker Hughes Co. | 415 | 14 | ||||||
Ball Corp. | 130 | 9 | ||||||
Bank of America Corp. | 2,396 | 91 | ||||||
Bank of New York Mellon Corp. | 312 | 18 | ||||||
Bath & Body Works, Inc. | 87 | 4 | ||||||
Baxter International, Inc. | 205 | 9 | ||||||
Becton Dickinson & Co. | 117 | 29 | ||||||
Bentley Systems, Inc., Class B | 87 | 5 | ||||||
Berkshire Hathaway, Inc., Class B (g) | 425 | 179 | ||||||
Best Buy Co., Inc. | 80 | 7 | ||||||
Bill Holdings, Inc. (g) | 40 | 3 | ||||||
Biogen, Inc. (g) | 58 | 13 | ||||||
BioMarin Pharmaceutical, Inc. (g) | 75 | 7 | ||||||
Bio-Rad Laboratories, Inc., Class A (g) | 9 | 3 | ||||||
Bio-Techne Corp. | 63 | 4 | ||||||
BlackRock, Inc. | 60 | 50 | ||||||
Blackstone, Inc. | 287 | 38 | ||||||
Block, Inc., Class A (g) | 223 | 19 | ||||||
Boeing Co. (g) | 230 | 44 | ||||||
Booking Holdings, Inc. | 14 | 51 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Booz Allen Hamilton Holding Corp. | 53 | $ | 8 | |||||
BorgWarner, Inc. | 96 | 3 | ||||||
Boston Properties, Inc. REIT | 62 | 4 | ||||||
Boston Scientific Corp. (g) | 487 | 33 | ||||||
Bristol-Myers Squibb Co. | 753 | 41 | ||||||
Broadcom, Inc. | 174 | 231 | ||||||
Broadridge Financial Solutions, Inc. | 47 | 10 | ||||||
Brown & Brown, Inc. | 97 | 9 | ||||||
Brown-Forman Corp., Class B | 126 | 7 | ||||||
Builders FirstSource, Inc. (g) | 51 | 11 | ||||||
Bunge Global SA | 62 | 6 | ||||||
Burlington Stores, Inc. (g) | 26 | 6 | ||||||
Cadence Design Systems, Inc. (g) | 108 | 34 | ||||||
Caesars Entertainment, Inc. (g) | 89 | 4 | ||||||
Camden Property Trust REIT | 43 | 4 | ||||||
Campbell Soup Co. | 78 | 3 | ||||||
Capital One Financial Corp. | 152 | 23 | ||||||
Cardinal Health, Inc. | 99 | 11 | ||||||
Carlisle Cos., Inc. | 20 | 8 | ||||||
Carlyle Group, Inc. | 87 | 4 | ||||||
CarMax, Inc. (g) | 65 | 6 | ||||||
Carnival Corp. (g) | 407 | 7 | ||||||
Carrier Global Corp. | 339 | 20 | ||||||
Catalent, Inc. (g) | 75 | 4 | ||||||
Caterpillar, Inc. | 207 | 76 | ||||||
Cboe Global Markets, Inc. | 42 | 8 | ||||||
CBRE Group, Inc., Class A (g) | 127 | 12 | ||||||
CDW Corp. | 54 | 14 | ||||||
Celanese Corp. | 42 | 7 | ||||||
Celsius Holdings, Inc. (g) | 63 | 5 | ||||||
Cencora, Inc. | 69 | 17 | ||||||
Centene Corp. (g) | 210 | 17 | ||||||
CenterPoint Energy, Inc. | 257 | 7 | ||||||
CF Industries Holdings, Inc. | 80 | 7 | ||||||
CH Robinson Worldwide, Inc. | 47 | 4 | ||||||
Charles River Laboratories International, Inc. (g) | 20 | 5 | ||||||
Charles Schwab Corp. | 509 | 37 | ||||||
Charter Communications, Inc., Class A (g) | 40 | 12 | ||||||
Cheniere Energy, Inc. | 98 | 16 | ||||||
Chesapeake Energy Corp. | 47 | 4 | ||||||
Chevron Corp. | 743 | 117 | ||||||
Chipotle Mexican Grill, Inc. (g) | 11 | 32 | ||||||
Chubb Ltd. | 163 | 42 | ||||||
Church & Dwight Co., Inc. | 99 | 10 | ||||||
Cigna Group | 120 | 44 | ||||||
Cincinnati Financial Corp. | 63 | 8 | ||||||
Cintas Corp. | 37 | 25 | ||||||
Cisco Systems, Inc. | 1,341 | 67 | ||||||
Citigroup, Inc. | 682 | 43 | ||||||
Citizens Financial Group, Inc. | 194 | 7 | ||||||
Cleveland-Cliffs, Inc. (g) | 209 | 5 | ||||||
Clorox Co. | 50 | 8 | ||||||
Cloudflare, Inc., Class A (g) | 113 | 11 | ||||||
CME Group, Inc. | 146 | 31 | ||||||
CMS Energy Corp. | 119 | 7 | ||||||
CNH Industrial NV | 414 | 5 | ||||||
Coca-Cola Co. | 1,459 | 89 | ||||||
Cognizant Technology Solutions Corp., Class A | 205 | 15 | ||||||
Coinbase Global, Inc., Class A (g) | 69 | 18 | ||||||
Colgate-Palmolive Co. | 317 | 29 | ||||||
Comcast Corp., Class A | 1,466 | 64 | ||||||
Conagra Brands, Inc. | 195 | 6 | ||||||
Confluent, Inc., Class A (g) | 75 | 2 | ||||||
ConocoPhillips | 489 | 62 | ||||||
Consolidated Edison, Inc. | 141 | 13 | ||||||
Constellation Brands, Inc., Class A | 68 | 18 | ||||||
Constellation Energy Corp. | 131 | 24 | ||||||
Cooper Cos., Inc. | 80 | 8 | ||||||
Copart, Inc. (g) | 351 | 20 | ||||||
Corning, Inc. | 331 | 11 | ||||||
Corpay, Inc. (g) | 29 | 9 | ||||||
Corteva, Inc. | 295 | 17 | ||||||
CoStar Group, Inc. (g) | 167 | 16 | ||||||
Costco Wholesale Corp. | 179 | 131 | ||||||
Coterra Energy, Inc. | 313 | 9 | ||||||
Crowdstrike Holdings, Inc., Class A (g) | 91 | 29 | ||||||
Crown Castle, Inc. REIT | 177 | 19 | ||||||
Crown Holdings, Inc. | 50 | 4 | ||||||
CSX Corp. | 712 | 26 | ||||||
Cummins, Inc. | 58 | 17 | ||||||
CVS Health Corp. | 517 | 41 | ||||||
Danaher Corp. | 285 | 71 | ||||||
Darden Restaurants, Inc. | 49 | 8 | ||||||
Darling Ingredients, Inc. (g) | 67 | 3 | ||||||
Datadog, Inc., Class A (g) | 102 | 13 | ||||||
DaVita, Inc. (g) | 22 | 3 | ||||||
Dayforce, Inc. (g) | 61 | 4 | ||||||
Deckers Outdoor Corp. (g) | 11 | 10 | ||||||
Deere & Co. | 112 | 46 | ||||||
Dell Technologies, Inc., Class C | 104 | 12 | ||||||
Delta Air Lines, Inc. | 64 | 3 | ||||||
Devon Energy Corp. | 268 | 13 | ||||||
Dexcom, Inc. (g) | 156 | 22 | ||||||
Diamondback Energy, Inc. | 70 | 14 | ||||||
Dick's Sporting Goods, Inc. | 25 | 6 | ||||||
Digital Realty Trust, Inc. REIT | 123 | 18 | ||||||
Discover Financial Services | 100 | 13 | ||||||
DocuSign, Inc. (g) | 80 | 5 | ||||||
Dollar General Corp. | 91 | 14 | ||||||
Dollar Tree, Inc. (g) | 85 | 11 | ||||||
Dominion Energy, Inc. | 343 | 17 | ||||||
Domino's Pizza, Inc. | 14 | 7 | ||||||
DoorDash, Inc., Class A (g) | 103 | 14 | ||||||
Dover Corp. | 57 | 10 | ||||||
Dow, Inc. | 288 | 17 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
DR Horton, Inc. | 123 | $ | 20 | |||||
DraftKings, Inc., Class A (g) | 170 | 8 | ||||||
Dropbox, Inc., Class A (g) | 104 | 3 | ||||||
DTE Energy Co. | 84 | 9 | ||||||
Duke Energy Corp. | 313 | 30 | ||||||
DuPont de Nemours, Inc. | 188 | 14 | ||||||
Dynatrace, Inc. (g) | 101 | 5 | ||||||
Eastman Chemical Co. | 48 | 5 | ||||||
Eaton Corp. PLC | 160 | 50 | ||||||
eBay, Inc. | 221 | 12 | ||||||
Ecolab, Inc. | 103 | 24 | ||||||
Edison International | 157 | 11 | ||||||
Edwards Lifesciences Corp. (g) | 244 | 23 | ||||||
Electronic Arts, Inc. | 103 | 14 | ||||||
Elevance Health, Inc. | 93 | 48 | ||||||
Eli Lilly & Co. | 328 | 255 | ||||||
Emerson Electric Co. | 232 | 26 | ||||||
Enphase Energy, Inc. (g) | 59 | 7 | ||||||
Entegris, Inc. | 61 | 9 | ||||||
Entergy Corp. | 86 | 9 | ||||||
EOG Resources, Inc. | 238 | 30 | ||||||
EPAM Systems, Inc. (g) | 24 | 7 | ||||||
EQT Corp. | 162 | 6 | ||||||
Equifax, Inc. | 49 | 13 | ||||||
Equinix, Inc. REIT | 38 | 31 | ||||||
Equitable Holdings, Inc. | 140 | 5 | ||||||
Equity Lifestyle Properties, Inc. REIT | 72 | 5 | ||||||
Equity Residential REIT | 146 | 9 | ||||||
Erie Indemnity Co., Class A | 10 | 4 | ||||||
Essential Utilities, Inc. | 102 | 4 | ||||||
Essex Property Trust, Inc. REIT | 26 | 6 | ||||||
Estee Lauder Cos., Inc., Class A | 94 | 15 | ||||||
Etsy, Inc. (g) | 50 | 3 | ||||||
Everest Group Ltd. | 17 | 7 | ||||||
Evergy, Inc. | 94 | 5 | ||||||
Eversource Energy | 144 | 9 | ||||||
Exact Sciences Corp. (g) | 74 | 5 | ||||||
Exelon Corp. | 406 | 15 | ||||||
Expedia Group, Inc. (g) | 58 | 8 | ||||||
Expeditors International of Washington, Inc. | 60 | 7 | ||||||
Extra Space Storage, Inc. REIT | 86 | 13 | ||||||
Exxon Mobil Corp. | 1,444 | 168 | ||||||
F5, Inc. (g) | 24 | 5 | ||||||
FactSet Research Systems, Inc. | 15 | 7 | ||||||
Fair Isaac Corp. (g) | 10 | 13 | ||||||
Fastenal Co. | 232 | 18 | ||||||
FedEx Corp. | 96 | 28 | ||||||
Ferguson PLC | 83 | 18 | ||||||
Fidelity National Financial, Inc. | 105 | 6 | ||||||
Fidelity National Information Services, Inc. | 245 | 18 | ||||||
Fifth Third Bancorp | 278 | 10 | ||||||
First Citizens BancShares, Inc., Class A | 4 | 7 | ||||||
First Republic Bank (g) | 76 | — | @ | |||||
First Solar, Inc. (g) | 44 | 7 | ||||||
FirstEnergy Corp. | 224 | 9 | ||||||
Fiserv, Inc. (g) | 246 | 39 | ||||||
FMC Corp. | 52 | 3 | ||||||
Ford Motor Co. | 1,376 | 18 | ||||||
Fortinet, Inc. (g) | 262 | 18 | ||||||
Fortive Corp. | 143 | 12 | ||||||
Fortune Brands Innovations, Inc. | 51 | 4 | ||||||
Fox Corp., Class A | 162 | 5 | ||||||
Franklin Resources, Inc. | 118 | 3 | ||||||
Freeport-McMoRan, Inc. | 585 | 28 | ||||||
Gaming and Leisure Properties, Inc. REIT | 106 | 5 | ||||||
Garmin Ltd. | 62 | 9 | ||||||
Gartner, Inc. (g) | 32 | 15 | ||||||
GE HealthCare Technologies, Inc. | 166 | 15 | ||||||
Gen Digital, Inc. | 233 | 5 | ||||||
General Dynamics Corp. | 93 | 26 | ||||||
General Electric Co. | 435 | 76 | ||||||
General Mills, Inc. | 235 | 16 | ||||||
General Motors Co. | 552 | 25 | ||||||
Genuine Parts Co. | 58 | 9 | ||||||
Gilead Sciences, Inc. | 399 | 29 | ||||||
Global Payments, Inc. | 104 | 14 | ||||||
Globe Life, Inc. | 38 | 4 | ||||||
GoDaddy, Inc., Class A (g) | 57 | 7 | ||||||
Goldman Sachs Group, Inc. | 133 | 56 | ||||||
Graco, Inc. | 69 | 6 | ||||||
Halliburton Co. | 373 | 15 | ||||||
Hartford Financial Services Group, Inc. | 123 | 13 | ||||||
Hasbro, Inc. | 55 | 3 | ||||||
HCA Healthcare, Inc. | 83 | 28 | ||||||
Healthpeak Properties, Inc. REIT | 228 | 4 | ||||||
HEICO Corp. | 48 | 8 | ||||||
Henry Schein, Inc. (g) | 52 | 4 | ||||||
Hershey Co. | 62 | 12 | ||||||
Hess Corp. | 112 | 17 | ||||||
Hewlett Packard Enterprise Co. | 528 | 9 | ||||||
HF Sinclair Corp. | 66 | 4 | ||||||
Hilton Worldwide Holdings, Inc. | 105 | 22 | ||||||
Hologic, Inc. (g) | 99 | 8 | ||||||
Home Depot, Inc. | 401 | 154 | ||||||
Honeywell International, Inc. | 267 | 55 | ||||||
Hormel Foods Corp. | 123 | 4 | ||||||
Host Hotels & Resorts, Inc. REIT | 284 | 6 | ||||||
Howmet Aerospace, Inc. | 158 | 11 | ||||||
HP, Inc. | 362 | 11 | ||||||
Hubbell, Inc. | 21 | 9 | ||||||
HubSpot, Inc. (g) | 19 | 12 | ||||||
Humana, Inc. | 50 | 17 | ||||||
Huntington Bancshares, Inc. | 391 | 5 | ||||||
Huntington Ingalls Industries, Inc. | 16 | 5 | ||||||
Hyatt Hotels Corp., Class A | 19 | 3 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
IDEX Corp. | 30 | $ | 7 | |||||
IDEXX Laboratories, Inc. (g) | 33 | 18 | ||||||
Illinois Tool Works, Inc. | 121 | 32 | ||||||
Illumina, Inc. (g) | 64 | 9 | ||||||
Incyte Corp. (g) | 71 | 4 | ||||||
Ingersoll Rand, Inc. | 163 | 15 | ||||||
Insulet Corp. (g) | 28 | 5 | ||||||
Intel Corp. | 1,327 | 59 | ||||||
Intercontinental Exchange, Inc. | 229 | 31 | ||||||
International Business Machines Corp. | 364 | 70 | ||||||
International Flavors & Fragrances, Inc. | 105 | 9 | ||||||
International Paper Co. | 136 | 5 | ||||||
Interpublic Group of Cos., Inc. | 157 | 5 | ||||||
Intuit, Inc. | 113 | 73 | ||||||
Intuitive Surgical, Inc. (g) | 141 | 56 | ||||||
Invitation Homes, Inc. REIT | 248 | 9 | ||||||
IQVIA Holdings, Inc. (g) | 75 | 19 | ||||||
Iron Mountain, Inc. REIT | 118 | 9 | ||||||
J M Smucker Co. | 42 | 5 | ||||||
Jabil, Inc. | 53 | 7 | ||||||
Jack Henry & Associates, Inc. | 30 | 5 | ||||||
Jacobs Solutions, Inc. | 51 | 8 | ||||||
Jazz Pharmaceuticals PLC (g) | 25 | 3 | ||||||
JB Hunt Transport Services, Inc. | 34 | 7 | ||||||
Johnson & Johnson | 875 | 138 | ||||||
Johnson Controls International PLC | 296 | 19 | ||||||
JPMorgan Chase & Co. | 966 | 194 | ||||||
Juniper Networks, Inc. | 130 | 5 | ||||||
Kellanova | 112 | 6 | ||||||
Kenvue, Inc. | 498 | 11 | ||||||
Keurig Dr Pepper, Inc. | 428 | 13 | ||||||
KeyCorp | 384 | 6 | ||||||
Keysight Technologies, Inc. (g) | 72 | 11 | ||||||
Kimberly-Clark Corp. | 135 | 17 | ||||||
Kimco Realty Corp. REIT | 254 | 5 | ||||||
Kinder Morgan, Inc. | 631 | 12 | ||||||
KKR & Co., Inc. | 232 | 23 | ||||||
KLA Corp. | 55 | 38 | ||||||
Knight-Swift Transportation Holdings, Inc. | 65 | 4 | ||||||
Kraft Heinz Co. | 345 | 13 | ||||||
Kroger Co. | 282 | 16 | ||||||
L3Harris Technologies, Inc. | 77 | 16 | ||||||
Laboratory Corp. of America Holdings | 36 | 8 | ||||||
Lam Research Corp. | 54 | 52 | ||||||
Lamb Weston Holdings, Inc. | 58 | 6 | ||||||
Las Vegas Sands Corp. | 154 | 8 | ||||||
Lattice Semiconductor Corp. (g) | 56 | 4 | ||||||
Lear Corp. | 24 | 3 | ||||||
Leidos Holdings, Inc. | 53 | 7 | ||||||
Lennar Corp., Class A | 102 | 18 | ||||||
Lennox International, Inc. | 13 | 6 | ||||||
Liberty Broadband Corp., Class C (g) | 49 | 3 | ||||||
Liberty Global Ltd., Class C (g) | 78 | 1 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (g) | 80 | 5 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C (g) | 66 | 2 | ||||||
Linde PLC | 191 | 89 | ||||||
Live Nation Entertainment, Inc. (g) | 64 | 7 | ||||||
LKQ Corp. | 111 | 6 | ||||||
Lockheed Martin Corp. | 91 | 41 | ||||||
Loews Corp. | 77 | 6 | ||||||
Lowe's Cos., Inc. | 233 | 59 | ||||||
LPL Financial Holdings, Inc. | 30 | 8 | ||||||
Lucid Group, Inc. (g) | 411 | 1 | ||||||
Lululemon Athletica, Inc. (g) | 47 | 18 | ||||||
LyondellBasell Industries NV, Class A | 107 | 11 | ||||||
M&T Bank Corp. | 68 | 10 | ||||||
Manhattan Associates, Inc. (g) | 25 | 6 | ||||||
Marathon Oil Corp. | 254 | 7 | ||||||
Marathon Petroleum Corp. | 163 | 33 | ||||||
Markel Group, Inc. (g) | 5 | 8 | ||||||
MarketAxess Holdings, Inc. | 15 | 3 | ||||||
Marriott International, Inc., Class A | 102 | 26 | ||||||
Marsh & McLennan Cos., Inc. | 198 | 41 | ||||||
Martin Marietta Materials, Inc. | 25 | 15 | ||||||
Marvell Technology, Inc. | 354 | 25 | ||||||
Masco Corp. | 91 | 7 | ||||||
Mastercard, Inc., Class A | 339 | 163 | ||||||
Match Group, Inc. (g) | 114 | 4 | ||||||
McCormick & Co., Inc. | 102 | 8 | ||||||
McDonald's Corp. | 294 | 83 | ||||||
McKesson Corp. | 55 | 30 | ||||||
Medtronic PLC | 537 | 47 | ||||||
MercadoLibre, Inc. (g) | 19 | 29 | ||||||
Merck & Co., Inc. | 924 | 122 | ||||||
Meta Platforms, Inc., Class A | 788 | 383 | ||||||
MetLife, Inc. | 257 | 19 | ||||||
Mettler-Toledo International, Inc. (g) | 8 | 11 | ||||||
MGM Resorts International (g) | 114 | 5 | ||||||
Microchip Technology, Inc. | 222 | 20 | ||||||
Micron Technology, Inc. | 446 | 53 | ||||||
Microsoft Corp. | 2,150 | 905 | ||||||
MicroStrategy, Inc., Class A (g) | 12 | 20 | ||||||
Mid-America Apartment Communities, Inc. REIT | 47 | 6 | ||||||
Moderna, Inc. (g) | 138 | 15 | ||||||
Molina Healthcare, Inc. (g) | 23 | 9 | ||||||
Molson Coors Beverage Co., Class B | 77 | 5 | ||||||
Mondelez International, Inc., Class A | 549 | 38 | ||||||
MongoDB, Inc. (g) | 29 | 10 | ||||||
Monolithic Power Systems, Inc. | 19 | 13 | ||||||
Monster Beverage Corp. (g) | 317 | 19 | ||||||
Moody's Corp. | 67 | 26 | ||||||
Mosaic Co. | 139 | 5 | ||||||
Motorola Solutions, Inc. | 68 | 24 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
MSCI, Inc. | 32 | $ | 18 | |||||
Nasdaq, Inc. | 141 | 9 | ||||||
NetApp, Inc. | 86 | 9 | ||||||
Netflix, Inc. (g) | 179 | 109 | ||||||
Neurocrine Biosciences, Inc. (g) | 39 | 5 | ||||||
Newmont Corp. (TSX) | 476 | 17 | ||||||
News Corp., Class A | 156 | 4 | ||||||
NextEra Energy, Inc. | 744 | 48 | ||||||
NIKE, Inc., Class B | 494 | 46 | ||||||
NiSource, Inc. | 168 | 5 | ||||||
Nordson Corp. | 21 | 6 | ||||||
Norfolk Southern Corp. | 92 | 23 | ||||||
Northern Trust Corp. | 85 | 8 | ||||||
Northrop Grumman Corp. | 58 | 28 | ||||||
NRG Energy, Inc. | 92 | 6 | ||||||
Nucor Corp. | 102 | 20 | ||||||
NVIDIA Corp. | 891 | 805 | ||||||
NVR, Inc. (g) | 2 | 16 | ||||||
NXP Semiconductors NV | 104 | 26 | ||||||
Occidental Petroleum Corp. | 276 | 18 | ||||||
Okta, Inc. (g) | 61 | 6 | ||||||
Old Dominion Freight Line, Inc. | 80 | 18 | ||||||
Omnicom Group, Inc. | 80 | 8 | ||||||
ON Semiconductor Corp. (g) | 179 | 13 | ||||||
ONEOK, Inc. | 242 | 19 | ||||||
Oracle Corp. | 648 | 81 | ||||||
O'Reilly Automotive, Inc. (g) | 25 | 28 | ||||||
Otis Worldwide Corp. | 167 | 17 | ||||||
Ovintiv, Inc. | 108 | 6 | ||||||
Owens Corning | 36 | 6 | ||||||
PACCAR, Inc. | 213 | 26 | ||||||
Packaging Corp. of America | 37 | 7 | ||||||
Palantir Technologies, Inc., Class A (g) | 767 | 18 | ||||||
Palo Alto Networks, Inc. (g) | 122 | 35 | ||||||
Paramount Global, Class B | 210 | 2 | ||||||
Parker-Hannifin Corp. | 52 | 29 | ||||||
Paychex, Inc. | 131 | 16 | ||||||
Paycom Software, Inc. | 22 | 4 | ||||||
Paylocity Holding Corp. (g) | 19 | 3 | ||||||
PayPal Holdings, Inc. (g) | 427 | 29 | ||||||
Pentair PLC | 67 | 6 | ||||||
PepsiCo, Inc. | 555 | 97 | ||||||
Pfizer, Inc. | 1,786 | 50 | ||||||
PG&E Corp. | 724 | 12 | ||||||
Philip Morris International, Inc. | 532 | 49 | ||||||
Phillips 66 | 182 | 30 | ||||||
Pinterest, Inc., Class A (g) | 231 | 8 | ||||||
Pioneer Natural Resources Co. | 95 | 25 | ||||||
PNC Financial Services Group, Inc. | 161 | 26 | ||||||
Pool Corp. | 16 | 6 | ||||||
PPG Industries, Inc. | 95 | 14 | ||||||
PPL Corp. | 302 | 8 | ||||||
Principal Financial Group, Inc. | 98 | 8 | ||||||
Procter & Gamble Co. | 753 | 122 | ||||||
Progressive Corp. | 235 | 49 | ||||||
Prologis, Inc. REIT | 375 | 49 | ||||||
Prudential Financial, Inc. | 146 | 17 | ||||||
PTC, Inc. (g) | 48 | 9 | ||||||
Public Service Enterprise Group, Inc. | 204 | 14 | ||||||
Public Storage REIT | 65 | 19 | ||||||
PulteGroup, Inc. | 90 | 11 | ||||||
Qorvo, Inc. (g) | 40 | 5 | ||||||
QUALCOMM, Inc. | 451 | 76 | ||||||
Quanta Services, Inc. | 58 | 15 | ||||||
Quest Diagnostics, Inc. | 44 | 6 | ||||||
Raymond James Financial, Inc. | 80 | 10 | ||||||
Realty Income Corp. REIT | 287 | 16 | ||||||
Regency Centers Corp. REIT | 68 | 4 | ||||||
Regeneron Pharmaceuticals, Inc. (g) | 43 | 41 | ||||||
Regions Financial Corp. | 385 | 8 | ||||||
Reliance, Inc. | 24 | 8 | ||||||
Repligen Corp. (g) | 21 | 4 | ||||||
Republic Services, Inc. | 89 | 17 | ||||||
ResMed, Inc. | 58 | 12 | ||||||
Revvity, Inc. | 51 | 5 | ||||||
Riot Platforms, Inc. (g) | 1,695 | 21 | ||||||
Rivian Automotive, Inc., Class A (g) | 284 | 3 | ||||||
Robert Half, Inc. | 44 | 4 | ||||||
Robinhood Markets, Inc., Class A (g) | 174 | 4 | ||||||
ROBLOX Corp., Class A (g) | 168 | 6 | ||||||
Rockwell Automation, Inc. | 46 | 13 | ||||||
Roku, Inc. (g) | 52 | 3 | ||||||
Rollins, Inc. | 118 | 5 | ||||||
Roper Technologies, Inc. | 43 | 24 | ||||||
Ross Stores, Inc. | 137 | 20 | ||||||
Royal Caribbean Cruises Ltd. (g) | 98 | 14 | ||||||
Royalty Pharma PLC, Class A | 156 | 5 | ||||||
RPM International, Inc. | 52 | 6 | ||||||
RTX Corp. | 593 | 58 | ||||||
S&P Global, Inc. | 131 | 56 | ||||||
Salesforce, Inc. | 389 | 117 | ||||||
SBA Communications Corp. REIT | 45 | 10 | ||||||
Schlumberger NV | 580 | 32 | ||||||
Seagate Technology Holdings PLC | 80 | 7 | ||||||
SEI Investments Co. | 46 | 3 | ||||||
Sempra | 254 | 18 | ||||||
ServiceNow, Inc. (g) | 82 | 63 | ||||||
Sherwin-Williams Co. | 98 | 34 | ||||||
Simon Property Group, Inc. REIT | 132 | 21 | ||||||
Sirius XM Holdings, Inc. | 306 | 1 | ||||||
Skyworks Solutions, Inc. | 65 | 7 | ||||||
Snap, Inc., Class A (g) | 413 | 5 | ||||||
Snap-on, Inc. | 21 | 6 | ||||||
Snowflake, Inc., Class A (g) | 113 | 18 | ||||||
Southern Co. | 445 | 32 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Southwest Airlines Co. | 60 | $ | 2 | |||||
SS&C Technologies Holdings, Inc. | 91 | 6 | ||||||
Stanley Black & Decker, Inc. | 63 | 6 | ||||||
Starbucks Corp. | 465 | 43 | ||||||
State Street Corp. | 128 | 10 | ||||||
Steel Dynamics, Inc. | 65 | 10 | ||||||
Steris PLC | 40 | 9 | ||||||
Stryker Corp. | 139 | 50 | ||||||
Sun Communities, Inc. REIT | 51 | 7 | ||||||
Super Micro Computer, Inc. (g) | 19 | 19 | ||||||
Synchrony Financial | 168 | 7 | ||||||
Synopsys, Inc. (g) | 61 | 35 | ||||||
Sysco Corp. | 206 | 17 | ||||||
T Rowe Price Group, Inc. | 90 | 11 | ||||||
Take-Two Interactive Software, Inc. (g) | 68 | 10 | ||||||
Targa Resources Corp. | 88 | 10 | ||||||
Target Corp. | 188 | 33 | ||||||
TE Connectivity Ltd. | 127 | 18 | ||||||
Teledyne Technologies, Inc. (g) | 19 | 8 | ||||||
Teleflex, Inc. | 19 | 4 | ||||||
Teradyne, Inc. | 63 | 7 | ||||||
Tesla, Inc. (g) | 1,079 | 190 | ||||||
Texas Instruments, Inc. | 373 | 65 | ||||||
Texas Pacific Land Corp. | 9 | 5 | ||||||
Textron, Inc. | 80 | 8 | ||||||
Thermo Fisher Scientific, Inc. | 156 | 91 | ||||||
TJX Cos., Inc. | 361 | 37 | ||||||
T-Mobile U.S., Inc. | 212 | 35 | ||||||
Toast, Inc., Class A (g) | 136 | 3 | ||||||
Toro Co. | 43 | 4 | ||||||
Tractor Supply Co. | 45 | 12 | ||||||
Trade Desk, Inc., Class A (g) | 183 | 16 | ||||||
Tradeweb Markets, Inc., Class A | 44 | 5 | ||||||
Trane Technologies PLC | 91 | 27 | ||||||
TransDigm Group, Inc. | 22 | 27 | ||||||
TransUnion | 78 | 6 | ||||||
Travelers Cos., Inc. | 92 | 21 | ||||||
Trimble, Inc. (g) | 101 | 7 | ||||||
Truist Financial Corp. | 543 | 21 | ||||||
Twilio, Inc., Class A (g) | 69 | 4 | ||||||
Tyler Technologies, Inc. (g) | 17 | 7 | ||||||
Tyson Foods, Inc., Class A | 118 | 7 | ||||||
Uber Technologies, Inc. (g) | 640 | 49 | ||||||
UDR, Inc. REIT | 126 | 5 | ||||||
U-Haul Holding Co. | 40 | 3 | ||||||
UiPath, Inc., Class A (g) | 157 | 4 | ||||||
Ulta Beauty, Inc. (g) | 19 | 10 | ||||||
Union Pacific Corp. | 244 | 60 | ||||||
United Parcel Service, Inc., Class B | 292 | 43 | ||||||
United Rentals, Inc. | 27 | 19 | ||||||
United Therapeutics Corp. (g) | 19 | 4 | ||||||
UnitedHealth Group, Inc. | 373 | 185 | ||||||
Unity Software, Inc. (g) | 101 | 3 | ||||||
Universal Health Services, Inc., Class B | 25 | 5 | ||||||
US Bancorp | 523 | 23 | ||||||
Vail Resorts, Inc. | 16 | 4 | ||||||
Valero Energy Corp. | 146 | 25 | ||||||
Veeva Systems, Inc., Class A (g) | 62 | 14 | ||||||
Ventas, Inc. REIT | 165 | 7 | ||||||
Veralto Corp. | 96 | 9 | ||||||
VeriSign, Inc. (g) | 37 | 7 | ||||||
Verisk Analytics, Inc. | 58 | 14 | ||||||
Verizon Communications, Inc. | 1,514 | 64 | ||||||
Vertex Pharmaceuticals, Inc. (g) | 104 | 43 | ||||||
Vertiv Holdings Co., Class A | 135 | 11 | ||||||
VF Corp. | 138 | 2 | ||||||
Viatris, Inc. | 488 | 6 | ||||||
VICI Properties, Inc. REIT | 411 | 12 | ||||||
Visa, Inc., Class A | 644 | 180 | ||||||
Vistra Corp. | 133 | 9 | ||||||
Vulcan Materials Co. | 53 | 14 | ||||||
W R Berkley Corp. | 83 | 7 | ||||||
Walgreens Boots Alliance, Inc. | 295 | 6 | ||||||
Walmart, Inc. | 1,597 | 96 | ||||||
Walt Disney Co. | 645 | 79 | ||||||
Warner Bros Discovery, Inc. (g) | 858 | 8 | ||||||
Waste Connections, Inc. | 102 | 18 | ||||||
Waste Management, Inc. | 162 | 35 | ||||||
Waters Corp. (g) | 24 | 8 | ||||||
Watsco, Inc. | 14 | 6 | ||||||
WEC Energy Group, Inc. | 130 | 11 | ||||||
Wells Fargo & Co. | 1,158 | 67 | ||||||
Welltower, Inc. REIT | 210 | 20 | ||||||
West Pharmaceutical Services, Inc. | 30 | 12 | ||||||
Western Digital Corp. (g) | 131 | 9 | ||||||
Westinghouse Air Brake Technologies Corp. | 73 | 11 | ||||||
Westlake Corp. | 16 | 2 | ||||||
Westrock Co. | 105 | 5 | ||||||
Weyerhaeuser Co. REIT | 301 | 11 | ||||||
Williams Cos., Inc. | 500 | 20 | ||||||
Willis Towers Watson PLC | 42 | 12 | ||||||
Workday, Inc., Class A (g) | 84 | 23 | ||||||
WP Carey, Inc. REIT | 87 | 5 | ||||||
WW Grainger, Inc. | 19 | 19 | ||||||
Wynn Resorts Ltd. | 41 | 4 | ||||||
Xcel Energy, Inc. | 225 | 12 | ||||||
Xylem, Inc. | 97 | 13 | ||||||
Yum! Brands, Inc. | 113 | 16 | ||||||
Zebra Technologies Corp., Class A (g) | 21 | 6 | ||||||
Zillow Group, Inc., Class C (g) | 61 | 3 | ||||||
Zimmer Biomet Holdings, Inc. | 86 | 11 | ||||||
Zoetis, Inc. | 185 | 31 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Shares | Value (000) | |||||||
United States (cont'd) | ||||||||
Zoom Video Communications, Inc., Class A (g) | 98 | $ | 6 | |||||
Zscaler, Inc. (g) | 35 | 7 | ||||||
17,317 | ||||||||
Total Common Stocks (Cost $21,509) | 28,969 |
No. of Rights | ||||||||
Rights (0.0%)‡ | ||||||||
United States (0.0%)‡ | ||||||||
Contra Abiomed, Inc., expires 12/22/28 (g) (Cost $—@) | 14 | — | @ | |||||
No. of Warrants | ||||||||
Warrants (0.0%) | ||||||||
Canada (0.0%) | ||||||||
Constellation Software, Inc. expires 3/31/40 (g) (Cost $—) | 16 | — |
Face Amount (000) | ||||||||
Short-Term Investments (19.0%) | ||||||||
U.S. Treasury Securities (2.2%) | ||||||||
U.S. Treasury Bill, | ||||||||
5.31%, 8/1/24 (i)(j) | $ | 1,170 | 1,150 | |||||
5.53%, 4/18/24 (i)(j) | 676 | 674 | ||||||
Total U.S. Treasury Securities (Cost $1,824) | 1,824 |
Shares | ||||||||
Investment Company (16.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (k) (Cost $13,907) | 13,906,812 | 13,907 | ||||||
Total Short-Term Investments (Cost $15,731) | 15,731 | |||||||
Total Investments (99.4%) (Cost $77,381) (l)(m)(n)(o) | 82,411 | |||||||
Other Assets in Excess of Liabilities (0.6%) | 466 | |||||||
Net Assets (100.0%) | $ | 82,877 |
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 March 31, 2024. 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) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2024. Maturity date disclosed is the ultimate maturity date. |
(e) | When-issued security. |
(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 March 31, 2024. |
(g) | Non-income producing security. |
(h) | At March 31, 2024, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
(i) | Rate shown is the yield to maturity at March 31, 2024. |
(j) | All or a portion of the security was pledged to cover margin requirements for swap agreements. |
(k) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund. |
(l) | The approximate fair value and percentage of net assets, $10,141,000 and 12.2%, 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. |
(m) | Securities are available for collateral in connection with purchase of when-issued security, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
(n) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(o) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,302,000 and the aggregate gross unrealized depreciation is approximately $4,560,000, resulting in net unrealized appreciation of approximately $5,742,000. |
ADR | American Depositary Receipt. |
CVA | Certificaten Van Aandelen. |
DAC | Designated Activity Company. |
EURIBOR | Euro Interbank Offered Rate. |
LSE | London Stock Exchange. |
MTN | Medium Term Note. |
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.
First Quarter Report – March 31, 2024 (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 March 31, 2024:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | |||||||||||
Australia & New Zealand Banking Group Ltd. | $ | 27 | NZD | 44 | 4/30/24 | $ | (— | @) | |||||||
Bank of America NA | CNH | 2,334 | $ | 327 | 6/20/24 | 5 | |||||||||
Bank of America NA | GBP | 395 | $ | 496 | 4/30/24 | (3 | ) | ||||||||
Bank of America NA | MXN | 237 | $ | 14 | 4/30/24 | (1 | ) | ||||||||
Bank of America NA | PLN | 67 | $ | 17 | 6/20/24 | — | @ | ||||||||
Bank of America NA | $ | 6 | ILS | 22 | 6/20/24 | (— | @) | ||||||||
Bank of America NA | $ | 2 | ZAR | 34 | 6/20/24 | (— | @) | ||||||||
Barclays Bank PLC | AUD | 159 | $ | 104 | 4/30/24 | (— | @) | ||||||||
Barclays Bank PLC | EUR | 72 | $ | 79 | 4/30/24 | — | @ | ||||||||
Barclays Bank PLC | MYR | 120 | $ | 25 | 4/30/24 | — | @ | ||||||||
Barclays Bank PLC | $ | 759 | EUR | 692 | 6/20/24 | (10 | ) | ||||||||
Barclays Bank PLC | $ | 3 | ILS | 10 | 6/20/24 | (— | @) | ||||||||
Barclays Bank PLC | $ | 68 | MXN | 1,169 | 6/20/24 | 1 | |||||||||
BNP Paribas SA | CAD | 50 | $ | 37 | 4/30/24 | — | @ | ||||||||
BNP Paribas SA | COP | 98,575 | $ | 25 | 4/30/24 | (1 | ) | ||||||||
BNP Paribas SA | DKK | 138 | $ | 20 | 4/30/24 | — | @ | ||||||||
BNP Paribas SA | DKK | 105 | $ | 16 | 6/20/24 | — | @ | ||||||||
BNP Paribas SA | EUR | 133 | $ | 143 | 4/30/24 | (— | @) | ||||||||
BNP Paribas SA | EUR | 227 | $ | 249 | 6/20/24 | 3 | |||||||||
BNP Paribas SA | GBP | 39 | $ | 50 | 6/20/24 | 1 | |||||||||
BNP Paribas SA | IDR | 4,059,086 | $ | 258 | 4/30/24 | 2 | |||||||||
BNP Paribas SA | INR | 66,379 | $ | 800 | 6/20/24 | 6 | |||||||||
BNP Paribas SA | INR | 2,980 | $ | 36 | 6/20/24 | — | @ | ||||||||
BNP Paribas SA | SEK | 137 | $ | 13 | 6/20/24 | 1 | |||||||||
BNP Paribas SA | $ | 22 | AUD | 33 | 6/20/24 | (— | @) | ||||||||
BNP Paribas SA | $ | 457 | CAD | 615 | 4/30/24 | (3 | ) | ||||||||
BNP Paribas SA | $ | 33 | CHF | 29 | 6/20/24 | (1 | ) | ||||||||
BNP Paribas SA | $ | 14 | CLP | 13,453 | 6/21/24 | — | @ | ||||||||
BNP Paribas SA | $ | 74 | CNY | 527 | 4/30/24 | (1 | ) | ||||||||
BNP Paribas SA | $ | 13 | COP | 50,392 | 6/20/24 | — | @ | ||||||||
BNP Paribas SA | $ | 14 | HKD | 108 | 6/20/24 | (— | @) | ||||||||
BNP Paribas SA | $ | 40 | IDR | 628,489 | 6/20/24 | (— | @) | ||||||||
BNP Paribas SA | $ | 2,030 | JPY | 297,683 | 4/30/24 | (55 | ) | ||||||||
BNP Paribas SA | $ | 137 | JPY | 20,479 | 4/30/24 | (1 | ) | ||||||||
BNP Paribas SA | $ | 1,124 | JPY | 163,564 | 6/20/24 | (31 | ) | ||||||||
BNP Paribas SA | $ | 748 | MXN | 12,784 | 6/20/24 | 11 | |||||||||
BNP Paribas SA | $ | 26 | RON | 122 | 4/30/24 | — | @ | ||||||||
BNP Paribas SA | $ | 66 | SEK | 696 | 4/30/24 | (1 | ) | ||||||||
BNP Paribas SA | $ | 24 | SGD | 33 | 4/30/24 | (— | @) | ||||||||
BNP Paribas SA | $ | 15 | THB | 518 | 6/20/24 | (— | @) | ||||||||
Citibank NA | EUR | 509 | $ | 549 | 4/30/24 | (1 | ) | ||||||||
Citibank NA | $ | 96 | CHF | 82 | 4/30/24 | (4 | ) | ||||||||
Citibank NA | $ | 7 | CZK | 168 | 6/20/24 | (— | @) | ||||||||
Citibank NA | $ | 21 | ILS | 78 | 6/20/24 | (— | @) | ||||||||
Goldman Sachs International | BRL | 6,048 | $ | 1,215 | 6/20/24 | 18 | |||||||||
Goldman Sachs International | DKK | 10 | $ | 1 | 6/20/24 | — | @ | ||||||||
Goldman Sachs International | EUR | 56 | $ | 62 | 6/20/24 | 1 | |||||||||
Goldman Sachs International | GBP | 22 | $ | 28 | 4/30/24 | — | @ | ||||||||
Goldman Sachs International | JPY | 12,807 | $ | 85 | 4/30/24 | — | @ |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (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 | NOK | 6 | $ | 1 | 6/20/24 | $ | — | @ | |||||||
Goldman Sachs International | TRY | 15,162 | $ | 358 | 12/23/24 | 10 | |||||||||
Goldman Sachs International | $ | 19 | AUD | 29 | 6/20/24 | (— | @) | ||||||||
Goldman Sachs International | $ | 6 | CHF | 5 | 6/20/24 | (— | @) | ||||||||
Goldman Sachs International | $ | 3 | HKD | 25 | 6/20/24 | (— | @) | ||||||||
Goldman Sachs International | $ | 325 | MXN | 5,562 | 6/20/24 | 5 | |||||||||
Goldman Sachs International | $ | 43 | MXN | 723 | 6/20/24 | (— | @) | ||||||||
Goldman Sachs International | $ | 26 | MYR | 122 | 6/20/24 | (— | @) | ||||||||
Goldman Sachs International | $ | — | @ | SGD | 1 | 6/20/24 | (— | @) | |||||||
Goldman Sachs International | $ | 387 | TRY | 15,162 | 12/23/24 | (39 | ) | ||||||||
Goldman Sachs International | $ | 149 | TWD | 4,648 | 6/20/24 | (2 | ) | ||||||||
Goldman Sachs International | $ | 25 | TWD | 790 | 6/20/24 | — | @ | ||||||||
JPMorgan Chase Bank NA | CAD | 82 | $ | 61 | 6/20/24 | — | @ | ||||||||
JPMorgan Chase Bank NA | CNH | 683 | $ | 96 | 6/20/24 | 1 | |||||||||
JPMorgan Chase Bank NA | EUR | 834 | $ | 914 | 6/20/24 | 12 | |||||||||
JPMorgan Chase Bank NA | GBP | 51 | $ | 65 | 6/20/24 | 1 | |||||||||
JPMorgan Chase Bank NA | GBP | 31 | $ | 39 | 4/30/24 | — | @ | ||||||||
JPMorgan Chase Bank NA | HUF | 11,025 | $ | 31 | 4/30/24 | 1 | |||||||||
JPMorgan Chase Bank NA | NZD | 29 | $ | 18 | 6/20/24 | — | @ | ||||||||
JPMorgan Chase Bank NA | THB | 285 | $ | 8 | 4/30/24 | — | @ | ||||||||
JPMorgan Chase Bank NA | $ | 17 | CLP | 15,810 | 4/30/24 | (1 | ) | ||||||||
JPMorgan Chase Bank NA | $ | 169 | CNY | 1,200 | 4/30/24 | (3 | ) | ||||||||
JPMorgan Chase Bank NA | $ | 24 | HKD | 185 | 6/20/24 | (— | @) | ||||||||
JPMorgan Chase Bank NA | $ | 3 | ILS | 11 | 6/20/24 | (— | @) | ||||||||
JPMorgan Chase Bank NA | $ | 18 | JPY | 2,662 | 6/20/24 | (1 | ) | ||||||||
JPMorgan Chase Bank NA | $ | 238 | MXN | 4,067 | 6/20/24 | 4 | |||||||||
Standard Chartered Bank | AUD | 129 | $ | 84 | 4/30/24 | (— | @) | ||||||||
Standard Chartered Bank | EUR | 20 | $ | 22 | 4/30/24 | — | @ | ||||||||
State Street Bank & Trust Co. | $ | — | @ | HKD | — | @ | 6/20/24 | — | @ | ||||||
UBS AG | CAD | 531 | $ | 394 | 4/30/24 | 2 | |||||||||
UBS AG | CAD | 2 | $ | 1 | 4/30/24 | (— | @) | ||||||||
UBS AG | CNY | 20,090 | $ | 2,833 | 6/20/24 | 31 | |||||||||
UBS AG | EUR | 108 | $ | 117 | 4/30/24 | — | @ | ||||||||
UBS AG | EUR | 266 | $ | 292 | 6/20/24 | 4 | |||||||||
UBS AG | EUR | 130 | $ | 141 | 6/20/24 | — | @ | ||||||||
UBS AG | NOK | 285 | $ | 27 | 6/20/24 | 1 | |||||||||
UBS AG | $ | 205 | AUD | 314 | 4/30/24 | (— | @) | ||||||||
UBS AG | $ | 61 | AUD | 93 | 4/30/24 | (— | @) | ||||||||
UBS AG | $ | 44 | AUD | 67 | 6/20/24 | (— | @) | ||||||||
UBS AG | $ | 1 | HUF | 419 | 6/20/24 | — | @ | ||||||||
UBS AG | $ | 48 | JPY | 7,079 | 4/30/24 | (1 | ) | ||||||||
UBS AG | $ | 350 | KRW | 464,944 | 4/30/24 | (4 | ) | ||||||||
UBS AG | $ | 82 | KRW | 108,252 | 6/20/24 | (1 | ) | ||||||||
UBS AG | $ | 284 | MXN | 4,846 | 6/20/24 | 4 | |||||||||
UBS AG | $ | 14 | NOK | 145 | 4/30/24 | (— | @) | ||||||||
UBS AG | $ | 35 | PEN | 135 | 4/30/24 | 1 | |||||||||
UBS AG | $ | 23 | PLN | 94 | 4/30/24 | — | @ | ||||||||
UBS AG | $ | 2 | TRY | 62 | 6/20/24 | — | @ | ||||||||
$ | $ | (39 | ) |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Futures Contracts:
The Fund had the following futures contracts open at March 31, 2024:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
Long: | ||||||||||||||||||
CAC 40 Index (France) | 1 | Apr-24 | EUR | — | @ | $ | 89 | $ | 2 | |||||||||
FTSE MIB Index (Italy) | 1 | Jun-24 | — | @ | 185 | 8 | ||||||||||||
German Euro-BTP Index (Germany) | 1 | Jun-24 | 100 | 128 | 3 | |||||||||||||
German Euro-Schatz Index (Germany) | 14 | Jun-24 | 1,400 | 1,597 | — | @ | ||||||||||||
Hang Seng Index (Hong Kong) | 1 | Apr-24 | HKD | — | @ | 106 | (— | @) | ||||||||||
IBEX 35 Index (Spain) | 1 | Apr-24 | EUR | — | @ | 119 | 8 | |||||||||||
ICE Brent Crude Oil Index (United States) | 2 | Apr-24 | $ | 2 | 174 | 1 | ||||||||||||
KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 5 | Jun-24 | KRW | 500,000 | 421 | 1 | ||||||||||||
KFE KOSPI 200 Index (Korea, Republic of) | 2 | Jun-24 | KRW | 500 | 140 | 6 | ||||||||||||
Long Gilt Index (United Kingdom) | 1 | Jun-24 | GBP | 100 | 126 | 3 | ||||||||||||
MDE Kuala Lumpur Composite Index (Malaysia) | 2 | Apr-24 | MYR | — | @ | 33 | — | @ | ||||||||||
MSCI Emerging Market EMEA Index (United States) | 8 | Jun-24 | $ | 1 | 241 | — | @ | |||||||||||
MSCI Emerging Market Latin America Index (United States) | 3 | Jun-24 | — | @ | 187 | 4 | ||||||||||||
MSCI Indonesia Index (United States) | 2 | Jun-24 | — | @ | 38 | (1 | ) | |||||||||||
S&P 500 E Mini Index (United States) | 4 | Jun-24 | — | @ | 1,062 | 24 | ||||||||||||
SFE S&P ASX Share Price Index (Australia) | 1 | Jun-24 | AUD | — | @ | 130 | 3 | |||||||||||
SGX FTSE Taiwan Index (United States) | 2 | Apr-24 | $ | — | @ | 139 | 1 | |||||||||||
SGX MSCI Singapore Index (Singapore) | 1 | Apr-24 | SGD | — | @ | 22 | — | @ | ||||||||||
TEF SET50 Index (Thailand) | 7 | Jun-24 | THB | 1 | 32 | (— | @) | |||||||||||
U.S. Treasury Long Bond (United States) | 1 | Jun-24 | $ | 100 | 120 | 2 | ||||||||||||
U.S. Treasury 2 yr. Note (United States) | 3 | Jun-24 | 600 | 613 | (1 | ) | ||||||||||||
U.S. Treasury 5 yr. Note (United States) | 16 | Jun-24 | 1,600 | 1,712 | 3 | |||||||||||||
U.S. Treasury 10 yr. Note (United States) | 9 | Jun-24 | 900 | 997 | 2 | |||||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 15 | Jun-24 | 1,500 | 1,719 | (3 | ) | ||||||||||||
Short: | ||||||||||||||||||
Euro Stoxx 50 Index (Germany) | 32 | Jun-24 | EUR | (— | @) | (1,742 | ) | (49 | ) | |||||||||
FTSE 100 Index (United Kingdom) | 1 | Jun-24 | GBP | (— | @) | (101 | ) | (4 | ) | |||||||||
German Euro-BTP Index (Germany) | 6 | Jun-24 | EUR | (600) | (770 | ) | (9 | ) | ||||||||||
German Euro-Bund Index (Germany) | 13 | Jun-24 | (1,300 | ) | (1,871 | ) | (13 | ) | ||||||||||
IFSC NIFTY 50 Index (United States) | 18 | Apr-24 | $ | (— | @) | (810 | ) | (7 | ) | |||||||||
MSCI Emerging Market Index (United States) | 2 | Jun-24 | (— | @) | (105 | ) | (— | @) | ||||||||||
Nikkei 225 Index (Japan) | 1 | Jun-24 | JPY | (1 | ) | (133 | ) | (1 | ) | |||||||||
SFE 10 yr. Australian Bond Index (Australia) | 1 | Jun-24 | AUD | (100 | ) | (76 | ) | (— | @) | |||||||||
TSE Japanese 10 yr. Bond index (Japan) | 8 | Jun-24 | JPY | (800,000 | ) | (7,698 | ) | (12 | ) | |||||||||
U.S. Treasury Ultra Long Bond (United States) | 2 | Jun-24 | $ | (200 | ) | (258 | ) | (3 | ) | |||||||||
U.S. Treasury 5 yr. Note (United States) | 8 | Jun-24 | (800 | ) | (856 | ) | (1 | ) | ||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 7 | Jun-24 | (700 | ) | (802 | ) | (7 | ) | ||||||||||
$ | (40 | ) |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Centrally Cleared Interest Rate Swap Agreements:
The Fund had the following centrally cleared interest rate swap agreements open at March 31, 2024:
Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
Morgan Stanley & Co. LLC | 1 Month CNRR | Receive | 2.38 | % | Quarterly/Quarterly | 11/3/28 | 7,219 | $ | 13 | $ | — | $ | 13 | |||||||||||||||
Morgan Stanley & Co. LLC | 1 Month CNRR | Receive | 2.38 | Quarterly/Quarterly | 11/3/28 | 7,219 | 13 | — | 13 | |||||||||||||||||||
Morgan Stanley & Co. LLC | 1 Week CNY | Receive | 2.56 | Quarterly/Quarterly | 5/16/28 | 11,796 | 32 | — | 32 | |||||||||||||||||||
Morgan Stanley & Co. LLC | 1 Week CNY | Receive | 2.56 | Quarterly/Quarterly | 5/16/28 | 11,796 | 32 | — | 32 | |||||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.17 | Maturity/Maturity | 1/15/34 | 648 | (1 | ) | — | (1 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.17 | Maturity/Maturity | 1/15/34 | 701 | (1 | ) | — | (1 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.17 | Maturity/Maturity | 1/15/34 | 648 | (1 | ) | — | (1 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.17 | Maturity/Maturity | 1/15/34 | 518 | (— | @) | — | (— | @) | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.17 | Maturity/Maturity | 1/15/34 | 648 | (1 | ) | — | (1 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.18 | Maturity/Maturity | 1/15/34 | 648 | — | @ | — | — | @ | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.42 | Maturity/Maturity | 1/15/54 | 233 | (4 | ) | — | (4 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.42 | Maturity/Maturity | 1/15/54 | 233 | (4 | ) | — | (4 | ) | |||||||||||||||||
Morgan Stanley & Co. LLC | Euro-stat Eurozone HICP ex Tobacco Index | Receive | 2.42 | Maturity/Maturity | 1/15/54 | 230 | (4 | ) | — | (4 | ) | |||||||||||||||||
$ | 74 | $ | — | $ | 74 |
Total Return Swap Agreements:
The Fund had the following total return swap agreements open at March 31, 2024:
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 | Receive | SOFR + 0.45% | Quarterly | 7/16/24 | $ | (2,129 | ) | $ | 191 | $ | — | $ | 191 | ||||||||||||
Barclays Bank PLC | MSCI Japan Net Total Return USD Index | Receive | SOFR + 0.14% | Quarterly | 2/11/25 | (2,689 | ) | 175 | — | 175 | ||||||||||||||||
BNP Paribas SA | EMU Anti-Value + Quality Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | EUR | 147 | (4 | ) | — | (4 | ) | ||||||||||||||
BNP Paribas SA | EMU Anti-Value + Quality Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 147 | (5 | ) | — | (5 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value + Quality Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 148 | (5 | ) | — | (5 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value + Quality Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 148 | (4 | ) | — | (4 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value + Quality Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 145 | (2 | ) | — | (2 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value 5 Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 112 | (2 | ) | — | (2 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value 5 Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 112 | (3 | ) | — | (3 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value 5 Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 112 | (2 | ) | — | (2 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value 5 Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 112 | (2 | ) | — | (2 | ) | |||||||||||||||
BNP Paribas SA | EMU Anti-Value 5 Index | Pay | ESTR + 0.02% | Quarterly | 9/18/24 | 110 | (1 | ) | — | (1 | ) | |||||||||||||||
BNP Paribas SA | EMU Domestics Index†† | Receive | ESTR + 0.21% | Quarterly | 1/15/25 | (1,505 | ) | 194 | — | 194 | ||||||||||||||||
BNP Paribas SA | EMU Domestics Index†† | Receive | ESTR + 0.21% | Quarterly | 1/15/25 | (433 | ) | 28 | — | 28 | ||||||||||||||||
BNP Paribas SA | EMU Value + Quality Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (148 | ) | 6 | — | 6 | ||||||||||||||||
BNP Paribas SA | EMU Value + Quality Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (147 | ) | 6 | — | 6 | ||||||||||||||||
BNP Paribas SA | EMU Value + Quality Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (149 | ) | 6 | — | 6 | ||||||||||||||||
BNP Paribas SA | EMU Value + Quality Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (147 | ) | 5 | — | 5 | ||||||||||||||||
BNP Paribas SA | EMU Value + Quality Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (144 | ) | 4 | — | 4 | ||||||||||||||||
BNP Paribas SA | EMU Value 5 Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (113 | ) | 5 | — | 5 | ||||||||||||||||
BNP Paribas SA | EMU Value 5 Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (112 | ) | 5 | — | 5 | ||||||||||||||||
BNP Paribas SA | EMU Value 5 Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (112 | ) | 4 | — | 4 | ||||||||||||||||
BNP Paribas SA | EMU Value 5 Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | (112 | ) | 4 | — | 4 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (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 | EMU Value 5 Index | Receive | ESTR + 0.35% | Quarterly | 9/18/24 | EUR | (109 | ) | $ | 3 | $ | — | $ | 3 | ||||||||||||
BNP Paribas SA | U.S. Domestics Index†† | Pay | SOFR + 0.38% | Quarterly | 1/15/25 | $ | 1,624 | (144 | ) | — | (144 | ) | ||||||||||||||
BNP Paribas SA | U.S. Domestics Index†† | Pay | SOFR + 0.38% | Quarterly | 1/15/25 | 471 | (15 | ) | — | (15 | ) | |||||||||||||||
Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Receive | SOFR + 0.00% | Quarterly | 1/28/25 | (4,852 | ) | 261 | — | 261 | ||||||||||||||||
JPMorgan Chase Bank NA | Japan Growth Index†† | Pay | SOFR + 0.30% | Quarterly | 10/23/24 | 302 | (44 | ) | — | (44 | ) | |||||||||||||||
JPMorgan Chase Bank NA | Japan Growth Index†† | Pay | SOFR + 0.19% | Quarterly | 3/18/25 | 649 | (4 | ) | — | (4 | ) | |||||||||||||||
JPMorgan Chase Bank NA | Japan Value Index | Receive | SOFR + 0.00% | Quarterly | 3/18/25 | (654 | ) | 25 | — | 25 | ||||||||||||||||
JPMorgan Chase Bank NA | Korea Value Index | Receive | SOFR + 0.16% | Quarterly | 3/18/25 | (329 | ) | (14 | ) | — | (14 | ) | ||||||||||||||
JPMorgan Chase Bank NA | U.S. High Earnings Revisions Index†† | Pay | SOFR + 0.40% | Quarterly | 3/17/25 | 480 | (12 | ) | — | (12 | ) | |||||||||||||||
JPMorgan Chase Bank NA | U.S. High Earnings Revisions Index†† | Pay | SOFR + 0.40% | Quarterly | 3/17/25 | 713 | (27 | ) | — | (27 | ) | |||||||||||||||
JPMorgan Chase Bank NA | U.S. Value Quality Index†† | Receive | SOFR + 0.40% | Quarterly | 3/17/25 | (479 | ) | 10 | — | 10 | ||||||||||||||||
JPMorgan Chase Bank NA | U.S. Value Quality Index†† | Receive | SOFR + 0.40% | Quarterly | 3/17/25 | (711 | ) | 28 | — | 28 | ||||||||||||||||
UBS AG | MSCI USA Index | Receive | SOFR + 0.46% | Quarterly | 9/24/24 | (11,255 | ) | 47 | — | 47 | ||||||||||||||||
$ | 717 | $ | — | $ | 717 |
†† | See tables below for details of the equity basket holdings underlying the swaps. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (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 Domestics Index as of March 31, 2024:
Security Description | Shares | Value (000) | Percentage of Net Assets | |||||||||
EMU Domestics Index | ||||||||||||
ADP | 249 | $ | 32 | 0.01 | % | |||||||
Aena SME SA | 263 | 48 | 0.01 | |||||||||
Basic-Fit NV | 326 | 7 | 0.00 | |||||||||
Bechtle AG | 477 | 23 | 0.00 | |||||||||
Bouygues SA | 957 | 36 | 0.01 | |||||||||
Capgemini SE | 406 | 87 | 0.02 | |||||||||
Compagnie De Saint Gobain | 1,181 | 85 | 0.01 | |||||||||
Deutsche Lufthansa - Reg | 3,894 | 28 | 0.00 | |||||||||
D'Ieteren Group | 134 | 28 | 0.00 | |||||||||
Eiffage | 356 | 37 | 0.01 | |||||||||
Exclusive Networks SA | 89 | 2 | 0.00 | |||||||||
Fraport Ag Frankfurt Airport | 313 | 15 | 0.00 | |||||||||
Getlink SE | 1,986 | 31 | 0.01 | |||||||||
Indra Sistemas SA | 958 | 18 | 0.00 | |||||||||
Industria de Diseno Textil SA | 2,512 | 117 | 0.02 | |||||||||
Iveco Group NV | 2,828 | 39 | 0.01 | |||||||||
Kingspan Group PLC | 577 | 49 | 0.01 | |||||||||
La Francaise des Jeux SAEM | 504 | 19 | 0.00 | |||||||||
Prosiebensat.1 Media SE | 1,885 | 12 | 0.00 | |||||||||
Randstad NV | 627 | 31 | 0.01 | |||||||||
Rheinmetall AG | 150 | 78 | 0.01 | |||||||||
Scout24 SE | 461 | 32 | 0.01 | |||||||||
Smurfit Kappa Group PLC | 1,090 | 46 | 0.01 | |||||||||
Stora Enso OYJ - Class R | 2,879 | 37 | 0.01 | |||||||||
Vinci SA | 1,089 | 129 | 0.02 | |||||||||
Vivendi SE | 3,420 | 35 | 0.01 | |||||||||
Zalando SE | 1,570 | 42 | 0.01 |
The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Domestics Index as of March 31, 2024:
Security Description | Shares | Value (000) | Percentage of Net Assets | |||||||||
U.S. Domestics Index | ||||||||||||
Arista Networks, Inc. | 66 | $ | 19 | 0.00 | % | |||||||
Automatic Data Processing | 105 | 26 | 0.00 | |||||||||
Autozone, Inc. | 5 | 14 | 0.00 | |||||||||
CDW Corp. | 34 | 9 | 0.00 | |||||||||
Charter Communications, Inc. - Class A | 25 | 7 | 0.00 | |||||||||
Cintas Corp. | 23 | 16 | 0.00 | |||||||||
Cognizant Tech Solutions - Class A | 128 | 9 | 0.00 | |||||||||
Comcast Corp. - Class A | 1,047 | 45 | 0.01 | |||||||||
Copart, Inc. | 215 | 12 | 0.00 | |||||||||
Crowdstrike Holdings, Inc. - Class A | 53 | 17 | 0.00 | |||||||||
CSX Corp. | 507 | 19 | 0.00 | |||||||||
Datadog, Inc. - Class A | 64 | 8 | 0.00 | |||||||||
Doordash, Inc. - Class A | 61 | 8 | 0.00 | |||||||||
DR Horton, Inc. | 76 | 12 | 0.00 | |||||||||
Equifax, Inc. | 31 | 8 | 0.00 | |||||||||
Fair Isaac Corp. | 6 | 8 | 0.00 | |||||||||
Fastenal Co. | 143 | 11 | 0.00 | |||||||||
Fedex Corp. | 60 | 17 | 0.00 | |||||||||
Hilton Worldwide Holdings, Inc. | 66 | 14 | 0.00 | |||||||||
Home Depot, Inc. | 247 | 95 | 0.02 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Security Description | Shares | Value (000) | Percentage of Net Assets | |||||||||
U.S. Domestics Index (cont'd) | ||||||||||||
Lennar Corp. - Class A | 61 | $ | 11 | 0.00 | % | |||||||
Lowe's Cos, Inc. | 144 | 37 | 0.01 | |||||||||
Lululemon Athletica, Inc. | 30 | 12 | 0.00 | |||||||||
Marriott International - Class A | 64 | 16 | 0.00 | |||||||||
Martin Marietta Materials | 16 | 10 | 0.00 | |||||||||
Norfolk Southern Corp. | 58 | 15 | 0.00 | |||||||||
NVR, Inc. | 1 | 7 | 0.00 | |||||||||
Old Dominion Freight Line | 50 | 11 | 0.00 | |||||||||
O'Reilly Automotive, Inc. | 15 | 17 | 0.00 | |||||||||
Pultegroup, Inc. | 55 | 7 | 0.00 | |||||||||
Quanta Services, Inc. | 37 | 10 | 0.00 | |||||||||
Republic Services, Inc. | 56 | 11 | 0.00 | |||||||||
Roper Technologies, Inc. | 27 | 15 | 0.00 | |||||||||
Ross Stores, Inc. | 85 | 13 | 0.00 | |||||||||
Sherwin-Williams Co. | 62 | 22 | 0.00 | |||||||||
Snowflake, Inc. - Class A | 70 | 11 | 0.00 | |||||||||
Starbucks Corp. | 292 | 27 | 0.00 | |||||||||
TJX Companies, Inc. | 286 | 29 | 0.01 | |||||||||
Tractor Supply Company | 28 | 7 | 0.00 | |||||||||
Trane Technologies PLC | 57 | 17 | 0.00 | |||||||||
Union Pacific Corp. | 155 | 38 | 0.01 | |||||||||
United Parcel Service - Class B | 182 | 27 | 0.00 | |||||||||
United Rentals, Inc. | 17 | 12 | 0.00 | |||||||||
Verisk Analytics, Inc. | 36 | 9 | 0.00 | |||||||||
Vulcan Materials Co. | 33 | 9 | 0.00 | |||||||||
Walt Disney Co. | 475 | 58 | 0.01 | |||||||||
Waste Connections, Inc. | 65 | 11 | 0.00 | |||||||||
Waste Management, Inc. | 102 | 22 | 0.00 | |||||||||
Workday, Inc. - Class A | 52 | 14 | 0.00 | |||||||||
WW Grainger, Inc. | 11 | 12 | 0.00 |
The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of March 31, 2024:
Security Description | Shares | Value (000) | Percentage of Net Assets | |||||||||
Japan Growth Index | ||||||||||||
Advantest Corp. | 52,311 | $ | 2,357 | 0.41 | % | |||||||
Asahi Intecc Co. Ltd. | 118,978 | 2,071 | 0.36 | |||||||||
Capcom Co. Ltd. | 118,160 | 2,183 | 0.38 | |||||||||
Daifuku Co. Ltd. | 107,455 | 2,545 | 0.45 | |||||||||
Daiichi Sankyo Co. Ltd. | 75,686 | 2,389 | 0.42 | |||||||||
Daikin Industries Ltd. | 17,207 | 2,343 | 0.41 | |||||||||
Disco Corp. | 7,120 | 2,691 | 0.47 | |||||||||
Fanuc Corp. | 81,681 | 2,259 | 0.40 | |||||||||
Fast Retailing Co. Ltd. | 8,273 | 2,577 | 0.45 | |||||||||
Hoshizaki Corp. | 70,317 | 2,613 | 0.46 | |||||||||
Hoya Corp. | 18,719 | 2,318 | 0.41 | |||||||||
Japan Exchange Group, Inc. | 87,760 | 2,384 | 0.42 | |||||||||
Japan Real Estate Investment | 669 | 2,378 | 0.42 | |||||||||
JSR Corp. | 81,680 | 2,339 | 0.41 | |||||||||
Keisei Electric Railway Co. | 56,953 | 2,318 | 0.41 | |||||||||
Keyence Corp. | 5,124 | 2,355 | 0.41 | |||||||||
Kikkoman Corp. | 183,047 | 2,382 | 0.42 | |||||||||
Kobe Bussan Co. Ltd. | 85,841 | 2,120 | 0.37 | |||||||||
Lasertec Corp. | 9,045 | 2,499 | 0.44 | |||||||||
Makita Corp. | 89,424 | 2,523 | 0.44 | |||||||||
Mcdonald's Holdings Co. | 51,671 | 2,342 | 0.41 | |||||||||
Monotaro Co. Ltd. | 224,611 | 2,698 | 0.47 | |||||||||
MS&AD Insurance Group Holdings, Inc. | 136,200 | 2,440 | 0.43 | |||||||||
Nintendo Co. Ltd. | 42,466 | 2,300 | 0.40 | |||||||||
Nippon Building Fund, Inc. | 613 | 2,423 | 0.43 | |||||||||
Nippon Prologis REIT, Inc. | 1,459 | 2,594 | 0.46 | |||||||||
Nissan Chemical Corp. | 59,963 | 2,269 | 0.40 | |||||||||
Nitori Holdings Co. Ltd. | 15,095 | 2,354 | 0.41 | |||||||||
Nomura Research Institute Ltd. | 83,706 | 2,347 | 0.41 | |||||||||
Obic Co. Ltd. | 15,462 | 2,327 | 0.41 | |||||||||
Oriental Land Co. Ltd. | 71,215 | 2,282 | 0.40 | |||||||||
Osaka Gas Co. Ltd. | 107,227 | 2,404 | 0.42 | |||||||||
Rakuten Group, Inc. | 434,948 | 2,443 | 0.43 | |||||||||
Recruit Holdings Co. Ltd. | 55,324 | 2,452 | 0.43 | |||||||||
Secom Co. Ltd. | 31,306 | 2,267 | 0.40 | |||||||||
Shin-Etsu Chemical Co. Ltd. | 53,983 | 2,349 | 0.41 | |||||||||
SMC Corp. | 4,126 | 2,313 | 0.41 | |||||||||
T&D Holdings. Inc. | 135,482 | 2,326 | 0.41 | |||||||||
Tokio Marine Holdings, Inc. | 79,684 | 2,477 | 0.44 | |||||||||
Tokyo Electron Ltd. | 9,475 | 2,478 | 0.44 | |||||||||
Unicharm Corp. | 72,740 | 2,324 | 0.41 | |||||||||
Yaskawa Electric Corp. | 56,470 | 2,367 | 0.42 | |||||||||
Zozo, Inc. | 95,111 | 2,392 | 0.42 |
The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. High Earnings Revisions Index as of March 31, 2024:
Security Description | Shares | Value (000) | Percentage of Net Assets | |||||||||
U.S. High Earnings Revisions Index | ||||||||||||
Acadia Realty Trust | 4,752 | $ | 81 | 0.01 | % | |||||||
American Eagle Outfitters | 2,296 | 59 | 0.01 | |||||||||
Ani Pharmaceuticals, Inc. | 917 | 63 | 0.01 | |||||||||
Applied Industrial Tech, Inc. | 286 | 57 | 0.01 | |||||||||
Ashland, Inc. | 665 | 65 | 0.01 | |||||||||
Carlisle Cos, Inc. | 146 | 57 | 0.01 | |||||||||
Casey's General Stores, Inc. | 180 | 57 | 0.01 | |||||||||
Cencora, Inc. | 262 | 64 | 0.01 | |||||||||
Century Communities, Inc. | 597 | 58 | 0.01 | |||||||||
Chemed Corp. | 95 | 61 | 0.01 | |||||||||
Community Healthcare Trust | 3,922 | 104 | 0.02 | |||||||||
Constellation Energy | 315 | 58 | 0.01 | |||||||||
Dorman Products, Inc. | 584 | 56 | 0.01 | |||||||||
Ecolab, Inc. | 282 | 65 | 0.01 | |||||||||
Emcor Group, Inc. | 163 | 57 | 0.01 | |||||||||
Encompass Health Corp. | 804 | 66 | 0.01 | |||||||||
Enerpac Tool Group Corp. | 1,595 | 57 | 0.01 | |||||||||
Ensign Group, Inc. | 499 | 62 | 0.01 | |||||||||
Equitrans Midstream Corp. | 4,625 | 58 | 0.01 | |||||||||
GAP, Inc. | 2,291 | 63 | 0.01 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Security Description | Shares | Value (000) | Percentage of Net Assets | |||||||||
U.S. High Earnings Revisions Index (cont'd) | ||||||||||||
Griffon Corp. | 775 | $ | 57 | 0.01 | % | |||||||
Haemonetics Corp. | 685 | 58 | 0.01 | |||||||||
Hannon Armstrong Sustainable | 2,029 | 58 | 0.01 | |||||||||
HCA Healthcare, Inc. | 191 | 64 | 0.01 | |||||||||
Innospec, Inc. | 510 | 66 | 0.01 | |||||||||
Installed Building Products | 220 | 57 | 0.01 | |||||||||
Interface, Inc. | 3,420 | 58 | 0.01 | |||||||||
Kemper Corp. | 928 | 58 | 0.01 | |||||||||
Ligand Pharmaceuticals | 828 | 61 | 0.01 | |||||||||
Macerich Co. | 4,863 | 84 | 0.01 | |||||||||
Mercury General Corp. | 1,145 | 59 | 0.01 | |||||||||
Micron Technology, Inc. | 567 | 67 | 0.01 | |||||||||
Minerals Technologies, Inc. | 875 | 66 | 0.01 | |||||||||
Myers Industries, Inc. | 2,475 | 57 | 0.01 | |||||||||
Northern Trust Corp. | 643 | 57 | 0.01 | |||||||||
Openlane, Inc. | 3,345 | 58 | 0.01 | |||||||||
OSI Systems, Inc. | 406 | 58 | 0.01 | |||||||||
PACCAR, Inc. | 458 | 57 | 0.01 | |||||||||
PRA Group, Inc. | 2,175 | 57 | 0.01 | |||||||||
Progressive Corp. | 272 | 56 | 0.01 | |||||||||
PVH Corp. | 401 | 56 | 0.01 | |||||||||
Radnet, Inc. | 1,366 | 66 | 0.01 | |||||||||
Sherwin-Williams Co. | 187 | 65 | 0.01 | |||||||||
Sl Green Realty Corp. | 1,020 | 56 | 0.01 | |||||||||
SPX Technologies, Inc. | 455 | 56 | 0.01 | |||||||||
Tennant Co. | 471 | 57 | 0.01 | |||||||||
UMB Financial Corp. | 657 | 57 | 0.01 | |||||||||
Viad Corp. | 1,472 | 58 | 0.01 | |||||||||
Wisdomtree, Inc. | 6,199 | 57 | 0.01 | |||||||||
World Acceptance Corp. | 400 | 58 | 0.01 |
The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Value Quality Index as of March 31, 2024:
Security Description | Shares | Value (000) | Percentage of Net Assets | |||||||||
U.S. Value Quality Index | ||||||||||||
ABM Industries, Inc. | 1,251 | $ | 56 | 0.01 | % | |||||||
Affiliated Managers Group | 331 | 55 | 0.01 | |||||||||
Agco Corp. | 454 | 56 | 0.01 | |||||||||
AMN Healthcare Services, Inc. | 887 | 55 | 0.01 | |||||||||
Archer-Daniels-Midland Co. | 903 | 57 | 0.01 | |||||||||
Bank OZK | 1,222 | 56 | 0.01 | |||||||||
Borgwarner, Inc. | 1,613 | 56 | 0.01 | |||||||||
Boyd Gaming Corp. | 839 | 56 | 0.01 | |||||||||
Buckle, Inc. | 1,389 | 56 | 0.01 | |||||||||
Bunge Global SA | 559 | 57 | 0.01 | |||||||||
Chord Energy Corp. | 322 | 57 | 0.01 | |||||||||
Comerica, Inc. | 1,016 | 56 | 0.01 | |||||||||
Commercial Metals Co. | 1,002 | 59 | 0.01 | |||||||||
Consensus Cloud Solution | 3,868 | 61 | 0.01 | |||||||||
CVS Health Corp. | 701 | 56 | 0.01 | |||||||||
Delta Air Lines, Inc. | 1,201 | 57 | 0.01 | |||||||||
Encore Wire Corp. | 237 | 62 | 0.01 | |||||||||
FedEx Corp. | 207 | 60 | 0.01 | |||||||||
Fox Corp. - Class B | 1,951 | 56 | 0.01 | |||||||||
GEO Group, Inc. | 4,312 | 61 | 0.01 | |||||||||
GMS, Inc. | 575 | 56 | 0.01 | |||||||||
Green Brick Partners, Inc. | 966 | 58 | 0.01 | |||||||||
Group 1 Automotive, Inc. | 198 | 58 | 0.01 | |||||||||
Highwoods Properties, Inc. | 2,130 | 56 | 0.01 | |||||||||
Invesco Ltd. | 3,363 | 56 | 0.01 | |||||||||
Jackson Financial, Inc. - Class A | 859 | 57 | 0.01 | |||||||||
Marriott Vacations World | 544 | 59 | 0.01 | |||||||||
Medical Properties Trust, Inc. | 11,917 | 56 | 0.01 | |||||||||
Meritage Homes Corp. | 326 | 57 | 0.01 | |||||||||
Mgic Investment Corp. | 2,506 | 56 | 0.01 | |||||||||
Monarch Casino & Resort, Inc. | 738 | 55 | 0.01 | |||||||||
National Presto Industries, Inc. | 688 | 58 | 0.01 | |||||||||
Newmarket Corp. | 87 | 55 | 0.01 | |||||||||
NMI Holdings, Inc. - Class A | 1,746 | 56 | 0.01 | |||||||||
Oshkosh Corp. | 458 | 57 | 0.01 | |||||||||
Pediatrix Medical Group, Inc. | 5,623 | 56 | 0.01 | |||||||||
Polaris, Inc. | 577 | 58 | 0.01 | |||||||||
Preferred Bank | 723 | 56 | 0.01 | |||||||||
Pultegroup, Inc. | 466 | 56 | 0.01 | |||||||||
Ryder System, Inc. | 465 | 56 | 0.01 | |||||||||
Site Centers Corp. | 4,199 | 62 | 0.01 | |||||||||
Standard Motor Products | 1,710 | 57 | 0.01 | |||||||||
State Street Corp. | 719 | 56 | 0.01 | |||||||||
Terex Corp. | 904 | 58 | 0.01 | |||||||||
Urban Edge Properties | 3,502 | 60 | 0.01 | |||||||||
Valero Energy Corp. | 333 | 57 | 0.01 | |||||||||
Valmont Industries, Inc. | 246 | 56 | 0.01 | |||||||||
Vestis Corp. | 2,876 | 55 | 0.01 | |||||||||
Wabash National Corp. | 1,936 | 58 | 0.01 | |||||||||
Worthington Steel, Inc. | 1,710 | 61 | 0.01 |
@ | Value/Notional amount is less than $500. | |
CAC | Cotation Assistée en Continu. | |
EMU | European Economic and Monetary Union. | |
ESTR | Euro Short-Term Rate. | |
FTSE | Financial Times Stock Exchange. | |
IBEX | Índice Bursátil Español. | |
ICE | Intercontinental Exchange. | |
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. | |
TSE | Toronto Stock Exchange. | |
AUD | — | Australian Dollar |
BRL | — | Brazilian Real |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
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 | 45.8 | % | ||
Common Stocks | 35.1 | |||
Short-Term Investments | 19.1 | |||
Total Investments | 100.0 | %** |
** | Does not include open futures contracts with a value of approximately $25,352,000 and net unrealized depreciation of approximately $40,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $39,000. Also does not include open swap agreements with net unrealized appreciation of approximately $791,000. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments
Growth Portfolio
Shares | Value (000) | |||||||
Common Stocks (92.8%) | ||||||||
Automobiles (4.6%) | ||||||||
Rivian Automotive, Inc., Class A (a) | 48,118 | $ | 527 | |||||
Tesla, Inc. (a) | 138,450 | 24,338 | ||||||
24,865 | ||||||||
Biotechnology (1.2%) | ||||||||
Intellia Therapeutics, Inc. (a) | 15,777 | 434 | ||||||
Moderna, Inc. (a) | 3,644 | 388 | ||||||
ProKidney Corp. (a)(b) | 251,077 | 412 | ||||||
Roivant Sciences Ltd. (a) | 497,313 | 5,242 | ||||||
6,476 | ||||||||
Broadline Retail (4.1%) | ||||||||
Global-e Online Ltd. (Israel) (a) | 237,053 | 8,617 | ||||||
MercadoLibre, Inc. (a) | 8,854 | 13,387 | ||||||
22,004 | ||||||||
Capital Markets (1.9%) | ||||||||
Coinbase Global, Inc., Class A (a) | 28,275 | 7,496 | ||||||
Intercontinental Exchange, Inc. | 19,346 | 2,653 | ||||||
10,149 | ||||||||
Chemicals (0.2%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a) | 851,540 | 988 | ||||||
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 (4.3%) | ||||||||
ROBLOX Corp., Class A (a) | 612,106 | 23,370 | ||||||
Financial Services (9.1%) | ||||||||
Adyen NV (Netherlands) (a) | 14,967 | 25,281 | ||||||
Affirm Holdings, Inc. (a) | 628,820 | 23,430 | ||||||
48,711 | ||||||||
Ground Transportation (7.2%) | ||||||||
Uber Technologies, Inc. (a) | 501,385 | 38,601 | ||||||
Health Care Providers & Services (1.4%) | ||||||||
Agilon Health, Inc. (a) | 1,201,613 | 7,330 | ||||||
Health Care Technology (0.5%) | ||||||||
Doximity, Inc., Class A (a) | 107,299 | 2,887 | ||||||
Hotels, Restaurants & Leisure (13.3%) | ||||||||
Airbnb, Inc., Class A (a) | 151,161 | 24,935 | ||||||
DoorDash, Inc., Class A (a) | 336,071 | 46,284 | ||||||
71,219 | ||||||||
Information Technology Services (20.6%) | ||||||||
Cloudflare, Inc., Class A (a) | 485,897 | 47,049 | ||||||
Shopify, Inc., Class A (Canada) (a) | 451,045 | 34,807 | ||||||
Snowflake, Inc., Class A (a) | 177,788 | 28,731 | ||||||
110,587 | ||||||||
Leisure Products (0.4%) | ||||||||
Peloton Interactive, Inc., Class A (a) | 457,641 | 1,961 | ||||||
Life Sciences Tools & Services (0.5%) | ||||||||
10X Genomics, Inc., Class A (a) | 66,708 | 2,504 | ||||||
Media (6.3%) | ||||||||
Trade Desk, Inc., Class A (a) | 384,443 | 33,608 | ||||||
Pharmaceuticals (4.2%) | ||||||||
Royalty Pharma PLC, Class A | 745,682 | 22,646 | ||||||
Software (8.0%) | ||||||||
Aurora Innovation, Inc. (a) | 1,706,923 | 4,814 | ||||||
Bill Holdings, Inc. (a) | 128,779 | 8,850 | ||||||
MicroStrategy, Inc., Class A (a) | 11,507 | 19,614 | ||||||
Samsara, Inc., Class A (a) | 253,505 | 9,580 | ||||||
42,858 | ||||||||
Specialty Retail (5.0%) | ||||||||
Carvana Co. (a) | 303,722 | 26,700 | ||||||
Total Common Stocks (Cost $432,147) | 497,464 | |||||||
Preferred Stocks (2.2%) | ||||||||
Financial Services (0.2%) | ||||||||
Stripe, Inc., Series I (a)(c)(d) (acquisition cost — $1,061; acquired 3/17/23) | 52,681 | 1,369 | ||||||
Software (2.0%) | ||||||||
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $8,310; acquired 8/31/21) | 113,088 | 7,994 | ||||||
Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $2,242; acquired 9/15/23) | 30,506 | 2,157 | ||||||
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $1,618; acquired 6/17/14) | 141,612 | 385 | ||||||
10,536 | ||||||||
Total Preferred Stocks (Cost $13,231) | 11,905 | |||||||
Investment Company (2.7%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $5,996) | 225,243 | 14,229 | ||||||
Short-Term Investments (3.1%) | ||||||||
Investment Company (3.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) (Cost $16,130) | 16,130,427 | 16,130 | ||||||
Securities held as Collateral on Loaned Securities (0.1%) | ||||||||
Investment Company (0.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (e) | 284,008 | 284 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Growth Portfolio
Face Amount (000) | Value (000) | |||||||
Repurchase Agreements (0.0%)‡ | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $22; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $22) | $ | 22 | $ | 22 | ||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $11; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $11) | 11 | 11 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $39; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $40) | 39 | 39 | ||||||
72 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $356) | 356 | |||||||
Total Short-Term Investments (Cost $16,486) | 16,486 | |||||||
Total Investments Excluding Purchased Options (100.8%) (Cost $467,860) | 540,084 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $1,949) | 1,033 | |||||||
Total Investments (101.0%) (Cost $469,809) Including $333 of Securities Loaned (f)(g)(h)(i) | 541,117 | |||||||
Liabilities in Excess of Other Assets (–1.0%) | (5,248 | ) | ||||||
Net Assets (100.0%) | $ | 535,869 |
‡ | 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 March 31, 2024, were approximately $333,000 and $356,000 respectively. The Fund received cash collateral of approximately $356,000, 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 March 31, 2024 amounts to approximately $11,905,000 and represents 2.2% of net assets. |
(d) | At March 31, 2024, the Fund held fair valued securities at approximately $11,905,000, representing 2.2% of net assets. These securities have been fair valued using significant unobservable inputs 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 Fund"), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Fund. |
(f) | The approximate fair value and percentage of net assets, $25,281,000 and 4.7%, 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 three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(h) | Securities are available for collateral in connection with purchased options. |
(i) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $152,967,000 and the aggregate gross unrealized depreciation is approximately $81,659,000, resulting in net unrealized appreciation of approximately $71,308,000. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Growth Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at March 31, 2024:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 109,090,159 | $ | 109,090 | $ | 28 | $ | 462 | $ | (434 | ) | |||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.68 | Jan–25 | 127,446,621 | 127,447 | 449 | 482 | (33 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.78 | Mar–25 | 125,342,522 | 125,343 | 490 | 532 | (42 | ) | |||||||||||||||||
JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 114,161,744 | 114,162 | 66 | 473 | (407 | ) | |||||||||||||||||
$ | 1,033 | $ | 1,949 | $ | (916 | ) |
CNH | — | Chinese Yuan Renminbi Offshore |
USD | — | United States Dollar |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Other** | 33.8 | % | ||
Information Technology Services | 20.5 | |||
Hotels, Restaurants & Leisure | 13.2 | |||
Software | 9.9 | |||
Financial Services | 9.3 | |||
Ground Transportation | 7.1 | |||
Media | 6.2 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments
U.S. Real Estate Portfolio
Shares | Value (000) | |||||||
Common Stocks (98.4%) | ||||||||
Apartments (10.7%) | ||||||||
AvalonBay Communities, Inc. REIT | 64,631 | $ | 11,993 | |||||
Essex Property Trust, Inc. REIT | 33,524 | 8,207 | ||||||
Mid-America Apartment Communities, Inc. REIT | 54,123 | 7,121 | ||||||
27,321 | ||||||||
Data Centers (14.8%) | ||||||||
Digital Realty Trust, Inc. REIT | 100,525 | 14,479 | ||||||
Equinix, Inc. REIT | 28,202 | 23,276 | ||||||
37,755 | ||||||||
Free Standing (5.7%) | ||||||||
Agree Realty Corp. REIT | 89,209 | 5,096 | ||||||
Essential Properties Realty Trust, Inc. REIT | 96,155 | 2,563 | ||||||
NETSTREIT Corp. REIT (a) | 98,089 | 1,802 | ||||||
Realty Income Corp. REIT | 93,986 | 5,085 | ||||||
14,546 | ||||||||
Gaming (3.7%) | ||||||||
VICI Properties, Inc. REIT | 313,183 | 9,330 | ||||||
Health Care (10.8%) | ||||||||
CareTrust REIT, Inc. | 218,105 | 5,315 | ||||||
Ventas, Inc. REIT | 54,945 | 2,392 | ||||||
Welltower, Inc. REIT | 212,992 | 19,902 | ||||||
27,609 | ||||||||
Industrial (15.0%) | ||||||||
Americold Realty Trust, Inc. REIT | 121,614 | 3,030 | ||||||
EastGroup Properties, Inc. REIT | 29,761 | 5,350 | ||||||
Prologis, Inc. REIT | 177,206 | 23,076 | ||||||
Rexford Industrial Realty, Inc. REIT | 134,506 | 6,766 | ||||||
38,222 | ||||||||
Lodging/Resorts (3.6%) | ||||||||
Hilton Worldwide Holdings, Inc. | 10,005 | 2,134 | ||||||
Host Hotels & Resorts, Inc. REIT | 214,232 | 4,431 | ||||||
Ryman Hospitality Properties, Inc. REIT | 21,800 | 2,520 | ||||||
9,085 | ||||||||
Manufactured Homes (2.9%) | ||||||||
Sun Communities, Inc. REIT | 57,829 | 7,436 | ||||||
Office (3.6%) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 51,356 | 6,620 | ||||||
Kilroy Realty Corp. REIT | 68,719 | 2,504 | ||||||
9,124 | ||||||||
Regional Malls (4.9%) | ||||||||
Simon Property Group, Inc. REIT | 80,162 | 12,544 | ||||||
Self Storage (6.5%) | ||||||||
Extra Space Storage, Inc. REIT | 18,945 | 2,785 | ||||||
Public Storage REIT | 47,729 | 13,844 | ||||||
16,629 | ||||||||
Shopping Centers (5.7%) | ||||||||
Federal Realty Investment Trust REIT | 37,599 | 3,840 | ||||||
Kimco Realty Corp. REIT | 260,677 | 5,112 | ||||||
Kite Realty Group Trust REIT | 144,976 | 3,143 | ||||||
Urban Edge Properties REIT | 134,691 | 2,326 | ||||||
14,421 | ||||||||
Single Family Homes (4.5%) | ||||||||
American Homes 4 Rent Class A REIT | 308,819 | 11,358 | ||||||
Specialty (5.3%) | ||||||||
Iron Mountain, Inc. REIT | 110,288 | 8,846 | ||||||
Lamar Advertising Co. Class A REIT | 39,925 | 4,768 | ||||||
13,614 | ||||||||
Telecommunications REITs (0.7%) | ||||||||
American Tower Corp. REIT | 9,273 | 1,832 | ||||||
Total Common Stocks (Cost $218,939) | 250,826 | |||||||
Short-Term Investments (1.8%) | ||||||||
Investment Company (1.7%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class, 5.16% (b) (Cost $4,368) | 4,367,899 | 4,368 | ||||||
Securities held as Collateral on Loaned Securities (0.1%) | ||||||||
Investment Company (0.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (b) | 112,264 | 112 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report – March 31, 2024 (unaudited)
Portfolio of Investments (cont’d)
U.S. Real Estate Portfolio
Face Amount (000) | Value (000) | |||||||
Repurchase Agreements (0.0%)‡ | ||||||||
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $9; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $9) | $ | 9 | $ | 9 | ||||
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $4; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $4) | 4 | 4 | ||||||
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $16; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $16) | 16 | 16 | ||||||
29 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $141) | 141 | |||||||
Total Short-Term Investments (Cost $4,509) | 4,509 | |||||||
Total Investments (100.2%) (Cost $223,448) Including $140 of Securities Loaned (c)(d) | 255,335 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (557 | ) | ||||||
Net Assets (100.0%) | $ | 254,778 |
‡ | Amount is less than 0.05%. |
(a) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2024, were approximately $140,000 and $141,000 respectively. The Fund received cash collateral of approximately $141,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Fund”), 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 Fund. For the three months ended March 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund. |
(c) | The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2024, the Fund did not engage in any cross-trade transactions. |
(d) | At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $38,621,000 and the aggregate gross unrealized depreciation is approximately $6,734,000, resulting in net unrealized appreciation of approximately $31,887,000. |
REIT | Real Estate Investment Trust. |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Other** | 25.6 | % | ||
Industrial | 15.0 | |||
Data Centers | 14.8 | |||
Health Care | 10.8 | |||
Apartments | 10.7 | |||
Self Storage | 6.5 | |||
Free Standing | 5.7 | |||
Shopping Centers | 5.6 | |||
Specialty | 5.3 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the 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 reputable 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 reputable 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 reputable 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 reputable 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. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (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.
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont’d)
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.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont’d)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
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 | $ | 3,654 | $ | — | $ | — | $ | 3,654 | ||||||||
Broadline Retail | 8,365 | — | — | 8,365 | ||||||||||||
Chemicals | 382 | — | — | 382 | ||||||||||||
Entertainment | 7,152 | — | — | 7,152 | ||||||||||||
Financial Services | 10,795 | 8,327 | — | 19,122 | ||||||||||||
Ground Transportation | 2,616 | — | — | 2,616 | ||||||||||||
Health Care Equipment & Supplies | 1,439 | — | — | 1,439 | ||||||||||||
Health Care Providers & Services | 4,662 | — | — | 4,662 | ||||||||||||
Health Care Technology | 2,527 | — | — | 2,527 | ||||||||||||
Hotels, Restaurants & Leisure | 14,968 | — | — | 14,968 | ||||||||||||
Information Technology Services | 19,901 | — | — | 19,901 | ||||||||||||
Leisure Products | 1,920 | — | — | 1,920 | ||||||||||||
Life Sciences Tools & Services | 2,419 | — | — | 2,419 | ||||||||||||
Media | 10,753 | — | — | 10,753 | ||||||||||||
Pharmaceuticals | 7,591 | — | — | 7,591 | ||||||||||||
Software | 31,414 | — | — | 31,414 | ||||||||||||
Specialty Retail | 15,068 | — | — | 15,068 | ||||||||||||
Textiles, Apparel & Luxury Goods | 6,296 | — | — | 6,296 | ||||||||||||
Total Common Stocks | 151,922 | 8,327 | — | 160,249 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Software | — | — | 3,247 | 3,247 | ||||||||||||
Investment Company | 4,541 | — | — | 4,541 | ||||||||||||
Warrants | 1 | — | — | 1 | ||||||||||||
Call Options Purchased | — | 329 | — | 329 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 5,308 | — | — | 5,308 | ||||||||||||
Repurchase Agreements | — | 12 | — | 12 | ||||||||||||
Total Short-Term Investments | 5,308 | 12 | — | 5,320 | ||||||||||||
Total Assets | $ | 161,772 | $ | 8,668 | $ | 3,247 | $ | 173,687 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont’d)
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 | $ | 3,278 | ||
Purchases | — | |||
Sales | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | (31 | ) | ||
Realized gains (losses) | — | |||
Ending Balance | $ | 3,247 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 | $ | (31 | ) |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
Discovery | Fair Value at March 31, 2024 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
Preferred Stocks | $3,247 | Market Transaction Method | Precedent Transaction | $70.69 | Increase | |||||||||
Discounted Cash Flow | Weighted Average Cost of Capital | 15.5% | Decrease | |||||||||||
Perpetual Growth Rate | 3.5% | Increase | ||||||||||||
Market Comparable Companies | Enterprise Value/Revenue | 14.8x | Increase | |||||||||||
Discount for Lack of Marketability | 13.0% | Decrease |
* | Amount is indicative of the weighted average. |
** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
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 | $ | — | $ | 21,570 | $ | — | $ | 21,570 | ||||||||
Sovereign | — | 75,002 | — | 75,002 | ||||||||||||
Total Fixed Income Securities | — | 96,572 | — | 96,572 | ||||||||||||
Warrants | — | 26 | — | 26 | ||||||||||||
Short-Term Investments | ||||||||||||||||
U.S. Treasury Security | — | 236 | — | 236 | ||||||||||||
Investment Company | 7,306 | — | — | 7,306 | ||||||||||||
Total Short-Term Investments | 7,306 | 236 | — | 7,542 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 135 | — | 135 | ||||||||||||
Futures Contracts | 122 | — | — | 122 | ||||||||||||
Credit Default Swap Agreements | — | 26 | — | 26 | ||||||||||||
Total Assets | 7,428 | 96,995 | — | 104,423 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (26 | ) | — | (26 | ) | ||||||||||
Futures Contracts | (79 | ) | — | — | (79 | ) | ||||||||||
Credit Default Swap Agreement | — | (1 | ) | — | (1 | ) | ||||||||||
Total Liabilities | (79 | ) | (27 | ) | — | (106 | ) | |||||||||
Total | $ | 7,349 | $ | 96,968 | $ | — | $ | 104,317 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
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 | $ | — | $ | 977 | $ | — | $ | 977 | ||||||||
Automobiles | — | 10,075 | — | 10,075 | ||||||||||||
Banks | 2,706 | 31,145 | — | 33,851 | ||||||||||||
Beverages | — | 3,258 | — | 3,258 | ||||||||||||
Broadline Retail | — | 5,600 | — | 5,600 | ||||||||||||
Capital Markets | 1,547 | 1,416 | — | 2,963 | ||||||||||||
Chemicals | — | 1,409 | — | 1,409 | ||||||||||||
Construction & Engineering | — | 1,899 | — | 1,899 | ||||||||||||
Consumer Finance | — | 1,577 | — | 1,577 | ||||||||||||
Consumer Staples Distribution & Retail | 1,735 | 2,576 | — | 4,311 | ||||||||||||
Electrical Equipment | 1,801 | 3,598 | — | 5,399 | ||||||||||||
Electronic Equipment, Instruments & Components | 413 | 3,034 | — | 3,447 | ||||||||||||
Entertainment | — | 1,169 | — | 1,169 | ||||||||||||
Financial Services | — | 1,623 | — | 1,623 | ||||||||||||
Food Products | — | 5,578 | — | 5,578 | ||||||||||||
Ground Transportation | 2,158 | — | — | 2,158 | ||||||||||||
Health Care Providers & Services | — | 1,337 | — | 1,337 | ||||||||||||
Hotels, Restaurants & Leisure | 3,009 | 1,498 | — | 4,507 | ||||||||||||
Industrial Conglomerates | — | 1,429 | — | 1,429 | ||||||||||||
Information Technology Services | 739 | 2,035 | — | 2,774 | ||||||||||||
Insurance | — | 8,925 | — | 8,925 | ||||||||||||
Interactive Media & Services | 509 | 6,041 | — | 6,550 | ||||||||||||
Machinery | — | 2,142 | — | 2,142 | ||||||||||||
Metals & Mining | — | 7,329 | — | 7,329 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,266 | 4,244 | — | 5,510 | ||||||||||||
Personal Care Products | — | 778 | — | 778 | ||||||||||||
Pharmaceuticals | — | 968 | — | 968 | ||||||||||||
Real Estate Management & Development | 339 | 1,337 | — | 1,676 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 20,861 | — | 20,861 | ||||||||||||
Specialty Retail | — | 379 | — | 379 | ||||||||||||
Tech Hardware, Storage & Peripherals | — | 9,966 | — | 9,966 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 2,338 | — | 2,338 | ||||||||||||
Total Common Stocks | 16,222 | 146,541 | — | 162,763 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 2,261 | — | — | 2,261 | ||||||||||||
Total Assets | $ | 18,483 | $ | 146,541 | $ | — | $ | 165,024 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Infrastructure | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Airports | $ | — | $ | 4,521 | $ | — | $ | 4,521 | ||||||||
Communications | 7,356 | 2,810 | — | 10,166 | ||||||||||||
Diversified | 2,162 | 4,278 | — | 6,440 | ||||||||||||
Electricity Transmission & Distribution | 5,924 | 4,419 | — | 10,343 | ||||||||||||
Oil & Gas Storage & Transportation | 22,735 | 775 | — | 23,510 | ||||||||||||
Others | 7,449 | 475 | — | 7,924 | ||||||||||||
Railroads | 309 | 581 | — | 890 | ||||||||||||
Toll Roads | — | 1,680 | — | 1,680 | ||||||||||||
Water | 1,415 | 1,706 | — | 3,121 | ||||||||||||
Total Common Stocks | 47,350 | 21,245 | — | 68,595 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 79 | — | — | 79 | ||||||||||||
Total Assets | $ | 47,429 | $ | 21,245 | $ | — | $ | 68,674 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
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 | $ | 3,378 | $ | — | $ | — | $ | 3,378 | ||||||||
Diversified | — | 5,294 | — | 5,294 | ||||||||||||
Health Care | 2,883 | 252 | — | 3,135 | ||||||||||||
Industrial | 3,194 | 1,369 | — | 4,563 | ||||||||||||
Industrial/Office Mixed | — | 628 | — | 628 | ||||||||||||
Lodging/Resorts | 760 | 834 | — | 1,594 | ||||||||||||
Office | 719 | 622 | — | 1,341 | ||||||||||||
Residential | 4,420 | 1,213 | — | 5,633 | ||||||||||||
Retail | 3,631 | 1,221 | — | 4,852 | ||||||||||||
Self Storage | 1,442 | 384 | — | 1,826 | ||||||||||||
Specialty | 1,467 | — | — | 1,467 | ||||||||||||
Telecommunications REITs | 163 | — | — | 163 | ||||||||||||
Total Common Stocks | 22,057 | 11,817 | — | 33,874 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 281 | — | — | 281 | ||||||||||||
Total Assets | $ | 22,338 | $ | 11,817 | $ | — | $ | 34,155 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
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 | $ | — | $ | 3,349 | $ | — | $ | 3,349 | ||||||||
Asset-Backed Securities | — | 310 | — | 310 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 571 | — | 571 | ||||||||||||
Corporate Bonds | — | 9,511 | — | 9,511 | ||||||||||||
Mortgages - Other | — | 1,231 | — | 1,231 | ||||||||||||
Sovereign | — | 18,378 | — | 18,378 | ||||||||||||
Supranational | — | 570 | — | 570 | ||||||||||||
U.S. Treasury Securities | — | 3,791 | — | 3,791 | ||||||||||||
Total Fixed Income Securities | — | 37,711 | — | 37,711 | ||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | 286 | 274 | — | 560 | ||||||||||||
Air Freight & Logistics | 82 | 52 | — | 134 | ||||||||||||
Automobile Components | 26 | 24 | — | 50 | ||||||||||||
Automobiles | 237 | 164 | — | 401 | ||||||||||||
Banks | 824 | 2,312 | — | 3,136 | ||||||||||||
Beverages | 264 | 176 | — | 440 | ||||||||||||
Biotechnology | 344 | 90 | — | 434 | ||||||||||||
Broadline Retail | 579 | 74 | — | 653 | ||||||||||||
Building Products | 117 | 76 | — | 193 | ||||||||||||
Capital Markets | 580 | 297 | — | 877 | ||||||||||||
Chemicals | 312 | 293 | — | 605 | ||||||||||||
Commercial Services & Supplies | 152 | 31 | — | 183 | ||||||||||||
Communications Equipment | 131 | 25 | — | 156 | ||||||||||||
Construction & Engineering | 42 | 75 | — | 117 | ||||||||||||
Construction Materials | 29 | 100 | — | 129 | ||||||||||||
Consumer Finance | 104 | — | — | 104 | ||||||||||||
Consumer Staples Distribution & Retail | 385 | 92 | — | 477 | ||||||||||||
Containers & Packaging | 49 | 13 | — | 62 | ||||||||||||
Distributors | 21 | 4 | — | 25 | ||||||||||||
Diversified Consumer Services | — | 8 | — | 8 | ||||||||||||
Diversified REITs | 5 | 40 | — | 45 | ||||||||||||
Diversified Telecommunication Services | 117 | 156 | — | 273 | ||||||||||||
Electric Utilities | 281 | 128 | — | 409 | ||||||||||||
Electrical Equipment | 126 | 190 | — | 316 | ||||||||||||
Electronic Equipment, Instruments & Components | 110 | 25 | — | 135 | ||||||||||||
Energy Equipment & Services | 61 | 3 | — | † | 64 | † | ||||||||||
Entertainment | 254 | 22 | — | 276 | ||||||||||||
Financial Services | 681 | 121 | — | 802 | ||||||||||||
Food Products | 151 | 280 | — | 431 | ||||||||||||
Gas Utilities | 12 | 14 | — | 26 | ||||||||||||
Ground Transportation | 300 | 5 | — | 305 | ||||||||||||
Health Care Equipment & Supplies | 437 | 173 | — | 610 | ||||||||||||
Health Care Providers & Services | 473 | 26 | — | 499 | ||||||||||||
Health Care REITs | 31 | — | — | 31 | ||||||||||||
Health Care Technology | 14 | — | — | 14 | ||||||||||||
Hotel & Resort REITs | 6 | — | — | 6 | ||||||||||||
Hotels, Restaurants & Leisure | 412 | 177 | — | 589 | ||||||||||||
Household Durables | 74 | 20 | — | 94 | ||||||||||||
Household Products | 186 | 55 | — | 241 |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the 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) | ||||||||||||
Assets: (cont’d) | ||||||||||||||||
Independent Power & Renewable Electricity Producers | 19 | 24 | — | 43 | ||||||||||||
Industrial Conglomerates | 155 | 140 | — | 295 | ||||||||||||
Industrial REITs | 49 | 20 | — | 69 | ||||||||||||
Information Technology Services | 357 | 28 | — | 385 | ||||||||||||
Insurance | 529 | 481 | — | 1,010 | ||||||||||||
Interactive Media & Services | 968 | 26 | — | 994 | ||||||||||||
Investment Company | — | — | — | — | ||||||||||||
Leisure Products | 5 | — | — | 5 | ||||||||||||
Life Sciences Tools & Services | 266 | 59 | — | 325 | ||||||||||||
Machinery | 350 | 224 | — | 574 | ||||||||||||
Marine Transportation | — | 19 | — | 19 | ||||||||||||
Media | 122 | 41 | — | 163 | ||||||||||||
Metals & Mining | 200 | 302 | † | — | 502 | † | ||||||||||
Mortgage Real Estate Investment | 4 | — | — | 4 | ||||||||||||
Multi-Utilities | 114 | 105 | — | 219 | ||||||||||||
Office REITs | 13 | 6 | — | 19 | ||||||||||||
Oil, Gas & Consumable Fuels | 936 | 452 | — | 1,388 | ||||||||||||
Paper & Forest Products | 10 | 28 | — | 38 | ||||||||||||
Passenger Airlines | 7 | 10 | — | 17 | ||||||||||||
Personal Care Products | 26 | 200 | — | 226 | ||||||||||||
Pharmaceuticals | 667 | 924 | — | 1,591 | ||||||||||||
Professional Services | 162 | 160 | — | 322 | ||||||||||||
Real Estate Management & Development | 36 | 67 | — | 103 | ||||||||||||
Residential REITs | 69 | — | — | 69 | ||||||||||||
Retail REITs | 48 | 31 | — | 79 | ||||||||||||
Semiconductors & Semiconductor Equipment | 1,728 | 373 | — | 2,101 | ||||||||||||
Software | 1,826 | 217 | — | 2,043 | ||||||||||||
Specialized REITs | 185 | — | — | 185 | ||||||||||||
Specialty Retail | 374 | 49 | — | 423 | ||||||||||||
Tech Hardware, Storage & Peripherals | 971 | 10 | — | 981 | ||||||||||||
Textiles, Apparel & Luxury Goods | 81 | 363 | — | 444 | ||||||||||||
Tobacco | 76 | 62 | — | 138 | ||||||||||||
Trading Companies & Distributors | 99 | 57 | — | 156 | ||||||||||||
Transportation Infrastructure | — | 37 | — | 37 | ||||||||||||
Water Utilities | 14 | 13 | — | 27 | ||||||||||||
Wireless Telecommunication Services | 46 | 19 | — | 65 | ||||||||||||
Total Common Stocks | 18,807 | 10,162 | † | — | † | 28,969 | † | |||||||||
Rights | — | — | @ | — | — | @ | ||||||||||
Warrants | — | — | — | — | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 13,907 | — | — | 13,907 | ||||||||||||
U.S. Treasury Securities | — | 1,824 | — | 1,824 | ||||||||||||
Total Short-Term Investments | 13,907 | 1,824 | — | 15,731 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 126 | — | 126 | ||||||||||||
Futures Contracts | 71 | — | — | 71 | ||||||||||||
Centrally Cleared Interest Rate Swap Agreements | — | 90 | — | 90 | ||||||||||||
Total Return Swap Agreements | — | 1,007 | — | 1,007 | ||||||||||||
Total Assets | 32,785 | 50,920 | † | — | † | 83,705 | † |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the 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) | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (165 | ) | — | (165 | ) | ||||||||||
Futures Contracts | (111 | ) | — | — | (111 | ) | ||||||||||
Centrally Cleared Interest Rate Swap Agreements | — | (16 | ) | — | (16 | ) | ||||||||||
Total Return Swap Agreements | — | (290 | ) | — | (290 | ) | ||||||||||
Total Liabilities | (111 | ) | (471 | ) | — | (582 | ) | |||||||||
Total | $ | 32,674 | $ | 50,449 | † | $ | — | † | $ | 83,123 | † |
† | Includes one or more securities valued at zero. |
@ | Value is less than $500. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the 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 March 31, 2024 | $ | — |
†† | Includes a security valued at zero. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
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 | $ | 24,865 | $ | — | $ | — | $ | 24,865 | ||||||||
Biotechnology | 6,476 | — | — | 6,476 | ||||||||||||
Broadline Retail | 22,004 | — | — | 22,004 | ||||||||||||
Capital Markets | 10,149 | — | — | 10,149 | ||||||||||||
Chemicals | 988 | — | — | 988 | ||||||||||||
Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
Entertainment | 23,370 | — | — | 23,370 | ||||||||||||
Financial Services | 23,430 | 25,281 | — | 48,711 | ||||||||||||
Ground Transportation | 38,601 | — | — | 38,601 | ||||||||||||
Health Care Providers & Services | 7,330 | — | — | 7,330 | ||||||||||||
Health Care Technology | 2,887 | — | — | 2,887 | ||||||||||||
Hotels, Restaurants & Leisure | 71,219 | — | — | 71,219 | ||||||||||||
Information Technology Services | 110,587 | — | — | 110,587 | ||||||||||||
Leisure Products | 1,961 | — | — | 1,961 | ||||||||||||
Life Sciences Tools & Services | 2,504 | — | — | 2,504 | ||||||||||||
Media | 33,608 | — | — | 33,608 | ||||||||||||
Pharmaceuticals | 22,646 | — | — | 22,646 | ||||||||||||
Software | 42,858 | — | — | 42,858 | ||||||||||||
Specialty Retail | 26,700 | — | — | 26,700 | ||||||||||||
Total Common Stocks | 472,183 | 25,281 | — | † | 497,464 | † | ||||||||||
Preferred Stocks | ||||||||||||||||
Financial Services | — | — | 1,369 | 1,369 | ||||||||||||
Software | — | — | 10,536 | 10,536 | ||||||||||||
Total Preferred Stocks | — | — | 11,905 | 11,905 | ||||||||||||
Investment Company | 14,229 | — | — | 14,229 | ||||||||||||
Call Options Purchased | — | 1,033 | — | 1,033 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 16,414 | — | — | 16,414 | ||||||||||||
Repurchase Agreements | — | 72 | — | 72 | ||||||||||||
Total Short-Term Investments | 16,414 | 72 | — | 16,486 | ||||||||||||
Total Assets | $ | 502,826 | $ | 26,386 | $ | 11,905 | † | $ | 541,117 | † |
† | Includes a security valued at zero. |
Morgan Stanley Variable Insurance Fund, Inc.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the 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 | $ | — | † | $ | 11,749 | |||
Purchases | — | — | ||||||
Sales | — | — | ||||||
Transfers in | — | — | ||||||
Transfers out | — | — | ||||||
Corporate actions | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | 156 | ||||||
Realized gains (losses) | — | — | ||||||
Ending Balance | $ | — | † | $ | 11,905 | |||
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 | $ | — | $ | 156 |
† | Includes a security valued at zero. |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
Growth | Fair Value at March 31, 2024 (000) | Valuation Technique | Unobservable Input | Amount or Range/ Weighted Average* | Impact to Valuation from an Increase in Input** | |||||||
Preferred Stocks | $11,905 | Market Transaction Method | Precedent Transaction | $26.00-$73.50/$65.38 | Increase | |||||||
Discounted Cash Flow | Weighted Average Cost of Capital | 14.5%-18.0%/15.6% | Decrease | |||||||||
Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase | ||||||||||
Market Comparable Companies | Enterprise Value/Revenue | 4.4x-19.2x/14.5x | Increase | |||||||||
Discount for Lack of Marketability | 11.0%-13.0%/12.9% | Decrease | ||||||||||
Comparable Transactions | Enterprise Value/Revenue | 8.7x | 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.
First Quarter Report — March 31, 2024 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2024:
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 | $ | 250,826 | (1) | $ | — | $ | — | $ | 250,826 | |||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 4,480 | — | — | 4,480 | ||||||||||||
Repurchase Agreements | — | 29 | — | 29 | ||||||||||||
Total Short-Term Investments | 4,480 | 29 | — | 4,509 | ||||||||||||
Total Assets | $ | 255,306 | $ | 29 | $ | — | $ | 255,335 |
(1) | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.