Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited)
PRINCIPAL AMOUNT (000) | COUPON RATE | MATURITY DATE | VALUE | |||||||||||||||||
Corporate Bonds (97.1%) | ||||||||||||||||||||
Basic Materials (4.4%) | ||||||||||||||||||||
$ | 150 | Air Products and Chemicals, Inc. | 2.80 | % | 05/15/50 | $ | 139,057 | |||||||||||||
200 | Braskem Netherlands Finance BV (Brazil) (a) | 4.50 | 01/31/30 | 201,240 | ||||||||||||||||
225 | DuPont de Nemours, Inc. | 4.493 | 11/15/25 | 254,440 | ||||||||||||||||
150 | DuPont de Nemours, Inc. | 5.319 | 11/15/38 | 188,642 | ||||||||||||||||
350 | Georgia-Pacific LLC (a) | 2.30 | 04/30/30 | 349,087 | ||||||||||||||||
225 | Glencore Funding LLC (Australia) (a) | 2.50 | 09/01/30 | 216,547 | ||||||||||||||||
225 | Glencore Funding LLC (Australia) (a) | 4.125 | 03/12/24 | 243,841 | ||||||||||||||||
200 | Inversiones CMPC SA (Chile) | 3.85 | 01/13/30 | 213,574 | ||||||||||||||||
500 | Newcastle Coal Infrastructure Group Pty Ltd. (Australia) (a) | 4.40 | 09/29/27 | 507,942 | ||||||||||||||||
225 | Newmont Corp. | 2.25 | 10/01/30 | 219,367 | ||||||||||||||||
200 | NOVA Chemicals Corp. (Canada) (a) | 4.875 | 06/01/24 | 209,375 | ||||||||||||||||
75 | Nutrition & Biosciences, Inc. (a) | 2.30 | 11/01/30 | 72,760 | ||||||||||||||||
200 | POSCO (Korea, Republic of) (a) | 4.00 | 08/01/23 | 214,295 | ||||||||||||||||
50 | Sherwin-Williams Co. (The) | 2.30 | 05/15/30 | 49,324 | ||||||||||||||||
100 | Sherwin-Williams Co. (The) | 2.95 | 08/15/29 | 104,329 | ||||||||||||||||
3,183,820 | ||||||||||||||||||||
Communications (9.9%) | ||||||||||||||||||||
200 | Amazon.com, Inc. | 2.70 | 06/03/60 | 177,803 | ||||||||||||||||
300 | AT&T, Inc. (a) | 2.55 | 12/01/33 | 285,122 | ||||||||||||||||
788 | AT&T, Inc. (a) | 3.55 | 09/15/55 | 722,481 | ||||||||||||||||
53 | AT&T, Inc. (a) | 3.65 | 09/15/59 | 48,541 | ||||||||||||||||
200 | Baidu, Inc. (China) | 1.72 | 04/09/26 | 199,495 | ||||||||||||||||
75 | Booking Holdings, Inc. | 0.90 | 09/15/21 | 88,087 | ||||||||||||||||
200 | Charter Communications Operating LLC/Charter Communications Operating Capital | 2.30 | 02/01/32 | 186,148 | ||||||||||||||||
75 | Charter Communications Operating LLC/Charter Communications Operating Capital | 3.50 | 06/01/41 | 71,230 | ||||||||||||||||
125 | Charter Communications Operating LLC/Charter Communications Operating Capital | 3.85 | 04/01/61 | 114,817 | ||||||||||||||||
100 | Charter Communications Operating LLC/Charter Communications Operating Capital | 4.80 | 03/01/50 | 107,528 | ||||||||||||||||
50 | Charter Communications Operating LLC/Charter Communications Operating Capital | 5.125 | 07/01/49 | 56,341 | ||||||||||||||||
50 | Charter Communications Operating LLC/Charter Communications Operating Capital | 5.75 | 04/01/48 | 60,922 | ||||||||||||||||
350 | Comcast Corp. | 1.95 | 01/15/31 | 337,384 | ||||||||||||||||
500 | Comcast Corp. | 2.45 | 08/15/52 | 428,418 | ||||||||||||||||
125 | Diamond Sports Group LLC/Diamond Sports Finance Co. (a) | 6.625 | 08/15/27 | 65,156 | ||||||||||||||||
100 | Fox Corp. | 5.576 | 01/25/49 | 127,778 | ||||||||||||||||
75 | Juniper Networks, Inc. | 2.00 | 12/10/30 | 69,137 | ||||||||||||||||
375 | Level 3 Financing, Inc. (a) | 3.40 | 03/01/27 | 397,727 | ||||||||||||||||
200 | Meituan (China) (a) | 2.125 | 10/28/25 | 199,326 | ||||||||||||||||
200 | Ooredoo International Finance Ltd. (Qatar) (a) | 2.625 | 04/08/31 | 197,844 | ||||||||||||||||
200 | Prosus NV (China) (a) | 3.68 | 01/21/30 | 206,729 | ||||||||||||||||
200 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a) | 4.738 | 09/20/29 | 214,765 | ||||||||||||||||
200 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a) | 5.152 | 09/20/29 | 228,500 | ||||||||||||||||
250 | T-Mobile USA, Inc. (a) | 2.25 | 11/15/31 | 237,825 | ||||||||||||||||
110 | T-Mobile USA, Inc. | 2.875 | 02/15/31 | 106,452 | ||||||||||||||||
225 | T-Mobile USA, Inc. (a) | 3.60 | 11/15/60 | 216,503 | ||||||||||||||||
375 | Tencent Holdings Ltd. (China) (a) | 3.595 | 01/19/28 | 402,423 | ||||||||||||||||
160 | Twitter, Inc. | 1.00 | 09/15/21 | 166,300 | ||||||||||||||||
200 | Verizon Communications, Inc. | 1.50 | 09/18/30 | 183,862 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited) continued
100 | Verizon Communications, Inc. | 2.65 | 11/20/40 | 91,522 | ||||||||||||||||
580 | Verizon Communications, Inc. (a) | 2.987 | 10/30/56 | 513,059 | ||||||||||||||||
50 | Verizon Communications, Inc. | 3.40 | 03/22/41 | 50,831 | ||||||||||||||||
100 | Vodafone Group PLC (United Kingdom) | 4.375 | 02/19/43 | 111,525 | ||||||||||||||||
429 | Walt Disney Co. (The) | 2.75 | 09/01/49 | 393,522 | ||||||||||||||||
70 | Walt Disney Co. (The) | 3.60 | 01/13/51 | 74,687 | ||||||||||||||||
7,139,790 | ||||||||||||||||||||
Consumer, Cyclical (7.1%) | ||||||||||||||||||||
250 | 7-Eleven, Inc. (a) | 1.80 | 02/10/31 | 233,778 | ||||||||||||||||
168 | Alaska Airlines 2020-1 Class A Pass Through Trust (a) | 4.80 | 02/15/29 | 184,577 | ||||||||||||||||
110 | American Airlines Inc/AAdvantage Loyalty IP Ltd. (a) | 5.75 | 04/20/29 | 117,139 | ||||||||||||||||
150 | Daimler Finance North America LLC (Germany) (a) | 3.30 | 05/19/25 | 161,132 | ||||||||||||||||
200 | Delta Air Lines, Inc., Series AA | 3.204 | 04/25/24 | 207,526 | ||||||||||||||||
150 | Dollar General Corp. | 4.125 | 04/03/50 | 166,587 | ||||||||||||||||
250 | Ford Motor Credit Co., LLC | 4.389 | 01/08/26 | 263,120 | ||||||||||||||||
300 | General Motors Co. | 6.60 | 04/01/36 | 389,966 | ||||||||||||||||
50 | General Motors Financial Co., Inc. | 2.35 | 01/08/31 | 47,810 | ||||||||||||||||
50 | General Motors Financial Co., Inc. | 3.85 | 01/05/28 | 53,914 | ||||||||||||||||
100 | General Motors Financial Co., Inc. | 4.35 | 01/17/27 | 111,161 | ||||||||||||||||
150 | Home Depot, Inc. (The) | 1.375 | 03/15/31 | 138,899 | ||||||||||||||||
125 | Home Depot, Inc. (The) | 2.375 | 03/15/51 | 107,493 | ||||||||||||||||
150 | Home Depot, Inc. (The) | 2.50 | 04/15/27 | 158,100 | ||||||||||||||||
75 | Hyundai Capital America (a) | 2.375 | 02/10/23 | 77,036 | ||||||||||||||||
625 | Hyundai Capital America (a) | 3.00 | 02/10/27 | 651,267 | ||||||||||||||||
289 | JetBlue Pass Through Trust, Series AA | 2.75 | 11/15/33 | 291,567 | ||||||||||||||||
225 | Kohl's Corp. | 3.375 | 05/01/31 | 225,654 | ||||||||||||||||
375 | Las Vegas Sands Corp. | 3.20 | 08/08/24 | 391,226 | ||||||||||||||||
100 | Marriott International, Inc., Series HH | 2.85 | 04/15/31 | 98,230 | ||||||||||||||||
175 | NIKE, Inc. | 3.375 | 03/27/50 | 184,044 | ||||||||||||||||
275 | Nissan Motor Co. Ltd. (Japan) (a) | 3.043 | 09/15/23 | 287,878 | ||||||||||||||||
200 | Resorts World Las Vegas LLC/RWLV Capital, Inc. (a) | 4.625 | 04/16/29 | 201,855 | ||||||||||||||||
150 | Ross Stores, Inc. | 0.875 | 04/15/26 | 145,272 | ||||||||||||||||
222 | Walmart, Inc. | 2.95 | 09/24/49 | 219,001 | ||||||||||||||||
5,114,232 | ||||||||||||||||||||
Consumer, Non-Cyclical (11.9%) | ||||||||||||||||||||
400 | AbbVie, Inc. | 4.25 | 11/21/49 | 453,389 | ||||||||||||||||
175 | Altria Group, Inc. | 3.40 | 02/04/41 | 162,599 | ||||||||||||||||
125 | Altria Group, Inc. | 3.875 | 09/16/46 | 121,476 | ||||||||||||||||
75 | Amgen, Inc. | 3.375 | 02/21/50 | 75,106 | ||||||||||||||||
25 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.35 | 06/01/40 | 28,339 | ||||||||||||||||
50 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.375 | 04/15/38 | 56,900 | ||||||||||||||||
375 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.50 | 06/01/50 | 426,199 | ||||||||||||||||
175 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.60 | 04/15/48 | 200,819 | ||||||||||||||||
175 | Anthem, Inc. | 2.25 | 05/15/30 | 172,370 | ||||||||||||||||
325 | Automatic Data Processing, Inc. | 1.25 | 09/01/30 | 298,003 | ||||||||||||||||
125 | BAT Capital Corp. (United Kingdom) | 2.726 | 03/25/31 | �� | 121,048 | |||||||||||||||
375 | BAT Capital Corp. (United Kingdom) | 3.557 | 08/15/27 | 399,415 | ||||||||||||||||
150 | BAT Capital Corp. (United Kingdom) | 3.734 | 09/25/40 | 143,102 | ||||||||||||||||
250 | Boston Scientific Corp. | 2.65 | 06/01/30 | 252,618 | ||||||||||||||||
125 | Campbell Soup Co. | 3.125 | 04/24/50 | 116,809 | ||||||||||||||||
150 | Cigna Corp. | 2.40 | 03/15/30 | 148,848 | ||||||||||||||||
75 | Cigna Corp. | 4.90 | 12/15/48 | 92,088 | ||||||||||||||||
250 | Clorox Co. (The) | 1.80 | 05/15/30 | 238,344 | ||||||||||||||||
350 | Coca-Cola Femsa SAB de CV (Mexico) | 2.75 | 01/22/30 | 352,219 | ||||||||||||||||
200 | Conagra Brands, Inc. | 1.375 | 11/01/27 | 192,900 | ||||||||||||||||
225 | Conagra Brands, Inc. | 4.60 | 11/01/25 | 255,623 | ||||||||||||||||
877 | CVS Health Corp. | 1.875 | 02/28/31 | 824,486 | ||||||||||||||||
225 | DP World PLC (United Arab Emirates) (a) | 5.625 | 09/25/48 | 264,649 | ||||||||||||||||
75 | Gilead Sciences, Inc. | 2.80 | 10/01/50 | 66,788 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited) continued
200 | Global Payments, Inc. | 2.90 | 05/15/30 | 204,326 | ||||||||||||||||
EUR | 100 | Grifols SA (Spain) (a) | 2.25 | 11/15/27 | 118,882 | |||||||||||||||
$ | 250 | GSK Finance No 3 PLC (United Kingdom) (a)(b) | 0.00 | 06/22/23 | 270,625 | |||||||||||||||
150 | HCA, Inc. | 5.25 | 06/15/49 | 183,987 | ||||||||||||||||
500 | Imperial Brands Finance PLC (United Kingdom) (a) | 3.125 | 07/26/24 | 528,806 | ||||||||||||||||
175 | Keurig Dr Pepper, Inc. | 3.35 | 03/15/51 | 174,624 | ||||||||||||||||
225 | Kimberly-Clark de Mexico SAB de CV (Mexico) (a) | 2.431 | 07/01/31 | 219,927 | ||||||||||||||||
124 | PayPal Holdings, Inc. | 2.30 | 06/01/30 | 122,987 | ||||||||||||||||
232 | PayPal Holdings, Inc. | 2.85 | 10/01/29 | 241,972 | ||||||||||||||||
EUR | 100 | Q-Park Holding I BV (Netherlands) (a) | 1.50 | 03/01/25 | 113,156 | |||||||||||||||
$ | 150 | Royalty Pharma PLC (a) | 2.20 | 09/02/30 | 143,384 | |||||||||||||||
75 | Royalty Pharma PLC (a) | 3.55 | 09/02/50 | 71,663 | ||||||||||||||||
175 | Smithfield Foods, Inc. (a) | 5.20 | 04/01/29 | 200,982 | ||||||||||||||||
125 | Stryker Corp. | 2.90 | 06/15/50 | 118,283 | ||||||||||||||||
325 | Transurban Finance Co. Pty Ltd. (Australia) (a) | 2.45 | 03/16/31 | 316,385 | ||||||||||||||||
100 | Viatris, Inc. (a) | 4.00 | 06/22/50 | 102,167 | ||||||||||||||||
8,596,293 | ||||||||||||||||||||
Energy (10.0%) | ||||||||||||||||||||
325 | Aker BP ASA (Norway) (a) | 4.75 | 06/15/24 | 333,502 | ||||||||||||||||
200 | APT Pipelines Ltd. (Australia) (a) | 4.20 | 03/23/25 | 217,941 | ||||||||||||||||
75 | BP Capital Markets America, Inc. | 3.379 | 02/08/61 | 69,659 | ||||||||||||||||
175 | BP Capital Markets PLC (United Kingdom) | 4.375 | 06/22/25 | (c) | 185,553 | |||||||||||||||
175 | BP Capital Markets PLC (United Kingdom) | 4.875 | 03/22/30 | (c) | 187,906 | |||||||||||||||
375 | Canadian Natural Resources Ltd. (Canada) | 2.95 | 01/15/23 | 389,281 | ||||||||||||||||
75 | Chevron Corp. | 3.078 | 05/11/50 | 71,899 | ||||||||||||||||
175 | Chevron USA, Inc. | 2.343 | 08/12/50 | 145,883 | ||||||||||||||||
250 | Cimarex Energy Co. | 3.90 | 05/15/27 | 272,374 | ||||||||||||||||
100 | ConocoPhillips (a) | 4.875 | 10/01/47 | 121,779 | ||||||||||||||||
275 | Diamondback Energy, Inc. | 3.125 | 03/24/31 | 274,779 | ||||||||||||||||
225 | Diamondback Energy, Inc. | 3.25 | 12/01/26 | 237,432 | ||||||||||||||||
100 | Enbridge, Inc. (Canada) | 3.125 | 11/15/29 | 104,059 | ||||||||||||||||
100 | Energy Transfer Operating LP | 5.00 | 05/15/50 | 103,663 | ||||||||||||||||
125 | Enterprise Products Operating LLC | 3.95 | 01/31/60 | 125,602 | ||||||||||||||||
250 | Enterprise Products Operating LLC | 4.20 | 01/31/50 | 267,066 | ||||||||||||||||
100 | Equinor ASA (Norway) | 3.70 | 04/06/50 | 106,579 | ||||||||||||||||
125 | Exxon Mobil Corp. | 3.452 | 04/15/51 | 126,465 | ||||||||||||||||
350 | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) (a) | 1.75 | 09/30/27 | 350,379 | ||||||||||||||||
100 | Kinder Morgan, Inc. | 3.60 | 02/15/51 | 93,341 | ||||||||||||||||
150 | Marathon Petroleum Corp. | 4.70 | 05/01/25 | 168,711 | ||||||||||||||||
250 | Midwest Connector Capital Co. LLC (a) | 3.625 | 04/01/22 | 253,643 | ||||||||||||||||
100 | MPLX LP | 5.20 | 12/01/47 | 113,652 | ||||||||||||||||
175 | ONEOK, Inc. | 3.10 | 03/15/30 | 176,419 | ||||||||||||||||
25 | ONEOK, Inc. | 4.45 | 09/01/49 | 24,975 | ||||||||||||||||
50 | ONEOK, Inc. | 5.20 | 07/15/48 | 54,782 | ||||||||||||||||
125 | Phillips 66 | 2.15 | 12/15/30 | 118,407 | ||||||||||||||||
200 | Rockies Express Pipeline LLC (a) | 3.60 | 05/15/25 | 200,875 | ||||||||||||||||
475 | Sabine Pass Liquefaction LLC | 4.50 | 05/15/30 | 534,003 | ||||||||||||||||
330 | Saudi Arabian Oil Co. (Saudi Arabia) (a) | 2.25 | 11/24/30 | 316,430 | ||||||||||||||||
125 | Shell International Finance BV (Netherlands) | 3.125 | 11/07/49 | 120,798 | ||||||||||||||||
25 | Spectra Energy Partners LP | 4.50 | 03/15/45 | 27,000 | ||||||||||||||||
250 | Suncor Energy, Inc. (Canada) | 3.75 | 03/04/51 | 243,696 | ||||||||||||||||
175 | Sunoco Logistics Partners Operations LP | 3.90 | 07/15/26 | 188,518 | ||||||||||||||||
100 | Sunoco Logistics Partners Operations LP | 4.00 | 10/01/27 | 107,604 | ||||||||||||||||
125 | Transcontinental Gas Pipe Line Co. LLC | 3.95 | 05/15/50 | 128,329 | ||||||||||||||||
200 | Transportadora de Gas Internacional SA ESP (Colombia) (a) | 5.55 | 11/01/28 | 227,494 | ||||||||||||||||
150 | Western Midstream Operating LP | 4.35 | 02/01/25 | 155,489 | ||||||||||||||||
225 | Williams Cos., Inc. (The) | 4.85 | 03/01/48 | 250,185 | ||||||||||||||||
7,196,152 | ||||||||||||||||||||
Finance (34.5%) | ||||||||||||||||||||
75 | Aflac, Inc. | 4.75 | 01/15/49 | 93,109 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited) continued
100 | Air Lease Corp. | 2.875 | 01/15/26 | 103,830 | ||||||||||||||||
300 | Air Lease Corp. | 3.75 | 06/01/26 | 320,963 | ||||||||||||||||
125 | Alexandria Real Estate Equities, Inc. | 1.875 | 02/01/33 | 113,828 | ||||||||||||||||
200 | Allstate Corp. (The) | 1.45 | 12/15/30 | 183,487 | ||||||||||||||||
200 | Ally Financial, Inc. | 8.00 | 11/01/31 | 278,858 | ||||||||||||||||
125 | American International Group, Inc. | 3.875 | 01/15/35 | 136,208 | ||||||||||||||||
175 | American International Group, Inc. | 3.90 | 04/01/26 | 193,375 | ||||||||||||||||
175 | AmFam Holdings, Inc. (a) | 2.805 | 03/11/31 | 173,845 | ||||||||||||||||
225 | Aon Corp. | 2.80 | 05/15/30 | 230,285 | ||||||||||||||||
125 | Arch Capital Group Ltd. | 3.635 | 06/30/50 | 125,572 | ||||||||||||||||
200 | Australia & New Zealand Banking Group Ltd. (Australia) (a) | 2.57 | 11/25/35 | 188,238 | ||||||||||||||||
325 | Avolon Holdings Funding Ltd. (Ireland) (a) | 2.875 | 02/15/25 | 324,154 | ||||||||||||||||
175 | Banco de Credito del Peru (Peru) (a) | 2.70 | 01/11/25 | 180,490 | ||||||||||||||||
250 | Banco Santander Chile (Chile) (a) | 2.70 | 01/10/25 | 261,730 | ||||||||||||||||
633 | Bank of America Corp. | 2.676 | 06/19/41 | 593,916 | ||||||||||||||||
400 | Bank of America Corp. | 3.248 | 10/21/27 | 430,252 | ||||||||||||||||
125 | Bank of America Corp. | 6.11 | 01/29/37 | 165,887 | ||||||||||||||||
375 | Bank of America Corp., Series N | 2.651 | 03/11/32 | 376,284 | ||||||||||||||||
375 | Barclays PLC (United Kingdom) | 2.852 | 05/07/26 | 392,944 | ||||||||||||||||
175 | Belrose Funding Trust (a) | 2.33 | 08/15/30 | 168,899 | ||||||||||||||||
300 | BNP Paribas SA (France) (a) | 2.824 | 01/26/41 | 270,171 | ||||||||||||||||
250 | BPCE SA (France) (a) | 4.00 | 09/12/23 | 269,675 | ||||||||||||||||
400 | BPCE SA (France) (a) | 5.15 | 07/21/24 | 448,060 | ||||||||||||||||
250 | Brown & Brown, Inc. | 2.375 | 03/15/31 | 240,882 | ||||||||||||||||
175 | Brown & Brown, Inc. | 4.20 | 09/15/24 | 192,518 | ||||||||||||||||
425 | Chubb INA Holdings, Inc. | 1.375 | 09/15/30 | 388,597 | ||||||||||||||||
100 | Citigroup, Inc. | 2.572 | 06/03/31 | 100,003 | ||||||||||||||||
498 | Citigroup, Inc. | 2.666 | 01/29/31 | 500,941 | ||||||||||||||||
450 | Citigroup, Inc. | 4.412 | 03/31/31 | 514,126 | ||||||||||||||||
200 | Commerzbank AG (Germany) (a) | 8.125 | 09/19/23 | 228,924 | ||||||||||||||||
200 | Commonwealth Bank of Australia (Australia) (a) | 3.305 | 03/11/41 | 194,331 | ||||||||||||||||
250 | Credit Agricole SA (France) (a) | 4.125 | 01/10/27 | 280,207 | ||||||||||||||||
550 | Credit Suisse Group AG (Switzerland) (a) | 2.593 | 09/11/25 | 570,619 | ||||||||||||||||
175 | Digital Realty Trust LP | 3.60 | 07/01/29 | 188,238 | ||||||||||||||||
150 | Digital Realty Trust LP | 4.45 | 07/15/28 | 169,883 | ||||||||||||||||
375 | Duke Realty LP | 1.75 | 07/01/30 | 349,846 | ||||||||||||||||
225 | Equinix, Inc. | 1.55 | 03/15/28 | 215,283 | ||||||||||||||||
175 | Equinix, Inc. | 2.95 | 09/15/51 | 154,359 | ||||||||||||||||
50 | Equitable Financial Life Global Funding (a) | 1.40 | 08/27/27 | 48,287 | ||||||||||||||||
350 | Equitable Financial Life Global Funding (a) | 1.75 | 11/15/30 | 327,067 | ||||||||||||||||
350 | Fairfax Financial Holdings Ltd. (Canada) (a) | 3.375 | 03/03/31 | 349,119 | ||||||||||||||||
175 | Five Corners Funding Trust II (a) | 2.85 | 05/15/30 | 180,497 | ||||||||||||||||
150 | GA Global Funding Trust (a) | 1.625 | 01/15/26 | 149,929 | ||||||||||||||||
250 | GE Capital International Funding Co., Unlimited Co. | 4.418 | 11/15/35 | 286,506 | ||||||||||||||||
550 | Global Atlantic Fin Co. (a) | 4.40 | 10/15/29 | 580,491 | ||||||||||||||||
200 | GLP Capital LP/GLP Financing II, Inc. | 4.00 | 01/15/30 | 208,425 | ||||||||||||||||
775 | Goldman Sachs Group, Inc. (The) | 1.992 | 01/27/32 | 736,159 | ||||||||||||||||
200 | Grupo Aval Ltd. (Colombia) (a) | 4.375 | 02/04/30 | 202,308 | ||||||||||||||||
375 | High Street Funding Trust I (a) | 4.111 | 02/15/28 | 417,911 | ||||||||||||||||
550 | HSBC Holdings PLC (United Kingdom) | 1.589 | 05/24/27 | 541,664 | ||||||||||||||||
250 | HSBC Holdings PLC (United Kingdom) | 4.375 | 11/23/26 | 278,658 | ||||||||||||||||
250 | HSBC Holdings PLC (United Kingdom) | 4.00 | 03/09/26 | (c) | 249,375 | |||||||||||||||
250 | ING Groep N.V. (Netherlands) (a) | 4.625 | 01/06/26 | 283,620 | ||||||||||||||||
375 | Intercontinental Exchange, Inc. | 1.85 | 09/15/32 | 343,759 | ||||||||||||||||
325 | Itau Unibanco Holding SA (Brazil) (a) | 2.90 | 01/24/23 | 332,176 | ||||||||||||||||
1,275 | JPMorgan Chase & Co. | 1.953 | 02/04/32 | 1,209,467 | ||||||||||||||||
50 | JPMorgan Chase & Co. | 3.964 | 11/15/48 | 55,234 | ||||||||||||||||
100 | Kilroy Realty LP | 2.50 | 11/15/32 | 94,147 | ||||||||||||||||
75 | Kilroy Realty LP | 3.05 | 02/15/30 | 75,593 | ||||||||||||||||
175 | Kimco Realty Corp. | 3.70 | 10/01/49 | 176,066 | ||||||||||||||||
400 | LeasePlan Corp. (Netherlands) (a) | 2.875 | 10/24/24 | 420,979 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited) continued
275 | Lloyds Banking Group PLC (United Kingdom) | 3.574 | 11/07/28 | 297,127 | ||||||||||||||||
300 | Marsh & McLennan Cos., Inc. | 5.875 | 08/01/33 | 394,861 | ||||||||||||||||
200 | MDC GMTN BV (United Arab Emirates) (a) | 4.50 | 11/07/28 | 232,116 | ||||||||||||||||
150 | Metropolitan Life Global Funding I (a) | 2.95 | 04/09/30 | 156,485 | ||||||||||||||||
325 | National Australia Bank Ltd. (Australia) (a) | 2.332 | 08/21/30 | 307,647 | ||||||||||||||||
425 | Nationwide Building Society (United Kingdom) (a) | 4.363 | 08/01/24 | 459,110 | ||||||||||||||||
575 | Natwest Group PLC (United Kingdom) | 3.875 | 09/12/23 | 616,834 | ||||||||||||||||
250 | Omega Healthcare Investors, Inc. | 3.25 | 04/15/33 | 240,088 | ||||||||||||||||
200 | Oversea-Chinese Banking Corp. Ltd. (Singapore) (a) | 1.832 | 09/10/30 | 198,382 | ||||||||||||||||
250 | Pine Street Trust I (a) | 4.572 | 02/15/29 | 281,276 | ||||||||||||||||
50 | Progressive Corp. (The) | 3.20 | 03/26/30 | 53,770 | ||||||||||||||||
25 | Progressive Corp. (The) | 4.00 | 03/01/29 | 28,388 | ||||||||||||||||
450 | Prologis LP | 1.25 | 10/15/30 | 408,748 | ||||||||||||||||
110 | Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. (a) | 3.875 | 03/01/31 | 106,150 | ||||||||||||||||
231 | Realty Income Corp. | 0.75 | 03/15/26 | 222,756 | ||||||||||||||||
110 | SBA Communications Corp. (a) | 3.125 | 02/01/29 | 105,864 | ||||||||||||||||
225 | Shinhan Bank Co., Ltd. (Korea, Republic of) (a) | 4.00 | 04/23/29 | 245,609 | ||||||||||||||||
200 | Shinhan Financial Group Co. Ltd. (Korea, Republic of) (a) | 1.35 | 01/10/26 | 198,622 | ||||||||||||||||
350 | Societe Generale SA (France) (a) | 2.625 | 01/22/25 | 362,979 | ||||||||||||||||
475 | Standard Chartered PLC (United Kingdom) (a) | 0.991 | 01/12/25 | 472,668 | ||||||||||||||||
550 | SVB Financial Group | 1.80 | 02/02/31 | 508,238 | ||||||||||||||||
125 | TD Ameritrade Holding Corp. | 3.30 | 04/01/27 | 135,945 | ||||||||||||||||
125 | Visa, Inc. | 2.70 | 04/15/40 | 122,688 | ||||||||||||||||
400 | Wells Fargo & Co. | 2.572 | 02/11/31 | 402,483 | ||||||||||||||||
400 | Wells Fargo & Co. | 3.068 | 04/30/41 | 393,085 | ||||||||||||||||
100 | Westpac Banking Corp. (Australia) | 2.668 | 11/15/35 | 95,015 | ||||||||||||||||
24,907,188 | ||||||||||||||||||||
Industrials (6.7%) | ||||||||||||||||||||
225 | Agilent Technologies, Inc. | 2.30 | 03/12/31 | 219,380 | ||||||||||||||||
325 | Aviation Capital Group LLC (a) | 4.375 | 01/30/24 | 345,799 | ||||||||||||||||
275 | Berry Global, Inc. (a) | 1.57 | 01/15/26 | 271,004 | ||||||||||||||||
151 | Berry Global, Inc. (a) | 4.875 | 07/15/26 | 159,939 | ||||||||||||||||
100 | Boeing Co. (The) | 1.167 | 02/04/23 | 101,353 | ||||||||||||||||
125 | Boeing Co. (The) | 2.95 | 02/01/30 | 124,748 | ||||||||||||||||
50 | Boeing Co. (The) | 3.25 | 02/01/35 | 48,509 | ||||||||||||||||
50 | Boeing Co. (The) | 3.95 | 08/01/59 | 48,158 | ||||||||||||||||
250 | Boeing Co. (The) | 5.15 | 05/01/30 | 288,248 | ||||||||||||||||
125 | Burlington Northern Santa Fe LLC | 3.05 | 02/15/51 | 121,371 | ||||||||||||||||
175 | Burlington Northern Santa Fe LLC | 3.30 | 09/15/51 | 176,030 | ||||||||||||||||
50 | Burlington Northern Santa Fe LLC | 4.55 | 09/01/44 | 59,296 | ||||||||||||||||
165 | Embraer Netherlands Finance BV (Brazil) | 5.40 | 02/01/27 | 172,347 | ||||||||||||||||
175 | General Electric Co. | 4.35 | 05/01/50 | 194,735 | ||||||||||||||||
510 | Heathrow Funding Ltd. (United Kingdom) (a) | 4.875 | 07/15/23 | 515,037 | ||||||||||||||||
150 | John Deere Capital Corp. | 2.45 | 01/09/30 | 152,468 | ||||||||||||||||
150 | Johnson Controls International plc/Tyco Fire & Security Finance SCA | 1.75 | 09/15/30 | 140,803 | ||||||||||||||||
250 | Masco Corp. | 2.00 | 02/15/31 | 237,399 | ||||||||||||||||
475 | NTT Finance Corp. (Japan) (a) | 1.591 | 04/03/28 | 464,026 | ||||||||||||||||
300 | Silgan Holdings, Inc. (a) | 1.40 | 04/01/26 | 294,000 | ||||||||||||||||
EUR | 100 | Standard Industries, Inc. (a) | 2.25 | 11/21/26 | 119,327 | |||||||||||||||
$ | 200 | Union Pacific Corp. (a) | 2.973 | 09/16/62 | 178,474 | |||||||||||||||
275 | Vontier Corp. (a) | 2.95 | 04/01/31 | 268,977 | ||||||||||||||||
175 | Waste Management, Inc. | 1.15 | 03/15/28 | 165,890 | ||||||||||||||||
4,867,318 | ||||||||||||||||||||
Technology (5.7%) | ||||||||||||||||||||
175 | Activision Blizzard, Inc. | 2.50 | 09/15/50 | 147,147 | ||||||||||||||||
61 | Akamai Technologies, Inc. | 0.375 | 09/01/27 | 66,452 | ||||||||||||||||
475 | Apple, Inc. | 2.65 | 02/08/51 | 434,916 | ||||||||||||||||
50 | Broadcom, Inc. (a) | 2.45 | 02/15/31 | 47,231 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited) continued
250 | Broadcom, Inc. | 4.15 | 11/15/30 | 270,156 | ||||||||||||||||
175 | Citrix Systems, Inc. | 1.25 | 03/01/26 | 172,161 | ||||||||||||||||
50 | Dell International LLC/EMC Corp. (a) | 5.85 | 07/15/25 | 58,334 | ||||||||||||||||
350 | Dell International LLC/EMC Corp. (a) | 6.02 | 06/15/26 | 414,708 | ||||||||||||||||
75 | Intel Corp. | 3.25 | 11/15/49 | 75,567 | ||||||||||||||||
250 | International Business Machines Corp. | 2.85 | 05/15/40 | 241,702 | ||||||||||||||||
100 | International Business Machines Corp. | 2.95 | 05/15/50 | 93,303 | ||||||||||||||||
125 | J2 Global, Inc. (a) | 1.75 | 11/01/26 | 147,109 | ||||||||||||||||
350 | Microsoft Corp. | 2.525 | 06/01/50 | 319,340 | ||||||||||||||||
50 | Microsoft Corp. | 2.921 | 03/17/52 | 49,402 | ||||||||||||||||
175 | NVIDIA Corp. | 3.50 | 04/01/50 | 185,174 | ||||||||||||||||
275 | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands) (a) | 3.40 | 05/01/30 | 290,831 | ||||||||||||||||
150 | Oracle Corp. | 3.85 | 04/01/60 | 147,478 | ||||||||||||||||
250 | Oracle Corp. | 3.95 | 03/25/51 | 258,168 | ||||||||||||||||
144 | Pure Storage, Inc. | 0.125 | 04/15/23 | 159,597 | ||||||||||||||||
225 | TSMC Global Ltd. (Taiwan) (a) | 0.75 | 09/28/25 | 219,910 | ||||||||||||||||
149 | Verint Systems, Inc. | 1.50 | 06/01/21 | 168,191 | ||||||||||||||||
125 | Western Digital Corp. | 1.50 | 02/01/24 | 128,297 | ||||||||||||||||
4,095,174 | ||||||||||||||||||||
Utilities (6.9%) | ||||||||||||||||||||
250 | Ameren Illinois Co. | 1.55 | 11/15/30 | 233,400 | ||||||||||||||||
225 | American Electric Power Co., Inc., Series N | 1.00 | 11/01/25 | 220,676 | ||||||||||||||||
350 | Berkshire Hathaway Energy Co. | 2.85 | 05/15/51 | 314,529 | ||||||||||||||||
175 | Cleveland Electric Illuminating Co. (The) (a) | 4.55 | 11/15/30 | 194,518 | ||||||||||||||||
200 | Consorcio Transmantaro SA (Peru) (a) | 4.70 | 04/16/34 | 226,328 | ||||||||||||||||
100 | Consumers Energy Co. | 2.50 | 05/01/60 | 83,326 | ||||||||||||||||
150 | Consumers Energy Co. | 3.50 | 08/01/51 | 158,327 | ||||||||||||||||
175 | DTE Electric Co. | 2.95 | 03/01/50 | 166,476 | ||||||||||||||||
50 | Duke Energy Corp. | 4.20 | 06/15/49 | 53,445 | ||||||||||||||||
97 | Duke Energy Indiana LLC | 2.75 | 04/01/50 | 87,323 | ||||||||||||||||
152 | Duke Energy Indiana LLC, Series YYY | 3.25 | 10/01/49 | 150,281 | ||||||||||||||||
175 | Entergy Arkansas LLC | 3.50 | 04/01/26 | 191,404 | ||||||||||||||||
100 | Entergy Texas, Inc. | 3.55 | 09/30/49 | 99,787 | ||||||||||||||||
100 | FirstEnergy Corp., Series C | 3.40 | 03/01/50 | 87,961 | ||||||||||||||||
50 | Georgia Power Co., Series A | 3.25 | 03/15/51 | 47,955 | ||||||||||||||||
50 | Indiana Michigan Power Co. | 4.25 | 08/15/48 | 57,168 | ||||||||||||||||
150 | Interstate Power and Light Co. | 2.30 | 06/01/30 | 148,257 | ||||||||||||||||
100 | Interstate Power and Light Co. | 3.50 | 09/30/49 | 99,333 | ||||||||||||||||
325 | NextEra Energy Capital Holdings, Inc. | 2.25 | 06/01/30 | 318,243 | ||||||||||||||||
175 | NiSource, Inc. | 1.70 | 02/15/31 | 162,379 | ||||||||||||||||
200 | NiSource, Inc. | 2.95 | 09/01/29 | 206,237 | ||||||||||||||||
150 | Northern States Power Co. | 2.90 | 03/01/50 | 143,838 | ||||||||||||||||
105 | NRG Energy, Inc. (a) | 3.625 | 02/15/31 | 102,572 | ||||||||||||||||
225 | Oglethorpe Power Corp. | 5.05 | 10/01/48 | 265,738 | ||||||||||||||||
175 | Pacific Gas and Electric Co. | 3.30 | 08/01/40 | 158,946 | ||||||||||||||||
125 | PECO Energy Co. | 3.05 | 03/15/51 | 122,495 | ||||||||||||||||
175 | Public Service Co. of Colorado, Series 34 | 3.20 | 03/01/50 | 175,695 | ||||||||||||||||
150 | Southern California Edison Co. | 4.00 | 04/01/47 | 154,765 | ||||||||||||||||
425 | Southern Co. (The) | 4.40 | 07/01/46 | 474,379 | ||||||||||||||||
100 | Virginia Electric and Power Co. | 2.45 | 12/15/50 | 85,602 | ||||||||||||||||
4,991,383 | ||||||||||||||||||||
Total Corporate Bonds (Cost $70,220,319) | 70,091,350 | |||||||||||||||||||
Short-Term Investments (2.9%) | ||||||||||||||||||||
U.S. Treasury Security (1.2%) | ||||||||||||||||||||
889 | U.S. Treasury Bill (d)(e) (Cost $888,865) | 0.088 | 06/03/21 | 888,984 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited) continued
NUMBER OF SHARES (000) | |||||||||
Investment Company (1.7%) | |||||||||
1,225 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) (Cost $1,225,438) | 1,225,438 | |||||||
Total Short-Term Investments (Cost $2,114,303) | 2,114,422 | ||||||||
Total Investments (Cost $72,334,622) (g)(h)(i) | 100.0 | % | 72,205,772 | ||||||
Liabilities in Excess of Other Assets | 0.0 | (16,695 | ) | ||||||
Net Assets | 100.0 | % | $ | 72,189,077 |
(a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(b) | Capital appreciation bond. |
(c) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2021. |
(d) | Rate shown is the yield to maturity at March 31, 2021. |
(e) | All or a portion of the security was pledged to cover margin requirements for futures contracts. |
(f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by $210, relating to the Fund's investment in the Liquidity Funds. |
(g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions. |
(h) | Securities are available for collateral in connection with purchase of an open foreign currency exchange contract and futures contracts. |
(i) | At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $2,280,509 and the aggregate gross unrealized depreciation is $2,183,680, resulting in net unrealized appreciation of $96,829. |
Foreign Currency Forward Exchange Contract:
The Fund had the following foreign currency forward exchange contract open at March 31, 2021:
CONTRACTS | IN EXCHANGE | DELIVERY | UNREALIZED | ||||||||||||||
COUNTERPARTY | TO DELIVER | FOR | DATE | APPRECIATION | |||||||||||||
JPMorgan Chase Bank NA | EUR | 256,408 | $ | 312,073 | 05/25/21 | $ | 11,076 |
Futures Contracts:
The Fund had the following futures contracts open at March 31, 2021:
NUMBER | UNREALIZED | |||||||||||||||||||
OF | EXPIRATION | NOTIONAL AMOUNT | APPRECIATION | |||||||||||||||||
CONTRACTS | DATE | (000) | VALUE | (DEPRECIATION) | ||||||||||||||||
Long: | ||||||||||||||||||||
U.S. Treasury 2 yr. Note | 29 | Jun-21 | $ | 5,800 | $ | 6,401,070 | $ | (6,148 | ) | |||||||||||
U.S. Treasury 30 yr. Bond | 39 | Jun-21 | 3,900 | 6,029,156 | (239,695 | ) | ||||||||||||||
U.S. Treasury 10 yr. Note | 10 | Jun-21 | 1,000 | 1,309,375 | (10,994 | ) | ||||||||||||||
U.S. Treasury 5 yr. Note | 10 | Jun-21 | 1,000 | 1,233,985 | (15,492 | ) | ||||||||||||||
Short: | ||||||||||||||||||||
German Euro Bund | 1 | Jun-21 | EUR | (100 | ) | (200,860 | ) | 229 | ||||||||||||
U.S. Treasury Ultra Long Bond | 7 | Jun-21 | $ | (700 | ) | (1,268,531 | ) | 53,281 | ||||||||||||
U.S. Treasury Ultra Long Bond | 87 | Jun-21 | (8,700 | ) | (12,500,813 | ) | 433,422 | |||||||||||||
$ | 214,603 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2021 (unaudited) continued
Currency Abbreviations: | ||
EUR | Euro. | |
USD | United States Dollar. |
Morgan Stanley Variable Investment Series
Notes to Portfolio of Investments ▪ March 31, 2021 (unaudited)
Valuation of Investments - (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (3) 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; (4) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the New York Stock Exchange ("NYSE"); (5) certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trustees. The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price) prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (6) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value (“NAV”) as of the close of each business day.
The Trustees have responsibility for determining in good faith the fair value of the investments, and the Trustees may appoint others, such as the Trust’s Adviser or a valuation committee, to assist the Trustees in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Valuation Measurements
Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Trust would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2021.
Level 2 | ||||||||||||||||
Level 1 | Other | Level 3 | ||||||||||||||
Unadjusted | significant | Significant | ||||||||||||||
quoted | observable | unobservable | ||||||||||||||
Investment Type | prices | inputs | inputs | Total | ||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 70,091,350 | $ | — | $ | 70,091,350 | ||||||||
Short-Term Investments | ||||||||||||||||
U.S. Treasury Security | — | 888,984 | — | 888,984 | ||||||||||||
Investment Company | 1,225,438 | — | — | 1,225,438 | ||||||||||||
Total Short-Term Investments | 1,225,438 | 888,984 | — | 2,114,422 | ||||||||||||
Foreign Currency Forward Exchange Contract | — | 11,076 | — | 11,076 | ||||||||||||
Futures Contracts | 486,932 | — | — | 486,932 | ||||||||||||
Total Assets | 1,712,370 | 70,991,410 | — | 72,703,780 | ||||||||||||
Liabilities: | ||||||||||||||||
Futures Contracts | (272,329 | ) | — | — | (272,329 | ) | ||||||||||
Total | $ | 1,440,041 | $ | 70,991,410 | $ | — | $ | 72,431,451 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.