Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2022 (unaudited)
PRINCIPAL AMOUNT (000) | COUPON RATE | MATURITY DATE | VALUE | |||||||||||
Corporate Bonds (95.8%) | ||||||||||||||
Basic Materials (3.7%) | ||||||||||||||
$ | 200 | Braskem Netherlands Finance BV (Brazil) (a) | 4.50 | % | 01/31/30 | $ | 193,929 | |||||||
150 | DuPont de Nemours, Inc. | 5.319 | 11/15/38 | 172,816 | ||||||||||
350 | Georgia-Pacific LLC (a) | 2.30 | 04/30/30 | 325,223 | ||||||||||
225 | Glencore Funding LLC (Australia) (a) | 2.50 | 09/01/30 | 201,668 | ||||||||||
125 | Glencore Funding LLC (Australia) (a) | 4.125 | 03/12/24 | 126,775 | ||||||||||
200 | Minsur SA (Peru) (a) | 4.50 | 10/28/31 | 193,190 | ||||||||||
500 | Newcastle Coal Infrastructure Group Pty Ltd. (Australia) (a) | 4.40 | 09/29/27 | 464,562 | ||||||||||
200 | NOVA Chemicals Corp. (Canada) (a) | 4.875 | 06/01/24 | 202,500 | ||||||||||
200 | POSCO (Korea, Republic of) (a) | 4.00 | 08/01/23 | 202,876 | ||||||||||
50 | Sherwin-Williams Co. (The) | 2.30 | 05/15/30 | 45,778 | ||||||||||
100 | Sherwin-Williams Co. (The) | 2.95 | 08/15/29 | 96,543 | ||||||||||
2,225,860 | ||||||||||||||
Communications (11.3%) | ||||||||||||||
75 | Airbnb, Inc. (b) | 0.00 | 03/15/26 | 72,877 | ||||||||||
250 | Amazon.com, Inc. | 2.50 | 06/03/50 | 209,406 | ||||||||||
200 | Amazon.com, Inc. | 2.70 | 06/03/60 | 165,778 | ||||||||||
300 | AT&T, Inc. | 2.55 | 12/01/33 | 267,132 | ||||||||||
838 | AT&T, Inc. | 3.55 | 09/15/55 | 741,955 | ||||||||||
200 | Baidu, Inc. (China) | 1.72 | 04/09/26 | 184,542 | ||||||||||
125 | Charter Communications Operating LLC/Charter Communications Operating Capital | 5.125 | 07/01/49 | 124,387 | ||||||||||
50 | Charter Communications Operating LLC/Charter Communications Operating Capital | 2.30 | 02/01/32 | 42,818 | ||||||||||
150 | Charter Communications Operating LLC/Charter Communications Operating Capital | 2.80 | 04/01/31 | 135,420 | ||||||||||
375 | Charter Communications Operating LLC/Charter Communications Operating Capital | 3.50 | 03/01/42 | 311,092 | ||||||||||
275 | Comcast Corp. (a) | 2.937 | 11/01/56 | 228,266 | ||||||||||
175 | Comcast Corp. | 3.75 | 04/01/40 | 176,821 | ||||||||||
75 | Expedia Group, Inc. (b) | 0.00 | 02/15/26 | 91,598 | ||||||||||
150 | Fox Corp. | 5.476 | 01/25/39 | 170,228 | ||||||||||
375 | Level 3 Financing, Inc. (a) | 3.40 | 03/01/27 | 354,202 | ||||||||||
200 | NBN Co. Ltd. (Australia) (a) | 2.50 | 01/08/32 | 179,823 | ||||||||||
350 | NBN Co. Ltd. (Australia) (a) | 2.625 | 05/05/31 | 319,472 | ||||||||||
200 | Ooredoo International Finance Ltd. (Qatar) (a) | 2.625 | 04/08/31 | 188,053 | ||||||||||
200 | Prosus N.V. (China) (a) | 3.68 | 01/21/30 | 175,452 | ||||||||||
300 | Rogers Communications, Inc. (Canada) (a) | 4.55 | 03/15/52 | 299,118 | ||||||||||
80 | Spotify USA, Inc. (b) | 0.00 | 03/15/26 | 68,571 | ||||||||||
150 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a) | 4.738 | 03/20/25 | 153,215 | ||||||||||
250 | T-Mobile USA, Inc. | 2.25 | 11/15/31 | 219,091 | ||||||||||
150 | T-Mobile USA, Inc. | 3.30 | 02/15/51 | 126,670 | ||||||||||
100 | T-Mobile USA, Inc. (a) | 3.40 | 10/15/52 | 85,407 | ||||||||||
375 | Tencent Holdings Ltd. (China) (a) | 3.595 | 01/19/28 | 366,038 | ||||||||||
10 | Twitter, Inc. (a) | 5.00 | 03/01/30 | 9,967 | ||||||||||
170 | Uber Technologies, Inc. (b) | 0.00 | 12/15/25 | 153,000 | ||||||||||
150 | Verizon Communications, Inc. | 1.75 | 01/20/31 | 130,989 | ||||||||||
50 | Verizon Communications, Inc. (a) | 2.355 | 03/15/32 | 45,245 | ||||||||||
100 | Verizon Communications, Inc. | 2.65 | 11/20/40 | 85,324 | ||||||||||
380 | Verizon Communications, Inc. | 2.987 | 10/30/56 | 314,144 | ||||||||||
50 | Verizon Communications, Inc. | 3.40 | 03/22/41 | 47,005 | ||||||||||
100 | Vodafone Group PLC (United Kingdom) | 4.375 | 02/19/43 | 100,644 | ||||||||||
204 | Walt Disney Co. (The) | 2.75 | 09/01/49 | 174,379 | ||||||||||
100 | Walt Disney Co. (The) | 3.50 | 05/13/40 | 97,770 | ||||||||||
285 | Wayfair, Inc. | 0.625 | 10/01/25 | 235,410 | ||||||||||
6,851,309 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2022 (unaudited)
Consumer, Cyclical (8.2%) | ||||||||||||||
441 | Alaska Airlines 2020-1 Class A Pass Through Trust (a) | 4.80 | 08/15/27 | 452,115 | ||||||||||
180 | American Airlines Inc/AAdvantage Loyalty IP Ltd. (a) | 5.75 | 04/20/29 | 179,572 | ||||||||||
150 | Daimler Trucks Finance North America LLC (Germany) (a) | 1.125 | 12/14/23 | 145,548 | ||||||||||
150 | Daimler Trucks Finance North America LLC (Germany) (a) | 2.00 | 12/14/26 | 139,896 | ||||||||||
175 | Dick's Sporting Goods, Inc. | 4.10 | 01/15/52 | 149,795 | ||||||||||
300 | General Motors Co. | 6.60 | 04/01/36 | 349,290 | ||||||||||
25 | General Motors Co. | 6.75 | 04/01/46 | 30,210 | ||||||||||
50 | General Motors Financial Co., Inc. | 3.85 | 01/05/28 | 49,541 | ||||||||||
100 | General Motors Financial Co., Inc. | 4.35 | 01/17/27 | 101,848 | ||||||||||
125 | Home Depot, Inc. (The) | 2.375 | 03/15/51 | 100,563 | ||||||||||
75 | Hyundai Capital America (a) | 1.00 | 09/17/24 | 70,605 | ||||||||||
625 | Hyundai Capital America (a) | 3.00 | 02/10/27 | 597,924 | ||||||||||
274 | JetBlue Pass Through Trust, Series AA | 2.75 | 05/15/32 | 257,796 | ||||||||||
375 | Las Vegas Sands Corp. | 3.20 | 08/08/24 | 358,286 | ||||||||||
125 | Lowe's Cos., Inc. | 3.00 | 10/15/50 | 106,733 | ||||||||||
55 | Macy's Retail Holdings LLC (a) | 5.875 | 03/15/30 | 54,322 | ||||||||||
200 | Magallanes, Inc. Co. (a) | 4.279 | 03/15/32 | 201,138 | ||||||||||
100 | Magallanes, Inc. Co. (a) | 5.05 | 03/15/42 | 102,210 | ||||||||||
125 | Magallanes, Inc. Co. | 5.141 | 03/15/52 | 128,184 | ||||||||||
375 | Marriott International, Inc., Series GG | 3.50 | 10/15/32 | 357,639 | ||||||||||
275 | McDonald's Corp. | 4.45 | 09/01/48 | 296,647 | ||||||||||
275 | Nissan Motor Co. Ltd. (Japan) (a) | 3.043 | 09/15/23 | 274,525 | ||||||||||
155 | Peloton Interactive, Inc. (b) | 0.00 | 02/15/26 | 128,844 | ||||||||||
200 | Resorts World Las Vegas LLC/RWLV Capital, Inc. (a) | 4.625 | 04/16/29 | 181,150 | ||||||||||
125 | Starbucks Corp. | 2.25 | 03/12/30 | 114,578 | ||||||||||
75 | Starbucks Corp. | 3.00 | 02/14/32 | 71,611 | ||||||||||
5,000,570 | ||||||||||||||
Consumer, Non-Cyclical (8.6%) | ||||||||||||||
125 | AbbVie, Inc. | 4.05 | 11/21/39 | 128,805 | ||||||||||
150 | AbbVie, Inc. | 4.25 | 11/21/49 | 156,228 | ||||||||||
200 | Altria Group, Inc. | 3.40 | 02/04/41 | 164,730 | ||||||||||
75 | Amgen, Inc. | 3.00 | 01/15/52 | 63,695 | ||||||||||
125 | Amgen, Inc. | 4.20 | 02/22/52 | 129,685 | ||||||||||
25 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.35 | 06/01/40 | 26,082 | ||||||||||
50 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.375 | 04/15/38 | 52,663 | ||||||||||
550 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.60 | 04/15/48 | 595,562 | ||||||||||
375 | BAT Capital Corp. (United Kingdom) | 3.557 | 08/15/27 | 365,612 | ||||||||||
150 | BAT Capital Corp. (United Kingdom) | 3.734 | 09/25/40 | 123,229 | ||||||||||
100 | Bio-Rad Laboratories, Inc. | 3.30 | 03/15/27 | 98,563 | ||||||||||
125 | Brunswick Corp. | 5.10 | 04/01/52 | 119,411 | ||||||||||
235 | Cedars-Sinai Health System, Series 2021 | 2.288 | 08/15/31 | 213,606 | ||||||||||
175 | Cigna Corp. | 3.40 | 03/15/50 | 158,245 | ||||||||||
550 | CVS Health Corp. | 1.875 | 02/28/31 | 484,903 | ||||||||||
75 | Gilead Sciences, Inc. | 2.80 | 10/01/50 | 61,659 | ||||||||||
EUR | 100 | Grifols SA (Spain) (a) | 2.25 | 11/15/27 | 105,964 | |||||||||
$ | 50 | HCA, Inc. | 3.50 | 07/15/51 | 43,527 | |||||||||
500 | Imperial Brands Finance PLC (United Kingdom) (a) | 3.125 | 07/26/24 | 495,744 | ||||||||||
225 | JBS Finance Luxembourg Sarl (Brazil) (a) | 2.50 | 01/15/27 | 209,424 | ||||||||||
150 | JDE Peet's N.V. (Netherlands) (a) | 1.375 | 01/15/27 | 134,895 | ||||||||||
225 | Kimberly-Clark de Mexico SAB de CV (Mexico) (a) | 2.431 | 07/01/31 | 204,183 | ||||||||||
100 | Mozart Debt Merger Sub, Inc. (a) | 3.875 | 04/01/29 | 92,627 | ||||||||||
EUR | 100 | Q-Park Holding I BV (Netherlands) (a) | 1.50 | 03/01/25 | 104,218 | |||||||||
$ | 75 | Royalty Pharma PLC | 2.15 | 09/02/31 | 64,409 | |||||||||
75 | Royalty Pharma PLC | 2.20 | 09/02/30 | 65,685 | ||||||||||
75 | Royalty Pharma PLC | 3.55 | 09/02/50 | 62,536 | ||||||||||
225 | Smithfield Foods, Inc. (a) | 3.00 | 10/15/30 | 204,525 | ||||||||||
125 | Stryker Corp. | 2.90 | 06/15/50 | 108,878 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2022 (unaudited)
150 | Thermo Fisher Scientific, Inc. | 2.80 | 10/15/41 | 134,892 | ||||||||||
325 | Transurban Finance Co. Pty Ltd. (Australia) (a) | 2.45 | 03/16/31 | 288,651 | ||||||||||
5,262,836 | ||||||||||||||
Energy (7.3%) | ||||||||||||||
175 | BP Capital Markets PLC (United Kingdom) | 4.375 | 06/22/25 | (c) | 176,400 | |||||||||
175 | BP Capital Markets PLC (United Kingdom) | 4.875 | 03/22/30 | (c) | 175,984 | |||||||||
125 | Continental Resources, Inc. (a) | 2.268 | 11/15/26 | 116,875 | ||||||||||
275 | Continental Resources, Inc. (a) | 2.875 | 04/01/32 | 245,657 | ||||||||||
250 | Coterra Energy, Inc. (a) | 3.90 | 05/15/27 | 252,266 | ||||||||||
275 | Diamondback Energy, Inc. | 3.125 | 03/24/31 | 263,103 | ||||||||||
100 | Diamondback Energy, Inc. | 3.25 | 12/01/26 | 100,002 | ||||||||||
350 | Enbridge, Inc. (Canada) | 2.50 | 08/01/33 | 311,445 | ||||||||||
50 | Energy Transfer LP | 5.00 | 05/15/50 | 50,794 | ||||||||||
50 | Energy Transfer LP | 5.40 | 10/01/47 | 52,538 | ||||||||||
125 | Enterprise Products Operating LLC | 3.30 | 02/15/53 | 107,066 | ||||||||||
125 | Enterprise Products Operating LLC | 3.95 | 01/31/60 | 116,645 | ||||||||||
175 | Exxon Mobil Corp. | 3.452 | 04/15/51 | 170,521 | ||||||||||
125 | HollyFrontier Corp. | 4.50 | 10/01/30 | 122,052 | ||||||||||
175 | HollyFrontier Corp. | 5.875 | 04/01/26 | 182,355 | ||||||||||
75 | Kinder Morgan, Inc. | 3.60 | 02/15/51 | 66,828 | ||||||||||
150 | Marathon Petroleum Corp. | 4.70 | 05/01/25 | 156,046 | ||||||||||
150 | Midwest Connector Capital Co. LLC (a) | 4.625 | 04/01/29 | 151,889 | ||||||||||
75 | MPLX LP | 4.95 | 03/14/52 | 78,284 | ||||||||||
100 | MPLX LP | 5.20 | 12/01/47 | 106,419 | ||||||||||
350 | ONEOK, Inc. | 3.10 | 03/15/30 | 328,565 | ||||||||||
200 | Rockies Express Pipeline LLC (a) | 3.60 | 05/15/25 | 196,892 | ||||||||||
325 | Sabine Pass Liquefaction LLC | 4.50 | 05/15/30 | 340,387 | ||||||||||
75 | Shell International Finance BV (Netherlands) | 3.125 | 11/07/49 | 68,526 | ||||||||||
125 | Transcontinental Gas Pipe Line Co. LLC | 3.95 | 05/15/50 | 122,011 | ||||||||||
200 | Transportadora de Gas Internacional SA ESP (Colombia) (a) | 5.55 | 11/01/28 | 207,014 | ||||||||||
225 | Valero Energy Corp. | 3.65 | 12/01/51 | 199,157 | ||||||||||
4,465,721 | ||||||||||||||
Finance (37.2%) | ||||||||||||||
250 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | 3.00 | 10/29/28 | 231,032 | ||||||||||
75 | Aflac, Inc. | 4.75 | 01/15/49 | 86,019 | ||||||||||
225 | Air Lease Corp. | 4.625 | 10/01/28 | 229,551 | ||||||||||
150 | Alexandria Real Estate Equities, Inc. | 2.95 | 03/15/34 | 141,345 | ||||||||||
125 | American International Group, Inc. | 3.875 | 01/15/35 | 127,642 | ||||||||||
225 | AON Corp./AON Global Holdings PLC | 2.60 | 12/02/31 | 207,482 | ||||||||||
350 | Athene Global Funding | 3.205 | 03/08/27 | 337,343 | ||||||||||
200 | Australia & New Zealand Banking Group Ltd. (Australia) (a) | 2.57 | 11/25/35 | 174,789 | ||||||||||
325 | Avolon Holdings Funding Ltd. (Ireland) (a) | 2.875 | 02/15/25 | 312,362 | ||||||||||
175 | Banco de Credito del Peru SA (Peru) (a) | 2.70 | 01/11/25 | 170,620 | ||||||||||
200 | Banco de Credito e Inversiones SA (Chile) (a) | 2.875 | 10/14/31 | 185,006 | ||||||||||
250 | Banco Santander Chile (Chile) (a) | 2.70 | 01/10/25 | 244,938 | ||||||||||
400 | Banco Santander SA (Spain) | 1.722 | 09/14/27 | 361,872 | ||||||||||
200 | Banco Santander SA (Spain) | 4.175 | 03/24/28 | 201,149 | ||||||||||
300 | Bank Hapoalim BM (Israel) (a) | 3.255 | 01/21/32 | 277,500 | ||||||||||
250 | Bank of America Corp. | 2.551 | 02/04/28 | 239,117 | ||||||||||
875 | Bank of America Corp. | 2.687 | 04/22/32 | 805,995 | ||||||||||
350 | Bank of America Corp. | 3.846 | 03/08/37 | 335,655 | ||||||||||
600 | Bank of America Corp., MTN | 2.676 | 06/19/41 | 508,491 | ||||||||||
550 | Bank of Ireland Group PLC (Ireland) (a) | 2.029 | 09/30/27 | 499,393 | ||||||||||
375 | Barclays PLC (United Kingdom) | 3.932 | 05/07/25 | 378,243 | ||||||||||
175 | Belrose Funding Trust (a) | 2.33 | 08/15/30 | 153,516 | ||||||||||
325 | Blackstone Private Credit | 4.70 | 03/24/25 | 329,880 | ||||||||||
250 | BPCE SA (France) (a) | 3.116 | 10/19/32 | 226,698 | ||||||||||
250 | BPCE SA (France) (a) | 3.648 | 01/14/37 | 234,077 | ||||||||||
250 | BPCE SA (France) (a) | 4.00 | 09/12/23 | 253,621 | ||||||||||
400 | BPCE SA (France) (a) | 5.15 | 07/21/24 | 412,534 | ||||||||||
275 | Brown & Brown, Inc. | 2.375 | 03/15/31 | 241,998 | ||||||||||
75 | Brown & Brown, Inc. | 4.20 | 03/17/32 | 76,318 | ||||||||||
300 | CIT Bank NA | 2.969 | 09/27/25 | 297,409 | ||||||||||
900 | Citigroup, Inc. | 2.52 | 11/03/32 | 809,186 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2022 (unaudited)
150 | CNO Global Funding (a) | 1.75 | 10/07/26 | 138,518 | ||||||||||
70 | Coinbase Global, Inc. (a) | 3.375 | 10/01/28 | 61,929 | ||||||||||
200 | Commerzbank AG (Germany) (a) | 8.125 | 09/19/23 | 211,329 | ||||||||||
200 | Commonwealth Bank of Australia (Australia) (a) | 3.305 | 03/11/41 | 174,814 | ||||||||||
250 | Credit Agricole SA (France) (a) | 4.125 | 01/10/27 | 252,719 | ||||||||||
350 | CubeSmart LP | 2.25 | 12/15/28 | 318,345 | ||||||||||
175 | Equinix, Inc. | 2.95 | 09/15/51 | 139,936 | ||||||||||
350 | Equitable Financial Life Global Funding (a) | 1.75 | 11/15/30 | 304,399 | ||||||||||
200 | Extra Space Storage LP Co. | 3.90 | 04/01/29 | 200,608 | ||||||||||
675 | Global Atlantic Fin Co. (a) | 4.40 | 10/15/29 | 675,156 | ||||||||||
160 | Global Atlantic Fin Co. (a) | 4.70 | 10/15/51 | 151,600 | ||||||||||
50 | GLP Capital LP/GLP Financing II, Inc. | 3.25 | 01/15/32 | 45,448 | ||||||||||
200 | GLP Capital LP/GLP Financing II, Inc. | 4.00 | 01/15/30 | 194,484 | ||||||||||
175 | Goldman Sachs Group, Inc. (The) | 1.542 | 09/10/27 | 160,182 | ||||||||||
175 | Goldman Sachs Group, Inc. (The) | 1.948 | 10/21/27 | 162,881 | ||||||||||
1,025 | Goldman Sachs Group, Inc. (The) | 2.615 | 04/22/32 | 933,704 | ||||||||||
200 | Grupo Aval Ltd. (Colombia) (a) | 4.375 | 02/04/30 | 173,527 | ||||||||||
375 | High Street Funding Trust I (a) | 4.111 | 02/15/28 | 384,949 | ||||||||||
350 | HSBC Holdings PLC (United Kingdom) | 1.589 | 05/24/27 | 319,903 | ||||||||||
250 | HSBC Holdings PLC (United Kingdom) | 4.375 | 11/23/26 | 254,836 | ||||||||||
250 | ING Groep N.V. (Netherlands) (a) | 4.625 | 01/06/26 | 258,635 | ||||||||||
375 | Intercontinental Exchange, Inc. | 1.85 | 09/15/32 | 325,159 | ||||||||||
325 | Itau Unibanco Holding SA (Brazil) (a) | 2.90 | 01/24/23 | 326,342 | ||||||||||
425 | JPMorgan Chase & Co. | 1.953 | 02/04/32 | 372,757 | ||||||||||
550 | JPMorgan Chase & Co. | 2.545 | 11/08/32 | 503,315 | ||||||||||
200 | JPMorgan Chase & Co. | 3.109 | 04/22/41 | 181,369 | ||||||||||
50 | JPMorgan Chase & Co. | 3.964 | 11/15/48 | 51,296 | ||||||||||
200 | KKR Group Finance Co. X LLC (a) | 3.25 | 12/15/51 | 167,111 | ||||||||||
400 | LeasePlan Corp. N.V. (Netherlands) (a) | 2.875 | 10/24/24 | 391,089 | ||||||||||
275 | Life Storage LP | 2.40 | 10/15/31 | 242,818 | ||||||||||
275 | Lloyds Banking Group PLC (United Kingdom) | 3.574 | 11/07/28 | 268,951 | ||||||||||
225 | Macquarie Group Ltd. (Australia) (a) | 2.871 | 01/14/33 | 200,159 | ||||||||||
300 | Marsh & McLennan Cos., Inc. | 5.875 | 08/01/33 | 356,630 | ||||||||||
200 | MDGH GMTN (RSC) Ltd. (United Arab Emirates) (a) | 4.50 | 11/07/28 | 216,365 | ||||||||||
150 | Metropolitan Life Global Funding I (a) | 2.95 | 04/09/30 | 145,588 | ||||||||||
325 | National Australia Bank Ltd. (Australia) (a) | 2.332 | 08/21/30 | 283,170 | ||||||||||
200 | Oversea-Chinese Banking Corp. Ltd. (Singapore) (a) | 1.832 | 09/10/30 | 188,652 | ||||||||||
375 | Rexford Industrial Realty LP | 2.125 | 12/01/30 | 328,377 | ||||||||||
200 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (a) | 3.875 | 03/01/31 | 181,305 | ||||||||||
350 | Sabra Health Care LP | 3.20 | 12/01/31 | 312,930 | ||||||||||
110 | SBA Communications Corp. | 3.125 | 02/01/29 | 100,205 | ||||||||||
225 | Shinhan Bank Co., Ltd. (Korea, Republic of) (a) | 4.00 | 04/23/29 | 227,968 | ||||||||||
350 | Societe Generale SA (France) (a) | 2.625 | 01/22/25 | 338,904 | ||||||||||
200 | Societe Generale SA (France) (a) | 2.889 | 06/09/32 | 179,529 | ||||||||||
475 | Standard Chartered PLC (United Kingdom) (a) | 0.991 | 01/12/25 | 454,089 | ||||||||||
125 | Stewart Information Services Corp. | 3.60 | 11/15/31 | 113,914 | ||||||||||
250 | SVB Financial Group | 1.80 | 02/02/31 | 215,783 | ||||||||||
70 | SVB Financial Group | 4.10 | 02/15/31 | (c) | 59,850 | |||||||||
300 | United Overseas Bank Ltd. (Singapore) | 3.863 | 10/07/32 | 300,000 | ||||||||||
125 | Visa, Inc. | 2.70 | 04/15/40 | 113,926 | ||||||||||
400 | Wells Fargo & Co. | 3.068 | 04/30/41 | 360,870 | ||||||||||
75 | Wells Fargo & Co. | 3.526 | 03/24/28 | 74,909 | ||||||||||
400 | Wells Fargo & Co., MTN | 2.879 | 10/30/30 | 380,613 | ||||||||||
100 | Westpac Banking Corp. (Australia) | 2.668 | 11/15/35 | 87,471 | ||||||||||
22,660,097 | ||||||||||||||
Industrials (4.6%) | ||||||||||||||
225 | Agilent Technologies, Inc. | 2.30 | 03/12/31 | 203,553 | ||||||||||
125 | Boeing Co. (The) | 2.95 | 02/01/30 | 115,984 | ||||||||||
50 | Boeing Co. (The) | 3.25 | 02/01/35 | 44,739 | ||||||||||
50 | Boeing Co. (The) | 3.95 | 08/01/59 | 43,486 | ||||||||||
250 | Boeing Co. (The) | 5.15 | 05/01/30 | 266,999 | ||||||||||
75 | Burlington Northern Santa Fe LLC | 3.05 | 02/15/51 | 69,190 | ||||||||||
200 | Burlington Northern Santa Fe LLC | 3.30 | 09/15/51 | 190,077 | ||||||||||
50 | Burlington Northern Santa Fe LLC | 4.55 | 09/01/44 | 55,635 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2022 (unaudited)
165 | Embraer Netherlands Finance BV (Brazil) | 5.40 | 02/01/27 | 167,988 | ||||||||||
300 | GE Capital International Funding Co., Unlimited Co. | 4.418 | 11/15/35 | 322,782 | ||||||||||
200 | Indian Railway Finance Corp. Ltd. (India) (a) | 3.57 | 01/21/32 | 189,346 | ||||||||||
200 | Sealed Air Corp. (a) | 1.573 | 10/15/26 | 182,502 | ||||||||||
300 | Silgan Holdings, Inc. (a) | 1.40 | 04/01/26 | 273,989 | ||||||||||
EUR | 100 | Standard Industries, Inc. (a) | 2.25 | 11/21/26 | 103,911 | |||||||||
$ | 325 | SYNNEX Corp. (a) | 1.25 | 08/09/24 | 309,043 | |||||||||
275 | Vontier Corp. | 2.95 | 04/01/31 | 244,828 | ||||||||||
2,784,052 | ||||||||||||||
Technology (5.6%) | ||||||||||||||
225 | Apple, Inc. | 2.375 | 02/08/41 | 196,490 | ||||||||||
275 | Apple, Inc. | 2.65 | 05/11/50 | 240,272 | ||||||||||
125 | Apple, Inc. | 2.70 | 08/05/51 | 109,030 | ||||||||||
125 | Broadcom, Inc. (a) | 3.187 | 11/15/36 | 108,773 | ||||||||||
75 | Broadcom, Inc. | 4.30 | 11/15/32 | 76,258 | ||||||||||
150 | Dell International LLC/EMC Corp. (a) | 3.45 | 12/15/51 | 122,214 | ||||||||||
100 | Dell International LLC/EMC Corp. | 6.02 | 06/15/26 | 108,416 | ||||||||||
350 | DXC Technology Co. | 1.80 | 09/15/26 | 321,359 | ||||||||||
200 | HP, Inc. | 4.00 | 04/15/29 | 199,435 | ||||||||||
225 | Intel Corp. | 2.80 | 08/12/41 | 199,435 | ||||||||||
75 | Intel Corp. | 3.05 | 08/12/51 | 67,020 | ||||||||||
150 | International Business Machines Corp. | 2.85 | 05/15/40 | 133,363 | ||||||||||
175 | Kyndryl Holdings, Inc. (a) | 2.05 | 10/15/26 | 156,494 | ||||||||||
350 | Micron Technology, Inc. | 2.703 | 04/15/32 | 317,403 | ||||||||||
150 | Microsoft Corp. | 2.525 | 06/01/50 | 129,955 | ||||||||||
200 | Oracle Corp. | 3.60 | 04/01/50 | 166,368 | ||||||||||
200 | Oracle Corp. | 3.65 | 03/25/41 | 175,223 | ||||||||||
144 | Pure Storage, Inc. | 0.125 | 04/15/23 | 201,312 | ||||||||||
75 | RingCentral, Inc. (b) | 0.00 | 03/15/26 | 61,725 | ||||||||||
25 | S&P Global, Inc. | 3.70 | 03/01/52 | 25,425 | ||||||||||
25 | S&P Global, Inc. | 3.90 | 03/01/62 | 25,789 | ||||||||||
125 | Western Digital Corp. | 1.50 | 02/01/24 | 121,250 | ||||||||||
125 | Ziff Davis, Inc. (a) | 1.75 | 11/01/26 | 141,562 | ||||||||||
3,404,571 | ||||||||||||||
Utilities (9.3%) | ||||||||||||||
225 | Alliant Energy Finance Co. (a) | 3.60 | 03/01/32 | 219,082 | ||||||||||
250 | Ameren Illinois Co. | 1.55 | 11/15/30 | 218,422 | ||||||||||
300 | American Transmission Systems, Inc. (a) | 2.65 | 01/15/32 | 277,514 | ||||||||||
200 | APT Pipelines Ltd. (Australia) (a) | 4.20 | 03/23/25 | 202,966 | ||||||||||
350 | Berkshire Hathaway Energy Co. | 2.85 | 05/15/51 | 297,942 | ||||||||||
175 | Cleveland Electric Illuminating Co. (The) (a) | 4.55 | 11/15/30 | 184,166 | ||||||||||
200 | Consorcio Transmantaro SA (Peru) (a) | 4.70 | 04/16/34 | 202,206 | ||||||||||
100 | Consumers Energy Co. | 2.50 | 05/01/60 | 76,493 | ||||||||||
150 | Consumers Energy Co. | 3.50 | 08/01/51 | 147,209 | ||||||||||
198 | Dominion Energy, Inc., Series C | 2.25 | 08/15/31 | 178,631 | ||||||||||
175 | DTE Electric Co. | 2.95 | 03/01/50 | 155,052 | ||||||||||
50 | Duke Energy Corp. | 4.20 | 06/15/49 | 50,648 | ||||||||||
247 | Duke Energy Indiana LLC | 2.75 | 04/01/50 | 209,016 | ||||||||||
100 | Entergy Texas, Inc. | 3.55 | 09/30/49 | 94,528 | ||||||||||
100 | Exelon Corp. | 4.10 | 03/15/52 | 101,868 | ||||||||||
275 | Fells Point Funding Trust (a) | 3.046 | 01/31/27 | 264,071 | ||||||||||
125 | Georgia Power Co., Series A | 3.25 | 03/15/51 | 108,806 | ||||||||||
50 | Indiana Michigan Power Co. | 4.25 | 08/15/48 | 51,688 | ||||||||||
150 | Interstate Power and Light Co. | 2.30 | 06/01/30 | 137,001 | ||||||||||
100 | Interstate Power and Light Co. | 3.50 | 09/30/49 | 91,326 | ||||||||||
125 | Jersey Central Power & Light Co. (a) | 2.75 | 03/01/32 | 116,583 | ||||||||||
125 | NextEra Energy Capital Holdings, Inc. | 1.90 | 06/15/28 | 115,424 | ||||||||||
350 | NextEra Energy Capital Holdings, Inc. | 2.75 | 11/01/29 | 334,835 | ||||||||||
75 | NextEra Energy Capital Holdings, Inc. | 3.00 | 01/15/52 | 64,216 | ||||||||||
275 | Niagara Mohawk Power Corp. (a) | 2.759 | 01/10/32 | 252,855 | ||||||||||
150 | Northern States Power Co. | 2.90 | 03/01/50 | 132,741 | ||||||||||
105 | NRG Energy, Inc. (a) | 3.625 | 02/15/31 | 92,510 | ||||||||||
150 | Pacific Gas and Electric Co. | 3.30 | 08/01/40 | 123,090 | ||||||||||
125 | PECO Energy Co. | 3.05 | 03/15/51 | 113,305 | ||||||||||
175 | Public Service Co. of Colorado, Series 34 | 3.20 | 03/01/50 | 164,053 | ||||||||||
300 | Public Service Enterprise Group, Inc. | 2.45 | 11/15/31 | 272,872 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments ▪ March 31, 2022 (unaudited)
150 | Southern California Edison Co. | 4.00 | 04/01/47 | 144,708 | ||||||||||
150 | Southern Co. (The) | 4.40 | 07/01/46 | 153,756 | ||||||||||
100 | Union Electric Co. (d) | 3.90 | 04/01/52 | 103,586 | ||||||||||
100 | Virginia Electric and Power Co. | 2.45 | 12/15/50 | 80,276 | ||||||||||
175 | Virginia Electric and Power Co. | 2.95 | 11/15/51 | 154,137 | ||||||||||
5,687,582 | ||||||||||||||
Total Corporate Bonds (Cost $62,133,108) | 58,342,598 | |||||||||||||
Short-Term Investments (3.3%) | ||||||||||||||
U.S. Treasury Security (1.5%) | ||||||||||||||
889 | U.S. Treasury Bill (e)(f) (Cost $888,846) | 0.061 | 07/14/22 | 887,453 |
NUMBER OF SHARES (000) | ||||||||||||
Investment Company (1.8%) | ||||||||||||
1,077 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (g) (Cost $1,076,528) | 1,076,528 | ||||||||||
Total Short-Term Investments (Cost $1,965,374) | 1,963,981 | |||||||||||
Total Investments (Cost $64,098,482) (h)(i)(j) | 99.1 | % | 60,306,579 | |||||||||
Other Assets in Excess of Liabilities | 0.9 | 569,109 | ||||||||||
Net Assets | 100.0 | % | $ | 60,875,688 |
(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, 2022. | |
(d) | When-issued security. | |
(e) | All or a portion of the security was pledged to cover margin requirements for futures contracts. | |
(f) | Rate shown is the yield to maturity at March 31, 2022. | |
(g) | 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, 2022, advisory fees paid were reduced by $29, relating to the Fund's investment in the Liquidity Funds. | |
(h) | Securities are available for collateral in connection with purchase of when-issued securities, open foreign currency forward exchange contracts and futures contracts. | |
(i) | 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, 2022, the Fund did not engage in any cross-trade transactions. | |
(j) | At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $713,988 and the aggregate gross unrealized depreciation is $4,397,519, resulting in net unrealized depreciation of $3,683,531. |
FOREIGN CURRENCY FORWARD EXCHANGE CONTRACT:
| ||||||||||||||
COUNTERPARTY | CONTRACTS TO DELIVER | IN EXCHANGE FOR | DELIVERY DATE | UNREALIZED APPRECIATION | ||||||||||
Bank of America NA | EUR | 251,313 | $ | 286,386 | 05/20/22 | $ | 7,942 |
FUTURES CONTRACTS:
| ||||||||||||||||||
NUMBER OF CONTRACTS | EXPIRATION DATE | NOTIONAL AMOUNT (000) | VALUE | UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||
Long: | ||||||||||||||||||
U.S. Treasury 2 yr. Note | 33 | Jun-22 | $ | 6,600 | $ | 6,993,422 | $ | (90,328 | ) | |||||||||
U.S. Treasury Long Bond | 27 | Jun-22 | 2,700 | 4,051,688 | (98,794 | ) | ||||||||||||
U.S. Treasury Ultra Bond | 6 | Jun-22 | 600 | 1,062,750 | (1,037 | ) | ||||||||||||
Short: | ||||||||||||||||||
German Euro-Bund Index | 1 | Jun-22 | EUR | (100 | ) | (175,518 | ) | 7,810 | ||||||||||
U.S. Treasury 5 yr. Note | 4 | Jun-22 | $ | (400 | ) | (458,750 | ) | 7,555 | ||||||||||
U.S. Treasury 10 yr. Note | 6 | Jun-22 | (600 | ) | (737,250 | ) | 7,297 | |||||||||||
U.S. Treasury Ultra 10 yr. Note | 63 | Jun-22 | (6,300 | ) | (8,534,531 | ) | 267,927 | |||||||||||
$ | 100,430 |
EUR — Euro
USD — United States Dollar
Morgan Stanley Variable Investment Series
Notes to Portfolio of Investments ▪ March 31, 2022 (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, 2022.
Investment Type | Level 1 Unadjusted quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | ||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 58,342,598 | $ | — | $ | 58,342,598 | ||||||||
Total Fixed Income Securities | — | 58,342,598 | — | 58,342,598 | ||||||||||||
Short-Term Investments | ||||||||||||||||
U.S. Treasury Security | — | 887,453 | — | 887,453 | ||||||||||||
Investment Company | 1,076,528 | — | — | 1,076,528 | ||||||||||||
Total Short-Term Investments | 1,076,528 | 887,453 | — | 1,963,981 | ||||||||||||
Foreign Currency Forward Exchange Contract: | — | 7,942 | — | 7,942 | ||||||||||||
Futures Contracts | 290,589 | — | — | 290,589 | ||||||||||||
Total Assets | 1,367,117 | 59,237,993 | — | 60,605,110 | ||||||||||||
Liabilities: | ||||||||||||||||
Futures Contracts | (190,159 | ) | — | — | (190,159 | ) | ||||||||||
Total Liabilities | (190,159 | ) | (278,444 | ) | — | (468,603 | ) | |||||||||
Total | $ | 1,176,958 | $ | 58,959,549 | $ | — | $ | 60,136,507 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.