Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments
September 30, 2022 (unaudited)
PRINCIPAL AMOUNT (000) | COUPON RATE | MATURITY DATE | VALUE | ||||||||||||
Corporate Bonds (95.5%) | |||||||||||||||
Basic Materials (3.0%) | |||||||||||||||
$ | 200 | Braskem Netherlands Finance BV (Brazil) (a) | 4.50 % | 01/31/30 | $ | 161,990 | |||||||||
250 | Celanese U.S. Holdings LLC | 6.165 | 07/15/27 | 236,919 | |||||||||||
150 | DuPont de Nemours, Inc. | 5.319 | 11/15/38 | 136,387 | |||||||||||
225 | Glencore Funding LLC (Australia) (a) | 2.50 | 09/01/30 | 172,388 | |||||||||||
200 | Minsur SA (Peru) (a) | 4.50 | 10/28/31 | 162,403 | |||||||||||
500 | Newcastle Coal Infrastructure Group Pty Ltd. (Australia) (a) | 4.40 | 09/29/27 | 428,224 | |||||||||||
200 | NOVA Chemicals Corp. (Canada) (a) | 4.875 | 06/01/24 | 188,212 | |||||||||||
1,486,523 | |||||||||||||||
Communications (9.7%) | |||||||||||||||
75 | Airbnb, Inc. (b) | 0.00 | 03/15/26 | 62,475 | |||||||||||
250 | Amazon.com, Inc. | 2.50 | 06/03/50 | 156,856 | |||||||||||
75 | Amazon.com, Inc. | 2.70 | 06/03/60 | 44,474 | |||||||||||
125 | Amazon.com, Inc. | 3.95 | 04/13/52 | 102,813 | |||||||||||
300 | AT&T, Inc. | 2.55 | 12/01/33 | 222,392 | |||||||||||
713 | AT&T, Inc. | 3.55 | 09/15/55 | 469,831 | |||||||||||
200 | Baidu, Inc. (China) | 1.72 | 04/09/26 | 176,941 | |||||||||||
50 | Charter Communications Operating LLC/Charter Communications Operating Capital | 2.30 | 02/01/32 | 35,783 | |||||||||||
150 | Charter Communications Operating LLC/Charter Communications Operating Capital | 2.80 | 04/01/31 | 113,642 | |||||||||||
375 | Charter Communications Operating LLC/Charter Communications Operating Capital | 3.50 | 03/01/42 | 238,794 | |||||||||||
25 | Charter Communications Operating LLC/Charter Communications Operating Capital | 5.125 | 07/01/49 | 18,388 | |||||||||||
175 | Comcast Corp. | 3.75 | 04/01/40 | 138,022 | |||||||||||
275 | Comcast Corp. | 4.00 | 03/01/48 | 212,232 | |||||||||||
375 | Level 3 Financing, Inc. (a) | 3.40 | 03/01/27 | 314,803 | |||||||||||
200 | NBN Co. Ltd. (Australia) (a) | 2.50 | 01/08/32 | 155,801 | |||||||||||
350 | NBN Co. Ltd. (Australia) (a) | 2.625 | 05/05/31 | 279,079 | |||||||||||
200 | Ooredoo International Finance Ltd. (Qatar) (a) | 2.625 | 04/08/31 | 165,794 | |||||||||||
200 | Prosus NV (China) (a) | 3.68 | 01/21/30 | 150,095 | |||||||||||
175 | Rogers Communications, Inc. (Canada) (a) | 4.55 | 03/15/52 | 139,930 | |||||||||||
80 | Spotify USA, Inc. (b) | 0.00 | 03/15/26 | 63,200 | |||||||||||
125 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a) | 4.738 | 03/20/25 | 123,276 | |||||||||||
250 | T-Mobile USA, Inc. | 2.25 | 11/15/31 | 188,851 | |||||||||||
150 | T-Mobile USA, Inc. | 3.30 | 02/15/51 | 98,000 | |||||||||||
375 | Tencent Holdings Ltd. (China) (a) | 3.595 | 01/19/28 | 335,888 | |||||||||||
60 | Uber Technologies, Inc. (b) | 0.00 | 12/15/25 | 50,094 | |||||||||||
150 | Verizon Communications, Inc. | 1.75 | 01/20/31 | 112,740 | |||||||||||
50 | Verizon Communications, Inc. | 2.355 | 03/15/32 | 38,391 | |||||||||||
100 | Verizon Communications, Inc. | 2.65 | 11/20/40 | 65,410 | |||||||||||
255 | Verizon Communications, Inc. | 2.987 | 10/30/56 | 152,280 | |||||||||||
50 | Verizon Communications, Inc. | 3.40 | 03/22/41 | 36,626 | |||||||||||
100 | Vodafone Group PLC (United Kingdom) | 4.375 | 02/19/43 | 76,752 | |||||||||||
204 | Walt Disney Co. | 2.75 | 09/01/49 | 129,999 | |||||||||||
100 | Walt Disney Co. | 3.50 | 05/13/40 | 77,415 | |||||||||||
75 | Wayfair, Inc. | 0.625 | 10/01/25 | 50,625 | |||||||||||
4,797,692 | |||||||||||||||
Consumer, Cyclical (8.3%) | |||||||||||||||
422 | Alaska Airlines 2020-1 Class A Pass Through Trust (a) | 4.80 | 02/15/29 | 398,830 | |||||||||||
80 | American Airlines, Inc./AAdvantage Loyalty IP Ltd. (a) | 5.75 | 04/20/29 | 69,942 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments
September 30, 2022 (unaudited) continued
125 | Brunswick Corp. | 5.10 | 04/01/52 | 86,959 | |||||||||||
150 | Daimler Trucks Finance North America LLC (Germany) (a) | 2.00 | 12/14/26 | 129,278 | |||||||||||
175 | Dick's Sporting Goods, Inc. | 4.10 | 01/15/52 | 108,491 | |||||||||||
200 | Ferguson Finance PLC (United Kingdom) (a) | 4.65 | 04/20/32 | 176,380 | |||||||||||
300 | General Motors Co. | 6.60 | 04/01/36 | 281,148 | |||||||||||
25 | General Motors Co. | 6.75 | 04/01/46 | 22,825 | |||||||||||
125 | Home Depot, Inc. | 2.375 | 03/15/51 | 73,493 | |||||||||||
150 | Hyatt Hotels Corp. | 1.80 | 10/01/24 | 140,763 | |||||||||||
475 | Hyundai Capital America (a) | 3.00 | 02/10/27 | 422,558 | |||||||||||
267 | JetBlue Pass Through Trust, Series AA | 2.75 | 11/15/33 | 219,739 | |||||||||||
125 | Lowe's Cos., Inc. | 3.00 | 10/15/50 | 76,866 | |||||||||||
200 | Lowe's Cos., Inc. | 5.80 | 09/15/62 | 184,040 | |||||||||||
55 | Macy's Retail Holdings LLC (a) | 5.875 | 03/15/30 | 43,614 | |||||||||||
100 | Magallanes, Inc. Co. (a) | 5.05 | 03/15/42 | 75,000 | |||||||||||
375 | Magallanes, Inc. Co. (a) | 5.141 | 03/15/52 | 273,273 | |||||||||||
450 | Marriott International, Inc., Series HH | 2.85 | 04/15/31 | 354,022 | |||||||||||
150 | McDonald's Corp. | 4.45 | 09/01/48 | 125,536 | |||||||||||
275 | Nissan Motor Co. Ltd. (Japan) (a) | 3.522 | 09/17/25 | 253,161 | |||||||||||
155 | Peloton Interactive, Inc. (b) | 0.00 | 02/15/26 | 105,412 | |||||||||||
200 | Resorts World Las Vegas LLC/RWLV Capital, Inc. (a) | 4.625 | 04/16/29 | 152,392 | |||||||||||
125 | Starbucks Corp. | 2.25 | 03/12/30 | 101,314 | |||||||||||
75 | Starbucks Corp. | 2.55 | 11/15/30 | 61,285 | |||||||||||
200 | Warnermedia Holdings, Inc. (a) | 4.279 | 03/15/32 | 164,794 | |||||||||||
4,101,115 | |||||||||||||||
Consumer, Non-Cyclical (8.1%) | |||||||||||||||
125 | AbbVie, Inc. | 4.05 | 11/21/39 | 100,905 | |||||||||||
150 | AbbVie, Inc. | 4.25 | 11/21/49 | 120,607 | |||||||||||
200 | Altria Group, Inc. | 3.40 | 02/04/41 | 126,524 | |||||||||||
75 | Amgen, Inc. | 3.00 | 01/15/52 | 47,092 | |||||||||||
125 | Amgen, Inc. | 4.20 | 02/22/52 | 98,389 | |||||||||||
25 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.35 | 06/01/40 | 21,245 | |||||||||||
50 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.375 | 04/15/38 | 42,810 | |||||||||||
550 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 4.60 | 04/15/48 | 457,088 | |||||||||||
350 | BAT Capital Corp. (United Kingdom) | 2.259 | 03/25/28 | 278,932 | |||||||||||
150 | BAT Capital Corp. (United Kingdom) | 3.734 | 09/25/40 | 96,368 | |||||||||||
235 | Cedars-Sinai Health System, Series 2021 | 2.288 | 08/15/31 | 188,009 | |||||||||||
275 | CVS Health Corp. | 1.75 | 08/21/30 | 210,776 | |||||||||||
300 | DH Europe Finance II Sarl (Luxembourg) | 2.60 | 11/15/29 | 256,849 | |||||||||||
175 | Global Payments, Inc. | 5.40 | 08/15/32 | 162,693 | |||||||||||
EUR | 100 | Grifols SA (Spain) (a) | 2.25 | 11/15/27 | 76,711 | ||||||||||
$ | 300 | HCA, Inc. | 5.25 | 06/15/49 | 244,670 | ||||||||||
500 | Imperial Brands Finance PLC (United Kingdom) (a) | 3.125 | 07/26/24 | 478,655 | |||||||||||
225 | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (a) | 2.50 | 01/15/27 | 192,694 | |||||||||||
150 | JDE Peet's NV (Netherlands) (a) | 1.375 | 01/15/27 | 124,128 | |||||||||||
225 | Kimberly-Clark de Mexico SAB de CV (Mexico) (a) | 2.431 | 07/01/31 | 180,269 | |||||||||||
EUR | 100 | Q-Park Holding I BV (Netherlands) (a) | 1.50 | 03/01/25 | 85,313 | ||||||||||
$ | 225 | Smithfield Foods, Inc. (a) | 3.00 | 10/15/30 | 174,020 | ||||||||||
325 | Transurban Finance Co. Pty Ltd. (Australia) (a) | 2.45 | 03/16/31 | 251,744 | |||||||||||
4,016,491 | |||||||||||||||
Energy (7.5%) | |||||||||||||||
175 | BP Capital Markets PLC (United Kingdom) | 4.375 | 06/22/25 (c) | 162,312 | |||||||||||
175 | BP Capital Markets PLC (United Kingdom) | 4.875 | 03/22/30 (c) | 151,047 | |||||||||||
125 | Continental Resources, Inc. (a) | 2.268 | 11/15/26 | 106,821 | |||||||||||
275 | Continental Resources, Inc. (a) | 2.875 | 04/01/32 | 201,754 | |||||||||||
350 | Coterra Energy, Inc. (a) | 3.90 | 05/15/27 | 324,848 | |||||||||||
275 | Diamondback Energy, Inc. | 3.125 | 03/24/31 | 223,470 | |||||||||||
350 | Enbridge, Inc. (Canada) | 2.50 | 08/01/33 | 262,757 | |||||||||||
50 | Energy Transfer LP | 5.00 | 05/15/50 | 39,193 | |||||||||||
50 | Energy Transfer LP | 5.40 | 10/01/47 | 40,613 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments
September 30, 2022 (unaudited) continued
125 | Enterprise Products Operating LLC | 3.30 | 02/15/53 | 81,657 | |||||||||||
125 | Enterprise Products Operating LLC | 3.95 | 01/31/60 | 86,566 | |||||||||||
10 | EQM Midstream Partners LP (a) | 7.50 | 06/01/27 | 9,548 | |||||||||||
200 | EQT Corp. | 5.70 | 04/01/28 | 196,406 | |||||||||||
175 | Exxon Mobil Corp. | 3.452 | 04/15/51 | 130,707 | |||||||||||
175 | HF Sinclair Corp. (a) | 5.875 | 04/01/26 | 171,744 | |||||||||||
75 | Kinder Morgan, Inc. | 3.60 | 02/15/51 | 48,821 | |||||||||||
225 | Midwest Connector Capital Co. LLC (a) | 4.625 | 04/01/29 | 201,118 | |||||||||||
75 | MPLX LP | 4.95 | 03/14/52 | 58,876 | |||||||||||
100 | MPLX LP | 5.20 | 12/01/47 | 81,246 | |||||||||||
275 | ONEOK, Inc. | 3.10 | 03/15/30 | 223,813 | |||||||||||
75 | ONEOK, Inc. | 3.40 | 09/01/29 | 63,005 | |||||||||||
200 | Rockies Express Pipeline LLC (a) | 3.60 | 05/15/25 | 180,292 | |||||||||||
325 | Sabine Pass Liquefaction LLC | 4.50 | 05/15/30 | 296,544 | |||||||||||
75 | Shell International Finance BV (Netherlands) | 3.125 | 11/07/49 | 51,553 | |||||||||||
200 | Transportadora de Gas Internacional SA ESP (Colombia) (a) | 5.55 | 11/01/28 | 178,956 | |||||||||||
125 | Williams Cos., Inc. | 5.30 | 08/15/52 | 109,065 | |||||||||||
3,682,732 | |||||||||||||||
Finance (38.6%) | |||||||||||||||
300 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | 1.65 | 10/29/24 | 274,343 | |||||||||||
250 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | 3.00 | 10/29/28 | 200,714 | |||||||||||
225 | Air Lease Corp. | 4.625 | 10/01/28 | 202,220 | |||||||||||
150 | Alexandria Real Estate Equities, Inc. | 2.95 | 03/15/34 | 116,189 | |||||||||||
75 | Ally Financial, Inc. | 8.00 | 11/01/31 | 78,741 | |||||||||||
150 | American National Group, Inc. (a) | 6.144 | 06/13/32 | 140,031 | |||||||||||
225 | Aon Corp./Aon Global Holdings PLC | 2.60 | 12/02/31 | 176,258 | |||||||||||
200 | Australia & New Zealand Banking Group Ltd. (Australia) (a) | 2.57 | 11/25/35 | 145,468 | |||||||||||
325 | Avolon Holdings Funding Ltd. (Ireland) (a) | 2.875 | 02/15/25 | 294,314 | |||||||||||
175 | Banco de Credito del Peru SA (Peru) (a) | 2.70 | 01/11/25 | 162,997 | |||||||||||
200 | Banco de Credito e Inversiones SA (Chile) (a) | 2.875 | 10/14/31 | 154,890 | |||||||||||
400 | Banco Santander SA (Spain) | 1.722 | 09/14/27 | 331,388 | |||||||||||
200 | Banco Santander SA (Spain) | 4.175 | 03/24/28 | 180,503 | |||||||||||
300 | Bank Hapoalim BM (Israel) (a) | 3.255 | 01/21/32 | 250,761 | |||||||||||
575 | Bank of America Corp. | 2.482 | 09/21/36 | 416,182 | |||||||||||
875 | Bank of America Corp. | 2.687 | 04/22/32 | 684,158 | |||||||||||
600 | Bank of America Corp. | 3.846 | 03/08/37 | 484,879 | |||||||||||
550 | Bank of Ireland Group PLC (Ireland) (a) | 2.029 | 09/30/27 | 455,616 | |||||||||||
175 | Belrose Funding Trust (a) | 2.33 | 08/15/30 | 132,249 | |||||||||||
250 | BPCE SA (France) (a) | 3.116 | 10/19/32 | 179,214 | |||||||||||
250 | BPCE SA (France) (a) | 3.648 | 01/14/37 | 185,710 | |||||||||||
400 | BPCE SA (France) (a) | 5.15 | 07/21/24 | 390,315 | |||||||||||
275 | Capital One Financial Corp. | 3.273 | 03/01/30 | 230,282 | |||||||||||
250 | Charles Schwab Corp., Series G | 5.375 | 06/01/25 (c) | 244,375 | |||||||||||
750 | Citigroup, Inc. | 2.52 | 11/03/32 | 569,519 | |||||||||||
825 | Citigroup, Inc. | 3.057 | 01/25/33 | 650,639 | |||||||||||
150 | CNO Global Funding (a) | 1.75 | 10/07/26 | 129,956 | |||||||||||
70 | Coinbase Global, Inc. (a) | 3.375 | 10/01/28 | 43,924 | |||||||||||
200 | Commerzbank AG (Germany) (a) | 8.125 | 09/19/23 | 197,200 | |||||||||||
350 | Credit Suisse Group AG (Switzerland) (a) | 6.537 | 08/12/33 | 315,006 | |||||||||||
150 | Deutsche Bank AG (Germany) | 6.119 | 07/14/26 | 145,799 | |||||||||||
200 | Extra Space Storage LP Co. | 3.90 | 04/01/29 | 178,308 | |||||||||||
275 | Federation des Caisses Desjardins du Quebec (Canada) (a) | 4.40 | 08/23/25 | 266,130 | |||||||||||
300 | First-Citizens Bank & Trust Co. | 2.969 | 09/27/25 | 283,269 | |||||||||||
675 | Global Atlantic Fin Co. (a) | 4.40 | 10/15/29 | 573,701 | |||||||||||
50 | GLP Capital LP/GLP Financing II, Inc. | 3.25 | 01/15/32 | 37,689 | |||||||||||
200 | GLP Capital LP/GLP Financing II, Inc. | 4.00 | 01/15/30 | 167,446 | |||||||||||
650 | Goldman Sachs Group, Inc. | 2.615 | 04/22/32 | 504,595 | |||||||||||
175 | Goldman Sachs Group, Inc. | 2.64 | 02/24/28 | 152,034 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments
September 30, 2022 (unaudited) continued
200 | Grupo Aval Ltd. (Colombia) (a) | 4.375 | 02/04/30 | 145,161 | |||||||||||
375 | High Street Funding Trust I (a) | 4.111 | 02/15/28 | 347,779 | |||||||||||
350 | HSBC Holdings PLC (United Kingdom) | 1.589 | 05/24/27 | 292,903 | |||||||||||
250 | HSBC Holdings PLC (United Kingdom) | 5.21 | 08/11/28 | 233,985 | |||||||||||
225 | Intact Financial Corp. (Canada) (a) | 5.459 | 09/22/32 | 219,229 | |||||||||||
325 | Intercontinental Exchange, Inc. | 4.60 | 03/15/33 | 303,404 | |||||||||||
175 | Jefferies Group LLC/Jefferies Group Capital Finance, Inc. | 2.625 | 10/15/31 | 127,221 | |||||||||||
750 | JPMorgan Chase & Co. | 1.953 | 02/04/32 | 555,840 | |||||||||||
550 | JPMorgan Chase & Co. | 2.545 | 11/08/32 | 417,986 | |||||||||||
50 | JPMorgan Chase & Co. | 3.964 | 11/15/48 | 37,553 | |||||||||||
200 | JPMorgan Chase & Co. | 4.565 | 06/14/30 | 184,561 | |||||||||||
300 | JPMorgan Chase & Co. | 4.851 | 07/25/28 | 288,364 | |||||||||||
150 | KKR Group Finance Co. XII LLC (a) | 4.85 | 05/17/32 | 138,260 | |||||||||||
400 | LeasePlan Corp. NV (Netherlands) (a) | 2.875 | 10/24/24 | 375,650 | |||||||||||
275 | Life Storage LP | 2.40 | 10/15/31 | 206,804 | |||||||||||
225 | Macquarie Group Ltd. (Australia) (a) | 2.871 | 01/14/33 | 169,433 | |||||||||||
300 | Marsh & McLennan Cos., Inc. | 5.875 | 08/01/33 | 303,617 | |||||||||||
200 | MDGH GMTN (RSC) Ltd. (United Arab Emirates) (a) | 4.50 | 11/07/28 | 197,016 | |||||||||||
150 | Metropolitan Life Global Funding I (a) | 2.95 | 04/09/30 | 128,759 | |||||||||||
325 | National Australia Bank Ltd. (Australia) (a) | 2.332 | 08/21/30 | 242,449 | |||||||||||
200 | Nordea Bank Abp (Finland) (a) | 5.375 | 09/22/27 | 195,190 | |||||||||||
200 | Oversea-Chinese Banking Corp. Ltd. (Singapore) (a) | 1.832 | 09/10/30 | 179,197 | |||||||||||
325 | Radian Group, Inc. | 6.625 | 03/15/25 | 317,180 | |||||||||||
375 | Rexford Industrial Realty LP | 2.125 | 12/01/30 | 286,955 | |||||||||||
125 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (a) | 3.875 | 03/01/31 | 90,803 | |||||||||||
350 | Sabra Health Care LP | 3.20 | 12/01/31 | 257,639 | |||||||||||
225 | Shinhan Bank Co., Ltd. (Korea, Republic of) (a) | 4.00 | 04/23/29 | 203,788 | |||||||||||
350 | Societe Generale SA (France) (a) | 2.625 | 01/22/25 | 324,230 | |||||||||||
200 | Societe Generale SA (France) (a) | 2.889 | 06/09/32 | 146,387 | |||||||||||
125 | Stewart Information Services Corp. | 3.60 | 11/15/31 | 96,529 | |||||||||||
200 | Sun Communities Operating LP | 4.20 | 04/15/32 | 167,794 | |||||||||||
250 | SVB Financial Group | 1.80 | 02/02/31 | 179,237 | |||||||||||
45 | SVB Financial Group | 4.10 | 02/15/31 (c) | 30,911 | |||||||||||
200 | Swedbank AB (Sweden) (a) | 5.337 | 09/20/27 | 194,039 | |||||||||||
275 | Synchrony Bank | 5.625 | 08/23/27 | 263,689 | |||||||||||
175 | Synovus Financial Corp. | 5.20 | 08/11/25 | 171,852 | |||||||||||
100 | VICI Properties LP | 4.75 | 02/15/28 | 92,165 | |||||||||||
350 | VICI Properties LP/VICI Note Co., Inc. (a) | 3.875 | 02/15/29 | 294,352 | |||||||||||
275 | Wells Fargo & Co. | 4.808 | 07/25/28 | 262,559 | |||||||||||
100 | Westpac Banking Corp. (Australia) | 2.668 | 11/15/35 | 73,701 | |||||||||||
19,071,183 | |||||||||||||||
Industrials (4.6%) | |||||||||||||||
125 | Boeing Co. | 2.95 | 02/01/30 | 100,646 | |||||||||||
125 | Boeing Co. | 3.25 | 02/01/35 | 88,482 | |||||||||||
250 | Boeing Co. | 5.15 | 05/01/30 | 231,556 | |||||||||||
275 | Canadian Pacific Railway Co. (Canada) | 1.35 | 12/02/24 | 254,505 | |||||||||||
150 | Eaton Corp. | 4.15 | 03/15/33 | 135,740 | |||||||||||
300 | GE Capital International Funding Co., Unlimited Co. | 4.418 | 11/15/35 | 269,166 | |||||||||||
200 | Sealed Air Corp. (a) | 1.573 | 10/15/26 | 167,693 | |||||||||||
300 | Silgan Holdings, Inc. (a) | 1.40 | 04/01/26 | 256,423 | |||||||||||
EUR | 100 | Standard Industries, Inc. (a) | 2.25 | 11/21/26 | 77,396 | ||||||||||
$ | 175 | TD SYNNEX Corp. | 2.375 | 08/09/28 | 141,297 | ||||||||||
400 | Union Pacific Corp. | 4.95 | 09/09/52 | 373,820 | |||||||||||
275 | Vontier Corp. | 2.95 | 04/01/31 | 198,324 | |||||||||||
2,295,048 | |||||||||||||||
Technology (4.8%) | |||||||||||||||
225 | Apple, Inc. | 2.375 | 02/08/41 | 156,317 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments
September 30, 2022 (unaudited) continued
175 | Apple, Inc. | 2.65 | 05/11/50 | 115,753 | |||||||||||
125 | Apple, Inc. | 2.95 | 09/11/49 | 88,438 | |||||||||||
75 | Apple, Inc. | 3.95 | 08/08/52 | 62,779 | |||||||||||
125 | Broadcom, Inc. (a) | 3.187 | 11/15/36 | 85,761 | |||||||||||
75 | Broadcom, Inc. (a) | 3.419 | 04/15/33 | 57,382 | |||||||||||
250 | Dell International LLC/EMC Corp. (a) | 3.45 | 12/15/51 | 142,725 | |||||||||||
350 | DXC Technology Co. | 1.80 | 09/15/26 | 300,319 | |||||||||||
225 | Intel Corp. | 2.80 | 08/12/41 | 151,950 | |||||||||||
75 | Intel Corp. | 3.25 | 11/15/49 | 49,883 | |||||||||||
150 | International Business Machines Corp. | 2.85 | 05/15/40 | 104,541 | |||||||||||
175 | Kyndryl Holdings, Inc. | 2.05 | 10/15/26 | 140,777 | |||||||||||
500 | Micron Technology, Inc. | 2.703 | 04/15/32 | 364,529 | |||||||||||
150 | Microsoft Corp. | 2.525 | 06/01/50 | 98,571 | |||||||||||
200 | Oracle Corp. | 3.60 | 04/01/50 | 125,523 | |||||||||||
75 | Oracle Corp. | 3.85 | 07/15/36 | 56,247 | |||||||||||
75 | RingCentral, Inc. (b) | 0.00 | 03/15/26 | 58,050 | |||||||||||
100 | Take-Two Interactive Software, Inc. | 4.00 | 04/14/32 | 86,944 | |||||||||||
55 | Western Digital Corp. | 1.50 | 02/01/24 | 52,360 | |||||||||||
50 | Ziff Davis, Inc. (a) | 1.75 | 11/01/26 | 46,425 | |||||||||||
2,345,274 | |||||||||||||||
Utilities (10.9%) | |||||||||||||||
225 | Alliant Energy Finance Co. (a) | 3.60 | 03/01/32 | 192,503 | |||||||||||
250 | Ameren Illinois Co. | 1.55 | 11/15/30 | 191,776 | |||||||||||
200 | APA Infrastructure Ltd. (Australia) (a) | 4.20 | 03/23/25 | 191,730 | |||||||||||
350 | Berkshire Hathaway Energy Co. | 2.85 | 05/15/51 | 216,099 | |||||||||||
50 | Berkshire Hathaway Energy Co. (a) | 4.60 | 05/01/53 | 42,274 | |||||||||||
175 | Cleveland Electric Illuminating Co. (a) | 4.55 | 11/15/30 | 163,191 | |||||||||||
200 | Consorcio Transmantaro SA (Peru) (a) | 4.70 | 04/16/34 | 172,925 | |||||||||||
100 | Consumers Energy Co. | 2.50 | 05/01/60 | 55,407 | |||||||||||
175 | Dominion Energy, Inc. | 4.35 | 08/15/32 | 158,533 | |||||||||||
175 | DTE Electric Co. | 2.95 | 03/01/50 | 117,732 | |||||||||||
200 | Duke Energy Corp. | 5.00 | 08/15/52 | 170,882 | |||||||||||
247 | Duke Energy Indiana LLC | 2.75 | 04/01/50 | 153,981 | |||||||||||
200 | Enel Finance International NV (Italy) (a) | 5.00 | 06/15/32 | 170,841 | |||||||||||
100 | Entergy Texas, Inc. | 3.55 | 09/30/49 | 70,606 | |||||||||||
100 | Exelon Corp. (a) | 4.10 | 03/15/52 | 77,436 | |||||||||||
275 | Fells Point Funding Trust (a) | 3.046 | 01/31/27 | 245,363 | |||||||||||
175 | FirstEnergy Transmission LLC (a) | 4.55 | 04/01/49 | 137,254 | |||||||||||
125 | Georgia Power Co., Series A | 3.25 | 03/15/51 | 82,753 | |||||||||||
50 | Indiana Michigan Power Co. | 4.25 | 08/15/48 | 39,920 | |||||||||||
150 | Interstate Power and Light Co. | 2.30 | 06/01/30 | 120,654 | |||||||||||
100 | Interstate Power and Light Co. | 3.50 | 09/30/49 | 71,744 | |||||||||||
125 | Jersey Central Power & Light Co. (a) | 2.75 | 03/01/32 | 99,369 | |||||||||||
125 | NextEra Energy Capital Holdings, Inc. | 1.90 | 06/15/28 | 103,618 | |||||||||||
350 | NextEra Energy Capital Holdings, Inc. | 2.75 | 11/01/29 | 294,589 | |||||||||||
75 | NextEra Energy Capital Holdings, Inc. | 3.00 | 01/15/52 | 48,042 | |||||||||||
275 | Niagara Mohawk Power Corp. (a) | 2.759 | 01/10/32 | 215,237 | |||||||||||
150 | Northern States Power Co. | 2.90 | 03/01/50 | 100,626 | |||||||||||
105 | NRG Energy, Inc. (a) | 3.875 | 02/15/32 | 82,131 | |||||||||||
150 | Pacific Gas and Electric Co. | 3.30 | 08/01/40 | 96,338 | |||||||||||
125 | PECO Energy Co. | 3.05 | 03/15/51 | 84,650 | |||||||||||
50 | Public Service Co. of Colorado | 4.50 | 06/01/52 | 43,480 | |||||||||||
175 | Public Service Co. of Colorado, Series 34 | 3.20 | 03/01/50 | 122,982 | |||||||||||
300 | Public Service Enterprise Group, Inc. | 2.45 | 11/15/31 | 233,956 | |||||||||||
150 | Southern California Edison Co. | 4.00 | 04/01/47 | 109,699 | |||||||||||
150 | Southern Co. | 4.40 | 07/01/46 | 117,545 | |||||||||||
150 | Southern Co. (d) | 4.475 | 08/01/24 | 148,239 | |||||||||||
150 | Tampa Electric Co. | 5.00 | 07/15/52 | 138,232 | |||||||||||
100 | Union Electric Co. | 3.90 | 04/01/52 | 78,817 | |||||||||||
100 | Virginia Electric and Power Co. | 2.45 | 12/15/50 | 58,793 | |||||||||||
175 | Virginia Electric and Power Co. | 2.95 | 11/15/51 | 113,786 |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments
September 30, 2022 (unaudited) continued
275 | Vistra Operations Co. LLC (a) | 4.875 | 05/13/24 | 268,229 | |||||||||||
5,401,962 | |||||||||||||||
Total Corporate Bonds (Cost $56,823,426) | 47,198,020 | ||||||||||||||
Mortgages - Other (1.8%) | |||||||||||||||
400 | CSMC Trust | 5.989 | 09/15/35 | 398,142 | |||||||||||
500 | J.P. Morgan Chase Commercial Mortgage Securities Trust (a) | 5.129 | 08/15/39 | 496,292 | |||||||||||
Total Mortgages - Other (Cost $897,750) | 894,434 | ||||||||||||||
Short-Term Investments (2.2%) | |||||||||||||||
U.S. Treasury Security (1.8%) | |||||||||||||||
889 | U.S. Treasury Bill (e)(f) (Cost $873,746) | 3.843 | 03/16/23 | 874,071 |
NUMBER OF SHARES (000) | |||||||||||||||
Investment Company (0.4%) | |||||||||||||||
217 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (g) (Cost $217,037) | 217,037 | |||||||||||||
Total Short-Term Investments (Cost $1,090,783) | 1,091,108 | ||||||||||||||
Total Investments (Cost $58,811,959) (h)(i)(j) | 99.5 | % | 49,183,562 | ||||||||||||
Other Assets in Excess of Liabilities | 0.5 | 238,536 | |||||||||||||
Net Assets | 100.0 | % | $ | 49,422,098 |
(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 September 30, 2022. | |
(d) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2022. Maturity date disclosed is the ultimate maturity date. | |
(e) | Rate shown is the yield to maturity at September 30, 2022. | |
(f) | All or a portion of the security was pledged to cover margin requirements for futures contracts. | |
(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 nine months ended September 30, 2022, advisory fees paid were reduced by $540 relating to the Fund's investment in the Liquidity Funds. | |
(h) | Securities are available for collateral in connection with 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 nine months ended September 30, 2022, the Fund did not engage in any cross-trade transactions. | |
(j) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $41,269 and the aggregate gross unrealized depreciation is $9,669,666, resulting in net unrealized depreciation of $9,628,397. |
Morgan Stanley Variable Investment Series - Income Plus Portfolio
Portfolio of Investments
September 30, 2022 (unaudited) continued
FOREIGN CURRENCY FORWARD EXCHANGE CONTRACTS: The Fund had the following foreign currency forward exchange contracts open at September 30, 2022: |
COUNTERPARTY | CONTRACTS TO DELIVER | IN EXCHANGE FOR | DELIVERY DATE | UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||
Australia & New Zealand Banking Group Ltd. | EUR | 1,662 | $ | 1,670 | 11/10/22 | $ | 37 | |||||||
Australia & New Zealand Banking Group Ltd. | EUR | 1,570 | $ | 1,540 | 11/10/22 | (3 | ) | |||||||
Bank of America NA | EUR | 590 | $ | 603 | 11/10/22 | 23 | ||||||||
HSBC Bank PLC | EUR | 768 | $ | 775 | 11/10/22 | 21 | ||||||||
Royal Bank of Canada | EUR | 249,023 | $ | 255,409 | 11/10/22 | 10,731 | ||||||||
UBS AG | EUR | 570 | $ | 572 | 11/10/22 | 12 | ||||||||
UBS AG | $ | $4,218 | EUR | 4,180 | 11/10/22 | (111 | ) | |||||||
$ | 10,710 |
FUTURES CONTRACTS: The Fund had the following futures contracts open at September 30, 2022: |
NUMBER OF CONTRACTS | EXPIRATION DATE | NOTIONAL AMOUNT (000) | VALUE | UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||
Long: | ||||||||||||||||||
U.S. Treasury 2 yr. Note | 25 | Dec-22 | $ | 5,000 | $ | 5,134,766 | $ | (84,848 | ) | |||||||||
U.S. Treasury Long Bond | 33 | Dec-22 | 3,300 | 4,171,406 | (314,818 | ) | ||||||||||||
U.S. Treasury 5 yr. Note | 7 | Dec-22 | 700 | 752,555 | (3,932 | ) | ||||||||||||
U.S. Treasury Ultra Bond | 5 | Dec-22 | 500 | 685,000 | (62,589 | ) | ||||||||||||
Short: | ||||||||||||||||||
German Euro-Bund Index | 1 | Dec-22 | EUR | (100 | ) | (135,727 | ) | 7,640 | ||||||||||
U.S. Treasury 10 yr. Note | 25 | Dec-22 | $ | (2,500 | ) | (2,801,563 | ) | 138,120 | ||||||||||
U.S. Treasury 10 yr. Ultra Note | 48 | Dec-22 | (4,800 | ) | (5,687,250 | ) | 322,754 | |||||||||||
$ | 2,327 |
EUR — Euro |
USD — United States Dollar |
Morgan Stanley Variable Investment Series
Notes to Portfolio of Investments ▪ September 30, 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/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/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) 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 New York Stock Exchange ("NYSE"); (5) fixed income 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. 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/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (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 as of the close of each business day.
In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Trustees have designated the Trust'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 Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, 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 price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022.
INVESTMENT TYPE | LEVEL 1 UNADJUSTED QUOTED PRICES | LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS | LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 47,198,020 | $ | — | $ | 47,198,020 | ||||||||
Mortgages - Other | — | 894,434 | — | 894,434 | ||||||||||||
Total Fixed Income Securities | — | 48,092,454 | — | 48,092,454 | ||||||||||||
Short-Term Investments | ||||||||||||||||
U.S. Treasury Security | — | 874,071 | — | 874,071 | ||||||||||||
Investment Company | 217,037 | — | — | 217,037 | ||||||||||||
Total Short-Term Investments | 217,037 | 874,071 | — | 1,091,108 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 10,824 | — | 10,824 | ||||||||||||
Futures Contracts | 468,514 | — | — | 468,514 | ||||||||||||
Total Assets | 685,551 | 48,977,349 | — | 49,662,900 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (114 | ) | — | (114 | ) | ||||||||||
Futures Contracts | (466,187 | ) | — | — | (466,187 | ) | ||||||||||
Total Liabilities | (466,187 | ) | (114 | ) | — | (466,301 | ) | |||||||||
Total | $ | 219,364 | $ | 48,977,235 | $ | — | $ | 49,196,599 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.