NPORT-EX 2 NPORT_MGHN_46468957_0921.htm

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities  (99.3%)          
Agency Adjustable Rate Mortgages  (0.0%) (a)          
Federal Home Loan Mortgage Corporation,          
Conventional Pool:           
12 Month USD LIBOR + 1.63%, 1.94%, 7/1/45  $36   $37 
Federal National Mortgage Association,           
Conventional Pool:           
12 Month USD LIBOR + 1.59%, 1.91%, 12/1/45   11    12 
        49 
Agency Fixed Rate Mortgages  (14.5%)          
Federal Home Loan Mortgage Corporation,          
Gold Pools:          
3.50%, 1/1/44   354    386 
4.00%, 12/1/41 – 10/1/44   394    434 
5.41%, 7/1/37 – 8/1/37   11    13 
5.44%, 1/1/37 – 2/1/38   47    53 
5.46%, 5/1/37 – 1/1/38   41    45 
5.48%, 8/1/37   11    12 
5.50%, 8/1/37 – 4/1/38   56    63 
5.52%, 10/1/37   5    6 
5.62%, 12/1/36 – 8/1/37   47    54 
6.00%, 8/1/37 – 5/1/38   15    17 
6.50%, 9/1/32   3    4 
7.50%, 5/1/35   21    25 
8.00%, 8/1/32   13    15 
8.50%, 8/1/31   18    21 
Federal National Mortgage Association,          
Conventional Pools:          
2.50%, 2/1/50   254    262 
3.00%, 7/1/49   70    72 
3.50%, 7/1/46 – 7/1/49   834    881 
4.00%, 11/1/41 – 8/1/49   808    885 
4.50%, 8/1/40 – 9/1/48   286    312 
5.00%, 7/1/40   47    52 
5.62%, 12/1/36   18    20 
6.00%, 12/1/38   255    301 
6.50%, 11/1/27 – 10/1/38   13    13 
7.00%, 6/1/29   5    6 
7.50%, 8/1/37   37    44 
8.00%, 4/1/33   29    34 
8.50%, 10/1/32   29    35 
9.50%, 4/1/30   2    3 
December TBA:          
2.00%, 12/1/51 (b)   975    974 
2.50%, 12/1/51 (b)   8,050    8,266 
Government National Mortgage Association,          
December TBA:          
3.00%, 12/20/51 (b)   1,000    1,041 
Various Pools:          
3.50%, 11/20/40 – 7/20/46   291    310 
4.00%, 7/15/44   116    127 
5.00%, 12/20/48 – 2/20/49   27    29 
         14,815 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Asset-Backed Securities  (10.2%)        
AIMCO CLO,          
 Series 2018-B          
 3 Month USD LIBOR + 1.10%, 1.23%, 1/15/32 (c)(d)   625    625 
American Homes 4 Rent Trust,          
 6.07%, 10/17/52 (d)   490    549 
Aqua Finance Trust,          
 1.79%, 7/17/46   160    160 
Benefit Street Partners CLO XX Ltd.,          
 3 Month USD LIBOR + 1.17%, 1.31%, 7/15/34 (c)(d)   390    390 
Blackbird Capital Aircraft Lease Securitization Ltd.,          
 5.68%, 12/16/41 (d)   357    351 
CWABS Asset-Backed Certificates Trust,          
1 Month USD LIBOR + 1.58%, 1.66%, 12/25/34 (c)   644    645 
Falcon Aerospace Ltd.,          
 3.60%, 9/15/39 (d)   201    199 
Foundation Finance Trust,          
 3.86%, 11/15/34 (d)   159    163 
FREED ABS Trust,          
 0.62%, 11/20/28 (d)   400    400 
 3.87%, 6/18/26 (d)   31    31 
 4.61%, 10/20/25 (d)   26    26 
GAIA Aviation Ltd.,          
 7.00%, 12/15/44 (d)   321    265 
Goodgreen Trust,          
 5.53%, 4/15/55 (d)   522    539 
JOL Air Ltd.,          
 4.95%, 4/15/44 (d)   227    211 
Lunar Aircraft Ltd.,          
 3.38%, 2/15/45 (d)   119    118 
Mosaic Solar Loan Trust,          
 1.92%, 6/20/52 (d)   230    228 
New Residential Mortgage LLC,          
 5.44%, 6/25/25 – 7/25/25 (d)   880    901 
NovaStar Mortgage Funding Trust,          
 1 Month USD LIBOR + 1.06%, 1.15%, 12/25/33 (c)   217    217 
Octagon Investment Partners 51 Ltd.,          
 3 Month USD LIBOR + 1.15%, 1.26%, 7/20/34 (c)(d)   900    900 
Oxford Finance Funding LLC,          
 5.44%, 2/15/27 (d)   249    256 
PMT FMSR Issuer Trust,          
 1 Month USD LIBOR + 3.00%, 3.09%, 3/25/26 (c)(d)   650    651 
PNMAC GMSR Issuer Trust,          
 1 Month USD LIBOR + 2.85%, 2.94%, 2/25/23 (c)(d)   300    301 
S-Jets Ltd.,          
 7.02%, 8/15/42 (d)   720    561 
Sculptor CLO XXVI Ltd.,          
 3 Month USD LIBOR + 1.27%, 1.43%, 7/20/34 (c)(d)   840    843 
SFS Asset Securitization LLC,          
 4.24%, 6/10/25 (d)   509    510 
Sprite Ltd.,          
 4.25%, 12/15/37 (d)   219    218 
START Ireland,          
 4.09%, 3/15/44 (d)   151    152 
         10,410 
Collateralized Mortgage Obligations - Agency Collateral Series  (1.9%)          
Federal Home Loan Mortgage Corporation,          
 1 Month USD LIBOR + 4.35%, 4.43%, 12/25/26 (c)(d)   59    59 
 1 Month USD LIBOR + 5.05%, 5.13%, 7/25/23 (c)   92    94 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

 1 Month USD LIBOR + 5.25%, 5.33%, 7/25/26 (c)(d)   43    44 
IO          
 2.72%, 1/25/49 (c)   715    144 
 2.75%, 1/25/49 – 2/25/49 (c)   4,585    954 
 3.57%, 10/25/38 (c)   800    288 
IO REMIC          
 6.00% - 1 Month USD LIBOR, 5.92%, 11/15/43 - 6/15/44 (e)   1,137    199 
IO STRIPS          
 7.50%, 12/15/29   2    —@
Federal National Mortgage Association,          
IO REMIC          
 6.00%, 5/25/33 – 7/25/33   134    27 
IO STRIPS          
 8.00%, 6/25/35 (c)   9    2 
 9.00%, 11/25/26   1    —@
REMIC          
 7.00%, 9/25/32   21    25 
Government National Mortgage Association,          
IO          
 0.76%, 8/20/58 (c)   3,290    69 
 5.00%, 2/16/41   51    9 
IO PAC          
 6.15% - 1 Month USD LIBOR, 6.06%, 10/20/41 (e)   73    1 
        1,915 
Commercial Mortgage-Backed Securities  (6.0%)          
Bancorp Commercial Mortgage Trust,          
 SOFR30A + 2.41%, 2.46%, 9/15/36 (c)(d)   450    450 
BANK 2019-BNK21,          
IO          
 0.99%, 10/17/52 (c)   3,973    233 
BANK 2020-BNK30,          
 3.02%, 12/15/53 (c)   725    675 
Citigroup Commercial Mortgage Trust,          
 3.62%, 12/10/41 (c)(d)   300    241 
IO          
 0.87%, 11/10/48 (c)   2,307    59 
 1.03%, 9/10/58 (c)   4,393    133 
COMM Mortgage Trust,          
IO          
 0.08%, 7/10/45 (c)   8,196    6 
 0.88%, 10/10/47 (c)   2,508    45 
 1.16%, 7/15/47 (c)   2,546    58 
GS Mortgage Securities Trust,          
 4.90%, 8/10/46 (c)(d)   500    494 
IO          
 0.85%, 9/10/47 (c)   4,362    79 
 1.38%, 10/10/48 (c)   4,693    192 
Jackson Park Trust LIC,          
 3.35%, 10/14/39 (c)(d)   400    371 
JP Morgan Chase Commercial Mortgage Securities Trust,          
IO          
 0.65%, 4/15/46 (c)   6,000    46 
 0.81%, 12/15/49 (c)   2,873    63 
 1.01%, 7/15/47 (c)   5,112    78 
JPMBB Commercial Mortgage Securities Trust,          
IO          
 1.12%, 8/15/47 (c)   3,196    75 
Last Mile Logistics Pan Euro Finance DAC,          
 1.90%, 8/17/33  EUR100    116 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

MFT Trust,          
 3.59%, 2/10/42 (c)(d)  $200    191 
MKT Mortgage Trust,          
 3.04%, 2/12/40 (c)(d)   200    187 
Multifamily Connecticut Avenue Securities Trust,          
 1 Month USD LIBOR + 1.95%, 2.04%, 3/25/50 (c)(d)   151    151 
Natixis Commercial Mortgage Securities Trust,          
 1 Month USD LIBOR + 2.20%, 2.28%, 7/15/36 (c)(d)   500    501 
 4.46%, 1/15/43 (c)(d)   200    206 
SG Commercial Mortgage Securities Trust,          
 3.85%, 3/15/37 (c)(d)   450    454 
 4.66%, 2/15/41 (c)(d)   550    546 
SLG Office Trust,
          
IO          
 0.26%, 7/15/41 (c)(d)   3,650    76 
WFRBS Commercial Mortgage Trust,          
 4.28%, 5/15/45 (c)(d)   385    381 
        6,107 
Corporate Bonds  (37.6%)          
Finance  (12.7%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
 4.13%, 7/3/23   325    342 
Air Lease Corp.          
2.30%, 2/1/25   175    180 
American International Group, Inc.          
4.50%, 7/16/44   75    92 
Anthem, Inc.          
 2.25%, 5/15/30   75    75 
Australia & New Zealand Banking Group Ltd.          
 2.57%, 11/25/35 (d)   200    194 
AvalonBay Communities, Inc.          
 2.95%, 5/11/26   100    107 
Avolon Holdings Funding Ltd.          
 2.88%, 2/15/25 (d)   275    283 
Banco Santander Chile          
 2.70%, 1/10/25 (d)   150    156 
Bank of America Corp.,          
 2.69%, 4/22/32   200    204 
 3.31%, 4/22/42   250    263 
MTN          
 4.00%, 1/22/25   610    663 
Bank of Ireland Group PLC          
 2.03%, 9/30/27 (d)   250    250 
Bank of Montreal          
 3.80%, 12/15/32   250    274 
Belrose Funding Trust          
 2.33%, 8/15/30 (d)   100    99 
BNP Paribas SA          
 4.40%, 8/14/28 (d)   300    342 
Boston Properties LP          
 3.80%, 2/1/24   70    74 
BPCE SA          
5.15%, 7/21/24 (d)   300    332 
Brookfield Finance LLC          
 3.45%, 4/15/50   150    155 
Brown & Brown, Inc.          
 2.38%, 3/15/31   100    100 
Capital One Financial Corp.          
 3.30%, 10/30/24   400    429 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

  

Chubb INA Holdings, Inc.          
 1.38%, 9/15/30   250    237 
Citigroup, Inc.,          
 2.56%, 5/1/32   175    177 
 5.50%, 9/13/25   150    173 
CNO Financial Group, Inc.          
 5.25%, 5/30/29   95    111 
Coinbase Global, Inc.          
 3.38%, 10/1/28 (d)(f)   80    77 
Credit Agricole SA          
 3.25%, 10/4/24 (d)   250    267 
Credit Suisse Group AG          
 2.59%, 9/11/25 (d)   400    415 
Danske Bank A/S          
 5.00%, 1/12/23 (d)   200    202 
Deutsche Bank AG          
 3.95%, 2/27/23   250    261 
GA Global Funding Trust          
 1.00%, 4/8/24 (d)   175    176 
Global Atlantic Fin Co.          
 3.13%, 6/15/31 (d)   125    126 
Goldman Sachs Group, Inc. (The),          
 2.38%, 7/21/32   75    74 
 2.62%, 4/22/32   175    177 
MTN          
 4.80%, 7/8/44   100    128 
Grupo Aval Ltd.          
 4.38%, 2/4/30 (d)   200    198 
Howard Hughes Corp. (The)          
 4.38%, 2/1/31 (d)   150    151 
HSBC Holdings PLC          
 4.25%, 3/14/24   425    457 
Intercontinental Exchange, Inc.          
 1.85%, 9/15/32   300    284 
JPMorgan Chase & Co.,          
 1.95%, 2/4/32   475    459 
 4.13%, 12/15/26   300    338 
Lloyds Banking Group PLC          
 4.38%, 3/22/28   300    341 
Macquarie Bank Ltd.          
 2.30%, 1/22/25 (d)(f)   250    260 
Marsh & McLennan Cos., Inc.          
 5.88%, 8/1/33   150    202 
MassMutual Global Funding II          
 3.40%, 3/8/26 (d)   200    218 
MPT Operating Partnership LP/MPT Finance Corp.          
 5.00%, 10/15/27   100    106 
Nationwide Building Society,          
 4.30%, 3/8/29 (d)   375    422 
 4.36%, 8/1/24 (d)   200    213 
Oversea-Chinese Banking Corp. Ltd.          
 1.83%, 9/10/30 (d)   200    200 
Pine Street Trust I          
 4.57%, 2/15/29 (d)   150    171 
Progressive Corp. (The)          
 3.20%, 3/26/30   50    55 
Realty Income Corp.          
 0.75%, 3/15/26   152    148 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.          
 3.88%, 3/1/31 (d)   145    146 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Societe Generale SA          
 2.63%, 1/22/25 (d)   225    234 
Standard Chartered PLC          
 2.68%, 6/29/32 (d)   200    199 
SVB Financial Group          
 1.80%, 2/2/31   275    264 
Travelers Cos., Inc. (The)          
 3.75%, 5/15/46   125    144 
USAA Capital Corp.          
 2.13%, 5/1/30 (d)   150    151 
Wells Fargo & Co.,          
 2.88%, 10/30/30   200    209 
 3.07%, 4/30/41   125    129 
Westpac Banking Corp.          
 2.67%, 11/15/35   75    74 
         12,988 
Industrials  (23.0%)          
7-Eleven, Inc.          
 1.80%, 2/10/31 (d)   225    214 
AbbVie, Inc.          
 4.25%, 11/21/49   125    148 
Adobe, Inc.          
 2.30%, 2/1/30   175    181 
Airbnb, Inc.          
 0.00%, 3/15/26 (d)   130    128 
Alibaba Group Holding Ltd.          
 2.13%, 2/9/31 (f)   200    192 
Altria Group, Inc.          
3.40%, 2/4/41   200    190 
Amazon.com, Inc.          
 2.70%, 6/3/60   175    165 
American Airlines Inc/AAdvantage Loyalty IP Ltd.          
 5.75%, 4/20/29 (d)   145    156 
Amgen, Inc.          
 2.80%, 8/15/41   100    97 
Anheuser-Busch InBev Worldwide, Inc.,          
 3.50%, 6/1/30   75    82 
 4.60%, 4/15/48   275    329 
Apple, Inc.,          
 2.65%, 5/11/50   150    144 
 2.70%, 8/5/51   175    169 
Arches Buyer, Inc.          
 4.25%, 6/1/28 (d)   145    147 
AT&T, Inc.,          
 2.55%, 12/1/33   225    222 
 3.55%, 9/15/55   300    296 
Baidu, Inc.          
 1.72%, 4/9/26   275    276 
BAT Capital Corp.          
 3.56%, 8/15/27   300    323 
Boeing Co. (The),          
 2.95%, 2/1/30   100    102 
 3.95%, 8/1/59   100    103 
BP Capital Markets PLC,          
 4.38%, 6/22/25 (g)   75    80 
 4.88%, 3/22/30 (g)   75    83 
Burlington Northern Santa Fe LLC          
 3.30%, 9/15/51   100    108 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Charter Communications Operating LLC/Charter Communications Operating Capital,        
 2.30%, 2/1/32   150    143 
 3.85%, 4/1/61   175    167 
 3.95%, 6/30/62 (h)   100    97 
Children's Health System of Texas          
2.51%, 8/15/50   175    163 
Cigna Corp.,          
 3.05%, 10/15/27   100    108 
 3.40%, 3/15/51   75    77 
Comcast Corp.,          
 1.95%, 1/15/31   375    368 
 2.89%, 11/1/51 (d)   25    24 
 2.94%, 11/1/56 (d)   125    118 
Crown Castle International Corp.          
3.30%, 7/1/30   150    160 
CVS Health Corp.,          
 1.88%, 2/28/31   287    278 
 5.13%, 7/20/45   50    65 
Deere & Co.          
 3.10%, 4/15/30   75    82 
Dell International LLC/EMC Corp.,          
 5.85%, 7/15/25   50    58 
 6.02%, 6/15/26   375    446 
Delta Air Lines Pass Through Trust,          
Series AA          
 3.20%, 10/25/25   150    159 
Dexcom, Inc.          
 0.25%, 11/15/25   200    238 
Diamond Sports Group LLC/Diamond Sports Finance Co.          
 6.63%, 8/15/27 (d)   250    110 
Diamondback Energy, Inc.          
 3.25%, 12/1/26   250    268 
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.          
 5.88%, 8/15/27 (d)   40    42 
DT Midstream, Inc.          
 4.13%, 6/15/29 (d)   105    107 
DXC Technology Co.          
 1.80%, 9/15/26   350    350 
eBay, Inc.          
 3.65%, 5/10/51   155    166 
Enbridge, Inc.,          
 2.50%, 1/15/25 (f)   150    156 
 2.50%, 8/1/33   275    276 
Energy Transfer LP          
 2.90%, 5/15/25   250    262 
Enterprise Products Operating LLC          
 3.30%, 2/15/53   200    195 
Equinix, Inc.          
 1.00%, 9/15/25   300    296 
Exxon Mobil Corp.          
 3.45%, 4/15/51   150    160 
Ford Motor Credit Co., LLC          
 4.39%, 1/8/26   200    214 
Fox Corp.          
5.48%, 1/25/39   175    224 
Galaxy Pipeline Assets Bidco Ltd.          
 1.75%, 9/30/27 (d)   318    322 
Garda World Security Corp.          
4.63%, 2/15/27 (d)   350    350 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

General Motors Co.        
6.60%, 4/1/36   75    101 
General Motors Financial Co., Inc.          
4.35%, 1/17/27   275    309 
Georgia-Pacific LLC          
2.30%, 4/30/30 (d)   175    178 
Gilead Sciences, Inc.          
2.80%, 10/1/50   100    94 
Glencore Funding LLC          
 4.13%, 3/12/24 (d)   250    268 
Global Payments, Inc.          
 1.20%, 3/1/26   100    99 
GLP Capital LP/GLP Financing II, Inc.          
5.38%, 4/15/26   125    142 
Grifols SA          
2.25%, 11/15/27 (d)  EUR100    116 
GSK Finance No 3 PLC          
 0.00%, 6/22/23 (d)  $250    248 
HCA, Inc.          
5.25%, 6/15/49   175    224 
Hyatt Hotels Corp.          
1.80%, 10/1/24 (h)   150    150 
Hyundai Capital America          
1.80%, 1/10/28 (d)   250    245 
Imperial Brands Finance PLC          
3.13%, 7/26/24 (d)   350    368 
International Business Machines Corp.          
2.95%, 5/15/50   100    99 
J2 Global, Inc.          
 4.63%, 10/15/30 (d)   150    160 
Johns Hopkins University,          
Series A          
 2.81%, 1/1/60   145    148 
Las Vegas Sands Corp.          
 3.20%, 8/8/24   100    103 
Level 3 Financing, Inc.          
 3.40%, 3/1/27 (d)   175    185 
Lions Gate Capital Holdings LLC          
 5.50%, 4/15/29 (d)   145    150 
Lowe's Cos., Inc.          
1.70%, 10/15/30   225    215 
LYB International Finance III LLC          
 4.20%, 5/1/50   100    114 
MARB BondCo PLC          
3.95%, 1/29/31 (d)   200    191 
Masco Corp.          
 2.00%, 2/15/31   67    65 
Mauser Packaging Solutions Holding Co.          
 7.25%, 4/15/25 (d)   220    219 
McDonald's Corp.          
 4.45%, 9/1/48   50    62 
McLaren Health Care Corp.,          
Series A          
4.39%, 5/15/48   150    189 
Midwest Connector Capital Co. LLC          
 3.63%, 4/1/22 (d)   100    101 
NBN Co. Ltd.          
 2.63%, 5/5/31 (d)   225    228 
Newcastle Coal Infrastructure Group Pty Ltd.          
 4.40%, 9/29/27 (d)   275    282 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Newmont Corp.        
2.25%, 10/1/30   150    149 
NIKE, Inc.          
 2.85%, 3/27/30   175    188 
Nissan Motor Co. Ltd.          
 3.04%, 9/15/23 (d)   275    286 
NOVA Chemicals Corp.          
 4.25%, 5/15/29 (d)   225    225 
NTT Finance Corp.          
 1.59%, 4/3/28 (d)   375    372 
NuStar Logistics LP          
 6.38%, 10/1/30   225    248 
NVIDIA Corp.          
 2.85%, 4/1/30   175    188 
Occidental Petroleum Corp.          
 3.50%, 8/15/29   275    280 
ONEOK, Inc.          
3.10%, 3/15/30   175    183 
Peloton Interactive, Inc.          
 0.00%, 2/15/26 (d)   140    124 
Raytheon Technologies Corp.          
4.05%, 5/4/47   75    87 
Resorts World Las Vegas LLC/RWLV Capital, Inc.          
4.63%, 4/16/29 (d)   200    204 
RingCentral, Inc.          
 0.00%, 3/15/26   125    118 
Rockies Express Pipeline LLC          
 3.60%, 5/15/25 (d)   275    284 
Royalty Pharma PLC          
 3.55%, 9/2/50   50    49 
SBA Communications Corp.          
3.13%, 2/1/29 (d)   145    140 
Sealed Air Corp.          
1.57%, 10/15/26 (d)   75    75 
Sherwin-Williams Co. (The)          
2.30%, 5/15/30   150    152 
Silgan Holdings, Inc.          
 1.40%, 4/1/26 (d)   200    197 
Splunk, Inc.          
 1.13%, 6/15/27   200    197 
Spotify USA, Inc.          
0.00%, 3/15/26 (d)   140    127 
Standard Industries, Inc.          
2.25%, 11/21/26 (d)  EUR125    143 
Syngenta Finance N.V.          
4.89%, 4/24/25 (d)  $300    328 
T-Mobile USA, Inc.,          
 2.25%, 11/15/31   200    196 
 3.60%, 11/15/60   50    49 
Telefonica Emisiones SA          
 4.10%, 3/8/27   300    337 
Teva Pharmaceutical Finance Netherlands III BV          
2.80%, 7/21/23   100    100 
TotalEnergies SE,          
Series FP          
0.50%, 12/2/22   200    203 
Trimble, Inc.          
 4.15%, 6/15/23   350    369 
Uber Technologies, Inc.          
0.00%, 12/15/25 (d)   190    186 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Univision Communications, Inc.        
4.50%, 5/1/29 (d)   245    249 
US Foods, Inc.          
4.75%, 2/15/29 (d)   250    257 
Verizon Communications, Inc.,          
2.65%, 11/20/40   250    235 
2.99%, 10/30/56   300    278 
Volkswagen Group of America Finance LLC          
4.75%, 11/13/28 (d)   275    322 
Vontier Corp.          
2.40%, 4/1/28 (d)   250    247 
VTR Finance N.V.          
6.38%, 7/15/28 (d)   200    216 
Walmart, Inc.          
2.65%, 9/22/51   50    50 
Walt Disney Co. (The)          
2.75%, 9/1/49   247    238 
Western Digital Corp.          
1.50%, 2/1/24   125    127 
Williams Cos., Inc. (The)          
4.85%, 3/1/48   200    245 
Zynga, Inc.          
0.00%, 12/15/26 (d)   130    126 
         23,611 
Utilities  (1.9%)          
Calpine Corp.          
4.50%, 2/15/28 (d)   200    204 
DTE Electric Co.          
2.95%, 3/1/50   50    50 
Duke Energy Indiana LLC          
2.75%, 4/1/50   83    80 
Enel Finance International N.V.          
3.63%, 5/25/27 (d)   275    305 
Entergy Louisiana LLC          
1.60%, 12/15/30   125    120 
Jersey Central Power & Light Co.          
2.75%, 3/1/32 (d)   150    154 
Mississippi Power Co.          
3.95%, 3/30/28   275    307 
Northern States Power Co.          
2.90%, 3/1/50   150    151 
NRG Energy, Inc.          
3.63%, 2/15/31 (d)   160    157 
Pacific Gas and Electric Co.          
3.30%, 8/1/40   100    92 
Piedmont Natural Gas Co., Inc.          
2.50%, 3/15/31   125    126 
Xcel Energy, Inc.          
2.60%, 12/1/29   175    181 
        1,927 
         38,526 
Mortgages - Other  (19.2%)          
Alternative Loan Trust,          
1 Month USD LIBOR + 0.18%, 0.27%, 5/25/47 (c)   91    88 
5.50%, 2/25/36   5    4 
6.00%, 7/25/37   43    36 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

PAC    
5.50%, 2/25/36   3    2 
6.00%, 4/25/36   13    9 
Banc of America Alternative Loan Trust,          
 1 Month USD LIBOR + 0.65%, 0.74%, 7/25/46 (c)   114    87 
 6.36%, 10/25/36   275    118 
Banc of America Funding Trust,          
 5.25%, 7/25/37   24    25 
 6.00%, 7/25/37   17    16 
Brean Asset Backed Securities Trust,          
 1.40%, 10/25/63 (c)(d)   313    301 
 1.75%, 10/25/61 (c)(d)   280    274 
ChaseFlex Trust,          
 6.00%, 2/25/37   323    188 
CIM Trust,          
 2.50%, 7/1/51 (c)(d)   419    426 
 2.57%, 7/25/55 (d)   520    520 
Citigroup Mortgage Loan Trust,          
 2.50%, 9/25/51 (c)(d)   500    506 
Classic RMBS Trust,          
 3.06%, 8/16/49 (d)  CAD18    15 
Credit Suisse Mortgage Trust,          
 1 Month USD LIBOR + 3.97%, 4.05%, 4/15/23 (c)(d)  $605    608 
CSFB Mortgage-Backed Pass-Through Certificates,          
 6.50%, 11/25/35   746    204 
Eurosail BV,          
 3 Month EURIBOR + 1.80%, 1.25%, 10/17/40 (c)  EUR300    349 
Farringdon Mortgages No. 2 PLC,          
 3 Month GBP LIBOR + 1.50%, 1.58%, 7/15/47 (c)  GBP209    284 
Federal Home Loan Mortgage Corporation,          
 3.00%, 9/25/45 – 5/25/47  $711    717 
 3.50%, 5/25/45 – 5/25/47   464    476 
 3.86%, 5/25/45 (c)(d)   7    7 
 4.00%, 5/25/45   12    13 
Flagstar Mortgage Trust,          
 2.50%, 9/25/51 (c)(d)   422    428 
Glenbeigh 2 Issuer 2021-2 DAC,          
 3 Month EURIBOR + 0.75%, 0.00%, 6/24/50 (c)(d)  EUR475    554 
GSR Mortgage Loan Trust,          
 5.75%, 1/25/37  $95    80 
HarborView Mortgage Loan Trust,          
 1 Month USD LIBOR + 0.19%, 0.28%, 1/19/38 (c)   241    234 
Headlands Residential 2021-RPL1 LLC,          
 2.49%, 9/25/26 (c)(d)   350    350 
Headlands Residential LLC,          
 3.97%, 6/25/24 (d)   2    2 
Hundred Acre Wood Trust,          
 2.50%, 10/25/51 (c)(d)   450    459 
JP Morgan Alternative Loan Trust,          
 6.00%, 12/25/35   40    36 
JP Morgan Mortgage Trust,          
 3.05%, 6/25/37 (c)   35    32 
 6.00%, 6/25/37   22    25 
Legacy Mortgage Asset Trust,          
 3.25%, 2/25/60 (d)   463    466 
Lehman Mortgage Trust,          
 6.50%, 9/25/37   626    314 
LHOME Mortgage Trust,          
 3.23%, 10/25/24 (d)   170    171 
Mello Mortgage Capital Acceptance,          
 2.50%, 8/25/51 (c)(d)   506    514 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Natixis Commercial Mortgage Securities Trust,          
 1.00%, 8/15/38   325    325 
NRPL Trust,          
 4.25%, 7/25/67 (d)   385    385 
PRPM 2021-8 LLC,          
 1.74%, 9/25/26 (c)(d)   290    290 
RALI Trust,          
 6.00%, 4/25/36 – 1/25/37   28    27 
Residential Asset Securitization Trust,          
 6.00%, 7/25/36   22    17 
RMF Buyout Issuance Trust,          
 2.15%, 6/25/30 (c)(d)   150    151 
Seasoned Credit Risk Transfer Trust,          
 3.00%, 7/25/56 – 5/25/60   4,771    5,038 
 4.00%, 7/25/56 (c)   300    303 
 4.00%, 8/25/58 – 2/25/59   430    469 
 4.25%, 5/25/60 (c)(d)   600    632 
 4.50%, 6/25/57   771    854 
 4.75%, 7/25/56 – 6/25/57(c)(d)   700    727 
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,          
 1 Month USD LIBOR + 1.85%, 1.94%, 5/25/47 (c)(d)   854    766 
TVC Mortgage Trust,          
 3.47%, 9/25/24 (d)   200    202 
United Wholesale Mortgage Trust,          
 2.50%, 8/25/51 (c)(d)   519    527 
         19,651 
Municipal Bonds  (1.4%)          
Chicago O’Hare International Airport, IL,          
O'Hare International Airport Revenue Series 2010B          
 6.40%, 1/1/40   115    172 
City of New York, NY,          
Series G-1          
5.97%, 3/1/36   245    338 
Illinois State Toll Highway Authority, IL,          
Highway Revenue, Build America Bonds Series A          
6.18%, 1/1/34   705    980 
        1,490 
Sovereign  (5.7%)          
Australia Government Bond,          
 3.25%, 4/21/25  AUD600    477 
Brazil Notas do Tesouro Nacional, Series F,          
 10.00%, 1/1/25  BRL1,000    183 
Croatia Government International Bond,          
 1.50%, 6/17/31  EUR155    188 
Dominican Republic International Bond,          
 5.88%, 1/30/60 (d)  $225    221 
Ecuador Government International Bond,          
 0.50%, 7/31/40 (d)(i)   62    37 
Egypt Government Bond,          
 13.77%, 1/5/24  EGP1,475    93 
Egypt Government International Bond,          
 6.38%, 4/11/31 (d)  EUR200    228 
 7.50%, 2/16/61 (d)  $200    176 
Export-Import Bank of India,          
 3.25%, 1/15/30 (d)   200    203 
Honduras Government International Bond,          
 5.63%, 6/24/30 (d)   150    157 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Italy Buoni Poliennali Del Tesoro,          
 0.65%, 10/28/27 (d)  EUR607    761 
Ivory Coast Government International Bond,          
 4.88%, 1/30/32 (d)   125    142 
Mexican Bonos,          
Series M          
 7.75%, 5/29/31  MXN5,500    273 
Mexico Government International Bond,          
 3.75%, 4/19/71  $200    173 
Morocco Government International Bond,          
 4.00%, 12/15/50 (d)   200    183 
Nigeria Government International Bond,          
 9.25%, 1/21/49 (d)   200    218 
North Macedonia Government International Bond,          
 1.63%, 3/10/28 (d)  EUR160    181 
Pertamina Persero PT,          
 6.50%, 11/7/48 (d)  $350    466 
Petroleos Mexicanos,          
 6.50%, 1/23/29   210    216 
 6.84%, 1/23/30   180    186 
 6.95%, 1/28/60   55    48 
Republic of Italy Government International Bond,          
 0.88%, 5/6/24   200    200 
Republic of South Africa Government Bond,          
 8.25%, 3/31/32  ZAR7,358    437 
Republic of Uzbekistan International Bond,          
 3.70%, 11/25/30 (d)  $200    194 
Senegal Government International Bond,          
 6.25%, 5/23/33 (d)   200    209 
        5,850 
Supranational  (0.4%)          
Banque Ouest Africaine de Developpement          
 4.70%, 10/22/31 (d)   350    385 
           
U.S. Treasury Security  (2.4%)          
U.S. Treasury Notes,          
 0.88%, 6/30/26   2,475    2,466 
Total Fixed Income Securities (Cost $99,905)        101,664 
           
   Shares      
Short-Term Investments  (10.7%)          
Investment Company  (9.3%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio -          
Institutional Class (j) (Cost $9,501)   9,500,633    9,501 
           
Securities held as Collateral on Loaned Securities  (0.6%)          
Investment Company  (0.6%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (j) (Cost $668)   667,688    668 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

   Face
Amount
(000)		     
U.S. Treasury Security  (0.8%)        
U.S. Treasury Bill        
0.06%, 7/14/22 (k) (Cost $832)  $833    833 
Total Short-Term Investments (Cost $11,001)        11,002 
Total Investments (110.0%) (Cost $110,906) Including $654 of Securities Loaned (l)(m)(n)        112,666 
Liabilities in Excess of Other Assets (-10.0%)        (10,240)
Net Assets (100.0%)       $102,426 

 

(a) Amount is less than 0.05%.
(b) Security is subject to delayed delivery.
(c) Floating or variable rate securities: The rates disclosed are as of September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(d) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(e) Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at September 30, 2021.
(f) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $654,000 and 668,000 respectively. The Fund received cash collateral of approximately $668,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2021, there was no uninvested cash collateral. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

(g) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of September 30, 2021.
(h) When-issued security.
(i) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2021. Maturity date disclosed is the ultimate maturity date.
(j) 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, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $9,000 relating to the Fund's investment in the Liquidity Funds.
(k) Rate shown is the yield to maturity at September 30, 2021.
(l) Securities are available for collateral in connection with purchase of when-issued securities, securities purchased on a forward commitment basis, open foreign currency exchange contracts and futures contracts
(m) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(n) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,904,000 and the aggregate gross unrealized depreciation is approximately $2,222,000, resulting in net unrealized appreciation of approximately $1,682,000.
 
@ Value is less than $500.
CLO Collateralized Loan Obligation.
EURIBOR Euro Interbank Offered Rate.
IO Interest Only.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

LIBOR London Interbank Offered Rate.
MTN Medium Term Note.
PAC Planned Amortization Class.
REMIC Real Estate Mortgage Investment Conduit.
STRIPS Separate Trading of Registered Interest and Principal of Securities.
TBA To Be Announced.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2021: 

 

Counterparty   Contracts
to
Deliver
(000)		     In
Exchange
For
(000)		     Delivery
Date		   Unrealized
Appreciation
(Depreciation)
(000)		  
Bank of America NA   CHF   155     $ 167     11/19/21   $ 1  
Bank of America NA   $ 117     EUR 100     11/19/21     (1 )
Barclays Bank PLC   HUF   20,209     $ 68     11/19/21     3  
Barclays Bank PLC   KRW   293,832     $ 248     11/19/21     —@  
Barclays Bank PLC   $ 178     CHF 162     11/19/21     (4 )
Barclays Bank PLC   $ 252     KRW 293,832     11/19/21     (4 )
Barclays Bank PLC   $ 254     RUB 18,930     11/19/21     4  
BNP Paribas SA   CHF   7     $ 8     11/19/21     —@  
BNP Paribas SA   HUF   56,414     $ 190     11/19/21     9  
BNP Paribas SA   $ 258     CNY 1,684     11/19/21     2  
Citibank NA   BRL   1,224     $ 228     11/19/21     5  
Citibank NA   EUR   2,073     $ 2,446     11/19/21     42  
Goldman Sachs International   GBP   208     $ 282     11/19/21     1  
Goldman Sachs International   $ 256     HUF 76,623     11/19/21     (9 )
JPMorgan Chase Bank NA   CHF   398     EUR 370     11/19/21     2  
JPMorgan Chase Bank NA   GBP   17     $ 23     11/19/21     1  
JPMorgan Chase Bank NA   $ 26     BRL 136     11/19/21     (1 )
JPMorgan Chase Bank NA   $ 259     JPY 28,290     11/19/21     (5 )
JPMorgan Chase Bank NA   $ 251     NOK 2,217     11/19/21     3  
UBS AG   AUD   665     $ 487     11/19/21     7  
UBS AG   CAD    63     $ 50     11/19/21     —@  
UBS AG   EUR   370     CHF 401     11/19/21     2  
UBS AG   EUR   472     $ 552     11/19/21     4  
UBS AG   NOK   2,217     $ 255     11/19/21     1  
UBS AG   $ 17     CAD 21     11/19/21     (—@ )
UBS AG   $ 1     GBP 1     11/19/21     (—@ )
UBS AG   $ 222     MXN 4,462     11/19/21     (7 )
UBS AG   ZAR   3,174     $ 212     11/19/21     3  
                        $ 59  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2021:  

 

   Number
of
Contracts		  Expiration
Date		  

Notional
Amount
(000)

   Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:                       
U.S. Treasury 2 yr. Note  31   Dec-21   $6,200   $6,822   $(6)
U.S. Treasury 5 yr. Note  13   Dec-21    1,300    1,596    (3)
U.S. Treasury Ultra Bond  45   Dec-21    4,500    8,598    (309)
U.S. Treasury10 yr. Note  4   Dec-21    400    526    —@ 
                        
Short:                       
Euro OAT  6   Dec-21    EUR(600)   (1,153)   18 
German Euro 30 yr. Bond  1   Dec-21    (100)   (236)   8 
German Euro BTP  4   Dec-21    (400)   (704)   8 
German Euro Bund  2   Dec-21    (200)   (393)   6 
U.S. Treasury Long Bond  7   Dec-21    $(700)   (1,115)   19 
U.S. Treasury Ultra Long Bond  37   Dec-21    (3,700)   (5,374)   101 
UK Long Gilt Bond  4   Dec-21    GBP(400)   (675)   21 
                        
                     $(137)

 

     
@  Value is less than $500.
OAT  Obligations Assimilables du Trésor (French Treasury Obligation).
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
CNY — Chinese Yuan Renminbi
EGP — Egyptian Pound
EUR — Euro
GBP — British Pound
HUF — Hungarian Forint
JPY — Japanese Yen
KRW — South Korean Won
MXN — Mexican Peso
NOK — Norwegian Krone
RUB — Russian Ruble
USD — United States Dollar
ZAR — South African Rand

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total
Investments		 
Industrials   21.1%
Mortgages - Other   17.5 
Agency Fixed Rate Mortgages   13.2 
Finance   11.6 
Asset-Backed Securities   9.3 
Short-Term Investments   9.2 
Other**   7.4 
Commercial Mortgage-Backed Securities   5.5 
Sovereign   5.2 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include open long/short futures contracts with a value of approximately $27,192,000 and net unrealized depreciation of approximately $137,000.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (92.9%)          
Aerospace & Defense  (3.6%)          
Axon Enterprise, Inc. (a)   74,266   $12,998 
           
Biotechnology  (2.0%)          
Alnylam Pharmaceuticals, Inc. (a)   15,388    2,905 
Exact Sciences Corp. (a)   17,890    1,708 
Ginkgo Bioworks Holdings, Inc. (a)(b)   82,077    951 
Intellia Therapeutics, Inc. (a)   11,682    1,567 
         7,131 
Diversified Holding Companies  (0.5%)          
BowX Acquisition Corp., Class A SPAC (a)   184,895    1,849 
           
Entertainment  (4.5%)          
ROBLOX Corp., Class A (a)   170,125    12,853 
Roku, Inc. (a)   10,465    3,279 
         16,132 
Health Care Providers & Services  (3.3%)          
Agilon Health, Inc. (a)   104,923    2,750 
Covetrus, Inc. (a)   194,414    3,527 
Guardant Health, Inc. (a)   29,640    3,705 
Oak Street Health, Inc. (a)   41,279    1,756 
         11,738 
Health Care Technology  (5.6%)          
Agilon Health Topco, Inc. (a)(c)   157,700    4,051 
GoodRx Holdings, Inc., Class A (a)   143,909    5,903 
Teladoc Health, Inc. (a)   9,552    1,211 
Veeva Systems, Inc., Class A (a)   31,427    9,056 
         20,221 
Information Technology Services  (24.8%)          
Affirm Holdings, Inc. (a)   165,858    19,759 
Cloudflare, Inc., Class A (a)   174,810    19,692 
Fastly, Inc., Class A (a)   238,374    9,640 
Marqeta, Inc., Class A (a)   148,098    3,276 
MongoDB, Inc. (a)   39,335    18,547 
Okta, Inc. (a)   76,831    18,235 
         89,149 
Interactive Media & Services  (12.2%)        
Pinterest, Inc., Class A (a)   252,244    12,852 
Twitter, Inc. (a)   278,852    16,840 
Zillow Group, Inc., Class C (a)   48,196    4,248 
ZoomInfo Technologies, Inc., Class A (a)   162,168    9,923 
         43,863 
Internet & Direct Marketing Retail  (7.5%)          
Farfetch Ltd., Class A (a)   131,945    4,945 
Overstock.com, Inc. (a)   75,610    5,891 
Stitch Fix, Inc., Class A (a)   100,919    4,032 
Wayfair, Inc., Class A (a)   46,975    12,003 
         26,871 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Leisure Products  (0.8%)        
Peloton Interactive, Inc., Class A (a)   33,484    2,915 
           
Life Sciences Tools & Services  (1.9%)          
10X Genomics, Inc., Class A (a)   24,176    3,519 
NanoString Technologies, Inc. (a)   66,069    3,172 
         6,691 
Metals & Mining  (0.3%)          
Royal Gold, Inc.   10,206    975 
           
Pharmaceuticals  (2.4%)          
Royalty Pharma PLC, Class A (United Kingdom)   239,415    8,652 
           
Real Estate Management & Development  (1.6%)          
Opendoor Technologies, Inc. (a)   87,316    1,793 
Redfin Corp. (a)   80,099    4,013 
         5,806 
Software  (17.6%)          
Asana, Inc., Class A (a)   36,580    3,798 
Bill.Com Holdings, Inc. (a)   48,889    13,051 
Cipher Mining Technologies, Inc. (a)(d)   202,446    1,853 
Confluent, Inc., Class A (a)(b)   37,798    2,255 
Coupa Software, Inc. (a)   27,857    6,106 
IronSource Ltd., Class A (Israel) (a)(d)   378,379    3,743 
IronSource Ltd., (Israel) (a)   99,041    1,077 
MicroStrategy, Inc., Class A (a)   2,554    1,477 
Palantir Technologies, Inc., Class A (a)   202,754    4,874 
Procore Technologies, Inc. (a)   18,555    1,658 
Qualtrics International, Inc., Class A (a)   66,227    2,830 
Trade Desk, Inc. (The), Class A (a)   126,877    8,919 
UiPath, Inc., Class A (a)   32,406    1,705 
Unity Software, Inc. (a)   78,409    9,899 
         63,245 
Specialty Retail  (3.6%)          
Carvana Co. (a)   42,123    12,702 
Total Common Stocks (Cost $289,812)        330,938 
           
Preferred Stocks  (0.8%)          
Internet & Direct Marketing Retail  (0.1%)          
Overstock.com, Inc. Series A-1   3,632    260 
           
Software  (0.7%)          
Databricks, Inc. (a)(d)(e) (acquisition cost — $2,666; acquired 8/31/14)   12,093    2,666 
      Total Preferred Stocks  (Cost $2,690)        2,926 
           
Investment Company  (0.7%)          
Grayscale Bitcoin Trust (a) (Cost $3,280)   74,188    2,511 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

    No. of
Warrants		        
Warrant  (0.0%) (f)                
Biotechnology  (0.0%) (f)                
Ginkgo Bioworks Holdings, Inc., expires 12/31/27 (a) (Cost $55)     16,415       56  
                 
Short-Term Investments  (7.0%)                
      Shares          
Securities held as Collateral on Loaned Securities  (0.3%)                
Investment Company  (0.2%)                
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (g)     829,980       830  

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.1%)          
HSBC Securities USA, Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $43; fully collateralized by U.S. Government obligations; 0.00%-0.13% due 10/7/21-12/31/22; valued at $44)  $43    43 
Merrill Lynch & Co., Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $148; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $150)   148    148 
         191 
Total Securities held as Collateral on Loaned Securities
(Cost $1,021)		        1,021 

 

    Shares        
Investment Company  (6.7%)                
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class  (g) (Cost $24,178)     24,178,293       24,178  
Total Short-Term Investments (Cost $25,199)             25,199  
Total Investments Excluding Purchased Options (100.7%) (Cost $321,036)             361,630  
Total Purchased Options Outstanding (0.1%) (Cost $1,885)             401  
Total Investments (100.8%) (Cost $322,921) Including $1,095 of Securities Loaned (h)(i)(j)             362,031  
Liabilities in Excess of Other Assets (–0.8%)             (3,029 )
Net Assets (100.0%)           $ 359,002  

 

The Fund had the following Derivative Contract - PIPE open at September 30, 2021:

 

Counterparty  Referenced
Obligation		  Notional
Amount		   Settlement
Date		  Unrealized
Depreciation
(000)		   % of
Net Assets		 
Reinvent Technology Partners Y  Aurora Innovation, Inc. (a)(d)(e)(k)(l)  $1,299,340   12/31/21  $(183)   (0.05)%

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $1,095,000 and $1,171,000, respectively. The Fund received cash collateral of approximately $1,026,000, of which approximately $1,021,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments.  At September 30, 2021, there was uninvested cash collateral of approximately $5,000, which is not reflected in the Portfolio of Investments.  The remaining collateral of approximately $145,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security has been deemed by the investment manager to be illiquid and is subject to restrictions on resale. At September 30, 2021, this security amounted to approximately $4,051,000, which represents 1.1% of net assets of the Fund.
(d) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $8,079,000 and represents 2.3% of net assets.
(e) At September 30, 2021, the Fund held a fair valued security and derivative contract valued at approximately $2,483,000, representing 0.7% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f) Amount is less than 0.05%.
(g) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Funds.
(h) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(i) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $66,453,000 and the aggregate gross unrealized depreciation is approximately $27,526,000, resulting in net unrealized appreciation of approximately $38,927,000.
(j) Securities are available for collateral in connection with securities purchased on a forward commitment basis.
(k) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 129,934 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Aurora Innovation, Inc., and Reinvent Technology Partners Y, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both and Reinvent Technology Partners Y, and Aurora Innovation, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Reinvent Technology Partners Y, and Aurora Innovation, Inc. The investment is restricted from resale until the settlement date.
(l) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
PIPE Private Investment in Public Equity.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

 

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2021:

 

Counterparty   Description   Strike
Price		   Expiration
Date		   Number of
Contracts		     Notional
Amount
(000)		     Value
(000)		     Premiums
Paid
(000)		     Unrealized
Depreciation
(000)

 

 

 

 

 

BNP Paribas   USD/CNH   CNH 7.45   Jan-22     75,453,606       75,454     $ 6     $ 403     $ (397 )
BNP Paribas   USD/CNH   CNH 7.64   Nov-21     60,267,001       60,267       —@       327       (327 )
Goldman Sachs International   USD/CNH   CNH 7.57   Mar-22     75,023,260       75,023       29       373       (344 )
JP Morgan Chase Bank NA   USD/CNH   CNH 7.28   Jul-22     85,091,612       85,092       216       396       (180 )
JP Morgan Chase Bank NA   USD/CNH   CNH 7.31   Aug-22     37,813,460       37,813       98       257       (159 )
JP Morgan Chase Bank NA   USD/CNH   CNH 7.38   Jul-22     24,370,551       24,371       52       129       (77 )
                                $ 401     $ 1,885     $ (1,484 )

 

@ Value is less than $500.
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition*
Classification  Percentage of
Total Investments		 
Other**   25.0%
Information Technology Services   24.7 
Software   18.3 
Interactive Media & Services   12.2 
Internet & Direct Marketing Retail   7.5 
Short-Term Investments   6.7 
Health Care Technology   5.6 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021.
** Industries and/or investment types representing less than 5% of total investments.
***

Does not include an open PIPE contract with total unrealized depreciation of approximately $183,000.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Debt Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities  (95.5%)          
Angola  (1.1%)          
Sovereign  (1.1%)          
Angolan Government International Bond,          
 8.00%, 11/26/29  (a)  $790   $811 
 9.38%, 5/8/48  (a)   890    922 
         1,733 
Argentina  (1.2%)          
Sovereign  (1.2%)          
Argentine Republic Government International Bond,          
 0.50%, 7/9/30  (b)   786    290 
 1.00%, 7/9/29   148    57 
 1.13%, 7/9/35  (b)   690    228 
 2.00%, 1/9/38  (b)   3,150    1,229 
         1,804 
Armenia  (0.4%)          
Sovereign  (0.4%)          
Republic of Armenia International Bond,          
 3.60%, 2/2/31   250    237 
 3.95%, 9/26/29   460    450 
         687 
Azerbaijan  (1.0%)          
Sovereign  (1.0%)          
Republic of Azerbaijan International Bond,          
 3.50%, 9/1/32   1,460    1,492 
           
Bahrain  (0.7%)          
Sovereign  (0.7%)          
Bahrain Government International Bond,          
 7.50%, 9/20/47   1,050    1,084 
           
Belarus  (0.4%)          
Sovereign  (0.4%)          
Republic of Belarus International Bond,          
 6.20%, 2/28/30 (a)   720    636 
           
Brazil  (3.4%)          
Corporate Bonds  (1.1%)          
Braskem Netherlands Finance BV,          
 4.50%, 1/31/30 (a)   1,030    1,097 
MARB BondCo PLC,          
 3.95%, 1/29/31 (a)   480    459 
Suzano Austria GmbH,          
 3.75%, 1/15/31   175    180 
         1,736 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Debt Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d) 

 

Sovereign  (2.3%)          
Brazilian Government International Bond,          
 3.88%, 6/12/30   200    194 
 4.50%, 5/30/29   420    432 
 5.00%, 1/27/45   1,639    1,534 
 6.00%, 4/7/26   1,250    1,437 
         3,597 
         5,333 
Chile  (1.9%)          
Corporate Bond  (0.7%)          
Colbun SA,          
 3.15%, 3/6/30 (a)   990    1,020 
Sovereign  (1.2%)          
Chile Government International Bond,          
 3.50%, 1/25/50   900    901 
 3.86%, 6/21/47   230    248 
Empresa Nacional del Petroleo,          
 4.75%, 12/6/21   761    766 
         1,915 
         2,935 
China  (3.0%)          
Sovereign  (3.0%)          
Sinopec Group Overseas Development 2012 Ltd.,          
 4.88%, 5/17/42   390    484 
Sinopec Group Overseas Development 2013 Ltd.,          
 4.38%, 10/17/23   650    695 
Sinopec Group Overseas Development 2018 Ltd.,          
 2.95%, 11/12/29 (a)(c)   1,600    1,679 
Three Gorges Finance I Cayman Islands Ltd.,          
 3.70%, 6/10/25   750    807 
 3.70%, 6/10/25  (a)   838    902 
         4,567 
Colombia  (2.3%)          
Corporate Bond  (0.2%)          
Termocandelaria Power Ltd.,          
 7.88%, 1/30/29 (a)   268    280 
           
Sovereign  (2.1%)          
Colombia Government International Bond,          
 3.00%, 1/30/30  (c)   556    527 
 4.13%, 5/15/51   1,100    948 
 5.00%, 6/15/45   1,740    1,702 
         3,177 
         3,457 
Costa Rica  (0.8%)          
Sovereign  (0.8%)          
Costa Rica Government International Bond,          
 6.13%, 2/19/31  (a)   380    391 
 7.00%, 4/4/44   260    257 
 7.16%, 3/12/45   540    542 
         1,190 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Debt Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d) 

 

Croatia  (0.3%)          
Sovereign  (0.3%)          
Croatia Government International Bond,          
 6.00%, 1/26/24   400    447 
           
Dominican Republic  (4.2%)          
Sovereign  (4.2%)          
Dominican Republic International Bond,          
 4.88%, 9/23/32  (a)   230    235 
 5.30%, 1/21/41  (a)   710    704 
 5.88%, 1/30/60  (a)   1,360    1,334 
 6.00%, 7/19/28  (a)   570    646 
 6.85%, 1/27/45  (a)   740    828 
 6.88%, 1/29/26  (a)   820    949 
 7.45%, 4/30/44  (a)   739    883 
 9.75%, 6/5/26  (a)  DOP44,050    948 
         6,527 
Ecuador  (2.1%)          
Sovereign  (2.1%)          
Ecuador Government International Bond,          
 0.00%, 7/31/30  (a)  $273    147 
 0.50%, 7/31/40  (b)   265    155 
 0.50%, 7/31/40  (a)(b)   1,126    658 
 1.00%, 7/31/35  (b)   440    292 
 1.00%, 7/31/35  (a)(b)   1,707    1,133 
 5.00%, 7/31/30  (a)(b)   937    790 
         3,175 
Egypt  (4.9%)          
Sovereign  (4.9%)          
Egypt Government Bond,          
 13.77%, 1/5/24  EGP20,850    1,319 
 14.06%, 1/12/26   14,260    902 
Egypt Government International Bond,          
 4.75%, 4/16/26  EUR510    595 
 5.25%, 10/6/25  (a)  $550    562 
 5.80%, 9/30/27  (a)  EUR880    866 
 6.38%, 4/11/31  (a)  $1,050    1,196 
 6.59%, 2/21/28   330    332 
 7.50%, 2/16/61  (a)   770    678 
 8.15%, 11/20/59  (a)   840    778 
 8.88%, 5/29/50  (a)   340    338 
         7,566 
El Salvador  (0.7%)          
Sovereign  (0.7%)          
El Salvador Government International Bond,          
 6.38%, 1/18/27   1,141    856 
 8.63%, 2/28/29  (a)(c)   370    285 
         1,141 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Debt Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d) 

 

Gabon  (0.4%)          
Sovereign  (0.4%)          
Republic of Gabon,          
 6.95%, 6/16/25 (a)   610    662 
           
Ghana  (1.3%)          
Sovereign  (1.3%)          
Ghana Government International Bond,          
 8.63%, 6/16/49  (a)   460    414 
 8.88%, 5/7/42  (a)   680    634 
 8.95%, 3/26/51  (a)   1,070    978 
         2,026 
Guatemala  (0.9%)          
Sovereign  (0.9%)          
Guatemala Government Bond,          
 4.88%, 2/13/28   687    744 
 6.13%, 6/1/50  (a)   320    369 
Republic of Guatemala,          
 4.65%, 10/7/41   310    302 
         1,415 
Honduras  (0.1%)          
Sovereign  (0.1%)          
Honduras Government International Bond,          
 5.63%, 6/24/30 (a)   180    188 
           
Hungary  (1.1%)          
Sovereign  (1.1%)          
Hungary Government International Bond,          
 5.38%, 3/25/24   1,250    1,389 
 7.63%, 3/29/41   220    367 
         1,756 
           
India  (0.5%)          
Sovereign  (0.5%)          
Export-Import Bank of India,          
 3.38%, 8/5/26 (a)   790    840 
           
Indonesia  (5.4%)          
Sovereign  (5.4%)          
Indonesia Government International Bond,          
 3.85%, 7/18/27   400    444 
 4.13%, 1/15/25   1,484    1,627 
 4.45%, 4/15/70   660    755 
 4.75%, 1/8/26  (a)   830    944 
 4.75%, 1/8/26   990    1,126 
 5.35%, 2/11/49  (c)   200    258 
 5.88%, 1/15/24   1,250    1,395 
Pertamina Persero PT,          
 6.45%, 5/30/44  (a)   680    889 
 6.50%, 11/7/48  (a)   660    878 
         8,316 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Debt Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d) 

 

Ivory Coast  (0.4%)          
Sovereign  (0.4%)          
Ivory Coast Government International Bond,          
 4.88%, 1/30/32 (a)  EUR590    667 
           
Jamaica  (0.8%)          
Sovereign  (0.8%)          
Jamaica Government International Bond,          
 7.88%, 7/28/45  $720    1,002 
 8.00%, 3/15/39   150    208 
         1,210 
Jordan  (0.6%)          
Sovereign  (0.6%)          
Jordan Government International Bond,          
 7.38%, 10/10/47 (a)   840    873 
           
Kazakhstan  (2.0%)          
Sovereign  (2.0%)          
Kazakhstan Government International Bond,          
 5.13%, 7/21/25  (a)   200    230 
 5.13%, 7/21/25   1,000    1,151 
 6.50%, 7/21/45   320    463 
KazMunayGas National Co., JSC,          
 6.38%, 10/24/48 (a)   980    1,263 
         3,107 
Kenya  (0.8%)          
Sovereign  (0.8%)          
Kenya Government International Bond,          
 8.00%, 5/22/32 (a)   1,110    1,230 
           
Lebanon  (0.3%)          
Sovereign  (0.3%)          
Lebanon Government International Bond,          
 6.85%, 3/23/27 – 5/25/29 (d)(e)   2,940    495 
           
Luxembourg  (0.2%)          
Corporate Bond  (0.2%)          
Millicom International Cellular SA,          
 4.50%, 4/27/31 (a)   357    374 
           
Malaysia  (1.4%)          
Corporate Bond  (0.9%)          
Petronas Capital Ltd.,          
 3.50%, 4/21/30   1,250    1,355 
           
Sovereign  (0.5%)          
Petronas Capital Ltd.,          
 3.50%, 3/18/25   720    772 
         2,127 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Debt Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d) 

 

Mexico  (7.1%)          
Corporate Bond  (0.3%)          
Cemex SAB de CV,          
 5.13%, 6/8/26 (a)(f)   400    408 
           
Sovereign  (6.8%)          
Banco Nacional de Comercio Exterior SNC,          
 2.72%, 8/11/31 (a)   600    604 
Mexican BonosSeries M,          
 7.75%, 5/29/31  MXN29,597    1,471 
Mexico Government International Bond,          
 3.75%, 4/19/71  $410    355 
 4.15%, 3/28/27  (c)   1,244    1,406 
 4.50%, 4/22/29   410    461 
Petroleos Mexicanos,          
 6.84%, 1/23/30   1,501    1,552 
 6.88%, 10/16/25  (a)   575    630 
 6.95%, 1/28/60   470    412 
 7.69%, 1/23/50   3,738    3,545 
         10,436 
         10,844 
Mongolia  (0.7%)          
Sovereign  (0.7%)          
Mongolia Government International Bond,          
 4.45%, 7/7/31  (a)   380    369 
 5.13%, 4/7/26  (a)   240    252 
 5.63%, 5/1/23   399    420 
         1,041 
Morocco  (0.4%)          
Sovereign  (0.4%)          
Morocco Government International Bond,          
 4.00%, 12/15/50 (a)   610    558 
           
Nigeria  (3.1%)          
Corporate Bond  (0.7%)          
IHS Netherlands Holdco BV,          
 8.00%, 9/18/27 (a)   950    1,018 
           
Sovereign  (2.4%)          
Nigeria Government International Bond,          
 6.38%, 7/12/23   270    286 
 6.50%, 11/28/27  (a)   920    956 
 7.14%, 2/23/30  (a)   860    879 
 7.38%, 9/28/33  (a)   200    202 
 8.25%, 9/28/51  (a)   360    363 
 9.25%, 1/21/49  (a)   900    982 
         3,668 
         4,686 

 

 

 

  

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Debt Portfolio 

Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Oman  (3.2%)        
Sovereign  (3.2%)        
Oman Government International Bond,          
 6.00%, 8/1/29  (a)(c)   2,200    2,320 
 6.25%, 1/25/31  (a)   2,370    2,540 
         4,860 
Panama  (2.1%)          
Corporate Bond  (0.2%)          
AES Panama Generation Holdings SRL,          
 4.38%, 5/31/30 (a)   375    387 
           
Sovereign  (1.9%)          
Panama Government International Bond,          
 3.87%, 7/23/60   470    461 
 4.00%, 9/22/24   914    982 
 4.50%, 4/1/56   450    491 
 8.88%, 9/30/27   763    1,043 
         2,977 
         3,364 
Paraguay  (1.3%)          
Sovereign  (1.3%)          
Paraguay Government International Bond,          
 4.95%, 4/28/31  (a)   600    679 
 5.40%, 3/30/50  (a)   1,100    1,268 
         1,947 
Peru  (2.7%)          
Corporate Bond  (0.2%)          
Intercorp Peru Ltd.,          
 3.88%, 8/15/29   320    313 
           
Sovereign  (2.5%)          
Corporación Financiera de Desarrollo SA,          
 5.25%, 7/15/29 (a)   998    1,046 
Peruvian Government International Bond,          
 5.63%, 11/18/50  (c)   890    1,208 
 6.55%, 3/14/37   1,150    1,555 
         3,809 
         4,122 
Philippines  (2.0%)          
Sovereign  (2.0%)          
Philippine Government International Bond,          
 3.95%, 1/20/40   386    422 
 9.50%, 2/2/30   1,749    2,714 
         3,136 
Poland  (0.6%)          
Sovereign  (0.6%)          
Republic of Poland Government International Bond,          
 3.00%, 3/17/23   940    976 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Qatar  (3.3%)        
Sovereign  (3.3%)        
Qatar Government International Bond,          
 3.75%, 4/16/30  (a)   760    857 
 4.00%, 3/14/29   420    478 
 4.82%, 3/14/49  (a)   2,870    3,699 
         5,034 
Romania  (1.4%)          
Sovereign  (1.4%)          
Romanian Government International Bond,          
 1.75%, 7/13/30  (a)  EUR315    357 
 2.00%, 4/14/33  $330    366 
 4.00%, 2/14/51   830    830 
 4.38%, 8/22/23   94    100 
 4.88%, 1/22/24   500    544 
         2,197 
Russia  (3.9%)          
Sovereign  (3.9%)          
Russian Foreign Bond - Eurobond,          
 4.50%, 4/4/22   1,800    1,836 
 5.63%, 4/4/42   3,200    4,153 
         5,989 
Saudi Arabia  (2.9%)          
Corporate Bond  (0.5%)          
SA Global Sukuk Ltd.,          
 2.69%, 6/17/31 (a)   780    788 
           
Sovereign  (2.4%)          
Saudi Government International Bond,          
 3.45%, 2/2/61  (a)   1,000    984 
 4.38%, 4/16/29   1,100    1,269 
 5.25%, 1/16/50  (a)   1,080    1,400 
         3,653 
         4,441 
Senegal  (0.6%)          
Sovereign  (0.6%)          
Senegal Government International Bond,          
 6.25%, 5/23/33 (a)   920    961 
           
Serbia  (0.2%)          
Sovereign  (0.2%)          
Serbia International Bond,          
 2.13%, 12/1/30 (a)   310    291 
           
South Africa  (1.5%)          
Sovereign  (1.5%)          
Eskom Holdings SOC Ltd.,          
 8.45%, 8/10/28   710    787 
Republic of South Africa Government International Bond,          
 4.30%, 10/12/28   1,540    1,552 
         2,339 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Sri Lanka  (1.5%)        
Sovereign  (1.5%)        
Sri Lanka Government International Bond,          
 6.20%, 5/11/27   1,800    1,108 
 7.55%, 3/28/30   1,900    1,165 
         2,273 
Turkey  (3.5%)          
Sovereign  (3.5%)          
Hazine Mustesarligi Varlik Kiralama AS,          
 5.13%, 6/22/26 (a)(c)   690    683 
Turkey Government International Bond,          
 4.88%, 4/16/43  (c)   630    492 
 5.75%, 3/22/24   1,580    1,619 
 5.88%, 6/26/31   1,080    1,016 
 6.38%, 10/14/25   830    854 
 6.88%, 3/17/36   700    682 
         5,346 
Ukraine  (2.5%)          
Sovereign  (2.5%)          
Ukraine Government International Bond,          
 7.75%, 9/1/23 – 9/1/26   3,550    3,824 
United Arab Emirates  (3.5%)          
Corporate Bond  (0.6%)          
Galaxy Pipeline Assets Bidco Ltd.,          
 3.25%, 9/30/40 (a)   965    975 
Sovereign  (2.9%)          
Abu Dhabi Government International Bond,          
 2.50%, 9/30/29  (a)   1,750    1,830 
 2.70%, 9/2/70  (a)   820    736 
 3.13%, 5/3/26   938    1,015 
DP World Crescent Ltd.,          
 4.85%, 9/26/28   740    846 
         4,427 
         5,402 
Uruguay  (1.7%)          
Sovereign  (1.7%)          
Uruguay Government International Bond,          
 4.38%, 10/27/27   1,100    1,264 
 5.10%, 6/18/50   1,020    1,301 
         2,565 
Uzbekistan  (0.3%)          
Sovereign  (0.3%)          
Republic of Uzbekistan International Bond,          
 3.70%, 11/25/30 (a)   410    398 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Venezuela  (0.6%)        
Sovereign  (0.6%)        
Petroleos de Venezuela SA,          
 6.00%, 11/15/26 (d)(e)   15,740    944 
Zambia  (0.3%)          
Sovereign  (0.3%)          
Zambia Government International Bond,          
 5.38%, 9/20/22   650    490 
Total Fixed Income Securities (Cost $153,066)        147,088 

 

    No. of
Warrants		        
Warrant  (0.0%) (g)                
Venezuela  (0.0%) (g)                
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (h) (Cost $—)     3,750       8  

 

   Shares     
Short-Term Investments  (6.9%)          
Securities held as Collateral on Loaned Securities  (2.8%)          
Investment Company  (2.3%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (i)   3,456,657    3,457 

 

  Face
Amount
(000)		    
Repurchase Agreements  (0.5%)          
HSBC Securities USA, Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $181; fully collateralized by U.S. Government obligations; 0.00%-0.13% due 10/7/21-12/31/22; valued at $184)  $181    181 
Merrill Lynch & Co., Inc., (0.05%, dated 9/30/21, due 10/1/21; proceeds $614; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $627)   614    614 
         795 

Total Securities held as Collateral on Loaned Securities

(Cost $4,252)

        4,252 

 

   Shares     
Investment Company  (3.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class  (i) (Cost $5,443)   5,443,239    5,443 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

 

   Face
Amount
(000)		     
Sovereign  (0.6%)        
Egypt  (0.6%)        
Egypt Treasury Bill,          
 12.95%, 9/13/22  (Cost $953)  EGP16,800    957 
Total Short-Term Investments (Cost $10,648)        10,652 
Total Investments (102.4%) (Cost $163,714) Including $7,320 of Securities Loaned (j)(k)(l)        157,748 
Liabilities in Excess of Other Assets (–2.4%)        (3,628)
Net Assets (100.0%)       $154,120 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

 

(a) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2021. Maturity date disclosed is the ultimate maturity date.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $7,320,000 and $7,484,000, respectively. The Fund received cash collateral of approximately $4,273,000, of which approximately $4,252,000, was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments.  At September 30, 2021, there was uninvested cash collateral of approximately $21,000, which is not reflected in the Portfolio of Investments.  The remaining collateral of approximately $3,211,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) Non-income producing security; bond in default.
(e) Issuer in bankruptcy.
(f) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of September 30, 2021.
(g) Amount is less than 0.05%.
(h) Perpetual maturity date. Date disclosed is the last expiration date.
(i) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(j) Securities are available for collateral in connection with open foreign currency forward exchange contracts.
(k) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(l) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,287,000 and the aggregate gross unrealized depreciation is approximately $14,221,000, resulting in net unrealized depreciation of approximately $5,934,000.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2021:

 

Counterparty  Contracts
to
Deliver
(000)		   In
Exchange
For
(000)		   Delivery
Date		  Unrealized
Appreciation
(Depreciation)
(000)		 
BNP Paribas SA  $388   EUR330   11/22/21  $(5)
Citibank NA  MXN16,000   $776   11/22/21   6 
JPMorgan Chase Bank NA  EUR3,230   $3,776   11/22/21   31 
                $32 

 

DOP — Dominican Peso
EGP — Egyptian Pound
EUR — Euro
MXN — Mexican Peso

 

 

 

 

Portfolio Composition*
Classification  Percentage of
Total Investments		 
Sovereign   90.2%
Corporate Bonds   5.6 
Other**   4.2 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $32,000.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (97.2%)          
Argentina  (1.8%)          
Globant SA (a)   14,576   $4,096 
           
Brazil  (3.6%)          
Hapvida Participacoes e Investimentos SA   862,462    2,152 
Lojas Renner SA   371,337    2,347 
Petroleo Brasileiro SA   353,304    1,826 
Petroleo Brasileiro SA (Preference)   418,257    2,092 
         8,417 
China  (17.3%)          
Alibaba Group Holding Ltd. (a)(b)   91,796    1,699 
China Construction Bank Corp. H Shares (b)   5,687,230    4,059 
China Mengniu Dairy Co., Ltd. (b)   520,000    3,349 
China Merchants Bank Co., Ltd. H Shares (b)   526,000    4,186 
China Resources Beer Holdings Co., Ltd. (b)   396,000    2,929 
China Tourism Group Duty Free Corp. Ltd., Class A   16,300    653 
Jiangsu Hengrui Medicine Co., Ltd., Class A   145,909    1,133 
Kweichow Moutai Co., Ltd., Class A   7,291    2,058 
Li Ning Co., Ltd. (b)   53,500    617 
Meituan, Class B (a)(b)   122,400    3,907 
Proya Cosmetics Co. Ltd., Class A   22,800    610 
Shenzhou International Group Holdings Ltd. (b)   173,200    3,676 
Tencent Holdings Ltd. (b)   171,800    10,256 
Wuxi Biologics Cayman, Inc. (a)(b)   49,000    795 
         39,927 
Germany  (1.1%)          
Infineon Technologies AG   61,624    2,520 
           
Hong Kong  (1.1%)          
Hong Kong Exchanges & Clearing Ltd.   42,400    2,605 
           
India  (12.4%)          
Asian Paints Ltd.   39,678    1,730 
Bharti Airtel Ltd.   68,376    632 
Eicher Motors Ltd.   26,499    991 
HDFC Bank Ltd. ADR   32,802    2,397 
Hindalco Industries Ltd.   316,246    2,070 
Housing Development Finance Corp., Ltd.   121,273    4,482 
ICICI Bank Ltd.   363,497    3,416 
ICICI Prudential Life Insurance Co., Ltd.   195,242    1,763 
Infosys Ltd.   117,334    2,631 
Infosys Ltd. ADR   34,407    765 
Mahindra & Mahindra Financial Services Ltd.   292,368    725 
Mahindra & Mahindra Ltd.   130,720    1,408 
Reliance Industries Ltd.   53,367    1,806 
Reliance Industries Partly Paid   108,351    2,716 
Shree Cement Ltd.   2,940    1,143 
         28,675 
Indonesia  (2.1%)          
Bank Central Asia Tbk PT   1,217,800    2,966 
Bank Mandiri Persero Tbk PT   2,930,100    1,252 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Bukalapak.com PT Tbk (a)   11,127,600    669 
         4,887 
Korea, Republic of  (8.9%)          
Hyundai Motor Co.   4,922    819 
Kakao Corp.   14,079    1,385 
KakaoBank Corp. (a)   3,227    186 
Kia Corp.   12,388    837 
LG Chem Ltd.   1,575    1,021 
NAVER Corp.   4,009    1,301 
Samsung Electronics Co., Ltd.   195,785    12,138 
Samsung SDI Co., Ltd.   3,208    1,914 
SK Hynix, Inc.   10,894    933 
         20,534 
Mexico  (3.7%)          
Grupo Aeroportuario del Sureste SAB de CV, Class B   169,200    3,156 
Grupo Financiero Banorte SAB de CV Series O   391,630    2,510 
Wal-Mart de Mexico SAB de CV   885,453    3,001 
         8,667 
Netherlands  (1.9%)          
ASML Holding N.V.   5,992    4,465 
           
Panama  (1.2%)          
Copa Holdings SA, Class A (a)   34,194    2,783 
           
Poland  (2.2%)          
Allegro.eu SA (a)   94,046    1,366 
LPP SA   997    3,713 
         5,079 
Russia  (8.9%)          
Fix Price Group Ltd. GDR   128,200    1,152 
Fix Price Group Ltd. GDR  (Registered GDR)   73,188    656 
LUKOIL PJSC ADR   30,629    2,909 
Novatek PJSC (Registered GDR)   16,636    4,356 
Ozon Holdings PLC ADR (a)   32,454    1,637 
TCS Group Holding PLC GDR   62,620    5,694 
Yandex N.V., Class A (a)   50,952    4,060 
         20,464 
Singapore  (2.1%)        
Sea Ltd. ADR (a)   15,020    4,787 
           
South Africa  (5.1%)          
Anglo American Platinum Ltd.    18,978    1,639 
Anglo American PLC   145,539    5,134 
Capitec Bank Holdings Ltd.   24,703    2,995 
Clicks Group Ltd.   31,763    586 
Mr Price Group Ltd.   104,723    1,405 
         11,759 
Taiwan  (15.2%)          
Airtac International Group    84,000    2,613 
ASE Technology Holding Co., Ltd.   923,738    3,574 
Delta Electronics, Inc.   477,000    4,274 
MediaTek, Inc.   53,000    1,706 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Novatek Microelectronics Corp.   102,000    1,482 
Silergy Corp.   17,000    2,472 
Taiwan Semiconductor Manufacturing Co., Ltd.   913,000    18,883 
         35,004 
United Kingdom  (2.7%)          
Avast PLC   249,524    1,907 
Mondi PLC   172,178    4,240 
         6,147 
United States  (5.9%)          
Applied Materials, Inc.   17,275    2,224 
EPAM Systems, Inc. (a)   6,209    3,542 
Lam Research Corp.   3,164    1,801 
MercadoLibre, Inc. (a)   2,301    3,864 
NIKE, Inc., Class B   15,394    2,236 
         13,667 
Total Common Stocks (Cost $142,826)        224,483 

 

   No. of Rights     
Right  (0.0%) (c)          
India  (0.0%) (c)          
Bharti Airtel Ltd. (India) (Cost $—)   4,883    10 
           

 

    Shares      
Short-Term Investment  (2.2%)          
Investment Company  (2.2%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $4,989)   4,988,811    4,989 
Total Investments (99.4%) (Cost $147,815)  (e)(f)(g)        229,482 
Other Assets in Excess of Liabilities (0.6%)        1,452 
Net Assets (100.0%)       $230,934 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
 
(a) Non-income producing security.
(b) Security trades on the Hong Kong exchange.
(c) Amount is less than 0.05%.
(d) 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, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

(f) The approximate fair value and percentage of net assets, $166,735,000 and 72.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(g) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $86,425,000 and the aggregate gross unrealized depreciation is approximately $4,758,000, resulting in net unrealized appreciation of approximately $81,667,000.
 
ADR American Depositary Receipt.
GDR Global Depositary Receipt.
PJSC Public Joint Stock Company.

 

 

 

Portfolio Composition
Classification   Percentage of Total Investments 
Other*   44.4%
Semiconductors & Semiconductor Equipment   17.5 
Banks   12.9 
Interactive Media & Services   7.4 
Oil, Gas & Consumable Fuels   6.8 
Internet & Direct Marketing Retail   5.7 
Tech Hardware, Storage & Peripherals   5.3 
Total Investments   100.0%

 

*        Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.4%)          
France  (6.0%)          
L'Oreal SA (BSRM)   1,398   $579 
LVMH Moet Hennessy Louis Vuitton SE   806    577 
Pernod Ricard SA   4,326    954 
         2,110 
Germany  (4.5%)          
SAP SE   11,938    1,614 
           
Italy  (0.6%)          
Davide Campari-Milano N.V.   15,484    217 
           
Netherlands  (2.1%)          
Heineken N.V.   7,070    738 
           
United Kingdom  (12.3%)          
British American Tobacco PLC   21,412    748 
Experian PLC   9,356    392 
Reckitt Benckiser Group PLC   29,350    2,306 
RELX PLC (Euronext N.V.)   6,420    186 
RELX PLC (LSE)   24,633    709 
         4,341 
United States  (72.9%)          
Abbott Laboratories   12,805    1,513 
Accenture PLC, Class A   5,307    1,698 
Automatic Data Processing, Inc.   6,726    1,345 
Baxter International, Inc.   18,827    1,514 
Becton Dickinson & Co.   5,931    1,458 
Broadridge Financial Solutions, Inc.   448    75 
Coca-Cola Co. (The)   11,601    609 
Danaher Corp.   5,598    1,704 
Estee Lauder Cos., Inc. (The), Class A   1,282    385 
Factset Research Systems, Inc.   442    174 
Fidelity National Information Services, Inc.   6,050    736 
Intercontinental Exchange, Inc.   9,636    1,106 
Microsoft Corp.   11,923    3,361 
Moody's Corp.   1,208    429 
NIKE, Inc., Class B   2,719    395 
Philip Morris International, Inc.   30,827    2,922 
Procter & Gamble Co. (The)   11,334    1,585 
Roper Technologies, Inc.   1,662    741 
Thermo Fisher Scientific, Inc.   2,887    1,649 
Visa, Inc., Class A   8,235    1,834 
Zoetis, Inc.   2,573    500 
         25,733 
Total Common Stocks (Cost $19,498)        34,753 
           
Short-Term Investment  (1.7%)          
Investment Company  (1.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $588)   587,719    588 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2021 (unaudited)(cont’d)

 

Total Investments (100.1%) (Cost $20,086)  (b)(c)(d)   35,341
Liabilities in Excess of Other Assets (–0.1%)   (45)
Net Assets (100.0%)  $35,296

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

 

(a) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(b) The approximate fair value and percentage of net assets, $9,020,000 and 25.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,274,000 and the aggregate gross unrealized depreciation is approximately $19,000, resulting in net unrealized appreciation of approximately $15,255,000.

 

BSRM Berlin Second Regulated Market.
Euronext N.V. Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Other*   23.8%
Health Care Equipment & Supplies   17.5 
Information Technology Services   16.1 
Software   14.1 
Household Products   11.0 
Tobacco   10.4 
Beverages   7.1 
Total Investments   100.0%

 

  * Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (96.2%)          
Australia  (4.3%)          
Atlas Arteria Ltd. (a)   169,955   $784 
Sydney Airport (a)(b)   97,584    573 
Transurban Group    22,306    225 
Transurban Group (a)(c)   209,293    2,109 
         3,691 
Canada  (11.4%)          
Enbridge, Inc.   71,449    2,846 
GFL Environmental, Inc.   16,682    620 
Gibson Energy, Inc.   145,918    2,680 
Pembina Pipeline Corp.   39,493    1,252 
TC Energy Corp.   47,495    2,286 
         9,684 
China  (7.3%)          
China Gas Holdings Ltd. (d)   1,106,600    3,268 
GDS Holdings Ltd. ADR (b)   18,315    1,037 
Jiangsu Expressway Co., Ltd. H Shares (d)   550,000    556 
Zhejiang Expressway Co., Ltd., Class H (d)   1,644,000    1,357 
         6,218 
Denmark  (1.1%)          
Orsted A/S   6,860    904 
           
France  (5.5%)          
Getlink SE   44,968    703 
Vinci SA   37,949    3,947 
         4,650 
Germany  (1.0%)          
Vantage Towers AG   25,536    862 
           
Hong Kong  (1.0%)          
Power Assets Holdings Ltd.   148,500    871 
           
Italy  (4.0%)          
Atlantia SpA (b)   31,955    603 
Infrastrutture Wireless Italiane SpA   122,159    1,361 
Terna SpA   196,871    1,397 
         3,361 
Japan  (2.0%)          
Central Japan Railway Co.   3,600    575 
East Japan Railway Co.   15,800    1,116 
         1,691 
Mexico  (2.8%)          
Grupo Aeroportuario del Pacifico SAB de CV, Class B   103,914    1,208 
Grupo Aeroportuario del Sureste SAB de CV, Class B   63,291    1,181 
         2,389 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

New Zealand  (0.6%)          
Auckland International Airport Ltd. (b)   99,209    533 
           
Portugal  (1.3%)          
EDP Renovaveis SA   44,924    1,115 
           
Spain  (5.7%)          
Aena SME SA (b)   5,230    902 
Cellnex Telecom SA   27,270    1,682 
Ferrovial SA   44,807    1,308 
Iberdrola SA   98,812    994 
         4,886 
Switzerland  (1.1%)          
Flughafen Zurich AG (Registered) (b)   5,139    916 
           
United Kingdom  (5.2%)          
National Grid PLC   245,430    2,925 
Pennon Group PLC   40,570    618 
Severn Trent PLC   25,027    876 
         4,419 
United States  (41.9%)          
Ameren Corp.   14,839    1,202 
American Electric Power Co., Inc.   25,718    2,088 
American Tower Corp. REIT   23,843    6,328 
American Water Works Co., Inc.   12,541    2,120 
Atmos Energy Corp.   10,771    950 
Avangrid, Inc. (c)   15,536    755 
CenterPoint Energy, Inc.   8,473    208 
Cheniere Energy, Inc. (b)   23,866    2,331 
Crown Castle International Corp. REIT   25,438    4,409 
Edison International   24,874    1,380 
Eversource Energy   19,100    1,562 
NextEra Energy, Inc.   17,226    1,352 
ONEOK, Inc.   29,713    1,723 
Republic Services, Inc.   10,254    1,231 
SBA Communications Corp. REIT   8,049    2,661 
Sempra Energy   17,899    2,264 
Targa Resources Corp.   31,350    1,543 
Williams Cos., Inc. (The)   58,132    1,508 
         35,615 
Total Common Stocks (Cost $64,246)        81,805 
           
Short-Term Investment  (3.8%)          
Investment Company  (3.8%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e) (Cost $3,214)   3,214,448    3,214 
Total Investments (100.0%) (Cost $67,460) Including $2,119 of Securities Loaned (f)(g)(h)        85,019 
Other Assets in Excess of Liabilities (0.0%) (i)        29 
Net Assets (100.0%)       $85,048 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d) 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications. 

 

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) Non-income producing security.
(c)

All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $2,119,000 and $2,164,000, respectively. The Fund received non-cash collateral of approximately $2,164,000, in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge, and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

(d) Security trades on the Hong Kong exchange.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(g) The approximate fair value and percentage of net assets, $32,855,000 and 38.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(h) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $18,895,000 and the aggregate gross unrealized depreciation is approximately $1,336,000, resulting in net unrealized appreciation of approximately $17,559,000.
(i) Amount is less than 0.05%.
 
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Oil & Gas Storage & Transportation   26.6%
Communications   21.6 
Other*   16.0 
Electricity Transmission & Distribution   15.7 
Toll Roads   7.5 
Diversified   6.4 
Airports   6.2 
Total Investments   100.0%

 

   *   Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited) 

 

   Shares   Value
(000)		 
Common Stocks  (99.2%)          
Australia  (3.1%)          
Charter Hall Group REIT   43,467   $526 
GPT Group (The) REIT   92,278    332 
Mirvac Group REIT   58,293    124 
National Storage REIT   162,841    267 
Stockland REIT   145,923    463 
         1,712 
Austria  (0.5%)          
CA Immobilien Anlagen AG   6,056    256 
           
Canada  (2.0%)          
Dream Industrial REIT   52,953    677 
InterRent REIT   20,171    267 
Tricon Residential, Inc.   11,487    153 
         1,097 
China  (2.2%)          
China Resources Land Ltd. (a)   30,000    126 
China Resources Mixc Lifestyle Services Ltd. (a)   39,600    218 
Country Garden Services Holdings Co. Ltd. (a)   31,000    245 
GDS Holdings Ltd. ADR (b)   3,881    220 
Longfor Group Holdings Ltd. (a)   79,500    363 
         1,172 
Finland  (0.3%)          
Kojamo Oyj   8,655    180 
           
France  (2.8%)          
Gecina SA REIT   4,168    561 
ICADE REIT   4,023    314 
Klepierre SA REIT   8,907    199 
Mercialys SA REIT   40,759    433 
         1,507 
Germany  (3.0%)          
Alstria Office AG REIT   9,959    181 
Deutsche EuroShop AG   4,119    84 
Deutsche Wohnen SE   3,641    223 
LEG Immobilien SE   2,381    336 
Vonovia SE   13,604    816 
         1,640 
Hong Kong  (5.1%)        
ESR Cayman Ltd. (b)   234,800    709 
Hongkong Land Holdings Ltd.   59,700    285 
Link REIT   64,360    551 
Sun Hung Kai Properties Ltd.   51,893    648 
Wharf Real Estate Investment Co., Ltd.   110,420    567 
         2,760 
Ireland  (0.8%)          
Hibernia REIT PLC   329,218    445 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Japan  (10.2%)          
Activia Properties, Inc. REIT   45    184 
Daiwa Securities Living Investments Corp. REIT   162    162 
Frontier Real Estate Investment Corp. REIT   15    66 
GLP J-REIT    309    507 
Hoshino Resorts, Inc. REIT   35    231 
Japan Metropolitan Fund Investment Corp. REIT   358    344 
Japan Real Estate Investment Corp. REIT   86    516 
Mitsubishi Estate Co., Ltd.   22,700    361 
Mitsui Fudosan Co., Ltd. (c)   47,200    1,121 
Nippon Building Fund, Inc. REIT   85    552 
Nippon Prologis Inc. REIT   147    491 
Nomura Real Estate Master Fund, Inc. REIT   177    255 
Orix, Inc. J-REIT   157    273 
Sumitomo Realty & Development Co., Ltd.   14,600    534 
         5,597 
Malta  (0.0%) (d)          
BGP Holdings PLC (e)   5,886,464    8 
           
Netherlands  (1.3%)          
Eurocommercial Properties N.V. REIT   18,462    395 
NSI N.V. REIT   9,097    337 
         732 
Singapore  (1.6%)          
Frasers Logistics & Commercial Trust REIT   183,400    205 
Keppel DC REIT   198,500    362 
Mapletree Industrial Trust REIT   137,757    281 
         848 
Spain  (1.4%)          
Inmobiliaria Colonial Socimi SA REIT   21,624    210 
Merlin Properties Socimi SA REIT   54,660    560 
         770 
Sweden  (1.2%)          
Atrium Ljungberg AB, Class B   1,274    27 
Fabege AB (c)   21,616    326 
Hufvudstaden AB, Class A   18,753    280 
         633 
Switzerland  (0.4%)          
PSP Swiss Property AG (Registered)   1,897    229 
           
United Kingdom  (4.5%)          
British Land Co., PLC (The) REIT   86,482    574 
Derwent London PLC REIT   2,613    121 
Empiric Student Property PLC REIT (b)   143,980    172 
Grainger PLC   49,570    203 
Hammerson PLC REIT (c)   454,946    196 
Helical PLC   16,355    98 
Land Securities Group PLC REIT   67,024    625 
Segro PLC REIT   20,756    333 

 

 

  

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)

 

Workspace Group PLC REIT   14,254    158 
         2,480 
United States  (58.8%)          
Agree Realty Corp. REIT   15,238    1,009 
Alexandria Real Estate Equities, Inc. REIT   5,806    1,109 
AvalonBay Communities, Inc. REIT   7,354    1,630 
Boyd Gaming Corp. (b)   10,712    678 
Brixmor Property Group, Inc. REIT   41,391    915 
Caesars Entertainment, Inc. (b)   3,374    379 
Empire State Realty Trust, Inc., Class A REIT   60,251    604 
Equinix, Inc. REIT   3,192    2,522 
Extra Space Storage, Inc. REIT   5,978    1,004 
Healthcare Trust of America, Inc., Class A REIT   16,080    477 
Healthpeak Properties, Inc. REIT   40,459    1,355 
Invitation Homes, Inc. REIT   30,737    1,178 
Kilroy Realty Corp. REIT   9,202    609 
Kite Realty Group Trust REIT   21,336    434 
Lamar Advertising Co., Class A  REIT   3,937    447 
Life Storage, Inc. REIT   8,261    948 
Medical Properties Trust, Inc. REIT   30,711    616 
NETSTREIT Corp. REIT   38,124    902 
Prologis, Inc. REIT   30,143    3,781 
Public Storage REIT   7,913    2,351 
Retail Properties of America, Inc., Class A REIT   33,755    435 
RPT Realty REIT   42,587    544 
SITE Centers Corp. REIT   43,907    678 
Sun Communities, Inc. REIT   8,435    1,561 
UDR, Inc. REIT   37,622    1,994 
Ventas, Inc. REIT   18,296    1,010 
VICI Properties, Inc. REIT   40,263    1,144 
Welltower, Inc. REIT   22,507    1,855 
         32,169 
Total Common Stocks (Cost $48,478)        54,235 
Short-Term Investments  (1.1%)          
Securities held as Collateral on Loaned Securities  (0.8%)          
Investment Company  (0.6%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)   363,480    363 

  

   Face
Amount
(000)		     
Repurchase Agreements  (0.2%)         
HSBC Securities USA, Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $19; fully collateralized by U.S. Government obligations; 0.00%-0.13% due 10/7/21-12/31/22; valued at $19)  $19   19 
Merrill Lynch & Co., Inc. (0.05%, dated 9/30/21, due 10/1/21; proceeds $65; fully collateralized by a U.S. Government obligation; 0.38% due 4/15/24; valued at $66)    65   65  
         84  
Total Securities held as Collateral on Loaned Securities (Cost $447)        447  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)

 

   Shares     
Investment Company  (0.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (f) (Cost $180)   180,170    180 
Total Short-Term Investments (Cost $627)        627 
Total Investments (100.3%) (Cost $49,105) Including $1,477 of Securities Loaned (g)(h)(i)        54,862 
Liabilities in Excess of Other Assets (–0.3%)        (180)
Net Assets (100.0%)       $54,682 

  

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

 

(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2021, were approximately $1,477,000 and $1,570,000, respectively. The Fund received cash collateral of approximately $449,000, of which approximately $447,000 was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments.  At September 30, 2021, there was uninvested cash collateral of approximately $2,000, which is not reflected in the Portfolio of Investments.  The remaining collateral of approximately $1,121,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) Amount is less than 0.05%.
(e) At September 30, 2021, the Fund held a fair valued security valued at approximately $8,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately less than $500 relating to the Fund's investment in the Liquidity Funds.
(g) The approximate fair value and percentage of net assets, $20,346,000 and 37.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(h) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(i) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,615,000 and the aggregate gross unrealized depreciation is approximately $858,000, resulting in net unrealized appreciation of approximately $5,757,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.
         

  

 

 

 

Portfolio Composition *

 

Classification  Percentage of
Total Investments		 
Diversified   21.7%
Residential   16.8 
Retail   13.2 
Industrial   11.9 
Office   11.7 
Health Care   9.8 
Self Storage   8.4 
Other**   6.5 
Total Investments   100.0%

 

* Percentage indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2021.
** Industries and/or investment types representing less than 5% of total investments.
     

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities  (50.0%)         
Agency Adjustable Rate Mortgage  (0.0%) (a)          
United States  (0.0%) (a)          
Federal Home Loan Mortgage Corporation,           
Conventional Pool:          
12 Month USD LIBOR + 1.63%, 1.94%, 7/1/45 (Cost $7)  $7   $7 
           
Agency Fixed Rate Mortgages  (2.9%)          
United States  (2.9%)          
Federal Home Loan Mortgage Corporation,          
Conventional Pool:          
4.50%, 1/1/49   12    13 
Gold Pools:          
3.50%, 2/1/45 – 6/1/45   218    238 
4.50%, 1/1/49   11    12 
Federal National Mortgage Association,          
Conventional Pools:          
3.50%, 1/1/51   741    784 
4.00%, 11/1/41 – 1/1/46   235    259 
4.50%, 3/1/41 – 11/1/44   104    115 
5.00%, 1/1/41 – 3/1/41   38    43 
6.00%, 1/1/38   8    10 
6.50%, 8/1/38   2    2 
December TBA:          
2.00%, 12/1/51 (b)   650    649 
2.50%, 12/1/51 (b)   300    308 
November TBA:          
3.00%, 11/1/51 (b)   520    543 
Government National Mortgage Association,          
Various Pools:          
4.00%, 7/15/44   16    18 
5.00%, 2/20/49 – 3/20/49   18    19 
Total Agency Fixed Rate Mortgages (Cost $2,993)        3,013 
           
Asset-Backed Securities  (0.4%)          
United States  (0.4%)          
Freed ABS Trust,          
3.06%, 3/18/27 (c)   100    101 
New Century Home Equity Loan Trust,          
1 Month USD LIBOR + 1.35%, 1.44%, 3/25/33 (d)   73    73 
North Carolina State Education Assistance Authority,          
3 Month USD LIBOR + 0.80%, 0.93%, 7/25/25 (d)   2    2 
NovaStar Mortgage Funding Trust,          
1 Month USD LIBOR + 1.58%, 1.66%, 12/25/34 (d)   75    75 
Renaissance Home Equity Loan Trust,          
1 Month USD LIBOR + 0.76%, 0.85%, 12/25/32 (d)   78    76 
SLM Student Loan Trust,          
3 Month EURIBOR + 0.55%, 0.01%, 7/25/39 (d)  EUR94    108 
Total Asset-Backed Securities (Cost $425)        435 
           
Commercial Mortgage-Backed Securities (0.6%)          
United Kingdom (0.1%)          
Taurus DAC,          
3 Month GBP LIBOR + 1.10%, 1.17%, 5/22/28 (d)  GBP 59    80 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

United States  (0.5%)          
COMM Mortgage Trust,          
3.28%, 1/10/46  $45    46 
3.96%, 3/10/47   144    154 
4.91%, 7/15/47 (c)(d)   100    102 
Commercial Mortgage Pass-Through Certificates,          
4.24%, 2/10/47 (d)   77    82 
UBS-Barclays Commercial Mortgage Trust,          
3.53%, 5/10/63   40    40 
WFRBS Commercial Mortgage Trust,          
5.17%, 9/15/46 (c)(d)   140    136 
         560 
Total Commercial Mortgage-Backed Securities (Cost $618)        640 
           
Corporate Bonds  (12.8%)          
Australia  (0.4%)          
Macquarie Group Ltd.,          
4.15%, 3/27/24 (c)   50    53 
NBN Co. Ltd.,          
2.63%, 5/5/31 (c)   200    203 
Transurban Finance Co. Pty Ltd.,          
2.00%, 8/28/25  EUR100    124 
Westpac Banking Corp.,          
2.67%, 11/15/35  $75    73 
         453 
Belgium  (0.1%)          
Anheuser-Busch InBev SA N.V.,          
2.75%, 3/17/36  EUR75    104 
           
Canada  (0.7%)          
Enbridge, Inc.,          
2.50%, 1/15/25  $125    130 
Province of British Columbia Canada,          
2.00%, 10/23/22   200    204 
Province of Ontario Canada,          
2.30%, 6/15/26   190    201 
Province of Quebec Canada,          
1.35%, 5/28/30   240    234 
         769 
China  (0.2%)          
Baidu, Inc.,          
2.88%, 7/6/22   200    203 
           
Colombia  (0.1%)          
Ecopetrol SA,          
5.88%, 9/18/23   140    151 
           
France  (0.6%)          
BNP Paribas SA,          
1.13%, 6/11/26  EUR125    151 
BPCE SA,          
5.15%, 7/21/24 (c)  $200    221 
Orange SA,          
5.00%, 10/1/26 (e)  EUR100    138 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

TotalEnergies SE,          
3.88%, 5/18/22 (e)   100    118 
         628 
Germany  (0.9%)          
Bayer US Finance II LLC,          
3.88%, 12/15/23 (c)  $200    213 
Daimler Finance North America LLC,          
0.75%, 3/1/24 (c)   175    175 
Deutsche Telekom International Finance BV,          
3.60%, 1/19/27 (c)   150    165 
Kreditanstalt fuer Wiederaufbau,          
1.13%, 9/15/32  EUR190    245 
Volkswagen International Finance N.V.,           
Series 10Y          
1.88%, 3/30/27   100    126 
         924 
India  (0.2%)          
ONGC Videsh Vankorneft Pte Ltd.,          
3.75%, 7/27/26  $200    211 
           
Ireland  (0.0%) (a)          
Avolon Holdings Funding Ltd.,          
2.88%, 2/15/25 (c)   50    51 
           
Japan  (0.2%)          
NTT Finance Corp.,          
1.59%, 4/3/28 (c)   200    198 
           
Korea, Republic of  (0.6%)          
Korea Electric Power Corp.,          
2.50%, 6/24/24 (c)   200    210 
Korea Hydro & Nuclear Power Co., Ltd.,          
3.75%, 7/25/23 (c)   200    212 
Korea Southern Power Co. Ltd.,          
0.75%, 1/27/26 (c)   200    195 
         617 
Netherlands  (0.1%)          
ASR Nederland N.V.,          
5.00%, 9/30/24 (e)  EUR100    131 
           
Qatar  (0.2%)          
Ooredoo International Finance Ltd.,          
2.63%, 4/8/31 (c)  $200    204 
           
Saudi Arabia  (0.2%)          
Saudi Arabian Oil Co.,          
3.50%, 4/16/29   200    216 
           
Spain  (0.5%)          
Banco Santander SA,          
3.13%, 1/19/27  EUR100    131 
5.18%, 11/19/25  $200    227 
CaixaBank SA,          
0.75%, 4/18/23  EUR100    118 
         476 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Switzerland  (0.9%)          
Credit Suisse Group AG,          
2.19%, 6/5/26 (c)  $500    510 
Syngenta Finance N.V.,          
4.44%, 4/24/23 (c)   200    209 
UBS Group AG,          
3.49%, 5/23/23 (c)   200    204 
         923 
United Arab Emirates  (0.4%)          
ADCB Finance Cayman Ltd.,          
4.00%, 3/29/23 (c)   200    210 
Galaxy Pipeline Assets Bidco Ltd.,          
2.63%, 3/31/36 (c)   225    222 
         432 
United Kingdom  (1.3%)          
BAT Capital Corp.,          
3.56%, 8/15/27   125    135 
HSBC Holdings PLC,          
2.26%, 11/13/26  GBP100    138 
4.25%, 3/14/24  $200    215 
Lloyds Banking Group PLC,          
1.75%, 9/7/28  EUR100    120 
2.25%, 10/16/24  GBP100    139 
Nationwide Building Society,          
3.77%, 3/8/24 (c)  $200    209 
Natwest Group PLC,          
3.88%, 9/12/23   200    212 
NGG Finance PLC,          
5.63%, 6/18/73  GBP100    149 
         1,317 
United States  (5.2%)          
7-Eleven, Inc.,          
1.30%, 2/10/28 (c)  $100    96 
Air Lease Corp.,          
2.30%, 2/1/25   75    77 
Altria Group, Inc.,          
2.45%, 2/4/32   75    72 
Amazon.com, Inc.,          
2.70%, 6/3/60   50    47 
AT&T, Inc.,          
1.80%, 9/5/26  EUR100    125 
2.90%, 12/4/26  GBP100    144 
Bank of America Corp.,          
2.69%, 4/22/32  $100    102 
MTN          
4.00%, 1/22/25   175    190 
Boeing Co. (The),          
5.15%, 5/1/30   100    117 
Charter Communications Operating LLC/Charter Communications Operating Capital,          
5.13%, 7/1/49   25    29 
5.75%, 4/1/48   25    32 
Chubb INA Holdings, Inc.,          
0.88%, 6/15/27  EUR100    120 
Cigna Corp.,          
2.38%, 3/15/31  $25    25 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

3.88%, 10/15/47   50    56 
Citigroup, Inc.,          
2.56%, 5/1/32   75    76 
5.50%, 9/13/25   75    87 
Comcast Corp.,          
1.95%, 1/15/31   125    123 
CVS Health Corp.,          
1.88%, 2/28/31   100    97 
Deere & Co.,          
3.10%, 4/15/30   100    109 
Diamondback Energy, Inc.,          
2.88%, 12/1/24   150    158 
Emerson Electric Co.,          
1.25%, 10/15/25  EUR125    152 
Energy Transfer LP,          
2.90%, 5/15/25  $150    157 
Enterprise Products Operating LLC,          
3.95%, 1/31/60   50    54 
Ford Motor Credit Co. LLC,          
3.09%, 1/9/23   200    203 
Fox Corp.,          
4.71%, 1/25/29   150    175 
Georgia-Pacific LLC,          
2.30%, 4/30/30 (c)   125    127 
Global Payments, Inc.,          
1.20%, 3/1/26   50    50 
Goldman Sachs Group, Inc. (The),          
2.88%, 10/31/22   75    75 
HCA, Inc.,          
5.25%, 6/15/49   50    64 
HSBC USA, Inc.,          
3.50%, 6/23/24   100    107 
JPMorgan Chase & Co.,          
1.95%, 2/4/32    125    121 
2.58%, 4/22/32   50    51 
4.13%, 12/15/26   75    84 
Level 3 Financing, Inc.,          
3.40%, 3/1/27 (c)   100    105 
Lowe's Cos., Inc.,          
1.30%, 4/15/28   75    73 
1.70%, 10/15/30   100    96 
Metropolitan Life Global Funding I,          
2.95%, 4/9/30 (c)   150    160 
NextEra Energy Capital Holdings, Inc.,          
2.75%, 11/1/29  $175    183 
NIKE, Inc.,          
2.85%, 3/27/30   50    54 
NVIDIA Corp.,          
2.85%, 4/1/30   125    134 
Occidental Petroleum Corp.,          
3.20%, 8/15/26   35    36 
5.55%, 3/15/26   75    83 
Pacific Gas and Electric Co.,          
2.50%, 2/1/31   25    24 
PepsiCo, Inc.,          
2.63%, 4/28/26  EUR100    130 
Prologis Euro Finance LLC,          
1.88%, 1/5/29   100    128 
Synchrony Bank,          
3.00%, 6/15/22  $250    254 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Union Pacific Corp.,          
3.55%, 5/20/61   50    54 
Upjohn Finance BV,          
1.91%, 6/23/32  EUR100    123 
Verizon Communications, Inc.,          
2.99%, 10/30/56  $50    46 
3.40%, 3/22/41   100    105 
Vontier Corp.,          
2.40%, 4/1/28 (c)   50    49 
Walt Disney Co. (The),          
2.65%, 1/13/31   150    157 
Wells Fargo & Co.,          
2.88%, 10/30/30   125    131 
         5,427 
Total Corporate Bonds (Cost $13,063)        13,435 
           
Mortgages - Other  (0.5%)          
United Kingdom  (0.1%)          
Landmark Mortgage Securities No. 3 PLC,          
3 Month GBP LIBOR + 2.10%, 2.18%, 4/17/44 (d)  GBP76    103 
           
United States  (0.4%)          
Federal Home Loan Mortgage Corporation,          
3.00%, 9/25/45 – 5/25/47  $140    140 
3.50%, 5/25/45 – 7/25/46   54    55 
4.00%, 5/25/45   3    3 
Seasoned Credit Risk Transfer Trust,          
3.00%, 11/25/57 – 10/25/58   225    239 
4.00%, 10/25/58   18    19 
         456 
Total Mortgages - Other (Cost $536)        559 
           
Sovereign  (29.2%)          
Australia  (0.7%)          
Australia Government Bond,          
0.25%, 11/21/25  AUD450    321 
2.50%, 5/21/30   160    126 
2.75%, 11/21/29   150    121 
3.25%, 4/21/25   210    167 
         735 
Austria  (0.1%)          
Republic of Austria Government Bond,          
0.00%, 2/20/30 (c)  EUR70    81 
           
Belgium  (0.3%)          
Kingdom of Belgium Government Bond,          
0.90%, 6/22/29 (c)   30    38 
1.70%, 6/22/50 (c)   90    125 
1.90%, 6/22/38 (c)   150    213 
         376 
Brazil  (2.4%)          
Brazil Letras do Tesouro Nacional,          
0.00%, 1/1/24  BRL17,000    2,521 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Canada  (1.2%)          
Canadian Government Bond,          
1.25%, 6/1/30  CAD 140    109 
2.25%, 6/1/29   1,370    1,156 
         1,265 
China  (9.0%)          
Agricultural Development Bank of China,          
2.25%, 4/22/25  CNY 770    117 
3.79%, 10/26/30   740    119 
China Development Bank,          
3.07%, 3/10/30   1,410    214 
3.34%, 7/14/25   740    116 
China Government Bond,          
3.02%, 5/27/31   17,370    2,721 
3.13%, 11/21/29   4,990    783 
3.27%, 11/19/30   31,020    4,932 
3.81%, 9/14/50   300    49 
3.86%, 7/22/49   1,430    236 
Export-Import Bank of China (The),          
2.93%, 3/2/25   740    115 
         9,402 
Colombia  (0.0%) (a)          
Colombian TES,           
Series B          
7.75%, 9/18/30  COP 122,600    33 
           
Denmark  (0.1%)          
Denmark Government Bond,          
0.50%, 11/15/27  DKK 630    103 
           
Finland  (0.1%)          
Finland Government Bond,          
1.13%, 4/15/34 (c)  EUR 70    91 
           
France  (1.9%)          
Agence Francaise de Developpement EPIC,          
1.50%, 10/31/34  $100    130 
Banque Federative du Credit Mutuel SA,          
1.25%, 12/5/25  GBP 100    135 
French Republic Government Bond OAT,          
0.00%, 11/25/29  $1,160    1,349 
2.00%, 5/25/48 (c)   170    253 
SNCF Reseau,          
1.88%, 3/30/34   100    135 
         2,002 
Germany  (0.7%)          
Bundesrepublik Deutschland Bundesanleihe,          
0.00%, 5/15/36   70    80 
0.25%, 2/15/29   140    170 
4.25%, 7/4/39   40    81 
State of North Rhine-Westphalia Germany,          
1.65%, 2/22/38   290    397 
         728 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Greece  (2.6%)          
Hellenic Republic Government Bond,          
0.75%, 6/18/31 (c)   2,348    2,696 
           
Hungary  (0.0%) (a)          
Hungary Government Bond,          
3.00%, 8/21/30  HUF 4,450    14 
           
Indonesia  (0.3%)          
Indonesia Government International Bond,          
1.75%, 4/24/25  EUR 130    158 
Indonesia Treasury Bond,          
8.25%, 5/15/29  IDR 839,000    66 
8.38%, 3/15/34   981,000    78 
         302 
Ireland  (0.1%)          
Ireland Government Bond,          
0.20%, 10/18/30  EUR 80    94 
           
Italy  (1.1%)          
Italy Buoni Poliennali Del Tesoro,          
1.40%, 5/26/25  (c)   101    128 
1.65%, 12/1/30  (c)   40    50 
1.85%, 7/1/25  (c)   390    484 
2.45%, 9/1/50  (c)   240    319 
Republic of Italy Government International Bond,          
0.88%, 5/6/24   200    200 
         1,181 
Japan  (4.8%)          
Japan Government Five Year Bond,          
0.10%, 6/20/24  JPY 118,000    1,067 
Japan Government Ten Year Bond,         
 0.10%, 6/20/26 – 6/20/29   212,000    1,923 
Japan Government Thirty Year Bond,          
0.30%, 6/20/46   37,000    313 
0.40%, 9/20/49   26,000    219 
1.70%, 6/20/33   62,000    658 
2.00%, 9/20/40   72,000    833 
         5,013 
Korea, Republic of  (0.6%)          
Export-Import Bank of Korea,          
0.63%, 2/9/26  $200    196 
Korea Development Bank (The),          
0.80%, 7/19/26   200    196 
Korea International Bond,          
2.00%, 6/19/24   200    208 
         600 
Malaysia  (0.3%)          
Malaysia Government Bond,          
3.89%, 8/15/29  MYR 440    109 
Petronas Capital Ltd.,          
3.50%, 3/18/25 (c)  $200    214 
         323 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Mexico  (0.4%)          
Mexican Bonos,          
Series M          
7.50%, 6/3/27  MXN 1,700    84 
7.75%, 5/29/31   1,000    50 
8.50%, 5/31/29   800    41 
Mexico Government International Bond,          
4.50%, 4/22/29   200    225 
Petroleos Mexicanos,          
6.95%, 1/28/60  $20    17 
         417 
Netherlands  (0.2%)          
Netherlands Government Bond,          
0.00%, 7/15/30 (c)  EUR 190    223 
2.75%, 1/15/47 (c)   20    37 
         260 
Norway  (0.0%) (a)          
Norway Government Bond,          
1.38%, 8/19/30 (c)  NOK 220    25 
           
Poland  (0.1%)          
Republic of Poland Government Bond,          
0.25%, 10/25/26  PLN 300    71 
           
Portugal  (0.1%)          
Portugal Obrigacoes do Tesouro OT,          
0.70%, 10/15/27 (c)  EUR 110    134 
           
Russia  (0.1%)          
Russian Federal Bond - OFZ,          
7.95%, 10/7/26  RUB 6,010    85 
           
Spain  (0.6%)          
Spain Government Bond,          
1.25%, 10/31/30 (c)  EUR 410    515 
2.70%, 10/31/48 (c)   40    62 
3.45%, 7/30/66 (c)   21    37 
         614 
Sweden  (0.1%)          
Sweden Government Bond,          
0.75%, 5/12/28  SEK 740    88 
           
United Kingdom  (1.3%)          
United Kingdom Gilt,          
0.38%, 10/22/30  GBP110    141 
0.63%, 10/22/50   170    187 
1.63%, 10/22/28   290    414 
3.50%, 1/22/45   180    344 
4.25%, 9/7/39   140    277 
         1,363 
Total Sovereign (Cost $30,520)        30,617 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Supranational  (1.3%)          
Asian Development Bank,          
2.13%, 5/19/31  NZD 60    40 
European Investment Bank,          
0.20%, 7/15/24  EUR 220    260 
  Series EARN          
0.00%, 1/14/31   200    232 
International Bank for Reconstruction & Development,        
  SOFR + 0.43%, 0.48%, 8/19/27  (d)  $330    332 
2.20%, 2/27/24  AUD 610    460 
 Total Supranational (Cost $1,314)        1,324 
           
U.S. Treasury Securities  (2.3%)          
United States  (2.3%)          
U.S. Treasury Bonds,          
1.13%, 5/15/40  $950    822 
1.25%, 5/15/50   390    319 
2.50%, 2/15/45   590    637 
2.75%, 8/15/47   510    579 
Total U.S. Treasury Securities (Cost $2,427)        2,357 
Total Fixed Income Securities (Cost $51,903)        52,387 

 

    Shares          
Common Stocks  (40.2%)                
Australia  (0.6%)                
Afterpay Ltd. (f)     112       10  
AGL Energy Ltd.     381       2  
Ampol Ltd.     142       3  
APA Group     626       4  
Aristocrat Leisure Ltd.     292       10  
ASX Ltd.     104       6  
Aurizon Holdings Ltd.     1,049       3  
AusNet Services Ltd.     1,055       2  
Australia & New Zealand Banking Group Ltd.     1,533       31  
BHP Group Ltd.     1,562       42  
BlueScope Steel Ltd.     276       4  
Brambles Ltd.     773       6  
Cochlear Ltd.     33       5  
Coles Group Ltd.     748       9  
Commonwealth Bank of Australia     963       71  
Computershare Ltd.     277       4  
Crown Resorts Ltd. (f)   211    1 
CSL Ltd.   222    46 
Dexus REIT   578    4 
Endeavour Group Ltd.   665    3 
Evolution Mining Ltd.   1,034    3 
Fortescue Metals Group Ltd.   865    9 
Goodman Group REIT   929    14 
GPT Group (The) REIT   1,027    4 
Insurance Australia Group Ltd.   1,289    5 
James Hardie Industries PLC CDI   224    8 
Lendlease Corp Ltd. REIT   388    3 
Macquarie Group Ltd.   172    22 
Magellan Financial Group Ltd.   75    2 
Medibank Pvt Ltd.   1,446    4 
Mirvac Group REIT   2,022    4 
National Australia Bank Ltd.   1,796    35 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

  

Newcrest Mining Ltd.   399    7 
Northern Star Resources Ltd.   588    4 
Oil Search Ltd.   1,116    4 
OneMarket Ltd. (f)   137    — 
Orica Ltd.   230    2 
Origin Energy Ltd.   980    3 
Qantas Airways Ltd. (f)   533    2 
QBE Insurance Group Ltd.   774    6 
Ramsay Health Care Ltd.   96    5 
REA Group Ltd.   30    3 
Reece Ltd.    200    3 
Rio Tinto Ltd.   185    13 
Santos Ltd.   981    5 
Scentre Group REIT   2,896    6 
Seek Ltd.   180    4 
Sonic Healthcare Ltd.   237    7 
South32 Ltd.   2,607    6 
Stockland REIT   1,263    4 
Suncorp Group Ltd.   708    6 
Sydney Airport (f)   695    4 
Tabcorp Holdings Ltd.   1,161    4 
Telstra Corp., Ltd.   2,211    6 
Transurban Group   1,473    15 
Treasury Wine Estates Ltd.    368    3 
Vicinity Centres REIT   2,211    3 
Washington H Soul Pattinson & Co. Ltd.   62    2 
Wesfarmers Ltd.   561    22 
Westpac Banking Corp.   2,006    37 
WiseTech Global Ltd.   84    3 
Woodside Petroleum Ltd.   582    10 
Woolworths Group Ltd.   622    18 
Xero Ltd. (f)   69    7 
         603 
Austria  (0.0%) (a)          
Erste Group Bank AG   262    11 
OMV AG   136    8 
Raiffeisen Bank International AG   137    4 
Verbund AG   62    6 
voestalpine AG   108    4 
         33 
Belgium  (0.1%)          
Ageas SA N.V.   168    8 
Anheuser-Busch InBev SA N.V.   724    41 
Argenx SE (f)   44    13 
Elia Group SA   29    3 
Etablissements Franz Colruyt N.V.   51    3 
Groupe Bruxelles Lambert SA   107    12 
KBC Group N.V.   239    22 
Proximus SADP   145    3 
Sofina SA   15    6 
Solvay SA   71    9 
UCB SA   120    13 
Umicore SA   191    11 
         144 
Canada  (0.6%)          
Agnico Eagle Mines Ltd.   89    5 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Air Canada (f)   60    1 
Algonquin Power & Utilities Corp.   219    3 
Alimentation Couche-Tard, Inc., Class B   211    8 
AltaGas Ltd.   103    2 
Atco Ltd., Class I   28    1 
B2Gold Corp.   387    1 
Ballard Power Systems, Inc. (f)   87    1 
Bank of Montreal   238    24 
Bank of Nova Scotia (The)   446    27 
Barrick Gold Corp. (LSE)   596    11 
Barrick Gold Corp. (NYSE)   57    1 
Bausch Health Cos., Inc. (f)   111    3 
BCE, Inc.   27    1 
Blackberry Ltd. (f)   196    2 
Brookfield Asset Management, Inc., Class A (NYSE)   25    1 
Brookfield Asset Management, Inc., Class A (TSX)   472    25 
Brookfield Renewable Corp., Class A   47    2 
CAE, Inc. (f)   104    3 
Cameco Corp.   146    3 
Canadian Apartment Properties REIT   31    1 
Canadian Imperial Bank of Commerce   165    18 
Canadian National Railway Co.   261    30 
Canadian Natural Resources Ltd.   434    16 
Canadian Pacific Railway Ltd.   245    16 
Canadian Tire Corp., Ltd., Class A   21    3 
Canadian Utilities Ltd., Class A   48    1 
Canopy Growth Corp. (f)   83    1 
CCL Industries, Inc., Class B   55    3 
Cenovus Energy, Inc.   482    5 
CGI, Inc. (f)   83    7 
Constellation Software, Inc.   7    11 
Dollarama, Inc.   108    5 
Emera, Inc.   92    4 
Empire Co., Ltd., Class A   62    2 
Enbridge, Inc.   744    30 
Fairfax Financial Holdings Ltd.   10    4 
First Quantum Minerals Ltd.   216    4 
FirstService Corp.   14    3 
Fortis, Inc.   172    8 
Franco-Nevada Corp.   70    9 
George Weston Ltd.   28    3 
GFL Environmental, Inc.   58    2 
Gildan Activewear, Inc.   73    3 
Great-West Lifeco, Inc.   102    3 
Hydro One Ltd.   121    3 
IA Financial Corp., Inc.   39    2 
IGM Financial, Inc.   31    1 
Imperial Oil Ltd.   94    3 
Intact Financial Corp.   58    8 
Inter Pipeline Ltd.   142    2 
Ivanhoe Mines Ltd., Class A (f)   222    1 
Keyera Corp.   81    2 
Kinross Gold Corp.   462    3 
Kirkland Lake Gold Ltd.   76    3 
Lightspeed Commerce, Inc. (f)   35    3 
Loblaw Cos., Ltd.   64    4 
Lundin Mining Corp.   244    2 
Magna International, Inc.   105    8 
Manulife Financial Corp.   713    14 
Metro, Inc.   91    4 
National Bank of Canada   124    10 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Northland Power, Inc.   82    3 
Nutrien Ltd.   209    14 
Nuvei Corp. (f)   21    2 
Onex Corp.   28    2 
Open Text Corp.   100    5 
Pan American Silver Corp.   77    2 
Parkland Corp.   55    2 
Pembina Pipeline Corp.   202    6 
Power Corp. of Canada   206    7 
Quebecor, Inc., Class B   63    2 
Restaurant Brands International, Inc.   101    6 
RioCan Real Estate Investment Trust   57    1 
Ritchie Bros Auctioneers, Inc.   40    3 
Rogers Communications, Inc., Class B   130    6 
Royal Bank of Canada   523    52 
Saputo, Inc.   91    2 
Shaw Communications, Inc., Class B   169    5 
Shopify, Inc., Class A (f)   41    56 
Sun Life Financial, Inc.   215    11 
Suncor Energy, Inc.   561    12 
TC Energy Corp.   245    12 
Teck Resources Ltd., Class B   173    4 
TELUS Corp.   157    3 
Thomson Reuters Corp.   64    7 
TMX Group Ltd.   21    2 
Toromont Industries Ltd.   30    3 
Toronto-Dominion Bank (The)   467    31 
West Fraser Timber Co., Ltd.   31    3 
Wheaton Precious Metals Corp.   165    6 
WSP Global, Inc.   42    5 
Yamana Gold, Inc.   354    1 
         666 
China  (0.6%)          
Alibaba Group Holding Ltd. (f)(g)   10,000    185 
Baidu, Inc., Class A (f)(g)   1,200    23 
Brilliance China Automotive Holdings Ltd. (f)(g)   1,709    1 
BYD Co., Ltd. H Shares (g)   794    25 
China Common Rich Renewable Energy Investments Ltd. (f)   18,000    — 
Dongfeng Motor Group Co., Ltd. H Shares (g)   2,336    2 
Geely Automobile Holdings Ltd. (g)   5,099    15 
Great Wall Motor Co., Ltd. H Shares (g)   2,902    11 
Guangzhou Automobile Group Co., Ltd. H Shares (g)   2,544    2 
Kuaishou Technology (f)(g)   1,600    17 
Meituan, Class B (f)(g)   2,800    89 
Tencent Holdings Ltd. (g)   4,300    257 
Wharf Holdings Ltd. (The) (g)   1,400    4 
Yadea Group Holdings Ltd. (g)   908    1 
Yum China Holdings, Inc.   356    21 
         653 
Denmark  (0.4%)          
Ambu A/S Series B   161    5 
AP Moller - Maersk A/S Series A   3    8 
AP Moller - Maersk A/S Series B   6    16 
Carlsberg A/S Series B   98    16 
Chr Hansen Holding A/S   100    8 
Coloplast A/S Series B   112    18 
Danske Bank A/S   663    11 
Demant A/S (f)   107    5 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

DSV Panalpina A/S   192    46 
Genmab A/S (f)   62    27 
GN Store Nord AS   122    9 
Novo Nordisk A/S Series B   1,603    155 
Novozymes A/S Series B   200    14 
Orsted A/S   177    23 
Pandora A/S   92    11 
ROCKWOOL International A/S, Class B   8    3 
Tryg A/S   353    8 
Vestas Wind Systems A/S   974    39 
         422 
Finland  (0.2%)          
Elisa Oyj   138    9 
Fortum Oyj   424    13 
Kesko Oyj, Class B   265    9 
Kone Oyj, Class B   330    23 
Neste Oyj   412    23 
Nokia Oyj (f)   5,249    29 
Orion Oyj, Class B   104    4 
Sampo Oyj, Class A   488    24 
Stora Enso Oyj, Class R   568    9 
UPM-Kymmene Oyj   523    19 
Wartsila Oyj Abp   470    6 
         168 
France  (3.0%)          
Accor SA (f)   1,941    69 
Aeroports de Paris (f)   732    93 
Air Liquide SA   441    71 
Airbus SE (f)   557    74 
Alstom SA   256    10 
Amundi SA   57    5 
ArcelorMittal SA   676    21 
Arkema SA   57    8 
Atos SE   92    5 
AXA SA    1,821    51 
BioMerieux   38    4 
BNP Paribas SA   1,066    68 
Bollore SA   825    5 
Bouygues SA   213    9 
Bureau Veritas SA   275    9 
Capgemini SE   150    31 
Carrefour SA   570    10 
Cie de Saint-Gobain   474    32 
Cie Generale des Etablissements Michelin SCA   158    24 
CNP Assurances   161    3 
Covivio REIT   49    4 
Credit Agricole SA   1,110    15 
Danone SA   608    41 
Dassault Aviation SA   20    2 
Dassault Systemes SE   616    32 
Edenred   231    12 
Eiffage SA   3,125    316 
Electricite de France SA   434    5 
Engie SA   1,699    22 
EssilorLuxottica SA   265    51 
Eurazeo SE   37    4 
Eurofins Scientific SE   123    16 
Faurecia SE   141    6 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Gecina SA REIT   43    6 
Getlink SE   409    6 
Hermes International   30    41 
Iliad SA   14    3 
Ipsen SA   34    3 
Kering SA   71    50 
Klepierre SA REIT   196    4 
L'Oreal SA   235    97 
La Francaise des Jeux SAEM   90    5 
Legrand SA   250    27 
LVMH Moet Hennessy Louis Vuitton SE   261    187 
Orange SA   1,860    20 
Orpea SA   49    6 
Pernod Ricard SA   197    43 
Publicis Groupe SA   207    14 
Remy Cointreau SA   21    4 
Renault SA (f)   182    7 
Safran SA   321    41 
Sanofi   1,047    101 
Sartorius Stedim Biotech   25    14 
Schneider Electric SE   498    83 
SCOR SE   148    4 
SEB SA   26    4 
Societe Generale SA   772    24 
Sodexo SA (f)   84    7 
STMicroelectronics N.V.   646    28 
Suez SA   322    7 
Teleperformance   55    22 
Thales SA   101    10 
TotalEnergies SE   2,332    112 
Ubisoft Entertainment SA (f)   87    5 
Unibail-Rodamco-Westfield REIT (f)   118    9 
Unibail-Rodamco-Westfield REIT CDI (f)   1,000    4 
Valeo SA   221    6 
Veolia Environnement SA   502    15 
Vinci SA   9,292    966 
Vivendi SE   656    8 
Wendel SE   25    4 
Worldline SA (f)   225    17 
         3,142 
Germany  (1.6%)          
Adidas AG   186    58 
Allianz SE (Registered)   404    91 
Aroundtown SA   977    7 
BASF SE   893    68 
Bayer AG (Registered)   949    52 
Bayerische Motoren Werke AG   612    58 
Bayerische Motoren Werke AG (Preference)   105    8 
Bechtle AG   78    5 
Beiersdorf AG   98    11 
Brenntag SE   149    14 
Carl Zeiss Meditec AG   39    7 
Commerzbank AG (f)   992    7 
Continental AG (f)   109    12 
Covestro AG   189    13 
Daimler AG (Registered)   1,584    140 
Delivery Hero SE (f)   154    20 
Deutsche Bank AG (Registered) (f)   2,028    26 
Deutsche Boerse AG   182    30 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Deutsche Lufthansa AG (Registered) (f)   292    2 
Deutsche Post AG (Registered)   948    59 
Deutsche Telekom AG (Registered)   3,201    64 
Deutsche Wohnen SE   331    20 
E.ON SE   2,150    26 
Evonik Industries AG   204    6 
Fraport AG Frankfurt Airport Services Worldwide (f)   1,189    82 
Fresenius Medical Care AG & Co., KGaA   198    14 
Fresenius SE & Co., KGaA   404    19 
Fuchs Petrolub SE (Preference)   67    3 
GEA Group AG   148    7 
Hannover Rueck SE (Registered)   58    10 
HeidelbergCement AG   144    11 
HelloFresh SE (f)   158    15 
Henkel AG & Co., KGaA   103    9 
Henkel AG & Co., KGaA (Preference)   177    16 
Infineon Technologies AG    1,280    52 
KION Group AG   70    7 
Knorr-Bremse AG   70    7 
Lanxess AG   81    5 
LEG Immobilien SE   70    10 
Merck KGaA   124    27 
MTU Aero Engines AG   52    12 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)   135    37 
Nemetschek SE   55    6 
Porsche Automobil Holding SE (Preference)   285    28 
Puma SE   102    11 
QIAGEN N.V. (f)   221    11 
Rational AG   5    5 
RWE AG   616    22 
SAP SE   1,008    136 
Sartorius AG (Preference)   25    16 
Scout24 AG   86    6 
Siemens AG (Registered)   733    120 
Siemens Energy AG (f)   389    10 
Siemens Healthineers AG   258    17 
Symrise AG   125    16 
TeamViewer AG (f)   152    4 
Telefonica Deutschland Holding AG   1,003    3 
Uniper SE   87    4 
United Internet AG (Registered)   94    4 
Vitesco Technologies Group AG (f)   22    1 
Volkswagen AG   60    18 
Volkswagen AG (Preference)   345    77 
Vonovia SE   519    31 
Zalando SE (f)   211    19 
         1,712 
Hong Kong  (0.3%)          
AIA Group Ltd.   7,181    83 
Bank of East Asia Ltd. (The)   870    1 
BOC Hong Kong Holdings Ltd.   2,500    8 
Budweiser Brewing Co., APAC Ltd.   1,211    3 
Chow Tai Fook Jewellery Group Ltd.   1,300    2 
CK Asset Holdings Ltd.   1,300    7 
CK Hutchison Holdings Ltd.   1,800    12 
CK Infrastructure Holdings Ltd.   434    2 
CLP Holdings Ltd.   1,086    10 
ESR Cayman Ltd. (f)   1,281    4 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Galaxy Entertainment Group Ltd. (f)   1,500    8 
Hang Lung Properties Ltd.   1,400    3 
Hang Seng Bank Ltd.   500    9 
Henderson Land Development Co., Ltd.   1,024    4 
HK Electric Investments & HK Electric Investments Ltd.   1,800    2 
HKT Trust & HKT Ltd.   2,561    4 
Hong Kong & China Gas Co., Ltd.   7,500    11 
Hong Kong Exchanges & Clearing Ltd.   736    45 
Hongkong Land Holdings Ltd.   816    4 
Jardine Matheson Holdings Ltd.   100    5 
Link REIT   1,244    11 
Melco Resorts & Entertainment Ltd. ADR (f)   100    1 
MTR Corp., Ltd.   1,067    6 
NetEase, Inc.   1,600    27 
New World Development Co. Ltd.   1,000    4 
Power Assets Holdings Ltd.   900    5 
Sands China Ltd. (f)   1,690    3 
Sino Land Co., Ltd.   2,200    3 
SJM Holdings Ltd. (f)   1,300    1 
Sun Hung Kai Properties Ltd.   900    11 
Swire Pacific Ltd., Class A   284    2 
Swire Properties Ltd.   718    2 
Techtronic Industries Co., Ltd.   942    19 
WH Group Ltd.   5,907    4 
Wharf Real Estate Investment Co., Ltd.   1,100    6 
Wynn Macau Ltd. (f)   1,070    1 
Xinyi Glass Holdings Ltd.   1,206    4 
         337 
Ireland  (0.1%)          
CRH PLC   737    35 
Flutter Entertainment PLC (f)   156    31 
Kerry Group PLC, Class A   149    20 
Kingspan Group PLC   142    14 
Smurfit Kappa Group PLC   228    12 
         112 
Israel  (0.1%)          
Azrieli Group Ltd.   40    4 
Bank Hapoalim BM   1,078    9 
Bank Leumi Le-Israel BM   1,380    12 
Check Point Software Technologies Ltd. (f)   107    12 
CyberArk Software Ltd. (f)   37    6 
Elbit Systems Ltd.   25    4 
ICL Group Ltd.   669    5 
Israel Discount Bank Ltd., Class A (f)   1,105    6 
Mizrahi Tefahot Bank Ltd.   133    4 
Nice Ltd. (f)   60    17 
Teva Pharmaceutical Industries Ltd. ADR (f)   1,052    10 
Wix.com Ltd. (f)   54    10 
         99 
Italy  (0.6%)          
Amplifon SpA   78    4 
Assicurazioni Generali SpA   693    15 
Atlantia SpA (f)   16,290    307 
CNH Industrial N.V.   642    11 
Davide Campari-Milano N.V.   327    5 
DiaSorin SpA   16    3 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Enel SpA   5,108    39 
Eni SpA   1,575    21 
EXOR N.V.   68    6 
Ferrari N.V.   188    39 
FinecoBank Banca Fineco SpA (f)   387    7 
Infrastrutture Wireless Italiane SpA   208    2 
Intesa Sanpaolo SpA   10,470    30 
Mediobanca Banca di Credito Finanziario SpA (f)   390    5 
Moncler SpA   122    7 
Nexi SpA (f)   275    5 
Poste Italiane SpA   327    4 
Prysmian SpA   158    5 
Recordati Industria Chimica e Farmaceutica SpA   66    4 
Snam SpA   1,263    7 
Stellantis N.V.   3,063    58 
Telecom Italia SpA (Milano)   10,421    5 
Tenaris SA   294    3 
Terna SpA   877    6 
UniCredit SpA   1,352    18 
         616 
Japan  (0.2%)          
Honda Motor Co., Ltd.   1,408    44 
Isuzu Motors Ltd.   478    6 
Mazda Motor Corp. (f)   488    4 
Nissan Motor Co., Ltd. (f)   2,006    10 
Subaru Corp.   529    10 
Suzuki Motor Corp.   319    14 
Toyota Motor Corp.   9,155    163 
Yamaha Motor Co., Ltd.   244    7 
         258 
Netherlands  (0.8%)          
ABN Amro Bank N.V. CVA (f)   410    6 
Adyen N.V. (f)   19    53 
Aegon N.V.   1,750    9 
Akzo Nobel N.V.   188    21 
ASM International N.V.   46    18 
ASML Holding N.V.   408    305 
Basic-Fit N.V. (f)   788    36 
Coca-Cola Europacific Partners PLC   289    16 
Heineken Holding N.V.   112    10 
Heineken N.V.   251    26 
ING Groep N.V.   3,798    55 
InPost SA (f)   189    3 
JDE Peet's N.V.   72    2 
Just Eat Takeaway.com N.V (f)   170    13 
Koninklijke Ahold Delhaize N.V.   999    33 
Koninklijke DSM N.V.   167    33 
Koninklijke KPN N.V.   3,241    10 
Koninklijke Philips N.V.   880    39 
Koninklijke Vopak N.V.   67    3 
NN Group N.V.   273    14 
Prosus N.V.   490    39 
Randstad N.V.   116    8 
Universal Music Group (f)   656    18 
Wolters Kluwer N.V.    258    27 
         797 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

New Zealand  (0.0%) (a)        
a2 Milk Co. Ltd. (The) (f)   875    4 
Auckland International Airport Ltd. (f)   1,364    7 
Fisher & Paykel Healthcare Corp., Ltd.   603    13 
Mercury NZ Ltd.   753    3 
Meridian Energy Ltd.   1,362    5 
Ryman Healthcare Ltd.   444    5 
Spark New Zealand Ltd.   1,969    7 
         44 
Norway  (0.1%)          
Adevinta ASA (f)   283    5 
DNB Bank ASA   948    22 
Equinor ASA   967    25 
Gjensidige Forsikring ASA   198    4 
Mowi ASA   447    11 
Norsk Hydro ASA   1,330    10 
Orkla ASA   744    7 
Schibsted ASA, Class A   74    3 
Schibsted ASA, Class B   97    4 
Telenor ASA   704    12 
Yara International ASA   179    9 
         112 
Portugal  (0.0%) (a)          
EDP - Energias de Portugal SA   2,797    15 
EDP Renovaveis SA   290    7 
Galp Energia SGPS SA   497    6 
Jeronimo Martins SGPS SA   252    5 
         33 
Singapore  (0.1%)          
Ascendas REIT   1,000    2 
CapitaLand Integrated Commercial Trust REIT   1,392    2 
Capitaland Investment Ltd. (f)   800    2 
City Developments Ltd.   100    1 
DBS Group Holdings Ltd.   500    11 
Genting Singapore Ltd.   1,600    1 
Keppel Corp., Ltd.   400    2 
Mapletree Commercial Trust REIT   800    1 
Mapletree Logistics Trust REIT   800    1 
Oversea-Chinese Banking Corp., Ltd.   1,000    8 
Singapore Airlines Ltd. (f)   400    1 
Singapore Exchange Ltd.   300    2 
Singapore Technologies Engineering Ltd.   500    1 
Singapore Telecommunications Ltd.   2,700    5 
United Overseas Bank Ltd.   400    8 
UOL Group Ltd.   100    1 
Venture Corp. Ltd.   100    1 
Wilmar International Ltd.   600    2 
         52 
South Africa  (0.0%) (a)          
Nedbank Group Ltd.   249    3 
Old Mutual Ltd.   7,755    8 
Thungela Resources Ltd. (f)   132    1 
         12 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Spain  (0.8%)          
ACS Actividades de Construccion y Servicios SA   173    5 
Aena SME SA (f)   1,542    266 
Amadeus IT Group SA (f)   326    21 
Banco Bilbao Vizcaya Argentaria SA   4,786    32 
Banco Santander SA   12,425    45 
CaixaBank SA   3,170    10 
Cellnex Telecom SA   355    22 
Enagas SA   176    4 
Endesa SA   227    5 
Ferrovial SA   8,569    250 
Grifols SA   212    5 
Iberdrola SA   4,158    42 
Industria de Diseno Textil SA   775    28 
Melia Hotels International SA (f)   1,690    13 
Naturgy Energy Group SA   205    5 
Red Electrica Corp., SA   306    6 
Repsol SA   1,049    14 
Siemens Gamesa Renewable Energy SA (f)   169    4 
Telefonica SA   3,675    17 
         794 
Sweden  (0.6%)          
Alfa Laval AB   300    11 
Assa Abloy AB, Class B   953    28 
Atlas Copco AB, Class A   642    39 
Atlas Copco AB, Class B   372    19 
Boliden AB   270    9 
Electrolux AB, Class B   227    5 
Embracer Group AB (f)   484    5 
Epiroc AB, Class A   650    13 
Epiroc AB, Class B   383    7 
EQT AB   225    9 
Essity AB, Class B   575    18 
Evolution AB   159    24 
Fastighets AB Balder, Class B (f)   102    6 
Hennes & Mauritz AB, Class B (f)   690    14 
Hexagon AB, Class B   1,857    29 
Husqvarna AB, Class B   422    5 
ICA Gruppen AB   102    5 
Industrivarden AB, Class A   109    3 
Industrivarden AB, Class C   155    5 
Investment AB Latour, Class B   143    4 
Investor AB, Class B   1,710    37 
Kinnevik AB, Class B (f)   234    8 
L E Lundbergforetagen AB, Class B   76    4 
Lundin Energy AB   187    7 
Nibe Industrier AB, Class B   1,357    17 
Nordea Bank Abp   3,096    40 
Sandvik AB    1,082    25 
Securitas AB, Class B   303    5 
Sinch AB (f)   492    9 
Skandinaviska Enskilda Banken AB, Class A   1,552    22 
Skanska AB, Class B   331    8 
SKF AB, Class B   375    9 
Svenska Cellulosa AB SCA, Class B   592    9 
Svenska Handelsbanken AB, Class A   1,403    16 
Swedbank AB, Class A   863    17 
Swedish Match AB   1,530    13 
Tele2 AB, Class B   476    7 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Telefonaktiebolaget LM Ericsson, Class B   2,768    31 
Telia Co., AB   2,566    11 
Volvo AB, Class A   196    4 
Volvo AB, Class B   1,368    31 
         588 
Switzerland  (1.5%)          
ABB Ltd. (Registered)   1,670    56 
Adecco Group AG (Registered)   150    8 
Alcon, Inc.   480    39 
Baloise Holding AG (Registered)   45    7 
Banque Cantonale Vaudoise (Registered)   30    2 
Barry Callebaut AG (Registered)   3    7 
Chocoladefabriken Lindt & Sprungli AG   1    11 
Cie Financiere Richemont SA (Registered)   510    53 
Clariant AG (Registered)   204    4 
Credit Suisse Group AG (Registered)   2,345    23 
EMS-Chemie Holding AG (Registered)   7    7 
Geberit AG (Registered)   36    26 
Givaudan SA (Registered)   9    41 
Holcim Ltd. (Registered)   515    25 
Julius Baer Group Ltd.   215    14 
Kuehne & Nagel International AG (Registered)   49    17 
Logitech International SA (Registered)   166    15 
Lonza Group AG (Registered)   71    53 
Nestle SA (Registered)   2,730    329 
Novartis AG (Registered)   2,120    174 
Partners Group Holding AG   22    34 
Roche Holding AG   31    13 
Roche Holding AG (Genusschein)   672    245 
Schindler Holding AG   39    11 
Schindler Holding AG (Registered)   19    5 
SGS SA (Registered)   6    17 
Sika AG (Registered)   137    43 
Sonova Holding AG (Registered)   53    20 
Straumann Holding AG (Registered)   10    18 
Swatch Group AG (The)   28    7 
Swatch Group AG (The) (Registered)   54    3 
Swiss Life Holding AG (Registered)   31    16 
Swiss Prime Site AG (Registered)   75    7 
Swiss Re AG   292    25 
Swisscom AG (Registered)   25    14 
Temenos AG (Registered)   65    9 
UBS Group AG (Registered)   3,530    56 
Vifor Pharma AG   48    6 
Zurich Insurance Group AG   146    60 
         1,520 
United Kingdom  (2.4%)          
3i Group PLC   948    16 
Admiral Group PLC   188    8 
Anglo American PLC   1,268    44 
Antofagasta PLC   409    7 
Ashtead Group PLC   441    33 
Associated British Foods PLC   354    9 
AstraZeneca PLC   1,511    182 
AstraZeneca PLC ADR   426    26 
Auto Trader Group PLC   969    8 
AVEVA Group PLC   117    6 
Aviva PLC    3,865    20 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

BAE Systems PLC   3,174    24 
Barclays PLC   17,051    43 
Barratt Developments PLC   1,007    9 
Berkeley Group Holdings PLC   115    7 
BHP Group PLC   1,965    49 
BP PLC   19,811    90 
British American Tobacco PLC   2,119    74 
British Land Co., PLC (The) REIT   930    6 
BT Group PLC (f)   8,837    19 
Bunzl PLC   334    11 
Burberry Group PLC   399    10 
Coca-Cola HBC AG   202    6 
Compass Group PLC (f)   1,761    36 
Croda International PLC   137    16 
DCC PLC   96    8 
Diageo PLC   2,298    111 
Direct Line Insurance Group PLC    1,409    5 
Entain PLC (f)   580    17 
Evraz PLC   540    4 
Experian PLC   896    38 
Ferguson PLC   223    31 
G4S PLC   2,164    7 
GlaxoSmithKline PLC   4,890    92 
Glencore PLC    9,955    47 
Halma PLC   372    14 
Hargreaves Lansdown PLC   366    7 
Hikma Pharmaceuticals PLC   171    6 
HSBC Holdings PLC   19,992    105 
Imperial Brands PLC   923    19 
Informa PLC (f)   1,479    11 
InterContinental Hotels Group PLC (f)   1,246    80 
Intertek Group PLC   157    10 
Intu Properties PLC REIT (f)   1,268    —@
J Sainsbury PLC   1,694    6 
JD Sports Fashion PLC   519    7 
Johnson Matthey PLC   197    7 
Kingfisher PLC   2,133    10 
Land Securities Group PLC REIT   743    7 
Legal & General Group PLC   5,869    22 
Lloyds Banking Group PLC   70,414    44 
London Stock Exchange Group PLC   316    32 
M&G PLC   2,657    7 
Melrose Industries PLC   4,465    10 
Micro Focus International PLC ADR   219    1 
Mondi PLC   473    12 
National Grid PLC   3,453    41 
Natwest Group PLC   4,772    14 
Next PLC   131    14 
Ocado Group PLC (f)   473    11 
Paragon Offshore PLC (f)   67    — 
Pearson PLC   761    7 
Persimmon PLC   318    11 
Phoenix Group Holdings PLC   665    6 
Prudential PLC   2,563    50 
Reckitt Benckiser Group PLC   694    55 
RELX PLC    1,891    54 
Rentokil Initial PLC   1,783    14 
Rio Tinto PLC   1,108    73 
Rolls-Royce Holdings PLC (f)   8,216    15 
Royal Dutch Shell PLC, Class A   3,984    89 
Royal Dutch Shell PLC, Class B   3,594    80 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Sage Group PLC (The)   1,067    10 
Schroders PLC   126    6 
Segro PLC REIT   1,170    19 
Severn Trent PLC   234    8 
Smith & Nephew PLC   860    15 
Smiths Group PLC   400    8 
Spirax-Sarco Engineering PLC   72    14 
SSE PLC   1,022    22 
St. James's Place PLC   529    11 
Standard Chartered PLC   2,662    16 
Standard Life Aberdeen PLC   2,261    8 
Taylor Wimpey PLC   3,627    8 
Tesco PLC   7,485    25 
Unilever PLC CVA   2,572    139 
United Utilities Group PLC   672    9 
Virgin Money UK PLC (f)   888    3 
Vodafone Group PLC   26,076    40 
Whitbread PLC (f)   1,234    55 
Wm Morrison Supermarkets PLC   2,401    9 
WPP PLC   1,210    16 
         2,511 
United States  (25.5%)          
10X Genomics, Inc., Class A (f)   46    7 
3M Co.   364    64 
Abbott Laboratories   1,012    120 
AbbVie, Inc.   1,009    109 
ABIOMED, Inc. (f)   28    9 
Accenture PLC, Class A   398    127 
Activision Blizzard, Inc.   486    38 
Adobe, Inc. (f)   301    173 
Advance Auto Parts, Inc.   41    9 
Advanced Micro Devices, Inc. (f)   660    68 
AES Corp. (The)   418    10 
Aflac, Inc.   411    21 
Agilent Technologies, Inc.   191    30 
AGNC Investment Corp. REIT   339    5 
Air Products & Chemicals, Inc.   139    36 
Airbnb, Inc., Class A (f)   38    6 
Akamai Technologies, Inc. (f)   102    11 
Albemarle Corp.   73    16 
Alexandria Real Estate Equities, Inc. REIT   82    16 
Align Technology, Inc. (f)   47    31 
Alleghany Corp. (f)   9    6 
Allegion PLC   57    8 
Alliant Energy Corp.   157    9 
Allstate Corp. (The)   190    24 
Ally Financial, Inc.   235    12 
Alnylam Pharmaceuticals, Inc. (f)   73    14 
Alphabet, Inc., Class A (f)   189    505 
Alphabet, Inc., Class C (f)   185    493 
Altice USA, Inc., Class A (f)   146    3 
Altria Group, Inc.   1,067    49 
Amazon.com, Inc. (f)   269    884 
Amcor PLC   881    10 
AMERCO   6    4 
Ameren Corp.   159    13 
American Electric Power Co., Inc.   312    25 
American Express Co.   430    72 
American Financial Group, Inc.   46    6 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

American International Group, Inc.   443    24 
American Tower Corp. REIT   279    74 
American Water Works Co., Inc.   114    19 
Ameriprise Financial, Inc.   73    19 
AmerisourceBergen Corp.   96    11 
AMETEK, Inc.   145    18 
Amgen, Inc.   363    77 
Amphenol Corp., Class A   376    28 
Analog Devices, Inc.   337    56 
Annaly Capital Management, Inc. REIT   778    7 
ANSYS, Inc. (f)   54    18 
Anthem, Inc.   154    57 
AO Smith Corp.   85    5 
Aon PLC, Class A   142    41 
Apollo Global Management, Inc.   109    7 
Apple, Inc.   9,339    1,321 
Applied Materials, Inc.   576    74 
Aptiv PLC (f)   170    25 
Aramark   144    5 
Arch Capital Group Ltd. (f)   255    10 
Archer-Daniels-Midland Co.   351    21 
Arista Networks, Inc. (f)   36    12 
Arrow Electronics, Inc. (f)   47    5 
Arthur J Gallagher & Co.   122    18 
Assurant, Inc.   36    6 
AT&T, Inc.   3,977    107 
Athene Holding Ltd., Class A (f)   84    6 
Atmos Energy Corp.   80    7 
Autodesk, Inc. (f)   138    39 
Autoliv, Inc.   52    4 
Automatic Data Processing, Inc.   269    54 
AutoZone, Inc. (f)   14    24 
Avalara, Inc. (f)   54    9 
AvalonBay Communities, Inc. REIT   88    19 
Avantor, Inc. (f)   328    13 
Avery Dennison Corp.   52    11 
Baker Hughes Co.   458    11 
Ball Corp.   205    18 
Bank of America Corp.   4,278    182 
Bank of New York Mellon Corp. (The)   524    27 
Bath & Body Works, Inc.   166    10 
Baxter International, Inc.   317    25 
Becton Dickinson & Co.   182    45 
Bentley Systems, Inc., Class B   108    7 
Berkshire Hathaway, Inc., Class B (f)   761    208 
Best Buy Co., Inc.   146    15 
Bio-Rad Laboratories, Inc., Class A (f)   14    10 
Bio-Techne Corp.   24    12 
Biogen, Inc. (f)   96    27 
BioMarin Pharmaceutical, Inc. (f)   114    9 
Black Knight, Inc. (f)   99    7 
BlackRock, Inc.   96    80 
Blackstone Group, Inc. (The)   429    50 
Boeing Co. (The) (f)   348    77 
Booking Holdings, Inc. (f)   26    62 
Booz Allen Hamilton Holding Corp.   86    7 
BorgWarner, Inc.   150    6 
Boston Beer Co., Inc. (The), Class A (f)   6    3 
Boston Properties, Inc. REIT   93    10 
Boston Scientific Corp. (f)   790    34 
Bristol-Myers Squibb Co.   1,207    71 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Broadcom, Inc.   256    124 
Broadridge Financial Solutions, Inc.   73    12 
Brown & Brown, Inc.   151    8 
Brown-Forman Corp., Class B   194    13 
Bunge Ltd.   88    7 
Burlington Stores, Inc. (f)   42    12 
Cable One, Inc.   3    5 
Cabot Oil & Gas Corp.   3,503    76 
Cadence Design Systems, Inc. (f)   175    26 
Caesars Entertainment, Inc. (f)   131    15 
Camden Property Trust REIT   61    9 
Campbell Soup Co.   124    5 
Capital One Financial Corp.   288    47 
Cardinal Health, Inc.   184    9 
Carlyle Group, Inc. (The)   100    5 
CarMax, Inc. (f)   102    13 
Carnival Corp. (f)   11,855    296 
Carrier Global Corp.   518    27 
Carvana Co. (f)   44    13 
Catalent, Inc. (f)   107    14 
Caterpillar, Inc.   342    66 
Cboe Global Markets, Inc.   67    8 
CBRE Group, Inc., Class A (f)   211    21 
CDW Corp.   90    16 
Celanese Corp.   72    11 
Centene Corp. (f)   365    23 
CenterPoint Energy, Inc.   346    8 
Ceridian HCM Holding, Inc. (f)   84    9 
Cerner Corp.   192    14 
CF Industries Holdings, Inc.   134    7 
CH Robinson Worldwide, Inc.   84    7 
Charles River Laboratories International, Inc. (f)   32    13 
Charles Schwab Corp. (The)   806    59 
Charter Communications, Inc., Class A (f)   85    62 
Cheniere Energy, Inc. (f)   151    15 
Chevron Corp.   1,109    112 
Chewy, Inc., Class A (f)   51    3 
Chipotle Mexican Grill, Inc. (f)   18    33 
Choice Hotels International, Inc.   264    33 
Chubb Ltd.   283    49 
Church & Dwight Co., Inc.   154    13 
Cigna Corp.   221    44 
Cimarex Energy Co.   898    78 
Cincinnati Financial Corp.   96    11 
Cintas Corp.   59    22 
Cisco Systems, Inc.   2,351    128 
Citigroup, Inc.   1,107    78 
Citizens Financial Group, Inc.   267    13 
Citrix Systems, Inc.   77    8 
Clarivate PLC (f)   210    5 
Clorox Co. (The)   79    13 
Cloudflare, Inc., Class A (f)   141    16 
CME Group, Inc.   225    43 
CMS Energy Corp.   181    11 
Coca-Cola Co. (The)   2,270    119 
Cognex Corp.   111    9 
Cognizant Technology Solutions Corp., Class A   333    25 
Colgate-Palmolive Co.   506    38 
Comcast Corp., Class A   2,570    144 
Conagra Brands, Inc.   307    10 
ConocoPhillips   12,422    842 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Consolidated Edison, Inc.   215    16 
Constellation Brands, Inc., Class A   107    23 
Cooper Cos., Inc. (The)   31    13 
Copart, Inc. (f)   134    19 
Corning, Inc.   482    18 
Corteva, Inc.   467    20 
CoStar Group, Inc. (f)   247    21 
Costco Wholesale Corp.   278    125 
Coupa Software, Inc. (f)   45    10 
Crowdstrike Holdings, Inc., Class A (f)   112    28 
Crown Castle International Corp. REIT   271    47 
Crown Holdings, Inc.   85    9 
CSX Corp.   1,236    37 
Cummins, Inc.   93    21 
CVS Health Corp.   723    61 
Danaher Corp.   402    122 
Darden Restaurants, Inc.   82    12 
Datadog, Inc., Class A (f)   110    16 
DaVita, Inc. (f)   45    5 
Deere & Co.   187    63 
Dell Technologies, Inc., Class C (f)   166    17 
Delta Air Lines, Inc. (f)   100    4 
Dentsply Sirona, Inc.   137    8 
Devon Energy Corp.   6,098    217 
DexCom, Inc. (f)   60    33 
Diamondback Energy, Inc.   1,556    147 
Digital Realty Trust, Inc. REIT   176    25 
Discover Financial Services   193    24 
Discovery, Inc., Class A (f)   102    3 
Discovery, Inc., Class C (f)   190    5 
DISH Network Corp., Class A (f)   154    7 
DocuSign, Inc. (f)   117    30 
Dollar General Corp.   154    33 
Dollar Tree, Inc. (f)   148    14 
Dominion Energy, Inc.   406    30 
Domino's Pizza, Inc.   24    11 
Dover Corp.   90    14 
Dow, Inc.   467    27 
DR Horton, Inc.   217    18 
DraftKings, Inc., Class A (f)   111    5 
Dropbox, Inc., Class A (f)   198    6 
DTE Energy Co.   122    14 
Duke Energy Corp.   483    47 
Duke Realty Corp. REIT   235    11 
DuPont de Nemours, Inc.   338    23 
Dynatrace, Inc. (f)   115    8 
Eastman Chemical Co.   85    9 
Eaton Corp., PLC   250    37 
eBay, Inc.   427    30 
Ecolab, Inc.   161    34 
Edison International   238    13 
Edwards Lifesciences Corp. (f)   392    44 
Elanco Animal Health, Inc. (f)   267    8 
Electronic Arts, Inc.   181    26 
Eli Lilly & Co.   511    118 
Emerson Electric Co.   377    35 
Enphase Energy, Inc. (f)   77    12 
Entergy Corp.   126    12 
EOG Resources, Inc.   366    29 
EPAM Systems, Inc. (f)   35    20 
Equifax, Inc.   76    19 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Equinix, Inc. REIT   56    44 
Equitable Holdings, Inc.   246    7 
Equity Lifestyle Properties, Inc. REIT   109    8 
Equity Residential REIT   222    18 
Erie Indemnity Co., Class A   16    3 
Essential Utilities, Inc.   146    7 
Essex Property Trust, Inc. REIT   41    13 
Estee Lauder Cos., Inc. (The), Class A   144    43 
Etsy, Inc. (f)   79    16 
Everest Re Group Ltd.   25    6 
Evergy, Inc.   142    9 
Eversource Energy   215    18 
Exact Sciences Corp. (f)   106    10 
Exelon Corp.   513    25 
Expedia Group, Inc. (f)   87    14 
Expeditors International of Washington, Inc.   106    13 
Extra Space Storage, Inc. REIT   82    14 
Exxon Mobil Corp.   2,358    139 
F5 Networks, Inc. (f)   39    8 
Facebook, Inc., Class A (f)   1,310    445 
Factset Research Systems, Inc.   24    9 
Fair Isaac Corp. (f)   18    7 
Fastenal Co.   361    19 
FedEx Corp.   158    35 
Fidelity National Financial, Inc.   175    8 
Fidelity National Information Services, Inc.   598    73 
Fifth Third Bancorp   447    19 
First Republic Bank   109    21 
FirstEnergy Corp.   340    12 
Fiserv, Inc. (f)   378    41 
FleetCor Technologies, Inc. (f)   50    13 
FMC Corp.   81    7 
Ford Motor Co. (f)   5,548    79 
Fortinet, Inc. (f)   87    25 
Fortive Corp.   202    14 
Fortune Brands Home & Security, Inc.   87    8 
Fox Corp., Class A   210    8 
Fox Corp., Class B   96    4 
Franklin Resources, Inc.   190    6 
Freeport-McMoRan, Inc.   916    30 
Garmin Ltd.   96    15 
Gartner, Inc. (f)   56    17 
Generac Holdings, Inc. (f)   39    16 
General Dynamics Corp.   153    30 
General Electric Co.   688    71 
General Mills, Inc.   384    23 
General Motors Co. (f)   1,843    97 
Genuine Parts Co.   91    11 
Gilead Sciences, Inc.   689    48 
Global Payments, Inc.   185    29 
Globe Life, Inc.   62    6 
GoDaddy, Inc., Class A (f)   106    7 
Goldman Sachs Group, Inc. (The)   217    82 
Guidewire Software, Inc. (f)   50    6 
GXO Logistics, Inc. (f)   55    4 
Halliburton Co.   558    12 
Hartford Financial Services Group, Inc. (The)   224    16 
Hasbro, Inc.   82    7 
HCA Healthcare, Inc.   171    41 
Healthpeak Properties, Inc. REIT   338    11 
HEICO Corp.   27    4 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

HEICO Corp., Class A   46    5 
Henry Schein, Inc. (f)   89    7 
Hershey Co. (The)   92    16 
Hess Corp.   174    14 
Hewlett Packard Enterprise Co.   717    10 
Hilton Worldwide Holdings, Inc. (f)   1,854    245 
Hologic, Inc. (f)   162    12 
Home Depot, Inc. (The)   576    189 
Honeywell International, Inc.   437    93 
Horizon Therapeutics PLC (f)   134    15 
Hormel Foods Corp.   186    8 
Host Hotels & Resorts, Inc. REIT (f)   443    7 
Howmet Aerospace, Inc.   245    8 
HP, Inc.   683    19 
HubSpot, Inc. (f)   28    19 
Humana, Inc.   81    32 
Huntington Bancshares, Inc.   826    13 
Huntington Ingalls Industries, Inc.   25    5 
Hyatt Hotels Corp., Class A (f)   695    54 
IAC/InterActiveCorp (f)   49    6 
IDEX Corp.   48    10 
IDEXX Laboratories, Inc. (f)   54    34 
IHS Markit Ltd.   237    28 
Illinois Tool Works, Inc.   199    41 
Illumina, Inc. (f)   92    37 
Incyte Corp. (f)   117    8 
Ingersoll Rand, Inc. (f)   236    12 
Insulet Corp. (f)   41    12 
Intel Corp.   2,251    120 
Intercontinental Exchange, Inc.   353    41 
International Business Machines Corp.   461    64 
International Flavors & Fragrances, Inc.   156    21 
International Paper Co.   234    13 
Interpublic Group of Cos., Inc. (The)   245    9 
Intuit, Inc.   172    93 
Intuitive Surgical, Inc. (f)   74    74 
Invesco Ltd.   245    6 
Invitation Homes, Inc. REIT   356    14 
IPG Photonics Corp. (f)   24    4 
IQVIA Holdings, Inc. (f)   120    29 
Iron Mountain, Inc. REIT   259    11 
Jack Henry & Associates, Inc.   48    8 
Jackson Financial, Inc., Class A (f)   64    2 
Jacobs Engineering Group, Inc.   82    11 
Jazz Pharmaceuticals PLC (f)   38    5 
JB Hunt Transport Services, Inc.   53    9 
JM Smucker Co. (The)   69    8 
Johnson & Johnson   1,450    234 
Johnson Controls International PLC   452    31 
JPMorgan Chase & Co.   1,716    281 
Juniper Networks, Inc.   206    6 
Kansas City Southern   57    15 
Kellogg Co.   162    10 
Keurig Dr Pepper, Inc.   442    15 
KeyCorp   608    13 
Keysight Technologies, Inc. (f)   117    19 
Kimberly-Clark Corp.   212    28 
Kinder Morgan, Inc.   1,179    20 
KKR & Co., Inc.   326    20 
KLA Corp.   97    32 
Knight-Swift Transportation Holdings, Inc.   99    5 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Kraft Heinz Co. (The)   422    16 
Kroger Co. (The)   354    14 
L3Harris Technologies, Inc.   132    29 
Laboratory Corp. of America Holdings (f)   61    17 
Lam Research Corp.   90    51 
Lamb Weston Holdings, Inc.   92    6 
Las Vegas Sands Corp. (f)   216    8 
Lear Corp.   38    6 
Leidos Holdings, Inc.   85    8 
Lennar Corp., Class A   172    16 
Lennox International, Inc.   21    6 
Liberty Broadband Corp., Class A (f)   16    3 
Liberty Broadband Corp., Class C (f)   99    17 
Liberty Global PLC, Class A (f)   103    3 
Liberty Global PLC Series C (f)   229    7 
Liberty Media Corp-Liberty SiriusXM, Class A (f)   54    3 
Liberty Media Corp-Liberty SiriusXM, Class C (f)   108    5 
Liberty Media Corp.-Liberty Formula One, Class C (f)   121    6 
Lincoln National Corp.   114    8 
Linde PLC   329    97 
Live Nation Entertainment, Inc. (f)   102    9 
LKQ Corp. (f)   181    9 
Lockheed Martin Corp.   158    55 
Loews Corp.   143    8 
Lowe's Cos., Inc.   459    93 
Lululemon Athletica, Inc. (f)   78    32 
Lumen Technologies, Inc.   585    7 
Lyft, Inc., Class A (f)   161    9 
LyondellBasell Industries N.V., Class A   168    16 
M&T Bank Corp.   81    12 
Marathon Oil Corp.   6,776    93 
Marathon Petroleum Corp.   409    25 
Markel Corp. (f)   9    11 
MarketAxess Holdings, Inc.   24    10 
Marriott International, Inc., Class A (f)   2,200    326 
Marriott Vacations Worldwide Corp.   201    32 
Marsh & McLennan Cos., Inc.   319    48 
Martin Marietta Materials, Inc.   39    13 
Marvell Technology, Inc.   502    30 
Masco Corp.   161    9 
Masimo Corp. (f)   33    9 
Mastercard, Inc., Class A   557    194 
Match Group, Inc. (f)   160    25 
McCormick & Co., Inc.   156    13 
McDonald's Corp.   468    113 
McKesson Corp.   100    20 
Medical Properties Trust, Inc. REIT   363    7 
Medtronic PLC   746    93 
MercadoLibre, Inc. (f)   28    47 
Merck & Co., Inc.   1,388    104 
MetLife, Inc.   472    29 
Mettler-Toledo International, Inc. (f)   15    21 
MGM Resorts International   248    11 
Microchip Technology, Inc.   169    26 
Micron Technology, Inc.   702    50 
Microsoft Corp.   3,998    1,127 
Mid-America Apartment Communities, Inc. REIT   72    13 
Moderna, Inc. (f)   199    77 
Mohawk Industries, Inc. (f)   37    7 
Molina Healthcare, Inc. (f)   36    10 
Molson Coors Beverage Co., Class B   119    6 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Mondelez International, Inc., Class A   886    52 
MongoDB, Inc. (f)   34    16 
Monolithic Power Systems, Inc.   27    13 
Monster Beverage Corp. (f)   249    22 
Moody's Corp.   106    38 
Mosaic Co. (The)   226    8 
Motorola Solutions, Inc.   106    25 
MSCI, Inc.   52    32 
Nasdaq, Inc.   72    14 
NetApp, Inc.   140    13 
Netflix, Inc. (f)   278    170 
Neurocrine Biosciences, Inc. (f)   59    6 
Newell Brands, Inc.   240    5 
Newmont Corp. (NYSE)   184    10 
Newmont Corp. (TSX)   503    27 
News Corp., Class A   246    6 
NextEra Energy, Inc.   1,131    89 
NIKE, Inc., Class B   798    116 
NiSource, Inc.   246    6 
Nordson Corp.   33    8 
Norfolk Southern Corp.   158    38 
Northern Trust Corp.   124    13 
Northrop Grumman Corp.   99    36 
NortonLifeLock, Inc.   365    9 
Norwegian Cruise Line Holdings Ltd. (f)   4,061    108 
Novavax, Inc. (f)   44    9 
Novocure Ltd. (f)   58    7 
NRG Energy, Inc.   153    6 
Nucor Corp.   190    19 
NVIDIA Corp.   1,354    280 
NVR, Inc. (f)   2    10 
NXP Semiconductors N.V.   174    34 
O'Reilly Automotive, Inc. (f)   45    27 
Oak Street Health, Inc. (f)   60    3 
Occidental Petroleum Corp.   585    17 
Okta, Inc. (f)   76    18 
Old Dominion Freight Line, Inc.   62    18 
Omega Healthcare Investors, Inc. REIT   145    4 
Omnicom Group, Inc.   135    10 
ON Semiconductor Corp. (f)   259    12 
ONEOK, Inc.   279    16 
Oracle Corp.   1,102    96 
Otis Worldwide Corp.   259    21 
Ovintiv, Inc.   72    2 
Owens Corning   66    6 
PACCAR, Inc.   218    17 
Packaging Corp. of America   60    8 
Palantir Technologies, Inc., Class A (f)   330    8 
Palo Alto Networks, Inc. (f)   61    29 
Parker Hannifin Corp.   81    23 
Paychex, Inc.   204    23 
Paycom Software, Inc. (f)   32    16 
PayPal Holdings, Inc. (f)   598    156 
PDC Energy, Inc.   821    39 
Peloton Interactive, Inc., Class A (f)   157    14 
Pentair PLC   104    8 
PepsiCo, Inc.   866    130 
PerkinElmer, Inc.   70    12 
Pfizer, Inc.   3,101    133 
PG&E Corp. (f)   834    8 
Philip Morris International, Inc.   878    83 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Phillips 66   274    19 
Pinnacle West Capital Corp.   71    5 
Pinterest, Inc., Class A (f)   334    17 
Pioneer Natural Resources Co.   2,286    381 
Plug Power, Inc. (f)   315    8 
PNC Financial Services Group, Inc. (The)   266    52 
Pool Corp.   25    11 
PPD, Inc. (f)   77    4 
PPG Industries, Inc.   149    21 
PPL Corp.   483    13 
Principal Financial Group, Inc.   171    11 
Procter & Gamble Co. (The)   1,346    188 
Progressive Corp. (The)   368    33 
Prologis, Inc. REIT   464    58 
Prudential Financial, Inc.   249    26 
PTC, Inc. (f)   70    8 
Public Service Enterprise Group, Inc.   318    19 
Public Storage REIT   99    29 
Pulte Group, Inc.   167    8 
Qorvo, Inc. (f)   71    12 
QUALCOMM, Inc.   613    79 
Quest Diagnostics, Inc.   84    12 
Raymond James Financial, Inc.   117    11 
Raytheon Technologies Corp.   854    73 
Realty Income Corp. REIT   234    15 
Regency Centers Corp. REIT   96    6 
Regeneron Pharmaceuticals, Inc. (f)   66    40 
Regions Financial Corp.   603    13 
Reinsurance Group of America, Inc.   43    5 
RenaissanceRe Holdings Ltd.   32    4 
Republic Services, Inc.   140    17 
ResMed, Inc.   91    24 
RingCentral, Inc., Class A (f)   47    10 
Robert Half International, Inc.   71    7 
Rockwell Automation, Inc.   73    21 
Roku, Inc. (f)   68    21 
Rollins, Inc.   139    5 
Roper Technologies, Inc.   66    29 
Ross Stores, Inc.   224    24 
Royal Caribbean Cruises Ltd. (f)   2,875    256 
Royalty Pharma PLC, Class A   110    4 
RPM International, Inc.   82    6 
S&P Global, Inc.   151    64 
salesforce.com, Inc. (f)   610    165 
SBA Communications Corp. REIT   69    23 
Schlumberger N.V.   878    26 
Seagate Technology Holdings PLC   134    11 
Seagen, Inc. (f)   85    14 
Sealed Air Corp.   97    5 
SEI Investments Co.   77    5 
Sempra Energy   199    25 
Sensata Technologies Holding PLC (f)   99    5 
ServiceNow, Inc. (f)   123    77 
Sherwin-Williams Co. (The)   160    45 
Simon Property Group, Inc. REIT   206    27 
Sirius XM Holdings, Inc.   550    3 
Skyworks Solutions, Inc.   104    17 
Snap, Inc., Class A (f)   590    44 
Snap-On, Inc.   34    7 
Snowflake, Inc., Class A (f)   16    5 
SolarEdge Technologies, Inc. (f)   32    8 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Southern Co. (The)   563    35 
Southwest Airlines Co. (f)   93    5 
Splunk, Inc. (f)   102    15 
Square, Inc., Class A (f)   245    59 
SS&C Technologies Holdings, Inc.   146    10 
Stanley Black & Decker, Inc.   101    18 
Starbucks Corp.   739    81 
State Street Corp.   221    19 
Steel Dynamics, Inc.   132    8 
STERIS PLC   63    13 
Stryker Corp.   213    56 
Sun Communities, Inc. REIT   68    13 
Sunrun, Inc. (f)   108    5 
SVB Financial Group (f)   35    23 
Synchrony Financial   367    18 
Synopsys, Inc. (f)   96    29 
Sysco Corp.   320    25 
T Rowe Price Group, Inc.   143    28 
T-Mobile US, Inc. (f)   390    50 
Take-Two Interactive Software, Inc. (f)   72    11 
Target Corp.   314    72 
TE Connectivity Ltd.   208    29 
Teladoc Health, Inc. (f)   85    11 
Teledyne Technologies, Inc. (f)   29    12 
Teleflex, Inc.   29    11 
Teradyne, Inc.   105    11 
Tesla, Inc. (f)   482    374 
Texas Instruments, Inc.   578    111 
Textron, Inc.   142    10 
Thermo Fisher Scientific, Inc.   247    141 
TJX Cos., Inc. (The)   654    43 
Tractor Supply Co.   73    15 
Trade Desk, Inc. (The), Class A (f)   267    19 
Tradeweb Markets, Inc., Class A   64    5 
Trane Technologies PLC   150    26 
TransDigm Group, Inc. (f)   33    21 
TransUnion   120    13 
Travelers Cos., Inc. (The)   158    24 
Trimble, Inc. (f)   157    13 
Truist Financial Corp.   846    50 
Twilio, Inc., Class A (f)   100    32 
Twitter, Inc. (f)   501    30 
Tyler Technologies, Inc. (f)   25    11 
Tyson Foods, Inc., Class A   185    15 
Uber Technologies, Inc. (f)   655    29 
UDR, Inc. REIT   186    10 
UGI Corp.   131    6 
Ulta Beauty, Inc. (f)   34    12 
Union Pacific Corp.   421    83 
United Parcel Service, Inc., Class B   452    82 
United Rentals, Inc. (f)   45    16 
UnitedHealth Group, Inc.   596    233 
Unity Software, Inc. (f)   35    4 
Universal Health Services, Inc., Class B   49    7 
US Bancorp   796    47 
Vail Resorts, Inc. (f)   25    8 
Valero Energy Corp.   257    18 
Veeva Systems, Inc., Class A (f)   86    25 
Ventas, Inc. REIT   235    13 
VEREIT, Inc. REIT   144    6 
VeriSign, Inc. (f)   64    13 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Verisk Analytics, Inc.   97    19 
Verizon Communications, Inc.   4,335    234 
Vertex Pharmaceuticals, Inc. (f)   163    30 
VF Corp.   209    14 
ViacomCBS, Inc., Class B   356    14 
Viatris, Inc.   673    9 
VICI Properties, Inc. REIT   337    10 
Victoria's Secret & Co. (f)   55    3 
Visa, Inc., Class A   1,065    237 
Vistra Corp.   276    5 
VMware, Inc., Class A (f)   53    8 
Vornado Realty Trust REIT   102    4 
Voya Financial, Inc.   78    5 
Vulcan Materials Co.   83    14 
Walgreens Boots Alliance, Inc.   461    22 
Walmart, Inc.   877    122 
Walt Disney Co. (The) (f)   1,040    176 
Waste Connections, Inc.   165    21 
Waste Management, Inc.   266    40 
Waters Corp. (f)   39    14 
Wayfair, Inc., Class A (f)   46    12 
WEC Energy Group, Inc.   198    17 
Wells Fargo & Co.   2,295    106 
Welltower, Inc. REIT   262    22 
West Pharmaceutical Services, Inc.   47    20 
Western Digital Corp. (f)   192    11 
Western Union Co. (The)   258    5 
Westinghouse Air Brake Technologies Corp.   113    10 
WestRock Co.   165    8 
Weyerhaeuser Co. REIT   469    17 
Whirlpool Corp.   40    8 
Williams Cos., Inc. (The)   762    20 
Willis Towers Watson PLC   81    19 
Workday, Inc., Class A (f)   113    28 
WP Carey, Inc. REIT   110    8 
WR Berkley Corp.   89    6 
WW Grainger, Inc.   28    11 
Wyndham Hotels & Resorts, Inc.   443    34 
Wynn Resorts Ltd. (f)   65    5 
Xcel Energy, Inc.   338    21 
Xilinx, Inc.   154    23 
XPO Logistics, Inc. (f)   55    4 
Xylem, Inc.   113    14 
Yum! Brands, Inc.   188    23 
Zebra Technologies Corp., Class A (f)   34    18 
Zendesk, Inc. (f)   74    9 
Zillow Group, Inc., Class A (f)   38    3 
Zillow Group, Inc., Class C (f)   98    9 
Zimmer Biomet Holdings, Inc.   130    19 
Zoetis, Inc.   298    58 
Zoom Video Communications, Inc., Class A (f)   128    33 
Zscaler, Inc. (f)   51    13 
         26,681 
Total Common Stocks (Cost $35,198)        42,109 
           
Preferred Stock  (0.0%) (a)          
Bermuda  (0.0%) (a)          
Brookfield Property Preferred LP, expires 7/26/81  (Cost $—@)   2    —@

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

           
Short-Term Investments  (9.7%)           
Investment Company  (9.1%)           
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (h) (Cost $9,546)   9,545,933      9,546 
             
    Face
Amount
(000)		        
U.S. Treasury Security  (0.6%)            
U.S. Treasury        
Bill 0.06%, 7/14/22 (i)(j)  (Cost $676)  $676      676 
Total Short-Term Investments (Cost $10,222)            10,222 
Total Investments (99.9%) (Cost $97,323)  (k)(l)(m)(n)          104,718 
Other Assets in Excess of Liabilities (0.1%)           104 
Net Assets (100.0%)         $104,822 

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
 
(a) Amount is less than 0.05%.
(b) Security is subject to delayed delivery.
(c) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(d) Floating or variable rate securities: The rates disclosed are as of September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.
(e) 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, 2021.
(f) Non-income producing security.
(g) Security trades on the Hong Kong exchange.
(h) 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, 2021, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds.
(i) Rate shown is the yield to maturity at September 30, 2021.
(j) All or a portion of the security was pledged to cover margin requirements for swap agreements.
(k) Securities are available for collateral in connection with securities purchase on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(l) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(m) The approximate fair value and percentage of net assets, $14,631,000 and 14.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

(n) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,069,000 and the aggregate gross unrealized depreciation is approximately $2,953,000, resulting in net unrealized appreciation of approximately $8,116,000.
@ Value is less than $500.
ADR American Depositary Receipt.
CDI CHESS Depositary Interest.
CVA Certificaten Van Aandelen.
EURIBOR Euro Interbank Offered Rate.
LSE London Stock Exchange.
MTN Medium Term Note.
NYSE New York Stock Exchange.
OAT Obligations Assimilables du Trésor (Treasury Obligation).
OFZ Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation).
REIT Real Estate Investment Trust.
SOFR Secured Overnight Financing Rate.
TBA To Be Announced.
TSX Toronto Stock Exchange.

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

  

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2021:

 

Counterparty   Contracts
to
Deliver
(000)		     In
Exchange
For
(000)		     Delivery
Date		   Unrealized
Appreciation
(Depreciation)
(000)		  
Bank of America NA   CNH 2,390     $ 369     12/16/21   $ — @
Bank of America NA   PLN 67     $ 17     12/16/21     1  
Bank of America NA   $ 34     ILS 110     12/16/21     (— @) 
Bank of Montreal   $ 76     CAD 96     12/16/21     — @
Barclays Bank PLC   RUB 1,954     $ 26     11/19/21     (1 )
Barclays Bank PLC   $ 21     AUD 29     12/16/21     (— @)
Barclays Bank PLC   $ 36     CAD 46     12/16/21     — @
Barclays Bank PLC   $ 213     CHF 194     11/19/21     (4 )
Barclays Bank PLC   $ 4     EUR 4     11/19/21     (— @)
Barclays Bank PLC   $ 434     KRW 505,579     11/19/21     (8 )
BNP Paribas SA   CHF 533     $ 577     12/16/21     4  
BNP Paribas SA   CNY 27,149     $ 4,176     12/16/21     (4 )
BNP Paribas SA   CNY 17,764     $ 2,732     12/16/21     (3 )
BNP Paribas SA   DKK 117     $ 19     12/16/21     — @
BNP Paribas SA   EUR 32     $ 38     12/16/21     1  
BNP Paribas SA   EUR 16     $ 18     12/16/21     — @
BNP Paribas SA   EUR 4     $ 5     12/16/21     — @
BNP Paribas SA   GBP 421     $ 576     12/16/21     8  
BNP Paribas SA   IDR 26,173     $ 2     12/16/21     — @
BNP Paribas SA   JPY 1,217     $ 11     12/16/21     — @
BNP Paribas SA   JPY 304     $ 3     12/16/21     — @
BNP Paribas SA   JPY 9,028     $ 81     12/16/21     (— @)
BNP Paribas SA   PEN 10     $ 2     12/16/21     — @
BNP Paribas SA   $ 120     CAD 152     12/16/21     — @
BNP Paribas SA   $ 44     CAD 56     12/16/21     (— @)
BNP Paribas SA   $ 10     CHF 9     12/16/21     (— @)
BNP Paribas SA   $ 14     CLP 10,924     12/16/21     (— @)
BNP Paribas SA   $ 61     CNH 397     11/19/21     — @
BNP Paribas SA   $ 13     COP 50,392     12/16/21     —  
BNP Paribas SA   $ 46     CZK 1,001     11/19/21     (1 )
BNP Paribas SA   $ 65     EUR 55     11/19/21     (1 )
BNP Paribas SA   $ 996     GBP 719     12/16/21     (27 )
BNP Paribas SA   $ 78     HKD 604     12/16/21     (— @)
BNP Paribas SA   $ 1     INR 83     12/16/21     (— @)
BNP Paribas SA   $ 660     JPY 72,356     12/16/21     (10 )
BNP Paribas SA   $ 13     KRW 15,023     12/16/21     (— @)
BNP Paribas SA   $ 568     MXN 11,444     12/16/21     (19 )
BNP Paribas SA   $ 65     MXN 1,339     12/16/21     (— @)
BNP Paribas SA   $ 33     PEN 135     11/19/21     (1 )
BNP Paribas SA   $ 1,319     RUB 97,861     12/16/21     8  
BNP Paribas SA   $ 15     RUB 1,114     12/16/21     — @
BNP Paribas SA   $ 120     SGD 161     12/16/21     (1 )
BNP Paribas SA   $ 1     TWD 32     12/16/21     (— @)
Citibank NA   $ 821     CNH 5,356     11/19/21     7  
Citibank NA   $ 8     CZK 168     12/16/21     (— @)
Citibank NA   $ 1,250     EUR 1,059     11/19/21     (22 )
Citibank NA   $ 31     ILS 100     12/16/21     (— @)
Citibank NA   $ 4     THB 145     12/16/21     (— @)
Citibank NA   $ 121     THB 4,040     11/19/21     (1 )
Commonwealth Bank of Australia   NZD 13     $ 9     12/16/21     — @
Goldman Sachs International   BRL 14,135     $ 2,638     12/16/21     74  
Goldman Sachs International   EUR 67     $ 78     12/16/21     — @
Goldman Sachs International   $ 71     AUD 97     12/16/21     (1 )

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Goldman Sachs International $ 40     BRL 221     12/16/21     (— @)
Goldman Sachs International $ 489     CHF 448     12/16/21     (7)  
Goldman Sachs International $ 113     EUR 96     12/16/21     (1)  
Goldman Sachs International $ 23     HKD 177     12/16/21     (— @)
Goldman Sachs International $ 18     HUF 5,535     11/19/21     (1)  
Goldman Sachs International $ — @    HUF 134     11/19/21     (— @)
Goldman Sachs International $ 5     PLN 21     11/19/21     (— @)
Goldman Sachs International $ 29     RON 122     11/19/21     (1)  
JPMorgan Chase Bank NA DKK 148     $ 23     11/19/21     — @ 
JPMorgan Chase Bank NA EUR 88     $ 102     11/19/21     (— @)
JPMorgan Chase Bank NA GBP 38     $ 51     11/19/21     — @
JPMorgan Chase Bank NA GBP 16     $ 22     11/19/21     (— @)
JPMorgan Chase Bank NA GBP 299     $ 415     11/19/21     12  
JPMorgan Chase Bank NA SEK 71     $ 8     12/16/21     — @
JPMorgan Chase Bank NA $ 136     AUD 186     12/16/21     (2)  
JPMorgan Chase Bank NA $ 5     AUD 7     11/19/21     (— @)
JPMorgan Chase Bank NA $ 102     EUR 88     10/5/21     — @
JPMorgan Chase Bank NA $ 111     GBP 80     12/16/21     (3)  
JPMorgan Chase Bank NA $ 145     GBP 107     11/19/21     (1)  
JPMorgan Chase Bank NA $ 22     GBP 16     10/5/21     — @
JPMorgan Chase Bank NA $ 423     JPY 46,093     11/19/21     (8)  
JPMorgan Chase Bank NA $ 13     NOK 119     11/19/21     — @
JPMorgan Chase Bank NA $ — @    NOK 3     11/19/21     — @
JPMorgan Chase Bank NA $ 85     SEK 740     11/19/21     (1)  
JPMorgan Chase Bank NA ZAR 19     $ 1     12/17/21     — @
JPMorgan Chase Bank NA CAD 30     $ 24     11/19/21     — @
JPMorgan Chase Bank NA EUR 26     $ 30     11/19/21     1  
JPMorgan Chase Bank NA $ — @    GBP — @    11/19/21     (— @)
State Street Bank and Trust Co. $ 3     HKD 21     12/16/21     (— @)
UBS AG AUD 866     $ 635     11/19/21     9  
UBS AG CAD 162     $ 129     11/19/21     1  
UBS AG EUR 1,412     $ 1,672     12/16/21     34  
UBS AG EUR 492     $ 577     12/16/21     7  
UBS AG EUR 364     $ 426     12/16/21     4  
UBS AG GBP — @    $ — @    11/19/21     — @
UBS AG HKD 289     $ 37     12/16/21     (— @)
UBS AG JPY 6,087     $ 55     11/19/21     1  
UBS AG JPY 63,727     $ 576     12/16/21     3  
UBS AG JPY 2,582     $ 23     11/19/21     (— @)
UBS AG MXN 1,770     $ 88     11/19/21     3  
UBS AG NOK 6,034     $ 699     12/16/21     9  
UBS AG $ 210     AUD 287     12/16/21     (3)  
UBS AG $ 176     CAD 223     12/16/21     — @
UBS AG $ 661     CHF 606     12/16/21     (9)  
UBS AG $ 4     GBP 3     11/19/21     (— @)
UBS AG $ — @    GBP — @    11/19/21     (— @)
UBS AG $ 29     HKD 225     12/16/21     (— @)
UBS AG $ 1     HUF 419     12/16/21     (— @)
UBS AG $ 587     JPY 64,287     12/16/21     (9)  
UBS AG $ 7     JPY 752     11/19/21     (— @)
UBS AG $ 23     JPY 2,582     10/5/21     — @
UBS AG $ 821     MXN 16,553     12/16/21     (28)  
UBS AG $ 75     SGD 101     11/19/21     (— @)
UBS AG $ 7     TRY 62     12/16/21     (— @)
UBS AG ZAR 327     $ 23     12/17/21     1  
                      $ 10  

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Futures Contracts:
The Fund had the following futures contracts open at September 30, 2021:  

 

   Number
of
Contracts		  Expiration
Date		  Notional Amount
(000)		   Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:                      
SPI 200 Index (Australia)  4  Dec-21  AUD —@  $527   $(5)
S&P TSE 60 Index (Canada)  6  Dec-21  CAD 1    1,133    (33)
IBEX 35 Index (Spain)  1  Oct-21  EUR —@   102    1 
HANG SENG Index (Hong Kong)  1  Oct-21  HKD —@   158    2 
FTSE MIB Index (Italy)  1  Dec-21  EUR —@   147    (1)
CAC 40 Index (France)  1  Oct-21    —@   75    (2)
GOLD 100 OZ (United States)  6  Dec-21  $ 1    1,054    4 
South Korea 10 yr. Bond (Korea, Republic of)  5  Dec-21  KRW 500,000    525    (9)
SGX MSCI Singapore (Singapore)  5  Oct-21  SGD 1    130    (2)
U.S. Treasury 10 yr. Note (United States)  8  Dec-21  $ 800    1,053    (10)
                       
Short:                      
Copper Future (United States)  9  Dec-21    (225)   (920)   43 
U.S. Treasury Ultra Long Bond (United States)  42  Dec-21    (4,200)   (6,100)   89 
U.S. Treasury 10 yr. Note (United States)  4  Dec-21    (400)   (526)   7 
U.S. Treasury 5 yr. Note (United States)  7  Dec-21    (700)   (859)   5 
U.S. Treasury 2 yr. Note (United States)  13  Dec-21    (2,600)   (2,861)   2 
UK Long Gilt Bond (United Kingdom)  1  Dec-21  GBP (100)   (169)   5 
Euro STOXX 50 Index (Germany)  22  Dec-21  EUR (—@)   (1,032)   28 
S&P 500  E Mini Index (United States)  39  Dec-21  $ (2)   (8,381)   299 
MSCI Emerging Market E Mini (United States)  14  Dec-21    (1)   (872)   39 
FTSE 100 Index (United Kingdom)  1  Dec-21  GBP (—@)   (95)   (—@)
German Euro BTP (Germany)  17  Dec-21  EUR (1,700)   (2,992)   48 
German Euro Bund (Germany)  1  Dec-21    (100)   (197)   3 
Nikkel 225 Index (Japan)  2  Dec-21  JPY (1)   (263)   2 
                    $515 

 

Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at September 30, 2021:  

 

Swap Counterparty  Floating Rate
 Index		  Pay/Receive
 Floating Rate		  Fixed
Rate		   Payment
Frequency
Paid/
Received		  Maturity
 Date		  Notional
 Amount
 (000)		  Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.14%  Quarterly/
Quarterly		  7/3/23  MXN    23,872  $(3)  $—   $(3)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.14   Quarterly/
Quarterly		  7/3/23    23,872   (3)   —    (3)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.13   Quarterly/
Quarterly		  7/5/23    23,872   (3)   —    (3)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.68   Quarterly/
Quarterly		  6/29/26    6,814   (5)   —    (5)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.68   Quarterly/
Quarterly		  6/29/26    6,814   (5)   —    (5)

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.66   Quarterly/
Quarterly		  7/1/26   6,814   (5)   —    (5)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.24   Semi-Annual/
Quarterly		  3/30/30  $316   52    —    52 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.27   Semi-Annual/
Quarterly		  3/30/30   1,106   176    —    176 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.30   Semi-Annual/
Quarterly		  3/30/30   315   49    —    49 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.18   Semi-Annual/
Quarterly		  3/31/30   526   89    —    89 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.31   Semi-Annual/
Quarterly		  4/28/30   190   30    —    30 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.37   Semi-Annual/
Quarterly		  5/29/30   134   21    —    21 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.75   Semi-Annual/
Quarterly		  7/30/30   247   33    —    33 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.96   Semi-Annual/
Quarterly		  8/28/30   138   15    —    15 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.18   Semi-Annual/
Quarterly		  12/23/30   387   30    —    30 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay   2.56   Semi-Annual/
Quarterly		  5/24/31   897   (26)   —    (26)
Morgan Stanley & Co. LLC*  3 Month LIBOR  Receive   2.57   Semi-Annual/
Quarterly		  5/26/31   327   9    —    9 
                        $454   $—   $454 

 

Total Return Swap Agreements:
The Fund had the following total return swap agreements open at September 30, 2021:  

 

Swap Counterparty  Index  Pay/Receive
Total Return
of Referenced
Index		  Floating
Rate		  Payment
Frequency		  Maturity
Date		  Notional
Amount
(000)		   Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Barclays Bank PLC  Barclays Bitcoin Plays Basket Index  Pay  3 Month USD LIBOR plus 2.25%  Quarterly  5/23/22  $94   $5   $—   $5 
Barclays Bank PLC  Barclays Bitcoin Plays Basket Index  Pay  3 Month USD LIBOR plus 2.25%  Quarterly  5/23/22   28    2    —    2 
Barclays Bank PLC  Barclays Bitcoin Plays Basket Index  Pay  3 Month USD LIBOR plus 2.25%  Quarterly  5/23/22   51    9    —    9 
Barclays Bank PLC  Barclays Electric Vehicles Basket Index  Pay  3 Month USD LIBOR plus 0.25%  Quarterly  6/13/22   652    16    —    16 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

BNP Paribas SA  BNP Custom U.S. Banks Index††  Receive  3 Month USD LIBOR plus 0.40%  Quarterly  9/16/22   2,588    121    —    121 
BNP Paribas SA  BNP U.S. E-Commerce Index  Pay  3 Month USD LIBOR plus 0.30%  Quarterly  9/6/22   334    33    —    33 
BNP Paribas SA  BNP U.S. E-Commerce Index  Pay  3 Month USD LIBOR plus 0.30%  Quarterly  9/6/22   342    22    —    22 
BNP Paribas SA  MSCI DAILY Total Return GROSS USA Index  Receive  3 Month USD LIBOR plus 0.38%  Quarterly  7/14/22   9,086    (148)   —    (148)
BNP Paribas SA  MSCI DAILY Total Return GROSS USA Index  Receive  3 Month USD LIBOR plus 0.39%  Quarterly  9/29/22   6,246    (192)   —    (192)
BNP Paribas SA  MSCI Emerging Markets ex China Index  Receive  3 Month USD LIBOR plus 0.52%  Quarterly  1/13/22   436    (3)   —    (3)
BNP Paribas SA  MSCI Japan Net Total Return Index  Receive  3 Month USD LIBOR plus 0.18%  Quarterly  2/10/22   4,121    192    —    192 
Goldman Sachs International  MSCI Emerging Markets Net Total Return Index  Receive  3 Month USD LIBOR plus 0.18%  Quarterly  1/26/22   8,609    (437)   —    (437)
JPMorgan Chase Bank NA  JPM SPX 1500 Anti-Value Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   448    12    —    12 
JPMorgan Chase Bank NA  JPM SPX 1500 Anti-Value Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,009    20    —    20 
JPMorgan Chase Bank NA  JPM SPX 1500 Anti-Value Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,004    18    —    18 
JPMorgan Chase Bank NA  JPM SPX 1500 Anti-Value Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,022    15    —    15 
JPMorgan Chase Bank NA  JPM SPX 1500 Anti-Value Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   997    18    —    18 
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   149    5    —    5 
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   338    10    —    10 
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   335    8    —    8 
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   340    8    —    8 
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   331    7    —    7 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

JPMorgan Chase Bank NA  JPM SPX 500 Anti-Value Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,985    86    —    86 
JPMorgan Chase Bank NA  JPM SPX 500 Value Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,990    (41)   —    (41)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   597    (1)   —    (1)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,359    (4)   —    (4)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,327    4    —    4 
JPMorgan Chase Bank NA  JPM SPX 1500 Value Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,377    (2)   —    (2)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  9/14/22   1,290    (5)   —    (5)
JPMorgan Chase Bank NA  JPM U.S. Cyclicals Index††  Pay  3 Month USD LIBOR plus 0.34%  Quarterly  7/21/22   1,744    (25)   —    (25)
JPMorgan Chase Bank NA  JPM U.S. Defensives Index††  Receive  3 Month USD LIBOR plus 0.34%  Quarterly  7/21/22   1,750    (11)   —    (11)
                                    
                       $(258)  $—   $(258)

 

†† See tables below for details of the equity basket holdings underlying the swap.

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with BNP Custom U.S. Banks Index as of September 30, 2021:

 

Security Description  Shares   Value
(000)		   Index Weight 
BNP Custom U.S. Banks Index               
Bank of America Corp.   308,343   $13,089    21.37%
CIT Group, Inc.   3,298    171    0.28 
Citigroup, Inc.   79,236    5,561    9.08 
Citizens Financial Group   15,687    737    1.20 
Comerica, Inc.   5,287    426    0.69 
East West Bancorp, Inc.   4,961    385    0.63 
Fifth Third Bancorp   25,079    1,064    1.74 
First Republic Bank   5,750    1,109    1.81 
Huntington Bancshares, Inc.   35,695    552    0.90 
JPMorgan Chase & Co.   110,953    18,162    29.65 
Keycorp   34,389    743    1.21 
M&T Bank Corp.   4,440    663    1.08 
People'S United Financial   13,619    238    0.39 
PNC Financial Services Group   15,425    3,018    4.93 
Regions Financial Corp.   34,597    737    1.20 
Signature Bank   1,907    519    0.85 
SVB Financial Group   1,793    1,160    1.89 
Truist Financial Corp.   45,852    2,689    4.39 
US Bancorp   51,605    3,067    5.01 
Wells Fargo & Co.   146,120    6,781    11.07 
Zions Bancorp NA   6,245    387    0.63 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with  JPM SPX 1500 Anti-Value Index as of September 30, 2021:

 

Security Description  Shares   Value
(000)		   Index Weight 
JPM SPX 1500 Anti-Value Index               
AAON, Inc.   787   $51    0.53%
Ambac Financial Group, Inc.   3,759    54    0.55 
Axos Financial, Inc.   1,101    57    0.58 
Balchem Corp.   363    53    0.54 
Boeing Co. (The)   239    53    0.54 
Capitol Federal Financial, Inc.   4,560    52    0.54 
Celsius Holdings, Inc.   580    52    0.54 
Chefs' Warehouse, Inc. (The)   1,819    59    0.61 
Coherus Biosciences, Inc.   3,265    52    0.54 
Commerce Bancshares, Inc.   742    52    0.53 
Corvel Corp.   299    56    0.57 
Cullen/Frost Bankers, Inc.   455    54    0.55 
Cytokinetics, Inc.   1,689    60    0.62 
Diamondrock Hospitality Co.   5,897    56    0.57 
Factset Research Systems, Inc.   132    52    0.53 
First Financial Bankshares, Inc.   1,153    53    0.54 
Glacier BanCorp., Inc.   998    55    0.57 
Great Western BanCorp, Inc.   1,764    58    0.59 
Healthequity, Inc.   798    52    0.53 
Helmerich & Payne   1,875    51    0.53 
Hersha Hospitality Trust   5,691    53    0.54 
Hess Corp.   744    58    0.60 
Hilton Worldwide Holdings, Inc.   400    53    0.54 
Host Hotels & Resorts, Inc.   3,146    51    0.53 
Lakeland Financial Corp.   768    55    0.56 
Lattice Semiconductor Corp.   800    52    0.53 
Live Nation Entertainment, Inc.   590    54    0.55 
Norwegian Cruise Line Holding, Inc.   2,060    55    0.56 
Now, Inc.   6,994    54    0.55 
Par Pacific Holdings, Inc.   3,424    54    0.55 
Park Hotels & Resorts, Inc.   2,690    51    0.53 
Paylocity Holding Corp.   191    53    0.55 
PBF Energy, Inc.-Class A   5,366    70    0.71 
PDF Solutions, Inc.   2,232    51    0.53 
Pebblebrook Hotel Trust   2,386    53    0.55 
Penn Virginia Corp.   2,515    67    0.69 
R1 RCM, Inc.   2,527    56    0.57 
Royal Caribbean Cruises Ltd.   621    55    0.57 
Sabre Corp.   4,691    56    0.57 
Servisfirst Bancshares, Inc.   699    54    0.56 
Signature Bank   193    52    0.54 
Summit Hotel Properties, Inc.   5,723    55    0.57 
SVB Financial Group   86    56    0.57 
Transdigm Group, Inc.   85    53    0.54 
Triumph BanCorp, Inc.   624    63    0.64 
United Airlines Holdings, Inc.   1,129    54    0.55 
Viad Corp.   1,185    54    0.55 
Vicor Corp.   402    54    0.55 
Westamerica BanCorp   918    52    0.53 
Xenia Hotels & Resorts, Inc.   3,044    54    0.55 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Low Vol Index as of September 30, 2021:

 

Security Description  Shares   Value
(000)		   Index Weight 
JPM SPX 1500 Low Vol Index               
AAON, Inc.   806   $53    0.54%
American Express Co.   326    55    0.56 
Amerisafe, Inc.   922    52    0.53 
Arcosa, Inc.   1,053    53    0.54 
Autozone, Inc.   34    57    0.59 
Baker Hughes Co.   2,191    54    0.56 
Capitol Federal Financial, Inc.   4,679    54    0.55 
Chevron Corp.   542    55    0.57 
City Holding Co.   699    54    0.56 
CME Group, Inc.   273    53    0.54 
Commerce Bancshares, Inc.   762    53    0.55 
Community Bank System, Inc.   760    52    0.54 
Coterra Energy, Inc.   2,862    62    0.64 
CVB Financial Corp.   2,679    55    0.56 
Dril-Quip, Inc.   2,277    57    0.59 
Easterly Government Properties   2,507    52    0.53 
Electronic Arts, Inc.   367    52    0.54 
Exxon Mobil Corp.   963    57    0.58 
Factset Research Systems, Inc.   136    54    0.55 
First Finl Bankshares, Inc.   1,183    54    0.56 
Flowers Foods, Inc.   2,220    52    0.54 
Gatx Corp.   588    53    0.54 
Gentex Corp.   1,665    55    0.57 
Glacier Bancorp, Inc.   1,025    57    0.58 
Heritage Financial Corp.   2,145    55    0.56 
JPMorgan Chase & Co.   329    54    0.56 
Kinder Morgan, Inc.   3,269    55    0.56 
KKR Real Estate Finance Trust   2,456    52    0.53 
Maximus, Inc.   628    52    0.54 
Mcdonald's Corp.   217    52    0.54 
Merck & Co., Inc.   712    53    0.55 
Murphy Usa, Inc.   348    58    0.60 
NBT Bancorp, Inc.   1,522    55    0.57 
Northrop Grumman Corp.   147    53    0.55 
Northwest Bancshares, Inc.   4,133    55    0.57 
O'Reilly Automotive, Inc.   88    54    0.55 
Park National Corp.   462    56    0.58 
Paychex, Inc.   471    53    0.55 
Ps Business Parks, Inc.   332    52    0.54 
Safety Insurance Group, Inc.   659    52    0.54 
Southside Bancshares, Inc.   1,406    54    0.55 
Southwest Airlines Co.   1,080    56    0.57 
Standard Motor Productions   1,227    54    0.55 
Tetra Tech, Inc.   352    53    0.54 
Texas Instruments, Inc.   272    52    0.54 
Thermo Fisher Scientific, Inc.   91    52    0.54 
Tompkins Financial Corp.   685    55    0.57 
Westamerica Bancorp   943    53    0.55 
Williams Cos, Inc.   2,155    56    0.58 
WR Berkley Corp.   721    53    0.54 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Anti-Value Index as of September 30, 2021:

 

Security Description  Shares   Value
(000)		   Index Weight 
JPM SPX 500 Anti-Value Index               
Air Products & Chemicals, Inc.   163   $42    0.98%
American Airlines Group, Inc.   2,159    44    1.04 
AON PLC - Class A   149    43    1.00 
Arthur J Gallagher & Co.   300    45    1.05 
Autodesk, Inc.   152    43    1.02 
Ball Corp.   457    41    0.97 
Bio-Techne Corp.   86    42    0.98 
Boeing Co. (The)   204    45    1.05 
Booking Holdings, Inc.   19    45    1.05 
Carnival Corp.   1,873    47    1.10 
Chipotle Mexican Grill, Inc.   23    42    0.98 
Cintas Corp.   109    42    0.98 
Clorox Company   258    43    1.01 
CME Group, Inc.   227    44    1.03 
Copart, Inc.   307    43    1.00 
Costco Wholesale Corp.   94    42    0.99 
Devon Energy Corp.   1,533    54    1.28 
Dexcom, Inc.   79    43    1.02 
Etsy, Inc.   201    42    0.99 
Fastenal Co.   817    42    0.99 
First Republic Bank   221    43    1.00 
Hess Corp.   636    50    1.17 
Hilton Worldwide Holdings, Inc.   347    46    1.08 
Host Hotels & Resorts, Inc.   2,711    44    1.04 
IDEX Corp.   200    41    0.98 
Intercontinental Exchange, Inc.   365    42    0.99 
Intuit, Inc.   77    41    0.98 
Live Nation Entertainment, Inc.   505    46    1.08 
Marketaxess Holdings, Inc.   98    41    0.97 
Marsh & Mclennan Co.   272    41    0.97 
Mastercard, Inc. - Class A   124    43    1.02 
Monolithic Power Systems, Inc.   89    43    1.02 
Nasdaq, Inc.   220    43    1.00 
Netflix, Inc.   73    45    1.05 
Norwegian Cruise Line Holding, Inc.   1,749    47    1.10 
Nov, Inc.   3,429    45    1.06 
Old Dominion Freight Line   151    43    1.01 
Paycom Software, Inc.   91    45    1.06 
Phillips 66   653    46    1.08 
Royal Caribbean Cruises Ltd.   534    48    1.12 
Schwab (Charles) Corp.   603    44    1.03 
Servicenow, Inc.   67    42    0.98 
Tesla, Inc.   58    45    1.05 
Transdigm Group, Inc.   73    46    1.07 
Twitter, Inc.   698    42    0.99 
Tyler Technologies, Inc.   91    42    0.99 
UDR, Inc.   814    43    1.01 
United Airlines Holdings, Inc.   936    45    1.05 
Verisk Analytics, Inc.   213    43    1.00 
Vulcan Materials Co.   248    42    0.99 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Index as of September 30, 2021:

 

Security Description  Shares   Value
(000)		   Index Weight 
JPM SPX 500 Value Index               
American International Group   599   $33    1.01%
Amerisourcebergen Corp.   265    32    0.97 
Anthem, Inc.   88    33    1.01 
Archer-Daniels-Midland Co.   549    33    1.01 
AT&T, Inc.   1,194    32    0.99 
Borgwarner, Inc.   768    33    1.02 
C.H. Robinson Worldwide, Inc.   375    33    1.00 
Capital One Financial Corp.   210    34    1.04 
CBRE Group, Inc. - Class A   334    32    1.00 
Centene Corp.   528    33    1.01 
Citigroup, Inc.   465    33    1.00 
Cognizant Tech Solutions - Class A   428    32    0.98 
Comerica, Inc.   448    36    1.11 
Conagra Brands, Inc.   985    33    1.02 
CVS Health Corp.   383    33    1.00 
Dollar Tree, Inc.   359    34    1.05 
Eog Resources, Inc.   486    39    1.20 
Ford Motor Co.   2,565    36    1.12 
General Motors Co.   676    36    1.09 
Hewlett Packard Enterprise   2,233    32    0.98 
HP, Inc.   1,160    32    0.97 
Huntington Ingalls Industries   164    32    0.97 
Intel Corp.   613    33    1.00 
International Business Machines Corp.   238    33    1.01 
Invesco Ltd.   1,321    32    0.98 
Jacobs Engineering Group, Inc.   242    32    0.98 
Juniper Networks, Inc.   1,163    32    0.98 
Kimco Realty Corp.   1,527    32    0.97 
Kinder Morgan, Inc.   2,048    34    1.05 
Kraft Heinz Co. (The)   895    33    1.01 
Leidos Holdings, Inc.   330    32    0.98 
LKQ Corp.   645    32    1.00 
Lumen Technologies, Inc.   2,648    33    1.01 
Lyondellbasell Industries - Class A   357    34    1.03 
M&T Bank Corp.   237    35    1.09 
Marathon Petroleum Corp.   572    35    1.09 
Mckesson Corp.   160    32    0.98 
Metlife, Inc.   536    33    1.02 
Micron Technology, Inc.   449    32    0.98 
Molson Coors Beverage Co. - Class B   711    33    1.01 
Mosaic Co. (The)   1,037    37    1.14 
Northrop Grumman Corp.   92    33    1.01 
Principal Financial Group   502    32    0.99 
Schlumberger Ltd.   1,230    36    1.12 
Simon Property Group, Inc.   251    33    1.00 
Textron, Inc.   459    32    0.98 
Tyson Foods, Inc. - Class A   433    34    1.05 
Viacomcbs, Inc. - Class B   811    32    0.98 
Weyerhaeuser Co.   939    33    1.03 
Zions BanCorp NA   569    35    1.08 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Index as of September 30, 2021:

 

Security Description  Shares   Value
(000)		   Index Weight 
JPM SPX 1500 Value Index               
Aaron's Co, Inc. (The)   1,926   $53    0.53%
Advansix, Inc.   1,344    53    0.54 
Alliance Data Systems Corp.   542    55    0.55 
American Axle & MFG Holdings   6,223    55    0.55 
Ameris Bancorp   1,100    57    0.57 
Arcbest Corp.   767    63    0.63 
Archrock, Inc.   7,025    58    0.58 
Associated Bancorp   2,505    54    0.54 
Atlas Air Worldwide Holdings   684    56    0.56 
Bonanza Creek Energy, Inc.   1,167    56    0.56 
Boyd Gaming Corp.   861    54    0.55 
Capital One Financial Corp.   328    53    0.53 
Centene Corp.   852    53    0.53 
Central Garden And Pet Co. - Class A   1,297    56    0.56 
Chuy's Holdings, Inc.   1,695    53    0.54 
Customers Bancorp., Inc.   1,330    57    0.57 
Encore Wire Corp.   595    56    0.57 
Endo International PLC   16,704    54    0.54 
E.W. Scripps Co. (The) - Class A   3,080    56    0.56 
First Horizon Corp.   3,342    54    0.55 
FNB Corp.   4,624    54    0.54 
Fresh Del Monte Produce, Inc.   1,699    55    0.55 
Genworth Financial, Inc. - Class A   14,589    55    0.55 
Griffon Corp.   2,187    54    0.54 
Group 1 Automotive, Inc.   321    60    0.61 
Heidrick & Struggles International   1,227    55    0.55 
Hope Bancorp, Inc.   3,833    55    0.55 
Interface, Inc.   3,571    54    0.54 
Laredo Petroleum, Inc.   821    67    0.67 
Marathon Petroleum Corp.   903    56    0.56 
Mosaic Co. (The)   1,600    57    0.57 
OFG Bancorp   2,231    56    0.56 
Pacwest Bancorp   1,205    55    0.55 
Piper Sandler Co.   384    53    0.53 
Progress Software Corp.   1,124    55    0.55 
Redwood Trust, Inc.   4,156    54    0.54 
Ryder System, Inc.   654    54    0.54 
Schlumberger Ltd.   1,926    57    0.57 
Siriuspoint Ltd.   5,788    54    0.54 
Skywest, Inc.   1,157    57    0.57 
SM Energy Co.   2,554    67    0.68 
Spartannash Co.   2,438    53    0.54 
Tegna, Inc.   3,110    61    0.61 
Treehouse Foods, Inc.   1,334    53    0.53 
Trinseo SA   1,034    56    0.56 
Tyson Foods, Inc. - Class A   685    54    0.54 
United Natural Foods, Inc.   1,420    69    0.69 
Univar Solutions, Inc.   2,249    54    0.54 
Wabash National Corp.   3,534    53    0.54 
Zions BanCorp NA   893    55    0.55 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM U.S. Cyclicals Index as of September 30, 2021:

 

Security Description  Shares   Value
(000)		   Index Weight 
JPM U.S. Cyclicals Index               
3M Co.   814   $143    1.44%
Air Products & Chemicals, Inc.   310    79    0.80 
Aptiv PLC   381    57    0.57 
Autozone, Inc.   32    54    0.54 
Boeing Co. (The)   782    172    1.73 
Booking Holdings, Inc.   58    137    1.39 
Carrier Global Corp.   1,164    60    0.61 
Caterpillar, Inc.   768    147    1.49 
Chipotle Mexican Grill, Inc.   40    72    0.73 
CSX Corp.   3,211    95    0.96 
Deere & Co.   417    140    1.41 
Dollar General Corp.   343    73    0.73 
Dow, Inc.   1,043    60    0.61 
Eaton Corp. PLC   560    84    0.84 
Ecolab, Inc.   359    75    0.76 
Emerson Electric Co.   845    80    0.80 
FedEx Corp.   355    78    0.78 
Ford Motor Co.   5,520    78    0.79 
Freeport-Mcmoran, Inc.   2,049    67    0.67 
General Dynamics Corp.   342    67    0.68 
General Electric Co.   1,550    160    1.61 
General Motors Co.   1,827    96    0.97 
Home Depot, Inc.   1,513    497    5.01 
Honeywell International, Inc.   981    208    2.10 
Illinois Tool Works   445    92    0.93 
Johnson Controls International   1,012    69    0.69 
L3Harris Technologies, Inc.   295    65    0.66 
Linde PLC   734    215    2.17 
Lowe'S Cos, Inc.   1,027    208    2.10 
Lululemon Athletica, Inc.   174    71    0.71 
Marriott International  - Class A   394    58    0.59 
Mcdonald'S Corp.   1,049    253    2.55 
Newmont Corp.   1,124    61    0.62 
Nike, Inc. - Class B   1,786    259    2.62 
Norfolk Southern Corp.   355    85    0.86 
Northrop Grumman Corp.   222    80    0.81 
O'Reilly Automotive, Inc.   99    61    0.61 
Raytheon Technologies Corp.   2,147    185    1.86 
Roper Technologies, Inc.   148    66    0.67 
Ross Stores, Inc.   506    55    0.56 
Sherwin-Williams Co. (The)   357    100    1.01 
Starbucks Corp.   1,660    183    1.85 
Target Corp.   703    161    1.62 
Tesla, Inc.   1,078    836    8.43 
TJX Companies, Inc.   1,689    111    1.12 
Trane Technologies PLC   334    58    0.58 
Uber Technologies, Inc.   1,698    76    0.77 
Union Pacific Corp.   940    184    1.86 
United Parcel Service - Class B   1,010    184    1.85 
Waste Management, Inc.   595    89    0.90 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM U.S. Defensives Index as of September 30, 2021:

  

Security Description  Shares   Value
(000)		   Index Weight 
JPM U.S. Defensives Index               
Abbott Laboratories   2,085   $246    2.51%
Abbvie, Inc.   2,084    225    2.29 
Agilent Technologies, Inc.   360    57    0.58 
Align Technology, Inc.   89    59    0.60 
Amgen, Inc.   682    145    1.48 
Anthem, Inc.   289    108    1.10 
AT&T, Inc.   8,441    228    2.32 
Becton Dickinson and Co.   342    84    0.86 
Biogen, Inc.   181    51    0.52 
Boston Scientific Corp.   1,671    73    0.74 
Bristol-Myers Squibb Co.   2,637    156    1.59 
Cigna Corp.   416    83    0.85 
Coca-Cola Co. (The)   4,830    253    2.58 
Colgate-Palmolive Co.   947    72    0.73 
Costco Wholesale Corp.   524    235    2.40 
CVS Health Corp.   1,550    132    1.34 
Danaher Corp.   753    229    2.34 
Dexcom, Inc.   113    62    0.63 
Dominion Energy, Inc.   949    69    0.71 
Duke Energy Corp.   908    89    0.90 
Edwards Lifesciences Corp.   736    83    0.85 
Eli Lilly & Co.   956    221    2.25 
Estee Lauder Companies - Class A   271    81    0.83 
Exelon Corp.   1,156    56    0.57 
Gilead Sciences, Inc.   1,483    104    1.06 
HCA Healthcare, Inc.   322    78    0.80 
Humana, Inc.   152    59    0.60 
IDEXX Laboratories, Inc.   100    62    0.64 
Illumina, Inc.   172    70    0.71 
Intuitive Surgical, Inc.   139    138    1.41 
IQVIA Holdings, Inc.   226    54    0.55 
Johnson & Johnson   3,105    501    5.11 
Kimberly-Clark Corp.   396    52    0.53 
Medtronic PLC   1,583    198    2.02 
Merck & Co., Inc..   2,990    225    2.29 
Moderna, Inc.   366    141    1.44 
Mondelez International, Inc. - Class A   1,661    97    0.99 
Nextera Energy, Inc.   2,306    181    1.85 
Pepsico, Inc.   1,626    245    2.49 
Pfizer, Inc.   6,535    281    2.87 
Procter & Gamble Co. (The)   2,894    405    4.12 
Regeneron Pharmaceuticals   125    75    0.77 
Southern Co. (The)   1,248    77    0.79 
Stryker Corp.   397    105    1.07 
Thermo Fisher Scientific, Inc.   464    265    2.70 
T-Mobile US, Inc.   731    93    0.95 
Unitedhealth Group, Inc.   1,121    438    4.47 
Vertex Pharmaceuticals, Inc.   309    56    0.57 
Walmart, Inc.   1,831    255    2.60 
Zoetis, Inc.   558    108    1.11 

 

@   Value/notional amount is less than $500.
*   Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

BTP Buoni del Tesoro Poliennali.
CAC Cotation Assistée en Continu.
CPI Consumer Price Index.
FTSE Financial Times Stock Exchange.
IBEX Índice Bursátil Español.
LIBOR London Interbank Offered Rate.
MIB Milano Indice di Borsa.
MSCI Morgan Stanley Capital International.
SGX Singapore Exchange Ltd.
SPI Schedule Performance Index.
TIIE Interbank Equilibrium Interest Rate.
TSE Toronto Stock Exchange.
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
CLP — Chilean Peso
CNH — Chinese Yuan Renminbi Offshore
CNY — Chinese Yuan Renminbi
COP — Colombian Peso
CZK — Czech Koruna
DKK — Danish Krone
EUR — Euro
GBP — British Pound
HKD — Hong Kong Dollar
HUF — Hungarian Forint
IDR — Indonesian Rupiah
ILS — Israeli Shekel
INR — Indian Rupee
JPY — Japanese Yen
KRW — South Korean Won
MXN — Mexican Peso
MYR — Malaysian Ringgit
NOK — Norwegian Krone
NZD — New Zealand Dollar
PEN — Peruvian Nuevo Sol
PLN — Polish Zloty
RON — Romanian New Leu
RUB — Russian Ruble
SEK — Swedish Krona
SGD — Singapore Dollar
THB — Thai Baht
TRY — Turkish Lira
TWD — Taiwan Dollar
USD — United States Dollar
ZAR — South African Rand

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Fixed Income Securities   50.0%
Common Stocks   40.2 
Short-Term Investments   9.8 
Preferred Stock   0.0**
Total Investments   100.0%***

 

** Amount is less than 0.05%.
*** Does not include open long/short futures contracts with a value of approximately $30,171,000 and net unrealized appreciation of approximately $515,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $10,000. Also does not include open swap agreements with net unrealized appreciation of approximately $196,000.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (95.6%)          
Biotechnology  (2.2%)          
Alnylam Pharmaceuticals, Inc. (a)   25,694   $4,851 
Ginkgo Bioworks, Inc. (a)(b)   262,683    2,892 
Moderna, Inc. (a)   44,571    17,154 
         24,897 
Entertainment  (7.0%)          
ROBLOX Corp., Class A (a)   530,887    40,108 
Sea Ltd. ADR (Singapore) (a)   63,228    20,153 
Spotify Technology SA (a)   79,431    17,899 
         78,160 
Health Care Equipment & Supplies  (2.6%)          
DexCom, Inc. (a)   21,235    11,613 
Intuitive Surgical, Inc. (a)   17,757    17,653 
         29,266 
Health Care Providers & Services  (1.0%)          
Guardant Health, Inc. (a)   91,070    11,385 
           
Health Care Technology  (3.3%)          
Agilon Health Topco, Inc. (a)(c)   336,300    8,638 
Veeva Systems, Inc., Class A (a)   96,894    27,922 
         36,560 
Hotels, Restaurants & Leisure (1.7%)          
Airbnb, Inc., Class A (a)   115,812    19,427 
           
Information Technology Services  (29.9%)          
Adyen N.V. (Netherlands) (a)   6,884    19,243 
Cloudflare, Inc., Class A (a)   495,613    55,831 
Fastly, Inc., Class A (a)   109,254    4,418 
MongoDB, Inc. (a)   32,477    15,313 
Okta, Inc. (a)   48,020    11,397 
Shopify, Inc., Class A (Canada) (a)   49,880    67,626 
Snowflake, Inc., Class A (a)   217,440    65,761 
Square, Inc., Class A (a)   244,139    58,554 
Twilio, Inc., Class A (a)   108,746    34,696 
         332,839 
Interactive Media & Services  (14.7%)          
Pinterest, Inc., Class A (a)   414,641    21,126 
Snap, Inc., Class A (a)   878,514    64,896 
Twitter, Inc. (a)   887,800    53,614 
Zillow Group, Inc., Class C (a)   268,678    23,681 
         163,317 
Internet & Direct Marketing Retail  (6.1%)          
DoorDash, Inc., Class A (a)   194,659    40,096 
Wayfair, Inc., Class A (a)   105,106    26,856 
         66,952 

 

 

  

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Life Sciences Tools & Services  (1.2%)        
10X Genomics, Inc., Class A (a)   95,141    13,851 
           
Metals & Mining  (0.2%)          
Royal Gold, Inc.   27,342    2,611 
           
Pharmaceuticals  (2.4%)          
Royalty Pharma PLC, Class A   733,599    26,512 
           
Semiconductors & Semiconductor Equipment  (2.5%)          
NVIDIA Corp.   134,176    27,796 
           
Software  (18.3%)          
Bill.Com Holdings, Inc. (a)   107,806    28,779 
Coupa Software, Inc. (a)   77,203    16,921 
Crowdstrike Holdings, Inc., Class A (a)   45,406    11,160 
Datadog, Inc., Class A (a)   220,000    31,097 
DocuSign, Inc. (a)   71,375    18,374 
Trade Desk, Inc. (The), Class A (a)   395,312    27,791 
Unity Software, Inc. (a)   243,614    30,756 
Zoom Video Communications, Inc., Class A (a)   149,618    39,125 
         204,003 
Specialty Retail  (2.5%)          
Carvana Co. (a)   93,832    28,294 
Total Common Stocks (Cost $690,776)        1,065,870 
           
Preferred Stocks  (0.9%)          
Electronic Equipment, Instruments & Components  (0.0%)          
Magic Leap Series C (a)(b)(d) (acquisition cost — $1,526; acquired 12/22/15)   66,235    — 
           
Software  (0.9%)          
Databricks, Inc. (a)(b)(d)
(acquisition cost — $8,310; acquired 8/31/21)		   37,696    8,310 
Lookout, Inc. Series F (a)(b)(d) (acquisition cost — $1,618; acquired 6/17/14)   141,612    646 
Total Preferred Stocks (Cost $11,454)        8,956 
           
Investment Company  (0.7%)          
Grayscale Bitcoin Trust (a) (Cost $9,650)   222,778    7,541 
           
Short-Term Investment  (3.1%)          
Investment Company  (3.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $34,463)   34,463,316    34,463 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Total Investments Excluding Purchased Options (100.3%) (Cost $746,343)   1,116,830 
Total Purchased Options Outstanding (0.1%) (Cost $5,486)   1,193 
Total Investments (100.4%) (Cost $751,829) (f)(g)(h)   1,118,023 
Liabilities in Excess of Other Assets (-0.4%)   (4,107)
Net Assets (100.0%)  $1,113,916 

 

The Fund had the following Derivative Contract - PIPE open at September 30, 2021:
 

Counterparty

 

Referenced

Obligation

 

Notional

Amount

  

Settlement

Date

 

Unrealized

Depreciation

(000)

  

% of

Net Assets

 
Reinvent Technology Partners Y  Aurora Innovation, Inc. (a)(b)(d)(i)(j)  $3,718,700   12/31/21  $(525)   (0.05)%

 

 

(a) Non-income producing security.
(b) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at September 30, 2021 amounts to approximately $11,323,000 and represents 1.0% of net assets.
(c) Security has been deemed by the investment manager to be illiquid and is subject to restrictions on resale. At September 30, 2021, this security amounted to approximately $8,638,000, which represents 0.8% of net assets of the Fund.
(d) At September 30, 2021, the Fund held fair valued securities and derivative contract valued at approximately $8,431,000, representing 0.8% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. 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, 2021, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Funds.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $399,818,000 and the aggregate gross unrealized depreciation is approximately $34,149,000, resulting in net unrealized appreciation of approximately $365,669,000.
(h) Securities are available for collateral in connection with securities purchased on a forward commitment basis.
(i)

Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 371,870 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Aurora Innovation, Inc., and Reinvent Technology Partners Y, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Reinvent Technology Partners Y, and Aurora Innovation, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the Fund is no longer obligated to fulfill its commitment to Reinvent Technology Partners Y, and Aurora Innovation, Inc. The investment is restricted from resale until the settlement date.

(j)

Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

 
ADR American Depositary Receipt.
PIPE Private Investment in Public Equity.
SPAC Special Purpose Acquisition Company.

 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Consolidated Portfolio of Investments 

Third Quarter Report 

September 30, 2021 (unaudited)(cont’d)

 

Call Options Purchased: 

The Fund had the following call options purchased open at September 30, 2021:

 

Counterparty  Description   Strike
Price		   Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
BNP Paribas   USD/CNH   CNH  7.45   Jan-22   212,955,750    212,956   $18   $1,137   $(1,119)
BNP Paribas   USD/CNH   CNH  7.64   Nov-21   178,151,986    178,152    —@    968    (968)
Goldman Sachs International   USD/CNH   CNH  7.57   Mar-22   207,385,996    207,386    80    1,030    (950)
JP Morgan Chase Bank NA   USD/CNH   CNH  7.28   Jul-22   250,959,503    250,960    636    1,169    (533)
JP Morgan Chase Bank NA   USD/CNH   CNH  7.31   Aug-22   117,162,448    117,162    303    796    (493)
JP Morgan Chase Bank NA   USD/CNH   CNH  7.38   Jul-22   72,806,938    72,807    156    386    (230)
                            $1,193   $5,486   $(4,293)

 

@   Value is less than $500.
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

  

 

  

Portfolio Composition     
Classification   Percentage of
Total Investments		 
Information Technology Services   29.8%
Other*   23.5 
Software   19.1 
Interactive Media & Services   14.6 
Entertainment   7.0 
Internet & Direct Marketing Retail   6.0 
Total Investments   100.0%**

 

* Industries and/or investment types representing less than 5% of total investments.
** Does not include an open PIPE contract with unrealized depreciation of approximately $525,000.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited) 

 

   Shares   Value
(000)		 
Common Stocks  (99.2%)          
Apartments  (13.1%)          
AvalonBay Communities, Inc. REIT   71,807   $15,915 
Equity Residential REIT   185,612    15,020 
UDR, Inc. REIT   335,539    17,777 
         48,712 
Data Centers  (8.5%)          
Equinix, Inc. REIT   37,889    29,937 
GDS Holdings Ltd. ADR (China) (a)   33,505    1,897 
         31,834 
Free Standing  (7.2%)          
Agree Realty Corp. REIT   79,101    5,239 
NETSTREIT Corp. REIT   316,535    7,486 
Realty Income Corp. REIT   218,583    14,177 
         26,902 
Health Care  (15.0%)          
Healthcare Trust of America, Inc., Class A REIT   172,715    5,123 
Healthpeak Properties, Inc. REIT   442,307    14,808 
Medical Properties Trust, Inc. REIT   343,139    6,887 
Ventas, Inc. REIT   199,885    11,035 
Welltower, Inc. REIT   221,587    18,259 
         56,112 
Industrial  (11.5%)          
Prologis, Inc. REIT   342,769    42,993 
           
Lodging/Resorts  (2.5%)          
Boyd Gaming Corp. (a)   97,279    6,154 
Caesars Entertainment, Inc. (a)   28,323    3,180 
         9,334 
Manufactured Homes  (4.6%)          
Equity Lifestyle Properties, Inc. REIT   52,718    4,117 
Sun Communities, Inc. REIT   70,846    13,114 
         17,231 
Office  (6.6%)          
Alexandria Real Estate Equities, Inc. REIT   58,715    11,219 
Empire State Realty Trust, Inc., Class A REIT   667,735    6,697 
Kilroy Realty Corp. REIT   97,875    6,480 
         24,396 
Self Storage  (12.9%)          
Extra Space Storage, Inc. REIT   74,740    12,556 
Life Storage, Inc. REIT   82,062    9,416 
Public Storage REIT   88,183    26,199 
         48,171 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2021 (unaudited)(cont’d)

 

Shopping Centers  (9.3%)          
Brixmor Property Group, Inc. REIT   346,630    7,664 
Kimco Realty Corp. REIT   450,282    9,344 
Kite Realty Group Trust REIT   203,340    4,140 
Retail Properties of America, Inc., Class A REIT   401,172    5,167 
RPT Realty REIT   396,946    5,065 
SITE Centers Corp. REIT   222,037    3,428 
         34,808 
Single Family Homes  (3.0%)          
Invitation Homes, Inc. REIT   293,233    11,240 
           
Specialty  (5.0%)          
Lamar Advertising Co., Class A  REIT   65,204    7,397 
VICI Properties, Inc. REIT   395,834    11,246 
         18,643 
Total Common Stocks (Cost $314,737)        370,376 
           
Short-Term Investment  (0.6%)          
Investment Company  (0.6%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (b) (Cost $2,282)   2,281,591    2,282 
Total Investments (99.8%) (Cost $317,019) (c)(d)        372,658 
Other Assets in Excess of Liabilities (0.2%)        737 
Net Assets (100.0%)       $373,395 

 

(a) Non-income producing security.
(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2021, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2021, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $61,773,000 and the aggregate gross unrealized depreciation is approximately $6,134,000, resulting in net unrealized appreciation of approximately $55,639,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Health Care   15.1%
Apartments   13.1 
Self Storage   12.9 
Industrial   11.5 
Other*   10.8 
Shopping Centers   9.3 
Data Centers   8.5 
Free Standing   7.2 
Office   6.6 
Specialty   5.0 
Total Investments   100.0%

 

* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

 

Notes to the Portfolio of Investments ▪ September 30, 2021 (unaudited)

 

In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other Interbank Offered Rate (“IBOR”) based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.

 

Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. 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") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the "Sub-Advisers"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor 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; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers 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; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) 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 NYSE; (9) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (10) 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.

 

 

 

 

The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Company's Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

 

Fair Value Measurement: FASB Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the value that the Fund 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 September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Core Plus Fixed Income                    
Assets:                    
Fixed Income Securities                    
Agency Adjustable Rate Mortgages  $—   $49   $          —   $49 
Agency Fixed Rate Mortgages   —    14,815    —    14,815 
Asset-Backed Securities   —    10,410    —    10,410 
Collateralized Mortgage Obligations - Agency Collateral Series   —    1,915    —    1,915 
Commercial Mortgage-Backed Securities   —    6,107    —    6,107 
Corporate Bonds   —    38,526    —    38,526 
Mortgages - Other   —    19,651    —    19,651 
Municipal Bonds   —    1,490    —    1,490 
Sovereign   —    5,850    —    5,850 
Supranational   —    385    —    385 
U.S. Treasury Security   —    2,466    —    2,466 
Total Fixed Income Securities   —    101,664    —    101,664 
Short-Term Investments                    
Investment Company   10,169    —    —    10,169 
U.S. Treasury Security   —    833    —    833 
Total Short-Term Investments   10,169    833    —    11,002 
Foreign Currency Forward Exchange Contracts   —    90    —    90 
Futures Contracts   181    —    —    181 
Total Assets   10,350    102,587    —    112,937 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (31)   —    (31)
Futures Contracts   (318)   —    —    (318)
Total Liabilities   (318)   (31)   —    (349)
Total  $10,032   $102,556   $—   $112,588 

 

   

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Core Plus Fixed Income   Corporate
Bond
(000)		  
Beginning Balance  $- †
Purchases   -  
Sales   - (†)
Amortization of discount   -  
Transfers in   -  
Transfers out   -  
Corporate actions   -  
Change in unrealized appreciation (depreciation)   -  
Realized gains (losses)   -  
Ending Balance  $-  
       
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021  $-  

 

† Includes a security valued at zero.

 

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Discovery                    
Assets:                    
Common Stocks                    
Aerospace & Defense  $12,998   $—   $         —   $12,998 
Biotechnology   7,131    —    —    7,131 
Diversified Holding Companies   1,849    —    —    1,849 
Entertainment   16,132    —    —    16,132 
Health Care Providers & Services   11,738    —    —    11,738 
Health Care Technology   16,170    4,051    —    20,221 
Information Technology Services   89,149    —    —    89,149 
Interactive Media & Services   43,863    —    —    43,863 
Internet & Direct Marketing Retail   26,871    —    —    26,871 
Leisure Products   2,915    —    —    2,915 
Life Sciences Tools & Services   6,691    —    —    6,691 
Metals & Mining   975    —    —    975 
Pharmaceuticals   8,652    —    —    8,652 
Real Estate Management & Development   5,806    —    —    5,806 
Software   57,649    5,596    —    63,245 
Specialty Retail   12,702    —    —    12,702 
Total Common Stocks   321,291    9,647    —    330,938 
Preferred Stocks                    
Internet & Direct Marketing Retail   260    —    —    261 
Software             2,666    2,666 
Total Preferred Stocks   260    —    2,666    2,926 
Investment Company   2,511    —    —    2,511 
Warrant   56    —    —    56 
Call Options Purchased   —    401    —    401 
Short-Term Investments                    
Investment Company   25,008    —    —    25,008 
Repurchase Agreements   —    191    —    191 
Total Short-Term Investments   25,008    191    —    25,199 
Total Assets   349,126    10,239    2,666    362,031 
Liabilities:                    
Derivative Contract — PIPE   —    —    (183)   (183)
Total  $349,126   $10,239   $2,483   $361,848 

 

   

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Discovery  Common
Stock
(000)		   Preferred
Stocks
(000)		   Derivative
Contract —
PIPE
(000)		 
Beginning Balance  $929   $-   $- 
Purchases   -    2,666    - 
Sales   -    -    - 
PIPE transactions   -    -    (183)
Amortization of discount   -    -    - 
Transfers in   -    -    - 
Transfers out   (929)†   -    - 
Corporate actions   -    -    - 
Change in unrealized appreciation (depreciation)   -    -    - 
Realized gains (losses)   -    -    - 
Ending Balance  $-   $2,666   $(183)
                
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021  $-   $-   $(183

 

)

 

† A security transferred out of level 3 due to an Initial Public Offering.

 

   

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Discovery  Fair Value at
September 30, 2021
(000)		   Valuation
Technique		  Unobservable Input  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stock  $2,666   Market Transaction Method  Precedent Transaction  $220.45   Increase
PIPE  $(183)  Market Implied  Discount for Lack of Marketability and Transaction Risk   13.5%  Decrease

 

 

*    Amount is indicative of the weighted average.
** Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

 

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets Debt                    
Assets:                    
Fixed Income Securities                    
Corporate Bonds  $—   $8,654   $—   $8,654 
Sovereign   —    138,434    —    138,434 
Total Fixed Income Securities   —    147,088                    —    147,088 
Warrants   —    8    —    8 
Short-Term Investments                    
Investment Company   8,900    —    —    8,900 
Repurchase Agreements   —    795    —    795 
Sovereign   —    957    —    957 
Total Short-Term Investments   8,900    1,752    —    10,652 
Foreign Currency Forward Exchange Contracts   —    37    —    37 
Total Assets   8,900    148,885    —    157,785 
Liabilities:                    
Foreign Currency Forward Exchange Contract   —    (5)   —    (5)
Total  $8,900   $148,880   $—   $157,780 

 

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets Equity                    
Assets:                    
Common Stocks                    
Airlines  $ 2,783   $ —   $           —   $2,783 
Automobiles   —    4,055    —    4,055 
Banks   5,093    24,568    —    29,661 
Beverages   —    4,987    —    4,987 
Capital Markets   —    2,605    —    2,605 
Chemicals   —    2,751    —    2,751 
Construction Materials   —    1,143    —    1,143 
Consumer Finance   —    725    —    725 
Electronic Equipment, Instruments & Components   —    6,188    —    6,188 
Entertainment   4,787    —    —    4,787 
Food & Staples Retailing   3,001    586    —    3,587 
Food Products   —    3,349    —    3,349 
Health Care Providers & Services   2,152    —    —    2,152 
Information Technology Services   8,403    2,631    —    11,034 
Insurance   —    1,763    —    1,763 
Interactive Media & Services   4,060    12,942    —    17,002 
Internet & Direct Marketing Retail   6,170    6,972    —    13,142 
Life Sciences Tools & Services   —    795    —    795 
Machinery   —    2,613    —    2,613 
Metals & Mining   —    8,843    —    8,843 
Multi-Line Retail   2,633    1,522    —    4,155 
Oil, Gas & Consumable Fuels   3,918    11,787    —    15,705 
Paper & Forest Products   —    4,240    —    4,240 
Personal Products   —    610    —    610 
Pharmaceuticals   —    1,133    —    1,133 
Semiconductors & Semiconductor Equipment   8,490    31,570    —    40,060 
Software   —    1,907    —    1,907 
Specialty Retail   —    2,058    —    2,058 
Tech Hardware, Storage & Peripherals   —    12,138    —    12,138 
Textiles, Apparel & Luxury Goods   2,236    8,006    —    10,242 
Thrifts & Mortgage Finance   —    4,482    —    4,482 
Transportation Infrastructure   3,156    —    —    3,156 
Wireless Telecommunication Services   —    632    —    632 
Total Common Stocks   56,882    167,601    —    224,483 
Right   —    10    —    10 
Short-Term Investment                    
Investment Company   4,989    —    —    4,989 
Total Assets  $ 61,871   $ 167,611   $ —   $229,482 

 

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Franchise                    
Assets:                    
Common Stocks                    
Beverages  $ 609   $ 1,909   $                —   $2,518 
Capital Markets   1,709    —    —    1,709 
Health Care Equipment & Supplies   6,189    —    —    6,189 
Household Products   1,585    2,306    —    3,891 
Industrial Conglomerates   741    —    —    741 
Information Technology Services   5,688    —    —    5,688 
Life Sciences Tools & Services   1,649    —    —    1,649 
Personal Products   385    579    —    964 
Pharmaceuticals   500    —    —    500 
Professional Services   —    1,287    —    1,287 
Software   3,361    1,614    —    4,975 
Textiles, Apparel & Luxury Goods   395    577    —    972 
Tobacco   2,922    748    —    3,670 
Total Common Stocks   25,733    9,020    —    34,753 
Short-Term Investment                    
Investment Company   588    —    —    588 
Total Assets  $ 26,321   $ 9,020   $—   $35,341 

 

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Infrastructure                    
Assets:                    
Common Stocks                    
Airports  $ 2,389   $ 2,924   $                   —   $5,313 
Commercial Services & Supplies   1,851    —    —    1,851 
Communications   14,435    3,905    —    18,340 
Diversified   208    5,255    —    5,463 
Electricity Transmission & Distribution   7,137    6,187    —    13,324 
Oil & Gas Storage & Transportation   19,383    3,268    —    22,651 
Railroads   —    1,691    —    1,691 
Renewables   —    2,019    —    2,019 
Toll Roads   —    6,337    —    6,337 
Utilities   1,202    —    —    1,202 
Water   2,120    1,494    —    3,614 
Total Common Stocks   48,725    33,080    —    81,805 
Short-Term Investment                    
Investment Company   3,214    —    —    3,214 
Total Assets  $ 51,939   $ 33,080   $ —   $85,019 

 

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Real Estate                    
Assets:                    
Common Stocks                    
Diversified  $ 2,742   $ 9,066    $              —   $11,808 
Health Care   5,313    —    —    5,313 
Industrial   4,458    2,040    —    6,498 
Industrial/Office Mixed   —    486    —    486 
Lodging/Resorts   1,057    231    —    1,288 
Office   2,322    4,046    —    6,368 
Residential   6,783    2,337    8    9,128 
Retail   5,312    1,873    —    7,185 
Self Storage   4,303    267    —    4,570 
Specialty   1,591    —    —    1,591 
Total Common Stocks   33,881    20,346    8    54,235 
Short-Term Investments                    
Investment Company   543    —    —    543 
Repurchase Agreements   —    84    —    84 
Total Short-Term Investments   543    84    —    627 
Total Assets  $ 34,424   $ 20,430   $ 8   $54,862 

 

   

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Global Real Estate  Common
Stock
(000)		 
Beginning Balance  $9 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)                   (1)
Realized gains (losses)   - 
Ending Balance  $8 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021  $(1)

 

   

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021:

 

Global Real Estate  Fair Value
 at September 30, 2021
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Common Stock  $8   Market Transaction Method  Transaction Valuation  $0.001   Increase

 

 

*Amount is indicative of the weighted average.
**Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

   

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

     
Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Global Strategist
Assets:
Fixed Income Securities                    
Agency Adjustable Rate Mortgage  $—   $7   $   —   $7 
Agency Fixed Rate Mortgages   —    3,013    —    3,013 
Asset-Backed Securities   —    435    —    435 
Commercial Mortgage-Backed Securities   —    640    —    640 
Corporate Bonds   —    13,435    —    13,435 
Mortgages - Other   —    559    —    559 
Sovereign   —    30,617    —    30,617 
Supranational   —    1,324    —    1,324 
U.S. Treasury Securities   —    2,357    —    2,357 
Total Fixed Income Securities   —    52,387    —    52,387 
Common Stocks                    
Aerospace & Defense   356    183    —    539 
Air Freight & Logistics   141    108    —    249 
Airlines   10    5    —    15 
Auto Components   50    48    —    98 
Automobiles   550    748    —    1,298 
Banks   1,085    967    —    2,052 
Beverages   347    268    —    615 
Biotechnology   493    91    —    584 
Building Products   126    124    —    250 
Capital Markets   732    354    —    1,086 
Chemicals   418    420    —    838 
Commercial Services & Supplies   129    32    —    161 
Communications Equipment   179    60    —    239 
Computers & Peripherals   —    15    —    15 
Construction & Engineering   5    1,554    —    1,559 
Construction Materials   27    79    —    106 
Consumer Finance   173    —    —    173 
Containers & Packaging   85    12    —    97 
Distributors   31    —    —    31 
Diversified Financial Services   222    96    —    318 
Diversified Telecommunication Services   385    240    —    625 
Electric Utilities   362    212    —    574 
Electrical Equipment   146    224    —    370 
Electronic Equipment, Instruments & Components   171    44    —    215 
Energy Equipment & Services   49    3†   —    52†
Entertainment   475    42    —    517 
Equity Real Estate Investment Trusts (REITs)   627    115    —    742 
Food & Staples Retailing   329    146    —    475 
Food Products   212    447    —    659 
Gas Utilities   15    31    —    46 
Health Care Equipment & Supplies   868    233    —    1,101 
Health Care Providers & Services   592    60    —    652 
Health Care Technology   50    —    —    50 
Hotels, Restaurants & Leisure   1,824    402    —    2,226 
Household Durables   87    49    —    136 
Household Products   280    98    —    378 
Independent Power Producers & Energy Traders   20    16    —    36 
Industrial Conglomerates   257    169    —    426 
Information Technology Services   1,350    163    —    1,513 
Insurance   550    613    —    1,163 
Interactive Media & Services   1,577    323    —    1,900 
Internet & Direct Marketing Retail   992    380    —    1,372 
Leisure Products   21    —    —    21 
Life Sciences Tools & Services   343    94    —    437 
Machinery   367    283    —    650 
Marine   —    41    —    41 

 

   

 

 

Media   318    63    —    381 
Metals & Mining   146    357    —    503 
Multi-Line Retail   127    36    —    163 
Multi-Utilities   164    135    —    299 
Oil, Gas & Consumable Fuels   2,412    503    —    2,915 
Paper & Forest Products   3    49    —    52 
Personal Products   43    247    —    290 
Pharmaceuticals   798    1,077    —    1,875 
Professional Services   145    193    —    338 
Real Estate Management & Development   26    144    —    170 
Road & Rail   297    9    —    306 
Semiconductors & Semiconductor Equipment   1,243    403    —    1,646 
Software   2,308    239†   —    2,547†
Specialty Retail   502    61    —    563 
Tech Hardware, Storage & Peripherals   1,402    —    —    1,402 
Textiles, Apparel & Luxury Goods   165    489    —    654 
Tobacco   132    106    —    238 
Trading Companies & Distributors   49    92    —    141 
Transportation Infrastructure   —    780    —    780 
Water Utilities   26    17    —    43 
Wireless Telecommunication Services   56    47    —    103 
Total Common Stocks   27,470    14,639†   —    42,109†
Preferred Stock   —@   —    —    —@
Short-Term Investments                    
Investment Company   9,546    —    —    9,546 
U.S. Treasury Security   —    676    —    676 
Total Short-Term Investments   9,546    676    —    10,222 
Foreign Currency Forward Exchange Contracts   —    188    —    188 
Futures Contracts   577    —    —    577 
Interest Rate Swap Agreements   —    504    —    504 
Total Return Swap Agreements   —    611    —    611 
Total Assets   37,593    69,005†   —    106,598†
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (178)   —    (178)
Futures Contracts   (62)   —    —    (62)
Interest Rate Swap Agreements   —    (50)   —    (50)
Total Return Swap Agreements   —    (869)   —    (869)
Total Liabilities   (62)   (1,097)   —    (1,159)
Total  $37,531   $67,908†  $—   $105,439†

 

@Value is less than $500.
†Includes one or more securities valued at zero.

 

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Global Strategist   

Common

Stock

(000)

 
Beginning Balance  $-†
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   -†
Corporate actions   - 
Change in unrealized appreciation (depreciation)   - 
Realized gains (losses)   - 
Ending Balance  $- 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021  $- 

 

†Includes a security valued at zero.

 

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Growth                
Assets:                
Common Stocks                    
Biotechnology   $22,005    $2,892    $—    $24,897 
Entertainment   78,160    —    —    78,160 
Health Care Equipment & Supplies   29,266    —    —    29,266 
Health Care Providers & Services   11,385    —    —    11,385 
Health Care Technology   27,922    8,638    —    36,560 
Hotels, Restaurants & Leisure   19,427    —    —    19,427 
Information Technology Services   313,596    19,243    —    332,839 
Interactive Media & Services   163,317    —    —    163,317 
Internet & Direct Marketing Retail   66,952    —    —    66,952 
Life Sciences Tools & Services   13,851    —    —    13,851 
Metals & Mining   2,611    —    —    2,611 
Pharmaceuticals   26,512    —    —    26,512 
Semiconductors & Semiconductor Equipment   27,796    —    —    27,796 
Software   204,003    —    —    204,003 
Specialty Retail   28,294    —    —    28,294 
Total Common Stocks   1,035,097    30,773    —    1,065,870 
Preferred Stocks                    
Electronic Equipment, Instruments & Components   —    —    —†   —†
Software   —    —    8,956    8,956 
Total Preferred Stocks   —    —    8,956†   8,956†
Investment Company   7,541    —    —    7,541 
Purchased Options   —    1,193    —    1,193 
Short-Term Investment                    
Investment Company   34,463    —    —    34,463 
Total Assets  1,077,101   31,966   8,956†  1,118,023†
Liabilities:                    
Derivative Contract — PIPE   —    —    (525)   (525)
Total  $1,077,101   $31,966   $8,431†  $1,117,498 

 

†Includes a security valued at zero.

 

   

 

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

Growth  Common
Stock
(000)		   Preferred
Stocks
(000)		   Derivative
Contract —
PIPE
 (000)		 
Beginning Balance  $1,982    439†  $- 
Purchases   -    8,310    - 
Sales                        -                          -    - 
PIPE transactions   -    -    (525)
Amortization of discount   -    -    - 
Transfers in   -    -    - 
Transfers out   (1,982)††   -    - 
Corporate actions   -    -    - 
Change in unrealized appreciation (depreciation)   -    207    - 
Realized gains (losses)   -    -    - 
Ending Balance  $-    8,956†  $(525)
                
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021  $-   $207   $(525)

 

†Includes a security valued at zero.
††A security transferred out of level 3 due to an Initial Public Offering.

 

   

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Growth  Fair Value at
September 30, 2021
(000)		   Valuation Technique  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in
Input**
Preferred Stocks  $8,956   Market Transaction Method  Precedent Transaction  $220.45   Increase
        Discounted Cash Flow  Weighted Average Cost of Capital   12.5%  Decrease
           Perpetual Growth Rate   3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue   8.0x  Increase
           Discount for Lack of Marketability   12.0%  Decrease
                    
PIPE  $(525)  Market Implied  Discount for Lack of Marketability and Transaction Risk   13.5%  Decrease

 

 

 

*Amount is indicative of the weighted average.
**Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

  

   

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
U.S. Real Estate                    
Assets:                    
Common Stocks                    
Apartments  $48,712   $    —   $    —   $48,712 
Data Centers   31,834    —    —    31,834 
Free Standing   26,902    —    —    26,902 
Health Care   56,112    —    —    56,112 
Industrial   42,993    —    —    42,993 
Lodging/Resorts   9,334    —    —    9,334 
Manufactured Homes   17,231    —    —    17,231 
Office   24,396    —    —    24,396 
Self Storage   48,171    —    —    48,171 
Shopping Centers   34,808    —    —    34,808 
Single Family Homes   11,240    —    —    11,240 
Specialty   18,643    —    —    18,643 
Total Common Stocks   370,376    —    —    370,376 
Short-Term Investment                    
Investment Company   2,282    —    —    2,282 
Total Assets  $372,658   $—   $—   $372,658 

 

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.