NPORT-EX 2 NPORT_MGHA_38071253_0922.htm

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities (97.5%)          
Agency Adjustable Rate Mortgages (0.0%) (a)          
Federal Home Loan Mortgage Corporation, Conventional Pool:
12 Month USD LIBOR + 1.63%, 3.39%, 7/1/45		  $13   $13 
Federal National Mortgage Association, Conventional Pool:
12 Month USD LIBOR + 1.59%, 2.60%, 12/1/45		   10    11 
         24 
Agency Fixed Rate Mortgages (16.6%)          
Federal Home Loan Mortgage Corporation,           
Conventional Pools:          
2.00%, 10/1/51   54    43 
Gold Pools:          
3.50%, 1/1/44     282    260 
4.00%, 12/1/41 – 10/1/44   325    309 
5.41%, 7/1/37 – 8/1/37   11    11 
5.44%, 1/1/37 – 2/1/38   40    40 
5.46%, 5/1/37 – 1/1/38   39    39 
5.48%, 8/1/37     10    10 
5.50%, 8/1/37 – 11/1/37   46    46 
5.52%, 10/1/37   5    5 
5.62%, 12/1/36 – 8/1/37   46    46 
6.00%, 8/1/37 – 5/1/38   12    13 
7.50%, 5/1/35     16    17 
8.00%, 8/1/32     10    11 
8.50%, 8/1/31    15    16 
Federal National Mortgage Association,           
Conventional Pools:          
2.00%, 11/1/51 – 3/1/52   592    474 
2.50%, 2/1/50     208    175 
3.00%, 7/1/49     50    43 
3.50%, 7/1/46 – 7/1/49   635    588 
4.00%, 11/1/41 – 8/1/49   586    553 
4.50%, 8/1/40 – 9/1/48   177    172 
5.00%, 7/1/40     45    45 
5.62%, 12/1/36   18    18 
6.00%, 12/1/38   145    149 
6.50%, 11/1/27 – 10/1/38   11    11 
7.00%, 6/1/29     3    3 
7.50%, 8/1/37     28    30 
8.00%, 4/1/33     21    23 
8.50%, 10/1/32   23    25 
9.50%, 4/1/30     1    1 
October TBA:          
2.50%, 10/1/52 (b)   1,350    1,133 
3.50%, 10/1/52 (b)   2,825    2,543 
4.00%, 10/1/52 (b)   350    325 
4.50%, 10/1/52 (b)   4,250    4,050 
5.00%, 10/1/52 (b)   1,025    999 
5.50%, 10/1/52 (b)   1,725    1,715 
Government National Mortgage Association,           
Various Pools:          
3.50%, 11/20/40 – 7/20/46   240    219 
4.00%, 7/15/44   84    81 
5.00%, 12/20/48 – 2/20/49   12    12 
         14,253 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Asset-Backed Securities (11.1%)          
AIMCO CLO,           
Series 2018-B          
3 Month USD LIBOR + 1.10%, 3.61%, 1/15/32 (c)(d)   625    608 
Allegro CLO XI Ltd.,           
3 Month USD LIBOR + 1.39%, 4.13%, 1/19/33 (c)(d)   250    244 
American Homes 4 Rent Trust,           
6.07%, 10/17/52 (d)   490    486 
Benefit Street Partners CLO XX Ltd.,           
3 Month USD LIBOR + 1.17%, 3.68%, 7/15/34 (c)(d)   390    375 
Blackbird Capital Aircraft Lease Securitization Ltd.,           
5.68%, 12/16/41 (d)   356    273 
Cologix Data Centers US Issuer LLC,           
3.30%, 12/26/51 (d)   225    201 
4.94%, 1/25/52 (d)   400    268 
Conn's Receivables Funding LLC,           
2.87%, 5/15/26 (d)   125    122 
9.52%, 12/15/26 (d)   400    399 
ELFI Graduate Loan Program LLC,           
4.51%, 8/26/47 (d)   196    189 
Falcon Aerospace Ltd.,           
3.60%, 9/15/39 (d)   180    143 
Foundation Finance Trust,           
3.86%, 11/15/34 (d)   84    82 
Freed ABS Trust,           
5.39%, 6/18/26 (d)   112    112 
GAIA Aviation Ltd.,           
7.00%, 12/15/44 (d)   344    193 
Goodgreen Trust,           
5.53%, 4/15/55 (d)   415    341 
JOL Air Ltd.,           
4.95%, 4/15/44 (d)   227    158 
Lunar 2021-1 Structured Aircraft Portfolio Notes,           
2.64%, 10/15/46 (d)   311    258 
Lunar Aircraft Ltd.,           
3.38%, 2/15/45 (d)   108    88 
Mosaic Solar Loan Trust,           
1.92%, 6/20/52 (d)   195    158 
New Residential Mortgage LLC,           
5.44%, 6/25/25 – 7/25/25 (d)   694    657 
Newday Funding Master Issuer PLC,           
SOFR + 1.50%, 4.17%, 4/15/30 (c)(d)   500    487 
NovaStar Mortgage Funding Trust,           
1 Month USD LIBOR + 1.06%, 4.14%, 12/25/33 (c)   179    176 
NRZ Excess Spread-Collateralized Notes,           
Class A          
3.47%, 11/25/26 (d)   242    213 
Octagon Investment Partners 51 Ltd.,           
3 Month USD LIBOR + 1.15%, 3.86%, 7/20/34 (c)(d)   900    862 
Oxford Finance Funding LLC,           
5.44%, 2/15/27 (d)   138    136 
PMT FMSR Issuer Trust,           
1 Month USD LIBOR + 3.00%, 6.08%, 3/25/26 (c)(d)   650    608 
PNMAC GMSR Issuer Trust,           
SOFR30A + 4.19%, 6.49%, 6/25/27 (c)(d)   300    289 
SOFR30A + 4.25%, 6.53%, 5/25/27 (c)(d)   300    287 
PRET 2021-NPL6 LLC,           
2.49%, 7/25/51 (d)   169    158 
Sculptor CLO XXVI Ltd.,           
3 Month USD LIBOR + 1.27%, 3.98%, 7/20/34 (c)(d)   840    807 
START Ireland,           
4.09%, 3/15/44 (d)   125    111 
         9,489 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Collateralized Mortgage Obligations - Agency Collateral Series (0.2%)          
Federal Home Loan Mortgage Corporation,           
IO REMIC          
6.00% - 1 Month USD LIBOR, 3.18%, 11/15/43 – 6/15/44 (e)   854    73 
IO STRIPS          
7.50%, 12/15/29   2    —@ 
Federal National Mortgage Association,           
IO REMIC          
6.00%, 5/25/33 – 7/25/33   100    18 
IO STRIPS          
8.00%, 6/25/35 (c)   6    1 
REMIC          
7.00%, 9/25/32     17    18 
Government National Mortgage Association,           
IO          
0.57%, 8/20/58 (c)   3,290    42 
5.00%, 2/16/41     41    8 
         160 
Commercial Mortgage-Backed Securities (11.9%)          
BAMLL Commercial Mortgage Securities Trust,           
SOFR + 3.00%, 5.85%, 1/15/39 (c)(d)   350    334 
BANK 2019-BNK21,           
IO          
0.97%, 10/17/52 (c)   3,503    154 
BANK 2020-BNK30,           
3.02%, 12/15/53 (c)   725    493 
BPR Trust,           
SOFR + 3.00%, 5.85%, 5/15/39 (c)(d)   350    345 
BX Trust BX 2022 VAMF,           
SOFR + 2.70%, 5.55%, 1/15/39 (c)(d)   390    367 
Citigroup Commercial Mortgage Trust,           
3.62%, 12/10/41 (c)(d)   300    195 
IO          
0.87%, 11/10/48 (c)   2,277    40 
1.03%, 9/10/58 (c)   4,140    85 
Commercial Mortgage Trust,           
IO          
0.04%, 7/10/45 (c)   6,150    1 
0.82%, 10/10/47 (c)   2,217    23 
1.15%, 7/15/47 (c)   2,433    31 
Credit Suisse Mortgage Trust,           
1 Month USD LIBOR + 3.97%, 6.79%, 4/15/23 (c)(d)   525    506 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,           
2.98%, 1/25/49 (c)   800    153 
3.08%, 1/25/32 (c)   625    124 
3.32%, 5/25/32 (c)   1,300    285 
3.69%, 7/25/32 (c)   775    182 
4.29%, 8/25/54 (c)   650    179 
Federal Home Loan Mortgage Corporation,           
1 Month USD LIBOR + 4.35%, 6.90%, 12/25/26 (c)(d)   40    39 
1 Month USD LIBOR + 5.25%, 7.80%, 7/25/26 (c)(d)   42    42 
IO          
2.72%, 1/25/49(c)   3,665    589 
2.75%, 2/25/49 (c)   1,635    267 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

3.17%, 11/25/36 (c)   475    127 
3.57%, 10/25/38 (c)   800    223 
3.92%, 6/25/50 (c)   900    221 
GS Mortgage Securities Trust,           
4.88%, 8/10/46 (c)(d)   500    471 
IO    
0.84%, 9/10/47 (c)   4,221    45 
1.37%, 10/10/48 (c)   4,596    132 
Highways 2021 PLC,           
3.19%, 12/18/31  GBP300    328 
Jackson Park Trust,           
3.35%, 10/14/39 (c)(d)  $400    275 
JP Morgan Chase Commercial Mortgage Securities Trust,           
IO          
0.65%, 4/15/46 (c)   6,000    17 
0.72%, 12/15/49 (c)   2,581    45 
0.96%, 7/15/47 (c)   4,270    32 
JPMBB Commercial Mortgage Securities Trust,           
IO          
1.10%, 8/15/47 (c)   2,663    33 
Last Mile Logistics Pan Euro Finance DAC,           
3 Month EURIBOR + 1.90%, 2.24%, 8/17/33 (c)(d)  EUR100    91 
Life Mortgage Trust,           
SOFR + 2.09%, 4.94%, 5/15/39 (c)(d)  $175    169 
MF1 2021-W10X,           
SOFR + 2.82%, 5.67%, 12/15/34 (c)(d)   475    461 
MFT Trust,           
3.59%, 2/10/42 (c)(d)   200    148 
MKT 2020-525M Mortgage Trust,           
3.04%, 2/12/40 (c)(d)   200    124 
Multifamily Connecticut Avenue Securities Trust,           
1 Month USD LIBOR + 1.95%, 5.03%, 3/25/50 (c)(d)   20    20 
Natixis Commercial Mortgage Securities Trust,           
4.46%, 1/15/43  (c)(d)   200    163 
1 Month USD LIBOR + 1.70%, 4.52%, 8/15/38  (c)(d)   325    305 
1 Month USD LIBOR + 2.20%, 5.02%, 7/15/36  (c)(d)   500    488 
Real Estate Asset Liquidity Trust,           
IO          
1.17%, 2/12/31 (c)(d)  CAD3,458    117 
SG Commercial Mortgage Securities Trust,           
3.85%, 3/15/37 (c)(d)  $450    393 
SLG Office Trust,           
IO          
0.26%, 7/15/41 (c)(d)   3,650    61 
Taubman Centers Commercial Mortgage Trust,           
SOFR + 2.19%, 5.03%, 5/15/37 (c)(d)   450    441 
Vita Scientia 2022-1 DAC,           
3 Month EURIBOR + 2.49%, 3.01%, 8/27/25 (c)(d)  EUR250    230 
VMC Finance 2021-HT1 LLC,           
1 Month USD LIBOR + 1.65%, 4.64%, 1/18/37 (c)(d)  $261    253 
WFRBS Commercial Mortgage Trust,           
4.29%, 5/15/45 (c)(d)   385    369 
         10,216 
Corporate Bonds  (25.8%)          
Finance  (8.9%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,           
3.00%, 10/29/28   150    120 
4.13%, 7/3/23   325    323 
Australia & New Zealand Banking Group Ltd.          
2.57%, 11/25/35 (d)   200    145 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Avolon Holdings Funding Ltd.          
2.88%, 2/15/25 (d)   275    249 
Banco de Credito e Inversiones SA          
2.88%, 10/14/31 (d)   225    174 
Banco Santander Chile          
2.70%, 1/10/25 (d)   150    140 
Banco Santander SA          
4.18%, 3/24/28   200    180 
Bank Hapoalim BM          
3.26%, 1/21/32 (d)   225    188 
Bank of America Corp.,           
2.48%, 9/21/36   250    181 
2.69%, 4/22/32   175    137 
3.71%, 4/24/28   125    114 
3.85%, 3/8/37   125    101 
MTN          
4.00%, 1/22/25   385    373 
Bank of Ireland Group PLC          
2.03%, 9/30/27 (d)   250    207 
Bank of Montreal          
3.09%, 1/10/37   150    112 
Belrose Funding Trust          
2.33%, 8/15/30 (d)   100    76 
BNP Paribas SA          
4.40%, 8/14/28 (d)   300    270 
BPCE SA          
5.15%, 7/21/24 (d)   300    293 
Citigroup, Inc.,           
2.52%, 11/3/32   475    361 
5.50%, 9/13/25   150    150 
CNO Financial Group, Inc.          
5.25%, 5/30/29   95    89 
Coinbase Global, Inc.          
3.38%, 10/1/28 (d)   110    69 
Credit Suisse Group AG          
6.54%, 8/12/33 (d)   250    225 
Goldman Sachs Group, Inc.          
2.62%, 4/22/32   525    408 
Grupo Aval Ltd.          
4.38%, 2/4/30 (d)   200    145 
HSBC Holdings PLC          
3.80%, 3/11/25   450    435 
JPMorgan Chase & Co.          
1.95%, 2/4/32   125    93 
Life Storage LP          
2.40%, 10/15/31   125    94 
Macquarie Group Ltd.          
2.87%, 1/14/33 (d)   125    94 
Marsh & McLennan Cos., Inc.          
5.88%, 8/1/33   125    127 
Nationwide Building Society          
4.30%, 3/8/29 (d)   375    334 
Nordea Bank Abp          
5.38%, 9/22/27 (d)   200    195 
Oversea-Chinese Banking Corp. Ltd.          
1.83%, 9/10/30 (d)   200    179 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.          
3.88%, 3/1/31 (d)   170    123 
Societe Generale SA          
2.63%, 1/22/25 (d)   225    208 
Sun Communities Operating LP          
4.20%, 4/15/32   225    189 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

SVB Financial Group,           
1.80%, 2/2/31   125    90 
4.10%, 2/15/31  (f)   100    69 
United Overseas Bank Ltd.          
3.86%, 10/7/32 (d)   325    296 
Wells Fargo & Co.,           
3.07%, 4/30/41   125    86 
MTN          
2.88%, 10/30/30   200    165 
Westpac Banking Corp.          
2.67%, 11/15/35   75    55 
         7,662 
Industrials  (14.8%)          
Airbnb, Inc.          
0.00%, 3/15/26   130    108 
Alibaba Group Holding Ltd.          
2.13%, 2/9/31 (g)   200    154 
Altria Group, Inc.          
3.40%, 2/4/41   125    79 
Amazon.com, Inc.          
2.70%, 6/3/60   100    59 
American Airlines, Inc./AAdvantage Loyalty IP Ltd.          
5.75%, 4/20/29 (d)   160    140 
Amgen, Inc.,           
2.80%, 8/15/41   100    69 
4.20%, 2/22/52   75    59 
Anheuser-Busch InBev Worldwide, Inc.          
4.60%, 4/15/48   100    83 
AT&T, Inc.,           
2.55%, 12/1/33   225    167 
3.55%, 9/15/55   150    99 
BAT Capital Corp.          
2.26%, 3/25/28   275    219 
Boeing Co.          
3.25%, 2/1/35   150    106 
BP Capital Markets PLC,           
4.38%, 6/22/25  (f)   75    70 
4.88%, 3/22/30  (f)   75    65 
Celanese U.S. Holdings LLC          
6.17%, 7/15/27   250    237 
Charter Communications Operating LLC/Charter Communications Operating Capital,           
2.30%, 2/1/32   50    36 
2.80%, 4/1/31   100    76 
3.50%, 3/1/42   300    191 
Children's Health System of Texas          
2.51%, 8/15/50   175    105 
Comcast Corp.          
1.95%, 1/15/31   200    156 
Crown Castle International Corp.          
3.30%, 7/1/30   150    126 
Dell International LLC/EMC Corp.          
3.45%, 12/15/51 (d)   275    157 
Delta Air Lines Pass Through Trust,           
Series AA          
3.20%, 10/25/25   150    145 
Dexcom, Inc.          
0.25%, 11/15/25 (g)   200    185 
Dick's Sporting Goods, Inc.          
4.10%, 1/15/52   250    155 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

DXC Technology Co.          
1.80%, 9/15/26   350    300 
Enbridge, Inc.          
2.50%, 8/1/33   275    206 
Energy Transfer LP,           
2.90%, 5/15/25   250    233 
4.75%, 1/15/26   75    72 
Enterprise Products Operating LLC          
3.30%, 2/15/53   100    65 
EQM Midstream Partners LP          
7.50%, 6/1/27 (d)   25    24 
Galaxy Pipeline Assets Bidco Ltd.          
1.75%, 9/30/27 (d)   264    240 
Garda World Security Corp.          
4.63%, 2/15/27 (d)   200    172 
GE Capital International Funding Co., Unlimited Co.          
4.42%, 11/15/35   225    202 
General Motors Co.,           
5.40%, 10/15/29   175    162 
6.60%, 4/1/36   75    70 
6.75%, 4/1/46   75    68 
Georgia-Pacific LLC          
2.30%, 4/30/30 (d)   175    144 
Global Partners LP/GLP Finance Corp.          
7.00%, 8/1/27   80    73 
GLP Capital LP/GLP Financing II, Inc.,           
3.25%, 1/15/32   50    38 
5.38%, 4/15/26   125    120 
Grifols SA          
2.25%, 11/15/27 (d)  EUR200    153 
HCA, Inc.          
5.25%, 6/15/49  $175    143 
Hyundai Capital America          
1.80%, 1/10/28 (d)   250    200 
Imperial Brands Finance PLC          
3.13%, 7/26/24 (d)   350    335 
Intel Corp.          
2.80%, 8/12/41   175    118 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
2.50%, 1/15/27 (d)   225    193 
Johns Hopkins University,           
Series A          
2.81%, 1/1/60   145    90 
Las Vegas Sands Corp.          
3.20%, 8/8/24   100    94 
Level 3 Financing, Inc.          
3.40%, 3/1/27 (d)   175    147 
Lions Gate Capital Holdings LLC        
5.50%, 4/15/29 (d)   145    108 
Lowe's Cos., Inc.          
5.80%, 9/15/62   75    69 
Macy's Retail Holdings LLC          
5.88%, 3/15/30 (d)(g)   80    63 
Magallanes, Inc. Co.,           
5.05%, 3/15/42  (d)   100    75 
5.14%, 3/15/52  (d)   150    109 
Matador Resources Co.          
5.88%, 9/15/26   205    198 
Mauser Packaging Solutions Holding Co.          
7.25%, 4/15/25 (d)(g)   120    106 
McLaren Health Care Corp.,           
Series A          
4.39%, 5/15/48   150    127 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Medline Borrower LP          
3.88%, 4/1/29 (d)   150    121 
MPLX LP          
4.95%, 3/14/52   200    157 
NBN Co. Ltd.          
2.63%, 5/5/31 (d)   225    179 
Newcastle Coal Infrastructure Group Pty Ltd.          
4.40%, 9/29/27 (d)   275    236 
Nissan Motor Co. Ltd.          
3.04%, 9/15/23 (d)   275    267 
NOVA Chemicals Corp.          
4.25%, 5/15/29 (d)(g)   165    129 
ONEOK, Inc.,           
3.10%, 3/15/30   125    102 
3.40%, 9/1/29   50    42 
Peloton Interactive, Inc.          
0.00%, 2/15/26   235    160 
Pertamina Persero PT          
2.30%, 2/9/31   450    342 
Resorts World Las Vegas LLC/RWLV Capital, Inc.          
4.63%, 4/16/29 (d)   200    152 
RingCentral, Inc.          
0.00%, 3/15/26   125    97 
Rockies Express Pipeline LLC          
3.60%, 5/15/25 (d)   100    90 
Rogers Communications, Inc.          
4.55%, 3/15/52 (d)   175    140 
Sealed Air Corp.          
1.57%, 10/15/26 (d)   75    63 
Silgan Holdings, Inc.          
1.40%, 4/1/26 (d)   200    171 
Splunk, Inc.          
1.13%, 6/15/27   200    158 
Spotify USA, Inc.          
0.00%, 3/15/26   140    111 
Standard Industries, Inc.          
2.25%, 11/21/26 (d)  EUR125    97 
Syngenta Finance NV          
4.89%, 4/24/25 (d)  $300    290 
Take-Two Interactive Software, Inc.          
4.00%, 4/14/32   75    65 
Telefonica Emisiones SA          
4.10%, 3/8/27   300    278 
TotalEnergies SE,           
Series FP          
0.50%, 12/2/22   200    199 
Uber Technologies, Inc.          
0.00%, 12/15/25   190    159 
Union Pacific Corp.        
4.95%, 9/9/52   100    93 
Verizon Communications, Inc.          
2.65%, 11/20/40   250    164 
Volkswagen Group of America Finance LLC          
4.75%, 11/13/28 (d)   275    256 
Vontier Corp.          
2.40%, 4/1/28   250    196 
VTR Finance NV          
6.38%, 7/15/28 (d)   200    113 
Warnermedia Holdings, Inc.          
4.28%, 3/15/32 (d)   175    144 
Wayfair, Inc.          
0.63%, 10/1/25   285    192 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Western Digital Corp.          
1.50%, 2/1/24   125    119 
         12,645 
Utilities  (2.1%)          
Duke Energy Indiana LLC          
2.75%, 4/1/50   83    52 
Enel Finance International NV          
5.00%, 6/15/32 (d)   200    171 
Entergy Louisiana LLC          
1.60%, 12/15/30   125    94 
Fells Point Funding Trust          
3.05%, 1/31/27 (d)   250    223 
Jersey Central Power & Light Co.          
2.75%, 3/1/32 (d)   150    119 
Mississippi Power Co.          
3.95%, 3/30/28   275    254 
NextEra Energy Capital Holdings, Inc.          
3.00%, 1/15/52   150    96 
Niagara Mohawk Power Corp.          
2.76%, 1/10/32 (d)   300    235 
Northern States Power Co.          
2.90%, 3/1/50   150    101 
NRG Energy, Inc.          
3.88%, 2/15/32 (d)   160    125 
Piedmont Natural Gas Co., Inc.          
2.50%, 3/15/31   125    99 
Public Service Enterprise Group, Inc.          
2.45%, 11/15/31   150    117 
Virginia Electric and Power Co.          
2.95%, 11/15/51   125    81 
         1,767 
         22,074 
Mortgages - Other  (21.9%)          
Alternative Loan Trust,           
1 Month USD LIBOR + 0.36%, 3.44%, 5/25/47  (c)   72    61 
5.50%, 2/25/36   5    3 
6.00%, 7/25/37   38    26 
PAC          
5.50%, 2/25/36   2    2 
6.00%, 4/25/36   11    6 
Banc of America Alternative Loan Trust,           
1 Month USD LIBOR + 0.65%, 3.73%, 7/25/46  (c)   96    78 
6.36%, 10/25/36   256    78 
Banc of America Funding Trust,           
5.25%, 7/25/37   14    14 
6.00%, 7/25/37   15    11 
Bayview MSR Opportunity Master Fund Trust,           
3.00%, 11/25/51 (c)(d)   227    188 
Brean Asset Backed Securities Trust,           
1.40%, 10/25/63  (c)(d)   241    207 
1.75%, 10/25/61  (c)(d)   246    215 
CFMT LLC,           
3.25%, 9/25/37   230    179 
3.75%, 4/25/25 (c)(d)   300    268 
3.85%, 10/27/31 (c)(d)   350    319 
ChaseFlex Trust,           
6.00%, 2/25/37   306    137 
CIM Trust,           
2.50%, 7/1/51  (c)(d)   374    299 
2.57%, 7/25/55  (d)   354    337 
2.82%, 10/25/61  (d)   245    227 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

COLT 2021-RPL1 Trust,           
1.67%, 9/25/61 (c)(d)   161    146 
CSFB Mortgage-Backed Pass-Through Certificates,           
6.50%, 11/25/35   752    159 
Eurosail-NL 2007-2 BV,           
3 Month EURIBOR + 1.80%, 1.80%, 10/17/40 (c)  EUR300    287 
Federal Home Loan Mortgage Corporation,           
3.00%, 9/25/45 – 5/25/47  $511    469 
3.50%, 5/25/45 – 5/25/47   312    291 
3.85%, 5/25/45  (c)(d)   1    1 
4.00%, 5/25/45   7    7 
Flagstar Mortgage Trust,           
2.50%, 9/25/51 (c)(d)   378    302 
FMC GMSR Issuer Trust,           
3.85%, 10/25/26  (c)(d)   300    243 
7.90%, 7/25/27  (d)   300    279 
Freddie Mac STACR REMIC Trust,           
SOFR30A + 2.20%, 4.48%, 5/25/42 (c)(d)   182    181 
GCAT 2022-NQM3 Trust,           
4.35%, 4/25/67 (c)(d)   508    490 
GSR Mortgage Loan Trust,           
5.75%, 1/25/37   77    51 
Headlands Residential 2021-RPL1 LLC,           
2.49%, 9/25/26 (c)(d)   350    323 
Hundred Acre Wood Trust,           
2.50%, 10/25/51   (c)(d)   896    716 
Imperial Fund Mortgage Trust,           
2.09%, 1/25/57  (c)(d)   493    401 
2.49%, 2/25/67  (c)(d)   282    250 
JP Morgan Alternative Loan Trust,           
6.00%, 12/25/35   32    24 
JP Morgan Mortgage Trust,           
3.45%, 6/25/37  (c)   27    22 
6.00%, 6/25/37   4    11 
Legacy Mortgage Asset Trust,           
3.25%, 2/25/60 (d)   331    324 
Lehman Mortgage Trust,           
6.50%, 9/25/37   623    234 
LHOME Mortgage Trust,           
3.23%, 10/25/24 (d)   25    25 
PMC PLS ESR Issuer LLC,           
5.11%, 2/25/27 (d)   288    274 
PNMAC GMSR Issuer Trust,           
1 Month USD LIBOR + 2.85%, 5.93%, 2/25/23 (c)(d)   300    298 
Preston Ridge Partners LLC,           
1.74%, 9/25/26  (c)(d)   216    198 
2.36%, 10/25/26  (d)   235    218 
2.49%, 11/25/26  (d)   327    304 
5.56%, 6/25/27  (d)   278    269 
Preston Ridge Partners Mortgage LLC,           
5.00%, 3/25/27 (d)   300    286 
PRET 2022-NPL4 LLC,           
6.56%, 8/25/52 (d)   293    293 
RALI Trust,           
6.00%, 4/25/36 – 1/25/37   24    18 
Rate Mortgage Trust,           
2.50%, 11/25/51 (c)(d)   526    415 
Residential Asset Securitization Trust,           
 6.00%, 7/25/36   20    11 
Sage AR Funding PLC (SGSHR) No. 1,           
3.58%, 11/17/51 (c)  GBP400    418 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Seasoned Credit Risk Transfer Trust,           
3.00%, 7/25/56 – 5/25/60  $4,079    3,674 
4.00%, 7/25/56  (c)   194    190 
4.00%, 8/25/58 – 2/25/59   342    328 
4.25%, 5/25/60  (c)(d)   600    532 
4.50%, 6/25/57   591    579 
4.75%, 7/25/56 – 6/25/57(c)(d)   700    645 
Stanwich Mortgage Loan Co. LLC,           
2.74%, 10/16/26 (d)   269    252 
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,           
1 Month USD LIBOR + 1.85%, 4.93%, 5/25/47 (c)(d)   877    811 
TVC Mortgage Trust,           
3.47%, 9/25/24 (d)   79    79 
United Wholesale Mortgage Trust,           
2.50%, 8/25/51 (c)(d)   474    379 
UWM Mortgage Trust,           
2.50%, 11/25/51 (c)(d)   349    278 
VOLT CV LLC,           
2.49%, 11/27/51 (d)   167    153 
         18,793 
Municipal Bonds  (1.5%)          
Chicago O’Hare International Airport, IL,           
O'Hare International Airport Revenue Series 2010B          
6.40%, 1/1/40   115    127 
City of New York, NY,           
Series G-1          
5.97%, 3/1/36   245    257 
Illinois State Toll Highway Authority, IL,           
Highway Revenue, Build America Bonds Series A          
6.18%, 1/1/34   705    756 
University of Michigan, MI,           
Series A          
4.45%, 4/1/22   170    136 
         1,276 
Sovereign  (3.3%)          
Australia Government Bond,           
1.25%, 5/21/32  AUD825    417 
Dominican Republic International Bond,           
5.88%, 1/30/60 (d)  $225    149 
Ecuador Government International Bond,           
1.50%, 7/31/40 (d)(h)   62    19 
Egypt Government International Bond,           
6.38%, 4/11/31  (d)   200    115 
7.50%, 2/16/61  (d)   200    106 
Export-Import Bank of India,           
3.25%, 1/15/30 (d)   200    167 
Hellenic Republic Government Bond,           
2.00%, 4/22/27 (d)  EUR143    129 
Italy Buoni Poliennali Del Tesoro,           
0.65%, 10/28/27 (d)   620    588 
Ivory Coast Government International Bond,           
4.88%, 1/30/32 (d)  $125    82 
Petroleos Mexicanos,           
6.70%, 2/16/32   388    273 
6.95%, 1/28/60   55    31 
Philippine Government International Bond,           
4.20%, 3/29/47   200    156 

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Republic of South Africa Government Bond,     
8.25%, 3/31/32  ZAR12,298    559 
         2,791 
Supranational  (0.3%)          
Banque Ouest Africaine de Developpement,           
4.70%, 10/22/31 (d)  $350    283 
           
U.S. Treasury Securities  (4.9%)          
U.S. Treasury Bond,           
1.75%, 8/15/41   3,700    2,532 
U.S. Treasury Note,           
2.25%, 2/15/27   1,800    1,664 
         4,196 
Total Fixed Income Securities (Cost $94,735)        83,555 

 

   Shares     
Short-Term Investments  (14.4%)          
Investment Company  (11.2%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $9,585)   9,585,259    9,585 
           
Securities held as Collateral on Loaned Securities  (0.6%)          
Investment Company  (0.6%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $468)   468,063    468 

 

   Face
Amount
(000)		     
U.S. Treasury Securities  (2.6%)        
U.S. Treasury Bill,           
3.84%, 3/16/23 (j)  $833    819 
U.S. Treasury Notes,           
0.13%, 12/31/22   1,000    992 
0.50%, 3/15/23   450    443 
Total U.S. Treasury Securities (Cost $2,265)        2,254 
Total Short-Term Investments (Cost $12,318)        12,307 
Total Investments (111.9%) (Cost $107,053) Including $643 of Securities Loaned (k)(l)(m)        95,862 
Liabilities in Excess of Other Assets (–11.9%)        (10,185)
Net Assets (100.0%)       $85,677 

 
(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, 2022. 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, 2022.

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

(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, 2022.
(g) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $643,000 and $657,000, respectively. The Fund received cash collateral of approximately $468,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $189,000 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.
(h) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2022. Maturity date disclosed is the ultimate maturity date.
(i) 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, 2022, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds.
(j) Rate shown is the yield to maturity at September 30, 2022.
(k) Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency exchange contracts, futures contracts and a swap agreement.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(m) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $699,000 and the aggregate gross unrealized depreciation is approximately $12,374,000, resulting in net unrealized depreciation of approximately $11,675,000.
@ Value is less than $500.
CLO Collateralized Loan Obligation.
EURIBOR Euro Interbank Offered Rate.
IO Interest Only.
LIBOR London Interbank Offered Rate.
MTN Medium Term Note.
PAC Planned Amortization Class.
REMIC Real Estate Mortgage Investment Conduit.
SOFR Secured Overnight Financing Rate.
STRIPS Separate Trading of Registered Interest and Principal of Securities.
TBA To Be Announced.
USD — United States Dollar

 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Core Plus Fixed Income Portfolio

Portfolio of Investments 

Third Quarter Report 

September 30, 2022 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

 

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

 

Counterparty  Contracts
to
Deliver
(000)		    In
Exchange
For
(000)		   Delivery
Date		  Unrealized
Appreciation
(Depreciation)
(000)		 
BNP Paribas SA  CNY2,856    $425  11/10/22  $22 
Goldman Sachs International  $212    BRL1,106  11/10/22   (9)
Royal Bank of Canada  EUR1,886    $1,935  11/10/22   81 
Standard Chartered Bank  $215    JPY30,511  11/10/22   (4)
UBS AG  AUD677    $476  11/10/22   43 
UBS AG  CAD566    $438  11/10/22   28 
UBS AG  GBP2    $2  11/10/22   —@ 
UBS AG  GBP677    $820  11/10/22   64 
UBS AG  $4    CAD5  11/10/22   (—@)
UBS AG  $3    EUR3  11/10/22   (—@)
UBS AG  $5    GBP5  11/10/22   (—@)
UBS AG  $209    MXN4,235  11/10/22   (—@)
UBS AG  ZAR10,797    $652  11/10/22   58 
                $283 

 

Futures Contracts:

 

The Fund had the following futures contracts open at September 30, 2022:  

 

   Number
of
Contracts		   Expiration
Date		  Notional
Amount
(000)		   Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:    
U.S. Treasury 10 yr. Note  15     Dec-22  $1,500   $1,681   $(60)
U.S. Treasury 10 yr. Ultra Note  25     Dec-22   2,500    2,962    (2)
U.S. Treasury 5 yr. Note  40     Dec-22   4,000    4,300    (117)
U.S. Treasury Long Bond  17     Dec-22   1,700    2,149    (127)
U.S. Treasury Ultra Bond  38     Dec-22   3,800    5,206    (497)
                         
Short:                        
Euro-Buxl 30yr. Bond  1     Dec-22  EUR(100)   (144)   19 
German Euro-BTP Italian Index  3     Dec-22   (300)   (329)   18 
Japan 10 yr. Bond  1     Dec-22  JPY(100,000)   (1,025)   2 
U.S. Treasury 2 yr. Note  27     Dec-22  $(5,400)   (5,545)   5 
                      $(759)

 

Credit Default Swap Agreement:

 

The Fund had the following credit default swap agreement open at September 30, 2022:  

 

Swap Counterparty and
Reference Obligation		  Credit
Rating of
Reference
Obligation†
(Unaudited)		  Buy/Sell
Protection		  Pay/Receive
Fixed Rate		   Payment
Frequency		  Maturity
 Date		  Notional
Amount
(000)		   Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Depreciation
(000)		 
Morgan Stanley & Co. LLC*                                    
CDX.NA.HY.39  NR  Buy   5.00%  Quarterly  12/20/27  $1,099   $44    $52   $(8)

 

* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
† Credit rating as issued by Standard & Poor’s.
BTP Buoni del Tesoro Poliennali.
NR Not rated.
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CNY — Chinese Yuan Renminbi
EUR — Euro
GBP — British Pound
JPY — Japanese Yen
MXN — Mexican Peso
USD — United States Dollar
ZAR — South African Rand

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		  
Mortgages - Other   19.7%
Agency Fixed Rate Mortgages   14.9 
Industrials   13.3 
Short-Term Investments   12.4 
Others**   11.0 
Commercial Mortgage-Backed Securities   10.7 
Asset-Backed Securities   10.0 
Finance   8.0 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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 $23,341,000 and net unrealized depreciation of approximately $759,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $283,000. Also does not include open swap agreements with total unrealized depreciation of approximately $8,000.

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (96.2%)          
Biotechnology  (1.0%)          
Intellia Therapeutics, Inc. (a)   13,526   $757 
ProKidney Corp.  (a)   79,084    712 
         1,469 
Chemicals  (0.6%)          
Ginkgo Bioworks Holdings, Inc. (a)   265,674    829 
           
Commercial Services & Supplies  (0.2%)          
Aurora Innovation, Inc. (a)   129,934    287 
           
Consumer Finance  (0.7%)          
Upstart Holdings, Inc. (a)(b)   48,161    1,001 
           
Entertainment  (4.9%)          
ROBLOX Corp., Class A (a)   192,414    6,896 
           
Health Care Providers & Services  (9.2%)          
Agilon Health, Inc. (a)   486,061    11,383 
Guardant Health, Inc. (a)   29,849    1,607 
         12,990 
Health Care Technology  (4.4%)          
Doximity, Inc., Class A (a)   205,707    6,216 
           
Information Technology Services  (25.0%)          
Adyen NV (Netherlands) (a)   2,594    3,235 
Affirm Holdings, Inc. (a)   245,424    4,604 
Cloudflare, Inc., Class A (a)   172,869    9,561 
MongoDB, Inc. (a)   32,756    6,504 
Shopify, Inc., Class A (Canada) (a)   63,200    1,703 
Snowflake, Inc., Class A (a)   57,529    9,778 
         35,385 
Interactive Media & Services  (5.4%)          
ZoomInfo Technologies, Inc., Class A (a)   183,645    7,651 
           
Internet & Direct Marketing Retail  (12.3%)          
Chewy, Inc., Class A (a)   145,505    4,470 
Coupang, Inc. (a)   199,556    3,327 
DoorDash, Inc., Class A (a)   112,354    5,556 
Farfetch Ltd., Class A (a)   131,945    983 
Global-e Online Ltd. (Israel) (a)   75,887    2,031 
Wayfair, Inc., Class A (a)   35,495    1,155 
         17,522 
Leisure Products  (1.2%)          
Peloton Interactive, Inc., Class A (a)   242,392    1,680 
           
Life Sciences Tools & Services  (1.2%)          
10X Genomics, Inc., Class A (a)   58,761    1,674 
           
Pharmaceuticals  (6.3%)          
Royalty Pharma PLC, Class A (United Kingdom)   222,569    8,943 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Road & Rail  (1.4%)          
Grab Holdings Ltd., Class A (Singapore) (a)   788,239    2,073 
           
Software  (21.7%)          
Bill.Com Holdings, Inc. (a)   58,027    7,681 
Cipher Mining, Inc. (a)   202,446    255 
Datadog, Inc., Class A (a)   80,505    7,147 
Gitlab, Inc., Class A (a)   43,853    2,246 
MicroStrategy, Inc., Class A (a)(b)   2,554    542 
Samsara, Inc., Class A (a)   124,865    1,507 
Trade Desk, Inc., Class A (a)   166,733    9,963 
Unity Software, Inc. (a)   45,027    1,435 
         30,776 
Specialty Retail  (0.7%)          
Carvana Co. (a)   48,202    978 
Total Common Stocks (Cost $218,453)        136,370 
           
Preferred Stock  (1.5%)          
Software  (1.5%)          
Databricks, Inc. (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) (Cost $2,666)   36,279    2,161 
           
Investment Company  (0.7%)          
Grayscale Bitcoin Trust (a) (Cost $3,877)   87,968    1,004 

 

   No. of
Warrants		     
Warrant (0.0%) (e)          
Chemicals  (0.0%) (e)          
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $55)   16,415    12 

 

   Shares     
Short-Term Investments  (2.0%)          
Securities held as Collateral on Loaned Securities  (1.1%)          
Investment Company  (0.9%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)   1,322,344    1,322 

 

    Face
Amount
(000)		      
Repurchase Agreements (0.2%)         
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $188; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $191)  $188     188 
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $56; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $57)   56     56 
          244 
Total Securities held as Collateral on Loaned Securities (Cost $1,566)         1,566 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

   Shares     
Investment Company  (0.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $1,229)   1,229,094    1,229 
Total Short-Term Investments (Cost $2,795)        2,795 
Total Investments Excluding Purchased Options (100.4%) (Cost $227,846)        142,342 
Total Purchased Options Outstanding (0.8%) (Cost $750)        1,104 
Total Investments (101.2%) (Cost $228,596) Including $1,543 of Securities Loaned  (g)(h)(i)(j)        143,446 
Liabilities in Excess of Other Assets (–1.2%)        (1,736)
Net Assets (100.0%)       $141,710 

 

(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, 2022, were approximately $1,543,000 and $1,588,000, respectively. The Fund received cash collateral of approximately $1,588,000, of which approximately $1,566,000, was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated  Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $22,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2022 amounts to approximately $2,161,000 and represents 1.5% of net assets.
(d) At September 30, 2022, the Fund held a fair valued security at approximately $2,161,000, representing 1.5% 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.
(e) Amount is less than 0.05%.
(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, 2022, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Funds.
(g) The approximate fair value and percentage of net assets, $3,235,000 and 2.3%, 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.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(i) Securities are available for collateral in connection with purchased options.
(j) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,748,000 and the aggregate gross unrealized depreciation is approximately $93,898,000, resulting in net unrealized depreciation of approximately $85,150,000.

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:  

 

Counterparty  Description  Strike
Price		   Expiration
Date		  Number of
Contracts		   Notional Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(000)		 
Goldman Sachs International  USD/CNH  CNH  7.27   Nov-22   85,198,084    85,198   $436   $409   $27 
JP Morgan Chase Bank NA  USD/CNH  CNH  7.53   Jul-23   34,360,212    34,360    317    171    146 
Standard Chartered Bank  USD/CNH  CNH  7.57   Aug-23   38,083157    38,083    351    170    181 
                        $1, 104   $750   $354 

 

CNH — Chinese Yuan Renminbi Offshore
USD— United States Dollar

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Information Technology Services   25.1%
Software   23.4 
Others**   18.0 
Internet & Direct Marketing Retail   12.5 
Health Care Providers & Services   9.2 
Pharmaceuticals   6.4 
Interactive Media & Services   5.4 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

   Face
Amount
(000)		    Value
(000)		 
Fixed Income Securities  (93.4%)           
Albania  (0.1%)           
Sovereign  (0.1%)           
Albania Government International Bond,            
3.50%, 10/9/25  EUR109    $98 
            
Angola  (1.1%)           
Sovereign  (1.1%)           
Angolan Government International Bond,            
8.00%, 11/26/29  $495     374 
8.00%, 11/26/29  (a)   590     445 
9.38%, 5/8/48  (a)   400     272 
          1,091 
Argentina  (0.4%)           
Sovereign  (0.4%)           
Argentine Republic Government International Bond,            
3.50%, 7/9/41 (b)   890     191 
Provincia de Cordoba,            
6.88%, 12/10/25   301     230 
          421 
Armenia  (0.5%)           
Sovereign  (0.5%)           
Republic of Armenia International Bond,            
3.60%, 2/2/31   250     170 
3.95%, 9/26/29   460     328 
          498 
Azerbaijan  (0.5%)           
Sovereign  (0.5%)           
Republic of Azerbaijan International Bond,            
3.50%, 9/1/32   550     445 
            
Bahrain  (1.4%)           
Sovereign  (1.4%)           
Bahrain Government International Bond,            
7.50%, 9/20/47   1,770     1,411 
            
Barbados  (1.5%)           
Sovereign  (1.5%)           
Barbados Government International Bond,            
6.50%, 10/1/29   1,660     1,473 
            
Benin  (1.6%)           
Sovereign  (1.6%)           
Benin Government International Bond,            
4.88%, 1/19/32  EUR764     513 
4.95%, 1/22/35   1,600     996 
6.88%, 1/19/52   110     68 
          1,577 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Brazil  (1.6%)           
Corporate Bonds  (1.4%)           
Arcos Dorados BV,            
6.13%, 5/27/29 (a)  $231     210 
Braskem Netherlands Finance BV,            
4.50%, 1/31/30 (a)   360     291 
Hidrovias International Finance Sarl,            
4.95%, 2/8/31   580     448 
Natura &Co Luxembourg Holdings Sarl,            
6.00%, 4/19/29 (a)   350     289 
Suzano Austria GmbH,            
3.75%, 1/15/31   175     137 
          1,375 
Sovereign  (0.2%)           
Brazilian Government International Bond,            
3.88%, 6/12/30   200     166 
          1,541 
Cayman Islands  (1.3%)           
Corporate Bonds  (1.3%)           
KWG Group Holdings Ltd.,            
7.88%, 9/1/23   300     77 
Shelf Drilling Holdings Ltd.,            
8.88%, 11/15/24   1,080     1,050 
Shimao Group Holdings Ltd.,            
5.60%, 7/15/26   660     84 
Times China Holdings Ltd.,            
5.55%, 6/4/24   330     49 
          1,260 
Chile  (1.8%)           
Corporate Bonds  (1.0%)           
AES Andes SA,            
7.13%, 3/26/79   400     352 
VTR Comunicaciones SpA,            
4.38%, 4/15/29   434     270 
5.13%, 1/15/28   566     383 
          1,005 
Sovereign  (0.8%)           
Chile Government International Bond,            
3.50%, 1/25/50 (c)   900     615 
3.86%, 6/21/47   230     170 
          785 
          1,790 
China  (3.4%)           
Sovereign  (3.4%)           
Sinopec Group Overseas Development 2012 Ltd.,            
4.88%, 5/17/42   390     370 
Sinopec Group Overseas Development 2018 Ltd.,            
2.95%, 11/12/29 (a)   1,600     1,439 
Three Gorges Finance I Cayman Islands Ltd.,            
3.70%, 6/10/25   750     732 
3.70%, 6/10/25  (a)   838     818 
          3,359 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Colombia  (2.1%)           
Corporate Bond  (0.3%)           
Millicom International Cellular SA,            
4.50%, 4/27/31 (a)   357     255 
            
Sovereign  (1.8%)           
Colombia Government International Bond,            
3.00%, 1/30/30   816     586 
4.13%, 5/15/51   760     410 
5.00%, 6/15/45   1,260     768 
          1,764 
          2,019 
Costa Rica  (0.7%)           
Sovereign  (0.7%)           
Costa Rica Government International Bond,            
6.13%, 2/19/31  (a)   380     349 
7.00%, 4/4/44   450     376 
          725 
Dominican Republic  (3.5%)           
Sovereign  (3.5%)           
Dominican Republic International Bond,            
5.30%, 1/21/41  (a)   400     272 
5.50%, 2/22/29  (a)   350     302 
5.88%, 1/30/60  (a)   1,360     903 
6.00%, 7/19/28  (a)   570     519 
6.85%, 1/27/45  (a)   740     579 
6.88%, 1/29/26   500     489 
7.45%, 4/30/44  (a)   500     422 
          3,486 
Ecuador  (1.4%)           
Sovereign  (1.4%)           
Ecuador Government International Bond,            
0.00%, 7/31/30  (a)   273     80 
1.50%, 7/31/40  (b)   265     79 
1.50%, 7/31/40  (a)(b)   1,126     335 
2.50%, 7/31/35  (b)   440     146 
2.50%, 7/31/35  (a)(b)   1,107     367 
5.50%, 7/31/30  (a)(b)   787     376 
          1,383 
Egypt  (2.3%)           
Sovereign  (2.3%)           
Egypt Government International Bond,            
5.25%, 10/6/25  (a)   200     156 
6.38%, 4/11/31  (a)  EUR500     287 
7.50%, 2/16/61  (a)  $770     409 
8.15%, 11/20/59  (a)   1,500     814 
8.88%, 5/29/50   750     419 
8.88%, 5/29/50  (a)   340     190 
          2,275 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

El Salvador  (0.6%)           
Sovereign  (0.6%)           
El Salvador Government International Bond,            
6.38%, 1/18/27   1,141     431 
8.63%, 2/28/29  (a)   370     137 
          568 
Ethiopia  (0.3%)           
Sovereign  (0.3%)           
Ethiopia International Bond,            
6.63%, 12/11/24   630     322 
            
Gabon  (1.0%)           
Sovereign  (1.0%)           
Gabon Government International Bond,            
6.95%, 6/16/25  (a)   610     506 
7.00%, 11/24/31   650     431 
          937 
Georgia  (0.2%)           
Sovereign  (0.2%)           
Georgia Government International Bond,            
2.75%, 4/22/26   215     184 
            
Ghana  (0.9%)           
Sovereign  (0.9%)           
Ghana Government International Bond,            
7.75%, 4/7/29   950     364 
7.88%, 2/11/35   345     130 
8.63%, 6/16/49  (a)   460     171 
8.88%, 5/7/42  (a)   680     253 
          918 
Guatemala  (0.5%)           
Sovereign  (0.5%)           
Guatemala Government Bond,            
4.65%, 10/7/41  (a)   310     219 
6.13%, 6/1/50  (a)   320     264 
          483 
Honduras  (1.6%)           
Sovereign  (1.6%)           
Honduras Government International Bond,            
5.63%, 6/24/30   500     364 
5.63%, 6/24/30  (a)   180     131 
6.25%, 1/19/27   1,320     1,089 
          1,584 
Hungary  (1.0%)           
Sovereign  (1.0%)           
Hungary Government International Bond,            
5.38%, 3/25/24   750     739 
7.63%, 3/29/41   220     219 
          958 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

India  (2.6%)           
Corporate Bonds  (1.1%)           
JSW Infrastructure Ltd.,            
4.95%, 1/21/29   780     607 
Vedanta Resources Finance II PLC,            
13.88%, 1/21/24   550     460 
          1,067 
Sovereign  (1.5%)           
Export-Import Bank of India,            
3.25%, 1/15/30   890     745 
3.38%, 8/5/26  (a)   790     732 
          1,477 
          2,544 
Indonesia  (4.5%)           
Sovereign  (4.5%)           
Indonesia Government International Bond,            
3.55%, 3/31/32   800     696 
3.85%, 7/18/27   400     375 
4.13%, 1/15/25   800     787 
4.45%, 4/15/70   560     423 
4.65%, 9/20/32   400     376 
6.75%, 1/15/44   640     671 
Pertamina Persero PT,            
4.30%, 5/20/23   800     794 
6.50%, 11/7/48  (a)   300     276 
          4,398 
Iraq  (2.1%)           
Sovereign  (2.1%)           
Iraq International Bond,            
5.80%, 1/15/28   2,524     2,080 
            
Ireland  (0.5%)           
Corporate Bond  (0.5%)           
Aragvi Finance International DAC,            
8.45%, 4/29/26   750     524 
            
Ivory Coast  (1.0%)           
Sovereign  (1.0%)           
Ivory Coast Government International Bond,            
4.88%, 1/30/32  EUR630     416 
4.88%, 1/30/32  (a)   550     363 
6.63%, 3/22/48   308     179 
          958 
Jamaica  (1.3%)           
Corporate Bond  (1.3%)           
Digicel International Finance Ltd./Digicel International Holdings Ltd.,            
8.75%, 5/25/24  $1,388     1,273 
            
Jordan  (0.6%)           
Sovereign  (0.6%)           
Jordan Government International Bond,            
7.38%, 10/10/47 (a)   840     616 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Kazakhstan  (0.8%)                
Sovereign  (0.8%)                
Kazakhstan Government International Bond,                
6.50%, 7/21/45     800       743  
                 
Kenya  (0.7%)                
Sovereign  (0.7%)                
Kenya Government International Bond,                
8.00%, 5/22/32 (a)     1,000       681  
                 
Lebanon  (0.2%)                
Sovereign  (0.2%)                
Lebanon Government International Bond,                
6.85%, 3/23/27 – 5/25/29 (d)(e)     2,940       183  
                 
Luxembourg  (1.3%)                
Corporate Bonds  (1.3%)                
Gol Finance SA,                
8.00%, 6/30/26     471       289  
Guara Norte Sarl,                
5.20%, 6/15/34     374       299  
Kernel Holding SA,                
6.50%, 10/17/24     200       79  
6.75%, 10/27/27     219       81  
MC Brazil Downstream Trading Sarl,                
7.25%, 6/30/31     680       513  
              1,261  
Macedonia  (0.8%)                
Sovereign  (0.8%)                
North Macedonia Government International Bond,                
1.63%, 3/10/28   EUR 1,011       740  
                 
Mexico  (6.0%)                
Corporate Bonds  (1.3%)                
Braskem Idesa SAPI,                
7.45%, 11/15/29   $ 1,250       950  
Total Play Telecomunicaciones SA de CV,                
7.50%, 11/12/25     400       341  
              1,291  
Sovereign  (4.7%)                
Banco Nacional de Comercio Exterior SNC,                
2.72%, 8/11/31 (a)     600       518  
Petroleos Mexicanos,                
5.95%, 1/28/31     840       569  
6.35%, 2/12/48     1,000       539  
6.70%, 2/16/32     2,294       1,613  
6.95%, 1/28/60     470       261  
7.69%, 1/23/50     1,900       1,166  
              4,666  
              5,957  
Mongolia  (0.4%)                
Sovereign  (0.4%)                
Mongolia Government International Bond,                
5.63%, 5/1/23     399       378  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Morocco  (0.8%)                
Corporate Bond  (0.4%)                
OCP SA,                
5.13%, 6/23/51     600       384  
                 
Sovereign  (0.4%)                
Morocco Government International Bond,                
4.00%, 12/15/50 (a)     610       351  
              735  
Netherlands  (1.0%)                
Corporate Bonds  (1.0%)                
Ardshinbank CJSC Via Dilijan Finance BV,                
6.50%, 1/28/25     460       442  
Coruripe Netherlands BV,                
10.00%, 2/10/27     600       515  
              957  
Nigeria  (2.9%)                
Corporate Bonds  (1.3%)                
IHS Netherlands Holdco BV,                
8.00%, 9/18/27 (a)     950       801  
SEPLAT Energy PLC,                
7.75%, 4/1/26     610       502  
              1,303  
Sovereign  (1.6%)                
Nigeria Government International Bond,                
6.38%, 7/12/23     270       263  
6.50%, 11/28/27  (a)     300       218  
7.14%, 2/23/30  (a)     300       197  
7.38%, 9/28/33  (a)     200       121  
8.25%, 9/28/51  (a)     360       204  
9.25%, 1/21/49  (a)     600       387  
Republic of Nigeria,                
8.38%, 3/24/29 (a)     220       158  
              1,548  
              2,851  
Oman  (2.5%)                
Sovereign  (2.5%)                
Oman Government International Bond,                
6.00%, 8/1/29  (a)     540       504  
6.25%, 1/25/31  (a)     1,300       1,215  
6.75%, 1/17/48     894       720  
              2,439  
Pakistan  (0.7%)                
Sovereign  (0.7%)                
Pakistan Government International Bond,                
6.88%, 12/5/27     320       123  
7.38%, 4/8/31     345       129  
8.88%, 4/8/51     1,300       477  
              729  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Panama  (2.9%)                
Corporate Bond  (0.3%)                
AES Panama Generation Holdings SRL,                
4.38%, 5/31/30 (a)     375       296  
                 
Sovereign  (2.6%)                
Panama Government International Bond,                
2.25%, 9/29/32     930       657  
3.87%, 7/23/60     470       281  
4.50%, 4/1/56     1,060       719  
8.88%, 9/30/27     763       874  
              2,531  
              2,827  
Paraguay  (1.3%)                
Corporate Bond  (0.5%)                
Frigorifico Concepcion SA,                
7.70%, 7/21/28     596       473  
                 
Sovereign  (0.8%)                
Paraguay Government International Bond,                
4.95%, 4/28/31  (a)     600       536  
5.40%, 3/30/50  (a)     400       296  
              832  
              1,305  
Peru  (2.9%)                
Corporate Bond  (0.4%)                
Auna SAA,                
6.50%, 11/20/25     480       390  
                 
Sovereign  (2.5%)                
Corporación Financiera de Desarrollo SA,                
5.25%, 7/15/29 (a)     739       700  
Fondo MIVIVIENDA SA,                
4.63%, 4/12/27 (a)     260       244  
Peruvian Government International Bond,                
3.55%, 3/10/51     1,200       807  
6.55%, 3/14/37     650       668  
              2,419  
              2,809  
Philippines  (1.5%)                
Sovereign  (1.5%)                
Philippine Government International Bond,                
9.50%, 2/2/30     1,199       1,487  
                 
Qatar  (0.3%)                
Sovereign  (0.3%)                
Qatar Government International Bond,                
4.00%, 3/14/29     300       288  
                 
Romania  (2.9%)                
Sovereign  (2.9%)                
Romania Government International Bond,                
5.00%, 9/27/26   EUR 455       431  
6.63%, 9/27/29     445       414  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Romanian Government International Bond,                
1.75%, 7/13/30  (a)     315       201  
2.00%, 4/14/33     330       193  
3.00%, 2/27/27 (a)   $ 636       539  
3.75%, 2/7/34  (a)   EUR 560       381  
4.00%, 2/14/51   $ 830       465  
6.13%, 1/22/44     250       200  
              2,824  
Senegal  (0.6%)                
Sovereign  (0.6%)                
Senegal Government International Bond,                
6.75%, 3/13/48     1,014       635  
                 
Serbia  (0.8%)                
Sovereign  (0.8%)                
Serbia International Bond,                
2.05%, 9/23/36   EUR 270       140  
2.13%, 12/1/30   $ 720       473  
2.13%, 12/1/30  (a)     310       204  
              817  
South Africa  (1.9%)                
Sovereign  (1.9%)                
Eskom Holdings SOC Ltd.,                
8.45%, 8/10/28     710       606  
Republic of South Africa Government International Bond,                
4.30%, 10/12/28     1,540       1,286  
              1,892  
Sri Lanka  (1.6%)                
Sovereign  (1.6%)                
Sri Lanka Government International Bond,                
6.20%, 5/11/27 (d)(e)     2,000       511  
6.85%, 3/14/24     200       51  
6.85%, 11/3/25 (d)(e)     1,300       350  
7.55%, 3/28/30 (d)(e)     2,420       617  
7.85%, 3/14/29     200       51  
              1,580  
Suriname  (1.4%)                
Sovereign  (1.4%)                
Suriname Government International Bond,                
9.25%, 10/26/26     1,700       1,348  
                 
Turkey  (2.5%)                
Corporate Bonds  (1.3%)                
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS,                
9.50%, 7/10/36     950       776  
Ulker Biskuvi Sanayi AS,                
6.95%, 10/30/25     740       513  
              1,289  
Sovereign  (1.2%)                
Turkey Government International Bond,                
4.88%, 4/16/43     300       170  
5.75%, 3/22/24     400       388  
5.88%, 6/26/31     500       364  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

6.88%, 3/17/36 (c)     400       292  
              1,214  
              2,503  
Ukraine  (1.1%)                
Corporate Bond  (0.1%)                
NPC Ukrenergo,                
6.88%, 11/9/28 (a)     510       99  
                 
Sovereign  (1.0%)                
Ukraine Government International Bond,                
6.75%, 6/20/28   EUR 1,200       231  
6.88%, 5/21/31   $ 1,000       187  
7.75%, 9/1/25     2,210       528  
              946  
              1,045  
United Arab Emirates  (3.6%)                
Corporate Bonds  (1.2%)                
DP World Salaam,                
6.00%, 1/10/25 (f)     500       487  
Galaxy Pipeline Assets Bidco Ltd.,                
3.25%, 9/30/40 (a)     965       709  
              1,196  
Sovereign  (2.4%)                
Abu Dhabi Government International Bond,                
2.50%, 9/30/29  (a)     600       523  
3.13%, 4/16/30     450       408  
Finance Department Government of Sharjah,                
4.00%, 7/28/50     1,671       993  
4.38%, 3/10/51     676       415  
              2,339  
              3,535  
United Kingdom  (0.8%)                
Corporate Bonds  (0.8%)                
Endeavour Mining PLC,                
5.00%, 10/14/26     629       502  
Petra Diamonds U.S. Treasury PLC,                
6.59% Cash, 3.91% PIK, 3/8/26 (g)     286       289  
              791  
United States  (0.4%)                
Corporate Bond  (0.4%)                
Mercury Chile Holdco LLC,                
6.50%, 1/24/27     400       350  
                 
Uruguay  (1.0%)                
Sovereign  (1.0%)                
Uruguay Government International Bond,                
5.10%, 6/18/50     1,020       937  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Uzbekistan  (0.9%)                
Sovereign  (0.9%)                
Republic of Uzbekistan International Bond,                
3.70%, 11/25/30  (a)     410       294  
3.90%, 10/19/31     860       606  
              900  
Venezuela  (0.4%)                
Sovereign  (0.4%)                
Petroleos de Venezuela SA,                
6.00%, 11/15/26 (d)(e)     15,740       374  
                 
Vietnam  (1.3%)                
Sovereign  (1.3%)                
Vietnam Government International Bond,                
4.80%, 11/19/24     1,320       1,308  
                 
Zambia  (1.3%)                
Sovereign  (1.3%)                
Zambia Government International Bond,                
5.38%, 9/20/22     1,292       610  
8.97%, 7/30/27     1,360       651  
              1,261  
Total Fixed Income Securities (Cost $132,853)             91,669  

 

   No. of
Warrants		     
Warrant (0.0%) (h)          
Venezuela  (0.0%) (h)          
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (i) (Cost $—)   3,750    19 

 

   Shares     
Short-Term Investments  (4.5%)          
Securities held as Collateral on Loaned Securities  (0.1%)          
Investment Company  (0.1%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (j)   77,476    78 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.0%) (h)          
HSBC Securities USA,  Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $11; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $11)  $11    11 
Merrill Lynch & Co.,  Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $3; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $3)   3    3 
         14 
Total Securities held as Collateral on Loaned Securities (Cost $92)        92 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

   Shares      
Investment Company  (3.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (j) (Cost $3,026)   3,025,899    3,026 

 

    Face
Amount
(000)		        
El Salvador  (1.1%)            
Sovereign  (1.1%)            
El Salvador Government International Bond,                
7.75%, 1/24/23 (Cost $1,117)   $ 1,223       1,119  
                 
Cayman Islands  (0.2%)                
Corporate Bonds  (0.2%)                
Sunac China Holdings Ltd.,                
8.35%, 4/19/23     740       108  
Times China Holdings Ltd.,                
6.75%, 7/16/23     280       60  
Total Corporate Bonds (Cost $287)             168  
Total Short-Term Investments (Cost $4,522)             4,405  
Total Investments (97.9%) (Cost $137,375) including $711 of Securities Loaned (k)(l)             96,093  
Other Assets in Excess of Liabilities (2.1%)             2,111  
Net Assets (100.0%)           $ 98,204  

 

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, 2022. 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, 2022, were approximately $711,000 and $723,000 respectively. The Fund received cash collateral of approximately $93,000, of which $92,000 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, 2022, there was uninvested cash collateral of approximately 1,000. The remaining collateral of approximately $630,000 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. At September 30, 2022, 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, 2022.
(g) PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal.
(h) Amount is less than 0.005%.
(i) Perpetual maturity date. Date disclosed is the last expiration date.
(j) 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, 2022, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

(k) Securities are available for collateral in connection with open foreign currency forward exchange contracts. 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, 2022, the Fund did not engage in any cross-trade transactions.
(l)

At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $890,000 and the aggregate gross unrealized depreciation is approximately $42,516,000, resulting in net unrealized depreciation of approximately $41,626,000.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

Foreign Currency Forward Exchange Contracts:

 

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

 

Counterparty  Contracts
to
Deliver
(000)		   In
Exchange
For
(000)		   Delivery
Date		  Unrealized
Appreciation
(Depreciation)
(000)		 
Citibank NA  EUR5,124   $5,223   10/7/22  $200 
Citibank NA  EUR374   $370   10/7/22   3 
Citibank NA  EUR80   $78   10/7/22   (1)
HSBC Bank PLC  EUR116   $114   10/7/22   1 
JPMorgan Chase Bank NA  $670   EUR700   10/7/22   16 
State Street Bank and Trust Co.  EUR157   $152   10/7/22   (1)
State Street Bank and Trust Co.  EUR75   $72   10/7/22   (1)
State Street Bank and Trust Co.  EUR467   $453   10/7/22   (5)
State Street Bank and Trust Co.  EUR469   $455   10/7/22   (5)
State Street Bank and Trust Co.  EUR143   $139   10/7/22   (1)
                $206 

 

Futures Contracts:

 

The Fund had the following futures contracts open at September 30, 2022:  

 

   Number
of
Contracts		   Expiration
Date		 

Notional

Amount
(000)

   Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:                      
U.S. Treasury 10 yr. Ultra Note (United States)  28     Dec-22  $2,800   $3,317   $(179)
U.S. Treasury 2 yr. Note (United States)  10     Dec-22   2,000    2,054    (32)
U.S. Treasury 5 yr. Note (United States)  74     Dec-22   7,400    7,956    (272)
U.S. Treasury Long Bond (United States)  12     Dec-22   1,200    1,517    (113)
U.S. Treasury Ultra Long Bond (United States)  34     Dec-22   3,400    4,658    (362)
                         
Short:                        
German Euro-Buxl 30yr. Bond (Germany)  1     Dec-22  EUR(100)    (144)   8 
German Euro-Bobl Index (Germany)  24     Dec-22   (2,400)   (2,816)   46 
German Euro-Bund Index (Germany)  19     Dec-22   (1,900)   (2,579)   101 
U.S. Treasury 10 yr. Note (United States)  48     Dec-22  $(4,800)   (5,379)   253 
                    $(550)

 

EUR — Euro

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Sovereign   78.0%
Corporate Bonds   17.5 
Others**   4.5 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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 $30,420,000 and net unrealized depreciation of approximately $550,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $206,000.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (99.3%)                
Brazil  (6.3%)                
Cia Brasileira de Aluminio     324,932     $  689  
Itau Unibanco Holding SA (Preference)     659,948       3,433  
Lojas Renner SA     525,653       2,714  
Petroleo Brasileiro SA (Preference)     298,089       1,646  
Raia Drogasil SA     189,830       800  
              9,282  
China  (19.8%)                
Alibaba Group Holding Ltd. (a)(b)     228,600       2,281  
BYD Co., Ltd. H Shares (b)     67,500       1,663  
China Construction Bank Corp. H Shares (b)     5,640,230       3,256  
China Mengniu Dairy Co., Ltd. (b)     512,000       2,024  
China Merchants Bank Co., Ltd. H Shares (b)     442,500       2,048  
China Resources Beer Holdings Co.,  Ltd. (b)     318,000       2,206  
China Tourism Group Duty Free Corp. Ltd. Class A (a)(b)     31,900       802  
Hua Hong Semiconductor Ltd. (a)(b)     99,000       224  
JD.com,  Inc., Class A (b)     35,280       890  
Jiangsu Hengrui Medicine Co., Ltd., Class A     145,909       719  
Kweichow Moutai Co., Ltd., Class A     7,291       1,919  
Li Ning Co., Ltd. (b)     157,000       1,191  
Meituan, Class B (a)(b)     52,300       1,099  
NARI Technology Co. Ltd., Class A     96,200       335  
Postal Savings Bank of China Co. Ltd. (b)     1,245,000       732  
Proya Cosmetics Co. Ltd., Class A     33,620       771  
Shenzhou International Group Holdings Ltd. (b)     170,500       1,317  
Sungrow Power Supply Co. Ltd.     53,698       832  
Tencent Holdings Ltd. (b)     116,100       3,921  
Will Semiconductor Co. Ltd. Shanghai     17,820       200  
Zijin Mining Group Co.,Ltd. H Shares (b)     654,000       633  
              29,063  
Czech Republic  (1.0%)                
Komercni Banka AS     58,911       1,473  
                 
Germany  (0.9%)                
Infineon Technologies AG     59,686       1,306  
                 
India  (23.8%)                
Asian Paints Ltd.     27,651       1,130  
Bajaj Auto Ltd.     40,252       1,737  
Eicher Motors Ltd.     26,499       1,187  
Gland Pharma Ltd. (a)     24,118       618  
HDFC Bank Ltd. ADR     56,213       3,284  
Hindalco Industries Ltd.     487,057       2,309  
Housing Development Finance Corp.,  Ltd.     58,563       1,634  
ICICI Bank Ltd.     418,310       4,392  
ICICI Prudential Life Insurance Co.,  Ltd.     195,242       1,253  
Infosys Ltd.     114,982       1,971  
Infosys Ltd. ADR     34,407       584  
Macrotech Developers Ltd. (a)     37,624       424  
Mahindra & Mahindra Financial Services Ltd.     525,759       1,187  
Mahindra & Mahindra Ltd.     125,769       1,946  
MakeMyTrip Ltd. (a)     27,246       836  
Max Healthcare Institute Ltd. (a)     269,633       1,345  
Reliance Industries Ltd.     159,310       4,623  
Shree Cement Ltd.     2,940       756  
Star Health & Allied Insurance Co. Ltd. (a)     107,166       923  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

State Bank of India   450,840    2,920 
         35,059 
Indonesia  (3.3%)          
Bank Central Asia Tbk PT   3,898,600    2,177 
Bank Mandiri Persero Tbk PT   2,930,100    1,799 
Bank Rakyat Indonesia Persero Tbk PT   2,737,800    801 
         4,777 
Korea, Republic of  (8.9%)          
KB Financial Group,  Inc.   47,588    1,437 
Kia Corp.   16,605    826 
LG Chem Ltd.   2,395    884 
NAVER Corp.   3,882    517 
Samsung Electronics Co.,  Ltd.   170,824    6,273 
Samsung SDI Co.,  Ltd.   3,208    1,207 
SK Hynix,  Inc.   33,435    1,913 
         13,057 
Mexico  (4.7%)          
Grupo Financiero Banorte SAB de CV Series O   600,560    3,856 
Wal-Mart de Mexico SAB de CV   871,273    3,060 
         6,916 
Panama  (1.7%)          
Copa Holdings SA, Class A (a)   38,026    2,548 
           
Poland  (1.5%)          
Dino Polska SA (a)   10,720    650 
LPP SA   997    1,555 
         2,205 
Portugal  (1.2%)          
Galp Energia SGPS SA   184,816    1,778 
           
South Africa  (6.3%)          
Anglo American Platinum Ltd.   27,389    1,943 
Anglo American PLC   118,509    3,553 
Capitec Bank Holdings Ltd.   24,289    2,081 
Sanlam Ltd.   168,097    475 
Woolworths Holdings Ltd. (c)   350,781    1,179 
         9,231 
Taiwan  (13.1%)          
Airtac International Group   85,901    1,965 
CTBC Financial Holding Co.,  Ltd.   2,064,000    1,284 
Delta Electronics,  Inc.   366,000    2,907 
Silergy Corp.   68,000    887 
Taiwan Semiconductor Manufacturing Co.,  Ltd.   522,000    6,919 
Taiwan Semiconductor Manufacturing Co.,  Ltd. ADR   70,108    4,807 
Voltronic Power Technology Corp.   10,000    440 
         19,209 
Thailand  (0.5%)          
Ngern Tid Lor PCL   1,087,692    775 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Equity Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d) 

 

United Kingdom  (2.9%)          
Antofagasta PLC   135,375    1,659 
Mondi PLC   169,456    2,616 
         4,275 
United States  (3.4%)          
EPAM Systems,  Inc. (a)   4,641    1,681 
MercadoLibre,  Inc. (a)   2,182    1,806 
NIKE,  Inc., Class B   7,253    603 
NVIDIA Corp.   7,972    968 
         5,058 
Total Common Stocks (Cost $149,748)        146,012 
Short-Term Investment  (1.3%)          
Investment Company  (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $1,904)   1,903,517    1,904 
Total Investments (100.6%) (Cost $151,652) Including $237 of Securities Loaned (e)(f)(g)        147,916 
Liabilities in Excess of Other Assets (–0.6%)         (852)
Net Assets (100.0%)       $147,064 

 

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)

All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $237,000 and $253,000, respectively. The Fund received non-cash collateral of approximately $253,000, 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) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an Amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $3,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(f) The approximate fair value and percentage of net assets, $111,895,000 and 76.1%, 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, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $22,019,000 and the aggregate gross unrealized depreciation is approximately $25,755,000, resulting in net unrealized depreciation of approximately $3,736,000.
 
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Others*   47.5%
Banks   23.2 
Semiconductors & Semiconductor Equipment   11.6 
Metals & Mining   7.3 
Oil, Gas & Consumable Fuels   5.4 
Automobiles   5.0 
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, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (97.9%)          
France  (7.0%)          
L'Oreal SA   1,586   $507 
LVMH Moet Hennessy Louis Vuitton SE   1,185    699 
Pernod Ricard SA   3,506    643 
         1,849 
Germany  (4.4%)          
SAP SE   14,429    1,176 
           
Italy  (0.4%)          
Davide Campari-Milano NV   11,312    100 
           
Netherlands  (2.3%)          
Heineken NV   6,966    608 
           
United Kingdom  (9.9%)          
Experian PLC   13,105    384 
Reckitt Benckiser Group PLC   24,300    1,611 
RELX PLC (Euronext NV)   5,232    127 
RELX PLC (LSE)   19,977    488 
         2,610 
United States  (73.9%)          
Abbott Laboratories   10,399    1,006 
Accenture PLC, Class A   5,047    1,299 
Automatic Data Processing,  Inc.   3,534    799 
Baxter International,  Inc.   17,210    927 
Becton Dickinson & Co.   4,076    908 
Broadridge Financial Solutions,  Inc.   2,586    373 
Coca-Cola Co.   8,665    485 
Danaher Corp.   5,951    1,537 
Equifax,  Inc.   2,610    448 
Estee Lauder Cos.,  Inc., Class A   1,638    354 
Fidelity National Information Services,  Inc.   7,153    541 
Intercontinental Exchange,  Inc.   11,242    1,016 
Microsoft Corp.   10,237    2,384 
Moody's Corp.   1,106    269 
NIKE,  Inc., Class B   3,726    310 
Otis Worldwide Corp.   6,111    390 
Philip Morris International,  Inc.   21,942    1,821 
Procter & Gamble Co.   5,741    725 
Roper Technologies,  Inc.   1,671    601 
Steris PLC   1,246    207 
Thermo Fisher Scientific,  Inc.   2,459    1,247 
Visa,  Inc., Class A   8,752    1,555 
Zoetis,  Inc.   1,977    293 
         19,495 
Total Common Stocks (Cost $18,370)        25,838 
Short-Term Investment  (1.9%)          
Investment Company  (1.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $506)   506,087    506 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Franchise Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Total Investments (99.8%) (Cost $18,876)  (b)(c)(d)   26,344 
Other Assets in Excess of Liabilities (0.2%)   46 
Net Assets (100.0%)  $26,390 

 

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, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(b) 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, 2022, the Fund did not engage in any cross-trade transactions.
(c) The approximate fair value and percentage of net assets, $6,343,000 and 24.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
(d) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,728,000 and the aggregate gross unrealized depreciation is approximately $1,260,000, resulting in net unrealized appreciation of approximately $7,468,000.

 

Euronext NV   Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Information Technology Services   17.3%
Other*   16.5 
Software   15.8 
Health Care Equipment & Supplies   11.6 
Life Sciences Tools & Services   10.6 
Household Products   8.8 
Beverages   7.0 
Tobacco   6.9 
Professional Services   5.5 
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, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (95.6%)          
Australia  (2.4%)          
Atlas Arteria Ltd. (Units) (a)(b)   65,506   $261 
Transurban Group (Units) (a)   189,259    1,495 
         1,756 
Canada  (15.9%)          
Canadian Pacific Railway Ltd.   4,654    311 
Enbridge,  Inc.   70,925    2,630 
GFL Environmental,  Inc.   185,604    4,694 
Gibson Energy,  Inc. (b)   71,360    1,135 
Pembina Pipeline Corp.   61,692    1,874 
TC Energy Corp. (b)   28,678    1,155 
         11,799 
China  (10.0%)          
China Gas Holdings Ltd. (c)   6,168,200    7,378 
           
France  (3.8%)          
Aeroports de Paris (d)   1,523    176 
Getlink SE   21,016    326 
Vinci SA   28,135    2,275 
         2,777 
Hong Kong  (0.8%)          
Power Assets Holdings Ltd.   124,500    624 
           
Italy  (5.6%)          
Infrastrutture Wireless Italiane SpA   363,615    3,172 
Terna - Rete Elettrica Nazionale   165,263    1,007 
         4,179 
Mexico  (2.1%)          
Grupo Aeroportuario del Pacifico SAB de CV, Class B   56,524    716 
Grupo Aeroportuario del Sureste SAB de CV, Class B   41,955    826 
         1,542 
New Zealand  (0.4%)          
Auckland International Airport Ltd. (d)   79,950    320 
           
Portugal  (0.4%)          
EDP Renovaveis SA   15,283    314 
           
Spain  (4.9%)          
Aena SME SA (d)   5,478    569 
Cellnex Telecom SA   35,502    1,095 
Ferrovial SA   41,779    948 
Iberdrola SA   105,232    981 
         3,593 
Switzerland  (0.5%)          
Flughafen Zurich AG (Registered) (d)   2,403    355 
           
United Kingdom  (5.2%)          
National Grid PLC   233,071    2,399 
Pennon Group PLC   83,304    727 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Severn Trent PLC   26,327    688 
         3,814 
United States  (43.6%)          
Ameren Corp.   8,768    706 
American Electric Power Co.,  Inc.   26,321    2,276 
American Tower Corp. REIT   28,818    6,187 
American Water Works Co.,  Inc.   7,813    1,017 
Atmos Energy Corp.   10,360    1,055 
CenterPoint Energy,  Inc.   38,443    1,083 
Cheniere Energy,  Inc.   16,341    2,711 
Crown Castle,  Inc. REIT   16,196    2,341 
Edison International   21,013    1,189 
Entergy Corp.   10,337    1,040 
Eversource Energy   23,012    1,794 
NiSource,  Inc.   37,000    932 
ONEOK,  Inc.   13,461    690 
PG&E Corp. (d)   76,263    953 
SBA Communications Corp. REIT   6,436    1,832 
Sempra Energy   19,189    2,877 
Targa Resources Corp.   27,338    1,650 
Williams Cos.,  Inc.   59,221    1,696 
Xcel Energy,  Inc.   3,788    243 
         32,272 
Total Common Stocks (Cost $78,554)        70,723 

 

   No. of
Rights		     
Right (0.0%)          
Australia  (0.0%)          
Atlas Arteria Ltd. (d) (Cost $—)   33,592    — 

 

   Shares     
Short-Term Investments  (6.5%)          
Securities held as Collateral on Loaned Securities  (2.6%)          
Investment Company  (2.2%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)   1,638,262    1,638 

 

      Face
Amount
(000)		      
Repurchase Agreements  (0.4%)                
HSBC Securities USA,  Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $232; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $237)   $ 232        232  
Merrill Lynch & Co.,  Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $70; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $71)     70        70  
              302  
Total Securities held as Collateral on Loaned Securities
(Cost $1,940)		             1,940  

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Infrastructure Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

   Shares     
Investment Company  (3.9%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e) (Cost $2,865)   2,864,968    2,865 
Total Short-Term Investments (Cost $4,805)        4,805 
Total Investments (102.1%) (Cost $83,359) Including $1,912 of Securities Loaned (f)(g)(h)        75,528 
Liabilities in Excess of Other Assets (–2.1%)        (1,555)
Net Assets (100.0%)       $73,973 

 

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) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $1,912,000 and $2,048,000, respectively. The Fund received cash collateral of approximately $1,967,000, of which approximately $1,940,000 was subsequently invested in a Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments.  At September 30, 2022, there was uninvested cash collateral of approximately $27,000. The remaining collateral of approximately $81,000 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 trades on the Hong Kong exchange.
(d) Non-income producing security.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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, 2022, advisory fees paid were reduced by approximately $3,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(g) The approximate fair value and percentage of net assets, $25,110,000 and 33.9%, 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, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,024,000 and the aggregate gross unrealized depreciation is approximately $9,855,000, resulting in net unrealized depreciation of approximately $7,831,000.
 
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Oil & Gas Storage & Transportation   35.0%
Communications   19.9 
Electricity Transmission & Distribution   17.0 
Other**   15.9 
Commercial Services & Supplies   6.4 
Diversified   5.8 
Total Investments   100.0%

 

* Percentage indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

    Shares     Value
(000)		  
Common Stocks  (98.0%)                
Australia  (3.1%)                
Dexus REIT     34,789     $ 173  
National Storage REIT (a)     194,925       281  
Shopping Centres Australasia Property Group REIT     247,637       373  
Vicinity Centres REIT     228,205       255  
              1,082  
Austria  (0.3%)                
CA Immobilien Anlagen AG     4,033       120  
                 
Belgium  (1.0%)                
Aedifica SA REIT     3,020       233  
Warehouses De Pauw CVA REIT     5,008       123  
              356  
Canada  (2.1%)                
Chartwell Retirement Residences     32,702       220  
InterRent REIT     29,965       249  
RioCan REIT     19,465       262  
              731  
France  (0.4%)                
Mercialys SA REIT     20,515       155  
                 
Germany  (1.1%)                
Vonovia SE     17,071       368  
                 
Hong Kong  (5.3%)                
CK Asset Holdings Ltd.     95,000       570  
Link REIT     66,260       463  
Sun Hung Kai Properties Ltd.     55,393       611  
Wharf Real Estate Investment Co.,  Ltd.     49,420       224  
              1,868  
Japan  (11.1%)                
Activia Properties,  Inc. REIT     13       38  
Daiwa House Investment Corp. REIT     54       113  
Frontier Real Estate Investment Corp. REIT     43       159  
GLP J-REIT     254       282  
Hoshino Resorts,  Inc.     33       153  
Invincible Investment Corp. REIT     296       93  
Japan Metropolitan Fund Investment Corp. REIT     418       314  
Japan Real Estate Investment Corp. REIT     67       276  
Mitsubishi Estate Co.,  Ltd.     46,200       609  
Mitsui Fudosan Co.,  Ltd.     30,300       577  
Mitsui Fudosan Logistics Park,  Inc. REIT     83       284  
Nippon Building Fund,  Inc. REIT     111       489  
Nomura Real Estate Master Fund,  Inc. REIT     222       245  
Orix,  Inc. J-REIT     208       266  
              3,898  
Malta  (0.0%) (b)                
BGP Holdings PLC (c)     5,886,464       17  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Netherlands  (0.8%)          
Eurocommercial Properties NV CVA REIT   6,785    135 
NSI NV REIT   6,418    152 
         287 
Singapore  (2.9%)          
CapitaLand Integrated Commercial Trust REIT   311,900    415 
Capitaland Investment Ltd.   29,300    70 
Frasers Centrepoint Trust REIT   173,500    262 
Mapletree Pan Asia Commercial Trust REIT   239,800    286 
         1,033 
Spain  (0.9%)          
Inmobiliaria Colonial Socimi SA REIT   31,068    150 
Merlin Properties Socimi SA REIT   23,385    180 
         330 
Sweden  (0.6%)          
Catena AB   2,845    84 
Fabege AB   19,584    133 
         217 
Switzerland  (0.5%)          
PSP Swiss Property AG (Registered)   1,804    180 
           
United Kingdom  (4.2%)          
Big Yellow Group PLC REIT   11,833    140 
Derwent London PLC REIT   6,053    136 
Empiric Student Property PLC REIT   104,984    101 
Helical PLC   29,853    119 
Impact Healthcare PLC REIT   58,898    67 
Land Securities Group PLC REIT   34,922    202 
LondonMetric Property PLC REIT   42,023    82 
Segro PLC REIT   46,480    388 
UNITE Group PLC REIT   15,660    149 
Workspace Group PLC REIT   21,162    94 
         1,478 
United States  (63.7%)          
Agree Realty Corp. REIT   24,332    1,644 
American Homes 4 Rent, Class A REIT   26,782    879 
American Tower Corp. REIT   2,090    449 
Americold Realty Trust,  Inc. REIT   20,885    514 
AvalonBay Communities,  Inc. REIT   7,857    1,447 
Boyd Gaming Corp. REIT   5,876    280 
Brixmor Property Group,  Inc. REIT   28,431    525 
Digital Realty Trust,  Inc. REIT   16,041    1,591 
Duke Realty Corp. REIT   10,416    502 
Equity Residential REIT   12,497    840 
Extra Space Storage,  Inc. REIT   4,608    796 
Healthpeak Properties,  Inc. REIT   18,006    413 
Host Hotels & Resorts,  Inc. REIT   21,488    341 
Invitation Homes,  Inc. REIT   27,233    920 
Iron Mountain,  Inc. REIT   10,889    479 
Kilroy Realty Corp. REIT   6,649    280 
Kite Realty Group Trust REIT   31,236    538 
Mid-America Apartment Communities,  Inc. REIT   5,371    833 
NETSTREIT Corp. REIT (a)   19,468    347 
ProLogis,  Inc. REIT   21,502    2,184 
Public Storage REIT   7,271    2,129 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Rexford Industrial Realty,  Inc. REIT   6,674    347 
RPT Realty REIT   41,853    316 
Simon Property Group,  Inc. REIT   5,931    532 
SITE Centers Corp. REIT   21,814    234 
SL Green Realty Corp. REIT (a)   6,876    276 
Sun Communities,  Inc. REIT   5,078    687 
VICI Properties,  Inc. REIT   12,328    368 
Welltower,  Inc. REIT   26,737    1,720 
         22,411 
Total Common Stocks (Cost $41,078)        34,531 
Short-Term Investments  (3.9%)          
Securities held as Collateral on Loaned Securities  (1.9%)          
Investment Company  (1.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d)   550,863    551 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.3%)          
HSBC Securities USA,  Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $78; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $80)  $78    78 
Merrill Lynch & Co.,  Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $23; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $24)   23    23 
         101 
Total Securities held as Collateral on Loaned Securities (Cost $652)        652 

 

   Shares      
Investment Company  (2.0%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $688)   687,661    688 
Total Short-Term Investments (Cost $1,340)        1,340 
Total Investments (101.9%) (Cost $42,418) Including $661 of Securities Loaned  (e)(f)(g)        35,871 
Liabilities in Excess of Other Assets (–1.9%)        (654)
Net Assets (100.0%)       $35,217 

 

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) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $661,000 and $661,000, respectively. The Fund received cash collateral of approximately $661,000, of which approximately $652,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $9,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b) Amount is less than 0.05%.
(c) At September 30, 2022, the Fund held a fair valued security valued at approximately $17,000, 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.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Real Estate Portfolio

Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

(d)

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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, 2022, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(e) The approximate fair value and percentage of net assets, $11,372,000 and 32.3%, 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.
(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, 2022, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $896,000 and the aggregate gross unrealized depreciation is approximately $7,443,000, resulting in net unrealized depreciation of approximately $6,547,000.
 
CVA Certificaten Van Aandelen.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*
 
Classification   Percentage of
Total Investments		  
Diversified     21.3 %
Residential     18.4  
Retail     16.3  
Industrial     13.4  
Self Storage     9.5  
Health Care     7.5  
Office     6.8  
Others**     6.8  
Total Investments     100.0 %

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

   Face
Amount
(000)		   Value (000) 
Fixed Income Securities  (52.0%)          
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%, 3.39%, 7/1/45 (b) (Cost $3)  $3   $3 
           
Agency Fixed Rate Mortgages  (3.7%)          
United States  (3.7%)          
Federal Home Loan Mortgage Corporation,           
Conventional Pools:          
4.50%, 1/1/49   12    11 
Gold Pools:          
3.50%, 2/1/45 – 6/1/45   177    163 
4.50%, 1/1/49   8    8 
Federal National Mortgage Association,           
Conventional Pools:          
3.50%, 1/1/51   471    430 
4.00%, 11/1/41 – 1/1/46   187    179 
4.50%, 3/1/41 – 11/1/44   75    72 
5.00%, 1/1/41 – 3/1/41   29    29 
6.00%, 1/1/38   5    6 
October TBA:          
2.00%, 10/1/52 (c)   650    526 
2.50%, 10/1/52 (c)   300    252 
3.00%, 10/1/52 (c)   520    453 
4.00%, 10/1/52 (c)   350    325 
4.50%, 10/1/52 (c)   100    95 
5.00%, 10/1/52 (c)   200    195 
Government National Mortgage Association,           
Various Pools:          
4.00%, 7/15/44   12    11 
5.00%, 2/20/49   5    5 
Total Agency Fixed Rate Mortgages (Cost $2,979)        2,760 
           
Asset-Backed Securities  (0.4%)          
Ireland  (0.2%)          
European Residential Loan Securitisation 2019-NPL1 DAC,           
1 Month EURIBOR + 3.25%, 3.93%, 7/24/54 (b)  EUR152    147 
           
United States  (0.2%)          
Renaissance Home Equity Loan Trust,           
1 Month USD LIBOR + 0.76%, 3.84%, 12/25/32 (b)  $71    61 
SLM Student Loan Trust,           
3 Month EURIBOR + 0.55%, 0.70%, 7/25/39 (b)  EUR79    75 
         136 
Total Asset-Backed Securities (Cost $303)        283 
           
Commercial Mortgage-Backed Securities  (0.7%)          
United Kingdom  (0.1%)          
Taurus 2018-2 UK DAC,           
3 Month GBP SONIA + 1.22%, 3.21%, 5/22/28 (b)  GBP59    65 
           
United States  (0.6%)          
Commercial Mortgage Trust,           

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

3.28%, 1/10/46  $45    45 
3.96%, 3/10/47   144    141 
4.24%, 2/10/47  (b)   77    76 
4.91%, 7/15/47  (b)(d)   100    89 
UBS-Barclays Commercial Mortgage Trust,           
3.53%, 5/10/63   1    1 
WFRBS Commercial Mortgage Trust,         
5.15%, 9/15/46 (b)(d)   140    131 
         483 
Total Commercial Mortgage-Backed Securities (Cost $579)        548 
           
Corporate Bonds  (12.7%)          
Australia  (0.5%)          
Macquarie Group Ltd.,           
4.15%, 3/27/24 (d)   50    50 
NBN Co. Ltd.,           
2.63%, 5/5/31 (d)   200    159 
Transurban Finance Co. Pty Ltd.,           
2.00%, 8/28/25  EUR100    94 
Westpac Banking Corp.,           
2.67%, 11/15/35  $125    92 
         395 
Canada  (0.7%)          
Enbridge,  Inc.,           
2.50%, 1/15/25   125    117 
Province of Ontario Canada,           
2.30%, 6/15/26   190    175 
Province of Quebec Canada,           
0.00%, 10/29/30  EUR210    159 
Rogers Communications,  Inc.,           
3.80%, 3/15/32 (d)  $100    87 
         538 
Colombia  (0.2%)          
Ecopetrol SA,           
5.88%, 9/18/23   140    139 
           
France  (0.7%)          
AXA SA,           
3.25%, 5/28/49  EUR100    85 
BNP Paribas SA,           
1.13%, 6/11/26   125    110 
BPCE SA,           
5.15%, 7/21/24 (d)  $200    195 
Orange SA,           
5.00%, 1/10/26 (e)  EUR100    97 
         487 
Germany  (1.0%)          
Bayer US Finance II LLC,           
3.88%, 12/15/23 (d)  $200    196 
Deutsche Bank AG, Series E          
0.96%, 11/8/23   150    143 
Deutsche Telekom International Finance BV,           
4.38%, 6/21/28 (d)   150    142 
Kreditanstalt fuer Wiederaufbau,           
1.13%, 9/15/32  EUR190    159 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Volkswagen International Finance NV, Series 10Y          
1.88%, 3/30/27   100    88 
         728 
India  (0.2%)          
ONGC Videsh Vankorneft Pte Ltd.,           
3.75%, 7/27/26  $200    186 
           
Ireland  (0.3%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,           
2.45%, 10/29/26   175    148 
Avolon Holdings Funding Ltd.,           
2.88%, 2/15/25 (d)   50    45 
         193 
Italy  (0.1%)          
Assicurazioni Generali SpA,           
5.50%, 10/27/47  EUR100    94 
           
Japan  (0.2%)          
NTT Finance Corp.,           
1.59%, 4/3/28 (d)  $200    166 
           
Korea, Republic of  (0.8%)          
Korea Electric Power Corp.,           
2.50%, 6/24/24 (d)   200    192 
Korea Hydro & Nuclear Power Co.,  Ltd.,           
3.75%, 7/25/23 (d)   200    199 
Korea Southern Power Co. Ltd.,           
0.75%, 1/27/26 (d)   200    175 
         566 
Luxembourg  (0.1%)          
Blackstone Property Partners Europe Holdings Sarl,           
1.25%, 4/26/27  EUR100    80 
           
Mexico  (0.1%)          
Fomento Economico Mexicano SAB de CV,           
0.50%, 5/28/28   100    79 
           
Netherlands  (0.1%)          
ASR Nederland NV,           
5.00%, 9/30/24 (e)   100    95 
           
Qatar  (0.2%)          
Ooredoo International Finance Ltd.,           
2.63%, 4/8/31 (d)  $200    166 
           
Spain  (0.5%)          
Banco Santander SA,           
3.13%, 1/19/27  EUR100    90 
5.18%, 11/19/25  $200    193 
CaixaBank SA,           
0.75%, 4/18/23  EUR100    98 
         381 
Sweden  (0.1%)          
Akelius Residential Property Financing BV,           
1.13%, 1/11/29  EUR100    76 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Switzerland  (0.3%)          
Syngenta Finance NV,           
4.44%, 4/24/23 (d)  $200    199 
           
United Arab Emirates  (0.5%)          
ADCB Finance Cayman Ltd.,           
4.00%, 3/29/23 (d)   200    199 
Galaxy Pipeline Assets Bidco Ltd.,           
2.63%, 3/31/36 (d)   225    175 
         374 
United Kingdom  (1.2%)          
BAT Capital Corp.,           
3.56%, 8/15/27   125    110 
HSBC Holdings PLC,           
2.26%, 11/13/26  GBP100    96 
4.25%, 3/14/24  $200    196 
Lloyds Banking Group PLC,           
1.75%, 9/7/28  EUR100    94 
2.25%, 10/16/24  GBP100    102 
Nationwide Building Society,           
3.77%, 3/8/24 (d)  $200    198 
NGG Finance PLC,           
5.63%, 6/18/73  GBP100    99 
         895 
United States  (4.9%)          
Altria Group,  Inc.,           
2.45%, 2/4/32  $75    53 
Amazon.com,  Inc.,           
2.70%, 6/3/60   50    30 
American Express Co.,           
2.55%, 3/4/27   50    45 
Aon Corp.,           
2.80%, 5/15/30   50    41 
AT&T,  Inc.,           
1.80%, 9/5/26  EUR100    91 
2.90%, 12/4/26  GBP100    96 
Bank of America Corp.,           
2.69%, 4/22/32  $50    39 
3.71%, 4/24/28   25    23 
3.85%, 3/8/37   50    40 
MTN          
4.00%, 1/22/25   100    97 
Boeing Co.,           
5.15%, 5/1/30   100    93 
CDW LLC/CDW Finance Corp.,           
2.67%, 12/1/26   25    22 
Celanese U.S. Holdings LLC,           
6.17%, 7/15/27   50    47 
Charter Communications Operating LLC/Charter Communications Operating Capital,           
2.30%, 2/1/32   25    18 
2.80%, 4/1/31   75    57 
3.50%, 3/1/42   25    16 
5.13%, 7/1/49   25    18 
Cigna Corp.,           
3.88%, 10/15/47   50    37 
Citigroup,  Inc.,           
2.52%, 11/3/32   75    57 
3.06%, 1/25/33   50    39 
5.50%, 9/13/25   75    75 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Comcast Corp.,           
1.95%, 1/15/31   125    97 
Deere & Co.,           
3.10%, 4/15/30   100    89 
Energy Transfer LP,           
2.90%, 5/15/25   150    140 
Enterprise Products Operating LLC,           
3.95%, 1/31/60   50    35 
Georgia-Pacific LLC,           
2.30%, 4/30/30 (d)   175    144 
Global Payments,  Inc.,           
4.95%, 8/15/27   100    95 
Goldman Sachs Group,  Inc.,           
2.62%, 4/22/32   150    116 
HCA,  Inc.,           
5.25%, 6/15/49   50    41 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,  Inc.,           
2.50%, 1/15/27 (d)   225    193 
JPMorgan Chase & Co.,           
1.95%, 2/4/32   250    185 
4.13%, 12/15/26   75    71 
Level 3 Financing,  Inc.,           
3.40%, 3/1/27 (d)   100    84 
Lowe's Cos.,  Inc.,           
1.30%, 4/15/28   75    61 
1.70%, 10/15/30   100    76 
Magallanes,  Inc. Co.,           
5.05%, 3/15/42 (d)   25    19 
McDonald's Corp., MTN          
3.38%, 5/26/25   100    96 
Metropolitan Life Global Funding I,           
2.95%, 4/9/30 (d)   150    129 
NextEra Energy Capital Holdings,  Inc.,           
2.75%, 11/1/29   175    147 
NVIDIA Corp.,           
2.85%, 4/1/30   125    107 
Occidental Petroleum Corp.,           
3.20%, 8/15/26   35    32 
5.55%, 3/15/26   75    75 
PepsiCo,  Inc.,           
2.63%, 4/28/26  EUR100    97 
Prologis Euro Finance LLC,           
1.88%, 1/5/29   100    86 
Union Pacific Corp.,           
4.95%, 9/9/52  $75    70 
Upjohn Finance BV,           
1.91%, 6/23/32  EUR100    70 
Verizon Communications,  Inc.,           
1.13%, 11/3/28  GBP100    82 
3.40%, 3/22/41  $50    37 
Vontier Corp.,           
2.40%, 4/1/28   50    39 
Walt Disney Co.,           
2.65%, 1/13/31   25    21 
3.80%, 3/22/30   25    23 
Warnermedia Holdings,  Inc.,           
4.28%, 3/15/32 (d)   75    62 
         3,653 
Total Corporate Bonds (Cost $9,675)        9,490 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Mortgages - Other  (1.5%)          
Germany  (0.0%) (a)          
Berg Finance,           
1.18%, 4/22/33  EUR29    28 
           
United Kingdom  (0.1%)          
Landmark Mortgage Securities No. 3 PLC,           
3 Month GBP LIBOR + 2.10%, 4.00%, 4/17/44 (b)  GBP66    70 
           
United States  (1.4%)          
Bayview MSR Opportunity Master Fund Trust,           
3.00%, 1/25/52 (b)(d)  $96    79 
Federal Home Loan Mortgage Corporation,           
3.00%, 9/25/45 – 5/25/47   100    91 
3.50%, 5/25/45 – 7/25/46   37    34 
4.00%, 5/25/45   2    2 
Hundred Acre Wood Trust,           
2.50%, 10/25/51 (b)(d)   94    75 
JP Morgan Mortgage Trust,           
3.00%, 4/25/52 – 9/25/52(b)(d)   364    300 
3.25%, 7/25/52  (b)(d)   94    80 
MFA Trust,           
4.00%, 5/25/67 (d)   93    87 
PRMI Securitization Trust,           
2.50%, 4/25/51 (b)(d)   88    70 
Seasoned Credit Risk Transfer Trust,           
3.00%, 11/25/57 – 10/25/58   191    173 
4.00%, 10/25/58   14    13 
         1,004 
Total Mortgages - Other (Cost $1,264)        1,102 
           
Sovereign  (27.8%)          
Australia  (1.0%)          
Australia Government Bond,           
0.25%, 11/21/25  AUD450    260 
1.25%, 5/21/32   600    303 
2.50%, 5/21/30   160    93 
2.75%, 11/21/29   150    90 
3.25%, 4/21/25   10    6 
         752 
Austria  (0.1%)          
Republic of Austria Government Bond,           
0.00%, 2/20/30 (d)  EUR70    57 
           
Belgium  (0.3%)          
Kingdom of Belgium Government Bond,           
0.90%, 6/22/29  (d)   30    27 
1.70%, 6/22/50  (d)   90    66 
1.90%, 6/22/38  (d)   150    125 
         218 
Canada  (1.2%)          
Canadian Government Bond,           
1.25%, 6/1/30  CAD1,440    905 
2.00%, 12/1/51   20    12 
         917 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

China  (10.2%)          
Agricultural Development Bank of China,           
2.25%, 4/22/25  CNY770    108 
3.79%, 10/26/30   740    111 
China Development Bank,           
3.07%, 3/10/30   1,410    200 
3.34%, 7/14/25   740    107 
China Government Bond,           
2.37%, 1/20/27   3,200    448 
2.76%, 5/15/32   37,330    5,247 
3.13%, 11/21/29   4,990    724 
3.27%, 11/19/30   1,540    226 
3.53%, 10/18/51   200    30 
3.81%, 9/14/50   300    47 
3.86%, 7/22/49   1,430    224 
Export-Import Bank of China,           
2.93%, 3/2/25   740    106 
         7,578 
Colombia  (0.0%) (a)          
Colombian TES, Series B          
7.75%, 9/18/30  COP122,600    20 
           
Czech Republic  (0.1%)          
Czech Republic Government Bond,           
1.20%, 3/13/31  CZK1,200    35 
           
Denmark  (0.1%)          
Denmark Government Bond,           
0.50%, 11/15/27  DKK630    76 
           
Finland  (0.1%)          
Finland Government Bond,           
1.13%, 4/15/34 (d)  EUR70    57 
           
France  (1.7%)          
Agence Francaise de Developpement EPIC,           
1.50%, 10/31/34   100    82 
Banque Federative du Credit Mutuel SA,           
1.25%, 12/5/25  GBP100    96 
French Republic Government Bond OAT,           
0.00%, 11/25/29  EUR1,050    867 
2.00%, 5/25/48  (d)   200    161 
SNCF Reseau,           
1.88%, 3/30/34   100    86 
         1,292 
Germany  (1.2%)          
Bundesrepublik Deutschland Bundesanleihe,           
0.00%, 5/15/36   150    109 
0.25%, 2/15/29   440    387 
4.25%, 7/4/39   100    126 
State of North Rhine-Westphalia Germany,         
1.65%, 2/22/38   290    234 
         856 
Greece  (2.7%)          
Hellenic Republic Government Bond,           
0.75%, 6/18/31 (d)   2,852    2,009 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Hungary  (0.0%) (a)          
Hungary Government Bond,           
3.00%, 8/21/30  HUF4,450    7 
           
Indonesia  (0.2%)          
Indonesia Treasury Bond,           
8.25%, 5/15/29  IDR839,000    58 
8.38%, 3/15/34   981,000    68 
         126 
Ireland  (0.1%)          
Ireland Government Bond,           
0.20%, 10/18/30  EUR80    65 
           
Italy  (1.2%)          
Italy Buoni Poliennali Del Tesoro,           
0.00%, 8/1/26   150    128 
0.45%, 2/15/29   50    39 
1.85%, 7/1/25  (d)   390    368 
2.45%, 9/1/50  (d)   240    163 
Republic of Italy Government International Bond,           
0.88%, 5/6/24  $200    186 
         884 
Japan  (4.2%)          
Japan Government Five Year Bond,           
0.10%, 6/20/24  JPY105,000    727 
Japan Government Ten Year Bond,            
0.10%, 6/20/26 – 6/20/31   117,000    803 
Japan Government Thirty Year Bond,           
0.30%, 6/20/46   37,000    210 
0.40%, 9/20/49   26,000    142 
0.60%, 6/20/50   29,000    166 
1.70%, 6/20/33   75,000    590 
Japan Government Twenty Year Bond,           
0.40%, 6/20/41   83,000    519 
         3,157 
Korea, Republic of  (0.7%)          
Export-Import Bank of Korea,           
0.63%, 2/9/26  $200    176 
Korea Development Bank,           
0.80%, 7/19/26   200    174 
Korea International Bond,           
2.00%, 6/19/24   200    192 
         542 
Malaysia  (0.4%)          
Malaysia Government Bond,           
3.89%, 8/15/29  MYR440    92 
Petronas Capital Ltd.,           
3.50%, 3/18/25 (d)  $200    195 
         287 
Mexico  (0.4%)          
Mexican Bonos,           
Series M          
7.50%, 6/3/27  MXN1,700    77 
8.50%, 5/31/29   800    38 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Mexico Government International Bond,           
4.50%, 4/22/29  $200    185 
         300 
Netherlands  (0.2%)          
Netherlands Government Bond,           
0.00%, 7/15/30  (d)  EUR190    156 
2.75%, 1/15/47  (d)   20    21 
         177 
Norway  (0.0%) (a)          
Norway Government Bond,           
2.13%, 5/18/32 (d)  NOK190    16 
           
Poland  (0.1%)        
Republic of Poland Government Bond,           
0.25%, 10/25/26  PLN300    46 
           
Russia  (0.0%) (a)          
Russian Federal Bond - OFZ,           
7.95%, 10/7/26 (f)(g)(h)  RUB2,810    14 
           
Spain  (0.6%)          
Spain Government Bond,           
0.00%, 1/31/28  EUR110    93 
0.70%, 4/30/32  (d)   79    62 
1.25%, 10/31/30(d)   289    248 
2.70%, 10/31/48  (d)   40    33 
3.45%, 7/30/66  (d)   21    19 
         455 
Sweden  (0.1%)          
Sweden Government Bond,           
0.75%, 5/12/28  SEK740    61 
           
United Kingdom  (0.9%)          
United Kingdom Gilt,           
0.38%, 10/22/30  GBP220    183 
0.63%, 10/22/50   180    93 
1.63%, 10/22/28   85    81 
3.50%, 1/22/45   180    188 
4.25%, 9/7/39   130    147 
         692 
Total Sovereign (Cost $26,180)        20,696 
           
Supranational  (1.5%)          
Asian Development Bank,           
2.13%, 5/19/31  NZD60    27 
European Investment Bank,           
0.20%, 7/15/24  EUR220    207 
Series EARN          
0.0%, 1/14/31   200    155 
International Bank for Reconstruction & Development,           
2.20%, 2/27/24  $610    380 
SOFR + 0.43%, 3.10%, 8/19/27  (b)  AUD330    332 
         1,101 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

U.S. Treasury Securities  (3.7%)        
United States  (3.7%)        
U.S. Treasury Bonds,         
1.13%, 5/15/40  $820    513 
1.25%, 5/15/50   570    319 
2.50%, 2/15/45   640    489 
2.75%, 8/15/47   410    328 
U.S. Treasury Notes,           
0.50%, 6/30/27   700    593 
1.38%, 11/15/31   390    317 
1.88%, 2/15/32   210    178 
Total U.S. Treasury Securities (Cost $3,408)        2,737 
Total Fixed Income Securities (Cost $47,393)        38,720 

 

   Shares      
Common Stocks  (31.0%)          
Australia  (1.1%)          
Ampol Ltd.   204    4 
APA Group   1,078    7 
Aristocrat Leisure Ltd.   501    11 
ASX Ltd.   163    8 
Aurizon Holdings Ltd.   1,576    4 
Australia & New Zealand Banking Group Ltd.   2,541    37 
BHP Group Ltd.   4,293    107 
BlueScope Steel Ltd.   401    4 
Brambles Ltd.   1,205    9 
Cochlear Ltd.   55    7 
Coles Group Ltd.   1,172    12 
Commonwealth Bank of Australia   1,448    84 
Computershare Ltd.   461    7 
CSL Ltd.   416    76 
Dexus REIT   900    4 
Domino's Pizza Enterprises Ltd.   44    1 
Endeavour Group Ltd. (Australia)   1,140    5 
Evolution Mining Ltd.   1,376    2 
Fortescue Metals Group Ltd.   1,425    15 
Goodman Group REIT   1,398    14 
GPT Group REIT   1,546    4 
IDP Education Ltd.   173    3 
Insurance Australia Group Ltd.   2,165    6 
James Hardie Industries PLC CDI   369    7 
Lendlease Corp Ltd. REIT   582    3 
Lottery Corp. Ltd. (i)   1,891    5 
Macquarie Group Ltd.   306    30 
Medibank Pvt Ltd.   2,348    5 
Mineral Resources Ltd.   140    6 
Mirvac Group REIT   3,259    4 
National Australia Bank Ltd.   2,746    51 
Newcrest Mining Ltd.   751    8 
Northern Star Resources Ltd.   999    5 
OneMarket Ltd. (i)   137    — 
Orica Ltd.   381    3 
Origin Energy Ltd.   1,593    5 
Qantas Airways Ltd. (i)   774    3 
QBE Insurance Group Ltd.   1,283    10 
Ramsay Health Care Ltd.   155    6 
REA Group Ltd.   44    3 
Reece Ltd.   167    2 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Rio Tinto Ltd.   316    19 
Santos Ltd.   2,766    13 
Scentre Group REIT   4,366    7 
SEEK Ltd.   284    3 
Sonic Healthcare Ltd.   387    8 
South32 Ltd.   3,923    9 
Stockland REIT   2,008    4 
Suncorp Group Ltd.   1,093    7 
Telstra Corp.,  Ltd.   3,937    10 
Transurban Group (Units)   2,590    20 
Treasury Wine Estates Ltd.   607    5 
Vicinity Centres REIT   3,273    4 
Washington H Soul Pattinson & Co. Ltd.   182    3 
Wesfarmers Ltd.   954    26 
Westpac Banking Corp.   3,007    40 
WiseTech Global Ltd.   121    4 
Woodside Energy Group Ltd. (i)   1,608    33 
Woolworths Group Ltd.   1,058    23 
Xero Ltd. (i)   113    5 
         830 
Austria  (0.1%)          
Erste Group Bank AG   1,159    26 
OMV AG   105    4 
Verbund AG   50    4 
voestalpine AG   83    1 
         35 
Belgium  (0.2%)          
Ageas SA   145    5 
Anheuser-Busch InBev SA   785    36 
Argenx SE (i)   43    15 
D'ieteren Group   22    3 
Elia Group SA   31    4 
Groupe Bruxelles Lambert SA   90    6 
KBC Group NV   894    43 
Proximus SADP   134    1 
Sofina SA   14    3 
Solvay SA   66    5 
UCB SA   111    8 
Umicore SA   183    5 
Warehouses De Pauw CVA REIT   130    3 
         137 
Canada  (2.0%)          
Agnico Eagle Mines Ltd.   390    16 
Air Canada (i)   147    2 
Algonquin Power & Utilities Corp.   612    7 
Alimentation Couche-Tard,  Inc.   734    30 
AltaGas Ltd.   252    5 
ARC Resources Ltd.   581    7 
Bank of Montreal   635    56 
Bank of Nova Scotia   1,210    58 
Barrick Gold Corp. (LSE)   57    1 
Barrick Gold Corp. (NYSE)   1,648    25 
Bausch Health Cos.,  Inc. (i)   224    1 
BCE,  Inc.   69    3 
Blackberry Ltd. (i)   444    2 
Brookfield Asset Management,  Inc., Class A   1,201    49 
Brookfield Renewable Corp., Class A   118    4 
BRP,  Inc.   32    2 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

CAE,  Inc. (i)   271    4 
Cameco Corp.   332    9 
Canadian Apartment Properties REIT   72    2 
Canadian Imperial Bank of Commerce   983    43 
Canadian National Railway Co.   502    54 
Canadian Natural Resources Ltd.   1,013    47 
Canadian Pacific Railway Ltd. (NYSE)   105    7 
Canadian Pacific Railway Ltd. (TSX)   780    52 
Canadian Tire Corp.,  Ltd., Class A   46    5 
Canadian Utilities Ltd., Class A   116    3 
CCL Industries,  Inc., Class B   125    6 
Cenovus Energy,  Inc.   1,217    19 
CGI,  Inc. (i)   184    14 
Constellation Software,  Inc.   17    24 
Dollarama,  Inc.   238    14 
Emera,  Inc.   235    9 
Empire Co.,  Ltd., Class A   138    3 
Enbridge,  Inc.   1,910    71 
Fairfax Financial Holdings Ltd.   21    10 
First Quantum Minerals Ltd.   486    8 
FirstService Corp.   34    4 
Fortis,  Inc.   427    16 
Franco-Nevada Corp.   163    19 
George Weston Ltd.   62    6 
GFL Environmental,  Inc.   145    4 
Gildan Activewear,  Inc.   157    4 
Great-West Lifeco,  Inc.   234    5 
Hydro One Ltd.   298    7 
IA Financial Corp.,  Inc.   90    5 
IGM Financial,  Inc.   71    2 
Imperial Oil Ltd.   199    9 
Intact Financial Corp.   148    21 
Ivanhoe Mines Ltd., Class A (i)   504    3 
Keyera Corp.   187    4 
Kinross Gold Corp.   1,059    4 
Lightspeed Commerce,  Inc. (i)   112    2 
Loblaw Cos.,  Ltd.   144    11 
Lundin Mining Corp.   549    3 
Magna International,  Inc.   241    11 
Manulife Financial Corp.   1,835    29 
Metro,  Inc.   208    10 
National Bank of Canada   332    21 
Northland Power,  Inc.   205    6 
Nutrien Ltd.   460    38 
Nuvei Corp. (i)   57    1 
Onex Corp.   62    3 
Open Text Corp.   228    6 
Pan American Silver Corp.   181    3 
Parkland Corp.   129    3 
Pembina Pipeline Corp.   467    14 
Power Corp. of Canada   469    11 
Quebecor,  Inc., Class B   135    2 
Restaurant Brands International,  Inc.   249    13 
RioCan Real Estate Investment Trust   128    2 
Ritchie Bros Auctioneers,  Inc.   95    6 
Rogers Communications,  Inc., Class B   337    13 
Royal Bank of Canada   1,484    134 
Saputo,  Inc.   210    5 
Shaw Communications,  Inc., Class B   402    10 
Shopify,  Inc., Class A (i)   964    26 
Sun Life Financial,  Inc.   494    20 
Suncor Energy,  Inc.   1,232    35 
TC Energy Corp.   930    37 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Teck Resources Ltd., Class B   394    12 
TELUS Corp.   433    9 
TFI International,  Inc.   69    6 
Thomson Reuters Corp.   144    15 
TMX Group Ltd.   47    4 
Toromont Industries Ltd.   70    5 
Toronto-Dominion Bank   1,966    121 
Tourmaline Oil Corp.   266    14 
West Fraser Timber Co.,  Ltd.   52    4 
Wheaton Precious Metals Corp.   384    12 
WSP Global,  Inc.   100    11 
         1,473 
China  (0.0%) (a)          
China Common Rich Renewable Energy Investments Ltd. (i)   18,000    — 
Wharf Holdings Ltd. (j)   1,400    5 
         5 
Denmark  (0.4%)          
AP Moller - Maersk AS Series A   3    5 
AP Moller - Maersk AS Series B   5    9 
Carlsberg AS Series B   87    10 
Chr Hansen Holding AS   89    4 
Coloplast AS Series B   101    10 
Danske Bank AS   593    7 
Demant AS (i)   82    2 
DSV AS   161    19 
Genmab AS (i)   56    18 
GN Store Nord AS   113    2 
Novo Nordisk AS Series B   1,450    145 
Novozymes AS Series B   172    9 
Orsted AS   168    14 
Pandora AS   78    4 
ROCKWOOL AS, Class B   8    1 
Tryg AS   303    6 
Vestas Wind Systems AS   872    16 
         281 
Finland  (0.2%)          
Elisa Oyj   137    6 
Fortum Oyj   402    5 
Kesko Oyj, Class B   233    4 
Kone Oyj, Class B   289    11 
Neste Oyj   363    16 
Nokia Oyj   4,717    20 
Orion Oyj, Class B   91    4 
Sampo Oyj, Class A   425    18 
Stora Enso Oyj, Class R   476    6 
UPM-Kymmene Oyj   458    15 
Wartsila Oyj Abp   401    3 
         108 
France  (1.8%)          
Accor SA (i)   145    3 
Aeroports de Paris (i)   25    3 
Air Liquide SA   443    51 
Airbus SE   503    43 
Alstom SA   271    4 
Amundi SA   52    2 
ArcelorMittal SA   529    11 
Arkema SA   51    4 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

AXA SA   1,657    36 
BioMerieux   35    3 
BNP Paribas SA   3,794    160 
Bollore SA   761    3 
Bouygues SA   198    5 
Bureau Veritas SA   251    6 
Capgemini SE   140    22 
Carrefour SA   543    8 
Cie de Saint-Gobain   426    15 
Cie Generale des Etablissements Michelin SCA   581    13 
Covivio REIT   40    2 
Credit Agricole SA   4,324    35 
Danone SA   567    27 
Dassault Aviation SA   21    2 
Dassault Systemes SE   563    19 
Edenred   212    10 
Eiffage SA   71    6 
Electricite de France SA   434    5 
Engie SA   1,683    19 
EssilorLuxottica SA   243    33 
Eurazeo SE   37    2 
Eurofins Scientific SE   113    7 
Euronext NV   73    5 
Gecina SA REIT   39    3 
Getlink SE   373    6 
Hermes International   27    32 
Ipsen SA   32    3 
Kering SA   64    28 
Klepierre SA REIT   186    3 
L'Oreal SA   211    67 
La Francaise des Jeux SAEM   90    3 
Legrand SA   227    15 
LVMH Moet Hennessy Louis Vuitton SE   236    139 
Orange SA   1,927    17 
Pernod Ricard SA   183    34 
Publicis Groupe SA   193    9 
Remy Cointreau SA   19    3 
Renault SA (i)   165    4 
Safran SA   287    26 
Sanofi   996    76 
Sartorius Stedim Biotech   23    7 
Schneider Electric SE   461    52 
SEB SA   21    1 
Societe Generale SA   2,815    56 
Sodexo SA   75    6 
STMicroelectronics NV   581    18 
Teleperformance   50    13 
Thales SA   91    10 
TotalEnergies SE   2,175    102 
Ubisoft Entertainment SA (i)   80    2 
Unibail-Rodamco-Westfield REIT (i)   101    4 
Valeo SA   181    3 
Veolia Environnement SA   622    12 
Vinci SA   455    37 
Vivendi SE   621    5 
Wendel SE   23    2 
Worldline SA (i)   204    8 
         1,370 
Germany  (1.1%)          
Adidas AG   148    17 
Allianz SE (Registered)   354    56 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Aroundtown SA   860    2 
BASF SE   788    30 
Bayer AG (Registered)   865    40 
Bayerische Motoren Werke AG   285    19 
Bayerische Motoren Werke AG (Preference)   50    3 
Bechtle AG   72    3 
Beiersdorf AG   89    9 
Brenntag SE   132    8 
Carl Zeiss Meditec AG   34    4 
Commerzbank AG (i)   3,767    27 
Continental AG   96    4 
Covestro AG   167    5 
Daimler Truck Holding AG (i)   385    9 
Delivery Hero SE (i)   140    5 
Deutsche Bank AG (Registered)   1,793    13 
Deutsche Boerse AG   158    26 
Deutsche Lufthansa AG (Registered) (i)   501    3 
Deutsche Post AG (Registered)   842    25 
Deutsche Telekom AG (Registered)   3,134    53 
E.ON SE   2,071    16 
Evonik Industries AG   179    3 
Fresenius Medical Care AG & Co., KGaA   175    5 
Fresenius SE & Co., KGaA   358    8 
GEA Group AG   131    4 
Hannover Rueck SE (Registered)   51    8 
HeidelbergCement AG   123    5 
HelloFresh SE (i)   138    3 
Henkel AG & Co., KGaA   88    5 
Henkel AG & Co., KGaA (Preference)   157    9 
Infineon Technologies AG   1,118    24 
KION Group AG   62    1 
Knorr-Bremse AG   63    3 
LEG Immobilien SE   63    4 
Mercedes-Benz Group AG (Registered)   691    35 
Merck KGaA   111    18 
MTU Aero Engines AG   45    7 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)   120    29 
Nemetschek SE   50    2 
Porsche Automobil Holding SE (Preference)   131    7 
Puma SE   90    4 
QIAGEN NV (i)   197    8 
Rational AG   4    2 
Rheinmetall AG   37    6 
RWE AG   592    22 
SAP SE   891    73 
Sartorius AG (Preference)   21    7 
Scout24 SE   68    3 
Siemens AG (Registered)   653    64 
Siemens Energy AG (i)   368    4 
Siemens Healthineers AG   244    10 
Symrise AG   112    11 
Telefonica Deutschland Holding AG   1,015    2 
Uniper SE   83    —@ 
United Internet AG (Registered)   95    2 
Volkswagen AG   25    4 
Volkswagen AG (Preference)   157    19 
Vonovia SE   602    13 
Zalando SE (i)   194    4 
         815 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Hong Kong  (0.3%)          
AIA Group Ltd.   6,788    57 
BOC Hong Kong Holdings Ltd.   2,591    9 
Budweiser Brewing Co., APAC Ltd.   957    3 
Chow Tai Fook Jewellery Group Ltd.   1,112    2 
CK Asset Holdings Ltd.   1,119    7 
CK Hutchison Holdings Ltd.   1,503    8 
CK Infrastructure Holdings Ltd.   353    2 
CLP Holdings Ltd.   1,007    8 
ESR Group Ltd.   1,123    3 
Futu Holdings Ltd. ADR (i)   31    1 
Galaxy Entertainment Group Ltd.   1,220    7 
Hang Lung Properties Ltd.   1,138    2 
Hang Seng Bank Ltd.   532    8 
Henderson Land Development Co.,  Ltd.   813    2 
HK Electric Investments & HK Electric Investments Ltd.   1,576    1 
HKT Trust & HKT Ltd.   2,518    3 
Hong Kong & China Gas Co.,  Ltd.   6,812    6 
Hong Kong Exchanges & Clearing Ltd.   673    23 
Hongkong Land Holdings Ltd.   634    3 
Jardine Matheson Holdings Ltd.   123    6 
Link REIT   1,185    8 
MTR Corp.,  Ltd.   867    4 
New World Development Co. Ltd.   852    2 
Power Assets Holdings Ltd.   854    4 
Sands China Ltd. (i)   1,350    3 
Sino Land Co.,  Ltd.   1,922    3 
SITC International Holdings Co. Ltd.   804    1 
Sun Hung Kai Properties Ltd.   809    9 
Swire Pacific Ltd., Class A   284    2 
Swire Properties Ltd.   651    1 
Techtronic Industries Co.,  Ltd.   759    7 
WH Group Ltd.   4,612    3 
Wharf Real Estate Investment Co.,  Ltd.   934    4 
Xinyi Glass Holdings Ltd.   1,042    2 
         214 
Ireland  (0.1%)        
CRH PLC   675    22 
Flutter Entertainment PLC (i)   148    16 
Kerry Group PLC, Class A   144    13 
Kingspan Group PLC   133    6 
Smurfit Kappa Group PLC   221    6 
         63 
Israel  (0.1%)          
Azrieli Group Ltd.   37    3 
Bank Hapoalim BM   1,274    11 
Bank Leumi Le-Israel BM   1,552    13 
Check Point Software Technologies Ltd. (i)   88    10 
CyberArk Software Ltd. (i)   34    5 
Elbit Systems Ltd.   23    4 
ICL Group Ltd.   610    5 
Israel Discount Bank Ltd., Class A   1,066    5 
Kornit Digital Ltd. (i)   44    1 
Mizrahi Tefahot Bank Ltd.   154    5 
Nice Ltd. (i)   54    10 
Teva Pharmaceutical Industries Ltd. ADR (i)   948    8 
Tower Semiconductor Ltd. (i)   94    4 
Wix.com Ltd. (i)   49    4 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

ZIM Integrated Shipping Services Ltd.   73    2 
         90 
Italy  (0.5%)          
Amplifon SpA   106    3 
Assicurazioni Generali SpA   945    13 
Atlantia SpA   423    9 
CNH Industrial NV   874    10 
Davide Campari-Milano NV   446    4 
DiaSorin SpA   21    2 
Enel SpA   7,441    31 
Eni SpA   2,155    23 
Ferrari NV   108    20 
FinecoBank Banca Fineco SpA   2,133    26 
Infrastrutture Wireless Italiane SpA   287    3 
Intesa Sanpaolo SpA   58,268    96 
Mediobanca Banca di Credito Finanziario SpA   2,144    17 
Moncler SpA   175    7 
Nexi SpA (i)   447    4 
Poste Italiane SpA   446    3 
Prysmian SpA   217    6 
Recordati Industria Chimica e Farmaceutica SpA   89    3 
Snam SpA   1,845    7 
Stellantis NV   1,872    22 
Telecom Italia SpA (Milano) (i)   8,506    2 
Tenaris SA   403    5 
Terna - Rete Elettrica Nazionale   1,287    8 
UniCredit SpA   7,363    75 
         399 
Japan  (0.8%)          
Aeon Co. Ltd.   17    —@ 
Ajinomoto Co.,  Inc.   12    —@  
Asahi Group Holdings Ltd.   12    1 
Astellas Pharma,  Inc.   28    1 
Chiba Bank Ltd.   3,109    17 
Chubu Electric Power Co.,  Inc.   39    —@  
Chugai Pharmaceutical Co. Ltd.   10    —@  
Concordia Financial Group Ltd.   6,396    20 
Daiichi Sankyo Co. Ltd.   26    1 
Japan Post Bank Co. Ltd.   2,419    17 
Kansai Electric Power Co.,  Inc.   42    —@  
Kao Corp.   12    1 
KDDI Corp.   181    5 
Kikkoman Corp.   4    —@  
Kirin Holdings Co.,  Ltd.   21    —@  
Mizuho Financial Group,  Inc.   14,138    153 
Nippon Telegraph & Telephone Corp.   134    4 
Olympus Corp.   18    —@  
Osaka Gas Co. Ltd.   23    —@  
Resona Holdings,  Inc.   12,655    46 
Seven & i Holdings Co. Ltd.   19    1 
Shiseido Co.,  Ltd.   10    —@  
Shizuoka Bank Ltd. (i)   2,630    16 
SoftBank Corp.   324    3 
SoftBank Group Corp.   135    5 
Sumitomo Mitsui Financial Group,  Inc.   7,659    212 
Sumitomo Mitsui Trust Holdings,  Inc.   1,984    57 
Takeda Pharmaceutical Co. Ltd.   22    1 
Terumo Corp.   10    —@  
Tokyo Electric Power Co. Holdings,  Inc. (i)   91    —@  
Tokyo Gas Co. Ltd.   24    1 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Unicharm Corp.   11    —@  
         562 
Netherlands  (0.7%)          
ABN AMRO Bank NV CVA   1,510    13 
Adyen NV (i)   18    22 
Aegon NV   1,578    6 
AerCap Holdings NV (i)   116    5 
Akzo Nobel NV   155    9 
ASM International NV   40    9 
ASML Holding NV   345    143 
Basic-Fit NV (i)   788    24 
Coca-Cola Europacific Partners PLC   179    8 
EXOR NV   93    6 
Heineken Holding NV   86    6 
Heineken NV   229    20 
IMCD NV   48    6 
ING Groep NV   13,750    118 
JDE Peet's NV   86    2 
Just Eat Takeaway.com NV (i)   154    2 
Koninklijke Ahold Delhaize NV   909    23 
Koninklijke DSM NV   149    17 
Koninklijke KPN NV   3,194    9 
Koninklijke Philips NV   770    12 
NN Group NV   257    10 
OCI NV   90    3 
Prosus NV   707    37 
Randstad NV   104    4 
Universal Music Group NV   618    12 
Wolters Kluwer NV   223    22 
         548 
New Zealand  (0.0%) (a)          
Auckland International Airport Ltd. (i)   1,183    5 
Fisher & Paykel Healthcare Corp.,  Ltd.   544    6 
Mercury NZ Ltd.   655    2 
Meridian Energy Ltd.   1,301    3 
Spark New Zealand Ltd.   2,034    6 
         22 
Norway  (0.1%)          
Adevinta ASA (i)   246    1 
Aker BP ASA   283    8 
DNB Bank ASA   815    13 
Equinor ASA   865    29 
Gjensidige Forsikring ASA   172    3 
Kongsberg Gruppen ASA   77    2 
Mowi ASA   358    5 
Norsk Hydro ASA   1,208    6 
Orkla ASA   648    5 
Salmar ASA   51    2 
Telenor ASA   687    6 
Yara International ASA   144    5 
         85 
Portugal  (0.0%) (a)          
EDP - Energias de Portugal SA   2,297    10 
EDP Renovaveis SA   237    5 
Galp Energia SGPS SA   400    4 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Jeronimo Martins SGPS SA   218    4 
         23 
Singapore  (0.2%)          
CapLand Ascendas REIT   2,508    5 
CapitaLand Integrated Commercial Trust REIT   3,980    5 
Capitaland Investment Ltd.   1,969    5 
City Developments Ltd.   303    2 
DBS Group Holdings Ltd.   1,610    37 
Genting Singapore Ltd.   4,643    2 
Grab Holdings Ltd., Class A (i)   824    2 
Keppel Corp.,  Ltd.   1,096    5 
Mapletree Logistics Trust REIT   2,425    3 
Mapletree Pan Asia Commercial Trust REIT   1,746    2 
Oversea-Chinese Banking Corp.,  Ltd.   2,976    24 
Sea Ltd. ADR (i)   267    15 
Singapore Airlines Ltd. (i)   1,008    4 
Singapore Exchange Ltd.   636    4 
Singapore Technologies Engineering Ltd.   1,187    3 
Singapore Telecommunications Ltd.   7,050    13 
United Overseas Bank Ltd.   1,041    19 
UOL Group Ltd.   347    2 
Venture Corp. Ltd.   207    2 
Wilmar International Ltd.   1,460    4 
         158 
South Africa  (0.0%) (a)          
Nedbank Group Ltd.   249    3 
Old Mutual Ltd.   7,755    4 
Thungela Resources Ltd.   132    2 
         9 
Spain  (0.7%)          
Acciona SA   21    4 
ACS Actividades de Construccion y Servicios SA   202    4 
Aena SME SA (i)   64    7 
Amadeus IT Group SA (i)   383    18 
Banco Bilbao Vizcaya Argentaria SA   23,673    106 
Banco Santander SA   61,698    144 
CaixaBank SA   15,945    51 
Cellnex Telecom SA   528    16 
Enagas SA   229    4 
Endesa SA   292    4 
Ferrovial SA   414    9 
Grifols SA (i)   256    2 
Iberdrola SA   5,441    51 
Industria de Diseno Textil SA   933    19 
Naturgy Energy Group SA   132    3 
Red Electrica Corp., SA   370    6 
Repsol SA (i)   1,280    15 
Siemens Gamesa Renewable Energy SA (i)   205    4 
Telefonica SA   5,288    17 
         484 
Sweden  (0.5%)          
Alfa Laval AB   252    6 
Alleima AB (i)   185    1 
Assa Abloy AB, Class B   857    16 
Atlas Copco AB, Class A   2,304    21 
Atlas Copco AB, Class B   1,339    11 
Boliden AB   241    7 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Electrolux AB   197    2 
Embracer Group AB (i)   567    3 
Epiroc AB, Class A   555    8 
Epiroc AB, Class B   339    4 
EQT AB   252    5 
Essity AB, Class B   530    10 
Evolution AB   158    12 
Fastighets AB Balder (i)   559    2 
Getinge AB, Class B   197    3 
Hennes & Mauritz AB, Class B   633    6 
Hexagon AB, Class B   1,669    16 
Holmen AB, Class B   81    3 
Husqvarna AB, Class B   362    2 
Industrivarden AB, Class A   112    2 
Industrivarden AB, Class C   132    3 
Indutrade AB   236    4 
Investment AB Latour, Class B   127    2 
Investor AB, Class A   426    7 
Investor AB, Class B   1,559    23 
Kinnevik AB, Class B (i)   211    3 
L E Lundbergforetagen AB, Class B   65    2 
Lifco AB, Class B   198    3 
Nibe Industrier AB, Class B   1,286    11 
Nordea Bank Abp   2,863    24 
Sagax AB   166    3 
Sandvik AB   931    13 
Securitas AB, Class B   273    2 
Sinch AB (i)   527    1 
Skandinaviska Enskilda Banken AB, Class A   1,635    16 
Skanska AB, Class B   293    4 
SKF AB, Class B   334    4 
Svenska Cellulosa AB SCA, Class B   519    7 
Svenska Handelsbanken AB, Class A   1,270    10 
Swedbank AB, Class A   785    10 
Swedish Match AB   1,367    14 
Swedish Orphan Biovitrum AB (i)   148    3 
Tele2 AB, Class B   556    5 
Telefonaktiebolaget LM Ericsson, Class B   2,519    15 
Telia Co., AB   2,590    7 
Volvo AB, Class A   175    3 
Volvo AB, Class B   1,311    19 
Volvo Car AB, Calss B (i)   521    2 
         360 
Switzerland  (1.5%)          
ABB Ltd. (Registered)   1,451    37 
Adecco Group AG (Registered)   139    4 
Alcon,  Inc.   450    26 
Bachem Holding AG   26    2 
Baloise Holding AG (Registered)   39    5 
Barry Callebaut AG (Registered)   3    6 
Chocoladefabriken Lindt & Sprungli AG   1    10 
Cie Financiere Richemont SA (Registered)   462    44 
Clariant AG (Registered)   182    3 
Credit Suisse Group AG (Registered)   2,331    9 
EMS-Chemie Holding AG (Registered)   6    4 
Geberit AG (Registered)   31    13 
Givaudan SA (Registered)   8    24 
Holcim AG (Registered)   488    20 
Julius Baer Group Ltd.   190    8 
Kuehne & Nagel International AG (Registered)   46    9 
Logitech International SA (Registered)   148    7 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Lonza Group AG (Registered)   67    33 
Nestle SA (Registered)   2,538    274 
Novartis AG (Registered)   1,961    149 
Partners Group Holding AG   19    15 
Roche Holding AG   22    9 
Roche Holding AG (Genusschein)   626    204 
Schindler Holding AG   34    5 
Schindler Holding AG (Registered)   20    3 
SGS SA (Registered)   5    11 
Sika AG (Registered)   126    25 
Sonova Holding AG (Registered)   48    10 
Straumann Holding AG (Registered)   94    9 
Swatch Group AG   25    6 
Swatch Group AG (Registered)   45    2 
Swiss Life Holding AG (Registered)   28    12 
Swiss Prime Site AG (Registered)   65    5 
Swiss Re AG   265    19 
Swisscom AG (Registered)   25    12 
Temenos AG (Registered)   54    4 
UBS Group AG (Registered)   3,120    45 
VAT Group AG   23    5 
Zurich Insurance Group AG   135    54 
         1,142 
United Kingdom  (2.3%)          
3i Group PLC   883    11 
abrdn PLC   1,856    3 
Admiral Group PLC   149    3 
Anglo American PLC   1,147    34 
Antofagasta PLC   361    4 
Ashtead Group PLC   389    17 
Associated British Foods PLC   322    4 
AstraZeneca PLC   1,360    149 
Auto Trader Group PLC   845    5 
AVEVA Group PLC   101    3 
Aviva PLC   2,554    11 
BAE Systems PLC   2,765    24 
Barclays PLC   17,086    27 
Barratt Developments PLC   923    3 
Berkeley Group Holdings PLC   100    4 
BP PLC   17,399    83 
British American Tobacco PLC   1,901    68 
British Land Co., PLC REIT   747    3 
BT Group PLC   7,089    10 
Bunzl PLC   301    9 
Burberry Group PLC   358    7 
Coca-Cola HBC AG   169    4 
Compass Group PLC   1,567    31 
Croda International PLC   124    9 
DCC PLC   89    5 
Diageo PLC   2,087    88 
Entain PLC   527    6 
Evraz PLC   464    — 
Experian PLC   808    24 
Ferguson PLC   192    20 
G4S PLC (i)   2,164    6 
Glencore PLC   8,880    47 
GSK PLC   3,764    54 
Haleon PLC (i)   4,704    15 
Halma PLC   339    8 
Hargreaves Lansdown PLC   302    3 
Hikma Pharmaceuticals PLC   146    2 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

HSBC Holdings PLC   20,866    108 
Imperial Brands PLC   795    16 
Informa PLC   1,334    8 
InterContinental Hotels Group PLC   164    8 
Intertek Group PLC   145    6 
Intu Properties PLC REIT (i)   1,268    —@ 
J Sainsbury PLC   1,481    3 
JD Sports Fashion PLC   2,192    2 
Johnson Matthey PLC   156    3 
Kingfisher PLC   1,837    4 
Land Securities Group PLC REIT   627    4 
Legal & General Group PLC   5,241    13 
Lloyds Banking Group PLC   62,399    28 
London Stock Exchange Group PLC   281    24 
M&G PLC   2,361    4 
Melrose Industries PLC   3,874    4 
Mondi PLC   446    7 
National Grid PLC   3,410    35 
NatWest Group PLC   4,726    12 
Next PLC   120    6 
Ocado Group PLC (i)   482    2 
Paragon Offshore PLC (f)(i)   67    — 
Pearson PLC   616    6 
Persimmon PLC   286    4 
Phoenix Group Holdings PLC   673    4 
Prudential PLC   2,442    24 
Reckitt Benckiser Group PLC   645    43 
RELX PLC   1,697    41 
Rentokil Initial PLC   1,659    9 
Rio Tinto PLC   1,015    55 
Rolls-Royce Holdings PLC (i)   7,485    6 
Sage Group PLC   910    7 
Schroders PLC   629    3 
Segro PLC REIT   1,078    9 
Severn Trent PLC   242    6 
Shell PLC   6,820    169 
Smith & Nephew PLC   786    9 
Smiths Group PLC   347    6 
Spirax-Sarco Engineering PLC   66    8 
SSE PLC   997    17 
St. James's Place PLC   487    6 
Standard Chartered PLC   2,691    17 
Taylor Wimpey PLC   3,086    3 
Tesco PLC   6,864    16 
Unilever PLC CVA   2,246    99 
United Utilities Group PLC   654    6 
Vodafone Group PLC   23,874    27 
Whitbread PLC   181    5 
WPP PLC   1,015    8 
         1,714 
United States  (16.3%)          
3M Co.   215    24 
Abbott Laboratories   585    57 
AbbVie,  Inc.   687    92 
ABIOMED,  Inc. (i)   18    4 
Accenture PLC, Class A   236    61 
Activision Blizzard,  Inc.   292    22 
Adobe,  Inc. (i)   178    49 
Advance Auto Parts,  Inc.   22    3 
Advanced Micro Devices,  Inc. (i)   614    39 
AES Corp.   291    7 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Affirm Holdings,  Inc. (i)   68    1 
Aflac,  Inc.   231    13 
Agilent Technologies,  Inc.   118    14 
Air Products & Chemicals,  Inc.   83    19 
Airbnb,  Inc., Class A (i)   126    13 
Akamai Technologies,  Inc. (i)   59    5 
Albemarle Corp.   45    12 
Alcoa Corp.   67    2 
Alexandria Real Estate Equities,  Inc. REIT   57    8 
Align Technology,  Inc. (i)   29    6 
Alleghany Corp. (i)   5    4 
Allegion PLC   33    3 
Alliant Energy Corp.   108    6 
Allstate Corp.   103    13 
Ally Financial,  Inc.   120    3 
Alnylam Pharmaceuticals,  Inc. (i)   47    9 
Alphabet,  Inc., Class A (i)   2,055    197 
Alphabet,  Inc., Class C (i)   1,930    186 
Altria Group,  Inc.   675    27 
Amazon.com,  Inc. (i)   2,964    335 
AMC Entertainment Holdings,  Inc., Class A (i)   180    1 
Amcor PLC   556    6 
AMERCO   4    2 
Ameren Corp.   112    9 
American Electric Power Co.,  Inc.   220    19 
American Express Co.   242    33 
American Financial Group,  Inc.   27    3 
American Homes 4 Rent, Class A REIT   117    4 
American International Group,  Inc.   303    14 
American Tower Corp. REIT   173    37 
American Water Works Co.,  Inc.   79    10 
Ameriprise Financial,  Inc.   41    10 
AmerisourceBergen Corp.   60    8 
AMETEK,  Inc.   86    10 
Amgen,  Inc.   215    48 
Amphenol Corp., Class A   224    15 
Analog Devices,  Inc.   197    27 
Annaly Capital Management,  Inc. REIT   161    3 
ANSYS,  Inc. (i)   33    7 
AO Smith Corp.   49    2 
Aon PLC, Class A   80    21 
APA Corp.   132    5 
Apollo Global Management,  Inc.   150    7 
Apple,  Inc.   5,414    748 
Applied Materials,  Inc.   333    27 
AppLovin Corp., Class A (i)   46    1 
Aptiv PLC (i)   102    8 
Aramark   86    3 
Arch Capital Group Ltd. (i)   141    6 
Archer-Daniels-Midland Co.   224    18 
Arista Networks,  Inc. (i)   92    10 
Arrow Electronics,  Inc. (i)   25    2 
Arthur J Gallagher & Co.   78    13 
Assurant,  Inc.   20    3 
AT&T,  Inc.   3,153    48 
Atmos Energy Corp.   59    6 
Autodesk,  Inc. (i)   82    15 
Automatic Data Processing,  Inc.   157    36 
AutoZone,  Inc. (i)   8    17 
Avalara,  Inc. (i)   33    3 
AvalonBay Communities,  Inc. REIT   52    10 
Avantor,  Inc. (i)   233    5 
Avery Dennison Corp.   31    5 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Baker Hughes Co.   365    8 
Ball Corp.   117    6 
Bank of America Corp.   3,376    102 
Bank of New York Mellon Corp.   283    11 
Bath & Body Works,  Inc.   91    3 
Baxter International,  Inc.   196    11 
Becton Dickinson & Co.   110    24 
Bentley Systems,  Inc., Class B   69    2 
Berkshire Hathaway,  Inc., Class B (i)   477    127 
Best Buy Co.,  Inc.   77    5 
Bill.Com Holdings,  Inc. (i)   36    5 
Bio-Rad Laboratories,  Inc., Class A (i)   9    4 
Bio-Techne Corp.   16    5 
Biogen,  Inc. (i)   58    15 
BioMarin Pharmaceutical,  Inc. (i)   73    6 
Black Knight,  Inc. (i)   58    4 
BlackRock,  Inc.   57    31 
Blackstone,  Inc.   265    22 
Block,  Inc., Class A (i)   194    11 
Boeing Co. (i)   204    25 
Booking Holdings,  Inc. (i)   15    25 
Booz Allen Hamilton Holding Corp.   50    5 
BorgWarner,  Inc.   90    3 
Boston Properties,  Inc. REIT   55    4 
Boston Scientific Corp. (i)   554    21 
Bristol-Myers Squibb Co.   851    60 
Broadcom,  Inc.   155    69 
Broadridge Financial Solutions,  Inc.   44    6 
Brown & Brown,  Inc.   90    5 
Brown-Forman Corp., Class B   124    8 
Bunge Ltd.   58    5 
Burlington Stores,  Inc. (i)   23    3 
Cable One,  Inc.   2    2 
Cadence Design Systems,  Inc. (i)   104    17 
Caesars Entertainment,  Inc. (i)   79    3 
Camden Property Trust REIT   37    4 
Campbell Soup Co.   82    4 
Capital One Financial Corp.   153    14 
Cardinal Health,  Inc.   107    7 
Carlyle Group,  Inc.   73    2 
CarMax,  Inc. (i)   58    4 
Carnival Corp. (i)   350    2 
Carrier Global Corp.   320    11 
Carvana Co. (i)   32    1 
Catalent,  Inc. (i)   65    5 
Caterpillar,  Inc.   199    33 
Cboe Global Markets,  Inc.   40    5 
CBRE Group,  Inc., Class A (i)   126    8 
CDW Corp.   50    8 
Celanese Corp.   40    4 
Centene Corp. (i)   229    18 
CenterPoint Energy,  Inc.   275    8 
Ceridian HCM Holding,  Inc. (i)   52    3 
CF Industries Holdings,  Inc.   77    7 
CH Robinson Worldwide,  Inc.   48    5 
Charles River Laboratories International,  Inc. (i)   19    4 
Charles Schwab Corp.   534    38 
Charter Communications,  Inc., Class A (i)   45    14 
Cheniere Energy,  Inc.   84    14 
Chevron Corp.   735    106 
Chewy,  Inc., Class A (i)   34    1 
Chipotle Mexican Grill,  Inc. (i)   10    15 
Chubb Ltd.   158    29 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Church & Dwight Co.,  Inc.   96    7 
Cigna Corp.   125    35 
Cincinnati Financial Corp.   57    5 
Cintas Corp.   35    14 
Cisco Systems,  Inc.   1,347    54 
Citigroup,  Inc.   1,032    43 
Citizens Financial Group,  Inc.   254    9 
Citrix Systems,  Inc.   47    5 
Clarivate PLC (i)   117    1 
Cleveland-Cliffs,  Inc. (i)   192    3 
Clorox Co.   49    6 
Cloudflare,  Inc., Class A (i)   94    5 
CME Group,  Inc.   133    24 
CMS Energy Corp.   127    7 
Coca-Cola Co.   1,436    80 
Cognex Corp.   65    3 
Cognizant Technology Solutions Corp., Class A   195    11 
Coinbase Global,  Inc., Class A (i)   44    3 
Colgate-Palmolive Co.   317    22 
Comcast Corp., Class A   1,503    44 
Conagra Brands,  Inc.   190    6 
ConocoPhillips   1,802    184 
Consolidated Edison,  Inc.   154    13 
Constellation Brands,  Inc., Class A   65    15 
Constellation Energy Corp.   142    12 
Cooper Cos.,  Inc.   19    5 
Copart,  Inc. (i)   80    9 
Corning,  Inc.   298    9 
Corteva,  Inc.   270    15 
CoStar Group,  Inc. (i)   148    10 
Costco Wholesale Corp.   174    82 
Coterra Energy,  Inc.   1,104    29 
Coupa Software,  Inc. (i)   28    2 
Crowdstrike Holdings,  Inc., Class A (i)   75    12 
Crown Castle International Corp. REIT   163    24 
Crown Holdings,  Inc.   46    4 
CSX Corp.   715    19 
Cummins,  Inc.   53    11 
CVS Health Corp.   511    49 
Danaher Corp.   267    69 
Darden Restaurants,  Inc.   47    6 
Datadog,  Inc., Class A (i)   86    8 
DaVita,  Inc. (i)   21    2 
Deere & Co.   107    36 
Dell Technologies,  Inc., Class C   108    4 
Delta Air Lines,  Inc. (i)   59    2 
Dentsply Sirona,  Inc.   84    2 
Devon Energy Corp.   883    53 
Dexcom,  Inc. (i)   154    12 
Diamondback Energy,  Inc.   241    29 
Digital Realty Trust,  Inc. REIT   105    10 
Discover Financial Services   105    10 
DISH Network Corp., Class A (i)   99    1 
DocuSign,  Inc. (i)   75    4 
Dollar General Corp.   85    20 
Dollar Tree,  Inc. (i)   83    11 
Dominion Energy,  Inc.   350    24 
Domino's Pizza,  Inc.   14    4 
DoorDash,  Inc., Class A (i)   74    4 
Dover Corp.   54    6 
Dow,  Inc.   271    12 
DR Horton,  Inc.   126    8 
Dropbox,  Inc., Class A (i)   109    2 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

DTE Energy Co.   85    10 
Duke Energy Corp.   333    31 
Duke Realty Corp. REIT   144    7 
DuPont de Nemours,  Inc.   191    10 
Dynatrace,  Inc. (i)   74    3 
Eastman Chemical Co.   48    3 
Eaton Corp., PLC   149    20 
eBay,  Inc.   214    8 
Ecolab,  Inc.   96    14 
Edison International   165    9 
Edwards Lifesciences Corp. (i)   247    20 
Elanco Animal Health,  Inc. (i)   163    2 
Electronic Arts,  Inc.   103    12 
Elevance Health,  Inc.   94    43 
Eli Lilly & Co.   319    103 
Emerson Electric Co.   220    16 
Enphase Energy,  Inc. (i)   51    14 
Entegris,  Inc.   55    5 
Entergy Corp.   88    9 
EOG Resources,  Inc.   221    25 
EPAM Systems,  Inc. (i)   21    8 
EQT Corp.   123    5 
Equifax,  Inc.   47    8 
Equinix,  Inc. REIT   34    19 
Equitable Holdings,  Inc.   142    4 
Equity Lifestyle Properties,  Inc. REIT   66    4 
Equity Residential REIT   133    9 
Erie Indemnity Co., Class A   10    2 
Essential Utilities,  Inc.   106    4 
Essex Property Trust,  Inc. REIT   24    6 
Estee Lauder Cos.,  Inc., Class A   93    20 
Etsy,  Inc. (i)   46    5 
Everest Re Group Ltd.   15    4 
Evergy,  Inc.   100    6 
Eversource Energy   150    12 
Exact Sciences Corp. (i)   69    2 
Exelon Corp.   424    16 
Expedia Group,  Inc. (i)   55    5 
Expeditors International of Washington,  Inc.   64    6 
Extra Space Storage,  Inc. REIT   51    9 
Exxon Mobil Corp.   1,405    123 
F5 Networks,  Inc. (i)   23    3 
Factset Research Systems,  Inc.   14    6 
Fair Isaac Corp. (i)   10    4 
Fastenal Co.   214    10 
FedEx Corp.   92    14 
Fidelity National Financial,  Inc.   100    4 
Fidelity National Information Services,  Inc.   228    17 
Fifth Third Bancorp   348    11 
First Citizens BancShares,  Inc., Class A   6    5 
First Republic Bank   93    12 
FirstEnergy Corp.   237    9 
Fiserv,  Inc. (i)   231    22 
FleetCor Technologies,  Inc. (i)   28    5 
FMC Corp.   46    5 
Ford Motor Co.   1,246    14 
Fortinet,  Inc. (i)   260    13 
Fortive Corp.   127    7 
Fortune Brands Home & Security,  Inc.   49    3 
Fox Corp., Class A   118    4 
Fox Corp., Class B   55    2 
Franklin Resources,  Inc.   113    2 
Freeport-McMoRan,  Inc.   532    15 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Garmin Ltd.   58    5 
Gartner,  Inc. (i)   31    9 
Generac Holdings,  Inc. (i)   24    4 
General Dynamics Corp.   88    19 
General Electric Co.   407    25 
General Mills,  Inc.   238    18 
General Motors Co.   518    17 
Genuine Parts Co.   53    8 
Gilead Sciences,  Inc.   489    30 
Global Payments,  Inc.   106    11 
Globe Life,  Inc.   35    3 
GoDaddy,  Inc., Class A (i)   62    4 
Goldman Sachs Group,  Inc.   127    37 
Guidewire Software,  Inc. (i)   30    2 
Halliburton Co.   343    8 
Hartford Financial Services Group,  Inc.   123    8 
Hasbro,  Inc.   49    3 
HCA Healthcare,  Inc.   96    18 
Healthcare Realty Trust,  Inc. REIT   143    3 
Healthpeak Properties,  Inc. REIT   201    5 
HEICO Corp.   16    2 
HEICO Corp., Class A   27    3 
Henry Schein,  Inc. (i)   52    3 
Hershey Co.   58    13 
Hess Corp.   106    12 
Hewlett Packard Enterprise Co.   483    6 
Hilton Worldwide Holdings,  Inc.   104    13 
Hologic,  Inc. (i)   99    6 
Home Depot,  Inc.   373    103 
Honeywell International,  Inc.   255    43 
Horizon Therapeutics PLC (i)   81    5 
Hormel Foods Corp.   120    5 
Host Hotels & Resorts,  Inc. REIT   265    4 
Howmet Aerospace,  Inc.   141    4 
HP,  Inc.   392    10 
HubSpot,  Inc. (i)   17    5 
Humana,  Inc.   50    24 
Huntington Bancshares,  Inc.   629    8 
Huntington Ingalls Industries,  Inc.   15    3 
IAC/InterActiveCorp (i)   29    2 
IDEX Corp.   28    6 
IDEXX Laboratories,  Inc. (i)   33    11 
Illinois Tool Works,  Inc.   116    21 
Illumina,  Inc. (i)   62    12 
Incyte Corp. (i)   71    5 
Ingersoll Rand,  Inc.   152    7 
Insulet Corp. (i)   27    6 
Intel Corp.   1,321    34 
Intercontinental Exchange,  Inc.   207    19 
International Business Machines Corp.   332    39 
International Flavors & Fragrances,  Inc.   95    9 
International Paper Co.   132    4 
Interpublic Group of Cos.,  Inc.   146    4 
Intuit,  Inc.   101    39 
Intuitive Surgical,  Inc. (i)   141    26 
Invesco Ltd.   129    2 
Invitation Homes,  Inc. REIT   227    8 
IQVIA Holdings,  Inc. (i)   76    14 
Iron Mountain,  Inc. REIT   109    5 
Jack Henry & Associates,  Inc.   27    5 
Jacobs Solutions,  Inc.   48    5 
Jazz Pharmaceuticals PLC (i)   23    3 
JB Hunt Transport Services,  Inc.   31    5 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

JM Smucker Co.   43    6 
Johnson & Johnson   1,013    165 
Johnson Controls International PLC   261    13 
JPMorgan Chase & Co.   1,399    146 
Juniper Networks,  Inc.   120    3 
Kellogg Co.   103    7 
Keurig Dr Pepper,  Inc.   311    11 
KeyCorp   477    8 
Keysight Technologies,  Inc. (i)   69    11 
Kimberly-Clark Corp.   134    15 
Kimco Realty Corp. REIT   229    4 
Kinder Morgan,  Inc.   661    11 
KKR & Co.,  Inc.   208    9 
KLA Corp.   57    17 
Knight-Swift Transportation Holdings,  Inc.   58    3 
Kraft Heinz Co.   293    10 
Kroger Co.   271    12 
L3Harris Technologies,  Inc.   72    15 
Laboratory Corp. of America Holdings   36    7 
Lam Research Corp.   52    19 
Las Vegas Sands Corp. (i)   130    5 
Lear Corp.   22    3 
Leidos Holdings,  Inc.   50    4 
Lennar Corp., Class A   97    7 
Lennox International,  Inc.   12    3 
Liberty Broadband Corp., Class C (i)   51    4 
Liberty Global PLC, Class A (i)   76    1 
Liberty Global PLC Series C (i)   155    3 
Liberty Media Corp-Liberty SiriusXM, Class A (i)   28    1 
Liberty Media Corp-Liberty SiriusXM, Class C (i)   62    2 
Liberty Media Corp.-Liberty Formula One, Class C (i)   72    4 
Lincoln National Corp.   61    3 
Linde PLC   192    52 
Live Nation Entertainment,  Inc. (i)   63    5 
LKQ Corp.   101    5 
Lockheed Martin Corp.   91    35 
Loews Corp.   79    4 
Lowe's Cos.,  Inc.   241    45 
LPL Financial Holdings,  Inc.   30    7 
Lucid Group,  Inc. (i)   152    2 
Lululemon Athletica,  Inc. (i)   44    12 
Lumen Technologies,  Inc.   443    3 
Lyft,  Inc., Class A (i)   108    1 
LyondellBasell Industries NV, Class A   97    7 
M&T Bank Corp.   91    16 
Marathon Oil Corp.   1,043    24 
Marathon Petroleum Corp.   211    21 
Markel Corp. (i)   5    5 
MarketAxess Holdings,  Inc.   14    3 
Marriott International,  Inc., Class A   102    14 
Marsh & McLennan Cos.,  Inc.   188    28 
Martin Marietta Materials,  Inc.   23    7 
Marvell Technology,  Inc.   320    14 
Masco Corp.   89    4 
Masimo Corp. (i)   18    3 
Mastercard,  Inc., Class A   330    94 
Match Group,  Inc. (i)   109    5 
McCormick & Co.,  Inc.   99    7 
McDonald's Corp.   278    64 
McKesson Corp.   58    20 
Medical Properties Trust,  Inc. REIT   224    3 
Medtronic PLC   523    42 
MercadoLibre,  Inc. (i)   17    14 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Merck & Co.,  Inc.   885    76 
Meta Platforms,  Inc., Class A (i)   767    104 
MetLife,  Inc.   261    16 
Mettler-Toledo International,  Inc. (i)   9    10 
MGM Resorts International   130    4 
Microchip Technology,  Inc.   207    13 
Micron Technology,  Inc.   422    21 
Microsoft Corp.   2,371    552 
Mid-America Apartment Communities,  Inc. REIT   43    7 
Moderna,  Inc. (i)   139    16 
Mohawk Industries,  Inc. (i)   19    2 
Molina Healthcare,  Inc. (i)   23    8 
Molson Coors Beverage Co., Class B   73    3 
Mondelez International,  Inc., Class A   549    30 
MongoDB,  Inc. (i)   25    5 
Monolithic Power Systems,  Inc.   17    6 
Monster Beverage Corp. (i)   158    14 
Moody's Corp.   62    15 
Mosaic Co.   135    7 
Motorola Solutions,  Inc.   63    14 
MSCI,  Inc.   31    13 
Nasdaq,  Inc.   129    7 
NetApp,  Inc.   83    5 
Netflix,  Inc. (i)   167    39 
Neurocrine Biosciences,  Inc. (i)   36    4 
Newell Brands,  Inc.   149    2 
Newmont Corp.   299    13 
News Corp., Class A   141    2 
NextEra Energy,  Inc.   859    67 
NIKE,  Inc., Class B   471    39 
NiSource,  Inc.   176    4 
Nordson Corp.   20    4 
Norfolk Southern Corp.   89    19 
Northern Trust Corp.   74    6 
Northrop Grumman Corp.   56    26 
NortonLifeLock,  Inc.   218    4 
Novocure Ltd. (i)   36    3 
NRG Energy,  Inc.   105    4 
Nucor Corp.   100    11 
NVIDIA Corp.   834    101 
NVR,  Inc. (i)   1    4 
NXP Semiconductors NV   99    15 
O'Reilly Automotive,  Inc. (i)   25    18 
Oak Street Health,  Inc. (i)   52    1 
Occidental Petroleum Corp.   355    22 
Okta,  Inc. (i)   56    3 
Old Dominion Freight Line,  Inc.   37    9 
Omnicom Group,  Inc.   77    5 
ON Semiconductor Corp. (i)   162    10 
ONEOK,  Inc.   169    9 
Oracle Corp.   598    37 
Otis Worldwide Corp.   159    10 
Owens Corning   37    3 
PACCAR,  Inc.   130    11 
Packaging Corp. of America   34    4 
Palantir Technologies,  Inc., Class A (i)   621    5 
Palo Alto Networks,  Inc. (i)   111    18 
Paramount Global, Class B   223    4 
Parker Hannifin Corp.   48    12 
Paychex,  Inc.   122    14 
Paycom Software,  Inc. (i)   19    6 
PayPal Holdings,  Inc. (i)   411    35 
PDC Energy,  Inc.   92    5 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Peloton Interactive,  Inc., Class A (i)   104    1 
Pentair PLC   61    2 
PepsiCo,  Inc.   551    90 
PerkinElmer,  Inc.   50    6 
Pfizer,  Inc.   1,981    87 
PG&E Corp. (i)   648    8 
Philip Morris International,  Inc.   579    48 
Phillips 66   180    15 
Pinterest,  Inc., Class A (i)   214    5 
Pioneer Natural Resources Co.   332    72 
Plug Power,  Inc. (i)   196    4 
PNC Financial Services Group,  Inc.   213    32 
Pool Corp.   15    5 
PPG Industries,  Inc.   88    10 
PPL Corp.   319    8 
Principal Financial Group,  Inc.   98    7 
Procter & Gamble Co.   850    107 
Progressive Corp.   218    25 
ProLogis,  Inc. REIT   278    28 
Prudential Financial,  Inc.   140    12 
PTC,  Inc. (i)   42    4 
Public Service Enterprise Group,  Inc.   218    12 
Public Storage REIT   60    18 
Pulte Group,  Inc.   92    3 
Qorvo,  Inc. (i)   41    3 
QUALCOMM,  Inc.   424    48 
Quanta Services,  Inc.   54    7 
Quest Diagnostics,  Inc.   47    6 
Raymond James Financial,  Inc.   72    7 
Raytheon Technologies Corp.   565    46 
Realty Income Corp. REIT   224    13 
Regency Centers Corp. REIT   57    3 
Regeneron Pharmaceuticals,  Inc. (i)   42    29 
Regions Financial Corp.   472    9 
Republic Services,  Inc.   82    11 
ResMed,  Inc.   57    12 
RingCentral,  Inc., Class A (i)   32    1 
Rivian Automotive,  Inc., Class A (i)   65    2 
Robert Half International,  Inc.   41    3 
ROBLOX Corp., Class A (i)   135    5 
Rockwell Automation,  Inc.   43    9 
Roku,  Inc. (i)   44    2 
Rollins,  Inc.   81    3 
Roper Technologies,  Inc.   40    14 
Ross Stores,  Inc.   127    11 
Royal Caribbean Cruises Ltd. (i)   83    3 
Royalty Pharma PLC, Class A   130    5 
RPM International,  Inc.   48    4 
S&P Global,  Inc.   133    41 
Salesforce,  Inc. (i)   371    53 
SBA Communications Corp. REIT   42    12 
Schlumberger NV   536    19 
Seagate Technology Holdings PLC   78    4 
Seagen,  Inc. (i)   53    7 
Sealed Air Corp.   55    2 
SEI Investments Co.   49    2 
Sempra Energy   137    21 
Sensata Technologies Holding PLC   59    2 
ServiceNow,  Inc. (i)   76    29 
Sherwin-Williams Co.   93    19 
Signature Bank   33    5 
Simon Property Group,  Inc. REIT   121    11 
Sirius XM Holdings,  Inc.   300    2 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Skyworks Solutions,  Inc.   62    5 
Snap,  Inc., Class A (i)   397    4 
Snap-On,  Inc.   20    4 
Snowflake,  Inc., Class A (i)   83    14 
SolarEdge Technologies,  Inc. (i)   20    5 
Southern Co.   459    31 
Southwest Airlines Co. (i)   55    2 
Splunk,  Inc. (i)   60    5 
SS&C Technologies Holdings,  Inc.   87    4 
Stanley Black & Decker,  Inc.   60    5 
Starbucks Corp.   429    36 
State Street Corp.   136    8 
Steel Dynamics,  Inc.   71    5 
Steris PLC   38    6 
Stryker Corp.   132    27 
Sun Communities,  Inc. REIT   43    6 
SVB Financial Group (i)   32    11 
Synchrony Financial   193    5 
Synopsys,  Inc. (i)   58    18 
Sysco Corp.   202    14 
T Rowe Price Group,  Inc.   85    9 
T-Mobile US,  Inc. (i)   305    41 
Take-Two Interactive Software,  Inc. (i)   56    6 
Targa Resources Corp.   82    5 
Target Corp.   170    25 
TE Connectivity Ltd.   122    13 
Teladoc Health,  Inc. (i)   61    2 
Teledyne Technologies,  Inc. (i)   18    6 
Teleflex,  Inc.   18    4 
Teradyne,  Inc.   61    5 
Tesla,  Inc. (i)   984    261 
Texas Instruments,  Inc.   348    54 
Textron,  Inc.   81    5 
Thermo Fisher Scientific,  Inc.   153    78 
TJX Cos.,  Inc.   433    27 
Tractor Supply Co.   41    8 
Trade Desk,  Inc., Class A (i)   168    10 
Tradeweb Markets,  Inc., Class A   40    2 
Trane Technologies PLC   87    13 
TransDigm Group,  Inc.   20    10 
TransUnion   72    4 
Travelers Cos.,  Inc.   90    14 
Trimble,  Inc. (i)   94    5 
Truist Financial Corp.   679    30 
Twilio,  Inc., Class A (i)   64    4 
Twitter,  Inc. (i)   298    13 
Tyler Technologies,  Inc. (i)   16    6 
Tyson Foods,  Inc., Class A   118    8 
Uber Technologies,  Inc. (i)   553    15 
UDR,  Inc. REIT   118    5 
UGI Corp.   91    3 
Ulta Beauty,  Inc. (i)   20    8 
Union Pacific Corp.   235    46 
United Parcel Service,  Inc., Class B   273    44 
United Rentals,  Inc. (i)   27    7 
UnitedHealth Group,  Inc.   366    185 
Unity Software,  Inc. (i)   72    2 
Universal Health Services,  Inc., Class B   26    2 
Upstart Holdings,  Inc. (i)   23    —@ 
US Bancorp   723    29 
Vail Resorts,  Inc.   15    3 
Valero Energy Corp.   152    16 
Veeva Systems,  Inc., Class A (i)   54    9 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

Ventas,  Inc. REIT   150    6 
VeriSign,  Inc. (i)   37    6 
Verisk Analytics,  Inc.   61    10 
Verizon Communications,  Inc.   1,362    52 
Vertex Pharmaceuticals,  Inc. (i)   100    29 
VF Corp.   121    4 
Viatris,  Inc.   455    4 
VICI Properties,  Inc. REIT   361    11 
Visa,  Inc., Class A   623    111 
Vistra Corp.   190    4 
VMware,  Inc., Class A   78    8 
Vornado Realty Trust REIT   60    1 
Vulcan Materials Co.   49    8 
Walgreens Boots Alliance,  Inc.   289    9 
Walmart,  Inc.   579    75 
Walt Disney Co. (i)   673    63 
Warner Bros Discovery,  Inc. (i)   801    9 
Waste Connections,  Inc.   95    13 
Waste Management,  Inc.   153    25 
Waters Corp. (i)   24    6 
Wayfair,  Inc., Class A (i)   26    1 
Webster Financial Corp.   91    4 
WEC Energy Group,  Inc.   136    12 
Wells Fargo & Co.   1,735    70 
Welltower,  Inc. REIT   170    11 
West Pharmaceutical Services,  Inc.   29    7 
Western Digital Corp. (i)   117    4 
Western Union Co.   148    2 
Westinghouse Air Brake Technologies Corp.   66    5 
Westlake Chemical Corp.   14    1 
WestRock Co.   97    3 
Weyerhaeuser Co. REIT   278    8 
Whirlpool Corp.   21    3 
Williams Cos.,  Inc.   447    13 
Willis Towers Watson PLC   44    9 
Workday,  Inc., Class A (i)   74    11 
WP Carey,  Inc. REIT   72    5 
WR Berkley Corp.   80    5 
WW Grainger,  Inc.   17    8 
Wynn Resorts Ltd. (i)   42    3 
Xcel Energy,  Inc.   236    15 
Xylem,  Inc.   67    6 
Yum! Brands,  Inc.   108    11 
Zebra Technologies Corp., Class A (i)   20    5 
Zendesk,  Inc. (i)   46    3 
Zillow Group,  Inc., Class C (i)   62    2 
Zimmer Biomet Holdings,  Inc.   82    9 
Zoetis,  Inc.   187    28 
Zoom Video Communications,  Inc., Class A (i)   85    6 
ZoomInfo Technologies,  Inc., Class A (i)   97    4 
Zscaler,  Inc. (i)   32    5 
         12,152 
Total Common Stocks (Cost $24,544)        23,079 
           
Preferred Stock  (0.0%) (a)          
United States  (0.0%) (a)          
AMC Entertainment Holdings,  Inc., (i) (Cost $2)   180    —@ 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

    No. of
Rights		      
Right  (0.0%) (a)          
Sweden  (0.0%) (a)          
Securitas AB (i) (Cost $1)   1,092    —@ 
           
    Shares      
Short-Term Investments  (17.7%)          
Investment Company  (16.8%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (k) (Cost $12,497)   12,496,538    12,497 
           
    Face
Amount
(000)		      
U.S. Treasury Security  (0.9%)          
U.S. Treasury Bill          
3.84%, 3/16/23 (l)(m)  (Cost $664)  $676    665 
Total Short-Term Investments (Cost $13,161)        13,162 
Total Investments (100.7%) (Cost $85,101)  (n)(o)(p)(q)        74,961 
Liabilities in Excess of Other Assets (–0.7%)        (494)
Net Assets (100.0%)       $74,467 

 

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) Floating or variable rate securities: The rates disclosed are as of September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.
(c) Security is subject to delayed delivery.
(d) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(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, 2022.
(f) At September 30, 2022, the Fund held a fair valued security valued at approximately $14,000, 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.
(g) Non-income producing security; bond in default.
(h) Issuer in bankruptcy.
(i) Non-income producing security.
(j) Security trades on the Hong Kong exchange.
(k) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $11,000 relating to the Fund's investment in the Liquidity Funds.
(l) Rate shown is the yield to maturity at September 30, 2022.
(m) All or a portion of the security was pledged to cover margin requirements for swap agreements.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

Third Quarter Report

September 30, 2022 (unaudited)(cont’d)

 

(n) Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(o) The approximate fair value and percentage of net assets, $9,346,000 and 12.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Consolidated Portfolio of Investments.
(p) 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, 2022, the Fund did not engage in any cross-trade transactions.
(q) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,964,000 and the aggregate gross unrealized depreciation is approximately $15,775,000, resulting in net unrealized depreciation of approximately $11,811,000.
@ Value is less than $500.
ADR American Depositary Receipt.
CDI CHESS Depositary Interest.
CVA Certificaten Van Aandelen.
EURIBOR Euro Interbank Offered Rate.
LIBOR London Interbank Offered Rate.
LSE London Stock Exchange.
MTN Medium Term Note.
NYSE New York Stock Exchange.
OAT Obligations Assimilables du Trésor (French 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, 2022 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

 

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

     

Counterparty   Contracts
to
Deliver
(000)		     In
Exchange
For
(000)		     Delivery
Date		   Unrealized
Appreciation
(Depreciation)
(000)		  
Bank of America NA   CNH 2,390     $ 343     12/15/22   $ 8  
Bank of America NA   $ 38     JPY 5,260     11/10/22     (2 )
Bank of America NA   $ 899     JPY 118,750     11/10/22     (76 )
Barclays Bank PLC   EUR 391     $ 389     12/15/22     4  
Barclays Bank PLC   JPY 12,472     $ 87     12/15/22     —@  
Barclays Bank PLC   $ 54     AUD 79     12/15/22     (3 )
BNP Paribas SA   CAD 106     $ 81     12/15/22     4  
BNP Paribas SA   CNY 34,272     $ 4,968     12/15/22     121  
BNP Paribas SA   DKK 117     $ 16     12/15/22     —@  
BNP Paribas SA   EUR 367     $ 370     12/15/22     8  
BNP Paribas SA   GBP 40     $ 47     12/15/22     2  
BNP Paribas SA   IDR 336,924     $ 22     12/15/22     (—@ )
BNP Paribas SA   JPY 34,005     $ 238     12/15/22     1  
BNP Paribas SA   $ 11     COP 50,392     12/15/22     (—@ )
BNP Paribas SA   $ 55     HKD 430     12/15/22     (—@ )
BNP Paribas SA   $ 126     IDR 1,879,845     12/15/22     (3 )
BNP Paribas SA   $ 97     INR 7,813     12/15/22     (2 )
BNP Paribas SA   $ 432     JPY 61,746     12/15/22     (2 )
BNP Paribas SA   $ 627     MXN 12,784     12/15/22     (1 )
BNP Paribas SA   $ 27     NZD 49     12/15/22     (—@ )
BNP Paribas SA   $ 37     SEK 388     12/15/22     (2 )
BNP Paribas SA   $ 74     SGD 101     11/10/22     (3 )
BNP Paribas SA   $ 252     TWD 7,617     12/15/22     (10 )
Citibank NA   $ 7     CZK 168     12/15/22     (—@ )
Citibank NA   $ 27     ILS 93     12/15/22     (1 )
Goldman Sachs International   BRL 211     $ 40     12/15/22     1  
Goldman Sachs International   CAD 101     $ 73     12/15/22     —@  
Goldman Sachs International   DKK 43     $ 6     12/15/22     —@  
Goldman Sachs International   GBP 8     $ 10     12/15/22     —@  
Goldman Sachs International   GBP 241     $ 263     12/15/22     (6 )
Goldman Sachs International   GBP 151     $ 169     12/15/22     (—@ )
Goldman Sachs International   JPY 4,591     $ 32     12/15/22     —@  
Goldman Sachs International   JPY 41,465     $ 292     12/15/22     3  
Goldman Sachs International   JPY 16,491     $ 115     12/15/22     (—@ )
Goldman Sachs International   KRW 30,969     $ 22     12/15/22     (—@ )
Goldman Sachs International   NOK 14     $ 1     12/15/22     —@  
Goldman Sachs International   NZD 1     $ 1     12/15/22     —@  
Goldman Sachs International   SGD 12     $ 9     12/15/22     —@  
Goldman Sachs International   $ 5     AUD 7     11/10/22     (—@ )
Goldman Sachs International   $ 161     BRL 835     12/15/22     (8 )
Goldman Sachs International   $ 93     CHF 89     12/15/22     (2 )
Goldman Sachs International   $ 15     CLP 13,453     12/15/22     (1 )
Goldman Sachs International   $ 143     EUR 146     12/15/22     1  
Goldman Sachs International   $ 74     EUR 75     11/10/22     —@  
Goldman Sachs International   $ 3     HKD 20     12/15/22     (—@ )
Goldman Sachs International   $ 300     JPY 42,888     12/15/22     (2 )
Goldman Sachs International   $ 249     KRW 335,155     12/15/22     (14 )
Goldman Sachs International   $ 121     MXN 2,465     12/15/22     (—@ )
Goldman Sachs International   $ 75     MXN 1,530     12/15/22     (—@ )
Goldman Sachs International   $ 34     PEN 135     11/10/22     (1 )
Goldman Sachs International   $ 25     RON 122     11/10/22     (1 )
Goldman Sachs International   $ 273     SEK 2,885     12/15/22     (12 )
JPMorgan Chase Bank NA   CAD 82     $ 63     12/15/22     3  
JPMorgan Chase Bank NA   CNH 21,987     $ 3,156     12/15/22     72  
JPMorgan Chase Bank NA   DKK 144     $ 20     11/10/22     1  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

JPMorgan Chase Bank NA   EUR 59     $ 59     11/10/22     1  
JPMorgan Chase Bank NA   EUR 416     $ 418     12/15/22     9  
JPMorgan Chase Bank NA   JPY 9,732     $ 74     11/10/22     6  
JPMorgan Chase Bank NA   JPY 17,688     $ 124     12/15/22     1  
JPMorgan Chase Bank NA   JPY 5,569     $ 39     11/10/22     —@  
JPMorgan Chase Bank NA   SGD 6     $ 4     12/15/22     —@  
JPMorgan Chase Bank NA   $ 208     CAD 278     12/15/22     (6 )
JPMorgan Chase Bank NA   $ 112     CHF 107     12/15/22     (3 )
JPMorgan Chase Bank NA   $ 170     CHF 159     11/10/22     (8 )
JPMorgan Chase Bank NA   $ 158     CNH 1,125     12/15/22     (—@ )
JPMorgan Chase Bank NA   $ 487     CNH 3,294     11/10/22     (25 )
JPMorgan Chase Bank NA   $ 31     EUR 31     11/10/22     (1 )
JPMorgan Chase Bank NA   $ 14     HUF 5,668     11/10/22     (1 )
JPMorgan Chase Bank NA   $ 15     NOK 141     11/10/22     (2 )
JPMorgan Chase Bank NA   $ 73     SEK 745     11/10/22     (5 )
Royal Bank of Canada   GBP 43     $ 50     12/15/22     2  
Royal Bank of Canada   NZD 1,101     $ 664     12/15/22     47  
Royal Bank of Canada   PLN 67     $ 14     12/15/22     1  
Royal Bank of Canada   $ 49     AUD 73     12/15/22     (3 )
Royal Bank of Canada   $ 39     CNH 278     11/10/22     (—@ )
Royal Bank of Canada   $ 62     EUR 61     11/10/22     (3 )
Royal Bank of Canada   $ 30     ILS 102     12/15/22     (1 )
Royal Bank of Canada   $ 107     MXN 2,173     12/15/22     (—@ )
Royal Bank of Canada   ZAR 19     $ 1     12/15/22     —@  
State Street Bank and Trust Co.   $ 1     HKD 8     12/15/22     (—@ )
UBS AG   AUD 1,128     $ 793     11/10/22     72  
UBS AG   CAD 275     $ 203     12/15/22     3  
UBS AG   CHF 88     $ 91     12/15/22     1  
UBS AG   CHF 58     $ 59     12/15/22     —@  
UBS AG   EUR 1,767     $ 1,781     12/15/22     40  
UBS AG   EUR 1,330     $ 1,301     12/15/22     (10 )
UBS AG   EUR 106     $ 104     12/15/22     (—@ )
UBS AG   GBP 258     $ 313     11/10/22     24  
UBS AG   MXN 530     $ 26     11/10/22     —@  
UBS AG   NOK 285     $ 28     12/15/22     2  
UBS AG   NZD 1,101     $ 664     12/15/22     47  
UBS AG   SEK 1,001     $ 89     12/15/22     (1 )
UBS AG   THB 1,356     $ 37     12/15/22     1  
UBS AG   $ 470     AUD 692     12/15/22     (27 )
UBS AG   $ 14     CAD 17     11/10/22     (1 )
UBS AG   $ 229     CHF 219     12/15/22     (6 )
UBS AG   $ 8     EUR 8     11/10/22     (—@ )
UBS AG   $ 1,141     EUR 1,137     12/15/22     (21 )
UBS AG   $ 714     EUR 718     12/15/22     (7 )
UBS AG   $ 1,332     EUR 1,336     12/15/22     (15 )
UBS AG   $ 161     EUR 166     11/10/22     2  
UBS AG   $ —@     GBP —@     11/10/22     (—@ )
UBS AG   $ 276     GBP 243     12/15/22     (5 )
UBS AG   $ 12     HKD 93     12/15/22     (—@ )
UBS AG   $ 1     HUF 419     12/15/22     (—@ )
UBS AG   $ 367     KRW 478,408     11/10/22     (32 )
UBS AG   $ 208     MXN 4,249     12/15/22     (—@ )
UBS AG   $ 91     SEK 1,003     12/15/22     (1 )
UBS AG   $ 114     THB 4,040     11/10/22     (7 )
UBS AG   $ 3     TRY 62     12/15/22     (—@ )
UBS AG   ZAR 327     $ 19     12/15/22     1  
      $ 146  

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

Futures Contracts:

 

The Fund had the following futures contracts open at September 30, 2022:  

  

    Number
of
Contracts		   Expiration
Date		   Notional
Amount
(000)		       Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		  
Long:    
SPI 200 Index (Australia)   1       Dec-22   AUD —@     $ 103   $ (9 )
IBEX 35 Index (Spain)   1       Oct-22   EUR —@       72     (8 )
Hang Seng Index (Hong Kong)   1       Oct-22   HKD —@       110     (4 )
FTSE MIB Index (Italy)   1       Dec-22   EUR —@       101     (10 )
CAC 40 Index (France)   1       Oct-22     —@       56     (6 )
U.S. Treasury 5 yr. Note (United States)   2       Dec-22   $   200       215     (8 )
Euro Stoxx 50 Index (Germany)   27       Dec-22   EUR   —@       877     (35 )
Nikkei 255 Index (Japan)   2       Dec-22   JPY   1       179     (9 )
SGX MSCI Singapore Index (Singapore)   1       Oct-22   SGD   —@       20     (—@ )
South Korea 10 yr. Bond (Korea, Republic of)   4       Dec-22   KRW  400,000       300     (10 )
                                   
Short:                                  
MSCI Emerging Market Index (United States)   4       Dec-22   $   (—@ )     (174 )   24  
FTSE 100 Index (United Kingdom)   1       Dec-22   GBP   (—@ )     (77 )   7  
U.S. Treasury 2 yr. Note (United States)   15       Dec-22   $   (3,000 )     (3,081 )   50  
German Euro-BTP Index (Germany)   17       Dec-22   EUR   (1,700 )     (1,866 )   88  
German Euro-Bund Index (Germany)   2       Dec-22     (200 )     (272 )   14  
U.S. Treasury 10 yr. Note (United States)   29       Dec-22   $   (2,900 )     (3,250 )   102  
U.S. Treasury 10 yr. Ultra Note (United States)   3       Dec-22     (300 )     (355 )   21  
U.S. Treasury 5 yr. Note (United States)   31       Dec-22     (3,100 )     (3,333 )   6  
CME Bitcoin Index (United States)   3       Oct-22     (—@ )     (291 )   (5 )
Euro BTP Short-Term Index (Germany)   7       Dec-22   EUR   (700 )     (723 )   14  
S&P 500 E Mini Index (United States)   19       Dec-22   $   (1 )     (3,421 )   79  
                            $ 301  

  

Interest Rate Swap Agreements:

 

The Fund had the following interest rate swap agreements open at September 30, 2022:  

 

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  $ (38)  $ —   $ (38 ) 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.14   Quarterly/
Quarterly		  7/3/23    23,872   (38)    —     (38 )
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.13   Quarterly/
Quarterly		  7/5/23    23,872   (38)    —     (38 )
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   7.30   Quarterly/
Quarterly		  12/26/23    23,778   (46)    —     (46 )
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   7.31   Quarterly/
Quarterly		  12/26/23    24,139   (47)    —     (47 )
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   7.30   Quarterly/
Quarterly		  12/27/23    24,139   (47)    —     (47 )
Morgan Stanley & Co. LLC*   1 Month TIIE   Pay     6.68     Quarterly/
Quarterly		   6/29/26     6,814     (29 )     —     (29 ) 
Morgan Stanley & Co. LLC*   1 Month TIIE   Pay     6.68     Quarterly/
Quarterly		   6/29/26     6,814     (29 )     —     (29 )
Morgan Stanley & Co. LLC*   1 Month TIIE   Pay     6.66     Quarterly/
Quarterly		   7/1/26     6,814     (29 )     —     (29 )
Morgan Stanley & Co. LLC*   1 Month TIIE   Pay     7.36     Quarterly/
Quarterly		   12/22/26     10,395     (36 )     —     (36 )
Morgan Stanley & Co. LLC*   1 Month TIIE   Pay     7.38     Quarterly/
Quarterly		   12/22/26     10,395     (36 )     —     (36 )
Morgan Stanley & Co. LLC*   BRL-CDI   Pay     11.80     Semi-Annual/
Quarterly		   1/2/25   BRL 701     1       —     1  
Morgan Stanley & Co. LLC*   BRL-CDI   Pay     11.85     Semi-Annual/
Quarterly		   1/2/25     4,679     9       —     9  
Morgan Stanley & Co. LLC*   BRL-CDI   Pay     11.90     Semi-Annual/
Quarterly		   1/2/25     4,680     10       —     10  
Morgan Stanley & Co. LLC*   BRL-CDI   Pay     11.52     Semi-Annual/
Quarterly		   1/4/27     3,801     (2 )     —     (2 )
                                  $ (395 )   $ —   $ (395 ) 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

Total Return Swap Agreements:

 

The Fund had the following total return swap agreements open at September 30, 2022:  

 

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  MSCI Australia Banks Gross Total Return Index  Pay  3 Month BBSW + 0.08%  Quarterly  8/22/23  AUD 1,044   $47   $—   $47 
BNP Paribas SA  MSCI Australia Banks Index  Pay  3 Month BBSW + 0.10%  Quarterly  9/12/23    378    5    —    5 
BNP Paribas SA  MSCI Canada Banks Index  Pay  CORRA + 0.27%  Quarterly  9/8/23  CAD 377    1    —    1 
BNP Paribas SA  BNP Custom U.S. Banks Index  Receive  SOFR + 0.40%  Quarterly  12/22/22  $  535    (52)   —    (52)
BNP Paribas SA  BNP European Growth Custom Index††  Pay  ESTR + 0.04%  Quarterly  9/29/23  EUR 1,099    (5)   —    (5)
BNP Paribas SA  BNP European Value Custom Index††  Receive  ESTR + 0.42%  Quarterly  9/28/23    1,100    (16)   —    (16)
BNP Paribas SA  MSCI Japan Net Total Return Index  Receive  SOFR + 0.35%  Quarterly  2/10/23  JPY 3,044    (392)   —    (392)
Goldman Sachs International  MSCI Emerging Markets Net Total Return Index  Receive  SOFR + 0.24%  Quarterly  1/26/23  $  6,064    (675)   —    (675)
Goldman Sachs International  MSCI USA Index  Receive  SOFR + 0.35%  Quarterly  7/14/23    5,812    (356)   —    (356)
Goldman Sachs International  MSCI USA Index  Receive  SOFR + 0.30%  Quarterly  9/22/23    10,811    (177)   —    (177)
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Custom Index††  Pay  SOFR + 0.35%  Quarterly  9/8/23    3,025    234    —    234 
JPMorgan Chase Bank NA  JPM SPX 1500 Value Custom Index††  Receive  SOFR + 0.35%  Quarterly  9/8/23    3,050    (310)   —    (310)
JPMorgan Chase Bank NA  JPM SPX 500 Growth Custom Index††  Pay  SOFR + 0.35%  Quarterly  9/8/23    1,133    93    —    93 
JPMorgan Chase Bank NA  JPM SPX 500 Value Custom Index††  Receive  SOFR + 0.35%  Quarterly  9/8/23    1,139    (120)   —    (120)
                        $(1,723)  $—   $(1,723)

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

  

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

 

The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of September 30, 2022:

           

Security Description  Shares   Value
(000)		   Index
Weight		 
BNP European Growth Custom Index               
Acciona SA   116   $21    2.08%
Adyen NV   17    22    2.22 
Aeroports de Paris   179    21    2.11 
Air Liquide SA   184    21    2.15 
Argenx SE   61    22    2.23 
ASML Holding NV   49    21    2.12 
Beiersdorf AG   219    22    2.19 
Carl Zeiss Meditec AG   206    22    2.20 
Cellnex Telecom SA   683    21    2.15 
Credit Agricole SA   2,427    20    2.02 
Dassault Systemes SE   621    22    2.20 
Davide Campari-Milano NV   2,444    22    2.21 
Delivery Hero SE   570    21    2.15 
Deutsche Boerse AG   131    22    2.19 
Elia Group SA   166    20    1.99 
Euronext NV   342    22    2.21 
Ferrari NV   114    21    2.18 
Ferrovial SA   933    21    2.17 
FinecoBank Banca Fineco SpA   1,756    22    2.22 
Gecina SA   268    21    2.14 
Getlink SE   1,349    21    2.13 
Groupe Bruxelles Lambert NV   306    22    2.18 
Hannover Rueck SE   141    21    2.15 
Hermes International   19    22    2.24 
Koninklijke DSM NV   191    22    2.22 
L'Oreal SA   67    22    2.19 
LVMH Moet Hennessy Louis Vuitton SE   36    22    2.18 
Neste Oyj   514    23    2.29 
Prosus NV   407    22    2.18 
Rational AG   53    26    2.62 
Remy Cointreau SA   129    22    2.19 
Safran SA   235    22    2.19 
Sampo Oyj   485    21    2.11 
Sartorius AG   61    21    2.15 
Sartorius Stedim Biotech   69    21    2.18 
Scout24 SE   393    20    2.02 
Siemens Gamesa Renewable Energy SA   1,212    21    2.16 
Symrise AG   215    21    2.14 
Teleperformance   84    21    2.17 
Terna - Rete Elettrica Nazionale   3,181    19    1.97 
Universal Music Group NV   1,177    22    2.26 
UPM-Kymmene Oyj   668    21    2.16 
Vonovia SE   988    21    2.18 
Warehouses De Pauw CVA   870    21    2.17 
Wolters Kluwer NV   220    22    2.18 
Zalando SE   1,112    22    2.23 

 

 

 

  

The following table represents the equity basket holdings underlying the total return swap with BNP European value custom index as of September 30, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
BNP European value custom index               
ArcelorMittal SA   1,034   $21    2.17%
Banco Bilbao Vizcaya Argentaria SA   4,569    21    2.14 
Banco Santander SA   8,611    20    2.10 
Bayer AG   439    20    2.11 
Bayerische Motoren Werke AG   324    21    2.20 
Bayerische Motoren Werke AG   305    21    2.16 
Bouygues SA   799    21    2.18 
Capgemini SE   140    23    2.36 
Carrefour SA   1,468    20    2.12 
Cie de Saint-Gobain SA   583    21    2.19 
Cie Generale des Etablissements Michelin SCA   943    21    2.22 
Covestro AG   750    22    2.25 
Daimler Truck Holding AG   902    21    2.14 
Deutsche Bank AG   2,518    19    1.96 
Deutsche Lufthansa AG   3,831    22    2.30 
Deutsche Post AG   721    22    2.28 
E.ON SE   2,651    20    2.13 
Eiffage SA   266    21    2.23 
Enel SpA   4,681    19    2.01 
Engie SA   1,740    20    2.09 
Erste Group Bank AG   927    21    2.13 
Fresenius Medical Care AG & Co. KGaA   740    21    2.18 
Fresenius SE & Co. KGaA   995    21    2.22 
HeidelbergCement AG   535    21    2.22 
Heineken Holding NV   311    21    2.23 
Infineon Technologies AG   947    21    2.18 
Kesko Oyj   1,133    21    2.20 
KION Group AG   1,078    21    2.17 
Klepierre SA   1,233    22    2.24 
Koninklijke Ahold Delhaize NV   812    21    2.15 
Koninklijke Philips NV   1,334    21    2.17 
LEG Immobilien SE   364    22    2.27 
Mercedes-Benz Group AG   403    21    2.14 
NN Group NV   539    21    2.19 
Nokia Oyj   4,972    22    2.23 
Orange SA   2,239    20    2.10 
Proximus SADP   2,040    21    2.20 
Publicis Groupe SA   445    21    2.21 
Randstad NV   475    21    2.15 
Repsol SA   1,914    22    2.29 
SEB SA   349    22    2.29 
Societe Generale SA   963    19    2.00 
Stellantis NV   1,742    21    2.17 
UniCredit SpA   2,013    21    2.14 
Veolia Environnement SA   1,050    20    2.10 
voestalpine AG   1,172    20    2.08 

 

 

 

  

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Custom Index as of September 30, 2022:

            

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 1500 Growth Custom Index               
Aerovironment, Inc.   598   $50    0.54%
Albemarle Corp.   191    50    0.55 
Autozone, Inc.   23    50    0.54 
Axon Enterprise, Inc.   428    50    0.54 
Badger Meter, Inc.   527    49    0.53 
Cadence Design System, Inc.   295    48    0.52 
Chart Industries, Inc.   272    50    0.54 
Clearfield, Inc.   496    52    0.56 
Cognex Corp.   1,183    49    0.53 
Commerce Bancshares, Inc.   724    48    0.52 
Cullen/Frost Bankers, Inc.   377    50    0.54 
Cutera, Inc.   1,063    48    0.53 
Cvb Financial Corp.   1,940    49    0.53 
Deckers Outdoor Corp.   156    49    0.53 
Dexcom, Inc.   604    49    0.53 
Elf Beauty, Inc.   1,293    49    0.53 
Eli Lilly & Co.   164    53    0.58 
Enphase Energy, Inc.   178    49    0.53 
First Finl Bankshares, Inc.   1,187    50    0.54 
Firstcash Holdings, Inc.   662    49    0.53 
Five Below   382    53    0.57 
Glacier Bancorp, Inc.   1,003    49    0.53 
Glaukos Corp.   1,015    54    0.59 
Healthequity, Inc.   774    52    0.56 
Hershey Co.   221    49    0.53 
IDEX Corp.   248    49    0.54 
Illumina, Inc.   253    48    0.52 
Inari Medical, Inc.   742    54    0.59 
Independent Bank Corp.   644    48    0.52 
Kinsale Capital Group, Inc.   195    50    0.54 
Lamb Weston Holdings, Inc.   633    49    0.53 
Linde PLC   178    48    0.52 
Livent Corp.   1,623    50    0.54 
Manhattan Associates, Inc.   362    48    0.52 
Option Care Health, Inc.   1,622    51    0.55 
O'Reilly Automotive, Inc.   70    50    0.54 
Palomar Holdings, Inc.   590    49    0.54 
Paylocity Holding Corp.   210    51    0.55 
Pdf Solutions, Inc.   1,982    49    0.53 
Penumbra, Inc.   300    57    0.62 
Progyny, Inc.   1,319    49    0.53 
Rollins, Inc.   1,468    51    0.55 
Royal Gold, Inc.   548    51    0.56 
Shake Shack, Inc. - Class A   1,066    48    0.52 
Tjx Companies, Inc.   780    48    0.53 
Tractor Supply Company   264    49    0.53 
Twitter, Inc.   1,282    56    0.61 
Vericel Corp.   2,183    51    0.55 
Wingstop, Inc.   409    51    0.56 
Wynn Resorts Ltd.   837    53    0.57 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Custom Index as of September 30, 2022:

              

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 1500 Value Custom Index               
Abercrombie & Fitch Co. - Class A   120,871   $1,880    0.55%
ACI Worldwide, Inc.   85,141    1,779    0.52 
American Equity Investment Life Holding Company   51,499    1,920    0.56 
Associated Banc-Corp   96,252    1,933    0.57 
Bloomin' Brands, Inc.   97,803    1,793    0.53 
Boise Cascade Co.   30,591    1,819    0.53 
Brinker International. Inc.   74,871    1,870    0.55 
Builders Firstsource, Inc.   32,726    1,928    0.57 
Cars.Com, Inc.   161,438    1,857    0.54 
Central Pacific Financial Co.   88,298    1,827    0.54 
Century Communities, Inc.   42,417    1,815    0.53 
Charles River Laboratories   9,442    1,858    0.54 
Citizens Financial Group   52,890    1,817    0.53 
Cno Financial Group, Inc.   105,839    1,902    0.56 
Cohu, Inc.   70,151    1,808    0.53 
Consensus Cloud Solution   38,509    1,821    0.53 
Cross Country Healthcare, Inc.   76,052    2,158    0.63 
Cvs Health Corp.   19,184    1,830    0.54 
Edgewell Personal Care Co.   49,429    1,849    0.54 
Emergent Biosolutions, Inc.   85,334    1,791    0.52 
Enovis Corp.   38,907    1,792    0.53 
FNB Corp.   165,268    1,917    0.56 
Geo Group, Inc.   231,906    1,786    0.52 
Hanmi Financial Corporation   79,090    1,873    0.55 
HF Sinclair Corp.   35,326    1,902    0.56 
Hologic, Inc.   27,888    1,799    0.53 
Insteel Industries, Inc.   67,507    1,791    0.52 
Ironwood Pharmaceuticals, Inc.   176,266    1,826    0.54 
Jabil, Inc.   32,932    1,901    0.56 
Juniper Networks, Inc.   67,775    1,770    0.52 
Knight-Swift Transportation   38,391    1,878    0.55 
Koppers Holdings, Inc.   85,489    1,776    0.52 
Lincoln National Corp.   41,038    1,802    0.53 
Maximus, Inc.   31,226    1,807    0.53 
Moog Inc-Class A   25,204    1,773    0.52 
Mueller Industries, Inc.   30,596    1,819    0.53 
Navient Corp.   132,728    1,950    0.57 
OFG Bancorp   71,484    1,796    0.53 
O-I Glass, Inc.   144,562    1,872    0.55 
PBF Energy, Inc. - Class A   55,138    1,939    0.57 
Sanmina Corp.   40,042    1,845    0.54 
Taylor Morrison Home Corp.   78,693    1,835    0.54 
Timkensteel Corp.   124,553    1,867    0.55 
Titan International, Inc.   145,682    1,769    0.52 
Trueblue, Inc.   94,321    1,800    0.53 
Unum Group   50,153    1,946    0.57 
Varex Imaging Corp.   90,334    1,910    0.56 
Vishay Intertechnology, Inc.   100,093    1,781    0.52 
Wells Fargo & Co.   44,066    1,772    0.52 
Western Union Co.   131,017    1,769    0.52 

 

 

 

  

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Custom Index as of September 30, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 500 Growth Custom Index               
Abiomed, Inc.   5,369   $1,319    1.01%
Air Products & Chemicals, Inc.   5,715    1,330    1.01 
Albemarle Corp.   5,334    1,411    1.08 
Aon PLC - Class A   5,020    1,345    1.03 
Arthur J Gallagher & Co.   7,791    1,334    1.02 
Autodesk, Inc.   7,130    1,332    1.02 
Brown & Brown, Inc.   22,259    1,346    1.03 
Brown-Forman Corp. - Class B   19,765    1,316    1.00 
Cadence Design System, Inc.   8,432    1,378    1.05 
Ceridian Hcm Holding, Inc.   23,612    1,319    1.01 
Chipotle Mexican Grill, Inc.   863    1,296    0.99 
Cintas Corp.   3,436    1,334    1.02 
Dexcom, Inc.   17,169    1,383    1.05 
Edwards Lifesciences Corp.   15,879    1,312    1.00 
Electronic Arts, Inc.   11,341    1,312    1.00 
Eli Lilly & Co.   4,574    1,479    1.13 
Enphase Energy, Inc.   4,805    1,333    1.02 
Equifax, Inc.   7,550    1,294    0.99 
Etsy, Inc.   13,565    1,358    1.04 
Fortinet, Inc.   28,533    1,402    1.07 
Hershey Co.   6,300    1,389    1.06 
Hilton Worldwide Holdings, Inc.   11,248    1,357    1.03 
IDEX Corp.   7,012    1,401    1.07 
IDEXX Laboratories, Inc.   4,133    1,347    1.03 
Illumina, Inc.   7,016    1,339    1.02 
Intuitive Surgical, Inc.   6,981    1,309    1.00 
Jack Henry & Associates, Inc.   7,252    1,322    1.01 
Lamb Weston Holdings, Inc.   18,125    1,402    1.07 
Linde PLC   5,097    1,374    1.05 
Marsh & Mclennan Cos.   8,746    1,306    1.00 
Monster Beverage Corp.   15,803    1,374    1.05 
MSCI, Inc.   3,105    1,310    1.00 
Nasdaq, Inc.   23,388    1,326    1.01 
Nordson Corp.   6,274    1,332    1.02 
Paycom Software, Inc.   4,085    1,348    1.03 
Progressive Corp.   11,507    1,337    1.02 
Resmed, Inc.   6,420    1,401    1.07 
Rollins, Inc.   39,687    1,376    1.05 
Royal Caribbean Cruises Ltd.   34,430    1,305    1.00 
Schlumberger Ltd.   37,850    1,359    1.04 
Schwab (Charles) Corp.   20,016    1,439    1.10 
Synopsys, Inc.   4,340    1,326    1.01 
Tesla, Inc.   5,177    1,373    1.05 
Twitter, Inc.   36,723    1,610    1.23 
Tyler Technologies, Inc.   3,875    1,346    1.03 
Vulcan Materials Co.   8,522    1,344    1.02 
Waste Management, Inc.   8,349    1,338    1.02 
Wynn Resorts Ltd.   24,294    1,531    1.17 
Xylem, Inc.   15,274    1,334    1.02 
Zoetis, Inc.   9,001    1,335    1.02 

 

 

 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Custom Index as of September 30, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 500 Value Custom Index               
3M Co.   782   $86    1.03%
American International Group   1,774    84    1.01 
Archer-Daniels-Midland Co.   1,066    86    1.03 
AT&T, Inc.   5,453    84    1.00 
Boston Properties, Inc.   1,141    86    1.02 
Capital One Financial Corp.   902    83    1.00 
Cigna Corp.   323    90    1.07 
Citizens Financial Group   2,584    89    1.06 
Cognizant Tech Solutions - Class A   1,488    85    1.02 
Conagra Brands, Inc.   2,714    89    1.06 
Cummins, Inc.   435    89    1.06 
Cvs Health Corp.   938    89    1.07 
Davita, Inc.   1,047    87    1.04 
Dow, Inc.   1,891    83    0.99 
Dr Horton, Inc.   1,314    88    1.06 
Dxc Technology Co.   3,466    85    1.02 
Fortune Brands Home & Security   1,545    83    0.99 
Gilead Sciences, Inc.   1,458    90    1.08 
Hewlett Packard Enterprise   7,014    84    1.01 
HP, Inc.   3,374    84    1.01 
Huntington Ingalls Industries   402    89    1.07 
Juniper Networks, Inc.   3,314    87    1.04 
Keycorp   5,322    85    1.02 
Laboratory Corporation of America Holdings   407    83    1.00 
Leidos Holdings, Inc.   983    86    1.03 
Lennar Corp. - Class A   1,205    90    1.08 
Lincoln National Corp.   2,007    88    1.05 
Lyondellbasell Industries -Class A   1,146    86    1.03 
Metlife, Inc.   1,418    86    1.03 
Micron Technology, Inc.   1,662    83    1.00 
Moderna, Inc.   702    83    0.99 
Molson Coors Beverage Co. - Class B   1,781    85    1.02 
NRG Energy, Inc.   2,255    86    1.03 
Paccar, Inc.   1,066    89    1.07 
Pentair PLC   2,108    86    1.03 
Pfizer, Inc.   2,011    88    1.05 
Phillips 66   1,057    85    1.02 
Pultegroup, Inc.   2,317    87    1.04 
Quest Diagnostics, Inc.   733    90    1.08 
Regeneron Pharmaceuticals   158    109    1.30 
Robert Half International, Inc.   1,205    92    1.10 
Snap-on, Inc.   428    86    1.03 
Synchrony Financial   2,966    84    1.00 
Textron, Inc.   1,492    87    1.04 
United Rentals, Inc.   317    86    1.02 
Universal Health Services - Class B   960    85    1.01 
Valero Energy Corp.   818    87    1.05 
Vici Properties, Inc.   2,788    83    1.00 
Warner Bros Discovery, Inc.   7,286    84    1.00 
Wells Fargo & Co.   2,155    87    1.04 

 

 

 

  

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Fixed Income Securities   51.6%
Common Stocks   30.8 
Short-Term Investments   17.6 
Total Investments   100.0%**

  

**

Does not include open long/short futures contracts with a value of approximately $18,876,000 and net unrealized appreciation of approximately $301,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $146,000. Also does not include open swap agreements with net unrealized depreciation of approximately $2,118,000.

 

 

 

 

@   Value/Notional amount is less than $500.
*   Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
BBSW   Australia's Bank Bill Swap.
BTP   Buoni del Tesoro Poliennali.
CAC   Cotation Assistée en Continu.
CDI   Certificado de Depósito Interbancári.
CME   Chicago Mercantile Exchange.
CORRA   Canadian Overnight Repo Rate Average.
ESTR   Euro short-Term Rate.
FTSE   Financial Times Stock Exchange.
IBEX   Índice Bursátil Español.
MIB   Milano Indice di Borsa.
MSCI   Morgan Stanley Capital International.
SGX   Singapore Exchange Ltd.
SPI   Schedule Performance Index.
TIIE   Interbank Equilibrium Interest Rate.
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

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (95.7%)          
Automobiles  (0.5%)          
Rivian Automotive,  Inc., Class A (a)   61,252   $2,016 
           
Biotechnology  (1.3%)          
Alnylam Pharmaceuticals,  Inc. (a)   7,975    1,596 
Intellia Therapeutics,  Inc. (a)   11,695    655 
Moderna,  Inc. (a)   8,704    1,029 
ProKidney Corp. (a)(b)   242,043    2,181 
         5,461 
Capital Markets  (0.9%)          
Coinbase Global,  Inc., Class A (a)   59,851    3,860 
           
Chemicals  (0.6%)          
Ginkgo Bioworks Holdings,  Inc. (a)   792,076    2,471 
           
Commercial Services & Supplies  (0.2%)          
Aurora Innovation,  Inc. (a)   371,870    822 
           
Consumer Finance  (0.2%)          
Upstart Holdings,  Inc. (a)(c)   36,140    751 
           
Electronic Equipment,  Instruments & Components  (0.0%) (d)          
Magic Leap Class A (a)(b)(e)
(acquisition cost — $2,420; acquired 12/22/15)		   3,138    — 
           
Entertainment  (6.0%)          
ROBLOX Corp., Class A (a)   585,093    20,970 
Sea Ltd. ADR (Singapore) (a)   86,979    4,875 
         25,845 
Health Care Equipment & Supplies  (0.6%)          
Dexcom,  Inc. (a)   30,152    2,429 
           
Health Care Providers & Services  (4.3%)          
Agilon health,  Inc. (a)   583,059    13,655 
Guardant Health,  Inc. (a)   90,331    4,863 
         18,518 
Health Care Technology  (2.4%)          
Doximity,  Inc., Class A (a)   196,133    5,927 
Veeva Systems,  Inc., Class A (a)   27,506    4,535 
         10,462 
Information Technology Services  (25.4%)          
Adyen NV (Netherlands) (a)   10,271    12,810 
Affirm Holdings,  Inc. (a)   211,240    3,963 
Block,  Inc., Class A (a)   105,246    5,787 
Cloudflare,  Inc., Class A (a)   491,307    27,174 
MongoDB,  Inc. (a)   30,136    5,984 
Shopify,  Inc., Class A (Canada) (a)   628,871    16,942 
Snowflake,  Inc., Class A (a)   212,208    36,067 
         108,727 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

Interactive Media & Services  (2.7%)          
ZoomInfo Technologies,  Inc., Class A (a)   278,716    11,611 
           
Internet & Direct Marketing Retail  (11.9%)          
Chewy,  Inc., Class A (a)   268,041    8,234 
Coupang,  Inc. (a)   638,046    10,636 
DoorDash,  Inc., Class A (a)   333,569    16,495 
Global-e Online Ltd. (Israel) (a)   62,287    1,667 
MercadoLibre,  Inc. (a)   12,488    10,337 
Wayfair,  Inc., Class A (a)   107,519    3,500 
         50,869 
Leisure Products  (0.4%)          
Peloton Interactive,  Inc., Class A (a)   236,397    1,638 
           
Life Sciences Tools & Services  (2.2%)          
10X Genomics,  Inc., Class A (a)   177,270    5,049 
Illumina,  Inc. (a)   23,862    4,552 
         9,601 
Pharmaceuticals  (6.3%)          
Royalty Pharma PLC, Class A (United Kingdom)   673,895    27,077 
           
Road & Rail  (7.4%)          
Grab Holdings Ltd., Class A (Singapore) (a)   2,149,855    5,654 
Uber Technologies,  Inc. (a)   984,827    26,098 
         31,752 
Semiconductors & Semiconductor Equipment  (2.4%)          
ASML Holding NV (Netherlands)   25,222    10,476 
           
Software  (19.3%)          
Bill.Com Holdings,  Inc. (a)   153,401    20,306 
Datadog,  Inc., Class A (a)   241,006    21,397 
Gitlab,  Inc., Class A (a)   132,006    6,761 
Trade Desk,  Inc., Class A (a)   504,686    30,155 
Unity Software,  Inc. (a)   133,562    4,255 
         82,874 
Specialty Retail  (0.7%)          
Carvana Co. (a)   143,406    2,911 
Total Common Stocks (Cost $640,938)        410,171 
           
Preferred Stocks  (1.7%)          
Software  (1.7%)          
Databricks,  Inc. (a)(b)(e)
(acquisition cost — $8,310; acquired 8/31/21)		   113,088    6,736 
Lookout,  Inc. Series F (a)(b)(e)
(acquisition cost — $1,618; acquired 6/17/14)		   141,612    688 
Total Preferred Stocks (Cost $9,928)        7,424 
           
Investment Company  (0.7%)          
Grayscale Bitcoin Trust (a) (Cost $11,735)   270,111    3,082 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

Short-Term Investments  (2.4%)          
Securities held as Collateral on Loaned Securities  (0.2%)          
Investment Company  (0.2%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)   647,120    647 

 

  Face
Amount
(000)		  Value
(000)
Repurchase Agreements  (0.0%) (d)          
HSBC Securities USA,  Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $92; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $94)$  92    92 
Merrill Lynch & Co.,  Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $27; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $28)   27    27 
         119 
Total Securities held as Collateral on Loaned Securities (Cost $766)        766 

 

   Shares   Value
(000)		 
Investment Company  (2.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $9,259)   9,259,238    9,259 
Total Short-Term Investments (Cost $10,025)        10,025 
Total Investments Excluding Purchased Options (100.5%) (Cost $672,626)        430,702 
Total Purchased Options Outstanding (0.8%) (Cost $2,222)        3,260 
Total Investments (101.3%) (Cost $674,848) Including $751 of Securities Loaned (g)(h)        433,962 
Liabilities in Excess of Other Assets (–1.3%)        (5,520)
Net Assets (100.0%)       $428,442 

 

(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 (excluding 144A holdings) at September 30, 2022 amounts to approximately $9,605,000 and represents 2.2% of net assets.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $751,000 and $777,000, respectively. The Fund received cash collateral of approximately $777,000, of which approximately $766,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio – Institutional Class as reported in the Consolidated Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $11,000. 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, 2022, the Fund held fair valued securities valued at approximately $7,424,000, representing 1.7% 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.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

(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, 2022, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Funds.

(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the 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, 2022, the Fund did not engage in any cross-trade transactions.
(h) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,108,000 and the aggregate gross unrealized depreciation is approximately $253,994,000, resulting in net unrealized depreciation of approximately $240,886,000.
ADR American Depositary Receipt.

  

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Growth Portfolio
Consolidated Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

  

Call Options Purchased:

 

The Fund had the following call options purchased open at September 30, 2022:

  

Counterparty  Description   Strike
Price		   Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(000)		 
Standard Chartered Bank   USD/CNH   CNH  7.57   Aug - 23   111,754,020    111,754   $1,029   $499   $530 
JP Morgan Chase Bank NA   USD/CNH   CNH  7.53   Jul - 23   99,573,866    99,574    920    494    426 
Goldman Sachs International   USD/CNH   CNH  7.27   Nov - 22   255,980,426    255,980    1,311    1,229    82 
                            $3,260   $2,222   $1,038 

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Information Technology Services   25.3%
Other**   22.2 
Software   21.0 
Internet & Direct Marketing Retail   11.8 
Road & Rail   7.4 
Pharmaceuticals   6.3 
Entertainment   6.0 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

  

Morgan Stanley Variable Insurance Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (96.8%)          
Apartments  (14.4%)          
AvalonBay Communities,  Inc. REIT   75,774   $13,957 
Equity Residential REIT   210,083    14,122 
Mid-America Apartment Communities,  Inc. REIT   76,062    11,795 
         39,874 
Data Centers  (6.8%)          
Digital Realty Trust,  Inc. REIT   189,312    18,776 
           
Free Standing  (8.5%)          
Agree Realty Corp. REIT   96,593    6,528 
NETSTREIT Corp. REIT   194,490    3,464 
Realty Income Corp. REIT   232,251    13,517 
         23,509 
Health Care  (9.4%)          
Healthpeak Properties,  Inc. REIT   237,106    5,434 
Ventas,  Inc. REIT   182,844    7,345 
Welltower,  Inc. REIT   204,927    13,181 
         25,960 
Industrial  (14.9%)          
Americold Realty Trust,  Inc. REIT   181,180    4,457 
Duke Realty Corp. REIT   133,118    6,416 
ProLogis,  Inc. REIT   257,886    26,201 
Rexford Industrial Realty,  Inc. REIT   79,607    4,140 
         41,214 
Lodging/Resorts  (2.6%)          
Boyd Gaming Corp.   60,070    2,862 
Host Hotels & Resorts,  Inc. REIT   267,704    4,251 
         7,113 
Manufactured Homes  (2.8%)          
Sun Communities,  Inc. REIT   56,687    7,671 
           
Office  (2.4%)          
Kilroy Realty Corp. REIT   65,421    2,755 
SL Green Realty Corp. REIT (a)   96,766    3,886 
         6,641 
Regional Malls  (2.8%)          
Simon Property Group,  Inc. REIT   84,925    7,622 
           
Self Storage  (12.8%)        
Extra Space Storage,  Inc. REIT   49,782    8,598 
Life Storage,  Inc. REIT   57,696    6,391 
Public Storage REIT   69,046    20,217 
         35,206 
Shopping Centers  (6.7%)          
Brixmor Property Group,  Inc. REIT   338,807    6,258 
Kite Realty Group Trust REIT   354,512    6,105 
RPT Realty REIT   379,808    2,871 
SITE Centers Corp. REIT   298,525    3,197 
         18,431 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

Single Family Homes  (5.8%)          
American Homes 4 Rent, Class A REIT   214,147    7,026 
Invitation Homes,  Inc. REIT   268,981    9,084 
         16,110 
Specialty  (6.9%)          
American Tower Corp. REIT   20,966    4,501 
Iron Mountain,  Inc. REIT   168,738    7,419 
Outfront Media,  Inc. REIT   86,212    1,310 
VICI Properties,  Inc. REIT   195,313    5,830 
         19,060 
Total Common Stocks (Cost $303,059)        267,187 
           
Short-Term Investments  (3.6%)          
Securities held as Collateral on Loaned Securities  (0.9%)          
Investment Company  (0.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class  (b)   2,107,203    2,107 

 

  Face
Amount
(000)		      
Repurchase Agreements  (0.1%)                
HSBC Securities USA,  Inc. (2.97%, dated 9/30/22, due 10/3/22; proceeds $299; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $305) $   299       299  
Merrill Lynch & Co.,  Inc. (2.95%, dated 9/30/22, due 10/3/22; proceeds $90; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $91)     90       90  
              389  
Total Securities held as Collateral on Loaned Securities (Cost $2,496)             2,496  

 

  Shares    
Investment Company  (2.7%)          
Morgan Stanley Institutional Liquidity Funds – Treasury Portfolio - Institutional Class (b) (Cost $7,549)   7,549,228    7,549 
Total Short-Term Investments (Cost $10,045)        10,045 
Total Investments (100.4%) (Cost $313,104) Including $2,540 of Securities Loaned (c)(d)        277,232 
Other Assets in Excess of Liabilities (0.4%)        978 
Net Assets (100.0%)       $276,254 

 

(a) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $2,540,000 and $2,530,000, respectively. The Fund received cash collateral of approximately $2,530,000, of which approximately $2,496,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $34,000. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
U.S. Real Estate Portfolio
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)

 

(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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, 2022, advisory fees paid were reduced by approximately $4,000 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, 2022, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,239,000 and the aggregate gross unrealized depreciation is approximately $49,111,000, resulting in net unrealized depreciation of approximately $35,872,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Industrial   15.0%
Apartments   14.5 
Other**   13.4 
Self Storage   12.8 
Health Care   9.4 
Free Standing   8.6 
Specialty   6.9 
Data Centers   6.8 
Shopping Centers   6.7 
Single Family Homes   5.9 
Total Investments   100.0%

 

*

Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.
** 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, 2022 (unaudited)

 

On February 24, 2022, Russia launched a large-scale invasion of Ukraine significantly amplifying already existing geopolitical tensions.  In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on the investments having exposure to Russia, Ukraine, and other combatants, including Belarus.  Russia in turn has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers, markets or economies. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.

 

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the "Sub-Advisers"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a 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) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; (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.

 

 

 

 

In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has have responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

 

Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

 

• Level 1 – unadjusted quoted prices in active markets for identical investments

 

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk,  etc.)

 

• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(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  $—   $24   $—   $24 
Agency Fixed Rate Mortgages   —    14,253    —    14,253 
Asset-Backed Securities   —    9,489    —    9,489 
Collateralized Mortgage Obligations - Agency Collateral Series   —    160    —    160 
Commercial Mortgage-Backed Securities   —    10,216    —    10,216 
Corporate Bonds   —    22,074    —    22,074 
Mortgages - Other   —    18,793    —    18,793 
Municipal Bonds   —    1,276    —    1,276 
Sovereign   —    2,791    —    2,791 
Supranational   —    283    —    283 
U.S. Treasury Securities   —    4,196    —    4,196 
Total Fixed Income Securities   —    83,555    —    83,555 
Short-Term Investments                    
Investment Company   10,053    —    —    10,053 
U.S. Treasury Securities   —    2,254    —    2,254 
Total Short-Term Investments   10,053    2,254    —    12,307 
Foreign Currency Forward Exchange Contracts   —    296    —    296 
Futures Contracts   44    —    —    44 
Total Assets   10,097    86,105    —    96,202 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (13)   —    (13)
Futures Contracts   (803)   —    —    (803)
Credit Default Swap Agreement   —    (8)   —    (8)
Total Liabilities   (803)   (21)   —    (824)
Total  $9,294   $86,084   $—   $95,378 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Discovery                    
Assets:                    
Common Stocks                    
Biotechnology  $1,469   $—   $—   $1,469 
Chemicals   829    —    —    829 
Commercial Services & Supplies   287    —    —    287 
Consumer Finance   1,001    —    —    1,001 
Entertainment   6,896    —    —    6,896 
Health Care Providers & Services   12,990    —    —    12,990 
Health Care Technology   6,216    —    —    6,216 
Information Technology Services   32,150    3,235    —    35,385 
Interactive Media & Services   7,651    —    —    7,651 
Internet & Direct Marketing Retail   17,522    —    —    17,522 
Leisure Products   1,680    —    —    1,680 
Life Sciences Tools & Services   1,674    —    —    1,674 
Pharmaceuticals   8,943    —    —    8,943 
Road & Rail   2,073    —    —    2,073 
Software   30,776    —    —    30,776 
Specialty Retail   978    —    —    978 
Total Common Stocks   133,135    3,235    —    136,370 
Preferred Stock                    
Software   —    —    2,161    2,161 
Investment Company   1,004    —    —    1,004 
Warrant   12    —    —    12 
Call Options Purchased   —    1,104    —    1,104 
Short-Term Investments                    
Investment Company   2,551    —    —    2,551 
Repurchase Agreements   —    244    —    244 
Total Short-Term Investments   2,551    244    —    2,795 
Total Assets  $136,702   $4,583   $2,161   $143,446 

 

 

 

 

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

 

Discovery  Preferred
Stock
(000)		 
Beginning Balance  $2,729 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   (568)
Realized gains (losses)   - 
Ending Balance  $2,161 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $(568)

 

 

 

 

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, 2022. 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, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase In Input**
Preferred Stock  $2,161   Discounted Cash Flow  Weighted Average Cost of Capital   13.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable Companies  Enterprise Value /Revenue   22.8x   Increase
           Discount for Lack of Marketability   14.0%   Decrease

 

 

 

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

 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(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  $—   $16,839   $—   $16,839 
Sovereign   —    74,830    —    74,830 
Total Fixed Income Securities   —    91,669    —    91,669 
Warrant   —    19    —    19 
Short-Term Investments                    
Corporate Bonds   —    168    —    168 
Investment Company   3,104    —    —    3,104 
Repurchase Agreements   —    14    —    14 
Sovereign   —    1,119    —    1,119 
Total Short-Term Investments   3,104    1,301    —    4,405 
Foreign Currency Forward Exchange Contracts   —    220    —    220 
Futures Contracts   408    —    —    408 
Total Assets   3,512    93,209    —    96,721 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (14)   —    (14)
Futures Contracts   (958)   —    —    (958)
Total Liabilities   (958)   (14)   —    (972)
Total  $2,554   $93,195   $—   $95,749 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets Equity                    
Assets:                    
Common Stocks                    
Airlines  $2,548   $—   $—   $2,548 
Automobiles   —    7,359    —    7,359 
Banks   10,573    23,668    —    34,241 
Beverages   —    4,125    —    4,125 
Chemicals   —    2,014    —    2,014 
Commercial Banks   —    732    —    732 
Construction Materials   —    756    —    756 
Consumer Finance   —    1,962    —    1,962 
Electrical Equipment   —    1,607    —    1,607 
Electronic Equipment, Instruments & Components   —    4,114    —    4,114 
Food & Staples Retailing   3,860    650    —    4,510 
Food Products   —    2,024    —    2,024 
Health Care Providers & Services   —    1,345    —    1,345 
Hotels, Restaurants & Leisure   836    —    —    836 
Information Technology Services   2,265    1,971    —    4,236 
Insurance   —    2,651    —    2,651 
Interactive Media & Services   —    4,438    —    4,438 
Internet & Direct Marketing Retail   1,806    4,270    —    6,076 
Machinery   —    1,965    —    1,965 
Metals & Mining   689    10,097    —    10,786 
Multi-Line Retail   2,714    1,179    —    3,893 
Oil, Gas & Consumable Fuels   1,646    6,401    —    8,047 
Paper & Forest Products   —    2,616    —    2,616 
Personal Products   —    771    —    771 
Pharmaceuticals   —    1,337    —    1,337 
Real Estate Management & Development   —    424    —    424 
Semiconductors & Semiconductor Equipment   5,775    11,449    —    17,224 
Specialty Retail   802    —    —    802 
Tech Hardware, Storage & Peripherals   —    6,273    —    6,273 
Textiles, Apparel & Luxury Goods   603    4,063    —    4,666 
Thrifts & Mortgage Finance   —    1,634    —    1,634 
Total Common Stocks   34,117    111,895    —    146,012 
Short-Term Investment                    
Investment Company   1,904    —    —    1,904 
Total Assets  $36,021   $111,895   $—   $147,916 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Franchise                    
Assets:                    
Common Stocks                    
Beverages  $485   $1,351   $—   $1,836 
Capital Markets   1,285    —    —    1,285 
Health Care Equipment & Supplies   3,048    —    —    3,048 
Household Products   725    1,611    —    2,336 
Information Technology Services   4,567    —    —    4,567 
Life Sciences Tools & Services   2,784    —    —    2,784 
Machinery   390    —    —    390 
Personal Products   354    507    —    861 
Pharmaceuticals   293    —    —    293 
Professional Services   448    999    —    1,447 
Software   2,985    1,176    —    4,161 
Textiles, Apparel & Luxury Goods   310    699    —    1,009 
Tobacco   1,821    —    —    1,821 
Total Common Stocks   19,495    6,343    —    25,838 
Short-Term Investment                    
Investment Company   506    —    —    506 
Total Assets  $20,001   $6,343   $—   $26,344 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Infrastructure                    
Assets:                    
Common Stocks                    
Airports  $1,542   $1,420   $—   $2,962 
Commercial Services & Supplies   4,694    —    —    4,694 
Communications   10,360    4,267    —    14,627 
Diversified   1,083    3,223    —    4,306 
Electricity Transmission & Distribution   7,495    5,011    —    12,506 
Oil & Gas Storage & Transportation   18,405    7,378    —    25,783 
Railroads   311    —    —    311 
Renewables   —    314    —    314 
Toll Roads   —    2,082    —    2,082 
Utilities   706    —    —    706 
Water   1,017    1,415    —    2,432 
Total Common Stocks   45,613    25,110    —    70,723 
Right   —    —†   —    —†
Short-Term Investments                    
Investment Company   4,503    —    —    4,503 
Repurchase Agreements   —    302    —    302 
Total Short-Term Investments   4,503    302    —    4,805 
Total Assets  $50,116   $25,412†  $—   $75,528†

 

† 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, 2022:

 

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  $2,070   $5,445   $—   $7,515 
Health Care   2,353    300    —    2,653 
Industrial   3,547    1,161    —    4,708 
Lodging/Resorts   621    246    —    867 
Office   556    1,842    —    2,398 
Residential   5,855    618    17    6,490 
Retail   4,398    1,339    —    5,737 
Self Storage   2,925    421    —    3,346 
Specialty   817    —    —    817 
Total Common Stocks   23,142    11,372    17    34,531 
Short-Term Investments                    
Investment Company   1,239    —    —    1,239 
Repurchase Agreements   —    101    —    101 
Total Short-Term Investments   1,239    101    —    1,340 
Total Assets  $24,381   $11,473   $17   $35,871 

 

 

 

 

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  $20 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   (3)
Realized gains (losses)   - 
Ending Balance  $17 
      
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $(3)

 

 

 

 

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, 2022:

 

Global Real Estate  Fair Value at
September 30, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase In Input**
Common Stock  $17   Market Transaction Method  Transaction Valuation  $0.003   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, 2022:

 

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  $—   $3   $—   $3 
Agency Fixed Rate Mortgages   —    2,760    —    2,760 
Asset-Backed Securities   —    283    —    283 
Commercial Mortgage-Backed Securities   —    548    —    548 
Corporate Bonds   —    9,490    —    9,490 
Mortgages - Other   —    1,102    —    1,102 
Sovereign   —    20,682    14    20,696 
Supranational   —    1,101    —    1,101 
U.S. Treasury Securities   —    2,737    —    2,737 
Total Fixed Income Securities   —    38,706    14    38,720 
Common Stocks                    
Aerospace & Defense   197    133    —    330 
Air Freight & Logistics   69    44    —    113 
Airlines   6    10    —    16 
Auto Components   25    20    —    45 
Automobiles   296    135    —    431 
Banks   974    2,137    —    3,111 
Beverages   229    214    —    443 
Biotechnology   297    114    —    411 
Building Products   55    64    —    119 
Capital Markets   400    243    —    643 
Chemicals   248    237    —    485 
Commercial Banks   9    12    —    21 
Commercial Services & Supplies   85    26    —    111 
Communications Equipment   84    35    —    119 
Construction & Engineering   18    65    —    83 
Construction Materials   15    54    —    69 
Consumer Finance   65    —    —    65 
Containers & Packaging   40    6    —    46 
Distributors   18    3    —    21 
Diversified Consumer Services   —    3    —    3 
Diversified Financial Services   138    63    —    201 
Diversified Financials   3    —    —    3 
Diversified Telecommunication Services   119    199    —    318 
Electric Utilities   294    185    —    479 
Electrical Equipment   65    134    —    199 
Electronic Equipment, Instruments & Components   77    26    —    103 
Energy Equipment & Services   35    5    —†   40†
Entertainment   183    20    —    203 
Equity Real Estate Investment Trusts (REITs)   341    90    —    431 
Food & Staples Retailing   252    104    —    356 
Food Products   142    355    —    497 
Gas Utilities   14    28    —    42 
Health Care Equipment & Supplies   317    155    —    472 
Health Care Providers & Services   436    30    —    466 
Health Care Technology   11    —    —    11 
Hotels, Restaurants & Leisure   245    143    —    388 
Household Durables   34    17    —    51 
Household Products   157    67    —    224 
Independent Power Producers & Energy Traders   21    30    —    51 
Industrial Conglomerates   92    103    —    195 
Information Technology Services   589    94    —    683 
Insurance   379    427    —    806 
Interactive Media & Services   520    15    —    535 
Internet & Direct Marketing Retail   368    48    —    416 
Leisure Products   6    —    —    6 
Life Sciences Tools & Services   234    57    —    291 

 

 

 

 

Machinery   187    170    —    357 
Marine   2    24    —    26 
Media   103    36    —    139 
Metals & Mining   155    341†   —    496†
Multi-Line Retail   75    32    —    107 
Multi-Utilities   130    82    —    212 
Oil, Gas & Consumable Fuels   1,067    508    —    1,575 
Paper & Forest Products   4    38    —    42 
Personal Products   35    176    —    211 
Pharmaceuticals   547    867    —    1,414 
Professional Services   65    131    —    196 
Real Estate Management & Development   14    87    —    101 
Road & Rail   240    8    —    248 
Semiconductors & Semiconductor Equipment   551    198    —    749 
Software   1,055    128†   —    1,183†
Specialty Retail   256    33    —    289 
Tech Hardware, Storage & Peripherals   781    7    —    788 
Textiles, Apparel & Luxury Goods   59    290    —    349 
Tobacco   75    98    —    173 
Trading Companies & Distributors   35    62    —    97 
Transportation Infrastructure   —    50    —    50 
Water Utilities   14    12    —    26 
Wireless Telecommunication Services   54    45    —    99 
Total Common Stocks   13,706    9,373†   —†   23,079†
Preferred Stocks                    
Entertainment   —@    —    —    —@ 
Right   —@    —    —    —@ 
Short-Term Investments                    
Investment Company   12,497    —    —    12,497 
U.S. Treasury Security   —    665    —    665 
Total Short-Term Investments   12,497    665    —    13,162 
Foreign Currency Forward Exchange Contracts   —    489    —    489 
Futures Contracts   405    —    —    405 
Interest Rate Swap Agreements   —    20    —    20 
Total Return Swap Agreements   —    380    —    380 
Total Assets   26,608    49,633†   14†   76,255†
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (343)   —    (343)
Futures Contracts   (104)   —    —    (104)
Interest Rate Swap Agreements   —    (415)   —    (415)
Total Return Swap Agreements   —    (2,103)   —    (2,103)
Total Liabilities   (104)   (3,511)   —    (3,615)
Total  $26,504   $46,772†  $14†  $73,290†

 

@ 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  Fixed
Income
Security
(000)		   Common
Stocks
(000)		 
Beginning Balance  $-   $- 
Purchases   -    - 
Sales   -    - 
Amortization of discount   -    - 
Transfers in   14    -†
Transfers out   -    - 
Corporate actions   -    - 
Change in unrealized appreciation (depreciation)   -    - 
Realized gains (losses)   -    - 
Ending Balance  $14   $                -†
           
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $-   $- 

 
† Includes one or more securities valued at zero.

 

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2022:

 

Global Strategist  Fair Value at
September 30, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to Valuation
from an Increase
in Input**
Fixed Income Securities - Sovereign  $14   Market Implied  Expected Recovery Value  $0.49   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, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Growth                    
Assets:                    
Common Stocks                    
Automobiles  $2,016   $—   $—   $2,016 
Biotechnology   5,461    —    —    5,461 
Capital Markets   3,860    —    —    3,860 
Chemicals   2,471    —    —    2,471 
Commercial Services & Supplies   822    —    —    822 
Consumer Finance   751    —    —    751 
Electronic Equipment, Instruments & Components   —    —    —†   —†
Entertainment   25,845    —    —    25,845 
Health Care Equipment & Supplies   2,429    —    —    2,429 
Health Care Providers & Services   18,518    —    —    18,518 
Health Care Technology   10,462    —    —    10,462 
Information Technology Services   95,917    12,810    —    108,727 
Interactive Media & Services   11,611    —    —    11,611 
Internet & Direct Marketing Retail   50,869    —    —    50,869 
Leisure Products   1,638    —    —    1,638 
Life Sciences Tools & Services   9,601    —    —    9,601 
Pharmaceuticals   27,077    —    —    27,077 
Road & Rail   31,752    —    —    31,752 
Semiconductors & Semiconductor Equipment   10,476    —    —    10,476 
Software   82,874    —    —    82,874 
Specialty Retail   2,911    —    —    2,911 
Total Common Stocks   397,361    12,810    —†   410,171†
Preferred Stocks                    
Software   —    —    7,424    7,424 
Investment Company   3,082    —    —    3,082 
Call Options Purchased   —    3,260    —    3,260 
Short-Term Investments                    
Investment Company   9,906    —    —    9,906 
Repurchase Agreements   —    119    —    119 
Total Short-Term Investments   9,906    119    —    10,025 
Total Assets  $410,349   $16,189   $7,424†  $433,962†

 

† 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)		 
Beginning Balance  $-   $9,175†
Purchases   -    - 
Sales   -    (1,526)
PIPE transactions   -    - 
Amortization of discount   -    - 
Transfers in   -†   - 
Transfers out   -     (-)†
Corporate actions   -    - 
Change in unrealized appreciation (depreciation)   -    (225)
Realized gains (losses)   -    - 
Ending Balance  $-†  $7,424 
           
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022  $-   $(225)

 

† Includes a security valued at zero.

 

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2022. 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, 2022
(000)		   Valuation
Technique		  Unobservable
 Input		  Amount or Range/
Weighted Average*		   Impact to Valuation
from an Increase
In Input**
Preferred Stocks  $7,424   Discounted Cash Flow  Weighted Average Cost of Capital   12.5% - 14.5% / 13.5%   Decrease
           Perpetual Growth Rate   3.0% - 4.0% / 3.5%   Increase
        Market Comparable Companies  Enterprise Value/Revenue   1.1x - 26.3x / 21.5x   Increase
           Discount for Lack of Marketability   12.0% - 14.0% / 13.8%   Decrease
        Comparable Transactions  Enterprise Value/Revenue   9.3x   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, 2022:

 

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  $39,874   $—   $—   $39,874 
Data Centers   18,776    —    —    18,776 
Free Standing   23,509    —    —    23,509 
Health Care   25,960    —    —    25,960 
Industrial   41,214    —    —    41,214 
Lodging/Resorts   7,113    —    —    7,113 
Manufactured Homes   7,671    —    —    7,671 
Office   6,641    —    —    6,641 
Regional Malls   7,622    —    —    7,622 
Self Storage   35,206    —    —    35,206 
Shopping Centers   18,431    —    —    18,431 
Single Family Homes   16,110    —    —    16,110 
Specialty   19,060    —    —    19,060 
                     
Total Common Stocks   267,187    —    —    267,187 
Short-Term Investments                    
Investment Company   9,656    —    —    9,656 
Repurchase Agreements   —    389    —    389 
Total Short-Term Investments   9,656    389    —    10,045 
Total Assets  $276,843   $389   $—   $277,232 

 

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