NPORT-EX 2 NPORT_MGA9_9582481621.htm

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited)

 

PRINCIPAL
AMOUNT
(000)		      COUPON
RATE		   MATURITY
DATE		   VALUE 
   Corporate Bonds (97.1%)             
         Basic Materials (4.4%)                
$  150    Air Products and Chemicals, Inc.      2.80%   05/15/50   $139,057 
    200    Braskem Netherlands Finance BV (Brazil) (a)    4.50    01/31/30    201,240 
    225    DuPont de Nemours, Inc.      4.493    11/15/25    254,440 
    150    DuPont de Nemours, Inc.      5.319    11/15/38    188,642 
    350    Georgia-Pacific LLC (a)    2.30    04/30/30    349,087 
    225    Glencore Funding LLC (Australia) (a)    2.50    09/01/30    216,547 
    225    Glencore Funding LLC (Australia) (a)    4.125    03/12/24    243,841 
    200    Inversiones CMPC SA (Chile)      3.85    01/13/30    213,574 
    500    Newcastle Coal Infrastructure Group Pty Ltd. (Australia) (a)    4.40    09/29/27    507,942 
    225    Newmont Corp.      2.25    10/01/30    219,367 
    200    NOVA Chemicals Corp. (Canada) (a)    4.875    06/01/24    209,375 
    75    Nutrition & Biosciences, Inc. (a)    2.30    11/01/30    72,760 
    200    POSCO (Korea, Republic of) (a)    4.00    08/01/23    214,295 
    50    Sherwin-Williams Co. (The)      2.30    05/15/30    49,324 
    100    Sherwin-Williams Co. (The)      2.95    08/15/29    104,329 
                        3,183,820 
         Communications (9.9%)                
    200    Amazon.com, Inc.      2.70    06/03/60    177,803 
    300    AT&T, Inc. (a)    2.55    12/01/33    285,122 
    788    AT&T, Inc. (a)    3.55    09/15/55    722,481 
    53    AT&T, Inc. (a)    3.65    09/15/59    48,541 
    200    Baidu, Inc. (China)      1.72    04/09/26    199,495 
    75    Booking Holdings, Inc.      0.90    09/15/21    88,087 
    200    Charter Communications Operating LLC/Charter Communications Operating Capital      2.30    02/01/32    186,148 
    75    Charter Communications Operating LLC/Charter Communications Operating Capital      3.50    06/01/41    71,230 
    125    Charter Communications Operating LLC/Charter Communications Operating Capital      3.85    04/01/61    114,817 
    100    Charter Communications Operating LLC/Charter Communications Operating Capital      4.80    03/01/50    107,528 
    50    Charter Communications Operating LLC/Charter Communications Operating Capital      5.125    07/01/49    56,341 
    50    Charter Communications Operating LLC/Charter Communications Operating Capital      5.75    04/01/48    60,922 
    350    Comcast Corp.      1.95    01/15/31    337,384 
    500    Comcast Corp.      2.45    08/15/52    428,418 
    125    Diamond Sports Group LLC/Diamond Sports Finance Co. (a)    6.625    08/15/27    65,156 
    100    Fox Corp.      5.576    01/25/49    127,778 
    75    Juniper Networks, Inc.      2.00    12/10/30    69,137 
    375    Level 3 Financing, Inc. (a)    3.40    03/01/27    397,727 
    200    Meituan (China) (a)    2.125    10/28/25    199,326 
    200    Ooredoo International Finance Ltd. (Qatar) (a)    2.625    04/08/31    197,844 
    200    Prosus NV (China) (a)    3.68    01/21/30    206,729 
    200    Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a)    4.738    09/20/29    214,765 
    200    Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a)    5.152    09/20/29    228,500 
    250    T-Mobile USA, Inc. (a)    2.25    11/15/31    237,825 
    110    T-Mobile USA, Inc.      2.875    02/15/31    106,452 
    225    T-Mobile USA, Inc. (a)    3.60    11/15/60    216,503 
    375    Tencent Holdings Ltd. (China) (a)    3.595    01/19/28    402,423 
    160    Twitter, Inc.      1.00    09/15/21    166,300 
    200    Verizon Communications, Inc.      1.50    09/18/30    183,862 

 

 

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited) continued

 

    100    Verizon Communications, Inc.      2.65    11/20/40    91,522 
    580    Verizon Communications, Inc. (a)    2.987    10/30/56    513,059 
    50    Verizon Communications, Inc.      3.40    03/22/41    50,831 
    100    Vodafone Group PLC (United Kingdom)      4.375    02/19/43    111,525 
    429    Walt Disney Co. (The)      2.75    09/01/49    393,522 
    70    Walt Disney Co. (The)      3.60    01/13/51    74,687 
                        7,139,790 
         Consumer, Cyclical (7.1%)                
    250    7-Eleven, Inc. (a)    1.80    02/10/31    233,778 
    168    Alaska Airlines 2020-1 Class A Pass Through Trust (a)    4.80    02/15/29    184,577 
    110    American Airlines Inc/AAdvantage Loyalty IP Ltd. (a)    5.75    04/20/29    117,139 
    150    Daimler Finance North America LLC (Germany) (a)    3.30    05/19/25    161,132 
    200    Delta Air Lines, Inc., Series AA      3.204    04/25/24    207,526 
    150    Dollar General Corp.      4.125    04/03/50    166,587 
    250    Ford Motor Credit Co., LLC      4.389    01/08/26    263,120 
    300    General Motors Co.      6.60    04/01/36    389,966 
    50    General Motors Financial Co., Inc.      2.35    01/08/31    47,810 
    50    General Motors Financial Co., Inc.      3.85    01/05/28    53,914 
    100    General Motors Financial Co., Inc.      4.35    01/17/27    111,161 
    150    Home Depot, Inc. (The)      1.375    03/15/31    138,899 
    125    Home Depot, Inc. (The)      2.375    03/15/51    107,493 
    150    Home Depot, Inc. (The)      2.50    04/15/27    158,100 
    75    Hyundai Capital America (a)    2.375    02/10/23    77,036 
    625    Hyundai Capital America (a)    3.00    02/10/27    651,267 
    289    JetBlue Pass Through Trust, Series AA      2.75    11/15/33    291,567 
    225    Kohl's Corp.      3.375    05/01/31    225,654 
    375    Las Vegas Sands Corp.      3.20    08/08/24    391,226 
    100    Marriott International, Inc., Series HH      2.85    04/15/31    98,230 
    175    NIKE, Inc.      3.375    03/27/50    184,044 
    275    Nissan Motor Co. Ltd. (Japan) (a)    3.043    09/15/23    287,878 
    200    Resorts World Las Vegas LLC/RWLV Capital, Inc. (a)    4.625    04/16/29    201,855 
    150    Ross Stores, Inc.      0.875    04/15/26    145,272 
    222    Walmart, Inc.      2.95    09/24/49    219,001 
                        5,114,232 
         Consumer, Non-Cyclical (11.9%)                
    400    AbbVie, Inc.      4.25    11/21/49    453,389 
    175    Altria Group, Inc.      3.40    02/04/41    162,599 
    125    Altria Group, Inc.      3.875    09/16/46    121,476 
    75    Amgen, Inc.      3.375    02/21/50    75,106 
    25    Anheuser-Busch InBev Worldwide, Inc. (Belgium)      4.35    06/01/40    28,339 
    50    Anheuser-Busch InBev Worldwide, Inc. (Belgium)      4.375    04/15/38    56,900 
    375    Anheuser-Busch InBev Worldwide, Inc. (Belgium)      4.50    06/01/50    426,199 
    175    Anheuser-Busch InBev Worldwide, Inc. (Belgium)      4.60    04/15/48    200,819 
    175    Anthem, Inc.      2.25    05/15/30    172,370 
    325    Automatic Data Processing, Inc.      1.25    09/01/30    298,003 
    125    BAT Capital Corp. (United Kingdom)      2.726    03/25/31    121,048 
    375    BAT Capital Corp. (United Kingdom)      3.557    08/15/27    399,415 
    150    BAT Capital Corp. (United Kingdom)      3.734    09/25/40    143,102 
    250    Boston Scientific Corp.      2.65    06/01/30    252,618 
    125    Campbell Soup Co.      3.125    04/24/50    116,809 
    150    Cigna Corp.      2.40    03/15/30    148,848 
    75    Cigna Corp.      4.90    12/15/48    92,088 
    250    Clorox Co. (The)      1.80    05/15/30    238,344 
    350    Coca-Cola Femsa SAB de CV (Mexico)      2.75    01/22/30    352,219 
    200    Conagra Brands, Inc.      1.375    11/01/27    192,900 
    225    Conagra Brands, Inc.      4.60    11/01/25    255,623 
    877    CVS Health Corp.      1.875    02/28/31    824,486 
    225    DP World PLC (United Arab Emirates) (a)    5.625    09/25/48    264,649 
    75    Gilead Sciences, Inc.      2.80    10/01/50    66,788 

 

 

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited) continued

 

    200    Global Payments, Inc.      2.90    05/15/30    204,326 
EUR   100    Grifols SA (Spain) (a)    2.25    11/15/27    118,882 
$  250    GSK Finance No 3 PLC (United Kingdom) (a)(b)    0.00    06/22/23    270,625 
    150    HCA, Inc.      5.25    06/15/49    183,987 
    500    Imperial Brands Finance PLC (United Kingdom) (a)    3.125    07/26/24    528,806 
    175    Keurig Dr Pepper, Inc.      3.35    03/15/51    174,624 
    225    Kimberly-Clark de Mexico SAB de CV (Mexico) (a)    2.431    07/01/31    219,927 
    124    PayPal Holdings, Inc.      2.30    06/01/30    122,987 
    232    PayPal Holdings, Inc.      2.85    10/01/29    241,972 
EUR   100    Q-Park Holding I BV (Netherlands) (a)    1.50    03/01/25    113,156 
$   150    Royalty Pharma PLC (a)    2.20    09/02/30    143,384 
    75    Royalty Pharma PLC (a)    3.55    09/02/50    71,663 
    175    Smithfield Foods, Inc. (a)    5.20    04/01/29    200,982 
    125    Stryker Corp.      2.90    06/15/50    118,283 
    325    Transurban Finance Co. Pty Ltd. (Australia) (a)    2.45    03/16/31    316,385 
    100    Viatris, Inc. (a)    4.00    06/22/50    102,167 
                        8,596,293 
         Energy (10.0%)                
    325    Aker BP ASA (Norway) (a)    4.75    06/15/24    333,502 
    200    APT Pipelines Ltd. (Australia) (a)    4.20    03/23/25    217,941 
    75    BP Capital Markets America, Inc.      3.379    02/08/61    69,659 
    175    BP Capital Markets PLC (United Kingdom)      4.375    06/22/25(c)   185,553 
    175    BP Capital Markets PLC (United Kingdom)      4.875    03/22/30(c)   187,906 
    375    Canadian Natural Resources Ltd. (Canada)      2.95    01/15/23    389,281 
    75    Chevron Corp.      3.078    05/11/50    71,899 
    175    Chevron USA, Inc.      2.343    08/12/50    145,883 
    250    Cimarex Energy Co.      3.90    05/15/27    272,374 
    100    ConocoPhillips (a)    4.875    10/01/47    121,779 
    275    Diamondback Energy, Inc.      3.125    03/24/31    274,779 
    225    Diamondback Energy, Inc.      3.25    12/01/26    237,432 
    100    Enbridge, Inc. (Canada)      3.125    11/15/29    104,059 
    100    Energy Transfer Operating LP      5.00    05/15/50    103,663 
    125    Enterprise Products Operating LLC      3.95    01/31/60    125,602 
    250    Enterprise Products Operating LLC      4.20    01/31/50    267,066 
    100    Equinor ASA (Norway)      3.70    04/06/50    106,579 
    125    Exxon Mobil Corp.      3.452    04/15/51    126,465 
    350    Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) (a)    1.75    09/30/27    350,379 
    100    Kinder Morgan, Inc.      3.60    02/15/51    93,341 
    150    Marathon Petroleum Corp.      4.70    05/01/25    168,711 
    250    Midwest Connector Capital Co. LLC (a)    3.625    04/01/22    253,643 
    100    MPLX LP      5.20    12/01/47    113,652 
    175    ONEOK, Inc.      3.10    03/15/30    176,419 
    25    ONEOK, Inc.      4.45    09/01/49    24,975 
    50    ONEOK, Inc.      5.20    07/15/48    54,782 
    125    Phillips 66      2.15    12/15/30    118,407 
    200    Rockies Express Pipeline LLC (a)    3.60    05/15/25    200,875 
    475    Sabine Pass Liquefaction LLC      4.50    05/15/30    534,003 
    330    Saudi Arabian Oil Co. (Saudi Arabia) (a)    2.25    11/24/30    316,430 
    125    Shell International Finance BV (Netherlands)      3.125    11/07/49    120,798 
    25    Spectra Energy Partners LP      4.50    03/15/45    27,000 
    250    Suncor Energy, Inc. (Canada)      3.75    03/04/51    243,696 
    175    Sunoco Logistics Partners Operations LP      3.90    07/15/26    188,518 
    100    Sunoco Logistics Partners Operations LP      4.00    10/01/27    107,604 
    125    Transcontinental Gas Pipe Line Co. LLC      3.95    05/15/50    128,329 
    200    Transportadora de Gas Internacional SA ESP (Colombia) (a)    5.55    11/01/28    227,494 
    150    Western Midstream Operating LP      4.35    02/01/25    155,489 
    225    Williams Cos., Inc. (The)      4.85    03/01/48    250,185 
                        7,196,152 
         Finance (34.5%)                
    75    Aflac, Inc.      4.75    01/15/49    93,109 

 

 

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited) continued

 

    100    Air Lease Corp.      2.875    01/15/26    103,830 
    300    Air Lease Corp.      3.75    06/01/26    320,963 
    125    Alexandria Real Estate Equities, Inc.      1.875    02/01/33    113,828 
    200    Allstate Corp. (The)      1.45    12/15/30    183,487 
    200    Ally Financial, Inc.      8.00    11/01/31    278,858 
    125    American International Group, Inc.      3.875    01/15/35    136,208 
    175    American International Group, Inc.      3.90    04/01/26    193,375 
    175    AmFam Holdings, Inc. (a)    2.805    03/11/31    173,845 
    225    Aon Corp.      2.80    05/15/30    230,285 
    125    Arch Capital Group Ltd.      3.635    06/30/50    125,572 
    200    Australia & New Zealand Banking Group Ltd. (Australia) (a)    2.57    11/25/35    188,238 
    325    Avolon Holdings Funding Ltd. (Ireland) (a)    2.875    02/15/25    324,154 
    175    Banco de Credito del Peru (Peru) (a)    2.70    01/11/25    180,490 
    250    Banco Santander Chile (Chile) (a)    2.70    01/10/25    261,730 
    633    Bank of America Corp.      2.676    06/19/41    593,916 
    400    Bank of America Corp.      3.248    10/21/27    430,252 
    125    Bank of America Corp.      6.11    01/29/37    165,887 
    375    Bank of America Corp., Series N      2.651    03/11/32    376,284 
    375    Barclays PLC (United Kingdom)      2.852    05/07/26    392,944 
    175    Belrose Funding Trust (a)    2.33    08/15/30    168,899 
    300    BNP Paribas SA (France) (a)    2.824    01/26/41    270,171 
    250    BPCE SA (France) (a)    4.00    09/12/23    269,675 
    400    BPCE SA (France) (a)    5.15    07/21/24    448,060 
    250    Brown & Brown, Inc.      2.375    03/15/31    240,882 
    175    Brown & Brown, Inc.      4.20    09/15/24    192,518 
    425    Chubb INA Holdings, Inc.      1.375    09/15/30    388,597 
    100    Citigroup, Inc.      2.572    06/03/31    100,003 
    498    Citigroup, Inc.      2.666    01/29/31    500,941 
    450    Citigroup, Inc.      4.412    03/31/31    514,126 
    200    Commerzbank AG (Germany) (a)    8.125    09/19/23    228,924 
    200    Commonwealth Bank of Australia (Australia) (a)    3.305    03/11/41    194,331 
    250    Credit Agricole SA (France) (a)    4.125    01/10/27    280,207 
    550    Credit Suisse Group AG (Switzerland) (a)    2.593    09/11/25    570,619 
    175    Digital Realty Trust LP      3.60    07/01/29    188,238 
    150    Digital Realty Trust LP      4.45    07/15/28    169,883 
    375    Duke Realty LP      1.75    07/01/30    349,846 
    225    Equinix, Inc.      1.55    03/15/28    215,283 
    175    Equinix, Inc.      2.95    09/15/51    154,359 
    50    Equitable Financial Life Global Funding (a)    1.40    08/27/27    48,287 
    350    Equitable Financial Life Global Funding (a)    1.75    11/15/30    327,067 
    350    Fairfax Financial Holdings Ltd. (Canada) (a)    3.375    03/03/31    349,119 
    175    Five Corners Funding Trust II (a)    2.85    05/15/30    180,497 
    150    GA Global Funding Trust (a)    1.625    01/15/26    149,929 
    250    GE Capital International Funding Co., Unlimited Co.      4.418    11/15/35    286,506 
    550    Global Atlantic Fin Co. (a)    4.40    10/15/29    580,491 
    200    GLP Capital LP/GLP Financing II, Inc.      4.00    01/15/30    208,425 
    775    Goldman Sachs Group, Inc. (The)      1.992    01/27/32    736,159 
    200    Grupo Aval Ltd. (Colombia) (a)    4.375    02/04/30    202,308 
    375    High Street Funding Trust I (a)    4.111    02/15/28    417,911 
    550    HSBC Holdings PLC (United Kingdom)      1.589    05/24/27    541,664 
    250    HSBC Holdings PLC (United Kingdom)      4.375    11/23/26    278,658 
    250    HSBC Holdings PLC (United Kingdom)      4.00    03/09/26(c)   249,375 
    250    ING Groep N.V. (Netherlands) (a)    4.625    01/06/26    283,620 
    375    Intercontinental Exchange, Inc.      1.85    09/15/32    343,759 
    325    Itau Unibanco Holding SA (Brazil) (a)    2.90    01/24/23    332,176 
    1,275    JPMorgan Chase & Co.      1.953    02/04/32    1,209,467 
    50    JPMorgan Chase & Co.      3.964    11/15/48    55,234 
    100    Kilroy Realty LP      2.50    11/15/32    94,147 
    75    Kilroy Realty LP      3.05    02/15/30    75,593 
    175    Kimco Realty Corp.      3.70    10/01/49    176,066 
    400    LeasePlan Corp. (Netherlands) (a)    2.875    10/24/24    420,979 

 

 

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited) continued

 

    275    Lloyds Banking Group PLC (United Kingdom)      3.574    11/07/28    297,127 
    300    Marsh & McLennan Cos., Inc.      5.875    08/01/33    394,861 
    200    MDC GMTN BV (United Arab Emirates) (a)    4.50    11/07/28    232,116 
    150    Metropolitan Life Global Funding I (a)    2.95    04/09/30    156,485 
    325    National Australia Bank Ltd. (Australia) (a)    2.332    08/21/30    307,647 
    425    Nationwide Building Society (United Kingdom) (a)    4.363    08/01/24    459,110 
    575    Natwest Group PLC (United Kingdom)      3.875    09/12/23    616,834 
    250    Omega Healthcare Investors, Inc.      3.25    04/15/33    240,088 
    200    Oversea-Chinese Banking Corp. Ltd. (Singapore) (a)    1.832    09/10/30    198,382 
    250    Pine Street Trust I (a)    4.572    02/15/29    281,276 
    50    Progressive Corp. (The)      3.20    03/26/30    53,770 
    25    Progressive Corp. (The)      4.00    03/01/29    28,388 
    450    Prologis LP      1.25    10/15/30    408,748 
    110    Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. (a)    3.875    03/01/31    106,150 
    231    Realty Income Corp.      0.75    03/15/26    222,756 
    110    SBA Communications Corp. (a)    3.125    02/01/29    105,864 
    225    Shinhan Bank Co., Ltd. (Korea, Republic of) (a)    4.00    04/23/29    245,609 
    200    Shinhan Financial Group Co. Ltd. (Korea, Republic of) (a)    1.35    01/10/26    198,622 
    350    Societe Generale SA (France) (a)    2.625    01/22/25    362,979 
    475    Standard Chartered PLC (United Kingdom) (a)    0.991    01/12/25    472,668 
    550    SVB Financial Group      1.80    02/02/31    508,238 
    125    TD Ameritrade Holding Corp.      3.30    04/01/27    135,945 
    125    Visa, Inc.      2.70    04/15/40    122,688 
    400    Wells Fargo & Co.      2.572    02/11/31    402,483 
    400    Wells Fargo & Co.      3.068    04/30/41    393,085 
    100    Westpac Banking Corp. (Australia)      2.668    11/15/35    95,015 
                        24,907,188 
         Industrials (6.7%)                
    225    Agilent Technologies, Inc.      2.30    03/12/31    219,380 
    325    Aviation Capital Group LLC (a)    4.375    01/30/24    345,799 
    275    Berry Global, Inc. (a)    1.57    01/15/26    271,004 
    151    Berry Global, Inc. (a)    4.875    07/15/26    159,939 
    100    Boeing Co. (The)      1.167    02/04/23    101,353 
    125    Boeing Co. (The)      2.95    02/01/30    124,748 
    50    Boeing Co. (The)      3.25    02/01/35    48,509 
    50    Boeing Co. (The)      3.95    08/01/59    48,158 
    250    Boeing Co. (The)      5.15    05/01/30    288,248 
    125    Burlington Northern Santa Fe LLC      3.05    02/15/51    121,371 
    175    Burlington Northern Santa Fe LLC      3.30    09/15/51    176,030 
    50    Burlington Northern Santa Fe LLC      4.55    09/01/44    59,296 
    165    Embraer Netherlands Finance BV (Brazil)      5.40    02/01/27    172,347 
    175    General Electric Co.      4.35    05/01/50    194,735 
    510    Heathrow Funding Ltd. (United Kingdom) (a)    4.875    07/15/23    515,037 
    150    John Deere Capital Corp.      2.45    01/09/30    152,468 
    150    Johnson Controls International plc/Tyco Fire & Security Finance SCA      1.75    09/15/30    140,803 
    250    Masco Corp.      2.00    02/15/31    237,399 
    475    NTT Finance Corp. (Japan) (a)    1.591    04/03/28    464,026 
    300    Silgan Holdings, Inc. (a)    1.40    04/01/26    294,000 
EUR   100    Standard Industries, Inc. (a)    2.25    11/21/26    119,327 
$  200    Union Pacific Corp. (a)    2.973    09/16/62    178,474 
    275    Vontier Corp. (a)    2.95    04/01/31    268,977 
    175    Waste Management, Inc.      1.15    03/15/28    165,890 
                        4,867,318 
         Technology (5.7%)                
    175    Activision Blizzard, Inc.      2.50    09/15/50    147,147 
    61    Akamai Technologies, Inc.      0.375    09/01/27    66,452 
    475    Apple, Inc.      2.65    02/08/51    434,916 
    50    Broadcom, Inc. (a)    2.45    02/15/31    47,231 

 

 

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited) continued

 

    250    Broadcom, Inc.      4.15    11/15/30    270,156 
    175    Citrix Systems, Inc.      1.25    03/01/26    172,161 
    50    Dell International LLC/EMC Corp. (a)    5.85    07/15/25    58,334 
    350    Dell International LLC/EMC Corp. (a)    6.02    06/15/26    414,708 
    75    Intel Corp.      3.25    11/15/49    75,567 
    250    International Business Machines Corp.      2.85    05/15/40    241,702 
    100    International Business Machines Corp.      2.95    05/15/50    93,303 
    125    J2 Global, Inc. (a)    1.75    11/01/26    147,109 
    350    Microsoft Corp.      2.525    06/01/50    319,340 
    50    Microsoft Corp.      2.921    03/17/52    49,402 
    175    NVIDIA Corp.      3.50    04/01/50    185,174 
    275    NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands) (a)    3.40    05/01/30    290,831 
    150    Oracle Corp.      3.85    04/01/60    147,478 
    250    Oracle Corp.      3.95    03/25/51    258,168 
    144    Pure Storage, Inc.      0.125    04/15/23    159,597 
    225    TSMC Global Ltd. (Taiwan) (a)    0.75    09/28/25    219,910 
    149    Verint Systems, Inc.      1.50    06/01/21    168,191 
    125    Western Digital Corp.      1.50    02/01/24    128,297 
                        4,095,174 
         Utilities (6.9%)                
    250    Ameren Illinois Co.      1.55    11/15/30    233,400 
    225    American Electric Power Co., Inc., Series N      1.00    11/01/25    220,676 
    350    Berkshire Hathaway Energy Co.      2.85    05/15/51    314,529 
    175    Cleveland Electric Illuminating Co. (The) (a)    4.55    11/15/30    194,518 
    200    Consorcio Transmantaro SA (Peru) (a)    4.70    04/16/34    226,328 
    100    Consumers Energy Co.      2.50    05/01/60    83,326 
    150    Consumers Energy Co.      3.50    08/01/51    158,327 
    175    DTE Electric Co.      2.95    03/01/50    166,476 
    50    Duke Energy Corp.      4.20    06/15/49    53,445 
    97    Duke Energy Indiana LLC      2.75    04/01/50    87,323 
    152    Duke Energy Indiana LLC, Series YYY      3.25    10/01/49    150,281 
    175    Entergy Arkansas LLC      3.50    04/01/26    191,404 
    100    Entergy Texas, Inc.      3.55    09/30/49    99,787 
    100    FirstEnergy Corp., Series C      3.40    03/01/50    87,961 
    50    Georgia Power Co., Series A      3.25    03/15/51    47,955 
    50    Indiana Michigan Power Co.      4.25    08/15/48    57,168 
    150    Interstate Power and Light Co.      2.30    06/01/30    148,257 
    100    Interstate Power and Light Co.      3.50    09/30/49    99,333 
    325    NextEra Energy Capital Holdings, Inc.      2.25    06/01/30    318,243 
    175    NiSource, Inc.      1.70    02/15/31    162,379 
    200    NiSource, Inc.      2.95    09/01/29    206,237 
    150    Northern States Power Co.      2.90    03/01/50    143,838 
    105    NRG Energy, Inc. (a)    3.625    02/15/31    102,572 
    225    Oglethorpe Power Corp.      5.05    10/01/48    265,738 
    175    Pacific Gas and Electric Co.      3.30    08/01/40    158,946 
    125    PECO Energy Co.      3.05    03/15/51    122,495 
    175    Public Service Co. of Colorado, Series 34      3.20    03/01/50    175,695 
    150    Southern California Edison Co.      4.00    04/01/47    154,765 
    425    Southern Co. (The)      4.40    07/01/46    474,379 
    100    Virginia Electric and Power Co.      2.45    12/15/50    85,602 
                        4,991,383 
         Total Corporate Bonds (Cost $70,220,319)              70,091,350 
                          
         Short-Term Investments (2.9%)                
         U.S. Treasury Security (1.2%)                
    889    U.S. Treasury Bill (d)(e) (Cost $888,865)    0.088    06/03/21    888,984 

 

 

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited) continued

 

NUMBER OF
SHARES
(000)		              
   Investment Company (1.7%)         
1,225  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) (Cost $1,225,438)        1,225,438  
   Total Short-Term Investments (Cost $2,114,303)        2,114,422  
               
   Total Investments (Cost $72,334,622) (g)(h)(i)  100.0%    72,205,772  
   Liabilities in Excess of Other Assets  0.0     (16,695 )
   Net Assets  100.0%  $ 72,189,077  

 

 

(a) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b) Capital appreciation bond.
(c) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2021.
(d) Rate shown is the yield to maturity at March 31, 2021.
(e) All or a portion of the security was pledged to cover margin requirements for futures contracts.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by $210, relating to the Fund's investment in the Liquidity Funds.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(h) Securities are available for collateral in connection with purchase of an open foreign currency exchange contract and futures contracts.
(i) At March 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $2,280,509 and the aggregate gross unrealized depreciation is $2,183,680, resulting in net unrealized appreciation of $96,829.

 

Foreign Currency Forward Exchange Contract:

The Fund had the following foreign currency forward exchange contract open at March 31, 2021:  

 

  CONTRACTS  IN EXCHANGE   DELIVERY   UNREALIZED 
COUNTERPARTY  TO DELIVER  FOR   DATE   APPRECIATION 
JPMorgan Chase Bank NA  EUR  256,408   $312,073    05/25/21   $11,076 

 

Futures Contracts:
The Fund had the following futures contracts open at March 31, 2021:

 

   NUMBER            UNREALIZED 
   OF   EXPIRATION    NOTIONAL AMOUNT       APPRECIATION 
   CONTRACTS   DATE    (000)   VALUE   (DEPRECIATION) 
Long:                          
U.S. Treasury 2 yr. Note   29    Jun-21    $5,800   $6,401,070   $(6,148)
U.S. Treasury 30 yr. Bond   39    Jun-21     3,900    6,029,156    (239,695)
U.S. Treasury 10 yr. Note   10    Jun-21     1,000    1,309,375    (10,994)
U.S. Treasury 5 yr. Note   10    Jun-21     1,000    1,233,985    (15,492)
Short:                          
German Euro Bund   1    Jun-21    EUR (100)   (200,860)   229 
U.S. Treasury Ultra Long Bond   7    Jun-21    $(700)   (1,268,531)   53,281 
U.S. Treasury Ultra Long Bond   87    Jun-21     (8,700)   (12,500,813)   433,422 
                        $214,603 

 

 

 

 

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments ▪ March 31, 2021 (unaudited) continued

 

Currency Abbreviations:
     
EUR   Euro.
USD   United States Dollar.

 

 

 

 

Morgan Stanley Variable Investment Series

Notes to Portfolio of Investments ▪ March 31, 2021 (unaudited)

 

Valuation of Investments - (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (3) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (4) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the New York Stock Exchange ("NYSE"); (5) certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trustees. The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price) prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (6) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value (“NAV”) as of the close of each business day.

 

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

 

 

 

 

Fair Valuation Measurements

 

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

 

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

 

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

 

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

 

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

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2021.

 

     Level 2       
   Level 1   Other   Level 3     
   Unadjusted   significant   Significant     
  quoted   observable   unobservable     
Investment Type  prices   inputs   inputs   Total 
                 
Assets:                                
Fixed Income Securities                    
Corporate Bonds  $—   $70,091,350   $—   $70,091,350 
Short-Term Investments                    
U.S. Treasury Security   —    888,984    —    888,984 
Investment Company   1,225,438    —    —    1,225,438 
Total Short-Term Investments   1,225,438    888,984    —    2,114,422 
Foreign Currency Forward Exchange Contract   —    11,076    —    11,076 
Futures Contracts   486,932    —    —    486,932 
Total Assets   1,712,370    70,991,410    —    72,703,780 
Liabilities:                    
Futures Contracts   (272,329)   —    —    (272,329)
Total  $1,440,041   $70,991,410   $—   $72,431,451 

 

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