NPORT-EX 2 NPORT_MGHA_1969346668.htm

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities (98.7%)          
Agency Adjustable Rate Mortgages (0.1%)          

Federal Home Loan Mortgage Corporation,

Conventional Pool:

          
12 Month USD LIBOR + 1.62%, 3.18%, 7/1/45  $69   $72 

Federal National Mortgage Association,

Conventional Pool:

          
12 Month USD LIBOR + 1.59%, 2.15%, 12/1/45   21    22 
         94 
Agency Fixed Rate Mortgages (20.5%)          
Federal Home Loan Mortgage Corporation,          
Gold Pools:          
3.50%, 1/1/44   433    470 
4.00%, 12/1/41 – 10/1/44   508    559 
5.41%, 7/1/37 – 8/1/37   19    21 
5.44%, 1/1/37 – 2/1/38   49    54 
5.46%, 5/1/37 – 1/1/38   41    46 
5.48%, 8/1/37   11    12 
5.50%, 8/1/37 – 4/1/38   58    65 
5.52%, 10/1/37   5    6 
5.62%, 12/1/36 – 8/1/37   57    65 
6.00%, 8/1/37 – 5/1/38   16    18 
6.50%, 9/1/32   7    8 
7.50%, 5/1/35   24    29 
8.00%, 8/1/32   15    17 
8.50%, 8/1/31   20    24 

Federal National Mortgage Association,

April TBA:

          
3.00%, 4/1/51 (a)   675    703 
3.50%, 4/1/51 (a)   3,000    3,169 
Conventional Pools:          
2.50%, 2/1/50   336    344 
3.00%, 7/1/49   117    120 
3.50%, 7/1/46 – 7/1/49   1,568    1,665 
4.00%, 11/1/41 – 8/1/49   967    1,053 
4.50%, 8/1/40 – 9/1/48   997    1,108 
5.00%, 7/1/40   62    70 
5.62%, 12/1/36   19    20 
6.00%, 12/1/38   285    334 
6.50%, 11/1/27 – 10/1/38   13    15 
7.00%, 6/1/29   6    6 
7.50%, 8/1/37   42    51 
8.00%, 4/1/33   33    40 
8.50%, 10/1/32   32    40 
9.50%, 4/1/30   3    3 
June TBA:          
1.50%, 6/1/51 (a)   775    746 
2.00%, 6/1/51 (a)   16,125    16,034 
2.50%, 6/1/51 (a)   8,275    8,456 

Government National Mortgage Association,

Various Pools:

          
3.50%, 11/20/40 – 7/20/46   362    388 
4.00%, 7/15/44 – 5/20/49   825    886 
5.00%, 12/20/48 – 2/20/49   46    50 
         36,695 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Asset-Backed Securities (10.6%)        
Accredited Mortgage Loan Trust,        
1 Month USD LIBOR + 0.60%, 0.71%, 4/25/34 (b)   437    433 
Ajax Mortgage Loan Trust,          
1.70%, 5/25/59 (c)   456    462 
American Homes 4 Rent Trust,          
6.07%, 10/17/52 (c)   490    539 
AMSR 2019-SFR1 Trust,          
2.77%, 1/19/39 (c)   600    626 
Aqua Finance Trust,          
3.47%, 7/16/40 (c)   300    316 
Avant Loans Funding Trust,          
4.65%, 4/15/26 (c)   400    405 
5.00%, 11/17/25 (c)   102    102 
Blackbird Capital Aircraft Lease Securitization Ltd.,          
5.68%, 12/16/41 (c)   376    372 
Cascade Funding Mortgage Trust,          
5.60%, 4/25/30 (b)(c)   200    212 
7.30%, 4/25/30 (b)(c)   400    429 
Cascade MH Asset Trust,          
4.00%, 11/25/44 (b)(c)   362    380 
CFMT 2020-HB3 LLC,          
6.28%, 5/25/30 (b)(c)   250    252 
Conn’s Receivables Funding LLC,          
3.62%, 6/17/24 (c)   223    224 
CWABS Asset-Backed Certificates Trust,          
1 Month USD LIBOR + 1.58%, 1.68%, 12/25/34 (b)   644    646 
Fair Square Issuance Trust,          
2.90%, 9/20/24 (c)   200    202 
Falcon Aerospace Ltd.,          
3.60%, 9/15/39 (c)   219    221 
Foundation Finance Trust,          
3.86%, 11/15/34 (c)   202    209 
FREED ABS Trust,          
3.87%, 6/18/26 (c)   177    179 
4.52%, 6/18/27 (c)   89    90 
4.61%, 10/20/25 (c)   447    451 
GAIA Aviation Ltd.,          
7.00%, 12/15/44 (c)   310    248 
Golub Capital Partners ABS Funding Ltd.,          
2.77%, 4/20/29 (c)(d)   650    650 
Goodgreen Trust,          
5.53%, 4/15/55 (c)   568    584 
JOL Air Ltd.,          
4.95%, 4/15/44 (c)   227    213 
Lunar Aircraft Ltd.,          
3.38%, 2/15/45 (c)   124    122 
MACH 1 Cayman Ltd.,          
3.47%, 10/15/39 (c)   293    295 
METAL LLC,          
4.58%, 10/15/42 (c)   368    304 
Mosaic Solar Loan Trust,          
2.10%, 4/20/46 (c)   207    210 
New Residential Mortgage LLC,          
5.44%, 6/25/25 – 7/25/25 (c)   992    1,014 
NovaStar Mortgage Funding Trust,          
1 Month USD LIBOR + 1.06%, 1.17%, 12/25/33 (b)   226    226 
Oxford Finance Funding LLC,          
3.10%, 2/15/28 (c)   250    258 
5.44%, 2/15/27 (c)   296    307 
PNMAC GMSR Issuer Trust,          
1 Month USD LIBOR + 2.85%, 2.96%, 2/25/23 (b)(c)   300    300 
1 Month USD LIBOR + 3.00%, 3.12%, 3/25/26 (b)(c)   650    650 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Pretium Mortgage Credit Partners I LLC,            
3.72%, 2/27/60 (c)        355    358 
Prosper Marketplace Issuance Trust,               
5.50%, 10/15/24 (c)        385    385 
Raptor Aircraft Finance I LLC,               
4.21%, 8/23/44 (c)        607    578 
S-Jets Ltd.,               
3.97%, 8/15/42 (c)        493    484 
7.02%, 8/15/42 (c)        696    431 
SFS Asset Securitization LLC,               
4.24%, 6/10/25 (c)        509    510 
SLM Student Loan Trust,               
3 Month EURIBOR + 0.55%, 0.01%, 7/25/39 – 1/25/40 (b)   EUR    1,097    1,226 
Small Business Lending Trust,               
2.85%, 7/15/26 (c)   $    42    42 
Sprite Ltd.,               
4.25%, 12/15/37 (c)        225    228 
START Ireland,               
4.09%, 3/15/44 (c)        154    155 
Tricon American Homes Trust,               
5.10%, 1/17/36 (c)        600    622 
5.15%, 9/17/34 (c)        400    408 
Upstart Securitization Trust,               
3.09%, 4/22/30 (c)        580    593 
3.73%, 9/20/29 (c)        550    561 
VCAT LLC,               
3.67%, 8/25/50 (c)        317    320 
              19,032 
Collateralized Mortgage Obligations - Agency Collateral Series (1.6%)               
Federal Home Loan Mortgage Corporation,               
1 Month USD LIBOR + 4.35%, 4.47%, 12/25/26 (b)(c)        61    60 
1 Month USD LIBOR + 5.05%, 5.17%, 7/25/23 (b)        92    94 
1 Month USD LIBOR + 5.25%, 5.37%, 7/25/26 (b)(c)        43    44 
IO               
0.33%, 11/25/27 (b)        13,329    276 
2.63%, 1/25/49 (b)        715    149 
2.65%, 2/25/49 (b)        1,635    349 
2.73%, 9/25/48 (b)        3,100    665 
2.75%, 1/25/49 (b)        2,950    631 
3.46%, 10/25/38 (b)        800    291 
IO REMIC               
6.00% - 1 Month USD LIBOR, 5.89%, 11/15/43 – 6/15/44 (e)        1,439    247 
6.05% - 1 Month USD LIBOR, 5.94%, 4/15/39 (e)        14     —@
IO STRIPS               
7.50%, 12/15/29        2     —@
Federal National Mortgage Association,               
IO REMIC               
6.00%, 5/25/33 – 7/25/33        137    28 
IO STRIPS               
8.00%, 4/25/24         —@    —@
8.00%, 6/25/35 (b)        10    2 
9.00%, 11/25/26        1     —@
REMIC               
7.00%, 9/25/32        23    28 
Government National Mortgage Association,               
IO               
0.77%, 8/20/58 (b)        3,430    72 
5.00%, 2/16/41        63    12 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

IO PAC        
6.15% - 1 Month USD LIBOR, 6.04%, 10/20/41 (e)   306    8 
         2,956 
Commercial Mortgage-Backed Securities (6.0%)          
Bancorp Commercial Mortgage Trust,          
1 Month USD LIBOR + 2.30%, 2.41%, 9/15/36 (b)(c)   450    446 
BANK 2019-BNK21,          
IO          
0.87%, 10/17/52 (b)   3,981    238 
BANK 2020-BNK30,          
2.92%, 12/15/53 (b)   725    651 
BF 2019-NYT Mortgage Trust,          
1 Month USD LIBOR + 1.70%, 1.81%, 12/15/35 (b)(c)   600    598 
BXP Trust,          
1 Month USD LIBOR + 3.00%, 3.11%, 11/15/34 (b)(c)   650    575 
Citigroup Commercial Mortgage Trust,          
3.50%, 12/10/41 (b)(c)   300    231 
IO          
0.78%, 11/10/48 (b)   2,431    66 
0.88%, 9/10/58 (b)   4,419    147 
COMM Mortgage Trust,          
IO          
0.09%, 7/10/45 (b)   9,580    15 
0.72%, 10/10/47 (b)   2,847    57 
1.00%, 7/15/47 (b)   2,697    71 
CSWF 2018-TOP,          
1 Month USD LIBOR + 1.45%, 1.56%, 8/15/35 (b)(c)   480    480 
GS Mortgage Securities Trust,          
4.74%, 8/10/46 (b)(c)   500    491 
IO          
0.73%, 9/10/47 (b)   4,581    94 
1.22%, 10/10/48 (b)   4,736    215 
InTown Hotel Portfolio Trust,          
1 Month USD LIBOR + 2.30%, 2.41%, 1/15/33 (b)(c)   346    345 
Jackson Park Trust LIC,          
3.24%, 10/14/39 (b)(c)   400    363 
JP Morgan Chase Commercial Mortgage Securities Trust,          
IO          
0.51%, 4/15/46 (b)   6,000    62 
0.68%, 12/15/49 (b)   2,892    71 
1.71%, 7/15/47 (b)   6,443    95 
JPMBB Commercial Mortgage Securities Trust,          
IO          
0.99%, 8/15/47 (b)   3,497    94 
MFT Trust,          
3.48%, 2/10/42 (b)(c)   200    186 
MKT 2020-525M Mortgage Trust,          
2.94%, 2/12/40 (b)(c)   200    178 
Multifamily Connecticut Avenue Securities Trust,          
1 Month USD LIBOR + 1.95%, 2.06%, 3/25/50 (b)(c)   573    578 
Natixis Commercial Mortgage Securities Trust,          
1 Month USD LIBOR + 2.20%, 2.31%, 7/15/36 (b)(c)   500    502 
4.13%, 5/15/39 (b)(c)   450    465 
4.32%, 1/15/43 (b)(c)   200    198 
4.41%, 2/15/39 (b)(c)   807    753 
Olympic Tower 2017-OT Mortgage Trust,          
3.57%, 5/10/39 (c)   600    638 
SG Commercial Mortgage Securities Trust,          
3.73%, 3/15/37 (b)(c)   450    453 
4.51%, 2/15/41 (b)(c)   550    491 
Wells Fargo Commercial Mortgage Trust,          

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

1 Month USD LIBOR + 1.74%, 1.85%, 2/15/37 (b)(c)   250    246 
1 Month USD LIBOR + 2.21%, 2.32%, 1/15/35 (b)(c)   200    200 
WFRBS Commercial Mortgage Trust,          
4.14%, 5/15/45 (b)(c)   385    377 
         10,670 
Corporate Bonds (39.4%)          
Energy (0.1%)          
Midwest Connector Capital Co. LLC          
3.63%, 4/1/22 (c)(f)   175    178 
           
Finance (16.4%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
4.13%, 7/3/23   575    610 
Air Lease Corp.          
2.30%, 2/1/25   325    332 
American International Group, Inc.          
4.50%, 7/16/44   150    170 
Anthem, Inc.          
2.25%, 5/15/30   150    148 
Australia & New Zealand Banking Group Ltd.          
2.57%, 11/25/35 (c)   200    188 
AvalonBay Communities, Inc.          
2.95%, 5/11/26   175    188 
Avolon Holdings Funding Ltd.          
2.88%, 2/15/25 (c)   475    474 
Banco Bradesco SA          
3.20%, 1/27/25 (c)   700    717 
Banco Santander Chile          
2.70%, 1/10/25 (c)   300    314 
Bank of America Corp.,          
2.68%, 6/19/41   491    461 
MTN          
4.00%, 1/22/25   1,085    1,189 
Series N          
2.65%, 3/11/32   75    75 
Bank of Montreal          
3.80%, 12/15/32   450    495 
Belrose Funding Trust          
2.33%, 8/15/30 (c)   200    193 
BNP Paribas SA          
2.82%, 1/26/41 (c)   350    315 
4.40%, 8/14/28 (c)   300    342 
Boston Properties LP          
3.80%, 2/1/24   145    156 
BPCE SA          
5.15%, 7/21/24 (c)   550    616 
Brookfield Finance LLC          
3.45%, 4/15/50   250    237 
Brown & Brown, Inc.          
2.38%, 3/15/31   175    169 
Canadian Imperial Bank of Commerce          
2.25%, 1/28/25   600    623 
Capital One Financial Corp.          
3.30%, 10/30/24   725    782 
Chubb INA Holdings, Inc.          
1.38%, 9/15/30   450    411 
Citigroup, Inc.,          
2.57%, 6/3/31   75    75 
2.67%, 1/29/31   447    450 
4.41%, 3/31/31   373    426 
5.50%, 9/13/25   250    290 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

CNO Financial Group, Inc.        
5.25%, 5/30/29   170    197 
Commonwealth Bank of Australia          
3.31%, 3/11/41 (c)   300    292 
Cooperatieve Rabobank UA          
3.95%, 11/9/22   625    658 
Credit Agricole SA          
3.25%, 10/4/24 (c)   250    269 
Credit Suisse Group AG          
2.59%, 9/11/25 (c)   700    726 
Crown Castle International Corp.          
3.30%, 7/1/30   250    262 
Danske Bank A/S          
5.00%, 1/12/23 (c)   200    206 
Deutsche Bank AG          
3.95%, 2/27/23   425    449 
Equinix, Inc.          
1.00%, 9/15/25   525    516 
GA Global Funding Trust          
1.00%, 4/8/24   325    325 
GE Capital International Funding Co., Unlimited Co.          
4.42%, 11/15/35   350    401 
GLP Capital LP/GLP Financing II, Inc.          
5.38%, 4/15/26   200    225 
Goldman Sachs Group, Inc. (The),          
1.99%, 1/27/32   500    475 
MTN          
4.80%, 7/8/44   175    215 
Grupo Aval Ltd.          
4.38%, 2/4/30 (c)   200    202 
Howard Hughes Corp. (The)          
4.38%, 2/1/31 (c)   250    245 
HSBC Holdings PLC,          
4.25%, 3/14/24   750    817 
Series.          
4.00%, 12/31/99 (g)   425    424 
HSBC USA, Inc.          
3.50%, 6/23/24   250    270 
Intercontinental Exchange, Inc.          
1.85%, 9/15/32   550    504 
Intesa Sanpaolo SpA          
5.25%, 1/12/24   300    334 
Itau Unibanco Holding SA          
2.90%, 1/24/23 (c)   800    818 
Jefferies Finance LLC/JFIN Co-Issuer Corp.          
6.25%, 6/3/26 (c)   300    317 
JPMorgan Chase & Co.,          
1.95%, 2/4/32   525    498 
4.13%, 12/15/26   550    620 
Lloyds Banking Group PLC          
4.38%, 3/22/28   525    590 
Macquarie Bank Ltd.          
2.30%, 1/22/25 (c)   450    467 
Marsh & McLennan Cos., Inc.          
5.88%, 8/1/33   275    362 
MassMutual Global Funding II          
3.40%, 3/8/26 (c)   400    439 
Metropolitan Life Global Funding I          
2.95%, 4/9/30 (c)   150    157 
MPT Operating Partnership LP/MPT Finance Corp.          
5.00%, 10/15/27   175    184 
Nationwide Building Society,          
4.30%, 3/8/29 (c)   375    415 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

4.36%, 8/1/24 (c)   200    216 
Natwest Group PLC          
3.88%, 9/12/23   250    268 
NTT Finance Corp.          
1.59%, 4/3/28 (c)   675    659 
Ooredoo International Finance Ltd.          
2.63%, 4/8/31   230    228 
Oversea-Chinese Banking Corp. Ltd.          
1.83%, 9/10/30 (c)   200    198 
Pine Street Trust I          
4.57%, 2/15/29 (c)   250    281 
Progressive Corp. (The),          
3.20%, 3/26/30   150    161 
4.00%, 3/1/29   100    114 
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.          
3.88%, 3/1/31 (c)   270    261 
Realty Income Corp.          
0.75%, 3/15/26   277    267 
SBA Communications Corp.          
3.13%, 2/1/29 (c)   270    260 
Societe Generale SA          
2.63%, 1/22/25 (c)   425    441 
Standard Chartered PLC          
4.64%, 4/1/31 (c)   200    227 
SVB Financial Group          
1.80%, 2/2/31   500    462 
Syngenta Finance N.V.          
4.89%, 4/24/25 (c)   550    589 
TD Ameritrade Holding Corp.          
3.63%, 4/1/25   475    518 
Travelers Cos., Inc. (The)          
3.75%, 5/15/46   200    217 
Wells Fargo & Co.,          
2.57%, 2/11/31   375    377 
5.01%, 4/4/51   125    161 
Westpac Banking Corp.          
2.67%, 11/15/35   150    143 
         29,373 
Industrials (20.7%)          
7-Eleven, Inc.          
1.80%, 2/10/31 (c)   400    374 
AbbVie, Inc.          
4.25%, 11/21/49   200    227 
Adobe, Inc.          
2.30%, 2/1/30   325    329 
Akamai Technologies, Inc.          
0.38%, 9/1/27   181    197 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC          
3.50%, 2/15/23 (c)   175    179 
Alibaba Group Holding Ltd.          
2.13%, 2/9/31   200    191 
Altria Group, Inc.          
3.40%, 2/4/41   375    348 
Amazon.com, Inc.          
2.70%, 6/3/60   325    289 
American Airlines Inc/AAdvantage Loyalty IP Ltd.          
5.75%, 4/20/29 (c)   270    288 
Amgen, Inc.          
3.15%, 2/21/40   175    174 
Anheuser-Busch InBev Worldwide, Inc.,          
3.50%, 6/1/30   125    136 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

4.50%, 6/1/50   300    341 
4.60%, 4/15/48   175    201 
Apple, Inc.          
2.65%, 2/8/51   250    229 
Arches Buyer, Inc.          
4.25%, 6/1/28 (c)   270    270 
AT&T, Inc.,          
2.55%, 12/1/33 (c)   400    380 
3.55%, 9/15/55 (c)   450    413 
3.65%, 9/15/59 (c)   50    46 
Automatic Data Processing, Inc.          
1.25%, 9/1/30   450    413 
Baidu, Inc.          
1.72%, 4/9/26   275    274 
BAT Capital Corp.          
3.56%, 8/15/27   550    586 
Berry Global, Inc.          
1.57%, 1/15/26 (c)   225    222 
Boeing Co. (The),          
2.95%, 2/1/30   250    249 
3.25%, 2/1/35   75    73 
3.95%, 8/1/59   100    96 
Booking Holdings, Inc.          
0.90%, 9/15/21   160    188 
BP Capital Markets America, Inc.          
3.12%, 5/4/26   375    404 
BP Capital Markets PLC,          
4.38%, 12/31/99 (g)   150    159 
4.88%, 12/31/99 (g)   150    161 
Braskem Netherlands Finance BV          
4.50%, 1/31/30 (c)   310    312 
Burlington Northern Santa Fe LLC          
3.30%, 9/15/51   175    176 
Campbell Soup Co.          
3.13%, 4/24/50   300    280 
Charter Communications Operating LLC/Charter Communications Operating Capital,          
2.30%, 2/1/32   250    233 
3.50%, 6/1/41   150    142 
3.85%, 4/1/61   350    321 
Chevron Corp.          
3.08%, 5/11/50   150    144 
Children’s Health System of Texas          
2.51%, 8/15/50   175    155 
Cigna Corp.,          
2.40%, 3/15/30   75    74 
3.05%, 10/15/27   100    107 
4.90%, 12/15/48   225    276 
Citrix Systems, Inc.          
1.25%, 3/1/26   225    221 
CNOOC Finance 2013 Ltd.          
3.00%, 5/9/23   220    229 
Coca-Cola Femsa SAB de CV          
2.75%, 1/22/30   400    403 
Comcast Corp.,          
1.95%, 1/15/31   675    651 
2.45%, 8/15/52   350    300 
Conagra Brands, Inc.          
1.38%, 11/1/27   225    217 
ConocoPhillips          
4.88%, 10/1/47 (c)   150    183 
CVS Health Corp.,          
1.88%, 2/28/31   512    481 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

5.13%, 7/20/45        75    92 
Deere & Co.               
3.10%, 4/15/30        125    134 
Dell International LLC/EMC Corp.,               
5.85%, 7/15/25 (c)        50    58 
6.02%, 6/15/26 (c)        375    444 
Delta Air Lines, Inc.,               
Series AA               
3.20%, 4/25/24        250    259 
DexCom, Inc.               
0.25%, 11/15/25 (c)        200    197 
Diamond Sports Group LLC/Diamond Sports Finance Co.               
6.63%, 8/15/27 (c)(f)        250    130 
Diamondback Energy, Inc.               
3.25%, 12/1/26        425    448 
Enbridge, Inc.               
2.50%, 1/15/25        250    261 
Energy Transfer Operating LP               
2.90%, 5/15/25        250    260 
Enterprise Products Operating LLC               
4.20%, 1/31/50        350    374 
Ford Motor Credit Co., LLC,               
3.10%, 5/4/23        200    204 
4.39%, 1/8/26        200    210 
Fortive Corp.               
0.88%, 2/15/22        176    179 
Fox Corp.               
5.58%, 1/25/49        200    256 
Galaxy Pipeline Assets Bidco Ltd.               
1.75%, 9/30/27 (c)        575    576 
General Motors Co.               
6.60%, 4/1/36        125    162 
General Motors Financial Co., Inc.,               
3.85%, 1/5/28        150    162 
4.35%, 1/17/27        375    417 
Georgia-Pacific LLC               
2.30%, 4/30/30 (c)        325    324 
Gilead Sciences, Inc.               
2.80%, 10/1/50        175    156 
Glencore Funding LLC               
4.13%, 3/12/24 (c)        450    488 
Global Payments, Inc.               
1.20%, 3/1/26        175    172 
Grifols SA               
2.25%, 11/15/27 (c)   EUR    200    238 
GSK Finance No 3 PLC               
0.00%, 6/22/23 (c)   $    250    271 
HCA, Inc.               
5.25%, 6/15/49        300    368 
Heathrow Funding Ltd.               
4.88%, 7/15/23 (c)        435    439 
Hyundai Capital America               
1.80%, 1/10/28 (c)        450    431 
Imperial Brands Finance PLC               
3.13%, 7/26/24 (c)        350    370 
International Business Machines Corp.               
2.95%, 5/15/50        200    187 
J2 Global, Inc.,               
1.75%, 11/1/26 (Convertible) (c)        165    194 
4.63%, 10/15/30 (c)        250    253 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Jazz Investments I Ltd.        
1.88%, 8/15/21   200    205 
Johns Hopkins University,          
Series A          
2.81%, 1/1/60   270    254 
Kimberly-Clark de Mexico SAB de CV          
2.43%, 7/1/31 (c)   300    293 
Las Vegas Sands Corp.          
3.20%, 8/8/24   175    183 
Level 3 Financing, Inc.          
3.40%, 3/1/27 (c)   325    345 
Lions Gate Capital Holdings LLC          
5.50%, 4/15/29 (c)(d)   270    271 
Lowe’s Cos., Inc.,          
1.30%, 4/15/28   150    143 
1.70%, 10/15/30   225    212 
LYB International Finance III LLC          
4.20%, 5/1/50   175    189 
MARB BondCo PLC          
3.95%, 1/29/31 (c)   400    381 
Marriott Vacations Worldwide Corp.          
1.50%, 9/15/22   150    195 
Masco Corp.          
2.00%, 2/15/31   275    261 
McLaren Health Care Corp.,          
Series A          
4.39%, 5/15/48   250    296 
Meituan          
2.13%, 10/28/25 (c)   200    199 
Newcastle Coal Infrastructure Group Pty Ltd.          
4.40%, 9/29/27 (c)   475    483 
Newmont Corp.          
2.25%, 10/1/30   250    244 
NIKE, Inc.          
2.85%, 3/27/30   300    316 
Nissan Motor Co. Ltd.          
3.04%, 9/15/23 (c)   475    497 
NuStar Logistics LP          
6.38%, 10/1/30   400    433 
NVIDIA Corp.          
2.85%, 4/1/30   300    315 
Occidental Petroleum Corp.,          
3.20%, 8/15/26   45    43 
5.55%, 3/15/26   325    344 
ONEOK, Inc.,          
4.45%, 9/1/49   50    50 
5.20%, 7/15/48   100    110 
Post Holdings, Inc.          
4.50%, 9/15/31 (c)   450    446 
Procter & Gamble Co. (The)          
1.20%, 10/29/30   250    232 
Raytheon Technologies Corp.          
3.13%, 7/1/50   125    121 
Resort at Summerlin LP,          
Series B          
13.00%, 12/15/07 (h)(i)(j)(k)   299    — 
Resorts World Las Vegas LLC/RWLV Capital, Inc.          
4.63%, 4/16/29 (c)   400    404 
Rockies Express Pipeline LLC          
3.60%, 5/15/25 (c)   475    477 
Royalty Pharma PLC          
3.55%, 9/2/50 (c)   75    72 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Saudi Arabian Oil Co.            
3.25%, 11/24/50 (c)        200    181 
Shell International Finance BV               
3.13%, 11/7/49        100    97 
Sherwin-Williams Co. (The)               
2.30%, 5/15/30        275    271 
Silgan Holdings, Inc.               
1.40%, 4/1/26 (c)        350    343 
Splunk, Inc.               
1.13%, 6/15/27 (c)        200    191 
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC               
3.36%, 3/20/23 (c)        133    134 
Standard Industries, Inc.               
2.25%, 11/21/26 (c)   EUR    125    149 
Sunoco Logistics Partners Operations LP               
3.90%, 7/15/26   $    200    215 
T-Mobile USA, Inc.,               
2.25%, 11/15/31 (c)(f)        350    333 
2.88%, 2/15/31        270    261 
3.60%, 11/15/60 (c)        100    96 
Telefonica Emisiones SA               
4.10%, 3/8/27        550    615 
Teva Pharmaceutical Finance Netherlands III BV,               
2.20%, 7/21/21        46    46 
2.80%, 7/21/23        175    174 
TOTAL SE,               
Series FP               
0.50%, 12/2/22        200    209 
Trimble, Inc.               
4.15%, 6/15/23        625    668 
TSMC Global Ltd.               
0.75%, 9/28/25 (c)        250    244 
Twitter, Inc.               
1.00%, 9/15/21        175    182 
Upjohn, Inc.               
4.00%, 6/22/50 (c)        150    153 
Verizon Communications, Inc.,               
2.65%, 11/20/40        300    275 
2.99%, 10/30/56 (c)        450    398 
3.40%, 3/22/41        125    127 
Volkswagen Group of America Finance LLC               
4.75%, 11/13/28 (c)        275    319 
Vontier Corp.               
2.40%, 4/1/28 (c)        450    443 
VTR Finance               
6.38%, 7/15/28 (c)(f)        200    217 
Walmart, Inc.,               
2.95%, 9/24/49        52    51 
4.05%, 6/29/48        44    52 
Walt Disney Co. (The),               
2.75%, 9/1/49        397    364 
3.60%, 1/13/51        61    65 
Western Digital Corp.               
1.50%, 2/1/24        225    231 
Western Midstream Operating LP               
4.35%, 2/1/25        300    311 
Williams Cos., Inc. (The)               
4.85%, 3/1/48        350    389 
Zynga, Inc.               
0.00%, 12/15/26 (c)        200    213 
              37,087 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Utilities (2.2%)            
Calpine Corp.               
4.50%, 2/15/28 (c)        350    353 
DTE Electric Co.               
2.95%, 3/1/50        100    95 
Duke Energy Indiana LLC,               
2.75%, 4/1/50        58    52 
Series YYY               
3.25%, 10/1/49        91    90 
Enel Finance International N.V.               
3.63%, 5/25/27 (c)        275    298 
Entergy Louisiana LLC               
1.60%, 12/15/30        200    187 
FirstEnergy Corp.,               
Series C               
3.40%, 3/1/50        150    132 
Korea Hydro & Nuclear Power Co., Ltd.               
3.75%, 7/25/23 (c)        710    762 
Mississippi Power Co.               
3.95%, 3/30/28        500    552 
Northern States Power Co.               
2.90%, 3/1/50        250    240 
NRG Energy, Inc.               
3.63%, 2/15/31 (c)        260    254 
Oglethorpe Power Corp.               
5.05%, 10/1/48        250    295 
Pacific Gas and Electric Co.               
3.30%, 8/1/40        175    159 
Piedmont Natural Gas Co., Inc.               
2.50%, 3/15/31        200    198 
Xcel Energy, Inc.               
2.60%, 12/1/29        325    328 
              3,995 
              70,633 
Mortgages - Other (13.9%)               
Alternative Loan Trust,               
1 Month USD LIBOR + 0.18%, 0.29%, 5/25/47 (b)        100    96 
5.50%, 2/25/36        6    5 
6.00%, 7/25/37        47    40 
PAC               
5.50%, 2/25/36        3    3 
6.00%, 4/25/36        14    10 
Banc of America Alternative Loan Trust,               
1 Month USD LIBOR + 0.65%, 0.76%, 7/25/46 (b)        127    96 
6.36%, 10/25/36        291    133 
Banc of America Funding Trust,               
5.25%, 7/25/37        52    52 
6.00%, 7/25/37        17    16 
Brean Asset Backed Securities Trust,               
1.40%, 10/25/63 (b)(c)        325    310 
Bunker Hill Loan Depositary Trust,               
1.72%, 2/25/55 (b)(c)        484    492 
ChaseFlex Trust,               
6.00%, 2/25/37        338    199 
CIM Trust,               
2.57%, 7/25/55 (c)        630    629 
Classic RMBS Trust,               
3.06%, 8/16/49 (c)   CAD    304    242 
CSFB Mortgage-Backed Pass-Through Certificates,               
6.50%, 11/25/35   $    748    240 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Eurosail BV,            
3 Month EURIBOR + 1.80%, 1.25%, 10/17/40 (b)   EUR    300    353 
Eurosail PLC,               
3 Month GBP LIBOR + 0.95%, 1.03%, 6/13/45 (b)   GBP    410    553 
Farringdon Mortgages No. 2 PLC,               
3 Month GBP LIBOR + 1.50%, 1.53%, 7/15/47 (b)       209    290 
Federal Home Loan Mortgage Corporation,               
1 Month USD LIBOR + 2.35%, 2.46%, 4/25/30 (b)   $    507    515 
3.00%, 9/25/45 – 5/25/47        997    987 
3.50%, 5/25/45 – 5/25/47        722    723 
3.88%, 5/25/45 (b)(c)        15    15 
4.00%, 5/25/45        30    30 
FMC GMSR Issuer Trust,               
5.07%, 5/25/24 (b)(c)        650    655 
Grifonas Finance PLC,               
6 Month EURIBOR + 0.28%, 0.00%, 8/28/39 (b)   EUR    305    351 
GSR Mortgage Loan Trust,               
5.75%, 1/25/37   $    104    89 
HarborView Mortgage Loan Trust,               
1 Month USD LIBOR + 0.19%, 0.30%, 1/19/38 (b)        273    263 
Headlands Residential LLC,               
3.97%, 6/25/24 (c)        150    151 
IM Pastor 3 FTH,               
3 Month EURIBOR + 0.14%, 0.00%, 3/22/43 (b)   EUR    363    393 
JP Morgan Alternative Loan Trust,               
6.00%, 12/25/35   $    45    41 
JP Morgan Mortgage Trust,               
3.51%, 6/25/37 (b)        41    37 
6.00%, 6/25/37        24    27 
L1C 2020-1 LLC,               
5.29%, 8/25/51 (c)        400    401 
Landmark Mortgage Securities No. 1 PLC,               
3 Month EURIBOR + 0.60%, 0.06%, 6/17/38 (b)   EUR    384    426 
Legacy Mortgage Asset Trust,               
3.25%, 2/25/60 (c)   $    543    550 
Lehman Mortgage Trust,               
6.50%, 9/25/37        635    295 
LHOME Mortgage Trust,               
3.23%, 10/25/24 (c)        170    171 
4.58%, 10/25/23 (c)        243    244 
New Residential Mortgage Loan Trust,               
3.23%, 8/25/60 (c)        103    104 
New Residential Mortgage Loan Trust,               
4.00%, 9/25/57 (b)(c)        306    325 
NRPL Trust,               
4.25%, 7/25/67 (c)        440    443 
NYMT Loan Trust,               
3.96%, 6/25/25 (c)        636    639 
OBX Trust,               
3.50%, 2/25/60 (b)(c)        180    185 
Paragon Mortgages No. 13 PLC,               
3 Month GBP LIBOR + 0.40%, 0.43%, 1/15/39 (b)   GBP    260    359 
RALI Trust,               
6.00%, 4/25/36 – 1/25/37   $    31    30 
Residential Asset Securitization Trust,               
6.00%, 7/25/36        24    19 
RMF Buyout Issuance Trust,               
1.71%, 6/25/30 (b)(c)        356    358 
2.15%, 6/25/30 (b)(c)        150    151 
Rochester Financing No. 2 PLC,               
3 Month GBP LIBOR + 2.75%, 3.83%, 6/18/45 (b)   GBP    350    483 
Seasoned Credit Risk Transfer Trust,               
3.00%, 7/25/56 – 5/25/60   $    5,301    5,561 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

4.00%, 7/25/56 (b)        300    304 
4.00%, 8/25/56 (b)(c)        400    410 
4.00%, 8/25/58 – 2/25/59        495    543 
4.25%, 8/25/59 – 5/25/60(b)(c)        1,250    1,262 
4.50%, 6/25/57        935    1,042 
4.75%, 7/25/56 – 6/25/57(b)(c)        700    720 
4.75%, 10/25/58 (b)        300    315 
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,               
1 Month USD LIBOR + 1.85%, 1.96%, 5/25/47 (b)(c)        846    750 
TDA 27 FTA,               
3 Month EURIBOR + 0.19%, 0.00%, 12/28/50 (b)   EUR    500    484 
TVC Mortgage Trust,               
3.47%, 9/25/24 (c)   $    200    202 
              24,812 
Municipal Bonds (1.3%)               
Chicago O’Hare International Airport, IL,               
O’Hare International Airport Revenue Series 2010B               
6.40%, 1/1/40        115    166 
City of New York, NY,               
Series G-1               
5.97%, 3/1/36        245    330 
Illinois State Toll Highway Authority, IL,               
Highway Revenue, Build America Bonds Series A               
6.18%, 1/1/34        705    965 
Methodist Hospital (The),               
Series 20A               
2.71%, 12/1/50        300    277 
Pennsylvania State University/The, PA,               
Series D               
2.84%, 9/1/50        325    318 
University of Virginia, VA               
2.26%, 9/1/50        325    282 
              2,338 
Sovereign (5.0%)               
Australia Government Bond,               
3.25%, 4/21/25   AUD    1,100    928 
Brazil Notas do Tesouro Nacional, Series F,               
10.00%, 1/1/25   BRL    2,100    412 
Croatia Government International Bond,               
1.50%, 6/17/31   EUR    275    340 
Dominican Republic International Bond,              
5.88%, 1/30/60 (c)   $    400    385 
Ecuador Government International Bond,               
0.50%, 7/31/40 (c)(l)        62    27 
Egypt Government Bond,               
13.77%, 1/5/24   EGP    2,800    177 
Egypt Government International Bond,               
6.38%, 4/11/31 (c)   EUR    400    482 
7.50%, 2/16/61 (c)   $    200    182 
Export-Import Bank of India,               
3.25%, 1/15/30 (c)        200    199 
Honduras Government International Bond,               
5.63%, 6/24/30 (c)        150    158 
Italy Buoni Poliennali Del Tesoro,               
0.65%, 10/28/27 (c)   EUR    226    279 
1.30%, 5/15/28 (c)        209    282 
Ivory Coast Government International Bond,               
4.88%, 1/30/32 (c)        230    264 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Mexican Bonos,            
Series M            
7.75%, 5/29/31   MXN    13,000    678 
Mexico Government International Bond,               
3.75%, 4/19/71   $    200    174 
Morocco Government International Bond,               
4.00%, 12/15/50 (c)        200    178 
Nigeria Government International Bond,               
9.25%, 1/21/49 (c)(f)        400    441 
North Macedonia Government International Bond,               
1.63%, 3/10/28 (c)   EUR    160    184 
Pertamina Persero PT,               
6.50%, 11/7/48 (c)   $    350    450 
Petroleos Mexicanos,               
6.50%, 1/23/29        210    213 
6.84%, 1/23/30        180    183 
6.88%, 10/16/25 (c)(f)        170    184 
6.95%, 1/28/60        55    47 
7.69%, 1/23/50        159    147 
Qatar Government International Bond,               
5.10%, 4/23/48 (c)        300    380 
Republic of Belarus Ministry of Finance,               
6.38%, 2/24/31 (c)        220    204 
Republic of South Africa Government Bond,               
8.00%, 1/31/30   ZAR    6,815    421 
8.25%, 3/31/32        7,358    431 
Republic of Uzbekistan Bond,               
3.70%, 11/25/30 (c)(f)   $    200    195 
Senegal Government International Bond,               
6.25%, 5/23/33 (c)        200    200 
Serbia International Bond,               
1.65%, 3/3/33 (c)   EUR    150    171 
              8,996 
Supranational (0.3%)               
Banque Ouest Africaine de Developpement,               
2.75%, 1/22/33 (c)   $    100    121 
4.70%, 10/22/31 (c)        350    374 
              495 
Total Fixed Income Securities (Cost $174,683)             176,721 

 

   Shares     
Short-Term Investments (18.2%)          
Investment Company (16.9%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (m) (Cost $30,305)   30,305,076    30,305 
Securities held as Collateral on Loaned Securities (0.8%)          
Investment Company (0.8%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (m) (Cost $1,507)   1,506,750    1,507 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

   Face
Amount
(000)		     
U.S. Treasury Security (0.5%)        
U.S. Treasury Bill        
0.09%, 6/3/21 (n) (Cost $833)  $833    833 
Total Short-Term Investments (Cost $32,851)        32,645 
Total Investments (116.9%) (Cost $207,534) Including $1,656 of Securities Loaned (o)(p)(q)        209,366 
Liabilities in Excess of Other Assets (-16.9%)        (30,314)
Net Assets (100.0%)       $179,052 

 

(a)Security is subject to delayed delivery.

(b)Floating or variable rate securities: The rates disclosed are as of March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(c)144A security – Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(d)When-issued security.

(e)Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2021.

(f)All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $1,656,000 and $1,691,000, respectively. The Fund received cash collateral of approximately $1,507,000, 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 $185,000 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.

(g)Perpetual – One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2021.

(h)Issuer in bankruptcy.

(i)Non-income producing security; bond in default.

(j)Acquired through exchange offer.

(k)At March 31, 2021, the Fund held a fair valued security valued at $0, representing 0.0% 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.

(l)Multi-step – Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2021. Maturity date disclosed is the ultimate maturity date.

(m)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 three months ended March 31, 2021, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Funds.

(n)Rate shown is the yield to maturity at March 31, 2021.

(o)Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts and futures contracts.

(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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.

(q)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 approximately $6,338,000 and the aggregate gross unrealized depreciation is approximately $4,423,000, resulting in net unrealized appreciation of approximately $1,915,000.

 

EURIBOREuro Interbank Offered Rate.

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

IOInterest Only.

LIBORLondon Interbank Offered Rate.

MTNMedium Term Note.

OATObligations Assimilables du Trésor (French Treasury Obligation).

PACPlanned Amortization Class.

REMICReal Estate Mortgage Investment Conduit.

STRIPSSeparate Trading of Registered Interest and Principal of Securities.

TBATo Be Announced.

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

 

Foreign Currency Forward Exchange Contracts:

 

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

 

Counterparty  Contracts
to
Deliver
(000)		  In
Exchange
For
(000)		  Delivery
Date		    Unrealized
Appreciation
(Depreciation)
(000)		  
Bank of America NA  AUD 2,201  $ 1,743  5/25/21  $ 71  
Bank of America NA  $ 727  AUD 941  5/25/21    (12 )
Bank of America NA  $ 1  CAD 1  5/25/21    — @
Barclays Bank PLC  BRL 2,365  $ 435  5/25/21    17  
Barclays Bank PLC  CAD 1,229  $ 974  5/25/21    (4 )
BNP Paribas SA  CHF 400  $ 447  5/25/21    23  
BNP Paribas SA  CHF 425  $ 473  5/25/21    23  
BNP Paribas SA  GBP 225  $ 317  5/25/21    6  
BNP Paribas SA  IDR 5,140,174  $ 361  5/25/21    8  
BNP Paribas SA  MXN 9,533  $ 452  5/25/21    (12 )
BNP Paribas SA  $ 80  CAD 100  5/25/21    (— @)
BNP Paribas SA  $ 459  KRW 507,940  5/25/21    (11 )
BNP Paribas SA  ZAR 8,183  $ 530  5/25/21    (21 )
Citibank NA  EUR 145  $ 173  5/25/21    3  
Citibank NA  $ 448  CNY 2,915  5/25/21    (5 )
JPMorgan Chase Bank NA  EUR 4,830  $ 5,879  5/25/21    209  
JPMorgan Chase Bank NA  IDR 6,382,241  $ 437  5/25/21    (— @)
JPMorgan Chase Bank NA  $ 160  ZAR 2,493  5/25/21    7  
Royal Bank Of Canada  $ 445  JPY 46,708  5/25/21    (23 )
Royal Bank Of Canada  $ 1,375  NOK 11,663  5/25/21    (11 )
State Street Bank and Trust Co.  $ 458  CAD 573  5/25/21    (2 )
UBS AG  MXN 5,936  $ 285  5/25/21    (4 )
UBS AG  SEK 7,535  $ 912  5/25/21    49  
UBS AG  $ 468  JPY 49,107  5/25/21    (24 )
UBS AG  $ 204  ZAR 3,168  5/25/21    9  
UBS AG  $ 132  ZAR 1,989  5/25/21    2  
UBS AG  ZAR 12,971  $ 864  5/25/21    (9 )
                $ 289  

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

 

Futures Contracts: 

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

 

   Number
of
Contracts		  Expiration
Date		   Notional Amount
(000)		   Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:                    
U.S. Treasury 2 yr. Note  65   Jun-21   $13,000   $14,347   $(12)
U.S. Treasury 5 yr. Note  83   Jun-21    8,300    10,242    (107)
U.S. Treasury Ultra Bond  50   Jun-21    5,000    9,061    (375)
                        
Short:                       
Euro OAT  13   Jun-21   EUR(1,300)   (2,469)   4 
German Euro 30 yr. Bond  1   Jun-21    (100)   (242)   4 
German Euro BTP  3   Jun-21    (300)   (525)   (3)
German Euro Bund  3   Jun-21    (300)   (603)   1 
U.S. Treasury 10 yr. Note  9   Jun-21   $(900)   (1,178)   24 
U.S. Treasury 30 yr. Bond  14   Jun-21    (1,400)   (2,164)   57 
U.S. Treasury Ultra Long Bond  46   Jun-21    (4,600)   (6,610)   194 
UK Long Gilt Bond  6   Jun-21   GBP(600)   (1,055)   7 
                     $(206)

 

@    Value is less than $500.

AUD– Australian Dollar

BRL– Brazilian Real

CAD– Canadian Dollar

CHF– Swiss Franc

CNY– Chinese Yuan Renminbi

EGP– Egyptian Pound

EUR– Euro

GBP– British Pound

IDR– Indonesian Rupiah

JPY– Japanese Yen

KRW– South Korean Won

MXN– Mexican Peso

NOK– Norwegian Krone

SEK– Swedish Krona

USD– United States Dollar

ZAR– South African Rand

 

Portfolio Composition*
Classification  Percentage of
Total Investments		 
Industrials   17.7%
Agency Fixed Rate Mortgages   17.7 
Short-Term Investments   15.1 
Finance   14.1 
Mortgages - Other   12.1 
Asset-Backed Securities   9.2 
Other**   9.0 
Commercial Mortgage-Backed Securities   5.1 
Total Investments   100.0%***

 

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021.
**Industries and/or investment types representing less than 5% of total investments.
***Does not include open long/short futures contracts with a value of approximately $48,496,000 and net unrealized depreciation of approximately $206,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $289,000.

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (92.2%)          
Aerospace & Defense (2.6%)          
Axon Enterprise, Inc. (a)   70,712   $10,071 
           
Biotechnology (2.9%)          
Alnylam Pharmaceuticals, Inc. (a)   13,986    1,975 
Exact Sciences Corp. (a)   30,894    4,071 
Moderna, Inc. (a)   39,183    5,131 
         11,177 
Diversified Holding Companies (0.7%)          
BowX Acquisition Corp., Class A SPAC   43,477    508 
Soaring Eagle Acquisition Corp. SPAC   229,320    2,321 
         2,829 
Entertainment (5.0%)          
ROBLOX Corp., Class A (a)   32,381    2,099 
Roku, Inc. (a)   16,774    5,465 
Skillz, Inc. (a)   607,413    11,565 
         19,129 
Health Care Equipment & Supplies (2.6%)          
DexCom, Inc. (a)   16,948    6,091 
Penumbra, Inc. (a)   14,333    3,878 
         9,969 
Health Care Providers & Services (4.3%)          
Covetrus, Inc. (a)   334,855    10,035 
Guardant Health, Inc. (a)   27,808    4,245 
Oak Street Health, Inc. (a)   43,132    2,341 
         16,621 
Health Care Technology (6.1%)          
Agilon Health Topco, Inc.(a)(b)(c)          
(acquisition cost – $596; acquired 11/7/18)   1,577    1,715 
GoodRx Holdings, Inc., Class A (a)   98,924    3,860 
Teladoc Health, Inc. (a)   20,741    3,770 
Veeva Systems, Inc., Class A (a)   53,912    14,084 
         23,429 
Hotels, Restaurants & Leisure (3.1%)          
Airbnb, Inc., Class B (a)   67,272    11,948 
           
Information Technology Services (17.0%)          
Affirm Holdings, Inc. (a)   24,575    1,738 
Fastly, Inc., Class A (a)   221,749    14,919 
MongoDB, Inc. (a)   34,914    9,337 
Okta, Inc. (a)   48,569    10,706 
Snowflake, Inc., Class A (a)   42,409    9,724 
Twilio, Inc., Class A (a)   57,012    19,427 
         65,851 
Interactive Media & Services (13.6%)          
Pinterest, Inc., Class A (a)   286,408    21,203 
Twitter, Inc. (a)   319,524    20,331 
Zillow Group, Inc., Class C (a)   44,234    5,734 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

ZoomInfo Technologies, Inc., Class A (a)   105,124    5,141 
         52,409 
Internet & Direct Marketing Retail (13.1%)          
Chewy, Inc., Class A (a)   40,164    3,402 
ContextLogic, Inc., Class A (a)(d)   293,783    4,642 
DoorDash, Inc., Class A (a)   101,975    13,372 
Farfetch Ltd., Class A (a)   171,097    9,071 
Overstock.com, Inc. (a)   67,897    4,499 
Stitch Fix, Inc., Class A (a)   88,038    4,361 
Wayfair, Inc., Class A (a)   36,253    11,411 
         50,758 
Leisure Products (1.1%)          
Peloton Interactive, Inc., Class A (a)   38,966    4,381 
           
Life Sciences Tools & Services (2.1%)          
10X Genomics, Inc., Class A (a)   22,552    4,082 
NanoString Technologies, Inc. (a)   60,712    3,989 
         8,071 
Metals & Mining (0.8%)          
MP Materials Corp. (a)(d)   54,991    1,977 
Royal Gold, Inc.   11,323    1,219 
         3,196 
Oil, Gas & Consumable Fuels (0.7%)          
Texas Pacific Land Corp.   1,626    2,584 
           
Pharmaceuticals (3.4%)          
Royalty Pharma PLC, Class A (United Kingdom)   298,716    13,030 
           
Real Estate Management & Development (1.5%)          
Opendoor Technologies, Inc. (a)(d)   78,408    1,662 
Redfin Corp. (a)   64,726    4,310 
         5,972 
Software (8.0%)          
Appian Corp. (a)   9,942    1,322 
Cloudflare, Inc., Class A (a)   82,701    5,810 
Coupa Software, Inc. (a)   29,539    7,517 
MicroStrategy, Inc., Class A (a)   3,188    2,164 
Nuance Communications, Inc. (a)   90,961    3,969 
Qualtrics International, Inc., Class A (a)   60,770    2,000 
Trade Desk, Inc. (The), Class A (a)   8,963    5,841 
Unity Software, Inc. (a)   21,401    2,147 
         30,770 
Specialty Retail (3.6%)          
Carvana Co. (a)   53,409    14,015 
Total Common Stocks (Cost $270,389)        356,210 
           
Preferred Stock (0.1%)          
Internet & Direct Marketing Retail (0.1%)          
Overstock.com, Inc. Series A-1 (a) (Cost $80)   7,866    549 

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Short-Term Investments (9.9%)        
Securities held as Collateral on Loaned Securities (1.7%)        
Investment Company (1.3%)        
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   5,092,946    5,093 

 

   Face     
   Amount     
   (000)     
Repurchase Agreements (0.4%)          
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $264; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $269)  $264    264 
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $1,109; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $1,132)   1,109    1,109 
         1,373 
Total Securities held as Collateral on Loaned Securities (Cost $6,466)        6,466 
           

 

   Shares     
Investment Company (8.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $31,709)   31,709,143    31,709 
Total Short-Term Investments (Cost $38,175)        38,175 
Total Investments Excluding Purchased Options (102.2%) (Cost $308,644)        394,934 
Total Purchased Options Outstanding (0.2%) (Cost $1,900)        613 
Total Investments (102.4%) (Cost $310,544) Including $8,280 of Securities Loaned (f)(g)        395,547 
Liabilities in Excess of Other Assets (-2.4%)        (9,244)
Net Assets (100.0%)       $386,303 

 

The Fund had the following Derivative Contracts - PIPE open at March 31, 2021.

 

Counterparty  Referenced
Obligation		  Notional
Amount		   Settlement
Date		  Unrealized
Appreciation
(Depreciation)
(000)		   % of
Net Assets		 
Good Works Acquisition Corp.  Cipher Mining (a)(b)(h)(j)  $2,024,460   05/31/21  $168    0.04%
Thoma Bravo Advantage  IronSource Ltd. (a)(b)(i)(j)   3,783,790   05/31/21   (129)   (0.03)
              $39    0.01%

 

 

(a)Non-income producing security.
(b)At March 31, 2021, the Fund held a fair valued security valued at approximately $1,754,000, representing 0.5% 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.

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

(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 March 31, 2021 amounts to approximately $13,663,000 and represents 3.5% of net assets.
(d)All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $8,280,000 and $8,125,000, respectively. The Fund received cash collateral of approximately $6,478,000, of which approximately $6,466,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At March 31, 2021, there was uninvested cash collateral of approximately $12,000, which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $1,647,000 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.
(e)The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, 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 three months ended March 31, 2021, advisory fees paid were reduced by approximately $5,000 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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(g)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 approximately $99,483,000 and the aggregate gross unrealized depreciation is approximately $14,441,000, resulting in net unrealized appreciation of approximately $85,042,000.
(h)Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 202,446 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between Cipher Mining., and Good Works Acquisition Corp., a special purpose acquisition company (SPAC). The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Good Works Acquisition Corp., and Cipher Mining, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Good Works Acquisition Corp., and Cipher Mining. The investment is restricted from resale until the settlement date.
(i)Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 378,379 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between IronSource Ltd., and Thoma Bravo Advantage, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both IronSource Ltd., and Thoma Bravo Advantage, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to IronSource Ltd., and Thoma Bravo Advantage. The investment is restricted from resale until the settlement date.
(j)Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

SPACSpecial Purpose Acquisition Company.
PIPEPrivate Investment in Public Equity.

 

Morgan Stanley Variable Insurance Fund, Inc.

Discovery Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

 

Call Options Purchased: 

The Fund had the following call options purchased open at March 31, 2021:

 

Counterparty  Description   Strike
Price		   Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
BNP Paribas  USD/CNH   CNH 7.99   Sep - 21   48,631,053   $48,631   $14   $294   $(280)
BNP Paribas  USD/CNH   CNH 7.45   Jan - 22   75,453,606    75,454    224    403    (179)
BNP Paribas  USD/CNH   CNH 7.64   Nov - 21   60,267,001    60,267    80    327    (247)
Goldman Sachs International  USD/CNH   CNH 7.57   Mar - 22   75,023,260    75,023    288    373    (85)
Royal Bank of Scotland  USD/CNH   CNH 8.06   Jul - 21   53,638,983    53,639    7    284    (277)
Royal Bank of Scotland  USD/CNH   CNH 8.48   May - 21   35,020,637    35,021     —@   219    (219)
                          $613   $1,900   $(1,287)

 

 

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

 

Portfolio Composition*
Classification  Percentage of
Total Investments		 
Other**   34.3%
Information Technology Services   16.7 
Interactive Media & Services   13.3 
Internet & Direct Marketing Retail   13.1 
Short-Term Investments   8.7 
Software   8.0 
Health Care Technology   5.9 
Total Investments   100.0%***

 

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021.
**Industries and/or investment types representing less than 5% of total investments.
***Does not include open PIPE contracts with net unrealized appreciation of approximately $39,000.

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)

 

   Face
Amount
(000)		     Value
(000)		 
Fixed Income Securities  (97.9%)       
Angola  (1.0%)       
Sovereign  (1.0%)       
Angolan Government International Bond,          
8.00%, 11/26/29  (a)  $790   $744 
9.38%, 5/8/48  (a)   890    841 
         1,585 
Argentina  (1.4%)          
Corporate Bonds  (1.1%)          
Province of Santa Fe,          
6.90%, 11/1/27 (a)   960    662 
Provincia de Entre Rios Argentina,          
5.00%, 8/8/28 (a)(b)(c)   1,523    960 
         1,622 
Sovereign  (0.3%)          
Argentine Republic Government International Bond,          
0.13%, 7/9/30 – 7/9/35(d)   1,476    472 
1.00%, 7/9/29   148    53 
         525 
         2,147 
Armenia  (0.6%)          
Sovereign  (0.6%)          
Republic of Armenia International Bond,          
3.95%, 9/26/29   460    438 
7.15%, 3/26/25   370    410 
         848 
Azerbaijan  (0.9%)          
Sovereign  (0.9%)          
Republic of Azerbaijan International Bond,          
3.50%, 9/1/32   1,460    1,447 
           
Bahrain  (0.7%)          
Sovereign  (0.7%)          
Bahrain Government International Bond,          
7.50%, 9/20/47   1,050    1,100 
           
Belarus  (0.8%)          
Sovereign  (0.8%)          
Republic of Belarus International Bond,          
6.20%, 2/28/30 (a)   720    670 
Republic of Belarus Ministry of Finance,          
6.38%, 2/24/31 (a)   550    511 
         1,181 
Brazil  (4.1%)          
Corporate Bonds  (1.7%)          
Braskem Netherlands Finance BV,          
4.50%, 1/31/30 (a)   1,030    1,037 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

CSN Inova Ventures,          
6.75%, 1/28/28 (a)   930    987 
MARB BondCo PLC,          
3.95%, 1/29/31 (a)   480    457 
Suzano Austria GmbH,          
3.75%, 1/15/31   175    180 
         2,661 
Sovereign  (2.4%)          
Brazilian Government International Bond,          
3.88%, 6/12/30  (e)   460    447 
4.50%, 5/30/29   420    433 
5.00%, 1/27/45   1,339    1,278 
6.00%, 4/7/26   1,250    1,437 
         3,595 
         6,256 
Chile  (2.0%)          
Corporate Bond  (0.7%)          
Colbun SA,          
3.15%, 3/6/30 (a)   990    1,018 
           
Sovereign  (1.3%)          
Chile Government International Bond,          
3.50%, 1/25/50   900    919 
3.86%, 6/21/47   230    247 
Empresa Nacional del Petroleo,          
4.75%, 12/6/21   761    778 
         1,944 
         2,962 
China  (4.4%)          
Corporate Bond  (0.6%)          
Fufeng Group Ltd.,          
5.88%, 8/28/21   950    965 
           
Sovereign  (3.8%)          
Sinopec Group Overseas Development 2012 Ltd.,          
4.88%, 5/17/42   390    466 
Sinopec Group Overseas Development 2013 Ltd.,          
4.38%, 10/17/23   650    705 
Sinopec Group Overseas Development 2018 Ltd.,          
2.95%, 11/12/29 (a)   1,600    1,636 
Three Gorges Finance I Cayman Islands Ltd.,          
2.30%, 6/2/21  (a)   1,340    1,340 
3.70%, 6/10/25   750    801 
3.70%, 6/10/25  (a)   838    895 
         5,843 
         6,808 
Colombia  (2.9%)          
Corporate Bonds  (1.3%)          
Geopark Ltd.,          
6.50%, 9/21/24 (a)   890    923 
Millicom International Cellular SA,          
6.63%, 10/15/26 (a)   351    375 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Termocandelaria Power Ltd.,          
7.88%, 1/30/29 (a)   564    613 
         1,911 
Sovereign  (1.6%)          
Colombia Government International Bond,          
3.00%, 1/30/30   556    546 
5.00%, 6/15/45   1,740    1,860 
         2,406 
         4,317 
Costa Rica  (0.3%)          
Sovereign  (0.3%)          
Costa Rica Government International Bond,          
6.13%, 2/19/31 (a)   380    383 
           
Croatia  (0.3%)          
Sovereign  (0.3%)          
Croatia Government International Bond,          
6.00%, 1/26/24   400    458 
           
Dominican Republic  (3.7%)          
Sovereign  (3.7%)          
Dominican Republic International Bond,          
4.88%, 9/23/32  (a)   230    235 
5.30%, 1/21/41  (a)   410    404 
5.88%, 1/30/60  (a)   960    923 
6.00%, 7/19/28  (a)   570    644 
6.85%, 1/27/45  (a)   740    821 
6.88%, 1/29/26  (a)   820    954 
7.45%, 4/30/44  (a)   739    873 
9.75%, 6/5/26  (a)  DOP44,050    840 
         5,694 
Ecuador  (1.3%)          
Sovereign  (1.3%)          
Ecuador Government International Bond,          
0.00%, 7/31/30  (a)  $273    111 
0.50%, 7/31/30 – 7/31/40(a)(d)   3,770    1,826 
0.50%, 7/31/40  (d)   265    115 
         2,052 
Egypt  (5.0%)          
Sovereign  (5.0%)          
Egypt Government Bond,          
13.77%, 1/5/24  EGP20,850    1,319 
14.06%, 1/12/26   12,560    792 
Egypt Government International Bond,          
4.75%, 4/16/26  EUR510    619 
5.25%, 10/6/25  (a)  $550    570 
6.38%, 4/11/31  (a)  EUR1,050    1,266 
6.59%, 2/21/28  $550    566 
7.50%, 1/31/27 – 2/16/61(a)   1,360    1,341 
8.15%, 11/20/59  (a)   840    804 
8.88%, 5/29/50  (a)   340    348 
         7,625 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

El Salvador  (1.5%)          
Sovereign  (1.5%)          
El Salvador Government International Bond,          
6.38%, 1/18/27   1,141    1,133 
7.12%, 1/20/50  (a)   360    323 
8.63%, 2/28/29  (a)   760    811 
         2,267 
Gabon  (0.4%)          
Sovereign  (0.4%)          
Republic of Gabon,          
6.95%, 6/16/25 (a)   610    636 
           
Ghana  (1.7%)          
Sovereign  (1.7%)          
Ghana Government International Bond,          
8.63%, 6/16/49  (a)   1,060    984 
8.88%, 5/7/42  (a)   680    655 
8.95%, 3/26/51  (a)   1,070    1,017 
         2,656 
Guatemala  (1.3%)          
Sovereign  (1.3%)          
Guatemala Government Bond,          
4.88%, 2/13/28   1,410    1,558 
6.13%, 6/1/50  (a)   320    372 
         1,930 
Honduras  (0.1%)          
Sovereign  (0.1%)          
Honduras Government International Bond,          
5.63%, 6/24/30 (a)   180    189 
           
Hungary  (1.2%)          
Sovereign  (1.2%)          
Hungary Government International Bond,          
5.38%, 3/25/24   1,250    1,418 
7.63%, 3/29/41   220    357 
         1,775 
India  (0.5%)          
Sovereign  (0.5%)          
Export-Import Bank of India,          
3.38%, 8/5/26 (a)   790    838 
           
Indonesia  (5.4%)          
Sovereign  (5.4%)          
Indonesia Government International Bond,          
3.85%, 7/18/27   400    440 
4.13%, 1/15/25   1,484    1,629 
4.45%, 4/15/70   660    725 
4.75%, 1/8/26  (a)   830    941 
4.75%, 1/8/26   990    1,123 
5.35%, 2/11/49   200    249 
5.88%, 1/15/24   1,250    1,417 
Pertamina Persero PT,          
6.45%, 5/30/44  (a)   680    848 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

 6.50%, 11/7/48  (a)   660   848 
         8,220 
Ivory Coast  (0.4%)          
Sovereign  (0.4%)          
Ivory Coast Government International Bond,          
4.88%, 1/30/32 (a)  EUR590    676 
           
Jamaica  (1.3%)          
Sovereign  (1.3%)          
Jamaica Government International Bond,          
7.88%, 7/28/45  $720    979 
8.00%, 3/15/39   710    976 
         1,955 
Jordan  (0.6%)          
Sovereign  (0.6%)          
Jordan Government International Bond,          
7.38%, 10/10/47 (a)   840    861 
           
Kazakhstan  (2.0%)          
Sovereign  (2.0%)          
Kazakhstan Government International Bond,          
5.13%, 7/21/25  (a)   200    233 
5.13%, 7/21/25   1,000    1,163 
6.50%, 7/21/45   320    455 
KazMunayGas National Co., JSC,          
6.38%, 10/24/48 (a)   980    1,255 
         3,106 
Kenya  (0.8%)          
Sovereign  (0.8%)          
Kenya Government International Bond,          
8.00%, 5/22/32 (a)   1,110    1,182 
           
Lebanon  (0.2%)          
Sovereign  (0.2%)          
Lebanon Government International Bond,          
6.85%, 3/23/27 – 5/25/29 (b)(c)   2,940    357 
           
Macedonia  (0.3%)          
Sovereign  (0.3%)          
North Macedonia Government International Bond,          
1.63%, 3/10/28 (a)  EUR350    402 
           
Malaysia  (0.5%)          
Sovereign  (0.5%)          
Petronas Capital Ltd.,          
3.50%, 3/18/25  $720    779 
           
Mexico  (7.3%)          
Corporate Bond  (0.9%)          
Orbia Advance Corp SAB de CV,          
5.50%, 1/15/48 (a)   1,240    1,415 
           
Sovereign  (6.4%)          
Banco Nacional de Comercio Exterior SNC,          
3.80%, 8/11/26 (a)   243    243 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Mexican Bonos Series M,          
7.75%, 5/29/31  MXN29,597    1,544 
Mexico Government International Bond,          
3.75%, 1/11/28 – 4/19/71  $610    571 
4.15%, 3/28/27  (e)   1,244    1,382 
4.50%, 4/22/29   410    455 
Petroleos Mexicanos,          
6.84%, 1/23/30   1,501    1,526 
6.88%, 10/16/25  (a)(e)   575    624 
6.95%, 1/28/60   470    404 
7.69%, 1/23/50   3,238    3,002 
         9,751 
         11,166 
Mongolia  (0.7%)          
Sovereign  (0.7%)          
Mongolia Government International Bond,          
5.13%, 4/7/26  (a)   240    257 
5.63%, 5/1/23   740    776 
         1,033 
Morocco  (0.4%)          
Sovereign  (0.4%)          
Morocco Government International Bond,          
4.00%, 12/15/50 (a)   610    541 
           
Nigeria  (3.1%)          
Corporate Bond  (0.7%)          
IHS Netherlands Holdco BV,          
8.00%, 9/18/27 (a)   950    1,028 
           
Sovereign  (2.4%)          
Nigeria Government International Bond,          
6.38%, 7/12/23   270    290 
6.50%, 11/28/27  (a)   920    951 
7.14%, 2/23/30  (a)(e)   860    880 
9.25%, 1/21/49  (a)   1,400    1,542 
         3,663 
         4,691 
Oman  (3.1%)          
Sovereign  (3.1%)          
Oman Government International Bond,          
6.00%, 8/1/29  (a)   2,200    2,293 
6.25%, 1/25/31  (a)   2,370    2,484 
         4,777 
Pakistan  (0.5%)          
Sovereign  (0.5%)          
Islamic Republic of Pakistan,          
7.38%, 4/8/31 (a)   800    818 
           
Panama  (2.8%)          
Corporate Bond  (0.3%)          
AES Panama Generation Holdings SRL,          
4.38%, 5/31/30 (a)   375    389 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Sovereign  (2.5%)          
Aeropuerto Internacional de Tocumen SA,          
5.63%, 5/18/36 (a)   765    813 
Panama Government International Bond,          
3.87%, 7/23/60   470    466 
4.00%, 9/22/24   914    997 
4.50%, 4/1/56   450    494 
8.88%, 9/30/27   763    1,054 
         3,824 
         4,213 
Paraguay  (1.3%)          
Sovereign  (1.3%)          
Paraguay Government International Bond,          
4.95%, 4/28/31  (a)   600    681 
5.40%, 3/30/50  (a)   1,100    1,245 
         1,926 
Peru  (2.7%)          
Sovereign  (2.7%)          
Corporación Financiera de Desarrollo SA,          
2.40%, 9/28/27  (a)   280    277 
5.25%, 7/15/29  (a)   998    1,063 
Peruvian Government International Bond,          
5.63%, 11/18/50   890    1,181 
6.55%, 3/14/37   1,150    1,557 
         4,078 
Philippines  (2.1%)          
Sovereign  (2.1%)          
Philippine Government International Bond,          
3.95%, 1/20/40   386    416 
9.50%, 2/2/30   1,749    2,724 
         3,140 
Poland  (0.6%)          
Sovereign  (0.6%)          
Republic of Poland Government International Bond,          
3.00%, 3/17/23   940    987 
           
Qatar  (3.2%)          
Sovereign  (3.2%)          
Qatar Government International Bond,          
3.75%, 4/16/30  (a)   760    851 
4.00%, 3/14/29   420    478 
4.82%, 3/14/49  (a)   2,870    3,523 
         4,852 
Romania  (1.6%)          
Sovereign  (1.6%)          
Romanian Government International Bond,          
3.00%, 2/14/31   380    381 
4.00%, 2/14/51   830    806 
4.38%, 8/22/23   600    652 
4.88%, 1/22/24   500    556 
         2,395 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Russia  (3.7%)          
Sovereign  (3.7%)          
Russian Foreign Bond - Eurobond,          
4.50%, 4/4/22   2,200    2,277 
5.63%, 4/4/42   2,800    3,436 
         5,713 
Saudi Arabia  (2.2%)          
Sovereign  (2.2%)          
Saudi Government International Bond,          
3.45%, 2/2/61  (a)   800    738 
4.38%, 4/16/29   1,100    1,257 
5.25%, 1/16/50  (a)   1,080    1,327 
         3,322 
Senegal  (0.6%)          
Sovereign  (0.6%)          
Senegal Government International Bond,          
6.25%, 5/23/33 (a)   920    921 
           
Serbia  (0.2%)          
Sovereign  (0.2%)          
Serbia International Bond,          
2.13%, 12/1/30 (a)   310    287 
           
South Africa  (1.4%)          
Sovereign  (1.4%)          
Eskom Holdings SOC Ltd.,          
8.45%, 8/10/28   710    774 
8.45%, 8/10/28  (a)(e)   1,220    1,331 
         2,105 
Sri Lanka  (0.8%)          
Sovereign  (0.8%)          
Sri Lanka Government International Bond,          
6.20%, 5/11/27   1,800    1,111 
7.55%, 3/28/30   300    185 
         1,296 
Turkey  (3.4%)          
Sovereign  (3.4%)          
Turkey Government International Bond,          
4.88%, 4/16/43   630    483 
5.25%, 3/13/30   1,670    1,488 
5.88%, 6/26/31   1,300    1,179 
6.38%, 10/14/25   830    824 
6.88%, 3/17/36   700    667 
7.25%, 12/23/23   480    496 
         5,137 
Ukraine  (2.5%)          
Sovereign  (2.5%)          
Ukraine Government International Bond,          
7.75%, 9/1/23 – 9/1/26   3,550    3,843 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

United Arab Emirates  (3.4%)          
Corporate Bond  (0.6%)          
Galaxy Pipeline Assets Bidco Ltd.,          
3.25%, 9/30/40 (a)   965    924 
           
Sovereign  (2.8%)          
Abu Dhabi Government International Bond,          
2.50%, 9/30/29  (a)   1,750    1,799 
2.70%, 9/2/70  (a)   820    696 
3.13%, 5/3/26   938    1,019 
DP World Crescent Ltd.,          
4.85%, 9/26/28   740    829 
         4,343 
         5,267 
Uruguay  (1.7%)          
Sovereign  (1.7%)          
Uruguay Government International Bond,          
4.38%, 10/27/27   1,100    1,252 
5.10%, 6/18/50   1,020    1,268 
         2,520 
Uzbekistan  (0.3%)          
Sovereign  (0.3%)          
Republic of Uzbekistan Bond,          
3.70%, 11/25/30 (a)   410    399 
           
Venezuela  (0.5%)          
Sovereign  (0.5%)          
Petroleos de Venezuela SA,          
6.00%, 11/15/26 (b)(c)   15,740    746 
           
Zambia  (0.2%)          
Sovereign  (0.2%)          
Zambia Government International Bond,          
5.38%, 9/20/22   650    365 
Total Fixed Income Securities (Cost $156,251)        149,230 

 

   No. of
Warrants		     
Warrants  (0.0%) (f)        
Nigeria  (0.0%) (f)        
Central Bank of Nigeria Bond, expires 11/15/20     750    1 
Venezuela  (0.0%) (f)          
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (g)     3,750    8 
Total Warrants (Cost $—)        9 

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

   Shares     
Short-Term Investments  (3.6%)          
Securities held as Collateral on Loaned Securities  (1.7%)          
Investment Company  (1.3%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (h) (Cost $2,044)   2,043,604    2,044 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.4%)        
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $106; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $108)  $106    106 
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $445; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $454)   445    445 
         551 
Total Securities held as Collateral on Loaned Securities (Cost $2,595)        2,595 

 

   Shares      
Investment Company  (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (h) (Cost $1,995)   1,995,220    1,995 

 

   Face
Amount
(000)		      
Sovereign  (0.6%)       
Egypt  (0.6%)       
Egypt Treasury Bill,          
13.25%, 9/7/21EGP 15,850    957 
Total Short-Term Investments (Cost $5,543)        5,547 
Total Investments (101.5%) (Cost $161,794) Including $3,882 of Securities Loaned (i)(j)(k)        154,786 
Liabilities in Excess of Other Assets (-1.5%)        (2,227)
Net Assets (100.0%)       $152,559 

 

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) Non-income producing security; bond in default.
(c) Issuer in bankruptcy.
(d) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2021. Maturity date disclosed is the ultimate maturity date.

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

(e) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $3,882,000 and $3,961,000, respectively. The Fund received cash collateral of approximately $2,600,000, of which approximately $2,595,000, 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 March 31, 2021, there was uninvested cash collateral of approximately $5,000 which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $1,361,000 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.
(f) Amount is less than 0.05%.
(g) Perpetual maturity date. Date disclosed is the last expiration date.
(h) 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 three months ended March 31, 2021, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Funds.
(i) Securities are available for collateral in connection with open foreign currency forward exchange contracts.
(j) 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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(k) 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 approximately $8,065,000 and the aggregate gross unrealized depreciation is approximately $14,991,000, resulting in net unrealized depreciation of approximately $6,926,000.

 

Morgan Stanley Variable Insurance Fund, Inc.

Emerging Markets Debt Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

 

 

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2021:
 
Counterparty  Contracts
to
Deliver
(000)		     In
Exchange
For
(000)		   Delivery
Date		   Unrealized
Appreciation
(000)		 
BNP Paribas SA  EUR  2,300   $2,772   5/25/21   $71 
BNP Paribas SA  EUR  340   $410   5/25/21    11 
                   $82 

 

 

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

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Sovereign   90.2%
Corporate Bonds   7.8 
Other**   2.0 
Total Investments   100.0%***

 

 

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include open foreign currency forward exchange contracts with unrealized appreciation of approximately $82,000.

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Equity Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (97.7%)          
Argentina  (1.0%)          
Globant SA (a)   11,644   $2,417 
           
Brazil  (5.1%)          
Hapvida Participacoes e Investimentos SA   882,265    2,332 
Localiza Rent a Car SA   167,843    1,781 
Lojas Renner SA   342,572    2,592 
Pagseguro Digital Ltd., Class A (a)   50,797    2,352 
Petroleo Brasileiro SA   353,304    1,503 
Petroleo Brasileiro SA (Preference)   424,930    1,820 
         12,380 
China  (26.1%)          
Alibaba Group Holding Ltd. (a)(b)   332,396    9,407 
Anhui Conch Cement Co., Ltd., Class A   268,784    2,100 
China Construction Bank Corp. H Shares (b)   4,196,230    3,530 
China International Capital Corp., Ltd. H Shares (a)(b)(c)   527,200    1,278 
China Mengniu Dairy Co., Ltd. (a)(b)   549,000    3,143 
China Resources Beer Holdings Co., Ltd. (b)   504,000    3,951 
China Resources Land Ltd. (b)   232,000    1,124 
Jiangsu Hengrui Medicine Co., Ltd., Class A   63,758    896 
Joincare Pharmaceutical Group Industry Co. Ltd.   342,300    669 
Kweichow Moutai Co., Ltd., Class A   19,591    6,004 
Meituan, Class B (a)(b)   54,100    2,075 
New Oriental Education & Technology Group, Inc. ADR (a)   181,210    2,537 
Ping An Insurance Group Co. of China Ltd., Class A   124,889    1,499 
Ping An Insurance Group Co. of China Ltd. H Shares (b)   94,500    1,125 
Shenzhou International Group Holdings Ltd. (b)   183,100    3,794 
TAL Education Group ADR (a)   25,068    1,350 
Tencent Holdings Ltd. (b)   231,900    18,196 
Wuxi Biologics Cayman, Inc. (a)(b)   89,000    1,115 
         63,793 
Germany  (1.1%)          
Infineon Technologies AG   63,874    2,708 
           
Hong Kong  (1.1%)          
Hong Kong Exchanges & Clearing Ltd.   44,100    2,595 
           
India  (9.1%)          
Asian Paints Ltd.   40,018    1,389 
Bharti Airtel Ltd.   224,911    1,591 
Eicher Motors Ltd.   26,499    944 
HDFC Bank Ltd. ADR (a)   29,033    2,255 
Housing Development Finance Corp., Ltd.   92,858    3,173 
ICICI Bank Ltd. (a)   383,570    3,054 
ICICI Prudential Life Insurance Co., Ltd. (a)   195,242    1,190 
Infosys Ltd.   122,734    2,296 
Infosys Ltd. ADR   35,722    669 
Mahindra & Mahindra Ltd.   131,841    1,434 
Reliance Industries Ltd.   39,498    1,082 
Reliance Industries Partly Paid   133,488    1,991 
Shree Cement Ltd.   2,965    1,195 
         22,263 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Equity Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)(cont’d)

 

Indonesia  (1.1%)        
Bank Central Asia Tbk PT   1,274,900    2,728 
           
Korea, Republic of  (10.9%)          
Hyundai Motor Co.   4,922    948 
Kakao Corp.   6,403    2,818 
Kia Motors Corp.   12,388    907 
LG Chem Ltd.   1,589    1,130 
NAVER Corp.   4,009    1,336 
Samsung Biologics Co., Ltd. (a)   1,769    1,169 
Samsung Electronics Co., Ltd.   197,463    14,202 
Samsung SDI Co., Ltd.   3,236    1,887 
SK Hynix, Inc.   19,971    2,338 
         26,735 
Mexico  (1.3%)          
Grupo Aeroportuario del Centro Norte SAB de CV (a)   516,661    3,259 
           
Netherlands  (1.7%)          
ASML Holding N.V.   6,792    4,193 
           
Panama  (1.2%)          
Copa Holdings SA, Class A   36,002    2,909 
           
Poland  (1.5%)          
Allegro.eu SA (a)   97,560    1,372 
LPP SA (a)   1,071    2,202 
         3,574 
Russia  (7.4%)          
Fix Price Group Ltd. GDR (a)   96,387    941 
LUKOIL PJSC ADR   30,892    2,498 
Novatek PJSC GDR   16,779    3,314 
Novolipetsk Steel PJSC GDR   94,400    3,009 
Ozon Holdings PLC ADR (a)   19,636    1,101 
TCS Group Holding PLC GDR   65,620    3,806 
Yandex N.V., Class A (a)   51,389    3,292 
         17,961 
Singapore  (1.4%)          
Sea Ltd. ADR (a)   15,715    3,508 
           
South Africa  (5.3%)          
Anglo American Platinum Ltd.   19,615    2,860 
Anglo American PLC   146,787    5,775 
Capitec Bank Holdings Ltd. (a)(c)   25,812    2,483 
Clicks Group Ltd.   114,310    1,862 
         12,980 
Taiwan  (15.0%)          
Airtac International Group   33,000    1,162 
ASE Technology Holding Co., Ltd.   975,738    3,676 
Delta Electronics, Inc.   379,000    3,826 
MediaTek, Inc.   55,000    1,868 
Novatek Microelectronics Corp.   69,000    1,391 
Silergy Corp.   13,000    1,050 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Emerging Markets Equity Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)(cont’d)

 

Taiwan Semiconductor Manufacturing Co., Ltd.   1,155,000    23,761 
         36,734 
United Kingdom  (3.1%)          
Avast PLC   467,901    2,941 
Mondi PLC   179,995    4,626 
         7,567 
United States  (4.3%)          
Applied Materials, Inc.   11,445    1,529 
EPAM Systems, Inc. (a)   6,664    2,643 
Lam Research Corp.   2,333    1,389 
MercadoLibre, Inc. (a)   1,851    2,725 
NIKE, Inc., Class B   15,997    2,126 
         10,412 
Total Common Stocks (Cost $140,784)        238,716 
           
Short-Term Investment  (2.0%)          
Investment Company  (2.0%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $4,794)   4,794,269    4,794 
Total Investments (99.7%) (Cost $145,578) Including $2,884 of Securities Loaned (e)(f)        243,510 
Other Assets in Excess of Liabilities (0.3%)        659 
Net Assets (100.0%)       $244,169 

 

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 March 31, 2021, were approximately $2,884,000 and $3,062000, respectively. The Fund received non-cash collateral of approximately $3,062,000, 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, 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 three months ended March 31, 2021, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Funds.
(e) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(f) 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 approximately $100,825,000 and the aggregate gross unrealized depreciation is approximately $2,893,000, resulting in net unrealized appreciation of approximately $97,932,000.
ADR American Depositary Receipt.
GDR Global Depositary Receipt.
PJSC Public Joint Stock Company.

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   46.4%
Semiconductors & Semiconductor Equipment   18.0 
Interactive Media & Services   10.5 
Banks   7.4 
Internet & Direct Marketing Retail   6.9 
Tech Hardware, Storage & Peripherals   5.8 
Oil, Gas & Consumable Fuels   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

First Quarter Report 

March 31, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (97.9%)          
France  (6.5%)          
L’Oreal SA (BSRM)   2,233   $856 
LVMH Moet Hennessy Louis Vuitton SE   826    550 
Pernod Ricard SA   4,374    821 
         2,227 
Germany  (4.4%)          
SAP SE   12,237    1,499 
           
Italy  (0.5%)          
Davide Campari-Milano N.V.   16,133    181 
           
Netherlands  (2.2%)          
Heineken N.V.   7,244    744 
           
United Kingdom  (13.8%)          
British American Tobacco PLC   21,861    836 
Experian PLC   11,043    380 
Reckitt Benckiser Group PLC   30,483    2,731 
RELX PLC (Euronext N.V.)   6,549    164 
RELX PLC (LSE)   24,958    626 
         4,737 
United States  (70.5%)          
Abbott Laboratories   12,097    1,450 
Accenture PLC, Class A   6,326    1,748 
Automatic Data Processing, Inc.   7,964    1,501 
Baxter International, Inc.   18,324    1,545 
Becton Dickinson & Co.   5,062    1,231 
Coca-Cola Co. (The)   12,169    641 
Danaher Corp.   6,135    1,381 
Factset Research Systems, Inc.   665    205 
Fidelity National Information Services, Inc.   6,320    889 
Intercontinental Exchange, Inc.   8,294    926 
Microsoft Corp.   13,212    3,115 
Moody’s Corp.   1,261    377 
NIKE, Inc., Class B   2,845    378 
Philip Morris International, Inc.   32,569    2,890 
Procter & Gamble Co. (The)   11,851    1,605 
Roper Technologies, Inc.   1,746    704 
Thermo Fisher Scientific, Inc.   3,039    1,387 
Visa, Inc., Class A   8,706    1,843 
Zoetis, Inc.   2,709    427 
         24,243 
Total Common Stocks (Cost $19,509)        33,631 
           
Short-Term Investment  (1.4%)          
Investment Company  (1.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $486)   486,148    486 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Global Franchise Portfolio 

Portfolio of Investments 

First Quarter Report

March 31, 2021 (unaudited)(cont’d)

 

Total Investments (99.3%) (Cost $19,995)  (b)(c)   34,117 
Other Assets in Excess of Liabilities (0.7%)   256 
Net Assets (100.0%)  $34,373 
      

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 three months ended March 31, 2021, 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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(c) 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 approximately $14,137,000 and the aggregate gross unrealized depreciation is approximately $15,000, resulting in net unrealized appreciation of approximately $14,122,000.
BSRM Berlin Second Regulated Market.
Euronext N.V. Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   21.9%
Information Technology Services   17.5 
Health Care Equipment & Supplies   16.5 
Software   13.5 
Household Products   12.7 
Tobacco   10.9 
Beverages   7.0 
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
First Quarter Report
March 31, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.2%)          
Australia  (4.2%)          
Atlas Arteria Ltd. (a)   164,649   $744 
Sydney Airport (a)(b)   120,049    565 
Transurban Group (a)   200,755    2,031 
         3,340 
Canada  (11.6%)          
Canadian National Railway Co.   12,271    1,424 
Enbridge, Inc.   61,068    2,225 
Gibson Energy, Inc. (c)   141,030    2,499 
Keyera Corp. (c)   23,932    497 
Pembina Pipeline Corp. (c)   29,157    842 
TC Energy Corp. (c)   38,452    1,763 
         9,250 
China  (8.7%)          
China Everbright Environment Group Ltd. (d)   2,108,000    1,426 
China Gas Holdings Ltd. (d)   621,200    2,545 
China Merchants Port Holdings Co., Ltd. (d)   361,034    554 
GDS Holdings Ltd. ADR (b)   13,009    1,055 
Jiangsu Expressway Co., Ltd. H Shares (d)   622,000    774 
Zhejiang Expressway Co., Ltd., Class H (d)   688,000    610 
         6,964 
Denmark  (0.9%)          
Orsted A/S   4,241    685 
           
France  (6.0%)          
Aeroports de Paris (ADP) (b)   1,568    187 
Getlink SE (b)   43,558    668 
Vinci SA   38,142    3,908 
         4,763 
Germany  (1.0%)          
Vantage Towers AG (b)   27,938    786 
           
Hong Kong  (1.1%)          
Power Assets Holdings Ltd.   144,000    850 
           
India  (0.7%)          
Azure Power Global Ltd. (b)   19,895    541 
           
Italy  (3.5%)          
Atlantia SpA (b)   42,462    794 
Infrastrutture Wireless Italiane SpA   89,028    992 
Terna Rete Elettrica Nazionale SpA   129,668    979 
         2,765 
Japan  (2.1%)          
Central Japan Railway Co.   3,800    568 
East Japan Railway Co.   15,300    1,083 
         1,651 
Mexico  (3.8%)          
Grupo Aeroportuario del Pacifico SAB de CV, Class B (b)   88,907    928 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Grupo Aeroportuario del Sureste SAB de CV, Class B (b)   56,330    1,001 
Promotora y Operadora de Infraestructura SAB de CV   139,681    1,066 
         2,995 
New Zealand  (1.0%)          
Auckland International Airport Ltd. (b)   139,741    765 
           
Spain  (4.2%)          
Aena SME SA (b)   4,225    685 
Cellnex Telecom SA (c)   19,109    1,100 
EDP Renovaveis SA   13,237    283 
Ferrovial SA   36,824    960 
Iberdrola SA   27,624    356 
         3,384 
Switzerland  (0.9%)          
Flughafen Zurich AG (Registered) (b)   4,511    741 
           
United Kingdom  (5.2%)          
National Grid PLC   253,838    3,024 
Pennon Group PLC   36,173    486 
Severn Trent PLC   20,669    657 
         4,167 
United States  (43.3%)          
Ameren Corp.   11,969    974 
American Electric Power Co., Inc.   14,251    1,207 
American Tower Corp. REIT   23,201    5,547 
American Water Works Co., Inc.   10,014    1,501 
Atmos Energy Corp.   10,478    1,036 
Avangrid, Inc.   16,643    829 
Cheniere Energy, Inc. (b)   24,027    1,730 
Crown Castle International Corp. REIT   33,060    5,691 
Edison International   23,386    1,370 
Eversource Energy   18,484    1,601 
Kansas City Southern   10,402    2,745 
ONEOK, Inc.   55,077    2,790 
Republic Services, Inc.   6,979    693 
SBA Communications Corp. REIT   4,962    1,377 
Sempra Energy   17,333    2,298 
Targa Resources Corp.   59,180    1,879 
Union Pacific Corp.   2,025    446 
Williams Cos., Inc. (The)   29,022    688 
         34,402 
Total Common Stocks (Cost $60,026)        78,049 
Short-Term Investments  (6.9%)          
Securities held as Collateral on Loaned Securities  (5.3%)          
Investment Company  (4.2%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)   3,327,773    3,328 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

   Face
Amount
(000)		     
Repurchase Agreements  (1.1%)          
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $172; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $176)  $172    172 
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $725; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $739)   725    725 
         897 

Total Securities held as Collateral on Loaned Securities (Cost $4,225)

        4,225 

 

   Shares     
Investment Company  (1.6%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e) (Cost $1,289)   1,288,770    1,289 
Total Short-Term Investments (Cost $5,514)        5,514 
Total Investments (105.1%) (Cost $65,540) Including $6,490 of Securities Loaned (f)(g)        83,563 
Liabilities in Excess of Other Assets (-5.1%)        (4,077)
Net Assets (100.0%)       $79,486 

 

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

 

 

 

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) Non-income producing security.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $6,490,000 and $6,700,000, respectively. The Fund received cash collateral of approximately $4,233,000, of which approximately $4,225,000 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 March 31, 2021, there was uninvested cash collateral of approximately $8,000, which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $2,467,000 was received in the form of U.S. Government obligations, which the Fund  cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d) Security trades on the Hong Kong exchange.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser, 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 three months ended March 31, 2021, advisory fees paid were reduced by approximately $1,000, relating to the Fund’s investment in the Liquidity Funds.
(f) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

(g) 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 approximately $18,677,000 and the aggregate gross unrealized depreciation is approximately $654,000, resulting in net unrealized appreciation of approximately $18,023,000.
 
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Oil & Gas Storage & Transportation   26.2%
Communications   20.9 
Electricity Transmission & Distribution   12.9 
Toll Roads   8.4 
Railroads   7.9 
Other**   6.3 
Airports   6.2 
Diversified   6.1 
Water   5.1 
Total Investments   100.0%

 

 

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021.
** 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
First Quarter Report
March 31, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (98.7%)          
Australia  (3.6%)          
Charter Hall Group REIT   36,208   $354 
Goodman Group REIT   24,532    338 
GPT Group (The) REIT   30,045    105 
Mirvac Group REIT   241,681    459 
Scentre Group REIT   82,637    177 
Stockland REIT   147,065    491 
         1,924 
Austria  (0.2%)          
CA Immobilien Anlagen AG   2,142    91 
Canada  (1.6%)          
Granite REIT   9,105    554 
RioCan REIT   20,149    312 
         866 
China  (2.2%)          
China Resources Land Ltd. (a)   72,000    349 
China Resources Mixc Lifestyle Services Ltd. (a)(b)   51,553    307 
GDS Holdings Ltd. ADR (b)   3,471    281 
Longfor Group Holdings Ltd. (a)   41,000    272 
         1,209 
Finland  (0.5%)          
Kojamo Oyj   15,134    296 
France  (2.5%)          
Gecina SA REIT   4,174    575 
ICADE REIT   3,366    246 
Klepierre SA REIT   7,159    167 
Mercialys SA REIT   31,680    349 
         1,337 
Germany  (5.1%)          
Alstria Office AG REIT   20,331    329 
Deutsche Wohnen SE   15,574    727 
LEG Immobilien AG   3,195    420 
Vonovia SE   20,108    1,313 
         2,789 
Hong Kong  (5.6%)          
ESR Cayman Ltd. (b)   157,600    516 
Hysan Development Co., Ltd.   28,000    109 
Link REIT   63,575    579 
New World Development Co., Ltd.   81,146    420 
Sun Hung Kai Properties Ltd.   31,893    483 
Swire Properties Ltd.   114,100    353 
Wharf Real Estate Investment Co., Ltd.   100,420    563 
         3,023 
Ireland  (0.7%)          
Hibernia REIT PLC   306,490    397 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Japan  (11.3%)        
Activia Properties, Inc. REIT   77    338 
GLP J-REIT   141    231 
Japan Hotel Investment Corp. REIT   407    229 
Japan Prime Realty Investment Corp. REIT   49    183 
Japan Retail Fund Investment Corp. REIT   471    481 
Mitsubishi Estate Co., Ltd.   45,100    787 
Mitsubishi Estate Logistics Investment Corp. REIT   60    236 
Mitsui Fudosan Co., Ltd.   36,700    833 
Mitsui Fudosan Logistics Park, Inc. REIT   36    178 
Nippon Building Fund, Inc. REIT   75    441 
Nippon Prologis, Inc. REIT   110    353 
Nomura Real Estate Master Fund, Inc. REIT   273    410 
Orix, Inc. J-REIT   163    283 
Premier Investment Corp. REIT   158    226 
Sumitomo Realty & Development Co., Ltd.   18,400    649 
United Urban Investment Corp. REIT   183    246 
         6,104 
Malta  (0.0%) (c)          
BGP Holdings PLC (d)   5,886,464    8 
Netherlands  (1.1%)          
Eurocommercial Properties N.V. CVA REIT (b)   13,476    297 
NSI N.V. REIT   7,411    294 
         591 
Singapore  (1.6%)          
Frasers Logistics & Commercial Trust REIT   182,100    196 
Keppel REIT   213,200    193 
Keppel DC REIT   172,000    345 
Mapletree Industrial Trust REIT   64,600    132 
         866 
Spain  (1.2%)          
Inmobiliaria Colonial Socimi SA REIT   9,893    96 
Merlin Properties Socimi SA REIT   52,250    534 
         630 
Sweden  (1.7%)          
Atrium Ljungberg AB, Class B (e)   4,816    86 
Castellum AB (e)   8,150    180 
Fabege AB (e)   26,142    352 
Hufvudstaden AB, Class A (e)   15,769    229 
Kungsleden AB   5,610    59 
         906 
Switzerland  (0.5%)          
PSP Swiss Property AG (Registered)   2,258    275 
United Kingdom  (3.9%)          
British Land Co., PLC (The) REIT   58,300    406 
Derwent London PLC REIT   2,713    121 
Grainger PLC   51,401    189 
Hammerson PLC REIT (e)   178,409    86 
Land Securities Group PLC REIT   54,352    517 
Segro PLC REIT   26,062    337 
St. Modwen Properties PLC   60,841    339 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Tritax Big Box PLC REIT   51,500    127 
         2,122 
United States  (55.4%)          
Alexandria Real Estate Equities, Inc. REIT   5,703    937 
American Campus Communities, Inc. REIT   3,153    136 
AvalonBay Communities, Inc. REIT   11,907    2,197 
Boyd Gaming Corp. (b)   2,781    164 
Brixmor Property Group, Inc. REIT   55,173    1,116 
Caesars Entertainment, Inc. (b)   3,964    347 
CubeSmart REIT   10,329    391 
CyrusOne, Inc. REIT   6,488    439 
Douglas Emmett, Inc. REIT   17,129    538 
Duke Realty Corp. REIT   19,075    800 
Empire State Realty Trust, Inc., Class A REIT   69,737    776 
Equinix, Inc. REIT   965    656 
Equity Lifestyle Properties, Inc. REIT   12,262    780 
Essex Property Trust, Inc. REIT   4,075    1,108 
Healthcare Trust of America, Inc., Class A REIT   19,693    543 
Healthpeak Properties, Inc. REIT   59,267    1,881 
Host Hotels & Resorts, Inc. REIT   43,972    741 
Invitation Homes, Inc. REIT   34,096    1,091 
JBG SMITH Properties REIT   14,780    470 
Kilroy Realty Corp. REIT   9,542    626 
Medical Properties Trust, Inc. REIT   29,209    622 
NETSTREIT Corp. REIT   29,259    541 
Prologis, Inc. REIT   19,225    2,038 
Public Storage REIT   7,774    1,918 
QTS Realty Trust, Inc., Class A REIT   6,961    432 
Red Rock Resorts, Inc., Class A   9,695    316 
Retail Properties of America, Inc., Class A REIT   57,190    599 
RLJ Lodging Trust REIT   19,091    295 
RPT Realty REIT   54,774    625 
Simon Property Group, Inc. REIT   13,732    1,562 
UDR, Inc. REIT   14,979    657 
VEREIT, Inc. REIT   24,719    955 
VICI Properties, Inc. REIT   44,331    1,252 
Welltower, Inc. REIT   34,115    2,444 
         29,993 
Total Common Stocks (Cost $44,994)        53,427 
           
Short-Term Investments  (3.2%)          
Securities held as Collateral on Loaned Securities  (1.8%)          
Investment Company  (1.4%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)   765,682    766 

 

   Face
Amount
(000)		     
Repurchase Agreements  (0.4%)          
HSBC Securities USA, Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $39; fully collateralized by U.S. Government obligations; 1.75% - 2.13% due 6/30/21 - 5/15/22; valued at $40)  $39    39 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Merrill Lynch & Co., Inc., (0.01%, dated 3/31/21, due 4/1/21; proceeds $167; fully collateralized by U.S. Government obligations; 0.38% - 2.88% due 9/30/23 - 4/30/25; valued at $170)   167    167 
         206 
Total Securities held as Collateral on Loaned Securities (Cost $972)        972 

 

   Shares      
Investment Company  (1.4%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f) (Cost $756)   755,935    756 
Total Short-Term Investments (Cost $1,728)        1,728 

Total Investments (101.9%) (Cost $46,722) Including $916 of Securities Loaned (g)(h)

        55,155 
Liabilities in Excess of Other Assets (-1.9%)        (1,045)
Net Assets (100.0%)       $54,110 

 

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

 

 

 

(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) Amount is less than 0.05%.
(d) At March 31, 2021, the Fund held a fair valued security valued at approximately $8,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2021, were approximately $916,000 and $974,000, respectively. The Fund received cash collateral of approximately $974,000, of which approximately $972,000 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 March 31, 2021, there was uninvested cash collateral of approximately $2,000, which is 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.
(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 three months ended March 31, 2021, advisory fees paid were reduced by approximately less than $500 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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(h) 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 approximately $8,792,000 and the aggregate gross unrealized depreciation is approximately $359,000, resulting in net unrealized appreciation of approximately $8,433,000.
ADR American Depositary Receipt.
CVA Certificaten Van Aandelen.
REIT Real Estate Investment Trust.

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Diversified   26.3%
Residential   16.5 
Other**   12.9 
Retail   12.7 
Office   11.0 
Industrial   10.5 
Health Care   10.1 
Total Investments   100.0%

 

 

 

* Percentage indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2021.
** Industries and/or investment types representing less than 5% of total investments.

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities  (42.5%)        
Agency Adjustable Rate Mortgage  (0.0%) (a)        
United States  (0.0%) (a)        
Federal Home Loan Mortgage Corporation, Conventional Pool:          
12 Month USD LIBOR + 1.62%, 3.18%, 7/1/45 (Cost $14)  $13   $14 
Agency Fixed Rate Mortgages  (3.2%)          
United States  (3.2%)          
Federal Home Loan Mortgage Corporation,          
Conventional Pool:          
4.50%, 1/1/49   34    37 
Gold Pools:          
3.50%, 2/1/45 – 6/1/45   261    281 
4.50%, 1/1/49   24    26 
Federal National Mortgage Association,          
April TBA:          
3.00%, 4/1/51 (b)   520    542 
3.50%, 4/1/51 (b)   900    951 
Conventional Pools:          
4.00%, 11/1/41 – 1/1/46   270    297 
4.50%, 3/1/41 – 11/1/44   135    151 
5.00%, 1/1/41 – 3/1/41   46    52 
6.00%, 1/1/38   9    11 
6.50%, 8/1/38   2    2 
June TBA:          
2.00%, 6/1/51 (b)   650    646 
2.50%, 6/1/51 (b)   300    307 
Government National Mortgage Association,          
Various Pool:          
4.00%, 7/15/44   23    25 
Various Pools:          
5.00%, 2/20/49 – 3/20/49   28    30 
Total Agency Fixed Rate Mortgages (Cost $3,336)        3,358 
           
Asset-Backed Securities  (0.4%)          
United States  (0.4%)          
Freed ABS Trust,          
 3.06%, 3/18/27 (c)   100    102 
Louisiana Public Facilities Authority,          
3 Month USD LIBOR + 0.90%, 1.12%, 4/26/27 (d)   4    4 
New Century Home Equity Loan Trust,          
1 Month USD LIBOR + 1.35%, 1.46%, 3/25/33 (d)   73    73 
North Carolina State Education Assistance Authority,          
3 Month USD LIBOR + 0.80%, 1.02%, 7/25/25 (d)   7    7 
NovaStar Mortgage Funding Trust,          
1 Month USD LIBOR + 1.58%, 1.68%, 12/25/34 (d)   75    75 
Renaissance Home Equity Loan Trust,          
1 Month USD LIBOR + 0.76%, 0.87%, 12/25/32 (d)   83    80 
SLM Student Loan Trust,          
3 Month EURIBOR + 0.55%, 0.01%, 7/25/39 (d)  EUR 99    113 
Total Asset-Backed Securities (Cost $445)        454 
           
Commercial Mortgage-Backed Securities  (0.6%)          
United Kingdom  (0.1%)          
Taurus 2018-2 UK DAC,          
3 Month GBP LIBOR + 1.10%, 1.16%, 5/22/28 (d)  GBP 60    82 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

United States  (0.5%)          
COMM Mortgage Trust,          
 3.28%, 1/10/46  $45    47 
 3.96%, 3/10/47   144    155 
 4.74%, 7/15/47  (c)(d)   100    102 
Commercial Mortgage Pass-Through Certificates,          
 4.24%, 2/10/47 (d)   77    84 
UBS-Barclays Commercial Mortgage Trust,          
 3.53%, 5/10/63   40    41 
WFRBS Commercial Mortgage Trust,          
 5.01%, 9/15/46 (c)(d)   140    113 
         542 
Total Commercial Mortgage-Backed Securities (Cost $621)        624 
           
Corporate Bonds  (13.1%)          
Australia  (0.3%)          
Macquarie Bank Ltd.,          
 6.63%, 4/7/21 (c)   85    85 
Macquarie Group Ltd.,          
 4.15%, 3/27/24 (c)   50    53 
Transurban Finance Co. Pty Ltd.,          
 2.00%, 8/28/25  EUR 100    127 
Westpac Banking Corp.,          
 2.67%, 11/15/35  $75    71 
         336 
Belgium  (0.1%)          
Anheuser-Busch InBev SA N.V.,          
 2.75%, 3/17/36  EUR 75    106 
Canada  (0.7%)          
Enbridge, Inc.,          
 2.50%, 1/15/25  $125    130 
Province of British Columbia Canada,          
 2.00%, 10/23/22   310    319 
Province of Ontario Canada,          
 2.30%, 6/15/26   260    275 
         724 
China  (0.2%)          
Baidu, Inc.,          
 2.88%, 7/6/22   200    205 
Colombia  (0.1%)          
Ecopetrol SA,          
 5.88%, 9/18/23   140    155 
France  (0.7%)          
Banque Federative du Credit Mutuel SA,          
 1.75%, 12/19/24  EUR 100    142 
BNP Paribas SA,          
 1.13%, 6/11/26   125    153 
BPCE SA,          
 5.15%, 7/21/24 (c)  $200    224 
Orange SA,          
 5.00%, 10/1/26 (e)  EUR 100    141 
TOTAL SE,          
 3.88%, 5/18/22 (e)   100    122 
         782 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Germany  (1.0%)          
Bayer US Finance II LLC,          
 3.88%, 12/15/23 (c)  $200    216 
Daimler Finance North America LLC,          
 2.70%, 6/14/24 (c)   150    158 
Deutsche Telekom International Finance BV,          
 3.60%, 1/19/27 (c)   150    165 
Kreditanstalt fuer Wiederaufbau,          
 1.13%, 9/15/32  EUR 190    251 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen,          
 6.00%, 5/26/41   100    118 
Volkswagen International Finance N.V., Series 10Y          
 1.88%, 3/30/27   100    127 
         1,035 
India  (0.2%)          
ONGC Videsh Vankorneft Pte Ltd.,          
 3.75%, 7/27/26  $200    212 
Ireland  (0.0%) (a)          
Avolon Holdings Funding Ltd.,          
 2.88%, 2/15/25 (c)   50    50 
Israel  (0.0%) (a)          
Teva Pharmaceutical Finance Netherlands III BV,          
 2.20%, 7/21/21   32    32 
Japan  (0.2%)          
NTT Finance Corp.,          
 1.59%, 4/3/28 (c)   200    195 
Korea, Republic of  (0.6%)          
Korea Electric Power Corp.,          
 2.50%, 6/24/24 (c)   200    212 
Korea Hydro & Nuclear Power Co., Ltd.,          
 3.75%, 7/25/23 (c)   200    215 
Korea Southern Power Co. Ltd.,          
 0.75%, 1/27/26 (c)   200    194 
         621 
Netherlands  (0.1%)          
ASR Nederland N.V.,          
 5.00%, 9/30/24 (e)  EUR 100    133 
Qatar  (0.2%)          
Ooredoo International Finance Ltd.,          
 2.63%, 4/8/31 (c)  $200    198 
Saudi Arabia  (0.2%)          
Saudi Arabian Oil Co.,          
 3.50%, 4/16/29   200    213 
Spain  (0.5%)          
Banco Santander SA,          
 3.13%, 1/19/27  EUR 100    133 
 5.18%, 11/19/25  $200    227 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

CaixaBank SA,          
 0.75%, 4/18/23  EUR 100    119 
         479 
Switzerland  (0.9%)          
Credit Suisse Group AG,          
 2.19%, 6/5/26 (c)  $500    509 
Syngenta Finance N.V.,          
 4.44%, 4/24/23 (c)   200    210 
UBS Group AG,          
 3.49%, 5/23/23 (c)   200    206 
         925 
United Arab Emirates  (0.4%)          
ADCB Finance Cayman Ltd.,          
 4.00%, 3/29/23 (c)   200    212 
Galaxy Pipeline Assets Bidco Ltd.,          
 2.63%, 3/31/36 (c)   225    216 
         428 
United Kingdom  (1.4%)          
BAT Capital Corp.,          
 3.56%, 8/15/27   125    133 
Heathrow Funding Ltd.,          
 4.88%, 7/15/23 (c)   100    101 
HSBC Holdings PLC,          
 2.26%, 11/13/26  GBP 100    143 
 4.25%, 3/14/24  $200    218 
Lloyds Banking Group PLC,          
 1.75%, 9/7/28  EUR 100    121 
 2.25%, 10/16/24  GBP 100    143 
Nationwide Building Society,          
 3.77%, 3/8/24 (c)  $200    212 
Natwest Group PLC,          
 3.88%, 9/12/23   200    215 
NGG Finance PLC,          
 5.63%, 6/18/73  GBP 100    155 
         1,441 
United States  (5.3%)          
7-Eleven, Inc.,          
 1.30%, 2/10/28 (c)  $100    96 
Air Lease Corp.,          
 2.30%, 2/1/25   75    77 
Altria Group, Inc.,          
 2.45%, 2/4/32   75    72 
Amazon.com, Inc.,          
 2.70%, 6/3/60   50    44 
AT&T, Inc.,          
 1.80%, 9/5/26  EUR 100    127 
 2.90%, 12/4/26  GBP 100    149 
Bank of America Corp.,          
MTN          
4.00%, 1/22/25   175    192 
Series N          
2.65%, 3/11/32   100    100 
Boeing Co. (The),          
 5.15%, 5/1/30   100    115 
Campbell Soup Co.,          
 2.38%, 4/24/30   50    49 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Charter Communications Operating LLC/Charter Communications Operating Capital,          
 4.80%, 3/1/50   25    27 
 5.75%, 4/1/48   25    30 
Chubb INA Holdings, Inc.,          
 0.88%, 6/15/27  EUR 100    122 
Cigna Corp.,          
 2.40%, 3/15/30  $25    25 
 3.88%, 10/15/47   50    54 
Citigroup, Inc.,          
 2.67%, 1/29/31   22    22 
 2.98%, 11/5/30   13    13 
 4.41%, 3/31/31   62    71 
 5.50%, 9/13/25   75    87 
Comcast Corp.,          
 1.95%, 1/15/31   125    121 
Crown Castle International Corp.,          
 3.30%, 7/1/30   25    26 
CVS Health Corp.,          
 1.88%, 2/28/31   100    94 
Deere & Co.,          
 3.10%, 4/15/30   100    107 
Diamondback Energy, Inc.,          
 2.88%, 12/1/24   150    158 
Emerson Electric Co.,          
 1.25%, 10/15/25  EUR 125    155 
Energy Transfer Operating LP,          
 2.90%, 5/15/25  $150    156 
Enterprise Products Operating LLC,          
 3.95%, 1/31/60   50    50 
Ford Motor Credit Co. LLC,          
 3.09%, 1/9/23   200    204 
Fox Corp.,          
 4.71%, 1/25/29   150    173 
Georgia-Pacific LLC,          
 2.30%, 4/30/30 (c)   125    125 
Global Payments, Inc.,          
 1.20%, 3/1/26   50    49 
Goldman Sachs Group, Inc. (The),          
 2.88%, 10/31/22   75    76 
HCA, Inc.,          
 5.25%, 6/15/49   25    31 
HSBC USA, Inc.,          
 3.50%, 6/23/24   100    108 
JPMorgan Chase & Co.,          
 1.95%, 2/4/32   75    71 
 3.70%, 5/6/30   75    82 
 4.13%, 12/15/26   75    85 
Las Vegas Sands Corp.,          
 3.20%, 8/8/24   25    26 
 3.50%, 8/18/26   50    52 
Level 3 Financing, Inc.,          
 3.40%, 3/1/27 (c)   100    106 
Lowe’s Cos., Inc.,          
 1.30%, 4/15/28   75    71 
 1.70%, 10/15/30   100    94 
Metropolitan Life Global Funding I,          
 2.95%, 4/9/30 (c)   150    156 
NextEra Energy Capital Holdings, Inc.,          
 2.25%, 6/1/30   175    171 
NIKE, Inc.,          
 2.85%, 3/27/30   50    53 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

NiSource, Inc.,          
 3.60%, 5/1/30   100    109 
NVIDIA Corp.,          
 2.85%, 4/1/30   125    131 
Occidental Petroleum Corp.,          
 3.20%, 8/15/26   35    34 
 5.55%, 3/15/26   75    79 
Oracle Corp.,          
 3.85%, 4/1/60   50    49 
Pacific Gas and Electric Co.,          
 2.50%, 2/1/31   25    24 
PepsiCo, Inc.,          
 2.63%, 4/28/26  EUR 100    133 
Prologis Euro Finance LLC,          
 1.88%, 1/5/29   100    130 
Synchrony Bank,          
 3.00%, 6/15/22  $250    257 
Union Pacific Corp.,          
 3.84%, 3/20/60   50    53 
Verizon Communications, Inc.,          
 2.99%, 10/30/56  (c)   50    44 
 3.40%, 3/22/41   100    102 
Vontier Corp.,          
 2.40%, 4/1/28 (c)   50    49 
Walt Disney Co. (The),          
 2.65%, 1/13/31   150    153 
Wells Fargo & Co.,          
 2.57%, 2/11/31   125    126 
         5,545 
Total Corporate Bonds (Cost $13,467)        13,815 
Mortgages - Other  (0.6%)          
United Kingdom  (0.1%)          
Landmark Mortgage Securities No 3 PLC,          
3 Month GBP LIBOR + 2.10%, 2.13%, 4/17/44 (d)  GBP 80    110 
United States  (0.5%)          
Federal Home Loan Mortgage Corporation,          
 3.00%, 9/25/45 – 5/25/47  $191    191 
 3.50%, 5/25/45 – 7/25/46   83    83 
 4.00%, 5/25/45   7    7 
Seasoned Credit Risk Transfer Trust,          
 3.00%, 11/25/57 – 10/25/58   247    258 
 4.00%, 10/25/58   20    22 
         561 
Total Mortgages - Other (Cost $652)        671 
Sovereign  (21.6%)          
Australia  (1.0%)          
Australia Government Bond,          
 0.25%, 11/21/24 – 11/21/25  AUD 1,170    878 
 2.50%, 5/21/30   120    98 
 2.75%, 11/21/29   150    125 
         1,101 
Austria  (0.1%)          
Republic of Austria Government Bond,          
 0.00%, 2/20/30 (c)  EUR 70    83 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Belgium  (0.4%)          
Kingdom of Belgium Government Bond,          
 0.90%, 6/22/29  (c)   30    39 
 1.70%, 6/22/50  (c)   90    131 
 1.90%, 6/22/38  (c)   150    220 
         390 
Brazil  (2.1%)          
Brazil Letras do Tesouro Nacional,          
 0.00%, 1/1/24  BRL 15,000    2,169 
Canada  (1.3%)          
Canadian Government Bond,          
 2.25%, 6/1/29  CAD 1,370    1,165 
Province of Quebec Canada,          
 1.35%, 5/28/30  $240    229 
         1,394 
China  (1.8%)          
Agricultural Development Bank of China,          
 2.25%, 4/22/25  CNY 770    113 
 3.79%, 10/26/30   740    114 
China Development Bank,          
3.07%, 3/10/30   1,410    206 
 3.34%, 7/14/25   740    113 
China Government Bond,          
 3.13%, 11/21/29   4,990    755 
 3.27%, 11/19/30   1,490    229 
 3.81%, 9/14/50   150    23 
 3.86%, 7/22/49   1,430    224 
Export-Import Bank of China (The),          
 2.93%, 3/2/25   740    111 
         1,888 
Colombia  (0.0%) (a)          
Colombian TES,
Series B		          
 7.75%, 9/18/30  COP 122,600    35 
Denmark  (0.1%)          
Denmark Government Bond,          
 0.50%, 11/15/27  DKK 630    105 
Finland  (0.1%)          
Finland Government Bond,          
 1.13%, 4/15/34 (c)  EUR 70    93 
France  (1.2%)          
Agence Francaise de Developpement EPIC,          
 1.50%, 10/31/34   100    134 
French Republic Government Bond OAT,          
 0.00%, 11/25/29   650    772 
 2.00%, 5/25/48  (c)   170    263 
SNCF Reseau,          
 1.88%, 3/30/34   100    139 
         1,308 
Germany  (1.0%)          
Bundesrepublik Deutschland Bundesanleihe,          
 0.25%, 2/15/29   380    471 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

 4.25%, 7/4/39   40    83 
 4.75%, 7/4/34   60    117 
State of North Rhine-Westphalia Germany,          
 1.65%, 2/22/38   290    410 
         1,081 
Greece  (2.6%)          
Hellenic Republic Government Bond,          
 3.75%, 1/30/28   1,921    2,747 
Hungary  (0.0%) (a)          
Hungary Government Bond,          
 3.00%, 8/21/30  HUF 4,450    15 
Indonesia  (0.3%)          
Indonesia Government International Bond,          
 1.75%, 4/24/25  EUR 130    160 
Indonesia Treasury Bond,          
 8.25%, 5/15/29  IDR 839,000    63 
 8.38%, 3/15/34   981,000    74 
         297 
Ireland  (0.1%)          
Ireland Government Bond,          
 0.20%, 10/18/30  EUR 80    96 
Italy  (0.9%)          
Italy Buoni Poliennali Del Tesoro,          
 1.40%, 5/26/25  (c)   101    126 
 1.85%, 7/1/25  (c)   390    495 
 2.45%, 9/1/50  (c)   230    321 
         942 
Japan  (4.6%)          

Japan Government Five Year Bond,

0.10%, 12/20/23 – 6/20/24

  JPY 118,000    1,074 

Japan Government Ten Year Bond,

0.10%, 6/20/26 – 6/20/29

   195,000    1,775 
Japan Government Thirty Year Bond,          
 0.30%, 6/20/46   37,000    312 
 0.40%, 9/20/49   25,000    211 
 1.70%, 6/20/33   62,000    662 
 2.00%, 9/20/40   70,000    812 
         4,846 
Korea, Republic of  (0.8%)          
Export-Import Bank of Korea,          
 0.63%, 2/9/26  $200    194 
 2.38%, 6/25/24   200    212 
Korea Development Bank (The),          
 0.80%, 7/19/26   200    195 
Korea International Bond,          
 2.00%, 6/19/24   200    210 
         811 
Malaysia  (0.3%)          
Malaysia Government Bond,          
 3.89%, 8/15/29  MYR 440    111 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Petronas Capital Ltd.,          
 3.50%, 3/18/25 (c)  $200    216 
         327 
Mexico  (0.4%)          
Mexican Bonos,          
Series M          
7.50%, 6/3/27  MXN 1,700    89 
7.75%, 5/29/31   1,000    52 
8.50%, 5/31/29   800    44 
Mexico Government International Bond,          
 4.50%, 4/22/29   200    222 
Petroleos Mexicanos,          
 6.95%, 1/28/60  $20    17 
         424 
Netherlands  (0.2%)          
Netherlands Government Bond,          
 0.00%, 7/15/30  (c)   190    228 
 2.75%, 1/15/47  (c)   20    38 
         266 
New Zealand  (0.0%) (a)          
New Zealand Government Bond,          
 0.25%, 5/15/28  NZD 80    52 
Norway  (0.0%) (a)          
Norway Government Bond,          
 1.38%, 8/19/30 (c)  NOK 220    26 
Poland  (0.1%)          
Republic of Poland Government Bond,          
 2.50%, 7/25/27  PLN 230    63 
Portugal  (0.1%)          
Portugal Obrigacoes do Tesouro OT,          
 0.70%, 10/15/27 (c)  EUR 110    136 
Russia  (0.1%)          
Russian Federal Bond - OFZ,          
 7.95%, 10/7/26  RUB 6,010    84 
Spain  (0.6%)          
Spain Government Bond,          
1.25%, 10/31/30(c)  EUR 410    525 
 2.70%, 10/31/48  (c)   40    64 
 3.45%, 7/30/66  (c)   21    39 
         628 
Sweden  (0.1%)          
Sweden Government Bond,          
 0.75%, 5/12/28  SEK 740    88 
United Kingdom  (1.3%)          
United Kingdom Gilt,          
 0.38%, 10/22/30  GBP 140    184 
 0.63%, 10/22/50   120    135 
 1.63%, 10/22/28   290    429 
 3.50%, 1/22/45   150    296 
 4.25%, 9/7/39   140    288 
         1,332 
Total Sovereign (Cost $ 22,050)        22,827 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Supranational  (1.1%)          
European Investment Bank,          
0.20%, 7/15/24  EUR 220    265 
International Bank for Reconstruction & Development,          
SOFR + 0.43%, 0.45%, 8/19/27  (d)  $330    332 
 2.20%, 2/27/24  AUD 730    583 
Total Supranational (Cost $1,116)        1,180 
U.S. Treasury Securities  (1.9%)          
United States  (1.9%)          
U.S. Treasury Bonds,          
 1.13%, 5/15/40  $680    555 
 1.25%, 5/15/50   320    241 
 1.50%, 2/15/30   250    247 
 2.50%, 2/15/45   500    511 
 3.13%, 5/15/48   360    413 
Total U.S. Treasury Securities (Cost $2,233)        1,967 
Total Fixed Income Securities (Cost $43,934)        44,910 

 

   Shares      
Common Stocks  (43.5%)          
Australia  (0.9%)          
AGL Energy Ltd.   461    3 
Alumina Ltd.   4,119    5 
Amcor PLC CDI   1,085    13 
AMP Ltd.   3,700    4 
ASX Ltd.   182    10 
Australia & New Zealand Banking Group Ltd.   2,612    56 
BHP Group Ltd.   6,993    241 
Brambles Ltd.   1,145    9 
CIMIC Group Ltd. (f)   211    3 
Coca-Cola Amatil Ltd.   317    3 
Coles Group Ltd.   721    9 
Commonwealth Bank of Australia   830    54 
CSL Ltd.   317    64 
Fortescue Metals Group Ltd.   4,549    69 
GPT Group (The) REIT   3,081    11 
Incitec Pivot Ltd. (f)   2,326    5 
Insurance Australia Group Ltd.   2,009    7 
Macquarie Group Ltd.   285    33 
National Australia Bank Ltd.   2,517    50 
Newcrest Mining Ltd.   452    8 
OneMarket Ltd. (f)   137    — 
Orica Ltd.   451    5 
Origin Energy Ltd.   1,182    4 
Orora Ltd.   1,212    3 
QBE Insurance Group Ltd.   1,583    12 
Rio Tinto Ltd.   308    26 
Santos Ltd.   940    5 
Scentre Group REIT   4,211    9 
Shopping Centres Australasia Property Group REIT   346    1 
South32 Ltd. (ASX)   2,613    6 
South32 Ltd. (LSE)   7,996    17 
Star Entertainment Grp Ltd. (The) (f)   225    1 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Stockland REIT   3,748    12 
Suncorp Group Ltd.   1,112    8 
Sydney Airport (f)   452    2 
Tabcorp Holdings Ltd.   224    1 
Telstra Corp., Ltd.   2,803    7 
Transurban Group   1,328    13 
Treasury Wine Estates Ltd.   731    6 
Wesfarmers Ltd.   767    31 
Westpac Banking Corp.   2,184    40 
Woodside Petroleum Ltd.   504    9 
Woolworths Group Ltd.   905    28 
         903 
Austria  (0.0%) (a)          
Erste Group Bank AG (f)   315    11 
IMMOFINANZ AG (f)   56    1 
Verbund AG   75    5 
voestalpine AG   158    7 
         24 
Belgium  (0.1%)          
Ageas   219    13 
Anheuser-Busch InBev SA N.V.   525    33 
Colruyt SA   71    4 
Groupe Bruxelles Lambert SA   119    12 
KBC Group N.V. (f)   89    7 
Solvay SA   57    7 
Umicore SA   254    14 
         90 
Brazil  (0.1%)          
Vale SA   5,887    103 
Canada  (0.7%)          
Agnico Eagle Mines Ltd.   100    6 
Bank of Montreal   276    25 
Bank of Nova Scotia (The)   367    23 
Barrick Gold Corp. (LSE)   1,449    29 
Barrick Gold Corp. (NYSE)   17,201    341 
BCE, Inc.   100    5 
Brookfield Asset Management, Inc., Class A   563    25 
Brookfield Business Partners LP   20    1 
Cameco Corp.   76    1 
Canadian Imperial Bank of Commerce   76    7 
Canadian National Railway Co.   62    7 
Canadian Natural Resources Ltd.   362    11 
Canadian Pacific Railway Ltd.   100    38 
Cenovus Energy, Inc.   362    3 
Crescent Point Energy Corp.   86    —@
Eldorado Gold Corp. (f)   94    1 
Enbridge, Inc. (NYSE)   438    16 
Enbridge, Inc. (TSX)   357    13 
George Weston Ltd.   17    2 
Imperial Oil Ltd.   95    2 
Kinross Gold Corp.   352    2 
Loblaw Cos., Ltd.   129    7 
Magna International, Inc.   271    24 
Manulife Financial Corp.   381    8 
National Bank of Canada   500    34 
Nutrien Ltd.   129    7 
Obsidian Energy Ltd. (f)   71    —@

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Power Corp. of Canada   71    2 
PrairieSky Royalty Ltd.   19    —@
Rogers Communications, Inc., Class B   281    13 
Royal Bank of Canada   52    5 
Sun Life Financial, Inc.   367    19 
Suncor Energy, Inc.   533    11 
TC Energy Corp.   71    3 
Teck Resources Ltd., Class B   76    1 
Thomson Reuters Corp.   363    32 
Toronto-Dominion Bank (The)   229    15 
Wheaton Precious Metals Corp.   281    11 
Yamana Gold, Inc.   557    2 
         752 
China  (0.1%)          
Brilliance China Automotive Holdings Ltd. (g)   1,709    2 
BYD Co., Ltd. H Shares (g)   518    11 
China Common Rich Renewable Energy Investments Ltd. (f)   18,000    — 
Dongfeng Motor Group Co., Ltd. H Shares (g)   1,523    1 
Geely Automobile Holdings Ltd. (g)   3,325    9 
Great Wall Motor Co., Ltd. H Shares (g)   1,892    5 
Guangzhou Automobile Group Co., Ltd. H Shares (g)   1,659    1 
Wharf Holdings Ltd. (The) (g)   1,400    4 
Yadea Group Holdings Ltd. (g)   592    1 
Yum China Holdings, Inc.   456    27 
         61 
Denmark  (0.4%)          
AP Moller - Maersk A/S Series A   5    11 
AP Moller - Maersk A/S Series B   9    21 
Danske Bank A/S   585    11 
Drilling Co of 1972 A/S (The) (f)   30    1 
DSV Panalpina A/S   296    58 
Novo Nordisk A/S Series B   3,209    217 
Novozymes A/S Series B   269    17 
Vestas Wind Systems A/S   306    63 
         399 
Finland  (0.1%)          
Elisa Oyj   163    10 
Fortum Oyj   382    10 
Kone Oyj, Class B   343    28 
Metso Outotec Oyj   516    6 
Neles Oyj   120    2 
Nokian Renkaat Oyj   141    5 
Nordea Bank Abp (OMXH)   35    —@
Nordea Bank Abp (SSE)   3,270    32 
Sampo Oyj, Class A   355    16 
Stora Enso Oyj, Class R   588    11 
UPM-Kymmene Oyj   325    12 
Valmet Oyj   120    4 
Wartsila Oyj Abp   513    5 
         141 
France  (2.0%)          
Accor SA (f)   2,121    80 
Aeroports de Paris (f)   1,970    235 
Air Liquide SA   366    60 
Airbus SE (f)   396    45 
Alstom SA (f)   238    12 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

ArcelorMittal SA (f)   262    8 
AXA SA   1,795    48 
BNP Paribas SA (f)   1,161    71 
Bouygues SA   208    8 
Capgemini SE   195    33 
Carrefour SA   436    8 
CGG SA (f)   5    —@
Cie de Saint-Gobain (f)   408    24 
Cie Generale des Etablissements Michelin SCA   214    32 
Covivio REIT   31    3 
Credit Agricole SA (f)   1,522    22 
Danone SA   432    30 
Eiffage SA (f)   808    81 
Electricite de France SA (f)   328    4 
Engie SA (f)   1,158    16 
EssilorLuxottica SA   178    29 
Faurecia SE (f)   35    2 
Gecina SA REIT   22    3 
Getlink SE (f)   557    9 
Hermes International   23    25 
Klepierre SA REIT   187    4 
L’Oreal SA   246    94 
Legrand SA   114    11 
LVMH Moet Hennessy Louis Vuitton SE   185    123 
Orange SA   1,686    21 
Pernod Ricard SA   206    39 
Publicis Groupe SA   183    11 
Renault SA (f)   194    8 
Safran SA (f)   147    20 
Sanofi   455    45 
Schneider Electric SE   459    70 
SES SA   360    3 
Societe Generale SA (f)   868    23 
Sodexo SA (f)   160    15 
Stellantis   2,154    38 
Thales SA   92    9 
TOTAL SE   1,305    61 
Unibail-Rodamco-Westfield REIT (f)   52    4 
Unibail-Rodamco-Westfield REIT CDI   1,000    4 
Vallourec SA (f)   2    —@
Veolia Environnement SA   344    9 
Vinci SA   5,387    552 
Vivendi SA   1,030    34 
         2,086 
Germany  (1.0%)          
Adidas AG (f)   126    39 
Allianz SE (Registered)   284    72 
BASF SE   417    35 
Bayer AG (Registered)   471    30 
Bayerische Motoren Werke AG   441    46 
Bayerische Motoren Werke AG (Preference)   32    2 
CECONOMY AG (f)   125    1 
Commerzbank AG (f)   55    —@
Continental AG (f)   60    8 
Daimler AG (Registered)   971    86 
Deutsche Bank AG (Registered) (f)   628    7 
Deutsche Boerse AG   110    18 
Deutsche Lufthansa AG (Registered) (f)   129    2 
Deutsche Post AG (Registered)   433    24 
Deutsche Telekom AG (Registered)   1,535    31 
E.ON SE   1,058    12 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Fraport AG Frankfurt Airport Services Worldwide (f)   1,818    110 
Fresenius Medical Care AG & Co., KGaA   133    10 
Fresenius SE & Co., KGaA   290    13 
HeidelbergCement AG   44    4 
Henkel AG & Co., KGaA   114    11 
Henkel AG & Co., KGaA (Preference)   211    24 
Infineon Technologies AG   911    39 
K+S AG (Registered)   63    1 
LANXESS AG   38    3 
Linde PLC   29    8 
Linde PLC (f)   167    47 
Merck KGaA   138    24 
METRO AG   125    1 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)   146    45 
OSRAM Licht AG (f)   40    2 
Porsche Automobil Holding SE (Preference)   275    29 
QIAGEN N.V. (f)   321    15 
RWE AG   346    14 
Salzgitter AG (f)   52    2 
SAP SE   563    69 
Siemens AG (Registered)   408    67 
Siemens Energy AG (f)   204    7 
thyssenKrupp AG (f)   146    2 
Uniper SE   105    4 
Volkswagen AG   44    16 
Volkswagen AG (Preference)   213    60 
         1,040 
Hong Kong  (0.0%) (a)          
CLP Holdings Ltd.   700    7 
Hong Kong & China Gas Co., Ltd.   1,680    2 
I-CABLE Communications Ltd. (f)   1,072    —@
MTR Corp., Ltd.   30    —@
Sino Land Co., Ltd.   2,825    4 
Wharf Real Estate Investment Co., Ltd.   1,400    8 
         21 
Ireland  (0.0%) (a)          
CRH PLC   488    23 
Italy  (0.3%)          
Assicurazioni Generali SpA (f)   766    15 
Atlantia SpA (f)   7,057    132 
Banco BPM SpA (f)   215    1 
CNH Industrial N.V. (f)   456    7 
Enel SpA   4,573    46 
Eni SpA   1,280    16 
EXOR N.V.   55    5 
Ferrari N.V.   132    28 
Intesa Sanpaolo SpA (f)   7,380    20 
Italgas SpA   197    1 
Leonardo SpA   351    3 
Mediobanca Banca di Credito Finanziario SpA (f)   449    5 
Prysmian SpA   116    4 
Rizzoli Corriere Della Sera Mediagroup SpA (f)   41    —@
Saipem SpA   15    —@
Snam SpA   989    5 
Telecom Italia SpA (Milano)   7,592    4 
Tenaris SA   277    3 
Terna Rete Elettrica Nazionale SpA   922    7 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

UniCredit SpA (f)   687    7 
         309 
Japan  (0.2%)          
Honda Motor Co., Ltd.   918    28 
Isuzu Motors Ltd.   312    3 
Mazda Motor Corp.   318    3 
Nissan Motor Co., Ltd. (f)   1,308    7 
Subaru Corp.   345    7 
Suzuki Motor Corp.   208    9 
Takeda Pharmaceutical Co., Ltd. ADR   2,312    42 
Toyota Motor Corp.   1,194    93 
Yamaha Motor Co., Ltd.   159    4 
         196 
Netherlands  (0.4%)          
Akzo Nobel N.V.   202    23 
ASML Holding N.V.   299    181 
Basic-Fit N.V. (f)   788    30 
Coca-Cola European Partners PLC   129    7 
Fugro N.V. (f)   28    —@
Heineken N.V.   360    37 
ING Groep N.V.   3,316    41 
Koninklijke Ahold Delhaize N.V.   882    24 
Koninklijke KPN N.V.   1,070    4 
Koninklijke Philips N.V. (f)   1,120    64 
Koninklijke Vopak N.V.   68    3 
PostNL N.V. (f)   385    2 
         416 
New Zealand  (0.0%) (a)          
Auckland International Airport Ltd. (f)   1,421    8 
Contact Energy Ltd.   1,031    5 
Fletcher Building Ltd.   973    5 
Mercury NZ Ltd.   998    4 
Meridian Energy Ltd.   1,851    7 
Ryman Healthcare Ltd.   545    6 
Spark New Zealand Ltd.   2,665    8 
         43 
Norway  (0.1%)          
Akastor ASA (f)   246    —@
Aker Carbon Capture AS (f)   184    —@
Aker Offshore Wind AS (f)   184    —@
Aker Solutions ASA (f)   447    1 
DNB ASA   1,426    31 
Equinor ASA   1,409    28 
Norsk Hydro ASA   1,231    8 
Orkla ASA   745    7 
REC Silicon ASA (f)   118    —@
Subsea 7 SA (f)   324    3 
Telenor ASA   614    11 
Yara International ASA   217    11 
         100 
Portugal  (0.0%) (a)          
EDP - Energias de Portugal SA   2,371    14 
Galp Energia SGPS SA   247    3 
Jeronimo Martins SGPS SA   241    4 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Pharol SGPS SA (Registered) (f)   610    —@
         21 
South Africa  (0.0%) (a)          
Nedbank Group Ltd.   249    2 
Old Mutual Ltd.   7,755    7 
         9 
Spain  (0.8%)          
ACS Actividades de Construccion y Servicios SA   195    6 
Aena SME SA (f)   3,084    500 
Amadeus IT Group SA (f)   176    12 
Banco Bilbao Vizcaya Argentaria SA   3,600    19 
Banco de Sabadell SA   4,429    2 
Banco Santander SA (f)   6,415    22 
CaixaBank SA   823    3 
Enagas SA   211    5 
Ferrovial SA   6,386    166 
Grifols SA   163    4 
Grifols SA (Preference) Class B   38    1 
Iberdrola SA   2,771    36 
Industria de Diseno Textil SA   824    27 
International Consolidated Airlines Group SA (f)   1,054    3 
Melia Hotels International SA (f)   2,015    15 
Naturgy Energy Group SA   192    5 
Red Electrica Corp., SA   338    6 
Repsol SA   870    11 
Telefonica SA   2,506    11 
         854 
Sweden  (0.5%)          
Alfa Laval AB (f)   368    11 
Assa Abloy AB, Class B   1,096    31 
Atlas Copco AB, Class A   725    44 
Atlas Copco AB, Class B   423    22 
Boliden AB   331    12 
Electrolux AB, Class B   299    8 
Electrolux Professional AB (f)   293    1 
Epiroc AB, Class A   746    17 
Epiroc AB, Class B   487    10 
Essity AB, Class B   663    21 
Getinge AB, Class B   295    8 
Hennes & Mauritz AB, Class B (f)   1,005    23 
Hexagon AB, Class B   278    26 
Husqvarna AB, Class B   581    8 
ICA Gruppen AB   103    5 
Industrivarden AB, Class C (f)   220    8 
Investor AB, Class B   502    40 
Kinnevik AB (f)   280    14 
L E Lundbergforetagen AB, Class B (f)   114    6 
Lundin Petroleum AB   233    7 
Millicom International Cellular SA SDR (f)   85    3 
Modern Times Group MTG AB, Class B (f)   17    —@
Nordic Entertainment Group AB, Class B (f)   17    1 
Sandvik AB (f)   1,204    33 
Securitas AB, Class B   388    7 
Skandinaviska Enskilda Banken AB, Class A (f)   1,646    20 
Skanska AB, Class B   421    11 
SKF AB, Class B   444    13 
Svenska Handelsbanken AB, Class A   1,673    18 
Swedbank AB, Class A   1,000    18 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Swedish Match AB   201    16 
Tele2 AB, Class B   446    6 
Telefonaktiebolaget LM Ericsson, Class B   3,394    45 
Telia Co., AB   2,874    12 
Volvo AB, Class B (f)   1,683    43 
         568 
Switzerland  (1.5%)          
ABB Ltd. (Registered)   2,567    78 
Adecco Group AG (Registered)   275    18 
Alcon, Inc. (f)   241    17 
Baloise Holding AG (Registered)   105    18 
Cie Financiere Richemont SA (Registered)   529    51 
Credit Suisse Group AG (Registered)   1,437    15 
GAM Holding AG (f)   529    1 
Geberit AG (Registered)   83    53 
Givaudan SA (Registered)   15    58 
Idorsia Ltd. (f)   321    9 
Julius Baer Group Ltd. (f)   301    19 
Kuehne & Nagel International AG (Registered)   87    25 
LafargeHolcim Ltd. (Registered) (f) (Euronext)   294    17 
LafargeHolcim Ltd. (Registered) (f) (SIX)   128    8 
Lonza Group AG (Registered) (f)   122    68 
Nestle SA (Registered)   3,082    343 
Novartis AG (Registered)   1,131    97 
Roche Holding AG (Genusschein)   1,102    356 
Schindler Holding AG   90    26 
SGS SA (Registered)   13    37 
Sonova Holding AG (Registered) (f)   132    35 
Swatch Group AG (The)   40    11 
Swiss Life Holding AG (Registered)   42    21 
Swiss Re AG   159    16 
UBS Group AG (Registered)   3,825    59 
Zurich Insurance Group AG   189    81 
         1,537 
United Kingdom  (2.6%)          
3i Group PLC   1,090    17 
Admiral Group PLC   259    11 
Anglo American PLC   1,362    53 
Antofagasta PLC   515    12 
Ashtead Group PLC   509    30 
Associated British Foods PLC (f)   416    14 
AstraZeneca PLC   1,368    137 
Auto Trader Group PLC (f)   1,244    9 
Aviva PLC   4,166    23 
Babcock International Group PLC (f)   360    1 
BAE Systems PLC   3,193    22 
Barclays PLC   17,420    45 
Barratt Developments PLC (f)   1,249    13 
Berkeley Group Holdings PLC   167    10 
BHP Group PLC   2,251    65 
BP PLC   21,377    87 
British American Tobacco PLC   2,563    98 
British Land Co., PLC (The) REIT   1,225    8 
BT Group PLC (f)   8,919    19 
Bunzl PLC   439    14 
Burberry Group PLC (f)   531    14 
Capita PLC (f)   954    1 
Carnival PLC   266    6 
Centrica PLC (f)   7,841    6 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Coca-Cola HBC AG   237    8 
Compass Group PLC (f)   1,603    32 
ConvaTec Group PLC   2,001    5 
Croda International PLC   161    14 
DCC PLC   111    10 
Diageo PLC   2,726    112 
Direct Line Insurance Group PLC   1,766    8 
Dixons Carphone PLC (f)   1,404    3 
easyJet PLC (f)   225    3 
Experian PLC   956    33 
Ferguson PLC   253    30 
Fresnillo PLC   324    4 
G4S PLC (f)   2,164    7 
GlaxoSmithKline PLC   5,293    94 
Glencore PLC (f)   12,496    49 
Hammerson PLC REIT   228    —@
Hargreaves Lansdown PLC   327    7 
Hikma Pharmaceuticals PLC   204    6 
HSBC Holdings PLC   21,931    128 
IMI PLC   381    7 
Imperial Brands PLC   975    20 
InterContinental Hotels Group PLC (f)   1,463    100 
Intertek Group PLC   184    14 
Intu Properties PLC REIT (f)   1,268    —@
Investec PLC   931    3 
ITV PLC (f)   4,716    8 
J Sainsbury PLC   2,261    8 
Johnson Matthey PLC   239    10 
Kingfisher PLC (f)   2,946    13 
Land Securities Group PLC REIT   933    9 
Legal & General Group PLC   5,966    23 
Lloyds Banking Group PLC (f)   73,196    43 
London Stock Exchange Group PLC   327    31 
M&G PLC   3,192    9 
Marks & Spencer Group PLC (f)   2,152    4 
Mediclinic International PLC (f)   533    2 
Meggitt PLC (f)   1,017    7 
Melrose Industries PLC (f)   4,699    11 
Micro Focus International PLC   504    4 
Micro Focus International PLC ADR   219    2 
Mondi PLC   463    12 
National Grid PLC   3,460    41 
Next PLC (f)   165    18 
Ninety One PLC   465    1 
Paragon Offshore PLC (f)(h)   67    — 
Pearson PLC   1,093    12 
Persimmon PLC   355    14 
Provident Financial PLC (f)   221    1 
Prudential PLC   2,638    56 
Quilter PLC   2,394    5 
Reckitt Benckiser Group PLC   688    62 
RELX PLC   1,092    27 
Rio Tinto PLC   3,038    232 
Rolls-Royce Holdings PLC (f)   2,086    3 
Royal Bank of Scotland Group PLC   4,278    12 
Royal Dutch Shell PLC, Class A   4,823    94 
Royal Dutch Shell PLC, Class B   4,102    75 
Royal Mail PLC (f)   1,287    9 
RSA Insurance Group PLC   1,337    13 
Sage Group PLC (The)   1,277    11 
Schroders PLC   162    8 
Segro PLC REIT   1,120    14 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Severn Trent PLC   301    10 
Smith & Nephew PLC   903    17 
Smiths Group PLC   503    11 
SSE PLC   1,023    20 
St. James’s Place PLC   662    12 
Standard Chartered PLC   3,358    23 
Standard Life Aberdeen PLC   2,899    12 
Tate & Lyle PLC   619    7 
Taylor Wimpey PLC (f)   4,058    10 
Tesco PLC   6,906    22 
Travis Perkins PLC (f)   335    7 
TUI AG (f)   585    3 
Unilever PLC   1,074    60 
Unilever PLC CVA   1,300    73 
United Utilities Group PLC   849    11 
Virgin Money UK PLC (f)   888    2 
Vodafone Group PLC   26,803    49 
Weir Group PLC (The) (f)   287    7 
Whitbread PLC (f)   1,452    69 
Wm Morrison Supermarkets PLC   2,934    7 
WPP PLC   1,407    18 
         2,766 
United States  (31.7%)          
3M Co.   1,055    203 
Abbott Laboratories   1,463    175 
AbbVie, Inc.   1,458    158 
Accenture PLC, Class A   1,029    284 
Adient PLC (f)   38    2 
Adobe, Inc. (f)   632    300 
AdvanSix, Inc. (f)   142    4 
AES Corp. (The)   392    11 
Agilent Technologies, Inc.   226    29 
Alaska Air Group, Inc.   440    30 
Alexion Pharmaceuticals, Inc. (f)   234    36 
Allegiant Travel Co.   56    14 
Alphabet, Inc., Class A (f)   449    926 
Alphabet, Inc., Class C (f)   438    906 
Altria Group, Inc.   1,713    88 
Amazon.com, Inc. (f)   543    1,680 
Ameren Corp.   210    17 
American Electric Power Co., Inc.   541    46 
American Express Co.   3,005    425 
American International Group, Inc.   1,751    81 
American Tower Corp. REIT   575    137 
Ameriprise Financial, Inc.   224    52 
AmerisourceBergen Corp.   370    44 
Amgen, Inc.   736    183 
Amphenol Corp., Class A   1,054    70 
Analog Devices, Inc.   168    26 
Annaly Capital Management, Inc. REIT   580    5 
Anthem, Inc.   546    196 
APA Corp.   342    6 
Apple, Inc.   16,416    2,005 
AT&T, Inc.   4,338    131 
Automatic Data Processing, Inc.   534    101 
Avanos Medical, Inc. (f)   534    23 
Avery Dennison Corp.   390    72 
Baker Hughes Co.   467    10 
Bank of America Corp.   9,042    350 
Bank of New York Mellon Corp. (The)   616    29 
Baxter International, Inc.   889    75 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Becton Dickinson & Co.   577    140 
Berkshire Hathaway, Inc., Class B (f)   811    207 
Biogen, Inc. (f)   544    152 
BlackRock, Inc.   405    305 
Boeing Co. (The)   805    205 
Booking Holdings, Inc. (f)   53    123 
Boston Properties, Inc. REIT   175    18 
Boston Scientific Corp. (f)   457    18 
Bristol-Myers Squibb Co.   2,748    173 
Broadcom, Inc.   7    3 
Brookfield Property Partners LP (f) (TSX)   138    2 
Brookfield Property Partners LP (NASDAQ)   40    1 
Cabot Oil & Gas Corp.   5,015    94 
Capital One Financial Corp.   224    29 
Cardinal Health, Inc.   182    11 
Carnival Corp.   2    —@
Carrier Global Corp.   2,612    110 
Caterpillar, Inc.   847    196 
CDK Global, Inc.   152    8 
CenterPoint Energy, Inc.   175    4 
Cerner Corp.   539    39 
CF Industries Holdings, Inc.   38    2 
CH Robinson Worldwide, Inc.   232    22 
Charles Schwab Corp. (The)   614    40 
Charter Communications, Inc., Class A (f)   183    113 
Chemours Co. (The)   416    12 
Chevron Corp.   1,433    150 
Chipotle Mexican Grill, Inc. (f)   45    64 
Choice Hotels International, Inc.   315    34 
Cigna Corp.   666    161 
Cintas Corp.   188    64 
Cisco Systems, Inc.   3,997    207 
CIT Group, Inc.   559    29 
Citigroup, Inc.   2,527    184 
Citrix Systems, Inc.   347    49 
Cleveland-Cliffs, Inc.   20    —@
CME Group, Inc.   212    43 
CNX Resources Corp. (f)   383    6 
Coca-Cola Co. (The)   809    43 
Cognizant Technology Solutions Corp., Class A   512    40 
Colgate-Palmolive Co.   2,100    166 
Comcast Corp., Class A   4,194    227 
Comerica, Inc.   224    16 
Conduent, Inc. (f)   419    3 
ConocoPhillips   16,219    859 
CONSOL Energy, Inc. (f)   46    —@
Consolidated Edison, Inc.   539    40 
Corteva, Inc.   878    41 
Costco Wholesale Corp.   781    275 
Covetrus, Inc. (f)   131    4 
Crown Castle International Corp. REIT   449    77 
CSX Corp.   444    43 
Cummins, Inc.   9    2 
CVS Health Corp.   2,470    186 
Danaher Corp.   538    121 
DaVita, Inc. (f)   402    43 
Deere & Co.   24    9 
Dell Technologies, Inc., Class C (f)   350    31 
Delta Air Lines, Inc.   1,965    95 
Devon Energy Corp.   7,218    158 
Discover Financial Services   427    41 
Discovery, Inc., Class A (f)   527    23 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Discovery, Inc., Class C (f)   467    17 
Dominion Energy, Inc.   370    28 
Dow, Inc.   878    56 
DTE Energy Co.   380    51 
Duke Energy Corp.   811    78 
DuPont de Nemours, Inc.   878    68 
DXC Technology Co.   166    5 
Eaton Corp., PLC   30    4 
eBay, Inc.   1,218    75 
Ecolab, Inc.   34    7 
Edison International   464    27 
Edwards Lifesciences Corp. (f)   1,448    121 
Eli Lilly & Co.   1,048    196 
Emerson Electric Co.   1,061    96 
Empire State Realty Trust, Inc., Class A REIT   4,104    46 
Entergy Corp.   383    38 
EOG Resources, Inc.   472    34 
Equity Residential REIT   463    33 
Estee Lauder Cos., Inc. (The), Class A   387    113 
Exelon Corp.   571    25 
Extended Stay America, Inc. (Units)   1,175    23 
Exxon Mobil Corp.   2,795    156 
Facebook, Inc., Class A (f)   1,123    331 
Fastenal Co.   30    2 
FedEx Corp.   543    154 
Fidelity National Information Services, Inc.   208    29 
Fifth Third Bancorp   512    19 
FirstEnergy Corp.   512    18 
Fluor Corp.   45    1 
Ford Motor Co. (f)   6,130    75 
Fortive Corp.   392    28 
Fox Corp., Class A   465    17 
Fox Corp., Class B   216    8 
Franklin Resources, Inc.   422    12 
Freeport-McMoRan, Inc. (f)   6,648    219 
Frontier Communications Corp. (f)   34    —@
Garrett Motion, Inc. (f)   161    1 
General Dynamics Corp.   73    13 
General Electric Co.   4,172    55 
General Mills, Inc.   623    38 
General Motors Co.   736    42 
Gilead Sciences, Inc.   760    49 
Goldman Sachs Group, Inc. (The)   589    193 
Halliburton Co.   6,442    138 
Healthpeak Properties, Inc. REIT   519    16 
Henry Schein, Inc. (f)   629    44 
Hershey Co. (The)   166    26 
Hess Corp.   3,564    252 
Hewlett Packard Enterprise Co.   908    14 
Hilton Worldwide Holdings, Inc.   2,003    242 
Home Depot, Inc. (The)   1,450    443 
Honeywell International, Inc.   1,317    286 
HP, Inc.   597    19 
Humana, Inc.   131    55 
Hyatt Hotels Corp., Class A   829    69 
Illinois Tool Works, Inc.   29    6 
Intel Corp.   2,033    130 
Intercontinental Exchange, Inc.   579    65 
International Business Machines Corp.   862    115 
Interpublic Group of Cos., Inc. (The)   618    18 
Intuit, Inc.   427    164 
Intuitive Surgical, Inc. (f)   142    105 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Invesco Ltd.   541    14 
Iron Mountain, Inc. REIT   700    26 
JBG SMITH Properties REIT   65    2 
JetBlue Airways Corp. (f)   969    20 
Johnson & Johnson   2,045    336 
Johnson Controls International PLC   550    33 
JPMorgan Chase & Co.   3,392    516 
Juniper Networks, Inc.   560    14 
Kellogg Co.   425    27 
KeyCorp   540    11 
Keysight Technologies, Inc. (f)   126    18 
Kimberly-Clark Corp.   735    102 
Kimco Realty Corp. REIT   501    9 
Kohl’s Corp.   402    24 
Kontoor Brands, Inc.   49    2 
Kraft Heinz Co. (The)   95    4 
Kroger Co. (The)   582    21 
L Brands, Inc.   366    23 
Laboratory Corp. of America Holdings (f)   173    44 
Las Vegas Sands Corp.   162    10 
Liberty Global PLC, Class A (f)   565    15 
Liberty Global PLC Series C (f)   561    14 
Liberty Latin America Ltd., Class A (f)   72    1 
Liberty Latin America Ltd., Class C (f)   181    2 
Lockheed Martin Corp.   15    6 
Lowe’s Cos., Inc.   1,299    247 
Lumen Technologies, Inc.   580    8 
M&T Bank Corp.   203    31 
Macerich Co. (The) REIT   592    7 
Mallinckrodt PLC (f)   29    —@
ManpowerGroup, Inc.   210    21 
Marathon Oil Corp.   407    4 
Marathon Petroleum Corp.   426    23 
Marriott International, Inc., Class A   2,418    358 
Marriott Vacations Worldwide Corp.   239    42 
Mastercard, Inc., Class A   1,772    631 
McDonald’s Corp.   783    176 
McKesson Corp.   402    78 
Medtronic PLC   1,194    141 
Merck & Co., Inc.   1,586    122 
Microsoft Corp.   4,640    1,094 
Mondelez International, Inc., Class A   787    46 
Mosaic Co. (The)   29    1 
Murphy Oil Corp.   539    9 
Murphy USA, Inc.   162    23 
Nasdaq, Inc.   188    28 
NetApp, Inc.   404    29 
NetScout Systems, Inc. (f)   2,032    57 
New York Community Bancorp, Inc.   188    2 
Newmont Corp. (NYSE)   184    11 
Newmont Corp. (TSX)   4,946    298 
News Corp., Class A   556    14 
News Corp., Class B   410    10 
NextEra Energy, Inc.   1,780    135 
NIKE, Inc., Class B   2,568    341 
Nordstrom, Inc.   137    5 
Norfolk Southern Corp.   458    123 
Northrop Grumman Corp.   20    6 
NortonLifeLock, Inc.   408    9 
NOV, Inc.   618    8 
NOW, Inc. (f)   188    2 
nVent Electric PLC   6    —@

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

O’Reilly Automotive, Inc. (f)   242    123 
Occidental Petroleum Corp.   1,070    28 
Omnicom Group, Inc.   377    28 
ONE Gas, Inc.   129    10 
ONEOK, Inc.   431    22 
Oracle Corp.   2,821    198 
Otis Worldwide Corp.   1,306    89 
Ovintiv, Inc. (NYSE)   165    4 
Ovintiv, Inc. (TSX)   72    2 
PACCAR, Inc.   22    2 
Paramount Group, Inc. REIT   5,335    54 
PayPal Holdings, Inc. (f)   1,218    296 
Pentair PLC   6    —@
People’s United Financial, Inc.   189    3 
PepsiCo, Inc.   1,216    172 
Perspecta, Inc.   83    2 
Pfizer, Inc.   3,298    119 
Philip Morris International, Inc.   1,172    104 
Phillips 66   614    50 
Pioneer Natural Resources Co.   2,841    451 
Pitney Bowes, Inc.   432    4 
PNC Financial Services Group, Inc. (The)   674    118 
PPL Corp.   489    14 
Procter & Gamble Co. (The)   1,992    270 
Prologis, Inc. REIT   792    84 
Public Service Enterprise Group, Inc.   389    23 
Public Storage REIT   167    41 
QUALCOMM, Inc.   1,896    251 
Quest Diagnostics, Inc.   247    32 
Range Resources Corp. (f)   146    2 
Rayonier Advanced Materials, Inc. (f)   393    4 
Rayonier, Inc. REIT   516    17 
Raytheon Technologies Corp.   2,063    159 
Regions Financial Corp.   536    11 
Republic Services, Inc.   618    61 
Resideo Technologies, Inc. (f)   236    7 
Robert Half International, Inc.   224    17 
Rockwell Automation, Inc.   9    2 
Ross Stores, Inc.   420    50 
Royal Caribbean Cruises Ltd.   2    —@
S&P Global, Inc.   517    182 
Sabra Health Care, Inc. REIT   118    2 
salesforce.com, Inc. (f)   565    120 
Schlumberger Ltd.   1,095    30 
Sempra Energy   557    74 
Simon Property Group, Inc. REIT   549    62 
SL Green Realty Corp. REIT   1,709    120 
Southern Co. (The)   383    24 
Southwest Airlines Co.   2,014    123 
Southwestern Energy Co. (f)   644    3 
Starbucks Corp.   1,743    190 
State Street Corp.   557    47 
Stericycle, Inc. (f)   349    24 
Stryker Corp.   527    128 
Sysco Corp.   387    30 
T Rowe Price Group, Inc.   378    65 
T-Mobile US, Inc. (f)   73    9 
Tapestry, Inc.   446    18 
Target Corp.   765    152 
TE Connectivity Ltd.   186    24 
Texas Instruments, Inc.   2,111    399 
Thermo Fisher Scientific, Inc.   406    185 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

TJX Cos., Inc. (The)   856    57 
Truist Financial Corp.   1,187    69 
Union Pacific Corp.   1,287    284 
United Airlines Holdings, Inc. (f)   1,389    80 
United Parcel Service, Inc., Class B   1,307    222 
UnitedHealth Group, Inc.   1,463    544 
Urban Edge Properties REIT   74    1 
US Bancorp   855    47 
Valero Energy Corp.   400    29 
Varex Imaging Corp. (f)   124    3 
Varian Medical Systems, Inc. (f)   375    66 
Ventas, Inc. REIT   253    14 
Verisk Analytics, Inc.   168    30 
Verizon Communications, Inc.   7,641    444 
VF Corp.   548    44 
ViacomCBS, Inc., Class B   718    32 
Viatris, Inc. (f)   397    6 
Visa, Inc., Class A   1,991    422 
Vontier Corp. (f)   116    4 
Vornado Realty Trust REIT   4,724    214 
Walgreens Boots Alliance, Inc.   568    31 
Walmart, Inc.   1,966    267 
Walt Disney Co. (The) (f)   1,450    268 
Washington Prime Group, Inc. REIT   67    —@
Waste Management, Inc.   433    56 
WEC Energy Group, Inc.   220    21 
Wells Fargo & Co.   2,753    108 
Welltower, Inc. REIT   563    40 
Western Digital Corp.   72    5 
Western Union Co. (The)   88    2 
Westinghouse Air Brake Technologies Corp.   19    2 
Weyerhaeuser Co. REIT   618    22 
Williams Cos., Inc. (The)   458    11 
WW Grainger, Inc.   5    2 
Wyndham Hotels & Resorts, Inc.   529    37 
Wynn Resorts Ltd.   215    27 
Xcel Energy, Inc.   395    26 
Xerox Holdings Corp.   241    6 
Xylem, Inc.   135    14 
Yum! Brands, Inc.   413    45 
Zimmer Biomet Holdings, Inc.   349    56 
Zoetis, Inc.   910    143 
         33,469 
Total Common Stocks (Cost $34,795)        45,931 
           
   No. of
Rights		     
Right  (0.0%) (a)          
Italy  (0.0%) (a)          
Snam SpA (f) (Cost $—)   989    —@

 

   No. of
Warrants		     
Warrants  (0.0%) (a)          
France  (0.0%) (a)          
CGG SA, expires 2/21/22 (f)   5    —@

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Switzerland  (0.0%) (a)          
Cie Financiere Richemont SA, expires 11/22/23 (f)   1,124    1 
United Kingdom  (0.0%) (a)          
NOBLE Corp., expires 3/30/39 (f)   2    — 
United States  (0.0%) (a)          
Occidental Petroleum Corp., expires 8/3/27 (f)   108    1 
       Total Warrants (Cost $3)        2 

 

   Shares     
Investment Company  (4.4%)          
           
United States  (4.4%)          
SPDR S&P 500 ETF Trust (Cost $2,078)   11,613    4,603 
Short-Term Investments  (9.8%)          
           
Investment Company  (9.2%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $9,678)   9,678,254    9,678 

 

   Face
Amount
(000)		     
U.S. Treasury Security  (0.6%)          
U.S. Treasury Bill  0.09%, 6/3/21 (j)  (Cost $676)  $676    676 
Total Short-Term Investments (Cost $10,354)        10,354 
Total Investments (100.2%) (Cost $91,164)  (k)(l)(m)        105,800 
Liabilities in Excess of Other Assets (-0.2%)        (211)
Net Assets (100.0%)       $105,589 

 

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

 

(a) Amount is less than 0.05%.
(b) Security is subject to delayed delivery.
(c) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(d) Floating or variable rate securities: The rates disclosed are as of March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.
(e) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2021.
(f) Non-income producing security.
(g) Security trades on the Hong Kong exchange.
(h) At March 31, 2021, the Fund a held fair valued security valued at $0, representing 0% 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 Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

(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. 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 approximately $2,000 relating to the Fund’s investment in the Liquidity Funds.
(j) Rate shown is the yield to maturity at March 31, 2021.
(k) 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.
(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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(m) 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 approximately $17,562,000 and the aggregate gross unrealized depreciation is approximately $3,425,000, resulting in net unrealized appreciation of approximately $14,137,000.
ADR American Depositary Receipt.
ASX Australian Securities Exchange.
CDI CHESS Depositary Interest.
CVA Certificaten Van Aandelen.
ETF Exchange Traded Fund.
EURIBOR Euro Interbank Offered Rate.
Euronext Euronext Paris Exchange.
LSE London Stock Exchange.
MTN Medium Term Note.
NASDAQ Nasdaq Stock Exchange.
NYSE New York Stock Exchange.
OAT Obligations Assimilables du Trésor (Treasury Obligation).
OFZ Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation).
OMXH Helsinki Stock Exchange.
REIT Real Estate Investment Trust.
SDR Swedish Depositary Receipt.
SIX Swiss Exchange.
SOFR Secured Overnight Financing Rate.
SPDR Standard & Poor’s Depository Receipt.
SSE Stockholm Stock Exchange.
TBA To Be Announced.
TSX Toronto Stock Exchange.

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2021:
 
Counterparty   Contracts
to
Deliver
(000)		     In
Exchange
For
(000)		     Delivery
Date		     Unrealized
Appreciation
(Depreciation)
(000)		  
Bank of America NA   AUD 947     $ 750     5/25/21     $ 31  
Bank of America NA   CNH 2,390     $ 365     6/17/21     3  
Bank of America NA   EUR 80     $ 95     5/25/21     — @
Bank of America NA   PLN 67     $ 17     6/17/21     — @
Bank of America NA   $ 26     CAD 33     5/25/21     — @
Bank of America NA   $ 57     ILS 189     6/17/21     (1 )
Bank of Montreal   $ 219     CAD 272     6/17/21     (2 )
Barclays Bank PLC   CAD 78     $ 62     5/25/21     (— )@
Barclays Bank PLC   JPY 17,008     $ 154     4/5/21     (— )@
Barclays Bank PLC   $ 34     AUD 43     6/17/21     (1 )
Barclays Bank PLC   $ 109     CAD 135     6/17/21     (1 )
Barclays Bank PLC   $ 402     CNY 2,630     6/17/21     (3 )
Barclays Bank PLC   $ 14     COP 50,392     6/17/21     (1 )
Barclays Bank PLC   $ 152     EUR 126     5/25/21     (4 )
Barclays Bank PLC   $ 4     GBP 3     5/25/21     (— )@
Barclays Bank PLC   $ 154     JPY 17,008     5/25/21     — @
Barclays Bank PLC   $ 37     PEN 135     5/25/21     (1 )
BNP Paribas SA   CAD 43     $ 34     4/6/21     (— )@
BNP Paribas SA   EUR 133     $ 159     6/17/21     2  
BNP Paribas SA   EUR 53     $ 63     6/17/21     1  
BNP Paribas SA   EUR 53     $ 64     6/17/21     1  
BNP Paribas SA   GBP 381     $ 537     5/25/21     11  
BNP Paribas SA   IDR 215,849     $ 15     5/25/21     — @
BNP Paribas SA   IDR 26,173     $ 2     6/17/21     — @
BNP Paribas SA   JPY 10,379     $ 95     6/17/21     2  
BNP Paribas SA   JPY 4,147     $ 38     6/17/21     1  
BNP Paribas SA   JPY 4,147     $ 38     6/17/21     1  
BNP Paribas SA   PEN 10     $ 3     6/17/21     — @
BNP Paribas SA   RUB 1,954     $ 26     5/25/21     — @
BNP Paribas SA   $ 7     AUD 10     6/17/21     (— )@
BNP Paribas SA   $ 345     CAD 429     6/17/21     (3 )
BNP Paribas SA   $ 34     CAD 43     5/25/21     — @
BNP Paribas SA   $ 29     CHF 27     6/17/21     (1 )
BNP Paribas SA   $ 217     CHF 194     5/25/21     (11 )
BNP Paribas SA   $ 14     DKK 88     6/17/21     (— )@
BNP Paribas SA   $ 111     EUR 93     6/17/21     (2 )
BNP Paribas SA   $ 208     EUR 177     6/17/21     (— )@
BNP Paribas SA   $ 284     GBP 204     6/17/21     (2 )
BNP Paribas SA   $ 68     HKD 530     6/17/21     (— )@
BNP Paribas SA   $ 92     HKD 719     6/17/21     (— )@
BNP Paribas SA   $ 1     INR 83     6/17/21     (— )@
BNP Paribas SA   $ 67     JPY 7,252     6/17/21     (1 )
BNP Paribas SA   $ 333     JPY 36,273     6/17/21     (5 )
BNP Paribas SA   $ 160     JPY 17,691     6/17/21     (— )@
BNP Paribas SA   $ 16     KRW 18,082     6/17/21     — @
BNP Paribas SA   $ 457     KRW 505,579     5/25/21     (11 )
BNP Paribas SA   $ 30     KRW 34,350     6/17/21     (— )@
BNP Paribas SA   $ 275     MXN 5,709     6/17/21     2  
BNP Paribas SA   $ 292     MXN 6,012     6/17/21     (— )@
BNP Paribas SA   $ 15     PLN 56     5/25/21       (1 )
BNP Paribas SA   $ 15     RUB 1,114     6/17/21     (— )@
BNP Paribas SA   $ 182     SGD 245     6/17/21     — @
BNP Paribas SA   $ 134     THB 4,040     5/25/21     (5 )
BNP Paribas SA   $ 1     TWD 32     6/17/21     (— )@

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Citibank NA   $ 871     CNH 5,671     5/25/21     (10 )
Citibank NA   $ 8     CZK 168     6/17/21     (— )@
Citibank NA   $ 47     CZK 1,001     5/25/21     (2 )
Citibank NA   $ 74     HKD 572     6/17/21     (— )@
Citibank NA   $ 52     ILS 172     6/17/21     (1 )
Citibank NA   $ 30     RON 122     5/25/21     (1 )
Citibank NA   $ 77     SGD 101     5/25/21     (1 )
Citibank NA   $ 5     THB 145     6/17/21     (— )@
Commonwealth Bank of Australia   NZD 13     $ 9     6/17/21     — @
Goldman Sachs International   BRL 25,528     $ 4,526     6/17/21     13  
Goldman Sachs International   $ 111     AUD 144     6/17/21     (2 )
Goldman Sachs International   $ 2,348     BRL 13,023     6/17/21     (46 )
Goldman Sachs International   $ 240     CAD 299     6/17/21     (2 )
Goldman Sachs International   $ 43     CHF 40     6/17/21       (1 )
Goldman Sachs International   $ 15     CLP 10,924     6/17/21     (— )@
Goldman Sachs International   $ 210     EUR 178     6/17/21     (2 )
Goldman Sachs International   $ 65     HKD 502     6/17/21     (— )@
Goldman Sachs International   $ 19     HUF 5,535     5/25/21     (1 )
JPMorgan Chase Bank NA   AUD 497     $ 384     5/25/21       6  
JPMorgan Chase Bank NA   CAD 65     $ 52     5/25/21     (— )@
JPMorgan Chase Bank NA   CNH 901     $ 130     8/12/21     (6 )
JPMorgan Chase Bank NA   CNH 530     $ 78     8/12/21     (2 )
JPMorgan Chase Bank NA   CNH 383     $ 58     8/12/21     — @
JPMorgan Chase Bank NA   CNH 19,362     $ 2,965     8/12/21     44  
JPMorgan Chase Bank NA   DKK 148     $ 24     5/25/21     1  
JPMorgan Chase Bank NA   EUR 9     $ 11     5/25/21     — @
JPMorgan Chase Bank NA   JPY 6,669     $ 60     5/25/21     — @
JPMorgan Chase Bank NA   $ 36     AUD 46     6/17/21     (1 )
JPMorgan Chase Bank NA   $ 19     CAD 24     6/17/21     (— )@
JPMorgan Chase Bank NA   $ 152     CNH 1,078     8/12/21     11  
JPMorgan Chase Bank NA   $ 2,658     CNH 18,870     8/12/21     189  
JPMorgan Chase Bank NA   $ 184     CNH 1,229     8/12/21     2  
JPMorgan Chase Bank NA   $ 1,730     EUR 1,421     5/25/21     (61 )
JPMorgan Chase Bank NA   $ 313     GBP 224     5/25/21     (4 )
JPMorgan Chase Bank NA   $ 137     HKD 1,060     6/17/21     (— )@
JPMorgan Chase Bank NA   $ 7     JPY 750     5/25/21     (— )@
JPMorgan Chase Bank NA   $ 69     JPY 7,318     5/25/21     (3 )
JPMorgan Chase Bank NA   ZAR 19     $ 1     6/17/21     (— )@
Royal Bank of Canada   $ 421     JPY 44,200     5/25/21     (22 )
Royal Bank of Canada   $ 14     NOK 119     5/25/21     (— )@
State Street Bank and Trust Co.   $ 8     HKD 61     6/17/21     (— )@
UBS AG   CHF 209     $ 223     6/17/21     1  
UBS AG   EUR 189     $ 222     6/17/21       1  
UBS AG   EUR 38     $ 45     6/17/21     — @
UBS AG   GBP 162     $ 223     6/17/21     (1 )
UBS AG   JPY 24,262     $ 223     6/17/21     3  
UBS AG   MXN 1,908     $ 92     5/25/21     (1 )
UBS AG   NOK 297     $ 35     6/17/21     — @
UBS AG   TRY 896     $ 101     6/17/21     (2 )
UBS AG   TRY 5,333     $ 601     6/17/21     (12 )
UBS AG   TRY 1,010     $ 115     6/17/21     (2 )
UBS AG   $ 6     AUD 8     5/25/21     (— )@
UBS AG   $ 330     AUD 426     6/17/21     (7 )
UBS AG   $ 505     CAD 628     6/17/21     (5 )
UBS AG   $ 368     CHF 340     6/17/21       (8 )
UBS AG   $ 30     EUR 25     6/17/21       (1 )
UBS AG   $ 33     EUR 28     6/17/21     (— )@
UBS AG   $ 409     EUR 343     6/17/21     (6 )
UBS AG   $ 129     GBP 93     6/17/21     (1 )
UBS AG   $ 82     HKD 638     6/17/21     (— )@
UBS AG   $ 1     HUF 419     6/17/21     — @
UBS AG   $ 18     JPY 1,942     6/17/21     (— )@

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

UBS AG   $ 20     JPY 2,190     6/17/21     (— )@
UBS AG   $ 525     JPY 57,204     6/17/21       (8 )
UBS AG   $ 90     SEK 740     5/25/21       (5 )
UBS AG   $ 122     TRY 914     6/17/21     (17 )
UBS AG   $ 816     TRY 6,387     6/17/21     (82 )
UBS AG   ZAR 327     $ 22     6/17/21     (— )@
                $ (56 )

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

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

 

    Number
of
Contracts		     Expiration
Date		     Notional Amount
(000)		     Value
(000)		     Unrealized
Appreciation
(Depreciation)
(000)		  
Long:    
NIKKEI 225 Index (Japan)   1       Jun-21     JPY 1     $ 133     $ 1  
Euro STOXX 50 Index (Germany)   26       Jun-21     EUR — @     1,179       26  

South Korea 10 yr. Bond (Korea, Republic of) 

   4       Jun-21     KRW 400,000       446       (1 )
CAC 40 Index (France)   1       Apr-21     EUR — @     71       1  
SGX MSCI Singapore (Singapore)   7       Apr-21     SGD 1       186       1  
S&P TSE 60 Index (Canada)   6       Jun-21     CAD 1       1,061       (1 )
Hang Seng Index (Hong Kong)   3       Apr-21     HKD — @     546       10  
SPI 200 Index (Australia)   4       Jun-21     AUD — @     514       2  
IBEX 35 Index (Spain)   7       Apr-21     EUR — @     705       (1 )
FTSE MIB Index (Italy)   5       Jun-21       — @     715       17  

U.S. Treasury 5 yr. Note (United States)

   42       Jun-21     $ 4,200       5,183       (66 )

U.S. Treasury 10 yr. Note (United States)

   41       Jun-21       4,100       5,368       (82 )
     
Short:    

U.S. Treasury Ultra Long Bond (United States) 

   14       Jun-21       (1,400 )     (2,537 )     113  

U.S. Treasury 10 yr. Note (United States)

   5       Jun-21       (500 )     (655 )     17  
S&P 500 E Mini Index (United States)   35       Jun-21       (2 )     (6,943 )     (115 )

U.S. Treasury 2 yr. Note (United States)

   4       Jun-21       (800 )     (883 )     1  

U.S. Treasury Ultra Long Bond (United States) 

   21       Jun-21       (2,100 )     (3,017 )     107  
FTSE 100 Index (United Kingdom)   1       Jun-21     GBP — @     (92 )     — @
German Euro BTP (Germany)   12       Jun-21     EUR (1,200 )     (2,101 )     (11 )

MSCI Emerging Market E Mini (United States)

   6       Jun-21     $ — @     (397 )     3  

U.S. Treasury 30 yr. Bond (United States) 

   1       Jun-21       (100 )     (155 )     3  
    $ 25  

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at March 31, 2021:		    
     
Swap Counterparty  Floating Rate
 Index		  Pay/Receive
 Floating Rate		  Fixed
Rate		   Payment
Frequency
Paid/ Received		  Maturity
 Date		  Notional
 Amount
 (000)		   Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.24%  Semi-Annual/ 
Quarterly		  3/30/30  $316   $38   $—   $38 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.27   Semi-Annual/ 
Quarterly		  3/30/30   1,106    127    —    127 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.30   Semi-Annual/ 
Quarterly		  3/30/30   315    36    —    36 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.18   Semi-Annual/ 
Quarterly		  3/31/30   526    65    —    65 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.31   Semi-Annual/ 
Quarterly		  4/28/30   190    21    —    21 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.37   Semi-Annual/ 
Quarterly		  5/29/30   134    15    —    15 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.75   Semi-Annual/ 
Quarterly		  7/30/30   247    22    —    22 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   1.96   Semi-Annual/ 
Quarterly		  8/28/30   138    9    —    9 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.18   Semi-Annual/ 
Quarterly		  12/23/30  $387    14    —    14 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.78   Quarterly/ 
Quarterly		  10/3/30  MXN 4,150    (15)   —    (15)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.78   Quarterly/ 
Quarterly		  10/4/30   7,103    (25)   —    (25)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.78   Quarterly/ 
Quarterly		  10/4/30   7,113    (25)   —    (25)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.58   Quarterly/ 
Quarterly		  11/1/30   4,361    (19)   —    (19)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.59   Quarterly/ 
Quarterly		  11/1/30   4,360    (19)   —    (19)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.60   Quarterly/ 
Quarterly		  11/1/30   8,555    (36)   —    (36)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.61   Quarterly/ 
Quarterly		  11/1/30   7,125    (30)   —    (30)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.61   Quarterly/ 
Quarterly		  11/1/30   9,980    (42)   —    (42)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   5.61   Quarterly/ 
Quarterly		  11/1/30   9,980    (42)   —    (42)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.03   Quarterly/ 
Quarterly		  2/12/31   6,976    (20)   —    (20)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.03   Quarterly/ 
Quarterly		  2/12/31   6,977    (20)   —    (20)
                         $54   $—   $54 

 

Total Return Swap Agreements:
The Fund had the following total return swap agreements open at March 31, 2021:		    
     
Swap Counterparty  Index  Pay/Receive
Total Return
of Referenced
Index		  Floating
Rate		  Payment
Frequency		  Maturity
Date		  Notional
Amount
(000)		   Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Barclays Bank PLC  Barclays Electric Vehicles Basket Index  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  2/22/22  $381   $77   $—   $77 
Barclays Bank PLC  Barclays Electric Vehicles Basket Index  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  2/22/22   92    (6)   —    (6)
BNP Paribas SA  BNP Custom U.S. Banks Index††  Receive  3 Month USD LIBOR plus 0.15%  Quarterly  9/16/21   241    (3)   —    (3)

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

BNP Paribas SA  BNP Custom U.S. Banks Index††  Receive  3 Month USD LIBOR plus 0.25%  Quarterly  9/16/21   414    (5)   —    (5)
BNP Paribas SA  BNP Custom U.S. Banks Index††  Receive  3 Month USD LIBOR plus 0.25%  Quarterly  9/16/21   541    (6)   —    (6)
BNP Paribas SA  BNP Custom U.S. Banks Index††  Receive  3 Month USD LIBOR plus 0.25%  Quarterly  9/16/21   743    (8)   —    (8)
BNP Paribas SA  BNP Custom U.S. Banks Index††  Receive  3 Month USD LIBOR plus 0.25%  Quarterly  9/16/21   324    (4)   —    (4)
BNP Paribas SA  BNP Custom U.S. Banks Index††  Receive  3 Month USD LIBOR plus 0.25%  Quarterly  9/16/21   386    (4)   —    (4)
BNP Paribas SA  MSCI Emerging Markets ex China Index  Receive  3 Month USD LIBOR plus 0.52%  Quarterly  1/13/22   420    (6)   —    (6)
BNP Paribas SA  MSCI Japan Net Total Return Index  Receive  3 Month USD LIBOR plus 0.18%  Quarterly  2/10/22   4,264    (129)   —    (129)
Goldman Sachs International  MSCI Emerging Markets Net Total Return Index  Receive  3 Month USD LIBOR plus 0.18%  Quarterly  1/26/22   8,934    (467)   —    (467)
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   723    8    —    8 
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   717    16    —    16 
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   705    26    —    26 
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   655    26    —    26 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   603    (14)   —    (14)
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   602    (14)   —    (14)
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   594    (9)   —    (9)
JPMorgan Chase Bank NA  JPM SPX 1500 Low Vol Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   586    (8)   —    (8)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Basket Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   1,314    19    —    19 
JPMorgan Chase Bank NA  JPM SPX 1500 Value Basket Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   1,323    12    —    12 
JPMorgan Chase Bank NA  JPM SPX 1500 Value Basket Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   1,296    (6)   —    (6)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Basket Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  3/11/22   1,252    (18)   —    (18)
JPMorgan Chase Bank NA  JPM SPX 500 Growth Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/10/22   4,311    (88)   —    (88)
JPMorgan Chase Bank NA  JPM SPX 500 Low Vol Basket Index††  Pay  3 Month USD LIBOR plus 0.20%  Quarterly  3/10/22   1,958    (78)   —    (78)
JPMorgan Chase Bank NA  JPM SPX 500 Value Basket Index††  Receive  3 Month USD LIBOR plus 0.20%  Quarterly  3/10/22   6,355    167    —    167 
                       $(522)  $—   $(522)

 

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

 

The following table represents the equity basket holdings underlying the total return swap with BNP U.S. Banks Basket Index as of March 31, 2021:

 

Security Description  Shares   Value (000)   Index Weight 
BNP U.S. Banks Basket Index               
JPMorgan Chase & Co.   110,953   $16,890    29.87%
Bank of America Corp.   308,343    11,930    21.09 
Citigroup, Inc.   79,236    5,764    10.19 
Wells Fargo & Co.   146,120    5,709    10.09 
US Bancorp   51,605    2,854    5.05 
Pnc Financial Services Group   15,425    2,706    4.78 
Truist Financial Corp.   45,852    2,674    4.73 
First Republic Bank   5,750    959    1.69 
Fifth Third Bancorp   25,079    939    1.66 
Svb Financial Group   1,793    885    1.56 
Regions Financial Corp.   34,597    715    1.26 
Citizens Financial Group   15,687    693    1.22 
Keycorp   34,389    687    1.21 
M & T Bank Corp.   4,440    673    1.19 
Huntington Bancshares, Inc.   35,695    561    0.99 
Signature Bank   1,907    431    0.76 
Comerica, Inc.   5,287    379    0.67 
East West Bancorp, Inc.   4,961    366    0.65 
Zions Bancorp NA   6,245    343    0.61 
People’s United Financial   13,619    244    0.43 
CIT Group, Inc.   3,298    170    0.30 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Basket Index as of March 31, 2021:

 

Security Description  Shares   Value (000)   Index Weight 
JPM SPX 1500 Growth Basket Index               
Staar Surgical Co.   649   $68    0.68%
Fluor Corp.   2,765    64    0.63 
Tabula Rasa Healthcare, Inc.   1,379    64    0.63 
Enphase Energy, Inc.   388    63    0.63 
3D Systems Corp.   2,242    62    0.61 
American Tower Corp.   258    62    0.62 
Cytokinetics, Inc.   2,672    62    0.62 
Titan International, Inc.   6,721    62    0.62 
Universal Display Corp.   257    61    0.60 
Crown Castle International Corp.   349    60    0.60 
Monolithic Power Systems, Inc.   170    60    0.60 
Neogenomics, Inc.   1,234    60    0.59 
Solaredge Technologies, Inc.   208    60    0.59 
Cree, Inc.   545    59    0.59 
Equinix, Inc.   86    59    0.58 
Sba Communications Corp.   211    59    0.58 
Boeing Co. (The)   229    58    0.59 
Boston Beer Company, Inc. - Class A   48    58    0.57 
Ceva, Inc.   1,036    58    0.58 
Fastenal Co.   1,148    58    0.57 
Tactile Systems Technology   1,072    58    0.58 
Tripadvisor, Inc.   1,077    58    0.58 
Cognex Corp.   682    57    0.57 
Generac Holdings, Inc.   174    57    0.57 
Amedisys, Inc.   210    56    0.55 
Barnes & Noble Education, Inc.   6,921    56    0.56 
Cutera, Inc.   1,868    56    0.56 
Graco, Inc.   776    56    0.55 
Nisource, Inc.   2,327    56    0.56 
Old Dominion Freight Line   235    56    0.56 
Saia, Inc.   244    56    0.56 
Wec Energy Group, Inc.   594    56    0.55 
Zoetis, Inc.   353    56    0.55 
Coresite Realty Corp.   457    55    0.54 
Duke Energy Corp.   568    55    0.55 
Eversource Energy   636    55    0.55 
Garmin Ltd.   419    55    0.55 
Lennox International, Inc.   175    55    0.54 
LHC Group, Inc.   290    55    0.55 
Livent Corp.   3,185    55    0.55 
Nextera Energy, Inc.   724    55    0.54 
Paypal Holdings, Inc.   227    55    0.55 
Repligen Corp.   283    55    0.55 
Servicenow, Inc.   111    55    0.55 
ETSY, Inc.   270    54    0.54 
Granite Construction, Inc.   1,345    54    0.54 
Green Plains, Inc.   2,012    54    0.54 
Liveramp Holdings, Inc.   1,050    54    0.54 
Rollins, Inc.   1,578    54    0.54 
United Parcel Service - Class B   319    54    0.54 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Low Vol Basket Index as of March 31, 2021:

 

Security Description  Shares   Value (000)   Index Weight 
JPM SPX 1500 Low Vol Basket Index               
Kansas City Southern   258   $68    0.66%
American Tower Corp.   274    65    0.63 
Crown Castle Intl Corp.   370    64    0.62 
Home Depot, Inc.   210    64    0.62 
Corning, Inc.   1,445    63    0.61 
Lowe’s Cos, Inc.   334    63    0.61 
Murphy USA, Inc.   432    63    0.61 
Texas Instruments, Inc.   335    63    0.61 
Costco Wholesale Corp.   175    62    0.60 
Hawaiian Electric Industries   1,402    62    0.60 
SBA Communications Corp.   224    62    0.60 
Synopsys, Inc.   249    62    0.60 
Adobe, Inc.   129    61    0.59 
Autozone, Inc.   44    61    0.60 
Dollar General Corp.   299    61    0.59 
Expeditors Intl Wash, Inc.   564    61    0.59 
Agilent Technologies, Inc.   468    60    0.58 
Ameren Corporation   733    60    0.58 
Amerisourcebergen Corp.   506    60    0.58 
Broadcom, Inc.   129    60    0.58 
Domino’S Pizza, Inc.   163    60    0.58 
Linde PLC   214    60    0.58 
Prologis, Inc.   566    60    0.58 
Steris PLC   315    60    0.58 
Tractor Supply Company   338    60    0.58 
Watsco, Inc.   229    60    0.57 
Allegion PLC   467    59    0.57 
Amgen, Inc.   239    59    0.58 
Analog Devices, Inc.   377    59    0.57 
Atmos Energy Corp.   593    59    0.57 
Baxter International, Inc.   694    59    0.57 
Cisco Systems, Inc.   1,144    59    0.57 
Duke Realty Corp.   1,397    59    0.57 
Graco, Inc.   822    59    0.57 
Jacobs Engineering Group, Inc.   460    59    0.58 
Resmed, Inc.   303    59    0.57 
Zoetis, Inc.   374    59    0.57 
Amphenol Corp. - Class A   886    58    0.57 
CDW Corp.   350    58    0.56 
Eversource Energy   674    58    0.57 
FMC Corp.   527    58    0.57 
Garmin Ltd.   444    58    0.57 
Henry Schein, Inc.   839    58    0.56 
McDonald’S Corp.   260    58    0.56 
Mid-America Apartment Communities   405    58    0.57 
Newmont Corp.   964    58    0.56 
O’Reilly Automotive, Inc.   115    58    0.56 
Pepsico, Inc.   411    58    0.56 
Sherwin-Williams Co. (The)   79    58    0.56 
Xcel Energy, Inc.   877    58    0.57 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Basket Index as of March 31, 2021:

 

Security Description  Shares   Value (000)   Index Weight 
JPM SPX 1500 Value Basket Index               
Ichor Holdings Ltd.   1,342   $72    0.71%
Ultra Clean Holdings, Inc.   1,235    72    0.69 
Acuity Brands, Inc.   399    66    0.64 
First Solar, Inc.   734    64    0.63 
Synnex Corp.   557    64    0.63 
Edgewell Personal Care Co.   1,591    63    0.62 
Jabil, Inc.   1,201    63    0.61 
Meridian Bioscience, Inc.   2,370    62    0.61 
Ebix, Inc.   1,898    61    0.60 
Facebook Inc - Class A   205    61    0.59 
Amkor Technology, Inc.   2,539    60    0.59 
Ebay, Inc.   980    60    0.59 
Caci International Inc - Class A   240    59    0.58 
Central Garden And Pet Co. - Class A   1,146    59    0.58 
Dxc Technology Co.   1,872    59    0.57 
Essent Group Ltd.   1,238    59    0.58 
Myr Group, Inc.   826    59    0.58 
Owens & Minor, Inc.   1,567    59    0.58 
Avista Corp.   1,225    58    0.57 
Corecivic, Inc.   6,435    58    0.57 
Mgic Investment Corp.   4,202    58    0.57 
Navient Corp.   4,069    58    0.57 
Photronics, Inc.   4,521    58    0.57 
Agco Corp.   394    57    0.55 
Arrow Electronics, Inc.   514    57    0.55 
First American Financial   999    57    0.56 
Jack In The Box, Inc.   523    57    0.56 
M/I Homes, Inc.   970    57    0.56 
Odp Corp. (The)   1,310    57    0.56 
Vista Outdoor, Inc.   1,776    57    0.56 
Alliance Data Systems Corp.   498    56    0.55 
Boise Cascade Co.   943    56    0.55 
Chemours Co. (The)   1,990    56    0.55 
Customers Bancorp, Inc.   1,748    56    0.55 
H.B. Fuller Co.   884    56    0.55 
Hewlett Packard Enterprise   3,541    56    0.55 
Hibbett Sports, Inc.   809    56    0.55 
Hill-Rom Holdings, Inc.   502    56    0.54 
Huntington Ingalls Industries   274    56    0.55 
Intl Business Machines Corp.   420    56    0.55 
Knight-Swift Transportation   1,157    56    0.55 
Laboratory Corp of Amer Holdings   218    56    0.55 
Molson Coors Beverage Co. - Class B   1,100    56    0.55 
Quest Diagnostics, Inc.   433    56    0.55 
Sanmina Corp.   1,352    56    0.55 
Wabtec Corp.   705    56    0.55 
Atlas Air Worldwide Holdings   914    55    0.54 
CVS Health Corp.   731    55    0.54 
Dish Network Corp. - Class A   1,506    55    0.53 
Equitrans Midstream Corp.   6,698    55    0.54 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Basket Index as of March 31, 2021:

 

Security Description  Shares   Value (000)   Index Weight 
JPM SPX 500 Growth Basket Index               
American Tower Corp.   490   $117    1.14%
American Airlines Group, Inc.   4,794    115    1.12 
Boeing Co. (The)   439    112    1.09 
Crown Castle International Corp.   653    112    1.09 
SBA Communications Corp.   405    112    1.09 
United Airlines Holdings, Inc.   1,941    112    1.09 
Enphase Energy, Inc.   683    111    1.08 
Tesla, Inc.   164    110    1.07 
Equinix, Inc.   161    109    1.06 
WEC Energy Group, Inc.   1,161    109    1.07 
American Water Works Co., Inc.   721    108    1.05 
Ansys, Inc.   318    108    1.05 
Fortinet, Inc.   585    108    1.05 
Nisource, Inc.   4,485    108    1.05 
Mettler-Toledo International   92    107    1.04 
Old Dominion Freight Line   446    107    1.04 
Sherwin-Williams Co. (The)   145    107    1.04 
Adobe, Inc.   222    106    1.03 
Cadence Design Systems, Inc.   774    106    1.03 
Zoetis, Inc.   673    106    1.04 
Air Products & Chemicals, Inc.   372    105    1.02 
Alaska Air Group, Inc.   1,511    105    1.02 
Chipotle Mexican Grill, Inc.   74    105    1.02 
Eversource Energy   1,215    105    1.02 
Host Hotels & Resorts, Inc.   6,205    105    1.02 
Nextera Energy, Inc.   1,387    105    1.02 
Nvidia Corp.   197    105    1.02 
Southwest Airlines Co.   1,722    105    1.02 
West Pharmaceutical Services   374    105    1.04 
Abiomed, Inc.   325    104    1.01 
IDEX Corp.   495    104    1.01 
Monolithic Power Systems, Inc.   294    104    1.01 
Tyler Technologies, Inc.   244    104    1.01 
Illinois Tool Works   467    103    1.01 
Monster Beverage Corp.   1,134    103    1.01 
Resmed, Inc.   530    103    1.00 
S&P Global, Inc.   293    103    1.01 
Verisk Analytics, Inc.   583    103    1.00 
Xylem, Inc.   978    103    1.00 
Autodesk, Inc.   367    102    0.99 
Coca-Cola Co. (The)   1,930    102    0.99 
Delta Air Lines, Inc.   2,122    102    1.00 
Intuitive Surgical, Inc.   137    102    0.99 
Marsh & Mclennan Cos   838    102    0.99 
Moody’s Corp.   341    102    0.99 
Rollins, Inc.   2,976    102    1.00 
Starbucks Corp.   932    102    0.99 
AES Corp.   3,772    101    0.98 
Ball Corp.   1,193    101    0.98 
Ecolab, Inc.   472    101    0.98 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Low Vol Basket Index as of March 31, 2021:

 

Security Description  Shares   Value (000)   Index Weight 
JPM SPX 500 Low Vol Basket Index               
Kansas City Southern   508   $134    1.27%
American Tower Corp.   538    129    1.22 
Home Depot, Inc.   424    129    1.23 
Autozone, Inc.   88    124    1.17 
Crown Castle International Corp.   716    123    1.17 
SBA Communications Corp.   444    123    1.17 
Dollar General Corp.   602    122    1.15 
Linde PLC   434    122    1.15 
Tractor Supply Company   690    122    1.16 
Amerisourcebergen Corp.   1,026    121    1.15 
Texas Instruments, Inc.   640    121    1.15 
Ameren Corporation   1,476    120    1.14 
Expeditors Intl Wash, Inc.   1,114    120    1.14 
Accenture PLC - Class A   431    119    1.13 
CMS Energy Corp.   1,942    119    1.13 
Dominion Energy, Inc.   1,539    117    1.11 
O’Reilly Automotive, Inc.   231    117    1.11 
Sherwin-Williams Co. (The)   159    117    1.11 
Waste Management, Inc.   906    117    1.11 
Xcel Energy, Inc.   1,753    117    1.10 
Adobe, Inc.   244    116    1.10 
Assurant, Inc.   815    116    1.09 
Atmos Energy Corp.   1,172    116    1.10 
Baxter International, Inc.   1,377    116    1.10 
Duke Realty Corp.   2,760    116    1.10 
FMC Corp.   1,047    116    1.10 
Garmin Ltd.   878    116    1.10 
Mcdonald’s Corp.   519    116    1.10 
Mid-America Apartment Communities, Inc.   803    116    1.10 
Procter & Gamble Co. (The)   854    116    1.09 
Steris PLC   607    116    1.10 
Zoetis, Inc.   738    116    1.10 
3M Co.   595    115    1.09 
Air Products & Chemicals, Inc.   408    115    1.09 
Eversource Energy   1,333    115    1.09 
Progressive Corp.   1,201    115    1.09 
Unitedhealth Group, Inc.   310    115    1.09 
Automatic Data Processing   603    114    1.08 
IDEX Corp.   543    114    1.08 
Kimberly-Clark Corp.   817    114    1.08 
Paychex, Inc.   1,167    114    1.08 
Pepsico, Inc.   808    114    1.08 
Akamai Technologies, Inc.   1,107    113    1.07 
Hershey Co. (The)   715    113    1.07 
Honeywell International, Inc.   521    113    1.07 
Illinois Tool Works   512    113    1.07 
Johnson & Johnson   689    113    1.07 
Merck & Co., Inc..   1,470    113    1.07 
Otis Worldwide Corp.   1,658    113    1.07 
Public Storage   457    113    1.07 

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Basket Index as of March 31, 2021:

 

Security Description  Shares   Value (000)   Index Weight 
JPM SPX 500 Value Basket Index               
Nucor Corp.   1,602   $129    1.22%
Hartford Financial Services Group, Inc.   1,880    126    1.20 
Lennar Corp. - Class A   1,172    119    1.13 
Netapp, Inc.   1,643    119    1.14 
Corning, Inc.   2,691    117    1.12 
Pultegroup, Inc.   2,204    116    1.10 
Carrier Global Corp.   2,729    115    1.10 
DXC Technology Co.   3,693    115    1.10 
Dr Horton, Inc.   1,276    114    1.08 
Whirlpool Corp.   516    114    1.09 
Alliant Energy Corp.   2,083    113    1.07 
Best Buy Co., Inc.   980    113    1.07 
Cisco Systems, Inc.   2,179    113    1.07 
Fortune Brands Home & Security   1,175    113    1.07 
Franklin Resources, Inc.   3,808    113    1.07 
Entergy Corp.   1,131    112    1.07 
Huntington Ingalls Industries   543    112    1.06 
Molson Coors Beverage Co. - Class B   2,184    112    1.06 
Dollar Tree, Inc.   968    111    1.06 
Exelon Corp.   2,543    111    1.06 
Fedex Corp.   392    111    1.06 
Consolidated Edison, Inc.   1,476    110    1.05 
Hewlett Packard Enterprise   6,999    110    1.05 
Newell Brands, Inc.   4,091    110    1.04 
Quest Diagnostics, Inc.   854    110    1.04 
United Rentals, Inc.   335    110    1.05 
Intl Business Machines Corp.   821    109    1.04 
L3Harris Technologies, Inc.   539    109    1.04 
Stanley Black & Decker, Inc.   544    109    1.03 
Textron, Inc.   1,942    109    1.04 
Anthem, Inc.   302    108    1.03 
Dish Network Corp. - Class A   2,981    108    1.03 
General Motors Co.   1,875    108    1.03 
HP, Inc.   3,388    108    1.02 
Jm Smucker Co. (The)   852    108    1.03 
Laboratory Corp. of Amer Holdings   424    108    1.03 
CVS Health Corp.   1,427    107    1.02 
General Dynamics Corp.   591    107    1.02 
Invesco Ltd.   4,242    107    1.02 
Juniper Networks, Inc.   4,233    107    1.02 
Kraft Heinz Co. (The)   2,663    107    1.01 
Leidos Holdings, Inc.   1,111    107    1.02 
Newmont Corp.   1,776    107    1.02 
Snap-on, Inc.   464    107    1.02 
State Street Corp.   1,269    107    1.02 
Wabtec Corp.   1,351    107    1.03 
Bank Of New York Mellon Corp.   2,238    106    1.01 
Centene Corp.   1,665    106    1.01 
Cigna Corp.   437    106    1.01 
Intel Corp.   1,659    106    1.01 

 

 

 

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

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2021 (unaudited)(cont’d)

 

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

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Common Stocks   43.4%
Fixed Income Securities   42.4 
Short-Term Investments   9.8 
Other**   4.4 
Total Investments   100.0%***

 

** 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 $32,887,000 and net unrealized appreciation of approximately $25,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $56,000. Also does not include open swap agreements with net unrealized depreciation of approximately $468,000.

 

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)

  

   Shares   Value
(000)		 
Common Stocks  (95.4%)          
Biotechnology  (1.2%)          
Alnylam Pharmaceuticals, Inc. (a)   26,281   $3,711 
Moderna, Inc. (a)   65,586    8,588 
         12,299 
Entertainment  (5.7%)          
Netflix, Inc. (a)   21,047    10,979 
ROBLOX Corp., Class A (a)   87,189    5,652 
Spotify Technology SA (a)   162,182    43,457 
         60,088 
Health Care Equipment & Supplies  (5.2%)          
DexCom, Inc. (a)   45,769    16,449 
Intuitive Surgical, Inc. (a)   52,561    38,839 
         55,288 
Health Care Providers & Services  (1.0%)          
Guardant Health, Inc. (a)   69,976    10,682 
           
Health Care Technology  (3.9%)          
Agilon Health Topco, Inc.(a)(b)(c) (acquisition cost — $1,272; acquired 11/7/18)   3,363    3,657 
Veeva Systems, Inc., Class A (a)   145,092    37,904 
         41,561 
Information Technology Services  (23.0%)          
Adyen N.V. (Netherlands) (a)   5,140    11,474 
Fastly, Inc., Class A (a)   110,553    7,438 
MongoDB, Inc. (a)   38,024    10,169 
Okta, Inc. (a)   127,953    28,205 
Shopify, Inc., Class A (Canada) (a)   48,774    53,968 
Snowflake, Inc., Class A (a)   164,753    37,774 
Square, Inc., Class A (a)   248,385    56,396 
Twilio, Inc., Class A (a)   114,400    38,983 
         244,407 
Interactive Media & Services  (16.0%)          
Facebook, Inc., Class A (a)   53,311    15,702 
Pinterest, Inc., Class A (a)   384,939    28,497 
Snap, Inc., Class A (a)   893,127    46,702 
Twitter, Inc. (a)   830,400    52,838 
Zillow Group, Inc., Class C (a)   198,218    25,697 
         169,436 
Internet & Direct Marketing Retail  (12.3%)          
Airbnb, Inc. Class B (a)   151,002    26,818 
Amazon.com, Inc. (a)   18,700    57,859 
Chewy, Inc., Class A (a)   110,046    9,322 
DoorDash, Inc., Class A (a)   120,369    15,784 
Wayfair, Inc., Class A (a)   64,120    20,182 
         129,965 
Life Sciences Tools & Services  (2.0%)          
10X Genomics, Inc., Class A (a)   61,648    11,159 
           

 

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)(cont’d)

 

Illumina, Inc. (a)   26,158    10,046 
         21,205 
Metals & Mining  (0.3%)          
Royal Gold, Inc.   27,342    2,943 
           
Oil, Gas & Consumable Fuels  (0.6%)          
Texas Pacific Land Corp.   4,264    6,777 
           
Pharmaceuticals  (2.3%)          
Royalty Pharma PLC, Class A   565,406    24,663 
           
Road & Rail  (5.1%)          
Uber Technologies, Inc. (a)   997,864    54,394 
           
Semiconductors & Semiconductor Equipment  (1.6%)          
NVIDIA Corp.   31,465    16,800 
           
Software  (12.4%)          
Cloudflare, Inc., Class A (a)   228,804    16,076 
Coupa Software, Inc. (a)   78,546    19,989 
Datadog, Inc., Class A (a)   200,280    16,691 
DocuSign, Inc. (a)   50,547    10,233 
Trade Desk, Inc. (The), Class A (a)   23,879    15,561 
Unity Software, Inc. (a)   55,784    5,596 
Zoom Video Communications, Inc., Class A (a)   148,191    47,612 
         131,758 
Specialty Retail  (2.8%)          
Carvana Co. (a)   113,130    29,685 
Total Common Stocks (Cost $591,735)        1,011,951 
           
Preferred Stocks  (0.0%) (d)          
Electronic Equipment, Instruments & Components  (0.0%) (d)          
Magic Leap Series C (a)(b)(c) (acquisition cost — $1,526; acquired 12/22/15)   66,235    — 
           
Software  (0.0%) (d)          
Lookout, Inc. Series F (a)(b)(c) (acquisition cost — $1,618; acquired 6/17/14)   141,612    480 
Total Preferred Stocks (Cost $3,144)        480 
           
Short-Term Investment  (4.2%)          
Investment Company  (4.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $44,290)   44,290,001    44,290 
Total Investments Excluding Purchased Options (99.6%) (Cost $639,169)        1,056,721 
Total Purchased Options Outstanding (0.2%) (Cost $5,765)        1,733 
Total Investments (99.8%) (Cost $644,934)  (f)(g)        1,058,454 
Other Assets in Excess of Liabilities (0.2%)        2,197 
Net Assets (100.0%)       $1,060,651 

 

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)(cont’d)

 

(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 March 31, 2021 amounts to approximately $4,137,000 and represents 0.4% of net assets.
(c) At March 31, 2021, the Fund held fair valued securities valued at approximately $4,137,000, representing 0.4% 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.
(d) Amount is less than 0.05%.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $8,000 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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(g) 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 approximately $435,988,000 and the aggregate gross unrealized depreciation is approximately $22,468,000, resulting in net unrealized appreciation of approximately $413,520,000.

 

Morgan Stanley Variable Insurance Fund, Inc. 

Growth Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)(cont’d)

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2021:  

 

Counterparty  Description  Strike
Price		   Expiration
Date		  Number of
Contracts		  

Notional

Amount
(000)

   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
BNP Paribas  USD/CNH  CNH 7.99   Sep - 21   155,868,409  

155,868   $45   $944   $(899)
BNP Paribas  USD/CNH  CNH 7.45   Jan - 22   212,955,750    212,956    633    1,137    (504)
BNP Paribas  USD/CNH  CNH 7.64   Nov - 21   178,151,986    178,152    237    967    (730)
Goldman Sachs International  USD/CNH  CNH 7.57   Mar - 22   207,385,996    207,386    796    1,030    (234)
Royal Bank of Scotland  USD/CNH  CNH 8.06   Jul - 21   175,450,794    175,451    22    931    (909)
Royal Bank of Scotland  USD/CNH  CNH 8.48   May - 21   121,053,871    121,054    —@   756    (756)
                   

   $

1,733

   $

5,765

  

$ 

(4,032

)

 

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

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Information Technology Services   23.1%
Other*   20.0 
Interactive Media & Services   16.0 
Software   12.5 
Internet & Direct Marketing Retail   12.3 
Entertainment   5.7 
Health Care Equipment & Supplies   5.2 
Road & Rail   5.2 
Total Investments   100.0%

 

 
*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 

First Quarter Report 

March 31, 2021 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks  (99.3%)          
Apartments  (12.2%)          
American Campus Communities, Inc. REIT   36,423   $1,577 
AvalonBay Communities, Inc. REIT   115,893    21,383 
Essex Property Trust, Inc. REIT   37,341    10,151 
UDR, Inc. REIT   252,562    11,077 
         44,188 
Data Centers  (11.8%)          
CyrusOne, Inc. REIT   73,781    4,996 
Digital Realty Trust, Inc. REIT   39,945    5,626 
Equinix, Inc. REIT   35,379    24,043 
GDS Holdings Ltd. ADR (China) (a)   21,423    1,737 
QTS Realty Trust, Inc., Class A REIT   99,109    6,149 
         42,551 
Diversified  (4.3%)          
JBG SMITH Properties REIT   196,795    6,256 
VEREIT, Inc. REIT   235,104    9,080 
         15,336 
Free Standing  (1.2%)          
NETSTREIT Corp. REIT   242,620    4,486 
Health Care  (17.0%)          
Healthcare Trust of America, Inc., Class A REIT   272,592    7,518 
Healthpeak Properties, Inc. REIT   694,121    22,032 
Medical Properties Trust, Inc. REIT   301,232    6,410 
Welltower, Inc. REIT   356,064    25,505 
         61,465 
Industrial  (8.6%)          
Prologis, Inc. REIT   291,747    30,925 
Lodging/Resorts  (5.0%)          
Boyd Gaming Corp. (a)   33,122    1,953 
Caesars Entertainment, Inc. (a)   27,554    2,410 
Host Hotels & Resorts, Inc. REIT   435,735    7,342 
Red Rock Resorts, Inc., Class A   83,728    2,729 
RLJ Lodging Trust REIT   223,228    3,455 
         17,889 
Manufactured Homes  (2.8%)          
Equity Lifestyle Properties, Inc. REIT   155,721    9,910 
Office  (10.0%)          
Alexandria Real Estate Equities, Inc. REIT   64,659    10,623 
Boston Properties, Inc. REIT   68,044    6,890 
Douglas Emmett, Inc. REIT   198,029    6,218 
Empire State Realty Trust, Inc., Class A REIT   314,025    3,495 
Kilroy Realty Corp. REIT   135,800    8,913 
         36,139 
Regional Malls  (4.6%)          
Simon Property Group, Inc. REIT   147,149    16,741 

 

Morgan Stanley Variable Insurance Fund, Inc. 

U.S. Real Estate Portfolio 

Portfolio of Investments 

First Quarter Report 

March 31, 2021 (unaudited)(cont’d)

 

Self Storage  (7.7%)          
CubeSmart REIT   143,206    5,418 
Public Storage REIT   89,918    22,188 
         27,606 
Shopping Centers  (7.6%)          
Brixmor Property Group, Inc. REIT   444,452    8,991 
Retail Properties of America, Inc., Class A REIT   510,938    5,355 
RPT Realty REIT   534,923    6,103 
Weingarten Realty Investors REIT   263,824    7,100 
         27,549 
Single Family Homes  (3.0%)          
Invitation Homes, Inc. REIT   337,558    10,799 
Specialty  (3.5%)          
VICI Properties, Inc. REIT   448,024    12,652 
Total Common Stocks (Cost $302,359)        358,236 
Short-Term Investment  (0.5%)          
Investment Company  (0.5%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (b) (Cost $1,850)   1,849,978    1,850 
Total Investments (99.8%) (Cost $304,209)  (c)(d)        360,086 
Other Assets in Excess of Liabilities (0.2%)        778 
Net Assets (100.0%)       $360,864 

 

(a) Non-income producing security.
(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2021, advisory fees paid were reduced by approximately $1,000 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 three months ended March 31, 2021, the Fund did not engage in any cross-trade transactions.
(d) 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 approximately $58,224,000 and the aggregate gross unrealized depreciation is approximately $2,347,000, resulting in net unrealized appreciation of approximately $55,877,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   19.9%
Health Care   17.1 
Apartments   12.3 
Data Centers   11.8 
Office   10.0 
Industrial   8.6 
Self Storage   7.7 
Shopping Centers   7.6 
Lodging/Resorts   5.0 
Total Investments   100.0%

 

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

 

Morgan Stanley Variable Insurance Fund, Inc.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Core Plus Fixed Income                            
Assets:    
Fixed Income Securities                    
Agency Adjustable Rate Mortgages  $—   $94   $—   $94 
Agency Fixed Rate Mortgages   —    36,695    —    36,695 
Asset-Backed Securities   —    19,032    —    19,032 
Collateralized Mortgage Obligations - Agency Collateral Series   —    2,956    —    2,956 
Commercial Mortgage-Backed Securities   —    10,670    —    10,670 
Corporate Bonds   —    70,633    —†   70,633 
Mortgages - Other   —    24,812    —    24,812 
Municipal Bonds   —    2,338    —    2,338 
Sovereign   —    8,996    —    8,996 
Supranational   —    495    —    495 
Total Fixed Income Securities   —    176,721    —†   176,721 
Short-Term Investments                    
Investment Company   31,812    —    —    31,812 
U.S. Treasury Securities   —    833    —    833 
Total Short-Term Investments   31,812    833    —    32,645 
Foreign Currency Forward Exchange Contracts   —    427    —    427 
Futures Contracts   291    —    —    291 
Total Assets   32,103    177,981    —    210,084 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (138)   —    (138)
Futures Contracts   (497)   —    —    (497)
Total Liabilities   (497)   (138)   —    (635)
Total  $31,606   $177,843   $—†  $209,449 

 

† 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:

 

Core Plus Fixed Income  Corporate Bond
(000)		 
Beginning Balance  $-†
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   - 
Realized gains (losses)   - 
Ending Balance  $-†
      
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021  $- 

 

 
† Includes a security valued at zero.

 

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

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Discovery                            
Assets:    
Common Stocks                    
Aerospace & Defense  $10,071   $—   $—   $10,071 
Biotechnology   11,177    —    —    11,177 
Diversified Holding Companies   2,829    —    —    2,829 
Entertainment   19,129    —    —    19,129 
Health Care Equipment & Supplies   9,969    —    —    9,969 
Health Care Providers & Services   16,621    —    —    16,621 
Health Care Technology   21,714    —    1,715    23,429 
Hotels, Restaurants & Leisure   —    11,948    —    11,948 
Information Technology Services   65,851    —    —    65,851 
Interactive Media & Services   52,409    —    —    52,409 
Internet & Direct Marketing Retail   50,758    —    —    50,758 
Leisure Products   4,381    —    —    4,381 
Life Sciences Tools & Services   8,071    —    —    8,071 
Metals & Mining   3,196    —    —    3,196 
Oil, Gas & Consumable Fuels   2,584    —    —    2,584 
Pharmaceuticals   13,030    —    —    13,030 
Real Estate Management & Development   5,972    —    —    5,972 
Software   30,770    —    —    30,770 
Specialty Retail   14,015    —    —    14,015 
Total Common Stocks   342,547    11,948    1,715    356,210 
Preferred Stock                    
Internet & Direct Marketing Retail   549    —    —    549 
Call Options Purchased   —    613    —    613 
Short-Term Investments                    
Investment Company   36,802    —    —    36,802 
Repurchase Agreements   —    1,373    —    1,373 
Total Short-Term Investments   36,802    1,373    —    38,175 
Derivative Contracts — PIPE   —    —    168    168 
Total Assets  $379,898   $13,934   $1,883   $395,715 
Liabilities:                    
Derivative Contracts — PIPE   —    —    (129)   (129)
Total  $379,898   $13,934   $1,754   $395,586 

 

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

 

Discovery  Common Stock
(000)		   Derivative
Contracts –
PIPE (000)		 
Beginning Balance  $929   $- 
Purchases   -    - 
Sales   -    - 
PIPE transaction   -    39 
Amortization of discount   -    - 
Transfers in   -    - 
Transfers out   -    - 
Corporate actions   -    - 
Change in unrealized appreciation (depreciation)   786    - 
Realized gains (losses)   -    - 
Ending Balance  $1,715   $39 
           
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021  $786   $39 

 

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 March 31, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Discovery  Fair Value at 
March 31, 2021 
(000)		   Valuation Technique  Unobservable Input  Amount*   Impact to Valuation from
an Increase in Input**
       Common Stock  $1,715   Discounted Cash Flow  Weighted Average Cost of Capital   11.0%  Decrease
           Perpetual Growth Rate   3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue   3.0x  Increase
           Discount for Lack of Marketability   7.0%  Decrease
                    
PIPE’s  $39   Market Implied  Discount for Lack of Marketability and Transaction Risk   0.0% - 7.6%  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 March 31, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets Debt                            
Assets:    
Fixed Income Securities                    
Corporate Bonds  $—   $11,933   $—   $11,933 
Sovereign   —    137,297    —    137,297 
Total Fixed Income Securities   —    149,230    —    149,230 
Warrants   —    9    —    9 
Short-Term Investments                    
Investment Company   4,039    —    —    4,039 
Repurchase Agreements   —    551    —    551 
Sovereign   —    957    —    957 
Total Short-Term Investments   4,039    1,508    —    5,547 
Foreign Currency Forward Exchange Contracts   —    82    —    82 
Total Assets  $4,039   $150,829   $—   $154,868 

 

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

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets Equity                            
Assets:    
Common Stocks                    
Airlines  $2,909   $—   $—   $2,909 
Automobiles   4,233    —    —    4,233 
Banks   17,856    —    —    17,856 
Beverages   9,955    —    —    9,955 
Capital Markets   3,873    —    —    3,873 
Chemicals   2,519    —    —    2,519 
Construction Materials   3,295    —    —    3,295 
Diversified Consumer Services   3,887    —    —    3,887 
Electronic Equipment, Instruments & Components   5,713    —    —    5,713 
Entertainment   3,508    —    —    3,508 
Food & Staples Retailing   1,862    —    —    1,862 
Food Products   3,143    —    —    3,143 
Health Care Providers & Services   2,332    —    —    2,332 
Information Technology Services   10,377    —    —    10,377 
Insurance   3,814    —    —    3,814 
Interactive Media & Services   25,642    —    —    25,642 
Internet & Direct Marketing Retail   16,680    —    —    16,680 
Life Sciences Tools & Services   2,284    —    —    2,284 
Machinery   1,162    —    —    1,162 
Metals & Mining   11,644    —    —    11,644 
Multi-Line Retail   2,592    941    —    3,533 
Oil, Gas & Consumable Fuels   12,208    —    —    12,208 
Paper & Forest Products   4,626    —    —    4,626 
Pharmaceuticals   1,565    —    —    1,565 
Real Estate Management & Development   1,124    —    —    1,124 
Road & Rail   1,781    —    —    1,781 
Semiconductors & Semiconductor Equipment   43,903    —    —    43,903 
Software   2,941    —    —    2,941 
Tech Hardware, Storage & Peripherals   14,202    —    —    14,202 
Textiles, Apparel & Luxury Goods   8,122    —    —    8,122 
Thrifts & Mortgage Finance   3,173    —    —    3,173 
Transportation Infrastructure   3,259    —    —    3,259 
Wireless Telecommunication Services   1,591    —    —    1,591 
Total Common Stocks   237,775    941    —    238,716 
Short-Term Investment                    
Investment Company   4,794    —    —    4,794 
Total Assets  $242,569   $941   $—   $243,510 

 

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

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Franchise                            
Assets:    
Common Stocks                    
Beverages  $2,387   $—   $—   $2,387 
Capital Markets   1,508    —    —    1,508 
Health Care Equipment & Supplies   5,607    —    —    5,607 
Household Products   4,336    —    —    4,336 
Industrial Conglomerates   704    —    —    704 
Information Technology Services   5,981    —    —    5,981 
Life Sciences Tools & Services   1,387    —    —    1,387 
Personal Products   856    —    —    856 
Pharmaceuticals   427    —    —    427 
Professional Services   1,170    —    —    1,170 
Software   4,614    —    —    4,614 
Textiles, Apparel & Luxury Goods   928    —    —    928 
Tobacco   3,726    —    —    3,726 
Total Common Stocks   33,631    —    —    33,631 
Short-Term Investment                    
Investment Company   486    —    —    486 
Total Assets  $34,117   $—   $—   $34,117 

 

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

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Infrastructure                            
Assets:    
Common Stocks                    
Airports  $4,872   $—   $—   $4,872 
Commercial Services & Supplies   693    —    —    693 
Communications   16,548    —    —    16,548 
Diversified   4,868    —    —    4,868 
Electricity Transmission & Distribution   10,216    —    —    10,216 
Oil & Gas Storage & Transportation   20,792    —    —    20,792 
Ports   554    —    —    554 
Railroads   6,266    —    —    6,266 
Renewables   1,509    —    —    1,509 
Toll Roads   6,687    —    —    6,687 
Utilities   974    —    —    974 
Water   4,070    —    —    4,070 
Total Common Stocks   78,049    —    —    78,049 
Short-Term Investments                    
Investment Company   4,617    —    —    4,617 
Repurchase Agreements   —    897    —    897 
Total Short-Term Investments   4,617    897    —    5,514 
Total Assets  $82,666   $897   $—   $83,563 

 

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

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Real Estate                            
Assets:    
Common Stocks                    
Diversified  $14,247   $—   $—   $14,247 
Health Care   5,490    —    —    5,490 
Industrial   5,708    —    —    5,708 
Industrial/Office Mixed   567    —    —    567 
Lodging/Resorts   2,092    —    —    2,092 
Office   5,949    —    —    5,949 
Residential   8,914    —    8    8,922 
Retail   6,891    —    —    6,891 
Self Storage   2,309    —    —    2,309 
Specialty   1,252    —    —    1,252 
Total Common Stocks   53,419    —    8    53,427 
Short-Term Investments                    
Investment Company   1,522    —    —    1,522 
Repurchase Agreements   —    206    —    206 
Total Short-Term Investments   1,522    206    —    1,728 
Total Assets  $54,941   $206   $8   $55,155 

 

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

 

Global Real Estate  Common Stock
(000)		 
Beginning Balance  $9 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   (1)
Realized gains (losses)   - 
Ending Balance  $8 
      
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021.  $(1)

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2021:

 

Global Real Estate  Fair Value at
March 31, 2021
(000)		   Valuation Technique  Unobservable Input  Amount *   Impact to Valuation from
an Increase in Input**
Common Stock  $8   Market Transaction Method  Transaction Valuation  $0.001   Increase
           Discount for Lack of Marketability   50.0%  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 March 31, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Strategist                            
Assets:    
Fixed Income Securities                    
Agency Adjustable Rate Mortgage  $—   $14   $—   $14 
Agency Fixed Rate Mortgages   —    3,358    —    3,358 
Asset-Backed Securities   —    454    —    454 
Commercial Mortgage-Backed Securities   —    624    —    624 
Corporate Bonds   —    13,815    —    13,815 
Mortgages - Other   —    671    —    671 
Sovereign   —    22,827    —    22,827 
Supranational        1,180         1,180 
U.S. Treasury Securities   —    1,967    —    1,967 
Total Fixed Income Securities   —    44,910    —    44,910 
Common Stocks                    
Aerospace & Defense   498    —    —    498 
Air Freight & Logistics   491    —    —    491 
Airlines   370    —    —    370 
Auto Components   74    —    —    74 
Automobiles   612    2    —    614 
Banks   2,458    —    —    2,458 
Beverages   460    —    —    460 
Biotechnology   656    —    —    656 
Building Products   258    —    —    258 
Capital Markets   1,358    —    —    1,358 
Chemicals   520    —    —    520 
Commercial Banks   2    —    —    2 
Commercial Services & Supplies   233    —    —    233 
Communications Equipment   323    —    —    323 
Construction & Engineering   829    —    —    829 
Construction Materials   57    —    —    57 
Consumer Finance   496    —    —    496 
Containers & Packaging   88    —    —    88 
Diversified Financial Services   305    —    —    305 
Diversified Telecommunication Services   758    —    —    758 
Electric Utilities   595    —    —    595 
Electrical Equipment   337    —    —    337 
Electronic Equipment, Instruments & Components   142    —    —    142 
Energy Equipment & Services   194    —    —†   194†
Entertainment   302    —    —    302 
Equity Real Estate Investment Trusts (REITs)   1,129    —@   —    1,129 
Food & Staples Retailing   753    —    —    753 
Food Products   542    —    —    542 
Gas Utilities   28    —    —    28 
Health Care Equipment & Supplies   1,318    —    —    1,318 
Health Care Providers & Services   1,473    —    —    1,473 
Health Care Technology   39    —    —    39 
Hotels, Restaurants & Leisure   1,696    —    —    1,696 
Household Durables   63    —    —    63 
Household Products   656    —    —    656 
Independent Power & Renewable Electricity Producers   22    —    —    22 
Industrial Conglomerates   643    —    —    643 
Information Technology Services   1,976    —    —    1,976 
Insurance   623    —    —    623 
Interactive Media & Services   2,172    —    —    2,172 
Internet & Direct Marketing Retail   1,878    —    —    1,878 
Life Sciences Tools & Services   297    —    —    297 
Machinery   646    —    —    646 
Marine   57    —    —    57 
Media   560    —    —    560 

 

Metals & Mining   1,850    —    —    1,850 
Multi-Line Retail   234    —    —    234 
Multi-Utilities   359    —    —    359 
Oil, Gas & Consumable Fuels   2,816    —    —    2,816 
Paper & Forest Products   35    —    —    35 
Personal Products   340    —    —    340 
Pharmaceuticals   2,143    —    —    2,143 
Professional Services   229    —    —    229 
Real Estate Management & Development   20    —    —    20 
Road & Rail   495    —    —    495 
Semiconductors & Semiconductor Equipment   1,029    —    —    1,029 
Software   2,028    —†   —    2,028†
Specialty Retail   1,033    —    —    1,033 
Tech Hardware, Storage & Peripherals   2,109    —    —    2,109 
Textiles, Apparel & Luxury Goods   697    —    —    697 
Thrifts & Mortgage Finance   2    —    —    2 
Tobacco   326    —    —    326 
Trading Companies & Distributors   87    —    —    87 
Transportation Infrastructure   1,009    —    —    1,009 
Water Utilities   21    —    —    21 
Wireless Telecommunication Services   80    —    —    80 
Total Common Stocks   45,929    2†   —†   45,931†
Right   —    —@   —    —@
Warrants   2    —@   —    2 
Investment Company   4,603    —    —    4,603 
Short-Term Investments                    
Investment Company   9,678    —    —    9,678 
U.S. Treasury Security   —    676    —    676 
Total Short-Term Investments   9,678    676    —    10,354 
Foreign Currency Forward Exchange Contracts   —    326    —    326 
Futures Contracts   302    —    —    302 
Interest Rate Swap Agreements   —    347    —    347 
Total Return Swap Agreements   —    351    —    351 
Total Assets   60,514    46,612†   —†   107,126†
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (382)   —    (382)
Futures Contracts   (277)   —    —    (277)
Interest Rate Swap Agreements   —    (293)   —    (293)
Total Return Swap Agreements   —    (873)   —    (873)
Total Liabilities   (277)   (1,548)   —    (1,825)
Total  $60,237   $45,064†  $—†  $105,301†

 

@Value is less than $500.

†Includes one or more securities valued at zero.

 

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

 

Global Strategist  Common Stock
(000)		 
Beginning Balance  $-†
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   - 
Realized gains (losses)   - 
Ending Balance  $-†
      
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021  $- 

 

 

 

†Includes a security valued at zero.

 

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

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Growth                            
Assets:    
Common Stocks                    
Biotechnology  $12,299   $—   $—   $12,299 
Entertainment   60,088    —    —    60,088 
Health Care Equipment & Supplies   55,288    —    —    55,288 
Health Care Providers & Services   10,682    —    —    10,682 
Health Care Technology   37,904    —    3,657    41,561 
Information Technology Services   244,407    —    —    244,407 
Interactive Media & Services   169,436    —    —    169,436 
Internet & Direct Marketing Retail   103,147    26,818    —    129,965 
Life Sciences Tools & Services   21,205    —    —    21,205 
Metals & Mining   2,943    —    —    2,943 
Oil, Gas & Consumable Fuels   6,777    —    —    6,777 
Pharmaceuticals   24,663    —    —    24,663 
Road & Rail   54,394    —    —    54,394 
Semiconductors & Semiconductor Equipment   16,800    —    —    16,800 
Software   131,758    —    —    131,758 
Specialty Retail   29,685    —    —    29,685 
Total Common Stocks   981,476    26,818    3,657    1,011,951 
Preferred Stocks                    
Electronic Equipment, Instruments & Components   —    —    —†   —†
Software   —    —    480    480 
Total Preferred Stocks   —    —    480†   480†
Call Options Purchased   —    1,733    —    1,733 
Short-Term Investment                    
Investment Company   44,290    —    —    44,290 
Total Assets  $1,025,766   $28,551   $4,137†  $1,058,454†

 

†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  $1,982   $439†
Purchases   -    - 
Sales   -    - 
Amortization of discount   -    - 
Transfers in   -    - 
Transfers out   -    - 
Corporate actions   -    - 
Change in unrealized appreciation (depreciation)   1,675    41 
Realized gains (losses)   -    - 
Ending Balance  $3,657   $480†
           
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021  $1,675   $41 

 

 
†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 March 31, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Growth 

Fair Value at
March 31, 2021
(000)

   Valuation Technique  Unobservable Input  Amount*   Impact to Valuation from
an Increase in Input**
       Common Stock  $3,657   Discounted Cash Flow  Weighted Average Cost of Capital   11.0%  Decrease
           Perpetual Growth Rate   3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue   3.0x  Increase
           Discount for Lack of Marketability   7.0%  Decrease
                    
       Preferred Stock  $480   Discounted Cash Flow  Weighted Average Cost of Capital   15.0%  Decrease
           Perpetual Growth Rate   3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue   5.8x  Increase
           Discount for Lack of Marketability   13.0%  Decrease
        Comparable Transactions  Enterprise Value/Revenue   4.0x  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 March 31, 2021:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
U.S. Real Estate Portfolio                            
Assets:    
Common Stocks                    
Apartments  $44,188   $—   $—   $44,188 
Data Centers   42,551    —    —    42,551 
Diversified   15,336    —    —    15,336 
Free Standing   4,486    —    —    4,486 
Health Care   61,465    —    —    61,465 
Industrial   30,925    —    —    30,925 
Lodging/Resorts   17,889    —    —    17,889 
Manufactured Homes   9,910    —    —    9,910 
Office   36,139    —    —    36,139 
Regional Malls   16,741    —    —    16,741 
Self Storage   27,606    —    —    27,606 
Shopping Centers   27,549    —    —    27,549 
Single Family Homes   10,799    —    —    10,799 
Specialty   12,652    —    —    12,652 
Total Common Stocks   358,236    —    —    358,236 
Short-Term Investment                    
Investment Company   1,850    —    —    1,850 
Total Assets  $360,086   $—   $—   $360,086 

 

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