NPORT-EX 2 NPORT_MGHF_19652212_0323.htm

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

 

   Face     
   Amount   Value 
   (000)   (000) 
Fixed Income Securities (98.3%)          
Agency Adjustable Rate Mortgage (0.0%) (a)          
Federal National Mortgage Association,          
Conventional Pool:          
12 Month USD LIBOR + 1.59%,          
3.84%, 12/1/45  $10   $10 
Agency Fixed Rate Mortgages (21.8%)          
Federal Home Loan Mortgage Corporation,          
2.00%, 10/1/51   53    42 
Conventional Pools:          
2.50%, 7/1/51 – 4/1/52   769    664 
Gold Pools:          
3.50%, 1/1/44   269    258 
4.00%, 12/1/41 – 10/1/44   302    296 
5.41%, 7/1/37 – 8/1/37   10    10 
5.44%, 1/1/37 – 2/1/38   40    41 
5.46%, 5/1/37 – 1/1/38   39    39 
5.50%, 8/1/37 – 11/1/37   39    42 
5.52%, 10/1/37   5    5 
5.62%, 12/1/36 – 8/1/37   44    46 
6.00%, 8/1/37 – 5/1/38   8    9 
7.50%, 5/1/35   14    15 
8.00%, 8/1/32   9    9 
8.50%, 8/1/31   13    14 
Federal National Mortgage Association,          
2.00%, 11/1/51   290    231 
April TBA:          
3.50%, 4/1/53 (b)   2,825    2,625 
4.00%, 4/1/53 (b)   1,225    1,172 
4.50%, 4/1/53 (b)   4,225    4,140 
5.00%, 4/1/53 (b)   1,025    1,022 
5.50%, 4/1/53 (b)   5,125    5,179 
Conventional Pools:          
2.50%, 2/1/50 – 2/1/52   757    656 
3.00%, 7/1/49   49    44 
3.50%, 7/1/46 – 7/1/49   606    570 
4.00%, 11/1/41 – 8/1/49   545    532 
4.50%, 8/1/40 – 9/1/48   160    158 
5.00%, 7/1/40   44    45 
5.62%, 12/1/36   17    18 
6.00%, 12/1/38   141    149 
6.50%, 11/1/27 – 10/1/38   11    11 
7.00%, 6/1/29   2    2 
7.50%, 8/1/37   25    27 
8.00%, 4/1/33   19    21 
8.50%, 10/1/32   20    22 
9.50%, 4/1/30   1    1 
Government National Mortgage Association,          
Various Pools:          
3.50%, 11/20/40 – 7/20/46   236    225 
4.00%, 7/15/44   83    81 
5.00%, 12/20/48   10    10 
         18,431 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Asset-Backed Securities (9.5%)          
AIMCO CLO,          
Series 2018-B          
3 Month USD LIBOR + 1.10%,          
5.89%, 1/15/32 (c)(d)   625    617 
Allegro CLO XI Ltd.,          
3 Month USD LIBOR + 1.39%,          
6.19%, 1/19/33 (c)(d)   250    247 
American Homes 4 Rent Trust,          
6.07%, 10/17/52 (d)   490    489 
Benefit Street Partners CLO XX Ltd.,          
3 Month USD LIBOR + 1.17%,          
5.96%, 7/15/34 (c)(d)   390    381 
Blackbird Capital Aircraft Lease Securitization Ltd.,                        
5.68%, 12/16/41 (c)(d)   347    226 
Cologix Data Centers US Issuer LLC,          
3.30%, 12/26/51 (d)   225    203 
4.94%, 1/25/52 (d)   400    274 
Conn's Receivables Funding LLC,          
2.87%, 5/15/26 (d)   72    72 
9.52%, 12/15/26 (d)   400    399 
ELFI Graduate Loan Program LLC,          
4.51%, 8/26/47 (d)   184    176 
Falcon Aerospace Ltd.,          
3.60%, 9/15/39 (d)   173    148 
GAIA Aviation Ltd.,          
7.00%, 12/15/44 (c)(d)   356    166 
Goodgreen Trust,          
5.53%, 4/15/55 (d)   371    327 
JOL Air Ltd.,          
4.95%, 4/15/44 (d)   227    155 
Lunar 2021-1 Structured Aircraft Portfolio Notes,                        
2.64%, 10/15/46 (d)   300    262 
Lunar Aircraft Ltd.,          
3.38%, 2/15/45 (d)   103    89 
Mosaic Solar Loan Trust,          
1.92%, 6/20/52 (d)   180    141 
Newday Funding Master Issuer PLC,          
SOFR + 1.50%,          
6.21%, 4/15/30 (c)(d)   500    495 
NovaStar Mortgage Funding Trust,          
1 Month USD LIBOR + 1.06%,          
5.91%, 12/25/33 (c)   172    169 
Octagon Investment Partners 51 Ltd.,          
3 Month USD LIBOR + 1.15%,          
5.96%, 7/20/34 (c)(d)   900    877 
Oxford Finance Funding LLC,          
5.44%, 2/15/27 (d)   105    103 
PMT FMSR Issuer Trust,          
1 Month USD LIBOR + 3.00%,          
7.85%, 3/25/26 (c)(d)   650    646 
SOFR30A + 4.19%,          
8.76%, 6/25/27 (c)(d)   300    295 
PRET 2021-NPL6 LLC,          
2.49%, 7/25/51 (c)(d)   141    133 
Sculptor CLO XXVI Ltd.,          
3 Month USD LIBOR + 1.27%,          
6.08%, 7/20/34 (c)(d)   840    819 
Start II Ltd.,          
4.09%, 3/15/44 (d)   119    105 
         8,014 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Collateralized Mortgage Obligations - Agency Collateral Series  (0.5%)          
Federal Home Loan Mortgage Corp.          
Multifamily Structured Pass-Through Certificates          
4.33%, 11/25/55 (c)   1,050    299 
Federal Home Loan Mortgage Corporation,          
IO REMIC          
6.00% - 1 Month USD LIBOR,          
1.32%, 11/15/43 - 6/15/44 (e)   800    81 
IO STRIPS          
7.50%, 12/15/29   1    —@
Federal National Mortgage Association,          
IO REMIC          
6.00%, 5/25/33 – 7/25/33   92    19 
IO STRIPS          
Series 356, Class 30          
8.00%, 6/25/35 (c)   4    1 
REMIC          
7.00%, 9/25/32   15    16 
Government National Mortgage Association,          
IO          
0.72%, 8/20/58 (c)   2,032    18 
5.00%, 2/16/41   40    9 
         443 
Commercial Mortgage-Backed Securities (10.4%)          
BANK 2019-BNK21,          
IO          
0.84%, 10/17/52   3,503    142 
BANK 2020-BNK30,          
2.92%, 12/15/53 (c)   725    405 
BPR Trust,          
1 Month Term SOFR + 3.00%,          
7.83%, 5/15/39 (c)(d)   350    349 
Citigroup Commercial Mortgage Trust,          
3.50%, 12/10/41 (c)(d)   300    192 
IO          
0.72%, 11/10/48   2,261    34 
0.87%, 9/10/58   4,140    70 
Commercial Mortgage Trust,          
IO          
0.02%, 7/10/45 (c)   3,253    —@
0.66%, 10/10/47 (c)   2,180    16 
0.95%, 7/15/47 (c)   1,510    11 
Credit Suisse Mortgage Trust,          
Class A          
1 Month USD LIBOR + 3.97%,          
8.65%, 4/15/23 (c)(d)   514    496 
Federal Home Loan Mortgage Corp.          
Multifamily Structured Pass-Through Certificates,          
2.88%, 1/25/49 (c)   800    144 
2.98%, 1/25/32 (c)   625    117 
3.21%, 5/25/32 (c)   1,300    270 
3.56%, 6/25/54 (c)   775    179 
4.15%, 8/25/54 (c)   650    175 
IO          
2.63%, 1/25/49(c)   3,665    568 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

2.65%, 2/25/49 (c)   1,635    248 
3.07%, 11/25/36 (c)   475    130 
3.46%, 10/25/38 (c)   800    232 
3.79%, 6/25/50 (c)   900    220 
FREMF 2016-KF21 Mortgage Trust,          
1 Month USD LIBOR + 5.25%,          
9.92%, 7/25/26 (c)(d)   42    41 
FREMF 2017-KF27 Mortgage Trust,          
1 Month USD LIBOR + 4.35%,          
9.02%, 12/25/26 (c)(d)   39    39 
GS Mortgage Securities Trust,          
4.67%, 8/10/46 (c)(d)   500    410 
IO          
0.70%, 9/10/47 (c)   4,054    30 
1.20%, 10/10/48   4,449    109 
Highways 2021 PLC,          
3 Month GBP SONIA + 1.35%,          
5.52%, 12/18/31 (c)(d)  GBP300    358 
Jackson Park Trust,          
3.24%, 10/14/39 (c)(d)  $400    296 
JP Morgan Chase Commercial Mortgage Securities Trust,                        
IO          
0.58%, 12/15/49   2,515    41 
0.64%, 4/15/46 (c)   6,000    17 
0.80%, 7/15/47 (c)   4,177    18 
JPMBB Commercial Mortgage Securities Trust,                        
IO          
0.94%, 8/15/47 (c)   2,663    19 
Last Mile Logistics Pan Euro Finance DAC,          
3 Month EURIBOR + 1.90%,          
4.58%, 8/17/33 (c)(d)  EUR98    99 
Life Mortgage Trust,          
1 Month Term SOFR + 2.09%,          
6.92%, 5/15/39 (c)(d)  $175    169 
MF1 2021-W10X,          
1 Month Term SOFR + 2.82%,          
7.65%, 12/15/34 (c)(d)   475    435 
MFT Trust,          
3.48%, 2/10/42 (c)(d)   200    124 
MKT 2020-525M Mortgage Trust,          
2.94%, 2/12/40 (c)(d)   200    108 
Multifamily Connecticut Avenue Securities Trust,          
1 Month USD LIBOR + 1.95%,          
6.80%, 3/25/50 (c)(d)   14    14 
Natixis Commercial Mortgage Securities Trust,          
4.32%, 1/15/43 (c)(d)   200    158 
1 Month Term SOFR + 2.28%,          
7.11%, 7/15/36 (c)(d)   500    462 
Real Estate Asset Liquidity Trust,          
IO          
1.10%, 2/12/31 (c)(d)  CAD3,424    109 
SG Commercial Mortgage Securities Trust,          
3.73%, 3/15/37 (c)(d)  $450    406 
SLG Office Trust,          
IO          
0.26%, 7/15/41 (c)(d)   3,650    58 
Taubman Centers Commercial Mortgage Trust,          
1 Month Term SOFR + 2.19%,          
7.01%, 5/15/37 (c)(d)   450    435 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Vita Scientia 2022-1 DAC,          
3 Month EURIBOR + 2.49%,          
5.19%, 8/27/25 (c)(d)  EUR250    238 
VMC Finance 2021-HT1 LLC,          
1 Month USD LIBOR + 1.65%,          
6.41%, 1/18/37 (c)(d)  $261    254 
WFRBS Commercial Mortgage Trust,          
4.22%, 5/15/45 (c)(d)   385    367 
         8,812 
Corporate Bonds (26.1%)          
Finance (9.9%)          
Air Lease Corp.          
2.10%, 9/1/28   25    21 
American International Group, Inc.          
5.13%, 3/27/33   175    174 
Australia & New Zealand Banking Group Ltd.          
2.57%, 11/25/35 (d)   200    155 
Aviation Capital Group LLC          
6.25%, 4/15/28 (d)   150    150 
Banco de Credito e Inversiones SA          
2.88%, 10/14/31 (d)   225    182 
Banco Santander Chile          
2.70%, 1/10/25 (d)   150    144 
Banco Santander SA          
4.18%, 3/24/28   200    188 
Bank Hapoalim BM          
3.26%, 1/21/32 (d)   225    188 
Bank of America Corp.,          
2.69%, 4/22/32   175    146 
3.85%, 3/8/37   50    43 
4.38%, 4/27/28   350    339 
4.57%, 4/27/33   300    286 
Bank of Ireland Group PLC          
2.03%, 9/30/27 (d)   250    217 
Bank of Montreal          
3.09%, 1/10/37   150    121 
Belrose Funding Trust          
2.33%, 8/15/30 (d)   100    78 
BNP Paribas SA          
4.40%, 8/14/28 (d)   300    284 
BPCE SA          
5.15%, 7/21/24 (d)   300    294 
Capital One Financial Corp.          
5.82%, 2/1/34   100    97 
Centene Corp.          
2.50%, 3/1/31   300    243 
Citigroup, Inc.,          
3.06%, 1/25/33   325    275 
3.79%, 3/17/33   125    112 
5.50%, 9/13/25   150    150 
CNO Financial Group, Inc.          
5.25%, 5/30/29   95    92 
Coinbase Global, Inc.          
3.38%, 10/1/28 (d)   170    105 
Credit Suisse Group AG          
6.54%, 8/12/33 (d)   250    258 
Goldman Sachs Group, Inc.          
2.62%, 4/22/32   250    208 
Grupo Aval Ltd.          
4.38%, 2/4/30 (d)   200    155 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

HSBC Holdings PLC          
3.80%, 3/11/25   450    440 
JPMorgan Chase & Co.          
1.95%, 2/4/32   550    443 
Life Storage LP          
2.40%, 10/15/31   125    101 
Macquarie Group Ltd.          
2.87%, 1/14/33 (d)   125    101 
Marsh & McLennan Cos., Inc.          
5.88%, 8/1/33   125    136 
Metropolitan Life Global Funding I          
5.15%, 3/28/33 (d)   150    151 
Nationwide Building Society          
4.30%, 3/8/29 (d)   375    346 
Nordea Bank Abp          
5.38%, 9/22/27 (d)   200    201 
Oversea-Chinese Banking Corp. Ltd.          
1.83%, 9/10/30 (d)   200    184 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.                        
3.88%, 3/1/31 (d)   170    141 
Societe Generale SA          
2.63%, 1/22/25 (d)   225    211 
Sun Communities Operating LP          
4.20%, 4/15/32   150    134 
Toronto-Dominion Bank          
8.13%, 10/31/82   200    204 
United Overseas Bank Ltd.          
3.86%, 10/7/32 (d)   325    307 
UnitedHealth Group, Inc.          
5.20%, 4/15/63   225    228 
Wells Fargo & Co.,          
3.07%, 4/30/41   125    93 
MTN           
2.88%, 10/30/30   200    174 
Westpac Banking Corp.          
2.67%, 11/15/35   75    58 
         8,358 
Industrials (14.0%)          
Airbnb, Inc.          
0.00%, 3/15/26   130    114 
Alibaba Group Holding Ltd.          
2.13%, 2/9/31 (f)   200    166 
Amazon.com, Inc.          
3.10%, 5/12/51   175    133 
American Airlines, Inc./AAdvantage          
Loyalty IP Ltd.          
5.75%, 4/20/29 (d)   160    154 
Anheuser-Busch InBev Worldwide, Inc.          
4.60%, 4/15/48   73    69 
Ashtead Capital, Inc.          
5.55%, 5/30/33 (d)   250    247 
AT&T, Inc.,          
3.55%, 9/15/55   50    36 
4.50%, 5/15/35   200    187 
BAT Capital Corp.          
2.26%, 3/25/28   275    236 
Boeing Co.          
3.25%, 2/1/35   150    123 
BP Capital Markets PLC          
4.88%, 3/22/30 (g)   75    68 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Celanese U.S. Holdings LLC          
6.17%, 7/15/27   250    252 
Charter Communications Operating LLC/Charter Communications Operating Capital,                        
2.80%, 4/1/31   150    121 
3.50%, 3/1/42   400    271 
Children's Health System of Texas          
2.51%, 8/15/50   175    111 
Comcast Corp.          
1.95%, 1/15/31   200    167 
Crown Castle International Corp.          
3.30%, 7/1/30   150    135 
Dell International LLC/EMC Corp.          
3.45%, 12/15/51 (d)   275    179 
Delta Air Lines Pass Through Trust,          
Series AA          
3.20%, 10/25/25   150    147 
Dick's Sporting Goods, Inc.          
4.10%, 1/15/52   250    178 
Energy Transfer LP,          
2.90%, 5/15/25   250    238 
4.75%, 1/15/26   75    74 
Enterprise Products Operating LLC,          
3.30%, 2/15/53   175    127 
5.35%, 1/31/33   75    78 
Galaxy Pipeline Assets Bidco Ltd.          
1.75%, 9/30/27 (d)   237    221 
Garda World Security Corp.          
4.63%, 2/15/27 (d)   200    180 
General Motors Co.,          
6.60%, 4/1/36   75    77 
6.75%, 4/1/46   75    76 
Georgia-Pacific LLC          
2.30%, 4/30/30 (d)   175    151 
Global Partners LP/GLP Finance Corp.          
7.00%, 8/1/27   80    77 
GLP Capital LP/GLP Financing II, Inc.          
5.38%, 4/15/26   125    121 
Grifols SA          
2.25%, 11/15/27 (d)  EUR200    185 
HCA, Inc.          
3.50%, 7/15/51  $375    259 
Hyundai Capital America,          
1.80%, 1/10/28 (d)   250    212 
5.60%, 3/30/28 (d)   250    251 
Imperial Brands Finance PLC          
3.13%, 7/26/24 (d)   350    339 
Intel Corp.          
5.90%, 2/10/63   125    129 
JBS USA LUX SA/JBS USA Food Co./          
JBS USA Finance, Inc.          
2.50%, 1/15/27 (d)   225    200 
Johns Hopkins University,          
Series A          
2.81%, 1/1/60   145    96 
Level 3 Financing, Inc.          
3.40%, 3/1/27 (d)   175    139 
Lions Gate Capital Holdings LLC          
5.50%, 4/15/29 (d)   145    95 
Lowe's Cos., Inc.          
5.80%, 9/15/62   75    76 
Macy's Retail Holdings LLC          
5.88%, 3/15/30 (d)   80    71 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Marriott International, Inc.          
4.90%, 4/15/29   75    74 
Matador Resources Co.          
5.88%, 9/15/26   205    203 
McAfee Corp.          
7.38%, 2/15/30 (d)   150    126 
McLaren Health Care Corp.,          
Series A          
4.39%, 5/15/48 (f)   150    135 
Medline Borrower LP          
3.88%, 4/1/29 (d)   150    130 
NBN Co. Ltd.          
2.63%, 5/5/31 (d)   225    189 
Newcastle Coal Infrastructure Group Pty Ltd.          
4.40%, 9/29/27 (d)   275    248 
Nissan Motor Co. Ltd.          
3.04%, 9/15/23 (d)   275    271 
NOVA Chemicals Corp.          
4.25%, 5/15/29 (d)(f)   165    135 
ONEOK, Inc.,          
3.10%, 3/15/30   125    109 
3.40%, 9/1/29   50    45 
Peloton Interactive, Inc.          
0.00%, 2/15/26   170    130 
Resorts World Las Vegas LLC/RWLV Capital, Inc.          
4.63%, 4/16/29 (d)   200    155 
RingCentral, Inc.          
0.00%, 3/15/26   125    102 
Rockies Express Pipeline LLC          
3.60%, 5/15/25 (d)   100    94 
Rogers Communications, Inc.          
4.55%, 3/15/52 (d)   275    226 
Silgan Holdings, Inc.          
1.40%, 4/1/26 (d)   200    179 
Sirius XM Radio, Inc.          
3.88%, 9/1/31 (d)   225    175 
Splunk, Inc.          
1.13%, 6/15/27   150    129 
Spotify USA, Inc.          
0.00%, 3/15/26   140    118 
Standard Industries, Inc.          
2.25%, 11/21/26 (d)  EUR125    118 
Syngenta Finance NV          
4.89%, 4/24/25 (d)  $300    293 
Telefonica Emisiones SA          
4.10%, 3/8/27   300    290 
Uber Technologies, Inc.          
0.00%, 12/15/25 (f)   145    128 
Var Energi ASA          
7.50%, 1/15/28 (d)   200    207 
Verizon Communications, Inc.          
2.65%, 11/20/40   250    179 
Volkswagen Group of America Finance LLC          
4.75%, 11/13/28 (d)   275    273 
Vontier Corp.          
2.40%, 4/1/28   250    210 
VTR Finance NV          
6.38%, 7/15/28 (d)   200    81 
Warnermedia Holdings, Inc.,          
4.28%, 3/15/32 (d)   175    156 
5.05%, 3/15/42 (d)   100    84 
5.14%, 3/15/52 (d)   150    122 
Wayfair, Inc.        
0.63%, 10/1/25   180    133 
         11,813 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Utilities (2.2%)          
Duke Energy Indiana LLC          
2.75%, 4/1/50   83    55 
Enel Finance America LLC          
2.88%, 7/12/41 (d)   200    132 
Entergy Louisiana LLC          
1.60%, 12/15/30   125    99 
Fells Point Funding Trust          
3.05%, 1/31/27 (d)   250    232 
Jersey Central Power & Light Co.          
2.75%, 3/1/32 (d)   150    126 
Mississippi Power Co.          
3.95%, 3/30/28   275    265 
NextEra Energy Capital Holdings, Inc.,          
3.00%, 1/15/52   150    101 
6.05%, 3/1/25   75    76 
Northern States Power Co.          
2.90%, 3/1/50   150    106 
NRG Energy, Inc.          
3.88%, 2/15/32 (d)   160    128 
Piedmont Natural Gas Co., Inc.          
2.50%, 3/15/31   125    104 
Public Service Enterprise Group, Inc.          
2.45%, 11/15/31   150    124 
Southern California Edison Co.          
5.70%, 3/1/53   175    183 
Virginia Electric and Power Co.          
2.95%, 11/15/51   125    86 
         1,817 
         21,988 
Mortgages - Other (20.8%)          
Alternative Loan Trust,          
1 Month USD LIBOR + 0.36%,          
5.21%, 5/25/47 (c)   70    59 
5.50%, 2/25/36   5    3 
6.00%, 7/25/37   37    23 
PAC          
5.50%, 2/25/36   2    1 
6.00%, 4/25/36   11    6 
Banc of America Alternative Loan Trust,          
1 Month USD LIBOR + 0.65%,          
5.50%, 7/25/46 (c)   87    69 
6.36%, 10/25/36 (c)   251    75 
Banc of America Funding Trust,          
5.25%, 7/25/37   12    12 
6.00%, 7/25/37   13    11 
Bayview MSR Opportunity Master Fund Trust,          
3.00%, 11/25/51 (c)(d)   219    186 
BBCMS Mortgage Trust,          
0.46%, 12/15/55 (c)   2,568    103 
Brean Asset Backed Securities Trust,          
1.40%, 10/25/63 (c)(d)   238    205 
1.75%, 10/25/61 (c)(d)   241    212 
CFMT 2021-HB7 LLC,          
3.85%, 10/27/31 (c)(d)   350    321 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

CFMT 2022-HB8 LLC,          
3.75%, 4/25/25 (c)(d)   300    265 
CFMT LLC,          
3.25%, 9/25/37 (c)(d)   230    181 
ChaseFlex Trust,          
6.00%, 2/25/37   309    128 
CIM Trust,          
2.50%, 7/1/51 (c)(d)   364    296 
2.57%, 7/25/55 (c)(d)   290    277 
2.82%, 10/25/61 (c)(d)   219    205 
COLT 2021-RPL1 Trust,          
1.67%, 9/25/61 (c)(d)   149    131 
CSFB Mortgage-Backed Pass-Through Certificates,          
6.50%, 11/25/35   752    170 
Eurosail-NL 2007-2 BV,          
3 Month EURIBOR + 1.80%,          
4.13%, 10/17/40 (c)  EUR300    317 
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,          
3.00%, 9/25/45 – 5/25/47  $491    437 
3.50%, 5/25/45 – 5/25/47   295    267 
3.85%, 5/25/45 (c)(d)   1    1 
4.00%, 5/25/45   7    7 
Flagstar Mortgage Trust,          
2.50%, 9/25/51 (c)(d)   367    297 
FMC GMSR Issuer Trust,          
7.90%, 7/25/27 (d)   300    300 
GCAT 2022-NQM3 Trust,          
4.35%, 4/25/67 (c)(d)   493    476 
GSR Mortgage Loan Trust,          
5.75%, 1/25/37   75    49 
Headlands Residential 2021-RPL1 LLC,          
2.49%, 9/25/26 (c)(d)   350    331 
Hundred Acre Wood Trust,          
2.50%, 10/25/51 – 12/25/51 (c)(d)   873    709 
Imperial Fund Mortgage Trust,          
2.09%, 1/25/57 (c)(d)   474    404 
2.49%, 2/25/67 (d)   267    238 
JP Morgan Alternative Loan Trust,          
6.00%, 12/25/35   32    23 
JP Morgan Mortgage Trust,          
3.78%, 6/25/37 (c)   26    20 
6.00%, 6/25/37   4    6 
Legacy Mortgage Asset Trust,          
3.25%, 2/25/60 (c)(d)   299    297 
Lehman Mortgage Trust,          
6.50%, 9/25/37   623    226 
PMC PLS ESR Issuer LLC,          
5.11%, 2/25/27 (c)(d)   242    231 
Preston Ridge Partners LLC,          
1.74%, 9/25/26 (c)(d)   200    181 
2.36%, 10/25/26 (c)(d)   213    199 
2.49%, 11/25/26 (c)(d)   301    278 
5.56%, 6/25/27 (c)(d)   262    251 
Preston Ridge Partners Mortgage LLC,          
5.00%, 3/25/27 (c)(d)   284    278 
PRET 2022-NPL4 LLC,          
6.56%, 8/25/52 (c)(d)   266    258 
RALI Trust,          
6.00%, 4/25/36 – 1/25/37   21    17 
Rate Mortgage Trust,          
2.50%, 11/25/51 (c)(d)   517    419 
Residential Asset Securitization Trust,          
6.00%, 7/25/36   20    10 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Sage AR Funding PLC (SGSHR) No. 1,           
5.93%, 11/17/51 (c)(d)   GBP400    447 
Seasoned Credit Risk Transfer Trust,           
3.00%, 7/25/56 – 5/25/60   $3,929    3,550 
4.00%, 7/25/56 (c)    144    142 
4.00%, 8/25/58 – 2/25/59    325    307 
4.25%, 5/25/60 (c)(d)    600    518 
4.50%, 6/25/57    565    557 
4.75%, 7/25/56 – 6/25/57 (c)(d)    700    644 
Stanwich Mortgage Loan Co. LLC,           
2.74%, 10/16/26 (c)(d)    240    215 
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,           
1 Month USD LIBOR + 1.85%,         
6.70%, 5/25/47 (c)(d)    904    835 
TVC Mortgage Trust,           
3.47%, 9/25/24 (d)    34    34 
United Wholesale Mortgage Trust,           
2.50%, 8/25/51 (c)(d)    463    376 
UWM Mortgage Trust,           
2.50%, 11/25/51 (c)(d)    339    276 
VOLT CV LLC,           
2.49%, 11/27/51 (c)(d)    160    144 
          17,511 
Municipal Bonds (1.6%)           
Chicago O’Hare International Airport, IL,           
O'Hare International Airport Revenue Series 2010B           
6.40%, 1/1/40    115    137 
City of New York, NY,           
Series G-1           
5.97%, 3/1/36    245    271 
Illinois State Toll Highway Authority,           
Highway Revenue, Build America Bonds Series A           
6.18%, 1/1/34    705    787 
University of Michigan, MI,           
Series A           
4.45%, 4/1/2122    170    154 
          1,349 
Sovereign (5.7%)           
Australia Government Bond,           
1.25%, 5/21/32   AUD825    463 
Dominican Republic International Bond,           
5.88%, 1/30/60 (d)   $225    173 
13.63%, 2/3/33 (d)    16,000    332 
Egypt Government International Bond,           
6.38%, 4/11/31 (d)    200    130 
7.50%, 2/16/61 (d)    200    109 
Export-Import Bank of India,           
3.25%, 1/15/30 (d)    200    176 
Hellenic Republic Government Bond,           
2.00%, 4/22/27 (d)   EUR143    146 
4.25%, 6/15/33 (d)    203    221 
Indonesia Treasury Bond,           
8.38%, 3/15/34   IDR5,580,000    413 
Italy Buoni Poliennali Del Tesoro,           
0.65%, 10/28/27 (d)   EUR628    652 
Ivory Coast Government International Bond,           
4.88%, 1/30/32 (d)   $125    104 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Mexican Bonos,           
Series M           
7.75%, 5/29/31   MXN12,500    651 
Petroleos Mexicanos,           
6.70%, 2/16/32   $448    357 
Philippine Government International Bond,           
4.20%, 3/29/47    200    173 
Republic of South Africa Government Bond,           
8.25%, 3/31/32   ZAR15,048    738 
          4,838 
Supranational (0.3%)           
Banque Ouest Africaine de Developpement           
4.70%, 10/22/31 (d)   $350    288 
            
U.S. Treasury Security (1.6%)           
U.S. Treasury Bond           
1.75%, 8/15/41    1,850    1,341 
Total Fixed Income Securities (Cost $90,368)         83,025 
            
    Shares      
Short-Term Investments (17.1%)           
Investment Company (15.7%)           
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (h) (Cost $13,241)    13,241,407    13,241 
            
Securities held as Collateral on Loaned Securities (0.4%)           
Investment Company (0.4%)           
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (h) (Cost $308)    307,838    308 
            
    Face
Amount
(000)		      
U.S. Treasury Security (1.0%)           
U.S. Treasury Bill           
5.01%, 11/30/23 (i)  (Cost $806)   $833    808 
Total Short-Term Investments (Cost $14,355)         14,357 
Total Investments (115.4%) (Cost $104,723) Including $567 of Securities Loaned (j)(k)(l)         97,382 
Liabilities in Excess of Other Assets (-15.4%)         (12,998)
Net Assets (100.0%)        $84,384 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

(a) Amount is less than 0.05%.
(b) Security is subject to delayed delivery.
(c) Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(d) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(e) Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2023.
(f) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $567,000 and $576,000 respectively. The Fund received cash collateral of approximately $308,000, 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 $268,000 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, 2023.
(h) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, 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, 2023, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds.
(i) Rate shown is the yield to maturity at March 31, 2023.
(j) Securities are available for collateral in connection with purchase of securities purchased on a forward commitment basis, open foreign currency exchange contracts, futures contracts and an swap agreement.
(k) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,398,000 and the aggregate gross unrealized depreciation is approximately $8,337,000, resulting in net unrealized depreciation of approximately $6,939,000.
(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, 2023, the Fund did not engage in any cross-trade transactions.

 

@ Value is less than $500.
CLO Collateralized Loan Obligation.
EURIBOR Euro Interbank Offered Rate.
IO Interest Only.
LIBOR London Interbank Offered Rate.
MTN Medium Term Note.
PAC Planned Amortization Class.
REMIC Real Estate Mortgage Investment Conduit.
SOFR Secured Overnight Financing Rate.
SONIA Sterling Overnight Index Average.
STRIPS Separate Trading of Registered Interest and Principal of Securities.
TBA To Be Announced.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

 

Counterparty  Contracts
to
Deliver
(000)		  In
Exchange
For
(000)		  Delivery
Date		  Unrealized
Appreciation
(Depreciation)
(000)		  
Bank of America NA  EUR 1,911  $ 2,087  5/11/23  $ 10  
Bank of America NA  IDR 4,204,392  $ 278  5/11/23  (2 )
Bank of America NA  JPY 53,562  $ 408  5/11/23  3  
Bank of America NA  $ 215  THB 7,080  5/11/23  (7 )
Barclays Bank PLC  EUR 170  $ 180  5/11/23  (4 )
Barclays Bank PLC  MXN 2,228  $ 123  5/11/23  —@  
Barclays Bank PLC  SEK 2,164  $ 209  5/11/23  (—@ )
Barclays Bank PLC  $ 13  EUR 12  5/11/23  (—@ )
Barclays Bank PLC  $ 122  MXN 2,228  5/11/23  1  
BNP Paribas SA  THB 7,080  $ 203  5/11/23  (5 )
BNP Paribas SA  ZAR 12,766  $ 730  5/11/23  16  
Citibank NA  DOP 4,022  $ 70  5/11/23  (2 )
Citibank NA  $ 13  EUR 12  5/11/23  (—@ )
Credit Agricole CIB  MXN 3,518  $ 189  5/11/23  (5 )
Goldman Sachs International  $ 217  BRL 1,106  5/11/23  —@  
Goldman Sachs International  $ 2  CAD 3  5/11/23  —@  
HSBC Bank PLC  $ 1  CAD 2  5/11/23  —@  
HSBC Bank PLC  $ 213  JPY 27,715  5/11/23  (3 )
HSBC Bank PLC  ZAR 1,033  $ 56  5/11/23  (2 )
JPMorgan Chase Bank NA  AUD 672  $ 470  5/11/23  20  
JPMorgan Chase Bank NA  BRL 1,106  $ 216  5/11/23  (1 )
JPMorgan Chase Bank NA  GBP 665  $ 809  5/11/23  (12 )
JPMorgan Chase Bank NA  $ 214  NOK 2,247  5/11/23  1  
Standard Chartered Bank  MXN 2,414  $ 126  5/11/23  (7 )
UBS AG  CAD 523  $ 393  5/11/23  5  
UBS AG  IDR 2,308,615  $ 155  5/11/23  1  
UBS AG  MXN 3,674  $ 192  5/11/23  (11 )
UBS AG  $ 4  CAD 5  5/11/23  —@  
UBS AG  $ 193  EUR 180  5/11/23  3  
UBS AG  $ 222  EUR 205  5/11/23  1  
UBS AG  $ 7  GBP 6  5/11/23  —@  
UBS AG  $ 416  JPY 53,592  5/11/23  (11 )
              $ (11 )

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2023:

 

   Number
of
Contracts		  Expiration
Date		   Notional
Amount
(000)		  Value
(000)		  Unrealized
Appreciation
(Depreciation)
(000)		 
Long:   
U.S. Treasury 2 yr. Note (United States)  27  Jun-23   $5,400  $5,574  $62 
U.S. Treasury 10 yr. Note (United States)  14  Jun-23    1,400   1,609   (1)
U.S. Treasury 10 yr. Ultra Note (United States)  1  Jun-23    100   121   (—@)
U.S. Treasury 5 yr. Note (United States)  43  Jun-23    4,300   4,709   56 
U.S. Treasury Long Bond (United States)  31  Jun-23    3,100   4,066   150 
U.S. Treasury Ultra Bond (United States)  37  Jun-23    3,700   5,222   181 
                     
Short:                    
Euro-Buxl 30 yr. Bond (Germany)  1  Jun-23   EUR(100)  (153)  (6)
German Euro-BTP Index (Germany)  3  Jun-23    (300)  (375)  (13)
                  $429 

 

Credit Default Swap Agreement:

The Fund had the following credit default swap agreement open at March 31, 2023:

 

Swap Counterparty and
Reference Obligation		  Credit
Rating of
Reference
Obligation†		  Buy/Sell
Protection		  Pay/Receive
Fixed Rate		  Payment
Frequency		  Maturity
 Date		  Notional
Amount
(000)		  Value
(000)		  Upfront
Payment
Paid
(000)		   Unrealized
Depreciation
(000)		 
Morgan Stanley & Co. LLC* CDX.NA.HY.40  NR  Buy  5.00% Quarterly  6/20/28  $878  $(13) $3   $(16)

 

* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
† Credit rating as issued by Standard & Poor’s.
BTP Buoni del Tesoro Poliennali.
NR Not rated.
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
DOP — Dominican Peso
EUR — Euro
GBP — British Pound
IDR — Indonesian Rupiah
JPY — Japanese Yen
MXN — Mexican Peso
NOK — Norwegian Krone
SEK — Swedish Krona
THB — Thai Baht
USD — United States Dollar
ZAR — South African Rand

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Agency Fixed Rate Mortgages   19.0%
Mortgages - Other   18.0 
Short-Term Investments   14.5 
Industrials   12.2 
Commercial Mortgage-Backed Securities   9.1 
Finance   8.6 
Asset-Backed Securities   8.2 
Other**   5.4 
Sovereign   5.0 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
** 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 $21,829,000 and net unrealized appreciation of approximately $429,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $11,000. Also does not include an open swap agreements with total unrealized depreciation of approximately $16,000.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (92.1%)          
Biotechnology (1.0%)          
Intellia Therapeutics, Inc. (a)   16,207   $604 
ProKidney Corp. (a)   75,421    854 
         1,458 
Broadline Retail (7.2%)          
Coupang, Inc. (a)   144,924    2,319 
Global-e Online Ltd. (Israel) (a)   246,474    7,944 
         10,263 
Chemicals (0.3%)          
Ginkgo Bioworks Holdings, Inc. (a)(b)   303,298    403 
           
Commercial Services & Supplies (0.2%)          
Aurora Innovation, Inc. (a)   200,680    279 
           
Entertainment (6.0%)          
ROBLOX Corp., Class A (a)   192,414    8,655 
           
Financial Services (9.0%)          
Adyen NV (Netherlands) (a)   5,297    8,440 
Affirm Holdings, Inc. (a)   399,620    4,504 
         12,944 
Ground Transportation (1.7%)          
Grab Holdings Ltd., Class A (Singapore) (a)   798,239    2,403 
           
Health Care Providers & Services (5.4%)          
Agilon Health, Inc. (a)   296,462    7,041 
Guardant Health, Inc. (a)   30,985    726 
         7,767 
Health Care Technology (4.7%)          
Doximity, Inc., Class A (a)   208,319    6,745 
           
Hotels, Restaurants & Leisure (5.5%)          
DoorDash, Inc., Class A (a)   124,575    7,918 
           
Information Technology Services (12.6%)          
Cloudflare, Inc., Class A (a)   172,869    10,659 
Snowflake, Inc., Class A (a)   48,281    7,449 
         18,108 
Interactive Media & Services (1.4%)          
ZoomInfo Technologies, Inc., Class A (a)   82,763    2,045 
           
Leisure Products (2.3%)          
Peloton Interactive, Inc., Class A (a)   291,672    3,308 
           
Life Sciences Tools & Services (2.4%)          
10X Genomics, Inc., Class A (a)   59,507    3,320 
Illumina, Inc. (a)   490    114 
         3,434 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Media (7.1%)          
Trade Desk, Inc., Class A (a)   166,733    10,156 
           
Pharmaceuticals (5.6%)          
Royalty Pharma PLC, Class A (United Kingdom)   222,569    8,019 
           
Software (11.8%)          
Bill.Com Holdings, Inc. (a)   60,790    4,931 
Gitlab, Inc., Class A (a)   82,610    2,833 
MicroStrategy, Inc., Class A (a)(b)   3,276    957 
Procore Technologies, Inc. (a)   60,178    3,769 
Samsara, Inc., Class A (a)   223,157    4,401 
         16,891 
Specialty Retail (7.9%)          
Carvana Co. (a)   92,409    904 
Chewy, Inc., Class A (a)   183,167    6,847 
Floor & Decor Holdings, Inc., Class A (a)   22,907    2,250 
Wayfair, Inc., Class A (a)   37,355    1,283 
         11,284 
Total Common Stocks (Cost $194,436)        132,080 
           
Preferred Stock (1.4%)          
Software (1.4%)          
Databricks, Inc., Series H (a)(c)(d)
(acquisition cost - $2,666; acquired 8/31/21)		   36,279    1,996 
           
Investment Company (1.3%)          
Grayscale Bitcoin Trust (a) (Cost $4,221)   116,412    1,905 
           
    No. of
Warrants		      
Warrant (0.0%) (e)          
Chemicals (0.0%) (e)          
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $55)   16,415    3 
           
    Shares      
Short-Term Investments (6.4%)          
Securities held as Collateral on Loaned Securities (1.5%)          
Investment Company (1.2%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (f)   1,665,936    1,666 
           
   Face
Amount
(000)		      
Repurchase Agreements (0.3%)          
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $189; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $193)  $189    189 
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $190; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $193)   190    190 
         379 

Total Securities held as Collateral on Loaned Securities (Cost $2,045)

        2,045 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

    Shares      
Investment Company (4.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $7,023)   7,022,859    7,023 
Total Short-Term Investments (Cost $9,068)        9,068 
Total Investments Excluding Purchased Options (101.2%) (Cost $210,446)        145,052 
Total Purchased Options Outstanding (0.1%) (Cost $470)        155 
Total Investments (101.3%) (Cost $210,916) Including $2,080 of Securities Loaned (g)(h)(i)(j)        145,207 
Liabilities in Excess of Other Assets (-1.3%)        (1,796)
Net Assets (100.0%)       $143,411 

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $2,080,000 and $2,045,000, respectively. The Fund received cash collateral of approximately $2,045,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated  Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2023 amounts to approximately $1,996,000 and represents 1.4% of net assets.
(d) At March 31, 2023, the Fund held a fair valued security at approximately $1,996,000, representing 1.4% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e) Amount is less than 0.05%.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.
(g) Securities are available for collateral in connection with purchased options.
(h) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(i) The approximate fair value and percentage of net assets, $8,440,000 and 5.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(j) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,529,000 and the aggregate gross unrealized depreciation is approximately $76,238,000, resulting in net unrealized depreciation of approximately $65,709,000.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2023:  

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Depreciation
(000)		 
Goldman Sachs International  USD/CNH  CNH   7.87  Oct-23  291,150  291   —@   1   (1)
JP Morgan Chase Bank NA  USD/CNH  CNH   7.43  Jan-24  27,229,362  27,229   99   128   (29)
JP Morgan Chase Bank NA  USD/CNH  CNH   7.53  Jul-23  34,360,212  34,360  $22  $171  $(149)
Standard Chartered Bank  USD/CNH  CNH   7.57  Aug-23  38,083,157  38,083   34   170   (136)
                  $155  $470  $(315)

 

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

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Other**   20.3%
Software   13.2 
Information Technology Services   12.7 
Financial Services   9.0 
Specialty Retail   7.9 
Broadline Retail   7.2 
Media   7.1 
Entertainment   6.1 
Pharmaceuticals   5.6 
Hotels, Restaurants & Leisure   5.5 
Health Care Providers & Services   5.4 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities (95.9%)          
Albania (0.2%)          
Sovereign (0.2%)          
Albania Government International Bond,          
3.50%, 10/9/25  EUR210   $215 
           
Argentina (1.1%)          
Sovereign (1.1%)          
Argentine Republic Government International Bond,          
3.50%, 7/9/41 (a)  $1,200    342 
Province of Salta Argentina,          
8.50%, 12/1/27   108    89 
Provincia de Cordoba,          
6.88%, 12/10/25   895    764 
         1,195 
Armenia (0.4%)          
Corporate Bond (0.4%)          
Ardshinbank CJSC Via Dilijan Finance BV,          
6.50%, 1/28/25   460    449 
           
Azerbaijan (0.5%)          
Sovereign (0.5%)          
Republic of Azerbaijan International Bond,          
3.50%, 9/1/32   550    470 
           
Bahrain (1.6%)          
Sovereign (1.6%)          
Bahrain Government International Bond,          
5.45%, 9/16/32   1,070    958 
5.63%, 5/18/34   500    438 
7.50%, 9/20/47   290    263 
         1,659 
Barbados (1.3%)          
Sovereign (1.3%)          
Barbados Government International Bond,          
6.50%, 10/1/29 (b)(c)   1,520    1,419 
           
Benin (1.9%)          
Sovereign (1.9%)          
Benin Government International Bond,          
4.88%, 1/19/32  EUR250    205 
4.95%, 1/22/35   1,600    1,198 
6.88%, 1/19/52   843    636 
         2,039 
Brazil (3.9%)          
Corporate Bonds (3.2%)          
Coruripe Netherlands BV,          
10.00%, 2/10/27  $860    606 
Gol Finance SA,          
8.00%, 6/30/26   671    337 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Guara Norte Sarl,          
5.20%, 6/15/34   629    542 
Hidrovias International Finance Sarl,          
4.95%, 2/8/31   580    410 
MC Brazil Downstream Trading Sarl,          
7.25%, 6/30/31   657    517 
MV24 Capital BV,          
6.75%, 6/1/34   589    543 
Natura &Co Luxembourg Holdings Sarl,          
6.00%, 4/19/29 (d)   350    304 
Suzano Austria GmbH,          
3.75%, 1/15/31   175    152 
         3,411 
Sovereign (0.7%)          
Brazilian Government International Bond,          
3.88%, 6/12/30   200    180 
5.00%, 1/27/45   680    536 
         716 
         4,127 
Burkina Faso (0.7%)          
Corporate Bond (0.7%)          
Endeavour Mining PLC,          
5.00%, 10/14/26   880    740 
           
Chile (2.7%)          
Corporate Bonds (2.1%)          
AES Andes SA,          
7.13%, 3/26/79   400    383 
Latam Airlines Group SA,          
13.38%, 10/15/27 (d)   490    510 
Liberty Latin America Ltd.,          
2.00%, 7/15/24   815    754 
VTR Comunicaciones SpA,          
4.38%, 4/15/29   434    264 
5.13%, 1/15/28   566    350 
         2,261 
Sovereign (0.6%)          
Chile Government International Bond,          
2.45%, 1/31/31   500    432 
3.50%, 1/25/50   290    218 
         650 
         2,911 
China (2.7%)          
Corporate Bonds (1.0%)          
KWG Group Holdings Ltd.,          
7.88%, 8/30/24   300    105 
Meituan,          
0.00%, 4/27/27   700    614 
Shimao Group Holdings Ltd.,          
5.60%, 7/15/26   660    97 
Sunac China Holdings Ltd.,          
8.35%, 4/19/23 (b)(c)   740    180 
Times China Holdings Ltd.,          
5.55%, 6/4/24 (b)(c)   330    53 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

6.75%, 7/16/23 (b)(c)   280    43 
         1,092 
Sovereign (1.7%)          
Sinopec Group Overseas Development 2012 Ltd.,          
4.88%, 5/17/42   390    381 
Sinopec Group Overseas Development 2018 Ltd.,          
2.95%, 11/12/29 (d)   1,600    1,463 
         1,844 
         2,936 
Colombia (0.6%)          
Corporate Bonds (0.6%)          
Aris Mining Corp.,          
6.88%, 8/9/26   630    516 
Canacol Energy Ltd.,          
5.75%, 11/24/28   206    166 
         682 
Costa Rica (0.4%)          
Corporate Bond (0.4%)          
Liberty Costa Rica Senior Secured Finance,          
10.88%, 1/15/31 (d)   430    405 
           
Dominican Republic (2.1%)          
Sovereign (2.1%)          
Dominican Republic International Bond,          
4.88%, 9/23/32   400    341 
5.88%, 1/30/60   200    154 
6.00%, 7/19/28 (d)   570    558 
6.85%, 1/27/45 (d)   740    663 
7.45%, 4/30/44 (d)   500    482 
         2,198 
Ecuador (0.6%)          
Sovereign (0.6%)          
Ecuador Government International Bond,          
1.50%, 7/31/40 (a)   265    81 
1.50%, 7/31/40 (a)(d)   300    91 
2.50%, 7/31/35 (a)   440    148 
5.50%, 7/31/30 (a)   140    66 
5.50%, 7/31/30 (a)(d)   500    235 
         621 
Egypt (3.0%)          
Sovereign (3.0%)          
Egypt Government International Bond,          
5.25%, 10/6/25 (d)   200    158 
5.75%, 5/29/24   580    527 
6.38%, 4/11/31 (d)  EUR500    325 
6.88%, 4/30/40  $104    57 
7.50%, 2/16/61 (d)   770    419 
8.15%, 11/20/59 (d)   1,500    840 
8.88%, 5/29/50 (d)   340    201 
8.88%, 5/29/50   730    433 
Egyptian Financial Co. for Sovereign Taskeek,          
10.88%, 2/28/26 (d)   279    257 
         3,217 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

El Salvador (0.5%)          
Sovereign (0.5%)          
El Salvador Government International Bond,          
5.88%, 1/30/25   95    74 
6.38%, 1/18/27   827    466 
         540 
Ethiopia (0.9%)          
Sovereign (0.9%)          
Ethiopia International Bond,          
6.63%, 12/11/24   1,380    973 
           
Gabon (0.3%)          
Sovereign (0.3%)          
Gabon Government International Bond,          
6.95%, 6/16/25 (d)   300    280 
           
Georgia (0.3%)          
Corporate Bond (0.3%)          
TBC Bank JSC,          
10.78%, 10/3/24   370    351 
           
Ghana (1.6%)          
Corporate Bonds (1.2%)          
Puma International Financing SA,          
5.13%, 10/6/24   780    744 
Tullow Oil PLC,          
10.25%, 5/15/26   636    491 
         1,235 
Sovereign (0.4%)          
Ghana Government International Bond,          
8.63%, 6/16/49 (b)(c)   1,230    414 
         1,649 
Guatemala (0.7%)          
Sovereign (0.7%)          
Guatemala Government Bond,          
3.70%, 10/7/33   200    168 
4.65%, 10/7/41 (d)   310    255 
6.13%, 6/1/50 (d)   320    304 
         727 
Honduras (1.3%)          
Sovereign (1.3%)          
Honduras Government International Bond,          
5.63%, 6/24/30   500    397 
6.25%, 1/19/27   1,055    944 
         1,341 
Hungary (2.1%)          
Corporate Bond (0.5%)          
OTP Bank Nyrt,          
8.75%, 5/15/33   550    526 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Sovereign (1.6%)          
Hungary Government International Bond,          
5.38%, 3/25/24   126    126 
6.25%, 9/22/32 (d)   1,320    1,349 
7.63%, 3/29/41   220    248 
         1,723 
         2,249 
India (1.9%)          
Corporate Bonds (1.0%)          
JSW Infrastructure Ltd.,          
4.95%, 1/21/29   780    658 
Vedanta Resources Finance II PLC,          
13.88%, 1/21/24   550    441 
         1,099 
Sovereign (0.9%)          
Export-Import Bank of India,          
3.25%, 1/15/30   500    440 
5.50%, 1/18/33 (d)   540    540 
         980 
         2,079 
Indonesia (4.2%)          
Corporate Bonds (1.1%)          
Alam Sutera Realty Tbk PT,          
6.50% Cash, 4.50% PIK, 11/2/25 (e)   650    546 
Minejesa Capital BV,          
4.63%, 8/10/30   751    664 
         1,210 
Sovereign (3.1%)          
Indonesia Government International Bond,          
3.55%, 3/31/32   800    735 
3.85%, 7/18/27   400    390 
4.45%, 4/15/70   300    260 
4.65%, 9/20/32   1,100    1,098 
Pertamina Persero PT,          
4.30%, 5/20/23   800    798 
         3,281 
         4,491 
Iraq (1.9%)          
Sovereign (1.9%)          
Iraq International Bond,          
5.80%, 1/15/28   2,125    1,987 
           
Ivory Coast (0.5%)          
Sovereign (0.5%)          
Ivory Coast Government International Bond,          
4.88%, 1/30/32  EUR600    498 
6.63%, 3/22/48   100    75 
         573 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Jamaica (0.8%)          
Corporate Bond (0.8%)          
Digicel International Finance Ltd./Digicel international Holdings Ltd.,          
8.75%, 5/25/24  $900    810 
           
Jordan (1.2%)          
Sovereign (1.2%)          
Jordan Government International Bond,          
7.38%, 10/10/47 (d)   840    712 
7.75%, 1/15/28   500    509 
         1,221 
Kazakhstan (0.8%)          
Sovereign (0.8%)          
Kazakhstan Government International Bond,          
6.50%, 7/21/45   800    836 
           
Kenya (2.4%)          
Sovereign (2.4%)          
Kenya Government International Bond,          
7.25%, 2/28/28   370    304 
8.00%, 5/22/32 (d)   250    203 
Republic of Kenya Government International Bond,          
6.30%, 1/23/34   422    299 
7.00%, 5/22/27   402    342 
8.00%, 5/22/32   1,726    1,406 
         2,554 
Kuwait (0.5%)          
Sovereign (0.5%)          
Kuwait International Government Bond,          
3.50%, 3/20/27   550    540 
           
Lebanon (0.2%)          
Sovereign (0.2%)          
Lebanon Government International Bond,          
6.85%, 3/23/27 – 5/25/29 (b)(c)   2,940    196 
           
Macedonia (2.6%)          
Sovereign (2.6%)          
North Macedonia Government International Bond,          
1.63%, 3/10/28  EUR1,340    1,156 
6.96%, 3/13/27   1,449    1,581 
         2,737 
Mexico (9.4%)          
Corporate Bonds (4.3%)          
Banco Mercantil del Norte SA,          
8.38%, 10/14/30 (f)  $234    217 
BBVA Bancomer SA,          
5.13%, 1/18/33   465    398 
Braskem Idesa SAPI,          
6.99%, 2/20/32   478    361 
7.45%, 11/15/29   785    631 
Cemex SAB de CV,          
5.13%, 6/8/26 (f)   830    744 
9.13%, 3/14/28 (d)(f)   490    491 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Total Play Telecomunicaciones SA de CV,          
7.50%, 11/12/25   992    595 
         3,437 
Sovereign (5.1%)          
Mexico Government International Bond,          
5.00%, 4/27/51   300    258 
Petroleos Mexicanos,          
4.25%, 1/15/25   330    313 
5.35%, 2/12/28   650    551 
5.95%, 1/28/31   900    689 
6.35%, 2/12/48   800    493 
6.50%, 3/13/27 – 1/23/29   1,240    1,097 
6.70%, 2/16/32   1,390    1,108 
6.88%, 10/16/25 – 8/4/26   760    735 
6.95%, 1/28/60   300    194 
7.69%, 1/23/50   1,100    777 
10.00%, 2/7/33 (d)   413    396 
         6,611 
         10,048 
Moldova (0.5%)          
Corporate Bond (0.5%)          
Aragvi Finance International DAC,          
8.45%, 4/29/26   750    526 
           
Morocco (0.4%)          
Sovereign (0.4%)          
Morocco Government International Bond,          
4.00%, 12/15/50 (d)   610    417 
           
Mozambique (0.4%)          
Sovereign (0.4%)          
Mozambique International Bond,          
5.00%, 9/15/31 (a)   639    462 
           
Nigeria (1.8%)          
Corporate Bonds (1.3%)          
IHS Netherlands Holdco BV,          
8.00%, 9/18/27 (d)   950    845 
SEPLAT Energy PLC,          
7.75%, 4/1/26   610    480 
         1,325 
Sovereign (0.5%)          
Nigeria Government International Bond,          
6.38%, 7/12/23   270    269 
6.50%, 11/28/27 (d)   300    245 
         514 
         1,839 
Oman (2.3%)          
Sovereign (2.3%)          
Oman Government International Bond,          
6.25%, 1/25/31 (d)   900    918 
6.25%, 1/25/31   1,060    1,081 
6.75%, 1/17/48   440    417 
         2,416 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Pakistan (0.2%)          
Sovereign (0.2%)          
Pakistan Government International Bond,          
7.38%, 4/8/31   345    124 
8.88%, 4/8/51   300    104 
         228 
Panama (1.9%)          
Corporate Bonds (0.6%)          
AES Panama Generation Holdings SRL,          
4.38%, 5/31/30 (d)   375    323 
Multibank, Inc.,          
7.75%, 2/3/28 (d)   331    331 
         654 
Sovereign (1.3%)          
Panama Government International Bond,          
2.25%, 9/29/32   930    715 
3.87%, 7/23/60   470    309 
4.50%, 4/1/56   490    366 
         1,390 
         2,044 
Paraguay (1.4%)          
Corporate Bond (0.8%)          
Frigorifico Concepcion SA,          
7.70%, 7/21/28   1,110    800 
           
Sovereign (0.6%)          
Paraguay Government International Bond,          
3.85%, 6/28/33   300    265 
5.40%, 3/30/50 (d)   400    346 
         611 
         1,411 
Peru (2.0%)          
Corporate Bonds (1.3%)          
Auna SAA,          
6.50%, 11/20/25   1,264    1,036 
Peru LNG Srl,          
5.38%, 3/22/30   450    360 
         1,396 
Sovereign (0.7%)          
Peruvian Government International Bond,          
2.78%, 1/23/31   300    257 
3.55%, 3/10/51   400    294 
6.55%, 3/14/37   200    218 
         769 
         2,165 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Romania (4.8%)          
Sovereign (4.8%)          
Romanian Government International Bond,          
1.75%, 7/13/30   110    88 
1.75%, 7/13/30 (d)  EUR 315    252 
2.00%, 4/14/33   330    245 
2.12%, 7/16/31   687    542 
2.13%, 3/7/28   532    494 
3.00%, 2/27/27 (d)   636    580 
3.75%, 2/7/34 (d)   560    476 
4.00%, 2/14/51  $830    581 
5.00%, 9/27/26   455    494 
6.13%, 1/22/44   250    239 
6.63%, 9/27/29   975    1,083 
         5,074 
Senegal (0.2%)          
Sovereign (0.2%)          
Senegal Government International Bond,          
6.25%, 5/23/33   300    239 
           
Serbia (2.2%)          
Sovereign (2.2%)          
Serbia International Bond,          
1.50%, 6/26/29   908    754 
2.05%, 9/23/36   270    178 
2.13%, 12/1/30 (d)   310    236 
2.13%, 12/1/30   720    548 
6.25%, 5/26/28   213    216 
6.50%, 9/26/33   429    427 
         2,359 
South Africa (1.0%)          
Corporate Bonds (1.0%)          
Petra Diamonds U.S. Treasury PLC,          
6.59% Cash, 3.91% PIK, 3/8/26 (e)   301    290 
Sasol Financing USA LLC,          
5.50%, 3/18/31   870    729 
         1,019 
Sri Lanka (2.9%)          
Sovereign (2.9%)          
Sri Lanka Government International Bond,          
5.75%, 4/18/23 (b)(c)   200    149 
6.20%, 5/11/27 (b)(c)   2,400    865 
6.35%, 6/28/24 (b)(c)   200    72 
6.75%, 4/18/28 (b)(c)   200    72 
6.85%, 3/14/24 – 11/3/25 (b)(c)   2,100    775 
7.55%, 3/28/30 (b)(c)   2,620    943 
7.85%, 3/14/29 (b)(c)   600    216 
         3,092 
Suriname (3.2%)          
Sovereign (3.2%)          
Suriname Government International Bond,          
9.25%, 10/26/26 (b)(c)   3,782    2,753 
12.88%, 12/30/23 (b)(c)(d)   868    647 
         3,400 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Tanzania, United Republic of (0.5%)          
Corporate Bond (0.5%)          
HTA Group Ltd.,          
7.00%, 12/18/25   600    571 
           
Turkey (1.4%)          
Corporate Bonds (1.4%)          
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS,          
9.50%, 7/10/36   950    794 
Ulker Biskuvi Sanayi AS,          
6.95%, 10/30/25   740    646 
         1,440 
Ukraine (1.2%)          
Corporate Bonds (0.3%)          
Kernel Holding SA,          
6.50%, 10/17/24   200    128 
6.75%, 10/27/27   219    128 
NPC Ukrenergo,          
6.88%, 11/9/28 (b)(c)(d)   510    88 
         344 
Sovereign (0.9%)          
Ukraine Government International Bond,          
6.75%, 6/20/28 (b)(c)   1,200    223 
6.88%, 5/21/31 (b)(c)   1,000    181 
7.75%, 9/1/25 (b)(c)   2,210    446 
Series GDP          
0.00%, 8/1/41 (b)(c)(g)   530    143 
         993 
         1,337 
United Arab Emirates (4.5%)          
Corporate Bond (0.5%)          
Shelf Drilling Holdings Ltd.,          
8.88%, 11/15/24   522    519 
           
Sovereign (4.0%)          
Finance Department Government of Sharjah,          
4.00%, 7/28/50   1,671    1,062 
4.38%, 3/10/51   2,206    1,504 
6.50%, 11/23/32 (d)   1,630    1,665 
         4,231 
         4,750 
Uzbekistan (1.6%)          
Corporate Bond (0.4%)          
Uzbek Industrial and Construction Bank ATB,          
5.75%, 12/2/24   462    427 
           
Sovereign (1.2%)          
Republic of Uzbekistan International Bond,          
3.70%, 11/25/30 (d)   200    161 
3.90%, 10/19/31   634    510 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio

Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

5.38%, 2/20/29   600    551 
         1,222 
         1,649 
Venezuela (0.7%)          
Sovereign (0.7%)          
Petroleos de Venezuela SA,          
6.00%, 11/15/26 (b)(c)   15,740    689 
           
Vietnam (1.9%)          
Corporate Bond (0.7%)          
Mong Duong Finance Holdings BV,          
5.13%, 5/7/29   856    727 
           
Sovereign (1.2%)          
Vietnam Government International Bond,          
4.80%, 11/19/24   1,320    1,294 
         2,021 
Zambia (1.1%)          
Sovereign (1.1%)          
Zambia Government International Bond,          
5.38%, 9/20/22 (b)(c)   1,000    425 
8.50%, 4/14/24 (b)(c)   201    92 
8.97%, 7/30/27 (b)(c)   1,360    607 
         1,124 
Total Fixed Income Securities (Cost $127,896)        101,737 

 

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

 

   Shares    
Short-Term Investments (2.5%)          
Investment Company (2.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (j) (Cost $2,533)   2,533,485   $2,533 

 

   Face
Amount
(000)		      
U.S. Treasury Security (0.1%)          
U.S. Treasury Bill,           
4.47%, 11/30/23 (k) (Cost $121)  $125,000    121 
Total Short-Term Investments (Cost $2,654)        2,654 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Total Investments (98.4%) (Cost $130,550) (l)(m)(n)        104,410 
Other Assets in Excess of Liabilities (1.6%)        1,726 
Net Assets (100.0%)       $106,136 

 

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) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2023. Maturity date disclosed is the ultimate maturity date.
(b) Non-income producing security; bond in default.
(c) Issuer in bankruptcy.
(d) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(e) Income may be paid in additional securities and/or cash at the discretion of the issuer.
(f) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2023.
(g) Floating or variable rate securities: The rates disclosed are as of March 31, 2023. 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.
(h) Amount is less than 0.05%.
(i) Perpetual maturity date. Date disclosed is the last expiration date.
(j) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, 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, 2023, advisory fees paid were approximately $3,000 relating to the Fund's investment in the Liquidity Funds.
(k) Rate shown is the yield to maturity at March 31, 2023.
(l) Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contracts and swap agreements.
(m) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(n) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for the book purposes. The aggregate gross unrealized appreciation is approximately $2,639,000 and the aggregate gross unrealized depreciation is approximately $28,273,000, resulting in net unrealized depreciation of approximately $25,634,000.
PIK Payment-in-Kind.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Debt Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

 

Counterparty  Contracts
to
Deliver
(000)		  In
Exchange
For
(000)		  Delivery
Date		  Unrealized
Appreciation
(Depreciation)
(000)		  
Citibank NA  EUR 1,336  $ 1,428  4/14/23  $ (22 )
Citibank NA  $ 422  EUR 393  4/14/23  5  
Goldman Sachs International  $ 81  EUR 76  4/14/23  1  
JPMorgan Chase Bank NA  EUR 328  $ 348  4/14/23  (8 )
JPMorgan Chase Bank NA  EUR 160  $ 170  4/14/23  (4 )
JPMorgan Chase Bank NA  EUR 1,018  $ 1,081  4/14/23  (24 )
State Street Bank and Trust Co.  EUR 1,527  $ 1,625  4/14/23  (32 )
State Street Bank and Trust Co.  EUR 803  $ 854  4/14/23  (17 )
State Street Bank and Trust Co.  EUR 5,846  $ 6,219  4/14/23  (125 )
                $ (226 )

 

Futures Contracts:
The Fund had the following futures contracts open at March 31, 2023:

 

   Number
of
Contracts		   Expiration
Date		  Notional
Amount
(000)

 

  Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:                  
U.S. Treasury 10 yr. Note (United States)  12   Jun-23  $ 1,200   $1,379   $28 
U.S. Treasury 10 yr. Ultra Note (United States)  82   Jun-23  8,200    9,933    352 
U.S. Treasury Long Bond (United States)  24   Jun-23  2,400    3,148    143 
U.S. Treasury Ultra Bond (United States)  77   Jun-23  7,700    10,867    515 
                      
Short:                     
Euro-Buxl 30 yr. Bond (Germany)  2   Jun-23  EUR (200)    (305)    (17)
German Euro-Bobl Index (Germany)  28   Jun-23  (2,800)    (3,580)    (84)
German Euro-Bund Index (Germany)  29   Jun-23  (2,900)    (4,272)    (156)
U.S. Treasury 2 yr. Note (United States)  7   Jun-23  $ (1,400)    (1,445)    (19)
U.S. Treasury 5 yr. Note (United States)  9   Jun-23  (900)    (986)    (23)
                   $739 

 

Credit Default Swap Agreements:
The Fund had the following credit default swap agreements open at March 31, 2023:

 

Swap Counterparty and
Reference Obligation		  Credit
Rating of
Reference
Obligation†		  Buy/Sell
Protection		  Pay/Receive
Fixed Rate		   Payment
Frequency		  Maturity
 Date		  Notional
Amount
(000)		   Value
(000)		  


Upfront
Payment
Paid

(Received)
(000)

   Unrealized
Appreciation
(Depreciation)
(000)		 
Goldman Sachs International
Mexico Government International Bonds		  NR  Buy   1.00%  Quarterly  12/20/27  $2,307   $ (87)  $  (105)  $18 

Morgan Stanley & Co. LLC*
Vietnam Government International Bonds

  NR  Buy   1.00   Quarterly  12/20/27   6,200    20    45     (25)
                         $67   $60   $ (7)

 

* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
† Credit rating as issued by Standard & Poor's.
NR Not rated.
EUR — Euro
USD — United States Dollar
     

 

 

 

 

Portfolio Composition
Classification  Percentage of
Total Investments		 
Sovereign   71.1%
Corporate Bonds   26.3 
Other*   2.6 
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 $35,915,000 and net unrealized appreciation of approximately $739,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $226,000. Also does not include open swap agreements with net unrealized depreciation of approximately $7,000.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (99.0%)          
Brazil (6.4%)          
Banco BTG Pactual SA (Units) (a)   296,659   $1,150 
Cia Brasileira de Aluminio   324,932    486 
Itau Unibanco Holding SA (Preference)   643,692    3,142 
Localiza Rent a Car SA   76,893    810 
Lojas Renner SA   554,667    1,813 
Petroleo Brasileiro SA (Preference)   343,509    1,589 
Raia Drogasil SA   270,849    1,307 
         10,297 
China (23.7%)          
Alibaba Group Holding Ltd. (b)(c)   222,400    2,817 
BYD Co. Ltd. H Shares (c)   86,500    2,545 
China Construction Bank Corp. H Shares (c)   6,061,230    3,923 
China Mengniu Dairy Co. Ltd. (b)(c)   485,000    1,988 
China Merchants Bank Co. Ltd. H Shares (c)   378,500    1,922 
China Resources Beer Holdings Co. Ltd. (c)   300,000    2,410 
China Tourism Group Duty Free Corp. Ltd. (b)(c)(d)   39,700    980 
Hua Hong Semiconductor Ltd. (b)(c)   201,000    891 
JD.com, Inc., Class A (c)   33,580    733 
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A   165,809    1,033 
Kweichow Moutai Co. Ltd., Class A   6,891    1,820 
Li Ning Co. Ltd. (c)   181,000    1,423 
Meituan, Class B (b)(c)   63,780    1,157 
NARI Technology Co. Ltd., Class A   270,300    1,066 
Postal Savings Bank of China Co. Ltd. (c)(d)   2,880,000    1,708 
Proya Cosmetics Co. Ltd., Class A   48,320    1,280 
Shenzhou International Group Holdings Ltd. (c)   221,900    2,328 
Sungrow Power Supply Co. Ltd., Class A   81,698    1,249 
Tencent Holdings Ltd. (c)   122,500    5,987 
Zijin Mining Group Co. Ltd. H Shares (c)   632,000    1,054 
         38,314 
Germany (0.8%)          
Infineon Technologies AG   33,474    1,375 
           
India (19.6%)          
Bajaj Auto Ltd.   38,928    1,841 
Delhivery Ltd. (b)   194,917    787 
Gland Pharma Ltd. (b)   24,118    373 
HDFC Bank Ltd. ADR   53,679    3,579 
Hindalco Industries Ltd.   363,920    1,804 
Housing Development Finance Corp. Ltd.   24,583    788 
ICICI Bank Ltd.   346,434    3,702 
ICICI Prudential Life Insurance Co. Ltd.   187,348    996 
Infosys Ltd.   114,982    2,010 
Infosys Ltd. ADR   29,515    515 
Larsen & Toubro Ltd.   36,617    967 
Macrotech Developers Ltd. (b)   84,282    956 
Mahindra & Mahindra Financial Services Ltd.   511,280    1,446 
Mahindra & Mahindra Ltd.   119,999    1,696 
MakeMyTrip Ltd. (b)   25,882    633 
Max Healthcare Institute Ltd. (b)   375,409    2,019 
Pidilite Industries Ltd.   21,739    624 
Reliance Industries Ltd.   133,270    3,790 
Star Health & Allied Insurance Co. Ltd. (b)   152,120    962 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

State Bank of India   357,168    2,283 
         31,771 
Indonesia (3.9%)          
Bank Central Asia Tbk PT   3,761,500    2,200 
Bank Mandiri Persero Tbk PT   3,429,700    2,362 
Bank Rakyat Indonesia Persero Tbk PT   5,254,100    1,665 
         6,227 
Korea, Republic of (9.8%)          
KB Financial Group, Inc.   27,182    993 
Kia Corp.   16,025    1,000 
Korea Zinc Co. Ltd.   2,965    1,261 
LG Chem Ltd.   1,584    870 
Samsung Electronics Co. Ltd.   164,038    8,112 
Samsung SDI Co. Ltd.   2,399    1,363 
SK Hynix, Inc.   32,445    2,220 
         15,819 
Mexico (5.0%)          
Gruma SAB de CV, Class B   101,084    1,497 
Grupo Financiero Banorte SAB de CV Series O   282,443    2,381 
Qualitas Controladora SAB de CV   149,850    957 
Wal-Mart de Mexico SAB de CV   833,422    3,330 
         8,165 
Poland (1.3%)          
LPP SA   944    2,096 
           
Portugal (1.6%)          
Galp Energia SGPS SA   230,839    2,612 
           
Saudi Arabia (0.8%)          
Alinma Bank   154,203    1,216 
           
South Africa (5.7%)          
Anglo American Platinum Ltd.(d)   26,057    1,399 
Anglo American PLC   116,519    3,856 
AVI Ltd.   314,827    1,247 
Capitec Bank Holdings Ltd.   16,016    1,520 
Woolworths Holdings Ltd.   336,275    1,208 
         9,230 
Taiwan (14.7%)          
Airtac International Group   81,901    3,203 
Chailease Holding Co. Ltd.   256,000    1,883 
CTBC Financial Holding Co. Ltd.   2,017,000    1,453 
Delta Electronics, Inc.   269,000    2,669 
MediaTek, Inc.   49,000    1,270 
Taiwan Semiconductor Manufacturing Co. Ltd.   455,000    7,974 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   50,606    4,707 
Voltronic Power Technology Corp.   10,000    569 
         23,728 
Thailand (1.7%)          
Kasikornbank PCL (Foreign)   234,100    908 
Ngern Tid Lor PCL   1,038,892    762 
Tisco Financial Group PCL   354,500    1,043 
         2,713 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

United Kingdom (3.1%)          
Antofagasta PLC   129,445    2,535 
Mondi PLC   160,516    2,546 
         5,081 
United States (0.9%)          
EPAM Systems, Inc. (b)   4,641    1,388 
Total Common Stocks (Cost $141,540)        160,032 

 

   No. of
Rights		      
Right (0.0%) (e)          
Brazil (0.0%) (e)          
Localiza Rent a Car SA, expires 5/11/23 (Cost $—)   344    1 

 

   Shares     
Short-Term Investment (0.7%)          
Investment Company (0.7%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) (Cost $1,100)   1,100,328    1,100 
Total Investments (99.7%) (Cost $142,640) Including $3,652 of Securities Loaned (g)(h)(i)(j)        161,133 
Other Assets in Excess of Liabilities (0.3%)        542 
Net Assets (100.0%)       $161,675 

 

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) Security trades on the Hong Kong exchange.
(d) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $3,652,000 and $4,143,000, respectively. The Fund received non-cash collateral of approximately $4,143,000, 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.
(e) Amount is less than 0.05%
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an Amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(g) The approximate fair value and percentage of net assets, $128,797,000 and 79.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(h) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(i) Securities are available for collateral in connection with an open futures contract.
(j) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $31,252,000 and the aggregate gross unrealized depreciation is approximately $12,753,000, resulting in net unrealized appreciation of approximately $18,499,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Emerging Markets Equity Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Futures Contract:
The Fund had the following futures contract open at March 31, 2023:

 

   Number
of
Contracts		   Expiration
Date		 

Notional

Amount
(000)

  Value
(000)		   Unrealized
Appreciation
(000)		 
Long:                     
MSCI Emerging Market Index
(United States)		   3   June-23  —@ $149   $6 

 

@ Amount is less than $500.

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Other*   49.6%
Banks   21.3 
Semiconductors & Semiconductor Equipment   11.4 
Metals & Mining   7.7 
Tech Hardware, Storage & Peripherals   5.0 
Oil, Gas & Consumable Fuels   5.0 
Total Investments   100.0%**

 

* Industries and/or investment types representing less than 5% of total investments.
** Does not include an open long futures contract with a value of approximately $149,000 and unrealized appreciation of approximately $6,000.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (98.7%)          
France (7.8%)          
L'Oreal SA   1,455    $650 
LVMH Moet Hennessy Louis Vuitton SE   721    662 
Pernod Ricard SA   3,940    892 
         2,204 
Germany (5.9%)          
SAP SE   13,336    1,684 
           
Italy (0.7%)          
Davide Campari-Milano NV   15,384    188 
           
Netherlands (2.6%)          
Heineken NV   6,969    749 
           
United Kingdom (10.6%)          
Experian PLC   12,031    396 
Reckitt Benckiser Group PLC   22,453    1,708 
RELX PLC (Euronext NV)   5,791    188 
RELX PLC (LSE)   22,209    719 
         3,011 
United States (71.1%)          
Abbott Laboratories   9,596    972 
Accenture PLC, Class A   4,838    1,383 
Aon PLC, Class A   2,114    666 
Arthur J Gallagher & Co.   668    128 
Automatic Data Processing, Inc.   3,147    701 
Baxter International, Inc.   4,359    177 
Becton Dickinson & Co.   3,761    931 
Broadridge Financial Solutions, Inc.   2,565    376 
CDW Corp.   2,154    420 
Coca-Cola Co.   8,019    497 
Danaher Corp.   5,687    1,433 
Equifax, Inc.   2,674    542 
Intercontinental Exchange, Inc.   10,390    1,084 
Microsoft Corp.   9,510    2,742 
Moody's Corp.   1,201    367 
NIKE, Inc., Class B   2,316    284 
Otis Worldwide Corp.   5,942    501 
Philip Morris International, Inc.   20,184    1,963 
Procter & Gamble Co.   5,270    784 
Roper Technologies, Inc.   1,546    681 
Steris PLC   1,878    359 
Thermo Fisher Scientific, Inc.   2,270    1,308 
Visa, Inc., Class A   7,096    1,600 
Zoetis, Inc.   1,819    303 
         20,202 
Total Common Stocks (Cost $16,647)        28,038 
           
Short-Term Investment (1.3%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a)  (Cost $369)   369,410    369 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Franchise Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Total Investments (100.0%) (Cost $17,016) (b)(c)(d)        28,407 
Other Assets in Excess of Liabilities (0.0%)        13 
Net Assets (100.0%)       $28,420 

 

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, 2023, 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, 2023, the Fund did not engage in any cross-trade transactions.
(c) The approximate fair value and percentage of net assets, $7,836,000 and 27.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d) At March 31, 2023, the aggregate cost for federal income tax purposes is approximately $17,016,000. The aggregate gross unrealized appreciation is approximately $11,558,000 and the aggregate gross unrealized depreciation is approximately $166,000, resulting in net unrealized appreciation of approximately $11,392,000.
   

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

 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Other*   18.9%
Software   18.0 
Professional Services   10.3 
Life Sciences Tools & Services   9.6 
Household Products   8.8 
Health Care Equipment & Supplies   8.6 
Beverages   8.2 
Tobacco   6.9 
Financial Services   5.6 
Capital Markets   5.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (98.1%)          
Australia (2.4%)          
Transurban Group (Units) (a)   204,952   $1,957 
           
Canada (17.3%)          
Enbridge, Inc.   77,047    2,938 
GFL Environmental, Inc.   215,849    7,433 
Gibson Energy, Inc. (b)   13,832    221 
Pembina Pipeline Corp.   62,618    2,028 
TC Energy Corp. (b)   41,676    1,621 
         14,241 
China (8.9%)          
China Gas Holdings Ltd. (c)   5,188,600    7,305 
           
France (5.0%)          
Aeroports de Paris (d)   2,078    297 
Getlink SE   10,851    179 
Vinci SA   31,693    3,633 
         4,109 
Hong Kong (0.8%)          
Power Assets Holdings Ltd.   126,000    676 
           
Italy (6.9%)          
Infrastrutture Wireless Italiane SpA   363,890    4,781 
Terna - Rete Elettrica Nazionale   113,292    930 
         5,711 
Mexico (2.1%)          
Grupo Aeroportuario del Pacifico SAB de CV, Class B   52,846    1,031 
Grupo Aeroportuario del Sureste SAB de CV, Class B   23,919    732 
         1,763 
New Zealand (0.5%)          
Auckland International Airport Ltd. (d)   81,786    445 
           
Portugal (0.4%)          
EDP Renovaveis SA   15,654    359 
           
Spain (6.8%)          
Aena SME SA (d)   7,765    1,256 
Cellnex Telecom SA   49,744    1,934 
Ferrovial SA   43,158    1,271 
Iberdrola SA   89,224    1,111 
         5,572 
Switzerland (0.7%)          
Flughafen Zurich AG (Registered) (d)   3,305    605 
           
United Kingdom (7.8%)          
National Grid PLC   273,308    3,697 
Pennon Group PLC   109,736    1,186 
Severn Trent PLC   42,688    1,516 
         6,399 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

United States (38.5%)          
Ameren Corp.   6,042    522 
American Electric Power Co., Inc.   23,956    2,180 
American Tower Corp. REIT   19,204    3,924 
American Water Works Co., Inc.   12,059    1,767 
Atmos Energy Corp.   10,507    1,181 
CenterPoint Energy, Inc.   43,956    1,295 
Cheniere Energy, Inc.   14,844    2,339 
Crown Castle International Corp. REIT   11,669    1,562 
Edison International   21,013    1,483 
Entergy Corp.   6,245    673 
Eversource Energy   21,495    1,682 
Exelon Corp.   38,661    1,619 
Kinder Morgan, Inc.   35,799    627 
NiSource, Inc.   33,123    926 
ONEOK, Inc.   21,633    1,375 
PG&E Corp. (d)   91,184    1,474 
SBA Communications Corp. REIT   2,875    751 
Sempra Energy   19,491    2,946 
Targa Resources Corp.   25,966    1,894 
Williams Cos., Inc.   50,030    1,494 
         31,714 
Total Common Stocks (Cost $75,301)        80,856 
 
Short-Term Investments (2.7%)          
Securities held as Collateral on Loaned Securities (0.7%)          
Investment Company (0.6%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)   490,326    490 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.1%)          
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $56; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $57)  $56    56 
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $56; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $57)   56    56 
         112 
Total Securities held as Collateral on Loaned Securities (Cost $602)        602 

 

    Shares      
Investment Company (2.0%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Portfolio - Institutional Class (e) (Cost $1,645)   1,644,530    1,645 
Total Short-Term Investments (Cost $2,247)        2,247 
Total Investments (100.8%) (Cost $77,548) Including $1,803 of Securities Loaned (f)(g)(h)        83,103 
Liabilities in Excess of Other Assets (-0.8%)        (667)
Net Assets (100.0%)       $82,436 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Infrastructure Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

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

 

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $1,803,000 and $1,895,000, respectively. The Fund received cash collateral of approximately $602,000, which 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. The remaining collateral of approximately $1,293,000, 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. right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security trades on the Hong Kong exchange.
(d) Non-income producing security.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended March 31, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $33,138,000 and 40.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(h) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,112,000 and the aggregate gross unrealized depreciation is approximately $2,557,000, resulting in net unrealized appreciation of approximately $5,555,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*
 
Classification  Percentage of
Total Investments		 
Oil & Gas Storage & Transportation   32.6%
Others   15.7 
Communications   15.7 
Electricity Transmission & Distribution   13.2 
Diversified   7.5 
Water   5.4 
Airports   5.3 
Other**   4.6 
Total Investments   100.0%

 

* Percentage indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
** 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, 2023 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (99.5%)          
Australia (4.5%)          
Goodman Group REIT   36,066   $458 
National Storage REIT   306,265    519 
Region RE Ltd. REIT   227,062    358 
Vicinity Centres REIT   228,512    299 
         1,634 
Austria (0.2%)          
CA Immobilien Anlagen AG (a)   3,394    91 
           
Belgium (1.7%)          
Aedifica SA REIT   2,820    227 
Shurgard Self Storage Ltd. REIT   3,153    151 
Warehouses De Pauw CVA REIT   7,750    230 
         608 
Canada (3.0%)          
Boardwalk REIT   4,480    183 
Chartwell Retirement Residences (Units) (b)   32,277    204 
Granite REIT   3,073    190 
InterRent REIT   34,820    345 
RioCan REIT   11,838    179 
         1,101 
France (0.8%)          
Carmila SA REIT   7,926    119 
Mercialys SA REIT   18,600    190 
         309 
Germany (0.7%)          
LEG Immobilien SE   4,549    250 
           
Hong Kong (7.7%)          
Link REIT   157,571    1,013 
Sun Hung Kai Properties Ltd.   77,893    1,091 
Wharf Real Estate Investment Co. Ltd.   124,420    717 
         2,821 
Japan (9.1%)          
GLP J-REIT   224    242 
Invincible Investment Corp. REIT   801    337 
Japan Hotel REIT Investment Corp.   595    337 
Japan Metropolitan Fund Investment Corp. REIT   479    350 
Japan Real Estate Investment Corp. REIT   66    263 
Mitsubishi Estate Co. Ltd.   45,700    544 
Mitsui Fudosan Co. Ltd.   36,400    684 
Nippon Building Fund, Inc. REIT   89    371 
Nomura Real Estate Master Fund, Inc. REIT   202    226 
         3,354 
Singapore (2.6%)          
Frasers Centrepoint Trust REIT   165,000    284 
Frasers Logistics & Commercial Trust REIT   366,600    362 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Mapletree Commercial Trust REIT   228,000    309 
         955 
Spain (0.5%)          
Merlin Properties Socimi SA REIT   21,974    192 
           
Sweden (1.3%)          
Catena AB   5,473    204 
Fabege AB (c)   17,736    136 
Fastighets AB Balder, Class B (a)   31,546    129 
         469 
Switzerland (0.5%)          
PSP Swiss Property AG (Registered)   1,570    179 
           
United Kingdom (4.5%)          
Derwent London PLC REIT   6,270    183 
Impact Healthcare Reit PLC REIT   119,840    136 
LondonMetric Property PLC REIT   128,873    281 
Segro PLC REIT   57,827    551 
UNITE Group PLC REIT   17,891    212 
Workspace Group PLC REIT   51,729    279 
         1,642 
United States (62.4%)          
Agree Realty Corp. REIT   6,646    456 
Alexandria Real Estate Equities, Inc. REIT   1,792    225 
American Homes 4 Rent, Class A REIT   27,316    859 
Americold Realty Trust, Inc. REIT   16,092    458 
AvalonBay Communities, Inc. REIT   8,480    1,425 
Boyd Gaming Corp.   3,260    209 
Brixmor Property Group, Inc. REIT   29,395    632 
Digital Realty Trust, Inc. REIT   7,569    744 
Equinix, Inc. REIT   2,613    1,884 
Host Hotels & Resorts, Inc. REIT   26,770    441 
Iron Mountain, Inc. REIT   7,553    400 
Kite Realty Group Trust REIT   28,949    606 
Life Storage, Inc. REIT   7,377    967 
Mid-America Apartment Communities, Inc. REIT   5,408    817 
NETSTREIT Corp. REIT   14,483    265 
ProLogis, Inc. REIT   27,307    3,407 
Public Storage REIT   5,822    1,759 
Realty Income Corp. REIT   18,553    1,175 
Rexford Industrial Realty, Inc. REIT   9,353    558 
RPT Realty REIT   28,866    274 
Simon Property Group, Inc. REIT   9,700    1,086 
Sun Communities, Inc. REIT   6,017    848 
Ventas, Inc. REIT   13,857    601 
VICI Properties, Inc. REIT   31,222    1,018 
Welltower, Inc. REIT   24,061    1,725 
         22,839 
Total Common Stocks (Cost $36,567)        36,444 
 
Short-Term Investment (0.4%)          
Investment Company (0.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (d) (Cost $131)   130,906    131 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Real Estate Portfolio
Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Total Investments (99.9%) (Cost $36,698) Including $133 of Securities Loaned (e)(f)(g)        36,575 
Other Assets in Excess of Liabilities (0.1%)        44 
Net Assets (100.0%)       $36,619 

 

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) Consists of one or more classes of securities traded together as a unit.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $133,000 and $141,000, respectively. The Fund received non-cash collateral of approximately $141,000 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 - Treasury 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, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(e) The approximate fair value and percentage of net assets, $12,353,000 and 33.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(g) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,517,000 and the aggregate gross unrealized depreciation is approximately $2,640,000, resulting in net unrealized depreciation of approximately $123,000.
CVA Certificaten Van Aandelen.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition
 
Classification   Percentage of
Total Investments		 
Industrial   17.2%
Retail   16.2 
Diversified   14.9 
Other*   13.8 
Residential   13.5 
Self Storage   9.3 
Health Care   7.9 
Data Centers   7.2 
Total Investments   100.0%

 

*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, 2023 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities (48.8%)          
Agency Fixed Rate Mortgages (3.9%)          
United States (3.9%)          
Federal Home Loan Mortgage Corporation,          
Conventional Pools:          
2.00%, 6/1/52  $647   $535 
3.00%, 11/1/52   104    93 
4.50%, 1/1/49   12    12 
Gold Pools:          
3.50%, 2/1/45 – 6/1/45   171    162 
4.50%, 1/1/49   8    8 
Federal National Mortgage Association,          
April TBA:          
4.00%, 4/1/53 (a)   350    335 
4.50%, 4/1/53 (a)   100    98 
5.00%, 4/1/53 (a)   400    399 
6.00%, 4/1/53 (a)   160    163 
Conventional Pools:          
2.50%, 10/1/51   299    258 
3.00%, 4/1/52   412    370 
3.50%, 1/1/51   446    419 
4.00%, 11/1/41 – 1/1/46   177    172 
4.50%, 3/1/41 – 11/1/44   72    74 
5.00%, 1/1/41 – 3/1/41   27    28 
6.00%, 1/1/38   5    5 
Government National Mortgage Association,          
Various Pools:          
4.00%, 7/15/44   12    11 
5.00%, 2/20/49   3    3 
Total Agency Fixed Rate Mortgages (Cost $3,230)        3,145 
           
Asset-Backed Securities (0.3%)          
Ireland (0.1%)          
European Residential Loan Securitisation 2019-NPL1 DAC, Class A          
1 Month EURIBOR + 3.25%,          
6.15%, 7/24/54 (b)  EUR93    100 
United States (0.2%)          
Renaissance Home Equity Loan Trust,          
1 Month USD LIBOR + 0.76%,          
5.61%, 12/25/32 (b)  $66    60 
SLM Student Loan Trust,          
3 Month EURIBOR + 0.55%,          
3.00%, 7/25/39 (b)  EUR68    70 
         130 
Total Asset-Backed Securities (Cost $229)        230 
           
Commercial Mortgage-Backed Securities (0.6%)          
United Kingdom (0.1%)          
Taurus 2018-2 UK DAC,          
3 Month GBP SONIA + 1.22%,          
5.31%, 5/22/28 (b)  GBP59    72 
           
United States (0.5%)          
Commercial Mortgage Trust,          
3.96%, 3/10/47  $144    141 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

4.24%, 2/10/47 (b)   77    76 
4.76%, 7/15/47 (b)(c)   100    91 
WFRBS Commercial Mortgage Trust,          
4.99%, 9/15/46 (b)(c)   140    123 
         431 
Total Commercial Mortgage-Backed Securities (Cost $531)        503 
           
Corporate Bonds (11.1%)          
Australia (0.5%)          
NBN Co. Ltd.,          
2.63%, 5/5/31 (c)   200    168 
Transurban Finance Co. Pty Ltd.,          
2.00%, 8/28/25  EUR100    104 
Westpac Banking Corp.,          
2.67%, 11/15/35  $125    97 
         369 
Canada (0.6%)          
Province of Ontario Canada,          
2.30%, 6/15/26   190    180 
Province of Quebec Canada,          
0.00%, 10/29/30  EUR210    179 
Rogers Communications, Inc.,          
3.80%, 3/15/32 (c)  $100    90 
         449 
France (0.8%)          
AXA SA,          
3.25%, 5/28/49  EUR100    97 
BNP Paribas SA,          
1.13%, 6/11/26   225    225 
BPCE SA,          
5.15%, 7/21/24 (c)  $200    196 
Orange SA,          
5.00%, 10/1/26 (d)  EUR100    108 
         626 
Germany (0.5%)          
Deutsche Bank AG,          
Series E          
0.96%, 11/8/23  $150    143 
Kreditanstalt fuer Wiederaufbau,          
1.13%, 9/15/32  EUR190    177 
Volkswagen International Finance NV,          
Series 10Y          
1.88%, 3/30/27   100    100 
         420 
Ireland (0.2%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,          
2.45%, 10/29/26  $175    157 
           
Italy (0.1%)          
Assicurazioni Generali SpA,          
5.50%, 10/27/47  EUR100    109 
           
Japan (0.2%)          
NTT Finance Corp.,          
1.59%, 4/3/28 (c)  $200    173 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Korea, Republic of (0.7%)          
Korea Electric Power Corp.,          
2.50%, 6/24/24 (c)   200    195 
Korea Hydro & Nuclear Power Co. Ltd.,          
3.75%, 7/25/23 (c)   200    199 
Korea Southern Power Co. Ltd.,          
0.75%, 1/27/26 (c)   200    179 
         573 
Luxembourg (0.1%)          
Blackstone Property Partners Europe Holdings Sarl,          
1.25%, 4/26/27  EUR100    87 
           
Netherlands (0.1%)          
ASR Nederland NV,          
5.00%, 9/30/24 (d)   100    107 
           
Qatar (0.2%)          
Ooredoo International Finance Ltd.,          
2.63%, 4/8/31 (c)  $200    174 
           
Spain (0.5%)          
Banco Santander SA,          
3.13%, 1/19/27  EUR100    104 
5.18%, 11/19/25  $200    196 
CaixaBank SA,          
0.75%, 4/18/23  EUR100    108 
         408 
Sweden (0.1%)          
Akelius Residential Property Financing BV,          
1.13%, 1/11/29   100    84 
           
Switzerland (0.2%)          
Syngenta Finance NV,          
4.44%, 4/24/23 (c)  $200    200 
           
United Arab Emirates (0.2%)          
Galaxy Pipeline Assets Bidco Ltd.,          
2.63%, 3/31/36 (c)   225    185 
           
United Kingdom (1.0%)          
BAT Capital Corp.,          
3.56%, 8/15/27   125    116 
HSBC Holdings PLC,          
2.26%, 11/13/26  GBP100    112 
6.16%, 3/9/29  $225    232 
Lloyds Banking Group PLC,          
1.75%, 9/7/28  EUR100    107 
2.25%, 10/16/24  GBP100    117 
NGG Finance PLC,          
5.63%, 6/18/73   100    120 
         804 
United States (5.1%)          
Amazon.com, Inc.,          
3.10%, 5/12/51  $50    38 
Aon Corp.,          
2.80%, 5/15/30   50    44 
AT&T, Inc.,          
1.80%, 9/5/26  EUR100    102 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

2.90%, 12/4/26  GBP100    114 
Bank of America Corp.,          
2.69%, 4/22/32  $50    42 
3.85%, 3/8/37   25    21 
4.38%, 4/27/28   100    97 
4.57%, 4/27/33   25    24 
CDW LLC/CDW Finance Corp.,          
2.67%, 12/1/26   25    23 
Celanese U.S. Holdings LLC,          
6.17%, 7/15/27   50    50 
Centene Corp.,          
2.50%, 3/1/31   175    142 
Charter Communications Operating LLC/Charter Communications Operating Capital,          
2.80%, 4/1/31   100    81 
3.50%, 3/1/42   25    17 
5.13%, 7/1/49   25    20 
Citigroup, Inc.,          
3.06%, 1/25/33   50    42 
3.79%, 3/17/33   225    202 
Comcast Corp.,          
1.95%, 1/15/31   125    104 
Deere & Co.,          
3.10%, 4/15/30   100    92 
Dell International LLC/EMC Corp.,          
5.75%, 2/1/33   75    75 
Energy Transfer LP,          
2.90%, 5/15/25   150    143 
Enterprise Products Operating LLC,          
3.95%, 1/31/60   50    39 
5.35%, 1/31/33   25    26 
Georgia-Pacific LLC,          
2.30%, 4/30/30 (c)   175    151 
Global Payments, Inc.,          
4.95%, 8/15/27   100    99 
Goldman Sachs Group, Inc.,          
2.62%, 4/22/32   150    125 
HCA, Inc.,          
5.25%, 6/15/49   75    68 
Humana, Inc.,          
5.50%, 3/15/53   50    51 
Intel Corp.,          
5.70%, 2/10/53   75    77 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,          
2.50%, 1/15/27 (c)   225    200 
JPMorgan Chase & Co.,          
1.95%, 2/4/32   250    201 
4.13%, 12/15/26   75    73 
Level 3 Financing, Inc.,          
3.40%, 3/1/27 (c)   100    79 
Lowe's Cos., Inc.,          
1.30%, 4/15/28   75    64 
1.70%, 10/15/30   100    81 
Marriott International, Inc.,          
4.90%, 4/15/29   25    25 
Medtronic Global Holdings SCA,          
1.00%, 7/2/31  EUR100    90 
Metropolitan Life Global Funding I,          
2.95%, 4/9/30 (c)  $150    132 
NextEra Energy Capital Holdings, Inc.,          
2.75%, 11/1/29   175    156 
NVIDIA Corp.,          
2.85%, 4/1/30   125    114 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

PepsiCo, Inc.,          
2.63%, 4/28/26  EUR100    106 
Prologis Euro Finance LLC,          
1.88%, 1/5/29   100    95 
Republic Services, Inc.,          
5.00%, 4/1/34  $50    51 
Thermo Fisher Scientific, Inc.,          
0.88%, 10/1/31  EUR100    87 
UnitedHealth Group, Inc.,          
5.20%, 4/15/63  $75    76 
Upjohn Finance BV,          
1.91%, 6/23/32  EUR100    84 
Verizon Communications, Inc.,          
1.13%, 11/3/28  GBP100    101 
3.40%, 3/22/41  $50    40 
Vontier Corp.,          
2.40%, 4/1/28   50    42 
Walt Disney Co.,          
2.65%, 1/13/31   50    44 
Warnermedia Holdings, Inc.,          
4.28%, 3/15/32 (c)   150    134 
5.05%, 3/15/42 (c)   25    21 
         4,205 
Total Corporate Bonds (Cost $10,218)        9,130 
           
Mortgages - Other (1.3%)          
Germany (0.0%) (e)          
Berg Finance,          
3 Month EURIBOR + 1.05%,          
3.44%, 4/22/33  EUR17    17 
United Kingdom (0.1%)          
Landmark Mortgage Securities No. 3 PLC,          
3 Month GBP SONIA + 2.22%,          
6.09%, 4/17/44 (b)  GBP60    70 
United States (1.2%)          
Bayview MSR Opportunity Master Fund Trust,          
3.00%, 1/25/52 (b)(c)  $94    79 
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,          
3.00%, 9/25/45 – 5/25/47   95    84 
3.50%, 5/25/45 – 7/25/46   36    32 
4.00%, 5/25/45   2    2 
Hundred Acre Wood Trust,          
2.50%, 12/25/51 (b)(c)   92    74 
JP Morgan Mortgage Trust,          
3.00%, 4/25/52 – 9/25/52 (b)(c)   352    298 
3.25%, 7/25/52 (b)(c)   91    80 
PRKCM 2023-AFC1 Trust,          
Series 2023-AFC1 Class A1          
6.60%, 2/25/58 (c)   99    102 
PRMI Securitization Trust,          
2.50%, 4/25/51 (b)(c)   86    70 
Seasoned Credit Risk Transfer Trust,          
3.00%, 11/25/57 – 10/25/58   182    165 
4.00%, 10/25/58   13    12 
         998 
Total Mortgages - Other (Cost $1,216)        1,085 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Sovereign (26.4%)          
Australia (0.4%)          
Australia Government Bond,          
1.25%, 5/21/32  AUD620    348 
           
Austria (0.1%)          
Republic of Austria Government Bond,          
0.00%, 2/20/30 (c)  EUR70    63 
           
Belgium (0.3%)          
Kingdom of Belgium Government Bond,          
0.90%, 6/22/29 (c)   30    29 
1.70%, 6/22/50 (c)   90    70 
1.90%, 6/22/38 (c)   130    119 
         218 
Brazil (4.5%)          
Brazil Notas do Tesouro Nacional,          
10.00%, 1/1/27  BRL19,741    3,708 
           
Canada (0.8%)          
Canadian Government Bond,          
1.25%, 6/1/30  CAD1,020    676 
2.00%, 12/1/51   20    12 
         688 
China (6.1%)          
Agricultural Development Bank of China,          
2.25%, 4/22/25  CNY770    111 
3.79%, 10/26/30   740    113 
China Development Bank,          
3.07%, 3/10/30   1,410    206 
3.34%, 7/14/25   740    109 
China Government Bond,          
2.37%, 1/20/27   3,200    462 
2.76%, 5/15/32   18,480    2,667 
3.13%, 11/21/29   4,390    653 
3.27%, 11/19/30   1,540    232 
3.52%, 4/25/46   410    62 
3.53%, 10/18/51   200    31 
3.81%, 9/14/50   300    48 
3.86%, 7/22/49   1,270    204 
Export-Import Bank of China,          
2.93%, 3/2/25   740    108 
         5,006 
Colombia (0.0%) (e)          
Colombian TES,          
Series B          
7.75%, 9/18/30  COP122,600    22 
           
Czech Republic (0.1%)          
Czech Republic Government Bond,          
1.20%, 3/13/31  CZK1,200    43 
           
Denmark (0.1%)          
Denmark Government Bond,          
0.50%, 11/15/27  DKK630    83 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Finland (0.1%)          
Finland Government Bond,          
1.13%, 4/15/34 (c)  EUR70    63 
           
France (1.6%)          
Agence Francaise de Developpement EPIC,          
1.50%, 10/31/34   100    90 
Banque Federative du Credit Mutuel SA,          
1.25%, 12/5/25  GBP100    112 
French Republic Government Bond OAT,          
0.00%, 11/25/29  EUR940    856 
2.00%, 5/25/48 (c)   200    172 
SNCF Reseau,          
1.88%, 3/30/34   100    94 
         1,324 
Germany (1.2%)          
Bundesrepublik Deutschland Bundesanleihe,          
0.00%, 8/15/31 – 8/15/50   450    370 
0.25%, 2/15/29   190    183 
4.25%, 7/4/39   120    162 
State of North Rhine-Westphalia Germany,          
1.65%, 2/22/38   290    258 
         973 
Greece (2.5%)          
Hellenic Republic Government Bond,          
4.25%, 6/15/33 (c)  $1,903    2,070 
           
Indonesia (0.3%)          
Indonesia Treasury Bond,          
8.25%, 5/15/29  IDR839,000    61 
8.38%, 3/15/34   1,481,000    110 
Series FR65          
6.63%, 5/15/33   1,500,000    98 
         269 
Ireland (0.1%)          
Ireland Government Bond,          
0.20%, 10/18/30  EUR80    72 
           
Italy (0.8%)          
Italy Buoni Poliennali Del Tesoro,          
0.45%, 2/15/29   50    45 
2.50%, 12/1/32   220    210 
4.45%, 9/1/43 (c)   199    216 
Republic of Italy Government International Bond,          
0.88%, 5/6/24  $200    191 
         662 
Japan (4.1%)          
Japan Government Five Year Bond,          
0.10%, 6/20/24  JPY90,300    682 
Japan Government Ten Year Bond,   138,900    1,038 
0.10%, 6/20/26 – 6/20/31          
Japan Government Thirty Year Bond,          
0.30%, 6/20/46   34,300    215 
0.40%, 9/20/49   21,900    134 
0.60%, 6/20/50   29,000    186 
1.70%, 6/20/33   64,700    548 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Japan Government Twenty Year Bond,          
0.40%, 6/20/41   77,000    524 
         3,327 
Korea, Republic of (0.7%)          
Export-Import Bank of Korea,          
0.63%, 2/9/26  $200    179 
Korea Development Bank,          
0.80%, 7/19/26   200    176 
Korea International Bond,          
2.00%, 6/19/24   200    194 
         549 
Malaysia (0.4%)          
Malaysia Government Bond,          
3.89%, 8/15/29  MYR440    100 
Petronas Capital Ltd.,          
3.50%, 3/18/25 (c)  $200    196 
         296 
Mexico (0.6%)          
Mexican Bonos,          
Series M          
7.50%, 6/3/27  MXN1,700    89 
7.75%, 5/29/31   3,000    156 
8.50%, 5/31/29   800    44 
Mexico Government International Bond,          
4.50%, 4/22/29  $200    196 
         485 
Netherlands (0.2%)          
Netherlands Government Bond,          
0.00%, 7/15/30 (c)  EUR190    171 
2.75%, 1/15/47 (c)   20    22 
         193 
New Zealand (0.2%)          
New Zealand Government Bond,          
Series 0530          
4.50%, 5/15/30  NZD200    127 
           
Norway (0.0%) (e)          
Norway Government Bond,          
2.13%, 5/18/32 (c)  NOK190    17 
           
Spain (0.5%)          
Spain Government Bond,          
0.00%, 1/31/28  EUR50    47 
0.70%, 4/30/32 (c)   79    69 
1.25%, 10/31/30 (c)   289    275 
2.70%, 10/31/48 (c)   40    36 
3.45%, 7/30/66 (c)   21    21 
         448 
United Kingdom (0.7%)          
United Kingdom Gilt,          
0.38%, 10/22/30  GBP140    138 
0.63%, 10/22/50   180    102 
0.88%, 7/31/33   110    105 
1.25%, 10/22/41   60    49 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

3.50%, 1/22/45   180    209 
         603 
Total Sovereign (Cost $23,716)        21,657 
           
Supranational (1.2%)          
Asian Development Bank,          
2.13%, 5/19/31  NZD60    31 
European Investment Bank,          
Series EARN          
0.00%, 1/14/31  EUR200    173 
International Bank for Reconstruction & Development,          
2.20%, 2/27/24  $610    402 
SOFR + 0.43%,          
5.16%, 8/19/27 (b)  AUD330    331 
         937 
U.S. Treasury Securities (4.0%)          
United States (4.0%)          
U.S. Treasury Bonds,          
1.13%, 5/15/40  $790    526 
1.25%, 5/15/50   320    186 
1.75%, 8/15/41   530    384 
2.50%, 2/15/45   590    471 
2.75%, 8/15/47   360    299 
U.S. Treasury Inflation Indexed Bonds,          
1.13%, 1/15/33   1,062    1,061 
U.S. Treasury Notes,          
1.38%, 11/15/31   440    372 
Total U.S. Treasury Securities (Cost $3,637)        3,299 
Total Fixed Income Securities (Cost $43,836)        39,986 

 

   Shares     
Common Stocks (33.4%)          
Australia (1.2%)          
Ampol Ltd.   180    4 
ANZ Group Holdings Ltd.   2,097    32 
APA Group   827    6 
Aristocrat Leisure Ltd.   419    10 
ASX Ltd.   138    6 
Aurizon Holdings Ltd.   1,398    3 
BHP Group Ltd.   7,801    247 
BlueScope Steel Ltd.   351    5 
Brambles Ltd.   993    9 
Cochlear Ltd.   47    7 
Coles Group Ltd.   940    11 
Commonwealth Bank of Australia   1,203    79 
Computershare Ltd.   385    6 
CSL Ltd.   343    66 
Dexus REIT   816    4 
Endeavour Group Ltd. (Australia)   1,015    5 
Fortescue Metals Group Ltd.   3,744    56 
Goodman Group REIT   1,212    15 
GPT Group REIT   1,427    4 
IDP Education Ltd.   155    3 
IGO Ltd.   500    4 
Insurance Australia Group Ltd.   1,750    6 
James Hardie Industries PLC CDI   320    7 
Lendlease Corp. Ltd. REIT   517    3 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Lottery Corp. Ltd.   1,567    5 
Macquarie Group Ltd.   260    31 
Medibank Pvt Ltd.   2,050    5 
Mineral Resources Ltd.   119    6 
Mirvac Group REIT   2,967    4 
National Australia Bank Ltd.   2,308    43 
Newcrest Mining Ltd.   630    11 
Northern Star Resources Ltd.   792    7 
OneMarket Ltd. (f)   137    — 
Orica Ltd.   336    3 
Origin Energy Ltd.   1,234    7 
Pilbara Minerals Ltd.   1,813    5 
Qantas Airways Ltd. (f)   687    3 
QBE Insurance Group Ltd.   1,027    10 
Ramsay Health Care Ltd.   130    6 
REA Group Ltd.   40    4 
Reece Ltd.   167    2 
Rio Tinto Ltd.   261    21 
Santos Ltd.   2,215    10 
Scentre Group REIT   3,671    7 
SEEK Ltd.   251    4 
Sonic Healthcare Ltd.   316    7 
South32 Ltd.   3,152    9 
Stockland REIT   1,789    5 
Suncorp Group Ltd.   890    7 
Telstra Group Ltd.   2,840    8 
Transurban Group (Units)   2,188    21 
Treasury Wine Estates Ltd.   520    5 
Vicinity Centres REIT   2,870    4 
Washington H Soul Pattinson & Co. Ltd.   161    3 
Wesfarmers Ltd.   799    27 
Westpac Banking Corp.   2,472    36 
WiseTech Global Ltd.   102    4 
Woodside Energy Group Ltd.   1,332    30 
Woolworths Group Ltd.   853    22 
Xero Ltd. (f)   96    6 
         986 
Austria (0.1%)          
Erste Group Bank AG   1,021    34 
OMV AG   133    6 
Verbund AG   63    5 
voestalpine AG   106    4 
         49 
Belgium (0.2%)          
Ageas SA   142    6 
Anheuser-Busch InBev SA   763    51 
Argenx SE (f)   49    18 
D'ieteren Group   22    4 
Elia Group SA   29    4 
Groupe Bruxelles Lambert NV   87    8 
KBC Group NV   743    51 
Sofina SA   14    3 
Solvay SA   65    8 
UCB SA   112    10 
Umicore SA   184    6 
Warehouses De Pauw CVA REIT   143    4 
         173 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Brazil (0.1%)          
Vale SA   3,734    59 
           
Canada (1.8%)          
Agnico Eagle Mines Ltd.   376    19 
Air Canada (f)   147    2 
Algonquin Power & Utilities Corp.   571    5 
Alimentation Couche-Tard, Inc.   597    30 
AltaGas Ltd.   239    4 
ARC Resources Ltd.   559    6 
Bank of Montreal   566    50 
Bank of Nova Scotia   1,005    51 
Barrick Gold Corp. (LSE)   57    1 
Barrick Gold Corp. (NYSE)   1,195    22 
BCE, Inc.   61    3 
Brookfield Asset Management Ltd., Class A   292    10 
Brookfield Corp.   1,118    36 
Brookfield Renewable Corp., Class A   110    4 
BRP, Inc.   31    2 
CAE, Inc. (f)   271    6 
Cameco Corp.   366    10 
Canadian Apartment Properties REIT   72    3 
Canadian Imperial Bank of Commerce   761    32 
Canadian National Railway Co.   504    59 
Canadian Natural Resources Ltd.   954    53 
Canadian Pacific Railway Ltd.   790    61 
Canadian Tire Corp. Ltd., Class A   47    6 
Canadian Utilities Ltd., Class A   108    3 
CCL Industries, Inc., Class B   127    6 
Cenovus Energy, Inc.   1,176    21 
CGI, Inc. (f)   180    17 
Constellation Software, Inc.   17    32 
Descartes Systems Group, Inc. (f)   72    6 
Dollarama, Inc.   236    14 
Element Fleet Management Corp.   332    4 
Emera, Inc.   226    9 
Empire Co. Ltd., Class A   138    4 
Enbridge, Inc.   1,610    61 
Fairfax Financial Holdings Ltd.   20    13 
First Quantum Minerals Ltd.   524    12 
FirstService Corp.   34    5 
Fortis, Inc.   408    17 
Franco-Nevada Corp.   162    24 
George Weston Ltd.   61    8 
GFL Environmental, Inc.   156    5 
Gildan Activewear, Inc.   157    5 
Great-West Lifeco, Inc.   237    6 
Hydro One Ltd.   280    8 
IA Financial Corp., Inc.   90    6 
IGM Financial, Inc.   71    2 
Imperial Oil Ltd.   191    10 
Intact Financial Corp.   149    21 
Ivanhoe Mines Ltd., Class A (f)   568    5 
Keyera Corp.   187    4 
Kinross Gold Corp.   1,059    5 
Loblaw Cos., Ltd.   139    13 
Lumine Group, Inc. (f)   51    1 
Lundin Mining Corp.   549    4 
Magna International, Inc.   240    13 
Manulife Financial Corp.   1,526    28 
Metro, Inc.   204    11 
National Bank of Canada   284    20 
Northland Power, Inc.   203    5 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Nutrien Ltd.   459    34 
Nuvei Corp. (f)   57    3 
Onex Corp.   62    3 
Open Text Corp.   228    9 
Pan American Silver Corp.   168    3 
Parkland Corp.   135    3 
Pembina Pipeline Corp.   470    15 
Power Corp. of Canada   469    12 
Quebecor, Inc., Class B   135    3 
Restaurant Brands International, Inc.   249    17 
RioCan REIT   128    2 
Ritchie Bros Auctioneers, Inc.   96    5 
Rogers Communications, Inc., Class B   299    14 
Royal Bank of Canada   977    93 
Saputo, Inc.   214    6 
Shaw Communications, Inc., Class B   406    12 
Shopify, Inc., Class A (f)   996    48 
Sun Life Financial, Inc.   496    23 
Suncor Energy, Inc.   1,155    36 
TC Energy Corp.   669    26 
Teck Resources Ltd., Class B   404    15 
TELUS Corp.   397    8 
TFI International, Inc.   69    8 
Thomson Reuters Corp.   144    19 
TMX Group Ltd.   47    5 
Toromont Industries Ltd.   70    6 
Toronto-Dominion Bank   1,531    92 
Tourmaline Oil Corp.   275    11 
West Fraser Timber Co. Ltd.   51    4 
Wheaton Precious Metals Corp.   370    18 
WSP Global, Inc.   107    14 
         1,470 
China (0.0%) (e)          
China Common Rich Renewable Energy Investments Ltd. (f)   18,000    — 
Chow Tai Fook Jewellery Group Ltd. (g)   1,112    2 
Wharf Holdings Ltd. (g)   1,400    3 
         5 
Denmark (0.5%)          
AP Moller - Maersk AS Series A   3    5 
AP Moller - Maersk AS Series B   4    7 
Carlsberg AS Series B   81    13 
Chr Hansen Holding AS   91    7 
Coloplast AS Series B   99    13 
Danske Bank AS (f)   565    11 
Demant AS (f)   79    3 
DSV AS   155    30 
Genmab AS (f)   55    21 
Novo Nordisk AS Series B   1,352    215 
Novozymes AS Series B   172    9 
Orsted AS   159    13 
Pandora AS   77    7 
ROCKWOOL AS, Class B   8    2 
Tryg AS   305    7 
Vestas Wind Systems AS   855    25 
         388 
Finland (0.1%)          
Elisa Oyj   124    7 
Fortum Oyj (f)   379    6 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Kesko Oyj, Class B   240    5 
Kone Oyj, Class B   298    16 
Neste Oyj   364    18 
Nokia Oyj   4,743    23 
Orion Oyj, Class B   92    4 
Sampo Oyj, Class A   420    20 
Stora Enso Oyj, Class R   482    6 
UPM-Kymmene Oyj (f)   464    16 
Wartsila Oyj Abp   418    4 
         125 
France (2.2%)          
Accor SA (f)   140    5 
Aeroports de Paris (f)   25    4 
Air Liquide SA   423    71 
Airbus SE   479    64 
Alstom SA   262    7 
Amundi SA   50    3 
ArcelorMittal SA   425    13 
Arkema SA   49    5 
AXA SA   1,512    46 
BioMerieux   34    4 
BNP Paribas SA   3,222    192 
Bollore SA   717    4 
Bouygues SA   188    6 
Bureau Veritas SA   241    7 
Capgemini SE   133    25 
Carrefour SA   480    10 
Cie de Saint-Gobain   400    23 
Cie Generale des Etablissements Michelin SCA   552    17 
Covivio REIT   39    2 
Credit Agricole SA   3,497    39 
Danone SA   523    33 
Dassault Aviation SA   20    4 
Dassault Systemes SE   545    22 
Edenred   203    12 
Eiffage SA   68    7 
Electricite de France SA   434    6 
Engie SA   1,562    25 
EssilorLuxottica SA   237    43 
Eurazeo SE   36    3 
Eurofins Scientific SE   109    7 
Euronext NV   70    5 
Gecina SA REIT   38    4 
Getlink SE   360    6 
Hermes International   26    53 
Ipsen SA   30    3 
Kering SA   63    41 
Klepierre SA REIT   178    4 
L'Oreal SA   196    88 
La Francaise des Jeux SAEM   85    3 
Legrand SA   217    20 
LVMH Moet Hennessy Louis Vuitton SE   226    207 
Orange SA   1,634    19 
Pernod Ricard SA   167    38 
Publicis Groupe SA   187    15 
Remy Cointreau SA   19    3 
Renault SA (f)   160    6 
Safran SA   276    41 
Sanofi   929    101 
Sartorius Stedim Biotech   23    7 
Schneider Electric SE   443    74 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

SEB SA   20    2 
Societe Generale SA   2,308    52 
Sodexo SA   72    7 
STMicroelectronics NV   556    30 
Teleperformance   48    12 
Thales SA   87    13 
TotalEnergies SE   1,985    117 
Ubisoft Entertainment SA (f)   77    2 
Unibail-Rodamco-Westfield REIT (f)   99    5 
Valeo SA   173    4 
Veolia Environnement SA   553    17 
Vinci SA   435    50 
Vivendi SE   584    6 
Wendel SE   22    2 
Worldline SA (f)   196    8 
         1,774 
Germany (1.4%)          
Adidas AG   149    26 
Allianz SE (Registered)   345    80 
Aroundtown SA   912    1 
BASF SE   788    41 
Bayer AG (Registered)   835    53 
Bayerische Motoren Werke AG   283    31 
Bayerische Motoren Werke AG (Preference)   51    5 
Bechtle AG   70    3 
Beiersdorf AG   86    11 
Brenntag SE   131    10 
Carl Zeiss Meditec AG   34    5 
Commerzbank AG (f)   3,078    32 
Continental AG   94    7 
Covestro AG   166    7 
Daimler Truck Holding AG (f)   386    13 
Delivery Hero SE (f)   145    5 
Deutsche Bank AG (Registered)   1,683    17 
Deutsche Boerse AG   161    31 
Deutsche Lufthansa AG (Registered) (f)   509    6 
Deutsche Post AG (Registered)   846    40 
Deutsche Telekom AG (Registered)   2,749    67 
Dr Ing hc F Porsche AG (Preference) (f)   99    13 
E.ON SE   1,925    24 
Evonik Industries AG   180    4 
Fresenius Medical Care AG & Co. KGaA   178    8 
Fresenius SE & Co. KGaA   361    10 
GEA Group AG   129    6 
Hannover Rueck SE (Registered)   51    10 
HeidelbergCement AG   124    9 
HelloFresh SE (f)   143    3 
Henkel AG & Co. KGaA   88    6 
Henkel AG & Co. KGaA (Preference)   151    12 
Infineon Technologies AG   1,103    45 
Knorr-Bremse AG   62    4 
LEG Immobilien SE   65    4 
Mercedes-Benz Group AG (Registered)   688    53 
Merck KGaA   111    21 
MTU Aero Engines AG   46    11 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)   118    41 
Nemetschek SE   49    3 
Porsche Automobil Holding SE (Preference)   132    8 
Puma SE   91    6 
QIAGEN NV (f)   196    9 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Rational AG   4    3 
Rheinmetall AG   39    12 
RWE AG   551    24 
SAP SE   891    112 
Sartorius AG (Preference)   21    9 
Scout24 SE   69    4 
Siemens AG (Registered)   653    106 
Siemens Energy AG (f)   371    8 
Siemens Healthineers AG   247    14 
Symrise AG   114    12 
Telefonica Deutschland Holding AG   885    3 
United Internet AG (Registered)   82    1 
Volkswagen AG   25    4 
Volkswagen AG (Preference)   159    22 
Vonovia SE   622    12 
Zalando SE (f)   194    8 
         1,155 
Hong Kong (0.3%)          
AIA Group Ltd.   5,298    56 
BOC Hong Kong Holdings Ltd.   2,108    7 
Budweiser Brewing Co., APAC Ltd.   771    2 
CK Asset Holdings Ltd.   1,129    7 
CK Hutchison Holdings Ltd.   1,539    9 
CK Infrastructure Holdings Ltd.   353    2 
CLP Holdings Ltd.   910    7 
ESR Group Ltd.   958    2 
Futu Holdings Ltd. ADR (f)   35    2 
Galaxy Entertainment Group Ltd. (f)   1,303    9 
Hang Lung Properties Ltd.   1,138    2 
Hang Seng Bank Ltd.   443    6 
Henderson Land Development Co. Ltd.   838    3 
HK Electric Investments & HK Electric Investments Ltd.   1,466    1 
HKT Trust & HKT Ltd.   2,186    3 
Hong Kong & China Gas Co. Ltd.   6,486    6 
Hong Kong Exchanges & Clearing Ltd.   594    26 
Hongkong Land Holdings Ltd.   526    2 
Jardine Matheson Holdings Ltd.   91    4 
Link REIT   851    5 
MTR Corp. Ltd.   888    4 
New World Development Co. Ltd.   852    2 
Power Assets Holdings Ltd.   787    4 
Sands China Ltd. (f)   1,041    4 
Sino Land Co., Ltd.   2,016    3 
SITC International Holdings Co. Ltd.   903    2 
Sun Hung Kai Properties Ltd.   827    12 
Swire Pacific Ltd., Class A   284    2 
Swire Properties Ltd.   662    2 
Techtronic Industries Co. Ltd.   811    9 
WH Group Ltd.   3,908    2 
Wharf Real Estate Investment Co. Ltd.   962    5 
Xinyi Glass Holdings Ltd.   1,042    2 
         214 
Ireland (0.1%)          
AIB Group PLC   925    4 
Bank of Ireland Group PLC   930    9 
CRH PLC   676    34 
Flutter Entertainment PLC (f)   151    28 
Kerry Group PLC, Class A   143    14 
Kingspan Group PLC   139    10 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Smurfit Kappa Group PLC   223    8 
         107 
Israel (0.1%)          
Azrieli Group Ltd.   36    2 
Bank Hapoalim BM   1,091    9 
Bank Leumi Le-Israel BM   1,326    10 
Bezeq The Israeli Telecommunication Corp. Ltd.   1,782    2 
Check Point Software Technologies Ltd. (f)   86    11 
CyberArk Software Ltd. (f)   35    5 
Elbit Systems Ltd.   23    4 
ICL Group Ltd.   608    4 
Israel Discount Bank Ltd., Class A   1,063    5 
Mizrahi Tefahot Bank Ltd.   133    4 
Nice Ltd. (f)   55    13 
Teva Pharmaceutical Industries Ltd. ADR (f)   953    9 
Tower Semiconductor Ltd. (f)   94    4 
Wix.com Ltd. (f)   49    5 
ZIM Integrated Shipping Services Ltd.   72    2 
         89 
Italy (0.7%)          
Amplifon SpA   106    4 
Assicurazioni Generali SpA   935    19 
CNH Industrial NV   857    13 
Davide Campari-Milano NV   450    5 
DiaSorin SpA   22    2 
Enel SpA   6,877    42 
Eni SpA   2,081    29 
EXOR NV (f)   15,255    15 
Ferrari NV   108    29 
FinecoBank Banca Fineco SpA   1,764    27 
Infrastrutture Wireless Italiane SpA   286    4 
Intesa Sanpaolo SpA   48,309    124 
Mediobanca Banca di Credito Finanziario SpA   1,775    18 
Moncler SpA   174    12 
Nexi SpA (f)   504    4 
Poste Italiane SpA   434    4 
Prysmian SpA   217    9 
Recordati Industria Chimica e Farmaceutica SpA   89    4 
Snam SpA   1,717    9 
Stellantis NV   1,879    34 
Telecom Italia SpA (Milano) (f)   8,416    3 
Tenaris SA   395    6 
Terna - Rete Elettrica Nazionale   1,197    10 
UniCredit SpA   5,899    111 
         537 
Netherlands (0.9%)          
ABN Amro Bank NV CVA   1,224    19 
Adyen NV (f)   19    30 
Aegon NV   1,517    7 
AerCap Holdings NV (f)   115    6 
Akzo Nobel NV   156    12 
ASM International NV   40    16 
ASML Holding NV   346    236 
Basic-Fit NV (f)   788    31 
BNP Paribas Emissions- und Handelsgesellschaft mbH   11,274    134 
Coca-Cola Europacific Partners PLC   176    10 
Heineken Holding NV   86    8 
Heineken NV   220    24 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

IMCD NV   49    8 
JDE Peet's NV   86    3 
Just Eat Takeaway.com NV (f)   158    3 
Koninklijke Ahold Delhaize NV   884    30 
Koninklijke DSM NV   148    18 
Koninklijke KPN NV   2,804    10 
Koninklijke Philips NV   783    14 
NN Group NV   237    9 
OCI NV   91    3 
Prosus NV (f)   711    56 
Randstad NV   102    6 
Universal Music Group NV   618    16 
Wolters Kluwer NV   224    28 
         737 
New Zealand (0.0%) (e)          
Auckland International Airport Ltd. (f)   1,099    6 
Fisher & Paykel Healthcare Corp. Ltd.   507    9 
Mercury NZ Ltd.   615    2 
Meridian Energy Ltd.   1,102    4 
Spark New Zealand Ltd.   1,648    5 
         26 
Norway (0.1%)          
Adevinta ASA (f)   241    2 
Aker BP ASA   252    6 
DNB Bank ASA   746    13 
Equinor ASA   762    22 
Gjensidige Forsikring ASA   161    3 
Kongsberg Gruppen ASA   71    3 
Mowi ASA   331    6 
Norsk Hydro ASA   1,063    8 
Orkla ASA   602    4 
Salmar ASA   52    2 
Telenor ASA   569    7 
Yara International ASA   133    6 
         82 
Portugal (0.0%) (e)          
EDP - Energias de Portugal SA   2,040    11 
EDP Renovaveis SA   216    5 
Galp Energia SGPS SA   363    4 
Jeronimo Martins SGPS SA   205    5 
         25 
Singapore (0.2%)          
CapitaLand Ascendas REIT REIT   2,308    5 
CapitaLand Integrated Commercial Trust REIT   3,680    5 
Capitaland Investment Ltd.   1,869    5 
City Developments Ltd.   303    2 
DBS Group Holdings Ltd.   1,280    32 
Genting Singapore Ltd.   4,543    4 
Grab Holdings Ltd., Class A (f)   924    3 
Jardine Cycle & Carriage Ltd.   100    2 
Keppel Corp. Ltd.   996    4 
Mapletree Logistics Trust REIT   2,325    3 
Mapletree Pan Asia Commercial Trust REIT   1,946    3 
Oversea-Chinese Banking Corp. Ltd.   2,331    22 
Sea Ltd. ADR (f)   267    23 
Sembcorp Marine Ltd. (f)   20,917    2 
Singapore Airlines Ltd.   908    4 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Singapore Exchange Ltd.   736    5 
Singapore Technologies Engineering Ltd.   1,087    3 
Singapore Telecommunications Ltd.   5,716    10 
United Overseas Bank Ltd.   788    18 
UOL Group Ltd.   347    2 
Venture Corp. Ltd.   207    3 
Wilmar International Ltd.   1,360    4 
         164 
South Africa (0.1%)          
Anglo American PLC   1,094    36 
Nedbank Group Ltd.   249    3 
Old Mutual Ltd.   7,755    5 
Thungela Resources Ltd.   132    2 
         46 
Spain (0.6%)          
Acciona SA   15    3 
ACS Actividades de Construccion y Servicios SA   129    4 
Aena SME SA (f)   46    7 
Amadeus IT Group SA (f)   271    18 
Banco Bilbao Vizcaya Argentaria SA   17,535    125 
Banco Santander SA   46,083    172 
CaixaBank SA   12,083    47 
Cellnex Telecom SA (f)   326    13 
Corp. ACCIONA Energias Renovables SA   40    2 
Enagas SA   149    3 
Endesa SA   190    4 
Ferrovial SA   294    9 
Grifols SA (f)   180    2 
Iberdrola SA   3,602    45 
Industria de Diseno Textil SA   646    22 
Naturgy Energy Group SA   88    3 
Red Electrica Corp. SA   242    4 
Repsol SA   807    12 
Siemens Gamesa Renewable Energy SA (f)   142    3 
Telefonica SA   3,080    13 
         511 
Sweden (0.5%)          
Alfa Laval AB   243    9 
Assa Abloy AB, Class B   802    19 
Atlas Copco AB, Class A   2,135    27 
Atlas Copco AB, Class B   1,242    14 
Boliden AB   223    9 
Electrolux AB, Class B   192    2 
Embracer Group AB (f)   552    3 
Epiroc AB, Class A   526    10 
Epiroc AB, Class B   336    6 
EQT AB   262    5 
Essity AB, Class B   482    14 
Evolution AB   145    19 
Fastighets AB Balder, Class B (f)   549    2 
Getinge AB, Class B   200    5 
Hennes & Mauritz AB, Class B   622    9 
Hexagon AB, Class B   1,555    18 
Holmen AB, Class B   80    3 
Husqvarna AB, Class B   366    3 
Industrivarden AB, Class A   112    3 
Industrivarden AB, Class C   133    4 
Indutrade AB   238    5 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Investment AB Latour, Class B   129    3 
Investor AB, Class A   418    8 
Investor AB, Class B   1,484    30 
Kinnevik AB, Class B (f)   210    3 
L E Lundbergforetagen AB, Class B   65    3 
Lifco AB, Class B   203    4 
Nibe Industrier AB, Class B   1,221    14 
Nordea Bank Abp   2,618    28 
Sagax AB, Class B   165    4 
Sandvik AB   850    18 
Securitas AB, Class B   421    4 
Skandinaviska Enskilda Banken AB, Class A (f)   1,272    14 
Skanska AB, Class B   293    4 
SKF AB, Class B   330    6 
Svenska Cellulosa AB SCA, Class B   505    7 
Svenska Handelsbanken AB, Class A   1,153    10 
Swedbank AB, Class A   713    12 
Swedish Orphan Biovitrum AB (f)   144    3 
Tele2 AB, Class B   492    5 
Telefonaktiebolaget LM Ericsson, Class B   2,315    14 
Telia Co. AB   2,277    6 
Volvo AB, Class A   173    4 
Volvo AB, Class B   1,201    25 
Volvo Car AB, Class B (f)   519    2 
         420 
Switzerland (1.5%)          
ABB Ltd. (Registered)   1,292    44 
Adecco Group AG (Registered)   137    5 
Alcon, Inc.   416    30 
Bachem Holding AG   29    3 
Baloise Holding AG (Registered)   39    6 
Banque Cantonale Vaudoise (Registered)   26    2 
Barry Callebaut AG (Registered)   3    6 
BKW AG   18    3 
Chocoladefabriken Lindt & Sprungli AG   1    12 
Cie Financiere Richemont SA (Registered)   428    69 
Clariant AG (Registered) (f)   186    3 
Credit Suisse Group AG (Registered)   3,112    3 
EMS-Chemie Holding AG (Registered)   6    5 
Geberit AG (Registered)   30    17 
Givaudan SA (Registered)   8    26 
Holcim AG (Registered) (f)   457    29 
Julius Baer Group Ltd.   178    12 
Kuehne & Nagel International AG (Registered)   45    13 
Logitech International SA (Registered)   148    9 
Lonza Group AG (Registered)   62    37 
Nestle SA (Registered)   2,246    274 
Novartis AG (Registered)   1,777    163 
Partners Group Holding AG   20    19 
Roche Holding AG   23    7 
Roche Holding AG (Genusschein)   580    166 
Schindler Holding AG   35    8 
Schindler Holding AG (Registered)   20    4 
SGS SA (Registered)   5    11 
SIG Group AG (f)   269    7 
Sika AG (Registered)   121    34 
Sonova Holding AG (Registered)   44    13 
Straumann Holding AG (Registered)   94    14 
Swatch Group AG   25    9 
Swatch Group AG (Registered)   45    3 
Swiss Life Holding AG (Registered)   25    15 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Swiss Prime Site AG (Registered)   66    6 
Swiss Re AG   247    25 
Swisscom AG (Registered)   22    14 
Temenos AG (Registered)   55    4 
UBS Group AG (Registered)   2,749    58 
VAT Group AG   23    8 
Zurich Insurance Group AG   123    59 
         1,255 
United Kingdom (2.5%)          
3i Group PLC   841    18 
abrdn PLC   1,925    5 
Admiral Group PLC   162    4 
Antofagasta PLC   348    7 
Ashtead Group PLC   382    23 
Associated British Foods PLC   323    8 
AstraZeneca PLC   1,332    185 
Auto Trader Group PLC   855    7 
Aviva PLC   2,449    12 
BAE Systems PLC   2,702    33 
Barclays PLC   13,808    25 
Barratt Developments PLC   916    5 
Berkeley Group Holdings PLC   98    5 
BP PLC   16,068    102 
British American Tobacco PLC   1,853    65 
British Land Co. PLC REIT   794    4 
BT Group PLC   6,243    11 
Bunzl PLC   297    11 
Burberry Group PLC   352    11 
Coca-Cola HBC AG (f)   181    5 
Compass Group PLC   1,521    38 
Croda International PLC   122    10 
DCC PLC   89    5 
Diageo PLC   1,955    87 
Entain PLC   531    8 
Evraz PLC (f)   464    — 
Experian PLC   796    26 
G4S PLC (f)   2,164    7 
Glencore PLC   8,286    48 
GSK PLC   3,509    62 
Haleon PLC   4,376    17 
Halma PLC   343    9 
Hargreaves Lansdown PLC   324    3 
Hikma Pharmaceuticals PLC   147    3 
HSBC Holdings PLC   17,054    116 
Imperial Brands PLC   780    18 
Informa PLC   1,302    11 
InterContinental Hotels Group PLC   162    11 
Intertek Group PLC   147    7 
J Sainsbury PLC   1,561    5 
JD Sports Fashion PLC   2,339    5 
Johnson Matthey PLC   162    4 
Kingfisher PLC   1,754    6 
Land Securities Group PLC REIT   640    5 
Legal & General Group PLC   5,184    15 
Lloyds Banking Group PLC   58,437    34 
London Stock Exchange Group PLC   283    27 
M&G PLC   2,259    6 
Melrose Industries PLC   3,658    8 
Mondi PLC   439    7 
National Grid PLC   3,173    43 
NatWest Group PLC   4,564    15 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Next PLC   117    10 
Ocado Group PLC (f)   532    4 
Paragon Offshore PLC (f)(h)   67    — 
Pearson PLC   597    6 
Persimmon PLC   288    4 
Phoenix Group Holdings PLC   675    5 
Prudential PLC   2,367    32 
Reckitt Benckiser Group PLC   616    47 
RELX PLC   1,658    54 
Rentokil Initial PLC   2,205    16 
Rio Tinto PLC   2,395    163 
Rolls-Royce Holdings PLC (f)   7,579    14 
Sage Group PLC   937    9 
Schroders PLC   665    4 
Segro PLC REIT   1,064    10 
Severn Trent PLC   225    8 
Shell PLC   6,189    176 
Smith & Nephew PLC   786    11 
Smiths Group PLC   325    7 
Spirax-Sarco Engineering PLC   66    10 
SSE PLC   927    21 
St. James's Place PLC   490    7 
Standard Chartered PLC   2,158    16 
Taylor Wimpey PLC   3,183    5 
Tesco PLC   6,472    21 
Unilever PLC CVA   2,190    113 
United Utilities Group PLC   613    8 
Vodafone Group PLC   22,881    25 
Whitbread PLC   182    7 
WPP PLC   960    11 
         2,036 
United States (18.2%)          
3M Co.   230    24 
Abbott Laboratories   723    73 
AbbVie, Inc.   731    117 
Accenture PLC, Class A   258    74 
Activision Blizzard, Inc.   323    28 
Adobe, Inc. (f)   188    72 
Advance Auto Parts, Inc.   25    3 
Advanced Micro Devices, Inc. (f)   664    65 
AES Corp.   273    7 
Affirm Holdings, Inc. (f)   82    1 
Aflac, Inc.   243    16 
Agilent Technologies, Inc.   122    17 
Air Products & Chemicals, Inc.   92    26 
Airbnb, Inc., Class A (f)   152    19 
Akamai Technologies, Inc. (f)   65    5 
Albemarle Corp.   48    11 
Alcoa Corp.   72    3 
Alexandria Real Estate Equities, Inc. REIT   64    8 
Align Technology, Inc. (f)   31    10 
Allegion PLC   36    4 
Alliant Energy Corp.   103    6 
Allstate Corp.   108    12 
Ally Financial, Inc.   127    3 
Alnylam Pharmaceuticals, Inc. (f)   49    10 
Alphabet, Inc., Class A (f)   2,476    257 
Alphabet, Inc., Class C (f)   2,294    239 
Altria Group, Inc.   746    33 
Amazon.com, Inc. (f)   3,774    390 
Amcor PLC   615    7 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Ameren Corp.   107    9 
American Electric Power Co., Inc.   212    19 
American Express Co.   262    43 
American Financial Group, Inc.   29    4 
American Homes 4 Rent, Class A REIT   130    4 
American International Group, Inc.   307    15 
American Tower Corp. REIT   192    39 
American Water Works Co., Inc.   75    11 
Ameriprise Financial, Inc.   44    14 
AmerisourceBergen Corp.   64    10 
AMETEK, Inc.   95    14 
Amgen, Inc.   222    54 
Amphenol Corp., Class A   245    20 
Analog Devices, Inc.   212    42 
Annaly Capital Management, Inc. REIT   192    4 
ANSYS, Inc. (f)   36    12 
AO Smith Corp.   53    4 
Aon PLC, Class A   87    27 
APA Corp.   135    5 
Apollo Global Management, Inc.   164    10 
Apple, Inc.   6,631    1,093 
Applied Materials, Inc.   355    44 
Aptiv PLC (f)   111    12 
Aramark   96    3 
Arch Capital Group Ltd. (f)   148    10 
Archer-Daniels-Midland Co.   230    18 
Ares Management Corp., Class A   63    5 
Arista Networks, Inc. (f)   100    17 
Arrow Electronics, Inc. (f)   27    3 
Arthur J Gallagher & Co.   86    16 
Aspen Technology, Inc. (f)   12    3 
Assurant, Inc.   23    3 
AT&T, Inc.   2,922    56 
Atmos Energy Corp.   57    6 
Autodesk, Inc. (f)   90    19 
Automatic Data Processing, Inc.   172    38 
AutoZone, Inc. (f)   8    20 
AvalonBay Communities, Inc. REIT   59    10 
Avantor, Inc. (f)   278    6 
Avery Dennison Corp.   33    6 
Baker Hughes Co.   410    12 
Ball Corp.   128    7 
Bank of America Corp.   2,955    85 
Bank of New York Mellon Corp.   315    14 
Bath & Body Works, Inc.   95    3 
Baxter International, Inc.   208    8 
Becton Dickinson & Co.   116    29 
Bentley Systems, Inc., Class B   80    3 
Berkshire Hathaway, Inc., Class B (f)   533    165 
Best Buy Co., Inc.   84    7 
Bill.Com Holdings, Inc. (f)   39    3 
Bio-Rad Laboratories, Inc., Class A (f)   9    4 
Bio-Techne Corp.   64    5 
Biogen, Inc. (f)   59    16 
BioMarin Pharmaceutical, Inc. (f)   77    8 
Black Knight, Inc. (f)   64    4 
BlackRock, Inc.   63    42 
Blackstone Group, Inc.   289    25 
Block, Inc., Class A (f)   215    15 
Boeing Co. (f)   230    49 
Booking Holdings, Inc. (f)   16    42 
Booz Allen Hamilton Holding Corp.   55    5 
BorgWarner, Inc.   98    5 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Boston Properties, Inc. REIT   61    3 
Boston Scientific Corp. (f)   589    29 
Bristol-Myers Squibb Co.   887    61 
Broadcom, Inc.   168    108 
Broadridge Financial Solutions, Inc.   48    7 
Brown & Brown, Inc.   98    6 
Brown-Forman Corp., Class B   128    8 
Bunge Ltd.   63    6 
Burlington Stores, Inc. (f)   27    5 
Cadence Design Systems, Inc. (f)   112    24 
Caesars Entertainment, Inc. (f)   90    4 
Camden Property Trust REIT   41    4 
Campbell Soup Co.   88    5 
Capital One Financial Corp.   158    15 
Cardinal Health, Inc.   111    8 
Carlisle Cos., Inc.   21    5 
Carlyle Group, Inc.   82    3 
CarMax, Inc. (f)   67    4 
Carnival Corp. (f)   412    4 
Carrier Global Corp.   347    16 
Catalent, Inc. (f)   71    5 
Caterpillar, Inc.   215    49 
Cboe Global Markets, Inc.   44    6 
CBRE Group, Inc., Class A (f)   132    10 
CDW Corp.   56    11 
Celanese Corp.   45    5 
Centene Corp. (f)   236    15 
CenterPoint Energy, Inc.   259    8 
Ceridian HCM Holding, Inc. (f)   57    4 
CF Industries Holdings, Inc.   82    6 
CH Robinson Worldwide, Inc.   52    5 
Charles River Laboratories International, Inc. (f)   21    4 
Charles Schwab Corp.   589    31 
Charter Communications, Inc., Class A (f)   47    17 
Cheniere Energy, Inc.   94    15 
Chesapeake Energy Corp.   43    3 
Chevron Corp.   760    124 
Chewy, Inc., Class A (f)   39    1 
Chipotle Mexican Grill, Inc. (f)   11    19 
Chubb Ltd.   170    33 
Church & Dwight Co., Inc.   100    9 
Cigna Corp.   126    32 
Cincinnati Financial Corp.   61    7 
Cintas Corp.   37    17 
Cisco Systems, Inc.   1,714    90 
Citigroup, Inc.   798    37 
Citizens Financial Group, Inc.   204    6 
Clarivate PLC (f)   124    1 
Cleveland-Cliffs, Inc. (f)   214    4 
Clorox Co.   52    8 
Cloudflare, Inc., Class A (f)   104    6 
CME Group, Inc.   150    29 
CMS Energy Corp.   119    7 
Coca-Cola Co.   1,693    105 
Cognex Corp.   72    4 
Cognizant Technology Solutions Corp., Class A   212    13 
Coinbase Global, Inc., Class A (f)   51    3 
Colgate-Palmolive Co.   329    25 
Comcast Corp., Class A   1,800    68 
Conagra Brands, Inc.   198    7 
ConocoPhillips   517    51 
Consolidated Edison, Inc.   147    14 
Constellation Brands, Inc., Class A   65    15 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Constellation Energy Corp.   135    11 
Contra Abiomed, Inc. (f)   14    —@ 
Cooper Cos., Inc.   20    7 
Copart, Inc. (f)   178    13 
Corning, Inc.   333    12 
Corteva, Inc.   293    18 
CoStar Group, Inc. (f)   164    11 
Costco Wholesale Corp.   183    91 
Coterra Energy, Inc.   329    8 
Crowdstrike Holdings, Inc., Class A (f)   83    11 
Crown Castle, Inc.   178    24 
Crown Holdings, Inc.   49    4 
CSX Corp.   899    27 
Cummins, Inc.   57    14 
CVS Health Corp.   542    40 
Danaher Corp.   289    73 
Darden Restaurants, Inc.   51    8 
Darling Ingredients, Inc. (f)   65    4 
Datadog, Inc., Class A (f)   102    7 
DaVita, Inc. (f)   23    2 
Deere & Co.   119    49 
Dell Technologies, Inc., Class C   110    4 
Delta Air Lines, Inc. (f)   65    2 
Dentsply Sirona, Inc.   88    3 
Devon Energy Corp.   259    13 
Dexcom, Inc. (f)   160    19 
Diamondback Energy, Inc.   69    9 
Digital Realty Trust, Inc. REIT   118    12 
Discover Financial Services   112    11 
DISH Network Corp., Class A (f)   103    1 
DocuSign, Inc. (f)   83    5 
Dollar General Corp.   94    20 
Dollar Tree, Inc. (f)   92    13 
Dominion Energy, Inc.   342    19 
Domino's Pizza, Inc.   15    5 
DoorDash, Inc., Class A (f)   96    6 
Dover Corp.   59    9 
Dow, Inc.   295    16 
DR Horton, Inc.   136    13 
Dropbox, Inc., Class A (f)   114    2 
DTE Energy Co.   80    9 
Duke Energy Corp.   318    31 
DuPont de Nemours, Inc.   206    15 
Dynatrace, Inc. (f)   82    3 
Eastman Chemical Co.   51    4 
Eaton Corp. PLC   164    28 
eBay, Inc.   228    10 
Ecolab, Inc.   106    18 
Edison International   158    11 
Edwards Lifesciences Corp. (f)   255    21 
Elanco Animal Health, Inc. (f)   174    2 
Electronic Arts, Inc.   115    14 
Elevance Health, Inc.   99    46 
Eli Lilly & Co.   331    114 
Emerson Electric Co.   243    21 
Enphase Energy, Inc. (f)   56    12 
Entegris, Inc.   61    5 
Entergy Corp.   84    9 
EOG Resources, Inc.   240    28 
EPAM Systems, Inc. (f)   24    7 
EQT Corp.   139    4 
Equifax, Inc.   51    10 
Equinix, Inc. REIT   37    27 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Equitable Holdings, Inc.   155    4 
Equity Lifestyle Properties, Inc. REIT   72    5 
Equity Residential REIT   148    9 
Erie Indemnity Co., Class A   11    3 
Essential Utilities, Inc.   103    5 
Essex Property Trust, Inc. REIT   27    6 
Estee Lauder Cos., Inc., Class A   96    24 
Etsy, Inc. (f)   52    6 
Everest Re Group Ltd.   16    6 
Evergy, Inc.   95    6 
Eversource Energy   143    11 
Exact Sciences Corp. (f)   71    5 
Exelon Corp.   408    17 
Expedia Group, Inc. (f)   63    6 
Expeditors International of Washington, Inc.   68    8 
Extra Space Storage, Inc. REIT   55    9 
Exxon Mobil Corp.   1,699    186 
F5, Inc. (f)   24    4 
Factset Research Systems, Inc.   16    7 
Fair Isaac Corp. (f)   11    8 
Fastenal Co.   238    13 
FedEx Corp.   103    24 
Ferguson PLC   87    12 
Fidelity National Financial, Inc.   108    4 
Fidelity National Information Services, Inc.   250    14 
Fifth Third Bancorp   283    8 
First Citizens BancShares, Inc., Class A   5    5 
First Horizon Corp.   220    4 
First Republic Bank   76    1 
First Solar, Inc. (f)   39    8 
FirstEnergy Corp.   223    9 
Fiserv, Inc. (f)   249    28 
FleetCor Technologies, Inc. (f)   29    6 
FMC Corp.   52    6 
Ford Motor Co.   1,670    21 
Fortinet, Inc. (f)   275    18 
Fortive Corp.   140    10 
Fortune Brands Innovations, Inc.   53    3 
Fox Corp., Class A   126    4 
Fox Corp., Class B   60    2 
Franklin Resources, Inc.   123    3 
Freeport-McMoRan, Inc.   584    24 
Gaming and Leisure Properties, Inc. REIT   106    6 
Garmin Ltd.   64    6 
Gartner, Inc. (f)   33    11 
GE Healthcare, Inc. (f)   147    12 
Gen Digital, Inc.   250    4 
Generac Holdings, Inc. (f)   27    3 
General Dynamics Corp.   95    22 
General Electric Co.   442    42 
General Mills, Inc.   257    22 
General Motors Co.   577    21 
Genuine Parts Co.   59    10 
Gilead Sciences, Inc.   529    44 
Global Payments, Inc.   114    12 
Globe Life, Inc.   39    4 
GoDaddy, Inc., Class A (f)   64    5 
Goldman Sachs Group, Inc.   140    46 
Halliburton Co.   366    12 
Hartford Financial Services Group, Inc.   131    9 
Hasbro, Inc.   55    3 
HCA Healthcare, Inc.   95    25 
Healthcare Realty Trust, Inc. REIT   158    3 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Healthpeak Properties, Inc. REIT   223    5 
HEICO Corp.   17    3 
HEICO Corp., Class A   29    4 
Henry Schein, Inc. (f)   56    5 
Hershey Co.   61    16 
Hess Corp.   114    15 
Hewlett Packard Enterprise Co.   533    9 
HF Sinclair Corp.   67    3 
Hilton Worldwide Holdings, Inc.   115    16 
Hologic, Inc. (f)   103    8 
Home Depot, Inc.   425    125 
Honeywell International, Inc.   275    53 
Horizon Therapeutics PLC (f)   91    10 
Hormel Foods Corp.   124    5 
Host Hotels & Resorts, Inc. REIT   294    5 
Howmet Aerospace, Inc.   152    6 
HP, Inc.   429    13 
Hubbell, Inc.   23    6 
HubSpot, Inc. (f)   19    8 
Humana, Inc.   52    25 
Huntington Bancshares, Inc.   591    7 
Huntington Ingalls Industries, Inc.   16    3 
IDEX Corp.   31    7 
IDEXX Laboratories, Inc. (f)   35    18 
Illinois Tool Works, Inc.   127    31 
Illumina, Inc. (f)   65    15 
Incyte Corp. (f)   77    6 
Ingersoll Rand, Inc.   164    10 
Insulet Corp. (f)   28    9 
Intel Corp.   1,710    56 
Intercontinental Exchange, Inc.   230    24 
International Business Machines Corp.   369    48 
International Flavors & Fragrances, Inc.   104    10 
International Paper Co.   143    5 
Interpublic Group of Cos., Inc.   160    6 
Intuit, Inc.   110    49 
Intuitive Surgical, Inc. (f)   147    38 
Invesco Ltd.   142    2 
Invitation Homes, Inc. REIT   253    8 
IQVIA Holdings, Inc. (f)   76    15 
Iron Mountain, Inc. REIT   120    6 
Jack Henry & Associates, Inc.   29    4 
Jacobs Solutions, Inc.   52    6 
Jazz Pharmaceuticals PLC (f)   25    4 
JB Hunt Transport Services, Inc.   35    6 
JM Smucker Co.   44    7 
Johnson & Johnson   1,082    168 
Johnson Controls International PLC   283    17 
JPMorgan Chase & Co.   1,198    156 
Juniper Networks, Inc.   134    5 
Kellogg Co.   107    7 
Keurig Dr Pepper, Inc.   322    11 
KeyCorp   385    5 
Keysight Technologies, Inc. (f)   73    12 
Kimberly-Clark Corp.   140    19 
Kimco Realty Corp. REIT   257    5 
Kinder Morgan, Inc.   840    15 
KKR & Co., Inc.   231    12 
KLA Corp.   57    23 
Knight-Swift Transportation Holdings, Inc.   64    4 
Kraft Heinz Co.   307    12 
Kroger Co.   279    14 
L3Harris Technologies, Inc.   79    16 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Laboratory Corp. of America Holdings   37    9 
Lam Research Corp.   56    30 
Lamb Weston Holdings, Inc.   59    6 
Las Vegas Sands Corp. (f)   142    8 
Lear Corp.   24    3 
Leidos Holdings, Inc.   53    5 
Lennar Corp., Class A   106    11 
Lennox International, Inc.   13    3 
Liberty Broadband Corp., Class C (f)   52    4 
Liberty Global PLC, Class A (f)   68    1 
Liberty Global PLC Series C (f)   118    2 
Liberty Media Corp-Liberty SiriusXM, Class A (f)   31    1 
Liberty Media Corp-Liberty SiriusXM, Class C (f)   68    2 
Liberty Media Corp.-Liberty Formula One, Class C (f)   80    6 
Lincoln National Corp.   65    1 
Linde PLC   204    73 
Live Nation Entertainment, Inc. (f)   71    5 
LKQ Corp.   107    6 
Lockheed Martin Corp.   98    46 
Loews Corp.   83    5 
Lowe's Cos., Inc.   259    52 
LPL Financial Holdings, Inc.   33    7 
Lucid Group, Inc. (f)   168    1 
Lululemon Athletica, Inc. (f)   49    18 
Lumen Technologies, Inc.   389    1 
LyondellBasell Industries NV, Class A   107    10 
M&T Bank Corp.   72    9 
Marathon Oil Corp.   278    7 
Marathon Petroleum Corp.   203    27 
Markel Corp. (f)   5    6 
MarketAxess Holdings, Inc.   16    6 
Marriott International, Inc., Class A   115    19 
Marsh & McLennan Cos., Inc.   203    34 
Martin Marietta Materials, Inc.   25    9 
Marvell Technology, Inc.   361    16 
Masco Corp.   94    5 
Masimo Corp. (f)   20    4 
Mastercard, Inc., Class A   355    129 
Match Group, Inc. (f)   116    4 
McCormick & Co., Inc.   103    9 
McDonald's Corp.   302    84 
McKesson Corp.   59    21 
Medical Properties Trust, Inc. REIT   247    2 
Medtronic PLC   552    45 
MercadoLibre, Inc. (f)   19    25 
Merck & Co., Inc.   1,039    111 
Meta Platforms, Inc., Class A (f)   931    197 
MetLife, Inc.   277    16 
Mettler-Toledo International, Inc. (f)   9    14 
MGM Resorts International   130    6 
Microchip Technology, Inc.   227    19 
Micron Technology, Inc.   466    28 
Microsoft Corp.   2,915    840 
Mid-America Apartment Communities, Inc. REIT   48    7 
Moderna, Inc. (f)   130    20 
Mohawk Industries, Inc. (f)   21    2 
Molina Healthcare, Inc. (f)   24    6 
Molson Coors Beverage Co., Class B   80    4 
Mondelez International, Inc., Class A   564    39 
MongoDB, Inc. (f)   27    6 
Monolithic Power Systems, Inc.   19    10 
Monster Beverage Corp. (f)   326    18 
Moody's Corp.   68    21 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Mosaic Co.   140    6 
Motorola Solutions, Inc.   68    19 
MSCI, Inc.   33    18 
Nasdaq, Inc.   143    8 
NetApp, Inc.   90    6 
Netflix, Inc. (f)   184    64 
Neurocrine Biosciences, Inc. (f)   39    4 
Newell Brands, Inc.   164    2 
Newmont Corp. (NYSE)   313    15 
News Corp., Class A   159    3 
NextEra Energy, Inc.   808    62 
NIKE, Inc., Class B   525    64 
NiSource, Inc.   167    5 
Nordson Corp.   21    5 
Norfolk Southern Corp.   98    21 
Northern Trust Corp.   82    7 
Northrop Grumman Corp.   60    28 
Novocure Ltd. (f)   39    2 
NRG Energy, Inc.   98    3 
Nucor Corp.   106    16 
NVIDIA Corp.   1,042    289 
NVR, Inc. (f)   1    6 
NXP Semiconductors NV   108    20 
O'Reilly Automotive, Inc. (f)   25    21 
Occidental Petroleum Corp.   385    24 
Okta, Inc. (f)   61    5 
Old Dominion Freight Line, Inc.   40    14 
Omnicom Group, Inc.   84    8 
ON Semiconductor Corp. (f)   179    15 
ONEOK, Inc.   186    12 
Oracle Corp.   657    61 
Otis Worldwide Corp.   174    15 
Ovintiv, Inc.   107    4 
Owens Corning   40    4 
PACCAR, Inc.   214    16 
Packaging Corp. of America   39    5 
Palantir Technologies, Inc., Class A (f)   691    6 
Palo Alto Networks, Inc. (f)   124    25 
Paramount Global, Class B   253    6 
Parker Hannifin Corp.   52    17 
Paychex, Inc.   135    15 
Paycom Software, Inc. (f)   21    6 
Paylocity Holding Corp. (f)   17    3 
PayPal Holdings, Inc. (f)   454    34 
Pentair PLC   68    4 
PepsiCo, Inc.   569    104 
PerkinElmer, Inc.   52    7 
Pfizer, Inc.   2,325    95 
PG&E Corp. (f)   609    10 
Philip Morris International, Inc.   637    62 
Phillips 66   196    20 
Pinterest, Inc., Class A (f)   239    7 
Pioneer Natural Resources Co.   94    19 
Plug Power, Inc. (f)   215    3 
PNC Financial Services Group, Inc.   167    21 
Pool Corp.   16    5 
PPG Industries, Inc.   98    13 
PPL Corp.   302    8 
Principal Financial Group, Inc.   102    8 
Procter & Gamble Co.   985    146 
Progressive Corp.   239    34 
ProLogis, Inc. REIT   378    47 
Prudential Financial, Inc.   152    13 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

PTC, Inc. (f)   47    6 
Public Service Enterprise Group, Inc.   206    13 
Public Storage REIT   64    19 
Pulte Group, Inc.   96    6 
Qorvo, Inc. (f)   43    4 
QUALCOMM, Inc.   465    59 
Quanta Services, Inc.   59    10 
Quest Diagnostics, Inc.   48    7 
Raymond James Financial, Inc.   80    7 
Raytheon Technologies Corp.   604    59 
Realty Income Corp. REIT   255    16 
Regency Centers Corp. REIT   64    4 
Regeneron Pharmaceuticals, Inc. (f)   44    36 
Regions Financial Corp.   383    7 
Repligen Corp. (f)   21    4 
Republic Services, Inc.   91    12 
ResMed, Inc.   60    13 
Rivian Automotive, Inc., Class A (f)   135    2 
Robert Half International, Inc.   45    4 
ROBLOX Corp., Class A (f)   144    6 
Rockwell Automation, Inc.   47    14 
Roku, Inc. (f)   52    3 
Rollins, Inc.   91    3 
Roper Technologies, Inc.   44    19 
Ross Stores, Inc.   144    15 
Royal Caribbean Cruises Ltd. (f)   96    6 
Royalty Pharma PLC, Class A   144    5 
RPM International, Inc.   53    5 
S&P Global, Inc.   142    49 
Salesforce, Inc. (f)   413    83 
SBA Communications Corp. REIT   44    12 
Schlumberger NV   566    28 
Seagate Technology Holdings PLC   83    6 
Seagen, Inc. (f)   56    11 
Sealed Air Corp.   60    3 
SEI Investments Co.   48    3 
Sempra Energy   131    20 
Sensata Technologies Holding PLC   64    3 
ServiceNow, Inc. (f)   83    39 
Sherwin-Williams Co.   102    23 
Simon Property Group, Inc. REIT   135    15 
Sirius XM Holdings, Inc.   323    1 
Skyworks Solutions, Inc.   67    8 
Snap, Inc., Class A (f)   456    5 
Snap-On, Inc.   21    5 
Snowflake, Inc., Class A (f)   91    14 
SolarEdge Technologies, Inc. (f)   23    7 
Southern Co.   444    31 
Southwest Airlines Co.   61    2 
Splunk, Inc. (f)   65    6 
SS&C Technologies Holdings, Inc.   94    5 
Stanley Black & Decker, Inc.   61    5 
Starbucks Corp.   477    50 
State Street Corp.   151    11 
Steel Dynamics, Inc.   73    8 
Steris PLC   41    8 
Stryker Corp.   140    40 
Sun Communities, Inc. REIT   51    7 
Synchrony Financial   198    6 
Synopsys, Inc. (f)   63    24 
Sysco Corp.   208    16 
T Rowe Price Group, Inc.   94    11 
T-Mobile US, Inc. (f)   261    38 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Take-Two Interactive Software, Inc. (f)   68    8 
Targa Resources Corp.   88    6 
Target Corp.   192    32 
TE Connectivity Ltd.   132    17 
Teledyne Technologies, Inc. (f)   19    9 
Teleflex, Inc.   20    5 
Teradyne, Inc.   64    7 
Tesla, Inc. (f)   1,164    241 
Texas Instruments, Inc.   379    71 
Texas Pacific Land Corp.   3    5 
Textron, Inc.   87    6 
Thermo Fisher Scientific, Inc.   163    94 
TJX Cos., Inc.   480    38 
Toast, Inc., Class A (f)   102    2 
Tractor Supply Co.   47    11 
Trade Desk, Inc., Class A (f)   175    11 
Tradeweb Markets, Inc., Class A   44    3 
Trane Technologies PLC   96    18 
TransDigm Group, Inc.   21    15 
TransUnion   80    5 
Travelers Cos., Inc.   96    16 
Trimble, Inc. (f)   103    5 
Truist Financial Corp.   544    19 
Twilio, Inc., Class A (f)   71    5 
Tyler Technologies, Inc. (f)   17    6 
Tyson Foods, Inc., Class A   119    7 
U-Haul Holding Co.   35    2 
Uber Technologies, Inc. (f)   616    20 
UDR, Inc. REIT   135    6 
UGI Corp.   87    3 
Ulta Beauty, Inc. (f)   21    11 
Union Pacific Corp.   259    52 
United Parcel Service, Inc., Class B   309    60 
United Rentals, Inc.   29    11 
UnitedHealth Group, Inc.   387    183 
Unity Software, Inc. (f)   103    3 
Universal Health Services, Inc., Class B   27    3 
US Bancorp   581    21 
Vail Resorts, Inc.   17    4 
Valero Energy Corp.   160    22 
Veeva Systems, Inc., Class A (f)   59    11 
Ventas, Inc. REIT   164    7 
VeriSign, Inc. (f)   40    8 
Verisk Analytics, Inc.   65    12 
Verizon Communications, Inc.   1,733    67 
Vertex Pharmaceuticals, Inc. (f)   106    33 
VF Corp.   142    3 
Viatris, Inc.   504    5 
VICI Properties, Inc. REIT   398    13 
Visa, Inc., Class A   673    152 
Vistra Corp.   154    4 
VMware, Inc., Class A (f)   87    11 
Vulcan Materials Co.   55    9 
Walgreens Boots Alliance, Inc.   301    10 
Walmart, Inc.   615    91 
Walt Disney Co. (f)   747    75 
Warner Bros Discovery, Inc. (f)   973    15 
Waste Connections, Inc.   107    15 
Waste Management, Inc.   171    28 
Waters Corp. (f)   24    7 
Webster Financial Corp.   72    3 
WEC Energy Group, Inc.   130    12 
Wells Fargo & Co.   1,587    59 
Welltower, Inc. REIT   192    14 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

West Pharmaceutical Services, Inc.   31    11 
Western Digital Corp. (f)   128    5 
Western Union Co.   159    2 
Westinghouse Air Brake Technologies Corp.   71    7 
Westlake Chemical Corp.   16    2 
WestRock Co.   106    3 
Weyerhaeuser Co. REIT   305    9 
Whirlpool Corp.   23    3 
Williams Cos., Inc.   502    15 
Willis Towers Watson PLC   45    10 
Wolfspeed, Inc. (f)   51    3 
Workday, Inc., Class A (f)   82    17 
WP Carey, Inc. REIT   80    6 
WR Berkley Corp.   87    5 
WW Grainger, Inc.   19    13 
Wynn Resorts Ltd. (f)   44    5 
Xcel Energy, Inc.   224    15 
Xylem, Inc.   75    8 
Yum! Brands, Inc.   118    16 
Zebra Technologies Corp., Class A (f)   21    7 
Zillow Group, Inc., Class C (f)   67    3 
Zimmer Biomet Holdings, Inc.   87    11 
Zoetis, Inc.   195    32 
Zoom Video Communications, Inc., Class A (f)   94    7 
ZoomInfo Technologies, Inc., Class A (f)   106    3 
Zscaler, Inc. (f)   35    4 
         14,960 
Total Common Stocks (Cost $24,067)        27,393 
           
Short-Term Investments (16.1%)          
Investment Company (15.3%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $12,557)   12,556,552    12,557 

 

   Face
Amount
(000)		     
U.S. Treasury Security (0.8%)        
U.S. Treasury Bill          
5.01%, 11/30/23 (j)  (Cost $654)  $676    656 
Total Short-Term Investments (Cost $13,211)        13,213 
Total Investments (98.3%) (Cost $81,114) (k)(l)(m)(n)        80,592 
Other Assets in Excess of Liabilities (1.7%)        1,398 
Net Assets (100.0%)       $81,990 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

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

 

(a) Security is subject to delayed delivery.
(b) Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.
(c) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(d) 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, 2023.
(e) Amount is less than 0.05%.
(f) Non-income producing security.
(g) Security trades on the Hong Kong exchange.
(h) At March 31, 2023, 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.
(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, 2023, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds.
(j) Rate shown is the yield to maturity at March 31, 2023.
(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 approximate fair value and percentage of net assets, $10,818,000 and 13.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(m) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.
(n) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,633,000 and the aggregate gross unrealized depreciation is approximately $7,671,000, resulting in net unrealized depreciation of approximately $1,038,000.

 

@ Value is less than $500.
ADR American Depositary Receipt.
CDI CHESS Depositary Interest.
CVA Certificaten Van Aandelen.
EURIBOR Euro Interbank Offered Rate.
LIBOR London Interbank Offered Rate.
LSE London Stock Exchange.
NYSE New York Stock Exchange.
OAT Obligations Assimilables du Trésor (French Treasury Obligation).
REIT Real Estate Investment Trust.
SOFR Secured Overnight Financing Rate.
SONIA Sterling Overnight Index Average.
TBA To Be Announced.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

 

Counterparty  Contracts
to
Deliver
(000)		   In
Exchange
For
(000)		   Delivery
Date		 

Unrealized
Appreciation
(Depreciation)
(000)

 
Australia & New Zealand Banking Group Ltd.  $5   AUD7   5/11/23  $( —@)
Bank of America NA  CNH2,334   $342   6/15/23   —@ 
Bank of America NA  PLN67   $15   6/15/23   (—@)
Bank of America NA  $174   CHF159   5/11/23   1 
Bank of America NA  $355   EUR325   5/11/23   (2)
Bank of America NA  $28   ILS102   6/15/23   —@ 
Bank of America NA  $123   THB4,040   5/11/23   (4)
Barclays Bank PLC  EUR475   $512   6/15/23   (5)
Barclays Bank PLC  EUR431   $458   6/15/23   (11)
Barclays Bank PLC  MXN1,906   $104   6/15/23   (—@)
Barclays Bank PLC  $3   GBP2   6/15/23   —@ 
Barclays Bank PLC  $1,131   JPY148,648   6/15/23   1 
Barclays Bank PLC  $60   JPY7,996   6/15/23   1 
Barclays Bank PLC  $161   MXN3,075   6/15/23   7 
BNP Paribas SA  CAD126   $93   6/15/23   (—@)
BNP Paribas SA  CHF20   $22   6/15/23   —@ 
BNP Paribas SA  DKK117   $17   6/15/23   (—@)
BNP Paribas SA  GBP68   $85   6/15/23   —@ 
BNP Paribas SA  HKD368   $47   6/15/23   —@ 
BNP Paribas SA  JPY27,651   $210   6/15/23   (—@)
BNP Paribas SA  $410   CNY2,742   5/11/23   (10)
BNP Paribas SA  $10   COP50,392   6/15/23   —@ 
BNP Paribas SA  $13   HKD98   6/15/23   (—@)
BNP Paribas SA  $3   INR210   6/15/23   —@ 
BNP Paribas SA  $154   JPY20,461   6/15/23   1 
BNP Paribas SA  $671   MXN12,784   6/15/23   28 
BNP Paribas SA  $77   SGD101   5/11/23   (1)
Citibank NA  $8   CZK168   6/15/23   —@ 
Citibank NA  $26   ILS93   6/15/23   —@ 
Goldman Sachs International  BRL1,011   $197   6/15/23   (—@)
Goldman Sachs International  BRL15,932   $3,063   6/15/23   (40)
Goldman Sachs International  DKK11   $2   6/15/23   (—@)
Goldman Sachs International  JPY6,174   $47   5/11/23   (—@)
Goldman Sachs International  NOK6   $1   6/15/23   (—@)
Goldman Sachs International  $80   AUD120   6/15/23   —@ 
Goldman Sachs International  $1   CAD1   6/15/23   —@ 
Goldman Sachs International  $526   CHF476   6/15/23   (2)
Goldman Sachs International  $16   CLP13,453   6/15/23   —@ 
Goldman Sachs International  $127   EUR116   6/15/23   (—@)
Goldman Sachs International  $740   EUR685   6/15/23   5 
Goldman Sachs International  $1   HKD9   6/15/23   (—@)
Goldman Sachs International  $2,026   JPY268,513   6/15/23   17 
Goldman Sachs International  $327   KRW398,634   5/11/23   (20)
Goldman Sachs International  $106   MXN2,027   6/15/23   5 
Goldman Sachs International  $35   PEN135   5/11/23   1 
Goldman Sachs International  $27   RON122   5/11/23   (—@)
Goldman Sachs International  $57   SEK597   6/15/23   —@ 
JPMorgan Chase Bank NA  AUD79   $53   6/15/23   —@ 
JPMorgan Chase Bank NA  AUD671   $469   5/11/23   20 
JPMorgan Chase Bank NA  CNH683   $100   6/15/23   —@ 
JPMorgan Chase Bank NA  EUR68   $75   6/15/23   —@ 
JPMorgan Chase Bank NA  GBP27   $32   5/11/23   (—@)
JPMorgan Chase Bank NA  GBP139   $168   5/11/23   (4)
JPMorgan Chase Bank NA  IDR1,959,425   $129   5/11/23   (1)

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

JPMorgan Chase Bank NA   NZD  705     $ 439     6/15/23     (2 )
JPMorgan Chase Bank NA   $ 3     CAD 4     6/15/23     —@  
JPMorgan Chase Bank NA   $ 118     CAD 162     5/11/23     2  
JPMorgan Chase Bank NA   $ 92     CHF 83     6/15/23     (—@ )
JPMorgan Chase Bank NA   $ 49     CNY 335     5/11/23     (—@ )
JPMorgan Chase Bank NA   $ 33     EUR 30     5/11/23     (—@ )
JPMorgan Chase Bank NA   $ 63     EUR 59     5/11/23     1  
JPMorgan Chase Bank NA   $ 137     EUR 126     6/15/23     —@  
JPMorgan Chase Bank NA   $ 296     GBP 243     6/15/23     4  
JPMorgan Chase Bank NA   $ 58     HKD 451     6/15/23     (—@ )
JPMorgan Chase Bank NA   $ 835     JPY 110,634     6/15/23     7  
JPMorgan Chase Bank NA   $ 270     JPY 35,323     6/15/23     (1 )
JPMorgan Chase Bank NA   $ 114     MXN 2,173     6/15/23     5  
JPMorgan Chase Bank NA   $ 14     NOK 141     5/11/23     (—@ )
JPMorgan Chase Bank NA   $ 56     PLN 246     5/11/23     —@  
JPMorgan Chase Bank NA   $ 65     SEK 675     5/11/23     —@  
JPMorgan Chase Bank NA   ZAR 19     $ 1     6/15/23     (—@ )
State Street Bank and Trust Co.   $ —@     HKD  2     6/15/23     (—@ )
UBS AG   CAD 20     $ 15     5/11/23     —@  
UBS AG   CAD 35     $ 25     5/11/23     (—@ )
UBS AG   CNY 14,724     $ 2,131     6/15/23     (25 )
UBS AG   DKK 141     $ 21     5/11/23     —@  
UBS AG   MXN 3,330     $ 174     5/11/23     (10 )
UBS AG   NOK 285     $ 27     6/15/23     (—@ )
UBS AG   NZD 29     $ 18     5/11/23     (—@ )
UBS AG   NZD 103     $ 64     5/11/23     (—@ )
UBS AG   NZD 76     $ 47     5/11/23     (—@ )
UBS AG   THB 1,356     $ 40     6/15/23     (—@ )
UBS AG   $ 77     AUD 112     5/11/23     (2 )
UBS AG   $ 123     AUD 184     6/15/23     —@  
UBS AG   $ 13     AUD 20     5/11/23     —@  
UBS AG   $ 47     AUD 71     5/11/23     —@  
UBS AG   $ 36     AUD 53     5/11/23     (—@ )
UBS AG   $ 119     CAD 163     5/11/23     2  
UBS AG   $ 36     EUR 33     5/11/23     (—@ )
UBS AG   $ 64     GBP 54     5/11/23     2  
UBS AG   $ 137     GBP 113     6/15/23     2  
UBS AG   $ 3     HKD 21     6/15/23     (—@ )
UBS AG   $ 25     HUF 9,031     5/11/23     1  
UBS AG   $ 1     HUF 419     6/15/23     —@  
UBS AG   $ 4     IDR 64,177     6/15/23     —@  
UBS AG   $ 616     JPY 79,316     5/11/23     (16 )
UBS AG   $ —@     JPY 44     5/11/23     (—@ )
UBS AG   $ 11     KRW 14,584     6/15/23     —@  
UBS AG   $ 254     MXN 4,846     6/15/23     11  
UBS AG   $ 71     SEK 745     5/11/23     1  
UBS AG   $ 20     SEK 205     6/15/23     —@  
UBS AG   $ 22     THB 748     6/15/23     (—@ )
UBS AG   $ 3     TRY 62     6/15/23     (—@ )
UBS AG   $ 14     TWD 419     6/15/23     —@  
UBS AG   ZAR  327     $ 18     6/15/23     (—@ )
                        $ (31 )

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2023:

 

    Number
of
Contracts		   Expiration
Date		  

Notional

Amount
(000)

     Value
(000)		     Unrealized
Appreciation
(Depreciation)
(000)		  
Long:                                
100 OZ Gold Index (United States)   2   Jun-23   $ —@     $ 397     $ (3 )
CAC 40 Index (France)   1   Apr-23   EUR —@       79       3  
Euro Stoxx 50 Index (Germany)   27   Jun-23     —@       1,248       46  
FTSE MIB Index (Italy)   1   Jun-23   EUR —@       144       4  
German Euro-BTP Index (Germany)   1   Jun-23   100       125       4  
Hang Seng China Enterprise Index (Hong Kong)   13   Apr-23   HKD 1       581       26  
Hang Seng Index (Hong Kong)   1   Apr-23     —@       130       4  
IBEX 35 Index (Spain)   1   Apr-23   EUR —@       100       2  
ICE Brent Crude Oil Index (United Kingdom)   4   Oct-23   $ 4       312       (12 )
KFE 10 yr. Treasury Bond Index (Korea, Republic of)   4   Jun-23   KRW 400,000       350       (2 )
Long Gilt Index (United Kingdom)   2   Jun-23   GBP 200       255       5  
MSCI Emerging Market Index (United States)   2   Jun-23     —@       100       4  
Nikkei 225 Index (Japan)   2   Jun-23   JPY 1       212       6  
SGX MSCI Singapore Index Index (Singapore)   1   Apr-23   SGD —@       23       —@  
SPI 200 Index (Australia)   1   Jun-23   AUD —@       120       —@  
TSE TOPIX Index (Japan)   4   Jun-23   JPY 40       604       2  
U.S. Treasury 10 yr. Note (United States)   1   Jun-23   $ 100       115       (—@ )
U.S. Treasury Long Bond (United States)   1   Jun-23     100       131       5  
                                 
Short:                                
FTSE 100 Index (United Kingdom)   1   Jun-23   GBP (—@ )     (94 )     (1 )
German Euro-Bobl Index (Germany)   1   Jun-23   EUR (100 )     (128 )     (3 )
German Euro-BTP Index (Germany)   17   Jun-23     (1,700 )     (2,127 )     (73 )
German Euro-Bund Index (Germany)   2   Jun-23     (200 )     (295 )     (11 )
German Short Euro-BTP Index (Germany)   10   Jun-23     (1,000 )     (1,143 )     (12 )
S&P 500 E Mini Index (United States)   17   Jun-23   $ (1 )     (3,517 )     (197 )
TSE Japanese 10 Yr. Bond index (Japan)   2   Jun-23   JPY (200,000)       (2,231 )     (46 )
U.S. Treasury 10 yr. Note (United States)   1   Jun-23   $ (100 )     (115 )     (—@ )
U.S. Treasury 10 yr. Ultra Note (United States)   1   Jun-23     (100 )     (121 )     (4 )
U.S. Treasury 2 yr. Note (United States)   10   Jun-23     (2,000 )     (2,064 )     (22 )
U.S. Treasury 5 yr. Note (United States)   46   Jun-23     (4,600 )     (5,037 )     (110 )
U.S. Treasury Ultra Bond (United States)   1   Jun-23     (100 )     (141 )     1  
                            $ (384 ) 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at March 31, 2023:

 

Swap Counterparty  Floating Rate
 Index		  Pay/Receive
 Floating Rate		  Fixed
Rate		   Payment
Frequency
Paid/ Received		  Maturity
 Date		  Notional
 Amount
 (000)		   Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.77%  Quarterly/ Quarterly  11/20/24  $35,645   $(22)  $—    $(22)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.79   Quarterly/ Quarterly  11/20/24   66,726    (41)   —    (41)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   10.02   Quarterly/ Quarterly  2/26/26   18,001    20    —    20 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.94   Quarterly/ Quarterly  2/26/26   18,273    18    —    18 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.96   Quarterly/ Quarterly  2/26/26   18,273    19    —    19 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.75   Quarterly/ Quarterly  3/6/26   16,403    11    —    11 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.75   Quarterly/
Quarterly		  3/6/26   16,403    11    —    11 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.80   Quarterly/ Quarterly  3/6/26   16,158    12    —    12 
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.68   Quarterly/ Quarterly  6/29/26   6,814    (26)   —    (26)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.68   Quarterly/ Quarterly  6/29/26   6,814    (26)   —    (26)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.66   Quarterly/ Quarterly  7/1/26   6,814    (26)   —    (26)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   7.36   Quarterly/ Quarterly  12/22/26   10,395    (27)   —    (27)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   7.38   Quarterly/ Quarterly  12/22/26   10,395    (27)   —    (27)
                         $(104)  $—    $(104)

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2023:

 

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)		 
BNP Paribas SA  BNP European Growth Custom Index††  Pay  ESTR + 0.04%  Quarterly  9/28/23  EUR2,035   $(48)  $—   $(48)
BNP Paribas SA  BNP European Value Custom Index††  Receive  ESTR + 0.42%  Quarterly  9/28/23   1,994    79    —    79 
BNP Paribas SA  MSCI Japan Net Total Return Index  Receive  SOFR + 0.01%  Quarterly  2/12/24  $2,722    10    —    10 
BNP Paribas SA  MSCI USA Index  Receive  SOFR + 0.35%  Quarterly  7/14/23   2,472    67    —    67 
Goldman Sachs International  MSCI Emerging Markets Net Total Return Index  Receive  SOFR + 0.21%  Quarterly  1/26/24   5,726    (297)   —    (297)
Goldman Sachs International  MSCI USA Index  Receive  SOFR + 0.30%  Quarterly  9/22/23   11,869    397    —    397 
JPMorgan Chase Bank NA  Japan Growth Index††  Pay  SOFR + 0.19%  Quarterly  3/29/24   1,260    —@    —     —@ 
JPMorgan Chase Bank NA  Japan Value Index††  Receive  SOFR + 0.01%  Quarterly  3/29/24   1,262    23    —    23 
JPMorgan Chase Bank NA  Korea Growth Index  Pay  SOFR + 0.30%  Quarterly  3/29/24   313    (10)   —    (10)
JPMorgan Chase Bank NA  Korea Value Index  Receive  SOFR + 0.16%  Quarterly  3/29/24   311    11    —    11 
JPMorgan Chase Bank NA  SPX 1500 Growth Index††  Pay  SOFR + 0.05%  Quarterly  2/13/24   591    26    —    26 
JPMorgan Chase Bank NA  SPX 1500 Growth Index††  Pay  SOFR + 0.05%  Quarterly  2/13/24   1,043    60    —    60 
JPMorgan Chase Bank NA  SPX 1500 Value Index††  Receive  SOFR + 0.05%  Quarterly  2/13/24   672    (74)   —    (74)
JPMorgan Chase Bank NA  SPX 1500 Value Index††  Receive  SOFR + 0.05%  Quarterly  2/13/24   1,029    (120)   —    (120)
JPMorgan Chase Bank NA  U.S. Broad Growth Index††  Pay  SOFR + 0.05%  Quarterly  2/13/24   471    14    —    14 
JPMorgan Chase Bank NA  U.S. Broad Growth Index††  Pay  SOFR + 0.05%  Quarterly  2/13/24   980    43    —    43 
JPMorgan Chase Bank NA  U.S. Broad Value Index††  Receive  SOFR + 0.05%  Quarterly  2/13/24   618    (67)   —    (67)
JPMorgan Chase Bank NA  U.S. Broad Value Index††  Receive  SOFR + 0.05%  Quarterly  2/13/24   956    (111)   —    (111)
                       $3   $—   $3 

 

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

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of March 31, 2023:    

 

Security Description  Shares   Value
(000)		   Index
Weight		 
BNP European Growth Custom Index               
ADP   183   $26    2.17%
Adyen NV   17    27    2.23 
Air Liquide SA   166    28    2.30 
Akzo Nobel NV   355    28    2.29 
Argenx SE   72    27    2.20 
ASML Holding NV   41    28    2.28 
Beiersdorf AG   219    28    2.36 
Carl Zeiss Meditec AG   186    26    2.14 
Cellnex Telecom SA   654    25    2.10 
Corporacion Acciona Energias Renovables SA   651    25    2.09 
Credit Agricole SA   2,116    24    1.98 
Dassault Systemes SE   662    27    2.25 
Davide Campari-Milano NV   2,364    29    2.39 
Delivery Hero SE   616    21    1.74 
Deutsche Boerse AG   145    28    2.33 
EDP Renovaveis SA   1,249    29    2.37 
Elia Group SA   192    25    2.09 
Euronext NV   321    25    2.04 
Ferrari NV   100    27    2.23 
Ferrovial SA   938    28    2.28 
Finecobank SpA   1,484    23    1.88 
Getlink SE   1,506    25    2.05 
Groupe Bruxelles Lambert NV   311    26    2.19 
Hermes International   14    29    2.38 
Kone Oyj-B   511    27    2.20 
Koninklijke Dsm NV   201    24    1.96 
L'Oreal   64    29    2.38 
LVMH Moet Hennessy Louis Vuitton SE   30    28    2.30 
MTU Aero Engines AG   106    27    2.20 
Neste Oyj   551    27    2.25 
Prosus NV   339    26    2.19 
Rational AG   40    27    2.22 
Remy Cointreau   148    27    2.23 
Safran SA   182    27    2.23 
Sampo Oyj-A Shares   546    26    2.13 
Sartorius AG   58    24    2.02 
Sartorius Stedim Biotech   75    23    1.90 
Scout24 SE   478    28    2.35 
Sofina   106    24    1.96 
Symrise AG   258    28    2.32 
Terna-Rete Elettrica Nazionale SpA   3,359    28    2.28 
Universal Music Group NV   1,101    28    2.30 
Vonovia SE   974    18    1.52 
Warehouses De Pauw SCA   830    25    2.04 
Wolters Kluwer   240    30    2.50 
Zalando SE   625    26    2.16 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with BNP European Value Custom Index as of March 31, 2023:    

 

Security Description  Shares   Value
(000)		   Index
Weight		 
BNP European Value Custom Index               
Arcelormittal   1,003   $30    2.20%
Arkema   304    30    2.17 
Banco Bilbao Vizcaya Argentaria SA   4,076    29    2.11 
Banco Santander SA   8,065    30    2.18 
Bayer AG-Reg   480    31    2.22 
Bayerische Motoren Werke AG   285    31    2.27 
Bayerische Motoren Werke-Prf   310    32    2.31 
Bechtle AG   699    33    2.42 
Bouygues SA   895    30    2.19 
Brenntag SE   390    29    2.13 
Cnh Industrial NV   1,830    28    2.03 
Compagnie De Saint Gobain   522    30    2.15 
Continental AG   409    31    2.22 
Daimler Truck Holding AG   908    31    2.23 
Deutsche Bank AG-Reg   2,399    24    1.77 
Deutsche Post AG-Reg   701    33    2.38 
Deutsche Telekom AG-Reg   1,372    33    2.42 
E.ON SE   2,803    35    2.54 
Eiffage   276    30    2.17 
Enel SpA   5,311    32    2.36 
Engie   2,108    33    2.42 
Erste Group Bank AG   784    26    1.89 
Fortum Oyj   1,969    30    2.19 
Fresenius Medical Care AG & Co. KGaA   759    32    2.34 
Fresenius Se & Co. KGaA   982    26    1.92 
Heineken Holding NV   363    33    2.42 
JDE Peet's NV   1,026    30    2.17 
Kesko Oyj-B Shares   1,395    30    2.18 
Klepierre   1,192    27    1.96 
Koninklijke Ahold Delhaize NV   957    33    2.38 
Koninklijke Philips NV   1,800    33    2.39 
Leg Immobilien SE   403    22    1.60 
Mercedes-Benz Group AG   381    29    2.12 
Michelin (CGDE)   938    29    2.08 
Nexi SpA   3,617    29    2.13 
NN Group NV   700    25    1.85 
Nokia Oyj   6,387    31    2.27 
OCI NV   943    32    2.32 
Orange   2,654    32    2.29 
Randstad NV   481    28    2.07 
Repsol SA   1,893    29    2.12 
Societe Generale SA   1,017    23    1.67 
Stellantis NV   1,785    32    2.35 
Telefonica SA   7,454    32    2.33 
Unicredit SpA   1,458    28    2.00 
Voestalpine AG   829    28    2.04 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of March 31, 2023:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
Japan Growth Index               
Asahi Intecc Co. Ltd.   12,702   $1.67    2.25%
Baycurrent Consulting, Inc.   5,219    1.61    2.17 
Capcom Co. Ltd.   5,938    1.60    2.14 
Daiichi Sankyo Co. Ltd.   6,011    1.64    2.21 
Daikin Industries Ltd.   1,230    1.65    2.22 
Daiwa House Reit Investment   105    1.61    2.16 
Fanuc Corp.   6,158    1.66    2.23 
Fast Retailing Co. Ltd.   1,033    1.69    2.27 
GLP J-REIT   195    1.58    2.12 
Gmo Payment Gateway, Inc.   2,434    1.57    2.11 
Hamamatsu Photonics KK   4,054    1.64    2.19 
Hoshizaki Corp.   5,930    1.64    2.21 
Japan Exchange Group, Inc.   13,730    1.57    2.11 
JSR Corp.   9,053    1.60    2.15 
Keio Corp.   6,048    1.59    2.14 
Keyence Corp.   459    1.68    2.25 
Kobe Bussan Co. Ltd.   7,501    1.57    2.10 
Koei Tecmo Holdings Co. Ltd.   11,467    1.55    2.09 
Kose Corp.   1,841    1.64    2.20 
Kurita Water Industries Ltd.   4,773    1.64    2.20 
Lasertec Corp.   1,277    1.69    2.26 
M3, Inc.   8,257    1.55    2.08 
Mcdonald'S Holdings Co. Japan   5,188    1.62    2.18 
Misumi Group, Inc.   8,912    1.67    2.24 
Monotaro Co. Ltd.   16,740    1.57    2.11 
Nexon Co. Ltd.   9,367    1.68    2.25 
Nidec Corp.   4,087    1.59    2.13 
Nihon M&A Center Holdings, Inc.   28,081    1.57    2.10 
Nippon Paint Holdings Co. Ltd.   23,469    1.65    2.21 
Nippon Prologis REIT, Inc.   99    1.57    2.10 
Nissan Chemical Corp.   4,760    1.62    2.17 
Nitori Holdings Co. Ltd.   1,728    1.56    2.10 
Obic Co. Ltd.   1,361    1.61    2.17 
Oracle Corp.   3,089    1.67    2.24 
Oriental Land Co. Ltd.   6,375    1.64    2.20 
Rakuten Group, Inc.   44,265    1.54    2.07 
Shiseido Co. Ltd.   4,679    1.64    2.20 
SMC Corp.   416    1.65    2.21 
Sompo Holdings, Inc.   5,286    1.57    2.11 
T&D Holdings, Inc.   18,286    1.70    2.29 
Tokio Marine Holdings, Inc.   11,033    1.59    2.14 
Tokyo Electric Power Company   61,929    1.66    2.23 
Trend Micro, Inc.   4,412    1.62    2.17 
Unicharm Corp.   5,283    1.63    2.19 
Yaskawa Electric Corp.   5,024    1.64    2.21 
Zozo, Inc.   9,219    1.58    2.12 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with Japan Value Index as of March 31, 2023:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
Japan Value Index               
Aisin Corp.   7,994   $1.65    2.17%
Asahi Group Holdings Ltd.   5,961    1.67    2.18 
Brother Industries Ltd.   14,612    1.65    2.16 
Canon, Inc.   9,931    1.67    2.18 
Daiwa House Industry Co. Ltd.   9,242    1.63    2.14 
Dentsu Group, Inc.   6,339    1.67    2.19 
Hitachi Construction Machine   9,707    1.69    2.22 
Honda Motor Co. Ltd.   8,459    1.68    2.21 
Isuzu Motors Ltd.   18,044    1.62    2.12 
Itochu Corp.   6,909    1.69    2.21 
Japan Post Insurance Co. Ltd.   13,847    1.62    2.13 
JFE Holdings, Inc.   17,794    1.69    2.22 
Kajima Corp.   18,179    1.65    2.16 
Kddi Corp.   7,092    1.65    2.16 
Kirin Holdings Co. Ltd.   13,879    1.65    2.16 
Marubeni Corp.   16,571    1.69    2.21 
Mazda Motor Corp.   24,956    1.73    2.27 
Meiji Holdings Co. Ltd.   8,897    1.59    2.09 
Mitsubishi Corp.   6,219    1.68    2.20 
Mitsubishi Heavy Industries   6,194    1.71    2.25 
Mitsui & Co. Ltd.   7,632    1.78    2.34 
Mitsui OSK Lines Ltd.   8,129    1.53    2.00 
Mizuho Financial Group, Inc.   15,446    1.65    2.16 
NEC Corp.   5,796    1.68    2.20 
NGK Insulators Ltd.   16,610    1.65    2.16 
Nippon Steel Corp.   9,490    1.68    2.20 
Nippon Telegraph & Telephone   7,187    1.62    2.12 
Nippon Yusen KK   8,621    1.51    1.98 
Nissan Motor Co. Ltd.   59,271    1.69    2.21 
Nomura Real Estate Holdings   10,039    1.67    2.19 
Orix Corp.   13,305    1.64    2.15 
Otsuka Holdings Co Ltd.   7,173    1.71    2.24 
Renesas Electronics Corp.   15,884    1.72    2.26 
Ricoh Co. Ltd.   29,228    1.64    2.15 
Seiko Epson Corp.   15,236    1.63    2.13 
Seven & I Holdings Co. Ltd.   4,907    1.66    2.18 
Shionogi & Co. Ltd.   4,847    1.64    2.15 
Subaru Corp.   13,809    1.66    2.17 
Sumitomo Chemical Co. Ltd.   65,334    1.65    2.16 
Sumitomo Corp.   12,562    1.67    2.19 
Sumitomo Mitsui Financial Group, Inc.   5,483    1.65    2.16 
Sumitomo Realty & Development   9,882    1.67    2.19 
Takeda Pharmaceutical Co. Ltd.   6,689    1.65    2.16 
TDK Corp.   6,107    1.64    2.15 
Tokyo Gas Co. Ltd.   11,404    1.61    2.12 
Toyota Tsusho Corp.   5,404    1.72    2.26 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with SPX 1500 Growth Index as of March 31, 2023:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
SPX 1500 Growth Index               
AAON, Inc.   630   $61    0.64%
Apple, Inc.   320    53    0.56 
Aptargroup, Inc.   439    52    0.55 
Arista Networks, Inc.   356    60    0.63 
Arlo Technologies, Inc.   11,263    68    0.72 
Axon Enterprise, Inc.   262    59    0.62 
Calix, Inc.   959    51    0.54 
Chemed Corp.   98    53    0.55 
Chesapeake Utilities Corp.   398    51    0.54 
Chipotle Mexican Grill, Inc.   30    51    0.53 
Cintas Corp.   110    51    0.54 
Copart, Inc.   706    53    0.56 
Corvel Corp.   267    51    0.54 
Deckers Outdoor Corp.   117    53    0.56 
Dexcom, Inc.   442    51    0.54 
Ecolab, Inc.   321    53    0.56 
ELF Beauty, Inc.   678    56    0.59 
Five Below   244    50    0.53 
Garmin Ltd.   501    51    0.53 
Graco, Inc.   692    51    0.53 
HCI Group, Inc.   1,005    54    0.57 
Hershey Co.   207    53    0.56 
Illumina, Inc.   245    57    0.60 
Inari Medical, Inc.   876    54    0.57 
Installed Building Products   440    50    0.53 
Lamb Weston Holdings, Inc.   490    51    0.54 
Lancaster Colony Corp.   260    53    0.56 
Lattice Semiconductor Corp.   596    57    0.60 
Linde PLC   145    52    0.55 
Manhattan Associates, Inc.   336    52    0.55 
Marketaxess Holdings, Inc.   137    54    0.56 
Mcdonald's Corp.   185    52    0.55 
Monolithic Power Systems, Inc.   105    52    0.55 
Motorola Solutions, Inc.   188    54    0.57 
Nvidia Corp.   219    61    0.64 
Option Care Health, Inc.   1,693    54    0.57 
O'Reilly Automotive, Inc.   62    52    0.55 
Payoneer Global, Inc.   8,298    52    0.55 
PDF Solutions, Inc.   1,428    61    0.64 
Penumbra, Inc.   182    51    0.53 
Public Service Enterprise Group, Inc.   807    50    0.53 
Quanta Services, Inc.   319    53    0.56 
Quinstreet, Inc.   3,325    53    0.56 
Rollins, Inc.   1,366    51    0.54 
Sonos, Inc.   2,718    53    0.56 
Ulta Beauty, Inc.   93    51    0.53 
Verisk Analytics, Inc.   273    52    0.55 
Wingstop, Inc.   305    56    0.59 
Ww Grainger, Inc.   73    50    0.53 
Wynn Resorts Ltd.   468    52    0.55 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with SPX 1500 Value Index Index as of March 31, 2023:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
SPX 1500 Value Index               
Agco Corp.   362   $49    0.55%
Allete, Inc.   796    51    0.58 
Andersons, Inc.   1,279    53    0.60 
Avista Corp.   1,196    51    0.57 
Avnet, Inc.   1,054    48    0.54 
Bloomin' Brands, Inc.   1,967    50    0.57 
Boyd Gaming Corp.   744    48    0.54 
Cal-Maine Foods, Inc.   909    55    0.62 
Century Communities, Inc.   775    50    0.56 
Coca-Cola Consolidated, Inc.   96    51    0.58 
Embecta Corp.   1,694    48    0.54 
Encore Wire Corp.   291    54    0.61 
Energizer Holdings, Inc.   1,390    48    0.54 
GE Healthcare Technology   692    57    0.64 
G-III Apparel Group Ltd.   3,251    51    0.57 
Golden Entertainment, Inc.   1,202    52    0.59 
Goodyear Tire & Rubber Co.   4,369    48    0.54 
Greenbrier Companies, Inc.   1,574    51    0.57 
Hewlett Packard Enterprise   3,032    48    0.54 
Hillenbrand, Inc.   1,009    48    0.54 
Interdigital, Inc.   667    49    0.55 
Juniper Networks, Inc.   1,563    54    0.61 
KB Home   1,288    52    0.58 
Keurig Dr Pepper, Inc.   1,392    49    0.55 
Koppers Holdings, Inc.   1,422    50    0.56 
M/I Homes, Inc.   811    51    0.58 
Mdu Resources Group, Inc.   1,599    49    0.55 
Moog, Inc.-Class A   489    49    0.56 
Mueller Industries, Inc.   656    48    0.54 
NRG Energy, Inc.   1,395    48    0.54 
PG&E Corp.   3,142    51    0.57 
Pbf Energy, Inc. - Class A   1,213    53    0.59 
Pediatrix Medical Group, Inc.   3,200    48    0.54 
Phillips 66   472    48    0.54 
Pilgrim'S Pride Corp.   2,065    48    0.54 
Progress Software Corp.   849    49    0.55 
PVH Corp.   605    54    0.61 
Quidelortho Corp.   555    49    0.56 
Scansource, Inc.   1,587    48    0.54 
Skywest, Inc.   2,532    56    0.63 
Skyworks Solutions, Inc.   406    48    0.54 
Sotera Health Co.   2,720    49    0.55 
Taylor Morrison Home Corp.   1,364    52    0.59 
Tenet Healthcare Corp.   893    53    0.60 
Tyson Foods, Inc. - Class A   809    48    0.54 
Unitil Corp.   940    54    0.60 
US Silica Holdings, Inc.   3,992    48    0.54 
Vishay Intertechnology, Inc.   2,302    52    0.59 
Vista Outdoor, Inc.   1,819    50    0.57 
Warner Bros Discovery, Inc.   3,334    50    0.57 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with U.S. Broad Growth Index as of March 31, 2023:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
U.S. Broad Growth Index               
10X Genomics, Inc. - Class A   901   $50    0.53%
AAON, Inc.   536    52    0.54 
Agilon Health, Inc.   1,858    44    0.46 
Apple, Inc.   272    45    0.47 
Aptargroup, Inc.   374    44    0.46 
Arista Networks, Inc.   303    51    0.53 
Arlo Technologies, Inc.   9,587    58    0.61 
Axon Enterprise, Inc.   223    50    0.53 
Chemed Corp.   83    45    0.47 
Cheniere Energy, Inc.   278    44    0.46 
Cloudflare, Inc. - Class A   712    44    0.46 
Copart, Inc.   601    45    0.47 
Deckers Outdoor Corp.   100    45    0.47 
Draftkings, Inc. - Class A   2,339    45    0.47 
Ecolab, Inc.   273    45    0.47 
ELF Beauty, Inc.   577    48    0.50 
HCI Group, Inc.   855    46    0.48 
Hershey Co.   176    45    0.47 
Hubspot, Inc.   114    49    0.51 
Illumina, Inc.   208    48    0.51 
Inari Medical, Inc.   746    46    0.48 
Insulet Corp.   143    46    0.48 
Lancaster Colony Corp.   221    45    0.47 
Lattice Semiconductor Corp.   508    48    0.51 
Linde PLC   124    44    0.46 
Lululemon Athletica, Inc.   134    49    0.51 
Marketaxess Holdings, Inc.   116    46    0.48 
Mcdonald's Corp.   157    44    0.46 
Monolithic Power Systems, Inc.   89    45    0.47 
Natera, Inc.   942    52    0.55 
Nvidia Corp.   186    52    0.54 
Oak Street Health, Inc.   1,173    45    0.48 
Okta, Inc.   544    47    0.49 
O'Reilly Automotive, Inc.   52    45    0.47 
Palomar Holdings, Inc.   811    45    0.47 
PDF Solutions, Inc.   1,215    52    0.54 
Procore Technologies, Inc.   705    44    0.46 
Quanta Services, Inc.   271    45    0.47 
Roblox Corp. - Class A   1,102    50    0.52 
Roku, Inc.   699    46    0.48 
Sarepta Therapeutics, Inc.   340    47    0.49 
Simulations Plus, Inc.   1,022    45    0.47 
Sitime Corp.   331    47    0.49 
Smartsheet, Inc. - Class A   916    44    0.46 
Sonos, Inc.   2,314    45    0.48 
Trade Desk, Inc. - Class A   798    49    0.51 
Verisk Analytics, Inc.   233    45    0.47 
Wingstop, Inc.   260    48    0.50 
Wix.Com Ltd.   467    47    0.49 
Wynn Resorts Ltd.   399    45    0.47 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with U.S. Broad Value Index as of March 31, 2023:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
U.S. Broad Value Index               
Agco Corp.   308   $42    0.47%
Allete, Inc.   678    44    0.49 
Allison Transmission Holding   908    41    0.46 
Applovin Corp. - Class A   3,259    51    0.58 
Avista Corp.   1,018    43    0.49 
Bloomin' Brands, Inc.   1,674    43    0.48 
Cal-Maine Foods, Inc.   774    47    0.53 
Cars.com, Inc.   2,386    46    0.52 
Century Communities, Inc.   660    42    0.47 
Coca-Cola Consolidated, Inc.   81    44    0.49 
Computer Programs & Systems   1,409    43    0.48 
Copa Holdings SA - Class A   443    41    0.46 
Diodes, Inc.   441    41    0.46 
Encore Wire Corp.   247    46    0.52 
Energizer Holdings, Inc.   1,183    41    0.46 
EQT Corp.   1,386    44    0.50 
First Citizens Bancshars, Inc.   53    51    0.58 
Gates Industrial Corp. PLC   3,147    44    0.49 
GE Healthcare Technology   589    48    0.54 
G-III Apparel Group Ltd.   2,768    43    0.48 
Golden Entertainment, Inc.   1,024    45    0.50 
Goodyear Tire & Rubber Co.   3,719    41    0.46 
Hewlett Packard Enterprise   2,581    41    0.46 
Interdigital, Inc.   567    41    0.46 
Juniper Networks, Inc.   1,330    46    0.51 
KB Home   1,096    44    0.50 
Keurig Dr Pepper, Inc.   1,185    42    0.47 
Koppers Holdings, Inc.   1,210    42    0.48 
M/I Homes, Inc.   690    44    0.49 
Marcus Corporation   2,663    43    0.48 
Mdu Resources Group, Inc.   1,362    41    0.47 
Moog, Inc. - Class A   416    42    0.47 
Mueller Industries, Inc.   559    41    0.46 
PG&E Corp.   2,675    43    0.49 
PBF Energy, Inc. - Class A   1,033    45    0.50 
Playtika Holding Corp.   4,035    45    0.51 
Progress Software Corp.   723    42    0.47 
PVH Corp.   515    46    0.52 
Quidelortho Corp.   472    42    0.47 
Scansource, Inc.   1,351    41    0.46 
Skywest, Inc   2,156    48    0.54 
Stonex Group, Inc.   414    43    0.48 
Taylor Morrison Home Corp.   1,161    44    0.50 
Tenet Healthcare Corp.   760    45    0.51 
Teradata Corp.   1,178    47    0.53 
Tyson Foods, Inc. - Class A   689    41    0.46 
Unitil Corp.   800    46    0.51 
Vishay Intertechnology, Inc.   1,959    44    0.50 
Vista Outdoor, Inc.   1,548    43    0.48 
Warner Bros Discovery, Inc.   2,838    43    0.48 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
March 31, 2023 (unaudited)(cont’d)

 

@   Value/Notional amount is less than $500.
*   Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
BTP   Buoni del Tesoro Poliennali.
CAC   Cotation Assistée en Continu.
ESTR   Euro short-Term Rate.
FTSE   Financial Times Stock Exchange.
IBEX   Índice Bursátil Español.
ICE   Intercontinental Exchange.
MIB   Milano Indice di Borsa.
MSCI   Morgan Stanley Capital International.
SGX   Singapore Exchange Ltd.
SPI   Schedule Performance Index.
TIIE   Interbank Equilibrium Interest Rate.
TOPIX   Tokyo Price Index.
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
SEK — Swedish Krona
SGD — Singapore Dollar
THB — Thai Baht
TRY — Turkish Lira
TWD — Taiwan Dollar
USD — United States Dollar
ZAR — South African Rand

 

 

 

 

Portfolio Composition     
      
Classification  Percentage of
Total Investments		 
Fixed Income Securities   49.6%
Common Stocks   34.0 
Short-Term Investments   16.4 
Total Investments   100.0%**

 

**

Does not include open long/short futures contracts with a value of approximately $22,039,000 and net unrealized depreciation of approximately $384,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $31,000. Also does not include open swap agreements with net unrealized depreciation of approximately $101,000.

 

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (91.5%)          
Automobiles (0.7%)          
Rivian Automotive, Inc., Class A (a)   48,118   $745 
Tesla, Inc. (a)   10,948    2,271 
         3,016 
Biotechnology (1.2%)          
Alnylam Pharmaceuticals, Inc. (a)   3,392    679 
Intellia Therapeutics, Inc. (a)   38,556    1,437 
Moderna, Inc. (a)   3,644    560 
ProKidney Corp. (a)   228,144    2,583 
         5,259 
Broadline Retail (4.7%)          
Coupang, Inc. (a)   440,449    7,047 
Global-e Online Ltd. (Israel) (a)   80,617    2,598 
MercadoLibre, Inc. (a)   8,777    11,569 
         21,214 
Capital Markets (0.8%)          
Coinbase Global, Inc., Class A (a)   53,272    3,600 
           
Chemicals (0.2%)          
Ginkgo Bioworks Holdings, Inc. (a)(b)   851,540    1,133 
           
Commercial Services & Supplies (0.1%)          
Aurora Innovation, Inc. (a)   371,870    517 
           
Electronic Equipment, Instruments & Components (0.0%)          
Magic Leap, Inc. Class A (a)(c)(d)
(acquisition cost — $1,526; acquired 12/22/15)		   3,138    — 
           
Entertainment (6.7%)          
ROBLOX Corp., Class A (a)   585,093    26,317 
Sea Ltd. ADR (Singapore) (a)   44,758    3,874 
         30,191 
Financial Services (6.8%)          
Adyen NV (Netherlands) (a)   11,322    18,041 
Affirm Holdings, Inc. (a)   262,018    2,953 
Block, Inc., Class A (a)   141,033    9,682 
         30,676 
Ground Transportation (8.4%)          
Grab Holdings Ltd., Class A (Singapore) (a)   2,149,855    6,471 
Uber Technologies, Inc. (a)   984,827    31,219 
         37,690 
Health Care Equipment & Supplies (0.1%)          
Dexcom, Inc. (a)   5,283    614 
           
Health Care Providers & Services (3.7%)          
Agilon health, Inc. (a)   694,465    16,494 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Health Care Technology (1.5%)          
Doximity, Inc., Class A (a)   209,843    6,795 
           
Hotels, Restaurants & Leisure (5.3%)          
DoorDash, Inc., Class A (a)   376,900    23,956 
           
Information Technology Services (20.7%)          
Cloudflare, Inc., Class A (a)   491,307    30,294 
Shopify, Inc., Class A (Canada) (a)   628,871    30,148 
Snowflake, Inc., Class A (a)   212,208    32,742 
         93,184 
Interactive Media & Services (1.4%)          
ZoomInfo Technologies, Inc., Class A (a)   251,090    6,204 
           
Leisure Products (0.9%)          
Peloton Interactive, Inc., Class A (a)   353,203    4,005 
           
Life Sciences Tools & Services (4.0%)          
10X Genomics, Inc., Class A (a)   177,270    9,890 
Illumina, Inc. (a)   34,126    7,936 
         17,826 
Media (6.8%)          
Trade Desk, Inc., Class A (a)   504,686    30,740 
           
Pharmaceuticals (5.4%)          
Royalty Pharma PLC, Class A (United Kingdom)   673,895    24,280 
           
Semiconductors & Semiconductor Equipment (1.4%)          
ASML Holding NV (Netherlands)   9,579    6,520 
           
Software (7.9%)          
Bill.Com Holdings, Inc. (a)   183,827    14,915 
Datadog, Inc., Class A (a)   83,691    6,081 
Gitlab, Inc., Class A (a)   154,731    5,306 
Procore Technologies, Inc. (a)   72,762    4,557 
Samsara, Inc., Class A (a)   238,084    4,695 
         35,554 
Specialty Retail (2.8%)          
Carvana Co. (a)   250,476    2,452 
Chewy, Inc., Class A (a)   173,990    6,504 
Wayfair, Inc., Class A (a)   107,519    3,692 
         12,648 
Total Common Stocks (Cost $569,237)        412,116 
           
Preferred Stocks (1.7%)          
Financial Services (0.2%)          
Stripe, Inc., Series H (a)(c)
(acquisition cost — $1,061 acquired 3/17/23)		   52,681    1,061 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d)

 

Software (1.5%)          
Databricks, Inc. (a)(c)(d)
(acquisition cost — $8,310; acquired 8/31/21)		   113,088    6,221 
Lookout, Inc., Series F (a)(c)(d)
(acquisition cost — $1,618; acquired 6/17/14)		   141,612    488 
         6,709 
Total Preferred Stocks (Cost $10,989)        7,770 
           
Investment Company (1.3%)          
Grayscale Bitcoin Trust (a) (Cost $12,825)   360,224    5,893 
           
Short-Term Investments (3.0%)          
Securities held as Collateral on Loaned Securities (0.3%)          
Investment Company (0.2%)          
Morgan Stanley Institutional Liquidity Funds -  Treasury Securities Portfolio - Institutional Class (e)   1,227,634    1,228 

 

   Face
Amount
(000)		           
Repurchase Agreements (0.1%)          
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $139; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $142)  $139    139 
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $140; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $142)   140    140 
         279 
Total Securities held as Collateral on Loaned Securities (Cost $1,507)        1,507 

 

   Shares      
Investment Company (2.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $11,990)   11,989,617    11,990 
Total Short-Term Investments (Cost $13,497)        13,497 
Total Investments Excluding Purchased Options (97.5%) (Cost $606,548)        439,276 
Total Purchased Options Outstanding (0.1%) (Cost $1,391)        469 
Total Investments (97.6%) (Cost $607,939) Including $1,384 of Securities Loaned (f)(g)(h)        439,745 
Other Assets in Excess of Liabilities (2.4%)        10,819 
Net Assets (100.0%)       $450,564 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2023, were approximately $1,384,000 and $1,507,000, respectively. The Fund received cash collateral of approximately $1,507,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2023 amounts to approximately $7,770,000 and represents 1.7% of net assets.
(d) At March 31, 2023, the Fund held fair valued securities valued at approximately $6,709,000, representing 1.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, 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, 2023, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $18,041,000 and 4.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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, 2023, the Fund did not engage in any cross-trade transactions.
(h) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $31,232,000 and the aggregate gross unrealized depreciation is approximately $199,426,000, resulting in net unrealized depreciation of approximately $168,194,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

Growth Portfolio

Consolidated Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2023:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
Goldman Sachs International  USD/CNH  CNH 7.87   Oct - 23   880,149    880   $1   $4   $(3)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.43   Jan - 24   83,529,989    83,530    305    393    (88)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.53   Jul - 23   99,573,866    99,574    64    495    (431)
Standard Chartered Bank  USD/CNH  CNH 7.57   Aug - 23   111,754,020    111,754    99    499    (400)
                         $469   $1,391   $(922)

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Other**  28.3%
Information Technology Services  21.3 
Software  9.7 
Ground Transportation  8.6 
Financial Services  7.2 
Media  7.0 
Entertainment  6.9 
Pharmaceuticals  5.5 
Hotels, Restaurants & Leisure  5.5 
Total Investments  100.0%

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.
**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, 2023 (unaudited) 

 

   Shares   Value
(000)		 
Common Stocks (98.6%)          
Apartments (9.9%)          
AvalonBay Communities, Inc. REIT   68,707   $11,547 
Mid-America Apartment Communities, Inc. REIT   57,453    8,678 
UDR, Inc. REIT   215,820    8,862 
         29,087 
Data Centers (11.1%)          
Digital Realty Trust, Inc. REIT   99,144    9,747 
Equinix, Inc. REIT   31,735    22,882 
         32,629 
Free Standing (8.8%)          
Agree Realty Corp. REIT   94,644    6,494 
NETSTREIT Corp. REIT   185,387    3,389 
Realty Income Corp. REIT   249,631    15,807 
         25,690 
Health Care (9.0%)          
Ventas, Inc. REIT   193,900    8,406 
Welltower, Inc. REIT   252,273    18,085 
         26,491 
Industrial (18.1%)          
Americold Realty Trust, Inc. REIT   178,290    5,073 
ProLogis, Inc. REIT   343,786    42,894 
Rexford Industrial Realty, Inc. REIT   87,533    5,221 
         53,188 
Lodging/Resorts (2.5%)          
Boyd Gaming Corp.   31,502    2,020 
Host Hotels & Resorts, Inc. REIT   328,376    5,415 
         7,435 
Manufactured Homes (4.0%)          
Sun Communities, Inc. REIT   82,492    11,621 
           
Office (1.2%)          
Alexandria Real Estate Equities, Inc. REIT   28,829    3,620 
           
Regional Malls (4.4%)          
Simon Property Group, Inc. REIT   116,444    13,038 
           
Self Storage (11.6%)          
Life Storage, Inc. REIT   72,324    9,481 
Public Storage REIT   81,262    24,552 
         34,033 
Shopping Centers (6.3%)          
Brixmor Property Group, Inc. REIT   375,853    8,088 
Kite Realty Group Trust REIT   363,935    7,613 
RPT Realty REIT   300,618    2,859 
         18,560 
Single Family Homes (3.0%)          
American Homes 4 Rent, Class A REIT   283,911    8,929 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

U.S. Real Estate Portfolio

Portfolio of Investments

First Quarter Report

March 31, 2023 (unaudited)(cont’d) 

 

Specialty (8.7%)          
Iron Mountain, Inc. REIT   165,620    8,763 
Lamar Advertising Co., Class A REIT   29,531    2,950 
VICI Properties, Inc. REIT   424,478    13,846 
         25,559 
Total Common Stocks (Cost $278,633)        289,880 
           
Short-Term Investment (1.3%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class (a) (Cost $3,894)   3,893,604    3,894 
Total Investments (99.9%) (Cost $282,527) (b)(c)        293,774 
Other Assets in Excess of Liabilities (0.1%)        290 
Net Assets (100.0%)       $294,064 

 

(a) 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, 2023, advisory fees paid were reduced by approximately $1,000 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, 2023, the Fund did not engage in any cross-trade transactions.
(c) At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $27,904,000 and the aggregate gross unrealized depreciation is approximately $16,657,000, resulting in net unrealized appreciation of approximately $11,247,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Industrial   18.2%
Other*   16.5 
Self Storage   11.6 
Data Centers   11.1 
Apartments   9.9 
Health Care   9.0 
Free Standing   8.7 
Specialty   8.7 
Shopping Centers   6.3 
Total Investments   100.0%

 

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

 

 

 

 

 

Morgan Stanley Variable Insurance Fund, Inc.

 

Notes to Portfolio of Investments ▪ March 31, 2023 (unaudited)

 

The continued conflict between Russia and Ukraine resulted in many countries, including the U.S., imposing economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy and currency, and on investments and companies economically tied to Russia and Ukraine and certain other neighboring countries. Russia in turn imposed its own restrictions against investors and countries outside Russia. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the conflict on the global economy. The escalation or continuation of the conflict between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. This conflict could continue to have an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers, markets or economies. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.

 

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

 

 

 

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

 

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 Mortgage  $—   $10   $    —   $10 
Agency Fixed Rate Mortgages   —    18,431    —    18,431 
Asset-Backed Securities   —    8,014    —    8,014 
Collateralized Mortgage Obligations - Agency Collateral Series   —    443    —    443 
Commercial Mortgage-Backed Securities   —    8,812    —    8,812 
Corporate Bonds   —    21,988    —    21,988 
Mortgages - Other   —    17,511    —    17,511 
Municipal Bonds   —    1,349    —    1,349 
Sovereign   —    4,838    —    4,838 
Supranational   —    288    —    288 
U.S. Treasury Security   —    1,341    —    1,341 
Total Fixed Income Securities   —    83,025    —    83,025 
Short-Term Investments                    
Investment Company   13,549    —    —    13,549 
U.S. Treasury Security   —    808    —    808 
Total Short-Term Investments   13,549    808    —    14,357 
Foreign Currency Forward Exchange Contracts   —    61    —    61 
Futures Contracts   449    —    —    449 
Total Assets   13,998    83,894    —    97,892 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (72)   —    (72)
Futures Contracts   (20)   —    —    (20)
Credit Default Swap Agreement   —    (16)   —    (16)
Total Liabilities   (20)   (88)   —    (108)
Total  $13,978   $83,806   $—   $97,784 

 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Discovery
Assets:
Common Stocks                    
Biotechnology  $1,458   $—   $—   $1,458 
Broadline Retail   10,263    —    —    10,263 
Chemicals   403    —    —    403 
Commercial Services & Supplies   279    —    —    279 
Entertainment   8,655    —    —    8,655 
Financial Services   4,504    8,440    —    12,944 
Ground Transportation   2,403    —    —    2,403 
Health Care Providers & Services   7,767    —    —    7,767 
Health Care Technology   6,745    —    —    6,745 
Hotels, Restaurants & Leisure   7,918    —    —    7,918 
Information Technology Services   18,107    —    —    18,107 
Interactive Media & Services   2,045    —    —    2,045 
Leisure Products   3,308    —    —    3,308 
Life Sciences Tools & Services   3,434    —    —    3,434 
Media   10,156    —    —    10,156 
Pharmaceuticals   8,019    —    —    8,019 
Software   16,892    —    —    16,892 
Specialty Retail   11,284    —    —    11,284 
Total Common Stocks   123,640    8,440    —    132,080 
Preferred Stock                    
Software   —    —    1,996    1,996 
Investment Company   1,905    —    —    1,905 
Warrant   3    —    —    3 
Call Options Purchased   —    155    —    155 
Short-Term Investments                    
Investment Company   8,689    —    —    8,689 
Repurchase Agreements   —    379    —    379 
Total Short-Term Investments   8,689    379    —    9,068 
Total Assets  $134,237   $8,974   $1,996   $145,207 

 

 

 

 

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

 

Discovery  Preferred
Stock
(000)		 
Beginning Balance $1,996 
Purchases   - 
Sales   - 
Amortization of discount   - 
Transfers in   - 
Transfers out   - 
Corporate actions   - 
Change in unrealized appreciation (depreciation)   - 
Realized gains (losses)   - 
Ending Balance $1,996 
     
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023 $- 

 

 

 

 

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, 2023. 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, 2023
(000)		  Valuation
Technique		  Unobservable
Input		  Amount*  Impact to Valuation
from an Increase in
Input**
Preferred Stock  $1,996  Market Transaction Method  Precedent Transaction  $60.00  Increase
       Discounted Cash Flow  Weighted Average Cost of Capital   14.5%  Decrease
          Perpetual Growth Rate   3.5%  Increase
       Market Comparable Companies  Enterprise Value/Revenue   12.0x  Increase
          Discount for Lack of Marketability   15.0%  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, 2023:

 

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  $—   $27,456   $—   $27,456 
Sovereign   —    74,281    —    74,281 
Total Fixed Income Securities   —    101,737    —    101,737 
Warrant   —    19    —    19 
Short-Term Investments                    
Investment Company   2,533    —    —    2,533 
U.S. Treasury Security   —    121    —    121 
Total Short-Term Investments   2,533    121    —    2,654 
Foreign Currency Forward Exchange Contracts   —    6    —    6 
Futures Contracts   1,038    —    —    1,038 
Credit Default Swap Agreement   —    18    —    18 
Total Assets   3,571    101,901    —    105,472 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (232)   —    (232)
Futures Contracts   (299)   —    —    (299)
Credit Default Swap Agreement   —    (25)   —    (25)
Total Liabilities   (299)   (257)   —    (556)
Total  $3,272   $101,644   $—   $104,916 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

 

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                    
Air Freight & Logistics  $—   $787   $—   $787 
Automobiles   —    7,082    —    7,082 
Banks   7,911    26,381    —    34,292 
Beverages   —    4,230    —    4,230 
Broadline Retail   —    4,758    —    4,758 
Capital Markets   —    1,150    —    1,150 
Chemicals   —    1,494    —    1,494 
Commercial Banks   —    1,708    —    1,708 
Construction & Engineering   —    967    —    967 
Consumer Finance   —    2,208    —    2,208 
Consumer Staples Distribution & Retail   3,330    1,307    —    4,637 
Electrical Equipment   —    2,884    —    2,884 
Electronic Equipment, Instruments & Components   —    4,032    —    4,032 
Financial Services   —    2,671    —    2,671 
Food Products   1,497    3,235    —    4,732 
Ground Transportation   810    —    —    810 
Health Care Providers & Services   —    2,019    —    2,019 
Hotels, Restaurants & Leisure   633    1,157    —    1,790 
Information Technology Services   1,903    2,010    —    3,913 
Insurance   957    1,958    —    2,915 
Interactive Media & Services   —    5,987    —    5,987 
Machinery   —    3,203    —    3,203 
Metals & Mining   —    12,395    —    12,395 
Oil, Gas & Consumable Fuels   —    7,991    —    7,991 
Paper & Forest Products   —    2,546    —    2,546 
Personal Care Products   —    1,280    —    1,280 
Pharmaceuticals   —    1,406    —    1,406 
Real Estate Management & Development   —    956    —    956 
Semiconductors & Semiconductor Equipment   4,707    13,730    —    18,437 
Specialty Retail   —    2,793    —    2,793 
Tech Hardware, Storage & Peripherals   —    8,112    —    8,112 
Textiles, Apparel & Luxury Goods   —    5,847    —    5,847 
Total Common Stocks   21,748    138,284    —    160,032 
Right   1    —    —    1 
Short-Term Investment                    
Investment Company   1,100    —    —    1,100 
Futures Contract   6    —    —    6 
Total Assets  $22,855   $138,284   $—   $161,139 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

 

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  $497   $1,829   $—   $2,326 
Capital Markets   1,451    —    —    1,451 
Electronic Equipment, Instruments & Components   420    —    —    420 
Financial Services   1,600    —    —    1,600 
Health Care Equipment & Supplies   2,439    —    —    2,439 
Household Products   784    1,708    —    2,492 
Information Technology Services   1,383    —    —    1,383 
Insurance   794    —    —    794 
Life Sciences Tools & Services   2,741    —    —    2,741 
Machinery   501    —    —    501 
Personal Care Products   —    650    —    650 
Pharmaceuticals   303    —    —    303 
Professional Services   1,619    1,303    —    2,922 
Software   3,423    1,684    —    5,107 
Textiles, Apparel & Luxury Goods   284    662    —    946 
Tobacco   1,963    —    —    1,963 
Total Common Stocks   20,202    7,836    —    28,038 
Short-Term Investment                    
Investment Company   369    —    —    369 
Total Assets  $20,571   $7,836   $—   $28,407 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Infrastructure                    
Assets:                    
Common Stocks                    
Airports  $1,763   $2,603   $—   $4,366 
Communications   6,237    6,715    —    12,952 
Diversified   1,295    4,904    —    6,199 
Electricity Transmission & Distribution   6,258    4,627    —    10,885 
Oil & Gas Storage & Transportation   19,590    7,305    —    26,895 
Others   10,808    2,146    —    12,954 
Toll Roads   —    2,136    —    2,136 
Water   1,767    2,702    —    4,469 
Total Common Stocks   47,718    33,138    —    80,856 
Short-Term Investments                    
Investment Company   2,135    —    —    2,135 
Repurchase Agreements   —    112    —    112 
Total Short-Term Investments   2,135    112    —    2,247 
Total Assets  $49,853   $33,250   $—   $83,103 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

 

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                    
Data Centers  $2,628   $—   $—   $2,628 
Diversified   —    5,434    —    5,434 
Health Care   2,530    363    —    2,893 
Industrial   4,613    1,685    —    6,298 
Industrial/Office Mixed   —    643    —    643 
Lodging/Resorts   650    674         1,324 
Office   225    1,323    —    1,548 
Residential   4,477    462    —    4,939 
Retail   4,673    1,250    —    5,923 
Self Storage   2,877    519    —    3,396 
Specialty   1,418    —    —    1,418 
Total Common Stocks   24,091    12,353    —    36,444 
Short-Term Investment                    
Investment Company   131    —    —    131 
Total Assets  $24,222   $12,353   $—   $36,575 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

 

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 Fixed Rate Mortgages  $—   $3,145   $—   $3,145 
Asset-Backed Securities   —    230    —    230 
Commercial Mortgage-Backed Securities   —    503    —    503 
Corporate Bonds   —    9,130    —    9,130 
Mortgages - Other   —    1,085    —    1,085 
Sovereign   —    21,657    —    21,657 
Supranational   —    937    —    937 
U.S. Treasury Securities   —    3,299    —    3,299 
Total Fixed Income Securities   —    39,986    —    39,986 
Common Stocks                    
Aerospace & Defense   263    202    —    465 
Air Freight & Logistics   97    70    —    167 
Automobile Components   33    28    —    61 
Automobiles   286    207    —    493 
Banks   783    1,777    —    2,560 
Beverages   275    241    —    516 
Biotechnology   374    110    —    484 
Broadline Retail   451    93    —    544 
Building Products   79    87    —    166 
Capital Markets   475    285    —    760 
Chemicals   301    298    —    599 
Commercial Banks   8    15    —    23 
Commercial Services & Supplies   98    36    —    134 
Communications Equipment   135    37    —    172 
Construction & Engineering   24    80    —    104 
Construction Materials   18    79    —    97 
Consumer Finance   78    —    —    78 
Consumer Staples Distribution & Retail   353    121    —    474 
Containers & Packaging   46    15    —    61 
Distributors   21    4    —    25 
Diversified Consumer Services   —    9    —    9 
Diversified REITs   6    22    —    28 
Diversified Telecommunication Services   138    206    —    344 
Electric Utilities   293    200    —    493 
Electrical Equipment   92    183    —    275 
Electronic Equipment, Instruments & Components   100    30    —    130 
Energy Equipment & Services   52    6    —†   58†
Entertainment   247    25    —    272 
Financial Services   589    142    —    731 
Food Products   176    368    —    544 
Gas Utilities   13    27    —    40 
Ground Transportation   277    7    —    284 
Health Care Equipment & Supplies   412    187†   —    599†
Health Care Providers & Services   437    35    —    472 
Health Care REITs   31    —    —    31 
Health Care Technology   11    —    —    11 
Hotel & Resort REITs   5    —    —    5 
Hotels, Restaurants & Leisure   347    215    —    562 
Household Durables   49    23    —    72 
Household Products   207    79    —    286 
Independent Power Producers & Energy Traders   20    35    —    55 
Industrial Conglomerates   119    152    —    271 
Industrial REITs   47    37    —    84 
Information Technology Services   277    28    —    305 
Insurance   432    514    —    946 
Interactive Media & Services   712    21    —    733 

 

 

 

 

Investment Company   —    —†   —    —†
Leisure Products   5    —    —    5 
Life Sciences Tools & Services   276    72    —    348 
Machinery   261    234    —    495 
Marine Transportation   2    27    —    29 
Media   149    43    —    192 
Metals & Mining   197    719†   —    916†
Multi-Utilities   124    109    —    233 
Office REITs   11    10    —    21 
Oil, Gas & Consumable Fuels   896    541    —    1,437 
Paper & Forest Products   4    39    —    43 
Passenger Airlines   6    13    —    19 
Personal Care Products   24    229    —    253 
Pharmaceuticals   611    997    —    1,608 
Professional Services   143    162    —    305 
Real Estate Management & Development   18    88    —    106 
Residential REITs   69    —    —    69 
Retail REITs   42    33    —    75 
Semiconductors & Semiconductor Equipment   949    331    —    1,280 
Software   1,489    173†   —    1,662†
Specialized REITs   176    —    —    176 
Specialty Retail   316    52    —    368 
Tech Hardware, Storage & Peripherals   1,136    9    —    1,145 
Textiles, Apparel & Luxury Goods   90    444    —    534 
Tobacco   95    83    —    178 
Trading Companies & Distributors   61    54    —    115 
Transportation Infrastructure   —    44    —    44 
Water Utilities   16    16    —    32 
Wireless Telecommunication Services   52    30    —    82 
Total Common Stocks   16,505    10,888†   —†   27,393†
Short-Term Investments                    
Investment Company   12,557    —    —    12,557 
U.S. Treasury Security   —    656    —    656 
Total Short-Term Investments   12,557    656    —    13,213 
Foreign Currency Forward Exchange Contracts   —    125    —    125 
Futures Contracts   112    —    —    112 
Interest Rate Swap Agreements   —    91    —    91 
Total Return Swap Agreements   —    730    —    730 
Total Assets   29,174    52,476†   —†   81,650†
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (156)   —    (156)
Futures Contracts   (496)   —    —    (496)
Interest Rate Swap Agreements   —    (195)   —    (195)
Total Return Swap Agreements   —    (727)   —    (727)
Total Liabilities   (496)   (1,078)   —    (1,574)
Total  $28,678   $51,398†  $—†  $80,076†

 

†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, 2023  $- 

 

†† 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, 2023:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Growth
Assets:
Common Stocks                    
Automobiles  $3,016   $—   $—   $3,016 
Biotechnology   5,259    —    —    5,259 
Broadline Retail   21,214    —    —    21,214 
Capital Markets   3,600    —    —    3,600 
Chemicals   1,133    —    —    1,133 
Commercial Services & Supplies   517    —    —    517 
Electronic Equipment, Instruments & Components   —    —    —†   —†
Entertainment   30,191    —    —    30,191 
Financial Services   12,635    18,041    —    30,676 
Ground Transportation   37,690    —    —    37,690 
Health Care Equipment & Supplies   614    —    —    614 
Health Care Providers & Services   16,494    —    —    16,494 
Health Care Technology   6,795    —    —    6,795 
Hotels, Restaurants & Leisure   23,956    —    —    23,956 
Information Technology Services   93,184    —    —    93,184 
Interactive Media & Services   6,204    —    —    6,204 
Leisure Products   4,005    —    —    4,005 
Life Sciences Tools & Services   17,826    —    —    17,826 
Media   30,740    —    —    30,740 
Pharmaceuticals   24,280    —    —    24,280 
Semiconductors & Semiconductor Equipment   6,520    —    —    6,520 
Software   35,554    —    —    35,554 
Specialty Retail   12,648    —    —    12,648 
Total Common Stocks   394,075    18,041    —†   412,116†
Preferred Stocks                    
Financial Services   —    1,061    —    1,061 
Software   —    —    6,709    6,709 
Total Preferred Stocks   —    1,061    6,709    7,770 
Investment Company   5,893    —    —    5,893 
Call Options Purchased   —    469    —    469 
Short-Term Investments                    
Investment Company   13,218    —    —    13,218 
Repurchase Agreements   —    279    —    279 
Total Short-Term Investments   13,218    279    —    13,497 
Total Assets  $413,186   $19,850   $6,709†  $439,745†

 

†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  $-†  $6,887 
Purchases   -    - 
Sales   -    - 
PIPE transactions   -    - 
Amortization of discount   -    - 
Transfers in   -    - 
Transfers out   -    - 
Corporate actions   -    - 
Change in unrealized appreciation (depreciation)   -    (178)
Realized gains (losses)   -    - 
Ending Balance  $-†  $6,709 
           
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023  $-   $(178)

 

†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, 2023. 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, 2023
(000)		  Valuation
Technique		  Unobservable
Input		  Amount or Range/
Weighted Average*		  Impact to Valuation
from an Increase in
Input**
Preferred Stocks  $6,709  Market Transaction Method  Precedent Transaction  $60.00  Increase
       Discounted Cash Flow  Weighted Average Cost of Capital   13.5%-15.5%/14.5%  Decrease
          Perpetual Growth Rate   3.0%-4.0%/3.5%  Increase
       Market Comparable
Companies		  Enterprise Value/Revenue   1.1x-13.7x/11.6x  Increase
          Discount for Lack of Marketability   15.0%  Decrease
       Comparable Transactions  Enterprise Value/Revenue   7.4x  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, 2023:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
U.S. Real Estate                    
Assets:                    
Common Stocks                    
Apartments  $29,087   $—   $—   $29,087 
Data Centers   32,629    —    —    32,629 
Free Standing   25,690    —    —    25,690 
Health Care   26,491    —    —    26,491 
Industrial   53,188    —    —    53,188 
Lodging/Resorts   7,435    —    —    7,435 
Manufactured Homes   11,621    —    —    11,621 
Office   3,620    —    —    3,620 
Regional Malls   13,038    —    —    13,038 
Self Storage   34,033    —    —    34,033 
Shopping Centers   18,560    —    —    18,560 
Single Family Homes   8,929    —    —    8,929 
Specialty   25,559    —    —    25,559 
Total Common Stocks   289,880    —    —    289,880 
Short-Term Investments                    
Investment Company   3,894    —    —    3,894 
Total Assets  $293,774   $—   $—   $293,774 

 

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