VIF Core Plus Fixed Income Portfolio
Share Class :
 
MJIIX CUSIP: 61691F789
VIF Core Plus Fixed Income Portfolio
MJIIX CUSIP: 61691F789
Share Class :

VIF Core Plus Fixed Income Portfolio

SHARE CLASS :
MJIIX CUSIP: 61691F789
 
 
 
 
Investment Approach

The Core Plus Fixed Income Portfolio combines our top-down macro and asset allocation views with rigorous bottom-up fundamental and quantitative analysis to guide our active management decisions.

 
 
 
Pricing

As of 07/31/2019

As of 08/16/2019

As of 07/31/2019

As of 08/16/2019


    
Past performance is not indicative of future results.
 
 
Distributions
 
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
07/03/2019 07/05/2019 07/05/2019 0.431811 0.000000 0.000000 0.000000
07/03/2018 07/05/2018 07/05/2018 0.249214 0.000000 0.000000 0.000000
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
07/03/2019 07/05/2019 07/05/2019 0.431811 0.000000 0.000000 0.000000
07/03/2018 07/05/2018 07/05/2018 0.249214 0.000000 0.000000 0.000000
 
 
Composition As of 06/30/2019
  Fund
RMBS 37.22
Investment Grade Corporates 33.30
Emerging Market Debt 6.27
CMBS 5.04
US Government/Agency 4.82
Developed Markets Sovereign 4.68
ABS 4.44
Convertible Bonds 1.05
High Yield Corporates/Bank Loans 0.92
Cash & equivalents 2.25
Total 100.00
  Fund
AAA 33.13
AA 5.42
A 21.30
BBB 18.47
BB 5.24
B 3.48
CCC 1.20
CC 0.04
D 0.04
Not Rated 9.91
Cash 1.76
Total 100.00
  Fund
Less than 1 Year 13.45
1 to 3 Years 26.73
3 to 5 Years 21.45
5 to 7 Years 16.34
7 to 10 Years 9.70
Greater than 10 Years 12.33
Total 100.00


Holdings As of 07/31/2019
Fund
Freddie Mac Gold 11.50
Umbs 6.59
Fannie Mae 6.07
United States Treasury 4.10
Vericrest Opportunity Loan Transferee Vo 1.31
Australia Government 1.20
Ginnie Mae Ii 1.03
JP Morgan Chase & Co. 0.90
Bank of America Corp 0.84
Brazil (Federative Republic of) 0.78
Total 34.32


Portfolio Characteristics
Fund
Number of holdings 451
Duration (years) 5.72
Turnover (%) 220
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
 
 
Resources
Prospectus & Reports
SAI
 
 
 
 
 

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors /Trustees acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the portfolio’s current annual report.

DEFINITIONS 
Net Asset Value (NAV) is the dollar value of a single fund share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. It is calculated at the end of each business day.
Return on capital is a measure of a company’s efficiency at allocating the capital under its control to profitable investments, calculated by dividing net income minus dividends by total capital. 
Earnings per share (EPS) growth is the weighted average of earnings per share growth for all securities in the portfolio projected for the past five fiscal years. Earnings per share for a company is defined as total earnings divided by shares outstanding.
Sales growth is the increase in sales over a specific period of time, often but not necessarily annually.
Weighted median market capitalization is the point at which half of the market value of a portfolio is invested in stocks with a greater market cap, and consequently the other half is invested in stocks with a lower market cap.
Debt/equity (D/E) is a measure of a company’s financial leverage calculated by dividing its total liabilities by stockholders’ equity.
Turnover is sourced from the fund's current prospectus.
Weighted average market capitalization is a stock market index weighted by the market capitalization of each stock in the index. In such a weighting scheme, larger companies account for a greater portion of the index. Most indexes are constructed in this manner, with the best example being the S&P 500.
Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.
Average maturity is the weighted average of the time until all maturities on mortgages in a mortgage-backed security (MBS). The higher the weighted average to maturity, the longer the mortgages in the security have until maturity.

Quality distribution refers to the rating given by a Nationally Recognized Statistical Rating Organization ("NRSRO") and is the rating firms’ subjective opinion concerning the ability and willingness of an issuer to meet its financial obligations in full and on time. Ratings apply only to portfolio holdings and do not remove the Fund’s market risk. Quality distribution data for securities is sourced from Fitch, Moody’s and S&P. Where the credit ratings for individual securities differ between the three ratings agencies, the ‘highest’ rating is applied. The rating of credit default swaps is based on the ‘highest’ rating of the underlying reference bond. ‘Cash’ includes investments in short term instruments, including investments in Morgan Stanley liquidity funds.

Subject to change daily. Portfolio information, composition, and characteristics are provided for informational purposes only, and should not be deemed as a recommendation to buy or sell any security or securities in the sectors presented. Monthly Holdings are updated 15 calendar days after month-end.

The index data displayed under allocations are calculated using MSIM and other third-party methodologies and may differ from data published by the vendor.

RISK CONSIDERATIONS
There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this portfolio. Please be aware that this portfolio may be subject to certain additional risks: The portfolio may engage in active and frequent trading of its portfolio securities. A high portfolio turnover rate could result in high brokerage costs and an increase in taxable capital gains distributions. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest  payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In the current rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. Longer-term securities may be more sensitive to interest rate changes. In a declining interest-rate environment, the portfolio may generate less income. High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk. Mortgage- and asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Certain public bank loans are illiquid, to the extent a bank loan has been deemed illiquid,it will be subject to the fund’s restrictions on investment in Illiquid securities. Bank loans that are rated below investment grade share the same risks of other below-investment-grade securities. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). The portfolio may engage in active and frequent trading of its portfolio securities. Municipal securities are subject to early redemption risk and sensitive to tax, legislative and political changes.  

OTHER CONSIDERATIONS
The Bloomberg Barclays U.S. Aggregate Index tracks the performance of all U.S. government agency and Treasury securities, investment-grade corporate debt securities, agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. 

The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

During calendar year 2016, the UIF Core Plus Fixed Income Portfolio received monies related to certain nonrecurring litigation settlements. If these monies were not received, any period returns which include these settlement monies would have been lower. The returns on the other Share Classes would also have been similarly impacted. These were one-time settlements, and as a result, the impact on the net asset value and consequently the performance will not likely be repeated in the future. Rankings for the fund were more favorable due to these settlements and ratings may also have been positively impacted. Please call the toll free number for additional information.

Effective May 1, 2017, The Universal Institutional Funds, Inc. (UIF) changed its name to Morgan Stanley Variable Insurance Fund, Inc. (VIF). There were no other changes to the Portfolio or investment process.

 
 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

 

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

 

NTM = Next Twelve Months

 

LTM = Last Twelve Months

 

Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.

 

The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.

 

Global equities is represented by the MSCI All Country World Index.

 

Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)

 

Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).

 

Fixed income net and gross exposure is duration adjusted (U.S. Treasury 10-Year equivalents)

 

Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk. "NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.

 

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