VIF Global Infrastructure Portfolio

Share Class :
MPIIX CUSIP: 61691F508
VIF Global Infrastructure Portfolio
MPIIX CUSIP: 61691F508
Share Class :

VIF Global Infrastructure Portfolio

MPIIX CUSIP: 61691F508

Investment Objective

Seeks both capital appreciation and current income.

Investment Approach

We apply a well-defined, value-oriented, bottom-up driven investment process that focuses on investing primarily in equity securities of publicly listed infrastructure companies we believe offer the best value relative to their underlying infrastructure value and net asset value growth prospects, irrespective of short-term market trends. The bottom-up process is combined with a top-down allocation that provides exposure to major economic infrastructure sectors and countries, with an overweighting to those sectors/countries that we believe offer the best relative valuation.


As of 06/30/2024

As of 07/12/2024

As of 06/30/2024

As of 07/12/2024

Past performance is not indicative of future results.
 Tax Center   
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)
07/08/2024 07/09/2024 07/09/2024 0.160990 0.000000 0.000000 0.000000
07/05/2023 07/06/2023 07/06/2023 0.160906 0.999500 0.000000 0.999500
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)
07/08/2024 07/09/2024 07/09/2024 0.160990 0.000000 0.000000 0.000000
07/05/2023 07/06/2023 07/06/2023 0.160906 0.999500 0.000000 0.999500
Composition As of 03/31/2024
Oil & Gas Storage & Transportation 34.19
Electricity Transmission & Distribution 15.04
Communications 14.79
Diversified 9.37
Airports 6.57
Water 4.54
Toll Roads 2.44
Railroads 1.29
Other 11.52
Cash 0.21
May not sum to 100% due to the exclusion of other assets and liabilities.

Geography As of 03/31/2024
United States 48.40
Canada 20.41
Spain 7.69
United Kingdom 7.48
France 4.19
Italy 3.50
Mexico 2.69
Australia 2.08
Switzerland 0.94
Japan 0.85
Other 1.53
Cash 0.21
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 05/31/2024
American Tower Corp 7.24
National Grid Plc 6.33
GFL Environmental Inc 5.36
Enbridge Inc 5.18
ONEOK Inc 4.02
Grupo Aeroportuario Del Pacifico Sab de 3.85
Pembina Pipeline Corp 3.79
Sempra 3.66
Targa Resources Corp 3.32
VINCI 2.99
Total 45.74

Portfolio Characteristics
Active share (%) 30.50
Number of holdings 55
Weighted average market capitalization ($B) 36.80
Weighted median market capitalization ($B) 29.34
Turnover (%) 31
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
Prospectus & Reports

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.


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.
Active Share is the fraction of the portfolio or fund that is invested differently than its benchmark as of the last day of the reporting period. A portfolio with a high degree of Active Share does not assure a fund’s relative outperformance. Active Share calculation may consolidate holdings with the same economic exposure. Weighted Average Market Capitalization is an average of the market capitalization of stocks comprising a portfolio or index, adjusted by each stock’s weight in the portfolio or index.
The Weighted Median Market Capitalization is the point at which half of the market value of a portfolio or index is invested in stocks with a greater market cap, while the other half of the market value is invested in stocks with a lower market cap.
Turnover is sourced from the fund's current prospectus.

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.

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. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly,you can lose money investing in this Portfolio. Please be aware that this Portfolio may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. Companies within the infrastructure industry are subject to a variety of factors that may adversely affect their business or operations, including high interest, leverage and regulatory costs, difficulty raising capital, the effect of an economic slowdown or recession and surplus capacity, and increased competition. Other risks include technological innovation, significant changes in the number of end-users, an increasing deregulatory environment, natural and environmental risks, and terrorist attacks. Stocks of small-and-medium capitalization companies entail special risks, such as limited product lines,markets and financial resources, and greater market volatility than securities of larger, more established companies. Non-diversified often invest in a more limited number of issuers so changes in the financial condition or market value of a single issuer may cause greater volatility in the portfolio. Real estate investments, including real estate investment trusts (REITs) , are subject to risks similar to those associated with the direct ownership of real estate and they are sensitive to such factors as management skills and changes in tax laws.


See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.

The Dow Jones Brookfield Global Infrastructure Index is a float-adjusted market capitalization weighted index that measures the stock performance of companies that exhibit strong infrastructure characteristics. The Index intends to measure all sectors of the infrastructure market. The Index was first published in July 2008; however, back-tested hypothetical performance information is available for this Index since December 31, 2002 and is reflected for this Index in the table for periods prior to July 2008.

Pursuant to separate agreements and plans of reorganization between Universal Institutional Funds, Inc., on behalf of the portfolio, and Morgan Stanley Select Dimensions Investment Series—Global Infrastructure Portfolio (“SD Global Infrastructure”), and Morgan Stanley Variable Investment Series—Global Infrastructure Portfolio (“VIS Global Infrastructure” and together with SD Global Infrastructure, each a “Predecessor Fund”), on April 28, 2014, the portfolio acquired substantially all of the assets and liabilities of each Predecessor Fund in exchange for shares of the portfolio (collectively, the “Reorganization”). The portfolio adopted the financial and performance history of VIS Global Infrastructure. As a result, the historical performance information shown for Class I reflects, for the period prior to the Reorganization, the historical performance of the Class X shares of VIS Global Infrastructure, and the historical performance information shown for Class II reflects, for the period prior to the Reorganization, the historical performance of the Class Y shares of VIS Global Infrastructure. The Global Listed Real Assets team began managing VIS Global Infrastructure on April 7, 2010.

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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