UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3563

MONEY MARKET VARIABLE ACCOUNT

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: December 31

Date of reporting period: September 30, 2010

ITEM 1. SCHEDULE OF INVESTMENTS.

PORTFOLIO OF INVESTMENTS 9/30/10 (unaudited)

Money Market Variable Account

Issuer	Shares/Par		Value ($)
CERTIFICATES OF DEPOSIT - 6.1%
Major Banks - 6.1%
Abbey National Treasury Services PLC/US Branch, 0.28%, due 11/23/10	$	888,000	$	888,000
BNP Paribas/New York Branch, 0.69%, due 1/14/11		930,000		930,000
Total Certificates of Deposit, at Amortized Cost and Value			$	1,818,000
COMMERCIAL PAPER (y) - 45.7%
Automotive - 3.0%
Toyota Motor Credit Corp., 0.23%, due 11/16/10	$	897,000	$	896,736
Consumer Products - 3.1%
Procter & Gamble Co., 0.23%, due 12/16/10 (t)	$	919,000	$	918,554
Electrical Equipment - 0.5%
General Electric Co., 0.12%, due 10/01/10	$	141,000	$	141,000
Financial Institutions - 2.0%
General Electric Capital Corp., 0.19%, due 10/15/10	$	598,000	$	597,956
Food & Beverages - 3.1%
Coca-Cola Co., 0.22%, due 11/29/10 (t)	$	902,000	$	901,675
Major Banks - 13.6%
ANZ National (International) Ltd., 0.29%, due 1/24/11 (t)	$	889,000	$	888,176
Bank of America Corp., 0.41%, due 10/12/10		937,000		936,883
HSBC USA, Inc., 0.24%, due 12/14/10		898,000		897,557
JPMorgan Chase & Co., 0.24%, due 11/12/10		898,000		897,749
Toronto Dominion HDG USA, Inc., 0.21%, due 10/12/10 (t)		400,000		399,974
			$	4,020,339
Medical Equipment - 0.2%
Merck & Co., Inc., 0.21%, due 10/22/10 (t)	$	42,000	$	41,995
Other Banks & Diversified Financials - 12.2%
Bank of Nova Scotia, 0.235%, due 11/10/10	$	504,000	$	503,868
Bank of Nova Scotia, 0.275%, due 11/08/10		390,000		389,887
Citigroup Funding, Inc., 0.42%, due 10/21/10		931,000		930,783
Rabobank USA Financial Corp., 0.26%, due 11/15/10		903,000		902,707
UBS Finance (Delaware) LLC, 0.2%, due 11/22/10		889,000		888,743
			$	3,615,988
Personal Computers & Peripherals - 3.0%
Hewlett Packard Co., 0.19%, due 10/08/10 (t)	$	896,000	$	895,967
Retailers - 3.0%
Wal-Mart Stores, Inc., 0.2%, due 10/18/10 (t)	$	898,000	$	897,915
Tobacco - 2.0%
Philip Morris International, Inc., 0.16%, due 10/01/10 (t)	$	591,000	$	591,000
Total Commercial Paper, at Amortized Cost and Value			$	13,519,125
U.S. GOVERNMENT AGENCIES AND EQUIVALENTS (y) - 20.6%
Fannie Mae, 0.17%, due 10/20/10	$	409,000	$	408,963
Fannie Mae, 0.175%, due 11/15/10		920,000		919,799
Fannie Mae, 0.21%, due 2/09/11		920,000		919,297
Fannie Mae, 0.2%, due 2/22/11		920,000		919,264
Freddie Mac, 0.17%, due 10/20/10		300,000		299,973
Freddie Mac, 0.19%, due 12/06/10		900,000		899,687
Freddie Mac, 0.185%, due 12/09/10		450,000		449,840
Freddie Mac, 0.185%, due 12/14/10		510,000		509,806
Freddie Mac, 0.3%, due 4/26/11		750,000		748,706
Total U.S. Government Agencies and Equivalents, at Amortized Cost and Value			$	6,075,335
FLOATING RATE DEMAND NOTES - 2.7%
East Baton Rouge, LA, Pollution Control Rev. (Exxon Mobil Corp.), 0.21%, due 10/01/10		500,000	$	500,000
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), 0.21%, due 10/01/10		300,000		300,000
Total Floating Rate Demand Notes, at Amortized Cost and Value			$	800,000
REPURCHASE AGREEMENTS - 24.9%
Bank of America Corp., 0.22%, dated 9/30/10, due 10/01/10, total to be received $2,956,018 (secured by U.S. Treasury and Federal Agency obligations valued at $3,015,123 in a jointly traded account)	$	2,956,000	$	2,956,000
Goldman Sachs, 0.22%, dated 09/30/10, due 10/01/10, total to be received $2,956,018 (secured by U.S. Treasury and Federal Agency obligations valued at $3,015,123 in a jointly traded account).		2,956,000		2,956,000

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PORTFOLIO OF INVESTMENTS 9/30/10 (unaudited) - continued

Money Market Variable Account

Issuer	Shares/Par		Value ($)
REPURCHASE AGREEMENTS - continued
Morgan Stanley, 0.22%, dated 9/30/10, due 10/01/10, total to be received $1,440,009 (secured by U.S. Treasury and Federal Agency obligations valued at $1,483,319 in a jointly traded account)		1,440,000	$	1,440,000
Total Repurchase Agreements, at Cost and Value, at Cost			$	7,352,000
Total Investments, at Amortized Cost and Value			$	29,564,460
OTHER ASSETS, LESS LIABILITIES - (0.0)%				(7,144	)
NET ASSETS - 100.0%			$	29,557,316

(t) Security exempt from registration with the U.S. Securities and Exchange Commission under Section 4(2) of the Securities Act of 1933.

(y) The rate shown represents an annualized yield at time of purchase.

The following abbreviations are used in this report and are defined:

PLC Public Limited Company

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

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Money Market Variable Account

Supplemental Information (Unaudited) 9/30/10

(1) Investment Valuations

Pursuant to procedures approved by the Board of Trustees, investments held by the variable account are generally valued at amortized cost, which approximates market value. Amortized cost involves valuing an instrument at its cost as adjusted for amortization of premium or accretion of discount rather than its current market value. The amortized cost value of an instrument can be different from the market value of an instrument.

Various inputs are used in determining the variable account of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The variable account’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of September 30, 2010 in valuing the variable account’s assets or liabilities:

Investments at Value	Level 1		Level 2		Level 3		Total
Short Term Securities	$	—	$	29,564,460	$	—	$	29,564,460

For further information regarding security characteristics, see the Portfolio of Investments.

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ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: MONEY MARKET VARIABLE ACCOUNT

By (Signature and Title)*	MARIA F. DIORIODWYER
	Maria F. DiOrioDwyer, President

Date: November 15, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	MARIA F. DIORIODWYER
	Maria F. DiOrioDwyer, President (Principal Executive Officer)

Date: November 15, 2010

By (Signature and Title)*	JOHN M. CORCORAN
	John M. Corcoran, Treasurer (Principal Financial Officer and Accounting Officer)

Date: November 15, 2010

* Print name and title of each signing officer under his or her signature.