Morgan Stanley Variable Investment Series - Money Market Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

PRINCIPAL AMOUNT IN THOUSANDS			ANNUALIZED YIELD ON DATE OF PURCHASE	MATURITY DATE			VALUE
		Repurchase Agreements (51.2%)
$	17,000	Banc of America Securities, (dated 09/30/09; proceeds $17,000,019; fully collateralized by Federal Home Loan Mortgage Corp. 0.00% - 2.05% due 03/09/11 - 11/15/28, valued at $17,340,993)	0.04%	10/01/09			$	17,000,000
35,650		Barclays Capital LLC, (dated 09/30/09; proceeds $35,650,030; fully collateralized by U.S. Treasury Note, 2.375% due 09/30/14; valued at $36,363,038)	0.03	10/01/09			35,650,000
40,000		BNP Paribas Securities, (dated 09/30/09; proceeds $40,000,067; fully collateralized by Federal National Mortgage Assoc. 4.50% - 8.00% due 03/01/16 - 08/01/48; Federal Home Loan Mortgage Corp. 4.50% - 7.00% due 11/01/13 - 11/01/38; Government National Mortgage Assoc. 6.15% due 02/15/30; valued at $41,200,000)	0.06	10/01/09			40,000,000
		Total Repurchase Agreements *(Cost $92,650,000)*					92,650,000

		Commercial Paper (21.8%)
		International Banks
6,000		Calyon North America, Inc.	0.33	11/05/09			5,998,075
5,000		Lloyds TSB Bank PLC	0.43	10/22/09			4,998,746
8,500		NRW Bank (a)	0.40-0.45	10/05/09- 11/13/09			8,496,664
4,000		RBS Holdings USA, Inc.	0.55	11/24/09			3,996,700
9,000		Svenska Handelsbanken AB	0.26	11/30/09			8,996,100
7,000		UBS Finance (Delaware) LLC	0.37	11/24/09			6,996,115
		Total Commercial Paper *(Cost $39,482,400)*					39,482,400

		Floating Rate Notes (13.8%)
		International Banks (5.5%)
5,000		Societe Generale N.Y., Inc.	0.37(b)	11/05/09(c)			5,000,000
5,000		Westpac Banking Corp.	0.33(b)	12/08/09(c)			5,000,000
							10,000,000

		U.S. Government Agencies (8.3%)
15,000		Federal Home Loan Banks	0.26-0.27(b)	11/08/09- 11/19/09(c)			14,994,046
		Total Floating Rate Notes *(Cost $24,994,046)*					24,994,046

		Certificates of Deposit (13.2%)
5,000		Banco Bilbao Vizcaya Argentina - NY	0.35	03/29/10			5,000,124
6,000		Bank of Montreal - Chicago	0.25	11/16/09			6,000,000
8,000		Barclays Bank PLC - NY	0.75	02/11/10			8,000,000
5,000		Royal Bank of Scotland PLC	0.50	10/13/09			5,000,000
		Total Certificates of Deposit *(Cost $24,000,124)*					24,000,124
		Total Investments *(Cost $181,126,570) (d)*			100.0	%	181,126,570
		Liabilities in Excess of Other Assets			(0.0	)	(39,723		)
		Net Assets			100.0	%	$	181,086,847

(a) Resale is restricted to qualified institutional investors.

(b) Rate shown is the rate in effect at September 30, 2009.

(d) Cost is the same for federal income tax purposes.

MS Variable Money Market

Fair Valuation Measurements

09/30/2009

Fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. Fair Value Measurements and Disclosures establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing 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 pricing 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)

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 as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
			Unadjusted
			Quoted Prices In	Significant		Significant
			Active Market for	Other Observable		Unobservable
			Identical Investments	Inputs		Inputs
Investment Type	Total		(Level 1)	(Level 2)		(Level 3)
Short-Term Investments
Commercial Paper	$	39,482,400	—	$	39,482,400	—
Repurchase Agreements	92,650,000		—	92,650,000		—
Floating Rate Notes-Corporate	10,000,000		—	10,000,000		—
Floating Rate Notes-US Government Agencies	14,994,046		—	14,994,046		—
Certificates of Deposit	24,000,124		—	24,000,124		—
Total	$	181,126,570	—	$	181,126,570	—

Valuation of Investments — Portfolio securities are valued at amortized cost, which approximates market value, in accordance with Rule 2a-7 under the Investment Company Act of 1940.

Morgan Stanley Variable Investment Series - Limited Duration Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE	MATURITY DATE	VALUE
		Corporate Bonds (54.6%)
		Aerospace/Defense (0.5%)
$	400	BAE Systems Holdings, Inc. (144A) (a)	4.75%	08/15/10	$	406,791

		Applications Software (0.3%)
230		Microsoft Corp.	2.95	06/01/14	233,351

		Auto-Cars/Light Trucks (0.5%)
360		Daimler Finance North America LLC	7.30	01/15/12	388,572

		Auto-Medium&Heavy Duty Trucks (0.1%)
100		PACCAR, Inc.	6.375	02/15/12	108,102

		Beverages-Non-alcoholic (0.9%)
340		Bottling Group LLC	6.95	03/15/14	396,639
300		Coca-Cola Enterprises, Inc.	3.75	03/01/12	313,297
					709,936
		Beverages-Wine/Spirits (0.3%)
250		Diageo Finance BV (Netherlands)	3.875	04/01/11	257,269

		Brewery (0.3%)
205		Anheuser-Busch InBev Worldwide, Inc. (144A) (a)	5.375	11/15/14	218,978

		Cable/Satellite TV (0.8%)
335		Comcast Cable Holdings LLC	9.80	02/01/12	386,049
200		Time Warner Cable, Inc.	8.25	02/14/14	233,281
					619,330
		Commercial Banks-Non-U.S. (8.4%)
900		Commonwealth Bank of Australia (144A) (Australia)(a)	2.50	12/10/12	916,091
250		National Australia Bank Ltd. (144A) (Australia)(a)	5.35	06/12/13	266,788
2,300		Royal Bank of Scotland PLC (The) (144A) (United Kingdom)(a)	2.625	05/11/12	2,335,634
310		Royal Bank of Scotland PLC (The) (144A) (United Kingdom)(a)	4.875	08/25/14	315,104
320		Svenska Handelsbanken AB (144A) (Sweden)(a)	2.875	09/14/12	321,030
1,545		Swedbank AB (144A) (Sweden)(a)	2.90	01/14/13	1,562,900
810		Westpac Securities NZ Ltd. (144A) (New Zealand)(a)	2.50	05/25/12	823,809
					6,541,356
		Commercial Banks-Eastern U.S. (0.5%)
340		Credit Suisse (Switzerland)	5.50	05/01/14	365,727

		Commercial Banks-Southern U.S. (0.5%)
385		BB&T Corp.	3.10	07/28/11	391,902

		Computer Services (0.5%)
360		Computer Sciences Corp.	7.375	06/15/11	389,339

		Computers (1.1%)
105		Dell, Inc.	3.375	06/15/12	108,870
330		Hewlett-Packard Co.	0.471(b)	03/01/12	328,409
205		Hewlett-Packard Co.	2.25	05/27/11	208,913
220		International Business Machines Corp.	4.75	11/29/12	238,135
					884,327
		Consumer Products-Miscellaneous (0.4%)
310		Clorox Co.	4.20	01/15/10	313,053

		Cosmetics & Toiletries (0.5%)
415		Procter & Gamble International Funding SCA (Luxembourg)	0.478(b)	05/07/10	414,674

		Data Processing Services (0.5%)
370		Fiserv, Inc.	6.125	11/20/12	401,306

		Diversified Banking Institution (3.1%)
130		Bank of America Corp.	4.875	09/15/12	133,573
300		Bank of America Corp.	5.375	08/15/11	312,901

$	325	Citigroup, Inc. (c)	4.625%	08/03/10	$	331,947
275		Citigroup, Inc. (c)	5.30	10/17/12	283,929
440		Goldman Sachs Group, Inc. (The)	5.45	11/01/12	471,563
325		Goldman Sachs Group, Inc. (The)	6.875	01/15/11	345,206
515		JPMorgan Chase & Co.	5.375	10/01/12	554,517
					2,433,636
		Diversified Financial Service (1.3%)
700		General Electric Capital Corp.	5.45	01/15/13	738,262
265		General Electric Capital Corp.	5.90	05/13/14	284,444
					1,022,706
		Diversified Manufactured Operation (0.4%)
275		Honeywell International, Inc.	6.125	11/01/11	300,235

		Diversified Minerals (0.6%)
235		BHP Billiton Finance USA Ltd. (Australia)	8.50	12/01/12	280,599
190		Rio Tinto Finance USA Ltd. (Australia)	5.875	07/15/13	204,885
					485,484
		Electric-Distribution (0.5%)
355		Detroit Edison Co. (The)	6.125	10/01/10	373,166

		Electric-Integrated (2.0%)
205		Columbus Southern Power Co. (Series E)	4.40	12/01/10	210,148
220		Entergy Gulf States, Inc.	0.761(b)	12/01/09	219,785
215		FirstEnergy Solutions Corp. (144A) (a)	4.80	02/15/15	221,177
180		NiSource Finance Corp.	0.977(b)	11/23/09	179,870
405		Ohio Power Co.	0.467(b)	04/05/10	404,468
290		Southern Co.	4.15	05/15/14	299,890
30		Southern Co. (Series A)	5.30	01/15/12	32,221
					1,567,559
		Electronic Measuring Instrument (0.5%)
385		Agilent Technologies, Inc.	4.45	09/14/12	389,453

		Enterprise Software/Service (0.5%)
335		Oracle Corp.	5.00	01/15/11	350,479

		Fiduciary Banks (0.4%)
305		Mellon Funding Corp.	6.40	05/14/11	325,691

		Finance-Auto Loans (0.5%)
395		American Honda Finance Corp. (MTN) (144A) (a)	2.848(b)	06/02/11	394,579

		Finance-Commercial (0.5%)
395		Caterpillar Financial Services Corp. (MTN)	0.971(b)	08/06/10	396,379

		Finance-Consumer Loans (1.3%)
695		HSBC Finance Corp.	6.75	05/15/11	732,812
215		John Deere Capital Corp.	7.00	03/15/12	240,045
					972,857
		Finance-Credit Card (1.7%)
475		American Express Co.	7.25	05/20/14	534,224
750		MBNA Corp.	6.125	03/01/13	788,449
					1,322,673
		Finance-Investment Banker/Broker (0.6%)
200		Credit Suisse USA, Inc.	6.125	11/15/11	216,005
260		Merrill Lynch & Co., Inc.	5.45	02/05/13	269,804
					485,809
		Finance-Other Services (0.5%)
390		BP Capital Markets PLC (United Kingdom)	3.125	03/10/12	403,135

		Food-Miscellaneous/Diversified (1.5%)
295		Campbell Soup Co.	6.75	02/15/11	316,668
29		ConAgra Foods, Inc.	6.75	09/15/11	31,658
360		General Mills, Inc.	5.65	09/10/12	393,159

$	345	Kraft Foods, Inc.	6.75%	02/19/14	$	385,256
					1,126,741
		Food-Retail (0.3%)
225		Kroger Co. (The)	7.50	01/15/14	259,533

		Industrial Gases (0.3%)
240		Praxair, Inc.	6.375	04/01/12	265,887

		Life/Health Insurance (0.8%)
325		Principal Life Income Funding Trusts (MTN)	5.15	06/17/11	336,213
315		Prudential Financial, Inc. (MTN)	3.625	09/17/12	317,164
					653,377
		Medical Products (0.9%)
275		Baxter International, Inc.	4.00	03/01/14	286,899
375		Hospira, Inc.	0.763(b)	03/30/10	374,138
					661,037
		Medical-Biomedical/Genetics (0.2%)
180		Genentech, Inc.	4.40	07/15/10	184,768

		Medical-Drugs (1.6%)
355		AstraZeneca PLC (United Kingdom)	5.40	09/15/12	389,342
190		Eli Lilly & Co.	3.55	03/06/12	199,086
235		GlaxoSmithKline Capital, Inc.	4.85	05/15/13	252,678
385		Pfizer, Inc.	4.45	03/15/12	409,193
					1,250,299
		Medical-HMO (0.2%)
185		UnitedHealth Group, Inc.	5.25	03/15/11	192,342

		Money Center Banks (0.7%)
500		Lloyds TSB Bank PLC (144A) (United Kingdom)(a)	2.80	04/02/12	511,698

		Multi-line Insurance (0.7%)
515		Metropolitan Life Global Funding I (144A) (a) (d)	5.75	07/25/11	544,441

		Multimedia (0.9%)
250		Time Warner, Inc.	6.875	05/01/12	275,368
170		Walt Disney Co. (The) (Series C)	5.70	07/15/11	182,054
190		Walt Disney Co. (The) (Series B)	6.375	03/01/12	208,747
					666,169
		Oil Company-Exploration&Production (1.6%)
450		Burlington Resources Finance Co. (Canada)	6.68	02/15/11	481,233
335		Devon Financing Corp. ULC (Canada)	6.875	09/30/11	364,628
350		EOG Co. of Canada (144A) (Canada)(a)	7.00	12/01/11	381,024
					1,226,885
		Oil Company-Integrated (0.3%)
255		Chevron Corp.	3.95	03/03/14	268,765

		Pipelines (1.0%)
180		Enterprise Products Operating LLC (Series B)	7.50	02/01/11	192,216
225		Enterprise Products Operating LLC (Series O)	9.75	01/31/14	271,908
320		Plains All American Pipeline LP / PAA Finance Corp.	4.25	09/01/12	329,189
					793,313
		Reinsurance (0.3%)
210		Berkshire Hathaway Finance Corp.	4.00	04/15/12	220,293

		REITS-Regional Malls (0.2%)
110		Simon Property Group LP	6.75	05/15/14	118,090

		Retail-Building Products (0.3%)
210		Home Depot, Inc. (The)	0.42(b)	12/16/09	209,898

		Retail-Discount (0.5%)
105		Wal-Mart Stores, Inc.	3.20	05/15/14	107,320

$	245	Wal-Mart Stores, Inc.	7.25%	06/01/13	$	286,137
					393,457
		Retail-Drug Store (0.3%)
180		CVS Caremark Corp.	5.75	08/15/11	192,528

		Retail-Restaurants (0.3%)
185		Yum! Brands, Inc.	8.875	04/15/11	202,531

		S&L/Thrifts-Eastern U.S. (0.4%)
320		Sovereign Bancorp, Inc.	0.519(b)	03/23/10	319,632

		Special Purpose Banks (2.8%)
1,530		Kreditanstalt fuer Wiederaufbau (MTN) (Germany)	2.25	04/16/12	1,557,430
577		Societe Financement de l’Economie Francaise (144A) (France)(a)	3.375	05/05/14	593,048
					2,150,478
		Special Purpose Entity (0.7%)
250		Harley-Davidson Funding Corp. (144A) (a)	5.25	12/15/12	249,944
260		Xlliac Global Funding (144A) (a)	4.80	08/10/10	259,047
					508,991
		Super-Regional Banks-U.S. (2.5%)
405		Bank One Corp.	5.25	01/30/13	428,067
370		Capital One Financial Corp. (MTN)	5.70	09/15/11	386,720
195		US Bancorp	4.20	05/15/14	203,987
200		Wachovia Corp.	5.35	03/15/11	208,545
675		Wells Fargo & Co.	5.25	10/23/12	720,690
					1,948,009
		Telecommunication Services (0.9%)
150		Verizon Global Funding Corp.	7.25	12/01/10	159,687
500		Verizon Global Funding Corp.	7.375	09/01/12	568,489
					728,176
		Telephone-Integrated (3.2%)
350		AT&T, Inc.	4.95	01/15/13	373,453
395		BellSouth Corp.	6.00	10/15/11	426,775
175		British Telecommunications PLC (United Kingdom)	9.125	12/15/10	188,473
300		Deutsche Telekom International Finance BV (Netherlands)	8.50	06/15/10	314,512
395		France Telecom SA (France)	4.375	07/08/14	414,517
505		Telecom Italia Capital SA (Luxembourg)	4.875	10/01/10	519,220
220		Telefonica Europe BV (Netherlands)	7.75	09/15/10	232,768
					2,469,718
		Transport-Rail (0.7%)
460		Union Pacific Corp.	6.50	04/15/12	507,931
		Total Corporate Bonds *(Cost $41,654,426)*			42,442,841

		Foreign Government Obligations (4.3%)
1,728		Denmark Government International Bond (MTN) (Denmark)	2.75	11/15/11	1,786,007
290		Export Development Canada (Canada)	3.125	04/24/14	298,066
1,250		Japan Finance Corp. (Japan)	2.00	06/24/11	1,266,513
		Total Foreign Government Obligations *(Cost $3,314,558)*			3,350,586

		U.S. Government Agencies & Obligations (16.8%)
		Commercial Banks-Central U.S. (3.5%) — FDIC Guaranteed
2,600		KeyBank NA	3.20	06/15/12	2,711,779

		Diversified Banking Institution (6.8%) — FDIC Guaranteed
500		Bank of America Corp.	2.10	04/30/12	507,333
1,960		Citigroup, Inc. (c)	2.125	04/30/12	1,988,981
700		Goldman Sachs Group, Inc. (The)	3.25	06/15/12	731,013

$	2,000	JPMorgan Chase & Co.	3.125%	12/01/11	$	2,076,350
					5,303,677
		Super-Regional Banks-U.S. (4.9%) — FDIC Guaranteed
3,710		PNC Funding Corp.	2.30	06/22/12	3,779,091

		U.S. Government Obligations (1.6%)
6		U.S. Treasury Note	4.00	08/15/18	6,336
		U.S. Treasury Strip,
705			0.00	11/15/19	484,021
1,190			0.00	11/15/20	772,145
					1,262,502
		Total U.S. Government Agencies & Obligations *(Cost $12,835,937)*			13,057,049

		U.S. Government Agency - Mortgage-Backed Securities (1.0%)
		Federal National Mortgage Assoc.
524			6.50	01/01/32–11/01/33	565,661
163			7.00	08/01/29–06/01/32	180,844
		Total U.S. Government Agency - Mortgage-Backed Securities *(Cost $718,046)*			746,505

		Asset-Backed Securities (19.1%)
675		American Express Credit Account Master Trust 2009-2 A	1.496(b)	03/15/17	688,233
1,100		Bank of America Auto Trust 2009-1A A2 (144A) (a)	1.70	12/15/11	1,103,419
725		BMW Vehicle Lease Trust 2009-1 A2	2.04	04/15/11	728,299
225		Capital Auto Receivables Asset Trust 2008-2 A2B	1.163(b)	03/15/11	225,051
196		Capital Auto Receivables Asset Trust 2007-3 A3A	5.02	09/15/11	199,489
113		Capital Auto Receivables Asset Trust 2007-SN1 A3A	5.38	07/15/10	113,600
807		Capital One Multi-Asset Execution Trust 2005-A10 A	0.323(b)	09/15/15	789,243
325		Chrysler Financial Auto Securitization Trust 2009-A A2	1.85	06/15/11	327,299
32		CNH Equipment Trust 2009-A A1	1.736	04/15/10	32,112
775		Daimler Chrysler Auto Trust 2007-A A3A	5.00	02/08/12	794,430
850		Discover Card Master Trust 2009-A1 A1	1.543(b)	12/15/14	854,061
313		Ford Credit Auto Lease Trust 2009-A A1 (144A) (a)	1.238	06/15/10	313,063
650		Ford Credit Auto Owner Trust 2009-A A2A	3.24	08/15/11	657,147
491		Ford Credit Auto Owner Trust 2007-A A3A	5.40	08/15/11	500,320
1,150		GE Capital Credit Card Master Note Trust 2009-1 A	2.343(b)	04/15/15	1,178,203
950		Harley-Davidson Motorcycle Trust 2009-2 A2	2.00	07/15/12	957,697
350		Honda Auto Receivables Owner Trust 2009-3 A2	1.50	08/15/11	352,178
325		Honda Auto Receivables Owner Trust 2009-2 A2	2.22	08/15/11	328,253
750		Huntington Auto Trust 2009-1A A3 (144A) (a)	3.94	06/17/13	774,896
174		John Deere Owner Trust 2009-A A1	1.132	07/02/10	174,277
775		Nissan Auto Lease Trust 2009-A A2	2.01	04/15/11	781,128
775		Nissan Auto Lease Trust 2009-B A3	2.07	01/15/15	777,281
600		Nissan Auto Receivables Owner Trust 2009-A A2	2.94	07/15/11	607,660
572		Nissan Auto Receivables Owner Trust 2007-B A3	5.03	05/16/11	581,130
405		USAA Auto Owner Trust 2009-1 A2	2.64	08/15/11	409,294
227		USAA Auto Owner Trust 2007-2 A3	4.90	02/15/12	231,455
325		Volkswagen Auto Lease Trust 2009-A A2	2.87	07/15/11	329,332
		Total Asset-Backed Securities *(Cost $14,661,272)*			14,808,550

		Collateralized Mortgage Obligation (0.6%)
		U.S. Government Agency
438		Federal Home Loan Mortgage Corp. 2182 ZC *(Cost $468,732)*	7.50	09/15/29	476,569

Interest Rate Swap Contracts Open at September 30, 2009:

COUNTERPARTY	NOTIONAL AMOUNT (000’s)		PAYMENTS RECEIVED BY FUND	PAYMENTS MADE BY FUND	TERMINATION DATE	UNREALIZED APPRECIATION (DEPRECIATION)
Barclays Bank***	$	804	Fixed Rate 4.64%	Floating Rate 0.00#%	May 27, 2019	$	7,099
UBS AG***	2,347		Fixed Rate 4.66	Floating Rate 0.00#	May 27, 2019	22,578
Deutsche Bank AG***	7,913		Fixed Rate 4.40	Floating Rate 0.00#	October 1, 2016	0
Barclays Bank^^	1,590		Fixed Rate 0.00	Floating Rate 0.00#	November 15, 2019	(48,842		)
Deutsche Bank AG^^	1,100		Fixed Rate 0.00	Floating Rate 0.00#	November 15, 2021	(36,351		)
Deutsche Bank AG***	4,258		Floating Rate 0.00#	Fixed Rate 4.41	October 3, 2018	4,386
Barclays Bank	184		Floating Rate 0.38#	Fixed Rate 4.04	May 27, 2039	(3,606		)
UBS AG	544		Floating Rate 0.38#	Fixed Rate 4.04	May 27, 2039	(10,662		)
Barclays Bank^^	1,590		Floating Rate 0.00#	Fixed Rate 0.00	November 15, 2019	(118,094		)
Deutsche Bank AG^^	1,100		Floating Rate 0.00#	Fixed Rate 0.00	November 15, 2021	(62,459		)
JPMorgan Chase Bank N.A. New York^^	705		Floating Rate 0.00#	Fixed Rate 0.00	November 15, 2019	(46,723		)
JPMorgan Chase Bank N.A. New York^^	1,190		Floating Rate 0.00#	Fixed Rate 0.00	November 15, 2020	(93,200		)
			Net Unrealized Depreciation			$	(385,874	)

#	Floating rate based on USD-3 Months LIBOR.
^^	Portfolio will receive $436,614, $367,331, and make payments of $616,586, $474,412, $267,984, and $503,070 respectively, on termination date.
***	Forward interest rate swap. Periodic payments on specified notional contract amount with future effective date, unless terminated earlier.

MS Variable Limited Duration

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at fair value:

	Fair Value Measurements at September 30, 2009 Using
				Unadjusted
				Quoted Prices In			Significant			Significant
				Active Market for			Other Observable			Unobservable
				Identical Investments			Inputs			Inputs
Investment Type	Total			(Level 1)			(Level 2)			(Level 3)
Assets
Asset-Backed Securities	$	14,808,550		—			$	14,808,550		—
Collateralized Mortgage Obligations - U.S. Government Agency	476,569			—			476,569			—
Corporate Bonds	42,442,841			—			42,442,841			—
Foreign Government Obligation	3,350,586			—			3,350,586			—
Government Agencies Mortgage-Backed Securities - U.S.	746,505			—			746,505			—
US Government Agencies & Obligations	13,057,049			—			13,057,049			—
Short-Term Investments				—			—			—
Investment Company	1,423,743			$	1,423,743		—			—
U.S. Government Obligation	1,204,620			—			1,204,620			—
Total Short-Term Investments	2,628,363			1,423,743			1,204,620			—
Futures	59,514			59,514			—			—
Interest Rate Swaps	34,063			—			34,063			—
Total Assets	$	77,604,040		$	1,483,257		$	76,120,783		—
Liabilities
Futures	$	(130,858	)	$	(130,858	)	—			—
Interest Rate Swaps	(419,937		)	—			$	(419,937	)	—
Total Liabilities	$	(550,795	)	$	(130,858	)	$	(419,937	)	—

Valuation of Investments — (1) an equity portfolio security listed or traded on the New York Stock Exchange (“NYSE”) or American Stock Exchange or other exchange is valued at its latest sale price prior to the time when assets are valued; if there were no sales that day, the security is valued at the mean between the last reported bid and asked price; (2) an equity portfolio security listed or traded on the Nasdaq is valued at the Nasdaq Official Closing Price; if there were no sales that day, the security is valued at the mean between the last reported bid and asked price; (3) all other portfolio securities for which over-the-counter market quotations are readily available are valued at the mean between the last reported bid and asked price. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (4) for equity securities traded on foreign exchanges, the last reported sale price or the latest bid price may be used if there were no sales on a particular day; (5) when market quotations are not readily available including circumstances under which Morgan Stanley Investment Advisors Inc. (the “Investment Adviser”) determines that the latest sale price, the bid price or the mean between the last reported bid and asked price do not reflect a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Fund’s Trustees. 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 on the 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 Fund’s Trustees or by the Investment Adviser using a pricing service and/or procedures approved by the Trustees of the Fund; (6) certain portfolio securities may be valued by an outside pricing service approved by the Fund’s Trustees; (7) investments in open-end mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at net asset value as of the close of each business day; and (8) short-term debt securities having a maturity date of more than sixty days at time of purchase are valued on a mark-to-market basis until sixty days prior to maturity and thereafter at amortized cost based on their value on the 61st day. Short-term debt securities having a maturity date of sixty days or less at the time of purchase are valued at amortized cost, which approximates market value.

Morgan Stanley Variable Investment Series - Income Plus Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE	MATURITY DATE	VALUE
		Corporate Bonds (96.1%)
		Advertising Agencies (0.4%)
$	935	Omnicom Group, Inc.	6.25%	07/15/19	$	1,010,501

		Advertising Services (0.5%)
1,195		WPP Finance (United Kingdom)	8.00	09/15/14	1,312,194

		Aerospace/Defense (0.7%)
400		Boeing Co. (The)	4.875	02/15/20	413,450
565		Boeing Co. (The)	5.875	02/15/40	618,701
770		Boeing Co. (The)	6.00	03/15/19	865,298
					1,897,449
		Agricultural Chemicals (1.2%)
895		Agrium, Inc. (Canada)	6.75	01/15/19	971,018
615		Mosaic Co. (The) (144A) (a)	7.625	12/01/16	656,354
245		Potash Corp. of Saskatchewan, Inc. (Canada)	4.875	03/30/20	245,217
555		Potash Corp. of Saskatchewan, Inc. (Canada)	5.875	12/01/36	571,872
560		Potash Corp. of Saskatchewan, Inc. (Canada)	6.50	05/15/19	628,722
					3,073,183
		Agricultural Operations (0.3%)
580		Bunge Ltd. Finance Corp.	8.50	06/15/19	669,779

		Airlines (0.3%)
1,056		America West Airlines LLC (Series 011G) (AMBAC Insd)	7.10	04/02/21	824,014

		Appliances (0.2%)
450		Whirlpool Corp.	8.60	05/01/14	503,861

		Auto-Cars/Light Trucks (0.2%)
395		Daimler Finance North America LLC	8.50	01/18/31	468,639

		Beverages-Non-alcoholic (0.4%)
860		Dr Pepper Snapple Group, Inc.	6.82	05/01/18	979,251

		Beverages-Wine/Spirits (0.4%)
610		Bacardi Ltd. (144A) (Bermuda)(a)	8.20	04/01/19	733,805
165		Constellation Brands, Inc.	7.25	09/01/16	165,000
250		Diageo Capital PLC (United Kingdom)	5.875	09/30/36	273,750
					1,172,555
		Brewery (0.8%)
470		Anheuser-Busch Cos., Inc.	5.50	01/15/18	481,410
510		Anheuser-Busch InBev Worldwide, Inc. (144A) (a)	5.375	11/15/14	544,774
305		Anheuser-Busch InBev Worldwide, Inc. (144A) (a)	7.20	01/15/14	343,703
85		Anheuser-Busch InBev Worldwide, Inc. (144A) (a)	8.20	01/15/39	112,452
700		FBG Finance Ltd. (144A) (Australia)(a)	5.125	06/15/15	730,826
					2,213,165
		Broadcast Service/Program (0.1%)
280		Grupo Televisa SA (Mexico)	6.00	05/15/18	282,705

		Building Product-Cement/Aggregation (1.1%)
820		CRH America, Inc.	6.00	09/30/16	841,826
480		CRH America, Inc.	8.125	07/15/18	540,547
545		Holcim US Finance Sarl & Cie SCS (144A) (Luxembourg)(a)	6.00	12/30/19	552,680
580		LAFARGE SA (France)	6.50	07/15/16	580,429
385		LAFARGE SA (France)	7.125	07/15/36	369,480
					2,884,962
		Building-Residential/Commercial (0.6%)
1,675		Toll Brothers Finance Corp.	6.75	11/01/19	1,672,883

		Cable/Satellite TV (3.7%)
180		Comcast Corp.	5.70	05/15/18	189,568
700		Comcast Corp.	6.40	05/15/38	740,595
270		Comcast Corp.	6.45	03/15/37	286,845

$	1,620	Comcast Corp.	6.50%	01/15/15	$	1,807,186
980		COX Communications, Inc. (144A) (a)	8.375	03/01/39	1,212,671
320		CSC Holdings, Inc.	7.625	07/15/18	326,400
465		DIRECTV Holdings LLC / Financing Co., Inc. (144A) (a)	5.875	10/01/19	464,419
275		DIRECTV Holdings LLC / Financing Co., Inc.	6.375	06/15/15	279,812
1,470		DIRECTV Holdings LLC / Financing Co., Inc.	7.625	05/15/16	1,580,250
1,200		Time Warner Cable, Inc.	6.75	07/01/18	1,327,928
375		Time Warner Cable, Inc.	6.75	06/15/39	406,895
350		Time Warner Cable, Inc.	8.25	04/01/19	423,769
485		Time Warner Cable, Inc.	8.75	02/14/19	598,488
					9,644,826
		Cellular Telephone (0.7%)
985		Cellco Partnership / Verizon Wireless Capital LLC (144A) (a)	5.55	02/01/14	1,065,497
810		Vodafone Group PLC (United Kingdom)	5.625	02/27/17	859,730
					1,925,227
		Commercial Banks Non-U.S. (3.4%)
545		Barclays Bank PLC (144A) (United Kingdom)(a)	6.05	12/04/17	549,345
1,495		Barclays Bank PLC (United Kingdom)	6.75	05/22/19	1,675,073
1,245		Deutsche Bank AG (Germany)	3.875	08/18/14	1,261,750
1,675		HBOS PLC (144A) (United Kingdom)(a)	6.75	05/21/18	1,495,825
260		Rabobank Nederland (144A) (Netherlands)(a)	11.00(b)	06/30/49(c)	319,389
1,310		Royal Bank of Scotland PLC (The) (144A) (United Kingdom)(a)	4.875	08/25/14	1,331,571
830		Standard Chartered PLC (144A) (United Kingdom)(a)	5.50	11/18/14	888,072
1,325		Westpac Banking Corp. (Australia)	4.20	02/27/15	1,348,323
					8,869,348
		Commercial Banks- Eastern U.S. (2.3%)
3,250		Credit Suisse (Switzerland)	5.30	08/13/19	3,338,754
580		Credit Suisse (Switzerland)	6.00	02/15/18	608,232
760		PNC Bank NA	6.00	12/07/17	778,397
1,300		UBS AG/Stamford Branch (Switzerland)	5.875	12/20/17	1,332,930
					6,058,313
		Commercial Banks-Southern U.S. (1.0%)
1,160		BB&T Corp. (MTN)	6.85	04/30/19	1,299,891
1,370		Wachovia Bank NA	5.85	02/01/37	1,329,581
					2,629,472
		Consumer Products-Miscellaneous (0.2%)
460		Fortune Brands, Inc.	6.375	06/15/14	478,429

		Containers-Paper/Plastic (0.2%)
515		Sealed Air Corp. (144A) (a)	7.875	06/15/17	543,847

		Data Processing Services (0.3%)
730		Fiserv, Inc.	6.80	11/20/17	807,308

		Diversified Banking Institution (8.6%)
1,115		Bank of America Corp. (Series L) (MTN)	5.65	05/01/18	1,102,786
1,865		Bank of America Corp.	5.75	12/01/17	1,864,599
795		Bank of America Corp.	7.625	06/01/19	897,363
1,845		Citigroup, Inc. (d)	5.25	02/27/12	1,896,059
1,735		Citigroup, Inc. (d)	5.875	05/29/37	1,517,540
480		Citigroup, Inc. (d)	6.125	05/15/18	473,408
265		Citigroup, Inc. (d)	8.125	07/15/39	297,531
3,305		Citigroup, Inc. (d)	8.50	05/22/19	3,737,082
6,085		Goldman Sachs Group, Inc. (The)	6.15	04/01/18	6,411,479
1,565		Goldman Sachs Group, Inc. (The)	6.75	10/01/37	1,620,281
2,430		JPMorgan Chase & Co.	6.00	01/15/18	2,612,457

$	340	JPMorgan Chase & Co.	6.30%	04/23/19	$	371,860
					22,802,445
		Diversified Financial Service (2.9%)
1,980		General Electric Capital Corp.	5.625	05/01/18	1,973,814
5,700		General Electric Capital Corp. (Series G) (MTN)	6.00	08/07/19	5,792,990
					7,766,804
		Diversified Manufactured Operation (2.1%)
3,510		General Electric Co.	5.25	12/06/17	3,608,094
575		ITT Corp.	6.125	05/01/19	624,392
1,150		Tyco Electronics Group SA (Luxembourg)	5.95	01/15/14	1,198,468
					5,430,954
		Diversified Minerals (1.1%)
680		Rio Tinto Finance Ltd. (Australia)	6.50	07/15/18	732,462
230		Rio Tinto Finance USA Ltd. (Australia)	9.00	05/01/19	282,818
475		Teck Resources Ltd. (Canada)	10.25	05/15/16	539,125
650		Vale Overseas Ltd. (Cayman Islands)	5.625	09/15/19	664,416
595		Vale Overseas Ltd. (Cayman Islands)	6.875	11/21/36	617,034
					2,835,855
		Electric Utilities (0.4%)
975		FirstEnergy Solutions Corp. (144A) (a)	6.05	08/15/21	1,009,664

		Electric-Generation (0.6%)
1,610		AES Corp. (The)	8.00	06/01/20	1,605,975

		Electric-Integrated (6.3%)
230		Carolina Power & Light Co.	5.30	01/15/19	249,554
65		CMS Energy Corp.	6.30	02/01/12	66,537
775		Consumers Energy Co.	5.80	09/15/35	793,471
435		Dominion Resources, Inc.	7.00	06/15/38	519,708
645		DTE Energy Co.	7.625	05/15/14	712,653
1,550		Enel Finance International SA (144A) (WI) (Luxembourg)(a)	5.125	10/07/19	1,543,180
800		Entergy Gulf States Louisiana LLC	5.59	10/01/24	800,195
2,650		Exelon Generation Co. LLC	6.25	10/01/39	2,713,995
975		FirstEnergy Solutions Corp. (144A) (a)	6.80	08/15/39	1,036,850
365		Florida Power Corp. (Series A)	5.80	09/15/17	404,509
965		NiSource Finance Corp.	6.80	01/15/19	989,673
200		Ohio Power Co. (Series 1)	5.375	10/01/21	203,378
1,670		Ohio Power Co. (Series K)	6.00	06/01/16	1,799,250
220		Pacific Gas & Electric Co.	6.25	03/01/39	252,616
1,510		PPL Energy Supply LLC	6.50	05/01/18	1,629,796
230		Progress Energy, Inc.	7.05	03/15/19	268,273
710		Southwestern Public Service Co. (Series G)	8.75	12/01/18	898,575
1,230		Virginia Electric & Power Co.	8.875	11/15/38	1,755,343
					16,637,556
		Electronic Component (0.3%)
746		Koninklijke Philips Electronics N.V. (Netherlands)	5.75	03/11/18	804,085

		Electronic Measuring Instrument (0.3%)
675		Agilent Technologies, Inc.	5.50	09/14/15	695,204

		Finance-Consumer Loans (1.8%)
785		American General Finance Corp. (Series H)	4.625	09/01/10	719,674
1,140		HSBC Finance Corp.	6.375	10/15/11	1,209,782
1,660		HSBC Finance Corp.	6.75	05/15/11	1,750,314
1,060		SLM Corp. (MTN)	0.664(b)	07/26/10	1,007,179
					4,686,949
		Finance-Credit Card (1.7%)
525		American Express Co.	8.125	05/20/19	621,987
1,995		American Express Credit Corp. (Series C)	7.30	08/20/13	2,214,321
780		Capital One Bank USA NA	8.80	07/15/19	903,175

$	740	Discover Financial Services	10.25%	07/15/19	$	848,333
					4,587,816
		Finance-Investment Banker/Broker (3.3%)
610		Bear Stearns Cos. LLC (The)	5.55	01/22/17	617,762
1,060		Bear Stearns Cos. LLC (The)	7.25	02/01/18	1,212,495
1,210		Macquarie Group Ltd. (144A) (Australia)(a)	7.625	08/13/19	1,300,124
1,070		Merrill Lynch & Co., Inc.	5.45	02/05/13	1,110,348
3,260		Merrill Lynch & Co., Inc. (MTN)	6.875	04/25/18	3,434,081
930		Merrill Lynch & Co., Inc.	7.75	05/14/38	1,051,268
					8,726,078
		Food-Miscellaneous/Diversified (1.7%)
860		ConAgra Foods, Inc.	7.00	10/01/28	954,077
740		ConAgra Foods, Inc.	8.25	09/15/30	934,409
1,070		Kraft Foods, Inc.	6.125	08/23/18	1,136,890
700		Kraft Foods, Inc.	6.875	02/01/38	773,142
610		Kraft Foods, Inc.	6.875	01/26/39	672,765
					4,471,283
		Food-Retail (0.6%)
835		Delhaize America, Inc.	9.00	04/15/31	1,101,687
390		Kroger Co. (The)	6.40	08/15/17	432,191
					1,533,878
		Gas-Distribution (0.2%)
380		Florida Gas Transmission Co. LLC (144A) (a)	7.90	05/15/19	454,101

		Gold Mining (0.5%)
1,235		Newmont Mining Corp.	6.25	10/01/39	1,230,748

		Independent Power Producer (0.1%)
295		NRG Energy, Inc.	8.50	06/15/19	296,844

		Instruments-Scientific (0.3%)
820		Fisher Scientific International, Inc.	6.125	07/01/15	851,928

		Investment Management/Advisor Services (0.7%)
870		Ameriprise Financial, Inc.	7.30	06/28/19	960,760
855		Blackstone Holdings Finance Co. LLC (144A) (a)	6.625	08/15/19	868,525
					1,829,285
		Life/Health Insurance (2.0%)
660		Aflac, Inc.	8.50	05/15/19	788,109
745		Lincoln National Corp.	8.75	07/01/19	863,100
1,025		Principal Financial Group, Inc.	8.875	05/15/19	1,230,187
950		Prudential Financial, Inc. (Series D)	4.75	09/17/15	944,544
635		Prudential Financial, Inc. (Series D)	6.625	12/01/37	650,526
660		Prudential Financial, Inc. (Series D)	7.375	06/15/19	737,866
					5,214,332
		Machinery-Construction&Mining (0.1%)
275		Caterpillar, Inc.	6.05	08/15/36	302,037

		Medical Products (0.1%)
270		Hospira, Inc. (Series G)	6.40	05/15/15	300,561

		Medical-Biomedical/Genetics (0.3%)
790		Biogen Idec, Inc.	6.875	03/01/18	868,688

		Medical-Drugs (0.9%)
365		AstraZeneca PLC (United Kingdom)	6.45	09/15/37	430,976
1,110		Pfizer, Inc.	6.20	03/15/19	1,253,398
405		Pfizer, Inc.	7.20	03/15/39	511,509
150		Wyeth	6.45	02/01/24	170,143
					2,366,026
		Medical-Generic Drugs (0.2%)
565		Watson Pharmaceuticals, Inc.	6.125	08/15/19	595,311

		Medical-HMO (0.7%)
$	215	Aetna, Inc.	6.50%	09/15/18	$	233,135
1,150		UnitedHealth Group, Inc.	6.00	02/15/18	1,210,460
260		WellPoint, Inc.	7.00	02/15/19	296,075
					1,739,670
		Medical-Hospitals (0.3%)
305		HCA, Inc. (144A) (a)	8.50	04/15/19	320,250
380		Tenet Healthcare Corp.	7.375	02/01/13	378,100
					698,350
		Metal-Aluminum (0.4%)
530		Alcoa, Inc.	5.87	02/23/22	460,467
465		Alcoa, Inc.	6.75	07/15/18	466,919
					927,386
		Multi-line Insurance (2.7%)
840		Allstate Corp. (The) (e)	7.45	05/16/19	1,002,972
1,285		American Financial Group, Inc.	9.875	06/15/19	1,413,810
1,750		Farmers Insurance Exchange (144A) (a)	8.625	05/01/24	1,808,782
290		MetLife, Inc. (Series A) (f)	6.817	08/15/18	323,315
590		MetLife, Inc. (f)	7.717	02/15/19	695,788
965		MetLife, Inc. (f)	10.75	08/01/39	1,165,674
850		XL Capital Ltd. (Cayman Islands)	5.25	09/15/14	835,315
					7,245,656
		Multimedia (2.1%)
170		News America, Inc.	6.40	12/15/35	172,038
930		News America, Inc.	6.65	11/15/37	971,918
370		News America, Inc.	7.85	03/01/39	434,501
840		Time Warner, Inc.	5.875	11/15/16	892,045
610		Time Warner, Inc.	6.50	11/15/36	626,191
445		Time Warner, Inc.	7.70	05/01/32	504,627
205		Viacom, Inc.	5.625	09/15/19	208,759
850		Viacom, Inc.	6.875	04/30/36	900,748
760		Vivendi (144A) (France)(a)	6.625	04/04/18	818,273
					5,529,100
		Networking Products (0.3%)
650		Cisco Systems, Inc.	5.90	02/15/39	706,157

		Office Automation & Equipment (0.3%)
815		Xerox Corp.	6.35	05/15/18	848,682

		Oil & Gas Drilling (0.4%)
985		Transocean, Inc. (Cayman Islands)	6.00	03/15/18	1,053,961

		Oil Company-Exploration & Production (3.0%)
665		Chesapeake Energy Corp.	7.625	07/15/13	664,169
155		EnCana Corp. (Canada)	5.90	12/01/17	165,801
1,220		EnCana Corp. (Canada)	6.50	02/01/38	1,314,024
400		Gaz Capital SA (144A) (Luxembourg)(a)	6.51	03/07/22	368,520
445		Newfield Exploration Co.	7.125	05/15/18	446,112
950		Nexen, Inc. (Canada)	7.50	07/30/39	1,037,713
180		Pioneer Natural Resources Co.	6.65	03/15/17	172,193
480		Plains Exploration & Production Co.	7.625	06/01/18	472,800
1,370		Questar Market Resources, Inc.	6.80	04/01/18	1,406,765
1,050		XTO Energy, Inc.	5.50	06/15/18	1,085,447
685		XTO Energy, Inc.	6.50	12/15/18	757,540
					7,891,084
		Oil Company-Integrated (1.8%)
1,010		Cenovus Energy, Inc. (144A) (Canada)(a)	5.70	10/15/19	1,037,615
1,720		ConocoPhillips	6.50	02/01/39	1,989,718
835		Marathon Oil Corp.	5.90	03/15/18	874,113

$	950	Petro-Canada (Canada)	5.95%	05/15/35	$	938,367
					4,839,813
		Oil-Field Services (0.4%)
1,035		Weatherford International, Inc.	6.35	06/15/17	1,102,756

		Paper & Related Products (1.1%)
130		Georgia-Pacific LLC (144A) (a)	8.25	05/01/16	135,525
860		International Paper Co.	7.50	08/15/21	913,031
460		International Paper Co.	9.375	05/15/19	539,498
1,325		MeadWestvaco Corp.	7.375	09/01/19	1,390,448
					2,978,502
		Pharmacy Services (0.5%)
1,220		Medco Health Solutions, Inc.	7.125	03/15/18	1,384,613

		Pipelines (5.0%)
670		CenterPoint Energy Resources Corp.	6.25	02/01/37	646,654
375		CenterPoint Energy Resources Corp. (Series B)	7.875	04/01/13	422,596
364		Colorado Interstate Gas Co.	6.80	11/15/15	406,605
1,615		Energy Transfer Partners LP	9.00	04/15/19	1,945,057
275		Enterprise Products Operating LLC	5.25	01/31/20	275,347
1,265		Enterprise Products Operating LLC (Series G)	5.60	10/15/14	1,348,850
955		Kinder Morgan Energy Partners LP	5.85	09/15/12	1,029,627
1,480		Kinder Morgan Finance Co. ULC (Canada)	5.70	01/05/16	1,417,100
1,095		Plains All American Pipeline LP / PAA Finance Corp.	6.70	05/15/36	1,148,896
705		Plains All American Pipeline LP / PAA Finance Corp.	8.75	05/01/19	847,715
225		Spectra Energy Capital LLC	8.00	10/01/19	265,787
960		Texas Eastern Transmission LP	7.00	07/15/32	1,107,842
1,220		TransCanada Pipelines Ltd. (Canada)	6.20	10/15/37	1,340,565
860		Transcontinental Gas Pipe Line Co. LLC (Series B)	8.875	07/15/12	992,136
					13,194,777
		Property Trust (0.5%)
1,200		WEA Finance LLC / WT Finance Aust Pty Ltd. (144A) (a)	6.75	09/02/19	1,215,976

		Property/Casualty Insurance (0.5%)
975		ACE INA Holdings, Inc.	5.60	05/15/15	1,056,434
270		ACE INA Holdings, Inc.	5.90	06/15/19	294,591
					1,351,025
		Real Estate Operation/Development (0.4%)
1,165		Brookfield Asset Management, Inc. (Canada)	5.80	04/25/17	1,003,610

		Reinsurance (0.4%)
1,235		Platinum Underwriters Finance, Inc. (Series B)	7.50	06/01/17	1,187,993

		REITS-Apartments (0.3%)
800		AvalonBay Communities, Inc. (MTN)	6.10	03/15/20	826,114

		REITS-Office Property (0.3%)
650		Mack-Cali Realty Corp.	7.75	08/15/19	670,908

		REITS-Regional Malls (0.2%)
610		Simon Property Group LP	6.75	05/15/14	654,862

		Retail-Building Products (0.4%)
955		Home Depot, Inc. (The)	5.875	12/16/36	929,634

		Retail-Discount (0.4%)
595		Wal-Mart Stores, Inc.	4.125	02/01/19	598,927
505		Wal-Mart Stores, Inc.	5.25	09/01/35	507,470
					1,106,397
		Retail-Drug Store (0.6%)
1,565		CVS Pass-Through Trust	6.036	12/10/28	1,513,283

$	120	CVS Pass-Through Trust (144A) (a)	8.353%	07/10/31	$	133,552
					1,646,835
		Retail-Regional Department Store (0.2%)
580		Kohl’s Corp.	6.875	12/15/37	650,682

		Retail-Restaurants (0.5%)
235		Yum! Brands, Inc.	6.25	03/15/18	253,598
1,040		Yum! Brands, Inc.	6.875	11/15/37	1,155,934
					1,409,532
		Satellite Telecommunication (0.1%)
310		Intelsat Subsidiary Holding Co. Ltd. (Bermuda)	8.50	01/15/13	315,425

		Semiconductor Equipment (0.4%)
905		KLA-Tencor Corp.	6.90	05/01/18	947,496

		Special Purpose Entity (0.6%)
925		AIG SunAmerica Global Financing (144A) (a)	6.30	05/10/11	912,236
755		Harley-Davidson Funding Corp. (144A) (a)	6.80	06/15/18	736,383
					1,648,619
		Steel-Producers (1.0%)
2,170		ArcelorMittal (Luxembourg)	9.85	06/01/19	2,570,855

		Super-Regional Banks-U.S. (2.8%)
780		Capital One Financial Corp.	6.75	09/15/17	829,077
455		PNC Funding Corp.	6.70	06/10/19	504,457
5,875		Wells Fargo & Co.	5.625	12/11/17	6,181,170
					7,514,704
		Telecom Equipment Fiber Optics (0.3%)
545		Corning, Inc.	6.625	05/15/19	597,289
290		Corning, Inc.	7.25	08/15/36	306,902
					904,191
		Telecommunication Services (0.4%)
445		Qwest Corp.	6.50	06/01/17	420,525
260		Qwest Corp.	6.875	09/15/33	211,900
305		SBA Telecommunications, Inc. (144A) (a)	8.25	08/15/19	315,675
					948,100
		Telephone-Integrated (8.3%)
4,070		AT&T Corp.	8.00	11/15/31	5,085,978
1,855		AT&T, Inc.	6.15	09/15/34	1,901,850
840		CenturyTel, Inc.	6.00	04/01/17	853,442
415		CenturyTel, Inc. (Series Q)	6.15	09/15/19	417,002
715		Citizens Communications Co.	7.125	03/15/19	677,462
375		Deutsche Telekom International Finance BV (Netherlands)	6.00	07/08/19	402,627
315		Deutsche Telekom International Finance BV (Netherlands)	6.75	08/20/18	353,284
555		Deutsche Telekom International Finance BV (Netherlands)	8.75	06/15/30	720,684
630		France Telecom SA (France)	8.50	03/01/31	873,595
1,680		Telecom Italia Capital SA (Luxembourg)	6.999	06/04/18	1,859,602
725		Telecom Italia Capital SA (Luxembourg)	7.175	06/18/19	810,426
2,120		Telefonica Europe BV (Netherlands)	8.25	09/15/30	2,753,017
2,470		Verizon Communications, Inc.	5.50	02/15/18	2,594,016
225		Verizon Communications, Inc.	6.35	04/01/19	248,909
790		Verizon Communications, Inc.	6.90	04/15/38	902,713
1,015		Verizon Communications, Inc.	8.95	03/01/39	1,394,921
					21,849,528
		Television (0.2%)
515		CBS Corp.	8.875	05/15/19	568,946

		Tobacco (1.5%)
$	280	Altria Group, Inc.	9.25%	08/06/19			$	342,729
460		Altria Group, Inc.	9.70	11/10/18			572,257
505		Altria Group, Inc.	10.20	02/06/39			703,030
445		BAT International Finance PLC (144A) (United Kingdom)(a)	9.50	11/15/18			578,115
835		Lorillard Tobacco Co.	8.125	06/23/19			949,250
835		Philip Morris International, Inc.	5.65	05/16/18			890,309
45		Philip Morris International, Inc.	6.375	05/16/38			51,971
							4,087,661
		Transport-Rail (0.7%)
505		CSX Corp.	6.15	05/01/37			536,742
535		CSX Corp.	7.375	02/01/19			630,673
700		Union Pacific Corp.	6.125	02/15/20			784,146
							1,951,561
		Total Corporate Bonds (Cost $238,216,169)					253,927,479

		Commercial Mortgage-Backed Securities (0.8%)
475		Banc of America Commercial Mortgage, Inc. 2007-4 A4	5.935(b)	02/10/51			423,390
850		Bear Stearns Commercial Mortgage Securities 2007-T26 A4	5.471(b)	01/12/45			789,922
930		LB-UBS Commercial Mortgage Trust 2006-C6 A4	5.372	09/15/39			849,026
		Total Commercial Mortgage-Backed Securities (Cost $1,879,934)					2,062,338

		Municipal Bond (0.2%)
		General Obligation
600		State of California (Cost $603,036)	5.95	04/01/16			643,860

		U.S. Government Agency - Mortgage-Backed Security (0.0%)
3		Federal Home Loan Mortgage Corp. Gold (Cost $3,010)	6.50	12/01/28			3,124

		Short-Term Investments (1.9%)
		U.S. Government Obligations (0.9%)
2,525		U.S. Treasury Bills (Cost $2,524,205)(g)(h)	0.27	11/12/09			2,524,205

NUMBER OF SHARES (000)
		Investment Company (i)(1.0%)
2,557		Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $2,556,801)					2,556,801
		Total Short-Term Investments (Cost $5,081,006)					5,081,006
		Total Investments (Cost $245,783,155) (j)(k)			99.0	%	261,717,807
		Other Assets in Excess of Liabilities			1.0		2,649,866
		Net Assets			100.0	%	$	264,367,673

AMBAC		AMBAC Assurance Corporation.
MTN		Medium Term Note.
WI		Security purchased on a when-issued basis.
(a)		Resale is restricted to qualified institutional investors.
(b)		Floating rate security, rate shown is the rate in effect at September 30, 2009.
(c)		Security issued with perpetual maturity.
(d)		For the four months ended September 30, 2009, the cost of purchases of Citigroup, Inc. corporate bond, an affiliate of the Portfolio, was $2,476,150.
(e)		For the nine months ended September 30, 2009, the cost of purchases of The Allstate Corp. corporate bond, an affiliate of the Portfolio, was $853,005.
(f)		For the nine months ended September 30, 2009, there were no transactions in Metlife, Inc., an affiliate of the Portfolio.
(g)		Purchased on a discount basis. The interest rates shown have been adjusted to reflect a money market equivalent yield.

MS Variable Income Plus

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at fair value:

	Fair Value Measurements at September 30, 2009 Using
				Unadjusted
				Quoted Prices In			Significant			Significant
				Active Market for			Other Observable			Unobservable
				Identical Investments			Inputs			Inputs
Investment Type	Total			(Level 1)			(Level 2)			(Level 3)
Assets
Long-Term Investments
Commercial Mortgage-Backed Securities	$	2,062,338		—			$	2,062,338		—
Corporate Bonds	253,927,479			—			253,927,479			—
U.S. Government Agency	3,124			—			3,124			—
Mortgage-Backed Security - Municipal Bonds	643,860			—			643,860			—
Total Long-Term Investments	256,636,801			—			256,636,801			—
Short-Term Investments
Investment Company	2,556,801			$	2,556,801		—			—
U.S. Government Obligation	2,524,205			—			2,524,205			—
Total Short-Term Investments	5,081,006			2,556,801			2,524,205			—
Asset Swap	0			—						—
Credit Default Swaps	7,358			—			7,358			—
Futures	453,630			453,630			—			—
Total Assets	$	262,178,795		$	3,010,431		$	259,168,364		—
Liabilities
Credit Default Swaps	$	(278,071	)	—			$	(278,071	)	—
Futures	(773,390		)	$	(773,390	)	—			—
Total Liabilities	$	(1,051,461	)	$	(773,390	)	$	(278,071	)	—

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

	Investments in
	Securities

Beginning Balance	$	10,003
Net purchases (sales)	(17,562		)
Transfers in and/or out	—
Change in unrealized appreciation/depreciation	1,357,973
Realized gains (losses)	(1,350,414		)
Ending Balance	$	0

Net change in unrealized appreciation/ depreciation from investments still held as of September 30, 2009	—

Morgan Stanley Variable Investment Series - High Yield Portfolio *

Portfolio of Investments · September 30, 2009 (unaudited)

PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE	MATURITY DATE	VALUE
		Corporate Bonds (93.9%)
		Advanced Materials/Products (0.4%)
$	145	Hexcel Corp. (a)	6.75%	02/01/15	$	138,838

		Aerospace/Defense (0.4%)
145		Transdigm, Inc.	7.75	07/15/14	140,831

		Agricultural Chemicals (0.8%)
245		Terra Capital, Inc. (Series B)	7.00	02/01/17	256,638

		Apparel Manufacturers (0.5%)
150		Oxford Industries, Inc.	11.375	07/15/15	161,438

		Beverages-Wine/Spirits (0.5%)
175		Constellation Brands, Inc. (a)	7.25	05/15/17	175,000

		Broadcast Service/Program (0.4%)
135		XM Satellite Radio, Inc. (144A) (b)	13.00	08/01/13	132,975

		Building Product-Cement/Aggregation (0.3%)
100		Hanson Ltd. (United Kingdom)	7.875	09/27/10	102,899

		Cable/Satellite TV (3.8%)
295		Charter Communications Operating LLC / Charter Communications Operating Capital (144A) (b)	12.875	09/15/14	320,813
120		CSC Holdings, Inc. (144A) (b)	8.50	06/15/15	126,600
445		CSC Holdings, Inc. (144A) (b)	8.625	02/15/19	472,812
330		DISH DBS Corp.	6.625	10/01/14	321,750
					1,241,975
		Casino Gaming (0.4%)
125		Scientific Games International, Inc. (144A) (b)	9.25	06/15/19	130,625

		Casino Hotels (4.7%)
4,485		Aladdin Gaming Holdings LLC (Series B) (c)(d)(e)	13.50	03/01/10	0
165		Ameristar Casinos, Inc. (144A) (b)	9.25	06/01/14	172,012
250		Harrahs Operating Escrow LLC/Harrahs Escrow Corp. (144A) (b)	11.25	06/01/17	258,125
100		Las Vegas Sands Corp. (a)	6.375	02/15/15	90,000
605		MGM Mirage (144A) (b)	13.00	11/15/13	695,750
335		Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (a)	6.625	12/01/14	324,950
					1,540,837
		Cellular Telephone (1.0%)
370		Nextel Communications, Inc. (Series E)	6.875	10/31/13	345,025

		Chemicals-Other (0.5%)
175		Innophos, Inc.	8.875	08/15/14	177,625

		Chemicals: Major Diversified (0.9%)
180		Innophos Holdings, Inc. (144A) (b)	9.50	04/15/12	177,300
130		Westlake Chemical Corp.	6.625	01/15/16	122,850
					300,150
		Chemicals: Specialty (1.5%)
175		Ashland, Inc. (144A) (b)	9.125	06/01/17	187,687
295		JohnsonDiversey, Inc. (Series B)	9.625	05/15/12	300,900
					488,587
		Coal (1.2%)
140		Foundation PA Coal Co. LLC	7.25	08/01/14	139,825
255		Massey Energy Co.	6.875	12/15/13	247,350
					387,175
		Commercial Services (0.8%)
260		Ticketmaster Entertainment, Inc.	10.75	08/01/16	267,800

		Computer Services (1.1%)
280		Sungard Data Systems, Inc.	9.125	08/15/13	284,200

$	65	Sungard Data Systems, Inc. (144A) (b)	10.625%	05/15/15	$	69,225
					353,425
		Containers-Metal & Glass (0.9%)
30		Crown Americas LLC / Crown Americas Capital Corp.	7.625	11/15/13	30,450
115		Owens-Brockway Glass Container, Inc.	7.375	05/15/16	117,300
150		Owens-Brockway Glass Container, Inc. (a)	8.25	05/15/13	154,125
					301,875
		Containers-Paper/Plastic (3.3%)
360		Berry Plastics Corp. (a)	8.875	09/15/14	344,700
210		Graham Packaging Co. LP/GPC Capital Corp. I (a)	9.875	10/15/14	216,825
200		Graphic Packaging International, Inc. (a)	9.50	08/15/13	207,000
325		Solo Cup Co.	8.50	02/15/14	312,000
					1,080,525
		Data Processing Services (0.9%)
105		First Data Corp. (a)	9.875	09/24/15	97,519
230		First Data Corp.	11.25	03/31/16	198,950
					296,469
		Decision Support Software (1.1%)
390		Vangent, Inc.	9.625	02/15/15	365,138

		Diversified Banking Institution (1.8%)
190		Bank of America Corp.	8.00(f)	01/30/18(g)	169,174
71		GMAC, Inc. (144A) (b)	6.75	12/01/14	61,060
379		GMAC, Inc. (144A) (b)	6.875	09/15/11	361,945
					592,179
		Diversified Manufactured Operation (2.5%)
460		Bombardier, Inc. (144A) (Canada)(b)	6.30	05/01/14	446,200
150		Koppers, Inc.	9.875	10/15/13	155,625
235		RBS Global, Inc. / Rexnord LLC	9.50	08/01/14	229,125
					830,950
		Diversified Minerals (1.2%)
360		Teck Resources Ltd. (Canada)	10.25	05/15/16	408,600

		E-Commerce/Services (0.9%)
270		Expedia, Inc. (144A) (b)	8.50	07/01/16	286,200

		Electric-Generation (3.2%)
270		AES Corp. (The)	7.75	03/01/14	273,375
200		Edison Mission Energy (a)	7.00	05/15/17	168,000
175		Edison Mission Energy	7.75	06/15/16	154,000
285		Intergen (144A) (Netherlands)(b)	9.00	06/30/17	294,975
146		Midwest Generation LLC (Series B)	8.56	01/02/16	148,281
					1,038,631
		Electric-Integrated (2.0%)
115		Ipalco Enterprises, Inc.	8.625	11/14/11	118,450
495		Mirant Americas Generation LLC (a)	8.50	10/01/21	433,125
160		Texas Competitive Electric Holdings Co. LLC (Series A) (a)	10.25	11/01/15	116,000
					667,575
		Electronic Component (0.3%)
99		Flextronics International Ltd. (Singapore)	6.50	05/15/13	97,020

		Electronics-Military (0.6%)
200		L-3 Communications Corp.	5.875	01/15/15	200,000

		Finance-Auto Loans (1.3%)
450		Ford Motor Credit Co. LLC	7.25	10/25/11	437,248

		Food-Meat Products (0.5%)
140		JBS USA LLC/JBS USA Finance, Inc. (144A) (b)	11.625	05/01/14	151,200

		Food-Miscellaneous/Diversified (0.3%)
$	110	M-Foods Holdings, Inc. (144A) (b)	9.75%	10/01/13	$	113,575

		Food-Retail (1.1%)
110		SUPERVALU, Inc. (a)	7.50	05/15/12	114,125
120		SUPERVALU, Inc.	7.50	11/15/14	121,200
120		SUPERVALU, Inc. (a)	8.00	05/01/16	124,800
					360,125
		Funeral Service&Related Items (0.5%)
170		Service Corp. International/US	6.75	04/01/16	167,450

		Hotels&Motels (0.6%)
195		Gaylord Entertainment Co.	8.00	11/15/13	200,850

		Independent Power Producer (1.5%)
225		NRG Energy, Inc.	8.50	06/15/19	226,406
265		RRI Energy, Inc. (a)	7.875	06/15/17	260,032
					486,438
		Industrial Gases (0.1%)
45		Airgas, Inc. (144A) (b)	7.125	10/01/18	46,519

		Machinery-Electric Utility (1.3%)
486		Ormat Funding Corp.	8.25	12/30/20	425,016

		Machinery-Electrical (0.4%)
120		Baldor Electric Co. (a)	8.625	02/15/17	122,400

		Machinery-Farm (0.4%)
135		Case New Holland, Inc. (144A) (b)	7.75	09/01/13	135,000

		Media (0.6%)
185		Nielsen Finance LLC / Nielsen Finance Co. (a)	10.00	08/01/14	186,850

		Medical Products (2.2%)
350		Biomet, Inc. (a)	11.625	10/15/17	383,250
255		Fresenius Medical Care Capital Trust IV	7.875	06/15/11	260,737
65		Invacare Corp.	9.75	02/15/15	69,225
					713,212
		Medical-Drugs (1.2%)
110		Axcan Intermediate Holdings, Inc.	12.75	03/01/16	119,350
260		Warner Chilcott Corp.	8.75	02/01/15	267,800
					387,150
		Medical-Hospitals (2.7%)
105		CHS/Community Health Systems, Inc.	8.875	07/15/15	107,888
255		HCA, Inc.	5.75	03/15/14	226,312
200		HCA, Inc.	6.25	02/15/13	192,000
70		HCA, Inc.	9.125	11/15/14	72,450
115		HCA, Inc. (144A) (b)	9.875	02/15/17	122,475
180		Tenet Healthcare Corp.	7.375	02/01/13	179,100
					900,225
		Medical-Nursing Homes (0.6%)
210		Sun Healthcare Group, Inc.	9.125	04/15/15	210,000

		Medical-Outpatient/Home Medical (2.7%)
210		Apria Healthcare Group, Inc. (144A) (b)	11.25	11/01/14	226,800
95		Apria Healthcare Group, Inc. (144A) (b)	12.375	11/01/14	101,888
310		Select Medical Corp. (a)	6.428	09/15/15	274,350
290		Select Medical Corp.	7.625	02/01/15	272,962
					876,000
		Metal-Aluminum (1.1%)
430		Novelis, Inc. (Canada)	7.25	02/15/15	374,100

		Office Furnishings-Original (0.2%)
75		Interface, Inc.	9.50	02/01/14	74,719

		Oil Company-Exploration&Production (10.4%)
$	235	Atlas Energy Operating Co. LLC / Atlas Energy Finance Corp. (144A) (b)	10.75%	02/01/18	$	244,987
290		Chaparral Energy, Inc.	8.50	12/01/15	234,900
70		Chaparral Energy, Inc.	8.875	02/01/17	56,700
150		Chesapeake Energy Corp.	6.375	06/15/15	140,062
130		Chesapeake Energy Corp.	6.50	08/15/17	119,925
120		Chesapeake Energy Corp.	7.50	09/15/13	119,850
90		Cimarex Energy Co.	7.125	05/01/17	84,150
115		Forest Oil Corp. (a)	7.25	06/15/19	108,100
185		Forest Oil Corp. (a)	7.75	05/01/14	182,225
305		Hilcorp Energy I LP/Hilcorp Finance Co. (144A) (b)	7.75	11/01/15	289,750
255		Newfield Exploration Co.	6.625	09/01/14	251,812
60		Newfield Exploration Co.	7.125	05/15/18	60,150
365		OPTI Canada, Inc. (Canada)	8.25	12/15/14	284,700
235		PetroHawk Energy Corp. (144A) (b)	10.50	08/01/14	253,800
215		Pioneer Natural Resources Co.	6.65	03/15/17	205,675
295		Plains Exploration & Production Co.	7.625	06/01/18	290,575
105		Plains Exploration & Production Co.	7.75	06/15/15	104,738
125		Plains Exploration & Production Co. (a)	10.00	03/01/16	135,313
265		SandRidge Energy, Inc. (h)	8.625	04/01/15	264,006
					3,431,418
		Oil Refining&Marketing (0.4%)
125		Western Refining, Inc. (144A) (b)	11.25	06/15/17	118,750

		Oil-Field Services (0.4%)
140		Key Energy Services, Inc.	8.375	12/01/14	133,700

		Paper&Related Products (2.4%)
410		Georgia-Pacific LLC (144A) (b)	7.125	01/15/17	402,825
115		Georgia-Pacific LLC (144A) (b)	8.25	05/01/16	119,887
110		Glatfelter (a)	7.125	05/01/16	107,525
165		Verso Paper Holdings LLC / Verso Paper, Inc. (144A) (a)(b)	11.50	07/01/14	169,950
					800,187
		Pharmacy Services (1.2%)
345		Omnicare, Inc.	6.75	12/15/13	335,513
70		Omnicare, Inc.	6.875	12/15/15	67,550
					403,063
		Physical Therapy/Rehabilitation Centers (0.8%)
230		Healthsouth Corp. (a)	10.75	06/15/16	250,700

		Pipelines (1.0%)
115		El Paso Corp.	6.875	06/15/14	113,275
25		El Paso Corp.	12.00	12/12/13	28,625
170		Sonat, Inc.	7.625	07/15/11	174,330
					316,230
		Poultry (0.8%)
229		Pilgrim’s Pride Corp. (d)(e)	7.625	05/01/15	250,755

		Radio (0.6%)
200		Sirius XM Radio, Inc.	9.625	08/01/13	182,500

		Rental Auto/Equipment (0.6%)
190		United Rentals North America, Inc. (a)	6.50	02/15/12	191,425

		Resorts/Theme Parks (0.0%)
7,210		Resort at Summerlin LP (Series B) (c)(d)(e)	13.00	12/15/07	0

		Retail-Apparel/Shoe (1.5%)
330		Brown Shoe Co., Inc.	8.75	05/01/12	325,875
155		Phillips-Van Heusen Corp.	7.25	02/15/11	156,744
					482,619

		Retail-Drug Store (1.3%)
$	400	RITE AID Corp.	8.625%	03/01/15	$	327,500
110		RITE AID Corp.	9.50	06/15/17	89,650
					417,150
		Retail-Regional Department Store (1.5%)
445		Bon-Ton Department Stores, Inc. (The) (a)	10.25	03/15/14	327,075
200		Macy’s Retail Holdings, Inc.	5.90	12/01/16	184,238
					511,313
		Satellite Telecommunication (2.1%)
125		Hughes Network Systems LLC/HNS Finance Corp.	9.50	04/15/14	126,250
455		Intelsat Bermuda Ltd. (144A) (Bermuda)(b)(h)	11.50	02/04/17	425,425
140		Intelsat Corp.	9.25	06/15/16	144,900
					696,575
		Seismic Data Collection (0.6%)
205		Cie Generale de Geophysique-Veritas (France)	7.50	05/15/15	205,000

		Special Purpose Entity (2.0%)
125		FireKeepers Development Authority (144A) (b)	13.875	05/01/15	133,437
80		Fresenius US Finance II, Inc. (144A) (b)	9.00	07/15/15	87,600
160		LPL Holdings, Inc. (144A) (b)	10.75	12/15/15	157,800
315		NSG Holdings LLC / NSG Holdings, Inc. (144A) (b)	7.75	12/15/25	283,500
					662,337
		Steel-Producers (0.6%)
160		ArcelorMittal (Luxembourg)	9.85	06/01/19	189,556

		Telecommunication Services (2.5%)
290		PAETEC Holding Corp. (144A) (a)(b)	8.875	06/30/17	290,000
275		Wind Acquisition Finance SA (144A) (Luxembourg)(b)	10.75	12/01/15	303,875
200		Wind Acquisition Finance SA (144A) (Luxembourg)(b)	11.75	07/15/17	226,500
					820,375
		Telephone-Integrated (4.4%)
400		Frontier Communications Corp.	9.00	08/15/31	394,000
350		Qwest Capital Funding, Inc. (a)	7.25	02/15/11	351,750
315		Sprint Capital Corp.	6.90	05/01/19	283,500
65		Virgin Media Finance PLC (United Kingdom)	8.75	04/15/14	66,625
205		Virgin Media Finance PLC (United Kingdom)	9.125	08/15/16	211,662
125		Windstream Corp.	8.125	08/01/13	129,063
					1,436,600
		Theaters (0.7%)
220		AMC Entertainment, Inc.	8.75	06/01/19	228,250

		Wire&Cable Products (0.9%)
295		Anixter, Inc.	10.00	03/15/14	312,700
		Total Corporate Bonds *(Cost $40,106,039)*			30,916,285

		Senior Loan Notes (1.7%)
		Casino Gaming (0.9%)
323		CCM Merger Corp.	8.50(f)	07/13/12	303,552

		Utilities (0.8%)
274		Calpine Corp.	3.165(f)	03/29/14	250,458
		Total Senior Loan Notes *(Cost $496,845)*			554,010

NUMBER OF SHARES		VALUE
	Preferred Stock (0.3%)
	Finance—Commercial (0.3%)
172	Preferred Blocker, Inc. (144A) (b) (Cost $72,132)	100,034

	Common Stocks (0.1%)
	Casino Gaming (0.0%)
2,000	Fitzgeralds Gaming Corp. (c)(i)(j)	$	0

	Communications Equipment (0.0%)
6,198	Orbcomm, Inc.	16,859

	Food Products (0.0%)
2,375	SFAC New Holdings, Inc. (c)(i)(k)(l)	0
436	SFFB Holdings, Inc. (c)(i)(k)	0
		0
	Restaurants (0.1%)
3,374	American Restaurant Group, Inc. (Class A) (c)(i)(k)	26,992

	Telecommunication Services (0.0%)
12,688	Birch Telecom, Inc. (c)(i)(k)(m)	127

	Textile-Products (0.0%)
298,461	U.S. Leather, Inc. (c)(i)(k)	0

	Wireless Telecommunication Services (0.0%)
521	USA Mobility, Inc. (a)(k)	6,710
	Total Common Stocks *(Cost $41,765,946)*	50,688

NUMBER OF WARRANTS		EXPIRATION DATE	VALUE
	Warrants (0.0%)
	Commercial Services (0.0%)
42,250	Comforce Corp. - 144A (b)(c)	12/01/09	0

	Gaming & Entertainment (0.0%)
83,500	Aladdin Gaming Enterprises, Inc. - 144A (b)(c)	03/01/10	0
	Total Warrants *(Cost $127,585)*		0

PRINCIPAL AMOUNT IN THOUSANDS			VALUE
		Short-Term Investments (18.6%)
		Securities Held as Collateral on Loaned Securities (14.9%)
		Repurchase Agreements (3.1%)
$	391	Bank of America Securities LLC (0.07% dated 09/30/09, due 10/01/09; proceeds $390,894) fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follows: Fannie Mae 5.50% due 03/01/35; valued at $398,711	390,893
249		Citigroup (0.45% dated 09/30/09, due 10/01/09; proceeds $249,054) fully collateralized by common stock at the date of this Portfolio of Investments as follows: Walt Disney Co.; valued at $261,503 (n)	249,051
382		Deutsche Bank (0.08% dated 09/30/09, due 10/01/09; proceeds $381,878) fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follows: Fannie Mae 4.50% - 7.00% due 11/01/17 - 03/01/39, Freddie Mac 4.50% - 7.00% due 07/01/21 - 03/01/39; valued at $389,515	381,877
		Total Repurchase Agreements *(Cost $1,021,821)*	1,021,821

NUMBER OF SHARES (000)
	Investment Company (11.8%)
3,885	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $3,885,453) (o)	3,885,453
	Total Securities Held as Collateral on Loaned Securities *(Cost $4,907,274)*	4,907,274

	Investment Company (3.7%)
1,230	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $1,229,664)(o)	1,229,664
	Total Short-Term Investments *(Cost $6,136,938)*	6,136,938

MS Variable High Yield

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
			Unadjusted
			Quoted Prices In		Significant		Significant
			Active Market for		Other Observable		Unobservable
			Identical Investments		Inputs		Inputs
Investment Type	Total		(Level 1)		(Level 2)		(Level 3)
Common Stocks
Casino Gaming	$	0	—		—		$	0
Communications Equipment	16,859		$	16,859	—		—
Food Products	0		—		—		0
Restaurants	26,992		—		—		26,992
Telecommunication Services	127		—		—		127
Textile-Products	0		—		—		0
Wireless Telecommunication Services	6,710		6,710		—		—
Total Common Stocks	50,688		23,569		—		27,119
Warrants
Commercial Services	0		—		—		0
Gaming & Entertainment	0		—		—		0
Total Warrants	0		—		—		0
Preferred Stocks	100,034		—		100,034		—
Corporate Bonds	30,916,285		—		30,916,285		—
Senior Loans	554,010		—		554,010		—
Short-Term Investments	—		—		—		—
Investment Company	5,115,117		5,115,117		—		—
Repurchase Agreements	1,021,821		—		1,021,821		—
Total Short-Term Investments	6,136,938		5,115,117		1,021,821		—
Total	$	37,757,955	$	5,138,686	$	32,592,150	$	27,119

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

	Investments in
	Securities

Beginning Balance	$	27,119
Net purchases (sales)	—
Transfers in and/or out	—
Change in unrealized appreciation/depreciation	—
Realized gains (losses)	—
Ending Balance	$	27,119

Net change in unrealized appreciation/depreciation from investments still held as of September 30, 2009	—

Morgan Stanley Variable Investment Series - Global Infrastructure Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF
SHARES		VALUE
	Common Stocks (98.4%)
	*Australia (4.2%)*
	Transportation Infrastructure
199,373	Australian Infrastructure Fund (Stapled Securities) (a)	$	284,057
818,520	Macquarie Airports (Stapled Securities) (a)(b)	2,050,759
375,605	Transurban Group (Stapled Securities) (a)(b)	1,358,571
	Total Australia	3,693,387

	*Austria (1.0%)*
	Construction & Engineering
28,405	Strabag SE	919,039

	*Belgium (0.1%)*
	Construction & Engineering
2,100	Compagnie d’Entreprises CFE	116,622

	Oil, Gas & Consumable Fuels
42	Euronav NV	904
	Total Belgium	117,526

	*Bermuda (0.9%)*
	Oil, Gas & Consumable Fuels
32,100	Frontline Ltd. (c)(d)	746,357
100	Ship Finance International Ltd.	1,229
	Total Bermuda	747,586

	*Brazil (2.4%)*
	Electric Utilities
125	Cia Energetica de Minas Gerais (ADR) (c)	1,900
16,400	EDP - Energias do Brasil SA	269,569
		271,469
	Transportation Infrastructure
99,100	Cia de Concessoes Rodoviarias	1,711,707
7,600	Obrascon Huarte Lain Brasil SA	109,693
		1,821,400
	Total Brazil	2,092,869

	*Canada (4.0%)*
	Oil, Gas & Consumable Fuels
59,600	Enbridge, Inc. (c)	2,314,082
39,200	TransCanada Corp. (c)	1,221,785
	Total Canada	3,535,867

	*Chile (0.0%)*
	Electric Utilities
100	Enersis SA (ADR)	1,845

	*China (5.9%)*
	Construction & Engineering
633,000	China Communications Construction Co., Ltd. (H Shares) (e)	685,269

	Diversified Telecommunication Services
2,602,000	China Telecom Corp. Ltd. (H Shares) (e)	1,228,808

	Independent Power Producers & Energy Traders
2,000	Datang International Power Generation Co., Ltd. (e)	1,045

	Machinery
1,017,700	China National Materials Co., Ltd. (H Shares) (e)	871,934

	Transportation Infrastructure
2,790,000	Zhejiang Expressway Co., Ltd. (H Shares) (e)	2,444,384
	Total China	5,231,440

	*France (4.8%)*
	Electric Utilities
7,907	EDF SA	469,079

	Multi-Utilities
40,834	GDF Suez	1,813,257

	Transportation Infrastructure
18,500	Aeroports de Paris (ADP)	$	1,664,664
3,972	Societe Des Autoroutes Paris-Rhin-Rhone	302,655
		1,967,319
	Total France	4,249,655

	*Germany (14.0%)*
	Electric Utilities
159,184	E.ON AG	6,750,691

	Multi-Utilities
48,766	RWE AG	4,529,352

	Transportation Infrastructure
10,722	Fraport AG Frankfurt Airport Services Worldwide (c)	570,336
10,051	Hamburger Hafen und Logistik AG	452,866
		1,023,202
	Total Germany	12,303,245

	*Greece (0.6%)*
	Electric Utilities
22,570	Public Power Corp. SA (f)	502,356

	Oil, Gas & Consumable Fuels
100	Tsakos Energy Navigation Ltd. (c)	1,565
	Total Greece	503,921

	*Italy (9.9%)*
	Electric Utilities
332,157	Enel SpA	2,108,304

	Multi-Utilities
232,055	A2A SpA	456,055

	Transportation Infrastructure
89,700	Ansaldo STS SpA	1,836,372
177,013	Atlantia SpA	4,292,182
		6,128,554
	Total Italy	8,692,913

	*Japan (7.2%)*
	Construction & Engineering
108,000	Chiyoda Corp. (c)	850,621
25,000	Kandenko Co., Ltd.	172,952
65,000	Nishimatsu Construction Co., Ltd. (c)	92,686
		1,116,259
	Diversified Telecommunication Services
22,799	Nippon Telegraph & Telephone Corp.	1,056,579

	Electric Utilities
54,400	Kansai Electric Power Co., Inc. (The) (c)	1,315,078

	Transportation Infrastructure
345,000	Kamigumi Co., Ltd.	2,817,190
	Total Japan	6,305,106

	*Malaysia (1.8%)*
	Electric Utilities
442,100	Tenaga Nasional Berhad	1,046,171

	Transportation Infrastructure
573,000	PLUS Expressways Berhad	551,312
	Total Malaysia	1,597,483

	*Mexico (0.2%)*
	Transportation Infrastructure
76,200	Grupo Aeroportuario del Pacifico SAB de CV (Class B)	214,706

	*Netherlands (4.7%)*
	Transportation Infrastructure
35,172	Koninklijke Vopak NV (f)	$	2,283,174
24,500	Smit Internationale NV	1,893,716
	Total Netherlands	4,176,890

	*New Zealand (0.4%)*
	Transportation Infrastructure
267,905	Auckland International Airport Ltd.	359,874

	*Portugal (0.6%)*
	Transportation Infrastructure
48,929	Brisa Auto-Estradas de Portugal SA	481,872

	*Singapore (0.4%)*
	Transportation Infrastructure
198,000	Singapore Airport Terminal Services Ltd.	317,666

	*South Africa (2.5%)*
	Diversified Telecommunication Services
385,736	Telkom SA Ltd.	2,219,317

	*South Korea (2.0%)*
	Diversified Telecommunication Services
51,220	KT Corp.	1,758,412

	*Spain (5.9%)*
	Transportation Infrastructure
230,037	Abertis Infraestructuras SA	5,221,075

	*Turkey (1.9%)*
	Gas Utilities
425,387	Aygaz	1,662,564

	*United Kingdom (2.7%)*
	Independent Power Producers & Energy Traders
120,637	Drax Group PLC	909,038

	Multi-Utilities
119,529	Centrica PLC	480,622

	Transportation Infrastructure
378,800	BBA Aviation PLC	958,321
	Total United Kingdom	2,347,981

	*United States (20.3%)*
	Construction & Engineering
16,300	Fluor Corp.	828,855
58,500	KBR, Inc.	1,362,465
		2,191,320
	Electric Utilities
21,600	American Electric Power Co., Inc.	669,384
14,700	Exelon Corp.	729,414
		1,398,798
	Gas Utilities
16,400	AGL Resources, Inc.	578,428
3,000	Energen Corp.	129,300
		707,728
	Independent Power Producers & Energy Traders
11,400	Constellation Energy Group, Inc.	369,018
63,100	NRG Energy, Inc. (f)	1,778,789
		2,147,807
	Multi-Utilities
115,100	NiSource, Inc.	1,598,739
2,800	Public Service Enterprise Group, Inc.	88,032

40,400	Sempra Energy			$	2,012,324
				3,699,095
	Oil, Gas & Consumable Fuels
48,200	El Paso Corp.			497,424
100	General Maritime Corp.			774
160,100	Southern Union Co.			3,328,479
14,116	Spectra Energy Corp.			267,357
203,100	Williams Cos., Inc. (The)			3,629,397
				7,723,431
	Total United States			17,868,179
	Total Common Stocks *(Cost $74,761,769)*			86,620,418

	Preferred Stock (0.6%)
	*Brazil (0.6%)*
	Electric Utilities
24,000	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA			494,197
	*(Cost $346,686)*

PRINCIPAL AMOUNT IN THOUSANDS				VALUE
	Short-Term Investments (7.1%)
	Securities Held as Collateral on Loaned Securities
	Repurchase Agreements (1.3%)
442	Bank of America Securities LLC (0.07% dated 09/30/09, due 10/01/09; proceeds $441,912; fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follow: Fannie Mae 5.50% due 03/01/35; valued at $450,749)			441,911
282	Citigroup (0.45% dated 09/30/09, due 10/01/09; proceeds $281,559; fully collateralized by common stock at the date of this Portfolio of Investments as follow: Walt Disney Co.; valued at $295,634)			281,556
432	Deutsche Bank (0.08% dated 09/30/09, due 10/01/09; proceeds $431,720; fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follows: Fannie Mae 4.50% - 7.00% due 11/01/17 - 03/01/39, Freddie Mac 4.50% - 7.00% due 07/01/21 - 03/01/39; valued at $440,353)			431,719
	Total Repurchase Agreements *(Cost $1,155,186)*			1,155,186

NUMBER OF SHARES (000)
	Investment Company (g)(5.0%)
4,393	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $4,392,571)			4,392,571
	Total Securities Held as Collateral on Loaned Securities *(Cost $5,547,757)*			5,547,757

	Investment Company (g)(0.8%)
720	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $719,774)			719,774
	Total Short-Term Investments *(Cost $6,267,531)*			6,267,531
	Total Investments *(Cost $81,375,986) (h)(i)*	106.1	%	93,382,146
	Liabilities in Excess of Other Assets	(6.1	)	(5,338,018		)
	Net Assets	100.0	%	$	88,044,128

ADR		American Depositary Receipt.
(a)		Comprised of securities in separate entities that are traded as a single stapled security.
(b)		Consists of one or more class of securities traded together as a unit; stocks with attached warrants.
(c)		The values of loaned securities and related collateral outstanding at September 30, 2009 were $5,322,414 and $5,547,757, respectively, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.
(d)		Security trades on the Norwegian exchange.
(e)		Security trades on the Hong Kong exchange.

Forward Foreign Currency Contracts Open at September 30, 2009:

CONTRACTS TO DELIVER		IN EXCHANGE FOR		DELIVERY DATE	UNREALIZED APPRECIATION (DEPRECIATION)
$	1,944,618	AUD	2,263,553	10/15/2009	$	49,889
$	1,037,414	AUD	1,203,078	10/15/2009	22,666
$	1,510,843	CAD	1,640,776	10/15/2009	21,700
$	2,639,059	CAD	2,842,530	10/15/2009	15,967
$	859,057	GBP	517,873	10/15/2009	(31,473		)
$	1,484,391	GBP	890,430	10/15/2009	(61,444		)
$	736,513	HKD	5,707,094	10/15/2009	(49		)
$	347,899	NZD	497,881	10/15/2009	11,276
BRL	653,899	$	358,007	10/15/2009	(10,260		)
BRL	3,853,086	$	2,110,702	10/15/2009	(59,304		)
CHF	153,630	$	148,470	10/15/2009	204
EUR	451,927	$	660,703	10/15/2009	(617		)
EUR	1,518,767	$	2,211,932	10/15/2009	(10,534		)
JPY	7,777,421	$	85,198	10/15/2009	(1,452		)
KRW	1,300,040,000	$	1,063,863	10/15/2009	(39,283		)
KRW	748,785,261	$	612,253	10/15/2009	(23,127		)
MXN	2,939,373	$	218,850	10/15/2009	1,539
MYR	1,833,410	$	524,731	10/15/2009	(4,648		)
MYR	3,711,555	$	1,057,875	10/15/2009	(13,800		)
NOK	1,935,857	$	327,256	10/15/2009	(7,742		)
SGD	115,290	$	81,030	10/15/2009	(804		)
TRY	514,398	$	341,566	10/15/2009	(4,118		)
TRY	1,893,133	$	1,257,060	10/15/2009	(15,156		)
ZAR	11,113,079	$	1,481,586	10/15/2009	6,521
ZAR	6,243,475	$	832,630	10/15/2009	3,919
		Net Unrealized Depreciation			$	(150,130	)

Currency Abbreviations:
AUD		Australian Dollar.
BRL		Brazilian Real.
CAD		Canadian Dollar.
CHF		Swiss Franc.
EUR		Euro.
GBP		British Pound.
HKD		Hong Kong Dollar.
JPY		Japanese Yen.
KRW		South Korean Won.
MXN		Mexican Peso.
MYR		Malaysian Ringgit.
NOK		Norwegian Krone.
NZD		New Zealand Dollar.
SGD		Singapore Dollar.
TRY		Turkish Lira.
ZAR		South African Rand.

MS Variable Global Infrastructure

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at fair value:

	Fair Value Measurements at September 30, 2009 Using
				Unadjusted
				Quoted Prices In		Significant			Significant
				Active Market for		Other Observable			Unobservable
				Identical Investments		Inputs			Inputs
Investment Type	Total			(Level 1)		(Level 2)			(Level 3)
Common Stocks
Construction & Engineering	$	5,028,509		$	5,028,509	—			—
Diversified Telecommunication Services	6,263,116			6,263,116		—			—
Electric Utilities	13,863,791			13,863,791		—			—
Gas Utilities	2,370,292			2,370,292		—			—
Independent Power Producers & Energy Traders	3,057,890			3,057,890		—			—
Machinery	871,934			871,934		—			—
Multi-Utilities	10,978,381			10,978,381		—			—
Oil, Gas & Consumable Fuels	12,009,353			12,009,353		—			—
Transportation Infrastructure	32,177,152			32,177,152		—			—
Total Common Stocks	86,620,418			86,620,418		—			—
Preferred Stocks	494,197			494,197		—			—
Short-Term Investments
Investment Company	5,112,345			5,112,345		—			—
Repurchase Agreements	1,155,186			—		$	1,155,186		—
Total Short-Term Investments	6,267,531			5,112,345		1,155,186			—
Forward Foreign Currency Contracts	133,681			—		133,681			—
Total	$	93,515,827		$	92,226,960	$	1,288,867		—
Liabilities:
Forward Foreign Currency Contracts	$	(283,811	)	—		$	(283,811	)	—

Morgan Stanley Variable Investment Series - Income Builder Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF
SHARES		VALUE
	Common Stocks (63.9%)
	Aerospace & Defense (0.8%)
2,400	General Dynamics Corp.	$	155,040
2,380	Raytheon Co.	114,169
		269,209
	Air Freight & Logistics (0.5%)
2,100	FedEx Corp.	157,962

	Auto Components (0.3%)
3,300	Autoliv, Inc.	110,880

	Automobiles (0.4%)
5,625	Harley-Davidson, Inc.	129,375

	Beverages (0.4%)
2,190	Coca-Cola Co. (The)	117,603

	Capital Markets (1.4%)
19,133	Charles Schwab Corp. (The)	366,397
1,700	State Street Corp.	89,420
		455,817
	Chemicals (0.7%)
8,700	Dow Chemical Co. (The)	226,809

	Commercial Banks (3.2%)
5,900	BB&T Corp.	160,716
2,200	Comerica, Inc.	65,274
12,100	Fifth Third Bancorp	122,573
4,519	First Horizon National Corp. (a)	59,783
8,704	PNC Financial Services Group, Inc.	422,927
4,600	US Bancorp	100,556
4,400	Wells Fargo & Co.	123,992
		1,055,821
	Commercial Services & Supplies (0.8%)
3,700	Avery Dennison Corp.	133,237
4,000	Cintas Corp.	121,240
		254,477
	Communications Equipment (1.1%)
15,600	Cisco Systems, Inc. (a)	367,224

	Computers & Peripherals (1.2%)
8,721	Hewlett-Packard Co.	411,719

	Diversified Financial Services (5.4%)
24,300	Bank of America Corp.	411,156
43,700	Citigroup, Inc. (b)	211,508
26,511	JPMorgan Chase & Co.	1,161,712
		1,784,376
	Diversified Telecommunication Services (1.0%)
10,639	Verizon Communications, Inc.	322,043

	Electric Utilities (2.8%)
14,357	American Electric Power Co., Inc.	444,924
1,700	Edison International	57,086
2,363	Entergy Corp.	188,709
5,170	FirstEnergy Corp.	236,372
		927,091
	Electronic Equipment, Instruments & Components (0.8%)
9,600	Agilent Technologies, Inc. (a)	267,168

	Energy Equipment & Services (1.1%)
4,740	Schlumberger Ltd. (Netherlands Antilles)	282,504
2,900	Smith International, Inc.	83,230
		365,734

	Food & Staples Retailing (1.0%)
8,800	Walgreen Co.	$	329,736

	Food Products (1.3%)
3,840	Cadbury PLC (ADR) (United Kingdom)	196,646
7,760	Unilever N.V. (NY Registered Shares) (Netherlands)	223,954
		420,600
	Health Care Equipment & Supplies (1.6%)
18,640	Boston Scientific Corp. (a)	197,398
2,225	CareFusion Corp. (a)	48,505
6,950	Covidien PLC (Ireland)	300,657
		546,560
	Health Care Providers & Services (0.4%)
4,450	Cardinal Health, Inc.	119,260

	Hotels, Restaurants & Leisure (0.5%)
8,050	Starbucks Corp. (a)	166,233

	Household Durables (0.9%)
10,530	Sony Corp. (ADR) (Japan)	307,476

	Industrial Conglomerates (3.4%)
28,800	General Electric Co.	472,896
3,470	Siemens AG (ADR) (Germany)	322,571
9,540	Tyco International Ltd. (Luxembourg)	328,939
		1,124,406
	Insurance (4.7%)
6,424	Chubb Corp.	323,834
32,327	Marsh & McLennan Cos., Inc.	799,447
1,500	Transatlantic Holdings, Inc.	75,255
7,445	Travelers Cos., Inc. (The)	366,517
		1,565,053
	Internet Software & Services (1.6%)
22,230	eBay, Inc. (a)	524,850

	Machinery (1.6%)
7,900	Dover Corp.	306,204
7,605	Ingersoll-Rand PLC (Ireland)	233,245
		539,449
	Media (4.9%)
20,640	Comcast Corp. (Class A)	348,609
5,177	Time Warner Cable, Inc.	223,077
16,936	Time Warner, Inc.	487,418
20,143	Viacom, Inc. (Class B) (a)	564,810
		1,623,914
	Metals & Mining (1.0%)
2,500	Freeport-McMoRan Copper & Gold, Inc. (Class B)	171,525
3,550	Newmont Mining Corp.	156,271
		327,796
	Multiline Retail (0.6%)
11,680	Macy’s, Inc.	213,627

	Oil, Gas & Consumable Fuels (7.9%)
8,000	Anadarko Petroleum Corp.	501,840
4,680	BP PLC (ADR) (United Kingdom)	249,116
2,508	ConocoPhillips	113,261
3,460	Devon Energy Corp.	232,962
4,660	Exxon Mobil Corp.	319,722
3,097	Hess Corp.	165,566
7,060	Occidental Petroleum Corp.	553,504
7,630	Royal Dutch Shell PLC (ADR) (United Kingdom)	436,360
2,800	Valero Energy Corp.	54,292
		2,626,623

		Personal Products (0.7%)
6,340		Estee Lauder Cos., Inc. (The) (Class A)			$	235,087

		Pharmaceuticals (5.0%)
3,660		Abbott Laboratories			181,060
4,830		Bayer AG (ADR) (Germany)			336,168
16,530		Bristol-Myers Squibb Co.			372,256
13,000		Pfizer, Inc.			215,150
6,800		Roche Holding AG (ADR) (Switzerland)			275,298
9,280		Schering-Plough Corp.			262,160
					1,642,092
		Professional Services (0.8%)
2,940		Manpower, Inc.			166,727
4,500		Robert Half International, Inc.			112,590
					279,317
		Semiconductors & Semiconductor Equipment (1.3%)
12,989		Intel Corp.			254,195
5,337		Lam Research Corp. (a)			182,312
					436,507
		Software (0.2%)
3,296		Symantec Corp. (a)			54,285

		Specialty Retail (2.0%)
8,800		Gap, Inc. (The)			188,320
17,230		Home Depot, Inc.			459,007
					647,327
		Wireless Telecommunication Services (0.6%)
8,300		Vodafone Group PLC (ADR) (United Kingdom)			186,750
		Total Common Stocks *(Cost $20,096,935)*			21,140,256

PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE	MATURITY DATE	VALUE
		Convertible Bonds (16.3%)
		Brewery (4.1%)
$	1,200	Molson Coors Brewing Co.	2.50%	07/30/13	1,363,500

		Cruise Lines (3.2%)
1,600		Carnival Corp.	0.50	04/29/33	1,068,000

		Electric-Integrated (1.4%)
173		PG&E Corp.	9.50	06/30/10	470,776

		Electronic Component-Semiconductor (4.0%)
1,450		Intel Corp. (144A) (c)	2.95	12/15/35	1,301,375

		Gold Mining (3.6%)
1,000		Newmont Mining Corp.	1.25	07/15/14	1,195,000
		Total Convertible Bonds *(Cost $5,228,632)*			5,398,651

		Corporate Bonds (11.0%)
		Hotels&Motels (6.3%)
2,000		Starwood Hotels & Resorts Worldwide, Inc.	7.875	05/01/12	2,085,000

		Paper&Related Products (4.7%)
1,500		Buckeye Technologies, Inc.	8.50	10/01/13	1,545,000
		Total Corporate Bonds *(Cost $3,649,125)*			3,630,000

MS Variable Income Builder

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
			Unadjusted
			Quoted Prices In		Significant		Significant
			Active Market for		Other Observable		Unobservable
			Identical Investments		Inputs		Inputs
Investment Type	Total		(Level 1)		(Level 2)		(Level 3)
Aerospace & Defense	$	269,209	$	269,209	—		—
Air Freight & Logistics	157,962		157,962		—		—
Auto Components	110,880		110,880		—		—
Automobiles	129,375		129,375		—		—
Beverages	117,603		117,603		—		—
Capital Markets	455,817		455,817		—		—
Chemicals	226,809		226,809		—		—
Commercial Banks	1,055,821		1,055,821		—		—
Commercial Services & Supplies	254,477		254,477		—		—
Communications Equipment	367,224		367,224		—		—
Computers & Peripherals	411,719		411,719		—		—
Diversified Financial Services	1,784,376		1,784,376		—		—
Diversified Telecommunication Services	322,043		322,043		—		—
Electric Utilities	927,091		927,091		—		—
Electronic Equipment, Instruments & Components	267,168		267,168		—		—
Energy Equipment & Services	365,734		365,734		—		—
Food & Staples Retailing	329,736		329,736		—		—
Food Products	420,600		420,600		—		—
Health Care Equipment & Supplies	546,560		546,560		—		—
Health Care Providers & Services	119,260		119,260		—		—
Hotels, Restaurants & Leisure	166,233		166,233		—		—
Household Durables	307,476		307,476		—		—
Industrial Conglomerates	1,124,406		1,124,406		—		—
Insurance	1,565,053		1,565,053		—		—
Internet Software & Services	524,850		524,850		—		—
Machinery	539,449		539,449		—		—
Media	1,623,914		1,623,914		—		—
Metals & Mining	327,796		327,796		—		—
Multiline Retail	213,627		213,627		—		—
Oil, Gas & Consumable Fuels	2,626,623		2,626,623		—		—
Personal Products	235,087		235,087		—		—
Pharmaceuticals	1,642,092		1,642,092		—		—
Professional Services	279,317		279,317		—		—
Semiconductors & Semiconductor Equipment	436,507		436,507		—		—
Software	54,285		54,285		—		—
Specialty Retail	647,327		647,327		—		—
Wireless Telecommunication Services	186,750		186,750		—		—
Total Common Stocks	21,140,256		21,140,256		—		—
Convertible Preferred Stock	1,288,050		—		$	1,288,050	—
Corporate Bonds	9,028,651		—		9,028,651		—
Short-Term Investments - Investment Company	1,460,106		1,460,106		—		—
Total	$	32,917,063	$	22,600,362	$	10,316,701	—

Morgan Stanley Variable Investment Series - Dividend Growth Portfolio*

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF SHARES		VALUE
	*Common Stocks (98.6%)*
	Aerospace & Defense (5.0%)
40,200	Boeing Co. (The)	$	2,176,830
25,610	L-3 Communications Holdings, Inc.	2,056,995
60,100	Raytheon Co.	2,882,997
89,019	United Technologies Corp.	5,423,928
		12,540,750
	Biotechnology (1.3%)
55,000	Amgen, Inc. (a)	3,312,650

	Capital Markets (3.6%)
30,568	Goldman Sachs Group, Inc. (The)	5,635,211
67,190	State Street Corp.	3,534,194
		9,169,405
	Commercial Banks (1.3%)
112,270	Wells Fargo & Co.	3,163,769

	Commercial Services & Supplies (1.0%)
98,156	Pitney Bowes, Inc.	2,439,177

	Computers & Peripherals (6.7%)
30,580	Apple, Inc. (a)	5,668,614
96,220	Hewlett-Packard Co.	4,542,546
55,670	International Business Machines Corp.	6,658,689
		16,869,849
	Construction & Engineering (1.6%)
78,890	Fluor Corp.	4,011,556

	Diversified Financial Services (3.3%)
149,490	Bank of America Corp.	2,529,371
129,532	JPMorgan Chase & Co.	5,676,092
		8,205,463
	Diversified Telecommunication Services (1.8%)
167,600	AT&T, Inc.	4,526,876
1,048	Fairpoint Communications, Inc.	430
		4,527,306
	Electric Utilities (0.9%)
47,833	Exelon Corp.	2,373,473

	Electronic Equipment, Instruments & Components (1.1%)
183,680	Corning, Inc.	2,812,141

	Energy Equipment & Services (3.5%)
135,800	Halliburton Co.	3,682,896
61,070	Transocean Ltd. (Switzerland) (a)	5,223,317
		8,906,213
	Food & Staples Retailing (2.0%)
144,487	CVS Caremark Corp.	5,163,965

	Food Products (1.9%)
77,910	Bunge Ltd. (Bermuda)	4,877,945

	Health Care Providers & Services (2.8%)
146,460	UnitedHealth Group, Inc.	3,667,358
73,980	WellPoint, Inc. (a)	3,503,693
		7,171,051
	Hotels, Restaurants & Leisure (3.0%)
77,750	McDonald’s Corp.	4,437,193
132,240	Royal Caribbean Cruises Ltd. (Liberia) (a)	3,184,339
		7,621,532
	Household Durables (0.9%)
33,900	Whirlpool Corp.	2,371,644

	Household Products (2.9%)
74,730	Kimberly-Clark Corp.	4,407,575
50,714	Procter & Gamble Co. (The)	2,937,355
		7,344,930

	Industrial Conglomerates (2.6%)
400,527	General Electric Co.	$	6,576,653

	Information Technology Services (1.2%)
55,920	Computer Sciences Corp. (a)	2,947,543

	Insurance (5.1%)
50,000	ACE Ltd. (Switzerland) (a)	2,673,000
94,990	Aflac, Inc.	4,059,873
87,655	MetLife, Inc.	3,337,026
56,880	Travelers Companies, Inc. (The)	2,800,202
		12,870,101
	Internet Software & Services (1.7%)
8,891	Google, Inc. (Class A) (a)	4,408,602

	Media (3.1%)
72,270	Omnicom Group, Inc.	2,669,654
183,630	Walt Disney Co. (The)	5,042,480
		7,712,134
	Metals & Mining (2.9%)
58,970	Freeport-McMoRan Copper & Gold, Inc. (Class B)	4,045,931
72,640	United States Steel Corp.	3,223,037
		7,268,968
	Multi-Utilities (2.8%)
115,160	Public Service Enterprise Group, Inc.	3,620,630
70,000	Sempra Energy	3,486,700
		7,107,330
	Multiline Retail (1.5%)
81,930	Target Corp.	3,824,492

	Oil, Gas & Consumable Fuels (8.6%)
45,500	Apache Corp.	4,178,265
32,990	BP PLC (ADR) (United Kingdom)	1,756,058
65,150	Chevron Corp.	4,588,515
52,530	ConocoPhillips	2,372,255
80,243	Exxon Mobil Corp.	5,505,472
102,620	Marathon Oil Corp.	3,273,578
1	XTO Energy, Inc.	41
		21,674,184
	Paper & Forest Products (1.3%)
150,190	International Paper Co.	3,338,724

	Pharmaceuticals (9.3%)
20,075	Johnson & Johnson	1,222,367
161,720	Merck & Co., Inc.	5,115,203
381,374	Pfizer, Inc.	6,311,740
142,720	Watson Pharmaceuticals, Inc. (a)	5,229,261
114,572	Wyeth	5,565,908
		23,444,479
	Road & Rail (1.7%)
100,760	CSX Corp.	4,217,814

	Software (5.0%)
318,527	Microsoft Corp.	8,246,664
210,940	Oracle Corp.	4,395,990
		12,642,654
	Specialty Retail (2.4%)
165,530	Gap, Inc. (The)	3,542,342
42,400	Sherwin-Williams Co. (The)	2,550,784
		6,093,126

MS Variable Dividend Growth

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
				Unadjusted
				Quoted Prices In			Significant	Significant
				Active Market for			Other Observable	Unobservable
				Identical Investments			Inputs	Inputs
Investment Type	Total			(Level 1)			(Level 2)	(Level 3)
Assets:
Common Stocks
Aerospace & Defense	$	12,540,750		$	12,540,750		—	—
Biotechnology	3,312,650			3,312,650			—	—
Capital Markets	9,169,405			9,169,405			—	—
Commercial Banks	3,163,769			3,163,769			—	—
Commercial Services & Supplies	2,439,177			2,439,177			—	—
Computers & Peripherals	16,869,849			16,869,849			—	—
Construction & Engineering	4,011,556			4,011,556			—	—
Diversified Financial Services	8,205,463			8,205,463			—	—
Diversified Telecommunication Services	4,527,306			4,527,306			—	—
Electric Utilities	2,373,473			2,373,473			—	—
Electronic Equipment, Instruments & Components	2,812,141			2,812,141			—	—
Energy Equipment & Services	8,906,213			8,906,213			—	—
Food & Staples Retailing	5,163,965			5,163,965			—	—
Food Products	4,877,945			4,877,945			—	—
Health Care Providers & Services	7,171,051			7,171,051			—	—
Hotels, Restaurants & Leisure	7,621,532			7,621,532			—	—
Household Durables	2,371,644			2,371,644			—	—
Household Products	7,344,930			7,344,930			—	—
Industrial Conglomerates	6,576,653			6,576,653			—	—
Information Technology Services	2,947,543			2,947,543			—	—
Insurance	12,870,101			12,870,101			—	—
Internet Software & Services	4,408,602			4,408,602			—	—
Media	7,712,134			7,712,134			—	—
Metals & Mining	7,268,968			7,268,968			—	—
Multi-Utilities	7,107,330			7,107,330			—	—
Multiline Retail	3,824,492			3,824,492			—	—
Oil, Gas & Consumable Fuels	21,674,184			21,674,184			—	—
Paper & Forest Products	3,338,724			3,338,724			—	—
Pharmaceuticals	23,444,479			23,444,479			—	—
Road & Rail	4,217,814			4,217,814			—	—
Software	12,642,654			12,642,654			—	—
Specialty Retail	6,093,126			6,093,126			—	—
Textiles, Apparel & Luxury Goods	2,857,291			2,857,291			—	—
Tobacco	9,336,585			9,336,585			—	—
Total Common Stocks	249,203,499			249,203,499			—	—
Short-Term Investments - Investment Company	3,429,034			3,429,034			—	—
Total	$	252,632,533		$	252,632,533		—	—
Liabilities:
Options Written	(61,790		)	(61,790		)	—	—

Morgan Stanley Variable Investment Series - Global Dividend Growth Portfolio*

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF SHARES		VALUE
	Common Stocks (98.2%)

	Austria (1.5%)
	Diversified Telecommunication Services
75,812	Telekom Austria AG	$	1,366,782

	Bermuda (1.7%)
	Insurance
55,388	Willis Group Holdings Ltd.	1,563,049

	Finland (2.6%)
	Communications Equipment
63,655	Nokia Oyj	936,158

	Machinery
18,090	Konecranes Oyj	515,677

	Metals & Mining
38,163	Rautaruukki Oyj	915,876
	Total Finland	2,367,711

	France (10.1%)
	Commercial Banks
11,452	BNP Paribas (a)	915,007

	Diversified Telecommunication Services
33,649	France Telecom SA	896,424

	Information Technology Services
22,558	Cap Gemini SA	1,181,608

	Insurance
16,554	Euler Hermes SA	1,419,551

	Machinery
8,811	Vallourec SA (a)	1,493,084

	Multi-Utilities
29,043	GDF Suez	1,289,671

	Oil, Gas & Consumable Fuels
21,250	Total SA (a)	1,262,667

	Real Estate Investment Trusts (REITs)
8,618	ICADE	923,141
	Total France	9,381,153

	Germany (4.4%)
	Air Freight & Logistics
49,872	Deutsche Post AG (Registered Shares)	934,151

	Electric Utilities
33,992	E.ON AG	1,441,536

	Industrial Conglomerates
10,698	Siemens AG (Registered Shares)	990,648

	Multi-Utilities
7,337	RWE AG	681,456
	Total Germany	4,047,791

	Greece (1.0%)
	Commercial Banks
26,840	National Bank of Greece SA (b)	962,275

	Ireland (2.6%)
	Construction Materials
88,564	CRH PLC	2,450,103

	Italy (2.6%)
	Oil, Gas & Consumable Fuels
95,215	ENI SpA (a)	$	2,379,818

	Japan (10.5%)
	Commercial Banks
33,800	Sumitomo Mitsui Financial Group, Inc. (a)	1,178,566
59,100	Tokyo Tomin Bank, Ltd. (The) (a)	964,535
		2,143,101
	Electronic Equipment, Instruments & Components
39,000	Hoya Corp.	921,072
17,700	TDK Corp. (a)	1,023,372
		1,944,444
	Leisure Equipment & Products
60,500	Yamaha Corp. (a)	715,769

	Machinery
170,000	Amada Co., Ltd.	1,143,876
252,000	Daifuku Co., Ltd. (a)	1,687,205
118,800	Mori Seiki Co., Ltd. (a)	1,428,009
		4,259,090
	Software
2,485	Nintendo Co., Ltd.	636,718
	Total Japan	9,699,122

	Netherlands (6.5%)
	Chemicals
12,562	Akzo Nobel N.V. (a)	778,231

	Food Products
36,581	Unilever N.V.	1,054,295

	Media
160,182	Reed Elsevier N.V.	1,807,251
109,898	Wolters Kluwer N.V.	2,347,169
		4,154,420
	Total Netherlands	5,986,946

	Norway (1.3%)
	Media
69,420	Schibsted ASA (a)(b)	1,171,803

	Singapore (2.2%)
	Air Freight & Logistics
1,353,000	Singapore Post Ltd.	888,457

	Road & Rail
973,000	ComfortDelgro Corp., Ltd.	1,112,079
	Total Singapore	2,000,536

	Spain (1.8%)
	Commercial Banks
33,358	Banco Bilbao Vizcaya Argentaria SA	592,122

	Diversified Telecommunication Services
38,906	Telefonica SA	1,073,479
	Total Spain	1,665,601

	Switzerland (3.6%)
	Food Products
22,246	Nestle SA	947,972

	Hotels, Restaurants & Leisure
1,255	Kuoni Reisen Holding AG (Registered Shares)	$	466,250

	Pharmaceuticals
38,571	Novartis AG (Registered Shares)	1,929,853
	Total Switzerland	3,344,075

	United Kingdom (16.2%)
	Aerospace & Defense
160,902	Meggitt PLC	599,410

	Beverages
34,370	Britvic PLC	193,624
55,894	Diageo PLC	857,544
		1,051,168
	Electric Utilities
41,309	Scottish & Southern Energy PLC	774,395

	Insurance
194,795	Prudential PLC	1,872,550

	Machinery
125,184	IMI PLC	895,486

	Metals & Mining
20,444	BHP Billiton PLC	558,051

	Oil, Gas & Consumable Fuels
173,720	BP PLC	1,535,306
60,114	Royal Dutch Shell PLC (Class A)	1,713,439
		3,248,745
	Pharmaceuticals
45,888	GlaxoSmithKline PLC	901,670

	Tobacco
84,875	British American Tobacco PLC	2,662,686

	Wireless Telecommunication Services
1,084,967	Vodafone Group PLC	2,430,997
	Total United Kingdom	14,995,158

	United States (29.6%)
	Capital Markets
54,343	Bank of New York Mellon Corp. (The)	1,575,404

	Chemicals
27,907	EI Du Pont de Nemours & Co.	896,931

	Commercial Services & Supplies
39,780	Avery Dennison Corp.	1,432,478

	Computers & Peripherals
31,005	Diebold, Inc.	1,020,995

	Containers & Packaging
29,800	Sonoco Products Co.	820,692

	Diversified Telecommunication Services
65,219	AT&T, Inc.	1,761,565
62,832	Verizon Communications, Inc.	1,901,925
		3,663,490
	Electric Utilities
23,449	Allete, Inc.	787,183

	Household Products
33,543	Procter & Gamble Co. (The)	1,942,811

	Media
77,322	McGraw-Hill Cos., Inc. (The)	1,943,875

	Multiline Retail
35,443	JC Penney Co., Inc.	$	1,196,201

	Pharmaceuticals
117,550	Bristol-Myers Squibb Co.	2,647,226
26,184	Eli Lilly & Co.	864,857
		3,512,083
	Real Estate Investment Trusts (REITs)
47,266	Potlatch Corp. (REIT) (a)	1,344,718

	Semiconductors & Semiconductor Equipment
57,692	Intel Corp.	1,129,032

	Tobacco
76,942	Philip Morris International, Inc.	3,750,153
51,668	Reynolds American, Inc. (a)	2,300,259
		6,050,412
	Total United States	27,316,305
	Total Common Stocks *(Cost $74,795,180)*	90,698,228

	Right (0.0%)

	France
	Commercial Banks
11,452	BNP Paribas (a)(b) (Cost $0)	24,802

PRINCIPAL AMOUNT IN THOUSANDS		VALUE
	Short-Term Investments (13.8%)
	Securities Held as Collateral on Loaned Securities
	Repurchase Agreements (2.7%)
938	Bank of America (0.07% dated 09/30/09, due 10/01/09; proceeds $937,729; fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follows: Fannie Mae 5.50% due 03/01/35; valued at $956,484)	937,729
597	Citigroup (0.45% dated 09/30/09, due 10/01/09; proceeds $597,458; fully collateralized by common stock at the date of this Portfolio of Investments as follows: Walt Disney Co.; valued at $627,330) (c)	597,458
916	Deutsche Bank (0.08% dated 09/30/09, due 10/01/09; proceeds $916,101; fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follows: Fannie Mae 4.50% - 7.00% due 11/01/17 - 03/01/39, Freddie Mac 4.50% - 7.00% due 07/01/21 - 03/01/39; valued at $934,423)	916,101
	Total Repurchase Agreements *(Cost $2,451,288)*	2,451,288

NUMBER OF SHARES (000)
	Investment Company (d)(10.1%)
9,321	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $9,320,974)			9,320,974
	Total Securities Held as Collateral on Loaned Securities *(Cost $11,772,262)*			11,772,262

	Investment Company (d)(1.0%)
960	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $960,473)			960,473
	Total Short-Term Investments *(Cost $12,732,735)*			12,732,735
	Total Investments *(Cost $87,527,915) (e)(f)*	112.0	%	103,455,765
	Liabilities in Excess of Other Assets	(12.0)		(11,094,721		)
	Net Assets	100.0	%	$	92,361,044

REIT

Real Estate Investment Trust.

Summary of Investments

INDUSTRY	VALUE			PERCENT OF TOTAL INVESTMENTS
Tobacco	$	8,713,098		9.5	%
Media	7,270,098			7.9
Machinery	7,163,337			7.8
Diversified Telecommunication Services	7,000,175			7.6
Oil, Gas & Consumable Fuels	6,891,230			7.5
Pharmaceuticals	6,343,606			6.9
Insurance	4,855,150			5.3
Commercial Banks	4,637,307			5.1
Electric Utilities	3,003,114			3.3
Construction Materials	2,450,103			2.7
Wireless Telecommunication Services	2,430,997			2.7
Real Estate Investment Trusts (REITs)	2,267,859			2.5
Food Products	2,002,267			2.2
Multi-Utilities	1,971,127			2.2
Electronic Equipment, Instruments & Components	1,944,444			2.1
Household Products	1,942,811			2.1
Air Freight & Logistics	1,822,608			2.0
Chemicals	1,675,162			1.8
Capital Markets	1,575,404			1.7
Metals & Mining	1,473,927			1.6
Commercial Services & Supplies	1,432,478			1.6
Multiline Retail	1,196,201			1.3
Information Technology Services	1,181,608			1.3
Semiconductors & Semiconductor Equipment	1,129,032			1.2
Road & Rail	1,112,079			1.2
Beverages	1,051,168			1.1
Computers & Peripherals	1,020,995			1.1
Industrial Conglomerates	990,648			1.1
Short-Term Investments	960,473			1.0
Communications Equipment	936,158			1.0
Containers & Packaging	820,692			0.9
Leisure Equipment & Products	715,769			0.8
Software	636,718			0.7
Aerospace & Defense	599,410			0.7
Hotels, Restaurants & Leisure	466,250			0.5
	$	91,683,503	+^	100.0	%+^

+ Does not reflect value of securities held as collateral on loaned securities.

^ Does not include open forward foreign currency contracts with net unrealized depreciation of $132,297.

MS Variable Global Dividend Growth

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
				Unadjusted
				Quoted Prices In		Significant			Significant
				Active Market for		Other Observable			Unobservable
				Identical Investments		Inputs			Inputs
Investment Type	Total			(Level 1)		(Level 2)			(Level 3)
Common Stocks
Aerospace & Defense	$	599,410		$	599,410	—			—
Air Freight & Logistics	1,822,608			1,822,608		—			—
Beverages	1,051,168			1,051,168		—			—
Capital Markets	1,575,404			1,575,404		—			—
Chemicals	1,675,162			1,675,162		—			—
Commercial Banks	4,612,505			4,612,505		—			—
Commercial Services & Supplies	1,432,478			1,432,478		—			—
Communications Equipment	936,158			936,158		—			—
Computers & Peripherals	1,020,995			1,020,995		—			—
Construction Materials	2,450,103			2,450,103		—			—
Containers & Packaging	820,692			820,692		—			—
Diversified Telecommunication Services	7,000,175			7,000,175		—			—
Electric Utilities	3,003,114			3,003,114		—			—
Electronic Equipment, Instruments & Components	1,944,444			1,944,444		—			—
Food Products	2,002,267			2,002,267		—			—
Hotels, Restaurants & Leisure	466,250			466,250		—			—
Household Products	1,942,811			1,942,811		—			—
Industrial Conglomerates	990,648			990,648		—			—
Information Technology Services	1,181,608			1,181,608		—			—
Insurance	4,855,150			4,855,150		—			—
Leisure Equipment & Products	715,769			715,769		—			—
Machinery	7,163,337			7,163,337		—			—
Media	7,270,098			7,270,098		—			—
Metals & Mining	1,473,927			1,473,927		—			—
Multiline Retail	1,196,201			1,196,201		—			—
Multi-Utilities	1,971,127			1,971,127		—			—
Oil, Gas & Consumable Fuels	6,891,230			6,891,230		—			—
Pharmaceuticals	6,343,606			6,343,606		—			—
Real Estate Investment Trusts (REITs)	2,267,859			2,267,859		—			—
Road & Rail	1,112,079			1,112,079		—			—
Semiconductors & Semiconductor Equipment	1,129,032			1,129,032		—			—
Software	636,718			636,718		—			—
Tobacco	8,713,098			8,713,098		—			—
Wireless Telecommunication Services	2,430,997			2,430,997		—			—
Total Common Stocks	90,698,228			90,698,228		—			—
Rights	24,802			24,802		—			—
Short-Term Investments
Investment Company	10,281,447			10,281,447		—			—
Repurchase Agreements	2,451,288			—		$	2,451,288		—
Total Short-Term Investments	12,732,735			10,281,447		2,451,288			—
Forward Contracts	255,617			—		255,617			—
Total Assets	$	103,711,382		$	101,004,477	$	2,706,905		—
Liabilities
Forward Contracts	$	(387,914	)	—		$	(387,914	)	—

Morgan Stanley Variable Investment Series - European Equity Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF SHARES		VALUE
	Common Stocks (97.4%)
	*Belgium (1.8%)*
	Chemicals
47,411	Umicore	$	1,419,499

	*France (10.8%)*
	Commercial Banks
30,183	BNP Paribas (a)	2,411,601
22,786	Societe Generale	1,833,924
		4,245,525
	Electrical Equipment
16,248	Schneider Electric SA	1,646,770

	Hotels, Restaurants & Leisure
16,397	ACCOR SA	912,757

	Multi-Utilities
42,655	GDF Suez	1,894,120

	Total France	8,699,172

	*Germany (13.9%)*
	Diversified Telecommunication Services
96,792	Deutsche Telecom AG	1,321,513

	Industrial Conglomerates
24,274	Siemens AG (Registered Shares)	2,247,803

	Insurance
14,972	Allianz SE (Registered Shares)	1,870,405
10,994	Muenchener Rueckversicherungs AG (Registered Shares)	1,754,091
		3,624,496
	Machinery
22,980	MAN SE	1,896,617

	Pharmaceuticals
29,852	Bayer AG	2,068,444

	Total Germany	11,158,873

	*Greece (1.6%)*
	Commercial Banks
35,490	National Bank of Greece SA (b)	1,272,397

	*Italy (2.9%)*
	Oil, Gas & Consumable Fuels
93,289	ENI SpA (a)	2,331,679

	*Luxembourg (2.1%)*
	Metals & Mining
44,353	ArcelorMittal (a)	1,658,305

	*Netherlands (1.9%)*
	Diversified Telecommunication Services
94,474	Koninklijke KPN	1,567,055

	*Spain (5.8%)*
	Commercial Banks
123,202	Banco Bilbao Vizcaya Argentaria SA	2,186,896

	Diversified Telecommunication Services
91,452	Telefonica SA	2,523,307

	Total Spain	4,710,203

	*Sweden (1.4%)*
	Auto Components
33,725	Autoliv, Inc. (SDR)	1,134,431

	*Switzerland (16.3%)*
	Capital Markets
103,115	UBS AG (Registered Shares) (b)	1,887,568

	Food Products
74,655	Nestle SA (Registered Shares)	3,181,284

	Health Care Equipment & Supplies
32,618	Nobel Biocare Holding AG	$	1,079,608

	Insurance
6,880	Zurich Financial Services AG	1,636,514

	Pharmaceuticals
52,547	Novartis AG (Registered Shares)	2,629,125
16,946	Roche Holding AG	2,739,028
		5,368,153

	Total Switzerland	13,153,127

	*United Kingdom (38.9%)*
	Aerospace & Defense
265,916	BAE Systems PLC	1,484,016
150,550	Rolls-Royce Group PLC (b)	1,132,758
		2,616,774

	Capital Markets
215,733	Man Group PLC	1,141,897

	Commercial Banks
223,652	Barclays PLC (b)	1,322,496
320,126	HSBC Holdings PLC	3,663,144
		4,985,640

	Food & Staples Retailing
278,527	Tesco PLC	1,778,741
243,603	WM Morrison Supermarkets PLC	1,079,574
		2,858,315

	Health Care Equipment & Supplies
84,433	SSL International PLC	863,599

	Insurance
155,308	Prudential PLC	1,492,964

	Media
118,355	Reed Elsevier PLC	885,790

	Metals & Mining
58,980	Anglo American PLC (b)	1,878,590

	Oil, Gas & Consumable Fuels
128,398	BG Group PLC	2,230,529
112,683	Royal Dutch Shell PLC (A Shares)	3,211,822
		5,442,351

	Pharmaceuticals
113,925	GlaxoSmithKline PLC	2,238,554

	Specialty Retail
279,036	Carphone Warehouse Group PLC (a)	852,645

	Tobacco
59,167	British American Tobacco PLC	1,856,179
54,538	Imperial Tobacco Group PLC	1,575,860
		3,432,039

	Wireless Telecommunication Services
1,180,982	Vodafone Group PLC	2,646,130

	Total United Kingdom	31,335,288

	Total Common Stocks (Cost $74,302,519)	78,440,029

	Preferred Stock (1.3%)
	*Germany (1.3%)*
17,752	Fresenius SE (Germany) (Cost $1,407,709)	1,038,841

	Right (0.1%)
	*France (0.1%)*
30,183	BNP Paribas (France) (a)(b) (Cost $0)	65,369

PRINCIPAL AMOUNT IN THOUSANDS			VALUE
		Short-Term Investments (7.6%)
		Securities Held as Collateral on Loaned Securities (6.7%)
		Repurchase Agreements (1.4%)
$	432	Bank of America Securities LLC (0.07% dated 09/30/09, due 10/01/09; proceeds $432,449; fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follows: Fannie Mae 5.50% due 03/01/35; valued at $441,097)	$	432,448
276		Citigroup (0.45% dated 09/30/09, due 10/01/09; proceeds $275,530; fully collateralized by common stock at the date of this Portfolio of Investments as follows: Walt Disney Co.; valued at $289,303) (c)	275,527
422		Deutsche Bank (0.08% dated 09/30/09, due 10/01/09; proceeds $422,475; fully collateralized by U.S. Government Agency securities at the date of this Portfolio of Investments as follows: Fannie Mae 4.50% - 7.00% due 11/01/17 - 03/01/39, Freddie Mac 4.50% - 7.00% due 07/01/21 - 03/01/39; valued at $430,924)	422,474

		Total Repurchase Agreements (Cost $1,130,449)	1,130,449

NUMBER OF SHARES (000)
	Investment Company (d)(5.3%)
4,299	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $4,298,510)			4,298,510
	Total Securities Held as Collateral on Loaned Securities (Cost $5,428,959)			5,428,959

	Investment Company (d)(0.9%)
692	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $692,446)			692,446
	Total Short-Term Investments (Cost $6,121,405)			6,121,405
	Total Investments *(Cost $81,831,633) (e)*	106.4	%	85,665,644
	Liabilities in Excess of Other Assets	(6.4	)	(5,168,419		)
	Net Assets	100.0	%	$	80,497,225

SDR		Swedish Depositary Receipt.
(a)		The value of loaned securities and related collateral outstanding at September 30, 2009 were $5,109,269 and $5,428,959, respectively, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.
(b)		Non-income producing security.
(c)		At September 30, 2009, the Fund held a repurchase agreement with Citigroup Inc, an affiliate of the Investment Adviser, Administrator and Distributor since June 1, 2009, with a value of $275,527 in connection with cash collateral received from securities lending.
(d)		The Fund invests in Morgan Stanley Institutional Liquidity Funds – Money Market Portfolio – Institutional Class, an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by Morgan Stanley Institutional Liquidity Funds – Money Market Portfolio – Institutional Class with respect to assets invested by the Fund in Morgan Stanley Institutional Liquidity Funds – Money Market Portfolio – Institutional Class.
(e)		The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

Summary of Investments

INDUSTRY	VALUE			PERCENT OF TOTAL INVESTMENTS

Commercial Banks	$	12,690,458		15.8	%
Pharmaceuticals	9,675,151			12.0
Oil, Gas & Consumable Fuels	7,774,030			9.7
Insurance	6,753,974			8.4
Diversified Telecommunication Services	5,411,875			6.7
Metals & Mining	3,536,895			4.4
Tobacco	3,432,039			4.3
Food Products	3,181,284			4.0
Capital Markets	3,029,465			3.8
Health Care Equipment & Supplies	2,982,048			3.7
Food & Staples Retailing	2,858,315			3.6
Wireless Telecommunication Services	2,646,130			3.3
Aerospace & Defense	2,616,774			3.3
Industrial Conglomerates	2,247,803			2.8
Machinery	1,896,617			2.4
Multi-Utilities	1,894,120			2.3
Electrical Equipment	1,646,770			2.0
Chemicals	1,419,499			1.8
Auto Components	1,134,431			1.4
Hotels, Restaurants & Leisure	912,757			1.1
Media	885,790			1.1
Specialty Retail	852,645			1.1
Investment Company	692,446			0.9
Right	65,369			0.1
	$	80,236,685	+	100.0	%

+	Does not reflect value of securities held as collateral on loaned securities.

MS Variable European Equity

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
			Unadjusted
			Quoted Prices In		Significant		Significant
			Active Market for		Other Observable		Unobservable
			Identical Investments		Inputs		Inputs
Investment Type	Total		(Level 1)		(Level 2)		(Level 3)
Common Stocks
Aerospace & Defense	$	2,616,774	$	2,616,774	—		—
Auto Components	1,134,431		1,134,431		—		—
Capital Markets	3,029,465		3,029,465		—		—
Chemicals	1,419,499		1,419,499		—		—
Commercial Banks	12,690,458		12,690,458		—		—
Diversified Telecommunication Services	5,411,875		5,411,875		—		—
Electrical Equipment	1,646,770		1,646,770		—		—
Food & Staples Retailing	2,858,315		2,858,315		—		—
Food Products	3,181,284		3,181,284		—		—
Health Care Equipment & Supplies	1,943,207		1,943,207		—		—
Hotels, Restaurants & Leisure	912,757		912,757		—		—
Industrial Conglomerates	2,247,803		2,247,803		—		—
Insurance	6,753,974		6,753,974		—		—
Machinery	1,896,617		1,896,617		—		—
Media	885,790		885,790		—		—
Metals & Mining	3,536,895		3,536,895		—		—
Multi-Utilities	1,894,120		1,894,120		—		—
Oil, Gas & Consumable Fuels	7,774,030		7,774,030		—		—
Pharmaceuticals	9,675,151		9,675,151		—		—
Specialty Retail	852,645		852,645		—		—
Tobacco	3,432,039		3,432,039		—		—
Wireless Telecommunication Services	2,646,130		2,646,130		—		—
Total Common Stocks	78,440,029		78,440,029		—		—
Preferred Stock	1,038,841		1,038,841		—		—
Right	65,369		65,369		—		—
Short-Term Investments
Investment Company	4,990,956		4,990,956		—		—
Repurchase Agreements	1,130,449		—		1,130,449		—
Total Short-Term Investments	6,121,405		4,990,956		1,130,449		—
Total	$	85,665,644	$	84,535,195	$	1,130,449	—

Morgan Stanley Variable Investment Series - Capital Opportunities Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF SHARES		VALUE
	Common Stocks (94.8%)
	Air Freight & Logistics (2.4%)
174,680	Expeditors International of Washington, Inc.	$	6,140,002

	Capital Markets (4.6%)
130,443	Greenhill & Co., Inc.	11,685,084

	Chemicals (4.3%)
142,121	Monsanto Co.	11,000,165

	Communications Equipment (2.0%)
75,333	Research In Motion Ltd. (Canada) (a)	5,088,744

	Computers & Peripherals (6.5%)
89,448	Apple, Inc. (a)	16,580,976

	Construction Materials (1.1%)
215,513	Cemex SAB de CV (ADR) (Mexico) (a)	2,784,428

	Distributors (3.6%)
2,250,000	Li & Fung Ltd. (Bermuda) (b)	9,072,522

	Diversified Financial Services (6.9%)
831,662	BM&F Bovespa SA (Brazil)	6,144,992
15,219	CME Group, Inc.	4,690,344
247,199	Leucadia National Corp. (a)	6,110,759
23,120	MSCI, Inc. (Class A) (a)	684,814
		17,630,909
	Health Care Technology (2.9%)
191,114	athenahealth, Inc. (a)	7,333,044

	Hotels, Restaurants & Leisure (6.4%)
139,070	Ctrip.com International Ltd. (ADR) (Cayman Islands) (a)	8,175,925
114,182	Wynn Resorts Ltd. (a)	8,094,362
		16,270,287
	Information Technology Services (6.2%)
50,134	Mastercard, Inc. (Class A)	10,134,588
370,103	Redecard SA (Brazil)	5,722,015
		15,856,603
	Internet & Catalog Retail (6.2%)
169,024	Amazon.com, Inc. (a)	15,780,081

	Internet Software & Services (16.1%)
24,263	Baidu, Inc. (ADR) (Cayman Islands) (a)	9,488,046
33,729	Google, Inc. (Class A) (a)	16,724,525
921,800	Tencent Holdings Ltd. (Cayman Islands) (b)	14,998,481
		41,211,052
	Life Sciences Tools & Services (6.1%)
199,237	Illumina, Inc. (a)	8,467,573
112,526	Techne Corp.	7,038,501
		15,506,074
	Oil, Gas & Consumable Fuels (7.0%)
145,436	Range Resources Corp.	7,178,721
219,963	Ultra Petroleum Corp. (Canada) (a)	10,769,388
		17,948,109
	Professional Services (2.6%)
162,482	CoStar Group, Inc. (a)	6,697,508

	Real Estate Management & Development (3.8%)
430,528	Brookfield Asset Management, Inc. (Class A) (Canada)	9,777,291

	Semiconductors & Semiconductor Equipment (3.3%)
302,189	Tessera Technologies, Inc. (a)	8,428,051

	Software (2.8%)
127,329	Salesforce.com, Inc. (a)	7,248,840

	Total Common Stocks (Cost $214,145,824)	242,039,770

MS Variable Capital Opportunities

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
			Unadjusted
			Quoted Prices In		Significant	Significant
			Active Market for		Other Observable	Unobservable
			Identical Investments		Inputs	Inputs
Investment Type	Total		(Level 1)		(Level 2)	(Level 3)
Common Stocks
Air Freight & Logistics	$	6,140,002	$	6,140,002	—	—
Capital Markets	11,685,084		11,685,084		—	—
Chemicals	11,000,165		11,000,165		—	—
Communications Equipment	5,088,744		5,088,744		—	—
Computers & Peripherals	16,580,976		16,580,976		—	—
Construction Materials	2,784,428		2,784,428		—	—
Distributors	9,072,522		9,072,522		—	—
Diversified Financial Services	17,630,909		17,630,909		—	—
Health Care Technology	7,333,044		7,333,044		—	—
Hotels, Restaurants & Leisure	16,270,287		16,270,287		—	—
Information Technology Services	15,856,603		15,856,603		—	—
Internet & Catalog Retail	15,780,081		15,780,081		—	—
Internet Software & Services	41,211,052		41,211,052		—	—
Life Sciences Tools & Services	15,506,074		15,506,074		—	—
Oil, Gas & Consumable Fuels	17,948,109		17,948,109		—	—
Professional Services	6,697,508		6,697,508		—	—
Real Estate Management & Development	9,777,291		9,777,291		—	—
Semiconductors & Semiconductor Equipment	8,428,051		8,428,051		—	—
Software	7,248,840		7,248,840		—	—
Total Common Stocks	242,039,770		242,039,770		—	—
Short-Term Investment - Investment Company	13,573,741		13,573,741		—	—
Total	$	255,613,511	$	255,613,511	—	—

Morgan Stanley Variable Investment Series - S&P 500 Index Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF SHARES		VALUE
	Common Stocks (99.1%)
	Aerospace & Defense (2.8%)
9,788	Boeing Co. (The)	$	530,020
5,064	General Dynamics Corp.	327,134
1,738	Goodrich Corp.	94,443
10,256	Honeywell International, Inc.	381,010
2,564	ITT Corp.	133,713
1,686	L-3 Communications Holdings, Inc.	135,420
4,417	Lockheed Martin Corp.	344,879
4,141	Northrop Grumman Corp.	214,297
1,969	Precision Castparts Corp.	200,582
5,226	Raytheon Co.	250,691
2,235	Rockwell Collins, Inc.	113,538
12,433	United Technologies Corp.	757,543
		3,483,270
	Air Freight & Logistics (1.0%)
2,389	C.H. Robinson Worldwide, Inc.	137,965
2,994	Expeditors International of Washington, Inc.	105,239
4,049	FedEx Corp.	304,566
13,135	United Parcel Service, Inc. (Class B)	741,733
		1,289,503
	Airlines (0.1%)
10,446	Southwest Airlines Co.	100,282

	Auto Components (0.2%)
3,407	Goodyear Tire & Rubber Co. (The) (a)	58,021
8,390	Johnson Controls, Inc.	214,449
		272,470
	Automobiles (0.3%)
42,579	Ford Motor Co. (a)	306,995
3,288	Harley-Davidson, Inc.	75,624
		382,619
	Beverages (2.7%)
1,385	Brown-Forman Corp. (Class B)	66,785
30,871	Coca-Cola Co. (The)	1,657,773
4,483	Coca-Cola Enterprises, Inc.	95,981
2,749	Constellation Brands, Inc. (Class A) (a)	41,647
3,582	Dr Pepper Snapple Group, Inc. (a)	102,982
2,102	Molson Coors Brewing Co. (Class B)	102,325
1,908	Pepsi Bottling Group, Inc.	69,528
20,913	PepsiCo, Inc.	1,226,757
		3,363,778
	Biotechnology (1.7%)
13,423	Amgen, Inc. (a)	808,467
3,674	Biogen Idec, Inc. (a)	185,610
6,215	Celgene Corp. (a)	347,419
967	Cephalon, Inc. (a)	56,318
3,820	Genzyme Corp. (a)	216,709
12,031	Gilead Sciences, Inc. (a)	560,404
		2,174,927
	Building Products (0.1%)
5,082	Masco Corp.	65,659

	Capital Markets (3.0%)
3,059	Ameriprise Financial, Inc.	111,134
16,205	Bank of New York Mellon Corp. (The)	469,783
13,213	Charles Schwab Corp. (The)	253,029
8,213	E*Trade Financial Corp. (a)	14,373
1,251	Federated Investors, Inc. (Class B)	32,989
1,885	Franklin Resources, Inc.	189,631
6,792	Goldman Sachs Group, Inc. (The)	1,252,105

5,436	Invesco Ltd. (Bermuda)	$	123,723
2,229	Janus Capital Group, Inc.	31,607
2,004	Legg Mason, Inc.	62,184
18,298	Morgan Stanley (b)	565,042
3,149	Northern Trust Corp.	183,146
6,636	State Street Corp.	349,054
3,649	T Rowe Price Group, Inc.	166,759
		3,804,559
	Chemicals (2.0%)
2,959	Air Products & Chemicals, Inc.	229,559
1,095	Airgas, Inc.	52,965
669	CF Industries Holdings, Inc.	57,688
14,948	Dow Chemical Co. (The)	389,694
1,024	Eastman Chemical Co.	54,825
2,912	Ecolab, Inc.	134,622
12,015	EI Du Pont de Nemours & Co.	386,162
990	FMC Corp.	55,688
1,111	International Flavors & Fragrances, Inc.	42,140
7,409	Monsanto Co.	573,457
2,319	PPG Industries, Inc.	134,989
4,057	Praxair, Inc.	331,416
1,770	Sigma-Aldrich Corp.	95,545
		2,538,750
	Commercial Banks (2.8%)
8,796	BB&T Corp.	239,603
2,125	Comerica, Inc.	63,049
9,750	Fifth Third Bancorp	98,767
3,069	First Horizon National Corp.	40,603
5,169	Huntington Bancshares, Inc.	24,346
10,036	Keycorp	65,234
1,090	M&T Bank Corp.	67,929
3,676	Marshall & Ilsley Corp.	29,665
6,085	PNC Financial Services Group, Inc.	295,672
13,934	Regions Financial Corp.	86,530
6,261	SunTrust Banks, Inc.	141,186
25,644	US Bancorp	560,578
62,747	Wells Fargo & Co.	1,768,203
1,629	Zions BanCorp.	29,273
		3,510,638
	Commercial Services & Supplies (0.5%)
1,501	Avery Dennison Corp.	54,051
1,855	Cintas Corp.	56,225
2,538	Iron Mountain, Inc. (a)	67,663
2,911	Pitney Bowes, Inc.	72,338
4,533	Republic Services, Inc.	120,442
2,895	RR Donnelley & Sons Co.	61,548
1,208	Stericycle, Inc. (a)	58,528
6,927	Waste Management, Inc.	206,563
		697,358
	Communications Equipment (2.7%)
1,275	Ciena Corp. (a)	20,757
77,714	Cisco Systems, Inc. (a)	1,829,388
1,901	Harris Corp.	71,478
3,104	JDS Uniphase Corp. (a)	22,069
6,576	Juniper Networks, Inc. (a)	177,684
32,003	Motorola, Inc.	274,906
22,429	QUALCOMM, Inc.	1,008,856
5,620	Tellabs, Inc. (a)	38,890
		3,444,028

	Computers & Peripherals (5.6%)
11,957	Apple, Inc. (a)	$	2,216,469
22,832	Dell, Inc. (a)	348,416
27,425	EMC Corp. (a)	467,322
31,552	Hewlett-Packard Co.	1,489,570
17,493	International Business Machines Corp.	2,092,338
1,107	Lexmark International, Inc. (Class A) (a)	23,845
4,662	NetApp, Inc. (a)	124,382
1,806	QLogic Corp. (a)	31,063
3,192	SanDisk Corp. (a)	69,266
10,430	Sun Microsystems, Inc. (a)	94,809
2,485	Teradata Corp. (a)	68,387
3,115	Western Digital Corp. (a)	113,791
		7,139,658
	Construction & Engineering (0.2%)
2,563	Fluor Corp.	130,329
1,735	Jacobs Engineering Group, Inc. (a)	79,723
2,726	Quanta Services, Inc. (a)	60,326
		270,378
	Construction Materials (0.1%)
1,555	Vulcan Materials Co.	84,079

	Consumer Finance (0.9%)
15,603	American Express Co.	528,942
5,850	Capital One Financial Corp.	209,021
6,777	Discover Financial Services	109,991
1,230	Mastercard, Inc. (Class A)	248,644
6,599	SLM Corp. (a)	57,543
		1,154,141
	Containers & Packaging (0.2%)
1,336	Ball Corp.	65,731
1,407	Bemis Co., Inc.	36,455
2,356	Owens-Illinois, Inc. (a)	86,937
1,855	Pactiv Corp. (a)	48,323
2,229	Sealed Air Corp.	43,755
		281,201
	Distributors (0.1%)
2,251	Genuine Parts Co.	85,673

	Diversified Consumer Services (0.2%)
1,504	Apollo Group, Inc. (Class A) (a)	110,800
851	DeVry, Inc.	47,077
4,786	H&R Block, Inc.	87,967
		245,844
	Diversified Financial Services (4.5%)
116,570	Bank of America Corp.	1,972,362
172,205	Citigroup, Inc. (c)	833,472
849	CME Group, Inc.	261,653
1,020	IntercontinentalExchange, Inc. (a)	99,134
52,664	JPMorgan Chase & Co.	2,307,737
2,499	Leucadia National Corp. (a)	61,775
2,743	Moody’s Corp.	56,122
1,922	NASDAQ OMX Group, Inc. (The) (a)	40,458
3,742	NYSE Euronext	108,106
		5,740,819
	Diversified Telecommunication Services (2.8%)
79,604	AT&T, Inc.	2,150,104
4,214	CenturyTel, Inc.	141,590
4,396	Frontier Communications Corp.	33,146
20,687	Qwest Communications International, Inc.	78,817

37,703	Verizon Communications, Inc.	$	1,141,270
6,205	Windstream Corp.	62,857
		3,607,784
	Electric Utilities (2.1%)
2,387	Allegheny Energy, Inc.	63,303
6,499	American Electric Power Co., Inc.	201,404
17,867	Duke Energy Corp.	281,226
4,601	Edison International	154,502
2,674	Entergy Corp.	213,546
8,790	Exelon Corp.	436,160
4,305	FirstEnergy Corp.	196,825
5,359	FPL Group, Inc.	295,977
2,199	Northeast Utilities	52,204
3,053	Pepco Holdings, Inc.	45,429
1,424	Pinnacle West Capital Corp.	46,736
5,295	PPL Corp.	160,650
3,715	Progress Energy, Inc.	145,108
10,291	Southern Co.	325,916
		2,618,986
	Electrical Equipment (0.4%)
10,135	Emerson Electric Co.	406,211
1,998	Rockwell Automation, Inc.	85,115
		491,326
	Electronic Equipment, Instruments & Components (0.5%)
4,942	Agilent Technologies, Inc. (a)	137,536
2,482	Amphenol Corp. (Class A)	93,522
20,542	Corning, Inc.	314,498
1,960	FLIR Systems, Inc. (a)	54,821
2,975	Jabil Circuit, Inc.	39,895
1,989	Molex, Inc.	41,530
		681,802
	Energy Equipment & Services (1.8%)
4,343	Baker Hughes, Inc.	185,272
4,122	BJ Services Co.	80,091
3,100	Cameron International Corp. (a)	117,242
969	Diamond Offshore Drilling, Inc.	92,559
2,003	ENSCO International, Inc.	85,208
1,414	FMC Technologies, Inc. (a)	73,867
11,662	Halliburton Co.	316,273
4,018	Nabors Industries Ltd. (Bermuda) (a)	83,976
5,324	National Oilwell Varco, Inc. (a)	229,624
1,596	Rowan Cos., Inc.	36,820
15,875	Schlumberger Ltd. (Netherlands Antilles)	946,150
3,090	Smith International, Inc.	88,683
		2,335,765
	Food & Staples Retailing (2.8%)
5,652	Costco Wholesale Corp.	319,112
19,613	CVS Caremark Corp.	700,969
9,214	Kroger Co. (The)	190,177
6,054	Safeway, Inc.	119,385
2,990	SUPERVALU, Inc.	45,029
7,528	Sysco Corp.	187,071
28,740	Wal-Mart Stores, Inc.	1,410,846
13,455	Walgreen Co.	504,159
1,981	Whole Foods Market, Inc. (a)	60,401
		3,537,149
	Food Products (1.7%)
8,291	Archer-Daniels-Midland Co.	242,263

2,905	Campbell Soup Co.	$	94,761
6,313	ConAgra Foods, Inc.	136,866
2,174	Dean Foods Co. (a)	38,675
4,376	General Mills, Inc.	281,727
2,342	Hershey Co. (The)	91,010
4,440	HJ Heinz Co.	176,490
980	Hormel Foods Corp.	34,810
1,672	JM Smucker Co. (The)	88,633
3,557	Kellogg Co.	175,111
19,323	Kraft Foods, Inc. (Class A)	507,615
1,836	McCormick & Co., Inc.	62,314
9,982	Sara Lee Corp.	111,199
4,266	Tyson Foods, Inc. (Class A)	53,880
		2,095,354
	Gas Utilities (0.1%)
1,848	EQT Corp.	78,725
638	Nicor, Inc.	23,344
2,449	Questar Corp.	91,985
		194,054
	Health Care Equipment & Supplies (2.0%)
8,172	Baxter International, Inc.	465,886
3,102	Becton Dickinson and Co.	216,364
21,203	Boston Scientific Corp. (a)	224,540
2,539	CareFusion Corp. (a)	55,350
1,401	CR Bard, Inc.	110,133
2,103	DENTSPLY International, Inc.	72,638
2,254	Hospira, Inc. (a)	100,528
552	Intuitive Surgical, Inc. (a)	144,762
14,524	Medtronic, Inc.	534,483
4,860	St Jude Medical, Inc. (a)	189,589
3,523	Stryker Corp.	160,050
1,755	Varian Medical Systems, Inc. (a)	73,938
2,683	Zimmer Holdings, Inc. (a)	143,406
		2,491,667
	Health Care Providers & Services (2.0%)
5,700	Aetna, Inc.	158,631
4,412	AmerisourceBergen Corp.	98,741
5,078	Cardinal Health, Inc.	136,090
3,881	CIGNA Corp.	109,017
2,104	Coventry Health Care, Inc. (a)	41,996
1,466	DaVita, Inc. (a)	83,034
3,596	Express Scripts, Inc. (a)	278,978
2,382	Humana, Inc. (a)	88,849
1,525	Laboratory Corp. of America Holdings (a)	100,193
3,502	McKesson Corp.	208,544
6,130	Medco Health Solutions, Inc. (a)	339,050
1,288	Patterson Cos., Inc. (a)	35,098
1,834	Quest Diagnostics, Inc.	95,716
5,862	Tenet Healthcare Corp. (a)	34,469
15,173	UnitedHealth Group, Inc.	379,932
6,145	WellPoint, Inc. (a)	291,027
		2,479,365
	Health Care Technology (0.0%)
2,568	IMS Health, Inc.	39,419

	Hotels, Restaurants & Leisure (1.5%)
6,171	Carnival Corp. (Units) (Panama) (d)	205,371
1,959	Darden Restaurants, Inc.	66,861
4,161	International Game Technology	89,378
2,907	Marriott International, Inc. (Class A)	80,204

14,426	McDonald’s Corp.	$	823,292
10,386	Starbucks Corp. (a)	214,471
2,585	Starwood Hotels & Resorts Worldwide, Inc.	85,383
2,504	Wyndham Worldwide Corp.	40,865
870	Wynn Resorts Ltd. (a)	61,674
6,532	Yum! Brands, Inc.	220,520
		1,888,019
	Household Durables (0.4%)
849	Black & Decker Corp.	39,300
3,890	DR Horton, Inc.	44,385
2,117	Fortune Brands, Inc.	90,989
827	Harman International Industries, Inc.	28,019
1,063	KB Home	17,656
2,206	Leggett & Platt, Inc.	42,796
1,995	Lennar Corp. (Class A)	28,429
3,914	Newell Rubbermaid, Inc.	61,411
3,326	Pulte Homes, Inc.	36,553
811	Snap-On, Inc.	28,190
1,113	Stanley Works (The)	47,514
1,038	Whirlpool Corp.	72,618
		537,860
	Household Products (2.5%)
1,959	Clorox Co.	115,228
6,523	Colgate-Palmolive Co.	497,574
5,474	Kimberly-Clark Corp.	322,857
39,332	Procter & Gamble Co. (The)	2,278,110
		3,213,769
	Independent Power Producers & Energy Traders (0.2%)
9,500	AES Corp. (The) (a)	140,790
2,519	Constellation Energy Group, Inc.	81,540
7,142	Dynegy, Inc. (Class A) (a)	18,212
		240,542
	Industrial Conglomerates (2.5%)
9,437	3M Co.	696,450
142,838	General Electric Co. (e)	2,345,400
3,405	Textron, Inc.	64,627
		3,106,477
	Information Technology Services (0.9%)
1,378	Affiliated Computer Services, Inc. (Class A) (a)	74,646
6,564	Automatic Data Processing, Inc.	257,965
4,112	Cognizant Technology Solutions Corp. (Class A) (a)	158,970
2,139	Computer Sciences Corp. (a)	112,747
1,724	Convergys Corp. (a)	17,136
2,683	Fidelity National Information Services, Inc.	68,443
2,262	Fiserv, Inc. (a)	109,028
4,534	Paychex, Inc.	131,713
2,779	Total System Services, Inc.	44,770
8,842	Western Union Co. (The)	167,291
		1,142,709
	Insurance (2.6%)
5,980	Aflac, Inc.	255,585
6,784	Allstate Corp. (The) (f)	207,726
1,898	American International Group, Inc. (a)	83,721
3,810	AON Corp.	155,029
1,661	Assurant, Inc.	53,252
4,580	Chubb Corp.	230,878
2,293	Cincinnati Financial Corp.	59,595
6,116	Genworth Financial, Inc. (Class A)	73,086

4,701	Hartford Financial Services Group, Inc.	$	124,576
3,613	Lincoln National Corp.	93,613
5,111	Loews Corp.	175,052
7,259	Marsh & McLennan Cos., Inc.	179,515
2,660	MBIA, Inc. (a)	20,642
11,080	MetLife, Inc. (g)	421,816
3,845	Principal Financial Group, Inc.	105,315
9,541	Progressive Corp. (The) (a)	158,190
6,105	Prudential Financial, Inc.	304,700
1,201	Torchmark Corp.	52,159
7,771	Travelers Cos., Inc. (The)	382,566
4,676	Unum Group	100,253
4,671	XL Capital Ltd. (Class A) (Cayman Islands)	81,556
		3,318,825
	Internet & Catalog Retail (0.4%)
4,323	Amazon.com, Inc. (a)	403,595
2,958	Expedia, Inc. (a)	70,844
		474,439
	Internet Software & Services (1.8%)
2,388	Akamai Technologies, Inc. (a)	46,996
14,552	eBay, Inc. (a)	343,573
3,233	Google, Inc. (Class A) (a)	1,603,083
2,740	VeriSign, Inc. (a)	64,910
15,291	Yahoo!, Inc. (a)	272,333
		2,330,895
	Leisure Equipment & Products (0.1%)
3,791	Eastman Kodak Co.	18,121
1,749	Hasbro, Inc.	48,535
5,061	Mattel, Inc.	93,426
		160,082
	Life Sciences Tools & Services (0.4%)
2,437	Life Technologies Corp. (a)	113,442
780	Millipore Corp. (a)	54,858
1,668	PerkinElmer, Inc.	32,092
5,408	Thermo Fisher Scientific, Inc. (a)	236,167
1,388	Waters Corp. (a)	77,534
		514,093
	Machinery (1.5%)
8,105	Caterpillar, Inc.	416,030
2,844	Cummins, Inc.	127,439
3,611	Danaher Corp.	243,092
5,525	Deere & Co.	237,133
2,626	Dover Corp.	101,784
2,329	Eaton Corp.	131,798
798	Flowserve Corp.	78,635
4,979	Illinois Tool Works, Inc.	212,653
5,121	PACCAR, Inc.	193,113
1,667	Pall Corp.	53,811
2,276	Parker Hannifin Corp.	117,988
		1,913,476
	Media (2.7%)
9,601	CBS Corp. (Class B)	115,692
39,147	Comcast Corp. (Class A)	661,193
5,550	DIRECTV Group, Inc. (The) (a)	153,069
3,221	Gannett Co., Inc.	40,295
6,729	Interpublic Group of Cos., Inc. (a)	50,602
4,441	McGraw-Hill Cos., Inc. (The)	111,647
510	Meredith Corp.	15,269

1,645	New York Times Co. (The) (Class A)	$	13,357
30,432	News Corp. (Class A)	364,880
4,389	Omnicom Group, Inc.	162,130
1,272	Scripps Networks Interactive, Inc. (Class A)	47,000
4,957	Time Warner Cable, Inc.	213,597
15,965	Time Warner, Inc.	459,473
7,744	Viacom, Inc. (Class B) (a)	217,142
25,242	Walt Disney Co. (The)	693,145
85	Washington Post Co. (The) (Class B)	39,787
		3,358,278
	Metals & Mining (1.0%)
1,582	AK Steel Holding Corp.	31,213
12,445	Alcoa, Inc.	163,279
1,360	Allegheny Technologies, Inc.	47,586
5,526	Freeport-McMoRan Copper & Gold, Inc. (Class B)	379,139
6,658	Newmont Mining Corp.	293,085
4,433	Nucor Corp.	208,395
1,202	Titanium Metals Corp.	11,527
1,679	United States Steel Corp.	74,497
		1,208,721
	Multi-Utilities (1.3%)
2,986	Ameren Corp.	75,486
4,860	Centerpoint Energy, Inc.	60,410
3,194	CMS Energy Corp.	42,800
3,864	Consolidated Edison, Inc.	158,192
8,209	Dominion Resources, Inc.	283,211
2,302	DTE Energy Co.	80,892
1,079	Integrys Energy Group, Inc.	38,725
3,873	NiSource, Inc.	53,796
5,097	PG&E Corp.	206,378
6,394	Public Service Enterprise Group, Inc.	201,027
1,658	SCANA Corp.	57,864
3,440	Sempra Energy	171,346
3,005	TECO Energy, Inc.	42,310
1,651	Wisconsin Energy Corp.	74,576
6,341	Xcel Energy, Inc.	122,001
		1,669,014
	Multiline Retail (0.9%)
1,160	Big Lots, Inc. (a)	29,023
1,973	Family Dollar Stores, Inc.	52,087
3,137	JC Penney Co., Inc.	105,874
4,303	Kohl’s Corp. (a)	245,486
5,939	Macy’s, Inc.	108,624
2,251	Nordstrom, Inc.	68,746
786	Sears Holdings Corp. (a)	51,334
10,027	Target Corp.	468,060
		1,129,234
	Office Electronics (0.1%)
12,223	Xerox Corp.	94,606

	Oil, Gas & Consumable Fuels (9.8%)
6,653	Anadarko Petroleum Corp.	417,343
4,457	Apache Corp.	409,286
1,459	Cabot Oil & Gas Corp.	52,159
8,161	Chesapeake Energy Corp.	231,772
27,032	Chevron Corp.	1,903,864
20,037	ConocoPhillips	904,871
2,559	Consol Energy, Inc.	115,436
3,950	Denbury Resources, Inc. (a)	59,763
5,826	Devon Energy Corp.	392,265

9,902	El Paso Corp.	$	102,189
3,229	EOG Resources, Inc.	269,654
64,329	Exxon Mobil Corp.	4,413,613
4,006	Hess Corp.	214,161
9,211	Marathon Oil Corp.	293,831
1,202	Massey Energy Co.	33,524
2,690	Murphy Oil Corp.	154,863
2,439	Noble Energy, Inc.	160,876
10,942	Occidental Petroleum Corp.	857,853
3,765	Peabody Energy Corp.	140,133
1,662	Pioneer Natural Resources Co.	60,314
2,194	Range Resources Corp.	108,296
4,848	Southwestern Energy Co. (a)	206,913
8,629	Spectra Energy Corp.	163,433
1,650	Sunoco, Inc.	46,942
1,955	Tesoro Corp.	29,286
7,287	Valero Energy Corp.	141,295
8,171	Williams Cos., Inc. (The)	146,016
7,855	XTO Energy, Inc.	324,569
		12,354,520
	Paper & Forest Products (0.2%)
6,037	International Paper Co.	134,202
2,412	MeadWestvaco Corp.	53,812
2,984	Weyerhaeuser Co.	109,364
		297,378
	Personal Products (0.2%)
6,020	Avon Products, Inc.	204,439
1,636	Estee Lauder Cos., Inc. (The) (Class A)	60,663
		265,102
	Pharmaceuticals (6.9%)
20,479	Abbott Laboratories	1,013,096
4,045	Allergan, Inc.	229,594
26,333	Bristol-Myers Squibb Co.	593,019
13,359	Eli Lilly & Co.	441,248
4,256	Forest Laboratories, Inc. (a)	125,297
36,785	Johnson & Johnson	2,239,839
3,480	King Pharmaceuticals, Inc. (a)	37,480
27,914	Merck & Co., Inc.	882,920
4,303	Mylan, Inc. (a)	68,891
90,850	Pfizer, Inc.	1,503,567
22,117	Schering-Plough Corp.	624,805
1,477	Watson Pharmaceuticals, Inc. (a)	54,117
17,657	Wyeth	857,777
		8,671,650
	Professional Services (0.2%)
761	Dun & Bradstreet Corp.	57,318
1,784	Equifax, Inc.	51,986
1,740	Monster Worldwide, Inc. (a)	30,415
2,191	Robert Half International, Inc.	54,819
		194,538
	Real Estate Investment Trusts (REITs) (1.1%)
1,642	Apartment Investment & Management Co. (Class A)	24,220
1,123	AvalonBay Communities, Inc.	81,676
1,706	Boston Properties, Inc.	111,828
3,841	Equity Residential	117,919
3,568	HCP, Inc.	102,544
1,403	Health Care REIT, Inc.	58,393
7,379	Host Hotels & Resorts, Inc.	86,851
4,224	Kimco Realty Corp.	55,081

2,355	Plum Creek Timber Co., Inc.	$	72,157
4,926	ProLogis	58,718
1,770	Public Storage	133,175
3,673	Simon Property Group, Inc.	255,016
2,081	Ventas, Inc.	80,118
2,001	Vornado Realty Trust	128,884
		1,366,580
	Real Estate Management & Development (0.0%)
3,149	CB Richard Ellis Group, Inc. (Class A) (a)	36,969

	Road & Rail (0.9%)
3,363	Burlington Northern Santa Fe Corp.	268,468
5,026	CSX Corp.	210,388
4,716	Norfolk Southern Corp.	203,307
785	Ryder System, Inc.	30,662
6,713	Union Pacific Corp.	391,704
		1,104,529
	Semiconductors & Semiconductor Equipment (2.6%)
8,592	Advanced Micro Devices, Inc. (a)	48,631
4,199	Altera Corp.	86,121
4,112	Analog Devices, Inc.	113,409
17,167	Applied Materials, Inc.	230,038
5,407	Broadcom Corp. (Class A) (a)	165,941
74,493	Intel Corp.	1,457,828
2,384	Kla-Tencor Corp.	85,490
3,131	Linear Technology Corp.	86,510
9,109	LSI Corp. (a)	50,008
3,169	MEMC Electronic Materials, Inc. (a)	52,700
2,568	Microchip Technology, Inc.	68,052
10,785	Micron Technology, Inc. (a)	88,437
2,755	National Semiconductor Corp.	39,314
1,379	Novellus Systems, Inc. (a)	28,931
7,584	Nvidia Corp. (a)	113,987
2,391	Teradyne, Inc. (a)	22,117
17,127	Texas Instruments, Inc.	405,739
3,868	Xilinx, Inc.	90,589
		3,233,842
	Software (4.0%)
6,806	Adobe Systems, Inc. (a)	224,870
3,195	Autodesk, Inc. (a)	76,041
2,648	BMC Software, Inc. (a)	99,380
5,562	CA, Inc.	122,308
2,565	Citrix Systems, Inc. (a)	100,625
3,481	Compuware Corp. (a)	25,516
4,531	Electronic Arts, Inc. (a)	86,316
4,520	Intuit, Inc. (a)	128,820
2,157	McAfee, Inc. (a)	94,455
103,561	Microsoft Corp.	2,681,194
4,875	Novell, Inc. (a)	21,986
51,839	Oracle Corp.	1,080,325
2,639	Red Hat, Inc. (a)	72,942
1,482	Salesforce.com, Inc. (a)	84,370
10,294	Symantec Corp. (a)	169,542
		5,068,690
	Specialty Retail (1.9%)
1,229	Abercrombie & Fitch Co. (Class A)	40,409
1,523	AutoNation, Inc. (a)	27,536
348	AutoZone, Inc. (a)	50,885
3,667	Bed Bath & Beyond, Inc. (a)	137,659
4,770	Best Buy Co., Inc.	178,970

2,313	GameStop Corp. (Class A) (a)			$	61,225
6,584	Gap, Inc. (The)			140,898
23,015	Home Depot, Inc. (The)			613,120
19,714	Lowe’s Cos., Inc.			412,811
3,821	Ltd. Brands, Inc.			64,919
1,853	O’Reilly Automotive, Inc. (a)			66,967
3,882	Office Depot, Inc. (a)			25,699
1,766	RadioShack Corp.			29,263
1,387	Sherwin-Williams Co. (The)			83,442
10,074	Staples, Inc.			233,918
1,738	Tiffany & Co.			66,965
5,879	TJX Cos., Inc.			218,405
				2,453,091
	Textiles, Apparel & Luxury Goods (0.5%)
3,886	Coach, Inc.			127,927
5,100	NIKE, Inc. (Class B)			329,970
794	Polo Ralph Lauren Corp.			60,836
1,244	VF Corp.			90,103
				608,836
	Thrifts & Mortgage Finance (0.1%)
5,424	Hudson City Bancorp, Inc.			71,326
4,911	People’s United Financial, Inc.			76,415
				147,741
	Tobacco (1.6%)
27,660	Altria Group, Inc.			492,625
2,045	Lorillard, Inc.			151,943
25,701	Philip Morris International, Inc.			1,252,667
2,387	Reynolds American, Inc.			106,269
				2,003,504
	Trading Companies & Distributors (0.1%)
1,825	Fastenal Co.			70,627
913	WW Grainger, Inc.			81,586
				152,213
	Wireless Telecommunication Services (0.3%)
4,953	American Tower Corp. (Class A) (a)			180,289
2,582	MetroPCS Communications, Inc. (a)			24,168
40,341	Sprint Nextel Corp. (a)			159,347
				363,804
	Total Common Stocks *(Cost $104,008,930)*			125,326,331

NUMBER OF SHARES (000)
	Short-Term Investment (h)(0.8%)
	Investment Company
1,027	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $1,026,679)			1,026,679
	Total Investments *(Cost $105,035,609) (i)(j)*	99.9	%	126,353,010
	Other Assets in Excess of Liabilities	0.1		75,812
	Net Assets	100.0	%	$	126,428,822

CR		Custodial Receipts.
REIT		Real Estate Investment Trust.
(a)		Non-income producing security.
(b)		For the nine months ended September 30, 2009, the cost of purchases of Morgan Stanley common stock, an affiliate of the Portfolio, was $88,960.
(c)		For the four months ended September 30, 2009, the cost of purchases and the proceeds from sales of Citigroup, Inc. common stock, an affiliate of the Portfolio, was $415,059 and $23,612, respectively, including net realized losses of $154,828.

MS Variable S&P 500 Index

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
				Unadjusted
				Quoted Prices In			Significant	Significant
				Active Market for			Other Observable	Unobservable
				Identical Investments			Inputs	Inputs
Investment Type	Total			(Level 1)			(Level 2)	(Level 3)
Common Stocks
Aerospace & Defense	$	3,483,270		$	3,483,270		—	—
Air Freight & Logistics	1,289,503			1,289,503			—	—
Airlines	100,282			100,282			—	—
Auto Components	272,470			272,470			—	—
Automobiles	382,619			382,619			—	—
Beverages	3,363,778			3,363,778			—	—
Biotechnology	2,174,927			2,174,927			—	—
Building Products	65,659			65,659			—	—
Capital Markets	3,804,559			3,804,559			—	—
Chemicals	2,538,750			2,538,750			—	—
Commercial Banks	3,510,638			3,510,638			—	—
Commercial Services & Supplies	697,358			697,358			—	—
Communications Equipment	3,444,028			3,444,028			—	—
Computers & Peripherals	7,139,658			7,139,658			—	—
Construction & Engineering	270,378			270,378			—	—
Construction Materials	84,079			84,079			—	—
Consumer Finance	1,154,141			1,154,141			—	—
Containers & Packaging	281,201			281,201			—	—
Distributors	85,673			85,673			—	—
Diversified Consumer Services	245,844			245,844			—	—
Diversified Financial Services	5,740,819			5,740,819			—	—
Diversified Telecommunication Services	3,607,784			3,607,784			—	—
Electric Utilities	2,618,986			2,618,986			—	—
Electrical Equipment	491,326			491,326			—	—
Electronic Equipment, Instruments & Components	681,802			681,802			—	—
Energy Equipment & Services	2,335,765			2,335,765			—	—
Food & Staples Retailing	3,537,149			3,537,149			—	—
Food Products	2,095,354			2,095,354			—	—
Gas Utilities	194,054			194,054			—	—
Health Care Equipment & Supplies	2,491,667			2,491,667			—	—
Health Care Providers & Services	2,479,365			2,479,365			—	—
Health Care Technology	39,419			39,419			—	—
Hotels, Restaurants & Leisure	1,888,019			1,888,019			—	—
Household Durables	537,860			537,860			—	—
Household Products	3,213,769			3,213,769			—	—
Independent Power Producers & Energy Traders	240,542			240,542			—	—
Industrial Conglomerates	3,106,477			3,106,477			—	—
Information Technology Services	1,142,709			1,142,709
Insurance	3,318,825			3,318,825			—	—
Internet & Catalog Retail	474,439			474,439			—	—
Internet Software & Services	2,330,895			2,330,895			—	—
Leisure Equipment & Products	160,082			160,082			—	—
Life Sciences Tools & Services	514,093			514,093			—	—
Machinery	1,913,476			1,913,476			—	—
Media	3,358,278			3,358,278			—	—
Metals & Mining	1,208,721			1,208,721			—	—
Multi-Utilities	1,669,014			1,669,014			—	—
Multiline Retail	1,129,234			1,129,234			—	—
Office Electronics	94,606			94,606			—	—
Oil, Gas & Consumable Fuels	12,354,520			12,354,520			—	—
Paper & Forest Products	297,378			297,378			—	—
Personal Products	265,102			265,102			—	—
Pharmaceuticals	8,671,650			8,671,650			—	—
Professional Services	194,538			194,538			—	—
Real Estate Investment Trusts (REITs)	1,366,580			1,366,580			—	—
Real Estate Management & Development	36,969			36,969			—	—
Road & Rail	1,104,529			1,104,529			—	—
Semiconductors & Semiconductor Equipment	3,233,842			3,233,842			—	—
Software	5,068,690			5,068,690			—	—
Specialty Retail	2,453,091			2,453,091			—	—
Textiles, Apparel & Luxury Goods	608,836			608,836			—	—
Thrifts & Mortgage Finance	147,741			147,741			—	—
Tobacco	2,003,504			2,003,504			—	—
Trading Companies & Distributors	152,213			152,213			—	—
Wireless Telecommunication Services	363,804			363,804			—	—
Total Common Stocks	125,326,331			125,326,331			—	—
Short-Term Investments - Investment Company	1,026,679			1,026,679			—	—
Total Assets	$	126,353,010		$	126,353,010		—	—
Liabilities
Futures	$	(5,129	)	$	(5,129	)	—	—

Morgan Stanley Variable Investment Series - Aggressive Equity Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF
SHARES		VALUE
	Common Stocks (94.7%)
	Air Freight & Logistics (2.4%)
21,281	Expeditors International of Washington, Inc.	$	748,027

	Capital Markets (4.6%)
15,892	Greenhill & Co., Inc.	1,423,605

	Chemicals (4.3%)
17,315	Monsanto Co.	1,340,181

	Communications Equipment (2.0%)
9,178	Research In Motion Ltd. (Canada) (a)	619,974

	Computers & Peripherals (6.5%)
10,897	Apple, Inc. (a)	2,019,977

	Construction Materials (1.1%)
26,256	Cemex SAB de CV (ADR) (Mexico) (a)	339,228

	Distributors (3.5%)
274,000	Li & Fung Ltd. (Bermuda) (b)	1,104,832

	Diversified Financial Services (6.9%)
101,322	BM&F Bovespa SA (Brazil)	748,651
1,854	CME Group, Inc.	571,384
30,116	Leucadia National Corp. (a)	744,468
2,823	MSCI, Inc. (Class A) (a)	83,617
		2,148,120
	Health Care Technology (2.9%)
23,284	athenahealth, Inc. (a)	893,407

	Hotels, Restaurants & Leisure (6.4%)
16,943	Ctrip.com International Ltd. (ADR) (Cayman Islands) (a)	996,079
13,911	Wynn Resorts Ltd. (a)	986,151
		1,982,230
	Information Technology Services (6.2%)
6,108	Mastercard, Inc. (Class A)	1,234,732
45,090	Redecard SA (Brazil)	697,119
		1,931,851
	Internet & Catalog Retail (6.2%)
20,592	Amazon.com, Inc. (a)	1,922,469

	Internet Software & Services (16.1%)
2,956	Baidu, Inc. (ADR) (Cayman Islands) (a)	1,155,944
4,109	Google, Inc. (Class A) (a)	2,037,447
112,200	Tencent Holdings Ltd. (Cayman Islands)	1,825,591
		5,018,982
	Life Sciences Tools & Services (6.1%)
24,273	Illumina, Inc. (a)	1,031,602
13,709	Techne Corp.	857,498
		1,889,100
	Oil, Gas & Consumable Fuels (7.0%)
17,711	Range Resources Corp.	874,215
26,798	Ultra Petroleum Corp. (Canada) (a)	1,312,030
		2,186,245
	Professional Services (2.6%)
19,795	CoStar Group, Inc. (a)	815,950

	Real Estate Management & Development (3.8%)
52,452	Brookfield Asset Management, Inc. (Class A) (Canada)	1,191,185

	Semiconductors & Semiconductor Equipment (3.3%)
36,822	Tessera Technologies, Inc. (a)	1,026,966

	Software (2.8%)
15,513	Salesforce.com, Inc. (a)	883,155
	Total Common Stocks *(Cost $25,761,267)*	29,485,484

MS Variable Aggressive Equity

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
			Unadjusted
			Quoted Prices In		Significant	Significant
			Active Market for		Other Observable	Unobservable
			Identical Investments		Inputs	Inputs
Investment Type	Total		(Level 1)		(Level 2)	(Level 3)
Common Stocks
Air Freight & Logistics	$	748,027	$	748,027	—	—
Capital Markets	1,423,605		1,423,605		—	—
Chemicals	1,340,181		1,340,181		—	—
Communications Equipment	619,974		619,974		—	—
Computers & Peripherals	2,019,977		2,019,977		—	—
Construction Materials	339,228		339,228		—	—
Distributors	1,104,832		1,104,832		—	—
Diversified Financial Services	2,148,120		2,148,120		—	—
Health Care Technology	893,407		893,407		—	—
Hotels, Restaurants & Leisure	1,982,230		1,982,230		—	—
Information Technology Services	1,931,851		1,931,851		—	—
Internet & Catalog Retail	1,922,469		1,922,469		—	—
Internet Software & Services	5,018,982		5,018,982		—	—
Life Sciences Tools & Services	1,889,100		1,889,100		—	—
Oil, Gas & Consumable Fuels	2,186,245		2,186,245		—	—
Professional Services	815,950		815,950		—	—
Real Estate Management & Development	1,191,185		1,191,185		—	—
Semiconductors & Semiconductor Equipment	1,026,966		1,026,966		—	—
Software	883,155		883,155		—	—
Total Common Stocks	29,485,484		29,485,484		—	—
Short-Term Investment - Investment Company	1,699,393		1,699,393		—	—
Total	$	31,184,877	$	31,184,877	—	—

Morgan Stanley Variable Investment Series - Strategist Portfolio

Portfolio of Investments · September 30, 2009 (unaudited)

NUMBER OF SHARES		VALUE
	Common Stocks (60.1%)
	Aerospace & Defense (2.6%)
31,810	Boeing Co. (The)	$	1,722,512
26,755	Northrop Grumman Corp.	1,384,571
41,255	Raytheon Co.	1,979,002
		5,086,085
	Airlines (0.4%)
54,280	Continental Airlines, Inc. (Class B) (a)	892,363

	Automobiles (0.6%)
41,110	Honda Motor Co. Ltd. (ADR) (Japan)	1,246,044

	Biotechnology (2.7%)
23,010	Amgen, Inc. (a)	1,385,892
18,090	Celgene Corp. (a)	1,011,231
28,460	Gilead Sciences, Inc. (a)	1,325,667
44,890	Vertex Pharmaceuticals, Inc. (a)	1,701,331
		5,424,121
	Capital Markets (2.1%)
22,465	AllianceBernstein Holding LP	612,845
45,650	Charles Schwab Corp. (The)	874,197
7,065	Goldman Sachs Group, Inc. (The)	1,302,433
31,090	Lazard Ltd. (Class A) (Bermuda)	1,284,328
		4,073,803
	Chemicals (0.6%)
36,130	EI Du Pont de Nemours & Co.	1,161,218

	Commercial Services & Supplies (1.2%)
77,490	Waste Management, Inc.	2,310,752

	Communications Equipment (1.2%)
70,100	Cisco Systems, Inc. (a)	1,650,154
47,730	Nokia OYJ (ADR) (Finland)	697,813
		2,347,967
	Computers & Peripherals (3.6%)
12,565	Apple, Inc. (a)	2,329,174
104,645	EMC Corp. (a)	1,783,151
25,038	International Business Machines Corp.	2,994,795
		7,107,120
	Construction & Engineering (0.9%)
96,980	Chicago Bridge & Iron Co. (NY Registered Shares) (Netherlands)	1,811,586

	Diversified Financial Services (2.4%)
69,525	Bank of America Corp.	1,176,363
164,430	Citigroup, Inc. (b)	795,841
34,920	JPMorgan Chase & Co.	1,530,195
41,615	NYSE Euronext	1,202,257
		4,704,656
	Diversified Telecommunication Services (3.0%)
124,035	AT&T, Inc.	3,350,185
63,231	Qwest Communications International, Inc.	240,910
20,960	Verizon Communications, Inc.	634,459
164,875	Windstream Corp.	1,670,184
		5,895,738
	Electric Utilities (0.9%)
56,200	American Electric Power Co., Inc.	1,741,638

	Electrical Equipment (0.8%)
41,770	Emerson Electric Co.	1,674,142

	Electronic Equipment, Instruments & Components (1.2%)
159,320	Corning, Inc.	2,439,189

	Energy Equipment & Services (2.5%)
12,750	Diamond Offshore Drilling, Inc.	1,217,880

47,920	Halliburton Co.	$	1,299,590
30,705	Smith International, Inc.	881,234
74,725	Weatherford International Ltd. (Switzerland) (a)	1,549,049
		4,947,753
	Food & Staples Retailing (0.5%)
18,685	Costco Wholesale Corp.	1,054,955

	Food Products (1.6%)
32,220	Kellogg Co.	1,586,190
60,340	Kraft Foods, Inc. (Class A)	1,585,132
		3,171,322
	Health Care Equipment & Supplies (1.9%)
22,660	Covidien PLC (Ireland)	980,272
11,290	CR Bard, Inc.	887,507
30,715	St Jude Medical, Inc. (a)	1,198,192
12,605	Zimmer Holdings, Inc. (a)	673,737
		3,739,708
	Hotels, Restaurants & Leisure (1.2%)
12,190	Burger King Holdings, Inc.	214,422
28,440	Carnival Corp. (Units) (Panama) (c)	946,483
20,460	McDonald’s Corp.	1,167,653
		2,328,558
	Household Durables (1.6%)
47,510	Gafisa SA (ADR) (Brazil)	1,442,404
57,230	Sony Corp. (ADR) (Japan)	1,671,116
		3,113,520
	Household Products (0.3%)
8,910	Colgate-Palmolive Co.	679,655

	Industrial Conglomerates (0.7%)
80,150	General Electric Co.	1,316,063

	Information Technology Services (0.5%)
13,695	Visa, Inc. (Class A)	946,462

	Insurance (1.2%)
40,400	Allstate Corp. (The) (d)	1,237,048
23,770	Chubb Corp.	1,198,246
		2,435,294
	Internet Software & Services (1.2%)
43,480	eBay, Inc. (a)	1,026,563
2,745	Google, Inc. (Class A) (a)	1,361,108
		2,387,671
	Life Sciences Tools & Services (0.6%)
25,560	Thermo Fisher Scientific, Inc. (a)	1,116,205

	Machinery (0.2%)
11,385	PACCAR, Inc.	429,328

	Media (0.6%)
31,950	Omnicom Group, Inc.	1,180,233

	Metals & Mining (4.2%)
61,395	AK Steel Holding Corp.	1,211,323
45,700	Barrick Gold Corp. (Canada)	1,732,030
11,760	Freeport-McMoRan Copper & Gold, Inc. (Class B)	806,854
49,690	Goldcorp, Inc. (Canada)	2,005,985
54,310	Kinross Gold Corp. (Canada)	1,178,527
33,055	United States Steel Corp.	1,466,651
		8,401,370
	Multiline Retail (0.6%)
19,240	Kohl’s Corp. (a)	1,097,642

	Oil, Gas & Consumable Fuels (1.4%)
17,020	Exxon Mobil Corp.	$	1,167,742
30,325	Hess Corp.	1,621,175
		2,788,917
	Pharmaceuticals (2.2%)
26,280	Johnson & Johnson	1,600,189
53,685	Merck & Co., Inc.	1,698,057
58,880	Pfizer, Inc.	974,464
		4,272,710
	Real Estate Investment Trusts (REITs) (0.6%)
38,040	Plum Creek Timber Co., Inc.	1,165,546

	Real Estate Management & Development (0.7%)
69,680	E-House China Holdings Ltd. (ADR) (Cayman Islands) (a)	1,488,365

	Semiconductors & Semiconductor Equipment (3.5%)
121,850	Applied Materials, Inc.	1,632,790
111,910	Intel Corp.	2,190,079
30,000	Kla-Tencor Corp.	1,075,800
181,117	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) (Taiwan)	1,985,042
		6,883,711
	Software (5.5%)
214,500	Activision Blizzard, Inc. (a)	2,657,655
88,050	Microsoft Corp.	2,279,614
131,745	Oracle Corp.	2,745,566
84,220	Sybase, Inc. (a)	3,276,158
		10,958,993
	Specialty Retail (0.4%)
6,405	Lowe’s Cos., Inc.	134,121
25,560	Staples, Inc.	593,503
		727,624
	Tobacco (1.3%)
53,010	Altria Group, Inc.	944,108
35,245	Philip Morris International, Inc.	1,717,841
		2,661,949
	Water Utilities (0.9%)
87,945	American Water Works Co., Inc.	1,753,623
	Total Common Stocks *(Cost $99,875,289)*	118,963,599

PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE	MATURITY DATE	VALUE
		Corporate Bonds (8.9%)
		Advertising Agencies (0.0%)
$	60	Omnicom Group, Inc.	6.25%	07/15/19	64,845

		Advertising Services (0.1%)
100		WPP Finance UK (United Kingdom)	8.00	09/15/14	109,807

		Aerospace/Defense (0.1%)
20		Boeing Co. (The)	4.875	02/15/20	20,672
60		Boeing Co. (The)	6.00	03/15/19	67,426
86		Systems 2001 Asset Trust (144A) (Cayman Islands)(e)	6.664	09/15/13	85,100
					173,198
		Agricultural Chemicals (0.1%)
25		Monsanto Co.	5.125	04/15/18	26,578
65		Potash Corp. of Saskatchewan, Inc. (Canada)	5.875	12/01/36	66,976
25		Potash Corp. of Saskatchewan, Inc. (Canada)	6.50	05/15/19	28,068
					121,622

		Agricultural Operations (0.1%)
$	55	Archer-Daniels-Midland Co.	5.45%	03/15/18	$	59,701
35		Bunge Ltd. Finance Corp.	8.50	06/15/19	40,418
					100,119
		Airlines (0.1%)
152		America West Airlines LLC (Series 011G) (AMBAC Insd)	7.10	04/02/21	118,901

		Applications Software (0.0%)
25		Microsoft Corp.	4.20	06/01/19	25,790

		Auto-Cars/Light Trucks (0.0%)
60		Daimler Finance North America LLC	7.30	01/15/12	64,762

		Beverages-Non-alcoholic (0.0%)
65		Dr Pepper Snapple Group, Inc.	6.82	05/01/18	74,013

		Beverages-Wine/Spirits (0.1%)
25		Constellation Brands, Inc.	7.25	09/01/16	25,000
50		Diageo Capital PLC (United Kingdom)	5.75	10/23/17	54,969
40		Diageo Capital PLC (United Kingdom)	7.375	01/15/14	46,399
					126,368
		Brewery (0.1%)
25		Anheuser-Busch InBev Worldwide, Inc. (144A) (e)	5.375	11/15/14	26,704
50		Anheuser-Busch InBev Worldwide, Inc. (144A) (e)	7.20	01/15/14	56,345
95		FBG Finance Ltd. (144A) (Australia)(e)	5.125	06/15/15	99,184
					182,233
		Building Product-Cement/Aggregation (0.1%)
75		CRH America, Inc.	6.00	09/30/16	76,996
30		Holcim US Finance Sarl & Cie SCS (144A) (Luxembourg)(e)	6.00	12/30/19	30,423
					107,419
		Building Societies (0.1%)
110		Nationwide Building Society (144A) (United Kingdom)(e)	4.25	02/01/10	110,111

		Cable/Satellite TV (0.3%)
115		Comcast Corp.	5.70	05/15/18	121,113
30		Comcast Corp.	6.50	01/15/15	33,466
100		COX Communications, Inc. (144A) (e)	8.375	03/01/39	123,742
45		CSC Holdings, Inc.	7.625	07/15/18	45,900
30		DirecTV Holdings LLC / Financing Co., Inc. (144A) (e)	5.875	10/01/19	29,963
65		DirecTV Holdings LLC / Financing Co., Inc.	7.625	05/15/16	69,875
20		Time Warner Cable, Inc.	6.75	07/01/18	22,132
40		Time Warner Cable, Inc.	6.75	06/15/39	43,402
25		Time Warner Cable, Inc.	8.25	04/01/19	30,269
65		Time Warner Cable, Inc.	8.75	02/14/19	80,210
					600,072
		Cellular Telephone (0.0%)
25		Cellco Partnership / Verizon Wireless Capital LLC (144A) (e)	5.55	02/01/14	27,043

		Chemicals: Major Diversified (0.0%)
55		Du Pont (E.I.) de Nemours & Co.	6.00	07/15/18	61,623

		Commercial Banks Non-U.S. (0.3%)
175		Barclays Bank PLC (United Kingdom)	6.75	05/22/19	196,079
140		Deutsche Bank AG (Germany)	3.875	08/18/14	141,883
130		HBOS PLC (144A) (United Kingdom)(e)	6.75	05/21/18	116,094
100		Royal Bank of Scotland PLC (The) (144A) (United Kingdom)(e)	4.875	08/25/14	101,647

$	75	Westpac Banking Corp. (Australia)	4.20%	02/27/15	$	76,320
					632,023
		Commercial Banks- Eastern U.S. (0.2%)
200		Credit Suisse (Switzerland)	5.30	08/13/19	205,462
50		Credit Suisse (Switzerland)	6.00	02/15/18	52,434
65		UBS AG/Stamford Branch (Switzerland)	5.875	12/20/17	66,646
					324,542
		Commercial Banks-Southern U.S. (0.0%)
50		BB&T Corp. (MTN)	6.85	04/30/19	56,030

		Computers (0.1%)
60		Hewlett-Packard Co.	4.75	06/02/14	64,464
20		Hewlett-Packard Co.	5.50	03/01/18	21,891
100		International Business Machines Corp.	7.625	10/15/18	123,266
					209,621
		Cosmetics&Toiletries (0.0%)
35		Procter & Gamble Co. (The)	4.70	02/15/19	36,649

		Data Processing Services (0.0%)
40		Fiserv, Inc.	6.80	11/20/17	44,236

		Diversified Banking Institution (0.7%)
60		Bank of America Corp.	5.65	05/01/18	59,343
185		Bank of America Corp.	5.75	12/01/17	184,960
110		Citigroup, Inc. (b)	5.875	05/29/37	96,213
185		Citigroup, Inc. (b)	6.125	11/21/17	183,968
70		Citigroup, Inc. (b)	6.125	05/15/18	69,039
120		Citigroup, Inc. (b)	8.50	05/22/19	135,689
50		Goldman Sachs Group, Inc. (The)	3.625	08/01/12	51,364
270		Goldman Sachs Group, Inc. (The)	6.15	04/01/18	284,486
80		Goldman Sachs Group, Inc. (The)	6.75	10/01/37	82,826
65		JPMorgan Chase & Co.	4.75	05/01/13	68,872
215		JPMorgan Chase & Co.	6.00	01/15/18	231,143
					1,447,903
		Diversified Financial Service (0.2%)
215		General Electric Capital Corp.	5.625	05/01/18	214,328
105		General Electric Capital Corp. (MTN)	6.00	08/07/19	106,713
					321,041
		Diversified Manufactured Operation (0.4%)
90		Cooper US, Inc.	5.25	11/15/12	97,564
430		General Electric Co.	5.25	12/06/17	442,017
200		Tyco Electronics Group SA (Luxembourg)	5.95	01/15/14	208,429
					748,010
		Diversified Minerals (0.1%)
25		Rio Tinto Finance Ltd. (Australia)	6.50	07/15/18	26,929
15		Rio Tinto Finance Ltd. (Australia)	9.00	05/01/19	18,444
60		Vale Overseas Ltd. (Cayman Islands)	5.625	09/15/19	61,331
					106,704
		Electric Products-Miscellaneous (0.1%)
30		Emerson Electric Co.	4.875	10/15/19	31,807
15		Emerson Electric Co.	5.00	04/15/19	15,989
80		LG Electronics, Inc. (144A) (South Korea)(e)	5.00	06/17/10	80,757
					128,553
		Electric Utilities (0.1%)
140		FirstEnergy Solutions Corp. (144A) (e)	6.05	08/15/21	144,977

		Electric-Distribution (0.0%)
55		Detroit Edison Co. (The)	6.125	10/01/10	57,814

		Electric-Integrated (0.7%)
35		Carolina Power & Light Co.	5.30	01/15/19	37,975

$	105	E.ON International Finance BV (144A) (Netherlands)(e)	5.80%	04/30/18	$	113,189
85		Electricite de France (EDF) (144A) (France)(e)	6.50	01/26/19	97,568
125		ENEL Finance International SA (144A) (Luxembourg)	5.125	10/07/19	124,450
150		Exelon Generation Co. LLC	5.20	10/01/19	151,935
130		Nisource Finance Corp.	0.977(f)	11/23/09	129,906
75		Nisource Finance Corp.	6.80	01/15/19	76,918
75		Ohio Power Co. (Series 1)	5.375	10/01/21	76,267
50		Ohio Power Co. (Series K)	6.00	06/01/16	53,870
30		Pacificorp	5.50	01/15/19	32,647
55		PPL Energy Supply LLC	6.30	07/15/13	59,101
35		PPL Energy Supply LLC	6.50	05/01/18	37,777
80		Progress Energy, Inc.	7.05	03/15/19	93,312
60		Public Service Co. of Colorado	6.50	08/01/38	72,358
50		Public Service Electric & Gas Co. (Series B) (MTN)	5.00	01/01/13	53,070
45		Union Electric Co.	6.70	02/01/19	50,877
110		Virginia Electric & Power Co.	8.875	11/15/38	156,982
					1,418,202
		Electronic Component (0.0%)
75		Koninklijke Philips Electronics N.V. (Netherlands)	5.75	03/11/18	80,840

		Electronic Measuring Instrument (0.0%)
50		Agilent Technologies, Inc.	5.50	09/14/15	51,497

		Finance-Commercial (0.0%)
30		Caterpillar Financial Services Corp. (MTN)	4.90	08/15/13	31,758

		Finance-Consumer Loans (0.1%)
75		HSBC Finance Corp.	6.375	10/15/11	79,591
115		HSBC Finance Corp.	6.75	05/15/11	121,257
40		SLM Corp. (MTN)	8.45	06/15/18	31,945
					232,793
		Finance-Credit Card (0.1%)
30		American Express Co.	8.125	05/20/19	35,542
45		American Express Credit Corp.	5.125	08/25/14	46,599
110		American Express Credit Corp. (Series C)	7.30	08/20/13	122,093
					204,234
		Finance-Investment Banker/Broker (0.3%)
60		Bear Stearns Cos. LLC (The)	6.40	10/02/17	65,375
130		Bear Stearns Cos. LLC (The)	7.25	02/01/18	148,702
45		Credit Suisse USA, Inc.	5.125	08/15/15	47,567
225		Merrill Lynch & Co., Inc. (MTN)	6.875	04/25/18	237,015
					498,659
		Food-Miscellaneous/Diversified (0.2%)
30		ConAgra Foods, Inc.	7.00	10/01/28	33,282
55		ConAgra Foods, Inc.	8.25	09/15/30	69,449
50		General Mills, Inc.	5.65	02/15/19	54,251
155		Kraft Foods, Inc.	6.125	08/23/18	164,689
10		Kraft Foods, Inc.	7.00	08/11/37	11,176
					332,847
		Food-Retail (0.1%)
15		Delhaize America, Inc.	9.00	04/15/31	19,791
50		Delhaize Group SA (Belgium)	5.875	02/01/14	53,900
20		Kroger Co. (The) (WI)	3.90	10/01/15	20,186
40		Kroger Co. (The)	5.00	04/15/13	42,229
10		Kroger Co. (The)	6.40	08/15/17	11,082
					147,188
		Gold Mining (0.1%)
125		Newmont Mining Corp.	5.125	10/01/19	125,187

		Independent Power Producer (0.0%)
$	45	NRG Energy, Inc.	8.50%	06/15/19	$	45,281

		Life/Health Insurance (0.1%)
50		Principal Financial Group, Inc.	8.875	05/15/19	60,009
85		Prudential Financial, Inc. (MTN)	4.75	09/17/15	84,512
40		Prudential Financial, Inc. (MTN)	6.625	12/01/37	40,978
20		Prudential Financial, Inc. (Series D) (MTN)	7.375	06/15/19	22,360
					207,859
		Machinery-Construction&Mining (0.0%)
25		Caterpillar, Inc.	6.05	08/15/36	27,458

		Medical Labs&Testing Services (0.1%)
115		Roche Holdings, Inc. (144A) (e)	6.00	03/01/19	128,244

		Medical Products (0.0%)
20		Baxter International, Inc.	5.375	06/01/18	21,712
20		Hospira, Inc. (MTN)	6.40	05/15/15	22,264
					43,976
		Medical-Biomedical/Genetics (0.1%)
45		Amgen, Inc.	5.70	02/01/19	49,558
60		Amgen, Inc.	5.85	06/01/17	66,094
60		Biogen Idec, Inc.	6.875	03/01/18	65,976
					181,628
		Medical-Drugs (0.2%)
50		GlaxoSmithKline Capital, Inc.	5.65	05/15/18	54,869
105		Merck & Co., Inc.	5.00	06/30/19	112,235
70		Novartis Capital Corp.	4.125	02/10/14	73,990
155		Pfizer, Inc.	6.20	03/15/19	175,024
15		Wyeth	5.45	04/01/17	16,278
20		Wyeth	6.45	02/01/24	22,686
					455,082
		Medical-Generic Drugs (0.0%)
60		Watson Pharmaceuticals, Inc.	6.125	08/15/19	63,219

		Medical-HMO (0.1%)
80		UnitedHealth Group, Inc.	6.00	02/15/18	84,206
15		WellPoint, Inc.	7.00	02/15/19	17,081
					101,287
		Multi-line Insurance (0.1%)
50		Allstate Corp. (The) (d)	7.45	05/16/19	59,701
75		MetLife, Inc. (g)	6.75	06/01/16	83,814
75		MetLife, Inc. (Series A) (g)	6.817	08/15/18	83,616
10		MetLife, Inc. (g)	7.717	02/15/19	11,793
					238,924
		Multimedia (0.2%)
100		News America, Inc.	7.85	03/01/39	117,433
40		Time Warner, Inc.	5.875	11/15/16	42,478
60		Time Warner, Inc.	7.70	05/01/32	68,040
20		Viacom, Inc.	5.625	09/15/19	20,367
70		Viacom, Inc.	6.875	04/30/36	74,179
45		Vivendi (144A) (France)(e)	6.625	04/04/18	48,450
					370,947
		Networking Products (0.1%)
60		Cisco Systems, Inc.	4.95	02/15/19	63,189
25		Cisco Systems, Inc.	5.90	02/15/39	27,160
					90,349
		Office Automation&Equipment (0.0%)
45		Xerox Corp.	6.35	05/15/18	46,860

		Oil Company-Exploration&Production (0.3%)
$	60	Devon Financing Corp. ULC (Canada)	7.875%	09/30/31	$	74,533
70		EnCana Corp. (Canada)	5.90	12/01/17	74,878
5		EnCana Corp. (Canada)	6.50	05/15/19	5,561
100		Gaz Capital SA (144A) (Luxembourg)(e)	6.51	03/07/22	92,130
30		Pioneer Natural Resources Co.	6.65	03/15/17	28,699
95		Questar Market Resources, Inc.	6.80	04/01/18	97,549
105		XTO Energy, Inc.	5.50	06/15/18	108,545
10		XTO Energy, Inc.	6.50	12/15/18	11,059
					492,954
		Oil Company-Integrated (0.1%)
120		ConocoPhillips	5.20	05/15/18	127,388
20		ConocoPhillips	5.75	02/01/19	21,829
					149,217
		Oil&Gas Drilling (0.0%)
55		Transocean, Inc. (Cayman Islands)	6.00	03/15/18	58,851

		Oil-Field Services (0.0%)
70		Weatherford International Ltd. (Switzerland)	6.00	03/15/18	72,647

		Paper&Related Products (0.0%)
75		International Paper Co.	7.50	08/15/21	79,625

		Pharmacy Services (0.0%)
65		Medco Health Solutions, Inc.	7.125	03/15/18	73,770

		Pipelines (0.4%)
55		CenterPoint Energy Resources Corp.	6.25	02/01/37	53,084
25		CenterPoint Energy Resources Corp. (Series B)	7.875	04/01/13	28,173
20		Colorado Interstate Gas Co.	6.80	11/15/15	22,341
50		El Paso Corp. (MTN)	8.25	02/15/16	51,500
35		Enterprise Products Operating LLC (WI)	5.25	01/31/20	35,044
90		Enterprise Products Operating LLC (Series N)	6.50	01/31/19	98,442
135		Kinder Morgan Finance Co. ULC (Canada)	5.70	01/05/16	129,263
60		Plains All American Pipeline LP / PAA Finance Corp.	6.70	05/15/36	62,953
60		Plains All American Pipeline LP / PAA Finance Corp.	8.75	05/01/19	72,146
50		Spectra Energy Capital LLC	7.50	09/15/38	58,504
55		Texas Eastern Transmission LP	7.00	07/15/32	63,470
					674,920
		Property Trust (0.0%)
75		WEA Finance LLC / WT Finance Aust Pty Ltd. (144A) (e)	6.75	09/02/19	75,999

		Property/Casualty Insurance (0.1%)
80		ACE INA Holdings, Inc.	5.60	05/15/15	86,682
65		Travelers Cos., Inc. (The)	5.80	05/15/18	72,143
15		Travelers Cos., Inc. (The)	5.90	06/02/19	16,840
					175,665
		Real Estate Operation/Development (0.0%)
35		Brookfield Asset Management, Inc. (Canada)	5.80	04/25/17	30,151
30		Brookfield Asset Management, Inc. (Canada)	7.125	06/15/12	30,313
					60,464
		Reinsurance (0.1%)
140		Berkshire Hathaway Finance Corp.	5.40	05/15/18	151,175
85		Platinum Underwriters Finance, Inc. (Series B)	7.50	06/01/17	81,765
					232,940
		REITS-Apartments (0.0%)
60		AvalonBay Communities, Inc.	6.10	03/15/20	61,959

		REITS-Regional Malls (0.0%)
$	35	Simon Property Group LP	6.75%	05/15/14	$	37,574

		Retail-Building Products (0.0%)
80		Home Depot, Inc.	5.875	12/16/36	77,875

		Retail-Discount (0.1%)
70		Wal-Mart Stores, Inc.	4.125	02/01/19	70,462
45		Wal-Mart Stores, Inc.	4.25	04/15/13	47,995
					118,457
		Retail-Drug Store (0.1%)
154		CVS Pass-Through Trust	6.036	12/10/28	149,070

		Retail-Regional Department Store (0.0%)
65		Kohl’s Corp.	6.875	12/15/37	72,921

		Retail-Restaurants (0.1%)
60		Yum! Brands, Inc.	5.30	09/15/19	60,386
30		Yum! Brands, Inc.	6.25	03/15/18	32,374
5		Yum! Brands, Inc.	6.875	11/15/37	5,557
					98,317
		Satellite Telecommunication (0.0%)
50		Intelsat Subsidiary Holding Co. Ltd. (Bermuda)	8.50	01/15/13	50,875

		Schools (0.0%)
65		Duke University	5.15	04/01/19	70,241

		Semiconductor Equipment (0.0%)
45		KLA-Tencor Corp.	6.90	05/01/18	47,113

		Special Purpose Banks (0.1%)
80		Kreditanstalt fuer Wiederaufbau (Germany)	4.875	06/17/19	87,163

		Special Purpose Entity (0.3%)
190		AIG SunAmerica Global Financing (144A) (e)	6.30	05/10/11	187,378
140		Farmers Exchange Capital (144A) (e)	7.05	07/15/28	125,647
60		Harley-Davidson Funding Corp. (144A) (e)	6.80	06/15/18	58,521
100		Pearson Dollar Finance Two PLC (144A) (United Kingdom)(e)	6.25	05/06/18	105,815
225		Two-Rock Pass Through Trust (144A) (Bermuda)(e)	1.401(f)	12/31/49(h)	731
130		Xlliac Global Funding (144A) (e)	4.80	08/10/10	129,524
					607,616
		Steel-Producers (0.1%)
185		ArcelorMittal (Luxembourg)	9.85	06/01/19	219,174

		Super-Regional Banks-U.S. (0.3%)
155		Capital One Financial Corp.	6.75	09/15/17	164,753
60		PNC Funding Corp.	6.70	06/10/19	66,522
345		Wells Fargo & Co.	5.625	12/11/17	362,979
					594,254
		Telecom Equipment Fiber Optics (0.0%)
30		Corning, Inc.	6.625	05/15/19	32,878

		Telecommunication Services (0.0%)
20		Qwest Corp.	6.50	06/01/17	18,900
40		Qwest Corp.	6.875	09/15/33	32,600
					51,500
		Telephone-Integrated (0.6%)
50		AT&T Corp.	8.00	11/15/31	62,481
20		AT&T, Inc.	5.60	05/15/18	21,067
95		AT&T, Inc.	6.15	09/15/34	97,399
155		AT&T, Inc.	6.30	01/15/38	162,933
25		CenturyTel, Inc. (Series Q)	6.15	09/15/19	25,121
60		Deutsche Telekom International Finance BV (Netherlands)	8.75	06/15/30	77,912

$	35	France Telecom SA (France)	8.50%	03/01/31	$	48,533
15		Telecom Italia Capital SA (Luxembourg)	4.95	09/30/14	15,539
60		Telecom Italia Capital SA (Luxembourg)	6.999	06/04/18	66,414
90		Telecom Italia Capital SA (Luxembourg)	7.175	06/18/19	100,605
125		Telefonica Europe BV (Netherlands)	8.25	09/15/30	162,324
110		Verizon Communications, Inc.	5.50	02/15/18	115,523
120		Verizon Communications, Inc.	6.35	04/01/19	132,751
65		Verizon Communications, Inc.	8.95	03/01/39	89,330
					1,177,932
		Tobacco (0.1%)
60		Altria Group, Inc.	9.25	08/06/19	73,442
50		BAT International Finance PLC (144A) (United Kingdom)(e)	9.50	11/15/18	64,957
75		Philip Morris International, Inc.	5.65	05/16/18	79,968
					218,367
		Transport-Rail (0.1%)
45		CSX Corp.	7.375	02/01/19	53,047
55		Norfolk Southern Corp. (144A) (e)	5.75	01/15/16	60,175
40		Union Pacific Corp.	6.125	02/15/20	44,808
75		Union Pacific Corp.	7.875	01/15/19	93,148
					251,178
		Total Corporate Bonds *(Cost $16,931,308)*			17,621,864

		Foreign Government Obligations (0.3%)
104		United Mexican States (Mexico)	5.625	01/15/17	108,472
105		Italian Republic (Italy)	6.875	09/27/23	126,473
100		Korea Railroad Corp. (144A) (South Korea)(e)	5.375	05/15/13	102,113
25		Republic of Peru (Peru)	7.125	03/30/19	28,962
230		Federative Republic of Brazil (Brazil)	6.00	01/17/17	250,010
		Total Foreign Government Obligations *(Cost $582,009)*			616,030

		U.S. Government Agencies & Obligations (11.2%)
		Commercial Banks-Central U.S. — FDIC Guaranteed (0.1%)
200		KeyBank NA	3.20	06/15/12	208,598

		Diversified Banking Institution — FDIC Guaranteed (0.1%)
200		GMAC, Inc.	2.20	12/19/12	202,291

		Diversified Financial Service — FDIC Guaranteed (1.4%)
1,200		Citigroup Funding, Inc. (i)	2.25	12/10/12	1,217,088
		General Electric Capital Corp.,
300			2.20	06/08/12	304,835
1,200			2.625	12/28/12	1,230,412
					2,752,335
		Finance-Consumer Loans — FDIC Guaranteed (0.5%)
1,000		John Deere Capital Corp.	2.875	06/19/12	1,033,868

		U.S. Government Agencies (0.7%)
		Federal Home Loan Mortgage Corp.,
150			3.75	03/27/19	150,371
400			4.875	06/13/18	436,842
250			6.75	03/15/31	328,139
500		Federal National Mortgage Assoc.	2.875	12/11/13	509,940
					1,425,292
		U.S. Government Obligations (8.4%)
		U.S. Treasury Bond,
1,715			3.50	02/15/39	1,554,221
350			4.25	05/15/39	362,195
		U.S. Treasury Note,
3,000			0.875	03/31/11	3,011,016
300			1.00	09/30/11	300,328

$	2,000		1.375%	03/15/12	$	2,010,314
2,000			1.375	05/15/12	2,007,344
500			1.375	09/15/12	499,297
325			1.75	01/31/14	321,039
1,700			1.75	03/31/14	1,673,305
2,000			2.375	09/30/14	2,005,786
800			2.75	02/15/19	763,688
630			3.75	11/15/18	652,100
		U.S. Treasury Strip,
735			0.00	11/15/19	504,618
1,330			0.00	11/15/21	815,499
					16,480,750
		Total U.S. Government Agencies & Obligations *(Cost $22,064,934)*			22,103,134

		Asset-Backed Securities (0.1%)
16		Capital Auto Receivables Asset Trust 2007-SN1 A3B	0.303(f)	07/15/10	16,194
117		Capital Auto Receivables Asset Trust 2006-2 A3A	4.98	05/15/11	118,604
6		Capital One Auto Finance Trust 2006-C A3A	5.07	07/15/11	5,818
12		GS Auto Loan Trust 2006-1 A3	5.37	12/15/10	11,964
59		Harley-Davidson Motorcycle Trust 2005-2 A2	4.07	02/15/12	59,817
71		Harley-Davidson Motorcycle Trust 2005-3 A2	4.41	06/15/12	72,230
		Total Asset-Backed Securities *(Cost $280,651)*			284,627

		U.S. Government Agencies - Mortgage-Backed Securities (0.0%)
		Federal Home Loan Mortgage Corp (ARM) (0.0%)
2			6.50	05/01/29–12/01/31	2,814

		Federal National Mortgage Assoc. (0.0%)
2			6.50	11/01/29	2,490
		Total U.S. Government Agencies - Mortgage-Backed Securities *(Cost $5,103)*			5,304

		Tax-Exempt Municipal Bonds (0.1%)
		Transportation (0.1%)
85		Illinois State Toll Highway Authority (The) 2009 Ser A	6.184	01/01/34	95,559

		Utilities (0.0%)
45		State of California	5.95	04/01/16	48,289
		Total Tax-Exempt Municipal Bonds *(Cost $130,228)*			143,848

NUMBER OF SHARES					VALUE
		Investment Trusts/Mutual Funds (1.1%)
23,935		iShares FTSE/Xinhua China 25 Index Fund			979,420
102,091		United States Natural Gas Fund LP (a)			1,198,549
		Total Investment Trusts/Mutual Funds (Cost $2,003,793)			2,177,969

PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE	MATURITY DATE	VALUE
		Short-Term Investments (18.4%)
		U.S. Government Agencies & Obligations (0.4%)
$	740	U.S. Treasury Bills (Cost $739,767)(j)(k)	0.27	11/12/09	739,767

NUMBER OF SHARES (000)
		Investment Company (l)(18.0%)
35,646		Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $35,646,055)			35,646,055
		Total Short-Term Investments *(Cost $36,385,822)*			36,385,822

INTEREST RATE/ASSET SWAP CONTRACTS OPEN AT SEPTEMBER 30, 2009:

COUNTERPARTY

NOTIONAL
AMOUNT
(000’S)

PAYMENTS RECEIVED
BY FUND

PAYMENTS MADE BY FUND

TERMINATION DATE

UNREALIZED
APPRECIATION
(DEPRECIATION)

Barclays Bank***

702

Fixed Rate 4.64 %

Floating Rate 0.00# %

May 27, 2019

6,199

Barclays Bank^^

710

Fixed Rate 0.816

Floating Rate 0.00#

November 15, 2019

(21,810

)

Deutsche Bank

7,840

Fixed Rate 4.4

Floating Rate 0.00#

October 1, 2016

Deutsche Bank

2,870

Fixed Rate 5.062

Floating Rate 0.00#

August 5, 2024

20,873

UBS AG***

2,050

Fixed Rate 4.66

Floating Rate 0.00#

May 27, 2019

19,721

Barclays Bank

161

Floating Rate 4.04#

Fixed Rate 0.38

May 27, 2039

(3,156

)

Barclays Bank^^

710

Floating Rate 0.00#

Fixed Rate 4.141

November 15, 2019

(52,734

)

UBS AG

474

Floating Rate 4.04#

Fixed Rate 0.38

May 27, 2039

(9,290

)

Deutsche Bank

2,360

Floating Rate 0.00#

Fixed Rate 4.46

August 5, 2019

(14,539

)

Deutsche Bank

4,218

Floating Rate 0.00#

Fixed Rate 4.41

October 3, 2018

4,344

JPMorgan Chase Bank N.A.
New York ^^

735

Floating Rate 0.00#

Fixed Rate 4.314

November 15, 2019

(48,712

)

JPMorgan Chase Bank N.A.
New York ^^

1,330

Floating Rate 0.00#

Fixed Rate 4.141

November 15, 2021

(91,421

)

Net Unrealized Depreciation

(190,525

)

# Floating rate based on USD-3 Months LIBOR.

^^ Portfolio will receive $194,966, and make payments of $275,331, $279,388, and $589,387 respectively on termination date.

*** Forward interest rate swap. Periodic payments on specified notional contract amount with future effective date, unless terminated earlier.

MS Variable Strategist

Fair Valuation Measurements

09/30/2009

· 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)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

	Fair Value Measurements at September 30, 2009 Using
				Unadjusted
				Quoted Prices In			Significant			Significant
				Active Market for			Other Observable			Unobservable
				Identical Investments			Inputs			Inputs
Investment Type	Total			(Level 1)			(Level 2)			(Level 3)
Common Stocks
Aerospace & Defense	$	5,086,085		$	5,086,085		—			—
Airlines	892,363			892,363			—			—
Automobiles	1,246,044			1,246,044			—			—
Biotechnology	5,424,121			5,424,121			—			—
Capital Markets	4,073,803			4,073,803			—			—
Chemicals	1,161,218			1,161,218			—			—
Commercial Services & Supplies	2,310,752			2,310,752			—			—
Communications Equipment	2,347,967			2,347,967			—			—
Computers & Peripherals	7,107,120			7,107,120			—			—
Construction & Engineering	1,811,586			1,811,586			—			—
Diversified Financial Services	4,704,656			4,704,656			—			—
Diversified Telecommunication Services	5,895,738			5,895,738			—			—
Electric Utilities	1,741,638			1,741,638			—			—
Electrical Equipment	1,674,142			1,674,142			—			—
Electronic Equipment, Instruments & Components	2,439,189			2,439,189			—			—
Energy Equipment & Services	4,947,753			4,947,753			—			—
Food & Staples Retailing	1,054,955			1,054,955			—			—
Food Products	3,171,322			3,171,322			—			—
Health Care Equipment & Supplies	3,739,708			3,739,708			—			—
Hotels, Restaurants & Leisure	2,328,558			2,328,558			—			—
Household Durables	3,113,520			3,113,520			—			—
Household Products	679,655			679,655			—			—
Industrial Conglomerates	1,316,063			1,316,063			—			—
Information Technology Services	946,462			946,462			—			—
Insurance	2,435,294			2,435,294			—			—
Internet Software & Services	2,387,671			2,387,671			—			—
Investment Trusts/Mutual Funds	2,177,969			2,177,969			—			—
Life Sciences Tools & Services	1,116,205			1,116,205			—			—
Machinery	429,328			429,328			—			—
Media	1,180,233			1,180,233			—			—
Metals & Mining	8,401,370			8,401,370			—			—
Multiline Retail	1,097,642			1,097,642			—			—
Oil, Gas & Consumable Fuels	2,788,917			2,788,917			—			—
Pharmaceuticals	4,272,710			4,272,710			—			—
Real Estate Investment Trusts (REITs)	1,165,546			1,165,546			—			—
Real Estate Management & Development	1,488,365			1,488,365			—			—
Semiconductors & Semiconductor Equipment	6,883,711			6,883,711			—			—
Software	10,958,993			10,958,993			—			—
Specialty Retail	727,624			727,624
Tobacco	2,661,949			2,661,949			—			—
Water Utilities	1,753,623			1,753,623			—			—
Total Common Stocks	121,141,568			121,141,568			—			—
Asset-Backed Securities	284,627			—			$	284,627		—
Corporate Bonds	17,621,864			—			17,621,864			—
Foreign Government Obligations	616,030			—			616,030			—
Mortgage-Backed Securities - US Government Agencies	5,304			—			5,304			—
Municipal Bonds	143,848			—			143,848			—
US Government Agencies & Obligations	22,103,134			—			22,103,134			—
Short-Term Investments				—
Investment Company	35,646,055			35,646,055			—			—
US Government Agencies & Obligations	739,767			—			739,767			—
Total Short-Term Investments	36,385,822			35,646,055			739,767			—
Credit Default Swaps	39,082			—			39,082			—
Futures	41,904			41,904			—			—
Interest Rate Swaps	51,137			—			51,137			—
Total Assets	$	198,434,320		$	156,829,527		$	41,604,793		—
Liabilities
Credit Default Swaps	$	(22,825	)	—			$	(22,825	)	—
Futures	(22,928		)	$	(22,928	)	—			—
Interest Rate Swaps	(241,662		)	—			(241,662		)	—
Total Liabilities	$	(287,415	)	$	(22,928	)	$	(264,487	)	—

Investment Company Act file number		811-03692

Morgan Stanley Variable Investment Series
(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York			10036
(Address of principal executive offices)			(Zip code)

Randy Takian 522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)

Registrant’s telephone number, including area code:		212-296-6963

Date of fiscal year end:	December 31, 2009

Date of reporting period:	September 30, 2009

NUMBER OF CONTRACTS	LONG/ SHORT	DESCRIPTION, DELIVERY MONTH AND YEAR	UNDERLYING FACE AMOUNT AT VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
30	Long	U.S. Treasury Notes 10 Year, December 2009	$	3,549,844		$	44,072
8	Long	90 Day Euro$, March 2011	1,958,000			27
8	Long	90 Day Euro$, June 2011	1,951,600			3,929
8	Long	90 Day Euro$, September 2011	1,945,900			2,670
8	Long	90 Day Euro$, December 2011	1,940,400			1,800
4	Long	U.S. Treasury Bond 30 Year, December 2009	485,500			7,016
66	Short	U.S. Treasury Notes 5 Year, December 2009	(7,662,188		)	(33,360		)
95	Short	U.S. Treasury Notes 2 Year, December 2009	(20,612,032		)	(97,498		)
		Net Unrealized Depreciation				$	(71,344	)

NUMBER OF CONTRACTS	LONG/ SHORT	DESCRIPTION, DELIVERY MONTH AND YEAR	UNDERLYING FACE AMOUNT AT VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
227	Long	U.S. Treasury Notes 5 Year, December 2009	$	26,353,281		$	317,000
119	Long	U.S. Treasury Notes 2 Year, December 2009	25,819,282			136,630
154	Short	U.S. Treasury Bonds 30 Year, December 2009	(18,691,750		)	(363,798		)
429	Short	U.S. Treasury Notes 10 Year, December 2009	(50,762,768		)	(409,592		)
		Net Unrealized Depreciation				$	(319,760	)

SWAP COUNTERPARTY & REFERENCE OBLIGATION	BUY/SELL PROTECTION	NOTIONAL AMOUNT (000’s)		INTEREST RATE		TERMINATION DATE	UNREALIZED APPRECIATION (DEPRECIATION)			UPFRONT PAYMENTS			VALUE			CREDIT RATING OF REFERENCE OBLIGATION+ (unaudited)
Bank of America, N.A. Carnival Corp.	Buy	$	1,185	1.57	%	March 20, 2018	$	(30,628	)	—			$	(30,628	)	A-
Bank of America, N.A. Centurytel, Inc.	Buy	905		0.88		September 20, 2017	(2,754		)	—			(2,754		)	BBB
Goldman Sachs International Sealed Air Corp.	Buy	505		1.08		March 20, 2018	7,358			—			7,358			BBB-
Bank of America, N.A. Tyco Electronics Ltd.	Buy	925		5.00		June 20, 2014	(127,959		)	(38,859		)	(166,818		)	BBB-
Bank of America, N.A. Toll Brothers Inc.	Buy	1,695		2.90		March 20, 2013	(105,432		)	—			(105,432		)	BBB-
Barclays Capital Whirlpool Corp.	Buy	450		1.00		June 20, 2014	(11,298		)	24,263			12,965			BBB-
Total Credit Default Swaps		$	5,665				$	(270,713	)	$	(14,596	)	$	(285,309	)

Total Investments *(Cost $88,705,485) (p)*	114.6	%	37,757,955
Liabilities in Excess of Other Assets	(14.6	)	(4,823,490		)
Net Assets	100.0	%	$	32,934,465

FDIC	Federal Deposit Insurance Corporation.
MTN	Medium Term Note.
(a)	Resale is restricted to qualified institutional investors.
(b)	Floating rate security, rate shown is the rate in effect at September 30, 2009.
(c)	For the four months ended September 30, 2009 there were no transactions in Citigroup Inc., an affiliate of the Portfolio.
(d)	For the nine months ended September 30, 2009, the cost of purchase of Metropolitan Life Global Funding corporate bond, an affiliate of the Portfolio, was $542,846.
(e)	Purchased on a discount basis. The interest rates shown have been adjusted to reflect a money market equivalent yield.
(f)	A portion of this security has been physically segregated in connection with open futures contracts and open swap contracts.
(g)	The Fund invests in Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class, an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class with respect to assets invested by the Fund in Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class.
(h)	Securities have been designated as collateral in connection with open futures contracts and open swap contracts.
(i)	The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

(a)	The values of loaned securities and related cash collateral outstanding at September 30, 2009 were $4,735,126 and $4,907,274, respectively, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.
(b)	Resale is restricted to qualified institutional investors.
(c)	Securities with a total market value equal to $27,119 have been valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Fund’s Trustee’s. Such fair value measurements may be level 2 measurements if observable inputs are available.
(d)	Non-income producing security; bond in default.
(e)	Issuer in bankruptcy.
(f)	Floating rate security. Rate shown is the rate in effect at September 30, 2009.
(g)	Security issued with perpetual maturity.
(h)	Payment-in-kind security.
(i)	Non-income producing security.
(j)	Resale is restricted, acquired (12/22/98) at a cost basis of $9,020.
(k)	Acquired through exchange offer.
(l)	Resale is restricted, acquired (06/10/99) at a cost basis of $24.
(m)	Resale is restricted, acquired (06/18/98 and 08/25/98) at a cost basis of $6,473,685.
(n)	At September 30, 2009, the Fund held a repurchase agreement with Citigroup Inc, an affiliate of the Investment Adviser, Administrator and Distributor since June 1, 2009, with a value of $249,051 in connection with cash collateral received from securities lending.
(o)	The Fund invests in Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class, an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class with respect to assets invested by the Fund in Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class.
(p)	The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

				PERCENT OF
				TOTAL
INDUSTRY	VALUE			INVESTMENTS
Transportation Infrastructure	$	32,177,152		36.6	%
Electric Utilities	14,357,988			16.4
Oil, Gas & Consumable Fuels	12,009,353			13.7
Multi-Utilities	10,978,381			12.5
Diversified Telecommunication Services	6,263,116			7.1
Construction & Engineering	5,028,509			5.7
Independent Power Producers & Energy Traders	3,057,890			3.5
Gas Utilities	2,370,292			2.7
Machinery	871,934			1.0
Short-Term Investments	719,774			0.8
	$	87,834,389	*^	100.0	%*^

NUMBER OF SHARES				VALUE
	*Convertible Preferred Stocks (3.9%)*
	Pharmaceuticals (2.9%)
4,000	Schering-Plough Corp. $6.00			$	970,800

	Real Estate Investment Trusts (REITs) (1.0%)
9,000	Equity Residential (Series E) $7.00			317,250
	Total Convertible Preferred Stocks *(Cost $1,293,408)*			1,288,050

NUMBER OF SHARES (000)
	*Short-Term Investment (4.4%)*
	Investment Company (d)
1,460	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $1,460,106)			1,460,106
	*Total Investments* *(Cost $31,728,206) (e)*	99.5	%	32,917,063
	Other Assets in Excess of Liabilities	0.5		152,675
	Net Assets	100.0	%	$	33,069,738

ADR		American Depositary Receipt.
(a)		Non-income producing security.
(b)		For the 4 months ended September 30, 2009, the cost of purchases of Citigroup, Inc. common stock, an affiliate of the Portfolio, was $183,166.
(c)		Resale is restricted to qualified institutional investors.
(d)		The Fund invests in Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class, an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class with respect to assets invested by the Fund in Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class.
(e)		The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

	Textiles, Apparel & Luxury Goods (1.1%)
39,449	VF Corp.			$	2,857,291

	Tobacco (3.7%)
177,968	Altria Group, Inc.			3,169,610
126,528	Philip Morris International, Inc.			6,166,975
				9,336,585
	Total Common Stocks *(Cost $256,173,507)*			249,203,499

NUMBER OF SHARES (000)
	*Short-Term Investment (b)(1.3%)*
	Investment Company
3,429	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $3,429,034)			3,429,034
	Total Investments *(Cost $259,602,541) (c)(d)*	99.9	%	252,632,533
	Total Written Options Outstanding *(Premium received $82,964)*	0.0		(61,790		)
	Other Assets in Excess of Liabilities	0.1		164,536
	Net Assets	100.0	%	$	252,735,279

NUMBER OF CONTRACTS	DESCRIPTION	STRIKE PRICE		EXPIRATION DATE	PREMIUM		VALUE
90	Aflac, Inc.	$	42.00	October 2009	$	12,345	$	18,450
90	Aflac, Inc.	43.00		October 2009	10,036		11,250
140	Fluor Corp.	55.00		October 2009	40,486		4,200
20	Goldman Sachs Group, Inc. (The)	200.00		October 2009	2,980		2,240
90	Transocean Ltd.	85.00		October 2009	17,117		25,650
	Total				$	82,964	$	61,790

NUMBER OF SHARES (000)
	Short-Term Investment (c)(5.3%)
	Investment Company
13,574	Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (Cost $13,573,741)			$	13,573,741
	Total Investments *(Cost $227,719,565) (d)*	100.1	%	255,613,511
	Liabilities in Excess of Other Assets	(0.1	)	(209,447		)
	Net Assets	100.0	%	$	255,404,064

NUMBER OF SHARES (000)
	Short-Term Investment (c)(5.4%)
	Investment Company
1,699	Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio - Institutional Class (Cost $1,699,393)			$	1,699,393
	Total Investments (d) *(Cost $27,460,660)*	100.1	%	31,184,877
	Liabilities in Excess of Other Assets	(0.1	)	(41,410		)
	Net Assets	100.0	%	$	31,143,467

Total Investments *(Cost $178,259,137) (m)(n)*	100.2	%	198,302,197
Liabilities in Excess of Other Assets	(0.2	)	(389,799		)
Net Assets	100.0	%	$	197,912,398

/s/ Randy Takian
Randy Takian
Principal Executive Officer
November 19, 2009