UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM N-PX

               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2349
                                  ----------------------------------------------

                      Morgan Stanley Income Securities Inc.
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               (Exact name of registrant as specified in charter)

1221 Avenue of the Americas, New York, New York                          10020
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    (Address of principal executive offices)                          (Zip code)

                               Amy Doberman, Esq.

                                Managing Director

                     Morgan Stanley Investment Advisors Inc.

                           1221 Avenue of the Americas

                            New York, New York 10020
--------------------------------------------------------------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 800-869-6397
                                                   -----------------------------

Date of fiscal year end: 9/30
                        ------------------------

Date of reporting period: 7/1/05 - 6/30/06
                         -----------------------





******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-02349
Reporting Period: 07/01/2005 - 06/30/2006
Morgan Stanley Income Securities Inc.









==================== MORGAN STANLEY INCOME SECURITIES INC. =====================

The Registrant held no securities during the period July 1, 2005 through June
30, 2006 which required proxy votes and therefore there are no voting records to
report.

========== END NPX REPORT



                                   SIGNATURES

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

(Registrant): Morgan Stanley Income Securities Inc.
             --------------------------------------



By (Signature and Title):


                                      /s/ Ronald E. Robison

               President and Principal Executive Officer - Office of the Funds
               ---------------------------------------------------------------


Date August 28, 2006
    ----------------











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