Variable Investment Series Limited Duration Portfolio

XX7B CUSIP: 61748Q747

Variable Investment Series Limited Duration Portfolio

XX7B CUSIP: 61748Q747

Variable Investment Series Limited Duration Portfolio

SHARE CLASS :

XX7B CUSIP: 61748Q747

Overview
Pricing
Composition
Portfolio Managers
Resources

Fund Facts

Asset Class:	Taxable Fixed Income
Morningstar Category:	US Insurance Short-Term Bond
Lipper Category:	Short-Intermediate Investment Grade Debt
Fund Inception Date:	05/04/1999
Share Class Inception Date:	06/05/2000

Net Asset Value ($): as of 04/20/2018	7.48
Fund Assets ($MM): as of 04/20/2018	24
Benchmark:	Bloomberg Barclays US Government/Credit Index (1-5 year)

Fees & Expenses

Gross Expense Ratio (%):	1.17
Net Expense Ratio (%):	1.17
Management Fee (%):	0.30

Overview

Fund Facts

Asset Class:	Taxable Fixed Income
Morningstar Category:	US Insurance Short-Term Bond
Lipper Category:	Short-Intermediate Investment Grade Debt
Fund Inception Date:	05/04/1999
Share Class Inception Date:	06/05/2000

Net Asset Value ($): as of 04/20/2018	7.48
Fund Assets ($MM): as of 04/20/2018	24
Benchmark:	Bloomberg Barclays US Government/Credit Index (1-5 year)

Fees & Expenses

Gross Expense Ratio (%):	1.17
Net Expense Ratio (%):	1.17
Management Fee (%):	0.30

Investment Approach

The Limited Duration Portfolio combines our top-down macro and asset allocation views with rigorous bottom-up fundamental and quantitative analysis that guide our active management decisions.

Pricing

Historical NAV	As of 10/31/2017 As of 04/20/2018
As of 10/31/2017 As of 04/20/2018

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Past performance is not indicative of future results.

Distributions

Tax Center

Record Date	Ex-Date	Payable Date	Net Investment Income ($ per share)	Long-Term Capital Gains ($ per share)	Short-Term Capital Gains ($ per share)	Total Capital Gains ($ per share)

07/03/2017	07/05/2017	07/05/2017	0.153706	0.000000	0.000000	0.000000
06/29/2016	06/30/2016	06/30/2016	0.093095	0.000000	0.000000	0.000000

Ex-Date /<br />Payable Date	Net Investment Income ($ per share)	Total Capital Gains ($ per share)

07/05/2017 / 07/05/2017	0.153706	0.000000
06/30/2016 / 06/30/2016	0.093095	0.000000

Composition

Composition As of 03/31/2018

Sector Allocation
(% of Total Net Assets)

As of 03/31/2018

		Fund
	Banks	6.98
	Pharmaceuticals	3.36
	Electric	2.94
	Telecommunications	2.53
	Media	2.24
	Biotechnology	2.13
	Pipelines	2.04
	Food	1.93
	Wl Collateral Cmo	1.61
	Cash	1.06

Holdings As of 03/31/2018

Top Holdings
(% of Total Net Assets)

	Fund
AT&T Inc	1.62
Vericrest Opportunity Loan Trans	1.60
Fordr_14-1	1.55
Metropolitan Life Global Funding I	1.30
Tsmc Global Ltd	1.23
Synchrony Financial	1.22
Citigroup Inc	1.21
Goldman Sachs Group Inc/the	1.19
Actavis Funding Scs	1.14
Vericrest Opportunity Loan Transferee Vo	1.14
Total	13.20

Please note, prior to February 13, 2018, holdings and related composition data, shown as of December 31, 2017, were reflecting data as of January 2, 2018. Holdings data for these periods are available upon request by emailing client service at msimcs@morganstanley.com.

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Portfolio Characteristics As of 02/28/2018

As of 02/28/2018

	Fund
Number of holdings	194
Effective Duration	2.62
Turnover (%)	22

Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.

Portfolio Managers

Eric Jesionowski

Executive Director

22 years industry experience

Neil Stone

Managing Director

33 years industry experience

Matthew C. Dunning

Executive Director

24 years industry experience

Insights by Global Fixed Income Team

Global Fixed Income Bulletin

What Can Derail the Carry Trade?

Dec 13, 2017

The Global Fixed Income team discusses how even though markets have run a long way, and future returns are likely to be more modest, the current environment is likely to continue in 2018.

Global Fixed Income Bulletin

Goldilocks Meets the Three Bears

Apr 13, 2018

The Global Fixed Income team discusses how January felt like Golidlock’s conditions for markets, but March brought the three bears of risk—trade war, rising short-term rates and FANG stocks.

Resources

Prospectus & Reports

Summary Prospectus

Prospectus

Semi-Annual Report

Annual Report

SAI

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

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

PORTFOLIO CHARACTERISTICS DEFINITIONS
Net Asset Value (NAV) is the dollar value of a single fund share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. It is calculated at the end of each business day. Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

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

Turnover is sourced from the fund's current prospectus.

RISK CONSIDERATIONS
There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this portfolio. Please be aware that this portfolio may be subject to certain additional risks: The portfolio may engage in active and frequent trading of its portfolio securities

The Portfolios are not available for direct investment. Shares of the Portfolio are offered exclusively to certain life insurance companies in connection with particular variable life insurance and/or variable annuity contracts they issue. The insurance companies invest in shares of the Portfolios in accordance with instructions received from owners of variable life insurance or annuity contracts.

Variable annuities are long-term investments designed for retirement purposes. Withdrawals are taxed as ordinary income. Withdrawals prior to age 59 1/2 are subject to a 10% tax penalty. Only individuals or institutions domiciled in the United States of America are legally permitted to invest in these funds.

Please consider the investment objective, risks, charges and expenses of the portfolio carefully before investing. The prospectus contains this and other information about the portfolio. To obtain a prospectus, download one at www.morganstanley.com/im. Please read the prospectus carefully before you invest or send money.

As of January 1, 2011, the SEC requires fund companies to file a new exhibit with risk/return summary information in interactive data (XBRL) format. Click here for XBRL files.

Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley.

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

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

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

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

NTM = Next Twelve Months

LTM = Last Twelve Months

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

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

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

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

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

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

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