<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002866
<TYPE>424B2
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20061226
<DATE-OF-FILING-DATE-CHANGE>20061226
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MORGAN STANLEY
<CIK>0000895421
<ASSIGNED-SIC>6211
<IRS-NUMBER>363145972
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B2
<ACT>33
<FILE-NUMBER>333-131266
<FILM-NUMBER>061298535
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
<ZIP>10036
<PHONE>212-761-4000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
<ZIP>10036
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MORGAN STANLEY DEAN WITTER & CO
<DATE-CHANGED>19980326
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DEAN WITTER DISCOVER & CO
<DATE-CHANGED>19960315
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp04323_424b2-ps171.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="28" colspan="5" align="center" valign="bottom"><strong><em><font size="3" face="serif">CALCULATION OF REGISTRATION FEE</font></em></strong></td>
  </tr>
  <tr>
    <td height="28" valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"></td>
    <td valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="46%" height="28" valign="bottom"><font size="2" face="serif"><em>Title
          of Each Class of Securities Offered</em></font></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><font size="2" face="serif"><em>Maximum
          Aggregate<br>
      Offering Price</em></font></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><p><font size="2" face="serif"><em>Amount
            of Registration<br>
      Fee</em></font></p></td>
  </tr>
  <tr>
    <td width="46%" valign="bottom"><hr size="1" noshade></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><hr size="1" noshade></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td width="46%" valign="bottom"><font size="2" face="serif">Floating Rate
        Senior Notes Due 2016</font></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;$200,748,000.00</font></td>
    <td width="2%" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
    <td width="25%" align="center" valign="bottom"><font size="2" face="serif">$21,480.04</font></td>
  </tr>
</table>
<br>


<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=50%>
<B><I><FONT size=2 face="serif">PROSPECTUS Dated January 25, 2006</FONT></I></B>
        </TD>
        <TD align=right width=50%>
<B><I><FONT size=2 face="serif">Pricing Supplement No. 171 to</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<B><I><FONT size=2 face="serif">PROSPECTUS SUPPLEMENT</FONT></I></B>
        </TD>
        <TD align=right width=50%>
<B><I><FONT size=2 face="serif">Registration Statement No. 333-131266</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<B><I><FONT size=2 face="serif">Dated January 25, 2006</FONT></I></B>
        </TD>
        <TD align=right width=50%>
<B><I><FONT size=2 face="serif">Dated December 21, 2006</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>&nbsp;

        </TD>
        <TD align=right width=50%>
<B><I><FONT size=2 face="serif">Rule 424(b)(2)</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><img src="logo.jpg" width="278" height="53"></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=center><b><i><font size=2 face="serif">GLOBAL MEDIUM-TERM
          NOTES, SERIES F</font></i></b><br>
    <b><i><font size=2 face="serif">Floating Rate Senior Notes Due 2016</font></i></b></TD>
</TR>
</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">We,
      Morgan Stanley, are offering these Global Medium-Term Notes, Series F,
      Floating Rate Senior Notes Due 2016 (the &#147;notes&#148;) on a global
basis. We may not redeem these notes prior to the maturity thereof.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">The notes offered hereby will accrue interest from October 18, 2006 and constitute a further issuance of, and will be consolidated with, the Global Medium-Term Notes, Series F, Floating Rate
Senior Notes Due 2016 of Morgan Stanley issued on October 18, 2006 and December 1, 2006, which we refer to as the &#147;original notes,&#148; and form a single series with those original notes. The issuance of these notes will increase the aggregate
principal amount of the outstanding notes of this series to &#36;1,750,000,000. The notes offered hereby will have the same CUSIP and ISIN as the original notes and will trade interchangeably with the original notes.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">We will issue the notes only in registered form, which form is further described under &#147;Description of Notes&#151;Forms of Notes&#148; in the accompanying prospectus
supplement.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">We describe the basic features of the notes in the section of the accompanying prospectus supplement called &#147;Description of Notes&#148; and in the section of the accompanying prospectus
called &#147;Description of Debt Securities&#151;Floating Rate Debt Securities,&#148; subject to and as modified by the provisions described below.</FONT></I></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Principal Amount:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">&#36;200,000,000</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Maturity Date:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">October 18, 2016</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Interest Payment Dates:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Each January 18, April 18,</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Settlement Date</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>&nbsp;

        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
 &nbsp;<I><FONT size=2 face="serif">July 18 and October 18,</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
 &nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">(Original Issue Date):</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">December 27, 2006</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
 &nbsp;<I><FONT size=2 face="serif">commencing January 18,</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Interest Accrual Date:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">October 18, 2006</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
 &nbsp;<I><FONT size=2 face="serif">2007</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Issue Price:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">100.374% plus accrued</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Interest Payment Period:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Quarterly</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">interest from and including</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Interest Reset Dates:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Each interest payment date</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">October 18, 2006</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Interest Reset Period:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Quarterly</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Agent&#146;s Commission:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">0.45% per note</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Interest Determination</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Proceeds to Issuer:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">99.924% per note, plus</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
 &nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Dates:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">The second London banking</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">accrued interest from and</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">day prior to each Interest</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">including October 18, 2006</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Reset Date</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Specified Currency:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">U.S. dollars</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Reporting Service:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Telerate (Page 3750)</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Redemption Percentage</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>&nbsp;

        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Business Days:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">New York</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;at Maturity:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">100%</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>
<I></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Calculation Agent:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">The Bank of New York (as</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Base Rate:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">LIBOR Telerate</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">successor to JPMorgan Chase</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Spread (Plus or Minus):</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Plus 0.45%</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Bank, N.A. (formerly known as</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Index Maturity:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Three months</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">JPMorgan Chase Bank))</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Initial Interest Rate:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">As determined by the</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Agent:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Morgan Stanley &amp; Co.</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Calculation Agent based on</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">Incorporated</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">the Base Rate on the second</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Minimum Denominations:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">&#36;100,000 and integral</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">London banking day prior to</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">multiples of &#36;1,000 in excess</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">the Interest Accrual Date.</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">thereof</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Initial Interest Reset Date:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">January 18, 2007</FONT></I>
        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">CUSIP:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">61746BDC7</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>&nbsp;

        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">ISIN:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">US61746BDC72</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=20%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>&nbsp;

        </TD>
        <TD GUTTER align=left width=2%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=20%>
<I><FONT size=2 face="serif">Other Provisions:</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=26%>
<I><FONT size=2 face="serif">None</FONT></I>
        </TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Terms not defined herein have the meanings
given to such terms in the accompanying prospectus supplement and prospectus, as applicable.</FONT></I></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="33%"><b><i><font face="serif">MORGAN STANLEY</font></i></b></td>
    <td>&nbsp;</td>
    <td width="33%">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%">&nbsp;</td>
    <td align="center"><b><i><font face="serif">BLAYLOCK &amp; COMPANY</font></i></b></td>
    <td width="33%">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="33%" align="right"><b><i><font face="serif">RAMIREZ &amp; CO., INC.</font></i></b></td>
  </tr>
</table>




<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<B><I><FONT size=2 face="serif">Supplemental Information Concerning Plan of Distribution</FONT></I></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">On December 21, 2006, we agreed to sell to the managers listed below, and they severally agreed to purchase, the principal amounts of notes set forth opposite their respective names below at
a net price of 99.924% plus accrued interest from and including October 18, 2006, which we refer to as the &#147;purchase price.&#148; The purchase price equals the stated issue price of 100.374% plus accrued interest from and including October 18,
2006, less a combined management and underwriting commission of 0.45% .</FONT></I></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=70%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=8% align=center nowrap>
<B><I><FONT size=2 face="serif">Principal Amount</FONT></I></B>
        </TD>
    <TD width=10% align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=70%>
<B><I><U><FONT size=2 face="serif">Name</FONT></U></I></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=8% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><I><FONT size=2 face="serif">of Notes</FONT></I></B>
        </TD>
    <TD width=10% align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD width="10%"></TD>
        <TD width="70%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" nowrap>
<HR noshade size=1>
        </TD>
    <TD width="10%" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=70%>
<I><FONT size=2 face="serif">Morgan Stanley &amp; Co. Incorporated</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=8% align=right nowrap>
<I><FONT size=2 face="serif">&#36;</FONT></I> <I><FONT size=2 face="serif">98,000,000</FONT></I>
        </TD>
    <TD width=10% align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=70%>
<I><FONT size=2 face="serif">Blaylock &amp; Company, Inc</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=8% align=right nowrap>
<I><FONT size=2 face="serif">&#36;100,000,000</FONT></I>
        </TD>
    <TD width=10% align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=70%>
<I><FONT size=2 face="serif">Samuel A. Ramirez &amp; Company, Inc.</FONT></I>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=8% align=right nowrap>
<I><FONT size=2 face="serif">&#36;</FONT></I> <I><FONT size=2 face="serif">2,000,000</FONT></I>
        </TD>
    <TD width=10% align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD width="10%"></TD>
        <TD width="70%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" nowrap>
<HR noshade size=1>
        </TD>
    <TD width="10%" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=70%>
<B><I><FONT size=2 face="serif">Total</FONT></I></B>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=8% align=right nowrap>
<B><I><FONT size=2 face="serif">&#36;200,000,000</FONT></I></B>
        </TD>
    <TD width=10% align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD width="10%"></TD>
        <TD width="70%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" nowrap>
<HR noshade size=1>
        </TD>
    <TD width="10%" nowrap>&nbsp;</TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">We will offer the notes on a global basis as described in the accompanying prospectus under the heading &#147;Securities Offered on a Global Basis Through the Depositary.&#148;</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">With respect to notes to be offered or sold in the United Kingdom, each manager agrees (1) that it has only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the &#147;FSMA&#148;)) received by such manager in connection with the issue or sale of the
notes in circumstances in which Section 21(1) of the FSMA does not apply to us, and (2) that it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by such manager in relation to the notes in, from
or otherwise involving the United Kingdom. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Each manager agrees that it will not offer or sell any notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person
resident in Japan including any corporation or other entity organized under the laws of Japan) or to others for the re-offering or re-sale, directly or indirectly, in Japan or to a resident of Japan except pursuant to an exemption from the
registration requirements of, and otherwise in compliance with, the Securities and Exchange Law of Japan and other relevant laws and regulations of Japan.</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Furthermore, each manager agrees that it will not purchase, deliver, offer or sell the notes or possess or distribute offering material in relation to the notes in any jurisdiction if such
purchase, delivery, offer or sale or the possession or distribution of such offering material would not be in compliance with any applicable law or regulation or if any consent, approval or permission is needed for such purchase, delivery, offer or
sale or the possession or distribution by such manager or for or on behalf of us unless such consent, approval or permission has been previously obtained.</FONT></I></P>
<P align="left">
<B><I><FONT size=2 face="serif">United States Federal Income Taxation </FONT></I></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">The notes will be treated as variable rate debt instruments for U.S. federal income tax purposes, as described in the section of the accompanying prospectus supplement called &#147;United
States Federal Taxation&#151;Tax Consequences to U.S. Holders&#151; Notes- Floating Rate Notes.&#148;</FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">If you are a non-U.S. investor, please refer to the section of the accompanying prospectus supplement called &#147;United States Federal Taxation&#151;Tax Consequences to Non-U.S.
Holders.&#148; Non-U.S. investors should also note that the discussion in the accompanying prospectus supplement does not address the tax consequences to non-U.S. investors for whom income or gain in respect of the notes is effectively connected
with a trade or business in the </FONT></I></P>
<P align="center">
<FONT size=2 face="serif">PS-2</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<I><FONT size=2 face="serif">United States. Such non-U.S. investors should consult their own tax advisors regarding the potential tax consequences of an investment in the notes. </FONT></I></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">You are urged to consult your own tax advisors regarding all aspects of the U.S. federal tax consequences of investing in the notes, as well as any tax consequences arising under the laws of
any state, local or foreign taxing jurisdiction.</FONT></I></P>
<P align="left">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">PS-3</FONT></P>

<HR noshade align="center" width="100%" size=2>

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