New Issue: Morgan Stanley sells $4.47 million capital-protected notes tied to Russell 2000 Value, S&P 500

By Angela McDaniels

Tacoma, Wash., April 8 - Morgan Stanley priced $4.47 million of zero-coupon capital-protected notes due April 11, 2011 linked to a basket containing equal weights of the Russell 2000 Value and S&P 500 indexes, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 90% of any basket gain. Investors will receive at least par.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Capital-protected notes
Underlying indexes:	Russell 2000 Value and S&P 500, equally weighted
Amount:	$4,465,000
Maturity:	April 11, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 90% of any basket gain; floor of par
Initial index levels:	1,018.06 for Russell 2000 Value; 1,370.4 for S&P 500
Final index level:	For each index, the average of its closing levels on Oct. 4 and April 4 of each year
Pricing date:	April 4
Settlement date:	April 11
Agent:	Morgan Stanley & Co. Inc.
Fees:	0.05%

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