Exhibit 25-b

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                            -------------------------

                                    FORM T-1

                            STATEMENT OF ELIGIBILITY
                    UNDER THE TRUST INDENTURE ACT OF 1939 OF
                   A CORPORATION DESIGNATED TO ACT AS TRUSTEE
                   -------------------------------------------
               CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
                A TRUSTEE PURSUANT TO SECTION 305(b)(2) ________
                    ----------------------------------------

                J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION
               (Exact name of trustee as specified in its charter)

                                                                      95-4655078
(State of incorporation                                         (I.R.S. employer
if not a national bank)                                      identification No.)

1999 Avenue of the Stars - Floor 26
Los Angeles, CA                                                            90067
(Address of principal executive offices)                              (Zip Code)

                                Thomas F. Godfrey
                  Vice President and Assistant General Counsel
                J. P. Morgan Trust Company, National Association
                      1 Chase Manhattan Plaza, 25th Floor
                            New York, New York 10081
                               Tel: (212) 552-2192
            (Name, address and telephone number of agent for service)
                  --------------------------------------------
                                 Morgan Stanley
               (Exact name of obligor as specified in its charter)

     Delaware                                                         36-3145972
(State or other jurisdiction of                                 (I.R.S. employer
incorporation or organization)                               identification No.)

1585 Broadway
New York, New York                                                         10036
(Address of principal executive offices)                              (Zip Code)


                                 Debt Securities
                       (Title of the indenture securities)





                          Item 1.                           General Information.

                Furnish the following information as to the trustee:

     (a)        Name and address of each examining or supervising authority to
                which it is subject.

                Comptroller of the Currency, Washington, D.C.
                Board of Governors of the Federal Reserve System, Washington,
                D.C.

     (b)        Whether it is authorized to exercise corporate trust powers.

                Yes.

Item 2.         Affiliations with Obligor.

     If the Obligor is an affiliate of the trustee, describe each such
affiliation.

     None.


No responses are included for Items 3-15 of this Form T-1 because the Obligor is
not in default as provided under Item 13.

Item 16.        List of Exhibits.

     List below all exhibits filed as part of this statement of eligibility.

     Exhibit 1. Articles of Association of the Trustee as Now in Effect (see
                Exhibit 1 to Form T-1 filed in connection with Form 8K of the
                Southern California Water Company filing, dated December 7,
                2001, which is incorporated by reference).

     Exhibit 2. Certificate of Authority of the Trustee to Commence
                Business (see Exhibit 2 to Form T-1 filed in connection
                with Registration Statement No. 333-41329, which is
                incorporated by reference).

     Exhibit 3. Authorization of the Trustee to Exercise Corporate Trust
                Powers (contained in Exhibit 2).

     Exhibit 4. Existing By-Laws of the Trustee (see Exhibit 4 to Form
                T-1 filed in connection with Form 8K of the Southern
                California Water Company filing, dated December 7, 2001,
                which is incorporated by reference).

     Exhibit 5. Not Applicable

     Exhibit 6. The consent of the Trustee required by Section 321 (b)
                of the Act (see Exhibit 6 to Form T-1 filed in connection
                with Registration Statement No. 333-41329, which is
                incorporated by reference).

     Exhibit 7. A copy of the latest report of condition of the Trustee,
                published pursuant to law or the requirements of its
                supervising or examining authority.

     Exhibit 8. Not Applicable

     Exhibit 9. Not Applicable

                                       2





                                    SIGNATURE

     Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, J. P. Morgan Trust Company, National Association, has duly caused this
statement of eligibility and qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of San Francisco, and
State of California, on the 25th day of October, 2005.


                               J. P. Morgan Trust Company, National Association


                                   By   /s/ : Carol Ng.
                                        ----------------------------------------
                                        Carol Ng, Vice President



                                       3





                             Exhibit 7 to Form T-1


                J. P. Morgan Trust Company, National Association
                             Statement of Condition

                                    30-Jun-05

                                                         ($000)
Assets
Cash and Due From Banks                                       26,954
Securities                                                   191,553
Loans and Leases                                             110,708
Premises and Fixed Assets                                      7,790
Intangible Assets                                            363,423
Goodwill                                                     202,094
Other Assets                                                  45,476
                                                       -------------
     Total Assets                                            947,998
                                                       =============


Liabilities
Deposits                                                     101,305
Other Liabilities                                             39,598
                                                       -------------
     Total Liabilities                                       140,903

Equity Capital
Common Stock                                                     600
Surplus                                                      701,587
Retained Earnings                                            104,908
                                                       -------------
     Total Equity Capital                                    807,095
                                                       -------------

     Total Liabilities and Equity Capital                    947,998
                                                       =============