NOTIFICATION  OF  THE  REMOVAL  FROM  LISTING  AND REGISTRATION OF THE STATED
SECURITIES

The American Stock Exchange LLC hereby notifies  the  SEC of its intention to
remove   the  entire  class  of  the  stated  securities  from  listing   and
registration  on  the  Exchange  at  the  opening of business on May 7, 2007,
pursuant to the provisions of Rule 12d2-2 (a). 17CFR240.12d2-2(a)(2)

The removal of Morgan Stanley Bear Market PLUS  Linked  to  the  PHLX Housing
Sector Index, maturing April 20, 2007 is being effected because the  Exchange
knows  or  is  reliably  informed  that the entire class of this security was
redeemed or paid at maturity or retirement on April 20, 2007.

The security was suspended by the Exchange on April 26, 2007.