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 March 3, 2008
pursuant to the provisions of Rule 12d2-2 (a). 17CFR240.12d2-2(a)(2)

The removal of Morgan Stanley Bear Market PLUS Based on the Value of the PHLX
Housing Sector Index, expiring February  20,  2008  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 February 20, 2008.

The security was suspended by the Exchange on February 21, 2008.