Morgan Stanley to price index Lasers linked to S&P GSCI Grains

By Jennifer Chiou

New York, April 26 - Morgan Stanley plans to price 0% index Leading Stockmarket Return Securities due October 2012 linked to the S&P GSCI Grains index-Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above 75% of its initial level during the life of the notes, the payout at maturity will be par plus the greater of any index gain and 12%.

Otherwise, the payout will be par plus the index return with exposure to losses.

In either case, the payout will be capped at 31% to 33%.

The notes (Cusip: 617482TU8) will price and settle in May.

Morgan Stanley & Co. Inc. is the agent.

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