Bond Morgan Stanleigh 0.634% ( US61760QJA31 ) in USD

Morgan Stanleigh

100 % ▲

United States

US61760QJA31 ( in USD )

0.634% per year ( payment 2 times a year)

25/11/2025

Prospectus brochure of the bond Morgan Stanley US61760QJA31 en USD 0.634%, maturity 25/11/2025

1 000 USD

7 500 000 USD

61760QJA3

BBB+ ( Lower medium grade - Investment-grade )

A1 ( Upper medium grade - Investment-grade )

25/11/2025 ( In 142 days )

Morgan Stanley is a leading global financial services firm offering investment banking, wealth management, investment management, and securities services to individuals, corporations, and governments worldwide.

The Bond issued by Morgan Stanleigh ( United States ) , in USD, with the ISIN code US61760QJA31, pays a coupon of 0.634% per year.
The coupons are paid 2 times per year and the Bond maturity is 25/11/2025

The Bond issued by Morgan Stanleigh ( United States ) , in USD, with the ISIN code US61760QJA31, was rated A1 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by Morgan Stanleigh ( United States ) , in USD, with the ISIN code US61760QJA31, was rated BBB+ ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

424B2 1 dp61363_424b2-ps653.htm FORM 424B2

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered

Maximum Aggregate Offering Price

Amount of Registration Fee
Fixed to Floating Rate Notes due 2025

$7,500,000

$755.25
November 2015
Pricing Supplement No. 653
Registration Statement No. 333-200365

Dated November 20, 2015
Filed pursuant to Rule 424(b)(2)
INTEREST RATE STRUCTURED INVESTMENTS
Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate
As further described below, interest will accrue and be payable on the notes quarterly, in arrears, (i) from the original issue date to
November 25, 2018: at a rate of 3.50% per annum and (ii) from November 25, 2018 to maturity: at a variable rate per annum equal
to the 10-Year Constant Maturity Swap Rate, subject to the minimum interest rate of 0.00% per annum.
All payments are subject to the credit risk of Morgan Stanley. If Morgan Stanley defaults on its obligations,
you could lose some or all of your investment. These securities are not secured obligations and you will not
have any security interest in, or otherwise have any access to, any underlying reference asset or assets.
FINAL TERMS
Issuer:
Morgan Stanley
Aggregate principal
amount:
$7,500,000. May be increased prior to the original issue date but we are not required to do so.
Issue price:
$1,000 per note
Stated principal amount:
$1,000 per note
Pricing date:
November 20, 2015
Original issue date:
November 25, 2015 (3 business days after the pricing date)
Maturity date:
November 25, 2025
Interest accrual date:
November 25, 2015
Payment at maturity:
The payment at maturity per note will be the stated principal amount plus accrued and unpaid
interest, if any
Reference rate:
The 10-Year Constant Maturity Swap Rate (10CMS). Please see "Additional Provisions--
Reference Rate" below.
Interest rate:
From and including the original issue date to but excluding November 25, 2018: 3.50% per
annum
From and including November 25, 2018 to but excluding the maturity date (the "floating interest
rate period"):
Reference rate; subject to the minimum interest rate.
For the purpose of determining the level of the reference rate applicable to an interest payment
period, the level of the reference rate will be determined two (2) U.S. government securities
business days prior to the related interest reset date at the start of such interest payment period
(each, an "interest determination date").
Interest for each interest payment period during the floating interest rate period is subject to the
minimum interest rate of 0.00% per annum.
Interest payment period: Quarterly
Interest payment period
Unadjusted
end dates:
Interest payment dates:
Each February 25, May 25, August 25 and November 25, beginning February 25, 2016; provided
that if any such day is not a business day, that interest payment will be made on the next
succeeding business day and no adjustment will be made to any interest payment made on that
succeeding business day.
Interest reset dates:
Each February 25, May 25, August 25 and November 25, beginning November 25, 2018;
provided that such interest reset dates shall not be adjusted for non-business days.
Day-count convention:
30/360
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Minimum interest rate:
0.00% per annum during the floating interest rate period
Maximum interest rate:
Not applicable
Redemption:
Not applicable
Specified currency:
U.S. dollars
CUSIP / ISIN:
61760QJA3 / US61760QJA31
Book-entry or certificated Book-entry
note:
Business day:
New York
Agent:
Morgan Stanley & Co. LLC ("MS & Co."), a wholly owned subsidiary of Morgan Stanley. See
"Supplemental Information Concerning Plan of Distribution; Conflicts of Interest."
Calculation agent:
Morgan Stanley Capital Services LLC
Trustee:
The Bank of New York Mellon
Estimated value on the
$968.30 per note. The estimated value on any subsequent pricing date may be lower than this
pricing date:
estimate, but will in no case be less than $944.50 per note. See "The Notes" on page 2.
Commissions and issue
price:
Price to public
Agent's commissions(1)
Proceeds to issuer(2)
Per note
$1,000
$12.50
$987.50
Total
$7,500,000
$93,750
$7,406,250
(1) Morgan Stanley or one of our affiliates will pay varying discounts and commissions to dealers, including Morgan Stanley Wealth Management (an
affiliate of the agent) and their financial advisors, of up to $12.50 per note depending on market conditions. See "Supplemental Information Concerning
Plan of Distribution; Conflicts of Interest." For additional information, see "Plan of Distribution (Conflicts of Interest)" in the accompanying prospectus
supplement.
(2) See "Use of Proceeds and Hedging" on page 7.
The notes involve risks not associated with an investment in ordinary debt securities.
See "Risk Factors" beginning on page 5.
The Securities and Exchange Commission and state securities regulators have not approved or disapproved
these securities, or determined if this pricing supplement or the accompanying prospectus supplement and
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
You should read this document together with the related prospectus supplement and prospectus,
each of which can be accessed via the hyperlinks below.
Prospectus Supplement dated November 19, 2014 Prospectus dated November 19, 2014
The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any
other governmental agency, nor are they obligations of, or guaranteed by, a bank.

Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate
The Notes
The notes are debt securities of Morgan Stanley. From the original issue date until November 25, 2018, interest on the notes will
accrue and be payable on the notes quarterly, in arrears, at 3.50% per annum, and thereafter, during the floating interest rate
period, interest on the notes will accrue and be payable on the notes quarterly, in arrears, at a variable rate per annum equal to
10CMS, subject to the minimum interest rate of 0.00% per annum. We describe the basic features of these notes in the sections of
the accompanying prospectus called "Description of Debt Securities--Floating Rate Debt Securities" and prospectus supplement
called "Description of Notes," subject to and as modified by the provisions described below. All payments on the notes are subject
to the credit risk of Morgan Stanley.
The stated principal amount and issue price of each note is $1,000. This price includes costs associated with issuing, selling,
structuring and hedging the notes, which are borne by you, and, consequently, the estimated value of the notes on the pricing date
is less than the issue price. We estimate that the value of each note on the pricing date is $968.30. The estimated value on any
subsequent pricing date may be lower than this estimate, but will in no case be less than $944.50 per note.
What goes into the estimated value on the pricing date?
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In valuing the notes on the pricing date, we take into account that the notes comprise both a debt component and a performance-
based component linked to 10CMS. The estimated value of the notes is determined using our own pricing and valuation models,
market inputs and assumptions relating to 10CMS, instruments based on 10CMS, volatility and other factors including current and
expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate
at which our conventional fixed rate debt trades in the secondary market.
What determines the economic terms of the notes?
In determining the economic terms of the notes, including the interest rate and the minimum interest rate applicable to each interest
payment period during the floating interest rate period, we use an internal funding rate, which is likely to be lower than our
secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by
you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more
favorable to you.
What is the relationship between the estimated value on the pricing date and the secondary market price of the notes?
The price at which MS & Co. purchases the notes in the secondary market, absent changes in market conditions, including those
related to interest rates and 10CMS, may vary from, and be lower than, the estimated value on the pricing date, because the
secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would
charge in a secondary market transaction of this type, the costs of unwinding the related hedging transactions and other factors.
MS & Co. may, but is not obligated to, make a market in the notes and, if it once chooses to make a market, may cease doing so
at any time.

November 2015
Page 2

Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate
Additional Provisions
Reference Rate
What is the 10-Year Constant Maturity Swap Rate?
The 10-Year Constant Maturity Swap Rate (which we refer to as "10CMS") is, on any U.S. government securities business day, the
fixed rate of interest payable on an interest rate swap with a 10-year maturity as reported on Reuters Page ISDAFIX1 or any
successor page thereto at approximately 11:00 a.m. New York City time for such day. This rate is one of the market-accepted
indicators of medium to longer-term interest rates.
The rate reported on Reuters Page "ISDAFIX1" (or any successor page thereto) is calculated by ICE Benchmark Administration
Limited based on tradeable quotes for the related interest rate swap of the relevant tenor that is sourced from electronic trading
venues.
An interest rate swap rate, at any given time, generally indicates the fixed rate of interest (paid semi-annually) that a counterparty
in the swaps market would have to pay for a given maturity, in order to receive a floating rate (paid quarterly) equal to 3-month
LIBOR for that same maturity.
U.S. Government Securities Business Day
U.S. government securities business day means any day except for a Saturday, Sunday or a day on which The Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in U.S. government securities.
CMS Rate Fallback Provisions

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If the reference rate is not displayed by approximately 11:00 a.m. New York City time on the Reuters Screen ISDAFIX1 Page on
any day on which the level of the reference rate must be determined, the rate for such day will be determined on the basis of the
mid-market semi-annual swap rate quotations to the calculation agent provided by five leading swap dealers in the New York City
interbank market (the "Reference Banks") at approximately 11:00 a.m., New York City time, on such day, and, for this purpose, the
mid-market semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a
30/360 day count basis, of a fixed-for-floating U.S. Dollar interest rate swap transaction with a 10 year maturity commencing on
such day and in a representative amount with an acknowledged dealer of good credit in the swap market, where the floating leg,
calculated on an actual/360 day count basis, is equivalent to USD-LIBOR-BBA with a designated maturity of three months. The
calculation agent will request the principal New York City office of each of the Reference Banks to provide a quotation of its rate. If
at least three quotations are provided, the rate for that day will be the arithmetic mean of the quotations, eliminating the highest
quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest).
If fewer than three quotations are provided as requested, the reference rate will be determined by the calculation agent in good
faith and in a commercially reasonable manner.

November 2015
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Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate
Historical Information
The following graph sets forth the historical percentage levels of the reference rate for the period from January 1, 2005 to
November 20, 2015. The historical levels of the reference rate should not be taken as an indication of its future performance. We
obtained the information in the graph below from Bloomberg Financial Markets, without independent verification.

* The red line in the graph above represents the minimum interest rate of 0.00% per annum.

November 2015
Page 4

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Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate

Risk Factors
The notes involve risks not associated with an investment in ordinary floating rate notes. An investment in the notes entails
significant risks not associated with similar investments in a conventional debt security, including, but not limited to, fluctuations in
the reference rate, and other events that are difficult to predict and beyond the issuer's control. This section describes the most
significant risks relating to the notes. For a complete list of risk factors, please see the accompanying prospectus supplement and
prospectus. Investors should consult their financial and legal advisers as to the risks entailed by an investment in the notes and the
suitability of the notes in light of their particular circumstances.
The historical performance of the reference rate is not an indication of future performance. The historical
performance of the reference rate should not be taken as an indication of future performance during the term of the notes.
Changes in the levels of the reference rate will affect the trading price of the notes, but it is impossible to predict whether such
levels will rise or fall. There can be no assurance that the reference rate will be positive.
Investors are subject to our credit risk, and any actual or anticipated changes to our credit ratings or
credit spreads may adversely affect the market value of the notes. Investors are dependent on our ability to pay
all amounts due on the notes on interest payment dates and at maturity and therefore investors are subject to our credit risk
and to changes in the market's view of our creditworthiness. The notes are not guaranteed by any other entity. If we default on
our obligations under the notes, your investment would be at risk and you could lose some or all of your investment. As a
result, the market value of the notes prior to maturity will be affected by changes in the market's view of our creditworthiness.
Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our
credit risk is likely to adversely affect the value of the notes.
The price at which the notes may be sold prior to maturity will depend on a number of factors and may
be substantially less than the amount for which they were originally purchased. Some of these factors
include, but are not limited to: (i) actual or anticipated changes in the level of the reference rate, (ii) volatility of the level of the
reference rate, (iii) changes in interest and yield rates, (iv) any actual or anticipated changes in our credit ratings or credit
spreads and (v) time remaining to maturity. Generally, the longer the time remaining to maturity and the more tailored the
exposure, the more the market price of the notes will be affected by the other factors described in the preceding sentence.
This can lead to significant adverse changes in the market price of securities like the notes. Depending on the actual or
anticipated level of the reference rate, the market value of the notes is expected to decrease and you may receive substantially
less than 100% of the issue price if you are able to sell your notes prior to maturity.
The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower
than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower
rate and the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the
original issue price reduce the economic terms of the notes, cause the estimated value of the notes to
be less than the original issue price and will adversely affect secondary market prices. Assuming no
change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., are willing to
purchase the notes in secondary market transactions will likely be significantly lower than the original issue price, because
secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original
issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and
the bid-offer spread that any dealer would charge in a secondary market transaction of this type, the costs of unwinding the
related hedging transactions as well as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the notes in the original issue price and the lower rate we
are willing to pay as issuer make the economic terms of the notes less favorable to you than they otherwise would be.

The estimated value of the notes is determined by reference to our pricing and valuation models, which
may differ from those of other dealers and is not a maximum or minimum secondary market price. These
pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain
assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to
value these types of securities, our models may yield a higher estimated value of the notes than those generated by others,
including other dealers in the market, if they attempted to value the notes. In addition, the estimated value on the pricing date
does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your
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notes in the secondary market (if any exists) at any time. The value of your notes at any time after the date of this pricing
supplement

November 2015
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Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate
will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market
conditions.

The notes will not be listed on any securities exchange and secondary trading may be limited. The notes
will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the notes. MS & Co.
may, but is not obligated to, make a market in the notes and, if it once chooses to make a market, may cease doing so at any
time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on
its estimate of the current value of the notes, taking into account its bid/offer spread, our credit spreads, market volatility, the
notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the
likelihood that it will be able to resell the notes. Even if there is a secondary market, it may not provide enough liquidity to
allow you to trade or sell the notes easily. Since other broker-dealers may not participate significantly in the secondary market
for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which MS & Co.
is willing to transact. If, at any time, MS & Co. were to cease making a market in the notes, it is likely that there would be no
secondary market for the notes. Accordingly, you should be willing to hold your notes to maturity.
Morgan Stanley & Co. LLC, which is a subsidiary of the issuer, has determined the estimated value on
the pricing date. MS & Co. has determined the estimated value of the notes on the pricing date.
The issuer, its subsidiaries or affiliates may publish research that could affect the market value of the
notes. They also expect to hedge the issuer's obligations under the notes. The issuer or one or more of its
affiliates may, at present or in the future, publish research reports with respect to movements in interest rates generally or the
reference rate specifically. This research is modified from time to time without notice and may express opinions or provide
recommendations that are inconsistent with purchasing or holding the notes. Any of these activities may affect the market value
of the notes. In addition, the issuer's subsidiaries expect to hedge the issuer's obligations under the notes and they may
realize a profit from that expected hedging activity even if investors do not receive a favorable investment return under the
terms of the notes or in any secondary market transaction.
The calculation agent, which is a subsidiary of the issuer, will make determinations with respect to the
notes. Any of these determinations made by the calculation agent may adversely affect the payout to investors. Moreover,
certain determinations made by the calculation agent may require it to exercise discretion and make subjective judgments, such
as with respect to the reference rate. These potentially subjective determinations may adversely affect the payout to you on the
notes. For further information regarding these types of determinations, see "Additional Provisions?Reference Rate" and related
definitions above.

November 2015
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Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate
Use of Proceeds and Hedging
The proceeds we receive from the sale of the notes will be used for general corporate purposes. We will receive, in aggregate,
$1,000 per note issued, because, when we enter into hedging transactions in order to meet our obligations under the notes, our
hedging counterparty will reimburse the cost of the Agent's commissions. The costs of the notes borne by you and described on
page 2 above comprise the Agent's commissions and the cost of issuing, structuring and hedging the notes.

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Supplemental Information Concerning Plan of Distribution; Conflicts of Interest
We expect to deliver the notes against payment therefor in New York, New York on November 25, 2015, which will be the third
scheduled business day following the date of the pricing of the notes.
Morgan Stanley or one of our affiliates will pay varying discounts and commissions to dealers, including Morgan Stanley Smith
Barney LLC ("Morgan Stanley Wealth Management") and their financial advisors, of up to $12.50 per note depending on market
conditions. The agent may distribute the notes through Morgan Stanley Wealth Management, as selected dealer, or other dealers,
which may include Morgan Stanley & Co. International plc ("MSIP") and Bank Morgan Stanley AG. Morgan Stanley Wealth
Management, MSIP and Bank Morgan Stanley AG are affiliates of Morgan Stanley.
MS & Co. is our wholly-owned subsidiary and it and other subsidiaries of ours expect to make a profit by selling, structuring and,
when applicable, hedging the notes.
MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory
Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm's distribution of the securities of an
affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any
discretionary account.
Acceleration Amount in Case of an Event of Default
In case an event of default with respect to the notes shall have occurred and be continuing, the amount declared due and payable
per note upon any acceleration of the notes shall be an amount in cash equal to the stated principal amount plus accrued and
unpaid interest.
Validity of the Notes
In the opinion of Davis Polk & Wardwell LLP, as special counsel to Morgan Stanley, when the notes offered by this pricing
supplement have been executed and issued by Morgan Stanley, authenticated by the trustee pursuant to the Senior Debt Indenture
and delivered against payment as contemplated herein, such notes will be valid and binding obligations of Morgan Stanley,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights
generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of
good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent
conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as
of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware. In
addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the Senior
Debt Indenture and its authentication of the notes and the validity, binding nature and enforceability of the Senior Debt Indenture
with respect to the trustee, all as stated in the letter of such counsel dated November 19, 2014, which is Exhibit 5-a to the
Registration Statement on Form S-3 filed by Morgan Stanley on November 19, 2014.

November 2015
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Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate

Tax Considerations
In the opinion of our counsel, Davis Polk & Wardwell LLP, the notes will be treated as "variable rate debt instruments" for U.S.
federal tax purposes. The notes will be treated as providing for a single fixed rate followed by a single qualified floating rate
("QFR"), as described in the sections of the accompanying prospectus supplement called "United States Federal Taxation?Tax
Consequences to U.S. Holders?Notes?Floating Rate Notes?General" and "?Floating Rate Notes that Provide for Multiple Rates."
Under applicable Treasury Regulations, in order to determine the amount of qualified stated interest ("QSI") and original issue
discount ("OID") in respect of the notes, an equivalent fixed rate debt instrument must be constructed. The equivalent fixed rate
debt instrument is constructed in the following manner: (i) first, the initial fixed rate is converted to a QFR that would preserve the
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fair market value of the notes, and (ii) second, each QFR (including the QFR determined under (i) above) is converted to a fixed
rate substitute (which will generally be the value of that QFR as of the issue date of the notes). The rules under "United States
Federal Taxation?Tax Consequences to U.S. Holders?Notes?Discount Notes?General" must be applied to the equivalent fixed rate
debt instrument to determine the amounts of QSI and OID on the notes. Under this method, the notes may be issued with OID.
A U.S. holder is required to include any QSI in income in accordance with the U.S. holder's regular method of accounting for U.S.
federal income tax purposes. U.S. holders will be required to include OID in income for U.S. federal income tax purposes as it
accrues, in accordance with a constant yield method based on a compounding of interest. QSI allocable to an accrual period must
be increased (or decreased) by the amount, if any, which the interest actually accrued or paid during an accrual period (including
the fixed rate payments made during the initial period) exceeds (or is less than) the interest assumed to be accrued or paid during
the accrual period under the equivalent fixed rate debt instrument. For the QSI and the amount of OID (if any) on a note, please
contact Morgan Stanley at 212-761-4000.
If you are a non-U.S. holder, please read the section of the accompanying prospectus supplement called "United States Federal
Taxation--Tax Consequences to Non-U.S. Holders."
Both U.S. and non-U.S. holders should read the section of the accompanying prospectus supplement entitled "United States
Federal Taxation." The discussion under "United States Federal Taxation FATCA Legislation" in the accompanying prospectus
supplement will apply to the notes, except that, under a recent Internal Revenue Service notice, withholding under FATCA will not
apply to payments of gross proceeds (other than any amount treated as interest) of any disposition of the notes before January 1,
2019.
You should consult your tax adviser regarding all aspects of the U.S. federal tax consequences of an
investment in the notes, as well as any tax consequences arising under the laws of any state, local or non-
U.S. taxing jurisdiction.
The discussion in the preceding paragraphs under "Tax Considerations," and the discussion contained in
the section entitled "United States Federal Taxation" in the accompanying prospectus supplement, insofar
as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect
thereto, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax
consequences of an investment in the notes.
Contact Information
Morgan Stanley Wealth Management clients may contact their local Morgan Stanley branch office or our principal executive offices
at 1585 Broadway, New York, New York 10036 (telephone number (866) 477-4776). All other clients may contact their local
brokerage representative. Third-party distributors may contact Morgan Stanley Structured Investment Sales at (800) 233-1087.

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Fixed to Floating Rate Notes due 2025
Based on the 10-Year Constant Maturity Swap Rate
Where You Can Find More Information
Morgan Stanley has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement) with the
Securities and Exchange Commission, or SEC, for the offering to which this pricing supplement relates. You should read the
prospectus in that registration statement, the prospectus supplement and any other documents relating to this offering that Morgan
Stanley has filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these
documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Morgan Stanley will arrange to send
you the prospectus and the prospectus supplement if you so request by calling toll-free 800-584-6837.
You may access these documents on the SEC web site at.www.sec.gov as follows:
Prospectus Supplement dated November 19, 2014
Prospectus dated November 19, 2014
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Terms used but not defined in this pricing supplement are defined in the prospectus supplement or in the prospectus. As used in
this pricing supplement, the "Company," "we," "us" and "our" refer to Morgan Stanley.

November 2015
Page 9
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Document Outline

- #1">