SEC Rules 605 and 606 Disclosures
(formerly Rules 11Ac1-5 and 11Ac-6)

On November 15, 2000, the Securities and Exchange Commission adopted new rules mandating the public disclosure of order execution and routing practices. The rules require that Morgan Stanley and other market centers that trade national market system securities provide specific information concerning the quality of their executions on a stock-by-stock basis. Links to and information about the rules are provided here:
http://www.sec.gov/rules/final/34-43590.htm
http://www.sec.gov/interps/legal/mrslb13a.htm
http://www.sec.gov/interps/legal/slbim12rappxa.htm
http://www.sec.gov/rules/final/34-51808.pdf

Morgan Stanley is committed to seeking the most favorable terms reasonably available under the circumstances when executing and/or routing our customers' orders.

Effective January 31, 2008, MSCO's SEC Rule 605 Report will be available on the Thomson Transaction Analytics Website.

To view MSCO's current SEC Rule 605 Report, click on the following link: http://www.tta.thomson.com/msi/download.jsp?clientid=msco.

Click on the quarters below to view MSCO's SEC Rule 606 Reports on Routing of Customer Orders*

Quarter Ending December 31, 2011

* Note: Starting on July 1, 2009, Morgan Stanley will begin accepting payment for order flow for certain listed options orders it routes to options liquidity providers through Exchange-sponsored payment for order flow programs. This practice will be formally disclosed in Morgan Stanley’s third quarter 2009 SEC Rule 606 filings which will be published on this web site.

**Note: Effective June 1, 2009, the Global Wealth Management Group of Morgan Stanley & Co. LLC and the Smith Barney division of Citigroup Global Markets Inc. combined  to create Morgan Stanley Smith Barney LLC, a broker-dealer affiliate of Morgan Stanley & Co. LLC. This order routing report represents the second quarter statistics of Morgan Stanley & Co. LLC, which includes the Global Wealth Management Group, through May 31, 2009, and Morgan Stanley & Co. LLC only, from June 1 through June 30, 2009. Effective June 1, 2009, Morgan Stanley Smith Barney LLC publishes separate reports pursuant to Rule 606. To view Morgan Stanley Smith Barney LLC’s Rule 606 Report for the most recent quarter, click on the following link: http://www.morganstanleyindividual.com/customerservice/disclosures/

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