FWP 1 file1.htm

MORGAN STANLEY

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IMPORTANT INFORMATION AND IRS CIRCULAR 230 NOTICE

This material has been prepared for information purposes to support the
promotion or marketing of the transaction or matters addressed herein. This is
not a research report and was not prepared by the Morgan Stanley research
department. It was prepared by Morgan Stanley sales, trading, banking or other
non-research personnel. This material was not intended or written to be used,
and it cannot be used by any taxpayer, for the purpose of avoiding penalties
that may be imposed on the taxpayer under U.S. federal tax laws. Each taxpayer
should seek advice based on the taxpayer's particular circumstances from an
independent tax advisor. Past performance is not necessarily a guide to future
performance. Please see additional important information and qualifications at
the end of this material.

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the depositor has filed with the SEC for more complete information
about the depositor, issuing trust and this offering. You may get these
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MORGAN STANLEY
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10/27/2006 13:55:12 CARVE Version 78.0 /u/sperbere/DEAL/HQ10/061027/hq10.061027.carve

MSCI MSCI SERIES **2006-HQ10 ** FITCH/MOODYS CLASS A3
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Class A3 Settlement Date 11/09/2006 Coupon 5.48800 Cusip N/A
Original Balance 62,900,000.00 Dated Date 11/01/2006 Delay 11 Yield Table Date 10/27/2006
Current Balance 62,900,000.00 First Payment Date 12/12/2006 Lead Manager Morgan Stanley & Co. Yield Frequency SemiAnnual
Credit Rating AAA/Aaa Next Payment Date 12/12/2006 Orig Deal Size 1,491,010,944.00 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 30
Factor 1.00000000 Interest Freq Monthly Deal Age 0

PREPAY CPR 0 CPR 0 CPR 0 CPR 0 CPR 0
DEFAULT CDR 1 CDR 1.5 CDR 2 CDR 3
ADVANCES YES YES YES YES
RECV MNTH 12 12 12 12
RECV DISTR 100 1 100 1 100 1 100 1
LOSSES 0.35 0.35 0.35 0.35
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PRICE / YIELD
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100.5489 5.4294 5.3922 5.3796 5.3721 5.3658
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AVERAGE LIFE 7.33 5.31 4.86 4.63 4.45
FIRST PRIN PER 60 53 53 53 53
LAST PRIN PER 110 80 69 61 56
PAYMENT WINDOW 51 28 17 9 4
MOD DURATION @ 100.5489 5.87 4.50 4.17 3.99 3.86
USD SWAP SPREAD @ 100.5489 23 23 23 22 22

Page 1 of 2

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This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of The Securities and Futures
Authority and Morgan Stanley Japan, Ltd. We recommend that investors obtain the
advice of their Morgan Stanley & Co. International limited or Morgan Stanley
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.

MSCI MSCI SERIES **2006-HQ10 ** FITCH/MOODYS CLASS A4
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Class A4 Settlement Date 11/09/2006 Coupon 5.49500 Cusip N/A
Original Balance 760,249,000.00 Dated Date 11/01/2006 Delay 11 Yield Table Date 10/27/2006
Current Balance 760,249,000.00 First Payment Date 12/12/2006 Lead Manager Morgan Stanley & Co. Yield Frequency SemiAnnual
Credit Rating AAA/Aaa Next Payment Date 12/12/2006 Orig Deal Size 1,491,010,944.00 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 30
Factor 1.00000000 Interest Freq Monthly Deal Age 0

PREPAY CPR 0 CPR 0 CPR 0 CPR 0 CPR 0
DEFAULT CDR 1 CDR 1.5 CDR 2 CDR 3
ADVANCES YES YES YES YES
RECV MNTH 12 12 12 12
RECV DISTR 100 1 100 1 100 1 100 1
LOSSES 0.35 0.35 0.35 0.35
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PRICE / YIELD
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100.5480 5.4614 5.4603 5.4593 5.4582 5.4557
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AVERAGE LIFE 9.73 9.59 9.48 9.35 9.08
FIRST PRIN PER 110 80 69 61 56
LAST PRIN PER 119 119 119 119 119
PAYMENT WINDOW 10 40 51 59 64
MOD DURATION @ 100.5480 7.37 7.29 7.21 7.13 6.96
USD SWAP SPREAD @ 100.5480 22 22 22 22 23

Page 2 of 2

MORGAN STANLEY

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Options are not for everyone. Before purchasing or writing options, investors
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