EXHIBIT 21

Subsidiaries of Morgan Stanley*

As of December 31, 2022

* Pursuant to Item 601(b)(21)(ii) of Regulation S-K, the names of certain other subsidiaries of Morgan Stanley are omitted because, considered in the aggregate as a single subsidiary, they would not constitute a “significant subsidiary” as that term is defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934.

Company

Jurisdiction of Incorporation or Formation

Morgan Stanley    Morgan Stanley Capital Management, LLC       Morgan Stanley Domestic Holdings, Inc.          Morgan Stanley & Co. LLC          Morgan Stanley Bank, N.A.          Morgan Stanley Capital Group Inc.          Morgan Stanley Capital Services LLC          Morgan Stanley Investment Management Inc.          Morgan Stanley Private Bank, National Association          Morgan Stanley Smith Barney LLC    Morgan Stanley Finance LLC    Morgan Stanley Holdings LLC    Morgan Stanley International Holdings Inc.       Morgan Stanley Asia Holdings Limited    Morgan Stanley Japan Holdings Co., Ltd.    Morgan Stanley MUFG Securities Co., Ltd.       Morgan Stanley International Limited    Morgan Stanley Europe Holding SE    Morgan Stanley Europe SE    Morgan Stanley Bank AG          Morgan Stanley Investments (UK)    Morgan Stanley & Co. International plc    Morgan Stanley Investment Management Limited

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