Preferred Plus Trust

Preferred Plus Trust is listed on NYSE (PJK). For information with respect to the underlying securities held by PreferredPLUS Trust Series MSD-1, please refer to Morgan Stanleys (Commission file number 001-11758) periodic reports, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and other information on file with the Securities and Exchange Commission (the SEC). You can read and copy these reports and other information at the public reference facilities maintained by the SEC at Room 1024, 450 Fifth Street, NW, Washington, D.C. 20549. You may obtain copies of this material for a fee by writing to the SECs Public Reference Section of the SEC at 450 Fifth Street, NW, Washington, D.C. 20549.

Preferred Plus Trust GEC-1 6.05

Preferred Plus Trust GEC-1 6.05 is listed on NYSE (PJT). For information with respect to the underlying securities held by PreferredPLUS Trust Series GEC-1, please refer to General Electric Capital Corporations (Commission file number 001- 06461) periodic reports, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and other information on file with the Securities and Exchange Commission (the SEC). You can read and copy these reports and other information at the public reference facilities maintained by the SEC at Room 1580, 450 100 F Street, N.E., Washington, D.C. 20549. You may obtain copies of this material for a fee by writing to the SECs Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549.

Polo Ralph Lauren Corporation ..we, our, us and the Company refer to Polo Ralph Lauren Corporation and its subsidiaries, unless the context requires otherwise. Due to the collaborati..

GigaMedia Limited ..rcial name is GigaMedia Limited. We were incorporated in September 1999 as a company limited by shares organized under the laws of the Republic of Sin..

Rentrak Corporation .. statements and other information with the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934 as amended (Exchange Act..

Banco Santiago S.A. ..merger of Santiago and Old Santander-Chile, both of which were subsidiaries of our controlling shareholder, Banco Santander Central Hispano. We are th..

Schweitzer-Mauduit International Inc. ..nless the context indicates otherwise, references to we, us, our, SWM, Schweitzer-Mauduit or similar terms include Schweitzer-Mauduit International, I..

Senesco Technologies Inc .., a Delaware corporation incorporated in 1999, and its wholly-owned subsidiary, Senesco, Inc., a New Jersey corporation incorporated in 1998, collecti..

Stillwater Mining Company ..ration, development, mining and production of platinum, palladium and associated metals from the Stillwater Complex in southern Montana, which the Com..

Shinhan Financial Group Co Ltd ..ction We are the largest financial holding company in Korea on the basis of total assets, total deposits and stockholders' equity. We were formed in 2..

SCS Transportation Inc. ..portation company that provides a variety of trucking transportation and supply chain solutions to a broad range of industries, including the retail, ..

Sun Communities Inc. ..state investment trust, or REIT. We own, operate, develop and finance manufactured housing communities concentrated in the midwestern and southeastern..

SpatiaLight Inc. ..ution LCoS microdisplays. Our current customers and current prospective customers are OEMs engaged in the businesses of manufacturing high definition ..

Starwood Hotels & Resorts Worldwide Inc. ..eisure companies. Starwood's status as one of the leading hotel and leisure companies resulted from the 1998 acquisitions of Westin Hotels & Resorts W..

Silver Standard Resources Inc ..evelopment of the Company General Background We were incorporated in British Columbia, Canada, on December 11, 1946 under the name Silver Standard Min..

StemCells Inc. ..t of therapies that would use stem and progenitor cells to treat, and possibly cure, human diseases and injuries such as neurodegenerative diseases (f..

Sun Healthcare Group Inc. .., subacute and related specialty healthcare services in the United States. We currently operate through various direct and indirect subsidiaries that ..

Safeway Inc. ..e 2004 Annual Report to Stockholders of Safeway Inc. (Safeway) is incorporated herein by this reference. Safeway was incorporated in the state of Dela..

Transgenomic Inc. ..e synthesis, purification and analysis of nucleic acids. Our operations fall into two principal business units, BioSystems and Nucleic Acids. Our BioS..

Telefonos de Mexico SA de CV Ser A Spons ADR ..lecommunications system in Mexico, where we are the only nationwide provider of fixed-line telephony services and the leading provider of fixed local ..

Thoratec Corporation ..rt products for use by patients with congestive heart failure, or CHF. We are a leading provider of circulatory support products worldwide. We sell Ve..

Orckit Communications Limited ..rated in 1990 under the laws of the State of Israel. Our principal executive offices are located at 126 Yigal Allon Street, Tel Aviv 67443 Israel and ..

THERMOGENESIS Corp. ..rated in Delaware in July 1986, designs, manufactures and distributes blood processing devices and single-use, sterile blood processing disposables th..

Target Corporation ..hs of Analysis of Continuing Operations, Page 17; Analysis of Financial Condition, Pages 19-21; Credit Card Contribution, Page 18; first textual parag..

Tredegar Corporation ..h its subsidiaries, in the manufacture of plastic films and aluminum extrusions. We also operate Therics Inc. (Therics), which has developed and in 20..

Maritrans Inc. ..the Registrant or Maritrans), serve the petroleum and petroleum product industry by using tank barges, tugboats and oil tankers to provide marine tran..

Thomas & Betts Corporation ..nd manufacturer of electrical connectors and components used in industrial, commercial, communications, and utility markets. We are also a leading pro..

US Airways Group Inc. New ..ctively with its consolidated subsidiaries) is a corporation organized under the laws of the State of Delaware. The Company's executive offices are lo..

Ultra Clean Holdings Inc. ..l subsystems, primarily for the semiconductor capital equipment industry. We develop, design, prototype, engineer, manufacture and test subsystems whi..

USA Truck Inc. ..ier transporting general commodities throughout the continental United States and between locations in the United States and Canada. We transport gene..

Village Bank and Trust Financial Corp. .. company of and successor to Southern Community Bank & Trust. Effective April 30, 2004, the Company acquired all of the outstanding stock of the Bank ..

Knightsbridge Tankers Limited ..Bermuda on September 18, 1996. The Companys registered and principal executive offices are located at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilt..

Virco Manufacturing Corporation ..urniture for a diverse family of customers is a 55-year tradition at Virco Mfg. Corporation (Virco). Over the years, Virco has become the largest manu..

Vital Images Inc. ..is a provider of enterprise-wide advanced visualization and analysis solutions for use in clinical diagnosis, disease screening applications, and ther..

Wachovia Corporation ..Carolina in 1967 and is registered as a financial holding company and a bank holding company under the Bank Holding Company Act of 1956, as amended. T..

W-H Energy services Inc. .. provides products and services used primarily for the drilling, completion and production of oil and natural gas wells. We have operations in North A..

WorldSpace Inc. ..Executive Officer, Noah Samara, who pioneered the development of satellite-based digital radio service, commonly known as Digital Audio Radio Service ..

Winston Hotels Inc. ..orth Carolina, owns hotel properties and interests in hotel properties through joint ventures, provides loans to the hotel industry, and provides hote..

XM Satellite Radio Holdings Inc. ..ompany, providing music, entertainment and information programming for reception by vehicle, home and portable radios nationwide and over the internet..

Ixia ..llow our customers to test and measure the performance, functionality, and conformance of Internet Protocol (IP) equipment and networks, and the appli..

Zevex International Inc. ..ivisions and subsidiary, engages in the business of designing, manufacturing, and distributing medical devices. Our Therapeutics division markets ente..

American Physicians Service Group Inc. ..t include brokerage and investment services to individuals and institutions, and management and agency services to malpractice insurance companies. We..

Adobe Systems Incorporated .. of the largest and most diversified software companies in the world. We offer a line of creative, business and mobile software and services used by h..

American Equity Investment Life Holding Company ..rket, issue and administer annuities and life insurance. We are a full service underwriter of a broad array of annuity and insurance products. Our bus..

A.G. Edwards Inc. ..inancial services holding company incorporated in 1983 whose principal subsidiary, A.G. Edwards & Sons, Inc. (Edwards), is the successor to a partners..

American Home Mortgage Investment Corp ..tment and, collectively with its subsidiaries) is a Maryland corporation in the business of investing in mortgage-backed securities resulting from the..

Alberto-Culver Company ..er Products and Beauty Supply Distribution. Sales of Global Consumer Products were $1.31 billion, $1.19 billion and $1.10 billion in fiscal years 2005..

Applied Signal Technology Inc. ..ooking statements made pursuant to the provisions of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on..

Ameritrans Capital Corporation ..trans, our, us,) was formed in 1998 to engage in lending and investment activities, primarily with small and medium-sized businesses, directly and thr..

Appalachian Bancshares Inc. (GA) ..mpany which was formed in May 1996 as a Georgia corporation. The Companys executive office is located at 829 Industrial Boulevard, Ellijay, Georgia, a..

AP Pharma Inc. ..ements herein are forward- looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from th..

Affordable Residential Communities Inc ..and corporation organized as a fully integrated, self-administered and self-managed equity real estate investment trust (REIT) for U. S. federal incom..

American Access Technologies Inc. ..anufactures patented zone cabling and wireless enclosures that mount in ceilings, walls, raised floors, and custom furniture, to facilitate the routin..

Aviall Inc. ..t global provider to the aerospace aftermarket of new aviation parts, supply-chain management and other related value-added services. We serve this ma..

Allied Capital Corporation ..in the private equity business. Specifically, we provide long-term debt and equity capital. We believe the private equity capital markets are importan..

Blockbuster Inc. ..n-home rental and retail movie and game entertainment, with approximately 9,100 stores in the United States, its territories and 24 other countries as..

Beacon Roofing Supply Inc. ..ial and non-residential roofing materials in the United States and Canada. We also distribute other complementary building materials, including siding..

Bluefly Inc. ..sells over 350 brands of designer apparel, accessories and home products at discounts up to 75% off retail value. During 2004, we offered over 27,000 ..

BKF Capital Group Inc. ..rough John A. Levin & Co., Inc. (John A. Levin & Co.), an SEC-registered investment adviser, and its related entities. John A. Levin & Co. owns 100% o..

Bristol West Holdings Inc ..on, is a provider of non-standard private passenger automobile insurance and related services. When this report uses the words we, us, and our, these ..

Broadcom Corporation ..nd wireless broadband communications semiconductors. Our products enable the convergence of high-speed data, high definition video, voice and audio at..

Bausch & Lomb Incorporated ..we, our and ours are used herein to refer to Bausch & Lomb Incorporated and its consolidated subsidiaries. Dollar amounts are stated in millions, exce..

Cavalier Homes Inc. ..Delaware corporation with its executive offices located at 32 Wilson Boulevard 100, Addison, Alabama 35540. Unless otherwise indicated by the context,..

CET Services Inc. .. of the State of California, CET Services, Inc. for more than a decade was engaged in environmental consulting, engineering, remediation, and related ..

Colony Bankcorp Inc. ..ss corporation which was incorporated on November 8, 1982. The Company was organized for the purpose of operating as a bank holding company under the ..

Cheviot Financial Corp ..g statements which may be identified by the use of words such as believe, expect, anticipate, should, planned, estimated and potential. Examples of fo..