SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C. 20549

                                    FORM 10-K

                        FOR ANNUAL AND TRANSITION REPORTS
                     PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

(Mark One)
[X]      ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2008

                                   OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE  ACT OF 1934

For the transition period from____________to_____________

                 Commission File Numbers 333-101155, 001-32710


                           MS STRUCTURED ASSET CORP.
                                 On behalf of
                            TILES Trust No. 2005-1
             (Exact name of registrant as specified in its charter)


          Delaware                                        13-4026700
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)


      1585 Broadway, Second Floor
         New York, New York                                 10036
      Attention: Madhu Philips
(Address of principal executive office)                  (Zip Code)

Registrant's telephone number, including area code:    (212) 761-2520

Securities registered pursuant to Section 12(b) of the Act:

   Title of Each Class                 Name of Each Exchange on Which Registered

   TILES Series 2005-1 Trust Units          New York Stock Exchange


           Securities registered pursuant to Section 12(g) of the Act:

                                   None


<PAGE>


         Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes___  No  X

         Indicate by check mark if the  registrant  is not required to file
reports  pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes___  No  X

         Indicate by check mark whether  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required  to file such  reports),  and (2) has been  subject to
such  filing  requirements  for the past 90 days.  Yes  X   No___

         Indicate by check mark if disclosure of delinquent  filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's  knowledge,  in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [ ]

         Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer.  See definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange
Act.  (Check one):

Large accelerated filer____  Accelerated filer____  Non-accelerated filer  X


         Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Act). Yes___  No  X

         All of the common stock of the registrant is held by Morgan Stanley. As
of March 11, 2009, 1,000 shares of common stock, par value $1.00 per share, were
outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE:

  The distribution reports to security holders filed on Form 8-K during the
Fiscal Year in lieu of reports on Form 10-Q.

         The following reports of Morgan Stanley: Quarterly Report on Form 10-Q
for the quarterly period ended May 31, 2008; Annual Report on Form 10-K for the
fiscal year ended November 30, 2008; Quarterly Report on Form 10-Q for the
quarterly period ended February 28, 2009; and all other documents subsequently
filed by Morgan Stanley pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, during the fiscal year covered by this Report
on Form 10-K, which contain financial statements of Morgan Stanley or which
amend the foregoing reports.

                             Introductory Note

The Registrant is the depositor under the trust agreements for it various
SATURNS and TILES Units listed on the New York Stock Exchange.  The Units do not
represent obligations of or interests in the Depositor. Pursuant to staff
administrative positions established in various no-action letters, see e.g.
Corporate Asset Backed Corporation (available August 9, 1995), the Registrant is
not required to respond to various items of Form 10-K. Such items are designated
herein as "Not applicable."  Distribution reports detailing receipts and
distributions by each trust are filed shortly after each distribution date on
Form 8-K in lieu of reports on Form 10-Q.

The underlying security issuer or guarantor, as applicable, of the securities
held by each of the trusts is subject to the informational requirements of the
Exchange Act.  The underlying security issuer or guarantor, as applicable,
currently files reports, proxy statements and other information with the SEC.
For information regarding such underlying security issuer or guarantor, you
should refer to such reports.  These periodic, current and other reports and
other information can be inspected and copied at the public reference facilities
maintained by the SEC at Room 1024, 100 F Street, N.E., Washington, D.C. 20549.
Copies of those materials can be obtained by making a written request to the
SEC, Public Reference Section, 100 F Street, N.E., Washington, D.C. 20549, at
prescribed rates. The SEC also maintains a website on the internet at
http://www.sec.gov at which users can view and download copies of reports,
proxy, information statements and other information filed electronically.  In
addition, those reports and other information may also be obtained from the
underlying security issuer by making a request to the underlying security
issuer.  The trust, the trustee, the Registrant, and their affiliates have not
verified, have not undertaken to verify, and will not verify, the content of any
such reports or information. The name and the central index key (CIK) for each
underlying security issuer or guarantor is set forth below:

   Trust            Underlying Security Issuer or Guarantor             CIK

   TILES 2005-1     JP Morgan Chase Capital XVII                      0000019617


<PAGE>


                                   PART I

ITEM 1.     BUSINESS

            Not Applicable

ITEM 1A.    RISK FACTORS

            Not Applicable

ITEM 1B.    UNRESOLVED STAFF COMMENTS

            None

ITEM 2.     PROPERTIES

            Not Applicable

ITEM 3.     LEGAL PROCEEDINGS

            None

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

            None


                                   PART II

ITEM 5.     MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

The Units issued by the SATURNS trusts listed below representing investors'
interest in such trust are represented by one or more physical certificates
registered in the name of Cede & Co., the nominee of The Depository Trust
Company.  The Units are listed on the New York Stock Exchange:

TILES Trust No. 2005-1 Units (JP Morgan Chase Capital XVII)

ITEM 6.     SELECTED FINANCIAL DATA

            Not Applicable

ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
            RESULTS OF OPERATIONS

            Not Applicable


<PAGE>


ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

            Not Applicable

ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         Any financial statements of Morgan Stanley required to be provided
under Regulation S-X during the period covered by this Report on Form 10-K, the
financial statements included in or as exhibits to the following documents filed
by Morgan Stanley with the Securities and Exchange Commission are hereby
incorporated by reference in this Item: Quarterly Report on Form 10-Q for the
quarterly period ended May 31, 2008; Annual Report on Form 10-K for the fiscal
year ended November 30, 2008; Quarterly Report on Form 10-Q for the quarterly
period ended February 28, 2009; and all other documents subsequently filed by
Morgan Stanley pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, during the fiscal year covered by this Report on Form
10-K, which contain financial statements of Morgan Stanley or which amend the
foregoing reports.

ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
            FINANCIAL DISCLOSURE

            None

ITEM 9A.    CONTROLS AND PROCEDURES

            Not Applicable

ITEM 9B.    OTHER INFORMATION

            None

                                   PART III

ITEM 10.    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

            None

ITEM 11.    EXECUTIVE COMPENSATION

            Not Applicable

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

            None


<PAGE>


ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

            None

ITEM 14.    PRINCIPAL ACCOUNTING FEES AND SERVICES

            Not Applicable

                                   PART IV

ITEM 15.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

       (a) The following documents are filed as part of this Report: None

       (b) Reports on Form 8-K:

See Table Below:

<TABLE>
<CAPTION>
TILES Trust No.:                 Closing Date          Payment Dates                             Form 8-K Filing Dates (Not Trust
                                                                                               Agreement Filings in connection with
                                                                                                  Closing Date)

                                                                                                    For FY 2008
<S>                              <C>                    <C>                                    <C>
2005-1                           January 6, 2006        February 1 and August 1                February 8, 2008 and August 6, 2008
</TABLE>

       (c) Exhibits:

Exhibit 23      Consent of Pustorino, Puglisi & Co., LLP (See Exhibit
                99.1--contained in final paragraph of accountants' letter)

Exhibit 31.1    Rule 13a-14(d) Certification

Exhibit 31.2    Trustee Compliance Certification

Exhibit 99.1    Report of Pustorino, Puglisi & Co., LLP

       (d) Not applicable


<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of Section 13  or 15(d) of the
Securities  Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

         Date:  March 24, 2009

                                                       MS STRUCTURED ASSET CORP.
                                                       (Registrant)



                                                       By:      /s/Madhu Philips
                                                         -----------------------
                                                       Name:     Madhu Philips
                                                       Title:    Vice President


<PAGE>


                                                                      Exhibit 23

                   [Consent of Pustorino, Puglisi & Co., LLP]


<PAGE>


                                                                    Exhibit 31.1

                          RULE 13a-14(d) Certification

I, Madhu Philips, certify that:

1.       I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of MS Structured
Asset Corp. on behalf of TILES Trust No. 2005-1;

2.       Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;

3.       Based on my knowledge, the distribution or servicing information
required to be provided to the depositor by the trustee under the pooling and
servicing, or similar, agreement, for inclusion in these reports is included in
these reports;

4.       I am responsible for reviewing the activities performed by the
depositor and the trustee under the pooling and servicing, or similar, agreement
and based upon my knowledge and the annual compliance review required under that
agreement, and except as disclosed in the reports, the depositor and trustee
have each fulfilled its obligations under that agreement; and

5.       The reports disclose all significant deficiencies relating to the
compliance by the trustee and the depositor with the minimum servicing or
similar standards based upon the report provided by an independent public
accountant, after conducting a review in compliance with the Uniform Single
Attestation Program for Mortgage Bankers or similar procedure, as set forth in
the pooling and servicing, or similar, agreement, that is included in these
reports.

In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: Bank of America, National
Association as successor by merger to LaSalle Bank National Association and its
officers and agents.

                                                       By:      /s/Madhu Philips
                                                         -----------------------
                                                       Name:    Madhu Philips
                                                       Title:   Vice President
                                                       Date:    March 24, 2009


<PAGE>


                                                                    Exhibit 31.2

                             COMPLIANCE CERTIFICATE

          In connection with the preparation and delivery of the annual report
on Form 10-K of MS Structured Asset Corp. on behalf of TILES Trust No. 2005-1
for the fiscal year ending December 31, 2008, and the certifications given by
Madhu Philips with respect thereto, the undersigned hereby certifies that he is
a duly elected Senior Vice President of Bank of America, National Association,
successor by merger to LaSalle Bank National Association ("Bamk of America"),
and further certifies in his capacity as such as follows:


1.       Bank of America has prepared all distribution reports with respect to
each distribution date for TILES Trust No. 2005-1, and has filed a copy of
such reports on Form 8-K during the fiscal year as described on Exhibit A
hereto.

2.       I have reviewed all reports on Form 8-K containing distribution reports
filed in respect of periods included in the fiscal year covered by the annual
report of MS Structured Asset Corp. on behalf of TILES Trust No. 2005-1;

3.       I am familiar with the operations of Bank of America with respect to
the SATURNS program and TILES Trust No. 2005-1 and the requirement imposed by
the applicable trust agreement;

4.       Based on my knowledge, the information in the distribution reports,
taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading as of
the last day of the period covered by the annual report;

5.       Based on my knowledge, the information required to be provided under
each trust agreement, for inclusion in these reports, is included in these
reports;

6.       Based on my knowledge, and except as disclosed in the reports, the
trustee has fulfilled its obligations, including any servicing obligations,
under the trust agreement.

7.       Based on my knowledge, and except as disclosed in the reports, there
are no material legal proceedings with respect to any trust, involving the trust
or Bank of America as trustee.


                                              By:      /s/James A. Jendra
                                                 -------------------------------
                                              Name:    James A. Jendra
                                              Title:   Senior Vice President
                                                       Americas Executive
                                              Date:    March 24, 2009



<PAGE>


                                                                       EXHIBIT A

<TABLE>
<CAPTION>
TILES Trust No.:                 Closing Date              Payment Dates                         Form 8-K Filing Dates (Not Trust
                                                                                                Agreement Filings in connection with
                                                                                                         Closing Date)

                                                                                                          For FY 2008
<S>                              <C>                   <C>                                     <C>
2005-1                           January 6, 2006        February 1 and August 1                February 8, 2008 and August 6, 2008
</TABLE>


<PAGE>


                                                                    Exhibit 99.1

                    [Report of Pustorino, Puglisi & Co., LLP]




<PAGE>


                  [On Pustorino, Puglisi & Co., LLP Letterhead]

                         INDEPENDENT ACCOUNTANT'S REPORT
                       ON APPLYING AGREED-UPON PROCEDURES


Bank of America, National Association
135 S. LaSalle Street, Suite 1625
Chicago, IL 60603

MS Structured Asset Corp.
1585 Broadway
New York, NY 10036


With respect to the "Treasury Index LinkEd Securities 2005-1" (TILES Trust
2005-1) we have performed the procedures listed below, which were agreed to by
Bank of America, National Association as successor by merger to LaSalle Bank
National Association (the Trustee) and MS Structured Asset Corp. (the Depositor)
solely to assist the Depositor in evaluating the Trustee's assertions that the
administration of the Trust Property of TILES Trust 2005-1 (the Trust) was
conducted in accordance with the terms of the Trust Agreement relating thereto
for the year ended December 31, 2008. This agreed-upon procedures engagement was
performed in accordance with attestation standards established by the American
Institute of Certified Public Accountants. The sufficiency of these procedures
is solely the responsibility of the specified users of this report, the Trustee
and the Depositor. Consequently, we make no representation regarding the
sufficiency of the procedures described below either for the purpose for which
this report has been requested or for any other purpose.

Pursuant to the foregoing, for TILES Trust 2005-1, we:

1.       Calculated the semi-annual interest payment, on the underlying security
         as defined in the prospectus.

2.       Verified that interest payments on the underlying security were
         received on the scheduled date for payment thereof.

3.       Calculated the semi-annual interest distributions and principal
         distributions, if any, on the Class A and Class B units.


<PAGE>


                                       -2-

4.       Verified that distributions on Class A and Class B units were made on
         the scheduled dates for distribution thereof.

5.       Verified Trust property amounts and balances.

6.       Verified that the amounts of any units redeemed, upon receipt of
         redemption payments or notices of exercise of warrants, matched amounts
         of the relevant redemptions and warrant exercise amounts notified to
         the Trustee.

7.       Verified that the proceeds of redemptions, exercise of warrants and
         liquidation of underlying securities following any underlying security
         default were applied within the time and in the manner provided in the
         Trust Agreement.

8.       Verified that reports on Form 8-K were filed by the Trustee with the
         Securities and Exchange Commission on or before the fifteenth day
         following each payment date for the Class A and Class B units.

We were not engaged to, and did not, perform an examination, the objective of
which would be the expression of an opinion on the Trustee's assertions.
Accordingly, we do not express such an opinion.  Had we performed additional
procedures, other matters might have come to our attention that would have been
reported to you.

We are independent public accountants with respect to the Trustee and the Trust,
as defined under the Code of Professional Ethics of the American Institute of
Certified Public Accountants.

This report is intended solely for the use of the Depositor and the Trustee and
should not be used by those who have not agreed to the procedures and taken
responsibility for the sufficiency of the procedures for their purposes.
However, this report is a matter of public record as a result of being included
as an exhibit to the annual report on Form 10-K prepared by MS Structured Asset
Corp. and filed with the Securities and Exchange Commission on behalf of TILES
Trust 2005-1, and its distribution is not limited.


/s/ Pustorino, Puglisi & Co., LLP
---------------------------------
Pustorino, Puglisi & Co., LLP
New York, New York
March 11, 2009


<PAGE>


                   [On MS Structured Asset Corp. Letterhead]

March 16, 2009



Pustorino, Puglisi & Co., LLP
515 Madison Avenue
New York, NY 10022

Gentlemen:

In connection with your engagement to apply the agreed-upon procedures, as
listed in your engagement letters dated January 15, 2009 and your reports dated
March 11, 2009, for the Trusts listed below:

          SATURNS 2003-11                               SATURNS 2004-1
          SATURNS 2003-12                               SATURNS 2004-2
          SATURNS 2003-13                               SATURNS 2004-4
          SATURNS 2003-15                               SATURNS 2004-6
          SATURNS 2003-16                               SATURNS 2005-1
          SATURNS CBT Series 2003-1                     SATURNS 2005-2
          TILES Series 2005-1                           SATURNS 2005-3

We confirm, to the best of our knowledge and belief, the following
representations made to you during your engagement:

1.       We are  responsible for the  formulation of the assertion that the
         administration  of the Trusts listed above was conducted in accordance
         with the terms of the individual  Trust  Agreements  relating  thereto
         for the year ended December 31, 2008.

2.       There have been no fraudulent or other illegal acts that would have a
         material effect on the assertion.

3.       We have disclosed to you all known matters contradicting the assertion.


<PAGE>


                                       -2-


4.       There have been no  communications  from internal  auditors and other
         independent  practitioners  or  consultants relating to the assertions
         including  communications  received between  December 31,  2008 and the
         date of this letter.

5.       We have made available to you all information that we believe is
         relevant to the assertion.

6.       We have responded fully to all inquiries made to us by you during the
         engagement.

7.       No events have occurred  subsequent to December 31, 2008 that would
         require  adjustment to or  modification of the assertions.

8.       Your report is intended  solely for the use of LaSalle Bank National
         Association  (the Trustee) and MS Structured Asset Corp.  (the
         Depositor)  and should not be used by those who have not agreed to the
         procedures  and taken  responsibility  for the  sufficiency  of the
         procedures  for their  purposes.  We  intend  for the applicable
         reports to be a matter of public  record as a result of their being
         included as an exhibit to the annual report on Form 10-K prepared by MS
         Structured  Assets Corp.  and filed with the  Securities and Exchange
         Commission on behalf of the corresponding trusts.


/s/Madhu Philips
-----------------
Signature

Authorized Signatory
----------------------
Title

March 16, 2009
--------------
Date


<PAGE>


              [On Bank of America, National Association Letterhead]


March 11, 2009

Pustorino, Puglisi & Co., LLP
515 Madison Avenue
New York, NY 10022

Gentlemen:

In  connection  with  your engagement  to  apply  the agreed-upon procedures, as
listed in your engagement letters dated January 15, 2009 and  your reports dated
March 11, 2009, for the Trusts listed below:

          SATURNS 2003-11                               SATURNS 2004-1
          SATURNS 2003-12                               SATURNS 2004-2
          SATURNS 2003-13                               SATURNS 2004-4
          SATURNS 2003-15                               SATURNS 2004-6
          SATURNS 2003-16                               SATURNS 2005-1
          SATURNS CBT Series 2003-1                     SATURNS 2005-2
          TILES Series 2005-1                           SATURNS 2005-3


We confirm, to the best of our knowledge and belief, the following
representations made to you during your engagement:

1.       We are  responsible  for  the  formulation  of  the  assertion that the
         administration  of the Trusts listed above  was conducted in accordance
         with  the terms of the individual  Trust  Agreements  relating  thereto
         for the year ended December 31, 2008.

2.       There have been no fraudulent or other illegal acts that would  have  a
         material effect on the assertion.

3.       We have disclosed to you all known matters contradicting the assertion.


<PAGE>


                                     -2-



4.       There  have  been no  communications  from internal  auditors and other
         independent  practitioners  or  consultants  relating to the assertions
         including  communications  received between  December 31,  2008 and the
         date of this letter.

5.       We have made available  to  you  all  information  that  we  believe is
         relevant to the assertion.

6.       We  have  responded fully to all inquiries made to us by you during the
         engagement.

7.       No  events  have  occurred   subsequent to December 31, 2008 that would
         require  adjustment to or  modification of the assertions.

8.       Your report is intended  solely for the use of  LaSalle  Bank  National
         Association   (the  Trustee)  and   MS   Structured   Asset Corp.  (the
         Depositor)  and  should not be used by those who have not agreed to the
         procedures  and taken  responsibility   for  the   sufficiency   of the
         procedures  for  their   purposes.   We   intend   for  the  applicable
         reports  to  be  a  matter of public  record as a result of their being
         included as an exhibit to the annual report on Form 10-K prepared by MS
         Structured  Assets Corp.  and filed with the  Securities and   Exchange
         Commission on behalf of the corresponding trusts.


/s/Thais Hayum
---------------------
Signature

Assistant Vice President
------------------------
Title

March 17, 2009
---------------
Date