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A class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers, redeemers and holders of shares of Morgan Stanley Dividend Growth Securities, (NASDAQ: DIVAX) (NASDAQ: DIVBX) (NASDAQ: DIVCX) (NASDAQ: DIVDX), Morgan Stanley Equity Fund (NASDAQ: EQFAX) (NASDAQ: EQFBX) (NASDAQ: EQFCX) (NASDAQ: EQFDX), Morgan Stanley Fund of Funds - Domestic Portfolio (NASDAQ: DOFAX) (NASDAQ: DOFBX) (NASDAQ: DOFCX) (NASDAQ: DOFDX), Morgan Stanley Fundamental Value Fund (NASDAQ: FVFAX) (NASDAQ: FVFBX) (NASDAQ: FVFCX) (NASDAQ: FVFDX), Morgan Stanley Income Builder Fund, (NASDAQ: INBAX) (NASDAQ: INBBX) (NASDAQ: INBCX) (NASDAQ: INBDX), Morgan Stanley Real Estate Fund (NASDAQ: REFAX) (NASDAQ: REFBX) (NASDAQ: REFCX) (NASDAQ: REFDX), Morgan Stanley S&P 500 Index Fund (NASDAQ: SPIAX) (NASDAQ: SPIBX) (NASDAQ: SPICX) (NASDAQ: SPIDX), Morgan Stanley Strategist Fund (NASDAQ: SRTAX) (NASDAQ: SRTBX) (NASDAQ: SRTCX) (NASDAQ: SRTDX), Morgan Stanley Total Market Index Fund (NASDAQ: TMIAX) (NASDAQ: TMIBX) (NASDAQ: TMICX) (NASDAQ: TMIDX), Morgan Stanley Total Return Trust (NASDAQ: TRFAX) (NASDAQ: TRFBX) (NASDAQ: TRFCX) (NASDAQ: TRFDX), Morgan Stanley Utilities Fund (NASDAQ: UTLAX) (NASDAQ: UTLBX) (NASDAQ: UTLCX) (NASDAQ: UTLDX), Morgan Stanley Value Fund (NASDAQ: VLUAX) (NASDAQ: VLUBX) (NASDAQ: VLUCX) (NASDAQ: VLUDX), and other Morgan Stanley Mutual Funds (the "Morgan Stanley Funds"), which are managed by Morgan Stanley (NYSE: MSD) from October 1, 1999 through December 31, 2002, inclusive (the "Class Period").

The Morgan Stanley Funds and the symbols for the respective funds named below are as follows:

Morgan Stanley 21st Century Trend Fund (NASDAQ: TCTAX) (NASDAQ: TCTBX) (NASDAQ: TCTCX) (NASDAQ: TCTDX)
Morgan Stanley Aggressive Equity Fund (NASDAQ: AEQAX) (NASDAQ: AEQBX) (NASDAQ: AEQCX) (NASDAQ: AEQDX)
Morgan Stanley All Star Growth Fund (NASDAQ: ALLAX) (NASDAQ: ALLBX) (NASDAQ: ALLCX) (NASDAQ: ALLDX)
Morgan Stanley American Opportunities Fund (NASDAQ: AMOAX) (NASDAQ: AMOBX) (NASDAQ: AMOCX) (NASDAQ: AMODX)
Morgan Stanley Biotechnology Fund (NASDAQ: BTKAX) (NASDAQ: BTKBX) (NASDAQ: BTKCX) (NASDAQ: BTKDX)
Morgan Stanley Capital Opportunities Trust (NASDAQ: CPOAX) (NASDAQ: CPOBX) (NASDAQ: CPOCX) (NASDAQ: CPODX)
Morgan Stanley Developing Growth Securities (NASDAQ: DGRAX) (NASDAQ: DGRBX) (NASDAQ: DGRCX) (NASDAQ: DGRDX)
Morgan Stanley Financial Services Trust (NASDAQ: FSVAX) (NASDAQ: FSVBX) (NASDAQ: FSVCX) (NASDAQ: FSVDX)
Morgan Stanley Growth Fund (NASDAQ: GRTAX) (NASDAQ: GRTBX) (NASDAQ: GRTCX) (NASDAQ: GRTDX)
Morgan Stanley Health Sciences Trust (NASDAQ: HCRAX) (NASDAQ: HCRBX) (NASDAQ: HCRCX) (NASDAQ: HCRDX)
Morgan Stanley Information Fund (NASDAQ: IFOAX) (NASDAQ: IFOBX) (NASDAQ: IFOCX) (NASDAQ: IFODX)
Morgan Stanley KLD Social Index Fund (NASDAQ: SIXAX) (NASDAQ: SIXBX) (NASDAQ: SIXCX) (NASDAQ: SIXDX)
Morgan Stanley Market Leader Trust (NASDAQ: MLDAX) (NASDAQ: MLDBX) (NASDAQ: MLDCX) (NASDAQ: MLDDX)
Morgan Stanley Mid-Cap Value Fund (NASDAQ: MDFAX) (NASDAQ: MDFBX) (NASDAQ: MDFCX) (NASDAQ: MDFDX)
Morgan Stanley Nasdaq-100 Index Fund (NASDAQ: NSQAX) (NASDAQ: NSQBX) (NASDAQ: NSQCX) (NASDAQ: NSQDX)
Morgan Stanley Natural Resource Development Securities (NASDAQ: NREAX) (NASDAQ: NREBX) (NASDAQ: NRECX) (NASDAQ: NREDX)
Morgan Stanley New Discoveries Fund (NASDAQ: NDFAX) (NASDAQ: NDFBX) (NASDAQ: NDFCX) (NASDAQ: NDFDX)
Morgan Stanley Next Generation Trust (NASDAQ: NGTAX) (NASDAQ: NGTBX) (NASDAQ: NGTCX) (NASDAQ: NGTDX)
Morgan Stanley Small-Mid Special Value Fund (NASDAQ: JBJAX) (NASDAQ: JBJBX) (NASDAQ: JBJCX) (NASDAQ: JBJDX)
Morgan Stanley Special Growth Fund (NASDAQ: SMPAX) (NASDAQ: SMPBX) (NASDAQ: SMPCX) (NASDAQ: SMPD)
Morgan Stanley Special Value Fund (NASDAQ: SVFAX) (NASDAQ: SVFBX) (NASDAQ: SVFCX) (NASDAQ: SVFDX)
Morgan Stanley Tax-Managed Growth Fund (NASDAQ: TGXAX) (NASDAQ: TGXBX) (NASDAQ: TGXCX) (NASDAQ: TGXDX)
Morgan Stanley Technology Fund (NASDAQ: TEKAX) (NASDAQ: TEKBX) (NASDAQ: TEKCX) (NASDAQ: TEKDX)
Morgan Stanley European Growth Fund (NASDAQ: EUGAX) (NASDAQ: EUGBX) (NASDAQ: EUGCX) (NASDAQ: EUGDX)
Morgan Stanley Fund of Funds - International Portfolio (NASDAQ: IOFBX) (NASDAQ: IOFCX) (NASDAQ: IOFDX)
Morgan Stanley Global Advantage Fund, (NASDAQ: GADAX) (NASDAQ: GADBX) (NASDAQ: GADCX) (NASDAQ: GADDX)
Morgan Stanley Global Dividend Growth Securities (NASDAQ: GLBAX) (NASDAQ: GLBBX) (NASDAQ: GLBCX) (NASDAQ: GLBDX)
Morgan Stanley Global Utilities Fund (NASDAQ: GUTAX) (NASDAQ: GUTBX) (NASDAQ: GUTCX) (NASDAQ: GUTDX)
Morgan Stanley International Fund (NASDAQ: INLAX) (NASDAQ: INLBX) (NASDAQ: INLCX) (NASDAQ: INLDX)
Morgan Stanley International Smallcap Fund (NASDAQ: ISMAX) (NASDAQ: SMBX) (NASDAQ: ISMCX) (NASDAQ: ISMDX)
Morgan Stanley International Value Equity Fund (NASDAQ: IVQAX) (NASDAQ: IVQBX) (NASDAQ: IVQCX) (NASDAQ: IVQDX)
Morgan Stanley Japan Fund (NASDAQ: JPNAX) (NASDAQ: JPNBX) (NASDAQ: JPNCX) (NASDAQ: JPNDX)
Morgan Stanley Latin American Growth Fund (NASDAQ: LATAX) (NASDAQ: LATBX) (NASDAQ: LATCX) (NASDAQ: LATDX)
Morgan Stanley Pacific Growth Fund (NASDAQ: TGRAX) (NASDAQ: TGRBX) (NASDAQ: TGRCX) (NASDAQ: TGRDX)
Morgan Stanley Allocator Fund (NASDAQ: ALRAX) (NASDAQ: ALRBX) (NASDAQ: ALRCX) (NASDAQ: ALRDX)
Morgan Stanley Balanced Growth Fund (NASDAQ: BGRAX) (NASDAQ: BGRBX) (NASDAQ: BGRCX) (NASDAQ: BGRDX)
Morgan Stanley Balanced Income Fund, (NASDAQ: BINAX) (NASDAQ: BINBX) (NASDAQ: BINCX) (NASDAQ: BINDX)
Morgan Stanley Convertible Securities Trust, (NASDAQ: CNSAX) (NASDAQ: CNSBX) (NASDAQ: CNSCX) (NASDAQ: CNSDX)
Morgan Stanley Dividend Growth Securities, (NASDAQ: DIVAX) (NASDAQ: DIVBX) (NASDAQ: DIVCX) (NASDAQ: DIVDX)
Morgan Stanley Equity Fund (NASDAQ: EQFAX) (NASDAQ: EQFBX) (NASDAQ: EQFCX) (NASDAQ: EQFDX)
Morgan Stanley Fund of Funds - Domestic Portfolio (NASDAQ: DOFAX) (NASDAQ: DOFBX) (NASDAQ: DOFCX) (NASDAQ: DOFDX)
Morgan Stanley Fundamental Value Fund (NASDAQ: FVFAX) (NASDAQ: FVFBX) (NASDAQ: FVFCX) (NASDAQ: FVFDX)
Morgan Stanley Income Builder Fund, (NASDAQ: INBAX) (NASDAQ: INBBX) (NASDAQ: INBCX) (NASDAQ: INBDX)
Morgan Stanley Real Estate Fund (NASDAQ: REFAX) (NASDAQ: REFBX) (NASDAQ: REFCX) (NASDAQ: REFDX)
Morgan Stanley S&P 500 Index Fund (NASDAQ: SPIAX) (NASDAQ: SPIBX) (NASDAQ: SPICX) (NASDAQ: SPIDX)
Morgan Stanley Strategist Fund (NASDAQ: SRTAX) (NASDAQ: SRTBX) (NASDAQ: SRTCX) (NASDAQ: SRTDX)
Morgan Stanley Total Market Index Fund (NASDAQ: TMIAX) (NASDAQ: TMIBX) (NASDAQ: TMICX) (NASDAQ: TMIDX)
Morgan Stanley Total Return Trust (NASDAQ: TRFAX) (NASDAQ: TRFBX) (NASDAQ: TRFCX) (NASDAQ: TRFDX)
Morgan Stanley Utilities Fund (NASDAQ: UTLAX) (NASDAQ: UTLBX) (NASDAQ: UTLCX) (NASDAQ: UTLDX)
Morgan Stanley Value Fund (NASDAQ: VLUAX) (NASDAQ: VLUBX) (NASDAQ: VLUCX) (NASDAQ: VLUDX)
Morgan Stanley Value-Added Market Series/Equity Portfolio (NASDAQ: VADAX) (NASDAQ: VADBX) (NASDAQ: VADCX) (NASDAQ: VADDX)
Morgan Stanley Active Assets California Tax-Free Trust (NASDAQ: AACXX)
Morgan Stanley Active Assets Government Securities Trust (NASDAQ: AAGXX)
Morgan Stanley Active Assets Institutional Money Trust (NASDAQ: AVIXX)
Morgan Stanley Active Assets Money Trust (NASDAQ: AAMXX)
Morgan Stanley Active Assets Tax-Free Trust (NASDAQ: AATXX)
Morgan Stanley Flexible Income Trust (NASDAQ: DINAX) (NASDAQ: DINBX) (NASDAQ: DINCX) (NASDAQ: DINDX,)
Morgan Stanley Federal Securities Trust (NASDAQ: FDLAX) (NASDAQ: FDLBX) (NASDAQ: FDLCX) (NASDAQ: FDLDX)
Morgan Stanley High Yield Securities (NASDAQ: HYLAX) (NASDAQ: HYLBX) (NASDAQ: HYLCX) (NASDAQ: HYLDX)
Morgan Stanley Quality Income Trust (NASDAQ: IISAX) (NASDAQ: IISBX) (NASDAQ: IISCX) (NASDAQ: IISDX)
Morgan Stanley Limited Duration Fund (NASDAQ: MSLDX)
Morgan Stanley Limited Duration U.S. Treasury Trust (NASDAQ: LDTRX)
Morgan Stanley Liquid Asset Fund (NASDAQ: DWLXX)
Morgan Stanley Prime Income Trust (NASDAQ: XPITX)
Morgan Stanley U.S. Government Money Market Trust (NASDAQ: DWGXX)
Morgan Stanley U.S. Government Securities Trust (NASDAQ: USGAX) (NASDAQ: USGBX) (NASDAQ: USGCX) (NASDAQ: USGDX)
Morgan Stanley California Tax-Free Daily Income Trust (NASDAQ: DSCXX)
Morgan Stanley California Tax-Free Income Fund (NASDAQ: CLFAX)
(NASDAQ: CLFBX) (NASDAQ: CLFCX) (NASDAQ: CLFDX)
Morgan Stanley Hawaii Municipal Trust (NASDAQ: DWHIX)
Morgan Stanley Limited Term Municipal Trust (NASDAQ: DWLTX)
Morgan Stanley Multi-State Municipal Series Trust, Arizona Series (NASDAQ: DWAZX)
Morgan Stanley Multi-State Municipal Series Trust, Florida Series (NASDAQ: DWFLX)
Morgan Stanley Multi-State Municipal Series Trust, New Jersey Series (NASDAQ: DWNJX)
Morgan Stanley Multi-State Municipal Series Trust, Pennsylvania Series (NASDAQ: DWPAX)
Morgan Stanley New York Municipal Money Market Trust (NASDAQ: DWNXX)
Morgan Stanley New York Tax-Free Income Fund (NASDAQ: NYFAX) (NASDAQ:
NYFBX) (NASDAQ: NYFCX) (NASDAQ: NYFDX)
Morgan Stanley Tax-Exempt Securities Trust (NASDAQ: TAXAX) (NASDAQ: TAXBX) (NASDAQ: TAXCX) (NASDAQ: TAXDX)
Morgan Stanley Tax-Free Daily Income Trust (NASDAQ: DSTXX) Morgan Stanley High Income Advantage Trust (NASDAQ: YLT)

The complaint charges Morgan Stanley, Morgan Stanley DW, Inc., Morgan Stanley Investment Advisors, Inc., Morgan Stanley Investments LP, and the Morgan Stanley Funds with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. This action concerns Morgan Stanley's prohibited sales contests for its brokers and managers to promote the sale of Morgan Stanley mutual funds and a selected few variable annuities. More specifically, during the Class Period, Morgan Stanley cultivated a clandestine culture to aggressively sell the Morgan Stanley Funds above all other funds. During the Class Period, defendants engaged in illegal activities involving high-pressured sales tactics to sell Morgan Stanley Funds over non-proprietary external funds. At the regional and branch levels, these tactics included sales contests, various types of hidden compensation in the form of travel and expense ("T&E") reimbursements, business development dollars, asset retention dollars and most importantly, a higher compensation pay-out for selling Morgan Stanley Funds. The branch managers as well as regional executives received bonus compensation based in part on the successful sale of the Morgan Stanley Funds. During the Class Period, Morgan Stanley failed to disclose any of these financial incentives to Plaintiff and other class members. In fact, in an effort to conceal the potential conflicts of interest that these incentives formed, Morgan Stanley intentionally sought to prevent any written communication concerning these sales practices.

If you acquired the securities of the defendants during the Class Period you may, no later than Dec-19-03, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.