Glancy & Binkow LLP, Representing Investors Who Purchased Morgan Stanley and Van Kampen Mutual Funds, Announces Class Action Lawsuit and Seeks to Recover Losses -- MWD, TCTBX, TCTCX, TCTDX


LOS ANGELES, Dec. 12, 2003 (PRIMEZONE) -- Notice is hereby given by Glancy & Binkow LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired mutual funds in the Morgan Stanley and/or Van Kampen family of mutual funds (the "Funds"), between October 1, 1999 and December 31, 2002 , inclusive (the "Class Period").

A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.

The Complaint charges, among others, Morgan Stanley, Morgan Stanley Advisors LP, Morgan Stanley DW Inc. ("MSDW"), Van Kampen Investments Inc. and Van Kampen Asset Management Inc. with violations of federal securities laws. The complaint alleges that defendants engaged in an unlawful and deceitful course of conduct designed to improperly financially advantage defendants to the detriment of plaintiff and the other members of the Class. The complaint alleges that defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that Morgan Stanley had been aggressively pushing its sales personnel to sell Morgan Stanley and Van Kampen funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. Plaintiff claims that, unbeknownst to investors, the advisors to the Funds (Morgan Stanley Investment Advisors Inc., Van Kampen Asset Management Inc. and Morgan Stanley Advisors LP) paid excessive commissions, directly or indirectly, to MSDW (the broker dealer), which came directly out of the Funds' assets, for MSDW steering clients toward Morgan Stanley's proprietary funds. The advisors profited from this scheme by earning increased management fees, while MSDW benefitted from increased commissions and Morgan Stanley profited as the ultimate parent of MSDW and the advisors.

The 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: SMPDX) 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: ISMBX)  (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)
 Van Kampen Asian Equity Fund (Nasdaq: MSAAX) (Nasdaq: MSBAX) (Nasdaq:
 MSCAX) Van Kampen Emerging Markets Fund (Nasdaq: MSRAX) (Nasdaq:
 MSRBX) (Nasdaq: MSRCX) Van Kampen Emerging Markets Income Fund
 (Nasdaq: MSWAX) (Nasdaq: MSWCX) Van Kampen European Value Equity Fund
 (Nasdaq: VEEAX) (Nasdaq: VEEBX) (Nasdaq: VEECX) Van Kampen Global
 Equity Allocation Fund (Nasdaq: MSGAX) (Nasdaq: MSGBX) (Nasdaq:
 MSGCX) Van Kampen Global Franchise Fund (Nasdaq: VGFAX) (Nasdaq:
  VGFBX) (Nasdaq: VGFCX) Van Kampen Global Value Equity Fund (Nasdaq:
 MGEAX) (Nasdaq: MGEBX) (Nasdaq: MGECX) Van Kampen International
 Advantage Fund (Nasdaq: VKIBX) (Nasdaq: VKICX) Van Kampen
  International Magnum Fund (Nasdaq: MIMAX) (Nasdaq: MSNBX) (Nasdaq:
 MIMCX) Van Kampen Latin American Fund (Nasdaq: MSLAX) (Nasdaq: MSLBX)
  (Nasdaq: MSLCX) Van Kampen Aggressive Growth Fund (Nasdaq: VAGAX)
 (Nasdaq: VAGBX) (Nasdaq: VAGCX) Van Kampen American Value Fund
  (Nasdaq: MSAVX) (Nasdaq: MGAVX) (Nasdaq: MSVCX) Van Kampen Emerging
 Growth Fund (Nasdaq: ACEGX) (Nasdaq: ACEMX) (Nasdaq: ACEFX) (Nasdaq:
 ACEEX) Van Kampen Enterprise Fund (Nasdaq: ACENX) (Nasdaq: ACEOX)
 (Nasdaq: ACEPX) Van Kampen Equity Growth Fund (Nasdaq: VEGAX)
 (Nasdaq: VEGBX) (Nasdaq: VEGCX) Van Kampen Focus Equity Fund (Nasdaq:
 MSQAX) (Nasdaq: MSABX) (Nasdaq: MAECX) Van Kampen Growth Fund
 (Nasdaq: VGRAX) (Nasdaq: VGRBX) (Nasdaq: VGRCX) Van Kampen Mid Cap
 Growth Fund (Nasdaq: VMGAX) (Nasdaq: VMGBX) (Nasdaq: VMGCX) Van
 Kampen Pace Fund (Nasdaq: ACPAX) (Nasdaq: ACPBX) (Nasdaq: ACPCX) Van
 Kampen Select Growth Fund (Nasdaq: VSGAX) (Nasdaq: VBSGX) (Nasdaq:
 VSGCX) Van Kampen Small Cap Growth Fund (Nasdaq: VASCX) (Nasdaq:
 VBSCX) (Nasdaq: VCSCX) Van Kampen Small Cap Value Fund (Nasdaq:
  VSCAX) (Nasdaq: VSMBX) (Nasdaq: VSMCX) Van Kampen Technology Fund
  (Nasdaq: VTFAX) (Nasdaq: VTFBX) (Nasdaq: VTFCX) Van Kampen Comstock
 Fund (Nasdaq: ACSTX) (Nasdaq: ACSWX) (Nasdaq: ASCYX) (Nasdaq: ACSRX)
 Van Kampen Equity and Income Fund (Nasdaq: ACEIX) (Nasdaq: ACEQX)
  (Nasdaq: ACERX) (Nasdaq: ACESX) Van Kampen Growth and Income Fund
 (Nasdaq: ACGIX) (Nasdaq: ACGJX) (Nasdaq: ACGKX) (Nasdaq: ACGLX) Van
 Kampen Harbor Fund (Nasdaq: ACHBX) (Nasdaq: ACHAX) (Nasdaq: ACHCX)
 Van Kampen Real Estate Securities Fund (Nasdaq: ACREX) (Nasdaq:
 ACRBX) (Nasdaq: ACRCX) Van Kampen Utility Fund (Nasdaq: VKUAX)
 (Nasdaq: VKUBX) (Nasdaq: VKUCX) Van Kampen Value Fund (Nasdaq: MVUAX)
 (Nasdaq: MVUBX) (Nasdaq: MVUCX) Van Kampen Value Opportunities Fund
 (Nasdaq: VVOAX) (Nasdaq: VVOBX) (Nasdaq: VVOCX) Van Kampen Corporate
 Bond Fund (Nasdaq: ACCBX) (Nasdaq: ACCDX) (Nasdaq: ACCEX) Van Kampen
 Government Securities Fund (Nasdaq: ACGVX) (Nasdaq: ACGTX) (Nasdaq:
 ACGSX) Van Kampen High Income Corporate Bond Fund (Nasdaq: ACHYX)
 (Nasdaq: ACHZX) (Nasdaq: ACHWX) Van Kampen High Yield Fund (Nasdaq:
 VKHYX) (Nasdaq: VHYBX) (Nasdaq: VHYCX) Van Kampen Limited Maturity
 Government Fund (Nasdaq: ACFMX) (Nasdaq: ACFTX) (Nasdaq: ACFWX) Van
 Kampen US Government Fund (Nasdaq: VKMGX) (Nasdaq: VUSBX) (Nasdaq:
 VUSCX) Van Kampen California Insured Tax Free Fund (Nasdaq: VKCIX)
 (Nasdaq: VCIBX) (Nasdaq: VCICX) Van Kampen High Yield Municipal Fund
 (Nasdaq: ACTHX) (Nasdaq: ACTGX) (Nasdaq: ACTFX) Van Kampen Insured
 Tax Free Income Fund (Nasdaq: VKMTX) (Nasdaq: VMYBX) (Nasdaq: VMTCX)
 Van Kampen Intermediate Term Muni Income Fund (Nasdaq: VKLMX)
 (Nasdaq: VKLBX) (Nasdaq: VKLCX) Van Kampen Municipal Income Fund
 (Nasdaq: VKMMX) (Nasdaq: VMIBX) (Nasdaq: VMICX) Van Kampen New York
 Tax Free Income Fund (Nasdaq: VNYAX) (Nasdaq: VBNYX) (Nasdaq: VNYCX)
 Van Kampen Pennsylvania Tax Free Income Fund (Nasdaq: VKMPX) (Nasdaq:
 VKPAX) (Nasdaq: VKPCX) Van Kampen Strategic Municipal Income Fund
 (Nasdaq: VKMHX) (Nasdaq: VKTFX) (Nasdaq: VMHCX) Van Kampen Senior
 Loan Fund (Nasdaq: XPRTX) (Nasdaq: XSLCX) Van Kampen Reserve Fund
 (Nasdaq: ACXXX)

Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the Class described above, you may move the Court, not later than December 19, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.



            

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