Stull, Stull & Brody Announces Class Action against Morgan Stanley and Van Kampen Families of Funds.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 18, 2003

Notice is hereby given that a class action lawsuit was filed on December 18, 2003, 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 families of mutual funds (the "Funds") between October 1, 1999 and December 31, 2002, inclusive (the "Class Period"), against, among other defendants, Morgan Stanley, Morgan Stanley Advisors LP, Morgan Stanley DW Inc. ("MSDW"), Van Kampen Investments Inc. and Van Kampen Asset Management Inc.

The Complaint charges that, throughout the Class Period, 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, in addition, unbeknownst to investors, the advisors to the Funds (Morgan Stanley Investment Advisors, Inc., Morgan Stanley Advisors LP, and Van Kampen Asset Management Inc.) paid excessive commissions, directly or indirectly, to MSDW (the broker dealer), which came directly out of the Funds' assets, as payments to MSDW for its steering clients towards Morgan Stanley's proprietary funds, including the Van Kampen 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 clear losers were plaintiff and the other members of the Class, whose assets were diverted to line defendants' pockets without any benefit to them whatsoever.

The Funds, and the symbols for the respective Funds named below, are as follows:

Van Kampen Advantage Municipal Income Trust (Nasdaq: VKA)
Van Kampen Advantage Municipal Income Trust II (Nasdaq: VKI)
Van Kampen Advantage Pennsylvania Municipal Income Trust (Nasdaq VAP)
Van Kampen Aggressive Growth Fund (Nasdaq: VAGAX, VAGBX, VAGCX)
Van Kampen American Value Fund (Nasdaq: MSAVX, MGAVX, MSVCX)
Van Kampen Asian Equity Fund (Nasdaq: MSAAX, MSBAX, MSCAX)
Van Kampen Bond Fund (Nasdaq: IOBIX, VBF)
Van Kampen California Insured Tax Free Fund (Nasdaq: VKCIX, VCIBX,
 VCICX)
Van Kampen California Municipal Trust (Nasdaq: VKC)
Van Kampen California Quality Municipal Trust (Nasdaq: VQC)
Van Kampen California Value Municipal Income Trust (Nasdaq: VCV)
Van Kampen Comstock Fund (Nasdaq: ACSTX, ACSWX, ACSYX, ACSRX)
Van Kampen Convertible Securities Fund (Nasdaq: VXS)
Van Kampen Corporate Bond Fund (Nasdaq: ACCBX, ACCDX, ACCEX)
Van Kampen Emerging Growth Fund (Nasdaq: ACEGX, ACEMX, ACEFX, ACEEX)
Van Kampen Emerging Markets Fund (Nasdaq: MSRAX, MSRBX, MSRCX)
Van Kampen Emerging Markets Income Fund (Nasdaq: MSWAX, MSWCX)
Van Kampen Enterprise Fund (Nasdaq: ACENX, ACEOX, ACEPX)
Van Kampen Equity Growth Fund (Nasdaq: VEGAX, VEGBX, VEGCX)
Van Kampen Equity and Income Fund (Nasdaq: ACEIX, ACEQX, ACERX, ACESX)
Van Kampen European Value Equity Fund (Nasdaq: VEEAX, VEEBX, VEECX)
Van Kampen Florida Municipal Opportunity Trust (Nasdaq: VMO)
Van Kampen Florida Quality Municipal Trust (Nasdaq: VFM)
Van Kampen Focus Equity Fund (Nasdaq: MSQAX, MSABX, MAECX)
Van Kampen Global Equity Allocation Fund (Nasdaq: MSGAX, MSGBX, MSGCX)
Van Kampen Global Franchise Fund (Nasdaq: FGFAX, FGFBX, VGFCX)
Van Kampen Global Value Equity Fund (Nasdaq: MGEAX, MGEBX, MGECX)
Van Kampen Government Securities Fund (Nasdaq: ACGSX, ACGTX, ACGVX)
Van Kampen Growth Fund (Nasdaq: VGRAX, VGRBX, VGRCX)
Van Kampen Growth and Income Fund (Nasdaq: ACGIX, ACGJX, ACGKX, ACGLX)
Van Kampen Harbor Fund (Nasdaq: ACHBX, ACHAX, ACHCX)
Van Kampen High Income Corporate Bond Fund (Nasdaq: ACHYX, ACHZX,
 ACHWX)
Van Kampen High Income Trust (Nasdaq: VIT)
Van Kampen High Income Trust II (Nasdaq: VLT)
Van Kampen High Yield Fund (Nasdaq: VKHYX, VHYBX, VHYCX)
Van Kampen High Yield Municipal Fund (Nasdaq: ACTHX, ACTGX, ACTFX)
Van Kampen Income Trust (Nasdaq: VIN)
Van Kampen Insured Tax Free Income Fund (Nasdaq: VKMTX, VMYBX, VMTCX)
Van Kampen Intermediate Term Muni Income Fund (Nasdaq: VKLMX, VKLBX,
  VKLCX)
Van Kampen International Advantage Fund (Nasdaq: VKIBX, VKICX)
Van Kampen International Magnum Fund (Nasdaq: MIMAX, MSNBX, MIMCX)
Van Kampen Investment Grade Municipal Trust (Nasdaq: VIG)
Van Kampen Latin American Fund (Nasdaq: MSLAX, MSLBX, MSLCX)
Van Kampen Limited Maturity Government Fund (Nasdaq: ACFMX, ACFTX,
 ACFWX)
Van Kampen Massachusetts Value Municipal Fund (Nasdaq: VMV)
Van Kampen Mid Cap Growth Fund (Nasdaq: VMGAX, VMGBX, VMGCX)
Van Kampen Municipal Income Fund (Nasdaq: VKMMX, VMIBX, VMICX)
Van Kampen Municipal Income Trust (Nasdaq: VMT)
Van Kampen New York Tax Free Income Fund (Nasdaq: VNYAX, VBNYX, VNYCX)
Van Kampen Pace Fund (Nasdaq: ACPAX, ACPBX, ACPCX)
Van Kampen Pennsylvania Tax Free Income Fund (Nasdaq: VKMPX, VKPAX,
 VKPCX)
Van Kampen Reserve Fund (Nasdaq: ACXXX)
Van Kampen Select Growth Fund (Nasdaq: VSGAX, VBSGX, VSGCX)
Van Kampen Senior Loan Fund (Nasdaq: XPRTX, XSLCX)
Van Kampen Small Cap Growth Fund (Nasdaq: VASCX, VBSCX, VCSCX)
Van Kampen Small Cap Value Fund (Nasdaq: VSCAX, VSMBX, VSMCX)
Van Kampen Strategic Municipal Income Fund (Nasdaq: VKMHX, VKTFX,
 VMHCX)
Van Kampen Technology Fund (Nasdaq: VTFAX, VTFBX, VTFCX)
Van Kampen U.S. Government Fund (Nasdaq: VKMGX, VUSBX, VUSCX)
Van Kampen Utility Fund (Nasdaq: VKUAX, VKUBX, VKUCX)
Van Kampen Van Kampen Real Estate Securities Fund (Nasdaq: ACREX,
 ACRBX, ACRCX)
Van Kampen Value Fund (Nasdaq: MVUAX, MVUBX, MVUCX)
Van Kampen Value Opportunities Fund (Nasdaq: VVOAX, VVOBX, VVOCX)
Morgan Stanley 21st Century Trend Fund (Nasdaq: TCTAX, TCTBX, TCTCX,
  TCTDX)
Morgan Stanley Aggressive Equity Fund (Nasdaq: AEQAX, AEQBX, AEQCX,
  AEQDX)
Morgan Stanley All Star Growth Fund (Nasdaq: ALLAX, ALLBX, ALLCX,
 ALLDX)
Morgan Stanley American Opportunities Fund (Nasdaq: AMOAX, AMOBX,
 AMOCX, AMODX)
Morgan Stanley Biotechnology Fund (Nasdaq: BTKAX, BTKBX, BTKCX, BTKDX)
Morgan Stanley Capital Opportunities Trust (Nasdaq: CPOAX, CPOBX,
 CPOCX, CPODX)
Morgan Stanley Developing Growth Securities (Nasdaq: DGRAX, DGRBX,
 DGRCX, DGRDX)
Morgan Stanley Financial Services Trust (Nasdaq: FSVAX, FSVBX, FSVCX,
 FSVDX)
Morgan Stanley Growth Fund (Nasdaq: GRTAX, GRTBX, GRTCX, GRTDX)
Morgan Stanley Health Sciences Trust (Nasdaq: HCRAX, HCRBX, HCRCX,
 HCRDX)
Morgan Stanley Information Fund (Nasdaq: IFOAX, IFOBX, IFOCX, IFODX)
Morgan Stanley KLD Social Index Fund (Nasdaq: SIXAX, SIXBX, SIXCX,
 SIXDX)
Morgan Stanley Market Leader Trust (Nasdaq: MLDAX, MLDBX, MLDCX,
 MLDDX)
Morgan Stanley Mid-Cap Value Fund (Nasdaq: MDFAX, MDFBX, MDFCX, MDFDX)
Morgan Stanley Nasdaq-100 Index Fund (Nasdaq: NSQAX, NSQBX, NSQCX,
 MSQDX)
Morgan Stanley Natural Resource Development Securities (Nasdaq: NREAX,
 NREBX, NRECX, NREDX)
Morgan Stanley New Discoveries Fund (Nasdaq: NDFAX, NDFBX, NDFCX,
 NDFDX)
Morgan Stanley Next Generation Trust (Nasdaq: NGTAX, NGTBX, NGTCX,
 NGTDX)
Morgan Stanley Small-Mid Special Value Fund (Nasdaq: JBJAX, JBJBX,
 JBJCX, JBJDX)
Morgan Stanley Special Growth Fund (Nasdaq: SMPAX, SMPBX, SMPCX, SMPD)
Morgan Stanley Special Value Fund (Nasdaq: SVFAX, SVFBX, SVFCX, SVFDX)
Morgan Stanley Tax-Managed Growth Fund (Nasdaq: TGXAX, TGXBX, TGXCX,
 TGXDX)
Morgan Stanley Technology Fund (Nasdaq: TEKAX, TEKBX, TEKCX, TEKDX)
Morgan Stanley European Growth Fund (Nasdaq: EUGAX, EUGBX, EUGCX,
 EUGDX)
Morgan Stanley Fund of Funds - International Portfolio (Nasdaq: IOFBX,
 IOFCX, IOFDX)
Morgan Stanley Global Advantage Fund (Nasdaq: GADAX, GADBX, GADCX,
 GADDX)
Morgan Stanley Global Dividend Growth Securities (Nasdaq: GLBAX,
 GLBBX, GLBCX, GLBDX)
Morgan Stanley Global Utilities Fund (Nasdaq: GUTAX, GUTBX, GUTCX,
 GUTDX)
Morgan Stanley International Fund (Nasdaq: INLAX, INLBX, INLCX, INLDX)
Morgan Stanley International Smallcap Fund (Nasdaq: ISMAX, SMBX,
 ISMCX, ISMDX)
Morgan Stanley International Value Equity Fund (Nasdaq: IVQAX, IVQBX,
 IVQCX, IVQDX)
Morgan Stanley Japan Fund (Nasdaq: JPNAX, JPNBX, JPNCX, JPNDX)
Morgan Stanley Latin American Growth Fund (Nasdaq: LATAX, LATBX,
 LATCX, LATDX)
Morgan Stanley Pacific Growth Fund (Nasdaq: TGRAX, TGRBX, TGRCX,
 TGRDX)
Morgan Stanley Allocator Fund (Nasdaq: ALRAX, ALRBX, ALRCX, ALRDX)
Morgan Stanley Balanced Growth Fund (Nasdaq: BGRAX, BGRBX, BGRCX,
 BGRDX)
Morgan Stanley Balanced Income Fund (Nasdaq: BINAX, BINBX, BINCX,
 BINDX)
Morgan Stanley Convertible Securities Trust (Nasdaq: CNSAX, CNSBX,
 CNSCX, CNSDX)
Morgan Stanley Dividend Growth Securities (Nasdaq: DIVAX, DIVBX,
 DIVCX, DIVDX)
Morgan Stanley Equity Fund (Nasdaq: EQFAX, EQFBX, EQFCX, EQFDX)
Morgan Stanley Fund of Funds - Domestic Portfolio (Nasdaq: DOFAX,
 DOFBX, DOFCX, DOFDX)
Morgan Stanley Fundamental Value Fund (Nasdaq: FVFAX, FVFBX, FVFCX,
 FVFDX)
Morgan Stanley Income Builder Fund (Nasdaq: INBAX, INBBX, INBCX,
 INBDX)
Morgan Stanley Real Estate Fund (Nasdaq: REFAX, REFBX, REFCX, REFDX)
Morgan Stanley S&P 500 Index Fund (Nasdaq: SPIAX, SPIBX, SPICX, SPIDX)
Morgan Stanley Strategist Fund (Nasdaq: SRTAX, SRTBX, SRTCX, SRTDX)
Morgan Stanley Total Market Index Fund (Nasdaq: TMIAX, TMIBX, TMICX,
 TMIDX)
Morgan Stanley Total Return Trust (Nasdaq: TRFAX, TRFBX, TRFCX, TRFDX)
Morgan Stanley Utilities Fund (Nasdaq: UTLAX, UTLBX, UTLCX, UTLDX)
Morgan Stanley Value Fund (Nasdaq: VLUAX, VLUBX, VLUCX, VLUDX)
Morgan Stanley Value-Added Market Series/Equity Portfolio (Nasdaq:
 VADAX, VADBX, VADCX, 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, DINBX, DINCX,
 DINDX)
Morgan Stanley Federal Securities Trust (Nasdaq: FDLAX, FDLBX, FDLCX,
 FDLDX)
Morgan Stanley High Yield Securities (Nasdaq: HYLAX, HYLBX, HYLCX,
 HYLDX)
Morgan Stanley Quality Income Trust (Nasdaq: IISAX, IISBX, IISCX,
 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, USGBX,
 USGCX, USGDX)
Morgan Stanley California Tax-Free Daily Income Trust (Nasdaq: DSCXX)
Morgan Stanley California Tax-Free Income Fund (Nasdaq: CLFAX, CLFBX,
 CLFCX, 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, NYFBX,
 NYFCX, NYFDX)
Morgan Stanley Tax-Exempt Securities Trust (Nasdaq: TAXAX, TAXBX,
 TAXCX, TAXDX)
Morgan Stanley Tax-Free Daily Income Trust (Nasdaq: DSTXX)

Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Stull, Stull & Brody. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions.

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 Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at [e-mail], or by fax at 212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017.