4/1/04 Morgan Stanley S&P 500 Index Fund 497 4/1/04 1:43K Capital Systems 01/FA Morgan Stanley Aggressive Equity Fund Morgan Stanley Allocator Fund Morgan Stanley American Opportunities Fund Morgan Stanley Biotechnology Fund Morgan Stanley California Tax-Free Income Fund Morgan Stanley Capital Opportunities Trust Morgan Stanley Competitive Edge Fund Morgan Stanley Convertible Securities Trust Morgan Stanley Developing Growth Securities Trust Morgan Stanley Dividend Growth Securities Inc. Morgan Stanley European Growth Fund Inc. Morgan Stanley Federal Securities Trust Morgan Stanley Financial Services Trust Morgan Stanley Flexible Income Trust Morgan Stanley Fund of Funds Morgan Stanley Fundamental Value Fund Morgan Stanley Global Dividend Growth Securities Morgan Stanley Global Utilities Fund Morgan Stanley Growth Fund Morgan Stanley Health Sciences Trust Morgan Stanley High Yield Securities Inc. Morgan Stanley Income Builder Fund Morgan Stanley Information Fund Morgan Stanley International Fund Morgan Stanley International Smallcap Fund Morgan Stanley International Value Equity Fund Morgan Stanley Japan Fund Morgan Stanley KLD Social Index Fund Morgan Stanley Mid Cap Value Fund Morgan Stanley Nasdaq - 100 Index Fund Morgan Stanley Natural Resource Development SEC Morgan Stanley New York Tax-Free Income Fund Morgan Stanley Pacific Growth Fund Inc. Morgan Stanley Quality Income Trust Morgan Stanley Real Estate Fund Morgan Stanley Small Mid Special Value Fund Morgan Stanley Special Growth Fund Morgan Stanley Special Value Fund Morgan Stanley Strategist Fund Morgan Stanley Tax Exempt Securities Trust Morgan Stanley Total Market Index Fund Morgan Stanley Total Return Trust Morgan Stanley US Government Securities Trust Morgan Stanley Utilities Fund Morgan Stanley Value Added Market Series Morgan Stanley Value Fund
