James F. Higgins has been a Senior Advisor of Morgan Stanley since August 2000. Mr. Higgins served as President and Chief Operating Officer of Private Client Group of Morgan Stanley from May 1999 to August 2000, and President and Chief Operating Officer of Individual Securities of Morgan Stanley from February 1997 to May 1999. Mr. Higgins has been a Director or Trustee of the Retail Funds since June 2000 and various U.S. registered investment companies managed by MSIM since July 2003. Mr. Higgins has been a Director of Turkish Investment Fund Inc., Latin American Discovery Fund Inc., and Thai Fund Inc. since 2003. Mr. Higgins has been a Director or Trustee of the TCW/DW Term Trust 2003 since June 2000 and the Institutional Funds since July 2003. He has been an Interested Director of Malaysia Fund Inc. since 2003. He serves as a Director of Dean Witter Realty Inc. He serves as a Director of AXA Equitable Life Insurance Co. (formerly Equitable Life Assurance Society of the United States). He serves as a Director of AXA Financial Inc. Mr. Higgins serves as a Trustee/Director for 197 Morgan Stanley funds in the fund complex. Mr. Higgins serves as a Director of Mony Life Insurance Co. of America.