Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940

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Applicant seeks an order declaring that it has ceased to be an investment company. On October 3, 2003, applicant transferred its assets to Morgan Stanley American Opportunities Fund, based on net asset value. Applicant incurred expenses of approximately $444,429 in connection with the reorganization. Filing Dates: The application was filed on May 25, 2004 and amended on July 13, 2004. Applicant's Address: Morgan Stanley Investment Advisors Inc., 1221 Avenue of the Americas, New York, NY 10020.