POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Manuel H. Johnson, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Manuel H. Johnson        
     Manuel H. Johnson

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that W. Allen Reed, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ W. Allen Reed        
     W. Allen Reed

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Michael E. Nugent, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Michael E. Nugent     
     Michael E. Nugent

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Michael Bozic, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Michael Bozic     
     Michael Bozic

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Joseph J. Kearns, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Joseph J. Kearns        
     Joseph J. Kearns

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Fergus Reid, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Fergus Reid        
     Fergus Reid

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that James F. Higgins, whose signature appears below, constitutes and appoints Barry Fink, Amy R. Doberman, Ronald E. Robison, Stefanie V. Chang Yu and Mary E. Mullin, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ James F. Higgins        
     James F. Higgins

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Kathleen A. Dennis, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, her true and lawful attorneys-in-fact and agents, with full power of substitution among herself and each of the persons appointed herein, for her and in her name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Kathleen A. Dennis        
     Kathleen A. Dennis

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Michael F. Klein, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Michael F. Klein        
     Michael F. Klein

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Frank L. Bowman, whose signature appears below, constitutes and appoints Carl Frischling, Susan Penry-Williams, Jay Baris, Jules Buchwald and Jacqueline Edwards, or any of them, his true and lawful attorneys-in-fact and agents, with full power of substitution among himself and each of the persons appointed herein, for him and in his name, place and stead, in any and all capacities, to sign any Form N-14, amendments to any Form N-14, any registration statement or amendments to any registration statement of ANY OF THE MORGAN STANLEY FUNDS SET FORTH IN APPENDIX A HERETO, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

Dated: February 20, 2007

/s/ Frank L. Bowman
     Frank L. Bowman

APPENDIX A
MORGAN STANLEY
RETAIL AND INSTITUTIONAL FUNDS
AT
FEBRUARY 20, 2007

RETAIL FUNDS

OPEN-END RETAIL FUNDS

TAXABLE MONEY MARKET FUNDS

Active Assets Government Securities Trust
Active Assets Institutional Government Securities Trust (1)
Active Assets Institutional Money Trust
Active Assets Money Trust (1)
Morgan Stanley Liquid Asset Fund Inc.
Morgan Stanley U.S. Government Money Market Trust

TAX-EXEMPT MONEY MARKET FUNDS

Active Assets California Tax-Free Trust
Active Assets Tax-Free Trust
Morgan Stanley California Tax-Free Daily Income Trust
Morgan Stanley New York Municipal Money Market Trust
Morgan Stanley Tax-Free Daily Income Trust

EQUITY FUNDS

Morgan Stanley Allocator Fund
Morgan Stanley Capital Opportunities Trust
Morgan Stanley Developing Growth Securities Trust
Morgan Stanley Dividend Growth Securities Inc.
Morgan Stanley Equally-Weighted S&P 500 Fund
Morgan Stanley European Equity Fund Inc.
Morgan Stanley Financial Services Trust
Morgan Stanley Focus Growth Fund
Morgan Stanley Fundamental Value Fund
Morgan Stanley Global Advantage Fund
Morgan Stanley Global Dividend Growth Securities
Morgan Stanley Health Sciences Trust
Morgan Stanley Institutional Strategies Fund
Morgan Stanley International Fund
Morgan Stanley International SmallCap Fund
Morgan Stanley International Value Equity Fund
Morgan Stanley Japan Fund
Morgan Stanley Mid-Cap Value Fund
Morgan Stanley Multi-Asset Class Fund
Morgan Stanley Nasdaq-100 Index Fund
Morgan Stanley Natural Resource Development Securities Inc.
Morgan Stanley Pacific Growth Fund Inc.
Morgan Stanley Real Estate Fund
Morgan Stanley S&P 500 Index Fund
Morgan Stanley Small-Mid Special Value Fund
Morgan Stanley Special Growth Fund
Morgan Stanley Special Value Fund
Morgan Stanley Technology Fund

Morgan Stanley Total Market Index Fund
Morgan Stanley Utilities Fund
Morgan Stanley Value Fund

BALANCED FUND

Morgan Stanley Balanced Fund

ASSET ALLOCATION FUND

Morgan Stanley Strategist Fund

TAXABLE FIXED-INCOME FUNDS

Morgan Stanley Convertible Securities Trust
Morgan Stanley Flexible Income Trust
Morgan Stanley FX Series Funds (2)
–    FX Alpha Portfolio
–    FX Alpha Plus Portfolio
Morgan Stanley High Yield Securities Inc.
Morgan Stanley Income Trust
Morgan Stanley Limited Duration Fund
Morgan Stanley Limited Duration U.S. Treasury Trust
Morgan Stanley Mortgage Securities Trust
Morgan Stanley U.S. Government Securities Trust

TAX-EXEMPT FIXED-INCOME FUNDS

Morgan Stanley California Tax-Free Income Fund
Morgan Stanley Limited Term Municipal Trust
Morgan Stanley New York Tax-Free Income Fund
Morgan Stanley Tax-Exempt Securities Trust

SPECIAL PURPOSE FUNDS

Morgan Stanley Select Dimensions Investment Series

•    Balanced Growth Portfolio
•    Capital Opportunities Portfolio
•    Developing Growth Portfolio
•    Dividend Growth Portfolio
•    Equally-Weighted S&P 500 Portfolio
•    Flexible Income Portfolio
•    Focus Growth Portfolio
•    Global Equity Portfolio
•    Growth Portfolio
•    Money Market Portfolio
•    Utilities Portfolio

Morgan Stanley Variable Investment Series

•    Aggressive Equity Portfolio
•    Dividend Growth Portfolio
•    Equity Portfolio
•    European Equity Portfolio
•    Global Advantage Portfolio
•    Global Dividend Growth Portfolio
•    High Yield Portfolio
•    Income Builder Portfolio
•    Limited Duration Portfolio
•    Money Market Portfolio
•    Income Plus Portfolio
•    S&P 500 Index Portfolio
•    Strategist Portfolio
•    Utilities Portfolio

CLOSED-END RETAIL FUNDS

TAXABLE FIXED-INCOME CLOSED-END FUNDS

Morgan Stanley Government Income Trust
Morgan Stanley Income Securities Inc.
Morgan Stanley Prime Income Trust
Morgan Stanley Credit Opportunities Fund (2)

TAX-EXEMPT FIXED-INCOME CLOSED-END FUNDS

Morgan Stanley California Insured Municipal Income Trust
Morgan Stanley California Quality Municipal Securities
Morgan Stanley Insured California Municipal Securities
Morgan Stanley Insured Municipal Bond Trust
Morgan Stanley Insured Municipal Income Trust
Morgan Stanley Insured Municipal Securities
Morgan Stanley Insured Municipal Trust
Morgan Stanley Municipal Income Opportunities Trust
Morgan Stanley Municipal Income Opportunities Trust II
Morgan Stanley Municipal Income Opportunities Trust III
Morgan Stanley Municipal Premium Income Trust
Morgan Stanley New York Quality Municipal Securities
Morgan Stanley Quality Municipal Income Trust
Morgan Stanley Quality Municipal Investment Trust
Morgan Stanley Quality Municipal Securities

INSTITUTIONAL FUNDS

OPEN-END INSTITUTIONAL FUNDS

1.    Morgan Stanley Institutional Fund, Inc.

•    Active International Allocation Portfolio
•    Emerging Markets Portfolio
•    Emerging Markets Debt Portfolio
•    Focus Equity Portfolio
•    Global Franchise Portfolio
•    Global Real Estate Portfolio
•    Global Value Equity Portfolio
•    International Equity Portfolio
•    International Growth Equity Portfolio
•    International Magnum Portfolio
•    International Real Estate Portfolio
•    International Small Cap Portfolio
•    Large Cap Relative Value Portfolio
•    Small Company Growth Portfolio
•    Systematic Active Large Cap Core Portfolio
•    Systematic Active Small Cap Core Portfolio
•    Systematic Active Small Cap Growth Portfolio
•    Systematic Active Small Cap Value Portfolio
•    U.S. Large Cap Growth Portfolio
•    U.S. Real Estate Portfolio
•    Active Extension Disciplined Large Cap Value Portfolio(2)
•    Active Extension Large Cap Core Portfolio(2)

Morgan Stanley Institutional Fund Trust

Active Portfolios:

•    Advisory Foreign Fixed Income II Portfolio
•    Advisory Foreign Fixed Income Portfolio
•    Advisory Mortgage Portfolio
•    Balanced Portfolio
•    Core Fixed Income Portfolio
•    Core Plus Fixed Income Portfolio
•    Equities Plus Portfolio
•    High Yield Portfolio
•    Intermediate Duration Portfolio
•    International Fixed Income Portfolio
•    Investment Grade Fixed Income Portfolio
•    Limited Duration Portfolio
•    Long Duration Fixed Income Portfolio
•    Mid-Cap Growth Portfolio
•    Municipal Portfolio
•    U.S. MidCap Value Portfolio
•    U.S. SmallCap Value Portfolio
•    Value Portfolio

Inactive Portfolios:

•    Advisory Portfolio Series 1
•    Advisory Portfolio Series 2

The Universal Institutional Funds, Inc.

Active Portfolios:

•    Core Plus Fixed Income Portfolio
•    Emerging Markets Debt Portfolio
•    Emerging Markets Equity Portfolio
•    Equity and Income Portfolio
•    Equity Growth Portfolio
•    Global Franchise Portfolio
•    Global Real Estate Portfolio
•    Global Value Equity Portfolio
•    High Yield Portfolio
•    International Growth Equity Portfolio
•    International Magnum Portfolio
•    Mid-Cap Growth Portfolio
•    Small Company Growth Portfolio
•    U.S. Mid-Cap Value Portfolio
•    U.S. Real Estate Portfolio
•    Value Portfolio

Inactive Portfolios:

•    Balanced Portfolio
•    Core Equity Portfolio
•    International Fixed Income Portfolio
•    Investment Grade Fixed Income Portfolio
•    Multi-Asset Class Portfolio
•    Targeted Duration Portfolio

Morgan Stanley Institutional Liquidity Funds

•    Government Portfolio
•    Government Securities Portfolio (2)
•    Money Market Portfolio
•    Prime Portfolio
•    Tax-Exempt Portfolio
•    Treasury Portfolio
•    Treasury Securities Portfolio (2)

CLOSED-END INSTITUTIONAL FUNDS

Morgan Stanley Asia-Pacific Fund, Inc.
Morgan Stanley China ‘‘A’’ Share Fund
Morgan Stanley Eastern Europe Fund, Inc.
Morgan Stanley Emerging Markets Debt Fund, Inc.
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. (2)
Morgan Stanley Emerging Markets Fund, Inc.
Morgan Stanley Global Opportunity Bond Fund, Inc.
Morgan Stanley High Yield Fund, Inc.
Morgan Stanley Opportunistic Municipal High Income Fund (2)
The India Investment Fund

The Latin American Discovery Fund, Inc.
The Malaysia Fund, Inc.
The Thai Fund, Inc.
The Turkish Investment Fund, Inc.

CLOSED-END HEDGE FUND

Morgan Stanley Institutional Fund of Hedge Funds
Morgan Stanley Institutional Fund of Hedge Funds II
Alternative Investment Partners Absolute Return Fund
Alternative Investment Partners Absolute Return Fund STS

(1)	Kathleen A. Dennis, Frank L. Bowman, Michael F. Klein and W. Allen Reed do not serve on the Board of Trustees of this fund.

(2)	This fund/portfolio has not commenced operations