Van Kampen Announces Changes to its Global Value Team

At Van Kampen we believe a commitment to excellence is essential for consistent, long-term success. Rigorous evaluation of our product line is, therefore, a vital part of our management process as we continue to seek ways to become more efficient and competitive.

After more than 17 years with the firm, Frances Campion, managing director and lead member of the Global Value team, has decided to leave the firm. Effective immediately, Colin McQueen, executive director, will assume lead portfolio management responsibilities for the team.

McQueen, who has 18 years of investment experience, joined the team in December 2005. Other team members include: Douglas M. McGraw, vice president, joined the firm in 2001 and has 8 years of financial industry experience; Martin J. Moorman, vice president, joined the firm in 2003 and brings 12 years of financial industry experience to the team; Noreen Griffin, vice president, joined the firm in 2005 and has 9 years of financial industry experience; and Alexander Vislykh, vice president, joined the firm in 2002 and has 5 years of financial industry experience.

Global Value Team ^*

Fund	Previous Team Members	Current Team Members
Van Kampen Global Value Equity Fund	Frances Campion Colin McQueen Douglas McGraw Martin J. Moorman Noreen Griffin	Colin McQueen Douglas M. McGraw Martin J. Moorman Noreen Griffin Alexander Vislykh
Universal Institutional Funds – Global Value Equity Portfolio	Frances Campion Colin McQueen Douglas M. McGraw Martin J. Moorman Noreen Griffin Alexander Vislykh	Colin McQueen Douglas M. McGraw Martin J. Moorman Noreen Griffin Alexander Vislykh

It is important to note: the funds’ investment objectives, strategies and benchmarks have not changed.

For more information about these changes, please refer to the related prospectus supplement and/or update.

^* Team members may change from time to time without notice.

Morgan Stanley Investment Management offers mutual funds from fund families managed by Morgan Stanley affiliates, including Van Kampen mutual funds, distributed by Van Kampen Funds Inc. and Universal Institutional Funds, distributed by Morgan Stanley Distribution Inc.

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