The seven independent trustees who serve as watchdogs over 129 retail and institutional funds sponsored by Morgan Stanley Investment Management of New York have approved a restructuring of their board compensation plan that will result in a significant double-digit increase in their pay.

Some trustees will see their board pay soar by at least 13% this year over 2002 and 18% or more from 2001 levels - while retainer fees will rise 123%. In some cases, such as for trustees who also serve as chairmen of board committees, compensation will rise even more handsomely.

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