Morgan Stanley ranked fourth in both Asset- & Mortgage-Backed Securities and Strategy & Economics categories in the Institutional Investor August 1998 issue's All America Fixed-Income Research Poll. To select the members of this year's All-America Fixed-Income Research Team, the magazine sent questionnaires covering 60 fixed-income sectors to more than 3,000 bond specialists at nearly 600 leading money management organizations inside and outside the U.S. More than 1,200 individuals responded, including 86 percent of the top 300 investors in U.S. fixed-income securities (as ranked in Institutional Investor's July 1997 issue).

Individual Morgan Stanley analysts were also recognized in the poll: Matthew Clark, in the high-grade retailing sector, was recognized for his recommendations, as well as for his overall service.