-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Uk97dlG1LwJHLrX1Q9mz+shBgDdehMKZv/8NoBszu1J4/lsrSGmxt9bPGuvnRC88 LKQj7ZxGT2fkcv0RgYLWag== 0000950136-06-003488.txt : 20060505 0000950136-06-003488.hdr.sgml : 20060505 20060505152209 ACCESSION NUMBER: 0000950136-06-003488 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20060228 FILED AS OF DATE: 20060505 DATE AS OF CHANGE: 20060505 EFFECTIVENESS DATE: 20060505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY SPECIAL GROWTH FUND CENTRAL INDEX KEY: 0000889128 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-06711 FILM NUMBER: 06812768 BUSINESS ADDRESS: STREET 1: C/O MORGAN STANLEY TRUST STREET 2: HARBORSIDE FINANCIAL CENTER, PLAZA TWO CITY: JERSEY CITY STATE: NJ ZIP: 07311 BUSINESS PHONE: (212) 869-6397 MAIL ADDRESS: STREET 1: C/O MORGAN STANLEY TRUST STREET 2: HARBORSIDE FINANCIAL CENTER, PLAZA TWO CITY: JERSEY CITY STATE: NJ ZIP: 07311 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY SMALL CAP GROWTH FUND DATE OF NAME CHANGE: 20010618 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER SMALL CAP GROWTH FUND DATE OF NAME CHANGE: 19990628 FORMER COMPANY: FORMER CONFORMED NAME: TCW/DW SMALL CAP GROWTH FUND DATE OF NAME CHANGE: 19920929 0000889128 S000002372 NONE C000006255 A SMPAX C000006256 B SMPBX C000006257 C SMPCX C000006258 D SMPDX N-CSR 1 file001.htm FORM N-CSR 


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06711

Morgan Stanley Special Growth Fund
               (Exact name of registrant as specified in charter)

1221 Avenue of the Americas, New York, New York 10020
         (Address of principal executive offices)                     (Zip code)

Ronald E. Robison
1221 Avenue of the Americas, New York, New York 10020
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 212-762-4000

Date of fiscal year end: February 28, 2006

Date of reporting period: February 28, 2006


Item 1 - Report to Shareholders

Welcome, Shareholder:

In this report, you’ll learn about how your investment in Morgan Stanley Special Growth Fund performed during the annual period. We will provide an overview of the market conditions, and discuss some of the factors that affected performance during the reporting period. In addition, this report includes the Fund’s financial statements and a list of Fund investments.

This material must be preceded or accompanied by a prospectus for the fund being offered.
Market forecasts provided in this report may not necessarily come to pass. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund’s shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.


Fund Report
For the year ended February 28, 2006

Total Return for the 12 Months Ended February 28, 2006


Class A Class B Class C Class D Russell
2000®
Growth
Index1		 Lipper
Small-Cap
Growth Funds
Index2
19.83%   18.93 %    19.09 %    20.18 %    17.34 %    15.65 % 
The performance of the Fund’s four share classes varies because each has different expenses. The Fund’s total returns assume the reinvestment of all distributions but do not reflect the deduction of any applicable sales charges. Such costs would lower performance. See Performance Summary for standardized performance and benchmark information.

Market Conditions

Investors’ concerns about lofty oil prices, rising interest rates, inflationary pressures and the Federal Open Market Committee’s ongoing interest rate hikes — conditions that threatened to slow the pace of economic growth — maintained a presence throughout the entire reporting period. At the same time, positive influences kept the market afloat. The consumer remained resilient for longer than anticipated, even in the aftermath of the devastating Gulf Coast hurricanes. For several consecutive quarters, corporate earnings generally met or exceeded expectations. (However, this trend did begin to lose momentum with the fourth quarter 2005 earnings reports.) Healthy balance sheets with ample cash flow drove mergers and acquisitions, stock buybacks and dividend increases; and several high profile initial public offerings generated further confidence in the equity markets.

Against this backdrop, shifting sentiment drove the markets throughout the course of the Fund’s fiscal year. The year began with some turbulence, as news of weak economic data and credit downgrades at major U.S. automakers roiled the markets. However, by May, market conditions stabilized and stocks rallied through July, as investors focused on more positive economic news, including solid gross domestic product (GDP) growth, a pick-up in consumer confidence and improving retail sales.

In the period spanning August through October, the markets pulled back again, as the hurricanes made landfall and the prices of crude oil and natural gas spiked to record highs. The consumer retreated and expectations for the holiday shopping season plummeted. Tax-loss selling and mounting inflation worries further hampered the market’s progress. Sentiment brightened as consumer confidence and retail sales recovered, leading to a November rally.

Despite several headwinds, including a below-expectation GDP number, less good news on the corporate earnings front and lackluster forward guidance from company managements, the market advanced sharply in January. Increased risk appetites buoyed stocks in the higher volatility segments of the market (such as small caps) — a trend known as the ‘‘January Effect.’’ In the final month of the period, investors appeared to pause and digest the prospects of a slower economy and more muted corporate earnings, as well as the inversion of the yield curve (in which the yields on short-term bonds are higher than those of long-term bonds), which some consider a harbinger of recession.

On an overall basis, small- and mid-cap stocks outperformed large-cap issues for the 12-month period.

2



Performance Analysis

Morgan Stanley Special Growth Fund outperformed the Russell 2000® Growth Index and the Lipper Small-Cap Growth Funds Index for the 12 months ended February 28, 2006, assuming no deduction of applicable sales charges.

Broadly speaking, the Fund outperformed the Russell 2000 Growth Index due to positive stock selection, with select utilities and technology holdings contributing particularly robust returns. The Fund’s overall sector allocations modestly detracted from its performance relative to the Russell benchmark, however.

The Fund’s positioning in the financial services, utilities, and materials and processing sectors added the most to relative performance versus the Index. Within the financial services sector, strong stock selection — particularly in diversified financial services and financial information services — more than offset the modestly negative influence of a sector underweight relative to the Russell benchmark. Among the Fund’s utilities holdings, a stake in the gas distributors industry was a boon to performance. In the materials and processing sector, the Fund was well served by a moderate underweight versus the Index, as well as by favorable stock selection. Here, the building materials and roofing industries were represented among the
top contributors.

Areas of weakness for the Fund included the consumer discretionary, consumer staples, and integrated oils sectors. As the consumer discretionary sector lagged other areas of the market, the Fund’s large overweighting relative to the Index offset favorable stock selection in areas such as the commercial services and the communications in media industry. Within consumer staples, stock selection in the soft drink and food industries proved disadvantageous, as did a sector-level underweight. The Fund’s pace was further tempered by stock selection with the integrated oils group.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.

3




TOP 10 HOLDINGS   
Greenhill & Co., Inc.   3.0 % 
Advisory Board Co. (The)   3.0  
Techne Corp.   2.6  
SBA Communications Corp.   2.6  
Strayer Education, Inc.   2.5  
Morningstar, Inc.   2.5  
Stericycle, Inc.   2.4  
Blue Nile Inc.   2.2  
Landstar System, Inc.   2.1  
Gaylord Entertainment Co.   2.1  

TOP FIVE INDUSTRIES   
Other Consumer Services   7.0 % 
Restaurants   6.8  
Services to the Health Industry   5.5  
Internet Software/Services   5.0  
Oil & Gas Production   4.9  
Data as of February 28, 2006. Subject to change daily. All percentages for top 10 holdings and top five industries are as a percentage of net assets. These data are provided for informational purposes only and should not be deemed a recommendation to buy or sell the securities mentioned. Morgan Stanley is a full-service securities firm engaged in securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

Investment Strategy

The Fund will normally invest at least 65 percent of its assets in a diversified portfolio of common stocks and other equity securities of small companies with market capitalizations, at the time of purchase, within the capitalization range of securities comprising the Russell 2000® Growth Index (approximately $20 million to $4.945 billion as of May 31, 2005). The Fund’s ‘‘Investment Adviser,’’ Morgan Stanley Investment Advisors Inc., follows a flexible investment program in seeking to achieve the Fund’s investment objective. The Investment Adviser focuses on companies it believes have consistent or rising earnings growth records, potential for strong free cash flow and compelling business strategies. In this regard, the Investment Adviser studies company developments, including business strategy and financial results. Valuation is viewed in the context of prospects for sustainable earnings and cash flow growth. The Investment Adviser generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria.

For More Information
About Portfolio Holdings

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the fund’s second and fourth fiscal quarters by filing the schedule electronically with the Securities and Exchange Commission (SEC). The semiannual reports are filed on Form N-CSRS and the annual reports are filed on Form N-CSR. Morgan Stanley also delivers the semiannual and annual reports to fund shareholders and makes these reports available on its public Web site, www.morganstanley.com. Each Morgan Stanley

4



fund also files a complete schedule of portfolio holdings with the SEC for the fund’s first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102.

Proxy Voting Policy and Procedures and Proxy Voting Record

You may obtain a copy of the Fund’s Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 869-NEWS or by visiting the Mutual Fund Center on our Web site at www.morganstanley.com. It is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.

You may obtain information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting the Mutual Fund Center on our Web site at www.morganstanley.com. This information is also available on the Securities and Exchange Commission’s Web site at http://www.sec.gov.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling (800) 350-6414, 8:00 a.m. to 8:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

5



Performance Summary

Performance of $10,000 Investment — Class B

6



Average Annual Total Returns — Period Ended February 28, 2006


  Class A Shares*
(since 07/28/97) 		Class B Shares**
(since 08/02/93) 		Class C Shares†
(since 07/28/97) 		Class D Shares††
(since 07/28/97)
Symbol SMPAX   SMPBX     SMPCX    SMPDX     
1 Year   19.83% 3    18.93% 3    19.09% 3    20.18% 3 
    13.54 4    13.93 4    18.09 4                 —  
5 Years   (2.78) 3    (3.53) 3    (3.47) 3    (2.55) 3 
    (3.82) 4    (3.92) 4    (3.47) 4                 —  
10 Years                —     3.19 3                 —                  —  
                 —     3.19 4                 —                  —  
Since Inception   3.18 3    6.56 3    2.40 3    3.40 3 
    2.53 4    6.56 4    2.40 4                 —  

Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. For most recent month-end performance figures, please visit www.morganstanley.com or speak with your Financial Advisor. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance for Class A, Class B, Class C, and Class D shares will vary due to differences in sales charges and expenses.

* The maximum front-end sales charge for Class A is 5.25%.
** The maximum contingent deferred sales charge (CDSC) for Class B is 5.0%. The CDSC declines to 0% after six years.
† The maximum contingent deferred sales charge for Class C is 1.0% for shares redeemed within one year of purchase.
†† Class D has no sales charge.
(1) The Russell 2000® Growth Index measures the performance of those companies in the Russell 2000® Index with higher price-to-book ratios and higher forecasted growth values. Indexes are unmanaged and their returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.
(2) The Lipper Small-Cap Growth Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Small-Cap Growth Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index.
(3) Figure shown assumes reinvestment of all distributions and does not reflect the deduction of any sales charges.
(4) Figure shown assumes reinvestment of all distributions and the deduction of the maximum applicable sales charge. See the Fund's current prospectus for complete details on fees and sales charges.
‡ Ending value assuming a complete redemption on February 28, 2006.

7



Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees; and (2) ongoing costs, including advisory fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 09/01/05 – 02/28/06.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled ‘‘Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs, and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


  Beginning
Account Value		 Ending
Account Value		 Expenses Paid
During Period*
  09/01/05 02/28/06 09/01/05 –
02/28/06    
Class A            
Actual (12.82% return) $ 1,000.00   $ 1,128.20   $ 9.55  
Hypothetical (5% annual return before expenses) $ 1,000.00   $ 1,015.82   $ 9.05  
Class B            
Actual (12.40% return) $ 1,000.00   $ 1,124.00   $ 13.53  
Hypothetical (5% annual return before expenses) $ 1,000.00   $ 1,012.05   $ 12.82  
Class C            
Actual (12.47% return) $ 1,000.00   $ 1,124.70   $ 13.06  
Hypothetical (5% annual return before expenses) $ 1,000.00   $ 1,012.50   $ 12.37  
Class D            
Actual (12.96% return) $ 1,000.00   $ 1,129.60   $ 8.29  
Hypothetical (5% annual return before expenses) $ 1,000.00   $ 1,017.01   $ 7.85  
* Expenses are equal to the Fund's annualized expense ratio of 1.81%, 2.57%, 2.48% and 1.57% for Class A, Class B, Class C and Class D shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). If the Fund had borne all of its expenses that were waived by the Investment Adviser and Administrator, the annualized expense ratios would have been 1.89%, 2.65%, 2.56% and 1.65% for Class A, Class B, Class C and Class D shares, respectively.

    

8



Morgan Stanley Special Growth Fund

Portfolio of Investments February 28, 2006


NUMBER OF
SHARES		   VALUE
    Common Stocks (98.0%)    
    Advertising/Marketing Services (1.5%)
  40,166   Focus Media Holdings Ltd. (ADR) (Cayman Islands)* $     2,098,673  
    Apparel/Footwear (2.0%)    
  20,292   Carter's, Inc.*   1,298,485  
  43,400   Deckers Outdoor Corp.*   1,471,260  
        2,769,745  
    Apparel/Footwear Retail (2.0%)
  30,708   Citi Trends Inc.*   1,321,979  
  28,600   Zumiez Inc.*   1,519,518  
        2,841,497  
    Biotechnology (3.5%)    
  24,115   Gen-Probe Inc.*   1,204,785  
  60,737   Techne Corp.*   3,612,029  
        4,816,814  
    Casino/Gaming (1.9%)    
  39,110   Kerzner International Ltd. (Bahamas)*   2,631,712  
    Chemicals: Specialty (1.1%)    
  49,533   NuCo2 Inc.*   1,483,513  
    Commercial Printing/Forms (0.9%)
  33,300   VistaPrint Ltd. (Bermuda)*   1,204,128  
    Computer Communications (0.8%)
  226,800   3Com Corp.*   1,054,620  
    Construction Materials (3.0%)    
  38,211   Eagle Materials, Inc.   2,051,549  
  36,260   Texas Industries, Inc.   2,199,532  
        4,251,081  
    Consumer Sundries (1.6%)    
  75,504   Yankee Candle Co., Inc. (The)   2,192,636  
    Electronic Production Equipment (1.6%)
  73,488   Tessera Technologies, Inc.*   2,295,030  
    Engineering & Construction (0.7%)
  17,039   Washington Group International, Inc. $        994,566  
    Financial Publishing/Services (2.5%)
  82,143   Morningstar, Inc.*   3,501,756  
    Food Retail (1.4%)    
  33,838   Pantry, Inc. (The)*   2,002,194  
    Food: Specialty/Candy (0.2%)    
  21,770   Rocky Mountain Chocolate Factory, Inc.   335,040  
    Home Building (2.1%)    
  85,358   Desarrolladora Homex S.A. de C.V. (ADR) (Mexico)*   2,933,754  
    Home Furnishings (1.0%)    
  38,000   Select Comfort Corp.*   1,388,900  
    Hotels/Resorts/Cruiselines (2.5%)
  65,995   Gaylord Entertainment Co.*   2,946,677  
  58,859   Great Wolf Resorts, Inc.*   608,013  
        3,554,690  
    Industrial Conglomerates (1.1%)
  23,000   Walter Industries, Inc.   1,514,090  
    Industrial Machinery (1.0%)      
  14,410   Middleby Corp.*   1,364,627  
    Internet Retail (3.1%)    
  90,367   Blue Nile Inc.*   3,015,547  
  16,300   Ctrip.com International Ltd. (ADR) (Cayman Islands)   1,264,065  
  5,517   Overstock.com, Inc.*   124,133  
        4,403,745  
    Internet Software/Services (5.0%)
  96,601   Akamai Technologies, Inc.*   2,559,926  
  154,604   CNET Networks, Inc.*   2,139,719  
  11,100   Equinix Inc.*   582,084  
  19,774   Netease.com Inc. (ADR) (Cayman Islands)*   1,731,214  
        7,012,943  

See Notes to Financial Statements

9



Morgan Stanley Special Growth Fund

Portfolio of Investments February 28, 2006 continued


NUMBER OF
SHARES		   VALUE
    Investment Banks/Brokers (3.0%)
  65,095   Greenhill & Co., Inc. $     4,250,703  
    Investment Trusts/Mutual
    Funds (2.0%)		    
  81,796   Macquarie Infrastructure Company Trust   2,830,142  
    Medical Specialties (4.6%)    
  29,809   Adams Respitory Therapeutics, Inc.*   1,118,136  
  63,839   American Medical System Holdings, Inc.*   1,383,391  
  32,166   Cyberonics Inc.*   873,950  
  30,395   Flamel Technologies S.A. (ADR) (France)*   725,225  
  20,200   Hologic, Inc.*   966,166  
  17,965   IDEXX Laboratories, Inc.*   1,411,690  
        6,478,558  
    Miscellaneous Commercial
    Services (4.2%)		    
  40,310   Bright Horizons Family Solutions, Inc.*   1,350,788  
  40,020   Costar Group, Inc.*   2,065,432  
  98,506   IHS Inc. (Class A)*   2,476,441  
        5,892,661  
    Office Equipment/Supplies (0.9%)
  53,000   ACCO Brands Corp.*   1,260,340  
    Oil & Gas Production (4.9%)    
  51,400   Delta Petroleum Corp.*   1,002,814  
  240,331   Gasco Energy Inc*   1,372,290  
  30,700   GMX Resources Inc.*   1,102,437  
  30,318   Quicksilver Resources Inc.*   1,101,150  
  97,217   Range Resources Corp.   2,326,403  
        6,905,094  
    Other Consumer Services (7.0%)
  85,877   Ambassadors Group, Inc.   2,077,365  
  27,675   Bankrate, Inc.*   1,000,451  
  46,455   Coinstar, Inc.*   1,198,539  
  38,889   HouseValues, Inc.*   525,002  
  35,700   Steiner Leisure Ltd.*   1,521,891  
  36,644   Strayer Education, Inc.   3,529,917  
        9,853,165  
    Other Transportation (1.0%)    
  49,443   Grupo Aeroportuario del Pacifico SA de CV (ADR) (Mexico)* $     1,423,958  
    Packaged Software (0.4%)    
  60,017   Convera Corp.*   588,167  
    Pharmaceuticals: Other (0.5%)    
  43,700   Noven Pharmaceuticals, Inc.*   658,559  
    Precious Metals (0.5%)    
  131,400   Cadence Resources Corp.*   754,236  
    Real Estate Development (1.2%)
  25,499   Jones Lang LaSalle, Inc.   1,725,772  
    Recreational Products (3.0%)    
  26,060   Polaris Industries Inc.   1,304,303  
  62,062   THQ, Inc.*   1,489,488  
  50,068   WMS Industries, Inc.*   1,454,475  
        4,248,266  
    Restaurants (6.8%)    
  88,840   AFC Enterprises, Inc.   1,380,574  
  79,882   BJ'S Restaurants Inc.*   2,028,204  
  55,800   Chipotle Mexican Grill, Inc. (Class A)*   2,544,480  
  40,914   P.F. Chang's China Bistro, Inc.*   1,977,783  
  53,423   Peet's Coffee & Tea, Inc.*   1,599,485  
        9,530,526  
    Services to the Health
    Industry (5.5%)		    
  77,538   Advisory Board Co. (The)*   4,184,726  
  56,435   Stericycle, Inc.*   3,411,496  
        7,596,222  
    Specialty Stores (3.9%)    
  69,045   Build-A-Bear-Workshop, Inc.*   1,997,472  
  87,941   CKX, Inc.*   1,267,230  
  34,459   Tractor Supply Co.*   2,177,120  
        5,441,822  

See Notes to Financial Statements

10



Morgan Stanley Special Growth Fund

Portfolio of Investments February 28, 2006 continued


NUMBER OF
SHARES		   VALUE
    Trucking (2.1%)    
  64,209   Landstar System, Inc. $     2,991,497  
    Wholesale Distributors (3.4%)    
  47,248   Beacon Roofing Supply, Inc.*   1,854,956  
  66,372   SCP Pool Corp.   2,885,191  
        4,740,147  
    Wireless Telecommunications (2.6%)
  159,381   SBA Communications Corp.*   3,584,479  
    Total Common Stocks    
    (Cost $116,311,346)     137,400,068  

PRINCIPAL
AMOUNT IN
THOUSANDS		  
    Short-Term Investment (2.6%)
    Repurchase Agreement
$ 3,626   Joint repurchase agreement
account 4.555% due
03/01/06 (dated
02/28/06; proceeds
$3,626,459) (a) (Cost
$3,626,000) 		  3,626,000  

Total Investments
(Cost $119,937,346) (b) 		  100.6  %    141,026,068  
Liabilities in Excess of OtherAssets   (0.6 )    (823,039 ) 
Net Assets   100.0  %  $ 140,203,029  
ADR  American Depositary Receipt.
* Non-income producing security.
(a) Collateralized by federal agency and U.S. Treasury obligations.
(b) The aggregate cost for federal income tax purposes is $120,450,125. The aggregate gross unrealized appreciation is $24,578,499 and the aggregate gross unrealized depreciation is $4,002,556, resulting in net unrealized appreciation of $20,575,943.

See Notes to Financial Statements

11



Morgan Stanley Special Growth Fund

Summary of Investments February 28, 2006


INDUSTRY VALUE PERCENT OF
NET ASSETS
Other Consumer Services $     9,853,165     7.0 % 
Restaurants   9,530,526     6.8  
Services to the Health Industry   7,596,222     5.5  
Internet Software/Services   7,012,943     5.0  
Oil & Gas Production   6,905,094     4.9  
Medical Specialties   6,478,558     4.6  
Miscellaneous Commercial Services   5,892,661     4.2  
Specialty Stores   5,441,822     3.9  
Biotechnology   4,816,814     3.5  
Wholesale Distributors   4,740,147     3.4  
Internet Retail   4,403,745     3.1  
Construction Materials   4,251,081     3.0  
Investment Banks/Brokers   4,250,703     3.0  
Recreational Products   4,248,266     3.0  
Repurchase Agreement   3,626,000     2.6  
Wireless Telecommunications   3,584,479     2.6  
Hotels/Resorts/Cruiselines   3,554,690     2.5  
Financial Publishing/Services   3,501,756     2.5  
Trucking   2,991,497     2.1  
Home Building   2,933,754     2.1  
Apparel/Footwear Retail   2,841,497     2.0  
Investment Trusts/Mutual Funds   2,830,142     2.0  
Apparel/Footwear $ 2,769,745     2.0 % 
Casino/Gaming   2,631,712     1.9  
Electronic Production Equipment   2,295,030     1.6  
Consumer Sundries   2,192,636     1.6  
Advertising/Marketing Services   2,098,673     1.5  
Food Retail   2,002,194     1.4  
Real Estate Development   1,725,772     1.2  
Industrial Conglomerates   1,514,090     1.1  
Chemicals: Specialty   1,483,513     1.1  
Other Transportation   1,423,958     1.0  
Home Furnishings   1,388,900     1.0  
Industrial Machinery   1,364,627     1.0  
Office Equipment/Supplies   1,260,340     0.9  
Commercial Printing/Forms   1,204,128     0.9  
Computer Communications   1,054,620     0.8  
Engineering & Construction   994,566     0.7  
Precious Metals   754,236     0.5  
Pharmaceuticals: Other   658,559     0.5  
Packaged Software   588,167     0.4  
Food: Specialty/Candy   335,040     0.2  
  $ 141,026,068     100.6 % 

See Notes to Financial Statements

12



Morgan Stanley Special Growth Fund

Financial Statements

Statement of Assets and Liabilities

February 28, 2006


Assets:
Investments in securities, at value
(cost $119,937,346)		 $ 141,026,068  
Receivable for:    
Investments sold   1,743,792  
Shares of beneficial interest sold   38,420  
Dividends   30,386  
Prepaid expenses and other assets   46,191  
Total Assets    142,884,857  
Liabilities:    
Payable for:    
Investments purchased   2,342,241  
Shares of beneficial interest redeemed   101,307  
Investment advisory fee   90,192  
Distribution fee   62,895  
Transfer agent fee   12,735  
Administration fee   8,600  
Accrued expenses and other payables   63,858  
Total Liabilities    2,681,828  
Net Assets  $ 140,203,029  
Composition of Net Assets:    
Paid-in-capital $ 328,067,441  
Net unrealized appreciation   21,088,722  
Accumulated net investment loss   (255 ) 
Accumulated net realized loss   (208,952,879 ) 
Net Assets  $ 140,203,029  
Class A Shares:    
Net Assets $ 63,336,264  
Shares Outstanding (unlimited authorized, $.01 par value)   2,986,495  
Net Asset Value Per Share  $ 21.21  
    Maximum Offering Price Per Share,
(net asset value plus 5.54% of net asset value) 		$ 22.39  
Class B Shares:    
Net Assets $ 58,099,450  
Shares Outstanding (unlimited authorized, $.01 par value)   2,926,988  
Net Asset Value Per Share  $ 19.85  
Class C Shares:    
Net Assets $ 7,539,547  
Shares Outstanding (unlimited authorized, $.01 par value)   379,947  
Net Asset Value Per Share  $ 19.84  
Class D Shares:    
Net Assets $ 11,227,768  
Shares Outstanding (unlimited authorized, $.01 par value)   519,256  
Net Asset Value Per Share  $ 21.62  

See Notes to Financial Statements

13



Morgan Stanley Special Growth Fund

Financial Statements continued

Statement of Operations

For the year ended February 28, 2006


Net Investment Loss:
Income
Dividends (net of $413 foreign withholding tax) $ 1,044,188  
Interest   85,616  
Total Income    1,129,804  
Expenses    
Investment advisory fee   1,537,292  
Distribution fee (Class A shares)   129,064  
Distribution fee (Class B shares)   707,998  
Distribution fee (Class C shares)   71,065  
Transfer agent fees and expenses   666,451  
Administration fee   133,678  
Professional fees   91,509  
Shareholder reports and notices   90,743  
Registration fees   54,201  
Custodian fees   32,352  
Trustees' fees and expenses   3,133  
Other   17,319  
Total Expenses    3,534,805  
Less: amounts waived/reimbursed   (63,467 ) 
Net Expenses    3,471,338  
Net Investment Loss    (2,341,534 ) 
Net Realized and Unrealized Gain (Loss):    
Net realized gain   46,299,619  
Net change in unrealized appreciation   (16,587,958 ) 
Net Gain    29,711,661  
Net Increase $ 27,370,127  

See Notes to Financial Statements

14



Morgan Stanley Special Growth Fund

Financial Statements continued

Statements of Changes in Net Assets


  FOR THE YEAR
ENDED
FEBRUARY 28, 2006		 FOR THE YEAR
ENDED
FEBRUARY 28, 2005
Increase (Decrease) in Net Assets:        
Operations:        
Net investment loss $ (2,341,534 )  $ (3,704,196 ) 
Net realized gain   46,299,619     25,508,639  
Net change in unrealized appreciation   (16,587,958 )    5,249,067  
Net Increase    27,370,127     27,053,510  
Net decrease from transactions in shares of beneficial interest   (80,285,066 )    (36,469,347 ) 
Net Decrease    (52,914,939 )    (9,415,837 ) 
Net Assets:        
Beginning of period   193,117,968     202,533,805  
End of Period
(Including accumulated net investment losses of $255 and $125, respectively) 		$ 140,203,029   $ 193,117,968  

See Notes to Financial Statements

15



Morgan Stanley Special Growth Fund

Notes to Financial Statements February 28, 2006

1.   Organization and Accounting Policies

Morgan Stanley Special Growth Fund (the ‘‘Fund’’) is registered under the Investment Company Act of 1940, as amended (the ‘‘Act’’), as a diversified, open-end management investment company. The Fund's investment objective is capital appreciation. The Fund was organized as a Massachusetts business trust on March 11, 1992 and commenced operations on August 2, 1993. On July 28, 1997, the Fund converted to a multiple class share structure.

The Fund offers Class A shares, Class B shares, Class C shares and Class D shares. The four classes are substantially the same except that most Class A shares are subject to a sales charge imposed at the time of purchase and some Class A shares, and most Class B shares and Class C shares are subject to a contingent deferred sales charge imposed on shares redeemed within eighteen months, six years and one year, respectively. Class D shares are not subject to a sales charge. Additionally, Class A shares, Class B shares and Class C shares incur distribution expenses.

Effective August 29, 2005, the Board of Trustees of the Fund approved the implementation of a 2% redemption fee on Class A shares, Class B shares, Class C shares, and Class D shares, which is paid directly to the Fund, for shares redeemed within thirty days of purchase. The redemption fee is designed to protect the Fund and its remaining shareholders from the effects of short-term trading.

The following is a summary of significant accounting policies:

A.   Valuation of Investments — (1) an equity portfolio security listed or traded on the New York Stock Exchange (‘‘NYSE’’) or American Stock Exchange or other exchange is valued at its latest sale price prior to the time when assets are valued; if there were no sales that day, the security is valued at the mean between the last reported bid and asked price; (2) an equity portfolio security listed or traded on the Nasdaq is valued at the Nasdaq Official Closing Price; if there were no sales that day, the security is valued at the mean between the last reported bid and asked price; (3) all other portfolio securities for which over-the-counter market quotations are readily available are valued at the mean between the last reported bid and asked price. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (4) for equity securities traded on foreign exchanges, the last reported sale price or the latest bid price may be used if there were no sales on a particular day; (5) when market quotations are not readily available or Morgan Stanley Investment Advisors Inc. (the ‘‘Investment Adviser’’) determines that the latest sale price, the bid price or the mean between the last reported bid and asked price do not reflect a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Fund’s Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If developments occur during such periods that are

16



Morgan Stanley Special Growth Fund

Notes to Financial Statements February 28, 2006 continued

expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Fund’s Trustees or by the Investment Adviser using a pricing service and/or procedures approved by the Trustees of the Fund; (6) certain portfolio securities may be valued by an outside pricing service approved by the Fund’s Trustees; and (7) short-term debt securities having a maturity date of more than sixty days at time of purchase are valued on a mark-to-market basis until sixty days prior to maturity and thereafter at amortized cost based on their value on the 61st day. Short-term debt securities having a maturity date of sixty days or less at the time of purchase are valued at amortized cost.

B.   Accounting for Investments — Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on security transactions are determined by the identified cost method. Dividend income and other distributions are recorded on the ex-dividend date. Discounts are accreted and premiums are amortized over the life of the respective securities. Interest income is accrued daily.

C.   Repurchase Agreements — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated entities managed by the Investment Adviser, may transfer uninvested cash balances into one or more joint repurchase agreement accounts. These balances are invested in one or more repurchase agreements and are collateralized by cash, U.S. Treasury or federal agency obligations. The Fund may also invest directly with institutions in repurchase agreements. The Fund’s custodian receives the collateral, which is marked-to-market daily to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest.

D.   Multiple Class Allocations — Investment income, expenses (other than distribution fees), and realized and unrealized gains and losses are allocated to each class of shares based upon the relative net asset value on the date such items are recognized. Distribution fees are charged directly to the respective class.

E.   Federal Income Tax Policy — It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required.

F.   Dividends and Distributions to Shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date.

G.   Use of Estimates — The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

2.   Investment Advisory/Administration Agreements

Effective June 1, 2005, pursuant to an Investment Advisory Agreement, the Fund pays the Investment Adviser an advisory fee, accrued daily and payable monthly, by applying the following annual rates to the net assets of

17



Morgan Stanley Special Growth Fund

Notes to Financial Statements February 28, 2006 continued

the Fund determined as of the close of each business day: 0.92% to the portion of the daily net assets not exceeding $1 billion; 0.85% to the portion of the daily net assets exceeding $1 billion but not exceeding $1.5 billion and 0.80% of the daily net assets exceeding $1.5 billion. (Prior to June 1, 2005, 0.92% to the portion of the daily net assets not exceeding $1 billion and 0.85% of the daily net assets exceeding $1 billion).

Pursuant to an Administration Agreement with Morgan Stanley Services Company Inc. (the ‘‘Administrator’’), an affiliate of the Investment Adviser, the Fund pays an administration fee, accrued daily and payable monthly, by applying the annual rate of 0.08% to the Fund’s daily net assets.

Effective November 18, 2005, the Investment Adviser has agreed to cap the Fund’s operating expenses (except for brokerage and 12b-1 fees) for one year by assuming the Fund’s ‘‘other expenses’’ and/or waiving the Fund’s advisory fees, and the Administrator has agreed to waive the Fund’s administrative fees, to the extent such operating expenses on an annualized basis exceed 1.53% of the average daily net assets of the Fund.

3.   Plan of Distribution

Shares of the Fund are distributed by Morgan Stanley Distributors Inc. (the ‘‘Distributor’’), an affiliate of the Investment Adviser and Administrator. The Fund has adopted a Plan of Distribution (the ‘‘Plan’’) pursuant to Rule 12b-1 under the Act. The Plan provides that the Fund will pay the Distributor a fee which is accrued daily and paid monthly at the following annual rates: (i) Class A – up to 0.25% of the average daily net assets of Class A; (ii) Class B – up to 1.0% of the lesser of: (a) the average daily aggregate gross sales of the Class B shares since the inception of the Fund (not including reinvestment of dividend or capital gain distributions) less the average daily aggregate net asset value of the Class B shares redeemed since the Fund's inception upon which a contingent deferred sales charge has been imposed or waived; or (b) the average daily net assets of Class B; and (iii) Class C – up to 1.0% of the average daily net assets of Class C.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by the Distributor but not yet recovered may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares. Although there is no legal obligation for the Fund to pay expenses incurred in excess of payments made to the Distributor under the Plan and the proceeds of contingent deferred sales charges paid by investors upon redemption of shares, if for any reason the Plan is terminated, the Trustees will consider at that time the manner in which to treat such expenses. The Distributor has advised the Fund that such excess amounts totaled $21,747,642 at February 28, 2006.

In the case of Class A shares and Class C shares, expenses incurred pursuant to the Plan in any calendar year in excess of 0.25% or 1.0% of the average daily net assets of Class A or Class C, respectively, will not be

18



Morgan Stanley Special Growth Fund

Notes to Financial Statements February 28, 2006 continued

reimbursed by the Fund through payments in any subsequent year, except that expenses representing a gross sales credit to Morgan Stanley Financial Advisors or other selected broker-dealer representatives may be reimbursed in the subsequent calendar year. For the year ended February 28, 2006, the distribution fee was accrued for Class A shares and Class C shares at the annual rate of 0.24% and 0.96%, respectively.

The Distributor has informed the Fund that for the year ended February 28, 2006, it received contingent deferred sales charges from certain redemptions of the Fund's Class B shares and Class C shares of $183,467 and $886, respectively, and received $13,989 in front-end sales charges from sales of the Fund's Class A shares. The respective shareholders pay such charges which are not an expense of the Fund.

4.   Security Transactions and Transactions with Affiliates

The cost of purchases and proceeds from sales of portfolio securities, excluding short-term investments, for the year ended February 28, 2006, aggregated $132,378,795 and $215,006,033, respectively. Included in the aforementioned are purchases and sales of $266,403 and $39,793,696, respectively with other Morgan Stanley funds including a net realized gain of $11,797,479.

For the year ended February 28, 2006, the Fund incurred brokerage commissions of $7,119 with Morgan Stanley & Co., Inc., an affiliate of the Investment Adviser, Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

At February 28, 2006, Morgan Stanley Multi-Asset Class Fund, an affiliate of the Investment Adviser, Administrator and Distributor, held 98,279 Class D shares of beneficial interest of the Fund.

Morgan Stanley Trust, an affiliate of the Investment Adviser, Administrator and Distributor, is the Fund's transfer agent.

The Fund has an unfunded Deferred Compensation Plan (the ‘‘Compensation Plan’’) which allows each independent Trustee to defer payment of all, or a portion, of the fees he receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund.

19



Morgan Stanley Special Growth Fund

Notes to Financial Statements February 28, 2006 continued

5.   Shares of Beneficial Interest†

Transactions in shares of beneficial interest were as follows:


  FOR THE YEAR
ENDED
FEBRUARY 28, 2006		 FOR THE YEAR
ENDED
FEBRUARY 28, 2005
  SHARES AMOUNT SHARES AMOUNT
CLASS A SHARES                
Sold   135,773   $ 2,529,406     185,594   $ 2,898,632  
Conversion from Class B   3,238,153     54,378,305     —     —  
Redeemed   (988,830 )    (18,482,220 )    (309,005 )    (4,789,564 ) 
Net increase (decrease) – Class A   2,385,096     38,425,491     (123,411 )    (1,890,932 ) 
CLASS B SHARES                
Sold   171,117     2,920,227     534,314     8,003,676  
Conversion to Class A   (3,437,202 )    (54,378,305 )    —     —  
Redeemed   (1,394,546 )    (24,019,845 )    (2,964,635 )    (43,933,507 ) 
Net decrease – Class B   (4,660,631 )    (75,477,923 )    (2,430,321 )    (35,929,831 ) 
CLASS C SHARES                
Sold   65,266     1,088,611     132,103     1,957,167  
Redeemed   (129,008 )    (2,251,852 )    (225,461 )    (3,341,893 ) 
Net decrease – Class C   (63,742 )    (1,163,241 )    (93,358 )    (1,384,726 ) 
CLASS D SHARES                
Sold   228,732     4,328,211     919,584     14,759,736  
Redeemed   (2,400,135 )    (46,397,604 )    (750,158 )    (12,023,594 ) 
Net increase (decrease) – Class D   (2,171,403 )    (42,069,393 )    169,426     2,736,142  
Net decrease in Fund   (4,510,680 )  $ (80,285,066 )    (2,477,664 )  $ (36,469,347 ) 
† On August 25, 2005, the Fund suspended the offering of its shares to new investors. The Fund may recommence offering its shares to new investors at such time as the Investment Adviser determines that it would be consistent with prudent portfolio management to do so.

6.   Federal Income Tax Status

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from generally accepted accounting principles. These ‘‘book/tax’’ differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for tax purposes are reported as distributions of paid-in-capital.

20



Morgan Stanley Special Growth Fund

Notes to Financial Statements February 28, 2006 continued

As of February 28, 2006, the tax-basis components of accumulated losses were as follows:


Net accumulated earnings   —  
Capital loss carryforward* $ (208,440,082 ) 
Temporary differences   (273 ) 
Net unrealized appreciation   20,575,943  
Total accumulated losses $ (187,864,412 ) 

* During the year ended February 28, 2006, the Fund utilized $46,727,022 of its net capital loss carryforward. As of February 28, 2006, the Fund had a net capital loss carryforward of $208,440,082 of which $48,979,273 will expire on February 28, 2010 and $159,460,809 will expire on February 28, 2011 to offset future capital gains to the extent provided by regulations.

As of February 28, 2006, the Fund had temporary book/tax differences primarily attributable to capital loss deferrals on wash sales and permanent book/tax differences attributable to a net operating loss. To reflect reclassifications arising from the permanent differences, paid-in-capital was charged and accumulated net investment loss was credited $2,341,404.

7.   Legal Matters

The Investment Adviser, certain affiliates of the Investment Adviser, certain officers of such affiliates and certain investment companies advised by the Investment Adviser or its affiliates, including the Fund, are named as defendants in a consolidated class action. This consolidated action also names as defendants certain individual Trustees and Directors of the Morgan Stanley funds. The consolidated amended complaint, filed in the United States District Court Southern District of New York on April 16, 2004, generally alleges that defendants, including the Fund, violated their statutory disclosure obligations and fiduciary duties by failing properly to disclose (i) that the Investment Adviser and certain affiliates of the Investment Adviser allegedly offered economic incentives to brokers and others to recommend the funds advised by the Investment Adviser or its affiliates to investors rather than funds managed by other companies, and (ii) that the funds advised by the Investment Adviser or its affiliates, including the Fund, allegedly paid excessive commissions to brokers in return for their efforts to recommend these funds to investors. The complaint seeks, among other things, unspecified compensatory damages, rescissionary damages, fees and costs. The defendants have moved to dismiss the action and intend to otherwise vigorously defend it. On March 9, 2005, Plaintiffs sought leave to supplement their complaint to assert claims on behalf of other investors, which motion defendants opposed. While the Fund and Adviser believe that each has meritorious defenses, the ultimate outcome of this matter is not presently determinable and no provision has been made in the Fund’s financial statements for the effect, if any, of this matter.

21



Morgan Stanley Special Growth Fund

Financial Highlights

Selected ratios and per share data for a share of beneficial interest outstanding throughout each period:


  FOR THE YEAR ENDED FEBRUARY 28,
  2006 2005 2004* 2003 2002
Class A Shares
Selected Per Share Data:                    
Net asset value, beginning of period. $ 17.70   $ 15.21   $ 9.64   $ 16.45   $ 24.42  
Income (loss) from investment operations:                    
Net investment loss‡   (0.22 )    (0.23 )    (0.21 )    (0.20 )    (0.30 ) 
Net realized and unrealized gain (loss)   3.73     2.72     5.78     (6.61 )    (7.67 ) 
Total income (loss) from investment operations   3.51     2.49     5.57     (6.81 )    (7.97 ) 
Net asset value, end of period $ 21.21   $ 17.70   $ 15.21   $ 9.64   $ 16.45  
Total Return†   19.83 %    16.37 %    57.78 %    (41.40 )%    (32.64 )% 
Ratios to Average Net Assets(1):                    
Expenses   1.77 %(2)    1.79 %    1.81 %    1.76 %    1.59 % 
Net investment loss   (1.09 )%(2)    (1.47 )%    (1.66 )%    (1.65 )%    (1.40 )% 
Supplemental Data:                    
Net assets, end of period, in thousands   $63,336     $10,642     $11,026     $11,270     $14,064  
Portfolio turnover rate   80 %    99 %    177 %    119 %    25 % 
* Year ended February 29.
‡ The per share amounts were computed using an average number of shares outstanding during the period.
† Does not reflect the deduction of sales charge. Calculated based on the net asset value as of the last business day of the period.
(1) Reflects overall Fund ratios for investment income and non-class specific expenses.
(2) If the Fund had borne all expenses that were waived by the Investment Adviser and Administrator, the annualized expense and net investment loss ratios would have been 1.81% and (1.13%), respectively.

See Notes to Financial Statements

22



Morgan Stanley Special Growth Fund

Financial Highlights continued

    


  FOR THE YEAR ENDED FEBRUARY 28,
  2006 2005 2004* 2003 2002
Class B Shares
Selected Per Share Data:                    
Net asset value, beginning of period $ 16.69   $ 14.46   $ 9.23   $ 15.88   $ 23.76  
Income (loss) from investment operations:                    
Net investment loss‡   (0.33 )    (0.33 )    (0.29 )    (0.30 )    (0.45 ) 
Net realized and unrealized gain (loss)   3.49     2.56     5.52     (6.35 )    (7.43 ) 
Total income (loss) from investment operations   3.16     2.23     5.23     (6.65 )    (7.88 ) 
Net asset value, end of period $ 19.85   $ 16.69   $ 14.46   $ 9.23   $ 15.88  
Total Return†   18.93 %    15.42 %    56.66 %    (41.88 )%    (33.16 )% 
Ratios to Average Net Assets(1):                    
Expenses   2.53 %(2)    2.54 %    2.56 %    2.55 %    2.35 % 
Net investment loss   (1.85 )%(2)    (2.22 )%    (2.41 )%    (2.44 )%    (2.16 )% 
Supplemental Data:                    
Net assets, end of period, in thousands   $58,099     $126,659     $144,850     $109,784     $260,504  
Portfolio turnover rate   80 %    99 %    177 %    119 %    25 % 
* Year ended February 29.
‡ The per share amounts were computed using an average number of shares outstanding during the period.
† Does not reflect the deduction of sales charge. Calculated based on the net asset value as of the last business day of the period.
(1) Reflects overall Fund ratios for investment income and non-class specific expenses.
(2) If the Fund had borne all expenses that were waived by the Investment Adviser and Administrator, the annualized expense and net investment loss ratios would have been 2.57% and (1.89%), respectively.

See Notes to Financial Statements

23



Morgan Stanley Special Growth Fund

Financial Highlights continued

    


  FOR THE YEAR ENDED FEBRUARY 28,
  2006 2005 2004* 2003 2002
Class C Shares
Selected Per Share Data:                    
Net asset value, beginning of period $ 16.68   $ 14.43   $ 9.21   $ 15.85   $ 23.67  
Income (loss) from investment operations:                    
Net investment loss‡   (0.32 )    (0.32 )    (0.29 )    (0.30 )    (0.41 ) 
Net realized and unrealized gain (loss)   3.48     2.57     5.51     (6.34 )    (7.41 ) 
Total income (loss) from investment operations   3.16     2.25     5.22     (6.64 )    (7.82 ) 
Net asset value, end of period $ 19.84   $ 16.68   $ 14.43   $ 9.21   $ 15.85  
Total Return†   19.09 %    15.37 %    56.79 %    (41.78 )%    (33.16 )% 
Ratios to Average Net Assets(1):                    
Expenses   2.49 %(2)    2.46 %    2.56 %    2.55 %    2.20 % 
Net investment loss   (1.81 )%(2)    (2.14 )%    (2.41 )%    (2.44 )%    (2.01 )% 
Supplemental Data:                    
Net assets, end of period, in thousands   $7,540     $7,399     $7,751     $5,398     $11,294  
Portfolio turnover rate   80 %    99 %    177 %    119 %    25 % 
* Year ended February 29.
‡ The per share amounts were computed using an average number of shares outstanding during the period.
† Does not reflect the deduction of sales charge. Calculated based on the net asset value as of the last business day of the period.
(1) Reflects overall Fund ratios for investment income and non-class specific expenses.
(2) If the Fund had borne all expenses that were waived by the Investment Adviser and Administrator, the annualized expense and net investment loss ratios would have been 2.53% and (1.85%), respectively.

See Notes to Financial Statements

24



Morgan Stanley Special Growth Fund

Financial Highlights continued

    


  FOR THE YEAR ENDED FEBRUARY 28,
  2006 2005 2004* 2003 2002
Class D Shares
Selected Per Share Data:                    
Net asset value, beginning of period $ 17.99   $ 15.43   $ 9.75   $ 16.61   $ 24.60  
Income (loss) from investment operations:                    
Net investment loss‡   (0.18 )    (0.20 )    (0.18 )    (0.18 )    (0.25 ) 
Net realized and unrealized gain (loss)   3.81     2.76     5.86     (6.68 )    (7.74 ) 
Total income (loss) from investment operations   3.63     2.56     5.68     (6.86 )    (7.99 ) 
Net asset value, end of period $ 21.62   $ 17.99   $ 15.43   $ 9.75   $ 16.61  
Total Return†   20.18 %    16.59 %    58.26 %    (41.30 )%    (32.48 )% 
Ratios to Average Net Assets(1):                    
Expenses   1.53 %(2)    1.54 %    1.56 %    1.55 %    1.35 % 
Net investment loss   (0.85 )%(2)    (1.22 )%    (1.41 )%    (1.44 )%    (1.16 )% 
Supplemental Data:                    
Net assets, end of period, in thousands   $11,228     $48,418     $38,907     $29,634     $35,683  
Portfolio turnover rate   80 %    99 %    177 %    119 %    25 % 
* Year ended February 29.
‡ The per share amounts were computed using an average number of shares outstanding during the period.
† Calculated based on the net asset value as of the last business day of the period.
(1) Reflects overall Fund ratios for investment income and non-class specific expenses.
(2) If the Fund had borne all expenses that were waived by the Investment Adviser and Administrator, the annualized expense and net investment loss ratios would have been 1.57% and (0.89%), respectively.

See Notes to Financial Statements

25



Morgan Stanley Special Growth Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Special Growth Fund:

We have audited the accompanying statement of assets and liabilities of Morgan Stanley Special Growth Fund (the ‘‘Fund’’), including the portfolio of investments, as of February 28, 2006, and the related statements of operations for the year then ended and changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of February 28, 2006, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Morgan Stanley Special Growth Fund as of February 28, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
New York, New York
April 19, 2006

26



Morgan Stanley Special Growth Fund

Trustee and Officer Information

Independent Trustees:


Name, Age and Address of
Independent Trustee		 Position(s) Held with Registrant Term of
Office and
Length of
Time
Served*		 Principal Occupation(s)
During Past 5 Years**		 Number of Portfolios
in Fund Complex Overseen by Trustee***		 Other Directorships
Held by Trustee
Michael Bozic (65)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Trustees
1177 Avenue of the Americas
New York, NY 10036
 Trustee
 Since
April 1994		 Private Investor; Director or Trustee of the Retail Funds (since April 1994) and the Institutional Funds (since July 2003); formerly Vice Chairman of Kmart Corporation (December 1998-October 2000), Chairman and Chief Executive Officer of Levitz Furniture Corporation (November 1995-November 1998) and President and Chief Executive Officer of Hills Department Stores (May 1991-July 1995); formerly variously Chairman, Chief Executive Officer, President and Chief Operating Officer (1987-1991) of the Sears Merchandise Group of Sears, Roebuck & Co. 197 Director of various business organizations.
Edwin J. Garn (73)
1031 N. Chartwell Court
Salt Lake City, UT 84103		 Trustee
 Since January 1993 Consultant; Director or Trustee of the Retail Funds (since January 1993) and the Institutional Funds (since July 2003); member of the Utah Regional Advisory Board of Pacific Corp. (utility company); formerly Managing Director of Summit Ventures LLC (2000-2004) (lobbying and consulting firm); United States Senator (R-Utah) (1974-1992) and Chairman, Senate Banking Committee (1980-1986), Mayor of Salt Lake City, Utah (1971-1974), Astronaut, Space Shuttle Discovery (April 12-19, 1985), and Vice Chairman, Huntsman Corporation (chemical company). 197 Director of Franklin Covey (time management systems), BMW Bank of North America, Inc. (industrial loan corporation), Escrow Bank USA (industrial loan corporation); United Space Alliance (joint venture between Lockheed Martin and the Boeing Company) and Nuskin Asia Pacific (multilevel marketing); member of the board of various civic and charitable organizations.
Wayne E. Hedien (71)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Trustees
1177 Avenue of the Americas
New York, NY 10036
 Trustee
 Since September 1997 Retired; Director or Trustee of the Retail Funds; (Since September 1997) and the Institutional Funds (since July 2003); formerly associated with the Allstate Companies (1966-1994), most recently as Chairman of The Allstate Corporation (March 1993-December 1994) and Chairman and Chief Executive Officer of its wholly-owned subsidiary, Allstate Insurance Company (July 1989-December 1994). 197 Director of The PMI Group Inc. (private mortgage insurance); Trustee and Vice Chairman of The Field Museum of Natural History; director of various other business and charitable organizations.

27



Morgan Stanley Special Growth Fund

Trustee and Officer Information continued


Name, Age and Address of
Independent Trustee		 Position(s) Held with Registrant Term of
Office and
Length of
Time
Served*		 Principal Occupation(s)
During Past 5 Years**		 Number of Portfolios
in Fund Complex Overseen by Trustee***		 Other Directorships
Held by Trustee
Dr. Manuel H. Johnson (56)
c/o Johnson Smick Group, Inc.
888 16th Street, N.W.
Suite 740
Washington, D.C. 20006		 Trustee
 Since
July 1991
 Senior Partner, Johnson Smick International, Inc., a consulting firm; Chairman of the Audit Committee and Director or Trustee of the Retail Funds (since July 1991) and the Institutional Funds (since July 2003); Co-Chairman and a founder of the Group of Seven Council (G7C), an international economic commission; formerly Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury. 197 Director of NVR, Inc. (home construction); Director of KFX Energy; Director of RBS Greenwich Capital Holdings (financial holding company).
Joseph J. Kearns (63)
c/o Kearns & Associates LLC
PMB754
23852 Pacific Coast Highway
Malibu, CA 90265
 Trustee
 Since
July 2003
 President, Kearns & Associates LLC (investment consulting); Deputy Chairman of the Audit Committee and Director or Trustee of the Retail Funds (since July 2003) and the Institutional Funds (since August 1994); previously Chairman of the Audit Committee of the Institutional Funds (October 2001-July 2003); formerly CFO of the J. Paul Getty Trust. 198 Director of Electro Rent Corporation (equipment leasing), The Ford Family Foundation, and the UCLA Foundation.
Michael E. Nugent (69)
c/o Triumph Capital, L.P.
445 Park Avenue
New York, NY 10022
 Trustee
 Since
July 1991
 General Partner of Triumph Capital, L.P., a private investment partnership; Chairman of the Insurance Committee and Director or Trustee of the Retail Funds (since July 1991) and the Institutional Funds (since July 2001); formerly Vice President, Bankers Trust Company and BT Capital Corporation (1984-1988). 197 None.
Fergus Reid (73)
c/o Lumelite Plastics Corporation
85 Charles Colman Blvd.
Pawling, NY 12564
 Trustee
 Since
July 2003
 Chairman of Lumelite Plastics Corporation; Chairman of the Governance Committee and Director or Trustee of the Retail Funds (since July 2003) and the Institutional Funds (since June 1992). 198 Trustee and Director of certain investment companies in the JPMorgan Funds complex managed by J.P. Morgan Investment Management Inc.

28



Morgan Stanley Special Growth Fund

Trustee and Officer Information continued

Interested Trustees:


Name, Age and Address of
Interested Trustee		 Position(s) Held with Registrant Term of
Office and
Length of
Time
Served*		 Principal Occupation(s)
During Past 5 Years**		 Number of Portfolios
in Fund Complex Overseen by Trustee***		 Other Directorships
Held by Trustee
Charles A. Fiumefreddo (72)
c/o Morgan Stanley Trust
Harborside Financial Center,
Plaza Two,
Jersey City, NJ 07311
 Chairman of the Board and Trustee
 Since
July 1991		 Chairman and Director or Trustee of the Retail Funds (since July 1991) and the Institutional Funds (since July 2003); formerly Chief Executive Officer of the Retail Funds (until September 2002). 197 None.
James F. Higgins (57)
c/o Morgan Stanley Trust
Harborside Financial Center,
Plaza Two,
Jersey City, NJ 07311
 Trustee
 Since
June 2000
 Director or Trustee of the Retail Funds (since June 2000) and the Institutional Funds (since July 2003); Senior Advisor of Morgan Stanley (since August 2000); Director of Dean Witter Realty Inc.
 197 Director of AXA Financial, Inc. and The Equitable Life Assurance Society of the United States (financial services).
    * This is the earliest date the Trustee began serving the funds advised by Morgan Stanley Investment Advisors Inc. (the "Investment Adviser") (the "Retail Funds").
  ** The dates referenced below indicating commencement of services as Director/Trustee for the Retail Funds and the funds advised by Morgan Stanley Investment Management Inc. and Morgan Stanley AIP GP LP (the "Institutional Funds") reflect the earliest date the Director/Trustee began serving the Retail or Institutional Funds, as applicable.
*** The Fund Complex includes all open-end and closed-end funds (including all of their portfolios) advised by the Investment Adviser and any funds that have an investment adviser that is an affiliated person of the Investment Adviser (including, but not limited to, Morgan Stanley Investment Management Inc.).

29



Morgan Stanley Special Growth Fund

Trustee and Officer Information continued

Officers:


Name, Age and Address of
Executive Officer		 Position(s)
Held with
Registrant		     
Term of
Office and
Length of
Time
Served*		 Principal Occupation(s) During Past 5 Years**
Ronald E. Robison (67)
1221 Avenue of the Americas
New York, NY 10020
 President and Principal Executive Officer
 Since May 2003
 President (since September 2005) and Principal Executive Officer (since May 2003) of funds in the Fund Complex; President (since September 2005) and Principal Executive Office (since May 2003) of the Van Kampen Funds; Managing Director of Morgan Stanley, Morgan Stanley Investment Management and Morgan Stanley & Co. Incorporated; Managing Director and Director of Morgan Stanley Investment Advisors Inc.; Managing Director and (since May 2002) Director, Morgan Stanley Investment Management Inc., Managing Director and (since January 2005) Director of Van Kampen Asset Management and Van Kampen Investments Inc. Director, President (since February 2006) and Chief Executive Officer (since February 2006) of Morgan Stanley Services Company Inc., Director of Moran Stanley Distributors Inc., Morgan Stanley Distribution, Inc. and Morgan Stanley Trust; Director of Morgan Stanley SICAV (since May 2004). Formerly, Executive Vice President (July 2003 to September 2005) of funds in the Fund Complex and the Van Kampen Funds; President and Director of the Institutional Funds (March 2001-July 2003), Chief Global Operating Officer of Morgan Stanley Investment Management Inc., Chief Administrative Officer of Morgan Stanley Investment Advisors Inc.; Chief Administrative Officer of Morgan Stanley Services Company Inc. (November 2003 to February 2006).
J. David Germany (51)
25 Cabot Square,
Canary Wharf, London,
United Kingdom E144QA		 Vice President Since February 2006 Managing Director and (since December 2005) Chief Investment Officer – Global Fixed Income of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., Van Kampen Asset Management and Van Kampen Advisors Inc. Managing Director and Director of Morgan Stanley Investment Management Ltd. Vice President (since February 2006) of the Retail and Institutional Funds.
Dennis F. Shea (52)
1221 Avenue of the Americas
New York, NY 10020		 Vice President Since February 2006 Managing Director and (since February 2006) Chief Investment Officer – Global Equity of Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., Van Kampen Asset Management and Van Kampen Advisors Inc. Vice President (since February 2006) of the Retail and Institutional Funds. Formerly, Managing Director and Director of Global Equity Research at Morgan Stanley.
Barry Fink (51)
1221 Avenue of the Americas
New York, NY 10020
 Vice President
 Since
February 1997
 Managing Director of Morgan Stanley Investment Management, Morgan Stanley Investment Advisors Inc. and Morgan Stanley Investment Management Inc.; Vice President of the Retail Funds and (since July 2003) the Institutional Funds; Formerly, General Counsel (May 2000-February 2006) of Morgan Stanley Investment Management; Secretary (October 2003 to February 2006), General Counsel (May 2004 to February 2006) and Director (July 1998 to January 2005) of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Services Company Inc.; Secretary and General Counsel of Morgan Stanley Investment Management Inc. (November 2002 to February 2006); Secretary and Director of Morgan Stanley Distributors Inc.; Secretary (February 1997 to July 2003) and General Counsel (February 1997 to April 2004) of the Morgan Stanley Retail Funds; Vice President and Assistant General Counsel of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Distributors Inc. (February 1997 to December 2001).

30



Morgan Stanley Special Growth Fund

Trustee and Officer Information continued


Name, Age and Address of
Executive Officer		 Position(s)
Held with
Registrant		     
Term of
Office and
Length of
Time
Served*		 Principal Occupation(s) During Past 5 Years**
Amy R. Doberman (43)
1221 Avenue of Americas
New York, NY 10020		 Vice President Since July 2004 Managing Director and General Counsel, U.S. Investment Management (since July 2004); Vice President of the Retail Funds and the Institutional Funds (since July 2004); Vice President of the Van Kampen Funds (since August 2004); Secretary (since February 2006) and Managing Director (since July 2004) of Morgan Stanley Investment Advisors Inc., Morgan Stanley Services Company Inc., Morgan Stanley Investment Management Inc., Van Kampen Asset Management, Van Kampen Advisors Inc. and Van Kampen Investments Inc.; Secretary (since February 2006) of Morgan Stanley Distributors Inc. and Morgan Stanley Distribution, Inc. Formerly, Managing Director and General Counsel – Americas, UBS Global Asset Management (July 2000 to July 2004).
Carsten Otto (42)
1221 Avenue of the Americas
New York, NY 10020		 Chief Compliance
Officer		 Since October
2004		 Managing Director and U.S. Director of Compliance for Morgan Stanley Investment Management (since October 2004); Managing Director and Chief Compliance Officer (since February 2005) of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Investment Management Inc. and (since June 2004) of Van Kampen Asset Management, Van Kampen Advisors Inc. and Van Kampen Investments Inc. Formerly, Assistant Secretary and Assistant General Counsel of the Retail Funds.
Stefanie V. Chang Yu (39)
1221 Avenue of the Americas
New York, NY 10020
 Vice President
 Since July 2003
 Executive Director of Morgan Stanley & Co. Incorporated, Morgan Stanley Investment Advisors Inc., Morgan Stanley Investment Management Inc., Van Kampen Asset Management, Van Kampen Advisors Inc. and Van Kampen Investments Inc. Vice President of the Retail Funds (since July 2002) and the Institutional Funds (since December 1997). Formerly, Secretary of Van Kampen Asset Management Inc., Van Kampen Advisors Inc. and Van Kampen Investments Inc. (December 2002 to February 2006); Secretary of Morgan Stanley Distribution, Inc. (October 2005 to February 2006).
Francis J. Smith (40)
c/o Morgan Stanley Trust
Harborside Financial Center,
Plaza Two,
Jersey City, NJ 07311
 Treasurer and Chief Financial Officer
 Treasurer since July 2003 and Chief Financial Officer since September 2002 Executive Director of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Services Company Inc.; Treasurer and Chief Financial Officer of the Morgan Stanley Retail Funds (since July 2003). Formerly Vice President of the Retail Funds (September 2002-July 2003).
Thomas F. Caloia (59)
c/o Morgan Stanley Trust
Harborside Financial Center,
Plaza Two,
Jersey City, NJ 07311		 Vice President
 Since July 2003
 Executive Director of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Services Company Inc.; Assistant Treasurer of Morgan Stanley Investment Advisors Inc., Morgan Stanley Services Company Inc. and Morgan Stanley Distributors Inc.; Vice President of the Retail Funds. Formerly, Treasurer of the Retail Funds (April 1989-July 2003).
Mary E. Mullin (38)
1221 Avenue of the Americas
New York, NY 10020
 Secretary
 Since July 2003
 Executive Director of Morgan Stanley & Co. Incorporated, Morgan Stanley Investment Advisors Inc. and Morgan Stanley Investment Management Inc. Secretary of the Retail Funds (since July 2003) and the Institutional Funds (since June 1999).
    * This is the earliest date the Officer began serving the Retail Funds. Each Officer serves an indefinite term, until his or her successor is elected.
  ** The dates referenced below indicating commencement of service as an Officer for the Retail and Institutional Funds reflect the earliest date the Officer began serving the Retail or Institutional Funds, as applicable.

31



Trustees

Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
Wayne E. Hedien
James F. Higgins
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael E. Nugent
Fergus Reid

Officers

Charles A. Fiumefreddo
Chairman of the Board

Ronald E. Robison
President and Principal Executive Officer

J. David Germany
Vice President

Dennis F. Shea
Vice President

Barry Fink
Vice President

Amy R. Doberman
Vice President

Carsten Otto
Chief Compliance Officer

Stefanie V. Chang Yu
Vice President

Francis J. Smith
Treasurer and Chief Financial Officer

Thomas F. Caloia
Vice President

Mary E. Mullin
Secretary

Transfer Agent

Morgan Stanley Trust
Harborside Financial Center, Plaza Two
Jersey City, New Jersey 07311

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
Two World Financial Center
New York, New York 10281

Investment Adviser

Morgan Stanley Investment Advisors Inc.
1221 Avenue of the Americas
New York, New York 10020

This report is submitted for the general information of the shareholders of the Fund. For more detailed information about the Fund, its fees and expenses and other pertinent information, please read its Prospectus. The Fund's Statement of Additional Information contains additional information about the Fund, including its trustees. It is available, without charge, by calling (800) 869-NEWS.

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Read the Prospectus carefully before investing.

Investments and services offered through Morgan Stanley DW Inc., member SIPC. Morgan Stanley Distributors Inc., member NASD.

© 2006 Morgan Stanley



37892RPT-RA06-00315P-Y02/06		 MORGAN STANLEY FUNDS


Morgan Stanley
Special Growth Fund





Annual Report
February 28, 2006










 





Item 2. Code of Ethics.

(a) The Fund has adopted a code of ethics (the "Code of Ethics") that applies to
its principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the Fund or a third
party.

(b) No information need be disclosed pursuant to this paragraph.

(c) The Fund has amended its Code of Ethics during the period covered by the
shareholder report presented in Item 1 hereto to delete from the end of the
following paragraph on page 2 of the Code the phrase "to the detriment of the
Fund.":

"Each Covered Officer must not use his personal influence or personal
relationship improperly to influence investment decisions or financial reporting
by the Fund whereby the Covered Officer would benefit personally (directly or
indirectly)."

Additionally, Exhibit B was amended to remove Mitchell M. Merin as a covered
officer.

(d) Not applicable.

(e) Not applicable.

(f)

         (1) The Fund's Code of Ethics is attached hereto as Exhibit A.

         (2) Not applicable.

         (3) Not applicable.


Item 3. Audit Committee Financial Expert.

The Fund's Board of Trustees has determined that it has two "audit committee
financial experts" serving on its audit committee, each of whom are
"independent" Trustees: Dr. Manuel H. Johnson and Joseph J. Kearns. Under
applicable securities laws, a person who is determined to be an audit committee
financial expert will not be deemed an "expert" for any purpose, including
without limitation for the purposes of Section 11 of the Securities Act of 1933,
as a result of being designated or identified as an audit committee financial
expert. The designation or identification of a person as an audit committee
financial expert does not impose on such person any duties, obligations, or
liabilities that are greater than the duties, obligations, and liabilities
imposed on such person as a member of the audit committee and Board of Trustees
in the absence of such designation or identification.


                                       2



Item 4. Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:
(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:

  2006
                                            REGISTRANT     COVERED ENTITIES (1)
     AUDIT FEES........................     $ 31,616       N/A

     NON-AUDIT FEES
               AUDIT-RELATED FEES......     $    540 (2)   $5,190,300 (2)
               TAX FEES...................  $  5,020 (3)   $2,044,491 (4)
               ALL OTHER FEES...........    $ -            $ -
     TOTAL NON-AUDIT FEES..........         $  5,560       $7,234,791

     TOTAL..............................    $ 37,176       $7,234,791


  2005
                                            REGISTRANT     COVERED ENTITIES (1)
     AUDIT FEES........................     $ 30,116       N/A

     NON-AUDIT FEES
               AUDIT-RELATED FEES.....      $    452 (2)   $3,746,495 (2)
               TAX FEES..................   $  5,394 (3)   $   79,800 (4)
               ALL OTHER FEES...........    $ -            $ -
     TOTAL NON-AUDIT FEES.........          $  5,846       $3,826,295

     TOTAL..............................    $ 35,962       $3,826,295


                                       3


     N/A- Not applicable, as not required by Item 4.

     (1)   Covered Entities include the Adviser (excluding
           sub-advisors) and any entity controlling, controlled by or
           under common control with the Adviser that provides ongoing
           services to the Registrant.
     (2)   Audit-Related Fees represent assurance and related services
           provided that are reasonably related to the performance of
           the audit of the financial statements of the Covered
           Entities' and funds advised by the Adviser or its
           affiliates, specifically data verification and agreed-upon
           procedures related to asset securitizations and agreed-upon
           procedures engagements.
     (3)   Tax Fees represent tax compliance, tax planning and tax
           advice services provided in connection with the preparation
           and review of the Registrant's tax returns.
     (4)   Tax Fees represent tax compliance, tax planning and tax
           advice services provided in connection with the review of
           Covered Entities' tax returns.
     (5)   All other fees represent project management for future
           business applications and improving business and operational
           processes.


                                       4



(e)(1) The audit committee's pre-approval policies and procedures are as
follows:

                                                                      APPENDIX A

                                 AUDIT COMMITTEE
                          AUDIT AND NON-AUDIT SERVICES
                       PRE-APPROVAL POLICY AND PROCEDURES
                                     OF THE
                  MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS

AS ADOPTED AND AMENDED JULY 23, 2004,(1)


     1. STATEMENT OF PRINCIPLES

The Audit Committee of the Board is required to review and, in its sole
discretion, pre-approve all Covered Services to be provided by the Independent
Auditors to the Fund and Covered Entities in order to assure that services
performed by the Independent Auditors do not impair the auditor's independence
from the Fund.

The SEC has issued rules specifying the types of services that an independent
auditor may not provide to its audit client, as well as the audit committee's
administration of the engagement of the independent auditor. The SEC's rules
establish two different approaches to pre-approving services, which the SEC
considers to be equally valid. Proposed services either: may be pre-approved
without consideration of specific case-by-case services by the Audit Committee
("general pre-approval"); or require the specific pre-approval of the Audit
Committee or its delegate ("specific pre-approval"). The Audit Committee
believes that the combination of these two approaches in this Policy will result
in an effective and efficient procedure to pre-approve services performed by the
Independent Auditors. As set forth in this Policy, unless a type of service has
received general pre-approval, it will require specific pre-approval by the
Audit Committee (or by any member of the Audit Committee to which pre-approval
authority has been delegated) if it is to be provided by the Independent
Auditors. Any proposed services exceeding pre-approved cost levels or budgeted
amounts will also require specific pre-approval by the Audit Committee.

The appendices to this Policy describe the Audit, Audit-related, Tax and All
Other services that have the general pre-approval of the Audit Committee. The
term of any general pre-approval is 12 months from the date of pre-approval,
unless the Audit Committee considers and provides a different period and states
otherwise. The Audit Committee will annually review and pre-approve the services
that may be provided by the Independent Auditors without obtaining specific
pre-approval from the Audit Committee. The Audit Committee will add to or
subtract from the list of general pre-approved services from time to time, based
on subsequent determinations.

- ----------
(1)  This Audit Committee Audit and Non-Audit Services Pre-Approval Policy and
     Procedures (the "Policy"), adopted as of the date above, supersedes and
     replaces all prior versions that may have been adopted from time to time.


                                       5



The purpose of this Policy is to set forth the policy and procedures by which
the Audit Committee intends to fulfill its responsibilities. It does not
delegate the Audit Committee's responsibilities to pre-approve services
performed by the Independent Auditors to management.

The Fund's Independent Auditors have reviewed this Policy and believes that
implementation of the Policy will not adversely affect the Independent Auditors'
independence.

     2. DELEGATION

As provided in the Act and the SEC's rules, the Audit Committee may delegate
either type of pre-approval authority to one or more of its members. The member
to whom such authority is delegated must report, for informational purposes
only, any pre-approval decisions to the Audit Committee at its next scheduled
meeting.

     3. AUDIT SERVICES

The annual Audit services engagement terms and fees are subject to the specific
pre-approval of the Audit Committee. Audit services include the annual financial
statement audit and other procedures required to be performed by the Independent
Auditors to be able to form an opinion on the Fund's financial statements. These
other procedures include information systems and procedural reviews and testing
performed in order to understand and place reliance on the systems of internal
control, and consultations relating to the audit. The Audit Committee will
approve, if necessary, any changes in terms, conditions and fees resulting from
changes in audit scope, Fund structure or other items.

In addition to the annual Audit services engagement approved by the Audit
Committee, the Audit Committee may grant general pre-approval to other Audit
services, which are those services that only the Independent Auditors reasonably
can provide. Other Audit services may include statutory audits and services
associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4,
etc.), periodic reports and other documents filed with the SEC or other
documents issued in connection with securities offerings.

The Audit Committee has pre-approved the Audit services in Appendix B.1. All
other Audit services not listed in Appendix B.1 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).

     4. AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably
related to the performance of the audit or review of the Fund's financial
statements and, to the extent they are Covered Services, the Covered Entities or
that are traditionally performed by the Independent Auditors. Because the Audit
Committee believes that the provision of Audit-related services does not impair
the independence of the auditor and is consistent with the SEC's rules on
auditor independence, the Audit Committee may grant general pre-approval to
Audit-related services. Audit-related services include, among others, accounting
consultations related to accounting, financial reporting or disclosure matters


                                       6



not classified as "Audit services"; assistance with understanding and
implementing new accounting and financial reporting guidance from rulemaking
authorities; agreed-upon or expanded audit procedures related to accounting
and/or billing records required to respond to or comply with financial,
accounting or regulatory reporting matters; and assistance with internal control
reporting requirements under Forms N-SAR and/or N-CSR.

The Audit Committee has pre-approved the Audit-related services in Appendix B.2.
All other Audit-related services not listed in Appendix B.2 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).

     5. TAX SERVICES

The Audit Committee believes that the Independent Auditors can provide Tax
services to the Fund and, to the extent they are Covered Services, the Covered
Entities, such as tax compliance, tax planning and tax advice without impairing
the auditor's independence, and the SEC has stated that the Independent Auditors
may provide such services.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the
Tax Services in Appendix B.3. All Tax services in Appendix B.3 must be
specifically pre-approved by the Audit Committee (or by any member of the Audit
Committee to which pre-approval has been delegated).

     6. ALL OTHER SERVICES

The Audit Committee believes, based on the SEC's rules prohibiting the
Independent Auditors from providing specific non-audit services, that other
types of non-audit services are permitted. Accordingly, the Audit Committee
believes it may grant general pre-approval to those permissible non-audit
services classified as All Other services that it believes are routine and
recurring services, would not impair the independence of the auditor and are
consistent with the SEC's rules on auditor independence.

The Audit Committee has pre-approved the All Other services in Appendix B.4.
Permissible All Other services not listed in Appendix B.4 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).

     7. PRE-APPROVAL FEE LEVELS OR BUDGETED AMOUNTS

Pre-approval fee levels or budgeted amounts for all services to be provided by
the Independent Auditors will be established annually by the Audit Committee.
Any proposed services exceeding these levels or amounts will require specific
pre-approval by the Audit Committee. The Audit Committee is mindful of the
overall relationship of fees for audit and non-audit services in determining
whether to pre-approve any such services.

     8. PROCEDURES

All requests or applications for services to be provided by the Independent
Auditors that do not require specific approval by the Audit Committee will be
submitted to the Fund's Chief Financial Officer and must include a detailed
description of the services to be


                                       7



rendered. The Fund's Chief Financial Officer will determine whether such
services are included within the list of services that have received the general
pre-approval of the Audit Committee. The Audit Committee will be informed on a
timely basis of any such services rendered by the Independent Auditors. Requests
or applications to provide services that require specific approval by the Audit
Committee will be submitted to the Audit Committee by both the Independent
Auditors and the Fund's Chief Financial Officer, and must include a joint
statement as to whether, in their view, the request or application is consistent
with the SEC's rules on auditor independence.

The Audit Committee has designated the Fund's Chief Financial Officer to monitor
the performance of all services provided by the Independent Auditors and to
determine whether such services are in compliance with this Policy. The Fund's
Chief Financial Officer will report to the Audit Committee on a periodic basis
on the results of its monitoring. Both the Fund's Chief Financial Officer and
management will immediately report to the chairman of the Audit Committee any
breach of this Policy that comes to the attention of the Fund's Chief Financial
Officer or any member of management.

     9. ADDITIONAL REQUIREMENTS

The Audit Committee has determined to take additional measures on an annual
basis to meet its responsibility to oversee the work of the Independent Auditors
and to assure the auditor's independence from the Fund, such as reviewing a
formal written statement from the Independent Auditors delineating all
relationships between the Independent Auditors and the Fund, consistent with
Independence Standards Board No. 1, and discussing with the Independent Auditors
its methods and procedures for ensuring independence.

     10. COVERED ENTITIES

Covered Entities include the Fund's investment adviser(s) and any entity
controlling, controlled by or under common control with the Fund's investment
adviser(s) that provides ongoing services to the Fund(s). Beginning with
non-audit service contracts entered into on or after May 6, 2003, the Fund's
audit committee must pre-approve non-audit services provided not only to the
Fund but also to the Covered Entities if the engagements relate directly to the
operations and financial reporting of the Fund. This list of Covered Entities
would include:

         Morgan Stanley Retail Funds
         ---------------------------
         Morgan Stanley Investment Advisors Inc.
         Morgan Stanley & Co. Incorporated
         Morgan Stanley DW Inc.
         Morgan Stanley Investment Management Inc.
         Morgan Stanley Investment Management Limited
         Morgan Stanley Investment Management Private Limited
         Morgan Stanley Asset & Investment Trust Management Co., Limited
         Morgan Stanley Investment Management Company
         Van Kampen Asset Management
         Morgan Stanley Services Company, Inc.
         Morgan Stanley Distributors Inc.
         Morgan Stanley Trust FSB


                                       8



         Morgan Stanley Institutional Funds
         ----------------------------------
         Morgan Stanley Investment Management Inc.
         Morgan Stanley Investment Advisors Inc.
         Morgan Stanley Investment Management Limited
         Morgan Stanley Investment Management Private Limited
         Morgan Stanley Asset & Investment Trust Management Co., Limited
         Morgan Stanley Investment Management Company
         Morgan Stanley & Co. Incorporated
         Morgan Stanley Distribution, Inc.
         Morgan Stanley AIP GP LP
         Morgan Stanley Alternative Investment Partners LP


(e)(2) Beginning with non-audit service contracts entered into on or after May
6, 2003, the audit committee also is required to pre-approve services to Covered
Entities to the extent that the services are determined to have a direct impact
on the operations or financial reporting of the Registrant. 100% of such
services were pre-approved by the audit committee pursuant to the Audit
Committee's pre-approval policies and procedures (attached hereto).

(f) Not applicable.

(g) See table above.

(h) The audit committee of the Board of Trustees has considered whether the
provision of services other than audit services performed by the auditors to the
Registrant and Covered Entities is compatible with maintaining the auditors'
independence in performing audit services.


Item 5. Audit Committee of Listed Registrants.

(a) The Fund has a separately-designated standing audit committee established in
accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:
Michael Bozic, Edwin J. Garn, Wayne E. Hedien, Manual H. Johnson, Joseph J.
Kearns, Michael Nugent and Fergus Reid.

(b) Not applicable.


Item 6. Schedule of Investments

Refer to Item 1.


                                       9



Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Applicable only to reports filed by closed-end funds.


Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to reports filed by closed-end funds.


Item 9. Closed-End Fund Repurchases

Applicable only to reports filed by closed-end funds.


Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.


Item 11. Controls and Procedures

(a) The Fund's principal executive officer and principal financial officer have
concluded that the Fund's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Fund in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.

(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.


Item 12. Exhibits

(a) The Code of Ethics for Principal Executive and Senior Financial Officers is
attached hereto.

(b) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.


                                       10



                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Special Growth Fund

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
April 19, 2006

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
April 19, 2006

/s/ Francis Smith
Francis Smith
Principal Financial Officer
April 19, 2006


                                       11



                                                                    EXHIBIT 12 A


           CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL
           -----------------------------------------------------------
                                    OFFICERS
                                    --------
            ADOPTED SEPTEMBER 28, 2004, AS AMENDED SEPTEMBER 20, 2005
            ---------------------------------------------------------



I.   This Code of Ethics (the "Code") for the investment companies within the
     Morgan Stanley complex identified in Exhibit A (collectively, "Funds" and
     each, a "Fund") applies to each Fund's Principal Executive Officer,
     President, Principal Financial Officer and Treasurer (or persons performing
     similar functions) ("Covered Officers" each of whom are set forth in
     Exhibit B) for the purpose of promoting:

     o    honest and ethical conduct, including the ethical handling of actual
          or apparent conflicts of interest between personal and professional
          relationships.

     o    full, fair, accurate, timely and understandable disclosure in reports
          and documents that a company files with, or submits to, the Securities
          and Exchange Commission ("SEC") and in other public communications
          made by the Fund;

     o    compliance with applicable laws and governmental rules and
          regulations;

     o    prompt internal reporting of violations of the Code to an appropriate
          person or persons identified in the Code; and

     o    accountability for adherence to the Code.

     Each Covered Officer should adhere to a high standard of business ethics
and should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest. Any question about the application of the Code
should be referred to the General Counsel or his/her designee (who is set forth
in Exhibit C).

II.  COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF
     INTEREST

     OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private
interest interferes, or appears to interfere, with the interests of, or his
service to, the Fund. For example, a conflict of interest would arise if a
Covered Officer, or a member of his family, receives improper personal benefits
as a result of his position with the Fund.

     Certain conflicts of interest arise out of the relationships between
Covered Officers and the Fund and already are subject to conflict of interest
provisions in the


                                       12



Investment Company Act of 1940 ("Investment Company Act") and the Investment
Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers
may not individually engage in certain transactions (such as the purchase or
sale of securities or other property) with the Fund because of their status as
"affiliated persons" (as defined in the Investment Company Act) of the Fund. The
Fund's and its investment adviser's compliance programs and procedures are
designed to prevent, or identify and correct, violations of these provisions.
This Code does not, and is not intended to, repeat or replace these programs and
procedures, and such conflicts fall outside the parameters of this Code, unless
or until the General Counsel determines that any violation of such programs and
procedures is also a violation of this Code.

     Although typically not presenting an opportunity for improper personal
benefit, conflicts may arise from, or as a result of, the contractual
relationship between the Fund and its investment adviser of which the Covered
Officers are also officers or employees. As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the Fund or for the investment adviser, or for both), be involved
in establishing policies and implementing decisions that will have different
effects on the Fund and its investment adviser. The participation of the Covered
Officers in such activities is inherent in the contractual relationship between
the Fund and the investment adviser and is consistent with the performance by
the Covered Officers of their duties as officers of the Fund. Thus, if performed
in conformity with the provisions of the Investment Company Act and the
Investment Advisers Act, such activities will be deemed to have been handled
ethically. In addition, it is recognized by the Funds' Boards of
Directors/Trustees ("Boards") that the Covered Officers may also be officers or
employees of one or more other investment companies covered by this or other
codes.

     Other conflicts of interest are covered by the Code, even if such conflicts
of interest are not subject to provisions in the Investment Company Act and the
Investment Advisers Act. The following list provides examples of conflicts of
interest under the Code, but Covered Officers should keep in mind that these
examples are not exhaustive. The overarching principle is that the personal
interest of a Covered Officer should not be placed improperly before the
interest of the Fund.

     Each Covered Officer must not:

     o    use his personal influence or personal relationships improperly to
          influence investment decisions or financial reporting by the Fund
          whereby the Covered Officer would benefit personally (directly or
          indirectly);

     o    cause the Fund to take action, or fail to take action, for the
          individual personal benefit of the Covered Officer rather than the
          benefit of the Fund; or

     o    use material non-public knowledge of portfolio transactions made or
          contemplated for, or actions proposed to be taken by, the Fund to
          trade personally or cause others to trade personally in contemplation
          of the market effect of such transactions.


                                       13



     Each Covered Officer must, at the time of signing this Code, report to the
General Counsel all affiliations or significant business relationships outside
the Morgan Stanley complex and must update the report annually.

     Conflict of interest situations should always be approved by the General
Counsel and communicated to the relevant Fund or Fund's Board. Any activity or
relationship that would present such a conflict for a Covered Officer would
likely also present a conflict for the Covered Officer if an immediate member of
the Covered Officer's family living in the same household engages in such an
activity or has such a relationship. Examples of these include:

     o    service or significant business relationships as a director on the
          board of any public or private company;

     o    accepting directly or indirectly, anything of value, including gifts
          and gratuities in excess of $100 per year from any person or entity
          with which the Fund has current or prospective business dealings, not
          including occasional meals or tickets for theatre or sporting events
          or other similar entertainment; provided it is business-related,
          reasonable in cost, appropriate as to time and place, and not so
          frequent as to raise any question of impropriety;

     o    any ownership interest in, or any consulting or employment
          relationship with, any of the Fund's service providers, other than its
          investment adviser, principal underwriter, or any affiliated person
          thereof; and

     o    a direct or indirect financial interest in commissions, transaction
          charges or spreads paid by the Fund for effecting portfolio
          transactions or for selling or redeeming shares other than an interest
          arising from the Covered Officer's employment, such as compensation or
          equity ownership.

III. DISCLOSURE AND COMPLIANCE

     o    Each Covered Officer should familiarize himself/herself with the
          disclosure and compliance requirements generally applicable to the
          Funds;

     o    each Covered Officer must not knowingly misrepresent, or cause others
          to misrepresent, facts about the Fund to others, whether within or
          outside the Fund, including to the Fund's Directors/Trustees and
          auditors, or to governmental regulators and self-regulatory
          organizations;

     o    each Covered Officer should, to the extent appropriate within his area
          of responsibility, consult with other officers and employees of the
          Funds and their investment advisers with the goal of promoting full,
          fair, accurate, timely and understandable disclosure in the reports
          and documents the Funds file with, or submit to, the SEC and in other
          public communications made by the Funds; and


                                       14



     o    it is the responsibility of each Covered Officer to promote compliance
          with the standards and restrictions imposed by applicable laws, rules
          and regulations.

IV.  REPORTING AND ACCOUNTABILITY

     Each Covered Officer must:

     o    upon adoption of the Code (thereafter as applicable, upon becoming a
          Covered Officer), affirm in writing to the Boards that he has
          received, read and understands the Code;

     o    annually thereafter affirm to the Boards that he has complied with the
          requirements of the Code;

     o    not retaliate against any other Covered Officer, other officer or any
          employee of the Funds or their affiliated persons for reports of
          potential violations that are made in good faith; and

     o    notify the General Counsel promptly if he/she knows or suspects of any
          violation of this Code. Failure to do so is itself a violation of this
          Code.

     The General Counsel is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to
interpret this Code in any particular situation. However, any waivers(2) sought
by a Covered Officer must be considered by the Board of the relevant Fund or
Funds.

     The Funds will follow these procedures in investigating and enforcing this
Code:

     o    the General Counsel will take all appropriate action to investigate
          any potential violations reported to him;

     o    if, after such investigation, the General Counsel believes that no
          violation has occurred, the General Counsel is not required to take
          any further action;

     o    any matter that the General Counsel believes is a violation will be
          reported to the relevant Fund's Audit Committee;

     o    if the directors/trustees/managing general partners who are not
          "interested persons" as defined by the Investment Company Act (the
          "Independent Directors/Trustees/Managing General Partners") of the
          relevant Fund concur that a violation has occurred, they will consider
          appropriate action, which may include review of, and appropriate
          modifications to, applicable
- ----------
(2)  Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
     a material departure from a provision of the code of ethics."


                                       15



          policies and procedures; notification to appropriate personnel of the
          investment adviser or its board; or a recommendation to dismiss the
          Covered Officer or other appropriate disciplinary actions;

     o    the Independent Directors/Trustees/Managing General Partners of the
          relevant Fund will be responsible for granting waivers of this Code,
          as appropriate; and

     o    any changes to or waivers of this Code will, to the extent required,
          be disclosed as provided by SEC rules.

V.   OTHER POLICIES AND PROCEDURES

     This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the Funds, the Funds' investment advisers, principal
underwriters, or other service providers govern or purport to govern the
behavior or activities of the Covered Officers who are subject to this Code,
they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code unless any provision of this Code conflicts
with any applicable federal or state law, in which case the requirements of such
law will govern. The Funds' and their investment advisers' and principal
underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act
and Morgan Stanley's Code of Ethics are separate requirements applying to the
Covered Officers and others, and are not part of this Code.

VI.  AMENDMENTS

     Any amendments to this Code, other than amendments to Exhibits A, B or C,
must be approved or ratified by a majority vote of the Board of each Fund,
including a majority of Independent Directors/Trustees/Managing General
Partners.

VII. CONFIDENTIALITY

     All reports and records prepared or maintained pursuant to this Code will
be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the Independent Directors/Trustees/Managing
General Partners of the relevant Fund or Funds and their counsel, the relevant
Fund or Funds and their counsel and the relevant investment adviser and its
counsel.


                                       16



VIII. INTERNAL USE

     The Code is intended solely for the internal use by the Funds and does not
constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion



I have read and understand the terms of the above Code. I recognize the
responsibilities and obligations incurred by me as a result of my being subject
to the Code. I hereby agree to abide by the above Code.


- -------------------------

Date:--------------------


                                       17



                                    EXHIBIT A


                                    FUND LIST

                                       AT
                               SEPTEMBER 20, 2005


RETAIL FUNDS
- ------------

OPEN-END RETAIL FUNDS

   TAXABLE MONEY MARKET FUNDS
   --------------------------

1.  Active Assets Government Securities Trust ("AA Government")
2.  Active Assets Institutional Government Securities Trust ("AA Institutional
    Government")
3.  Active Assets Institutional Money Trust ("AA Institutional Money")
4.  Active Assets Money Trust ("AA Money")
5.  Morgan Stanley Liquid Asset Fund Inc. ("Liquid Asset")
6.  Morgan Stanley U.S. Government Money Market Trust ("Government Money")

    TAX-EXEMPT MONEY MARKET FUNDS
    -----------------------------

7.  Active Assets California Tax-Free Trust ("AA California")
8.  Active Assets Tax-Free Trust ("AA Tax-Free")
9.  Morgan Stanley California Tax-Free Daily Income Trust ("California Tax-Free
    Daily")
10. Morgan Stanley New York Municipal Money Market Trust ("New York Money")
11. Morgan Stanley Tax-Free Daily Income Trust ("Tax-Free Daily")

   EQUITY FUNDS
   ------------

12. Morgan Stanley Aggressive Equity Fund ("Aggressive Equity")+
13. Morgan Stanley Allocator Fund ("Allocator Fund")+
14. Morgan Stanley American Opportunities Fund ("American Opportunities")+
15. Morgan Stanley Biotechnology Fund ("Biotechnology Fund")+
16. Morgan Stanley Capital Opportunities Trust ("Capital Opportunities")+
17. Morgan Stanley Developing Growth Securities Trust ("Developing Growth")+
18. Morgan Stanley Dividend Growth Securities Inc. ("Dividend Growth")+
19. Morgan Stanley Equally-Weighted S&P 500 Fund ("Equally-Weighted S&P 500")+
20. Morgan Stanley European Equity Fund Inc. ("European Equity")+
21. Morgan Stanley Financial Services Trust ("Financial Services")+
22. Morgan Stanley Fundamental Value Fund ("Fundamental Value")+
23. Morgan Stanley Global Advantage Fund ("Global Advantage")+
24. Morgan Stanley Global Dividend Growth Securities ("Global Dividend Growth")+


                                       18



25. Morgan Stanley Global Utilities Fund ("Global Utilities")+
26. Morgan Stanley Growth Fund ("Growth Fund")+
27. Morgan Stanley Health Sciences Trust ("Health Sciences")+
28. Morgan Stanley Income Builder Fund ("Income Builder")+
29. Morgan Stanley Information Fund ("Information Fund")+
30. Morgan Stanley International Fund ("International Fund")+
31. Morgan Stanley International SmallCap Fund ("International SmallCap")+
32. Morgan Stanley International Value Equity Fund ("International Value")+
33. Morgan Stanley Japan Fund ("Japan Fund")+
34. Morgan Stanley KLD Social Index Fund ("KLD Social Index")+
35. Morgan Stanley Mid-Cap Value Fund (Mid-Cap Value")+
36. Morgan Stanley Multi-Asset Class Fund ("Multi-Asset Class")+
37. Morgan Stanley Nasdaq-100 Index Fund ("Nasdaq-100")+
38. Morgan Stanley Natural Resource Development Securities Inc. ("Natural
    Resource")+
39. Morgan Stanley Pacific Growth Fund Inc. ("Pacific Growth")+
40. Morgan Stanley Real Estate Fund ("Real Estate")+
41. Morgan Stanley Small-Mid Special Value Fund (Small-Mid Special Value")+
42. Morgan Stanley S&P 500 Index Fund ("S&P500 Index")+
43. Morgan Stanley Special Growth Fund ("Special Growth")+
44. Morgan Stanley Special Value Fund ("Special Value")+
45. Morgan Stanley Total Market Index Fund ("Total Market Index")+
46. Morgan Stanley Total Return Trust ("Total Return")+
47. Morgan Stanley Utilities Fund ("Utilities Fund")+
48. Morgan Stanley Value Fund ("Value Fund")+

   BALANCED FUNDS
   --------------

49. Morgan Stanley Balanced Growth Fund ("Balanced Growth")+
50. Morgan Stanley Balanced Income Fund ("Balanced Income")+

     ASSET ALLOCATION FUND

51. Morgan Stanley Strategist Fund ("Strategist Fund")+

   TAXABLE FIXED-INCOME FUNDS
   --------------------------

52. Morgan Stanley Convertible Securities Trust ("Convertible Securities")+
53. Morgan Stanley Flexible Income Trust ("Flexible Income")+
54. Morgan Stanley Income Trust ("Income Trust")+
55. Morgan Stanley High Yield Securities Inc. ("High Yield Securities")+
56. Morgan Stanley Limited Duration Fund ("Limited Duration Fund")
57. Morgan Stanley Mortgage Securities Trust ("Mortgage Securities")+
58. Morgan Stanley Limited Duration U.S. Treasury Trust ("Limited Duration
    Treasury")
59. Morgan Stanley Total Return Income Securities Fund ("Total Return Income")+
60. Morgan Stanley U.S. Government Securities Trust ("Government Securities")+


                                       19



   TAX-EXEMPT FIXED-INCOME FUNDS
   -----------------------------

61. Morgan Stanley California Tax-Free Income Fund ("California Tax-Free")+
62. Morgan Stanley Limited Term Municipal Trust ("Limited Term Municipal")
63. Morgan Stanley New York Tax-Free Income Fund ("New York Tax-Free")+
64. Morgan Stanley Tax-Exempt Securities Trust ("Tax-Exempt Securities")+

     SPECIAL PURPOSE FUNDS

65. Morgan Stanley Select Dimensions Investment Series ("Select Dimensions")
      o  American Opportunities Portfolio
      o  Balanced Growth Portfolio
      o  Capital Opportunities Portfolio
      o  Developing Growth Portfolio
      o  Dividend Growth Portfolio
      o  Equally-Weighted S&P 500 Portfolio
      o  Flexible Income Portfolio
      o  Global Equity Portfolio
      o  Growth Portfolio
      o  Money Market Portfolio
      o  Utilities Portfolio

66. Morgan Stanley Variable Investment Series ("Variable Investment")
      o  Aggressive Equity Portfolio
      o  Dividend Growth Portfolio
      o  Equity Portfolio
      o  European Equity Portfolio
      o  Global Advantage Portfolio
      o  Global Dividend Growth Portfolio
      o  High Yield Portfolio
      o  Income Builder Portfolio
      o  Information Portfolio
      o  Limited Duration Portfolio
      o  Money Market Portfolio
      o  Income Plus Portfolio
      o  S&P 500 Index Portfolio
      o  Strategist Portfolio
      o  Utilities Portfolio


                                       20



CLOSED-END RETAIL FUNDS

   TAXABLE FIXED-INCOME CLOSED-END FUNDS
   -------------------------------------

67. Morgan Stanley Government Income Trust ("Government Income")
68. Morgan Stanley Income Securities Inc. ("Income Securities")
69. Morgan Stanley Prime Income Trust ("Prime Income")

   TAX-EXEMPT FIXED-INCOME CLOSED-END FUNDS
   ----------------------------------------

70. Morgan Stanley California Insured Municipal Income Trust ("California
    Insured Municipal")
71. Morgan Stanley California Quality Municipal Securities ("California Quality
    Municipal")
72. Morgan Stanley Insured California Municipal Securities ("Insured California
    Securities")
73. Morgan Stanley Insured Municipal Bond Trust ("Insured Municipal Bond")
74. Morgan Stanley Insured Municipal Income Trust ("Insured Municipal Income")
75. Morgan Stanley Insured Municipal Securities ("Insured Municipal Securities")
76. Morgan Stanley Insured Municipal Trust ("Insured Municipal Trust")
77. Morgan Stanley Municipal Income Opportunities Trust ("Municipal
    Opportunities")
78. Morgan Stanley Municipal Income Opportunities Trust II ("Municipal
    Opportunities II")
79. Morgan Stanley Municipal Income Opportunities Trust III ("Municipal
    Opportunities III")
80. Morgan Stanley Municipal Premium Income Trust ("Municipal Premium")
81. Morgan Stanley New York Quality Municipal Securities ("New York Quality
    Municipal")
82. Morgan Stanley Quality Municipal Income Trust ("Quality Municipal Income")
83. Morgan Stanley Quality Municipal Investment Trust ("Quality Municipal
    Investment")
84. Morgan Stanley Quality Municipal Securities ("Quality Municipal Securities")

+-  Denotes Retail Multi-Class Fund

                               INSTITUTIONAL FUNDS
                               -------------------

OPEN-END INSTITUTIONAL FUNDS

1. Morgan Stanley Institutional Fund, Inc. ("Institutional Fund Inc.")

   Active Portfolios:

      o  Active International Allocation Portfolio
      o  Emerging Markets Portfolio
      o  Emerging Markets Debt Portfolio
      o  Equity Growth Portfolio
      o  European Real Estate Portfolio
      o  Focus Equity Portfolio
      o  Global Franchise Portfolio
      o  Global Value Equity Portfolio


                                       21



      o  International Equity Portfolio
      o  International Magnum Portfolio
      o  International Small Cap Portfolio
      o  Money Market Portfolio
      o  Municipal Money Market Portfolio
      o  Small Company Growth Portfolio
      o  U.S. Real Estate Portfolio
      o  Value Equity Portfolio

   Inactive Portfolios*:

      o  China Growth Portfolio
      o  Gold Portfolio
      o  Large Cap Relative Value Portfolio
      o  MicroCap Portfolio
      o  Mortgage-Backed Securities Portfolio
      o  Municipal Bond Portfolio
      o  U.S. Equity Plus Portfolio

2. Morgan Stanley Institutional Fund Trust ("Institutional Fund Trust")

   Active Portfolios:

      o  Advisory Foreign Fixed Income II Portfolio
      o  Advisory Foreign Fixed Income Portfolio
      o  Advisory Mortgage Portfolio
      o  Balanced Portfolio
      o  Core Plus Fixed Income Portfolio
      o  Equity Portfolio
      o  High Yield Portfolio
      o  Intermediate Duration Portfolio
      o  International Fixed Income Portfolio
      o  Investment Grade Fixed Income Portfolio
      o  Limited Duration Portfolio
      o  Mid-Cap Growth Portfolio
      o  Municipal Portfolio
      o  U.S. Core Fixed Income Portfolio
      o  U.S. Mid-Cap Value Portfolio
      o  U.S. Small-Cap Value Portfolio
      o  Value Portfolio

- ----------
* Have not commenced or have ceased operations


                                       22



   Inactive Portfolios*:

      o  Balanced Plus Portfolio
      o  Growth Portfolio
      o  Investment Grade Credit Advisory Portfolio
      o  Mortgage Advisory Portfolio
      o  New York Municipal Portfolio
      o  Targeted Duration Portfolio
      o  Value II Portfolio

3. The Universal Institutional Funds, Inc. ("Universal Funds")

   Active Portfolios:

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

   Inactive Portfolios*:

      o  Balanced Portfolio
      o  Capital Preservation Portfolio
      o  Core Equity Portfolio
      o  International Fixed Income Portfolio
      o  Investment Grade Fixed Income Portfolio
      o  Latin American Portfolio
      o  Multi-Asset Class Portfolio
      o  Targeted Duration Portfolio


                                       23



4. Morgan Stanley Institutional Liquidity Funds ("Liquidity Funds")

   Active Portfolios:

      o  Government Portfolio
      o  Money Market Portfolio
      o  Prime Portfolio
      o  Tax-Exempt Portfolio
      o  Treasury Portfolio


   Inactive Portfolios*:

      o  Government Securities Portfolio
      o  Treasury Securities Portfolio


CLOSED-END INSTITUTIONAL FUNDS

5.  Morgan Stanley Asia-Pacific Fund, Inc. ("Asia-Pacific Fund")
6.  Morgan Stanley Eastern Europe Fund, Inc. ("Eastern Europe")
7.  Morgan Stanley Emerging Markets Debt Fund, Inc. ("Emerging Markets Debt")
8.  Morgan Stanley Emerging Markets Fund, Inc. ("Emerging Markets Fund")
9.  Morgan Stanley Global Opportunity Bond Fund, Inc. ("Global Opportunity")
10. Morgan Stanley High Yield Fund, Inc. ("High Yield Fund")
11. The Latin American Discovery Fund, Inc. ("Latin American Discovery")
12  The Malaysia Fund, Inc. ("Malaysia Fund")
13. The Thai Fund, Inc. ("Thai Fund")
14. The Turkish Investment Fund, Inc. ("Turkish Investment")

CLOSED-END FUND OF HEDGE FUNDS

15. Morgan Stanley Institutional Fund of Hedge Funds ("Fund of Hedge Funds")



                                 IN REGISTRATION
MORGAN STANLEY RETAIL FUNDS
1.  Morgan Stanley American Franchise Fund

FUNDS OF HEDGE FUNDS
1.  Morgan Stanley Absolute Return Fund
2.  Morgan Stanley Institutional Fund of Hedge Funds II

- ----------
* Have not commenced or have ceased operations


                                       24



                                    EXHIBIT B

                               INSTITUTIONAL FUNDS
                                COVERED OFFICERS
                                ----------------

          Ronald E. Robison -President and Principal Executive Officer
            James W. Garrett - Chief Financial Officer and Treasurer

                                  RETAIL FUNDS
                                COVERED OFFICERS
                                ----------------

          Ronald E. Robison -President and Principal Executive Officer
               Frank Smith - Chief Financial Officer and Treasurer

                   MORGAN STANLEY INDIA INVESTMENT FUND, INC.
                                COVERED OFFICERS
                                ----------------

          Ronald E. Robison - President and Principal Executive Officer
            James W. Garrett - Chief Financial Officer and Treasurer


                                       25



                                    EXHIBIT C
                                    ---------

                                 GENERAL COUNSEL
                                 ---------------

                                   Barry Fink


                                       26



                                                                   EXHIBIT 12 B1

                  CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

                                 CERTIFICATIONS
                                 --------------

I, Ronald E. Robison, certify that:

1.   I have reviewed this report on Form N-CSR of Morgan Stanley Special Growth
     Fund;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
     control over financial reporting (as defined in Rule 30a-3(d) under the
     Investment Company Act of 1940) for the registrant and have:

a)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

b)   designed such internal control over financial reporting, or caused such
     internal control over financial reporting to be designed under our
     supervision, to provide reasonable assurance regarding the reliability of
     financial reporting and the preparation of financial statements for
     external purposes in accordance with generally accepted accounting
     principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

d)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the
     registrant's auditors and the audit committee of the registrant's board of
     directors (or persons performing the equivalent functions):


                                       27



a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: April 19, 2006
                                            /s/ Ronald E. Robison
                                            Ronald E. Robison
                                            Principal Executive Officer


                                       28



                                                                   EXHIBIT 12 B2

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

                                 CERTIFICATIONS
                                 --------------

I, Francis Smith, certify that:

1.   I have reviewed this report on Form N-CSR of Morgan Stanley Special Growth
     Fund;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
     control over financial reporting (as defined in Rule 30a-3(d) under the
     Investment Company Act of 1940) for the registrant and have:

a)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

b)   designed such internal control over financial reporting, or caused such
     internal control over financial reporting to be designed under our
     supervision, to provide reasonable assurance regarding the reliability of
     financial reporting and the preparation of financial statements for
     external purposes in accordance with generally accepted accounting
     principles;

c)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

d)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the
     registrant's auditors and the audit committee of the registrant's board of
     directors (or persons performing the equivalent functions):


                                       29



a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: April 19, 2006
                                            /s/ Francis Smith
                                            Francis Smith
                                            Principal Financial  Officer


                                       30



                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley Special Growth Fund

     In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended February 28, 2006 that is accompanied by
this certification, the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of
   the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
   respects, the financial condition and results of operations of the Issuer.



Date: April 19, 2006                        /s/ Ronald E. Robison
                                            ---------------------------
                                            Ronald E. Robison
                                            Principal Executive Officer


A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Special Growth Fund and will be retained by Morgan
Stanley Special Growth Fund and furnished to the Securities and Exchange
Commission or its staff upon request.


                                       31



                            SECTION 906 CERTIFICATION

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley Special Growth Fund

     In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended February 28, 2006 that is accompanied by
this certification, the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of
   the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
   respects, the financial condition and results of operations of the Issuer.



Date: April 19, 2006                        /s/ Francis Smith
                                            ----------------------
                                            Francis Smith
                                            Principal Financial Officer


A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Special Growth Fund and will be retained by Morgan
Stanley Special Growth Fund and furnished to the Securities and Exchange
Commission or its staff upon request.


                                       32
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