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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of
Morgan Stanley Dividend Growth Securities Inc.:

In planning and performing our audit of the financial statements of Morgan Stanley Dividend Growth Securities Inc.
(the “Fund”) as of and for the year ended February 28, 2006, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered its internal control over financial reporting, including
control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, 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.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial
reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process
designed 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.  Such internal
control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of a fund’s assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may
deteriorate.

A control deficiency exists when the design or operation of a control does not allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A
significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the fund’s
ability to initiate, authorize, record, process, or report external financial data reliably in accordance with generally
accepted accounting principles such that there is more than a remote likelihood that a misstatement of the fund’s
annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material
weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote
likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the
first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant
deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board
(United States).  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its
operation, including controls for safeguarding securities, that we consider to be a material weakness as defined above
as of February 28, 2006.

This report is intended solely for the information and use of management and the Board of Directors of Morgan
Stanley Dividend Growth Securities Inc. and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.



New York, New York
April 19, 2006
EX-99.77E LEGAL 3 divgro77e.htm 
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. While the Fund and Adviser
believe that each has meritorious defenses, the ultimate
outcome of this matter is not presently determinable at this
stage of the litigation, and no provision has been
made in the Fund's financial statements for the effect, if
any, of this matter.
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