Schedule 14A Information required in proxy statement. Schedule 14A Information Proxy Statement Pursuant to Section 14(a) of the Securities and Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Preliminary Additional Materials [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6 (e) (2) ) [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material Pursuant to Section 240.149-11 (c) or Section 240.14 Morgan Stanley Strategist Fund ------------------------------------------------ (Name of Registrant as Specified in its Charter) - -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(j) (4) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: Set forth the amount on which the filing fee is calculated and state how it was determined. 4) Proposed maximum aggregate value of transaction: 5) Fee previously paid: [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a) (2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed:
MORGAN STANLEY INVESTMENT MANAGEMENT [Morgan Stanley logo] Headline: MORGAN STANLEY INVESTMENT MANAGEMENT ANNOUNCES THE PROPOSED MERGER OF THE TOTAL RETURN TRUST INTO THE STRATEGIST FUND On February 6, 2006, the Board of Trustees of the Morgan Stanley Total Return Trust approved a plan to merge the fund into the Morgan Stanley Strategist Fund. The proposed merger is subject to the approval of the Morgan Stanley Total Return Trust's shareholders at a special meeting, which is scheduled to occur on or about July 17, 2006. If shareholder approval is obtained, Morgan Stanley Total Return Trust will close to all new purchases prior to consummation of the merger. A SUPPLEMENT ANNOUNCING THE PROPOSED MERGER WAS MAILED TO MORGAN STANLEY TOTAL RETURN TRUST SHAREHOLDERS IN FEBRUARY. A PROXY STATEMENT OUTLINING THE PROPOSED MERGER WAS MAILED TO SHAREHOLDERS IN MAY. WE ENCOURAGE SHAREHOLDERS TO CONTACT THEIR FINANCIAL ADVISORS WITH ANY QUESTIONS. FOR ADDITIONAL INFORMATION, OR TO VIEW A PROSPECTUS, VISIT MORGANSTANLEY.COM. - ------------------------- ------------------------------------ ---------------------------------------------- TOTAL RETURN TRUST PROPOSED REORGANIZATION INTO THE STRATEGIST FUND - ------------------------- ------------------------------------ ---------------------------------------------- Investment objective High total return from capital Capital appreciation and current income growth and income. - ------------------------- ------------------------------------ ---------------------------------------------- Portfolio Invests primarily in common stocks Invests in equity securities (including (including depositary receipts) depositary receipts), fixed-income and convertible securities of securities and money market instruments. domestic and foreign companies. - ------------------------- ------------------------------------ ---------------------------------------------- Benchmark S&P 500 Index S&P 500 Index - ------------------------- ------------------------------------ ---------------------------------------------- Management Team* Domestic Asset Allocation team, Domestic Asset Allocation and Taxable Fixed including Mark A. Bavoso and Income teams. Members of the Domestic Asset Robert J. Rossetti Allocation team include Mark A. Bavoso. The Taxable Fixed Income Team includes W. David Armstrong, David S. Horowitz, and Stefania A. Perrucci - ------------------------- ------------------------------------ ---------------------------------------------- Symbols/CUSIPs Class A TRFAX/61746p105 SRTAX/616955100 Class B TRFBX/61746p204 SRTBX/616955209 Class C TRFCX/61746p303 SRTCX/616955308 Class D TRFDX/61746p402 SRTDX/616955407 - ------------------------- ------------------------------------ ---------------------------------------------- *Team members may change without notice from time to time. PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF A FUND CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND. TO OBTAIN A PROSPECTUS, CONTACT YOUR FINANCIAL ADVISOR OR DOWNLOAD ONE AT MORGANSTANLEY.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. - ----------------------------- ------------------------------------------- ----------------------------------- NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE - ------------------------------------------------------------------------- ----------------------------------- NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT - ------------------------------------------------------------------------- ----------------------------------- Investments and services are offered through Morgan Stanley DW Inc., member SIPC. Morgan Stanley Distributors Inc. (C) 2006 Morgan Stanley RA06-00089P-N02/06