CONSENT OF INDEPENDENT AUDITORS



We consent to the incorporation by reference in the Proxy Statement and
Prospectus and the Statement of Additional Information, constituting parts of
this Registration Statement to be filed on or about August 1, 2003 in Form N-14
("N-14 Registration Statement") of Morgan Stanley Dividend Growth Securities
Inc., of our report dated April 9, 2003 relating to the February 28, 2003
financial statements of Morgan Stanley Dividend Growth Securities Inc. and our
report dated July 9, 2003 relating to the May 31, 2003 financial statements of
Morgan Stanley Equity Fund. We also consent to the references to us under the
headings "Financial Statements and Experts" in the Proxy Statement and
Prospectus which is part of the N-14 Registration Statement and to the
references to us under the headings "Financial Highlights," "Custodian and
Independent Auditors" and "Experts" in each Fund's Prospectus and Statement of
Additional Information dated April 29, 2003 for Morgan Stanley Dividend Growth
Securities Inc. and July 30, 2003 for Morgan Stanley Equity Fund, all of which
are incorporated by reference in the N-14 Registration Statement.




Deloitte & Touche LLP
New York, New York
August 1, 2003