Document:

MORGAN STANLEY SELECT EQUITY TRUST
                     SELECT S&P INDUSTRIAL PORTFOLIO 2001-4
                            REFERENCE TRUST AGREEMENT

        This Reference Trust Agreement dated    , 2001 between MORGAN STANLEY DW
INC., as Depositor, and The Chase Manhattan Bank, as Trustee, sets forth certain
provisions in full and incorporates other provisions by reference to the
document entitled "Sears Equity Investment Trust, Trust Indenture and Agreement"
dated January 22, 1991, as amended on March 16, 1993, July 18, 1995 and December
30, 1997 (the "Basic Agreement"). Such provisions as are incorporated by
reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

        In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

        Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended in the following
manner:

     A.   Article I, Section 1.01,  paragraph (29) defining  "Trustee"  shall be
          amended as follows:

     "'Trustee'  shall mean The Chase Manhattan  Bank, or any
          successor  trustee appointed as hereinafter provided."

     B.   Reference to United  States Trust  Company of New York in its capacity
          as Trustee is  replaced by The Chase  Manhattan  Bank  throughout  the
          Basic Agreement.

     C.   Reference  to "Morgan  Stanley  Dean Witter  Select  Equity  Trust" is
          replaced by "Morgan Stanley Select Equity Trust".

     D.   Section 3.01 is amended to substitute the following:

               Section 3.01.  Initial Cost The costs of organizing the Trust and
          sale  of the  Trust  Units  shall,  to  the  extent  of  the  expenses
          reimbursable  to the Depositor  provided  below,  be borne by the Unit
          Holders, provided,  however, that, to the extent all of such costs are
          not borne by Unit Holders,  the amount of such costs not borne by Unit
          Holders  shall  be  borne  by the  Depositor  and,  provided  further,
          however,  that the liability on the part of the  Depositor  under this
          section  shall not  include  any fees or other  expenses  incurred  in
          connection  with the  administration  of the Trust  subsequent  to the
          deposit  referred  to in  Section  2.01.  Upon  notification  from the
          Depositor that the primary  offering period is concluded,  the Trustee
          shall  withdraw  from  the  Account  or  Accounts   specified  in  the
          Prospectus or, if no Account is therein specified,  from the Principal
          Account,  and  pay  to  the  Depositor  the  Depositor's  reimbursable
          expenses  of  organizing  the Trust and sale of the Trust  Units in an
          amount  certified to the Trustee by the  Depositor.  If the balance of
          the Principal  Account is  insufficient to make such  withdrawal,  the
          Trustee  shall,   as  directed  by  the  Depositor,   sell  Securities
          identified by the Depositor, or distribute to the Depositor Securities
          having a value,  as  determined  under  Section 4.01 as of the date of
          distribution,  sufficient for such  reimbursement.  The  reimbursement
          provided  for  in  this  section  shall  be  for  the  account  of the
          Unitholders of record at the conclusion of the primary offering period
          and shall not be reflected in the  computation of the Unit Value prior
          thereto.  As used herein,  the  Depositor's  reimbursable  expenses of
          organizing  the Trust and sale of the Trust  Units  shall  include the
          cost of the initial  preparation and  typesetting of the  registration
          statement,  prospectuses  (including  preliminary  prospectuses),  the
          indenture,  and other documents  relating to the Trust,  SEC and state
          blue sky registration  fees, the cost of the initial  valuation of the
          portfolio and audit of the Trust, the initial fees and expenses of the
          Trustee,  and legal and other out-of-pocket  expenses related thereto,
          but not including the expenses incurred in the printing of preliminary
          prospectuses and  prospectuses,  expenses  incurred in the preparation
          and  printing of brochures  and other  advertising  materials  and any
          other selling expenses. Any cash which the Depositor has identified as
          to be used for  reimbursement  of expenses  pursuant  to this  Section
          shall be reserved  by the  Trustee  for such  purpose and shall not be
          subject to distribution  or, unless the Depositor  otherwise  directs,
          used for  payment  of  redemptions  in excess of the  per-Unit  amount
          allocable to Units tendered for redemption.

     E.   Reference  to "Dean  Witter  Reynolds  Inc." is  replaced  by  "Morgan
          Stanley DW Inc."

     F.   Section  2.03 is amended to add the  following to the end of the first
          paragraph  thereof.  The  number of Units may be  increased  through a
          split of the Units or decreased  through a reverse split  thereof,  as
          directed  by the  Depositor,  which  revised  number of Units shall be
          recorded by Trustee on its books.

                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

                    The following special terms and conditions are hereby
               agreed to:

                    A. The Trust is  denominated  Morgan  Stanley  Select Equity
               Trust Select S&P Industrial Portfolio 2001-4 (the "S&P Industrial
               Trust").

                    B. The publicly  traded  stocks  listed in Schedule A hereto
               are those  which,  subject to the terms of this  Indenture,  have
               been or are to be deposited in trust under this Indenture.

                    C. The term, "Depositor" shall mean Morgan Stanley DW Inc.

                    D. The  aggregate  number of Units  referred  to in Sections
               2.03 and 9.01 of the Basic Agreement is for the Strategic  Growth
               Trust.

                    E. A Unit is hereby  declared  initially  equal to 1/     th
               for the S&P Industrial Trust.

                    F. The term "In-Kind Distribution Date" shall mean         ,
               2002.

                    G. The term "Record  Dates" shall mean      1, 2002,       ,
               2002 and         , 2002 and such other date as the Depositor may
               direct.

                    H. The term "Distribution Dates" shall mean          , 2002,
                        , 2002,           , 2002 and such other date as the
               Depositor may direct.

                    I. The term "Termination Date" shall mean            , 2002.

                    J. The Depositor's Annual Portfolio Supervision Fee shall be
               a maximum of $       per 100 Units.

                    K. The  Trustee's  annual fee as defined in Section  6.04 of
               the Indenture  shall be $    per 100 Units if the greatest number
               of Units outstanding  during the period is 10,000,000 or more;
               $    per 100 Units if the greatest number of Units outstanding
               during the period is between 5,000,000 and 9,999,999; and $   per
               100 Units if the  greatest  number of Units  outstanding   during
               the period is 4,999,999 or less.

                    L. For a Unit Holder to receive an  "in--kind"  distribution
               during the life of the Trust,  such Unit  Holder  must  tender at
               least 25,000 Units for redemption.  There is no minimum amount of
               Units  that a Unit  Holder  must  tender in order to  receive  an
               "in-kind"  distribution on the In-Kind Date or in connection with
               a rollover.

                    M.  Paragraph  (b)(ii) of Section 9.03 is amended to provide
               that the period  during  which the Trustee  shall  liquidate  the
               Trust  Securities shall not exceed 14 business days commencing on
               the first business day following the In-Kind Date.

                  (Signatures and acknowledgments on separate pages)<PAGE>

                                   Exhibit 4.2

<PAGE>

                       MORGAN STANLEY SELECT EQUITY TRUST
                    SELECT TURNAROUND FOCUS LIST SERIES 2001
                            REFERENCE TRUST AGREEMENT

     This Reference Trust Agreement dated , 2001 between MORGAN STANLEY DW INC.,
as  Depositor,  and  The  Bank of New  York,  as  Trustee,  sets  forth  certain
provisions  in full  and  incorporates  other  provisions  by  reference  to the
document  entitled  "Dean  Witter  Select  Equity  Trust,  Trust  Indenture  and
Agreement" (the "Basic  Agreement") dated September 30, 1993. Such provisions as
are incorporated by reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

     In  consideration  of the  premises  and of the  mutual  agreements  herein
contained, the Depositor and the Trustee agree as follows:

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof,  all the provisions  contained
in the Basic  Agreement are herein  incorporated  by reference in their entirety
and  shall be deemed  to be a part of this  instrument  as fully and to the same
extent as though said  provisions had been set forth in full in this  instrument
except that the Basic Agreement is hereby amended as follows:

     A. The first  sentence  of Section  2.01 is  amended  to add the  following
language  at the end of such  sentence:  "and/or  cash (or a letter of credit in
lieu of cash) with  instructions  to the Trustee to purchase one or more of such
Securities  which  cash (or cash in an  amount  equal to the face  amount of the
letter of  credit),  to the extent  not used by the  Trustee  to  purchase  such
Securities within the 90-day period following the first deposit of Securities in
the Trust,  shall be distributed to Unit Holders on the  Distribution  Date next
following  such 90-day  period or such  earlier  date as the  Depositor  and the
Trustee determine".

     B. The first  sentence  of Section  2.06 is  amended  to add the  following
language after  "Securities"))":  "and/or cash (or a letter of credit in lieu of
cash) with  instructions  to the  Trustee  to  purchase  one or more  Additional

<PAGE>

Securities  which  cash (or cash in an  amount  equal to the face  amount of the
letter of  credit),  to the extent  not used by the  Trustee  to  purchase  such
Additional  Securities  within the 90-day period  following the first deposit of
Securities  in  the  Trust,   shall  be  distributed  to  Unit  Holders  on  the
Distribution  Date next following such 90-day period or such earlier date as the
Depositor and the Trustee determine".

     C. Article III, entitled  "Administration of Trust",  Section 3.01  Initial
Cost shall be amended as follows:

          Section 3.01 Initial Cost shall be amended to substitute the following
     language:

               Section 3.01.  Initial Cost The costs of organizing the Trust and
          sale  of the  Trust  Units  shall,  to  the  extent  of  the  expenses
          reimbursable  to the Depositor  provided  below,  be borne by the Unit
          Holders, provided,  however, that, to the extent all of such costs are
          not borne by Unit Holders,  the amount of such costs not borne by Unit
          Holders  shall  be  borne  by the  Depositor  and,  provided  further,
          however,  that the liability on the part of the  Depositor  under this
          section  shall not  include  any fees or other  expenses  incurred  in
          connection  with the  administration  of the Trust  subsequent  to the
          deposit  referred  to in  Section  2.01.  Upon  notification  from the
          Depositor that the primary  offering period is concluded,  the Trustee
          shall  withdraw  from  the  Account  or  Accounts   specified  in  the
          Prospectus or, if no Account is therein specified,  from the Principal
          Account,  and  pay  to  the  Depositor  the  Depositor's  reimbursable
          expenses  of  organizing  the Trust and sale of the Trust  Units in an
          amount  certified to the Trustee by the  Depositor.  If the balance of
          the Principal  Account is  insufficient to make such  withdrawal,  the
          Trustee  shall,   as  directed  by  the  Depositor,   sell  Securities
          identified by the Depositor, or distribute to the Depositor Securities
          having a value,  as  determined  under  Section 4.01 as of the date of
          distribution,  sufficient for such  reimbursement.  The  reimbursement
          provided  for  in  this  section  shall  be  for  the  account  of the
          Unitholders of record at the conclusion of the primary offering period

<PAGE>

          and shall not be reflected in the  computation of the Unit Value prior
          thereto.  As used herein,  the  Depositor's  reimbursable  expenses of
          organizing  the Trust and sale of the Trust  Units  shall  include the
          cost of the initial  preparation and  typesetting of the  registration
          statement,  prospectuses  (including  preliminary  prospectuses),  the
          indenture,  and other documents  relating to the Trust,  SEC and state
          blue sky registration  fees, the cost of the initial  valuation of the
          portfolio and audit of the Trust, the initial fees and expenses of the
          Trustee,  and legal and other out-of-pocket  expenses related thereto,
          but not including the expenses incurred in the printing of preliminary
          prospectuses and  prospectuses,  expenses  incurred in the preparation
          and  printing of brochures  and other  advertising  materials  and any
          other selling expenses. Any cash which the Depositor has identified as
          to be used for  reimbursement  of expenses  pursuant  to this  Section
          shall be reserved  by the  Trustee  for such  purpose and shall not be
          subject to distribution  or, unless the Depositor  otherwise  directs,
          used for  payment  of  redemptions  in excess of the  per-Unit  amount
          allocable to Units tendered for redemption.

               D. The third  paragraph of Section 3.05 is hereby  amended to add
          the following  sentence after the first sentence  thereof:  "Depositor
          may  direct  the  Trustee  to  invest  the  proceeds  of any  sale  of
          Securities  not required for the redemption of Units in eligible money
          market  instruments  selected by the Depositor which will include only
          negotiable  certificates of deposit or time deposits of domestic banks
          which are members of the Federal  Deposit  Insurance  Corporation  and
          which have, together with their branches or subsidiaries, more than $2
          billion in total assets,  except that  certificates of deposit or time
          deposits of smaller  domestic  banks may be held  provided the deposit
          does not  exceed  the  insurance  coverage  on the  instrument  (which
          currently  is  $100,000),   and  provided  further  that  the  Trust's
          aggregate  holding of  certificates of deposit or time deposits issued
          by  the  Trustee  may  not  exceed  the  insurance  coverage  of  such
          obligations  and U.S.  Treasury  notes or bills  (which  shall be held
          until the maturity thereof) each of which matures prior to the earlier
          of the next following Distribution Date or 90 days after

<PAGE>

               receipt,  the  principal  thereof  and  interest  thereon (to the
          extent  such  interest  is not  used  to  pay  Trust  expenses)  to be
          distributed  on the earlier of the 90th day after  receipt or the next
          following Distribution Date."

               E. The first sentence of each of Sections 3.10,  3.11 and 3.12 is
          amended to insert the  following  language  at the  beginning  of such
          sentence, "Except as otherwise provided in Section 3.13,".

               F. The following new Section 3.13 is added:

               Section  3.13.  Extraordinary  Event  -  Security  Retention  and
          Voting. In the event the Trustee is notified of any action to be taken
          or proposed to be taken by holders of the securities held by the Trust
          in  connection  with any proposed  merger,  reorganization,  spin-off,
          split-off or split-up by the issuer of stock or securities held in the
          Trust,  the Trustee  shall take such action or refrain from taking any
          action, as appropriate,  so as to insure that the securities are voted
          as  closely as  possible  in the same  manner and in the same  general
          proportion as are the securities  held by owners other than the Trust.
          If stock or  securities  are received by the Trustee,  with or without
          cash, as a result of any merger,  reorganization,  spin-off, split-off
          or  split-up by the issuer of stock or  securities  held in the Trust,
          the Trustee at the direction of the Depositor may retain such stock or
          securities  in the Trust.  Neither the Depositor nor the Trustee shall
          be liable to any person for any action or failure to take  action with
          respect to this section.

               G. Section 1.01 is amended to add the following  definition:  (9)
          "Deferred  Sales Charge" shall mean any deferred  sales charge payable
          in accordance with the provisions of Section 3.12 hereof, as set forth
          in the prospectus for a Trust.  Definitions  following this definition
          (9) shall be renumbered.

               H. Section 3.05 is hereby amended to add the following  paragraph
          after the end thereof:  On each Deferred Sales Charge payment date set
          forth in the prospectus for a Trust, the Trustee shall pay the account
          created  pursuant  to Section  3.12 the amount of the  Deferred  Sales
          Charge  payable  on each such date as stated in the  prospectus  for a
          Trust.  Such amount shall be withdrawn from the Principal Account from
          the amounts therein designated for such purpose.

<PAGE>

               I.  Section  3.06B(3)  shall be amended by adding the  following:
          "and any Deferred Sales Charge paid".

               J. Section  3.08 shall be amended by adding the  following at the
          end thereof:  "In order to pay the Deferred Sales Charge,  the Trustee
          shall sell or liquidate an amount of  Securities at such time and from
          time to time and in such  manner as the  Depositor  shall  direct such
          that the proceeds of such sale or  liquidation  shall equal the amount
          required to be paid to the  Depositor  pursuant to the Deferred  Sales
          Charge program as set forth in the prospectus for a Trust.

               K. Section 3.12 shall be added as follows:

               Section 3.12.  Deferred  Sales Charge.  If the  prospectus  for a
          Trust  specifies a Deferred Sales Charge,  the Trustee  shall,  on the
          dates specified in and as permitted by the  prospectus,  withdraw from
          the Income  Account if such account is designated in the prospectus as
          the source of the payments of the  Deferred  Sales  Charge,  or to the
          extent  funds are not  available in that account or if such account is
          not so  designated,  from the  Principal  Account,  an amount per Unit
          specified  in the  prospectus  and  credit  such  amount to a special,
          non-Trust account  maintained at the Trustee out of which the Deferred
          Sales  Charge  will be  distributed  to the  Depositor.  If the Income
          Account is not  designated as the source of the Deferred  Sales Charge
          payment or if the  balances in the Income and  Principal  Accounts are
          insufficient  to make any  such  withdrawal,  the  Trustee  shall,  as
          directed by the Depositor,  either  advance funds,  if so agreed to by
          the  Trustee,  in an amount equal to the  proposed  withdrawal  and be
          entitled  to  reimbursement  of  such  advance  upon  the  deposit  of
          additional monies in the Income Account or the Principal Account, sell
          Securities and credit the proceeds thereof to such special Depositor's
          account  or  credit  Securities  in kind to such  special  Depositor's
          Account. Such directions shall identify the Securities,  if any, to be
          sold or  distributed  in kind and shall  contain,  if the  Trustee  is
          directed  by the  Depositor  to sell a  Security,  instructions  as to
          execution of such sales.  If a Unit Holder redeems Units prior to full
          payment  of the  Deferred  Sales  Charge,  the  Trustee  shall,  if so
          provided in the prospectus,  on the Redemption Date, withhold from the
          Redemption  Price  payment to such Unit Holder an amount  equal to the
          unpaid portion of the Deferred Sales Charge and distribute such amount
          to  such  special  Depositor's  account  or,  if the  Depositor  shall

<PAGE>

          purchase such Unit  pursuant to the terms of Section 5.02 hereof,  the
          Depositor shall pay the Redemption Price for such Unit less the unpaid
          portion of the Deferred  Sales  Charge.  The Depositor may at any time
          instruct the Trustee to distribute to the Depositor cash or Securities
          previously credited to the special Depositor's account.

               L.  Reference to "Dean Witter Select Equity Trust" is replaced by
          "Morgan Stanley Select Equity Trust".

                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

               The following special terms and conditions are hereby agreed to:

               A. The Trust is  denominated  Morgan  Stanley Select Equity Trust
          Select  Turnaround  Focus  List  Series  2001 (the  "Focus  Turnaround
          Trust").

               B. The  publicly  traded  stocks  listed in Schedule A hereto are
          those which, subject to the terms of this Indenture,  have been or are
          to be deposited in trust under this Indenture.

               C. The term, "Depositor" shall mean Morgan Stanley DW Inc.

               D. The aggregate number of Units referred to in Sections 2.03 and
          9.01 of the Basic Agreement is        for the Focus Turnaround Trust.

               E. A Unit is hereby  declared  initially  equal to 1/      th for
          the Focus Turnaround Trust.

               F. The term "In-Kind  Distribution  Date" shall mean            ,
              .

               G.  The  term  "Record  Dates"  shall  mean             ,       ,
                        ,     ,            ,      and            ,      and such
          other date as the Depositor may direct.

               H. The term  "Distribution  Dates shall mean              ,     ,
                    ,    ,           ,     and           ,     and
          such other date as the Depositor may direct.

<PAGE>

               I. The term "Termination Date" shall mean        ,    .

               J. The Depositor's  Annual  Portfolio  Supervision Fee shall be a
          maximum of $0.25 per 100 Units.

               K. The  Trustee's  Annual Fee as  defined in Section  6.04 of the
          Indenture shall be $     per 100 Units.

               L. For a Unit Holder to receive "in-kind" distribution during the
          life of the Trust other than in connection with a rollover,  such Unit
          Holder  must  tender  at least  25,000  Units for  redemption.  On the
          In-Kind  Date there is no minimum  amount of Units that a Unit  Holder
          must tender in order to receive an "in-kind" distribution.

               M. The  Indenture  is amended to provide  that the period  during
          which the  Trustee  shall  liquidate  the Trust  Securities  shall not
          exceed 14 business days commencing on the first business day following
          the In-Kind Date.

               (Signatures and acknowledgments on separate pages)

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