<PAGE>
PROSPECTUS - SEPTEMBER 29, 2000
Morgan Stanley Dean Witter
STRATEGIST FUND
[COVER PHOTO]
A MUTUAL FUND THAT SEEKS TO MAXIMIZE
THE TOTAL RETURN ON ITS INVESTMENTS
The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this PROSPECTUS. Any representation to
the contrary is a criminal offense.
<PAGE>
CONTENTS
<TABLE>
<S> <C> <C>
The Fund Investment Objective........................................ 1
Principal Investment Strategies............................. 1
Principal Risks............................................. 2
Past Performance............................................ 4
Fees and Expenses........................................... 5
Additional Investment Strategy Information.................. 6
Additional Risk Information................................. 6
Fund Management............................................. 7
Shareholder Information Pricing Fund Shares......................................... 8
How to Buy Shares........................................... 8
How to Exchange Shares...................................... 9
How to Sell Shares.......................................... 11
Distributions............................................... 13
Tax Consequences............................................ 13
Share Class Arrangements.................................... 14
Financial Highlights ............................................................ 21
Our Family of Funds ............................................................ Inside Back Cover
THIS PROSPECTUS CONTAINS IMPORTANT INFORMATION ABOUT THE FUND. PLEASE READ IT
CAREFULLY AND KEEP IT FOR FUTURE REFERENCE.
</TABLE>
<PAGE>
[Sidebar]
TOTAL RETURN
An investment objective having the goal of selecting securities with the
potential to rise in price and pay out income.
[End Sidebar]
THE FUND
[ICON] INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------
Morgan Stanley Dean Witter Strategist Fund seeks to maximize
the total return on its investments.
[ICON] PRINCIPAL INVESTMENT STRATEGIES
--------------------------------------------------------------------------------
The Fund's "Investment Manager," Morgan Stanley Dean Witter
Advisors Inc., actively allocates the Fund's assets among the
major asset categories of equity securities (including
depository receipts), fixed-income securities and money
market instruments. In determining which securities to buy,
hold or sell for the Fund, the Investment Manager allocates
the Fund's assets based on, among other things, its
assessment of the effects of economic and market trends on
different sectors of the market. There is no limit as to the
percentage of assets that may be allocated to any one asset
class.
Within the equity sector, the Investment Manager actively
allocates funds to those economic sectors it expects to
benefit from major trends and to individual stocks which it
considers to have superior investment potential.
Within the fixed-income sector of the market, the Investment
Manager seeks to maximize the return on its investments by
adjusting maturities and coupon rates as well as by
exploiting yield differentials among different types of
investment grade bonds.
Within the money market sector of the market, the Investment
Manager seeks to maximize returns by exploiting spreads among
short-term instruments.
Securities in which the Fund may invest include common
stocks, preferred stocks, convertible securities, investment
grade debt securities, U.S. government securities, real
estate investment trusts (commonly known as "REITs") and
money market instruments. REITs pool investors' funds for
investments primarily in commercial real estate properties.
The Fund is not limited as to the maturities of the U.S.
government securities and other debt securities in which it
may invest.
The Fund may invest in futures to facilitate the reallocation
of its assets. For example, the Investment Manager may
believe that the Fund should increase its fixed-income
investments by ten percent and decrease its equity
investments by the same amount. The Investment Manager may
consequently purchase interest rate futures, such as Treasury
bond futures, and sell stock index futures, such as S&P 500
Stock Index futures, in equal amounts - rather than purchase
and sell fixed-income and equity securities.
In addition, the Fund may invest up to 20% of its total
assets in securities issued by foreign governments and
foreign private issuers but not more than 10% of its total
assets in securities denominated in a foreign currency.
1
<PAGE>
Common stock is a share ownership or equity interest in a
corporation. It may or may not pay dividends, as some
companies reinvest all of their profits back into their
businesses, while others pay out some of their profits to
shareholders as dividends. A depository receipt is generally
issued by a bank or financial institution and represents an
ownership interest in the common stock or other equity
securities of a foreign company.
Fixed-income securities in which the Fund may invest are debt
securities such as U.S. Government and investment grade
corporate bonds and notes. The issuer of the debt security
borrows money from the investor who buys the security. Most
debt securities pay either fixed or adjustable rates of
interest at regular intervals until they mature, at which
point investors get their principal back. The Fund's
fixed-income investments may include zero coupon securities,
which are purchased at a discount and either (i) pay no
interest, or (ii) accrue interest, but make no payments until
maturity.
In pursuing the Fund's investment objective, the Investment
Manager has considerable leeway in deciding which investments
it buys, holds or sells on a day-to-day basis -- and which
trading strategies it uses. For example, the Investment
Manager in its discretion may determine to use some permitted
trading strategies while not using others.
[ICON] PRINCIPAL RISKS
--------------------------------------------------------------------------------
There is no assurance that the Fund will achieve its
investment objective. The Fund's share price will fluctuate
with changes in the market value of the Fund's portfolio
securities. When you sell Fund shares, they may be worth less
than what you paid for them and, accordingly, you can lose
money investing in this Fund.
COMMON STOCKS AND OTHER EQUITY SECURITIES. A principal risk
of investing in the Fund is associated with its common stock
and other equity investments. In general, stock and other
equity security values fluctuate in response to activities
specific to the company as well as general market, economic
and political conditions. These prices can fluctuate widely
in response to these factors.
FIXED-INCOME SECURITIES. Principal risks of investing in the
Fund are associated with its fixed-income investments. All
fixed-income securities, such as corporate bonds, are subject
to two types of risk: credit risk and interest rate risk.
Credit risk refers to the possibility that the issuer of a
security will be unable to make interest payments and/or
repay the principal on its debt. While the Fund invests in
investment grade bonds, certain of these securities may have
speculative characteristics.
Interest rate risk refers to fluctuations in the value of a
fixed-income security resulting from changes in the general
level of interest rates. When the general level of interest
rates goes up, the prices of most fixed-income securities go
down. When the general level of interest rates goes down, the
prices of most fixed-income securities go up. (Zero coupon
securities are typically subject to greater price
fluctuations than comparable securities that pay current
interest.) As merely illustrative of the relationship between
fixed-income securities and interest rates, the following
table shows how interest rates affect bond prices.
2
<PAGE>
<TABLE>
<CAPTION>
PRICE PER $1,000 OF A BOND IF INTEREST RATES:
----------------------------------------------
HOW INTEREST RATES AFFECT BOND PRICES INCREASE DECREASE
------------------------------------------ ---------------------- ----------------------
BOND MATURITY COUPON 1% 2% 1% 2%
<S> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------
1 Year N/A $1,000 $1,000 $1,000 $1,000
------------------------------------------------------------------------------------------
5 Years 5.875% $951 $920 $1,018 $1,054
------------------------------------------------------------------------------------------
10 Years 6.00% $910 $853 $1,038 $1,110
------------------------------------------------------------------------------------------
30 Years 6.125% $841 $748 $1,093 $1,264
------------------------------------------------------------------------------------------
</TABLE>
Coupons reflect yields on Treasury securities as of December 31, 1999. The table
is an illustration and does not represent expected yields or share price changes
of any Morgan Stanley Dean Witter mutual fund.
The Fund is not limited as to the maturities of the fixed-income securities in
which it may invest. Thus, a rise in the general level of interest rates may
cause the price of the Fund's portfolio securities to fall substantially.
CONVERTIBLE SECURITIES. The Fund's investments in convertible securities subject
the Fund to the risks associated with both fixed-income securities and common
stocks. To the extent that a convertible security's investment value is greater
than its conversion value, its price will be likely to increase when interest
rates fall and decrease when interest rates rise, as with a fixed-income
security. If the conversion value exceeds the investment value, the price of the
convertible security will tend to fluctuate directly with the price of the
underlying equity security.
REITS. Like mutual funds, REITs have expenses, including advisory and
administration fees that are paid by its shareholders. As a result, you will
absorb duplicate levels of fees when the Fund invests in REITs. The performance
of any REIT holdings ultimately depends on the types of real property in which
the REITs invest and how well the property is managed. A general downturn in
real estate values also can hurt REIT performance.
FUTURES. If the Fund invest in futures, its participation in these markets would
subject the Fund's portfolio to certain risks. The Investment Manager's
predictions of movements in the direction of the stock and/or fixed-income
markets may be inaccurate, and the adverse consequences to the Fund (E.G., a
reduction in the Fund's net asset value or a reduction in the amount of income
available for distribution) may leave the Fund in a worse position than if these
strategies were not used. Other risks inherent in the use of futures include,
for example, the possible imperfect correlation between the price of futures
contracts and movements in the prices of securities, and the possible absence of
a liquid secondary market for any particular instrument.
OTHER RISKS. The performance of the Fund also will depend on whether the
Investment Manager is successful in pursuing the Fund's investment strategy. The
Fund is also subject to other risks from its permissible investments including
the risks associated with foreign securities. For more information about these
risks, see the "Additional Risk Information" section.
3
<PAGE>
[Sidebar]
ANNUAL TOTAL RETURNS
This chart shows how the performance of the Fund's Class B shares has varied
from year to year over the past 10 calendar years.
AVERAGE ANNUAL
TOTAL RETURNS
This table compares the Fund's average annual total returns with those of broad
measures of market performance over time. The Fund's returns include the maximum
applicable sales charge for each Class and assume you sold your shares at the
end of each period.
[End Sidebar]
Shares of the Fund are not bank deposits and are not
guaranteed or insured by the FDIC or any other government
agency.
[ICON] PAST PERFORMANCE
--------------------------------------------------------------------------------
The bar chart and table below provide some indication of
the risks of investing in the Fund. The Fund's past
performance does not indicate how the Fund will perform in
the future.
ANNUAL TOTAL RETURNS - CALENDAR YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
1990 2.58%
'91 32.20%
'92 7.43%
'93 7.96%
'94 -1.93%
'95 24.32%
'96 15.29%
'97 15.78%
'98 15.37%
'99 21.97%
</TABLE>
The bar chart reflects the performance of Class B shares; the performance of the
other Classes will differ because the Classes have different ongoing fees. The
performance information in the bar chart does not reflect the deduction of sales
charges; if these amounts were reflected, returns would be less than shown.
Year-to-date total return as of June 30, 2000 was 0.41%.
During the periods shown in the bar chart, the highest return for a calendar
quarter was 15.40% (quarter ended March 31, 1991) and the lowest return for a
calendar quarter was -13.84% (quarter ended September 30, 1990).
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS (AS OF DECEMBER 31, 1999)
----------------------------------------------------------------------------------
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Class A(1) 16.39% -- --
----------------------------------------------------------------------------------
Class B 16.97% 18.28% 13.67%
----------------------------------------------------------------------------------
Class C(1) 20.87% -- --
----------------------------------------------------------------------------------
Class D(1) 23.08% -- --
----------------------------------------------------------------------------------
S&P 500 Index(2) 21.04% 28.54% 18.20%
----------------------------------------------------------------------------------
Lehman Brothers Government/ Credit
Index(3) -2.15% 7.61% 7.66%
----------------------------------------------------------------------------------
</TABLE>
1 Classes A, C and D commenced operations on July 28, 1997.
2 The Standard & Poor's 500 Index (S&P 500) is a broad-based index, the
performance of which is based on the performance of 500 widely held common
stocks chosen for market size, liquidity and industry group
representation. The Index does not include any expenses, fees or charges.
The Index is unmanaged and should not be considered an investment.
3 The Lehman Brothers Government/Credit Index (formerly Lehman Brothers
Government/Corporate Index) tracks the performance of government and
corporate obligations, including U.S. government agency and Treasury
securities and corporate and yankee bonds. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
4
<PAGE>
[Sidebar]
SHAREHOLDER FEES
These fees are paid directly from your investment.
ANNUAL FUND OPERATING EXPENSES
These expenses are deducted from the Fund's assets and are based on expenses
paid for the fiscal year ended July 31, 2000.
[End Sidebar]
[ICON] FEES AND EXPENSES
--------------------------------------------------------------------------------
The table below briefly describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.
The Fund offers four Classes of shares: Classes A, B, C and
D. Each Class has a different combination of fees, expenses
and other features. The Fund does not charge account or
exchange fees. See the "Share Class Arrangements" section
for further fee and expense information.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS D
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------
SHAREHOLDER FEES
---------------------------------------------------------------------------------------------------------
Maximum sales charge (load) imposed on purchases (as a
percentage of offering price) 5.25%(1) None None None
---------------------------------------------------------------------------------------------------------
Maximum deferred sales charge (load) (as a percentage based
on the lesser of the offering
price or net asset value at redemption) None(2) 5.00%(3) 1.00%(4) None
---------------------------------------------------------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES
---------------------------------------------------------------------------------------------------------
Management fee 0.52% 0.52% 0.52% 0.52%
---------------------------------------------------------------------------------------------------------
Distribution and service (12b-1) fees 0.25% 0.90% 1.00% None
---------------------------------------------------------------------------------------------------------
Other expenses 0.11% 0.11% 0.11% 0.11%
---------------------------------------------------------------------------------------------------------
Total annual Fund operating expenses 0.88% 1.53% 1.63% 0.63%
---------------------------------------------------------------------------------------------------------
</TABLE>
1 Reduced for purchases of $25,000 and over.
2 Investments that are not subject to any sales charge at the time of
purchase are subject to a contingent deferred sales charge ("CDSC") of
1.00% that will be imposed if you sell your shares within one year after
purchase, except for certain specific circumstances.
3 The CDSC is scaled down to 1.00% during the sixth year, reaching zero
thereafter. See "Share Class Arrangements" for a complete discussion of
the CDSC.
4 Only applicable if you sell your shares within one year after purchase.
EXAMPLE
This example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.
This example shows what expenses you could pay over time. The example assumes
that you invest $10,000 in the Fund, your investment has a 5% return each year,
and the Fund's operating expenses remain the same. Although your actual costs
may be higher or lower, the tables below show your costs at the end of each
period based on these assumptions depending upon whether or not you sell your
shares at the end of each period.
<TABLE>
<CAPTION>
IF YOU SOLD YOUR SHARES: IF YOU HELD YOUR SHARES:
---------------------------------- ----------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------- ----------------------------------
CLASS A $610 $791 $ 987 $1,552 $610 $791 $987 $1,552
-------------------------------------------------------------------- ----------------------------------
CLASS B $656 $783 $1,034 $1,824 $156 $483 $834 $1,824
-------------------------------------------------------------------- ----------------------------------
CLASS C $266 $514 $ 887 $1,933 $166 $514 $887 $1,933
-------------------------------------------------------------------- ----------------------------------
CLASS D $ 64 $202 $ 351 $ 786 $ 64 $202 $351 $ 786
-------------------------------------------------------------------- ----------------------------------
</TABLE>
Long-term shareholders of Class B and Class C may pay more in sales charges,
including distribution fees, than the economic equivalent of the maximum
front-end sales charges permitted by the NASD.
5
<PAGE>
[ICON] ADDITIONAL INVESTMENT STRATEGY INFORMATION
--------------------------------------------------------------------------------
This section provides additional information relating to
the Fund's principal investment strategies.
DEFENSIVE INVESTING. The Fund may take temporary
"defensive" positions in attempting to respond to adverse
market conditions. The Fund may invest any amount of its
assets in cash or money market instruments in a defensive
posture when the Investment Manager believes it is
advisable to do so. Although taking a defensive posture is
designed to protect the Fund from an anticipated market
downturn, it could have the effect of reducing the benefit
from any upswing in the market. When the Fund takes a
defensive position, it may not achieve its investment
objective.
PORTFOLIO TURNOVER. The Fund may engage in active and
frequent trading of its portfolio securities. The Financial
Highlights Table at the end of this PROSPECTUS shows the
Fund's portfolio turnover rates during recent fiscal years.
A portfolio turnover rate of 200%, for example, is
equivalent to the Fund buying and selling all of its
securities two times during the course of the year. A high
portfolio turnover rate (over 100%) could result in high
brokerage costs and an increase in taxable capital gains
distributions to the Fund's shareholders. See the sections
on "Distributions" and "Tax Consequences."
The percentage limitations relating to the composition of
the Fund's portfolio apply at the time the Fund acquires an
investment and refer to the Fund's net assets, unless
otherwise noted. Subsequent percentage changes that result
from market fluctuations will not require the Fund to sell
any portfolio security. The Fund may change its principal
investment strategies without shareholder approval;
however, you would be notified of any changes.
[ICON] ADDITIONAL RISK INFORMATION
--------------------------------------------------------------------------------
This section provides additional information relating to
the principal risks of investing in the Fund.
FOREIGN SECURITIES. The Fund's investments in foreign
securities involve risks that are in addition to the risks
associated with domestic securities. One additional risk is
currency risk. While the price of Fund shares is quoted in
U.S. dollars, the Fund generally converts U.S. dollars to a
foreign market's local currency to purchase a security in
that market. If the value of that local currency falls
relative to the U.S. dollar, the U.S. dollar value of the
foreign security will decrease. This is true even if the
foreign security's local price remains unchanged.
Foreign securities (including depository receipts) also
have risks related to economic and political developments
abroad, including expropriations, confiscatory taxation,
exchange control regulation, limitations on the use or
transfer of Fund assets and any effects of foreign social,
economic or political instability. In particular, adverse
political or economic developments in a geographic region
or a particular country in which the Fund invests could
cause a substantial decline in value of the portfolio.
Foreign companies, in general, are not subject to the
regulatory requirements of U.S. companies and, as such,
there may be less publicly available information about
these companies. Moreover, foreign accounting, auditing and
financial reporting standards generally are
6
<PAGE>
[Sidebar]
MORGAN STANLEY DEAN WITTER ADVISORS INC.
The Investment Manager is widely recognized as a leader in the mutual fund
industry and together with Morgan Stanley Dean Witter Services Company Inc., its
wholly-owned subsidiary, had approximately $155 billion in assets under
management as of August 31, 2000.
[End Sidebar]
different from those applicable to U.S. companies. Finally,
in the event of a default of any foreign debt obligations,
it may be more difficult for the Fund to obtain or enforce
a judgment against the issuers of the securities.
Securities of foreign issuers may be less liquid than
comparable securities of U.S. issuers and, as such, their
price changes may be more volatile. Furthermore, foreign
exchanges and broker-dealers are generally subject to less
government and exchange scrutiny and regulation than their
U.S. counterparts. In addition, differences in clearance
and settlement procedures in foreign markets may occasion
delays in settlements of the Fund's trades effected in
those markets.
[ICON] FUND MANAGEMENT
--------------------------------------------------------------------------------
The Fund has retained the Investment Manager -- Morgan
Stanley Dean Witter Advisors Inc. -- to provide
administrative services, manage its business affairs and
invest its assets, including the placing of orders for the
purchase and sale of portfolio securities. The Investment
Manager is a wholly-owned subsidiary of Morgan Stanley Dean
Witter & Co., a preeminent global financial services firm
that maintains leading market positions in each of its
three primary businesses: securities, asset management and
credit services. Its main business office is located at Two
World Trade Center, New York, New York 10048.
The Fund's portfolio is managed within the Investment
Manager's Growth Group. Mark Bavoso, a Senior Vice
President of the Investment Manager, has been the primary
portfolio manager of the Fund since January 1994, and has
been a portfolio manager with the Investment Manager for
over five years.
The Fund pays the Investment Manager a monthly management
fee as full compensation for the services and facilities
furnished to the Fund, and for Fund expenses assumed by the
Investment Manager. The fee is based on the Fund's average
daily net assets. For the fiscal year ended July 31, 2000,
the Fund accrued total compensation to the Investment
Manager amounting to 0.52% of the Fund's average daily net
assets.
7
<PAGE>
[Sidebar]
CONTACTING A FINANCIAL ADVISOR
If you are new to the Morgan Stanley Dean Witter Family of Funds and would like
to contact a Financial Advisor, call (877) 937-MSDW (toll-free) for the
telephone number of the Morgan Stanley Dean Witter office nearest you. You may
also access our office locator on our Internet site at:
www.msdwadvice.com/funds
[End Sidebar]
SHAREHOLDER INFORMATION
[ICON] PRICING FUND SHARES
--------------------------------------------------------------------------------
The price of Fund shares (excluding sales charges), called
"net asset value," is based on the value of the Fund's
portfolio securities. While the assets of each Class are
invested in a single portfolio of securities, the net asset
value of each Class will differ because the Classes have
different ongoing distribution fees.
The net asset value per share of the Fund is determined once
daily at 4:00 p.m. Eastern time on each day that the New York
Stock Exchange is open (or, on days when the New York Stock
Exchange closes prior to 4:00 p.m., at such earlier time).
Shares will not be priced on days that the New York Stock
Exchange is closed.
The value of the Fund's portfolio securities is based on the
securities' market price when available. When a market price
is not readily available, including circumstances under which
the Investment Manager determines that a security's market
price is not accurate, a portfolio security is valued at its
fair value, as determined under procedures established by the
Fund's Board of Trustees. In these cases, the Fund's net
asset value will reflect certain portfolio securities' fair
value rather than their market price. With respect to
securities that are primarily listed on foreign exchanges,
the value of the Fund's portfolio securities may change on
days when you will not be able to purchase or sell your
shares.
An exception to the Fund's general policy of using market
prices concerns its short-term debt portfolio securities.
Debt securities with remaining maturities of sixty days or
less at the time of purchase are valued at amortized cost.
However, if the cost does not reflect the securities' market
value, these securities will be valued at their fair value.
[ICON] HOW TO BUY SHARES
--------------------------------------------------------------------------------
You may open a new account to buy Fund shares or buy
additional Fund shares for an existing account by contacting
your Morgan Stanley Dean Witter Financial Advisor or other
authorized financial representative. Your Financial Advisor
will assist you, step-by-step, with the procedures to invest
in the Fund. You may also purchase shares directly by calling
the Fund's transfer agent and requesting an application.
Because every investor has different immediate financial
needs and long-term investment goals, the Fund offers
investors four Classes of shares: Classes A, B, C and D.
Class D shares are only offered to a limited group of
investors. Each Class of shares offers a distinct structure
of sales charges, distribution and service fees, and other
features that are designed to address a variety of needs.
Your Financial Advisor or other authorized financial
representative can help you decide which Class may be most
appropriate for you. When purchasing Fund shares, you must
specify which Class of shares you wish to purchase.
When you buy Fund shares, the shares are purchased at the
next share price calculated (less any applicable front-end
sales charge for Class A shares) after we receive your
purchase order. Your payment is due on the third business day
after you place your purchase order. We reserve the right to
reject any order for the purchase of Fund shares.
8
<PAGE>
[Sidebar]
EASYINVEST-SM-
A purchase plan that allows you to transfer money automatically from your
checking or savings account or from a Money Market Fund on a semi-monthly,
monthly or quarterly basis. Contact your Morgan Stanley Dean Witter Financial
Advisor for further information about this service.
[End Sidebar]
<TABLE>
<CAPTION>
MINIMUM INVESTMENT AMOUNTS
-----------------------------------------------------------------------------------
MINIMUM INVESTMENT
-------------------
INVESTMENT OPTIONS INITIAL ADDITIONAL
<S> <C> <C> <C>
-----------------------------------------------------------------------------------
Regular Accounts $1,000 $100
-----------------------------------------------------------------------------------
Individual Retirement
Accounts: Regular IRAs $1,000 $100
Education IRAs $500 $100
-----------------------------------------------------------------------------------
EasyInvest-SM-
(Automatically from your
checking or savings account
or Money Market Fund) $100* $100*
-----------------------------------------------------------------------------------
</TABLE>
* Provided your schedule of investments totals $1,000 in twelve months.
There is no minimum investment amount if you purchase Fund
shares through: (1) the Investment Manager's mutual fund
asset allocation plan, (2) a program, approved by the Fund's
distributor, in which you pay an asset-based fee for
advisory, administrative and/ or brokerage services, (3) the
following programs approved by the Fund's distributor:
(i) qualified state tuition plans described in Section 529 of
the Internal Revenue Code and (ii) certain other investment
programs that do not charge an asset-based fee, or
(4) employer-sponsored employee benefit plan accounts.
INVESTMENT OPTIONS FOR CERTAIN INSTITUTIONAL AND OTHER
INVESTORS/CLASS D SHARES. To be eligible to purchase Class D
shares, you must qualify under one of the investor categories
specified in the "Share Class Arrangements" section of this
Prospectus.
SUBSEQUENT INVESTMENTS SENT DIRECTLY TO THE FUND. In addition
to buying additional Fund shares for an existing account by
contacting your Morgan Stanley Dean Witter Financial Advisor,
you may send a check directly to the Fund. To buy additional
shares in this manner:
- Write a "letter of instruction" to the Fund specifying the
name(s) on the account, the account number, the social
security or tax identification number, the Class of shares
you wish to purchase and the investment amount (which would
include any applicable front-end sales charge). The letter
must be signed by the account owner(s).
- Make out a check for the total amount payable to: Morgan
Stanley Dean Witter Strategist Fund.
- Mail the letter and check to Morgan Stanley Dean Witter
Trust FSB at P.O. Box 1040, Jersey City, NJ 07303.
[ICON] HOW TO EXCHANGE SHARES
--------------------------------------------------------------------------------
PERMISSIBLE FUND EXCHANGES. You may exchange shares of any
Class of the Fund for the same Class of any other
continuously offered Multi-Class Fund, or for shares of a
No-Load Fund, a Money Market Fund, North American Government
Income Trust or Short-Term U.S. Treasury Trust, without the
imposition of an exchange fee. In addition, Class A shares of
the Fund may be exchanged for shares of an FSC Fund (funds
subject to a front-end sales charge). See the inside back
cover of this PROSPECTUS for each Morgan Stanley Dean Witter
Fund's designation as a Multi-Class Fund, No-Load Fund, Money
Market Fund or FSC Fund. If a Morgan Stanley Dean Witter Fund
is not listed, consult the inside back cover of that Fund's
prospectus for its designation.
9
<PAGE>
Exchanges may be made after shares of the Fund acquired by
purchase have been held for thirty days. There is no
waiting period for exchanges of shares acquired by exchange
or dividend reinvestment. The current prospectus for each
fund describes its investment objective(s), policies and
investment minimums, and should be read before investment.
Since exchanges are available only into continuously
offered Morgan Stanley Dean Witter Funds, exchanges are not
available into any new Morgan Stanley Dean Witter Fund
during its initial offering period, or when shares of a
particular Morgan Stanley Dean Witter Fund are not being
offered for purchase.
EXCHANGE PROCEDURES. You can process an exchange by
contacting your Morgan Stanley Dean Witter Financial
Advisor or other authorized financial representative.
Otherwise, you must forward an exchange privilege
authorization form to the Fund's transfer agent -- Morgan
Stanley Dean Witter Trust FSB -- and then write the
transfer agent or call (800) 869-NEWS to place an exchange
order. You can obtain an exchange privilege authorization
form by contacting your Financial Advisor or other
authorized financial representative or by calling
(800) 869-NEWS. If you hold share certificates, no
exchanges may be processed until we have received all
applicable share certificates.
An exchange to any Morgan Stanley Dean Witter Fund (except
a Money Market Fund) is made on the basis of the next
calculated net asset values of the funds involved after the
exchange instructions are accepted. When exchanging into a
Money Market Fund, the Fund's shares are sold at their next
calculated net asset value and the Money Market Fund's
shares are purchased at their net asset value on the
following business day.
The Fund may terminate or revise the exchange privilege
upon required notice. The check writing privilege is not
available for Money Market Fund shares you acquire in an
exchange.
TELEPHONE EXCHANGES. For your protection when calling
Morgan Stanley Dean Witter Trust FSB, we will employ
reasonable procedures to confirm that exchange instructions
communicated over the telephone are genuine. These
procedures may include requiring various forms of personal
identification such as name, mailing address, social
security or other tax identification number. Telephone
instructions also may be recorded.
Telephone instructions will be accepted if received by the
Fund's transfer agent between 9:00 a.m. and 4:00 p.m.
Eastern time on any day the New York Stock Exchange is open
for business. During periods of drastic economic or market
changes, it is possible that the telephone exchange
procedures may be difficult to implement, although this has
not been the case with the Fund in the past.
MARGIN ACCOUNTS. If you have pledged your Fund shares in a
margin account, contact your Morgan Stanley Dean Witter
Financial Advisor or other authorized financial
representative regarding restrictions on the exchange of
such shares.
TAX CONSIDERATIONS OF EXCHANGES. If you exchange shares of
the Fund for shares of another Morgan Stanley Dean Witter
Fund there are important tax considerations. For tax
purposes, the exchange out of the Fund is considered a sale
of Fund shares -- and the exchange into the other fund is
considered a purchase. As a result, you may realize a
capital gain or loss.
10
<PAGE>
You should review the "Tax Consequences" section and
consult your own tax professional about the tax
consequences of an exchange.
LIMITATIONS ON EXCHANGES. Certain patterns of past
exchanges and/or purchase or sale transactions involving
the Fund or other Morgan Stanley Dean Witter Funds may
result in the Fund limiting or prohibiting, at its
discretion, additional purchases and/or exchanges.
Determinations in this regard may be made based on the
frequency or dollar amount of the previous exchanges or
purchase or sale transactions. You will be notified in
advance of limitations on your exchange privileges.
CDSC CALCULATIONS ON EXCHANGES. See the "Share
Class Arrangements" section of this PROSPECTUS for a
discussion of how applicable contingent deferred sales
charges (CDSCs) are calculated for shares of one Morgan
Stanley Dean Witter Fund that are exchanged for shares of
another.
FOR FURTHER INFORMATION REGARDING EXCHANGE PRIVILEGES, YOU
SHOULD CONTACT YOUR MORGAN STANLEY DEAN WITTER FINANCIAL
ADVISOR OR CALL (800) 869-NEWS.
[ICON] HOW TO SELL SHARES
--------------------------------------------------------------------------------
You can sell some or all of your Fund shares at any time.
If you sell Class A, Class B or Class C shares, your net
sale proceeds are reduced by the amount of any applicable
CDSC. Your shares will be sold at the next share price
calculated after we receive your order to sell as described
below.
<TABLE>
<CAPTION>
OPTIONS PROCEDURES
<S> <C>
------------------------------------------------------------------------------------------
Contact your To sell your shares, simply call your Morgan Stanley Dean Witter
Financial Advisor Financial Advisor or other authorized financial representative.
----------------------------------------------------------------------
[ICON] Payment will be sent to the address to which the account is registered
or deposited in your brokerage account.
------------------------------------------------------------------------------------------
By Letter You can also sell your shares by writing a "letter of instruction"
that includes:
[ICON] - your account number;
- the dollar amount or the number of shares you wish to sell;
- the Class of shares you wish to sell; and
- the signature of each owner as it appears on the account.
----------------------------------------------------------------------
If you are requesting payment to anyone other than the registered
owner(s) or that payment be sent to any address other than the address
of the registered owner(s) or pre-designated bank account, you will
need a signature guarantee. You can obtain a signature guarantee from
an eligible guarantor acceptable to Morgan Stanley Dean Witter Trust
FSB. (You should contact Morgan Stanley Dean Witter Trust FSB at (800)
869-NEWS for a determination as to whether a particular institution is
an eligible guarantor.) A notary public CANNOT provide a signature
guarantee. Additional documentation may be required for shares held by
a corporation, partnership, trustee or executor.
----------------------------------------------------------------------
Mail the letter to Morgan Stanley Dean Witter Trust FSB at
P.O. Box 983, Jersey City, NJ 07303. If you hold share certificates,
you must return the certificates, along with the letter and any
required additional documentation.
----------------------------------------------------------------------
A check will be mailed to the name(s) and address in which the account
is registered, or otherwise according to your instructions.
------------------------------------------------------------------------------------------
Systematic If your investment in all of the Morgan Stanley Dean Witter Family of
Withdrawal Plan Funds has a total market value of at least $10,000, you may elect to
[ICON] withdraw amounts of $25 or more, or in any whole percentage of a
fund's balance (provided the amount is at least $25), on a monthly,
quarterly, semi-annual or annual basis, from any fund with a balance
of at least $1,000. Each time you add a fund to the plan, you must
meet the plan requirements.
----------------------------------------------------------------------
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
OPTIONS PROCEDURES
------------------------------------------------------------------------------------------
<S> <C>
Systematic Amounts withdrawn are subject to any applicable CDSC. A CDSC may be
Withdrawal Plan, waived under certain circumstances. See the Class B waiver categories
continued listed in the "Share Class Arrangements" section of this PROSPECTUS.
----------------------------------------------------------------------
To sign up for the Systematic Withdrawal Plan, contact your Morgan
Stanley Dean Witter Financial Advisor or call (800) 869-NEWS. You may
terminate or suspend your plan at any time. Please remember that
withdrawals from the plan are sales of shares, not Fund
"distributions," and ultimately may exhaust your account balance. The
Fund may terminate or revise the plan at any time.
------------------------------------------------------------------------------------------
</TABLE>
PAYMENT FOR SOLD SHARES. After we receive your complete
instructions to sell, as described above, a check will be
mailed to you within seven days, although we will attempt
to make payment within one business day. Payment may also
be sent to your brokerage account.
Payment may be postponed or the right to sell your shares
suspended under unusual circumstances. If you request to
sell shares that were recently purchased by check, your
sale will not be effected until it has been verified that
the check has been honored.
TAX CONSIDERATIONS. Normally, your sale of Fund shares is
subject to federal and state income tax. You should review
the "Tax Consequences" section of this PROSPECTUS and
consult your own tax professional about the tax
consequences of a sale.
REINSTATEMENT PRIVILEGE. If you sell Fund shares and have
not previously exercised the reinstatement privilege, you
may, within 35 days after the date of sale, invest any
portion of the proceeds in the same Class of Fund shares at
their net asset value and receive a pro rata credit for any
CDSC paid in connection with the sale.
INVOLUNTARY SALES. The Fund reserves the right, on sixty
days' notice, to sell the shares of any shareholder (other
than shares held in an IRA or 403(b) Custodial Account)
whose shares, due to sales by the shareholder, have a value
below $100, or in the case of an account opened through
EASYINVEST -SM-, if after 12 months the shareholder has
invested less than $1,000 in the account.
However, before the Fund sells your shares in this manner,
we will notify you and allow you sixty days to make an
additional investment in an amount that will increase the
value of your account to at least the required amount
before the sale is processed. No CDSC will be imposed on
any involuntary sale.
MARGIN ACCOUNTS. If you have pledged your Fund shares in a
margin account, contact your Morgan Stanley Dean Witter
Financial Advisor or other authorized financial
representative regarding restrictions on the sale of such
shares.
12
<PAGE>
[Sidebar]
TARGETED DIVIDENDS-SM-
You may select to have your Fund distributions automatically invested in other
Classes of Fund shares or Classes of another Morgan Stanley Dean Witter Fund
that you own. Contact your Morgan Stanley Dean Witter Financial Advisor for
further information about this service.
[End Sidebar]
[ICON] DISTRIBUTIONS
--------------------------------------------------------------------------------
The Fund passes substantially all of its earnings from
income and capital gains along to its investors as
"distributions." The Fund earns income from stocks and
interest from fixed-income investments. These amounts are
passed along to Fund shareholders as "income dividend
distributions." The Fund realizes capital gains whenever it
sells securities for a higher price than it paid for them.
These amounts may be passed along as "capital gain
distributions."
The Fund declares income dividends separately for each
Class. Distributions paid on Class A and Class D shares
will usually be higher than for Class B and Class C because
distribution fees that Class B and Class C pay are higher.
Normally, income dividends are distributed to shareholders
quarterly. Capital gains, if any, are usually distributed
in December. The Fund, however, may retain and reinvest any
long-term capital gains. The Fund may at times make
payments from sources other than income or capital gains
that represent a return of a portion of your investment.
Distributions are reinvested automatically in additional
shares of the same Class and automatically credited to your
account, unless you request in writing that all
distributions be paid in cash. If you elect the cash
option, the Fund will mail a check to you no later than
seven business days after the distribution is declared.
However, if you purchase Fund shares through a Financial
Advisor within three business days prior to the record date
for the distribution, the distribution will automatically
be paid to you in cash, even if you did not request to
receive all distributions in cash. No interest will accrue
on uncashed checks. If you wish to change how your
distributions are paid, your request should be received by
the Fund's transfer agent, Morgan Stanley Dean Witter Trust
FSB, at least five business days prior to the record date
of the distributions.
[ICON] TAX CONSEQUENCES
--------------------------------------------------------------------------------
As with any investment, you should consider how your Fund
investment will be taxed. The tax information in this
PROSPECTUS is provided as general information. You should
consult your own tax professional about the tax
consequences of an investment in the Fund.
Unless your investment in the Fund is through a
tax-deferred retirement account, such as a 401(k) plan or
IRA, you need to be aware of the possible tax consequences
when:
- The Fund makes distributions; and
- You sell Fund shares, including an exchange to another
Morgan Stanley Dean Witter Fund.
TAXES ON DISTRIBUTIONS. Your distributions are normally
subject to federal and state income tax when they are paid,
whether you take them in cash or reinvest them in Fund
shares. A distribution also may be subject to local income
tax. Any income dividend distributions and any short-term
capital gain distributions are taxable to you as ordinary
income. Any long-term capital gain distributions are
taxable as long-term capital gains, no matter how long you
have owned shares in the Fund.
Every January, you will be sent a statement (IRS
Form 1099-DIV) showing the taxable distributions paid to
you in the previous year. The statement provides
information on your dividends and capital gains for tax
purposes.
13
<PAGE>
TAXES ON SALES. Your sale of Fund shares normally is
subject to federal and state income tax and may result in a
taxable gain or loss to you. A sale also may be subject to
local income tax. Your exchange of Fund shares for shares
of another Morgan Stanley Dean Witter Fund is treated for
tax purposes like a sale of your original shares and a
purchase of your new shares. Thus, the exchange may, like a
sale, result in a taxable gain or loss to you and will give
you a new tax basis for your new shares.
When you open your Fund account, you should provide your
social security or tax identification number on your
investment application. By providing this information, you
will avoid being subject to a federal backup withholding
tax of 31% on taxable distributions and redemption
proceeds. Any withheld amount would be sent to the IRS as
an advance tax payment.
[ICON] SHARE CLASS ARRANGEMENTS
--------------------------------------------------------------------------------
The Fund offers several Classes of shares having different
distribution arrangements designed to provide you with
different purchase options according to your investment
needs. Your Morgan Stanley Dean Witter Financial Advisor or
other authorized financial representative can help you
decide which Class may be appropriate for you.
The general public is offered three Classes: Class A
shares, Class B shares and Class C shares, which differ
principally in terms of sales charges and ongoing expenses.
A fourth Class, Class D shares, is offered only to a
limited category of investors. Shares that you acquire
through reinvested distributions will not be subject to any
front-end sales charge or CDSC -- contingent deferred sales
charge. Sales personnel may receive different compensation
for selling each Class of shares. The sales charges
applicable to each Class provide for the distribution
financing of shares of that Class.
The chart below compares the sales charge and annual 12b-1
fee applicable to each Class:
<TABLE>
<CAPTION>
CLASS SALES CHARGE MAXIMUM ANNUAL 12B-1 FEE
<S> <C> <C>
------------------------------------------------------------------------------------------------
A Maximum 5.25% initial sales charge reduced for purchase of
$25,000 or more; shares sold without an initial sales charge
are generally subject to a 1.0% CDSC during the first year 0.25%
------------------------------------------------------------------------------------------------
B Maximum 5.0% CDSC during the first year decreasing to 0%
after six years 1.00%
------------------------------------------------------------------------------------------------
C 1.0% CDSC during the first year 1.00%
------------------------------------------------------------------------------------------------
D None None
------------------------------------------------------------------------------------------------
</TABLE>
CLASS A SHARES Class A shares are sold at net asset value
plus an initial sales charge of up to 5.25%. The initial
sales charge is reduced for purchases of $25,000 or more
according to the schedule below. Investments of $1 million
or more are not subject to an initial sales charge, but are
generally subject to a contingent deferred sales charge, or
CDSC, of 1.0% on sales made within one year after the last
day of the month of purchase. The CDSC will be assessed in
the same manner and with the same CDSC waivers as with
Class B shares. Class A shares are also subject to a
distribution (12b-1) fee of up to 0.25% of the average
daily net assets of the Class.
14
<PAGE>
[Sidebar]
FRONT-END SALES
CHARGE OR FSC
An initial sales charge you pay when purchasing Class A shares that is based on
a percentage of the offering price. The percentage declines based upon the
dollar value of Class A shares you purchase. We offer three ways to reduce your
Class A sales charges - the Combined Purchase Privilege, Right of Accumulation
and Letter of Intent.
[End Sidebar]
The offering price of Class A shares includes a sales
charge (expressed as a percentage of the offering price) on
a single transaction as shown in the following table:
<TABLE>
<CAPTION>
FRONT-END SALES CHARGE
------------------------------------------------
AMOUNT OF SINGLE PERCENTAGE OF APPROXIMATE PERCENTAGE OF
TRANSACTION PUBLIC OFFERING PRICE NET AMOUNT INVESTED
<S> <C> <C>
-------------------------------------------------------------------------------------
Less than $25,000 5.25% 5.54%
-------------------------------------------------------------------------------------
$25,000 but less than $50,000 4.75% 4.99%
-------------------------------------------------------------------------------------
$50,000 but less than $100,000 4.00% 4.17%
-------------------------------------------------------------------------------------
$100,000 but less than $250,000 3.00% 3.09%
-------------------------------------------------------------------------------------
$250,000 but less than $1 million 2.00% 2.04%
-------------------------------------------------------------------------------------
$1 million and over 0 0
-------------------------------------------------------------------------------------
</TABLE>
The reduced sales charge schedule is applicable to
purchases of Class A shares in a single transaction by:
- A single account (including an individual, trust or
fiduciary account).
- Family member accounts (limited to husband, wife and
children under the age of 21).
- Pension, profit sharing or other employee benefit plans
of companies and their affiliates.
- Tax-exempt organizations.
- Groups organized for a purpose other than to buy mutual
fund shares.
COMBINED PURCHASE PRIVILEGE. You also will have the benefit
of reduced sales charges by combining purchases of Class A
shares of the Fund in a single transaction with purchases
of Class A shares of other Multi-Class Funds and shares of
FSC Funds.
RIGHT OF ACCUMULATION. You also may benefit from a
reduction of sales charges if the cumulative net asset
value of Class A shares of the Fund purchased in a single
transaction, together with shares of other Funds you
currently own which were previously purchased at a price
including a front-end sales charge (including shares
acquired through reinvestment of distributions), amounts to
$25,000 or more. Also, if you have a cumulative net asset
value of all your Class A and Class D shares equal to at
least $5 million (or $25 million for certain employee
benefit plans), you are eligible to purchase Class D shares
of any fund subject to the Fund's minimum initial
investment requirement.
You must notify your Morgan Stanley Dean Witter Financial
Advisor or other authorized financial representative (or
Morgan Stanley Dean Witter Trust FSB if you purchase
directly through the Fund), at the time a purchase order is
placed, that the purchase qualifies for the reduced sales
charge under the Right of Accumulation. Similar
notification must be made in writing when an order is
placed by mail. The reduced sales charge will not be
granted if: (i) notification is not furnished at the time
of the order; or (ii) a review of the records of Dean
Witter Reynolds or other authorized dealer of Fund shares
or the Fund's transfer agent does not confirm your
represented holdings.
15
<PAGE>
LETTER OF INTENT. The schedule of reduced sales charges for
larger purchases also will be available to you if you enter
into a written "letter of intent." A letter of intent
provides for the purchase of Class A shares of the Fund or
other Multi-Class Funds or shares of FSC Funds within a
thirteen-month period. The initial purchase under a letter
of intent must be at least 5% of the stated investment
goal. To determine the applicable sales charge reduction,
you may also include: (1) the cost of shares of other
Morgan Stanley Dean Witter Funds which were previously
purchased at a price including a front-end sales charge
during the 90-day period prior to the distributor receiving
the letter of intent, and (2) the cost of shares of other
funds you currently own acquired in exchange for shares of
funds purchased during that period at a price including a
front-end sales charge. You can obtain a letter of intent
by contacting your Morgan Stanley Dean Witter Financial
Advisor or other authorized financial representative or by
calling (800) 869-NEWS. If you do not achieve the stated
investment goal within the thirteen-month period, you are
required to pay the difference between the sales charges
otherwise applicable and sales charges actually paid, which
may be deducted from your investment.
OTHER SALES CHARGE WAIVERS. In addition to investments of
$1 million or more, your purchase of Class A shares is not
subject to a front-end sales charge (or CDSC upon sale) if
your account qualifies under one of the following
categories:
- A trust for which Morgan Stanley Dean Witter Trust FSB
provides discretionary trustee services.
- Persons participating in a fee-based investment program
(subject to all of its terms and conditions, including
termination fees, mandatory sale or transfer restrictions
on termination) approved by the Fund's distributor
pursuant to which they pay an asset-based fee for
investment advisory, administrative and/or brokerage
services.
- Qualified state tuition plans described in Section 529 of
the Internal Revenue Code (subject to all applicable
terms and conditions) and certain other investment
programs that do not charge an asset-based fee and have
been approved by the Fund's distributor.
- Employer-sponsored employee benefit plans, whether or not
qualified under the Internal Revenue Code, for which
Morgan Stanley Dean Witter Trust FSB serves as trustee or
Morgan Stanley Dean Witter's Retirement Plan Services
serves as recordkeeper under a written Recordkeeping
Services Agreement ("MSDW Eligible Plans") which have at
least 200 eligible employees.
- An MSDW Eligible Plan whose Class B shares have converted
to Class A shares, regardless of the plan's asset size or
number of eligible employees.
- A client of a Morgan Stanley Dean Witter Financial
Advisor who joined us from another investment firm within
six months prior to the date of purchase of Fund shares,
and you used the proceeds from the sale of shares of a
proprietary mutual fund of that Financial Advisor's
previous firm that imposed either a front-end or deferred
sales charge to purchase Class A shares, provided that:
(1) you sold the shares not more than 60 days prior to
the purchase of Fund shares, and (2) the sale proceeds
were maintained in the interim in cash or a money market
fund.
16
<PAGE>
[Sidebar]
CONTINGENT DEFERRED SALES CHARGE OR CDSC
A fee you pay when you sell shares of certain Morgan Stanley Dean Witter Funds
purchased without an initial sales charge. This fee declines the longer you hold
your shares as set forth in the table.
[End Sidebar]
- Current or retired Directors/Trustees of the Morgan
Stanley Dean Witter Funds, such persons' spouses and
children under the age of 21, and trust accounts for
which any of such persons is a beneficiary.
- Current or retired directors, officers and employees of
Morgan Stanley Dean Witter & Co. and any of its
subsidiaries, such persons' spouses and children under
the age of 21, and trust accounts for which any of such
persons is a beneficiary.
CLASS B SHARES Class B shares are offered at net asset
value with no initial sales charge but are subject to a
contingent deferred sales charge, or CDSC, as set forth in
the table below. For the purpose of calculating the CDSC,
shares are deemed to have been purchased on the last day of
the month during which they were purchased.
<TABLE>
<CAPTION>
YEAR SINCE PURCHASE
PAYMENT MADE CDSC AS A PERCENTAGE OF AMOUNT REDEEMED
<S> <C>
-------------------------------------------------------------------------------
First 5.0%
-------------------------------------------------------------------------------
Second 4.0%
-------------------------------------------------------------------------------
Third 3.0%
-------------------------------------------------------------------------------
Fourth 2.0%
-------------------------------------------------------------------------------
Fifth 2.0%
-------------------------------------------------------------------------------
Sixth 1.0%
-------------------------------------------------------------------------------
Seventh and thereafter None
-------------------------------------------------------------------------------
</TABLE>
Each time you place an order to sell or exchange shares,
shares with no CDSC will be sold or exchanged first, then
shares with the lowest CDSC will be sold or exchanged next.
For any shares subject to a CDSC, the CDSC will be assessed
on an amount equal to the lesser of the current market
value or the cost of the shares being sold.
CDSC WAIVERS. A CDSC, if otherwise applicable, will be
waived in the case of:
- Sales of shares held at the time you die or become
disabled (within the definition in Section 72(m)(7) of
the Internal Revenue Code which relates to the ability to
engage in gainful employment), if the shares are:
(i) registered either in your name (not a trust) or in
the names of you and your spouse as joint tenants with
right of survivorship; or (ii) held in a qualified
corporate or self-employed retirement plan, IRA or
403(b) Custodial Account, provided in either case that
the sale is requested within one year of your death or
initial determination of disability.
- Sales in connection with the following retirement plan
"distributions:" (i) lump-sum or other distributions from
a qualified corporate or self-employed retirement plan
following retirement (or, in the case of a "key employee"
of a "top heavy" plan, following attainment of age
59 1/2); (ii) distributions from an IRA or 403(b)
Custodial Account following attainment of age 59 1/2; or
(iii) a tax-free return of an excess IRA contribution (a
"distribution" does not include a direct transfer of IRA,
403(b) Custodial Account or retirement plan assets to a
successor custodian or trustee).
- Sales of shares held for you as a participant in an MSDW
Eligible Plan.
- Sales of shares in connection with the Systematic
Withdrawal Plan of up to 12% annually of the value of
each fund from which plan sales are made. The percentage
is determined on the date you establish the Systematic
Withdrawal Plan and based on the next calculated share
price. You may have this CDSC waiver applied in amounts
up to
17
<PAGE>
1% per month, 3% per quarter, 6% semi-annually or 12%
annually. Shares with no CDSC will be sold first,
followed by those with the lowest CDSC. As such, the
waiver benefit will be reduced by the amount of your
shares that are not subject to a CDSC. If you suspend
your participation in the plan, you may later resume plan
payments without requiring a new determination of the
account value for the 12% CDSC waiver.
- Sales of shares if you simultaneously invest the proceeds
in the Investment Manager's mutual fund asset allocation
program, pursuant to which investors pay an asset-based
fee. Any shares you acquire in connection with the
Investment Manager's mutual fund asset allocation program
are subject to all of the terms and conditions of that
program, including termination fees, mandatory sale or
transfer restrictions on termination.
All waivers will be granted only following the Fund's
distributor receiving confirmation of your entitlement. If
you believe you are eligible for a CDSC waiver, please
contact your Financial Advisor or call (800) 869-NEWS.
DISTRIBUTION FEE. Class B shares are subject to an annual
12b-1 fee of (i) 1.0% of the lesser of: (a) the average
daily aggregate gross purchases by all shareholders of the
Fund's Class B shares since the implementation of the plan
on November 8, 1989 (not including reinvestments of
dividends or capital gains distributions), less the average
daily aggregate net asset value of the Fund's Class B
shares sold by all shareholders since the plan's
implementation upon which a CDSC has been imposed or waived
or (b) the average daily net assets of Class B attributable
to shares purchased by all shareholders, net of related
shares sold by all shareholders, since the implementation
of the plan, plus (ii) 0.25% of the average daily net
assets of Class B attributable to shares purchased by all
shareholders, net of related shares sold by all
shareholders, prior to implementation of the plan.
CONVERSION FEATURE. After ten (10) years, Class B shares
will convert automatically to Class A shares of the Fund
with no initial sales charge. The ten year period runs from
the last day of the month in which the shares were
purchased, or in the case of Class B shares acquired
through an exchange, from the last day of the month in
which the original Class B shares were purchased; the
shares will convert to Class A shares based on their
relative net asset values in the month following the ten
year period. At the same time, an equal proportion of
Class B shares acquired through automatically reinvested
distributions will convert to Class A shares on the same
basis. (Class B shares held before May 1, 1997, however,
will convert to Class A shares in May 2007.)
In the case of Class B shares held in a MSDW Eligible Plan,
the plan is treated as a single investor and all Class B
shares will convert to Class A shares on the conversion
date of the Class B shares of a Morgan Stanley Dean Witter
Fund purchased by that plan.
Currently, the Class B share conversion is not a taxable
event; the conversion feature may be cancelled if it is
deemed a taxable event in the future by the Internal
Revenue Service.
If you exchange your Class B shares for shares of a Money
Market Fund, a No-Load Fund, North American Government
Income Trust or Short-Term U.S. Treasury Trust, the holding
period for conversion is frozen as of the last day of the
month of the exchange and resumes on the last day of the
month you exchange back into Class B shares.
18
<PAGE>
EXCHANGING SHARES SUBJECT TO A CDSC. There are special
considerations when you exchange Fund shares that are
subject to a CDSC. When determining the length of time you
held the shares and the corresponding CDSC rate, any period
(starting at the end of the month) during which you held
shares of a fund that does NOT charge a CDSC WILL NOT BE
COUNTED. Thus, in effect the "holding period" for purposes
of calculating the CDSC is frozen upon exchanging into a
fund that does not charge a CDSC.
For example, if you held Class B shares of the Fund for one
year, exchanged to Class B of another Morgan Stanley Dean
Witter Multi-Class Fund for another year, then sold your
shares, a CDSC rate of 4% would be imposed on the shares
based on a two year holding period -- one year for each
fund. However, if you had exchanged the shares of the Fund
for a Money Market Fund (which does not charge a CDSC)
instead of the Multi-Class Fund, then sold your shares, a
CDSC rate of 5% would be imposed on the shares based on a
one year holding period. The one year in the Money Market
Fund would not be counted. Nevertheless, if shares subject
to a CDSC are exchanged for a fund that does not charge a
CDSC, you will receive a credit when you sell the shares
equal to the distribution (12b-1) fees, if any, you paid on
those shares while in that fund up to the amount of any
applicable CDSC.
In addition, shares that are exchanged into or from a
Morgan Stanley Dean Witter Fund subject to a higher CDSC
rate will be subject to the higher rate, even if the shares
are re-exchanged into a fund with a lower CDSC rate.
CLASS C SHARES Class C shares are sold at net asset value
with no initial sales charge but are subject to a CDSC of
1.0% on sales made within one year after the last day of
the month of purchase. The CDSC will be assessed in the
same manner and with the same CDSC waivers as with Class B
shares.
DISTRIBUTION FEE. Class C shares are subject to an annual
distribution (12b-1) fee of up to 1.0% of the average daily
net assets of that Class. The Class C shares' distribution
fee may cause that Class to have higher expenses and pay
lower dividends than Class A or Class D shares. Unlike
Class B shares, Class C shares have no conversion feature
and, accordingly, an investor that purchases Class C shares
may be subject to distribution (12b-1) fees applicable to
Class C shares for an indefinite period.
CLASS D SHARES Class D shares are offered without any
sales charge on purchases or sales and without any
distribution (12b-1) fee. Class D shares are offered only
to investors meeting an initial investment minimum of
$5 million ($25 million for MSDW Eligible Plans) and the
following investor categories:
- Investors participating in the Investment Manager's
mutual fund asset allocation program (subject to all of
its terms and conditions, including termination fees,
mandatory sale or transfer restrictions on termination)
pursuant to which they pay an asset-based fee.
- Persons participating in a fee-based investment program
(subject to all of its terms and conditions, including
termination fees, mandatory sale or transfer restrictions
on termination) approved by the Fund's distributor
pursuant to which they pay an asset-based fee for
investment advisory, administrative and/or brokerage
services.
19
<PAGE>
- Certain investment programs that do not charge an
asset-based fee and have been approved by the Fund's
distributor. However, Class D shares are not offered for
investments made through Section 529 plans (regardless of
the size of the investment).
- Employee benefit plans maintained by Morgan Stanley Dean
Witter & Co. or any of its subsidiaries for the benefit
of certain employees of Morgan Stanley Dean Witter & Co.
and its subsidiaries.
- Certain unit investment trusts sponsored by Dean Witter
Reynolds.
- Certain other open-end investment companies whose shares
are distributed by the Fund's distributor.
- Investors who were shareholders of the Dean Witter
Retirement Series on September 11, 1998 for additional
purchases for their former Dean Witter Retirement
Series accounts.
MEETING CLASS D ELIGIBILITY MINIMUMS. To meet the
$5 million ($25 million for certain MSDW Eligible Plans)
initial investment to qualify to purchase Class D shares
you may combine: (1) purchases in a single transaction of
Class D shares of the Fund and other Morgan Stanley Dean
Witter Multi-Class Funds; and/or (2) previous purchases of
Class A and Class D shares of Multi-Class Funds and shares
of FSC Funds you currently own, along with shares of Morgan
Stanley Dean Witter Funds you currently own that you
acquired in exchange for those shares.
NO SALES CHARGES FOR REINVESTED CASH DISTRIBUTIONS If you
receive a cash payment representing an income dividend or
capital gain and you reinvest that amount in the applicable
Class of shares by returning the check within 30 days of
the payment date, the purchased shares would not be subject
to an initial sales charge or CDSC.
PLAN OF DISTRIBUTION (RULE 12b-1 FEES) The Fund has
adopted a Plan of Distribution in accordance with
Rule 12b-1 under the Investment Company Act of 1940 with
respect to the distribution of Class A, Class B and
Class C shares. The Plan allows the Fund to pay
distribution fees for the sale and distribution of these
shares. It also allows the Fund to pay for services to
shareholders of Class A, Class B and Class C shares.
Because these fees are paid out of the Fund's assets on an
ongoing basis, over time these fees will increase the cost
of your investment in these Classes and may cost you more
than paying other types of sales charges.
20
<PAGE>
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the
Fund's financial performance for the periods indicated. Certain
information reflects financial results for a single Fund share. The
total returns in the table represent the rate an investor would have
earned or lost on an investment in the Fund (assuming reinvestment of
all dividends and distributions).
This information, for the fiscal year ended July 31, 2000, has been
audited by Deloitte & Touche LLP, independent auditors, whose report,
along with the Fund's financial statements, is included in the annual
report, which is available upon request. The financial highlights for
each of the years in the period ended July 31, 1999 have been audited
by other independent auditors.
<TABLE>
<CAPTION>
FOR THE PERIOD JULY 28, 1997*
FOR THE YEAR ENDED JULY 31, 2000 1999 1998 THROUGH JULY 31, 1997
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------
CLASS A SHARES++
---------------------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $20.16 $20.23 $18.75 $18.40
---------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.44 0.32 0.36 0.01
Net realized and unrealized gain 2.16 1.46 2.06 0.34
-------- ------- ------- ------
Total income from investment operations 2.60 1.78 2.42 0.35
---------------------------------------------------------------------------------------------------------------------
LESS DIVIDENDS AND DISTRIBUTIONS FROM
Net investment income (0.37) (0.32) (0.43) --
Net realized gain (1.75) (1.53) (0.51) --
-------- ------- ------- ------
Total dividends and distributions (2.12) (1.85) (0.94) --
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $20.64 $20.16 $20.23 $18.75
---------------------------------------------------------------------------------------------------------------------
TOTAL RETURN+ 13.48% 10.01% 13.48% 1.90%(1)
---------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
---------------------------------------------------------------------------------------------------------------------
Expenses 0.88%(3) 0.87%(3) 0.91% 0.92%(2)
---------------------------------------------------------------------------------------------------------------------
Net investment income 2.06%(3) 1.66%(3) 1.85% 5.06%(2)
---------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $110,600 $64,418 $34,891 $79
---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 187% 121% 92% 158%
---------------------------------------------------------------------------------------------------------------------
</TABLE>
* The date shares were first issued.
++ 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) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
21
<PAGE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED JULY 31, 2000++ 1999++ 1998++ 1997*++ 1996
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------
CLASS B SHARES
---------------------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $20.16 $20.23 $18.75 $16.02 $15.87
---------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.29 0.19 0.24 0.39 0.30
Net realized and unrealized gain 2.18 1.46 2.06 4.10 1.43
---------- ---------- ---------- ---------- ----------
Total income from investment operations 2.47 1.65 2.30 4.49 1.73
---------------------------------------------------------------------------------------------------------------------
LESS DIVIDENDS AND DISTRIBUTIONS FROM
Net investment income (0.23) (0.19) (0.31) (0.36) (0.32)
Net realized gain (1.75) (1.53) (0.51) (1.40) (1.26)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (1.98) (1.72) (0.82) (1.76) (1.58)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $20.65 $20.16 $20.23 $18.75 $16.02
---------------------------------------------------------------------------------------------------------------------
TOTAL RETURN+ 12.79% 9.23% 12.77% 29.73% 11.47%
---------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
---------------------------------------------------------------------------------------------------------------------
Expenses 1.53%(1) 1.57%(1) 1.54% 1.56% 1.58%
---------------------------------------------------------------------------------------------------------------------
Net investment income 1.41%(1) 0.96%(1) 1.24% 2.29% 1.88%
---------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------------
Net assets, end of period, in millions $2,043,540 $1,833,935 $1,659,037 $1,540,880 $1,259,305
---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 187% 121% 92% 158% 174%
---------------------------------------------------------------------------------------------------------------------
</TABLE>
* Prior to July 28, 1997 the Fund issued one class of shares. All shares of
the Fund held prior to that date, other than shares which were purchased
prior to November 8, 1989 (and with respect to such shares, certain shares
acquired through reinvestment of dividends and capital gains distributions
(collectively the "Old Shares")) and shares held by certain employee benefit
plans established by Dean Witter Reynolds Inc., have been designated Class B
shares. The Old Shares and shares held by those employee benefit plans prior
to July 28, 1997 have been designated Class D shares.
++ 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.
22
<PAGE>
<TABLE>
<CAPTION>
FOR THE PERIOD JULY 28, 1997*
FOR THE YEAR ENDED JULY 31, 2000 1999 1998 THROUGH JULY 31, 1997
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------
CLASS C SHARES++
---------------------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $20.11 $20.19 $18.75 $18.40
---------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.29 0.16 0.21 0.01
Net realized and unrealized gain 2.15 1.47 2.06 0.34
------- ------- ------ ------
Total income from investment operations 2.44 1.63 2.27 0.35
---------------------------------------------------------------------------------------------------------------------
LESS DIVIDENDS AND DISTRIBUTIONS FROM
Net investment income (0.23) (0.18) (0.32) --
Net realized gain (1.75) (1.53) (0.51) --
------- ------- ------ ------
Total dividends and distributions (1.98) (1.71) (0.83) --
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $20.57 $20.11 $20.19 $18.75
---------------------------------------------------------------------------------------------------------------------
TOTAL RETURN+ 12.62% 9.15% 12.66% 1.90%(1)
---------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
---------------------------------------------------------------------------------------------------------------------
Expenses 1.63%(3) 1.65%(3) 1.66% 1.67%(2)
---------------------------------------------------------------------------------------------------------------------
Net investment income 1.31%(3) 0.88%(3) 1.08% 4.38%(2)
---------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $39,006 $16,147 $7,861 $114
---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 187% 121% 92% 158%
---------------------------------------------------------------------------------------------------------------------
</TABLE>
* The date shares were first issued.
++ 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) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
23
<PAGE>
<TABLE>
<CAPTION>
FOR THE PERIOD JULY 28, 1997*
FOR THE YEAR ENDED JULY 31, 2000 1999 1998 THROUGH JULY 31, 1997
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------
CLASS D SHARES++
----------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA
----------------------------------------------------------------------------------------------------------
Net asset value, beginning of
period $20.18 $20.25 $18.75 $18.40
----------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.48 0.37 0.41 0.01
Net realized and unrealized
gain 2.18 1.45 2.06 0.34
------- ------- ------- -------
Total income from investment
operations 2.66 1.82 2.47 0.35
----------------------------------------------------------------------------------------------------------
LESS DIVIDENDS AND
DISTRIBUTIONS FROM
Net investment income (0.42) (0.36) (0.46) --
Net realized gain (1.75) (1.53) (0.51) --
------- ------- ------- -------
Total dividends and
distributions (2.17) (1.89) (0.97) --
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $20.67 $20.18 $20.25 $18.75
----------------------------------------------------------------------------------------------------------
TOTAL RETURN+ 13.79% 10.23% 13.80% 1.90%
----------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
----------------------------------------------------------------------------------------------------------
Expenses 0.63%(3) 0.65%(3) 0.66% 0.67%(2)
----------------------------------------------------------------------------------------------------------
Net investment income 2.31%(3) 1.88%(3) 2.12% 5.40%(2)
----------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------
Net assets, end of period, in
thousands $80,925 $72,554 $67,797 $57,938
----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 187% 121% 92% 158%
----------------------------------------------------------------------------------------------------------
</TABLE>
* The date shares were first issued. Shareholders who held shares of the Fund
prior to July 28, 1997 (the date the Fund converted to a multiple class
share structure) should refer to the Financial Highlights of Class B to
obtain the historical per share data and ratio information of their shares.
++ 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) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
24
<PAGE>
MORGAN STANLEY DEAN WITTER
FAMILY OF FUNDS
The Morgan Stanley Dean Witter Family of Funds offers investors a wide
range of investment choices. Come on in and meet the family!
--------------------------------------------------------------------------------
GROWTH FUNDS
--------------------------------
GROWTH FUNDS
Aggressive Equity Fund
American Opportunities Fund
Capital Growth Securities
Developing Growth Securities
Growth Fund
Market Leader Trust
Mid-Cap Equity Trust
New Discoveries Fund
Next Generation Trust
Small Cap Growth Fund
Special Value Fund
Tax-Managed Growth Fund
21st Century Trend Fund
THEME FUNDS
Financial Services Trust
Health Sciences Trust
Information Fund
Natural Resource Development Securities
Technology Fund
GLOBAL/INTERNATIONAL FUNDS
Competitive Edge Fund - "Best Ideas"
Portfolio
European Growth Fund
Fund of Funds - International Portfolio
International Fund
International SmallCap Fund
Japan Fund
Latin American Growth Fund
Pacific Growth Fund
--------------------------------------------------------------------------------
GROWTH & INCOME FUNDS
--------------------------------
Balanced Growth Fund
Balanced Income Fund
Convertible Securities Trust
Dividend Growth Securities
Equity Fund
Fund of Funds - Domestic Portfolio
Income Builder Fund
S&P 500 Index Fund
S&P 500 Select Fund
Strategist Fund
Total Market Index Fund
Total Return Trust
Value Fund
Value-Added Market Series/Equity Portfolio
THEME FUNDS
Real Estate Fund
Utilities Fund
GLOBAL FUNDS
Global Dividend Growth Securities
Global Utilities Fund
--------------------------------------------------------------------------------
INCOME FUNDS
--------------------------------
GOVERNMENT INCOME FUNDS
Federal Securities Trust
Short-Term U.S. Treasury Trust
U.S. Government Securities Trust
DIVERSIFIED INCOME FUNDS
Diversified Income Trust
<PAGE>
CORPORATE INCOME FUNDS
High Yield Securities
Intermediate Income Securities
Short-Term Bond Fund (NL)
GLOBAL INCOME FUNDS
North American Government Income Trust
World Wide Income Trust
TAX-FREE INCOME FUNDS
California Tax-Free Income Fund
Hawaii Municipal Trust (FSC)
Limited Term Municipal Trust (NL)
Multi-State Municipal Series Trust (FSC)
New York Tax-Free Income Fund
Tax-Exempt Securities Trust
--------------------------------------------------------------------------------
MONEY MARKET FUNDS
--------------------------------
TAXABLE MONEY MARKET FUNDS
Liquid Asset Fund (MM)
U.S. Government Money Market Trust (MM)
TAX-FREE MONEY MARKET FUNDS
California Tax-Free Daily Income Trust (MM)
New York Municipal Money Market Trust (MM)
Tax-Free Daily Income Trust (MM)
There may be funds created after this PROSPECTUS was published. Please consult
the inside back cover of a new fund's prospectus for its designation, e.g.,
Multi-Class Fund or Money Market Fund.
Unless otherwise noted, each listed Morgan Stanley Dean Witter Fund, except for
North American Government Income Trust and Short-Term U.S. Treasury Trust, is a
Multi-Class Fund. A Multi-Class Fund is a mutual fund offering multiple Classes
of shares. The other types of funds are: NL - No-Load (Mutual) Fund; MM - Money
Market Fund; FSC - A mutual fund sold with a front-end sales charge and a
distribution (12b-1) fee.
<PAGE>
MORGAN STANLEY DEAN WITTER
STRATEGIST FUND
[Sidebar]
TICKER SYMBOLS:
Class A: SRTAX
-------------------
Class B: SRTBX
-------------------
Class C: SRTCX
-------------------
Class D: SRTDX
-------------------
[End Sidebar]
Additional information about the Fund's investments is
available in the Fund's ANNUAL AND SEMI-ANNUAL REPORTS TO
SHAREHOLDERS. In the Fund's ANNUAL REPORT, you will find a
discussion of the market conditions and investment strategies
that significantly affected the Fund's performance during its
last fiscal year. The Fund's STATEMENT OF ADDITIONAL
INFORMATION also provides additional information about the
Fund. The STATEMENT OF ADDITIONAL INFORMATION is incorporated
herein by reference (legally is part of this PROSPECTUS). For
a free copy of any of these documents, to request other
information about the Fund, or to make shareholder inquiries,
please call:
(800) 869-NEWS
You also may obtain information about the Fund by calling
your Morgan Stanley Dean Witter Financial Advisor or by
visiting our Internet site at:
www.msdwadvice.com/funds
Information about the Fund (including the STATEMENT OF
ADDITIONAL INFORMATION) can be viewed and copied at the
Securities and Exchange Commission's Public Reference
Room in Washington, DC. Information about the Reference
Room's operations may be obtained by calling the SEC at
(202) 942-8090. Reports and other information about the Fund
are available on the EDGAR Database on the SEC's Internet
site (www.sec.gov), and copies of this information may be
obtained, after paying a duplicating fee, by electronic
request at the following E-mail address: [email protected],
or by writing the Public Reference Section of the SEC,
Washington, DC 20549-0102.
(THE FUND'S INVESTMENT COMPANY ACT FILE NO. IS 811-5634)
