<PAGE>
Filed Pursuant to Rule 497(c)
Registration File No.: 33-46049
PROSPECTUS - FEBRUARY 8, 2000
MORGAN STANLEY DEAN WITTER
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NORTH AMERICAN GOVERNMENT INCOME TRUST
A MUTUAL FUND THAT SEEKS TO EARN A HIGH
LEVEL OF CURRENT INCOME WHILE MAINTAINING
RELATIVELY LOW VOLATILITY OF PRINCIPAL
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>
The Fund Investment Objective ....................................... 1
Principal Investment Strategies ............................ 1
Principal Risks ............................................ 3
Past Performance ................................. ......... 7
Fees and Expenses .......................................... 8
Additional Investment Strategy Information ................. 8
Additional Risk Information ................................ 9
Fund Management ............................................10
Legal Proceedings ..........................................11
Shareholder Information Pricing Fund Shares ........................................12
How to Buy Shares ..........................................12
How to Exchange Shares .....................................14
How to Sell Shares .........................................16
Distributions ..............................................17
Tax Consequences ...........................................18
Financial Highlights ............................................................19
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>
THE FUND
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INVESTMENT OBJECTIVE
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Morgan Stanley Dean Witter North American Government Income Trust (the
"Fund") seeks to earn a high level of current income while maintaining
relatively low volatility of principal.
[GRAPHIC OMITTED]
[sidebar]
INCOME
An investment objective having the goal of selecting securities to pay out
income rather than rise in price.
[endsidebar]
PRINCIPAL INVESTMENT STRATEGIES
- --------------------------------------------
The Fund will normally invest at least 65% of its total assets in
fixed-income securities issued or guaranteed by the United States,
Canadian or Mexican governments, their subdivisions, agencies or
instrumentalities. These securities are referred to generally as
"government securities." In the case of the United States and Canada,
a substantial portion of these securities will be mortgage-backed
securities.
The Fund will normally invest at least 50% of its assets in U.S.
government securities, and no more than 25% each in Canadian or
Mexican government securities. The Fund will invest in fixed-income
securities that are investment grade; the Fund's investments in
Canadian government securities, however, will be rated at least A by
Moody's Investors Services Inc. ("Moody's") or Standard & Poor's
Corporation ("S&P") or, if not rated, determined to be of comparable
quality by the Fund's "Sub-Advisor," TCW Investment Management
Company.
The Sub-Advisor will allocate Fund assets among the three countries
based on its analysis of market, economic and political conditions in
those countries. When deciding whether to buy, hold or sell a
security for the Fund, the Sub-Advisor will consider various factors,
such as changes in interest rates and currency exchange rates, to
attempt to take advantage of favorable investment opportunities in
each country. The Sub-Advisor expects that, under normal
circumstances, the weighted average maturity (or period until the
next time the interest rate is reset) of the Fund's investment
securities will be no greater than 3 years. In addition, the Fund
will purchase Mexican government securities that have remaining
maturities of one year or less.
Mortgage-Backed Securities. One type of mortgage-backed security, in
which the Fund may invest, is a mortgage pass-through security. These
securities represent a participation interest in a pool of
residential mortgage loans originated by governmental or private
lenders such as banks. They differ from conventional debt securities,
which provide for periodic payment of interest in fixed amounts and
principal payments at maturity or on specified call dates. Mortgage
pass-through securities provide for monthly payments that are a
"pass-through" of the monthly interest and principal payments made by
the individual borrowers on the pooled mortgage loans.
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The U.S. mortgage pass-through securities in which the Fund may
invest include those issued or guaranteed by the Government National
Mortgage Association ("GNMA" or "Ginnie Mae"), the Federal National
Mortgage Association ("FNMA" or "Fannie Mae") and the Federal Home
Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). GNMA
certificates are backed by the "full faith and credit" of the United
States. FNMA and FHLMC certificates are not backed by the full faith
and credit of the United States but the issuing agency or
instrumentality has the right to borrow, to meet its obligations,
from an existing line of credit with the U.S. Treasury.
Collateralized Mortgage Obligations. The Fund may invest in "CMOs" --
collateralized mortgage obligations. CMOs are debt obligations
collateralized by mortgage loans or mortgage pass-through securities
(collectively "Mortgage Assets"). Payments of principal and interest
on the Mortgage Assets and any reinvestment income are used to make
payments on the CMOs. CMOs are issued in multiple classes. Each class
has a specific fixed or floating coupon rate and a stated maturity or
final distribution date. The principal and interest on the Mortgage
Assets may be allocated among the classes in a number of different
ways. Certain classes will, as a result of the collection, have more
predictable cash flows than others. As a general matter, the more
predictable the cash flow, the lower the yield relative to other
Mortgage Assets. The less predictable the cash flow, the higher the
yield and the greater the risk. The Fund may invest in any class of
CMO.
Inverse Floaters. The Fund may invest up to 10% of its assets in
inverse floaters. An inverse floater has a coupon rate that moves in
the direction opposite to that of a designated interest rate index.
Stripped Mortgage-Backed Securities. The Fund may purchase stripped
mortgage-backed securities, which are usually structured in two
classes. One class entitles the holder to receive all or most of the
interest but little or none of the principal of a pool of Mortgage
Assets (the interest-only or "IO" Class), while the other class
entitles the holder to receive all or most of the principal but
little or none of the interest (the principal-only or "PO" Class).
Other Securities. The Fund may invest up to 35% of its assets in
securities that are not government securities. This group of
securities also will be issued by U.S., Canadian or Mexican issuers
and may include corporate debt securities and securities backed by
other assets, such as automobile or credit card receivables or home
equity loans. They are rated at least Aa by Moody's or AA by S&P or,
if not rated, determined to be of comparable quality by the
Sub-Advisor.
Fixed-income securities are debt securities and can take the form of
bonds, notes or commercial paper. 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
2
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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 addition, the Fund may invest in futures, options, reverse
repurchase agreements and dollar rolls.
In pursuing the Fund's investment objective, the Sub-Advisor has
considerable leeway in deciding which investments it buys, holds or
sells on a day-to-day basis -- and which trading or investment
strategies it uses. For example, the Sub-Advisor in its discretion
may determine to use some permitted trading or investment strategies
while not using others.
[GRAPHIC OMITTED]
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.
Fixed-Income Securities. All fixed-income securities 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 securities, 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
interest.) Accordingly, a rise in the general level of interest rates
may cause the price of the Fund's fixed-income securities to fall
substantially.
Mortgage-Backed Securities. Mortgage-backed securities have different
risk characteristics than traditional debt securities. Although
generally the value of fixed-income securities increases during
periods of falling interest rates and decreases during periods of
rising interest rates, this is not always the case with
mortgage-backed securities. This is due to the fact that principal on
underlying mortgages may be prepaid at any time as well as other
factors. Generally, prepayments will increase during a period of
falling interest rates and decrease during a period of rising
interest rates. The rate of prepayments also may be influenced by
economic and other factors. Prepayment risk includes the possibility
that, as interest rates fall, securities with stated interest
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rates may have the principal prepaid earlier than expected, requiring
the Fund to invest the proceeds at generally lower interest rates.
Investments in mortgage-backed securities are made based upon, among
other things, expectations regarding the rate of prepayments on
underlying mortgage pools. Rates of prepayment, faster or slower than
expected by the Sub-Advisor, could reduce the Fund's yield, increase
the volatility of the Fund and/or cause a decline in net asset value.
Certain mortgage-backed securities in which the Fund may invest may
be more volatile and less liquid than other traditional types of debt
securities. The Fund may be subject to a risk referred to as
"extension risk," which is the possibility that rising interest rates
may cause owners of the underlying mortgages to pay off their
mortgages at a slower than expected rate. This risk may effectively
change a security that was short or intermediate term into a long
term security. Long term securities generally drop in value more
dramatically when the general level of interest rates goes up.
CMOs. Certain mortgage-backed securities in which the Fund may invest
(e.g., certain classes of CMOs) may increase or decrease in value
substantially with changes in interest rates and/or the rates of
prepayment. In addition, if the collateral securing CMOs or any third
party guarantees are insufficient to make payments, the Fund could
sustain a loss.
Inverse Floaters. Like most other fixed-income securities, the value
of inverse floaters will decrease as interest rates increase. They
are more volatile, however, than most other fixed-income securities
because the coupon rate on an inverse floater typically changes at a
multiple of the change in the relevant index rate. Thus, any rise in
the index rate (as a consequence of an increase in interest rates)
causes a correspondingly greater drop in the coupon rate of an
inverse floater while a drop in the index rate causes a
correspondingly greater increase in the coupon of an inverse floater.
The value of some inverse floaters may also increase or decrease
substantially because of changes in the rate of prepayments.
Stripped Mortgage-Backed Securities. IOs tend to decrease in value
substantially if interest rates decline and prepayment rates become
more rapid. POs tend to decrease in value substantially if interest
rates increase and the rate of repayment decreases.
Foreign Securities. Foreign securities involve risks 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 also have risks related to economic and political
developments abroad, including effects of foreign social, economic or
political instability. Foreign issuers, in general, are not subject
to the regulatory requirements of U.S. issuers and, as
4
<PAGE>
such, there may be less publicly available information about these
issuers. Moreover, foreign accounting, auditing and financial
reporting standards generally are 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.
The Mexican securities in which the Fund may invest are issued by a
developing country. Compared to the United States and other developed
countries, developing countries may have relatively unstable
governments, economies based on only a few industries and securities
markets that trade a small number of securities. Prices of these
securities tend to be especially volatile and, in the past,
securities in these countries have offered greater potential loss
than securities of companies located in developed countries.
Canadian and Mexican Securities. The Canadian debt securities market
is significantly smaller than the U.S. debt securities market. In
particular, the Canadian mortgage-backed securities market is of
recent origin, and, although continued growth is anticipated, is less
well developed and less liquid than its U.S. counterpart.
Because the Fund intends to invest in Mexican debt instruments,
investors in the Fund should be aware of certain special
considerations associated with investing in debt obligations of the
Mexican government.
The Mexican government has exercised and continues to exercise a
significant influence over many aspects of the private sector in
Mexico. Mexican government actions concerning the economy could have
a significant effect on market conditions and prices and yields of
Mexican debt obligations, including those in which the Fund invests.
Mexico is currently a major debtor nation (among developing
countries) to commercial banks and foreign governments.
The value of the Fund's investments may be affected by changes in oil
prices, interest rates, taxation and other political or economic
developments in Mexico, including recent rates of inflation which
have exceeded the rates of inflation in the U.S. and Canada. The Fund
can provide no assurance that future developments in the Mexican
economy will not impair the Fund's investment flexibility, operations
or ability to achieve its investment objective.
Non-Diversified Status. The Fund is a "non-diversified" mutual fund
and, as such, its investments are not required to meet certain
diversification requirements under federal law. Compared with
"diversified" funds, the Fund may invest a greater percentage of
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its assets in the securities of an individual governmental entity.
Thus, the Fund's assets may be invested in fewer securities than
other funds. A decline in the value of those investments would cause
the Fund's overall value to decline to a greater degree. The Fund's
investments, however, are currently diversified and may remain
diversified in the future.
Other Risks. The performance of the Fund also will depend on whether
the Sub-Advisor is successful in pursuing the Fund's investment
strategy. In addition, the Fund is subject to other risks from its
permissible investments including those risks associated with
futures, options and reverse repurchase agreements and dollar rolls.
For information about these risks, see the "Additional Risk
Information" section.
Shares of the Fund are not bank deposits and are not guaranteed or
insured by the FDIC or any other government agency.
6
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[GRAPHIC OMITTED]
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.
[sidebar]
ANNUAL TOTAL RETURNS
This chart shows how the performance of the Fund's shares has varied from year
to year over the past 7 calendar years.
[endsidebar]
ANNUAL TOTAL RETURNS -- CALENDAR YEARS
1993 8.11%
'94 -15.59%
'95 16.00%
'96 4.01%
'97 7.89%
'98 6.75%
'99 2.35%
During the periods shown in the bar chart, the highest return for a
calendar quarter was 5.65% (quarter ended June 30, 1995) and the
lowest return for a calendar quarter was -10.51% (quarter ended
December 31, 1994).
[sidebar]
AVERAGE ANNUAL TOTAL RETURNS
This table compares the Fund's average annual returns with those of a broad
measure of market performance over time.
[endsidebar]
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS (AS OF DECEMBER 31, 1999)
- --------------------------------------------------------------------------------
LIFE OF FUND
PAST 1 YEAR PAST 5 YEARS (SINCE 7/31/92)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Morgan Stanley Dean Witter
North American Government
Income Trust 2.35% 7.30% 4.05%
- --------------------------------------------------------------------------------
Lehman Brothers Short (1-5)
U.S. Government Index(1) 1.96% 6.74% 5.60%
- --------------------------------------------------------------------------------
</TABLE>
(1) The Lehman Brothers Short (1-5) U.S. Government Index measures the
performance of all U.S. Government agency and U.S. Treasury securities with
maturities of one to five years. The Index does not include any expenses,
fees or charges. The Index is unmanaged and should not be considered an
investment.
7
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[GRAPHIC OMITTED]
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 does not impose
any initial or deferred sales charges and does not charge account or
exchange fees.
[sidebar]
ANNUAL FUND
OPERATING EXPENSES
These expenses are deducted from the Fund's assets and are based on expenses
paid for the fiscal year ended October 31, 1999.
[endsidebar]
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES
- --------------------------------------------------------------------------------
<S> <C>
Management fee 0.65%
- --------------------------------------------------------------------------------
Distribution and service (12b-1) fees 0.73%
- --------------------------------------------------------------------------------
Other expenses 0.43%
- --------------------------------------------------------------------------------
Total annual Fund operating expenses 1.81%
- --------------------------------------------------------------------------------
</TABLE>
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.
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 table below shows your costs at the end of each period
based on these assumptions
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------------------------------------------------
<S> <C> <C> <C>
$184 $569 $980 $2,127
- ------------------------------------------------
</TABLE>
Long-term shareholders may pay more in distribution fees than the
economic equivalent of the maximum front-end sales charges permitted
by the NASD.
[GRAPHIC OMITTED]
ADDITIONAL INVESTMENT STRATEGY INFORMATION
- ---------------------------------------------------------
This section provides additional information relating to the Fund's
principal investment strategies.
Options and Futures. The Fund may invest in put and call options and
futures with respect to financial instruments and interest rate
indexes. The Fund may use options and futures to facilitate
allocation of the Fund's investments among asset classes, to increase
or decrease the Fund's exposure to a bond market, to generate income
or to seek to protect against a decline in securities or an increase
in prices of securities that may be purchased.
Reverse Repurchase Agreements and Dollar Rolls. The Fund may use
reverse repurchase agreements and dollar rolls as part of its
investment strategy. Reverse repurchase
8
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agreements involve sales by the Fund of portfolio assets concurrently
with an agreement by the Fund to repurchase the same assets at a
later date at a fixed price. The Fund may enter into dollar rolls in
which the Fund sells securities for delivery in the current month and
simultaneously contracts to repurchase substantially similar (same
type and coupon) securities on a specified future date.
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 Sub-Advisor 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.
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.
[GRAPHIC OMITTED]
ADDITIONAL RISK INFORMATION
- ----------------------------------------
This section provides additional information relating to the
principal risks of investing in the Fund.
Options and Futures. If the Fund invests in options and/or futures,
its participation in these markets would subject it to certain risks.
The Investment Manager's or Sub-Advisor's predictions of movements in
the direction of the stock, bond or interest rate 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 options and futures include, for example, the possible
imperfect correlation between the price of options and futures
contracts and movements in the prices of the securities being hedged,
and the possible absence of a liquid secondary market for any
particular instrument. Certain options may be over-the-counter
options, which are options negotiated with dealers; there is no
secondary market for these investments.
Reverse Repurchase Agreements and Dollar Rolls. Reverse repurchase
agreements and dollar rolls involve the risk that the market value of
the securities the Fund is obligated to repurchase under the
agreement may decline below the repurchase price. In the event the
buyer of securities under a reverse repurchase agreement or dollar
roll files for bankruptcy or becomes insolvent, the Fund's use of
proceeds of the agreement may
9
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be restricted pending a determination by the other party, or its
trustee or receiver, whether to enforce the Fund's obligation to
repurchase the securities. Reverse repurchase agreements and dollar
rolls are speculative techniques involving leverage, and are
considered borrowings by the Fund.
[GRAPHIC OMITTED]
[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 $145 billion in assets under
management as of December 31, 1999.
[endsidebar]
FUND MANAGEMENT
- ----------------------------
Effective June 28, 1999, the Fund retained the Investment Manager -
Morgan Stanley Dean Witter Advisors Inc. - to provide administrative
services, manage its business affairs and supervise the investment of
its assets. The Investment Manager has, in turn, contracted with the
Sub-Advisor - TCW Investment Management Company - to invest the Funds
assets, including the placing of orders for the purchase and sale of
portfolio securities. Prior to June 28, 1999, TCW Investment
Management Company acted as the Fund's advisor and Morgan Stanley Dean
Witter Services Company Inc., a wholly-owned subsidiary of the
Investment Manager, served as the Fund's manager. 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, NY 10048.
The Sub-Advisor, together with its affiliated companies, manages
approximately $70 billion primarily for institutional investors. The
Sub-Advisor is a wholly-owned subsidiary of TCW Group, Inc., whose
direct and indirect subsidiaries provide a variety of trust,
investment management and investment advisory services. The
Sub-Advisor's main business office is located at 865 South Figueroa
Street, Suite 1800, Los Angeles, CA 90017.
Philip A. Barach and Jeffrey E. Gundlach, Group Managing Directors of
the Sub-Advisor and Frederick H. Horton, Managing Director of the
Sub-Advisor, are the Fund's primary portfolio managers, and, with the
exception of Mr. Horton, have been so since the Fund's inception in
July 1992. Mr. Horton has been a primary portfolio manager of the
Fund since December, 1994. Messrs. Barach, Gundlach and Horton have
each been portfolio managers with affiliates of the Sub-Advisor 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. The Investment Manager
pays the Sub-Advisor monthly compensation equal to 40% of this fee.
For the fiscal period November 1, 1998 through June 25, 1999,
10
<PAGE>
the Fund accrued aggregate total compensation to Morgan Stanley Dean
Witter Services Company Inc. (at that time the Fund's manager) and
TCW Investment Management Company (at that time acting as the Fund's
advisor, rather than sub-advisor) in the amount of 0.65% of the
Fund's average daily net assets (0.39% to Morgan Stanley Dean Witter
Services Company Inc. and 0.26% to TCW Investment Management
Company). For the fiscal period June 28, 1999 through October 31,
1999 the Fund accrued aggregate total compensation to the Investment
Manager in the amount of 0.65% of the Fund's average daily net assets
on an annualized basis.
[GRAPHIC OMITTED]
LEGAL PROCEEDINGS
- -----------------------------
Several class action lawsuits, which have been consolidated, were
instituted in 1995 in the United States District Court, in New York,
against the Fund, some of its Trustees and officers, its underwriter
and distributor, the Sub-Advisor, the former manager, and other
defendants, by certain shareholders of the Fund. The consolidated
amended complaint asserts claims under the Securities Act of 1933 and
generally alleges that the defendants made inadequate and misleading
disclosures in the prospectuses for the Fund, in particular as such
disclosures relate to the nature and risks of the Fund's investments
in mortgage-backed securities and Mexican securities. The plaintiffs
also challenge certain fees paid by the Fund as excessive. Damages
are sought in an unspecified amount.
All defendants moved to dismiss the consolidated amended complaint,
and on May 8, 1996 the motions to dismiss were denied. The defendants
moved for reargument and on August 28, 1996 the Court issued a second
opinion which granted the motion to dismiss in part. On December 4,
1996, the defendants filed a renewed motion to dismiss which was
denied by the Court on November 20, 1997. The Court has also
certified a plaintiff class pursuant to the Federal Rules of Civil
Procedure. On January 19, 2000, the court preliminarily approved a
stipulation of settlement disposing of the litigation, subject to a
hearing on the fairness of the settlement scheduled for April 2000.
The Sub-Advisor and the Investment Manager believe that the
litigation will not have a material adverse effect on their ability
to perform under their respective agreements with the Fund or a
material adverse effect on the Fund and its shareholders.
11
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SHAREHOLDER INFORMATION
[GRAPHIC OMITTED]
PRICING FUND SHARES
- -------------------------------
The price of Fund shares, called "net asset value," is based on the
value of the Fund's portfolio securities.
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 and/or Sub-Advisor 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 trading in
foreign markets, 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.
[GRAPHIC OMITTED]
[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.msdw.com/individual/funds
[endsidebar]
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.
When you buy Fund shares, the shares are purchased at the next share
price calculated 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.
12
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[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.
[endsidebar]
<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*
- --------------------------------------------------------------------------------
* Provided your schedule of investments totals $1,000 in twelve months.
</TABLE>
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, or (3) employer-sponsored employee benefit plan accounts.
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:
o 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, and the investment amount. The letter must be
signed by the account owner(s).
o Make out a check for the total amount payable to: Morgan Stanley
Dean Witter North American Government Income Trust.
o Mail the letter and check to Morgan Stanley Dean Witter Trust FSB
at P.O. Box 1040, Jersey City, NJ 07303.
PLAN OF DISTRIBUTION The Fund has adopted a Plan of Distribution in
accordance with Rule 12b-1 under the Investment Company Act of 1940.
The Plan allows the Fund to pay distribution fees of up to 0.75% for
the sale and distribution of these shares. It also allows the Fund to
pay for services to shareholders. 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 and may cost you more than paying
other types of sales charges.
13
<PAGE>
[GRAPHIC OMITTED]
HOW TO EXCHANGE SHARES
- ------------------------------------
Permissible Fund Exchanges. You may only exchange shares of the Fund
for shares of other continuously offered Morgan Stanley Dean Witter
Funds if your Fund shares were acquired in an exchange of shares
initially purchased in a Multi-Class Fund or an FSC Fund (subject to
a front-end sales charge). In that case, the shares may be
subsequently re-exchanged for shares of the same Class of any
Multi-Class Fund or FSC Fund or for shares of a No-Load Fund, a Money
Market Fund or Short-Term U.S. Treasury Trust. Of course, if an
exchange is not permitted, you may sell shares of the Fund and buy
another Fund's shares with the proceeds.
See the inside back cover of this Prospectus for each Morgan Stanley
Dean Witter Fund's designation as a Multi-Class Fund, FSC Fund,
No-Load Fund or Money Market Fund. If a Morgan Stanley Dean Witter
Fund is not listed, consult the inside back cover of that Fund's
Prospectus for its designation. For purposes of exchanges, shares of
FSC Funds are treated as Class A shares of a Multi-Class Fund. An
exchange privilege account also may be maintained for you if you
acquired Fund shares in exchange for shares of various Morgan Stanley
Dean Witter Funds that were formerly part of the TCW/DW family of
funds.
The current Prospectus for each fund describes its investment
objective(s), policies and investment minimums, and should be read
before investing. 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.
14
<PAGE>
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.
Exchanging Shares of Another Fund Subject to a Contingent Deferred
Sales Charge ("CDSC"). There are special considerations when you
exchange shares subject to a CDSC of another Morgan Stanley Dean
Witter Fund for shares of the Fund. 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
the Fund will not be counted. Thus, in effect the "holding period"
for purposes of calculating the CDSC is frozen upon exchanging into
the Fund. Nevertheless, if shares subject to a CDSC are exchanged for
shares of the Fund, 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 the Fund up to the amount of any applicable
CDSC. See the Prospectus of the Fund that charges the CDSC for more
details.
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.
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 exchanges 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 previous exchanges. The
Fund will notify you in advance of limiting your exchange privileges.
For further information regarding exchange privileges, you should
contact your Morgan Stanley Dean Witter Financial Advisor or call
(800) 869-NEWS.
15
<PAGE>
[GRAPHIC OMITTED]
HOW TO SELL SHARES
- -------------------------------
You can sell some or all of your Fund shares at any time. Your shares
will be sold at the next 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 or
Financial Advisor other authorized financial representative.
-------------------------------------------------------------------------------------------
[GRAPHIC OMITTED] 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:
o your account number;
[GRAPHIC OMITTED] o the dollar amount or the number of shares you wish to sell; and
o 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 generally
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 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 Funds has a total
Withdrawal Plan market value of at least $10,000, you may elect to withdraw amounts of $25 or more,
or in any whole percentage of a Fund's balance (provided the amount is at least $25), on
[GRAPHIC OMITTED] 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.
-------------------------------------------------------------------------------------------
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.
16
<PAGE>
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.
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.
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.
[GRAPHIC OMITTED]
[sidebar]
TARGETED DIVIDENDS(SM)
You may select to have your Fund distributions automatically invested in
another Morgan Stanley Dean Witter Fund that you own. Contact your Morgan
Stanley Dean Witter Financial Advisor for further information about this
service.
[endsidebar]
DISTRIBUTIONS
- ------------------------
The Fund passes substantially all of its earnings from income and
capital gains along to its investors as "distributions." The Fund
earns 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 are passed along as
"capital gain distributions."
Normally, income dividends are distributed to shareholders monthly.
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 Fund 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. No
interest will accrue on uncashed checks. If you wish to change how
your distributions are paid, your
17
<PAGE>
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.
[GRAPHIC OMITTED]
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:
o The Fund makes distributions; and
o 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.
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.
18
<PAGE>
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the Fund's
financial performance for the past 5 fiscal years of the Fund. Certain
information reflects financial results for a single Fund share throughout each
year. 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 has been audited by PricewaterhouseCoopers LLP, independent
accountants, whose report, along with the Fund's financial statements, is
included in the annual report, which is available upon request.
<TABLE>
<CAPTION>
FOR THE YEAR ENDED OCTOBER 31 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA:
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 8.60 $ 8.59 $ 8.39 $ 8.33 $ 8.89
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.44 0.49 0.44 0.47 0.69
Net realized and unrealized gain (loss) (0.09) (0.05) 0.19 0.04 (0.59)
-------- -------- ------- ------- --------
Total income from investment operations 0.35 0.44 0.63 0.51 0.10
- ----------------------------------------------------------------------------------------------------------------------------
Less dividends and distributions from:
Net investment income (0.38) (0.43) (0.43) (0.45) --
Paid-in-capital (0.07) -- -- -- (0.66)
-------- -------- -------- -------- --------
Total dividends and distributions (0.45) (0.43) (0.43) (0.45) (0.66)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.50 $ 8.60 $ 8.59 $ 8.39 $ 8.33
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN+ 4.30% 5.13% 7.80% 6.38% 1.61%
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
- ----------------------------------------------------------------------------------------------------------------------------
Expenses 1.81%(1) 1.69%(1) 1.65% 1.64% 1.59%
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income 5.11% 5.52% 5.18% 5.71% 8.28%
- ----------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $120,303 $150,441 $212,040 $350,530 $658,307
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 43% 8% -- 13% 44%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Calculated based on the net asset value as of the last business day of
the period.
(1) Does not reflect the effect of expense offset of 0.01%.
19
<PAGE>
NOTES
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20
<PAGE>
MORGAN STANLEY DEAN WITTER
FAMILY OF FUNDS
<TABLE>
<CAPTION>
The Morgan Stanley Dean Witter Family of Funds offers investors a wide range of
investment choices. Come on in and meet the family!
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
GROWTH FUNDS GROWTH FUNDS Health Sciences Trust
Aggressive Equity Fund Information Fund
American Opportunities Fund Natural Resource Development Securities
Capital Growth Securities
Developing Growth Securities GLOBAL/INTERNATIONAL FUNDS
Growth Fund Competitive Edge Fund - "Best Ideas" Portfolio
Market Leader Trust European Growth Fund
Mid-Cap Equity Trust Fund of Funds - International Portfolio
Next Generation Trust International Fund
Small Cap Growth Fund International SmallCap Fund
Special Value Fund Japan Fund
21st Century Trend Fund Latin American Growth Fund
Pacific Growth Fund
THEME FUNDS
Financial Services Trust
- ----------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUNDS Balanced Growth Fund Total Market Index Fund
Balanced Income Fund Total Return Trust
Convertible Securities Trust Value Fund
Dividend Growth Securities Value/Added Market Series/Equity Portfolio
Equity Fund
Fund of Funds - Domestic Portfolio THEME FUNDS
Income Builder Fund Real Estate Fund
Mid-Cap Dividend Growth Securities Utilities Fund
S&P 500 Index Fund
S&P 500 Select Fund GLOBAL FUNDS
Strategist Fund Global Dividend Growth Securities
Global Utilities Fund
- ----------------------------------------------------------------------------------------------------------------------
INCOME FUNDS GOVERNMENT INCOME FUNDS GLOBAL INCOME FUNDS
Federal Securities Trust North American Government Income Trust
Short-Term U.S. Treasury Trust World Wide Income Trust
U.S. Government Securities Trust
TAX-FREE INCOME FUNDS
DIVERSIFIED INCOME FUNDS California Tax-Free Income Fund
Diversified Income Trust Hawaii Municipal Trust(FSC)
Limited Term Municipal Trust(NL)
CORPORATE INCOME FUNDS Multi-State Municipal Series Trust(FSC)
High Yield Securities New York Tax-Free Income Fund
Intermediate Income Securities Tax-Exempt Securities Trust
Short-Term Bond Fund(NL)
- ----------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS TAXABLE MONEY MARKET FUNDS TAX-FREE MONEY MARKET FUNDS
Liquid Asset Fund(MM) California Tax-Free Daily Income Trust(MM)
U.S. Government Money Market Trust(MM) New York Municipal Money Market Trust(MM)
Tax-Free Daily Income Trust(MM)
</TABLE>
There may be Funds created after this Prospectus was published. Please consult
the inside back cover of a new Fund's prospectus for its designations, 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>
PROSPECTUS - FEBRUARY 8, 2000
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.msdw.com/individual/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.
TICKER SYMBOL:
NGTVX
(THE FUND'S INVESTMENT COMPANY ACT FILE NO. IS 811-6572)
MORGAN STANLEY DEAN WITTER
NORTH AMERICAN
GOVERNMENT INCOME TRUST
[GRAPHIC OMITTED]
A MUTUAL FUND THAT SEEKS TO EARN A HIGH LEVEL OF CURRENT INCOME WHILE
MAINTAINING RELATIVELY LOW VOLATILITY OF PRINCIPAL
