<PAGE>
PROSPECTUS - JUNE 28, 1999
Morgan Stanley Dean Witter
LATIN AMERICAN GROWTH FUND
[COVER PHOTO]
A MUTUAL FUND THAT SEEKS LONG-TERM CAPITAL APPRECIATION
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.
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CONTENTS
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<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................................. 7
Fund Management............................................. 9
Shareholder Information Pricing Fund Shares......................................... 10
How to Buy Shares........................................... 10
How to Exchange Shares...................................... 11
How to Sell Shares.......................................... 13
Distributions............................................... 15
Tax Consequences............................................ 15
Share Class Arrangements.................................... 16
Financial Highlights ............................................................ 24
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]
CAPITAL APPRECIATION
An investment objective having the goal of selecting securities with the
potential to rise in price rather than pay out income.
[End Sidebar]
THE FUND
[ICON] INVESTMENT OBJECTIVE
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Morgan Stanley Dean Witter Latin American Growth Fund seeks
long-term capital appreciation.
[ICON] PRINCIPAL INVESTMENT STRATEGIES
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The Fund will normally invest at least 65% of its total
assets in common stocks, and other equity securities
(including depository receipts) of Latin American companies.
In determining which securities to buy, hold or sell for the
Fund, the Fund's "Sub-Advisor," TCW Funds Management, Inc.,
selects securities based on its view of their potential for
capital appreciation; current dividend income will not be a
factor. The Sub-Advisor primarily uses a "top-down"
investment approach, which begins with an evaluation of the
country in which the proposed investment is to be made.
Following the country level review, the Sub-Advisor conducts
a fundamental analysis of specific securities, industries
and companies. The Fund's equity securities will
predominately consist of the common and preferred stock of
companies listed on a recognized securities exchange or
traded in other regulated markets. The Fund's assets will be
allocated among the countries in Latin America in accordance
with the Sub-Advisor's judgment as to where the best
investment opportunities exist. However, the Sub-Advisor
will normally invest in at least three Latin American
countries.
For the Fund's investment purposes, Latin America includes
Argentina, the Bahamas, Barbados, Belize, Bolivia, Brazil,
Chile, Colombia, Costa Rica, the Dominican Republic,
Ecuador, El Salvador, French Guinea, Guatemala, Guyana,
Haiti, Honduras, Jamaica, Mexico, the Netherlands Antilles,
Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and
Tobago, Uruguay and Venezuela. Latin American companies are
organized in, have their securities principally trading in
markets located in, derive at least 50% of their profits or
revenues from business in, these countries or have
depository shares listed on securities exchanges or traded
in other regulated markets in the United States.
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 the
common stock or other equity securities of a foreign
company. The owner of a depository receipt holds rights to
the underlying securities, including the right to receive
dividends paid on the underlying security.
In addition to the securities described above, the Fund may
also invest in Latin American convertible and debt
securities (including zero coupon securities and "junk
bonds"), other investment companies, options and futures,
and forward currency contracts.
1
<PAGE>
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 strategies it uses. For example, the Sub-Advisor in
its discretion may determine to use some permitted trading
strategies while not using others.
[ICON] PRINCIPAL RISKS
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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.
A principal risk of investing in the Fund is associated with
its emphasis on investments in Latin America. In general,
stock values fluctuate in response to activities specific to
the company as well as general market, economic and
political conditions. Stock prices can fluctuate widely in
response to these factors.
FOREIGN SECURITIES/LATIN AMERICA. The Fund's investments in
foreign securities (including depository receipts) 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.
In addition, many of the currencies of Latin American
countries have experienced steady devaluations relative to
the U.S. dollar, and major devaluations have historically
occurred in certain countries. Any devaluations in the
currencies in which the Fund's portfolio securities are
denominated may have a detrimental impact on the Fund. There
is also a risk that certain Latin American countries may
restrict the free conversion of their currencies into other
currencies. Further, certain Latin American currencies may
not be internationally traded.
Foreign securities 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. Economic and political developments in Latin
America may have profound effects upon the value of the
Fund's portfolio. In the event of expropriation,
nationalization or other complication, the Fund could lose
its entire investment in any one country. In addition,
individual Latin American countries may place restrictions
on the ability of foreign entities such as the Fund to
invest in particular segments of the local economies.
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 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.
2
<PAGE>
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. The securities markets
of Latin American countries are substantially smaller, less
developed, less liquid and more volatile than the major
securities markets in the United States. The limited size of
many Latin American securities markets and limited trading
volume in issuers compared to volume of trading in U.S.
securities could cause prices to be erratic for reasons
apart from factors that affect the quality of the
securities. For example, limited market size may cause
prices to be unduly influenced by traders who control large
positions. Adverse publicity and investors' perceptions,
whether or not based on fundamental analysis, may decrease
the value and liquidity of portfolio securities, especially
in these markets.
Furthermore, foreign exchanges and broker-dealers are
generally subject to less government and exchange scrutiny
and regulation than their U.S. counterparts. Also,
differences in clearance and settlement procedures on
foreign markets may occasion delays in settlements of Fund
trades effected in such markets. Inability to dispose of
portfolio securities due to settlement delays could result
in losses to the Fund due to subsequent declines in value of
the securities and the inability of the Fund to make
intended security purchases due to settlement problems could
result in a failure of the Fund to make potentially
advantageous investments.
Most Latin American countries have experienced substantial,
and in some periods extremely high, rates of inflation for
many years. Inflation and rapid fluctuations in inflation
rates have had and may continue to have very negative
effects on the economies and securities markets of certain
Latin American countries.
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 its assets in an individual
corporation or 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. The Fund is also subject to other risks
from its permissible investments including the risks
associated with its investments in convertible and debt
securities (including zero coupon securities and "junk
bonds"), options and futures, and forward currency
contracts.
Shares of the Fund are not bank deposits and are not
guaranteed or insured by the FDIC or any other government
agency.
3
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[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 6 calendar years.
AVERAGE ANNUAL
TOTAL RETURNS
This table compares the Fund's average annual returns with those of a broad
measure 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]
[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>
1993 46.83%
'94 -23.73%
'95 -20.26%
'96 22.03%
'97 30.56%
'98 -38.99%
</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.
During the periods shown in the bar chart, the highest
return for a calendar quarter was 33.58% (quarter ended
December 31, 1993) and the lowest return for a calendar
quarter was -29.55% (quarter ended March 31, 1995).
Year-to-date total return as of March 31, 1999 was 7.79%.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS (AS OF DECEMBER 31, 1998)
- ---------------------------------------------------------------
PAST 1 YEAR PAST 5 YEARS LIFE OF FUND
(SINCE 12/30/92)
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------
Class A(1) -41.78% N/A N/A
- ----------------------------------------------------------------------------------
Class B -42.04% -10.33% -2.36%(4)
- ----------------------------------------------------------------------------------
Class C(1) -39.64% N/A N/A
- ----------------------------------------------------------------------------------
Class D(1) -38.38% N/A N/A
- ----------------------------------------------------------------------------------
IFC Latin American Total Return
Index(2) -35.54% -5.94% 2.85%(4)
- ----------------------------------------------------------------------------------
Lipper Latin American Funds
Average(3) -37.86% -6.46% 1.95%(5)
- ----------------------------------------------------------------------------------
</TABLE>
1 Classes A, C and D commenced operations on July 28, 1997.
2 The International Finance Corporation (IFC) Latin America Total Return
Index is a benchmark for the Latin American Markets. The Index, which
includes Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela,
reflects restrictions on foreign investment. The Index does not include any
expenses or fees. The Index is unmanaged and should not be considered an
investment.
3 The Lipper Latin American Funds Average tracks the performance of the funds
whose primary trading markets or operations are concentrated in the Latin
American region or in a single country within the region, as reported by
Lipper Analytical Services.
4 For the period December 30, 1992 through December 31, 1998.
5 For the period December 31, 1992 through December 31, 1998.
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 January 31, 1999.
[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
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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 1.25% 1.25% 1.25% 1.25%
- ----------------------------------------------------------------------------------------------------------------
Distribution and service (12b-1) fees 0.23% 1.00% 1.00% None
- ----------------------------------------------------------------------------------------------------------------
Other expenses 0.73% 0.73% 0.73% 0.73%
- ----------------------------------------------------------------------------------------------------------------
Total annual Fund operating expenses 2.21% 2.98% 2.98% 1.98%
- ----------------------------------------------------------------------------------------------------------------
</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.
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 $224 $ 692 $ 1,186 $2,546 $224 $692 $ 1,186 $2,546
- ---------------------------------------------------------- -----------------------------------------
CLASS B $801 $ 1,221 $ 1,766 $3,296 $301 $921 $ 1,566 $3,296
- ---------------------------------------------------------- -----------------------------------------
CLASS C $401 $ 921 $ 1,566 $3,296 $301 $921 $ 1,566 $3,296
- ---------------------------------------------------------- -----------------------------------------
CLASS D $201 $ 621 $ 1,066 $2,303 $201 $621 $ 1,066 $2,303
- ---------------------------------------------------------- -----------------------------------------
</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 strategies.
CONVERTIBLE AND DEBT SECURITIES. The Fund may invest up to
35% of its assets in Latin American convertible securities,
which are bonds and other securities convertible into common
stock at a particular time and price, and Latin American
debt securities. The Latin American debt securities include:
(a) debt securities of companies organized in a country in
Latin America or for which the principal trading market is
located in Latin America, (b) "sovereign debt," which are
debt securities issued or guaranteed by the government of a
country in Latin America, its agencies or instrumentalities,
or the central bank of such country, (c) debt securities
denominated in a Latin American currency issued by companies
to finance operations in Latin America, and (d) debt
securities of Latin American companies.
Most debt securities in which the Fund invests are not
rated; when rated, the rating generally will be below
investment grade. Any portion of the Fund's debt securities
may be below investment grade. Securities below investment
grade are commonly known as "junk bonds." These securities
may include "Rule 144A" securities, which are subject to
resale restrictions. The Fund, however, will not invest in
debt securities that are in default in payment of principal
or interest.
INVESTMENT COMPANIES. The Fund may invest up to 10% of its
assets in securities issued by other investment companies.
The Sub-Advisor may view these investments as necessary to
participate in certain foreign markets where foreigners are
prohibited from investing directly in the securities of
individual companies.
OPTIONS AND FUTURES. The Fund may invest in put and call
options and futures with respect to financial instruments,
stock and interest rate indexes, and U.S. and foreign
currencies. The Fund may use options and futures to seek to
protect against a decline in securities or currency prices
or an increase in prices of securities or currencies that
may be purchased, as well as to protect against interest
rate changes.
FORWARD CURRENCY CONTRACTS. The Fund's investments also may
include forward currency contracts, which involve the
purchase or sale of a specific amount of foreign currency at
the current price with delivery at a specified future date.
The Fund may use these contracts to hedge against adverse
price movements in its portfolio securities and the
currencies in which they are denominated.
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.
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
6
<PAGE>
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.
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.
HIGH RISK DEBT SECURITIES. Principal risks of investing in
the Fund are associated with its debt investments. All
fixed-income securities, such as corporate and sovereign
debt, 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.
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.)
The Fund's investments in "junk bonds" pose significant
risks. The prices of these securities are likely to be more
sensitive to adverse economic changes or individual
corporate developments than higher rated securities. During
an economic downturn or substantial period of rising
interest rates, junk bond issuers and, in particular, highly
leveraged issuers may experience financial stress that would
adversely affect their ability to service their principal
and interest payment obligations, to meet their projected
business goals or to obtain additional financing. In the
event of a default, the Fund may incur additional expenses
to seek recovery. The Rule 144A securities could have the
effect of increasing the level of Fund illiquidity to the
extent the Fund may be unable to find qualified
institutional buyers interested in purchasing the
securities. In addition, periods of economic uncertainty and
change probably would result in an increased volatility of
market prices of junk bond securities and a corresponding
volatility in the Fund's net asset value.
The Fund's investments in Latin American sovereign debt are
subject to unique credit risks. Certain Latin American
countries are among the largest debtors to commercial banks
and foreign governments. At times, certain Latin American
countries have declared a moratorium on the payment of
principal and/or interest on external debt. The governmental
entities that control the repayment also may not be willing
or able to repay the principal and/or interest on the debt
when it
7
<PAGE>
becomes due. Latin American governments may default on their
sovereign debt, which may require holders of that debt to
participate in debt rescheduling or additional lending to
defaulting governments. There is no bankruptcy proceeding by
which defaulted sovereign debt may be collected. These risks
could have a severely negative impact on the Fund's
sovereign debt holdings and cause the value of the Fund's
shares to decline drastically.
The Fund's Latin American debt securities are also subject
to the general risks of investing in foreign securities. See
the "FOREIGN SECURITIES/LATIN AMERICA" paragraphs in the
"Principal Risks" section for a discussion of those risks.
INVESTMENT COMPANIES. Any Fund investment in an investment
company is subject to the underlying risk of that
investment company's portfolio securities. For example, if
the investment company held common stocks, the Fund also
would be exposed to the risk of investing in common stocks.
In addition to the Fund's fees and expenses, the Fund would
bear its share of the investment company's fees and
expenses.
OPTIONS AND FUTURES. If the Fund invests in options and/or
futures, its participation in these markets would subject
the Fund's portfolio to certain risks. The Sub-Advisor's
predictions of movements in the direction of the stock,
currency 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.
FORWARD CURRENCY CONTRACTS. The Fund's participation in
forward currency contracts also involves risks. If the
Sub-Advisor employs a strategy that does not correlate well
with the Fund's investments or the currencies in which the
investments are denominated, currency contracts could result
in a loss. The contracts also may increase the Fund's
volatility and may involve a significant risk.
YEAR 2000. The Fund could be adversely affected if the
computer systems necessary for the efficient operation of
the Investment Manager, the Sub-Advisor and the Fund's other
service providers, as well as the markets and corporate and
governmental issuers in which the Fund invests do not
properly process and calculate date-related information from
and after January 1, 2000. While Year 2000-related computer
problems could have a negative effect on the Fund, the
Investment Manager, the Sub-Advisor and their affiliates are
working hard to avoid any problems and to obtain assurances
from their service providers that they are taking similar
steps.
In addition, it is possible that the markets for securities
in which the Fund invests may be detrimentally affected by
computer failures throughout the financial services industry
beginning January 1, 2000. Improperly functioning trading
systems may
8
<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, has more than $134.2 billion in assets under management
or administration as of May 31, 1999.
[End Sidebar]
result in settlement problems and liquidity issues. In
addition, corporate and governmental data processing errors
may also result in production problems for individual
companies and overall economic uncertainties. Earnings or
revenues of individual issuers will be affected by
remediation costs, which may be substantial and may be
reported inconsistently in U.S. and foreign financial
statements. Accordingly, the Fund's investments may be
adversely affected.
[ICON] FUND MANAGEMENT
- --------------------------------------------------------------------------------
Effective June 28, 1999, the Fund has 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 Funds Management, Inc. -- to invest the
Fund's assets, including the placing of orders for the
purchase and sale of portfolio securities. Prior to June 28,
1999, TCW Funds Management, Inc. 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. The
Manager's main business office is located at Two World Trade
Center, New York, NY 10048.
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, California 90017.
Michael P. Reilly, Managing Director of the Sub-Advisor, is
the primary portfolio manager of the Fund. Mr. Reilly has
been a portfolio manager with affiliated companies of the
TCW Group 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 year ended January 31, 1999 the Fund accrued
aggregate total compensation to Morgan Stanley Dean Witter
Services Company Inc. (at that time the Fund's manager) and
TCW Funds Management, Inc. (at that time acting as the
Fund's advisor, rather than sub-advisor) of 1.25% of the
Fund's average daily net assets (0.75% to Morgan Stanley
Dean Witter Services Company Inc. and 0.50% to TCW Funds
Management, Inc.).
9
<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 (800) THE-DEAN 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.deanwitter.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. The net asset value of each Class,
however, 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 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. Due to the Fund's holdings of 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.
10
<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, or (3)
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 Latin American Growth 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. See the inside back cover of
this PROSPECTUS for each Morgan Stanley Dean Witter
11
<PAGE>
Fund's designation as a Multi-Class 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 the purpose of
exchanges, shares of FSC Funds (subject to a front-end sales
charge) are treated as Class A shares of a Multi-Class Fund.
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.
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 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. Certain services normally available to
shareholders of Money Market Funds, including the check
writing privilege, are 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.
12
<PAGE>
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.
FREQUENT EXCHANGES. A pattern of frequent exchanges may
result in the Fund limiting or prohibiting, at its
discretion, additional purchases and/or exchanges. The Fund
will notify you in advance of limiting your exchange
privileges.
CDSC CALCULATIONS ON EXCHANGES. See the "Share Class
Arrangements" section of this PROSPECTUS for a further
discussion of how applicable contingent deferred sales
charges (CDSCs) are calculated for shares of one 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
Financial Advisor Witter Financial Advisor or other authorized financial
representative.
------------------------------------------------------------
Payment will be sent to the address to which the account is
registered or deposited in your brokerage account.
[ICON]
- --------------------------------------------------------------------------------
By Letter You can also sell your shares by writing a "letter of
instruction" that includes:
- 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.
[ICON]
------------------------------------------------------------
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.
------------------------------------------------------------
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
OPTIONS PROCEDURES
<S> <C>
- --------------------------------------------------------------------------------
Systematic If your investment in all of the Morgan Stanley Dean Witter
Withdrawal Plan Family of Funds has a total 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 a monthly, quarterly,
semi-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.
[ICON]
------------------------------------------------------------
Amounts withdrawn are subject to any applicable CDSC. A CDSC
may be waived under certain circumstances. See the Class B
waiver categories 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
instruction 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, however, under unusual circumstances. If you
request to sell shares that were recently purchased by
check, payment of the sale proceeds may be delayed for the
minimum time needed to verify that the check has been
honored (not more than fifteen days from the time we receive
the check).
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.
14
<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]
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.
[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
usually will 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
semi-annually. Capital gains, if any, are usually
distributed in June and 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. 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
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
15
<PAGE>
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 full 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 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.
16
<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 chart below compares the sales charge and maximum annual
12b-1 fee applicable to each Class:
<TABLE>
<CAPTION>
MAXIMUM
CLASS SALES CHARGE 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 first year 0.25%
- ------------------------------------------------------------------
B Maximum 5.0% CDSC during the first year
decreasing to 0% after six years 1.0%
- ------------------------------------------------------------------
C 1.0% CDSC during first year 1.0%
- ------------------------------------------------------------------
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.
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 0.00% 0.00%
- -------------------------------------------------------------------------------------------
</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.
17
<PAGE>
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 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.
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 Multi-Class 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 a 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.
18
<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]
- Persons participating in a fee-based investment program
(subject to all of its terms and conditions, including
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.
- 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
Dean Witter Reynolds' Retirement Plan Services serves as
recordkeeper under a written Recordkeeping Services
Agreement ("MSDW Eligible Plans") which have at least 200
eligible employees.
- A 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.
- 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>
19
<PAGE>
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 a 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 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.
All waivers will be granted only following the 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 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 inception of the Fund (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 Fund's inception upon which a CDSC has been
imposed or waived, or (b) the average daily net assets of
Class B.
20
<PAGE>
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.
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 in a
regular account 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.
21
<PAGE>
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 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
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.
- 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.
MEETING CLASS D ELIGIBILITY MINIMUMS. To meet the $5 million
($25 million for 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 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
22
<PAGE>
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.
23
<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.
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, whose
report, along with the Fund's financial statements, is included in the
annual report, which is available upon request.
<TABLE>
<CAPTION>
YEARS ENDED JANUARY 31, 1999++ 1998*++ 1997 1996 1995
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------
CLASS B
- ----------------------------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA:
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.09 $11.47 $ 9.48 $ 9.35 $16.05
- ----------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.05 (0.09) (0.04) (0.06) (0.17)
Net realized and unrealized gain (loss) (4.90) 0.71 2.03 0.19 (6.21)
--------- --------- --------- --------- ---------
Total income (loss) from investment operations (4.85) 0.62 1.99 0.13 (6.38)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions from net realized gain -- -- -- -- (0.32)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.24 $12.09 $11.47 $ 9.48 $ 9.35
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(+) (40.12)% 5.41% 20.99% 1.39% (40.12)%
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
- ----------------------------------------------------------------------------------------------------------------------------
Expenses 2.98%(1) 2.81% 2.78% 2.98% 2.87%
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 0.49%(1) (0.64)% (0.29)% (0.61)% (1.46)%
- ----------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $ 105,678 $ 272,710 $ 270,843 $ 261,066 $ 294,774
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 27% 30% 29% 64% 145%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Prior to July 28, 1997, the Fund issued one class of shares. All shares of the
Fund held prior to that date have been designated Class B 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.
24
<PAGE>
<TABLE>
<CAPTION>
FOR THE YEAR
ENDED FOR THE PERIOD JULY 28,
JANUARY 31, 1997*
1999 THROUGH JANUARY 31, 1998
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
CLASS A
- ---------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA:
- ---------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.14 $15.22
- ---------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.15 (0.07)
Net realized and unrealized loss (4.96) (3.01)
------------ --------
Total loss from investment operations (4.81) (3.08)
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.33 $12.14
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN(+) (39.62)% (20.24)%(1)
- ---------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
- ---------------------------------------------------------------------------------------------------------
Expenses 2.21%(3) 2.15%(2)
- ---------------------------------------------------------------------------------------------------------
Net investment income (loss) 1.26%(3) (1.04)%(2)
- ---------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $58 $110
- ---------------------------------------------------------------------------------------------------------
Portfolio turnover rate 27% 30%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS C(++)
- ---------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA:
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.10 $15.22
- ---------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.06 (0.12)
Net realized and unrealized loss (4.92) (3.00)
------------ --------
Total loss from investment operations (4.86) (3.12)
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.24 $12.10
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN(+) (40.17)% (20.50)%(1)
- ---------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
- ---------------------------------------------------------------------------------------------------------
Expenses 2.98%(3) 2.91%(2)
- ---------------------------------------------------------------------------------------------------------
Net investment income (loss) 0.49%(3) (1.76)%(2)
- ---------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $369 $792
- ---------------------------------------------------------------------------------------------------------
Portfolio turnover rate 27% 30%
- ---------------------------------------------------------------------------------------------------------
</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.
25
<PAGE>
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE PERIOD JULY 28,
ENDED 1997*
JANUARY 31, 1999 THROUGH JANUARY 31, 1998
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------
CLASS D(++)
- -----------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA:
- -----------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.16 $15.22
- -----------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.16 (0.04)
Net realized and unrealized loss (4.97) (3.02)
-------- --------
Total loss from investment operations (4.81) (3.06)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.35 $12.16
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN(+) (39.56)% (20.11)%(1)
- -----------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
- -----------------------------------------------------------------------------------------------------------
Expenses 1.98%(3) 1.86%(2)
- -----------------------------------------------------------------------------------------------------------
Net investment income (loss) 1.49%(3) (0.52)%(3)
- -----------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
- -----------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $5 $8
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 27% 30%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
* The date shares were first issued.
++ 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.
26
<PAGE>
NOTES
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27
<PAGE>
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28
<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
Equity Fund
Growth Fund
Market Leader Trust
Mid-Cap Equity Trust
Small Cap Growth Fund
Special Value Fund
Value Fund
THEME FUNDS
Financial Services Trust
Health Sciences Trust
Information Fund
Natural Resource Development Securities
Precious Metals and Minerals Trust
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 AND INCOME FUNDS
- --------------------------------
Balanced Growth Fund
Balanced Income Fund
Convertible Securities Trust
Dividend Growth Securities
Fund of Funds - Domestic Portfolio
Income Builder Fund
Mid-Cap Dividend Growth Securities
S&P 500 Index Fund
S&P 500 Select Fund
Strategist Fund
Total Return Trust
Value-Added Market Series/Equity Portfolio
THEME FUNDS
Global Utilities Fund
Real Estate Fund
Utilities Fund
GLOBAL FUNDS
Global Dividend Growth Securities
- --------------------------------------------------------------------------------
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
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)
N.Y. 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
LATIN AMERICAN GROWTH FUND
[Sidebar]
TICKER SYMBOLS:
Class A: LATAX
- -------------------
Class B: LATBX
- -------------------
Class C: LATCX
- -------------------
Class D: LATDX
- -------------------
[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.DEANWITTER.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 (800)
SEC-0330. Reports and other information about the Fund are
available on the SEC's Internet site (www.sec.gov) and
copies of this information may be obtained, upon payment of
a duplicating fee, by writing the Public Reference Section
of the SEC, Washington, DC 20549-6009.
(THE FUND'S INVESTMENT COMPANY ACT FILE NO. IS 811-6608)
