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Schedule 14A Information required in proxy statement.
Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the
Securities and Exchange Act of 1934 (Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Preliminary Additional Materials
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6 (e) (2) )
[X] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.149-11 (c) or Section 240.14a-12
TCW/DW Term Trust 2002
-----------------------------------------------
(Name of Registrant as Specified in its Charter)
LouAnne McInnis
-----------------------------------------------
(Name of Person(s) Filing Proxy Statement)
Payment of Filing Fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(j) (4) and 0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
Set forth the amount on which the filing fee is calculated and state
how it was determined.
4) Proposed maximum aggregate value of transaction:
5) Fee previously paid:
[ ] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a) (2) and identify the filing for
which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
1) Amount Previously paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
<PAGE>
TCW/DW TERM TRUST 2002
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD DECEMBER 14, 2000
The Annual Meeting of Shareholders of TCW/DW TERM TRUST 2002 (the
"Trust"), an unincorporated business trust organized under the laws of the
Commonwealth of Massachusetts, will be held in the Career Development Room,
Sixty-First Floor, Two World Trade Center, New York, New York 10048, on
December 14, 2000, at 9:00 a.m., New York City time, for the following
purposes:
1. To elect one (1) Trustee to serve until the year 2002 Annual Meeting
and three (3) Trustees to serve a three year term, or in each case, until
their successors shall have been elected and qualified;
2. To ratify or reject the selection of Deloitte & Touche LLP as the
Trust's independent auditors for the fiscal year ending September 30,
2001;
3. Shareholder proposal to amend the Trust's Declaration of Trust to
require each Trustee, within thirty days of election, to become a
shareholder of the Trust (Note: The Trustees unanimously recommend a vote
AGAINST this proposal); and
4. To transact such other business as may properly come before the
Meeting or any adjournment thereof.
Shareholders of record as of the close of business on October 3, 2000 are
entitled to notice of and to vote at the Meeting. If you cannot be present in
person, your management would greatly appreciate your filling in, signing and
returning the enclosed proxy promptly in the envelope provided for that
purpose. Alternatively, if you are eligible to vote telephonically by touchtone
telephone or electronically on the Internet (as discussed in the enclosed Proxy
Statement) you may do so in lieu of attending the Meeting in person.
In the event that the necessary quorum to transact business or the vote
required to approve or reject any proposal is not obtained at the Meeting, the
persons named as proxies may propose one or more adjournments of the Meeting to
permit further solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the Trust's shares present in
person or by proxy at the Meeting. The persons named as proxies will vote in
favor of such adjournment those proxies which have been received by the date of
the Meeting.
BARRY FINK,
Secretary
October 27, 2000
New York, New York
IMPORTANT
YOU CAN HELP THE TRUST AVOID THE NECESSITY AND EXPENSE OF SENDING
FOLLOW-UP LETTERS TO ENSURE A QUORUM BY PROMPTLY RETURNING THE ENCLOSED PROXY.
IF YOU ARE UNABLE TO BE PRESENT IN PERSON, PLEASE FILL IN, SIGN AND RETURN THE
ENCLOSED PROXY IN ORDER THAT THE NECESSARY QUORUM MAY BE REPRESENTED AT THE
MEETING. THE ENCLOSED ENVELOPE REQUIRES NO POSTAGE IF MAILED IN THE UNITED
STATES. CERTAIN SHAREHOLDERS WILL BE ABLE TO VOTE TELEPHONICALLY BY TOUCHTONE
TELEPHONE OR ELECTRONICALLY ON THE INTERNET BY FOLLOWING INSTRUCTIONS
CONTAINED ON THEIR PROXY CARDS OR ON THE ENCLOSED VOTING INFORMATION CARD.
<PAGE>
TCW/DW TERM TRUST 2002
TWO WORLD TRADE CENTER, NEW YORK, NEW YORK 10048
----------------
PROXY STATEMENT
----------------
ANNUAL MEETING OF SHAREHOLDERS
DECEMBER 14, 2000
This statement is furnished in connection with the solicitation of proxies
by the Board of Trustees (the "Board" or "Trustees") of TCW/DW TERM TRUST 2002
(the "Trust"), for use at the Annual Meeting of Shareholders of the Trust to be
held on December 14, 2000, (the "Meeting"), and at any adjournments thereof.
The first mailing of this Proxy Statement is expected to be made on or about
October 30, 2000.
If the enclosed form of proxy is properly executed and returned in time to
be voted at the Meeting, the proxies named therein will vote the shares
represented by the proxy in accordance with the instructions marked thereon.
Unmarked proxies will be voted for each of the nominees for election as Trustee
and in favor of Proposal 2 and against Proposal 3. A proxy may be revoked at
any time prior to its exercise by any of the following: written notice of
revocation to the Secretary of the Trust, execution and delivery of a later
dated proxy to the Secretary of the Trust (whether by mail or, as described
below, by touchtone telephone or the Internet) (if returned and received in
time to be voted), or attendance and voting at the Meeting. Attendance at the
Meeting will not in and of itself revoke a proxy.
Holders of shares of the Trust ("Shareholders") as of the close of
business on October 3, 2000, the record date for the determination of
Shareholders entitled to notice of and to vote at the Meeting, are entitled to
one vote for each share held and a fractional vote for a fractional share. On
October 3, 2000 there were 38,055,261 shares of beneficial interest of the
Trust outstanding, all with $0.01 par value. No person was known to own as much
as 5% of the outstanding shares of the Trust on that date. The percentage
ownership of shares of the Trust changes from time to time depending on
purchases and sales by Shareholders and the total number of shares outstanding.
The cost of soliciting proxies for the Meeting, consisting principally of
printing and mailing expenses, will be borne by the Trust. The solicitation of
proxies will be by mail, which may be supplemented by solicitation by mail,
telephone or otherwise through Trustees, officers of the Trust, officers and
regular employees of Morgan Stanley Dean Witter Services Company Inc. ("MSDW
Services" or the "Manager") or its parent company Morgan Stanley Dean Witter
Advisors Inc. ("MSDW Advisors"), Morgan Stanley Dean Witter Trust FSB ("MSDW
Trust") and/or Dean Witter Reynolds Inc. ("DWR"), without special compensation
therefor. In addition, the Trust has retained MacKenzie Partners, Inc. as proxy
solicitor, at a cost to the Trust of approximately $7,500 plus reimbursement of
reasonable expenses.
Shareholders whose shares are registered with MSDW Trust will be able to
vote their shares by touchtone telephone or by Internet by following the
instructions on the proxy card or on the Voting Information Card accompanying
this Proxy Statement. To vote by touchtone telephone, shareholders can call the
toll-free number 1-800-690-6903. To vote by Internet, Shareholders can access
the websites www.msdwt.com or www.proxyvote.com. Telephonic and Internet voting
with MSDW Trust presently are not available to Shareholders whose shares are
held in street name.
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In certain instances, MSDW Trust may call Shareholders to ask if they
would be willing to have their votes recorded by telephone. The telephone
voting procedure is designed to authenticate Shareholders' identities, to allow
Shareholders to authorize the voting of their shares in accordance with their
instructions and to confirm that their instructions have been recorded
properly. No recommendation will be made as to how a Shareholder should vote on
any Proposal other than to refer to the recommendations of the Board. The Trust
has been advised by counsel that these procedures are consistent with the
requirements of applicable law. Shareholders voting by telephone in this manner
will be asked for their social security number or other identifying information
and will be given an opportunity to authorize proxies to vote their shares in
accordance with their instruction. To ensure that the Shareholders'
instructions have been recorded correctly they will receive a confirmation of
their instructions in the mail. A special toll-free number set forth in the
confirmation will be available in case the information contained in the
confirmation is incorrect. Although a Shareholder's vote may be taken by
telephone, each Shareholder will receive a copy of this Proxy Statement and may
vote by mail using the enclosed proxy card or by touchtone telephone or the
Internet as set forth above. The last proxy vote received in time to be voted,
whether by proxy card, touchtone telephone or Internet, will be the vote that
is counted and will revoke all previous votes by the Shareholder.
(1) ELECTION OF TRUSTEES
The number of Trustees has currently been fixed by the Trustees, pursuant
to the Trust's Declaration of Trust, at nine. There are currently nine
Trustees, four of whom are standing for election at this Meeting, three to
serve a three year term and one to serve until the year 2002 Annual Meeting, in
accordance with the Trust's Declaration of Trust.
Six of the current nine Trustees (Michael Bozic, Edwin J. Garn, Wayne E.
Hedien, Manuel H. Johnson, Michael E. Nugent and John L. Schroeder) are
"Independent Trustees," that is, Trustees who are not "interested persons" of
the Trust, as that term is defined in the Investment Company Act of 1940, as
amended (the "1940 Act"). The other three current Trustees, Charles A.
Fiumefreddo, James F. Higgins and Philip J. Purcell, are "interested persons"
(as that term is defined in the 1940 Act) of the Funds and MSDW Advisors and
thus, are not Independent Trustees. The nominees for election as Trustees of
the Trust have been proposed by the Trustees now serving or, in the case of the
nominees for positions as Independent Trustees, by the Independent Trustees now
serving. All of the Trustees, except for James F. Higgins, previously have been
elected by the Shareholders of the Trust.
The nominees of the Board of Trustees for election as Trustee are listed
below. It is the intention of the persons named in the enclosed form of proxy
to vote the shares represented by them for the election of these nominees:
Wayne E. Hedien, James F. Higgins, Manuel H. Johnson and John L. Schroeder.
Should any of the nominees become unable or unwilling to accept nomination or
election, the persons named in the proxy will exercise their voting power in
favor of such person or persons as the Board may recommend or, in the case of
an Independent Trustee nominee, as the Independent Trustees may recommend. All
of the nominees have consented to being named in this Proxy Statement and to
serve if elected. The Trust knows of no reason why any of the said nominees
would be unable or unwilling to accept nomination or election. The election of
each Trustee requires the approval of a majority of the shares of the Trust
represented and entitled to vote at the Meeting.
Pursuant to the provisions of the Trust's Declaration of Trust, the
Trustees are divided into three separate classes, each class having a term of
three years. The term of office of one of each of the three classes will expire
each year.
The Board of Trustees previously determined that any nominee for election
as Trustee will stand for election as Trustee and serve as Trustee in one of
the three classes of Trustees as follows: Class I--Messrs. Bozic
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Fiumefreddo and Higgins; Class II--Messrs. Hedien, Johnson and Schroeder; and
Class III--Messrs. Garn, Nugent and Purcell. Each nominee will, if elected,
serve a term of up to approximately three years running for the period assigned
to that class and terminating at the date of the Annual Meeting of Shareholders
so designated by the Board, or any adjournment thereof. As a consequence of
this method of election, the replacement of a majority of the Board could be
delayed for up to two years. In accordance with the above, the Class II
Trustees are standing for election at this Meeting and, if elected, will serve
a three year term or until their successors have been elected and qualified. In
addition, Mr. James F. Higgins in Class I is standing for election at the
Meeting and, if elected, will serve until the year 2002 Annual Meeting, or
until his successor shall have been elected and qualified.
The following information regarding each of the nominees for election as
Trustee and each of the other members of the Board includes his principal
occupations and employment for at least the last five years, his age, shares of
the Trust owned, if any, as of October 3, 2000 (shown in parentheses),
positions with the Trust, and directorships or trusteeships in companies which
file periodic reports with the Securities and Exchange Commission, including
the 3 investment companies, TCW/DW Term Trust 2000, TCW/DW Term Trust 2002 and
TCW/DW Term Trust 2003, for which TCW Investment Management Company serves as
investment adviser (the "Investment Adviser" or the "Adviser"), and MSDW
Advisors' wholly-owned subsidiary, MSDW Services, serves as manager (referred
to herein as the "TCW/DW Term Trusts"), and the 97 investment companies for
which MSDW Advisors serves as investment manager or investment adviser
(referred to herein as the "Morgan Stanley Dean Witter Funds").
The nominees for Trustee to be elected at this Meeting are:
WAYNE E. HEDIEN, Trustee since June 1999; age 66; Retired; Director or
Trustee of the Morgan Stanley Dean Witter Funds and the TCW/DW Term Trusts;
Director of The PMI Group, Inc. (private mortgage insurance); Trustee and Vice
Chairman of The Field Museum of Natural History; formerly associated with the
Allstate Companies (1966-1994), most recently as Chairman of The Allstate
Corporation (March 1993-December 1994) and Chairman and Chief Executive Officer
of its wholly-owned subsidiary, Allstate Insurance Company (July 1989-December
1994); director of various other business and charitable organizations.
JAMES F. HIGGINS*, Trustee since June 2000; age 52; Chairman of the
Private Client Group of Morgan Stanley Dean Witter & Co. ("MSDW") (since August
2000); Director of the Transfer Agent and Dean Witter Realty Inc.; Director or
Trustee of the Morgan Stanley Dean Witter Funds and the TCW/DW Term Trusts
(since June 2000); previously President and Chief Operating Officer of the
Private Client Group of MSDW (May 1999-August 2000), President and Chief
Operating Officer of Individual Securities of MSDW (February 1997-May 1999),
President and Chief Operating Officer of Dean Witter Securities of MSDW
(1995-February 1997), and President and Chief Operating Officer of Dean Witter
Financial (1989-1995) and Director (1985-1997) of DWR.
MANUEL H. JOHNSON, Trustee since September 1992; age 51; Senior Partner,
Johnson Smick International, Inc., a consulting firm; Co-Chairman and a founder
of the Group of Seven Council (G7C), an international economic commission;
Chairman of the Audit Committee and Director or Trustee of the Morgan Stanley
Dean Witter Funds and the TCW/DW Term Trusts; Director of Greenwich Capital
Markets, Inc. (broker-dealer); Independence Standards Board (private sector
organization governing independence of auditors) and NVR, Inc. (home
construction); Chairman and Trustee of the Financial Accounting Foundation
(oversight organization for the Financial Accounting Standards Board); formerly
Vice Chairman of the Board of Governors of the Federal Reserve System and
Assistant Secretary of the U.S. Treasury.
----------
* Messrs. Fiumefreddo, Higgins and Purcell may be deemed "interested persons"
of the Trust as defined in Section 2(a)(19) of the 1940 Act, due to their
affiliation with the Manager and/or its affiliated companies.
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JOHN L. SCHROEDER, Trustee since April 1995; age 70; Retired; Chairman of
the Derivatives Committee and Director or Trustee of the Morgan Stanley Dean
Witter Funds and the TCW/DW Term Trusts; Director of Citizens Communications
Company (telecommunications company); formerly Executive Vice President and
Chief Investment Officer of the Home Insurance Company.
The Trustees who are not standing for reelection at this Meeting are:
MICHAEL BOZIC, Trustee since June 1999; age 59; Director or Trustee of the
Morgan Stanley Dean Witter Funds and the TCW/DW Term Trusts; Vice Chairman of
Kmart Corporation (since December 1998); formerly Chairman and Chief Executive
Officer of Levitz Furniture Corporation (November 1995-November 1998); formerly
President and Chief Executive Officer of Hills Department Stores (1991-1995);
formerly variously Chairman, Chief Executive Officer, President and Chief
Operating Officer (1987-1991) of the Sears Merchandise Group of Sears, Roebuck
and Co.; Director of Weirton Steel Corporation.
CHARLES A. FIUMEFREDDO*, Trustee since June 1993; age 67; Chairman,
Director or Trustee and Chief Executive Officer of the Morgan Stanley Dean
Witter Funds and the TCW/DW Term Trusts; formerly, Chairman, Chief Executive
Officer and Director of MSDW Advisors, MSDW Services and Morgan Stanley Dean
Witter Distributors Inc. ("MSDW Distributors"), Executive Vice President of
DWR, Chairman and Director of MSDW Trust and Director and/or officer of various
MSDW subsidiaries (until June 1998).
EDWIN JACOB (JAKE) GARN, Trustee since June 1999; age 68; Director or
Trustee of the Morgan Stanley Dean Witter Funds and the TCW/DW Term Trusts;
formerly United States Senator (R-Utah) (1974-1992) and Chairman, Senate
Banking Committee (1980-1986); formerly Mayor of Salt Lake City, Utah
(1971-1974); formerly Astronaut, Space Shuttle Discovery (April 12-19, 1985);
Vice Chairman, Huntsman Corporation (chemical company); Director of Franklin
Covey (time management systems), BMW Bank of North America, Inc. (industrial
loan corporation), United Space Alliance (joint venture between Lockheed Martin
and the Boeing Company) and Nuskin Asia Pacific (multilevel marketing); member
of the Utah Regional Advisory Board of Pacific Corp.; member of the board of
various civic and charitable organizations.
MICHAEL E. NUGENT, Trustee since September 1992; age 64; General Partner,
Triumph Capital, L.P., a private investment partnership; Chairman of the
Insurance Committee and Director or Trustee of the Morgan Stanley Dean Witter
Funds and the TCW/DW Term Trusts; formerly Vice President, Bankers Trust
Company and BT Capital Corporation; director of various business organizations.
PHILIP J. PURCELL*, Trustee since June 1999; age 57; Chairman of the Board
of Directors and Chief Executive Officer of MSDW, DWR and Novus Credit Services
Inc.; Director of MSDW Distributors; Director or Trustee of the Morgan Stanley
Dean Witter Funds and the TCW/DW Term Trusts; Director of American Airlines,
Inc. and its parent company, AMR Corporation; Director and/or officer of
various MSDW subsidiaries.
The executive officers of the Trust are: Mitchell M. Merin, President;
Barry Fink, Vice President, Secretary and General Counsel; Ronald E. Robison,
Vice President; Robert S. Giambrone, Vice President; Philip A. Barach, Vice
President, Jeffrey E. Gundlach, Vice President; Frederick H. Horton, Vice
President; and Thomas F. Caloia, Treasurer. In addition, Marilyn K. Cranney,
Natasha Kassian, Todd Lebo, LouAnne D. McInnis, Carsten Otto and Ruth Rossi,
serve as Assistant Secretaries.
----------
* Messrs. Fiumefreddo, Higgins and Purcell may be deemed "interested persons"
of the Trust as defined in Section 2(a)(19) of the 1940 Act, due to their
affiliation with the Manager and/or its affiliated companies.
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Mr. Merin is 47 years old and is currently President and Chief Operating
Officer of Asset Management of MSDW (since December 1998), President, Director
(since April 1997) and Chief Executive Officer (since June 1998) of MSDW
Advisors and MSDW Services, Chairman, Chief Executive Officer and Director of
MSDW Distributors (since June 1998), Chairman and Chief Executive Officer
(since June 1998) and Director (since January 1998) of MSDW Trust, President of
the Morgan Stanley Dean Witter Funds and the TCW/DW Term Trusts (since May
1999), Trustee of various Van Kampen investment companies (since December 1999)
and Director of various other MSDW subsidiaries. Mr. Fink is 45 years old and
is currently General Counsel of Asset Management of MSDW (since May 2000);
Executive Vice President (since December 1999), Secretary and General Counsel
(since February 1997) and Director (since July 1998) of the Investment Manager
and MSDW Services Company; Vice President, Secretary and General Counsel of the
Morgan Stanley Dean Witter Funds (since February 1997); Vice President and
Secretary of the Distributor. He was previously Senior Vice President (March
1997-December 1999), First Vice President, Assistant Secretary and Assistant
General Counsel of the Investment Manager and MSDW Services Company. Mr.
Robison is 61 years old and is currently Executive Vice President and Chief
Administrative Officer (since September 1998) and Director (since February
1999) of MSDW Advisors and MSDW Services; prior thereto he was a Managing
Director of the TCW Group, Inc. Mr. Giambrone is 46 years old and is currently
Senior Vice President of MSDW Advisors, MSDW Services, MSDW Distributors and
MSDW Trust and Director of MSDW Trust (since April 1996). Mr. Caloia is 54
years old and is currently First Vice President and Assistant Treasurer of MSDW
Advisors and MSDW Services. Other than Mr. Robison, each of the above officers
has been an employee of MSDW Advisors or its affiliates for over five years.
Mr. Barach is 48 years old and is currently a Managing Director of Trust
Company of the West, TCW Asset Management Company and TCW Investment Management
Company. Mr. Gundlach is 41 years old and is currently a Managing Director of
Trust Company of the West, TCW Asset Management Company and TCW Investment
Management Company. Mr. Horton is 42 years old and is currently a Managing
Director of Trust Company of the West, TCW Asset Management Company and TCW
Investment Management Company. Messrs. Barach, Gundlach and Horton have been
associated with the TCW Group, Inc. and/or its subsidiaries for over five
years.
THE BOARD OF TRUSTEES, THE INDEPENDENT TRUSTEES, AND THE COMMITTEES
The Board of Trustees consists of nine (9) trustees. These same
individuals also serve as trustees for the other two TCW/DW Term Trusts. As of
September 30, 2000, the TCW/DW Term Trusts had total net assets of
approximately $1.5 billion and approximately 35,000 shareholders.
Six Trustees (67% of the total number) have no affiliation or business
connection with TCW Investment Management Company or MSDW Services or any of
their affiliated persons and do not own any stock or other securities issued by
MSDW or TCW, the parent companies of MSDW Services and TCW Investment
Management Company, respectively. These are the "disinterested" or
"independent" Trustees.
Law and regulation establish both general guidelines and specific duties
for the Independent Trustees. The TCW/DW Term Trusts seek as Independent
Trustees individuals of distinction and experience in business and finance,
government service or academia; these are people whose advice and counsel are
in demand by others and for whom there is often competition. To accept a
position on the TCW/DW Term Trusts' Boards, such individuals may reject other
attractive assignments because the TCW/DW Term Trusts make substantial demands
on their time.
All of the Independent Trustees serve as members of the Audit Committee.
In addition, three of them also serve as members of the Derivatives Committee
and the Insurance Committee. The Trust does not have any nominating or
compensation committees.
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The Independent Trustees are charged with recommending to the full Board
approval of management, advisory and administration contracts, and distribution
and underwriting agreements; continually reviewing Trust performance; checking
on the pricing of portfolio securities, brokerage commissions, transfer agent
costs and performance, and trading among the TCW/DW Term Trusts in the same
complex; and approving fidelity bond and related insurance coverage and
allocations, as well as other matters that arise from time to time.
The Audit Committee is charged with recommending to the full Board the
engagement or discharge of the Trust's independent auditors; directing
investigations into matters within the scope of the independent auditors'
duties, including the power to retain outside specialists; reviewing with the
independent auditors the audit plan and results of the auditing engagement;
approving professional services provided by the independent auditors and other
accounting firms prior to the performance of such services; reviewing the
independence of the independent auditors; considering the range of audit and
non-audit fees; reviewing the adequacy of the Trust's system of internal
controls; and preparing and submitting Committee meeting minutes to the full
Board.
The Board of each TCW/DW Term Trust has formed a Derivatives Committee to
approve parameters for and monitor the activities of each TCW/DW Term Trust
with respect to derivative investments, if any, made by each TCW/DW Term Trust.
Finally, the Board of each TCW/DW Term Trust has formed an Insurance
Committee to review and monitor the insurance coverage maintained by each
TCW/DW Term Trust.
For the fiscal year ended September 30, 2000, the Board of Trustees of the
Trust held 6 meetings, and the Audit Committee, the Independent Trustees, the
Derivatives Committee and the Insurance Committee of the Trust held 2, 6, 4 and
1 meeting(s), respectively. No Trustee attended fewer than 75% of the meetings
of the Board of Trustees, the Audit Committee, the Independent Trustees, the
Derivatives Committee or the Insurance Committee held while he served in such
positions.
ADVANTAGES OF HAVING SAME INDIVIDUALS AS INDEPENDENT TRUSTEES FOR ALL TCW/DW
TERM TRUSTS
The Independent Trustees and the TCW/DW Term Trusts' management believe
that having the same Independent Trustees for each of the TCW/DW Term Trusts
avoids the duplication of effort that would arise from having different groups
of individuals serving as Independent Trustees for each of the TCW/DW Term
Trusts. They believe that having the same individuals serve as Independent
Trustees of all the TCW/DW Term Trusts tends to increase their knowledge and
expertise regarding matters which affect the TCW/DW Term Trusts generally and
enhances their ability to negotiate on behalf of each TCW/DW Term Trust with
the TCW/DW Term Trust's service providers. This arrangement also precludes the
possibility of separate groups of Independent Trustees arriving at conflicting
decisions regarding operations and management of the TCW/DW Term Trusts and
avoids the cost and confusion that would likely ensue. Finally, having the same
Independent Trustees serve on all TCW/DW Term Trust Boards enhances the ability
of each TCW/DW Term Trust to obtain, at modest cost to each separate TCW/DW
Term Trust, the services of Independent Trustees of the caliber, experience and
business acumen of the individuals who serve as Independent Trustees of the
TCW/DW Term Trusts.
SHARE OWNERSHIP BY TRUSTEES
The Trustees have adopted a policy pursuant to which each Trustee and/or
his or her spouse is required to invest at least $25,000 in any of the TCW/DW
Term Trusts, the Morgan Stanley Dean Witter Funds on whose boards the Trustee
serves. In addition, the policy contemplates that the Trustees will, over time,
increase their aggregate investment in these funds above the $25,000 minimum
requirement. The Trustees may allocate their investments among specific Funds
in any manner they determine is appropriate based on their individual
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investment objectives. As of the date of this Proxy Statement, each Trustee is
in compliance with the policy. Any future Trustee will be given a one year
period following his or her election within which to comply with the foregoing.
As of September 30, 2000, the total value of the investments by the Trustees
and/or their spouses in shares of the aforementioned funds was approximately
$65 million.
As of the record date for this meeting, the aggregate number of shares of
beneficial interest of the Trust owned by the Trust's officers and Trustees as
a group was less than 1 percent of the Trust's shares of beneficial interest
outstanding.
COMPENSATION OF INDEPENDENT TRUSTEES
The Trust pays each Independent Trustee an annual fee of $800 plus a per
meeting fee of $50 for meetings of the Board of Trustees, the Independent
Trustees or Committees of the Board of Trustees attended by the Trustee (the
Trust pays the Chairman of the Audit Committee an additional annual fee of $750
and pays the Chairmen of the Derivatives and Insurance Committees additional
annual fees of $500). Prior to June 28, 1999, the annual fee was $2,800 and the
per meeting fee was $200. If a Board meeting and a meeting of the Independent
Trustees or a Committee meeting, or a meeting of the Independent Trustees
and/or more than one Committee meeting, take place on a single day, the
Trustees are paid a single meeting fee by the Trust. The Trust also reimburses
such Trustees for travel and other out-of-pocket expenses incurred by them in
connection with attending such meetings. Trustees and officers of the Trust who
are or have been employed by the Manager or the Adviser or an affiliated
company of either receive no compensation or expense reimbursement from the
Trust for their services as Trustee. The Trustees of the TCW/DW Term Trusts do
not have retirement or deferred compensation plans.
The following table illustrates the compensation paid to the Trust's
Independent Trustees by the Trust for the fiscal year ended September 30, 2000.
TRUST COMPENSATION
AGGREGATE
COMPENSATION
NAME OF INDEPENDENT TRUSTEE FROM THE TRUST
--------------------------- --------------
Michael Bozic ......................................... $1,550
Edwin J. Garn ......................................... 1,600
Wayne E. Hedien ....................................... 1,600
Dr. Manuel H. Johnson ................................. 2,350
Michael E. Nugent ..................................... 2,100
John L. Schroeder ..................................... 2,050
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The following table illustrates the compensation paid to the Trust's
Independent Trustees for the calendar year ended December 31, 1999 for services
to the 3 TCW/DW Term Trusts. Messrs. Bozic, Garn and Hedien became Trustees of
the Trust on June 28, 1999.
CASH COMPENSATION FROM TCW/DW TERM TRUSTS
TOTAL
CASH COMPENSATION
FOR SERVICES TO
NAME OF INDEPENDENT TRUSTEE 3 TCW/DW TERM TRUSTS
--------------------------- --------------------
Michael Bozic ..................................... $ 2,250
Edwin J. Garn ..................................... 2,250
Wayne E. Hedien ................................... 2,250
Dr. Manuel H. Johnson ............................. 12,750
Michael E. Nugent ................................. 12,250
John L. Schroeder ................................. 12,250
THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE ELECTION
FOR EACH OF THE TRUSTEES NOMINATED FOR ELECTION.
INVESTMENT ADVISER
TCW Investment Management Company (the "Investment Adviser") is the
Trust's investment adviser. The Investment Adviser, a California corporation,
is a wholly-owned subsidiary of The TCW Group, Inc. (formerly TCW Management
Company) ("The TCW Group"), a Nevada corporation, whose direct and indirect
subsidiaries, including Trust Company of the West and TCW Asset Management
Company, provide a variety of trust, investment management and investment
advisory services. As of September 30, 2000, the Investment Adviser and its
affiliates had approximately $80 billion under management or committed to
management. The Investment Adviser is headquartered at 865 South Figueroa
Street, Suite 1800, Los Angeles, California 90017.
The Principal Executive Officers and Directors of the Investment Adviser,
and their principal occupations, are:
Marc I. Stern, Chairman, Thomas E. Larkin, Jr., Vice Chairman and Alvin R.
Albe, Jr., Executive Vice President. Mr. Robert A. Day may be deemed to be a
control person of the Adviser by virtue of the aggregate ownership of Mr.
Robert Day and his family of more than 25% of the outstanding voting stock of
The TCW Group, Inc. Mr. Stern is currently Chairman and Director of the
Investment Adviser, President and Director of The TCW Group, Inc. and Executive
Vice President and Director of Trust Company of the West. Mr. Larkin is
currently Vice Chairman and Director of the Investment Adviser, Executive Vice
President of The TCW Group, Inc. and President and Director of Trust Company of
the West. Mr. Albe is an Executive Vice President of The TCW Group, Inc.
The business address of the foregoing Directors and Executive Officers is
865 South Figueroa Street, Suite 1800, Los Angeles, California 90017.
MANAGER
Morgan Stanley Dean Witter Services Company Inc. ("MSDW Services") is the
Trust's Manager. MSDW Services, which maintains its offices at Two World Trade
Center, New York, New York 10048, is a wholly-owned subsidiary of Morgan
Stanley Dean Witter Advisors Inc. ("MSDW Advisors"). MSDW Advisors maintains
its offices at Two World Trade Center, New York, New York 10048. MSDW Advisors
is a wholly-owned subsidiary of MSDW, a preeminent global financial services
firm that maintains leading market positions in each of its three primary
businesses--securities, asset management and credit services.
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The Principal Executive Officer and Directors of MSDW Advisors are
Mitchell M. Merin, President and Chief Executive Officer, Ronald E. Robison,
Executive Vice President and Chief Administrative Officer and Barry Fink,
Senior Vice President, Secretary and General Counsel. The principal occupations
of Messrs. Merin, Robison and Fink are described above under the section
"Election of Trustees." The business address of the Executive Officer and other
Directors is Two World Trade Center, New York, New York 10048.
MSDW Advisors and MSDW Services serve in various investment management,
advisory, management and administrative capacities to investment companies and
pension plans and other institutional and individual investors.
MSDW has its offices at 1585 Broadway, New York, New York 10036. There are
various lawsuits pending against MSDW involving material amounts which, in the
opinion of its management, will be resolved with no material effect on the
consolidated financial position of the Company.
(2) RATIFICATION OR REJECTION OF SELECTION OF INDEPENDENT AUDITORS
Since July 1, 2000 Deloitte & Touche LLP has served as the Trust's
independent auditors.
On July 1, 2000 PricewaterhouseCoopers LLP resigned as independent
auditors of the Trust. The reports of PricewaterhouseCoopers LLP on the
financial statements of the Trust for the past two fiscal years contained no
adverse opinion or disclaimer of opinion and were not qualified or modified as
to uncertainty, audit scope or accounting principle. In connection with its
audits for the two most recent fiscal years and through July 1, 2000, there
have been no disagreements with PricewaterhouseCoopers LLP on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements if not resolved to the satisfaction of
PricewaterhouseCoopers LLP would have caused them to make reference thereto in
their report on the financial statements for such years.
A representative of PricewaterhouseCoopers LLP is expected to be present
at the Meeting and, while not expected to make a statement, will be available
to respond to appropriate questions of Shareholders.
The Trust's Board of Trustees, including the Audit Committee of the Board,
unanimously approved the selection of Deloitte & Touche LLP as the Trust's new
independent auditors effective July 1, 2000. The selection of Deloitte & Touche
LLP as the Trust's independent auditors for the fiscal year ended September 30,
2001 is being submitted for ratification or rejection by Shareholders at the
Meeting. Deloitte & Touche LLP has no direct or indirect financial interest in
the Trust.
A representative of Deloitte & Touche LLP is expected to be present at the
Annual Meeting of Shareholders and, while not expected to make a statement,
will be available to respond to appropriate questions of Shareholders.
The affirmative vote of the holders of a majority of the shares
represented and entitled to vote at the Annual Meeting is required for
ratification of the selection of Deloitte & Touche LLP as the independent
auditors for the Trust.
THE TRUSTEES UNANIMOUSLY RECOMMEND THAT THE SHAREHOLDERS RATIFY THE
SELECTION OF DELOITTE & TOUCHE LLP AS THE INDEPENDENT AUDITORS FOR THE TRUST.
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(3) SHAREHOLDER PROPOSAL TO AMEND THE DECLARATION OF TRUST OF TCW/DW TERM
TRUST 2002 TO REQUIRE THAT EACH TRUSTEE, WITHIN THIRTY DAYS OF ELECTION, BECOME
A SHAREHOLDER OF THE TRUST
The Trust has been informed by Edwin S. Mullett, 1420 Fern Court, Vero
Beach, Florida 32963-4009, a shareholder of record who owned approximately
2,708 shares at October 3, 2000 (the "Proponent"), that he intends to submit
the following proposal at the Meeting:
RESOLVED, that the Declaration of Trust be amended to require that each
Trustee, within thirty days of election, becomes a shareholder of the Trust.
The Proponent has requested that the following statement be included in
support of his proposal:
I believe that one proof of interest and concern on the part of our
Trustees would be to invest a part of their fees in the fund they are paid
to supervise. Yet not one of our Trustees owns a single share of our Trust.
In fact, no Trustee has EVER been a shareholder of our Trust.
You can read below a litany of excuses seeking to convince you that
somehow you are better off because the Trustees refuse to join you as
shareholders. Let's look at their excuses: I call them the THREE LITTLE
FIGS.
Fig Leaf #1--"The Trustees have adopted a policy" which requires "each
Trustee . . . to invest at least $25,000 in any of the Funds." But they are
determined to avoid owning even one share in our Fund. And,
believe-it-or-not, the Trustees can meet their requirement with a money
market fund. By the way, before my proposal they had NO share ownership
policy.
Fig Leaf #2--"The Trust's objectives and policies may not be
appropriate for a Trustee." I guess this means that what's good for us
isn't good for them. Aw, come on guys--you can meet our proposed
requirement by just saying "Yes" (see below).
Fig Leaf #3--"Any policy which requires the Trustees to own shares of
a specific Fund . . . could logically be extended to all Funds." This
excuse is an invention since my proposal applies only to this Trust and has
no application to any other company. Will logic oblige the Trustees to
invest in all the funds if my proposal passes? The Chairman has refused to
answer this question--impaled on a fig leaf?
The Trustees complain about the proxy costs imposed on the Trust by my
proposal. I have not received or spent one cent of shareholder funds. In
fact, I have offered to GIVE shares to each Trustee and withdraw my
proposal. Through their attorney they rejected my offer.
The Trustees argue that my proposals have not been successful. You
should know that on several occasions my proposal has been approved by
overwhelming majorities but failed only because it narrowly missed quorum.
In fact, the shareholders of our Trust once voted 17,490,910 for my
proposal and 2,583,805 against. How's that for a proposal the Trustees say
"defies logic" and the Chairman describes as "ridiculous."
I respectfully ask you to support my proposal and send this message to
the Trustees--we want you to join us as shareholders.
THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT YOU VOTE AGAINST THE
SHAREHOLDER PROPOSAL.
RECOMMENDATION OF THE BOARD OF TRUSTEES
This is the 33rd time this or any similar proposal has been made to the
Shareholders of this Trust, to the Shareholders of the other TCW/DW Term
Trusts, as well as to Shareholders of other Trusts in the Morgan
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Stanley Dean Witter complex of Mutual Funds by either Mr. Mullett, Mr. Mullet's
wife, Carol W. Mullett, or by Mr. Mullett and Mrs. Mullett, jointly. THESE
PROPOSALS HAVE NEVER BEEN SUCCESSFUL. Each time the Trustees determined to
oppose the proposal, as in their view it was not in the best interests of the
Shareholders of the Trusts. The Trustees continue to adhere to this view.
The Trustees have already adopted a share ownership policy, which, as
discussed below, is consistent with a disclosure rule proposed by the
Securities and Exchange Commission in this area as well as with the
recommendations made by the Investment Company Institute's Advisory Group on
Best Practices for Fund Directors. (The Investment Company Institute is the
national association for the investment company industry.)
Under the share ownership policy, the Trustees have invested approximately
$65 million in the Morgan Stanley Dean Witter complex of Funds, and each of the
Trustees is in full compliance with the Morgan Stanley Dean Witter Funds' share
ownership policy without considering any investments in money market funds.
The Proponent ridicules the Trustees' share ownership policy, but fails to
explain how the investment of approximately $10.00 in this Trust would achieve
the benefits he claims this proposal will achieve for shareholders.
He also does not tell you that he or Mrs. Mullet, or both of them jointly,
have made the same proposal in proxies of this Trust, other TCW/DW Term Trusts,
as well as other Trusts in the Morgan Stanley Dean Witter complex, a total of
33 TIMES. NONE OF THESE PROPOSALS HAS BEEN SUCCESSFUL.
THE TRUSTEES ONCE AGAIN URGE YOU TO DEFEAT THIS PROPOSAL. Why this
proposal is in anyone's interest, especially given the share ownership policy
currently in effect, defies logic. The reasons for the Trustees' decision are
reiterated below.
THE SHARE OWNERSHIP POLICY
Each Trustee and/or his spouse is required to invest at least $25,000 in
any of the Funds in the Morgan Stanley Dean Witter complex, which includes this
Trust, on whose Board the Trustee serves.
In addition, the policy contemplates that the Trustees will over time
increase their aggregate investment in Funds above the $25,000 minimum
requirement. The Trustees may allocate their investments among specific Funds
in any amount that they determine is appropriate based on their individual
investment objectives, the same right held by each individual shareholder.
As of the date of this proxy statement, each Trustee is in compliance with
the policy. As of September 30, 2000, the total value of shares of Morgan
Stanley Dean Witter Funds owned by the Trustees and/or their spouses was
approximately $65 million. This policy is precisely in line with the
recommendations of the Advisory Group on Best Practices for Fund Directors
described below.
REASONS FOR OPPOSING THE SHAREHOLDER PROPOSAL
The share ownership policy requires the Trustees to make a significant
investment in the Funds in the Morgan Stanley Dean Witter complex, which
includes the Trust, while allowing the Trustees to select the specific Funds
that meet their own individual investment needs. As stated in the four previous
years' proxy statements, the Trustees believe it is not necessary to own shares
of any particular Trust to act in the best interests of shareholders and that
they can carry out their duties and functions diligently and effectively with
or without owning shares of the Trust. Further, it is reasonable to permit the
Trustees to invest in those Funds that best meet their personal financial
objectives. In addition, because the Trust's objectives and policies may not be
appropriate for a Trustee's individual financial circumstances, the Trust could
be inhibited in its ability to attract Trustees if the available pool is
limited to those whose personal financial needs are met by the Trust's
objectives and policies.
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On October 18, 1999, as part of its fund governance proposals designed to
enhance the role of fund directors and trustees, the Securities and Exchange
Commission proposed that funds disclose to shareholders the amount of shares in
the fund complex owned by fund directors. Disclosure of ownership of shares of
individual funds was not required because the SEC was of the view that such
disclosure would not be meaningful. In the release describing the governance
proposals, the SEC noted, among other things, that there are "many reasons a
director could have for not holding shares of any specific fund, e.g., that its
investment objective did not fill a need in the director's portfolio."
Moreover, consistent with the Trustees' reasons for adopting their share
ownership policy, the release stated that "the interests of a director who
holds shares in the fund complex will tend to be aligned with the interests of
other shareholders." Mr. Mullett was informed by the SEC staff of the release
in which the above-described views were expressed.
The Trustees' share ownership policy is also in accord with the
recommendations of the Investment Company Institute's Report of the Advisory
Group on Best Practices for Fund Directors. One of those recommendations is
that "investment company boards adopt a policy that requires fund directors to
invest in one or more of the funds [in a complex] on whose boards they serve."
This is precisely what the Trustees have had in effect for the past several
years. The objectives of the recommended policy are to enable directors to
better serve the interests of fund shareholders (i) since share ownership helps
align the interests of directors with those of shareholders in a complex, and
(ii) the directors should better understand the quality of shareholder services
provided by the fund group if they experience those services first hand. The
Advisory Group decided not to recommend a policy requiring directors to invest
in every fund on whose board they serve since that could result "in de minimis
investments in each fund [in the complex] and would not be likely to serve the
[foregoing] objectives to any greater extent than requiring ownership of shares
of some of the funds." Currently, there are approximately 129 investment
portfolios in the Morgan Stanley Dean Witter Fund complex.
The Trustees continue to believe that any policy requiring the Trustees to
own shares of a specific Fund for which they serve as Trustees, without regard
to their own respective investment objectives, could logically be extended to
all the Funds in the Morgan Stanley Dean Witter complex. The Trustees believe
that such a complex-wide share ownership requirement would be impractical and
undesirable because it could make it more difficult to maintain the same board
of directors for all the Funds given the large number of Funds in the complex.
The Advisory Group specifically recommended that all fund complexes with any
substantial number of funds generally adopt either a unitary or cluster board
structure. The Trustees believe that having the same Trustees for each of the
Morgan Stanley Dean Witter Funds is in the best interests of all the Funds'
shareholders for several reasons. First, a common board enhances the ability of
each Fund to obtain, at modest cost to each separate Fund, the services of high
caliber Trustees. Separate boards for individual Morgan Stanley Dean Witter
Funds would result in operational inefficiencies and increased costs to you,
the shareholders. In addition, having a common board avoids the duplication of
effort that would arise from having different groups of individuals serving as
Trustees for each of the Funds and avoids the cost and confusion that may arise
from different conclusions being reached by different boards on the same
operations and management issues. Finally, serving as Trustees of all Funds
tends to increase a Trustee's knowledge and expertise regarding matters which
affect all the Funds in the complex and enhances the ability to negotiate on
behalf of each Fund with the Fund's service providers.
For the reasons stated above and in light of the fact that they have
adopted the share ownership policy described above, the Trustees unanimously
recommend that shareholders vote AGAINST the shareholder proposal.
The affirmative vote of the holders of a majority of the shares
outstanding and entitled to vote at the Meeting is required for the approval of
the shareholder proposal.
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ADDITIONAL INFORMATION
In the event that the necessary quorum to transact business or the vote
required to approve or reject any proposal is not obtained at the Meeting, the
persons named as proxies may propose one or more adjournments of the Meeting to
permit further solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the Trust's shares present in
person or by proxy at the Meeting. The persons named as proxies will vote in
favor of such adjournment those proxies which have been received by the date of
the Meeting.
Abstentions and, if applicable, broker "non-votes" will not count as votes
in favor of any of the proposals, and broker "non-votes" will not be deemed to
be present at the Meeting for purposes of determining whether a particular
proposal to be voted upon has been approved. Broker "non-votes" are shares held
in street name for which the broker indicates that instructions have not been
received from the beneficial owners or other persons entitled to vote and for
which the broker does not have discretionary voting authority.
Four purported class action lawsuits have been filed in the Superior Court
for the State of California, County of Orange, against some of the Trust's
Trustees and officers, one of its underwriters, the lead representative of its
underwriters, the Adviser, the Manager and other defendants -- but not against
the Trust -- by certain shareholders of the Trust and other trusts for which
the defendants act in similar capacities. These plaintiffs generally allege
violations of state statutory and common law in connection with the marketing
of the Trust to customers of one of the underwriters. Damages, including
punitive damages, are sought in an unspecified amount. On or about October 20,
1995, the plaintiffs filed an amended complaint consolidating these four
actions. The defendants thereafter filed answers and affirmative defenses to
the consolidated amended complaint. The defendants' answers deny all of the
material allegations of the plaintiffs' complaint. In 1996, the plaintiffs
voluntarily dismissed, without prejudice, their claims against two defendants
who were independent Trustees of the Trusts. In March 1997, all of the
remaining defendants in the litigation filed motions for judgment on the
pleadings, seeking dismissal of all of the claims asserted against them. The
defendants' motions were fully briefed by all parties and were the subject of a
hearing before the Court on April 18, 1997. In July, 1997, the Court denied the
motion for judgment on the pleadings. In August 1997, plaintiffs filed a motion
for class certification. In their motion, the plaintiffs requested
certification of a "nationwide" class of Term Trust purchasers. On June 1,
1998, the Court granted in part and denied in part the plaintiff's motion for
class certification. The Court ruled that plaintiff's motion was "granted as to
[a California] statewide class," but was "denied as to a nationwide class." On
October 13, 1998, three separate class actions alleging similar claims on
behalf of the residents of the states of Florida, New Jersey and New York were
filed in the state courts of those states. The defendants removed the Florida
action to federal court and the plaintiffs' motion to remand the action to
state court was denied. Motions to dismiss were filed by the defendants in the
Florida action on August 30, 1999, in the New Jersey action on July 26, 1999
and in the New York action on September 10, 1999. The New Jersey action was
dismissed by the court with prejudice and no appeal was filed. The motion to
dismiss the Florida action was denied on January 27, 2000 and the litigation
remains pending. The Supreme Court of the State of New York dismissed the New
York action with prejudice on April 25, 2000 and no appeal was filed.
Certain of the defendants in these suits have asserted their right to
indemnification from the Trust.
The ultimate outcome of these matters is not presently determinable, and
no provision has been made in the Trust's financial statements for the effect,
if any, of such matters.
14
<PAGE>
SHAREHOLDER PROPOSALS
Proposals of security holders intended to be presented at the next Annual
Meeting of Shareholders must be received no later than July 14, 2001 for
inclusion in the proxy statement and proxy for that meeting. The mere
submission of a proposal does not guarantee its inclusion in the proxy
materials or its presentation at the meeting. Certain rules under the federal
securities laws must be met.
REPORTS TO SHAREHOLDERS
THE TRUST'S MOST RECENT ANNUAL REPORT AND ITS MOST RECENT SEMI-ANNUAL
REPORT SUCCEEDING THE ANNUAL REPORT PREVIOUSLY HAVE BEEN SENT TO SHAREHOLDERS
AND ARE AVAILABLE WITHOUT CHARGE UPON REQUEST FROM NINA WESSEL AT MORGAN
STANLEY DEAN WITTER TRUST FSB, HARBORSIDE FINANCIAL CENTER, PLAZA TWO, JERSEY
CITY, NEW JERSEY 07311 (TELEPHONE 1-800-869-NEWS) (TOLL-FREE).
INTEREST OF CERTAIN PERSONS
MSDW, MDSW Advisors, DWR, MSDW Services, The TCW Group, Inc. and its
affiliates, and certain of the respective Directors, Officers, and employees of
each, including persons who are Trustees or Officers of the Trust, may be
deemed to have an interest in certain of the proposals described in this Proxy
Statement to the extent that certain of such companies and their affiliates
have contractual and other arrangements, described elsewhere in this Proxy
Statement, pursuant to which they are paid fees by the Trust, and certain of
those individuals are compensated for performing services relating to the Trust
and may also own shares of MSDW and The TCW Group, Inc. Such companies and
persons may thus be deemed to derive benefits from the approvals by
Shareholders of such proposals.
OTHER BUSINESS
The management knows of no other matters which may be presented at the
Meeting. However, if any matters not now known properly come before the
Meeting, it is intended that the persons named in the attached form of proxy,
or their substitutes, will vote such proxy in accordance with their judgment on
such matters.
By Order of the Board of Trustees
BARRY FINK
Secretary
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TCW/DW TERM TRUST 2002
PROXY
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES
The undersigned hereby appoints Ronald E. Robison, Barry Fink and Robert S.
Giambrone, or any of them, proxies, each with the power of substitution, to
vote on behalf of the undersigned at the Annual Meeting of Shareholders of
TCW/DW Term Trust 2002 on December 14, 2000, at 9:00 a.m., New York City time,
and at any adjournment thereof, on the proposals set forth in the Notice of
Meeting dated October 27, 2000 as follows:
(Continued on reverse side)
THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN
BY THE UNDERSIGNED SHAREHOLDERS. IF NO DIRECTION IS MADE, THIS PROXY WILL BE
VOTED FOR THE NOMINEES FOR TRUSTEE AND FOR PROPOSAL 2 AND AGAINST PROPOSAL 3
SET FORTH ON THE REVERSE HEREOF AND AS RECOMMENDED BY THE BOARD OF TRUSTEES.
IMPORTANT--THIS PROXY MUST BE SIGNED AND DATED ON THE REVERSE SIDE.
<PAGE>
--------------------------------------------------------------------------------
TO VOTE BY MAIL, PLEASE COMPLETE AND RETURN THIS CARD
YOU ALSO MAY VOTE A PROXY BY TOUCH-TONE PHONE OR BY INTERNET
(SEE ENCLOSED VOTING INFORMATION CARD FOR FURTHER INSTRUCTIONS)
TO VOTE A PROXY BY PHONE, call Toll-Free: 1-800-690-6903
TO VOTE A PROXY BY INTERNET, visit our Website(s): WWW.MSDWT.COM or
WWW.PROXYVOTE.COM
PLEASE MARK VOTES AS
IN THE EXAMPLE USING [X]
BLACK OR BLUE INK
FOR ALL
1. Election of four (4) Trustees: FOR WITHHOLD EXCEPT
[ ] [ ] [ ]
01. Wayne E. Hedien 02. James F. Higgins
03. Manuel H. Johnson 04. John L. Schroeder
IF YOU WISH TO WITHHOLD AUTHORITY FOR ANY PARTICULAR NOMINEE, MARK THE
"FOR ALL EXCEPT" BOX AND STRIKE A LINE THROUGH THE NOMINEE'S NAME.
2. Ratification of appointment of FOR AGAINST ABSTAIN
Deloitte & Touche LLP
as independent auditors. [ ] [ ] [ ]
3. Shareholder proposal FOR AGAINST ABSTAIN
(NOTE: THE TRUSTEES RECOMMEND
A VOTE AGAINST THIS PROPOSAL) [ ] [ ] [ ]
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Date
--------------------------
Please make sure to sign and date this Proxy using black or blue ink.
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Shareholder sign in the box above
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Co-Owner (if any) sign in the box above
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PLEASE FOLD AND DETACH AT PERFORATION ALONG DOTTED LINES
TCW/DW TERM TRUST 2002
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IMPORTANT
USE ONE OF THESE THREE EASY WAYS TO VOTE YOUR PROXY
1. BY MAIL. PLEASE DATE, SIGN AND RETURN THE ABOVE PROXY CARD IN THE ENCLOSED
POSTAGE PAID ENVELOPE.
2. BY INTERNET. HAVE YOUR PROXY CARD AT HAND. GO TO THE "VOTE YOUR PROXY
HERE" LINK ON THE WEBSITE WWW.MSDWT.COM OR WWW.PROXYVOTE.COM. ENTER YOUR
12-DIGIT CONTROL NUMBER LOCATED ON THE PROXY CARD AND FOLLOW THE SIMPLE
INSTRUCTIONS.
3. BY TELEPHONE. HAVE YOUR PROXY CARD AT HAND. CALL 1-800-690-6903 ON A
TOUCH-TONE PHONE. ENTER YOUR 12-DIGIT CONTROL NUMBER LOCATED ON THE PROXY
CARD AND FOLLOW THE SIMPLE RECORDED INSTRUCTIONS.
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PRX 117
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MORGAN STANLEY DEAN WITTER FUNDS
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OFFERS TWO NEW WAYS TO VOTE YOUR PROXY
24 HOURS A DAY, 7 DAYS A WEEK
You can now vote your proxy in a matter of minutes with the ease and
convenience of the Internet or the telephone. You may still vote by mail.
But remember, if you are voting by Internet or telephone, do not mail the
proxy.
TO VOTE BY INTERNET:
1. Read the enclosed Proxy Statement and have your Proxy Card available.
2. Go to the "Proxy Voting" link on www.msdwt.com or to website
www.proxyvote.com.
3. Enter the 12-digit Control Number found on your Proxy Card.
4. Follow the simple instructions.
TO VOTE BY TELEPHONE:
1. Read the enclosed Proxy Statement and have your Proxy Card available.
2. Call toll-free 1-800-690-6903.
3. Enter the 12-digit Control Number found on your Proxy Card.
4. Follow the simple recorded instructions.
Your Proxy Vote is Important!
Thank You for Submitting Your Proxy.
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