INTERCAPITAL INCOME SECURITIES INC, DEF 14A, 1998-11-04

INTERCAPITAL INCOME SECURITIES INC
DEF 14A, 1998-11-04

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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
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.149-11(c) or
Section 240.14a-12

Dean Witter Government Income Trust
High Income Advantage Trust
High Income Advantage Trust II
InterCapital Income Securities Inc.
Municipal Income Opportunities Trust
- -------------------------------------------------------------------------------
(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>
DEAN WITTER GOVERNMENT INCOME TRUST
HIGH INCOME ADVANTAGE TRUST
HIGH INCOME ADVANTAGE TRUST II
INTERCAPITAL INCOME SECURITIES INC.
MUNICIPAL INCOME OPPORTUNITIES TRUST

NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS
TO BE HELD DECEMBER 17, 1998

Annual Meetings of Shareholders ("Meeting(s)") of DEAN WITTER GOVERNMENT
INCOME TRUST, HIGH INCOME ADVANTAGE TRUST, HIGH INCOME ADVANTAGE TRUST II,
INTERCAPITAL INCOME SECURITIES INC. and MUNICIPAL INCOME OPPORTUNITIES TRUST
(individually, a "Fund" and, collectively, the "Funds"), four unincorporated
business trusts organized under the laws of the Commonwealth of Massachusetts
and one corporation organized under the laws of Maryland, will be held
jointly in Conference Room A, Forty-Fourth Floor, Two World Trade Center, New
York, New York 10048, on December 17, 1998 at 9:00 a.m., New York City time,
for the following purposes:

1. For DEAN WITTER GOVERNMENT INCOME TRUST, HIGH INCOME ADVANTAGE TRUST
II and MUNICIPAL INCOME OPPORTUNITIES TRUST, to elect four (4) Trustees to
serve until the year 2001 Annual Meeting of each Fund; for HIGH INCOME
ADVANTAGE TRUST, to elect two (2) Trustees to serve until the year 2001
Annual Meeting; and for INTERCAPITAL INCOME SECURITIES INC., to elect nine
(9) Directors to serve until the 1999 Annual Meeting, or in each case,
until their successors shall have been elected and qualified.

2. To ratify or reject the selection of PricewaterhouseCoopers LLP as
each Fund's independent accountants for fiscal years ending September 30,
1999 for DEAN WITTER GOVERNMENT INCOME TRUST, High Income Advantage Trust
and INTERCAPITAL INCOME SECURITIES INC.; for fiscal year ending July 31,
1999 for HIGH INCOME ADVANTAGE TRUST II; and for fiscal year ending May
31, 1999 for MUNICIPAL INCOME OPPORTUNITIES TRUST; and

3. For INTERCAPITAL INCOME SECURITIES INC., to approve or disapprove a
proposed amendment to the Articles of Incorporation of the Fund to change
the name of the Fund to "Morgan Stanley Dean Witter Income Securities
Inc.;" and

4. To transact such other business as may properly come before the
Meetings or any adjournments thereof.

Shareholders of record of each Fund as of the close of business on October
28, 1998 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.

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 for a total of not more than 60 days in the aggregate to permit
further solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the applicable Fund'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
November 4, 1998
New York, New York
- -------------------------------------------------------------------------------
IMPORTANT

YOU CAN HELP 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.
- -------------------------------------------------------------------------------

<PAGE>
DEAN WITTER GOVERNMENT INCOME TRUST
HIGH INCOME ADVANTAGE TRUST
HIGH INCOME ADVANTAGE TRUST II
INTERCAPITAL INCOME SECURITIES INC.
MUNICIPAL INCOME OPPORTUNITIES TRUST

TWO WORLD TRADE CENTER, NEW YORK, NEW YORK 10048

----------------------
JOINT PROXY STATEMENT
----------------------

ANNUAL MEETINGS OF SHAREHOLDERS
DECEMBER 17, 1998

This statement is furnished in connection with the solicitation of proxies
by the Boards of Trustees/ Directors (the "Board(s)") of DEAN WITTER
GOVERNMENT INCOME TRUST ("DWGIT"), HIGH INCOME ADVANTAGE TRUST ("HIAT"), HIGH
INCOME ADVANTAGE TRUST II ("HIAT II"), INTERCAPITAL INCOME SECURITIES INC.
("ICIS") and MUNICIPAL INCOME OPPORTUNITIES TRUST ("MIOT") (individually, a
"Fund" and, collectively, the "Funds") for use at the Annual Meetings of
Shareholders of the Funds to be held jointly on December 17, 1998 (the
"Meeting(s)"), and at any adjournments thereof. The first mailing of this
Proxy Statement is expected to be made on or about November 5, 1998.

If the enclosed form of proxy is properly executed and returned in time to
be voted at the Meetings, the proxies named therein will vote the
shares/stock ("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/Director to be elected by shareholders with
respect to each Fund, and in favor of Proposal 2, and, with respect to ICIS,
Proposal 3 set forth in the attached Notice of Annual Meetings of
Shareholders. 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 Funds,
execution and delivery of a later dated proxy to the Secretary of the Funds
(if returned and received in time to be voted), or attendance and voting at
the Annual Meetings of Shareholders. Attendance at the Meetings will not in
and of itself revoke a proxy.

Shareholders of record ("Shareholders") of each Fund as of the close of
business on October 28, 1998, the record date for the determination of
Shareholders entitled to notice of and to vote at the Meetings, are entitled to
one vote for each share held and a fractional vote for a fractional share. On
October 28, 1998, there were 43,309,400 shares of beneficial interest of DWGIT,
30,017,252 shares of beneficial interest of HIAT, 35,611,307 shares of
beneficial interest of HIAT II, 11,845,218 shares of common stock of ICIS and
21,089,872 shares of beneficial interest of MIOT outstanding, all with $0.01
par value. No person was known to own as much as 5% of the outstanding shares
of any of the Funds on that date. The percentage ownership of shares of each
Fund changes from time to time depending on purchases and sales by Shareholders
and the total number of shares outstanding.

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The cost of soliciting proxies for these Annual Meetings of Shareholders
of each Fund, consisting principally of printing and mailing expenses, will
be borne by each respective Fund. The solicitation of proxies will be by
mail, which may be supplemented by solicitation by mail, telephone or
otherwise through Trustees/Directors, officers of the Funds, or officers and
regular employees of Morgan Stanley Dean Witter Advisors Inc. ("MSDW
Advisors" or the "Investment Manager") (formerly named Dean Witter
InterCapital Inc.), Morgan Stanley Dean Witter Trust FSB ("MSDW Trust"),
Morgan Stanley Dean Witter Services Company Inc. ("MSDW Services") and/or
Dean Witter Reynolds Inc. ("DWR"), without special compensation therefor. In
addition, each Fund may employ William F. Doring & Co. as proxy solicitor,
the cost of which is not expected to exceed $3,000 for each Fund and will be
borne by each respective Fund.

William F. Doring & Co. and 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 Funds have been advised by counsel that
these procedures are consistent with the requirements of applicable law.
Shareholders voting by telephone 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 instructions.
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 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. With respect to the
solicitation of a telephonic vote by William F. Doring & Co., additional
expenses would include $7.00 per telephone vote transacted, $3.00 per
outbound telephone contact and costs relating to obtaining Shareholders'
telephone numbers which would be borne by each respective Fund.

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<PAGE>
(1) ELECTION OF TRUSTEES/DIRECTORS FOR EACH FUND

The number of Trustees/Directors of each Fund has been fixed by the
Trustees/Directors, pursuant to each Fund's Declaration of Trust or Articles
of Incorporation, at nine. There are presently nine Trustees/Directors for
each Fund. At the Meetings, the following nominees are to be elected to each
Fund's Board of Trustees/Directors to serve for the following terms, in
accordance with each Fund's Declaration of Trust or Articles of
Incorporation, as set forth below:

<TABLE>
<CAPTION>
DEAN WITTER GOVERNMENT HIGH INCOME ADVANTAGE INTERCAPITAL INCOME
INCOME TRUST, HIGH INCOME TRUST-- UNTIL THE YEAR 2001 SECURITIES INC.--UNTIL
ADVANTAGE TRUST II, MUNICIPAL INCOME ANNUAL MEETING THE 1999 ANNUAL
OPPORTUNITIES TRUST-- UNTIL THE YEAR MEETING
2001 ANNUAL MEETING
- -------------------------------------- ------------------------------- ---------------------------
<S> <C> <C>
Edwin J. Garn Michael Bozic Michael Bozic
John R. Haire Charles A. Fiumefreddo Charles A. Fiumefreddo
Michael E. Nugent Edwin J. Garn
Philip J. Purcell John R. Haire
Wayne E. Hedien
Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
</TABLE>

Seven of the current nine Trustees/Directors (Michael Bozic, Edwin J.
Garn, John R. Haire, Wayne E. Hedien, Manuel H. Johnson, Michael E. Nugent
and John L. Schroeder) are "Independent Trustees" or "Independent Directors,"
that is, Trustees or Directors who are not "interested persons" of the Funds,
as that term is defined in the Investment Company Act of 1940, as amended
(the "1940 Act"). The other two current Trustees/Directors, Charles A.
Fiumefreddo 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 or Independent Directors. The nominees for election as
Trustee or Director have been proposed by the Trustees or Directors now
serving, or in the case of the nominees for positions as Trustee/Director, by
the Independent Trustees or Independent Directors now serving. All of the
members of the Boards currently serving have been elected previously by the
Shareholders of the Funds.

The nominees of the Boards of Trustees/Directors for election as
Trustee/Director are listed below. It is the intention of the persons named in
the enclosed form of proxy, unless instructed by proxy to withhold authority to
vote for the nominees, to vote all validly executed proxies for the election of
these nominees: for DWGIT, HIAT II and MIOT--Edwin J. Garn, John R. Haire,
Michael E. Nugent and Philip J. Purcell; for HIAT--Michael Bozic and Charles A.
Fiumefreddo; for ICIS--Michael Bozic, Charles A. Fiumefreddo, Edwin J. Garn,
John R. Haire, Wayne E. Hedien, Manuel H. Johnson, Michael E. Nugent, Philip J.
Purcell and John L. Schroeder. Should 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 Boards may
recommend or, in the case of an Independent Trustee/Director nominee, as the
Independent Trustees/Directors of each Fund may recommend. All of the nominees
have consented to being named in this Proxy Statement and to serve if elected.
The Funds know of no reason why any of the said nominees would be unable or
unwilling to accept nomination or election. With respect to each Fund, the
election of each Trustee/Director requires the approval of a majority of the
shares of the Fund represented and entitled to vote at the Meeting.

4
<PAGE>
Pursuant to the provisions of the Declaration of Trust of each of DWGIT,
HIAT, HIAT II, and MIOT, in certain cases as amended, 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 Boards of DWGIT, HIAT, HIAT II and MIOT previously determined that any
nominee for election as Trustee for each Fund will stand for election as
Trustee and serve as Trustee in one of the three classes of Trustees as
follows: Class I--Messrs. Bozic and Fiumefreddo; Class II--Messrs. Hedien,
Johnson and Schroeder; and Class III--Messrs. Garn, Haire, Nugent and
Purcell. Any 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 Boards,
or any adjournments thereof. In accordance with the above, the Trustees in
Class III for DWGIT, HIAT II and MIOT and the Trustees in Class I for HIAT
are standing for election and will, if elected, serve until the year 2001
Annual Meetings for each Fund as set forth above, or until their successors
shall have been elected and qualified. As a consequence of this method of
election, the replacement of a majority of each of the Boards could be
delayed for up to two years.

Pursuant to the provisions of the Articles of Incorporation of ICIS, the
terms of office of each Director will expire each year. Therefore, all of the
Directors of the Fund, if elected, will serve until the 1999 Annual Meeting
of ICIS, or until their successors shall have been elected and qualified.

The following information regarding the nominees for election as
Trustee/Director, and each of the other members of the Boards, includes his
principal occupations and employment for at least the last five years, his
age, shares of each Fund owned, if any, as of October 28, 1998 (shown in
parentheses), positions with the Funds, and directorships or trusteeships in
companies which file periodic reports with the Securities and Exchange
Commission, including the 85 investment companies, including the Funds, for
which MSDW Advisors serves as investment manager or investment adviser
(referred to herein as the "Morgan Stanley Dean Witter Funds") and the 11
investment companies for which MSDW Advisors' wholly-owned subsidiary, MSDW
Services, serves as manager and TCW Funds Management, Inc. serves as
investment adviser (referred to herein as the "TCW/DW Funds").

The respective nominees for Trustee/Director to be elected at the Meetings
of DWGIT, HIAT, HIAT II, ICIS and MIOT as set forth above are:

MICHAEL BOZIC, Trustee/Director of each Fund since April, 1994; age 57;
Chairman and Chief Executive Officer of Levitz Furniture Corporation (since
November, 1995); Director or Trustee of the Morgan Stanley Dean Witter Funds;
formerly President and Chief Executive Officer of Hills Department Stores
(May, 1991-July, 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 Eaglemark Financial Services,
Inc. and Weirton Steel Corporation.

CHARLES A. FIUMEFREDDO, Trustee/Director of each Fund since July, 1991;
age 65, Chairman, Director or Trustee, President and Chief Executive Officer
of the Morgan Stanley Dean Witter Funds; Chairman, Chief Executive Officer
and Trustee of the TCW/DW Funds; formerly Chairman, Chief Executive Officer
and Director of MSDW Advisors, MSDW Services and Morgan Stanley Dean Witter
Distributors Inc. ("MSDW Distributors"), Executive Vice President and
Director of DWR, Chairman and Director of MSDW Trust and Director and/or
officer of various Morgan Stanley Dean Witter & Co. ("MSDW") subsidiaries
(until June, 1998).

EDWIN JACOB (JAKE) GARN, Trustee/Director of each Fund since January,
1993; age 66; Director or Trustee of the Morgan Stanley Dean Witter Funds;
formerly United States Senator (R-Utah) (1974-1992) and Chairman, Senate
Banking Committee (1980-1986); formerly Mayor of Salt Lake City, Utah
(1971-1974);

5
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formerly Astronaut, Space Shuttle Discovery (April 12-19, 1985); Vice
Chairman, Huntsman Corporation; Director of Franklin Covey (time management
systems), John Alden Financial Corp. (health insurance), United Space
Alliance (joint venture between Lockheed Martin and Boeing Company) and
Nuskin Asia Pacific (multilevel marketing); member of the board of various
civic and charitable organizations.

JOHN R. HAIRE*, age 73; Chairman of the Audit Committee and Director or
Trustee of the Morgan Stanley Dean Witter Funds; Chairman of the Audit
Committee and Trustee of the TCW/DW Funds; formerly Chairman of the
Independent Directors or Trustees of the Morgan Stanley Dean Witter Funds and
the TCW/DW Funds (until June, 1998); formerly President, Council for Aid to
Education (1978-1989) and Chairman and Chief Executive Officer of Anchor
Corporation, an investment adviser (1964-1978).

WAYNE E. HEDIEN, Trustee/Director of each Fund since September, 1997; age
64; Retired; Director or Trustee of the Morgan Stanley Dean Witter Funds;
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.

MANUEL H. JOHNSON, Trustee/Director of each Fund since July, 1991; age 49;
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; Director or Trustee of the Morgan Stanley
Dean Witter Funds; Trustee of the TCW/DW Funds; Director of NASDAQ; Director
of Greenwich Capital Markets, Inc. (broker-dealer) 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 (1986-1990) and Assistant Secretary of the U.S. Treasury (1982-1986).

MICHAEL E. NUGENT, Trustee/Director of each Fund since July, 1991; age 62;
General Partner, Triumph Capital, L.P., a private investment partnership;
Director or Trustee of the Morgan Stanley Dean Witter Funds; Trustee of the
TCW/DW Funds; formerly Vice President, Bankers Trust Company and BT Capital
Corporation (1984-1988); director of various business organizations.

PHILIP J. PURCELL, Trustee/Director of each Fund since April, 1994; age
55; 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; Director and/or officer
of various MSDW subsidiaries.

JOHN L. SCHROEDER, Trustee/Director of each Fund since April, 1994; age
68; Retired; Director or Trustee of the Morgan Stanley Dean Witter Funds;
Trustee of the TCW/DW Funds; Director of Citizens Utilities Company; formerly
Executive Vice President and Chief Investment Officer of the Home Insurance
Company (August, 1991-September, 1995).

The executive officers of each Fund are: Barry Fink, Vice President,
Secretary and General Counsel; Mitchell M. Merin, Vice President; Robert M.
Scanlan, Vice President; Ronald E. Robison, Vice President; Robert S.
Giambrone, Vice President; Joseph J. McAlinden, Vice President and Thomas F.
Caloia, Treasurer; and with respect to the individual Funds, the other
executive officers are as follows: DWGIT--Rajesh K. Gupta, Vice President;
Peter M. Avelar, Vice President; Jonathan R. Page, Vice President; James F.
Willison, Vice President; HIAT and HIAT II--Peter M. Avelar, Vice President;
Jonathan R. Page, Vice President; James F. Willison, Vice President;
ICIS--Rochelle G. Siegel, Vice President; Peter M. Avelar, Vice President;
Kevin Hurley, Vice President; Jonathan R. Page, Vice President; James F.
Willison, Vice President;
- ------------

* Trustee of DWGIT since January, 1988; of HIAT since July, 1987; of HIAT II
since August, 1988; of MIOT since January, 1988; Director of ICIS since
January, 1983.
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MIOT--James F. Willison, Vice President; Joseph R. Arcieri, Vice President;
Gerard J. Lian, Vice President; Katherine H. Stromberg, Vice President. In
addition, Frank Bruttomesso, Marilyn K. Cranney, Todd Lebo, LouAnne D.
McInnis, Carsten Otto and Ruth Rossi serve as Assistant Secretaries of each
Fund.

Mr. Fink is 43 years old and is currently Senior Vice President (since
March, 1997), Secretary and General Counsel (since February, 1997) and
Director (since July, 1998) of MSDW Advisors and MSDW Services and (since
August, 1996) Assistant Secretary of DWR; he is also Senior Vice President
(since March, 1997), Assistant Secretary and Assistant General Counsel of
MSDW Distributors (since February, 1997). He was previously Vice President,
Assistant Secretary and Assistant General Counsel of MSDW Advisors and MSDW
Services. Mr. Merin is 45 years old and is currently President, Chief
Executive Officer and Director of MSDW Advisors and MSDW Services, Chairman
and Director of MSDW Distributors and MSDW Trust, Executive Vice President
and Director of DWR and various other MSDW subsidiaries. Mr. Scanlan is 62
years old and is currently President, Chief Operating Officer and Director of
MSDW Advisors and MSDW Services; he is also Executive Vice President of MSDW
Distributors and Executive Vice President and Director of MSDW Trust. He was
previously Executive Vice President of MSDW Advisors. Mr. Robison is 59 years
old and is currently Executive Vice President and Chief Administrative
Officer of MSDW Advisors and MSDW Services (since September 1998); prior
thereto he was a Managing Director of the TCW Group, Inc. Mr. Giambrone is 44
years old and is currently Senior Vice President of MSDW Advisors, MSDW
Services, MSDW Distributors and MSDW Trust (since August, 1995) and Director
of MSDW Trust (since April, 1996). He was formerly a partner of KPMG Peat
Marwick, LLP. Mr. McAlinden is 55 years old and is currently Executive Vice
President and Chief Investment Officer of MSDW Advisors (since April, 1996)
and Director of MSDW Trust (since April, 1996). He was previously Senior Vice
President of MSDW Advisors (June, 1995-April, 1996). He was formerly a
Managing Director at Dillon Read. Mr. Caloia is 52 years old and is currently
First Vice President and Assistant Treasurer of MSDW Advisors and MSDW
Services. Mr. Gupta is 38 years old and is currently Senior Vice President of
MSDW Advisors. Mr. Avelar is 40 years old and is currently Senior Vice
President of MSDW Advisors. Mr. Page is 52 years old and is currently Senior
Vice President of MSDW Advisors. Mr. Willison is 55 years old and is
currently Senior Vice President of MSDW Advisors. Ms. Siegel is 50 years old
and currently Senior Vice President of MSDW Advisors. Mr. Hurley is 52 years
old and currently Senior Vice President of MSDW Advisors (since February,
1995). He was formerly a Managing Director at Ark Asset Management. Mr.
Arcieri is 50 years old and is currently Vice President of MSDW Advisors. Mr.
Lian is 43 years old and is currently Vice President of MSDW Advisors. Ms.
Stromberg is 50 years old and is currently Vice President of MSDW Advisors.
Other than Messrs. Robison, Giambrone, McAlinden and Hurley, each of the
above officers has been an employee of MSDW Advisors or its affiliates for
over five years.

THE BOARD OF TRUSTEES/DIRECTORS, THE INDEPENDENT TRUSTEES/DIRECTORS, AND THE
COMMITTEES

The Board currently consists of nine (9) Trustees/Directors. These same
individuals also serve as directors or trustees for all of the Morgan Stanley
Dean Witter Funds, and are referred to in this section as Trustees. As of the
date of this Proxy Statement, there are a total of 85 Morgan Stanley Dean
Witter Funds, comprised of 121 portfolios. As of September 30, 1998, the
Morgan Stanley Dean Witter Funds had total net assets of approximately $105.3
billion and more than six million shareholders.

Seven Trustees (77% of the total number) have no affiliation or business
connection with MSDW Advisors or any of its affiliated persons and do not own
stock or other securities issued by MSDW Advisors' parent company, MSDW.
These are the "disinterested" or "independent" Trustees. Four of the seven
Independent Trustees are also Independent Trustees of the TCW/DW Funds.

Law and regulation establish both general guidelines and specific duties
for the Independent Trustees. The Morgan Stanley Dean Witter Funds 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

7
<PAGE>
demand by others and for whom there is often competition. To accept a
position on the Funds' Boards, such individuals may reject other attractive
assignments because the Funds make substantial demands on their time. Indeed,
by serving on the Funds' Boards, certain Trustees who would otherwise be
qualified and in demand to serve on bank boards would be prohibited by law
from doing so.

All of the Independent Trustees serve as members of the Audit Committee.
Three of them also serve as members of the Derivatives Committee. In
addition, three of the Trustees, including two Independent Trustees, serve as
members of the Insurance Committee.

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 Fund
performance; checking on the pricing of portfolio securities, brokerage
commissions, transfer agent costs and performance, and trading among Funds 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 Funds' independent accountants; directing
investigations into matters within the scope of the independent accountants'
duties, including the power to retain outside specialists; reviewing with the
independent accountants the audit plan and results of the auditing
engagement; approving professional services provided by the independent
accountants and other accounting firms prior to the performance of such
services; reviewing the independence of the independent accountants;
considering the range of audit and non-audit fees; and reviewing the adequacy
of the Fund's system of internal controls.

The Board of each Fund has formed a Derivatives Committee to approve
parameters for and monitor the activities of the Fund with respect to
derivative investments, if any, made by the Fund.

Finally, the Board of each Fund has formed an Insurance Committee to
review and monitor the insurance coverage maintained by the Fund.

The following chart sets forth the number of meetings of the Board, the
Audit Committee, the Independent Trustees, the Derivatives Committee and the
Insurance Committee of each Fund during its most recent fiscal year. No
Trustee attended fewer than 75% of the meetings of the Board, the Audit
Committee, the Independent Trustees or the Derivatives Committee held while
he served in such positions.

NUMBER OF BOARD AND COMMITTEE MEETINGS HELD DURING LAST FISCAL YEAR

<TABLE>
<CAPTION>
BOARD OF INDEPENDENT AUDIT DERIVATIVES INSURANCE
FISCAL TRUSTEES TRUSTEES COMMITTEE COMMITTEE COMMITTEE
NAME OF FUND YEAR-END MEETINGS MEETINGS MEETINGS MEETINGS MEETINGS
- ------------------------------------- ---------- ---------- ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Dean Witter Government Income Trust . 9/30/98 6 11 2 2 1
High Income Advantage Trust........... 9/30/98 6 11 2 2 1
High Income Advantage Trust II ....... 7/31/98 6 11 2 2 0
InterCapital Income Securities Inc. . 9/30/98 6 11 2 2 1
Municipal Income Opportunities Trust 5/31/98 5 10 2 3 0
</TABLE>

ADVANTAGES OF HAVING SAME INDIVIDUALS AS INDEPENDENT TRUSTEES/DIRECTORS FOR ALL
MORGAN STANLEY DEAN WITTER FUNDS

The Independent Trustees/Directors and the Funds' management believe that
having the same Independent Trustees/Directors for each of the Morgan Stanley
Dean Witter Funds avoids the duplication of effort that would arise from having
different groups of individuals serving as Independent Trustees/Directors for
each of the Funds or even of sub-groups of Funds. They believe that having the
same individuals serve as Independent Trustees/Directors of all the Funds tends
to increase their knowledge and expertise regarding matters which

8
<PAGE>

affect the Fund complex generally and enhances their ability to negotiate on
behalf of each Fund with the Fund's service providers. This arrangement also
precludes the possibility of separate groups of Independent Trustees/Directors
arriving at conflicting decisions regarding operations and management of the
Funds and avoids the cost and confusion that would likely ensue. Finally,
having the same Independent Trustees/Directors serve on all Fund Boards
enhances the ability of each Fund to obtain, at modest cost to each separate
Fund, the services of Independent Trustees/Directors of the caliber, experience
and business acumen of the individuals who serve as Independent
Trustees/Directors of the Morgan Stanley Dean Witter Funds.

SHARE OWNERSHIP BY TRUSTEES/DIRECTORS

The Trustees/Directors have adopted a policy pursuant to which each
Trustee/Director and/or his or her spouse is required to invest at least
$25,000 in any of the Funds in the Morgan Stanley Dean Witter Funds complex
(and, if applicable, in the TCW/DW Funds complex) on whose boards the
Trustee/Director serves. In addition, the policy contemplates that the
Trustees/Directors will, over time, increase their aggregate investment in
the Funds above the $25,000 minimum requirement. The Trustees/Directors may
allocate their investments among specific Funds in any manner they determine
is appropriate based on their individual investment objectives. As of the
date of this Proxy Statement, each Trustee/Director is in compliance with the
policy. Any future Trustee/Director will be given a one year period following
his or her election within which to comply with the foregoing. As of the date
of this Proxy Statement, the total value of the investments by the
Trustees/Directors and/or their spouses in shares of the Morgan Stanley Dean
Witter Funds (and, if applicable, the TCW/DW Funds) was approximately $25.3
million.

As of the record date for these meetings, the aggregate number of shares
of each Fund owned by the Fund's officers and Trustees/Directors as a group
was less than 1 percent of each Fund's outstanding shares.

COMPENSATION OF INDEPENDENT TRUSTEES/DIRECTORS

Each Fund pays each Independent Trustee/Director an annual fee of $800
plus a per meeting fee of $50 for meetings of the Board of
Trustees/Directors, the Independent Trustees/Directors or committees of the
Board attended by the Trustee/Director (each Fund pays the Chairman of the
Audit Committee an additional annual fee of $750). If a Board meeting and a
meeting of the Independent Trustees/Directors or a Committee meeting, or a
meeting of the Independent Trustees/Directors and/or more than one Committee
meeting, take place on a single day, the Trustees/Directors are paid a single
meeting fee by each Fund. Each Fund also reimburses such Trustees/Directors
for travel and other out-of-pocket expenses incurred by them in connection
with attending such meetings. Trustees/Directors and officers of the Funds
who are or have been employed by the Investment Manager or an affiliated
company receive no compensation or expense reimbursement from the Funds for
their services as Trustee/Director. Mr. Haire currently serves as Chairman of
the Audit Committee. Prior to June 1, 1998, Mr. Haire also served as Chairman
of the Independent Trustees/Directors, for which services each Fund paid him
an additional annual fee of $1,200.

As of the date of this Proxy Statement, 57 of the Morgan Stanley Dean
Witter Funds, including each of the Funds represented in this Proxy
Statement, have adopted a retirement program under which an Independent
Trustee/Director who retires after serving for at least five years (or such
lesser period as may be determined by the Board) as an Independent Director
or Trustee of any Morgan Stanley Dean Witter Fund that has adopted the
retirement program (each such Fund referred to as an "Adopting Fund" and each
such Trustee/Director referred to as an "Eligible Trustee/Director") is
entitled to retirement payments upon reaching the eligible retirement age
(normally, after attaining age 72). Annual payments are based upon length of
service. Currently, upon retirement, each Eligible Trustee/Director is
entitled to receive from each Adopting Fund, commencing as of his or her
retirement date and continuing for the remainder of his or her life, an
annual retirement benefit (the "Regular Benefit") equal to 29.41% of his or
her Eligible Compensation plus

9
<PAGE>
0.4901667% of such Eligible Compensation for each full month of service as an
Independent Director or Trustee of any Adopting Fund in excess of five years
up to a maximum of 58.82% after ten years of service. The foregoing
percentages may be changed by the Board. "Eligible Compensation" is one-fifth
of the total compensation earned by such Eligible Trustee/Director for
service to the Adopting Fund in the five year period prior to the date of the
Eligible Trustee's/Director's retirement. An Eligible Trustee/Director may
elect alternate payments of his or her retirement benefits based upon the
combined life expectancy of such Eligible Trustee/Director and his or her
spouse on the date of such Eligible Trustee's/Director's retirement. The
amount estimated to be payable under this method, through the remainder of
the later of the lives of such Eligible Trustee/Director and spouse, will be
the actuarial equivalent of the Regular Benefit. In addition, the Eligible
Trustee/Director may elect that the surviving spouse's periodic payment of
benefits will be equal to either 50% or 100% of the previous periodic amount,
an election that, respectively, increases or decreases the previous periodic
amount so that the resulting payments will be the actuarial equivalent of the
Regular Benefit. Benefits under the retirement program are not secured or
funded by the Adopting Funds.

The following tables illustrate the compensation paid to each Fund's
Independent Trustees/Directors by each Fund for its last fiscal year, and the
retirement benefits accrued to each Fund's Independent Trustees/ Directors by
the Fund for its last fiscal year and the estimated retirement benefits for
the Fund's Independent Trustees/Directors, to commence upon their retirement,
as of the end of the Fund's last fiscal year.

DEAN WITTER GOVERNMENT INCOME TRUST

<TABLE>
<CAPTION>
FUND COMPENSATION ESTIMATED RETIREMENT BENEFITS
-------------------------------- ----------------------------------------------
ESTIMATED ESTIMATED
RETIREMENT CREDITED YEARS ESTIMATED ANNUAL
AGGREGATE BENEFIT OF SERVICE AT PERCENTAGE OF BENEFITS
NAME OF INDEPENDENT COMPENSATION ACCRUED AS RETIREMENT ELIGIBLE UPON
TRUSTEE FROM THE FUND FUND EXPENSES (MAXIMUM 10) COMPENSATION RETIREMENT(1)
- ---------------------- --------------- --------------- -------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Michael Bozic.......... 1,500 408 10 58.82% 1,029
Edwin J. Garn ......... 1,650 614 10 58.82 1,029
John R. Haire ......... 2,900 (43)(2) 10 58.82 2,418
Wayne E. Hedien........ 1,932 589 9 50.00 875
Dr. Manuel H. Johnson.. 1,600 248 10 58.82 1,029
Michael E. Nugent .... 1,650 435 10 58.82 1,029
John L. Schroeder...... 1,650 816 8 49.02 861
</TABLE>

- ------------
(1) Based on current levels of compensation. Amount of annual benefits also
varies depending on the Trustee's elections described in the discussion
of the retirement program above.
(2) This number reflects the extension of Mr. Haire's term as Trustee until
May 1, 1999.

HIGH INCOME ADVANTAGE TRUST

<TABLE>
<CAPTION>
FUND COMPENSATION ESTIMATED RETIREMENT BENEFITS
-------------------------------- ----------------------------------------------
ESTIMATED ESTIMATED
RETIREMENT CREDITED YEARS ESTIMATED ANNUAL
AGGREGATE BENEFIT OF SERVICE AT PERCENTAGE OF BENEFITS
COMPENSATION ACCRUED AS RETIREMENT ELIGIBLE UPON
NAME OF INDEPENDENT TRUSTEE FROM THE FUND FUND EXPENSES (MAXIMUM 10) COMPENSATION RETIREMENT(1)
- --------------------------- --------------- --------------- -------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Michael Bozic............... 1,500 408 10 58.82% 1,029
Edwin J. Garn .............. 1,650 614 10 58.82 1,029
John R. Haire .............. 2,900 (43)(2) 10 58.82 2,418
Wayne E. Hedien............. 1,932 589 9 50.00 875
Dr. Manuel H. Johnson ..... 1,600 248 10 58.82 1,029
Michael E. Nugent .......... 1,650 435 10 58.82 1,029
John L. Schroeder........... 1,650 816 8 49.02 861
</TABLE>

10
<PAGE>
HIGH INCOME ADVANTAGE TRUST II

<TABLE>
<CAPTION>
FUND COMPENSATION ESTIMATED RETIREMENT BENEFITS
-------------------------------- ----------------------------------------------
ESTIMATED ESTIMATED
RETIREMENT CREDITED YEARS ESTIMATED ANNUAL
AGGREGATE BENEFIT OF SERVICE AT PERCENTAGE OF BENEFITS
COMPENSATION ACCRUED AS RETIREMENT ELIGIBLE UPON
NAME OF INDEPENDENT TRUSTEE FROM THE FUND FUND EXPENSES (MAXIMUM 10) COMPENSATION RETIREMENT(1)
- --------------------------- --------------- --------------- -------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Michael Bozic............... $1,550 $ 399 10 58.82% 1,029
Edwin J. Garn .............. 1,700 595 10 58.82 1,029
John R. Haire .............. 3,250 (224)(2) 10 58.82 2,418
Wayne E. Hedien ............ 1,632 458 9 50.00 875
Dr. Manuel H. Johnson ..... 1,650 243 10 58.82 1,029
Michael E. Nugent .......... 1,700 423 10 58.82 1,029
John L. Schroeder........... 1,700 792 8 49.02 861
</TABLE>

INTERCAPITAL INCOME SECURITIES INC.

<TABLE>
<CAPTION>
FUND COMPENSATION ESTIMATED RETIREMENT BENEFITS
-------------------------------- ----------------------------------------------
ESTIMATED ESTIMATED
RETIREMENT CREDITED YEARS ESTIMATED ANNUAL
AGGREGATE BENEFIT OF SERVICE AT PERCENTAGE OF BENEFITS
COMPENSATION ACCRUED AS RETIREMENT ELIGIBLE UPON
NAME OF INDEPENDENT DIRECTOR FROM THE FUND FUND EXPENSES (MAXIMUM 10) COMPENSATION RETIREMENT(1)
- ---------------------------- --------------- --------------- -------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Michael Bozic................ 1,500 408 10 58.82% 1,029
Edwin J. Garn ............... 1,650 614 10 58.82 1,029
John R. Haire ............... 2,900 (43) 10 58.82 2,418
Wayne E. Hedien.............. 1,932 589 9 50.00 875
Dr. Manuel H. Johnson ....... 1,600 248 10 58.82 1,029
Michael E. Nugent ........... 1,650 435 10 58.82 1,029
John L. Schroeder............ 1,650 816 8 49.02 861
</TABLE>

- ------------
(1) Based on current levels of compensation. Amount of annual benefits also
varies depending on the Director's elections described in the discussion
of the retirement program above.
(2) This number reflects the extension of Mr. Haire's term as Director until
May 1, 1999.

MUNICIPAL INCOME OPPORTUNITIES TRUST

<TABLE>
<CAPTION>
FUND COMPENSATION ESTIMATED RETIREMENT BENEFITS
-------------------------------- ----------------------------------------------
ESTIMATED ESTIMATED
RETIREMENT CREDITED YEARS ESTIMATED ANNUAL
AGGREGATE BENEFIT OF SERVICE AT PERCENTAGE OF BENEFITS
COMPENSATION ACCRUED AS RETIREMENT ELIGIBLE UPON
NAME OF INDEPENDENT TRUSTEE FROM THE FUND FUND EXPENSES (MAXIMUM 10) COMPENSATION RETIREMENT(1)
- --------------------------- --------------- --------------- -------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Michael Bozic............... $1,600 $ 369 10 58.82% 971
Edwin J. Garn .............. 1,750 539 10 58.82 971
John R. Haire .............. 3,600 (375)(2) 10 58.82 2,389
Wayne E. Hedien ............ 1,282 309 9 50.00 825
Dr. Manuel H. Johnson ..... 1,700 222 10 58.82 971
Michael E. Nugent .......... 1,750 382 10 58.82 971
John L. Schroeder........... 1,800 728 8 49.02 815
</TABLE>

- ------------
(1) Based on current levels of compensation. Amount of annual benefits also
varies dependingon the Trustee's elections described in the discussion
of the retirement program above.
(2) This number reflects the extension of Mr. Haire's term as Trustee until
May 1, 1999.

11
<PAGE>
The following table illustrates the compensation paid to the Independent
Trustees/Directors of the Funds for the calendar year ended December 31, 1997
for services to the 84 Morgan Stanley Dean Witter Funds and, in the case of
Messrs. Haire, Johnson, Nugent and Schroeder, the 14 TCW/DW Funds that were
in operation at December 31, 1997. Mr. Haire serves as Chairman of the Audit
Committee of each Morgan Stanley Dean Witter Fund and each TCW/DW Fund and,
prior to June 1, 1998, also served as Chairman of the Independent Directors
or Trustees of those Funds. With respect to Messrs. Haire, Johnson, Nugent
and Schroeder, the TCW/DW Funds are included solely because of a limited
exchange privilege between those Funds and five Morgan Stanley Dean Witter
Money Market Funds. Mr. Hedien's term as Director or Trustee of each Morgan
Stanley Dean Witter Fund commenced on September 1, 1997.

CASH COMPENSATION FROM MORGAN STANLEY DEAN WITTER FUNDS AND TCW/DW FUNDS

<TABLE>
<CAPTION>
FOR SERVICE AS
CHAIRMAN OF
INDEPENDENT FOR SERVICE AS TOTAL CASH
FOR SERVICE DIRECTORS/ CHAIRMAN OF COMPENSATION
AS DIRECTOR OR FOR SERVICE AS TRUSTEES AND INDEPENDENT FOR SERVICES TO
TRUSTEE AND TRUSTEE AND AUDIT TRUSTEES 84 MORGAN STANLEY
NAME OF COMMITTEE MEMBER COMMITTEE MEMBER COMMITTEES OF 84 AND AUDIT DEAN WITTER
INDEPENDENT TRUSTEES/ OF 84 MORGAN STANLEY OF 14 TCW/DW MORGAN STANLEY COMMITTEES OF 14 FUNDS AND 14
DIRECTORS DEAN WITTER FUNDS FUNDS DEAN WITTER FUNDS TCW/DW FUNDS TCW/DW FUNDS
- --------------------- -------------------- ---------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C> <C>
Michael Bozic ........ $133,602 -- -- -- $133,602
Edwin J. Garn ........ 149,702 -- -- -- 149,702
John R. Haire ........ 149,702 $73,725 $157,463 $25,350 406,240
Wayne E. Hedien ...... 39,010 -- -- -- 39,010
Dr. Manuel H. Johnson. 145,702 71,125 -- -- 216,827
Michael E. Nugent ... 149,702 73,725 -- -- 223,427
John L. Schroeder ... 149,702 73,725 -- -- 223,427
</TABLE>

The following table illustrates the retirement benefits accrued to the
Independent Trustees/Directors of the Funds by the 57 Morgan Stanley Dean
Witter Funds (including each of the Funds represented in this proxy
statement) for the year ended December 31, 1997, and the estimated retirement
benefits for each Fund's Independent Trustees/Directors, to commence upon
their retirement, from the 57 Dean Witter Funds as of December 31, 1997.

RETIREMENT BENEFITS FROM ALL MORGAN STANLEY DEAN WITTER FUNDS

<TABLE>
<CAPTION>
ESTIMATED ESTIMATE ANNUAL
CREDITED YEARS ESTIMATED RETIREMENT BENEFITS BENEFITS UPON
OF SERVICE PERCENTAGE ACCRUED AS RETIREMENT FROM
NAME OF INDEPENDENT TRUSTEES/ AT RETIREMENT OF ELIGIBLE EXPENSES BY ALL ADOPTING
DIRECTORS (MAXIMUM 10) COMPENSATION ALL ADOPTING FUNDS FUNDS(1)
- ----------------------------- -------------- -------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Michael Bozic ................ 10 58.82% $ 20,499 $ 55,026
Edwin J. Garn ................ 10 58.82 30,878 55,026
John R. Haire ................ 10 58.82 (19,823)(2) 132,002
Wayne E. Hedien............... 9 50.00 0 46,772
Dr. Manuel H. Johnson ........ 10 58.82 12,832 55,026
Michael E. Nugent ............ 10 58.82 22,546 55,026
John L. Schroeder............. 8 49.02 39,350 46,123
</TABLE>

- ------------
(1) Based on current levels of compensation. Amount of annual benefits also
varies depending on the Trustee's elections described in the discussion
of the retirement program above.
(2) This number reflects the effect of the extension of Mr. Haire's term as
Director or Trustee until May 1, 1999.

THE BOARD OF TRUSTEES OF EACH TRUST UNANIMOUSLY RECOMMENDS THAT
SHAREHOLDERS VOTE FOR THE ELECTION OF EACH OF THE TRUSTEES/DIRECTORS
NOMINATED FOR ELECTION.

12
<PAGE>
THE INVESTMENT MANAGER OR INVESTMENT ADVISER AND THE INVESTMENT MANAGEMENT
(ADVISORY) AGREEMENTS

MSDW Advisors currently serves as investment manager or investment adviser
of each Fund pursuant to an investment management agreement or investment
advisory agreement entered into by each Fund and MSDW Advisors dated May 31,
1997 (each, an "Agreement" and collectively, the "Agreements"), which took
effect upon the consummation of the merger of Dean Witter, Discover & Co.
with Morgan Stanley Group Inc. The Agreements were approved by the Board of
Trustees/Directors on February 21, 1997, and by the shareholders of each Fund
at a Special Meeting of Shareholders held on May 20, 1997. The Agreements
supersede earlier management and advisory agreements originally entered into
by the Funds and MSDW Advisors and are identical in all material respects,
including fees payable by a Fund thereunder, to the earlier management and
advisory agreements, except for dates of effectiveness and termination.

THE INVESTMENT MANAGEMENT AGREEMENTS

Each Agreement of DWGIT, HIAT, HIAT II and ICIS (in this section, each
"Fund" refers to each of DWGIT, HIAT, HIAT II and ICIS) provides that MSDW
Advisors shall obtain and evaluate such information and advice relating to
the economy and securities and commodity markets as it deems necessary or
useful to discharge its duties under the respective Agreements, and that it
shall continuously supervise the management of the assets of each Fund in a
manner consistent with the investment objectives and policies of that Fund
and subject to such other limitations and directions as the Board of the Fund
may, from time to time, prescribe.

MSDW Advisors pays the compensation of the officers of each Fund who are
also directors, officers or employees of the Investment Manager and provides
the Fund with office space and equipment, and clerical and bookkeeping
services and telephone service, heat, light, power and other utilities. MSDW
Advisors also pays for the services of personnel in connection with the
pricing of the Fund's shares and the preparation of prospectuses, proxy
statements and reports required to be filed with federal and state securities
commissions (except insofar as the participation or assistance of independent
accountants and attorneys is, in the opinion of MSDW Advisors, necessary or
desirable). In return for its services and the expenses MSDW Advisors assumes
under the Agreements, each Fund pays MSDW Advisors compensation which is
computed and accrued weekly and payable monthly and which is determined by
applying the following annual rate to each Fund's average weekly net assets
as set forth in the table below:

<TABLE>
<CAPTION>
MANAGEMENT
FEES PAID
TO MSDW ADVISORS NET ASSETS
LAST FISCAL DURING FUND'S LAST AS OF FISCAL
FUND MANAGEMENT FEE RATE YEAR END FISCAL YEAR YEAR END
- --------- ------------------------------------------------ ------------- ------------------ --------------
<S> <C> <C> <C> <C>
DWGIT..... 0.60% to the Fund's average weekly net assets 9/30/98 $2,538,648 $423,030,116
HIAT...... 0.75% to the Fund's average weekly net assets 9/30/98 $1,121,550 $133,221,797
not exceeding $250 million; 0.60% to the portion
of average weekly net assets exceeding $250
million and not exceeding $500 million; 0.50% to
the portion of average weekly net assets
exceeding $500 million and not exceeding $750
million; 0.40% to the portion of average weekly
net assets exceeding $750 million and not
exceeding $1 billion; 0.30% to the portion of
average weekly net assets exceeding $1 billion

13
<PAGE>
MANAGEMENT
FEES PAID
TO MSDW ADVISORS NET ASSETS
LAST FISCAL DURING FUND'S LAST AS OF FISCAL
FUND MANAGEMENT FEE RATE YEAR END FISCAL YEAR YEAR END
- --------- ------------------------------------------------ ------------- ------------------ --------------
HIAT II... 0.75% to the Fund's average weekly net assets 7/31/98 $1,521,874 $198,071,841
not exceeding $250 million; 0.60% to the portion
of average weekly net assets exceeding $250
million and not exceeding $500 million; 0.50% to
the portion of average weekly net assets
exceeding $500 million and not exceeding $750
million; 0.40% to the portion of average weekly
net assets exceeding $750 million and not
exceeding $1 billion; 0.30% to the portion of
average weekly net assets exceeding $1 billion

ICIS...... 1/2 of 1% to the Fund's average weekly net assets 9/30/98 $1,116,965 $225,582,634
</TABLE>

Under the Agreements, each Fund is obligated to bear all of the costs and
expenses of its operation, except those specifically assumed by MSDW
Advisors, including, without limitation: charges and expenses of any
registrar, custodian or depository appointed by the Fund for the safekeeping
of its cash, portfolio securities or commodities and other property, and any
stock transfer or dividend agent or agents appointed by the Fund; brokers'
commissions chargeable to the Fund in connection with portfolio securities
transactions to which the Fund is a party; all taxes, including securities or
commodities issuance and transfer taxes, and corporate fees payable by the
Fund to federal, state or other governmental agencies; costs and expenses of
engraving or printing of certificates representing shares of the Fund; all
costs and expenses in connection with registration and maintenance of
registration of the Fund and of its shares with the Securities and Exchange
Commission and various states and other jurisdictions (including filing fees
and legal fees and disbursements of counsel); the cost and expense of
printing, including typesetting, and distributing prospectuses of the Fund to
its Shareholders; all expenses of Shareholders' and Trustees'/Directors'
meetings and of preparing, printing and mailing proxy statements and reports
to Shareholders; fees and travel expenses of Trustees/Directors or members of
any advisory board or committee who are not employees of MSDW Advisors or any
corporate affiliate of MSDW Advisors; all expenses incident to the payment of
any dividend, distribution, withdrawal or redemption, whether in shares or in
cash; charges and expenses of any outside service used for the pricing of the
Fund's shares; charges and expenses of legal counsel, including counsel to
the Independent Trustees/Directors of the Fund, and independent accountants
in connection with any matter relating to the Fund (not including
compensation or expenses of attorneys employed by MSDW Advisors); association
dues; interest payable on the Fund's borrowings; fees and expenses incident
to the listing of the Fund's shares on any stock exchange; postage; insurance
premiums on property or personnel (including officers and Trustees/Directors)
of the Fund which inure to its benefit; and extraordinary expenses
(including, but not limited to, legal claims and liabilities and litigation
costs and any indemnification related thereto); and all other charges and
costs of MSDW Advisors' operations unless otherwise explicitly provided in
the respective Agreements.

The administrative services called for under the Agreements of DWGIT,
HIAT, HIAT II and ICIS are performed by MSDW Services, a wholly-owned
subsidiary of MSDW Advisors, pursuant to a Services Agreement between MSDW
Advisors and MSDW Services.

THE INVESTMENT ADVISORY AGREEMENT

The Agreement of MIOT (in this section, "Fund" refers to MIOT) provides
that MSDW Advisors shall continuously manage the assets of the Fund in a
manner consistent with that Fund's investment objective.

14
<PAGE>
MSDW Advisors shall obtain and evaluate such information and advice relating
to the economy, securities markets and specific securities as it considers
necessary or useful to continuously manage the assets of the Fund in a manner
consistent with its investment objectives and policies. In addition, MSDW
Advisors pays the compensation of the officers of the Fund who are also
directors, officers or employees of the Investment Adviser. MSDW Advisors has
authority to place orders for the purchase and sale of portfolio securities
on behalf of the Fund without prior approval of its Board.

In return for its investment services and the expenses which MSDW Advisors
assumes under the Agreement, the Fund pays MSDW Advisors compensation which
is computed and accrued weekly and payable monthly and which is determined by
applying the following annual rate to the Fund's average weekly net assets as
set forth in the table below:

<TABLE>
<CAPTION>
ADVISORY FEES PAID
TO MSDW ADVISORS NET ASSETS
LAST FISCAL DURING FUND'S LAST AS OF FISCAL
FUND ADVISORY FEE RATE YEAR END FISCAL YEAR YEAR END
- ------ --------------------------------------------- ------------- ------------------ --------------
<S> <C> <C> <C> <C>
MIOT... 0.50% to the Fund's average weekly net assets 5/31/98 $913,726 $185,495,538
</TABLE>

Under the Agreement, the Fund is obligated to bear all of the costs and
expenses of its operation, except those specifically assumed by MSDW
Advisors, including, without limitation: charges and expenses of any
registrar, custodian or depository appointed by the Fund for the safekeeping
of its cash, portfolio securities or commodities and other property, and any
stock transfer or dividend agent or agents appointed by the Fund; brokers'
commissions chargeable to the Fund in connection with portfolio securities
transactions to which the Fund is a party; all taxes, including securities or
commodities issuance and transfer taxes, and fees payable by the Fund to
Federal, state or other governmental agencies; costs and expenses of
engraving or printing of certificates representing shares of the Fund; all
costs and expenses in connection with registration and maintenance of
registration of the Fund and of its shares with the Securities and Exchange
Commission and various states and other jurisdictions (including filing fees
and legal fees and disbursements of counsel and the costs and expenses of
preparation, printing, including typesetting, and distributing prospectuses
for such purposes); all expenses of shareholders' and Trustees' meetings and
of preparing, printing and mailing proxy statements and reports to
shareholders; fees and travel expenses of Trustees or members of any advisory
board or committee who are not employees of the Administrator or MSDW
Advisors or any of their corporate affiliates; all expenses incident to the
payment of any dividend or distribution program; charges and expenses of any
outside pricing services; charges and expenses of legal counsel, including
counsel to the Independent Trustees of the Fund, and independent accountants
in connection with any matter relating to the Fund (not including
compensation or expenses of attorneys employed by the Administrator or MSDW
Advisors); membership dues of industry associations; interest payable on Fund
borrowings; fees and expenses incident to the listing of the Fund's shares on
any stock exchange; postage; insurance premiums on property or personnel
(including officers and Trustees) of the Fund which inure to its benefit;
extraordinary expenses (including, but not limited to, legal claims,
liabilities, litigation costs and any indemnification related thereto); and
all other charges and costs of the Fund's operations unless otherwise
explicitly provided in the Agreement.

The Agreement of each Fund (DWGIT, HIAT, HIAT II, ICIS and MIOT), dated
May 31, 1997, was initially approved by the Board of Trustees/Directors of
each respective Fund, including a majority of the Independent
Trustees/Directors, by vote cast in person at meetings of the Boards held on
February 21, 1997 called for the purpose of voting on the Agreements. The
Shareholders of each Fund approved the respective Agreements at their
respective Special Meeting of Shareholders held on May 20, 1997.

The Agreements will continue in effect for an initial term ending April
30, 1999 and will continue in effect from year to year thereafter provided
that each such continuance is approved by the vote of a majority, as

15
<PAGE>
defined by the 1940 Act, of the outstanding voting securities of the Fund or
by the Trustees/Directors of the Fund, and, in either event, by the vote cast
in person by a majority of the Independent Trustees/Directors at a meeting
called for the purpose of voting on such approval.

Each Agreement also provides that it may be terminated at any time by MSDW
Advisors, the Trustees/Directors or by a vote of a majority of the
outstanding voting securities of the applicable Fund, in each instance
without the payment of any penalty, on thirty days' notice and provides for
its automatic termination in the event of its assignment.

THE INVESTMENT MANAGER OR INVESTMENT ADVISER

Morgan Stanley Dean Witter Advisors Inc. is each Fund's investment manager
or investment advisor. MSDW Advisors maintains its offices at Two World Trade
Center, New York, New York 10048. MSDW Advisors, which was incorporated in
July, 1992 under the name Dean Witter InterCapital Inc., changed its name to
Morgan Stanley Dean Witter Advisors on June 22, 1998. MSDW Advisors is a
wholly-owned subsidiary of MSDW, a preeminent global securities firm that
maintains leading market positions in each of its three primary
businesses--securities, asset management and credit services.

The Principal Executive Officer and Directors of MSDW Advisors are
Mitchell M. Merin, President and Chief Executive Officer, Robert M. Scanlan,
President and Chief Operating Officer and Barry Fink, Senior Vice President,
Secretary and General Counsel. The principal occupations of Messrs. Merin,
Scanlan and Fink are described in the preceding paragraph under the section
"Election of Trustees/Directors." The business address of the Executive
Officer and other Directors is Two World Trade Center, New York, New York
10048.

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.

MSDW Advisors and its wholly-owned subsidiary, MSDW Services, serve in
various investment management, advisory, management and administrative
capacities to investment companies and pension plans and other institutional
and individual investors. The Appendix lists the investment companies for
which MSDW Advisors provides investment management or investment advisory
services and which have similar investment objectives to those of the Funds
listed in this Proxy Statement and sets forth the fees payable to MSDW
Advisors by such companies, including the Funds, and their net assets as of
October 28, 1998.

MSDW Advisor's wholly-owned subsidiary, MSDW Services, pursuant to an
Administration Agreement with MIOT, serves as the Administrator of MIOT and
receives from the Fund compensation which is computed and accrued weekly and
payable monthly and which is determined by applying the annual rate of 0.30%
to the Fund's average weekly net assets. During the fiscal year ended May 31,
1998 for MIOT, the Fund accrued to MSDW Services administrative fees of
$548,236.

During the fiscal year ended September 30, 1998 for DWGIT, September 30,
1998 for HIAT, July 31, 1998 for HIAT II, September 30, 1998 for ICIS, and
May 31, 1998 for MIOT, each Fund accrued to MSDW Trust, each Fund's Transfer
Agent and an affiliate of MSDW Advisors, transfer agency fees of $180,602,
$127,938, $143,891, $157,698 and $72,567, respectively.

AFFILIATED BROKER

Because DWR, Morgan Stanley & Co. Incorporated and MSDW Advisors are under
the common control of MSDW, DWR and Morgan Stanley & Co. Incorporated are
affiliated brokers of the Funds. During each of their respective last fiscal
years, the Funds paid no brokerage commissions to DWR or Morgan Stanley & Co.
Incorporated.

16
<PAGE>
(2) RATIFICATION OR REJECTION OF SELECTION OF INDEPENDENT ACCOUNTANTS

The Trustees/Directors of each Fund have unanimously selected the firm of
PricewaterhouseCoopers LLP as each Fund's independent accountants for the
fiscal years ending September 30, 1999 for DWGIT, HIAT and ICIS; for the
fiscal year ending July 31, 1999 for HIAT II; and for the fiscal year ending
May 31, 1999 for MIOT. Its selection is being submitted for ratification or
rejection by Shareholders of each Fund at the Meetings.
PricewaterhouseCoopers LLP has been the independent accountants for each Fund
since its inception, and has no direct or indirect financial interest in any
of the Funds.

A representative of PricewaterhouseCoopers LLP is expected to be present
at the Meetings and 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 PricewaterhouseCoopers LLP as the
independent accountants for each respective Fund.

THE TRUSTEES/DIRECTORS OF EACH FUND UNANIMOUSLY RECOMMEND THAT THE
SHAREHOLDERS RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS LLP AS THE
INDEPENDENT ACCOUNTANTS.

(3) APPROVAL OR DISAPPROVAL OF CHANGE OF NAME OF
INTERCAPITAL INCOME SECURITIES INC.
TO MORGAN STANLEY DEAN WITTER INCOME SECURITIES INC.

The management of MSDW Advisors has recommended to the Board of Directors
of the Fund that the name of the Fund be changed to "Morgan Stanley Dean
Witter Income Securities Inc." in view of recent changes, including the
consummation of the merger of Dean Witter, Discover & Co. with Morgan Stanley
Group Inc. on May 31, 1997, the name change of the Investment Manager, Dean
Witter InterCapital Inc. to Morgan Stanley Dean Witter Advisors Inc. on June
22, 1998, and the recent and forthcoming name changes of most of the Morgan
Stanley Dean Witter Funds to include the brand name of "Morgan Stanley Dean
Witter." The Board of Directors and the Fund's management believe that
changing the Fund's name to "Morgan Stanley Dean Witter Income Securities
Inc." would reflect more accurately the association with MSDW Advisors and
MSDW, the parent company of MSDW Advisors and that a continuation of the name
InterCapital may lead to confusion with respect to the relationship between
the Fund, the Investment Manager and other Morgan Stanley Dean Witter Funds.

The Board of Directors has considered the proposal and believes it to be
in the best interest of the Fund and its stockholders to change the name of
the Fund to "Morgan Stanley Dean Witter Income Securities Inc." To effect
such a change, it is necessary to amend the Fund's Articles of Incorporation,
which requires the approval of stockholders. The favorable vote of the
holders of a majority of the outstanding shares of the Fund is required to
approve the proposed amendment.

THE BOARD OF DIRECTORS OF THE FUND UNANIMOUSLY RECOMMENDS THAT
STOCKHOLDERS VOTE TO APPROVE AN AMENDMENT TO THE FUND'S ARTICLES OF
INCORPORATION TO CHANGE THE NAME OF THE FUND TO "MORGAN STANLEY DEAN WITTER
INCOME SECURITIES INC."

ADDITIONAL INFORMATION

In the event that the necessary quorum to transact business or the vote
required to approve or reject any proposal for any Fund is not obtained at
the Meetings, the persons named as proxies may propose one or more
adjournments of the Meeting of the applicable Fund for a total of not more
than 60 days in the aggregate to

17
<PAGE>
permit further solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the applicable Fund'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 of any Fund 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.

SHAREHOLDER PROPOSALS

Proposals of security holders intended to be presented at the next Annual
Meeting of Shareholders of each respective Fund must be received by no later
than July 9, 1999 for DWGIT, HIAT, HIAT II, ICIS and MIOT, for inclusion in the
proxy statement for each respective Fund's next Annual 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

EACH FUND'S MOST RECENT ANNUAL REPORT, AND IN THE CASE OF DWGIT, HIAT AND
ICIS, THE MOST RECENT SEMI-ANNUAL REPORT SUCCEEDING THE ANNUAL REPORT,
PREVIOUSLY HAVE BEEN SENT TO SHAREHOLDERS AND ARE AVAILABLE WITHOUT CHARGE
UPON REQUEST FROM ADRIENNE RYAN-PINTO 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, MSDW Advisors, DWR, MSDW Services, and certain of their respective
Directors, Officers, and employees, including persons who are
Trustees/Directors or Officers of the Funds, 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 Funds, and certain of those individuals
are compensated for performing services relating to the Funds and may also
own shares of MSDW. Such companies and persons may thus be deemed to derive
benefits from the approvals by Shareholders of such proposals.

OTHER BUSINESS

The management of the Funds knows of no other matters which may be
presented at the Meetings. However, if any matters not now known properly
come before the Meetings, it is the intention of the persons named in the
enclosed form of proxy to vote all shares that they are entitled to vote on
any such matter, utilizing such proxy in accordance with their best judgment
on such matters.
By Order of the Boards of
Trustees/Directors

BARRY FINK
Secretary

18
<PAGE>
APPENDIX

MSDW Advisors serves as investment manager to DWGIT, HIAT, HIAT II and
ICIS and the other investment companies listed below which have similar
investment objectives to those of DWGIT, HIAT, HIAT II and ICIS. Set forth
below is a chart showing the net assets of each such investment company as of
October 28, 1998 and the investment management fees rate(s) applicable to
such investment company.

<TABLE>
<CAPTION>
CURRENT INVESTMENT
MANAGEMENT FEE RATE(S)
NET ASSETS AS A PERCENTAGE OF
AS OF 10/28/98 NET ASSETS
----------------- ---------------------------------
<S> <C> <C>
1. MORGAN STANLEY DEAN WITTER HIGH YIELD
SECURITIES INC.*......................... $2,174,538,020 0.50% on assets up to $500
million, scaled down at various
asset levels to 0.30% on assets
over $3 billion
2. MORGAN STANLEY DEAN WITTER U.S.
GOVERNMENT SECURITIES TRUST*............. 5,205,250,136 0.50% on assets up to $1 billion,
scaled down at various asset
levels to 0.30% on assets over
$12.5 billion
3. MORGAN STANLEY DEAN WITTER CONVERTIBLE
SECURITIES TRUST*........................ 264,065,986 0.60% on assets up to $750
million, scaled down at various
asset levels to 0.425% on assets
over $3 billion
4. MORGAN STANLEY DEAN WITTER FEDERAL
SECURITIES TRUST*........................ 651,761,879 0.55% on assets up to $1 billion,
scaled down at various asset
levels to 0.35% on assets over
$12.5 billion

5. INTERCAPITAL INCOME SECURITIES INC.** .. 220,488,655 0.50%

6. HIGH INCOME ADVANTAGE TRUST**........... 125,916,646 0.75% on assets up to $250
million, scaled down at various
asset levels to 0.30% on assets
over $1 billion

7. HIGH INCOME ADVANTAGE TRUST II** ....... 168,384,062 0.75% on assets up to $250
million, scaled down at various
asset levels to 0.30% on assets
over $1 billion

8. HIGH INCOME ADVANTAGE TRUST III** ...... 65,914,933 0.75% on assets up to $250
million, scaled down at various
asset levels to 0.30% on assets
over $1 billion
9. MORGAN STANLEY DEAN WITTER INTERMEDIATE
INCOME SECURITIES*....................... 158,608,551 0.60% on assets up to $500
million, scaled down at various
asset levels to 0.30% on assets
over $1 billion
10. MORGAN STANLEY DEAN WITTER WORLD WIDE
INCOME TRUST*........................... 85,481,832 0.75% on assets up to $250
million, scaled down at various
asset levels to 0.30% on assets
over $1 billion

11. DEAN WITTER GOVERNMENT INCOME TRUST** .. 418,100,325 0.60%

12. MORGAN STANLEY DEAN WITTER GLOBAL
SHORT-TERM INCOME FUND INC.*............ 48,714,365 0.55% on assets up to $500
million and 0.50% on assets over
$500 million

A-1
<PAGE>
CURRENT INVESTMENT
MANAGEMENT FEE RATE(S)
NET ASSETS AS A PERCENTAGE OF
AS OF 10/28/98 NET ASSETS
----------------- ---------------------------------
13. MORGAN STANLEY DEAN WITTER SHORT-TERM
U.S. TREASURY TRUST*................... $ 366,805,176 0.35%

14. MORGAN STANLEY DEAN WITTER DIVERSIFIED
INCOME TRUST*.......................... 1,058,171,416 0.40%
15. MORGAN STANLEY DEAN WITTER SHORT-TERM
BOND FUND*............................. 213,245,610 0.70%(1)
16. PRIME INCOME TRUST**................... 2,058,926,335 0.90% on assets up to $500
million; 0.85% on assets over
$500 million up to $1.5 billion
and 0.825% on assets over
$1.5 billion
17. MORGAN STANLEY DEAN WITTER BALANCED
INCOME FUND*........................... 90,642,574 0.60%
18. MORGAN STANLEY DEAN WITTER VARIABLE
INVESTMENT SERIES:***
(a) QUALITY INCOME PLUS PORTFOLIO ..... 540,954,713 0.50% on assets up to $500
million and 0.45% on assets over
$500 million

(b) HIGH YIELD PORTFOLIO............... 345,783,983 0.50% on assets up to $500
million and 0.425% on assets over
$500 million
19. MORGAN STANLEY DEAN WITTER SELECT
DIMENSIONS INVESTMENT SERIES:***
(a) DIVERSIFIED INCOME PORTFOLIO ...... 89,132,057 0.40%
(b) NORTH AMERICAN GOVERNMENT
SECURITIES PORTFOLIO............... 7,474,984 0.65% (of which 40% is paid to a
Sub-Adviser)
- ------------
* Open-end investment company.
** Closed-end investment company.
*** Open-end investment company offered only to life insurance companies in
connection with variable annuity and/or variable life insurance
contracts.
(1) MSDW Advisors has undertaken, through December 31, 1998, to continue to
assume all operating expenses of Morgan Stanley Dean Witter Short-Term
Bond Fund (except for any brokerage fees) and to waive the compensation
provided for in its investment management agreement with that company.
</TABLE>

A-2
<PAGE>
MSDW Advisors serves as investment adviser to MIOT and as investment
manager or investment advisor to the other investment companies listed below
which have similar investment objectives to those of MIOT. Set forth below is
a chart showing the net assets of each such investment company as of October
28, 1998 and the investment management or advisory fee rate(s) applicable to
such investment company.

<TABLE>
<CAPTION>
CURRENT INVESTMENT
MANAGEMENT OR
ADVISORY FEE RATE(S)
NET ASSETS AS A PERCENTAGE
AS OF 10/28/98 OF NET ASSETS
-------------- ------------------------------
<S> <C> <C>
1. MORGAN STANLEY DEAN WITTER
CALIFORNIA TAX-FREE INCOME FUND* .. $ 920,124,940 0.55% on assets up to $500
million, scaled down at
various asset levels to 0.45%
on assets over $1.25 billion

2. MORGAN STANLEY DEAN WITTER LIMITED
TERM MUNICIPAL TRUST*............. . 62,279,985 0.50%

3. MORGAN STANLEY DEAN WITTER
MULTI-STATE MUNICIPAL SERIES TRUST* 374,995,622 0.35%

4. MORGAN STANLEY DEAN WITTER
NEW YORK TAX-FREE INCOME FUND* .... 163,199,105 0.55% on assets up to $500
million and 0.525% on assets
over $500 million

5. MORGAN STANLEY DEAN WITTER
TAX-EXEMPT SECURITIES TRUST*....... 1,185,303,025 0.50% on assets up to $500
million, scaled down at
various asset levels to 0.325%
on assets over $1.25 billion

6. INTERCAPITAL CALIFORNIA INSURED
MUNICIPAL INCOME TRUST**........... 257,083,507 0.35%

7. INTERCAPITAL CALIFORNIA QUALITY
MUNICIPAL SECURITIES**............. 216,844,192 0.35%

8. INTERCAPITAL INSURED CALIFORNIA
MUNICIPAL SECURITIES**............. 67,110,684 0.35%

9. INTERCAPITAL INSURED MUNICIPAL BOND
TRUST**............................ 110,364,329 0.35%

10. INTERCAPITAL INSURED MUNICIPAL
INCOME TRUST**..................... 594,617,069 0.35%

11. INTERCAPITAL INSURED MUNICIPAL
SECURITIES**....................... 141,983,912 0.35%

12. INTERCAPITAL INSURED MUNICIPAL
TRUST**............................ 491,574,417 0.35%

13. INTERCAPITAL NEW YORK QUALITY
MUNICIPAL SECURITIES**............. 98,820,188 0.35%

14. INTERCAPITAL QUALITY MUNICIPAL
INCOME TRUST**..................... 750,490,488 0.35%

15. INTERCAPITAL QUALITY MUNICIPAL
INVESTMENT TRUST**................. 387,474,010 0.35%

A-3
<PAGE>
CURRENT INVESTMENT
MANAGEMENT OR
ADVISORY FEE RATE(S)
NET ASSETS AS A PERCENTAGE
AS OF 10/28/98 OF NET ASSETS
-------------- ------------------------------
16. INTERCAPITAL QUALITY MUNICIPAL
SECURITIES**....................... $370,987,595 0.35%

17. MUNICIPAL INCOME TRUST**........... 303,076,077 0.35% on assets up to $250
million and 0.25% on assets
over $250 million

18. MUNICIPAL INCOME TRUST II**........ 275,595,420 0.40% on assets up to $250
million and 0.30% on assets
over $250 million

19. MUNICIPAL INCOME TRUST III** ...... 63,806,757 0.40% on assets up to $250
million and 0.30% on assets
over $250 million

20. MUNICIPAL INCOME OPPORTUNITIES
TRUST**............................ 186,601,839 0.50%

21. MUNICIPAL INCOME OPPORTUNITIES
TRUST II**......................... 180,970,335 0.50%

22. MUNICIPAL INCOME OPPORTUNITIES
TRUST III**........................ 105,758,492 0.50%

23. MUNICIPAL PREMIUM INCOME TRUST** .. 354,270,155 0.40%

24. MORGAN STANLEY DEAN WITTER SELECT
MUNICIPAL REINVESTMENT FUND*** .... 94,102,015 0.50%

25. MORGAN STANLEY DEAN WITTER HAWAII
MUNICIPAL TRUST*(1) ............... 6,890,317 0.35% (1)

- ------------
* Open-end investment company
** Closed-end investment company
*** Open-end investment company offered only to the holders of units of
certain unit investment trusts (UITs) in connection with the
reinvestment of UIT distributions
(1) MSDW Advisors has undertaken, until January 1, 1999, to continue to
assume all operating expenses (except for any 12b-1 and brokerage fees)
of Morgan Stanley Dean Witter Hawaii Municipal Trust and to waive the
compensation provided for in its investment management agreement with
that company.
</TABLE>

A-4
<PAGE>
DEAN WITTER GOVERNMENT INCOME TRUST

PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Robert M. Scanlan, Barry Fink, and Joseph J.
McAlinden, 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
Dean Witter Government Income Trust on December 17, 1998, 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 November 4, 1998 as follows:

(Continued on reverse side)

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN
BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE
VOTED FOR THE TRUSTEES AND FOR THE PROPOSAL 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.

1
<PAGE>
[X] PLEASE MARK VOTES AS
IN THE EXAMPLE USING
BLACK OR BLUE INK
FOR ALL
1. Election of four (4) Trustees: FOR WITHHOLD EXCEPT
[ ] [ ] [ ]

Edwin J. Garn, John R. Haire, Michael E. Nugent, Philip J. Purcell

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.

FOR ALL
2. Ratification of FOR WITHHOLD EXCEPT
appointment of [ ] [ ] [ ]
PricewaterhouseCoopers
LLP as independent
accountants.

Date ____________________________

Please make sure to sign and date this Proxy using black or blue ink.
---------------------------------------------------------------------

---------------------------------------------------------------------
Shareholder sign in the box above
---------------------------------------------------------------------

---------------------------------------------------------------------
Co-Owner (if any) sign in the box above

- -------------------------------------------------------------------------------
PLEASE DETACH AT PERFORATION

DEAN WITTER GOVERNMENT INCOME TRUST

- -------------------------------------------------------------------------------
IMPORTANT

PLEASE SEND IN YOUR PROXY.........TODAY!

YOU ARE URGED TO DATE AND SIGN THE ATTACHED PROXY AND RETURN IT PROMPTLY IN THE
ENCLOSED ENVELOPE. THIS WILL HELP SAVE THE EXPENSE OF FOLLOW-UP LETTERS TO
SHAREHOLDERS WHO HAVE NOT RESPONDED.
- -------------------------------------------------------------------------------

<PAGE>
HIGH INCOME ADVANTAGE TRUST

PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Robert M. Scanlan, Barry Fink, and Joseph J.
McAlinden, 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
High Income Advantage Trust on December 17, 1998, 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 November 4, 1998 as follows:

(Continued on reverse side)

IMPORTANT--THIS PROXY MUST BE SIGNED AND DATED ON THE REVERSE SIDE.

<PAGE>
[X] PLEASE MARK VOTES AS
IN THE EXAMPLE USING
BLACK OR BLUE INK
FOR ALL
1. Election of two (2) Trustees: FOR WITHHOLD EXCEPT
[ ] [ ] [ ]
Michael Bozic, Charles A. Fiumefreddo

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.

FOR ALL
2. Ratification of FOR WITHHOLD EXCEPT
appointment of [ ] [ ] [ ]
PricewaterhouseCoopers
LLP as independent
accountants.

Date ___________________________

Please make sure to sign and date this Proxy using black or blue ink.
---------------------------------------------------------------------

---------------------------------------------------------------------
Shareholder sign in the box above
---------------------------------------------------------------------

---------------------------------------------------------------------
Co-Owner (if any) sign in the box above

- -------------------------------------------------------------------------------
PLEASE DETACH AT PERFORATION

HIGH INCOME ADVANTAGE TRUST
- -------------------------------------------------------------------------------
IMPORTANT

PLEASE SEND IN YOUR PROXY.........TODAY!

HIGH INCOME ADVANTAGE TRUST II

PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Robert M. Scanlan, Barry Fink, and Joseph J.
McAlinden, 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
High Income Advantage Trust II on December 17, 1998, 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 November 4, 1998 as follows:

(Continued on reverse side)
THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN
BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE
VOTED FOR THE TRUSTEES AND FOR THE PROPOSAL 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>
[X] PLEASE MARK VOTES AS
IN THE EXAMPLE USING
BLACK OR BLUE INK

FOR ALL
1. Election of four (4) Trustees: FOR WITHHOLD EXCEPT
[ ] [ ] [ ]

Edwin J. Garn, John R. Haire, Michael E. Nugent, Philip J. Purcell

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.

FOR ALL
2. Ratification of FOR WITHHOLD EXCEPT
appointment of [ ] [ ] [ ]
PricewaterhouseCoopers
LLP as independent
accountants.

Date _______________________________

Please make sure to sign and date this Proxy using black or blue ink.
---------------------------------------------------------------------

---------------------------------------------------------------------
Shareholder sign in the box above

---------------------------------------------------------------------

---------------------------------------------------------------------
Co-Owner (if any) sign in the box above

- -------------------------------------------------------------------------------
PLEASE DETACH AT PERFORATION

HIGH INCOME ADVANTAGE TRUST II

- -------------------------------------------------------------------------------
IMPORTANT

PLEASE SEND IN YOUR PROXY.........TODAY!

INTERCAPITAL INCOME SECURITIES INC.

PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Robert M. Scanlan, Barry Fink, and Joseph J.
McAlinden, or any of them, proxies, each with the power of substitution, to
vote on behalf of the undersigned at the Annual Meeting of Stockholders of
InterCapital Income Securities Inc. on December 17, 1998, 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 November 4, 1998 as follows:

(Continued on reverse side)
THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN
BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE
VOTED FOR THE DIRECTORS AND FOR PROPOSALS 2 AND 3 SET FORTH ON THE REVERSE
HEREOF AND AS RECOMMENDED BY THE BOARD OF DIRECTORS.

IMPORTANT--THIS PROXY MUST BE SIGNED AND DATED ON THE REVERSE SIDE.

<PAGE>
[X] PLEASE MARK VOTES AS
IN THE EXAMPLE USING
BLACK OR BLUE INK
FOR ALL
1. Election of nine (9) Directors: FOR WITHHOLD EXCEPT
[ ] [ ] [ ]

Michael Bozic, Charles Fiumefreddo, Edwin J. Garn,
John R. Haire, Wayne E. Hedien, Manuel H. Johnson,
Michael E. Nugent, Philip J. Purcell, 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.

FOR ALL
2. Ratification of appointment of FOR WITHHOLD EXCEPT
PricewaterhouseCoopers LLP as [ ] [ ] [ ]
independent accountants.

FOR ALL
3. Approval of Amendment to the FOR WITHHOLD EXCEPT
Fund's Articles of Incorporation [ ] [ ] [ ]
to change the name of the Fund
to "Morgan Stanley Dean Witter
Income Securities Inc."

Date ___________________________

Please make sure to sign and date this Proxy using black or blue ink.
---------------------------------------------------------------------

---------------------------------------------------------------------
Shareholder sign in the box above
---------------------------------------------------------------------

---------------------------------------------------------------------
Co-Owner (if any) sign in the box above

- -------------------------------------------------------------------------------
PLEASE DETACH AT PERFORATION

INTERCAPITAL INCOME SECURITIES INC.

- -------------------------------------------------------------------------------
IMPORTANT

PLEASE SEND IN YOUR PROXY.........TODAY!

MUNICIPAL INCOME OPPORTUNITIES TRUST

PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Robert M. Scanlan, Barry Fink, and Joseph J.
McAlinden, 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
Municipal Income Opportunities Trust on December 17, 1998, 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 November 4, 1998 as follows:

IMPORTANT--THIS PROXY MUST BE SIGNED AND DATED ON THE REVERSE SIDE.

<PAGE>
[X] PLEASE MARK VOTES AS
IN THE EXAMPLE USING
BLACK OR BLUE INK
FOR ALL
1. Election of four (4) Trustees: FOR WITHHOLD EXCEPT
[ ] [ ] [ ]

Edwin J. Garn, John R. Haire, Michael E. Nugent, Philip J. Purcell

IF YOU WISH TO WITHHOLD AUTHORITY FOR ANY PARTICULAR NOMINEE, MARK THE "FOR ALL
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FOR ALL
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appointment of [ ] [ ] [ ]
PricewaterhouseCoopers
LLP as independent
accountants.

Date ________________________________

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