<PAGE>
Filed Pursuant to Rule 497(c)
Registration File No.: 33-58175
PROSPECTUS - FEBRUARY 11, 2000
MORGAN STANLEY DEAN WITTER
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HAWAII MUNICIPAL TRUST
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A MUTUAL FUND THAT SEEKS A HIGH LEVEL OF CURRENT INCOME
EXEMPT FROM BOTH FEDERAL AND HAWAII STATE INCOME TAXES
CONSISTENT WITH THE PRESERVATION OF CAPITAL
The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus.
Any representation to the contrary is a criminal offense.
<PAGE>
CONTENTS
The Fund Investment Objective ............................ 1
Principal Investment Strategies ................. 1
Principal Risks ................................. 2
Past Performance ................................ 4
Fees and Expenses ............................... 5
Additional Investment Strategy Information ...... 6
Additional Risk Information ..................... 7
Fund Management ................................. 9
Shareholder Information Pricing Fund Shares .............................10
How to Buy Shares ...............................10
How to Exchange Shares ..........................14
How to Sell Shares ..............................16
Distributions ...................................18
Tax Consequences ................................18
Financial Highlights .................................................20
Our Family of Funds ..................................Inside Back Cover
This Prospectus contains important information about
the Fund. Please read it carefully and keep it for
future reference.
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THE FUND
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INVESTMENT OBJECTIVE
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Morgan Stanley Dean Witter Hawaii Municipal Trust seeks a high level of current
income exempt from both federal and Hawaii state income taxes consistent with
the preservation of capital.
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PRINCIPAL INVESTMENT STRATEGIES
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(sidebar)
INCOME
An investment objective having the goal of selecting securities to pay out
income rather than rise in price.
(end sidebar)
The Fund will invest at least 80% of its assets in securities that pay interest
normally exempt from federal and Hawaii state income taxes. The Fund's
"Investment Manager," Morgan Stanley Dean Witter Advisors Inc., generally
invests the Fund's assets in investment grade, municipal obligations of issuers
in Hawaii and obligations of U.S. Governmental territories such as Puerto Rico.
Municipal obligations are bonds, notes or commercial paper issued by state and
local governments. The Fund will invest in municipal obligations rated
investment grade by Moody's Investors Service or Standard & Poor's Corporation
or, if unrated, judged to be of comparable quality by the Investment Manager at
the time of purchase. There are no maturity limitations on the Fund's portfolio
securities.
The Fund may invest any amount of its assets in securities that pay interest
income subject to the "alternative minimum tax," and some taxpayers may have to
pay tax on a Fund distribution of this income. The Fund therefore may not be a
suitable investment for these investors. See the "Tax Consequences" section for
more details.
The Fund may invest up to 10% of its assets in inverse floating rate municipal
obligations. The interest rates on these obligations generally move in the
reverse direction of market interest rates. If market interest rates fall, the
interest rate on the obligation will increase and if market interest rates
increase, the interest rate on the obligation will fall.
Municipal obligations typically are "general obligation" or "revenue" bonds,
notes or commercial paper. General obligation securities are secured by the
issuer's faith and credit, including its taxing power for payment of principal
and interest. Revenue securities, however, are generally payable from a specific
revenue source. They are issued to fund a wide variety of public and private
projects in sectors such as public utilities, hospitals, housing, airports and
highways, and educational facilities. The Fund's municipal obligation
investments may include zero coupon securities,which are purchased at a discount
and accrue interest, but make no payment until maturity. In addition, the Fund
may invest in private activity bonds, including industrial development and
pollution control bonds, lease obligations and futures.
1
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In pursuing the Fund's investment objective, the Investment Manager has
considerable leeway in deciding which investments it buys, holds or sells on a
day-to-day basis -- and which investment strategies it uses. For example, the
Investment Manager in its discretion may determine to use some permitted
investment strategies while not using others.
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PRINCIPAL RISKS
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There is no assurance that the Fund will achieve its investment objective. The
Fund's share price will fluctuate with changes in the market value of the Fund's
portfolio securities. When you sell Fund shares, they may be worth less than
what you paid for them and, accordingly, you can lose money investing in this
Fund.
Credit and Interest Rate Risks. A principal risk of investing in the Fund is
associated with its municipal investments, particularly its concentration in
municipal obligations of a single state. Municipal obligations, like other debt
securities, are subject to two types of risks: credit risk and interest rate
risk.
Credit risk refers to the possibility that the issuer of a security will be
unable to make interest payments and/or repay the principal on its debt. In the
case of revenue bonds, notes or commercial paper, for example, the credit risk
is the possibility that the user fees from a project or other specified revenue
sources are insufficient to meet interest and/or principal payment obligations.
The issuers of private activity bonds, used to finance such projects as
industrial development and pollution control facilities, also may be negatively
impacted by the general credit of the user of the project. However, unlike most
fixed-income mutual funds, the Fund is subject to the added credit risk of
concentrating its investments in a single state -- Hawaii -- and its
municipalities, as well as certain U.S. territories such as Puerto Rico. Because
the Fund concentrates its investments in securities issued by Hawaii state and
local governments and certain U.S. territories, the Fund could be affected by
political, economic and regulatory developments concerning these issuers. Should
any difficulties develop concerning Hawaii or the U.S. territories' issuers
ability to pay principal and/or interest on their debt obligations, the Fund's
value and yield could be adversely affected.
Interest rate risk refers to fluctuations in the value of a fixed-income
security resulting from changes in the general level of interest rates. When the
general level of interest rates goes up, the prices of most fixed-income
securities go down. When the general level of interest rates goes down, the
prices of most fixed-income securities go up. (Zero coupon securities are
typically subject to greater price fluctuations than comparable securities that
pay current interest.)
The Fund is not limited as to the maturities of the municipal obligations in
which it may invest. Thus, a rise in the general level of interest rates may
cause the price of the Fund's portfolio securities to fall substantially.
2
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Bond Insurance Risk. Many of the municipal obligations the Fund invests in will
be covered by insurance at the time of issuance or at a later date. Such
insurance covers the remaining term of the security. Insured municipal
obligations would generally be assigned a lower rating if the rating were based
primarily on the credit quality of the issuer without regard to the insurance
feature. If the claims-paying ability of the insurer were downgraded, the
ratings on the municipal obligations it insures may also be downgraded.
In addition, the Fund may invest in securities with the lowest investment grade
rating. These securities may have speculative characteristics.
Non-Diversified Status. The Fund is classified as a "non-diversified" mutual
fund. The Fund therefore is permitted to have a relatively high percentage of
its assets invested in the securities of a limited number of issuers within the
state of Hawaii, and the value of its portfolio securities may be more
susceptible to any single economic, political or regulatory event than a
"diversified" mutual fund.
Other Risks. The performance of the Fund also will depend on whether the
Investment Manager is successful in pursuing the Fund's investment strategy. The
Fund is also subject to other risks from its permissible investments. For more
information about these risks, see the "Additional Risk Information" section.
Shares of the Fund are not bank deposits and are not guaranteed or insured by
the FDIC or any other government agency.
3
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PAST PERFORMANCE
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(sidebar)
ANNUAL TOTAL RETURNS
This chart shows how the performance of the Fund's shares has varied from year
to year over the past 4 calendar years.
(end sidebar)
The bar chart and table below provide some indication of the risks of investing
in the Fund. The Fund's past performance does not indicate how the Fund will
perform in the future.
ANNUAL TOTAL RETURNS -- CALENDAR YEARS
3.73% 9.29% 6.12% -5.50%
----- ----- ----- ------
1996 '97 '98 '99
The performance information in the bar chart does not reflect the deduction of
sales charges; if these amounts were reflected, returns would be less than
shown.
During the periods shown in the bar chart, the highest return for a calendar
quarter was 5.47% (quarter ended December 31, 1995) and the lowest return for a
calendar quarter was -2.32% (quarter ended March 31, 1996).
(sidebar)
AVERAGE ANNUAL TOTAL RETURNS
This table compares the Fund's average annual returns with those of a broad
measure of market performance over time. The Fund's returns include the maximum
applicable front-end sales charge and assume you sold your shares at the end of
each period.
(end sidebar)
AVERAGE ANNUAL TOTAL RETURNS (AS OF DECEMBER 31, 1999)
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LIFE OF FUND
PAST 1 YEAR (SINCE MARCH 1995)
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Hawaii Municipal Trust(1) -8.33% 3.45%
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Lehman Brothers Municipal Bond Index(2) -2.06% 5.53%(3)
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1 The Fund's returns include the maximum applicable front-end sales charge.
2 The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investor Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
3 For the period June 30, 1995 to December 31, 1999.
4
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FEES AND EXPENSES
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The table below briefly describes the fees and expenses that you may pay if you
buy and hold shares of the Fund. The Fund does not charge account or exchange
fees.
(sidebar)
SHAREHOLDER FEES
These fees are paid directly from your investment.
(end sidebar)
(sidebar)
ANNUAL FUND OPERATING EXPENSES
These expenses are deducted from the Fund's assets and are based on expenses
paid for the fiscal year ended November 30, 1999, restated to reflect a
management fee and operating expense reduction.
(end sidebar)
SHAREHOLDER FEES
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Maximum sales charge (load) imposed on purchases (as a percentage of
offering price) 3.0%
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Maximum deferred sales charge (load) (as a percentage based on the
lesser of the offering price or net asset value at redemption) None
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ANNUAL FUND OPERATING EXPENSES(1)
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Management fee 0.35%
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Distribution and service (12b-1) fees 0.19%
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Other expenses 1.91%
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Total annual Fund operating expenses 2.45%
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(1) The expenses set forth in the table do not reflect that during the Fund's
fiscal year ended November 30, 1999 (and through December 31, 2000), the
Investment Manager has undertaken to continue to assume all operating
expenses (except for any brokerage fees) and to waive the compensation
provided for in its Management Agreement to the extent that they exceed
0.55% of the Fund's daily net assets on an annualized basis. Taking the
waiver/assumption of expenses into account, the Fund's total annual
operating expenses would have been 0.52% for the fiscal year ended November
30, 1999.
Example
This example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund, your investment has a
5% return each year, and the Fund's operating expenses remain the same. Although
your actual costs may be higher or lower, the table below shows your costs at
the end of each period based on these assumptions.
EXPENSES OVER TIME
- -----------------------------------------
1 Year 3 Years 5 Years 10 Years
- -----------------------------------------
$541 $1,041 $1,566 $3,003
- -----------------------------------------
5
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ADDITIONAL INVESTMENT STRATEGY INFORMATION
- ---------------------------------------------------------
This section provides additional information relating to the Fund's principal
strategies.
Private Activity Bonds. The Fund may invest more than 25% of its assets in
municipal obligations known as private activity bonds. These securities include
housing, industrial development and pollution control revenue, electric,
utility, manufacturing, and transportation facilities.
Lease Obligations. Included within the revenue bonds category are participations
in lease obligations or installment purchase contracts of municipalities.
Generally, state and local agencies or authorities issue lease obligations to
acquire equipment and facilities for public and private purposes.
Futures. The Fund may purchase and sell put and call futures with respect to
financial instruments and municipal bond index futures. Futures may be used to
seek to hedge against interest rate changes.
Defensive Investing. The Fund may take temporary "defensive" positions in
attempting to respond to adverse market conditions. The Fund may invest any
amount of its assets in taxable money market instruments or the highest grade,
municipal obligations issued in other states in a defensive posture when the
Investment Manager believes it is advisable to do so. Municipal obligations of
other states pay interest that is exempt from federal income tax but not from
Hawaii state tax. Defensive investing could have the effect of reducing the
Fund's ability to provide tax-exempt income or otherwise meet its investment
objective.
6
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ADDITIONAL RISK INFORMATION
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This section provides additional information relating to the principal risks of
investing in the Fund. As discussed in the "Principal Risks" section, a
principal risk of investing in the Fund is associated with its fixed-income
securities investments. As merely illustrative of the relationship between
fixed-income securities and interest rates, the following table shows how
interest rates affect bond prices.
HOW INTEREST RATES AFFECT BOND PRICES
- --------------------------------------------------------------------------------
PRICE PER $1,000 OF A MUNICIPAL BOND IF
INTEREST RATES:
-----------------------------------------
INCREASE* DECREASE**
-----------------------------------------
YEARS TO BOND
MATURITY MATURITY COUPON 1% 2% 1% 2%
- --------------------------------------------------------------------------------
1 2000 3.95% $990 $981 $1,010 $1,020
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5 2004 4.70% $957 $916 $1,045 $1,093
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10 2009 5.05% $926 $858 $1,082 $1,171
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20 2019 5.80% $892 $799 $1,128 $1,278
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30 2029 5.95% $875 $773 $1,155 $1,350
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Source: Municipal Market Data (a division of Thomson Financial Municipal Group):
"Aaa" yield curve as of 12/31/99
* Assumes no effect from market discount calculation.
** Assumes bonds are non-callable.
In addition, the table is an illustration and does not represent expected yields
or share price changes of any Morgan Stanley Dean Witter mutual fund.
Inverse Floating Rate Municipal Obligations. The inverse floating rate municipal
obligations in which the Fund will invest are typically created through a
division of a fixed rate municipal obligation into two separate instruments, a
short-term obligation and a long-term obligation. The interest rate on the
short-term obligation is set at periodic auctions. The interest rate on the
long-term obligation is the rate the issuer would have paid on the fixed income
obligation: (i) plus the difference between such fixed rate and the rate on the
short-term obligation, if the short-term rate is lower than the fixed rate; or
(ii) minus such difference if the interest rate on the short-term obligation is
higher than the fixed rate. Inverse floating rate municipal obligations offer
the potential for higher income than is available from fixed rate obligations of
comparable maturity and credit rating. They also carry greater risks. In
particular, the prices of inverse floating rate municipal obligations are more
volatile, i.e., they increase and decrease in response to changes in interest
rates to a greater extent than comparable fixed rate obligations.
7
<PAGE>
Private Activity Bonds. The issuers of private activity bonds in which the Fund
may invest may be negatively impacted by conditions affecting either the general
credit of the user of the private activity project or the project itself.
Conditions such as regulatory and environmental restrictions and economic
downturns may lower the need for these facilities and the ability of users of
the project to pay for the facilities. This could cause a decline in the Fund's
value. The Fund's private activity bond holdings also may pay interest subject
to the alternative minimum tax. See the "Tax Consequences" section for more
details.
Industrial Development and Pollution Control Bonds. The Fund may invest in
industrial development and pollution control bonds (two kinds of tax-exempt
municipal bonds) whether or not the users of facilities financed by these bonds
are in the same industry. In cases where these users are in the same industry,
there may be additional risk to the Fund in the event of an economic downturn in
the industry, which may result generally in a lowered need for the facilities
and a lowered ability of the users to pay for the use of the facilities.
Lease Obligations. Lease obligations may have risks not normally associated with
general obligation or other revenue bonds. Leases and installment purchase or
conditional sale contracts (which may provide for title to the leased asset to
pass eventually to the issuer) have developed as a means for governmental
issuers to acquire property and equipment without the necessity of complying
with the constitutional and statutory requirements generally applicable for the
issuance of debt. Certain lease obligations contain "non-appropriation" clauses
that provide that the governmental issuer has no obligation to make future
payments under the lease or contract unless money is appropriated for that
purpose by the appropriate legislative body on an annual or other periodic
basis. Consequently, continued lease payments on those lease obligations
containing "non-appropriation" clauses are dependent on future legislative
actions. If these legislative actions do not occur, the holders of the lease
obligation may experience difficulty in exercising their rights, including
disposition of the property.
Futures. If the Fund purchases or sells futures, its participation in these
markets would subject the Fund's portfolio to certain risks. The Investment
Manager's predictions of movements in the direction of interest rate markets may
be inaccurate, and the adverse consequences to the Fund (e.g., a reduction in
the Fund's net asset value or a reduction in the amount of income available for
distribution) may leave the Fund in a worse position than if these strategies
were not used. Other risks inherent in the use of futures include, for example,
the possible imperfect correlation between the price of futures contracts and
movements in the prices of the securities being hedged, and the possible absence
of a liquid secondary market for any particular instrument. The risk of
imperfect correlations may be increased by the fact that futures contracts in
which the Fund may invest are taxable securities rather than tax-exempt
securities. The prices of taxable securities may not move in a similar manner to
prices of tax-exempt securities.
8
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FUND MANAGEMENT
- ---------------
(sidebar)
MORGAN STANLEY DEAN WITTER ADVISORS INC.
The Investment Manager is widely recognized as a leader in the mutual fund
industry and together with Morgan Stanley Dean Witter Services Company Inc.,
its wholly-owned subsidiary, had approximately $145 billion in assets under
management as of December 31, 1999.
(end sidebar)
The Fund has retained the Investment Manager -- Morgan Stanley Dean Witter
Advisors Inc. -- to provide administrative services, manage its business affairs
and invest its assets, including the placing of orders for the purchase and sale
of portfolio securities. The Investment Manager is a wholly-owned subsidiary of
Morgan Stanley Dean Witter & Co., a preeminent global financial services firm
that maintains leading market positions in each of its three primary businesses:
securities, asset management and credit services. Its main business office is
located at Two World Trade Center, New York, NY 10048.
The Fund's portfolio is managed within the Investment Manager's Tax-Exempt
Fixed-Income Group. James F. Willison, a Senior Vice President and Director of
the Tax-Exempt Fixed Income Group of the Investment Manager, has been the
primary portfolio manager of the Fund since its inception and has been a
portfolio manager with the Investment Manager for over five years.
The Fund pays the Investment Manager a monthly management fee as full
compensation for the services and facilities furnished to the Fund, and for Fund
expenses assumed by the Investment Manager. The fee is based on the Fund's
average daily net assets. For the fiscal year ended November 30, 1999, the Fund
accrued total compensation to the Investment Manager amounting to 0.35% of the
Fund's average daily net assets. The Investment Manager has undertaken, from
January 1, 2000 through December 31, 2000, to continue to assume all operating
expenses (except for any brokerage fees) and to waive the compensation provided
for in its management agreement to the extent they exceed 0.55% of the Fund's
daily net assets on an annualized basis.
9
<PAGE>
SHAREHOLDER INFORMATION
[GRAPHIC OMITTED]
PRICING FUND SHARES
- -------------------
The price of Fund shares (excluding sales charges), called "net asset value," is
based on the value of the Fund's portfolio securities.
The net asset value per share of the Fund is determined once daily at 4:00 p.m.
Eastern time on each day that the New York Stock Exchange is open (or, on days
when the New York Stock Exchange closes prior to 4:00 p.m., at such earlier
time). Shares will not be priced on days that the New York Stock Exchange is
closed.
The value of the Fund's portfolio securities (except for short-term taxable debt
securities and certain other investments) are valued by an outside independent
pricing service. The service uses a computerized grid matrix of tax-exempt
securities and its evaluations in determining what it believes is the fair value
of the portfolio securities. The Fund's Board of Trustees believes that timely
and reliable market quotations are generally not readily available to the Fund
to value tax-exempt securities and the valuations that the pricing service
supplies are more likely to approximate the fair value of the securities.
Short-term debt portfolio securities with remaining maturities of sixty days or
less at the time of purchase are valued at amortized cost. However, if the cost
does not reflect the securities' market value, these securities will be valued
at their fair value.
[GRAPHIC OMITTED]
HOW TO BUY SHARES
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(sidebar)
CONTACTING A FINANCIAL ADVISOR
If you are new to the Morgan Stanley Dean Witter Family of Funds and would like
to contact a Financial Advisor, call (877) 937-MSDW (toll-free) for the
telephone number of the Morgan Stanley Dean Witter office nearest you. You may
also access our office locator on our Internet site at:
www.msdw.com/individual/funds
(end sidebar)
You may open a new account to buy Fund shares or buy additional Fund shares for
an existing account by contacting your Morgan Stanley Dean Witter Financial
Advisor or other authorized financial representative. Your Financial Advisor
will assist you, step-by-step, with the procedures to invest in the Fund. You
may also purchase shares directly by calling the Fund's transfer agent and
requesting an application.
When you buy Fund shares, the shares are purchased at the next share price
calculated (less any applicable front-end sales charge) after we receive your
purchase order. Your payment is due on the third business day after you place
your purchase order. We reserve the right to reject any order for the purchase
of Fund shares.
10
<PAGE>
(sidebar)
EASYINVEST(SM)
A purchase plan that allows you to transfer money automatically from your
checking or savings account or from a Money Market Fund on a semi-monthly,
monthly or quarterly basis. Contact your Morgan Stanley Dean Witter Financial
Advisor for further information about this service.
(end sidebar)
MINIMUM INVESTMENT AMOUNTS
- --------------------------------------------------------------------------------
MINIMUM INVESTMENT
---------------------
INVESTMENT OPTIONS INITIAL ADDITIONAL
- --------------------------------------------------------------------------------
Regular accounts: $1,000 $100
- --------------------------------------------------------------------------------
EasyInvest(SM)
(Automatically from your checking or savings account
or Money Market Fund) $100* $100*
- --------------------------------------------------------------------------------
* Provided your schedule of investments totals $1,000 in twelve months.
There is no minimum investment amount if you purchase Fund shares through: (1)
the Investment Manager's mutual fund asset allocation plan, (2) a program,
approved by the Fund's distributor, in which you pay an asset-based fee for
advisory, administrative and/or brokerage services, or (3) employer-sponsored
employee benefit plan accounts.
Subsequent Investments Sent Directly to the Fund. In addition to buying
additional Fund shares for an existing account by contacting your Morgan Stanley
Dean Witter Financial Advisor, you may send a check directly to the Fund. To buy
additional shares in this manner:
o Write a "letter of instruction" to the Fund specifying the name(s) on the
account, the account number, the social security or tax identification
number, and the investment amount (which would include any applicable
front-end sales charge). The letter must be signed by the account owner(s).
o Make out a check for the total amount payable to: Morgan Stanley Dean
Witter Hawaii Municipal Trust.
o Mail the letter and check to Morgan Stanley Dean Witter Trust FSB at P.O.
Box 1040, Jersey City, NJ 07303.
Sales Charges. Shares of the Fund are sold at net asset value plus an initial
sales charge of up to 3.0%. The initial sales charge is reduced for purchases of
$100,000 or more according to the schedule below. The Fund's shares are also
subject to a distribution (12b-1) fee of up to 0.20% of the average daily net
assets of the Fund.
11
<PAGE>
The offering price of Fund shares includes a sales charge (expressed as a
percentage of the offering price) on a single transaction as shown in the
following table:
(sidebar)
FRONT-END SALES CHARGE OR FSC
An initial sales charge you pay when purchasing the Fund's shares that is based
on a percentage of the offering price. The percentage declines based upon the
dollar value of the Fund's shares you purchase. We offer three ways to reduce
your sales charges - the Combined Purchase Privilege, Right of Accumulation and
Letter of Intent.
(end sidebar)
<TABLE>
<CAPTION>
FRONT-END SALES CHARGE
------------------------------------------------
PERCENTAGE OF APPROXIMATE PERCENTAGE
AMOUNT OF SINGLE TRANSACTION PUBLIC OFFERING PRICE OF NET AMOUNT INVESTED
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Less than $100,000 3.00% 3.09%
- ----------------------------------------------------------------------------------------
$100,000 but less than $250,000 2.50% 2.56%
- ----------------------------------------------------------------------------------------
$250,000 but less than $500,000 2.00% 2.04%
- ----------------------------------------------------------------------------------------
$500,000 but less than $1 million 1.25% 1.27%
- ----------------------------------------------------------------------------------------
$1 million but less than
$2.5 million 0.50% 0.50%
- ----------------------------------------------------------------------------------------
$2.5 million but less than
$5 million 0.25% 0.25%
- ----------------------------------------------------------------------------------------
$5 million and over 0 0
- ----------------------------------------------------------------------------------------
</TABLE>
The reduced sales charge schedule is applicable to purchases of Fund shares in a
single transaction by:
o A single account (including an individual, trust or fiduciary account).
o Family member accounts (limited to husband, wife and children under the age
of 21).
o Tax-Exempt Organizations.
o Pension, profit sharing or other employee benefit plans of companies and
their affiliates.
o Groups organized for a purpose other than to buy mutual fund shares.
Combined Purchase Privilege. You also will have the benefit of reduced sales
charges by combining purchases of shares of the Fund in a single transaction
with purchases of Class A shares of Multi-Class Funds and shares of other FSC
Funds.
Right of Accumulation. You also may benefit from a reduction of sales charges if
the cumulative net asset value of shares of the Fund purchased in a single
transaction, together with shares of other Funds you currently own which were
previously purchased at a price including a front-end sales charge (including
shares acquired through reinvestment of distributions), amounts to $100,000 or
more.
You must notify your Morgan Stanley Dean Witter Financial Advisor or other
authorized financial representative (or Morgan Stanley Dean Witter Trust FSB if
you purchase directly through the Fund), at the time a purchase order is placed,
that the purchase qualifies for the reduced charge under the Right of
Accumulation. Similar notification
12
<PAGE>
must be made in writing when an order is placed by mail. The reduced sales
charge will not be granted if: (1) notification is not furnished at the time of
the order; or (2) a review of the records of Dean Witter Reynolds or other
authorized dealer of Fund shares or the Fund's transfer agent does not confirm
your represented holdings.
Letter of Intent. The schedule of reduced sales charges for larger purchases
also will be available to you if you enter into a written "letter of intent." A
letter of intent provides for the purchase of shares of the Fund or Multi-Class
Funds or shares of other FSC Funds within a thirteen-month period. The initial
purchase under a letter of intent must be at least 5% of the stated investment
goal. To determine the applicable sales charge reduction, you may also include:
(1) the cost of shares of other Morgan Stanley Dean Witter Funds which were
previously purchased at a price including a front-end sales charge during the
90-day period prior to the distributor receiving the letter of intent, and (2)
the cost of shares of other Funds you currently own acquired in exchange for
shares of Funds purchased during that period at a price including a front-end
sales charge. You can obtain a letter of intent by contacting your Morgan
Stanley Dean Witter Financial Advisor or other authorized financial
representative, or by calling (800) 869-NEWS. If you do not achieve the stated
investment goal within the thirteen-month period, you are required to pay the
difference between the sales charges otherwise applicable and sales charges
actually paid, which may be deducted from your investment.
Sales Charge Waivers. Your purchase of Fund shares is not subject to sales
charge if your account qualifies under one of the following categories:
o Current or retired Directors/Trustees of the Morgan Stanley Dean Witter
Funds, such persons' spouses and children under the age of 21, and trust
accounts for which any of such individuals is a beneficiary.
o Current or retired directors, officers and employees of Morgan Stanley Dean
Witter & Co. and any of its subsidiaries, such persons' spouses and
children under the age of 21, and trust accounts for which any of such
individuals is a beneficiary.
PLAN OF DISTRIBUTION The Fund has adopted a Plan of Distribution in accordance
with Rule 12b-1 under the Investment Company Act of 1940. The Plan allows the
Fund to pay distribution fees of 0.20% for the distribution of these shares. It
also allows the Fund to pay for services to shareholders. Because these fees are
paid out of the Fund's assets on an ongoing basis, over time these fees will
increase the cost of your investment and may cost you more than paying other
types of sales charges.
13
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HOW TO EXCHANGE SHARES
- ----------------------
Permissible Fund Exchanges. You may exchange shares of the Fund (a FSC Fund) for
Class A shares of any continuously offered Multi-Class Fund, or for shares of a
No-Load Fund, a Money Market Fund, North American Government Income Trust or
Short-Term U.S. Treasury Trust, without the imposition of an exchange fee. See
the inside back cover of this Prospectus for each Morgan Stanley Dean Witter
Fund's designation as a Multi-Class Fund, No-Load Fund or Money Market Fund. If
a Morgan Stanley Dean Witter Fund is not listed, consult the inside back cover
of that Fund's prospectus for its designation. For purposes of exchanges, shares
of FSC Funds (subject to a front-end sales charge) are treated as Class A shares
of a Multi-Class Fund.
Exchanges may be made after shares of the Fund acquired by purchase have been
held for thirty days. There is no waiting period for exchanges of shares
acquired by exchange or dividend reinvestment. The current prospectus for each
fund describes its investment objective(s), policies and investment minimums,
and should be read before investment. Since exchanges are available only into
continuously offered Morgan Stanley Dean Witter Funds, exchanges are not
available into any new Morgan Stanley Dean Witter Fund during its initial
offering period, or when shares of a particular Morgan Stanley Dean Witter Fund
are not being offered for purchase.
Exchange Procedures. You can process an exchange by contacting your Morgan
Stanley Dean Witter Financial Advisor or other authorized financial
representative. Otherwise, you must forward an exchange privilege authorization
form to the Fund's transfer agent -- Morgan Stanley Dean Witter Trust FSB -- and
then write the transfer agent or call (800) 869-NEWS to place an exchange order.
You can obtain an exchange privilege authorization form by contacting your
Financial Advisor or other authorized financial representative, or by calling
(800) 869-NEWS. If you hold share certificates, no exchanges may be processed
until we have received all applicable share certificates.
An exchange to any Morgan Stanley Dean Witter Fund (except a Money Market Fund)
is made on the basis of the next calculated net asset values of the Funds
involved after the exchange instructions are accepted. When exchanging into a
Money Market Fund, the Fund's shares are sold at their next calculated net asset
value and the Money Market Fund's shares are purchased at their net asset value
on the following business day.
The Fund may terminate or revise the exchange privilege upon required notice.
The check writing privilege is not available for Money Market Fund shares you
acquire in an exchange.
Telephone Exchanges. For your protection when calling Morgan Stanley Dean Witter
Trust FSB, we will employ reasonable procedures to confirm that exchange
instructions communicated over the telephone are genuine. These procedures may
include
14
<PAGE>
requiring various forms of personal identification such as name, mailing
address, social security or other tax identification number. Telephone
instructions also may be recorded.
Telephone instructions will be accepted if received by the Fund's transfer agent
between 9:00 a.m. and 4:00 p.m. Eastern time on any day the New York Stock
Exchange is open for business. During periods of drastic economic or market
changes, it is possible that the telephone exchange procedures may be difficult
to implement, although this has not been the case with the Fund in the past.
Margin Accounts. If you have pledged your Fund shares in a margin account,
contact your Morgan Stanley Dean Witter Financial Advisor or other authorized
financial representative regarding restrictions on the exchange of such shares.
Tax Considerations of Exchanges. If you exchange shares of the Fund for shares
of another Morgan Stanley Dean Witter Fund there are important tax
considerations. For tax purposes, the exchange out of the Fund is considered a
sale of Fund shares -- and the exchange into the other Fund is considered a
purchase. As a result, you may realize a capital gain or loss.
You should review the "Tax Consequences" section and consult your own tax
professional about the tax consequences of an exchange.
Limitations on Exchanges. Certain patterns of exchanges may result in the Fund
limiting or prohibiting, at its discretion, additional purchases and/or
exchanges. Determinations in this regard may be made based on the frequency or
dollar amount of previous exchanges. The Fund will notify you in advance of
limiting your exchange privileges.
For further information regarding exchange privileges, you should contact your
Morgan Stanley Dean Witter Financial Advisor or call (800) 869-NEWS.
15
<PAGE>
[GRAPHIC OMITTED]
HOW TO SELL SHARES
- ------------------
You can sell some or all of your Fund shares at any time. Your shares will be
sold at the next price calculated after we receive your order to sell as
described below.
<TABLE>
<CAPTION>
OPTIONS PROCEDURES
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
Contact Your To sell your shares, simply call your Morgan Stanley Dean Witter Financial Advisor or
Financial Advisor other authorized financial representative.
--------------------------------------------------------------------------------------------
[GRAPHIC OMITTED] Payment will be sent to the address to which the account is registered or deposited in
your brokerage account.
- ------------------------------------------------------------------------------------------------------------------
By Letter You can also sell your shares by writing a "letter of instruction" that includes:
[GRAPHIC OMITTED] o your account number;
o the dollar amount or the number of shares you wish to sell; and
o the signature of each owner as it appears on the account.
--------------------------------------------------------------------------------------------
If you are requesting payment to anyone other than the registered owner(s) or that
payment be sent to any address other than the address of the registered owner(s) or
pre-designated bank account, you will need a signature guarantee. You can generally
obtain a signature guarantee from an eligible guarantor acceptable to Morgan Stanley
Dean Witter Trust FSB. (You should contact Morgan Stanley Dean Witter Trust FSB at
(800) 869-NEWS for determination as to whether a particular institution is an eligible
guarantor.) A notary public cannot provide a signature guarantee. Additional
documentation may be required for shares held by a corporation, partnership, trustee
or executor.
--------------------------------------------------------------------------------------------
Mail the letter to Morgan Stanley Dean Witter Trust FSB at P.O. Box 983, Jersey City, NJ
07303. If you hold share certificates, you must return the certificates, along with the
letter and any required additional documentation.
--------------------------------------------------------------------------------------------
A check will be mailed to the name(s) and address in which the account is registered, or
otherwise according to your instructions.
- ------------------------------------------------------------------------------------------------------------------
Systematic If your investment in all of the Morgan Stanley Dean Witter Family of Funds has a total
Withdrawal Plan market value of at least $10,000, you may elect to withdraw amounts of $25 or more,
or in any whole percentage of a Fund's balance (provided the amount is at least $25), on
[GRAPHIC OMITTED] a monthly, quarterly, semi-annual or annual basis, from any Fund with a balance of at least
$1,000. Each time you add a Fund to the plan, you must meet the plan requirements.
--------------------------------------------------------------------------------------------
To sign up for the Systematic Withdrawal Plan, contact your Morgan Stanley Dean
Witter Financial Advisor or call (800) 869-NEWS. You may terminate or suspend your
plan at any time. Please remember that withdrawals from the plan are sales of shares,
not Fund "distributions," and ultimately may exhaust your account balance. The Fund
may terminate or revise the plan at any time.
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
16
<PAGE>
Payment for Sold Shares. After we receive your complete instructions to sell as
described above, a check will be mailed to you within seven days, although we
will attempt to make payment within one business day. Payment may also be sent
to your brokerage account.
Payment may be postponed or the right to sell your shares suspended under
unusual circumstances. If you request to sell shares that were recently
purchased by check, your sale will not be effected until it has been verified
that the check has been honored.
Reinstatement Privilege. If you sell Fund shares and have not previously
exercised the reinstatement privilege, you may, within 35 days after the date of
sale, invest any portion of the proceeds in Fund shares at their net asset
value.
Involuntary Sales. The Fund reserves the right, on sixty days' notice, to sell
the shares of any shareholder (other than shares held in an IRA or 403(b)
Custodial Account) whose shares, due to sales by the shareholder, have a value
below $100, or in the case of an account opened through EasyInvest(SM), if after
12 months the shareholder has invested less than $1,000 in the account.
However, before the Fund sells your shares in this manner, we will notify you
and allow you sixty days to make an additional investment in an amount that will
increase the value of your account to at least the required amount before the
sale is processed.
Margin Accounts. Certain restrictions may apply to Fund shares pledged in margin
accounts with Dean Witter Reynolds or another authorized broker-dealer of Fund
shares. If you have pledged your Fund shares in a margin account, contact your
Morgan Stanley Dean Witter Financial Advisor or other authorized financial
representative regarding restrictions on the sale of such shares.
17
<PAGE>
[GRAPHIC OMITTED]
DISTRIBUTIONS
- -------------
(sidebar)
TARGETED DIVIDENDS(SM)
You may select to have your Fund distributions automatically invested in another
Morgan Stanley Dean Witter Fund that you own. Contact your Morgan Stanley Dean
Witter Financial Advisor for further information about this service.
(end sidebar)
The Fund passes substantially all of its earnings from income and capital gains
along to its investors as "distributions." The Fund earns interest from
fixed-income investments. These amounts are passed along to Fund shareholders as
"income dividend distributions." The Fund realizes capital gains whenever it
sells securities for a higher price than it paid for them. These amounts may be
passed along as "capital gain distributions."
Normally, income dividends are declared on each day the New York Stock Exchange
is open for business and are distributed to shareholders monthly. Capital gains,
if any, are usually distributed in June and December. The Fund, however, may
retain and reinvest any long-term capital gains. The Fund may at times make
payments from sources other than income or capital gains that represent a return
of a portion of your investment.
Distributions are reinvested automatically in additional shares of the Fund and
automatically credited to your account, unless you request in writing that all
distributions be paid in cash. If you elect the cash option, processing of your
dividend checks begins immediately following the monthly payment date, and the
Fund will mail a monthly dividend check to you normally during the first seven
days of the following month. No interest will accrue on uncashed checks. If you
wish to change how your distributions are paid, your request should be received
by the Fund's transfer agent, Morgan Stanley Dean Witter Trust FSB, at least
five business days prior to the record date of the distributions.
[GRAPHIC OMITTED]
TAX CONSEQUENCES
- ----------------
As with any investment, you should consider how your Fund investment will be
taxed. The tax information in this Prospectus is provided as general
information. You should consult your own tax professional about the tax
consequences of an investment in the Fund.
You need to be aware of the possible tax consequences when:
o The Fund makes distributions; and
o You sell Fund shares, including an exchange to another Morgan Stanley Dean
Witter Fund.
Taxes on Distributions. Your income dividend distributions are normally exempt
from federal and Hawaii state personal income taxes -- to the extent they are
derived from
18
<PAGE>
Hawaii municipal obligations or obligations of U.S. Governmental territories.
Income derived from other portfolio securities may be subject to federal, state
and/or local income taxes.
Income derived from some municipal securities is subject to the federal
"alternative minimum tax." Certain tax-exempt securities whose proceeds are used
to finance private, for-profit organizations are subject to this special tax
system that ensures that individuals pay at least some federal taxes. Although
interest on these securities is generally exempt from federal income tax, some
taxpayers who have many tax deductions or exemptions nevertheless may have to
pay tax on the income.
If the Fund makes any capital gain distributions, those distributions will
normally be subject to federal and state income tax when they are paid, whether
you take them in cash or reinvest them in Fund shares. Any short-term capital
gain distributions are taxable to you as ordinary income. Any long-term capital
gain distributions are taxable to you as long-term capital gains, no matter how
long you have owned shares in the Fund.
The Fund may derive gains in part from municipal obligations the Fund purchased
below their principal or face values. All, or a portion, of these gains may be
taxable to you as ordinary income rather than capital gains.
Every January, you will be sent a statement (IRS Form 1099-DIV) showing the
distributions paid to you in the previous year. The statement provides
information on your dividends and capital gains for tax purposes.
TAXES ON SALES. Your sale of Fund shares normally is subject to federal and
state income tax and may result in a taxable gain or loss to you. A sale also
may be subject to local income tax. Your exchange of Fund shares for shares of
another Morgan Stanley Dean Witter Fund is treated for tax purposes like a sale
of your original shares and a purchase of your new shares. Thus, the exchange
may, like a sale, result in a taxable gain or loss to you and will give you a
new tax basis for your new shares.
When you open your Fund account, you should provide your social security or tax
identification number on your investment application. By providing this
information, you will avoid being subject to a federal backup withholding tax of
31% on taxable distributions and sale proceeds. Any withheld amount would be
sent to the IRS as an advance tax payment.
19
<PAGE>
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the Fund's
financial performance for the life of the Fund. Certain information reflects
financial results for a single Fund share. The total returns in the table
represent the rate an investor would have earned or lost on an investment in
the Fund (assuming reinvestment of all dividends and distributions).
This information has been audited by PricewaterhouseCoopers LLP, independent
accountants, whose report, along with the Fund's financial statements, is
included in the annual report, which is available upon request.
<TABLE>
<CAPTION>
FOR THE PERIOD
JUNE 16, 1995*
FOR THE PERIOD ENDED NOVEMBER 30 THROUGH
----------------------------------------------------------------- NOVEMBER 30,
1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA:
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.41 $10.12 $9.95 $9.91 $9.70
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investments operations:
Net investment income 0.46 0.49 0.50 0.50 0.19
------ ------ ----- ----- -----
Net realized and unrealized gain (loss) (0.88) 0.29 0.17 0.04 0.21
------ ------ ----- ----- -----
Total income (loss) from investment operations (0.42) 0.78 0.67 0.54 0.40
- ------------------------------------------------------------------------------------------------------------------------------------
Less dividends and distributions from:
Net investment income (0.46) (0.49) (0.50) (0.50) (0.19)
Net realized gain (0.06) -- -- -- --
------ ------ ----- ----- -----
Total dividends and distributions (0.52) (0.49) (0.50) (0.50) (0.19)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.47 $10.41 $10.12 $9.95 $9.91
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN+ (4.20)% 7.87% 6.93% 5.64% 4.21%(1)
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses 0.52%(3) 0.20%(3) 0.19%(3) 0.19%(3) 0.20%(2)(3)
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 4.54%(3) 4.72%(3) 5.00%(3) 5.09%(3) 4.69%(2)(3)
- ------------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period, in thousands $7,257 $6,998 $4,752 $3,225 $1,510
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 26% 13% 51% 14%(1)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
(3) If the Investment Manager had not assumed expenses and waived the
management fee, the expense and net investment income ratios would have
been as follows, which reflect the effect of expense offsets as follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
EXPENSE NET INVESTMENT EXPENSE
PERIOD ENDED: RATIO INCOME RATIO OFFSET
- ---------------------------------------------------------------------
<S> <C> <C> <C>
November 30, 1999 2.45% 2.61% 0.01%
- ---------------------------------------------------------------------
November 30, 1998 2.42% 2.50% 0.01%
- ---------------------------------------------------------------------
November 30, 1997 2.95% 2.24% 0.01%
- ---------------------------------------------------------------------
November 30, 1996* 2.69% 2.59% 0.03%
- ---------------------------------------------------------------------
November 30, 1995* 2.70% 2.19% 0.10%
- ---------------------------------------------------------------------
</TABLE>
* After application of the Fund's state expense limitation.
20
<PAGE>
MORGAN STANLEY DEAN WITTER
FAMILY OF FUNDS
The Morgan Stanley Dean Witter Family of Funds offers investors a wide range of
investment choices. Come on in and meet the family!
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
GROWTH FUNDS Aggressive Equity Fund Health Sciences Trust
American Opportunities Fund Information Fund
Capital Growth Securities Natural Resource Development Securities
Developing Growth Securities GLOBAL/INTERNATIONAL FUNDS
Growth Fund Competitive Edge Fund - "Best Ideas" Portfolio
Market Leader Trust European Growth Fund
Mid-Cap Equity Trust Fund of Funds - International Portfolio
Next Generation Trust International Fund
Small Cap Growth International SmallCap Fund
Special Value Fund Japan Fund
21st Century Trend Fund Latin American Growth Fund
THEME FUNDS Pacific Growth Fund
Financial Services Trust
- ------------------------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUNDS Balanced Growth Fund Strategist Fund
Balanced Income Fund Total Market Index Fund
Convertible Securities Trust Total Return Trust
Dividend Growth Securities Value Fund
Equity Fund Value-Added Market Series/Equity Portfolio
Fund of Funds - Domestic Portfolio THEME FUNDS
Income Builder Fund Real Estate Fund
Mid-Cap Dividend Growth Securities Utilities Fund
S&P 500 Index Fund GLOBAL FUNDS
S&P 500 Select Fund Global Dividend Growth Securities
Global Utilities Fund
- ------------------------------------------------------------------------------------------------------------------------------------
INCOME FUNDS GOVERNMENT INCOME FUNDS GLOBAL INCOME FUNDS
Federal Securities Trust North American Government Income Trust
Short-Term U.S. Treasury Trust World Wide Income Trust
U.S. Government Securities Trust TAX-FREE INCOME FUNDS
DIVERSIFIED INCOME FUNDS California Tax-Free Income Fund
Diversified Income Trust Hawaii Municipal Trust(FSC)
CORPORATE INCOME FUNDS Limited Term Municipal Trust(NL)
High Yield Securities Multi-State Municipal Series Trust(FSC)
Intermediate Income Securities New York Tax-Free Income Fund
Short-Term Bond Fund(NL) Tax-Exempt Securities Trust
- ------------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS TAXABLE MONEY MARKET FUNDS TAX-FREE MONEY MARKET FUNDS
Liquid Asset Fund(MM) California Tax-Free Daily Income Trust(MM)
U.S. Government Money Market Trust(MM) N.Y. Municipal Money Market Trust(MM)
Tax-Free Daily Income Trust(MM)
</TABLE>
There may be funds created after this Prospectus was published. Please consult
the inside back cover of a new Fund's prospectus for its designation, e.g.,
Multi-Class Fund or Money Market Fund.
Unless otherwise noted, each listed Morgan Stanley Dean Witter Fund, except for
North American Government Income Trust and Short-Term U.S. Treasury Trust, is a
Multi-Class Fund. A Multi-Class Fund is a mutual fund offering multiple Classes
of shares. The other types of Funds are: NL -- No-Load (Mutual) Fund; MM --
Money Market Fund; FSC -- A mutual fund sold with a front-end sales charge and
a distribution (12b-1) fee.
<PAGE>
PROSPECTUS - FEBRUARY 11, 2000
Additional information about the Fund's investments is available in the Fund's
Annual and Semi-Annual Reports to Shareholders. In the Fund's Annual Report, you
will find a discussion of the market conditions and investment strategies that
significantly affected the Fund's performance during its last fiscal year. The
Fund's Statement of Additional Information also provides additional information
about the Fund. The Statement of Additional Information is incorporated herein
by reference (legally is part of this Prospectus). For a free copy of any of
these documents, to request other information about the Fund, or to make
shareholder inquiries, please call:
(800) 869-NEWS
You also may obtain information about the Fund by calling your Morgan Stanley
Dean Witter Financial Advisor or by visiting our Internet site at:
www.msdw.com/individual/funds
Information about the Fund (including the Statement of Additional Information)
can be viewed and copied at the Securities and Exchange Commission's Public
Reference Room in Washington, DC. Information about the Reference Room's
operations may be obtained by calling the SEC at (202) 942-8090. Reports and
other information about the Fund are available on the EDGAR Database on the
SEC's Internet site at (www.sec.gov), and copies of this information may be
obtained, after paying a duplicating fee, by electronic request at the
following e-mail address: [email protected], or by writing the Public
Reference Section of the SEC, Washington, DC 20549-0102.
TICKER SYMBOL:
DWHIX
- --------------
(THE FUND'S INVESTMENT COMPANY ACT FILE NO. IS 811-7263)
MORGAN STANLEY DEAN WITTER
----------------------------------------------------------------
HAWAII MUNICIPAL TRUST
[GRAPHIC OMITTED]
A MUTUAL FUND THAT SEEKS A
HIGH LEVEL OF CURRENT INCOME
EXEMPT FROM BOTH FEDERAL AND
HAWAII STATE INCOME TAXES
CONSISTENT WITH THE
PRESERVATION OF CAPITAL
