MORGAN STANLEY NORTH AMERICAN GOVERNMENT INCOME TRUST
PROXY FOR SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD SEPTEMBER 24, 2002
The undersigned shareholder of Morgan Stanley North American Government
Income Trust does hereby appoint Barry Fink, Ronald E. Robison and Joseph J.
McAlinden and each of them, as attorneys-in-fact and proxies of the undersigned,
each with the full power of substitution, to attend the Special Meeting of
Shareholders of Morgan Stanley North American Government Income Trust to be held
on September 24, 2002, in the Conference Room, at Harborside Financial Center,
Plaza Two, 2nd Floor, Jersey City, New Jersey 07311 at 9:00 A.M., New York time,
and at all adjournments thereof and to vote the shares held in the name of the
undersigned on the record date for said meeting for the Proposal specified on
the reverse side hereof. Said attorneys-in-fact shall vote in accordance with
their best judgment as to any other matter.
(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 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.
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AS PLEASE MARK VOTES
IN THE EXAMPLE USING
BLACK OR BLUE INK [X]
TO VOTE BY MAIL, PLEASE COMPLETE AND RETURN THIS CARD
YOU ALSO MAY VOTE A PROXY BY TOUCH-TONE PHONE OR BY INTERNET
(SEE ENCLOSED VOTING INFORMATION CARD FOR FURTHER INSTRUCTIONS)
TO VOTE A PROXY BY PHONE, call Toll-Free: 1-800-690-6903
TO VOTE A PROXY BY INTERNET, visit our Website(s): WWW/MSDWT.COM or
WWW.PROXYVOTE.COM
FOR AGAINST ABSTAIN
The Proposal: [ ] [ ] [ ]
Approval of the Agreement and Plan of
Reorganization, dated as of April 25, 2002, pursuant to which substantially all
of the assets of Morgan Stanley North American Government Income Trust would be
combined with those of Morgan Stanley Limited Duration Fund and shareholders of
Morgan Stanley North American Government Income Trust would become shareholders
of Morgan Stanley Limited Duration Fund receiving shares in Morgan Stanley
Limited Duration Fund with a value equal to the value of their holdings in
Morgan Stanley North American Government Income Trust.
Please sign personally. If the shares are registered in more than one name,
each joint owner or each fiduciary should sign personally. Only authorized
officers should sign for corporations. Please make sure to sign and date this
Proxy using black or blue ink.
Date
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Shareholder sign in the box above
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Co-Owner (if any) sign in the box above
PLEASE FOLD AND DETACH AT PERFORATION ALONG DOTTED LINES
MORGAN STANLEY NORTH AMERICAN GOVERNMENT
INCOME TRUST
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IMPORTANT
USE ONE OF THE THREE EASY WAYS TO VOTE YOUR PROXY
1. BY MAIL. PLEASE DATE, SIGN AND RETURN THE ABOVE PROXY CARD IN THE ENCLOSED
POSTAGE PAID ENVELOPE.
2. BY INTERNET. HAVE YOUR PROXY CARD AT HAND. GO TO THE "VOTE YOUR PROXY HERE"
LINK ON THE WEBSITE WWW.MSDWT.COM OR WWW.PROXYVOTE.COM. ENTER YOUR 12
DIGIT CONTROL NUMBER LOCATED ON THE PROXY CARD AND FOLLOW THE SIMPLE
INSTRUCTIONS.
3. BY TELEPHONE. HAVE YOUR PROXY CARD AT HAND. CALL 1-800-690-6903 ON A
TOUCH-TONE PHONE. ENTER YOUR 12-DIGIT CONTROL NUMBER LOCATED ON THE PROXY
CARD AND FOLLOW THE SIMPLE RECORDED INSTRUCTIONS.
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054, 394, 395, 396