<PAGE>
SUPPLEMENT TO THE PROSPECTUS OF
DEAN WITTER INCOME BUILDER FUND
DATED NOVEMBER 26, 1997
The first paragraph under the subsection entitled "Portfolio
Management--Portfolio Managers" under the section of the Prospectus entitled
"INVESTMENT OBJECTIVES AND POLICIES" is hereby replaced by the following:
The assets of the Fund are managed within InterCapital's Growth and
Income Group, which manages 24 funds and fund portfolios with
approximately $29.9 billion in assets as of December 31, 1997. Paul D.
Vance and Peter M. Avelar, Senior Vice Presidents of InterCapital and
members of InterCapital's Growth and Income Group, have been the primary
portfolio co-managers of the Fund since its inception and January 1998,
respectively, and have been portfolio managers with InterCapital for
over five years.
January 23, 1998
