<PAGE>
SUPPLEMENT DATED FEBRUARY 26, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 27, 1999
MONEY MARKET PORTFOLIO INTERNATIONAL FIXED INCOME PORTFOLIO
FIXED INCOME PORTFOLIO EMERGING MARKETS DEBT PORTFOLIO
HIGH YIELD PORTFOLIO GLOBAL EQUITY PORTFOLIO
CORE EQUITY PORTFOLIO INTERNATIONAL MAGNUM PORTFOLIO
EQUITY GROWTH PORTFOLIO EMERGING MARKETS EQUITY PORTFOLIO
VALUE PORTFOLIO ASIAN EQUITY PORTFOLIO
MID CAP GROWTH PORTFOLIO LATIN AMERICAN PORTFOLIO
MID CAP VALUE PORTFOLIO BALANCED PORTFOLIO
U.S. REAL ESTATE PORTFOLIO MULTI-ASSET-CLASS PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
------------------------------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Asian Equity Portfolio. Vinod Sethi no longer
serves as Portfolio Manager to the Asian Equity Portfolio. Timothy Jensen and
Ashutosh Sinha now share primary responsibility for managing the assets of the
Asian Equity Portfolio. Accordingly, the paragraph "ASIAN EQUITY PORTFOLIO" on
page 39 is hereby deleted and replaced with the following:
ASIAN EQUITY PORTFOLIO -- Timothy Jensen and Ashutosh Sinha. Timothy
Jensen joined MSDW Investment Management in 1998. He is a Principal of
MSDW Investment Management and Morgan Stanley and a senior member of MSDW
Investment Management's emerging markets group, focusing primarily on the
East Asian markets. Prior to joining MSDW Investment Management, he was a
Partner at Ardsley Partners, where he managed a portion of the emerging
markets assets. Prior to that, he was a Vice President at Bankers Trust
where he was responsible for a Latin American equity portfolio. He
graduated from Harvard College with a B.A. in History and received an
M.B.A. in Finance from UCLA. Ashutosh Sinha joined MSDW Investment
Management in 1995. He is a Vice President of MSDW Investment Management
and Morgan Stanley and a member of MSDW Investment Management's emerging
markets group, focusing primarily on the East Asian and Middle Eastern
markets. Prior to joining MSDW Investment Management, he spent two years
at SBI Funds Management Ltd., where he was an analyst for the India Magnum
Fund. Previous to that, he worked for three years as a consultant for
Citicorp Overseas Software Ltd. He graduated from IIT, Kanpur with a
degree in Electrical Engineering and received an M.B.A. from the Indian
Institute of Management, Calcutta. Mr. Jensen and Mr. Sinha have shared
primary responsibility for managing the Asian Equity Portfolio since August
1998.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED FEBRUARY 26, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 27, 1999
U.S. REAL ESTATE PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
ASIAN EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------------------------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Asian Equity Portfolio. Vinod Sethi no longer
serves as Portfolio Manager to the Asian Equity Portfolio. Timothy Jensen and
Ashutosh Sinha now share primary responsibility for managing the assets of the
Asian Equity Portfolio. Accordingly, the paragraph "ASIAN EQUITY PORTFOLIO" on
page 23 is hereby deleted and replaced with the following:
ASIAN EQUITY PORTFOLIO -- Timothy Jensen and Ashutosh Sinha. Timothy
Jensen joined MSDW Investment Management in 1998. He is a Principal of
MSDW Investment Management and Morgan Stanley and a senior member of MSDW
Investment Management's emerging markets group, focusing primarily on the
East Asian markets. Prior to joining MSDW Investment Management, he was a
Partner at Ardsley Partners, where he managed a portion of the emerging
markets assets. Prior to that, he was a Vice President at Bankers Trust
where he was responsible for a Latin American equity portfolio. He
graduated from Harvard College with a B.A. in History and received an
M.B.A. in Finance from UCLA. Ashutosh Sinha joined MSDW Investment
Management in 1995. He is a Vice President of MSDW Investment Management
and Morgan Stanley and a member of MSDW Investment Management's emerging
markets group, focusing primarily on the East Asian and Middle Eastern
markets. Prior to joining MSDW Investment Management, he spent two years
at SBI Funds Management Ltd., where he was an analyst for the India Magnum
Fund. Previous to that, he worked for three years as a consultant for
Citicorp Overseas Software Ltd. He graduated from IIT, Kanpur with a
degree in Electrical Engineering and received an M.B.A. from the Indian
Institute of Management, Calcutta. Mr. Jensen and Mr. Sinha have shared
primary responsibility for managing the Asian Equity Portfolio since August
1998.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED FEBRUARY 26, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 1999
FIXED INCOME PORTFOLIO
HIGH YIELD PORTFOLIO
EQUITY GROWTH PORTFOLIO
VALUE PORTFOLIO
MID CAP VALUE PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
ASIAN EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------------------------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Asian Equity Portfolio. Vinod Sethi no longer
serves as Portfolio Manager to the Asian Equity Portfolio. Timothy Jensen and
Ashutosh Sinha now share primary responsibility for managing the assets of the
Asian Equity Portfolio. Accordingly, the paragraph "ASIAN EQUITY PORTFOLIO" on
page 30 is hereby deleted and replaced with the following:
ASIAN EQUITY PORTFOLIO -- Timothy Jensen and Ashutosh Sinha. Timothy
Jensen joined MSDW Investment Management in 1998. He is a Principal of
MSDW Investment Management and Morgan Stanley and a senior member of MSDW
Investment Management's emerging markets group, focusing primarily on the
East Asian markets. Prior to joining MSDW Investment Management, he was a
Partner at Ardsley Partners, where he managed a portion of the emerging
markets assets. Prior to that, he was a Vice President at Bankers Trust
where he was responsible for a Latin American equity portfolio. He
graduated from Harvard College with a B.A. in History and received an
M.B.A. in Finance from UCLA. Ashutosh Sinha joined MSDW Investment
Management in 1995. He is a Vice President of MSDW Investment Management
and Morgan Stanley and a member of MSDW Investment Management's emerging
markets group, focusing primarily on the East Asian and Middle Eastern
markets. Prior to joining MSDW Investment Management, he spent two years
at SBI Funds Management Ltd., where he was an analyst for the India Magnum
Fund. Previous to that, he worked for three years as a consultant for
Citicorp Overseas Software Ltd. He graduated from IIT, Kanpur with a
degree in Electrical Engineering and received an M.B.A. from the Indian
Institute of Management, Calcutta. Mr. Jensen and Mr. Sinha have shared
primary responsibility for managing the Asian Equity Portfolio since August
1998.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED FEBRUARY 26, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 27, 1999
HIGH YIELD PORFOLIO
U.S. REAL ESTATE PORTFOLIO
EMERGING MARKETS DEBT PORTFOLIO
ASIAN EQUITY PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------------------------------
The Prospectus is hereby amended and supplemented to reflect changes in the
portfolio management of the Asian Equity Portfolio. Vinod Sethi no longer
serves as Portfolio Manager to the Asian Equity Portfolio. Timothy Jensen and
Ashutosh Sinha now share primary responsibility for managing the assets of the
Asian Equity Portfolio. Accordingly, the paragraph "ASIAN EQUITY PORTFOLIO" on
page 25 is hereby deleted and replaced with the following:
ASIAN EQUITY PORTFOLIO -- Timothy Jensen and Ashutosh Sinha. Timothy
Jensen joined MSDW Investment Management in 1998. He is a Principal of
MSDW Investment Management and Morgan Stanley and a senior member of MSDW
Investment Management's emerging markets group, focusing primarily on the
East Asian markets. Prior to joining MSDW Investment Management, he was a
Partner at Ardsley Partners, where he managed a portion of the emerging
markets assets. Prior to that, he was a Vice President at Bankers Trust
where he was responsible for a Latin American equity portfolio. He
graduated from Harvard College with a B.A. in History and received an
M.B.A. in Finance from UCLA. Ashutosh Sinha joined MSDW Investment
Management in 1995. He is a Vice President of MSDW Investment Management
and Morgan Stanley and a member of MSDW Investment Management's emerging
markets group, focusing primarily on the East Asian and Middle Eastern
markets. Prior to joining MSDW Investment Management, he spent two years
at SBI Funds Management Ltd., where he was an analyst for the India Magnum
Fund. Previous to that, he worked for three years as a consultant for
Citicorp Overseas Software Ltd. He graduated from IIT, Kanpur with a
degree in Electrical Engineering and received an M.B.A. from the Indian
Institute of Management, Calcutta. Mr. Jensen and Mr. Sinha have shared
primary responsibility for managing the Asian Equity Portfolio since August
1998.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
