<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 1999
MONEY MARKET PORTFOLIO
FIXED INCOME PORTFOLIO
HIGH YIELD PORTFOLIO
CORE EQUITY PORTFOLIO
EQUITY GROWTH PORTFOLIO
VALUE PORTFOLIO
MID CAP GROWTH PORTFOLIO
MID CAP VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
INTERNATIONAL FIXED INCOME PORTFOLIO
EMERGING MARKETS DEBT PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
ASIAN EQUITY PORTFOLIO
LATIN AMERICAN PORTFOLIO
BALANCED 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the ninth paragraph
under "PORTFOLIO MANAGERS" on page 37 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and
<PAGE>
received his M.B.A. from Harvard University in 1987. Douglas A. Funke
joined Morgan Stanley in 1993 as a Financial Analyst. Currently, he is Vice
President of MSDW Investment Management and Morgan Stanley and is
responsible for providing research and analytical support for the group's
real estate securities investment business. Prior to joining MSDW
Investment Management, he was a member of Morgan Stanley's Interest Rate
and Foreign Exchange Risk Management Group, where he assisted in the
execution of more than $3 billion of structured financings and firm-related
risk management projects. He graduated from the University of Chicago in
1993 with a B.A. in Economics and Political Science. He is a member of the
National Association of Real Estate Investment Trusts and the New York
Society of Securities Analysts. Theodore R. Bigman has shared primary
responsibility for managing the Portfolio's assets since its inception.
Douglas A. Funke has shared primary responsibility for managing the
Portfolio's assets since January 1999.
-------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 12, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 1999
VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the second paragraph
under "PORTFOLIO MANAGERS" on page 22 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-----------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 19, 1998
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 7, 1999
FIXED INCOME PORTFOLIO
HIGH YIELD PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
GLOBAL 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the third paragraph
under "PORTFOLIO MANAGERS" on page 23 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-----------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED SEPTEMBER 10, 1998
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 7, 1999
HIGH YIELD PORTFOLIO
U.S. REAL ESTATE 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the second paragraph
under "PORTFOLIO MANAGERS" on page 22 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
----------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED NOVEMBER 3, 1998
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 7, 1999
FIXED INCOME PORTFOLIO
EQUITY GROWTH PORTFOLIO
VALUE PORTFOLIO
MID CAP VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
GLOBAL EQUITY PORTFOLIO
INTERNATIONAL MAGNUM 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the fifth paragraph
under "PORTFOLIO MANAGERS" on page 26 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-----------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
GLG286
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 1999
EQUITY GROWTH PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
INTERNATIONAL MAGNUM PORTFOLIO
EMERGING MARKETS 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the second paragraph
under "PORTFOLIO MANAGERS" on page 22 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
#40277
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 1999
FIXED INCOME PORTFOLIO
VALUE PORTFOLIO
MID CAP VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
EMERGING MARKETS 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the fourth paragraph
under "PORTFOLIO MANAGERS" on page 24 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the first paragraph
under "PORTFOLIO MANAGERS" on page 23 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 7, 1999
FIXED INCOME PORTFOLIO
U.S. REAL ESTATE 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the second paragraph
under "PORTFOLIO MANAGERS" on page 21 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 1999
HIGH YIELD PORTFOLIO
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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the second paragraph
under "PORTFOLIO MANAGERS" on page 24 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 27, 1999
TO PROSPECTUS DATED MAY 1, 1998
AS PREVIOUSLY SUPPLEMENTED THROUGH JANUARY 7, 1999
FIXED INCOME PORTFOLIO
VALUE PORTFOLIO
U.S. REAL ESTATE PORTFOLIO
EMERGING MARKETS DEBT 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 U.S. Real Estate Portfolio. Russell C. Platt no
longer serves as Portfolio Manager to the U.S. Real Estate Portfolio. Theodore
R. Bigman and Douglas A. Funke now share primary responsibility for managing the
assets of the U.S. Real Estate Portfolio. Accordingly, the third paragraph
under "PORTFOLIO MANAGERS" on page 23 is hereby deleted and replaced with the
following:
U.S. REAL ESTATE PORTFOLIO -- Theodore R. Bigman and Douglas A. Funke.
Theodore R. Bigman joined Morgan Stanley in 1995 and currently is a
Principal of MSDW Investment Management and Morgan Stanley. He has primary
responsibility for managing MSDW Investment Management's global real estate
securities business. Prior to joining MSDW Investment Management, he was a
Director at CS First Boston, where he worked for eight years in the Real
Estate Group. While at CS First Boston, Mr. Bigman established and managed
that firm's REIT effort, including primary responsibility for $2.5 billion
of initial public offerings by REITs. Mr. Bigman graduated from Brandeis
University in 1983 with a B.A. in Economics and received his M.B.A. from
Harvard University in 1987. Douglas A. Funke joined Morgan Stanley in 1993
as a Financial Analyst. Currently, he is Vice President of MSDW Investment
Management and Morgan Stanley and is responsible for providing research and
analytical support for the group's real estate securities investment
business. Prior to joining MSDW Investment Management, he was a member of
Morgan Stanley's Interest Rate and Foreign Exchange Risk Management Group,
where he assisted in the execution of more than $3 billion of structured
financings and firm-related risk management projects. He graduated from
the University of Chicago in 1993 with a B.A. in Economics and Political
Science. He is a member of the National Association of Real Estate
Investment Trusts and the New York Society of Securities Analysts.
Theodore R. Bigman has shared primary responsibility for managing the
Portfolio's assets since its inception. Douglas A. Funke has shared primary
responsibility for managing the Portfolio's assets since January 1999.
-------------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
