<PAGE>
SUPPLEMENT DATED DECEMBER 1, 1998
TO PROSPECTUS DATED MAY 1, 1998
OF
CONSERVATIVE PORTFOLIO
MODERATE PORTFOLIO
AGGRESSIVE PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY STRATEGIC ADVISER FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The Prospectus is hereby amended and supplemented to reflect the following:
Effective December 1, 1998, Morgan Stanley Strategic Adviser Fund, Inc. (the
"Fund") has changed its name to Morgan Stanley Dean Witter Strategic Adviser
Fund, Inc.
Effective December 1, 1998, Morgan Stanley Asset Management Inc., the Fund's
investment adviser, has changed its name to Morgan Stanley Dean Witter
Investment Management Inc.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED DECEMBER 1, 1998
TO STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1998
OF
CONSERVATIVE PORTFOLIO
MODERATE PORTFOLIO
AGGRESSIVE PORTFOLIO
PORTFOLIOS OF THE
MORGAN STANLEY STRATEGIC ADVISER FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The Statement of Additional Information is hereby amended and supplemented
to reflect the following:
Effective December 1, 1998, Morgan Stanley Strategic Adviser Fund, Inc. (the
"Fund") has changed its name to Morgan Stanley Dean Witter Strategic Adviser
Fund, Inc.
Effective December 1, 1998, Morgan Stanley Asset Management Inc., the Fund's
investment adviser, has changed its name to Morgan Stanley Dean Witter
Investment Management Inc.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
