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SUPPLEMENT TO THE PROSPECTUSES OF
MORGAN STANLEY DEAN WITTER AGGRESSIVE EQUITY FUND Dated September 27, 1999
MORGAN STANLEY DEAN WITTER AMERICAN OPPORTUNITIES FUND Dated April 26, 1999
MORGAN STANLEY DEAN WITTER BALANCED GROWTH FUND Dated May 28, 1999
MORGAN STANLEY DEAN WITTER BALANCED INCOME FUND Dated May 28, 1999
MORGAN STANLEY DEAN WITTER CALIFORNIA TAX-FREE INCOME FUND Dated May 1, 1999
MORGAN STANLEY DEAN WITTER CAPITAL GROWTH SECURITIES Dated February 23, 1999
MORGAN STANLEY DEAN WITTER COMPETITIVE EDGE FUND, "Best Ideas Portfolio"
Dated July 28, 1999
MORGAN STANLEY DEAN WITTER CONVERTIBLE SECURITIES TRUST Dated November 24, 1998
MORGAN STANLEY DEAN WITTER DEVELOPING GROWTH SECURITIES TRUST
Dated November 25, 1998
MORGAN STANLEY DEAN WITTER DIVERSIFIED INCOME TRUST Dated February 26, 1999
MORGAN STANLEY DEAN WITTER DIVIDEND GROWTH SECURITIES INC. Dated June 28, 1999
MORGAN STANLEY DEAN WITTER EQUITY FUND Dated September 28, 1999
MORGAN STANLEY DEAN WITTER EUROPEAN GROWTH FUND INC. Dated December 1, 1998
MORGAN STANLEY DEAN WITTER FEDERAL SECURITIES TRUST Dated February 26, 1999
MORGAN STANLEY DEAN WITTER FINANCIAL SERVICES TRUST Dated August 30, 1999
MORGAN STANLEY DEAN WITTER FUND OF FUNDS Dated November 30, 1998
MORGAN STANLEY DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
Dated July 28, 1999
MORGAN STANLEY DEAN WITTER GLOBAL UTILITIES FUND Dated June 28, 1999
MORGAN STANLEY DEAN WITTER GROWTH FUND Dated July 27, 1999
MORGAN STANLEY DEAN WITTER HEALTH SCIENCES TRUST Dated September 27, 1999
MORGAN STANLEY DEAN WITTER HIGH YIELD SECURITIES INC. Dated October 29, 1998
MORGAN STANLEY DEAN WITTER INCOME BUILDER FUND Dated November 25, 1998
MORGAN STANLEY DEAN WITTER INFORMATION FUND Dated July 27, 1999
MORGAN STANLEY DEAN WITTER INTERMEDIATE INCOME SECURITIES
Dated October 30, 1998
MORGAN STANLEY DEAN WITTER INTERNATIONAL FUND Dated May 5, 1999
MORGAN STANLEY DEAN WITTER INTERNATIONAL SMALLCAP FUND Dated August 30, 1999
MORGAN STANLEY DEAN WITTER JAPAN FUND Dated August 30, 1999
MORGAN STANLEY DEAN WITTER LATIN AMERICAN GROWTH FUND Dated June 28, 1999
MORGAN STANLEY DEAN WITTER MARKET LEADER TRUST Dated October 28, 1998
MORGAN STANLEY DEAN WITTER MID-CAP DIVIDEND GROWTH SECURITIES
Dated June 30, 1999
MORGAN STANLEY DEAN WITTER MID-CAP EQUITY TRUST Dated June 28, 1999
MORGAN STANLEY DEAN WITTER NATURAL RESOURCE DEVELOPMENT SECURITIES INC.
Dated June 30, 1999
MORGAN STANLEY DEAN WITTER NEW YORK TAX-FREE INCOME FUND Dated May 1, 1999
MORGAN STANLEY DEAN WITTER NEXT GENERATION TRUST Dated September 30, 1999
MORGAN STANLEY DEAN WITTER PACIFIC GROWTH FUND INC. Dated February 22, 1999
MORGAN STANLEY DEAN WITTER PRECIOUS METALS AND MINERALS TRUST
Dated February 22, 1999
MORGAN STANLEY DEAN WITTER REAL ESTATE FUND Dated March 1, 1999
MORGAN STANLEY DEAN WITTER S&P 500 INDEX FUND Dated October 30, 1998
MORGAN STANLEY DEAN WITTER S&P 500 SELECT FUND Dated June 28, 1999
MORGAN STANLEY DEAN WITTER SMALL CAP GROWTH FUND Dated June 28, 1999
MORGAN STANLEY DEAN WITTER SPECIAL VALUE FUND Dated September 27, 1999
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MORGAN STANLEY DEAN WITTER STRATEGIST FUND Dated September 28, 1999
MORGAN STANLEY DEAN WITTER TAX-EXEMPT SECURITIES TRUST Dated May 1, 1999
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND Dated August 4, 1999
MORGAN STANLEY DEAN WITTER TOTAL RETURN TRUST Dated September 29, 1999
MORGAN STANLEY DEAN WITTER U.S. GOVERNMENT SECURITIES TRUST
Dated May 1, 1999
MORGAN STANLEY DEAN WITTER UTILITIES FUND Dated August 5, 1999
MORGAN STANLEY DEAN WITTER VALUE-ADDED MARKET SERIES Dated August 27, 1999
MORGAN STANLEY DEAN WITTER VALUE FUND Dated September 25, 1998
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST Dated February 22, 1999
Effective October 25, 1999, if you sell shares of any of the Funds named
above and simultaneously invest the proceeds in the Investment Manager's mutual
fund asset allocation program, no contingent deferred sales charge will be
imposed on the proceeds from your sale. Any shares acquired in connection with
the Investment Manager's mutual fund asset allocation program are subject to
the terms and conditions of that program. For example, you may be subject to a
termination fee if you terminate your participation in the asset allocation
program within a specified period of time.
Therefore, effective October 25, 1999, the disclosure in the section of
the prospectus of each of Morgan Stanley Dean Witter Convertible Securities
Trust, Morgan Stanley Dean Witter Developing Growth Securities Trust, Morgan
Stanley Dean Witter European Growth Fund Inc., Morgan Stanley Dean Witter Fund
of Funds, Morgan Stanley Dean Witter High Yield Securities Inc., Morgan Stanley
Dean Witter Income Builder Fund, Morgan Stanley Dean Witter Intermediate Income
Securities, Morgan Stanley Dean Witter Market Leader Trust, Morgan Stanley Dean
Witter Real Estate Fund, Morgan Stanley Dean Witter S&P 500 Index Fund and
Morgan Stanley Dean Witter Value Fund titled "Purchase of Fund Shares --
Contingent Sales Charge Alternative Class B Shares -- CDSC Waivers" and the
disclosure in the section of the prospectus of each of the other Funds titled
"Share Class Arrangements -- Class B Shares -- CDSC Waivers" is hereby modified
to reflect the waiver of the contingent deferred sales charge in connection
with the foregoing sales of shares.
October 25, 1999
