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Filed Pursuant to Rule 497(e)
Registration File No.: 2-66269
SUPPLEMENT TO THE PROSPECTUS OF
DEAN WITTER AMERICAN VALUE FUND
DATED MARCH 31, 1997
The seventh paragraph of the section entitled "The Fund and its
Management" in the above Prospectus is revised to reflect that, effective May
1, 1997, the Trustees of the Fund have amended the Fund's Investment
Management Agreement to reduce the compensation received by the Investment
Manager under the Agreement for assets exceeding $3.5 billion, so that the
compensation under the Agreement is calculated daily by applying the
following annual rates to the Fund's net assets determined as of the close of
each business day: 0.625% of the portion of daily net assets not exceeding
$250 million; 0.50% of the portion of daily net assets exceeding $250 million
but not exceeding $2.5 billion; 0.475% of the portion of daily net assets
exceeding $2.5 billion but not exceeding $3.5 billion; and 0.45% of the
portion of daily net assets exceeding $3.5 billion.
May 2, 1997
