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SUPPLEMENT TO THE PROSPECTUS OF
DEAN WITTER DEVELOPING GROWTH SECURITIES TRUST
Dated November 15, 1993
The second, sixth and seventh paragraphs under the section entitled
"INVESTMENT OBJECTIVE AND POLICIES" in the Prospectus are replaced by the
following:
The Fund seeks to achieve capital growth which significantly exceeds
the historical total return of common stocks as measured by the Standard
& Poor's 500 index. The primary emphasis is on the securities of smaller
and medium-sized companies that, in the opinion of the Investment
Manager, have the potential to grow much more rapidly than the economy;
at times, investments may also be made in the securities of larger,
established companies which also have such growth potential. The Fund
will normally invest at least 65% of its total assets in the securities
of such companies. In addition to common stock, this portion of the
portfolio may also include convertible securities, preferred stocks and
warrants.
The Fund may invest up to 35% of its total assets in corporate debt
securities which are rated at the time of purchase Baa or better by
Moody's Investors Service Inc. or BBB or better by Standard & Poor's
Corporation or which, if not rated, are deemed to be of comparable
quality by the Investment Manager, and money market instruments. There
may be periods during which, in the opinion of the Investment Manager,
general market conditions warrant reduction of some or all of the Fund's
securities holdings. During such periods, the Fund may adopt a temporary
"defensive" posture in which greater than 35% of its total assets are
invested in cash or money market instruments, including obligations
issued or guaranteed as to principal or interest by the United States
Government, its agencies or instrumentalities, certificates of deposit,
bankers' acceptances and other obligations of domestic banks having
total assets of $1 billion or more, and short-term commercial paper of
corporations organized under the laws of any state or political
subdivision of the United States.
The Fund may also enter into repurchase agreements, may purchase
securities on a when-issued or delayed delivery basis, may purchase or
sell securities on a forward commitment basis, and may purchase
securities on a "when, as and if issued" basis.
The fourth and fifth sentences in the first paragraph under the section
entitled "INVESTMENT OBJECTIVE AND POLICIES--Portfolio Management" are replaced
by the following:
The Fund is managed within InterCapital's Small Capitalization
Equities Group, which manages six funds and fund portfolios, with
approximately $2.3 billion in assets at June 30, 1994. Ronald J.
Worobel, Senior Vice President of InterCapital, and Jayne Stevlingson
Wolff, Vice President of InterCapital, each a member of InterCapital's
Small Capitalization Equities Group, are the primary portfolio managers
of the Fund. Mr. Worobel and Ms. Wolff have been the primary portfolio
managers of the Fund since June, 1992 and September, 1994, respectively.
Mr. Worobel has been a portfolio manager with InterCapital since June,
1992, prior to which time he was a portfolio manager with MacKay Shields
Financial Corp. (February, 1989-June, 1992). Ms. Wolff has been a
portfolio manager with InterCapital since October, 1992, prior to which
time she was a portfolio manager with Bankers Trust New York Corp.
(January, 1990-September, 1992) and an analyst with Campbell Advisors
(April, 1986-December, 1989).
September 30, 1994
