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SUPPLEMENT TO THE PROSPECTUS OF
DEAN WITTER VARIABLE INVESTMENT SERIES DATED APRIL 21, 1995
On August 24, 1995, the Trustees of Dean Witter Variable Investment Series
(the "Fund") adopted an amendment to the Declaration of Trust of the Fund
changing the name of the Managed Assets Portfolio of the Fund to the Strategist
Portfolio, and amended certain of the investment policies of that Portfolio, all
to take effect on September 1, 1995. Accordingly, effective September 1, 1995,
all references in the Prospectus to "The Managed Assets Portfolio" (other than
such references in the section of the Prospectus entitled "Financial
Highlights," appearing on pages 6-9 of the Prospectus) are hereby changed to
"The Strategist Portfolio."
The investment objective of the Managed Assets Portfolio, which is a
fundamental policy of the Portfolio and can only be changed by a vote of
shareholders, will remain unchanged. Effective September 1, 1995, the disclosure
under the heading "The Managed Assets Portfolio" in the section of the
Prospectus entitled "Investment Objectives and Policies," appearing on pages
27-28 of the Prospectus, is hereby deleted and replaced by the following:
THE STRATEGIST PORTFOLIO
The investment objective of the Strategist Portfolio is to seek a
high total investment return through a fully managed investment policy
utilizing equity, fixed-income and money market securities, and the
writing of covered call and put options. This is a fundamental policy
and cannot be changed without the approval of the shareholders of the
Strategist Portfolio. In seeking to achieve its objective, the
Strategist Portfolio actively allocates assets among the major asset
categories of equity securities, fixed-income securities and money
market instruments. Total investment return consists of current income
(including dividends, interest and, in the case of discounted
instruments, discount accretion) and capital appreciation. There can be
no assurance that the investment objective of the Strategist Portfolio
will be achieved. The following policies may be changed by the Trustees
of the Fund without shareholder approval.
The achievement of the Strategist Portfolio's investment objective
depends upon the ability of the Investment Manager to correctly assess
the effects of economic and market trends on different sectors of the
market. The Investment Manager believes that superior investment returns
at lower risk are achievable by actively allocating resources to the
equity, debt and money market sectors of the market as opposed to
relying solely on just one market. At times, the equity market may hold
a higher potential return than the debt market and would warrant a
higher asset allocation. The reverse would be true when the bond market
potential return is higher. Short duration bonds and money market
instruments can be used to soften market declines when both bonds and
equities are fully priced. Conserving capital during declining markets
can contribute to maximizing total return over a longer period of time.
In addition, the securities of companies within various economic sectors
may at times offer higher returns than other sectors and can thus
contribute to superior returns. Finally, the Investment Manager believes
that superior stock selection can also contribute to superior total
return.
Within the equity sector, the Investment Manager actively allocates
funds to those economic sectors expected to benefit from major trends
and to individual stocks which are deemed to have superior investment
potential. The Strategist Portfolio may purchase equity
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securities (including warrants, convertible debt obligations and
convertible preferred stock) sold on the New York, American and other
stock exchanges and in the over-the-counter market. See the discussion
of warrants under "General Portfolio Techniques" in the Prospectus.
Within the fixed-income sector of the market, the Investment Manager
seeks to maximize the return on its investments by adjusting maturities
and coupon rates as well as by exploiting yield differentials among
different types of investment grade bonds. Fixed-income securities in
which the Strategist Portfolio may invest are short-term to intermediate
(one to five year maturities) and intermediate to long-term (greater
than five year maturities) debt securities and preferred stocks,
including U.S. Government securities (securities issued or guaranteed as
to principal and interest by the United States or its agencies and
instrumentalities) and corporate securities which are rated at the time
of purchase Baa or better by Moody's Investor Service, Inc. or BBB or
better by Standard & Poor's Corporation, or which, if unrated, are
deemed to be of comparable quality by the Fund's Trustees (a description
of corporate bond ratings is contained in the Appendix to the
Prospectus). U.S. Government securities which may be purchased include
zero coupon securities. See the discussion of the characteristics and
risks of investments in fixed-income securities rated Baa or BBB and
zero coupon securities under "General Portfolio Techniques" in the
Prospectus.
Within the money market sector of the market, the Investment Manager
seeks to maximize returns by exploiting spreads among short-term
instruments. The Strategist Portfolio may invest in money market
securities which would be eligible investments for the Fund's Money
Market Portfolio (as set forth in the Prospectus under "The Money Market
Portfolio").
The Strategist Portfolio may enter into repurchase agreements,
invest in foreign securities, invest in futures contracts and options,
purchase securities on a when-issued or delayed delivery basis or a
"when, as and if issued" basis, and purchase or sell securities on a
forward commitment basis, in each case in accordance with the
description of those investments and techniques (and subject to the
risks) set forth under "General Portfolio Techniques" in the Prospectus
and in the Statement of Additional Information.
The disclosure pertaining to the Managed Assets Portfolio under the heading
"Portfolio Management" in the section of the Prospectus entitled "Investment
Objectives and Policies," appearing on page 39 of the Prospectus, is hereby
revised to reflect that, commencing September 1, 1995, Mark Bavoso, Senior Vice
President of InterCapital and a portfolio manager at InterCapital for over five
years, will serve as the primary portfolio manager of the Strategist Portfolio.
August 24, 1995
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SUPPLEMENT TO THE
STATEMENT OF ADDITIONAL INFORMATION OF
DEAN WITTER VARIABLE INVESTMENT SERIES DATED APRIL 21, 1995
On August 24, 1995, the Trustees of Dean Witter Variable Investment Series
(the "Fund") adopted an amendment to the Declaration of Trust of the Fund
changing the name of the Managed Assets Portfolio of the Fund to the Strategist
Portfolio, and amended certain of the investment policies of that Portfolio, all
to take effect on September 1, 1995. Accordingly, effective September 1, 1995,
all references in the Statement of Additional Information ("SAI") to "The
Managed Assets Portfolio" (other than such references in the section of the SAI
entitled "Financial Statements -- December 31, 1994" and "Report of Independent
Accountants," appearing on pages 53-108 of the SAI) are hereby changed to "The
Strategist Portfolio."
August 24, 1995
