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SUPPLEMENT TO THE PROSPECTUS
OF
DEAN WITTER VARIABLE INVESTMENT SERIES
DATED MAY 1, 1998
In May 1998, the EUROPEAN GROWTH PORTFOLIO's and the PACIFIC GROWTH
PORTFOLIO's current sub-adviser, Morgan Grenfell Investment Services Limited
("Morgan Grenfell"), advised the Board of Trustees of Dean Witter Variable
Investment Series (the "Fund") of its resignation as sub-adviser to these
Portfolios, effective at the close of business on October 31, 1998 (in the case
of the PACIFIC GROWTH PORTFOLIO) and December 31, 1998 (in the case of the
EUROPEAN GROWTH PORTFOLIO).
On June 2, 1998, the Board of Trustees unanimously recommended that a new
sub-advisory agreement between Dean Witter InterCapital Inc. ("InterCapital")
and Morgan Stanley Asset Management Inc. ("MSAM"), an affiliate of InterCapital,
be submitted to shareholders of the EUROPEAN GROWTH PORTFOLIO and the PACIFIC
GROWTH PORTFOLIO for approval at a special meeting of shareholders expected to
be held in August 1998. Under the proposed new sub-advisory agreement, MSAM will
provide the EUROPEAN GROWTH PORTFOLIO and the PACIFIC GROWTH PORTFOLIO with
investment advice and portfolio management relating to the Portfolios'
investments, subject to the overall supervision of InterCapital, the Fund's
Investment Manager, and InterCapital will pay MSAM a fee equal, on an annual
basis, to 40% of the management fee receivable by InterCapital under its
investment management agreement with the Fund on behalf of the EUROPEAN GROWTH
PORTFOLIO and the PACIFIC GROWTH PORTFOLIO. This percentage is identical to the
percentage payable to Morgan Grenfell under the present sub-advisory agreement
for these Portfolios. The new sub-advisory agreement is identical to the current
sub-advisory agreement, except for: (1) the dates of effectiveness and
termination; (2) the deletion of a provision pursuant to which Morgan Grenfell
and its affiliates were prohibited from acting as investment adviser or
sub-adviser to funds that are similar to the EUROPEAN GROWTH PORTFOLIO and the
PACIFIC GROWTH PORTFOLIO; and (3) the deletion of provisions which require the
sub-adviser to obtain prior approval of InterCapital regarding certain
allocations of Portfolio assets among countries. If approved, such new
sub-advisory agreement will take effect on November 1, 1998 with respect to the
PACIFIC GROWTH PORTFOLIO and on January 1, 1999 with respect to the EUROPEAN
GROWTH PORTFOLIO.
In addition, effective upon implementation of the new sub-advisory agreement
with respect to the EUROPEAN GROWTH PORTFOLIO and the PACIFIC GROWTH PORTFOLIO,
the present investment management agreement between the Fund and InterCapital on
behalf of the EUROPEAN GROWTH PORTFOLIO and the PACIFIC GROWTH PORTFOLIO will be
amended: (1) to lower the management fee payable by the EUROPEAN GROWTH
PORTFOLIO from the annual rates of 1.0% of the average daily net assets of the
Portfolio up to $500 million and 0.95% of the average daily net assets of the
Portfolio exceeding $500 million to the annual rates of 0.95% of the average
daily net assets of the Portfolio up to $500 million and 0.90% of the average
daily net assets of the Portfolio exceeding $500 million, and (2) to lower the
management fee payable by the PACIFIC GROWTH PORTFOLIO from the annual rate of
1.0% of the Portfolio's average daily net assets to 0.95% of the Portfolio's
average daily net assets.
MSAM, like InterCapital, is a wholly-owned subsidiary of Morgan Stanley Dean
Witter & Co., a preeminent global financial services firm that maintains leading
market positions in each of its three primary businesses -- securities, asset
management and credit services. MSAM serves in various portfolio management and
similar capacities to investment companies and pension plans and other
institutional and individual investors.
June 2, 1998
