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SUPPLEMENT TO THE PROSPECTUS OF
MORGAN STANLEY DEAN WITTER VARIABLE INVESTMENT SERIES
DATED NOVEMBER 2, 1998
On February 24, 1999, the shareholders of the CAPITAL APPRECIATION PORTFOLIO of
Morgan Stanley Dean Witter Variable Investment Series (the "Fund") approved an
Agreement and Plan of Reorganization (the "Reorganization") by and between the
CAPITAL APPRECIATION PORTFOLIO and the EQUITY PORTFOLIO, pursuant to which
substantially all of the assets of the CAPITAL APPRECIATION PORTFOLIO will be
combined with those of the EQUITY PORTFOLIO and shareholders of the CAPITAL
APPRECIATION PORTFOLIO will become shareholders of the EQUITY PORTFOLIO.
Shareholders of the CAPITAL APPRECIATION PORTFOLIO will receive shares of the
EQUITY PORTFOLIO with a value equal to the value of their holdings in the
CAPITAL APPRECIATION PORTFOLIO, and the CAPITAL APPRECIATION PORTFOLIO will no
longer be offered as an investment option. The Reorganization, which is subject
to regulatory approval, is expected to take place before the end of March 1999.
February 24, 1999
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