(5)
July 3, 2000
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by the below-noted Funds
(copy attached), which we understand will be filed with the
Commission, pursuant to Item 77K of Form N-SAR, as part of
each of the below-noted Fund's Form N-SAR for the period
ending subsequent to the date of this letter. We agree with
the statements concerning our Firm to be included in such
Form
N-SARs.
Commission
Fund File
Number
Active Assets California Tax-Free Trust 33-41685
Active Assets Institutional Money Trust 333-91725
Active Assets Government Securities Trust 2-71558
Active Assets Money Trust 2-71560
Active Assets Premier Money Trust 333-91727
Active Assets Tax-Free Trust 2-71559
Morgan Stanley Dean Witter Aggressive Equity Fund 333-39579
Morgan Stanley Dean Witter 21st Century Trend Fund 333-
88703 Morgan Stanley Dean Witter American Opportunities
Fund 2-66269
Morgan Stanley Dean Witter Balanced Growth Fund 33-56853
Morgan Stanley Dean Witter Balanced Income Fund 3-56851
Morgan Stanley Dean Witter California Insured
Municipal Income Trust 33-54606
Morgan Stanley Dean Witter California Quality
Municipal Securities 33-59282
Morgan Stanley Dean Witter California Tax-Free
Daily Income Trust 33-21803
Morgan Stanley Dean Witter California Tax-Free
Income Fund 2-91103
Morgan Stanley Dean Witter Capital Growth Securities33-32519
Morgan Stanley Dean Witter Competitive Edge Fund 333-38297
Morgan Stanley Dean Witter Convertible Securities
Trust 2-97963
Morgan Stanley Dean Witter Developing Growth
Securities Trust 2-81151
Commission
Fund File
Number
Morgan Stanley Dean Witter Diversified Income Trust 33-44782
Morgan Stanley Dean Witter Dividend Growth Securities
Inc. 2-70423
Morgan Stanley Dean Witter Equity Fund 333-
49585
Morgan Stanley Dean Witter European Growth Fund Inc.33-33530
Morgan Stanley Dean Witter Federal Securities Trust 33-10363
Morgan Stanley Dean Witter Financial Services Trust 333-
16177 Morgan Stanley Dean Witter Fund of Funds 333-
30765
Morgan Stanley Dean Witter Global Dividend Growth
Securities 33-59004
Morgan Stanley Dean Witter Global Utilities Fund 33-50907
Morgan Stanley Dean Witter Government Income Trust 33-18699
Morgan Stanley Dean Witter Growth Fund 33-45450
Morgan Stanley Dean Witter Hawaii Municipal Trust 33-58175
Morgan Stanley Dean Witter Health Science Trust 33-48189
Morgan Stanley Dean Witter High Income Advantage
Trust 33-15361
Morgan Stanley Dean Witter High Income Advantage
Trust II 33-23013
Morgan Stanley Dean Witter High Income Advantage
Trust III 33-25764
Morgan Stanley Dean Witter High Yield
Securities Inc. 2-64782
Morgan Stanley Dean Witter Income Builder Fund 333-
01995
Morgan Stanley Dean Witter Income Securities Inc. 2-46859
Morgan Stanley Dean Witter Information Fund 33-87472
Morgan Stanley Dean Witter Insured California
Municipal Securities 33-50713
Morgan Stanley Dean Witter Insured Municipal
Bond Trust 33-33631
Morgan Stanley Dean Witter Insured Municipal
Income Trust 33-46371
Morgan Stanley Dean Witter Insured Municipal
Securities 33-50663
Morgan Stanley Dean Witter Insured Municipal Trust 33-43096
Morgan Stanley Dean Witter Intermediate Income
Securities 33-24245
Morgan Stanley Dean Witter International Fund 333-
66203
Morgan Stanley Dean Witter International
SmallCap Fund 33-53295
Morgan Stanley Dean Witter Japan Fund 333-
00437
Morgan Stanley Dean Witter Latin American
Growth Fund 33-46515
Morgan Stanley Dean Witter Limited Term
Municipal Trust 33-62158
Morgan Stanley Dean Witter Liquid Asset Fund Inc. 2-53856
Commission
Fund File
Number
Morgan Stanley Dean Witter Market Leader Trust 333-
15813
Morgan Stanley Dean Witter Mid-Cap Dividend
Growth Securities 333-
43135
Morgan Stanley Dean Witter Mid-Cap Equity Trust 33-63685
Morgan Stanley Dean Witter Municipal Income
Opportunities Trust 33-22764
Morgan Stanley Dean Witter Municipal Income
Opportunities Trust II 33-27712
Morgan Stanley Dean Witter Municipal Income
Opportunities Trust III 33-33598
Morgan Stanley Dean Witter Municipal Income Trust 33-
15283
Morgan Stanley Dean Witter Municipal Income
Trust II 33-20697
Morgan Stanley Dean Witter Municipal Income
Trust III 33-29765
Morgan Stanley Dean Witter Municipal Premium
Income Trust 33-25605
Morgan Stanley Dean Witter Natural Resource
Development Securities Inc. 2-70421
Morgan Stanley Dean Witter New Discoveries Fund 333-
37936
Morgan Stanley Dean Witter New York Municipal
Money Market Trust 33-32763
Morgan Stanley Dean Witter New York Quality
Municipal Securities 33-59248
Morgan Stanley Dean Witter New York Tax-Free
Income Fund 2-95664
Morgan Stanley Dean Witter Next Generation Trust 333-
82729
Morgan Stanley Dean Witter North American
Government Income Trust 33-46049
Morgan Stanley Dean Witter Pacific Growth Fund Inc. 33-35541
Morgan Stanley Dean Witter Prime Income Trust 333-
67701
Morgan Stanley Dean Witter Quality Municipal
Income Trust 33-46372
Morgan Stanley Dean Witter Quality Municipal
Investment Trust 33-43000
Morgan Stanley Dean Witter Quality Municipal
Securities 33-59284
Morgan Stanley Dean Witter Real Estate Fund 333-
68077
Morgan Stanley Dean Witter S&P 500 Index Fund 333-
29721
Morgan Stanley Dean Witter S&P 500 Select Fund 333-
56609
Morgan Stanley Dean Witter Select Municipal
Reinvestment Fund 2-84376
Morgan Stanley Dean Witter Short-Term Bond Fund 33-50857
Morgan Stanley Dean Witter Short-Term U.S.
Treasury Trust 33-41187
Morgan Stanley Dean Witter Small Cap Growth Fund 33-48765
Morgan Stanley Dean Witter Special Value Fund 333-
06935
Morgan Stanley Dean Witter Strategist Fund 33-23669
Commission
Fund File
Number
Morgan Stanley Dean Witter Tax-Exempt
Securities Trust 2-66268
Morgan Stanley Dean Witter Tax-Free Daily
Income Trust 2-67087
Morgan Stanley Dean Witter Tax-Managed Growth Fund 333-
93935 Morgan Stanley Dean Witter Total Market Index Fund
333-74337 Morgan Stanley Dean Witter Total Return Trust
33-81012
Morgan Stanley Dean Witter U.S. Government Money
Market Trust 2-74980
Morgan Stanley Dean Witter U.S. Government
Securities Trust 2-86966
Morgan Stanley Dean Witter Utilities Fund 33-18983
Morgan Stanley Dean Witter Value Fund 333-
58643
Morgan Stanley Dean Witter Value-Added
Market Series 33-14629
Morgan Stanley Dean Witter World Wide Income Trust 33-
26375 Morgan Stanley Dean Witter Multi-State Municipal
Series Trust 33-37562
Morgan Stanley Dean Witter Select Dimensions
Investment Series 33-54047
Morgan Stanley Dean Witter Variable Investment
Series 2-82510
TCW/DW Term Trust 2000 33-64472
TCW/DW Term Trust 2002 33-51482
TCW/DW Term Trust 2003 33-57252
Very truly yours,
PricewaterhouseCoopers LLP
