EX-99 4 0004.txt (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