<PAGE> PAGE 1
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008 D020001 NY
008 D030001 10048
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011 B000001 8-45262
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011 C030001 10048
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012 C010001 JERSEY CITY
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012 C030001 07311
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 2
013 B030001 10036
014 A000001 DEAN WITTER REYNOLDS INC.
014 B000001 8-14172
014 A000002 MORGAN STANLEY & CO., INCORPORATED
014 B000002 8-15869
015 A000001 THE BANK OF NEW YORK
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015 C030001 10286
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020 A000001 DEAN WITTER REYNOLDS INC.
020 B000001 94-1671384
020 C000001 37
020 A000002 FIRST ANALYSIS SECURITIES CORP.
020 B000002 N/A
020 C000002 31
020 A000003 JEFFERIES & CO., INC.
020 B000003 95-2622900
020 C000003 29
020 A000004 CS FIRST BOSTON CORP.
020 B000004 13-5659485
020 C000004 25
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020 C000006 16
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020 C000007 13
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000008 13-5674085
020 C000008 13
020 A000009 DONALDSON, LUFKIN & JENRETTE SEC.
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020 C000009 11
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020 B000010 56-0276690
020 C000010 10
021 000000 390
022 A000001 BANK OF NEW YORK (THE)
022 B000001 13-5160382
022 C000001 655692
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<PAGE> PAGE 3
022 B000002 13-5674085
022 C000002 298257
022 D000002 390
022 A000003 BANC OF AMERICA SECURITIES LLC
022 B000003 56-2058405
022 C000003 244983
022 D000003 605
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 151194
022 D000004 0
022 A000005 DEUTSCHE BANK SECURITIES CORP.
022 B000005 13-2730828
022 C000005 35007
022 D000005 2282
022 A000006 MORGAN (J.P.) SECURITIES INC.
022 B000006 13-3224016
022 C000006 27972
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022 B000007 13-5659485
022 C000007 26971
022 D000007 413
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022 C000008 20976
022 D000008 0
022 A000009 SALOMON SMITH BARNEY INC.
022 B000009 13-1912900
022 C000009 18481
022 D000009 1910
022 A000010 PRUDENTIAL SECURITIES INC.
022 B000010 22-2347336
022 C000010 17581
022 D000010 2483
023 C000000 1543654
023 D000000 39307
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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SIGNATURE BARRY FINK
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MORGAN STANLEY DEAN WITTER SPECIAL VALUE FUND
CLASS A
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 236,463,621
<INVESTMENTS-AT-VALUE> 219,221,708
<RECEIVABLES> 5,077,495
<ASSETS-OTHER> 204,900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224,504,103
<PAYABLE-FOR-SECURITIES> (1,100,888)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (698,869)
<TOTAL-LIABILITIES> (1,799,757)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 242,531,228
<SHARES-COMMON-STOCK> 595,363
<SHARES-COMMON-PRIOR> 614,151
<ACCUMULATED-NII-CURRENT> 240,141
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,825,110)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17,241,913)
<NET-ASSETS> 6,129,512
<DIVIDEND-INCOME> 1,981,571
<INTEREST-INCOME> 719,511
<OTHER-INCOME> 0
<EXPENSES-NET> (2,494,526)
<NET-INVESTMENT-INCOME> 206,556
<REALIZED-GAINS-CURRENT> (1,242,021)
<APPREC-INCREASE-CURRENT> (15,096,779)
<NET-CHANGE-FROM-OPS> (16,132,244)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 465,408
<NUMBER-OF-SHARES-REDEEMED> (484,196)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (60,130,466)
<ACCUMULATED-NII-PRIOR> 33,585
<ACCUMULATED-GAINS-PRIOR> (1,583,089)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (949,659)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,494,526)
<AVERAGE-NET-ASSETS> 6,486,979
<PER-SHARE-NAV-BEGIN> 10.89
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.64)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 1.24
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MORGAN STANLEY DEAN WITTER SPECIAL VALUE FUND
CLASS B
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 236,463,621
<INVESTMENTS-AT-VALUE> 219,221,708
<RECEIVABLES> 5,077,495
<ASSETS-OTHER> 204,900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224,504,103
<PAYABLE-FOR-SECURITIES> (1,100,888)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (698,869)
<TOTAL-LIABILITIES> (1,799,757)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 242,531,228
<SHARES-COMMON-STOCK> 20,871,165
<SHARES-COMMON-PRIOR> 25,206,517
<ACCUMULATED-NII-CURRENT> 240,141
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,825,110)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17,241,913)
<NET-ASSETS> 210,501,897
<DIVIDEND-INCOME> 1,981,571
<INTEREST-INCOME> 719,511
<OTHER-INCOME> 0
<EXPENSES-NET> (2,494,526)
<NET-INVESTMENT-INCOME> 206,556
<REALIZED-GAINS-CURRENT> (1,242,021)
<APPREC-INCREASE-CURRENT> (15,096,779)
<NET-CHANGE-FROM-OPS> (16,132,244)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,305,257
<NUMBER-OF-SHARES-REDEEMED> (5,640,609)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (60,130,466)
<ACCUMULATED-NII-PRIOR> 33,585
<ACCUMULATED-GAINS-PRIOR> (1,583,089)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (949,659)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,494,526)
<AVERAGE-NET-ASSETS> 239,840,909
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.63)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 1.99
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MORGAN STANLEY DEAN WITTER SPECIAL VALUE FUND
CLASS C
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 236,463,621
<INVESTMENTS-AT-VALUE> 219,221,708
<RECEIVABLES> 5,077,495
<ASSETS-OTHER> 204,900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224,504,103
<PAYABLE-FOR-SECURITIES> (1,100,888)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (698,869)
<TOTAL-LIABILITIES> (1,799,757)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 242,531,228
<SHARES-COMMON-STOCK> 411,091
<SHARES-COMMON-PRIOR> 462,876
<ACCUMULATED-NII-CURRENT> 240,141
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,825,110)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17,241,913)
<NET-ASSETS> 4,151,553
<DIVIDEND-INCOME> 1,981,571
<INTEREST-INCOME> 719,511
<OTHER-INCOME> 0
<EXPENSES-NET> (2,494,526)
<NET-INVESTMENT-INCOME> 206,556
<REALIZED-GAINS-CURRENT> (1,242,021)
<APPREC-INCREASE-CURRENT> (15,096,779)
<NET-CHANGE-FROM-OPS> (16,132,244)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 70,232
<NUMBER-OF-SHARES-REDEEMED> (122,017)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (60,130,466)
<ACCUMULATED-NII-PRIOR> 33,585
<ACCUMULATED-GAINS-PRIOR> (1,583,089)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (949,659)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,494,526)
<AVERAGE-NET-ASSETS> 4,456,376
<PER-SHARE-NAV-BEGIN> 10.72
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.63)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.10
<EXPENSE-RATIO> 1.95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MORGAN STANLEY DEAN WITTER SPECIAL VALUE FUND
CLASS D
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 236,463,621
<INVESTMENTS-AT-VALUE> 219,221,708
<RECEIVABLES> 5,077,495
<ASSETS-OTHER> 204,900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224,504,103
<PAYABLE-FOR-SECURITIES> (1,100,888)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (698,869)
<TOTAL-LIABILITIES> (1,799,757)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 242,531,228
<SHARES-COMMON-STOCK> 185,564
<SHARES-COMMON-PRIOR> 115,940
<ACCUMULATED-NII-CURRENT> 240,141
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,825,110)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17,241,913)
<NET-ASSETS> 1,921,384
<DIVIDEND-INCOME> 1,981,571
<INTEREST-INCOME> 719,511
<OTHER-INCOME> 0
<EXPENSES-NET> (2,494,526)
<NET-INVESTMENT-INCOME> 206,556
<REALIZED-GAINS-CURRENT> (1,242,021)
<APPREC-INCREASE-CURRENT> (15,096,779)
<NET-CHANGE-FROM-OPS> (16,132,244)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 879,951
<NUMBER-OF-SHARES-REDEEMED> (810,327)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (60,130,466)
<ACCUMULATED-NII-PRIOR> 33,585
<ACCUMULATED-GAINS-PRIOR> (1,583,089)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (949,659)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,494,526)
<AVERAGE-NET-ASSETS> 1,081,839
<PER-SHARE-NAV-BEGIN> 10.94
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.64)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.35
<EXPENSE-RATIO> 0.99
</TABLE>
<TABLE>
<CAPTION>
EXHIBIT 77(O) MORGAN STANLEY DEAN WITTER SPECIAL VALUE FUND
10f-3 transactions for the period July 1999- December 31, 1999
<S> <C> <C> <C> <C> <C> <C> <C>
TOTAL
ISSUED/
DATE PRICE SHARES % OF PRINCIPAL PURCHASED
SECURITY PURCHASED SHARE PURCHASED ASSETS AMOUNT BY FUND BROKER(S)
American National Can Group 07/28/99 $ 17.00 125,000 0.751% $ 510,000,000.00 0.417% Credit Suisse First Boston
</TABLE>
