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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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>
MSDW Value Fund
Class A
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 143,248,632
<INVESTMENTS-AT-VALUE> 133,268,506
<RECEIVABLES> 4,201,113
<ASSETS-OTHER> 87,233
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,556,852
<PAYABLE-FOR-SECURITIES> (2,965,753)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (443,287)
<TOTAL-LIABILITIES> (3,409,040)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,587,915
<SHARES-COMMON-STOCK> 621,560
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,459,977)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,980,126)
<NET-ASSETS> 5,779,471
<DIVIDEND-INCOME> 2,021,323
<INTEREST-INCOME> 484,680
<OTHER-INCOME> 0
<EXPENSES-NET> (2,710,276)
<NET-INVESTMENT-INCOME> (204,273)
<REALIZED-GAINS-CURRENT> (1,459,977)
<APPREC-INCREASE-CURRENT> (9,980,126)
<NET-CHANGE-FROM-OPS> (11,644,376)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,564)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 712,266
<NUMBER-OF-SHARES-REDEEMED> (93,704)
<SHARES-REINVESTED> 498
<NET-CHANGE-IN-ASSETS> 134,047,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,176,430)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,710,276)
<AVERAGE-NET-ASSETS> 5,579,565
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.74)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.30
<EXPENSE-RATIO> 1.59
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW Value Fund
Class B
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 143,248,632
<INVESTMENTS-AT-VALUE> 133,268,506
<RECEIVABLES> 4,201,113
<ASSETS-OTHER> 87,233
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,556,852
<PAYABLE-FOR-SECURITIES> (2,965,753)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (443,287)
<TOTAL-LIABILITIES> (3,409,040)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,587,915
<SHARES-COMMON-STOCK> 13,199,604
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,459,977)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,980,126)
<NET-ASSETS> 122,039,557
<DIVIDEND-INCOME> 2,021,323
<INTEREST-INCOME> 484,680
<OTHER-INCOME> 0
<EXPENSES-NET> (2,710,276)
<NET-INVESTMENT-INCOME> (204,273)
<REALIZED-GAINS-CURRENT> (1,459,977)
<APPREC-INCREASE-CURRENT> (9,980,126)
<NET-CHANGE-FROM-OPS> (11,644,376)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (66,573)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,407,820
<NUMBER-OF-SHARES-REDEEMED> (3,216,921)
<SHARES-REINVESTED> 6,205
<NET-CHANGE-IN-ASSETS> 134,047,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,176,430)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,710,276)
<AVERAGE-NET-ASSETS> 125,978,865
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> (0.72)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.25
<EXPENSE-RATIO> 2.34
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW Value Fund
Class C
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 143,248,632
<INVESTMENTS-AT-VALUE> 133,268,506
<RECEIVABLES> 4,201,113
<ASSETS-OTHER> 87,233
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,556,852
<PAYABLE-FOR-SECURITIES> (2,965,753)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (443,287)
<TOTAL-LIABILITIES> (3,409,040)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,587,915
<SHARES-COMMON-STOCK> 676,693
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,459,977)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,980,126)
<NET-ASSETS> 6,262,983
<DIVIDEND-INCOME> 2,021,323
<INTEREST-INCOME> 484,680
<OTHER-INCOME> 0
<EXPENSES-NET> (2,710,276)
<NET-INVESTMENT-INCOME> (204,273)
<REALIZED-GAINS-CURRENT> (1,459,977)
<APPREC-INCREASE-CURRENT> (9,980,126)
<NET-CHANGE-FROM-OPS> (11,644,376)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,827)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 936,207
<NUMBER-OF-SHARES-REDEEMED> (262,379)
<SHARES-REINVESTED> 365
<NET-CHANGE-IN-ASSETS> 134,047,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,176,430)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,710,276)
<AVERAGE-NET-ASSETS> 6,895,177
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.72)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.26
<EXPENSE-RATIO> 2.21
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW Value Fund
Class D
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 143,248,632
<INVESTMENTS-AT-VALUE> 133,268,506
<RECEIVABLES> 4,201,113
<ASSETS-OTHER> 87,233
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,556,852
<PAYABLE-FOR-SECURITIES> (2,965,753)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (443,287)
<TOTAL-LIABILITIES> (3,409,040)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,587,915
<SHARES-COMMON-STOCK> 7,063
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,459,977)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,980,126)
<NET-ASSETS> 7,063
<DIVIDEND-INCOME> 2,021,323
<INTEREST-INCOME> 484,680
<OTHER-INCOME> 0
<EXPENSES-NET> (2,710,276)
<NET-INVESTMENT-INCOME> (204,273)
<REALIZED-GAINS-CURRENT> (1,459,977)
<APPREC-INCREASE-CURRENT> (9,980,126)
<NET-CHANGE-FROM-OPS> (11,644,376)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (40)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,651
<NUMBER-OF-SHARES-REDEEMED> (6,092)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 134,047,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,176,430)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,710,276)
<AVERAGE-NET-ASSETS> 61,567
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.72)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.32
<EXPENSE-RATIO> 1.34
</TABLE>
To the Shareholders and Board of Directors of
XYZ Fund
(2)
Report of Independent Accountants
To the Shareholders and Trustees of
Morgan Stanley Dean Witter Value Fund
In planning and performing our audit of the financial statements
of Morgan Stanley Dean Witter Value Fund (the "Fund") for the
year ended September 30, 1999, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 1999.
This report is intended solely for the information and use of
management and the Trustees of the Fund and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
New York, New York
November 10, 1999
EXHIBIT 77(O) MORGAN STANLEY DEAN WITTER VALUE FUND 10f-3
transactions for the period April 1, 1999 - October 20, 1999
S TOTAL ISSUED/ DATE PRICE SHARES % of PRINCIPAL PURCHASED
SECURITY PURCHASED SHARE PURCHASED Assets AMOUNT BY FUND
BROKER(S) Goldman Sachs 05/03/99 $ 53.00 7,900 0.290%
$3,657,000,000.00 0.010% Goldman Sachs Engelhard 05/03/99 $
19.50 26,700 0.170% $507,000,000.00 0.010% Engelhard
