<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW VALUE FUND - CLASS D
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 129,716,693
<INVESTMENTS-AT-VALUE> 136,892,069
<RECEIVABLES> 1,088,281
<ASSETS-OTHER> 52,439
<OTHER-ITEMS-ASSETS> 54,759
<TOTAL-ASSETS> 138,087,548
<PAYABLE-FOR-SECURITIES> (4,018,387)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (356,138)
<TOTAL-LIABILITIES> (4,374,525)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,427,333
<SHARES-COMMON-STOCK> 400,029
<SHARES-COMMON-PRIOR> 7,063
<ACCUMULATED-NII-CURRENT> (238,862)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,650,824)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,175,376
<NET-ASSETS> 4,155,840
<DIVIDEND-INCOME> 2,403,045
<INTEREST-INCOME> 252,018
<OTHER-INCOME> 0
<EXPENSES-NET> (2,893,925)
<NET-INVESTMENT-INCOME> (238,862)
<REALIZED-GAINS-CURRENT> (5,190,847)
<APPREC-INCREASE-CURRENT> 17,155,502
<NET-CHANGE-FROM-OPS> 11,725,793
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 975,765
<NUMBER-OF-SHARES-REDEEMED> (582,799)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (434,789)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,459,977)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,267,023)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,893,925)
<AVERAGE-NET-ASSETS> 3,141,437
<PER-SHARE-NAV-BEGIN> 9.32
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.39
<EXPENSE-RATIO> 1.34
</TABLE>
