<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 2000
DEAR SHAREHOLDER:
We are pleased to present the first semiannual report to shareholders of Morgan
Stanley Dean Witter Total Market Index Fund. The Fund, which commenced
operations on September 28, 1999, seeks to provide investment results that,
before expenses, correspond to the total return of the U.S. stock market as
measured by the Wilshire 5000 Total Market Index (Wilshire 5000). In seeking its
objective, the Fund invests in a representative sampling of companies that
comprise the Wilshire 5000. The Wilshire 5000 is widely considered to provide
the best representation of the overall U.S. stock market. As a result, investors
are able to participate in the growth potential of virtually the entire market.
MARKET COMMENTARY
The economy continued its path of robust growth during the second half of 1999.
In fact, as the current expansion enters into its ninth year, it has surpassed
the longest-running growth phase in history, the 106-month expansion of the
1960s. With renewed strength in the world economy and the threat of domestic
inflation looming, the Federal Reserve Board raised the federal funds rate in
three steps, from 4.75 percent to 5.50 percent, between June and November 1999,
giving back all of the 75 basis points it cut in 1998. Subsequently, on
February 2, 2000, the federal funds rate was raised an additional 25 basis
points.
The U.S. stock market reached new highs during the second half of 1999 before
pulling back in late January and early February. Technology stocks, particularly
those related to information processing, telecommunications and semiconductors,
led the equity market during this period. Consumer staples also performed well
during the period, rising nearly 30 percent. Lagging the broad market were
pollution control, auto parts, energy and aerospace.
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 2000, CONTINUED
PERFORMANCE AND PORTFOLIO STRATEGY
In the period from inception through January 31, 2000, the Fund's Class A, B, C
and D shares produced total returns of 12.89 percent, 12.59 percent,
12.59 percent and 12.99 percent, respectively. During the same period, the
Wilshire 5000 returned 13.52 percent. The correlation between the Fund's total
return and that of the Wilshire 5000 remains high. The performance of the Fund's
four share classes varies because of differing expenses. Total return figures
assume the reinvestment of all distributions and do not reflect the deduction of
any applicable sales charges. On January 31, 2000, the Fund's total assets
exceeded $378 million, an increase of more than $136 million since the Fund's
inception.
During the period under review, the Fund's performance was driven by the overall
strength of the technology sector, which now represents nearly 30 percent of the
portfolio's market capitalization. Because of its breadth, the Wilshire 5000 has
a greater exposure to small-cap and technology companies than does the
Standard & Poor's 500 Composite Stock Price Index.
LOOKING AHEAD
We believe the global economic recovery will continue. However, continued
strength in the U.S. economy could lead the Federal Reserve to raise interest
rates further. Rising rates could pressure valuations in the first half of 2000.
By the second half of the year, interest rates should subside and economic
growth decelerate to more sustainable levels, positioning the markets for a
possible rebound.
We appreciate your ongoing support of Morgan Stanley Dean Witter Total Market
Index Fund and look forward to continuing to serve your investment needs.
Very truly yours,
/s/ CHARLES A. FIUMEFREDDO /s/ MITCHELL M. MERIN
CHARLES A. FIUMEFREDDO MITCHELL M. MERIN
CHAIRMAN OF THE BOARD PRESIDENT
2
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
FUND PERFORMANCE JANUARY 31, 2000
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------------------------------------------------
CLASS A SHARES+ CLASS B SHARES++
-------------------------------------------- ---------------------------------------------
PERIOD ENDED 1/31/2000 PERIOD ENDED 1/31/2000
------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
Since Inception Since Inception
(9/28/99)*** 12.89%(1) 6.97%(2) (9/28/99)*** 12.59%(1) 7.59%(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS C SHARES* CLASS D SHARES**
--------------------------------------------- ---------------------------------------------
PERIOD ENDED 1/31/2000 PERIOD ENDED 1/31/2000
------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
Since Inception Since Inception
(9/28/99)*** 12.59%(1) 11.59%(2) (9/28/99)*** 12.99%(1)
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RETURNS.
- ------------------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable sales charge. See the Fund's current prospectus for
complete details on fees and sales charges.
+ The maximum front-end sales charge for Class A is 5.25%.
++ The maximum CDSC for Class B is 5.0%. The CDSC declines to 0% after six
years.
* The maximum CDSC for Class C shares is 1% for shares redeemed within one
year of purchase.
** Class D shares have no sales charge.
*** For periods of less than one year, the fund quotes its total return on a
non-annualized basis.
3
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS AND WARRANTS (94.5%)
ACCIDENT & HEALTH INSURANCE (0.1%)
6,349 AFLAC, Inc............................................................................. $ 275,785
287 Provident American Corp................................................................ 7,157
3,138 Torchmark Corp......................................................................... 79,038
1,024 UICI................................................................................... 10,112
5,727 UNUMProvident Corp.*................................................................... 153,197
------------
525,289
------------
ADVERTISING (0.5%)
532 24/7 Media, Inc.*...................................................................... 32,651
737 Ackerley Group, Inc. (The)............................................................. 12,207
490 ADVO, Inc.............................................................................. 12,740
650 Be Free, Inc.*......................................................................... 64,837
429 Catalina Marketing Corp.*.............................................................. 42,793
434 Cybergold, Inc.*....................................................................... 6,781
562 Digital Impact, Inc.*.................................................................. 26,695
246 Direct Focus, Inc.*.................................................................... 6,242
2,647 DoubleClick Inc.*...................................................................... 261,557
347 FreeShop.com, Inc.*.................................................................... 10,410
1,032 Getty Images, Inc.*.................................................................... 40,248
25 Grey Advertising Inc................................................................... 9,975
722 Harris Interactive Inc.*............................................................... 10,830
1,638 Harte-Hanks Inc........................................................................ 39,005
1,083 infoUSA, Inc.*......................................................................... 15,162
6,696 Interpublic Group of Companies, Inc.................................................... 308,016
1,039 Lamar Advertising Co.*................................................................. 61,301
468 Lifeminders.com, Inc.*................................................................. 20,241
733 Mediaplex, Inc.*....................................................................... 74,491
239 Modem Media. Poppe Tyson, Inc.*........................................................ 18,493
602 MyPoints.com, Inc.*.................................................................... 25,547
772 Netcentives Inc.*...................................................................... 52,496
336 NetCreations, Inc.*.................................................................... 11,865
344 Netratings, Inc.*...................................................................... 12,491
4,234 Omnicom Group, Inc..................................................................... 396,673
330 Promotions.com, Inc.*.................................................................. 7,322
723 R.H. Donnelley Corp.*.................................................................. 12,788
1,707 Snyder Communications, Inc.*........................................................... 34,140
903 TMP Worldwide, Inc.*................................................................... 126,533
1,150 True North Communications, Inc......................................................... 47,797
1,342 Valassis Communications, Inc.*......................................................... 45,628
716 Wink Communications, Inc.*............................................................. 41,394
472 Yesmail.com, Inc.*..................................................................... 12,950
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,657 Young & Rubicam, Inc................................................................... $ 89,271
------------
1,991,570
------------
AEROSPACE (0.5%)
547 AAR Corp............................................................................... 9,675
696 BE Aerospace, Inc.*.................................................................... 6,090
22,297 Boeing Co.............................................................................. 988,036
854 Cordant Technologies, Inc.............................................................. 28,235
295 Curtiss-Wright Corp.................................................................... 10,528
745 GenCorp Inc............................................................................ 6,053
2,628 Goodrich (B.F.) Co. (The).............................................................. 65,700
2,387 Howmet International, Inc.*............................................................ 43,861
9,447 Lockheed Martin Corp................................................................... 177,131
327 Moog Inc. (Class A)*................................................................... 6,438
1,643 Northrop Grumman Corp.................................................................. 82,561
866 Orbital Sciences Corp.*................................................................ 15,101
285 Sequa Corp. (Class A)*................................................................. 12,504
625 Teledyne Technologies Inc.*............................................................ 5,781
362 Triumph Group, Inc.*................................................................... 8,303
11,422 United Technologies Corp............................................................... 604,652
------------
2,070,649
------------
AGRICULTURAL CHEMICALS (0.0%)
1,154 AgriBioTech, Inc.*..................................................................... 2,885
2,731 IMC Global, Inc........................................................................ 44,720
------------
47,605
------------
AIR FREIGHT/DELIVERY SERVICES (0.2%)
802 Air Express International Corp......................................................... 26,065
1,161 Airborne Freight Corp.................................................................. 22,494
819 Atlas Air, Inc.*....................................................................... 21,703
982 C.H. Robinson Worldwide, Inc........................................................... 39,955
448 Circle International Group, Inc........................................................ 9,156
1,154 CNF Transportation, Inc................................................................ 34,548
682 Eagle USA Airfreight, Inc.*............................................................ 22,250
1,204 Expeditors International of Washington, Inc............................................ 50,643
7,123 FedEx Corp............................................................................. 281,804
898 Fritz Companies, Inc................................................................... 9,429
2,610 United Parcel Service, Inc. (Class B).................................................. 155,295
------------
673,342
------------
AIRLINES (0.2%)
1,834 AirTran Holdings, Inc.*................................................................ 8,711
630 Alaska Air Group, Inc.*................................................................ 20,081
843 America West Holdings Corp. (Class B)*................................................. 15,069
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
3,533 AMR Corp.*............................................................................. $ 190,120
495 Amtran, Inc.*.......................................................................... 7,765
537 Atlantic Coast Airlines Holdings, Inc.*................................................ 9,666
1,729 Continental Airlines, Inc. (Class B)*.................................................. 54,680
3,170 Delta Air Lines, Inc................................................................... 146,811
404 Frontier Airlines, Inc.*............................................................... 4,166
786 Mesa Air Group, Inc.*.................................................................. 4,519
845 Mesaba Holdings, Inc.*................................................................. 8,978
354 Midwest Express Holdings, Inc.*........................................................ 7,854
2,006 Northwest Airlines Corp. (Class A)*.................................................... 40,371
569 Skywest, Inc........................................................................... 15,861
12,035 Southwest Airlines Co.................................................................. 191,808
2,507 Trans World Airlines, Inc.*............................................................ 7,051
1,277 UAL Corp.*............................................................................. 72,949
1,705 US Airways Group Inc.*................................................................. 37,617
------------
844,077
------------
ALCOHOLIC BEVERAGES (0.2%)
11,101 Anheuser-Busch Companies, Inc.......................................................... 749,317
467 Beringer Wine Estates Holdings, Inc.*.................................................. 20,548
1,625 Brown-Forman Corp. (Class B)*.......................................................... 90,898
420 Canandaigua Brands, Inc. (Class A)*.................................................... 21,787
879 Coors (Adolph) Co. (Class B)........................................................... 42,631
273 Mondavi (Robert) Corp. (The) (Class A)*................................................ 10,067
------------
935,248
------------
ALUMINUM (0.2%)
8,742 Alcoa, Inc............................................................................. 609,208
469 Century Aluminum Co.................................................................... 6,331
1,415 Kaiser Aluminum Corp.*................................................................. 8,490
183 Maxxam, Inc.*.......................................................................... 6,416
1,521 Reynolds Metals Co..................................................................... 101,527
------------
731,972
------------
APPAREL (0.1%)
547 Columbia Sportswear Co.*............................................................... 9,743
1,122 Donna Karan International Inc.*........................................................ 9,116
1,028 Guess ? Inc.*.......................................................................... 24,094
2,923 Jones Apparel Group, Inc.*............................................................. 64,306
494 Kellwood Co............................................................................ 8,707
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,395 Liz Claiborne, Inc..................................................................... $ 47,168
617 Nautica Enterprises, Inc.*............................................................. 5,476
621 OshKosh B' Gosh, Inc. (Class A)........................................................ 11,256
426 Oxford Industries, Inc................................................................. 7,348
1,090 Phillips-Van Heusen Corp............................................................... 7,357
599 Polo Ralph Lauren Corp.*............................................................... 8,910
576 Quiksilver, Inc.*...................................................................... 6,984
651 Russell Corp........................................................................... 9,724
367 Tarrant Apparel Group.................................................................. 2,271
2,818 VF Corp.*.............................................................................. 73,092
1,327 Warnaco Group, Inc..................................................................... 13,851
------------
309,403
------------
ASSISTED LIVING SERVICES (0.0%)
1,074 Alterra Healthcare Corp.*.............................................................. 8,659
391 Sunrise Assisted Living, Inc.*......................................................... 5,181
------------
13,840
------------
AUTO PARTS: O.E.M. (0.3%)
1,073 American Axle & Manufacturing Holdings, Inc.*.......................................... 16,900
616 Arvin Industries, Inc.................................................................. 14,283
645 Borg-Warner Automotive, Inc............................................................ 21,688
1,928 Collins & Aikman Corp.................................................................. 11,568
3,925 Dana Corp.............................................................................. 92,237
13,480 Delphi Automotive Systems Corp......................................................... 233,372
414 Dura Automotive Systems, Inc.*......................................................... 6,572
1,756 Eaton Corp............................................................................. 125,444
1,709 Federal Mogul Corp..................................................................... 25,849
1,749 Gentex Corp.*.......................................................................... 52,361
724 Hayes Lemmerz International, Inc.*..................................................... 14,480
2,036 Johnson Controls, Inc.................................................................. 112,489
1,601 Lear Corp.*............................................................................ 44,928
796 Mascotech, Inc......................................................................... 9,900
1,649 Meritor Automotive, Inc................................................................ 27,621
704 Modine Manufacturing Co................................................................ 17,424
800 Sauer Inc.............................................................................. 8,300
418 Simpson Industries, Inc................................................................ 4,337
545 Stoneridge, Inc.*...................................................................... 6,267
127 Strattec Security Corp.*............................................................... 4,223
636 Superior Industries International, Inc................................................. 17,132
2,901 TRW Inc................................................................................ 127,100
------------
994,475
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
AUTOMOTIVE AFTERMARKET (0.1%)
473 Aftermarket Technology Corp.*.......................................................... $ 4,848
1,331 Apogee Enterprises, Inc................................................................ 6,073
572 Audiovox Corp. (Class A)............................................................... 27,170
391 Bandag, Inc............................................................................ 9,311
418 Barnes Group, Inc...................................................................... 6,087
719 Carlisle Co., Inc...................................................................... 23,233
533 CLARCOR Inc............................................................................ 9,261
1,810 Cooper Tire & Rubber Co................................................................ 23,643
964 Exide Corp............................................................................. 7,652
4,242 Genuine Parts Co....................................................................... 102,338
3,730 Goodyear Tire & Rubber Co.............................................................. 88,587
756 SPX Corp.*............................................................................. 55,944
457 Standard Motor Products, Inc........................................................... 7,398
1,319 TBC Corp.*............................................................................. 7,749
659 Tenneco Automotive Inc................................................................. 6,549
392 WD-40 Co............................................................................... 7,301
535 Wynn's International, Inc.............................................................. 8,359
------------
401,503
------------
BEVERAGES - NON-ALCOHOLIC (1.3%)
58,931 Coca Cola Co........................................................................... 3,384,849
162 Coca-Cola Bottling Co. Consolidated.................................................... 8,059
10,151 Coca-Cola Enterprises Inc.............................................................. 256,313
1,122 National Beverage Corp................................................................. 7,994
3,698 Pepsi Bottling Group, Inc.............................................................. 76,502
34,731 PepsiCo, Inc........................................................................... 1,185,195
3,368 Whitman Corp........................................................................... 42,310
------------
4,961,222
------------
BIOTECHNOLOGY (1.4%)
360 Abgenix, Inc.*......................................................................... 47,475
1,218 Advanced Tissue Sciences, Inc.*........................................................ 5,785
618 Affymetrix, Inc.*...................................................................... 143,067
341 Alexion Pharmaceuticals, Inc.*......................................................... 14,876
606 Alkermes, Inc.*........................................................................ 40,110
24,372 Amgen Inc.*............................................................................ 1,552,192
1,245 Amylin Pharmaceuticals, Inc.*.......................................................... 14,240
674 Aphton Corp.*.......................................................................... 16,429
290 Avigen, Inc.*.......................................................................... 11,781
1,225 Bio-Technology General Corp.*.......................................................... 16,844
355 BioCryst Pharmaceuticals, Inc.*........................................................ 7,455
3,585 Biogen, Inc.*.......................................................................... 308,982
1,166 Cell Genesys, Inc.*.................................................................... 17,053
773 Cephalon, Inc.*........................................................................ 27,152
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
4,334 Chiron Corp.*.......................................................................... $ 192,050
582 COR Therapeutics, Inc.*................................................................ 15,387
709 Corixa Corp.*.......................................................................... 20,118
515 Coulter Pharmaceutical, Inc.*.......................................................... 12,038
895 Cubist Pharmaceuticals, Inc.*.......................................................... 21,312
592 CuraGen Corp.*......................................................................... 54,242
557 CV Therapeutics, Inc.*................................................................. 19,077
609 Emisphere Technologies, Inc.*.......................................................... 22,990
595 Enzo Biochem, Inc.*.................................................................... 51,244
878 Enzon, Inc.*........................................................................... 44,394
817 GelTex Pharmaceuticals, Inc.*.......................................................... 13,634
446 Gene Logic, Inc.*...................................................................... 29,966
2,004 Genentech, Inc.*....................................................................... 281,562
446 Genome Therapeutics Corp.*............................................................. 8,084
2,007 Genzyme Corp. (General Division)*...................................................... 104,239
389 Geron Corp.*........................................................................... 12,156
1,048 Gilead Sciences, Inc.*................................................................. 49,059
627 Guilford Pharmaceuticals Inc.*......................................................... 13,480
610 Hemispherx Biopharma, Inc.*............................................................ 5,490
1,106 Human Genome Sciences, Inc.*........................................................... 108,526
1,055 ICOS Corp.*............................................................................ 36,332
1,009 IDEC Pharmaceuticals Corp.*............................................................ 127,260
853 IDEXX Laboratories, Inc.*.............................................................. 12,848
380 ILEX Oncology, Inc.*................................................................... 11,210
677 ImClone Systems, Inc.*................................................................. 37,827
3,919 Immunex Corp.*......................................................................... 512,409
925 Immunomedics, Inc.*.................................................................... 12,661
679 Incyte Pharmaceuticals, Inc.*.......................................................... 74,435
971 Interneuron Pharmaceuticals, Inc.*..................................................... 2,245
779 Isis Pharmaceuticals, Inc.*............................................................ 6,062
1,194 Ligand Pharmaceuticals, Inc. (Class B)*................................................ 16,567
1,157 Liposome Co., Inc.*.................................................................... 15,330
714 Maxygen Inc.*.......................................................................... 53,193
1,194 Medarex, Inc.*......................................................................... 59,401
388 Medco Research, Inc.*.................................................................. 12,052
1,609 MedImmune, Inc.*....................................................................... 234,210
344 MGI Pharma, Inc.*...................................................................... 6,880
1,059 Millennium Pharmaceuticals, Inc.*...................................................... 198,496
241 Myriad Genetics, Inc.*................................................................. 15,484
1,719 NABI, Inc.*............................................................................ 10,421
437 Nanogen, Inc.*......................................................................... 14,476
427 Neurocrine Biosciences, Inc.*.......................................................... 9,928
533 Neurogen Corp.*........................................................................ 12,892
677 Northfield Laboratories, Inc.*......................................................... 9,097
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
500 Noven Pharmaceuticals, Inc.*........................................................... $ 7,875
1,194 Organogenesis, Inc.*................................................................... 10,671
588 PathoGenesis Corp.*.................................................................... 13,083
655 PE Corporation-Celera Genomics Group*.................................................. 131,942
350 Pharmacyclics, Inc.*................................................................... 17,500
432 Progenics Pharmaceuticals, Inc.*....................................................... 25,380
447 Protein Design Labs, Inc.*............................................................. 36,486
1,175 Regeneron Pharmaceuticals, Inc.*....................................................... 14,467
616 SafeScience, Inc.*..................................................................... 8,470
450 SangStat Medical Corp.*................................................................ 13,556
2,369 SICOR Inc.*............................................................................ 17,397
548 SuperGen, Inc.*........................................................................ 23,495
793 Texas Biotechnology Corp.*............................................................. 5,749
345 Titan Pharmaceuticals Inc.*............................................................ 6,943
539 Transkaryotic Therapies, Inc.*......................................................... 17,551
897 Triangle Pharmaceuticals, Inc.*........................................................ 17,604
456 Trimeris, Inc.*........................................................................ 24,111
1,007 Tularik Inc.*.......................................................................... 50,665
612 Valentis, Inc.*........................................................................ 8,415
612 Vertex Pharmaceuticals, Inc.*.......................................................... 25,015
632 Vical, Inc.*........................................................................... 24,332
414 ViroPharma Inc.*....................................................................... 26,289
------------
5,331,201
------------
BOOKS/MAGAZINES (0.1%)
297 Advanced Marketing Services, Inc....................................................... 4,826
1,698 Harcourt General, Inc.................................................................. 67,920
512 Hollywood.com, Inc.*................................................................... 9,600
742 Houghton Mifflin Co.................................................................... 30,515
606 IDG Books Worldwide, Inc.*............................................................. 5,871
526 Information Holdings Inc.*............................................................. 14,070
1,478 John Wiley & Sons, Inc. (Class A)...................................................... 22,170
334 Martha Stewart Living Omnimedia, Inc. (Class A)*....................................... 7,515
1,232 Meredith Corp.......................................................................... 43,120
747 Penton Media, Inc...................................................................... 16,621
563 Playboy Enterprises, Inc. (Class B)*................................................... 13,125
3,466 PRIMEDIA Inc.*......................................................................... 60,872
2,540 Reader's Digest Assoc., Inc. (Class A)*................................................ 95,885
393 Scholastic Corp.*...................................................................... 25,348
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,464 Ziff-Davis, Inc. ZDNET*................................................................ $ 42,812
------------
460,270
------------
BROADCASTING (1.0%)
389 Acme Communications, Inc.*............................................................. 9,555
5,005 AMFM, Inc.*............................................................................ 390,390
601 BHC Communications, Inc. (Class A)..................................................... 97,212
18,190 CBS Corp.*............................................................................. 1,060,704
798 Chris-Craft Industries, Inc.*.......................................................... 60,648
746 Citadel Communications Corp.*.......................................................... 36,927
8,076 Clear Channel Communications, Inc.*.................................................... 697,564
270 Cox Radio, Inc. (Class A)*............................................................. 23,760
595 Cumulus Media, Inc.*................................................................... 23,242
407 Emmis Broadcasting Corp. (Class A)*.................................................... 35,994
792 Entercom Communications Corp.*......................................................... 42,075
275 Granite Broadcasting Corp.*............................................................ 2,956
1,229 Hearst-Argyle Television, Inc.*........................................................ 29,957
1,297 Hispanic Broadcasting Corp.*........................................................... 134,807
9,098 Infinity Broadcasting Corp. (Series A)*................................................ 295,685
1,347 On2.com, Inc.*......................................................................... 26,519
1,280 Paxson Communications Corp.*........................................................... 14,880
399 Radio One, Inc.*....................................................................... 30,523
483 Radio Unica Communications Corp.*...................................................... 11,139
498 Saga Communications, Inc. (Class A)*................................................... 10,831
348 Salem Communications Corp.*............................................................ 6,003
890 Sinclair Broadcast Group, Inc.*........................................................ 7,120
621 Sirus Satellite Radio Inc.*............................................................ 25,694
530 Spanish Broadcasting System, Inc. (Class A)*........................................... 17,987
268 United Television, Inc................................................................. 37,470
2,432 Univision Communications, Inc. (Class A)*.............................................. 260,528
3,257 USA Networks, Inc.*.................................................................... 161,425
631 XM Satellite Radio Holdings Inc. (Class A)*............................................ 18,220
198 Young Broadcasting Corp. (Class A)*.................................................... 8,799
------------
3,578,614
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
BUILDING MATERIALS (0.1%)
100 Ameron International Corp.............................................................. $ 3,900
443 Centex Construction Products, Inc...................................................... 14,342
462 Elcor Corp............................................................................. 15,506
437 Florida Rock Industries, Inc........................................................... 14,639
3,514 Johns Manville Corp.................................................................... 39,313
674 Justin Industries, Inc................................................................. 9,731
1,633 Lafarge Corp........................................................................... 39,396
1,114 Martin Marietta Materials, Inc......................................................... 46,788
1,308 Owens Corning.......................................................................... 21,010
857 Southdown, Inc......................................................................... 42,904
392 Trex Co., Inc.*........................................................................ 10,584
351 U.S. Aggregates, Inc................................................................... 5,265
1,180 USG Corp............................................................................... 44,397
2,387 Vulcan Materials Co.................................................................... 101,000
------------
408,775
------------
BUILDING MATERIALS/D I Y CHAINS (1.0%)
905 Fastenal Co............................................................................ 39,481
54,931 Home Depot, Inc. (The)................................................................. 3,110,468
9,117 Lowe's Companies, Inc.................................................................. 406,846
------------
3,556,795
------------
BUILDING PRODUCTS (0.1%)
1,688 American Standard Companies, Inc.*..................................................... 63,300
360 American Woodmark Corp.*............................................................... 6,390
956 Armstrong World Industries, Inc........................................................ 21,868
1,233 Dal-Tile International Inc.*........................................................... 11,174
778 Lennox International Inc............................................................... 7,294
404 LSI Industries, Inc.................................................................... 7,676
10,665 Masco Corp............................................................................. 212,633
557 NCI Building Systems, Inc.*............................................................ 8,425
280 Nortek, Inc............................................................................ 5,880
212 Simpson Manufacturing Co., Inc......................................................... 8,347
822 Watsco, Inc............................................................................ 9,556
912 York International Corp................................................................ 21,945
------------
384,488
------------
CABLE TELEVISION (1.0%)
1,001 ACTV, Inc.*............................................................................ 35,473
1,792 Adelphia Communications Corp. (Class A)*............................................... 118,496
540 AT&T Corp. - Liberty Media Group (Class A)*............................................ 27,586
3,097 Cablevision Systems Corp. (Class A)*................................................... 236,533
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
4,056 Charter Communications, Inc. (Class A)*................................................ $ 71,740
17,934 Comcast Corp. (Class A Special)*....................................................... 824,964
13,623 Cox Communications, Inc. (Class A)*.................................................... 664,973
2,591 EchoStar Communications Corp. (Class A)*............................................... 210,843
1,173 Insight Communications Co., Inc.*...................................................... 29,765
1,003 Jones Intercable, Inc.*................................................................ 63,001
278 Lodgenet Entertainment Corp.*.......................................................... 6,463
14,601 MediaOne Group, Inc.*.................................................................. 1,160,779
234 Nucentrix Broadband Networks, Inc...................................................... 5,850
362 Pegasus Communications Corp.*.......................................................... 39,639
1,139 Shop At Home, Inc.*.................................................................... 14,451
1,460 TCI Satellite Entertainment, Inc.*..................................................... 21,717
850 Tivo Inc............................................................................... 27,253
3,685 TV Guide, Inc. (Class A)*.............................................................. 136,345
1,907 UnitedGlobalCom, Inc. (Class A)*....................................................... 132,417
------------
3,828,288
------------
CANADIAN OIL & GAS (0.0%)
1,059 Denbury Resources Inc.*................................................................ 4,368
------------
CASINO/GAMBLING (0.1%)
256 Anchor Gaming.......................................................................... 11,424
687 Argosy Gaming Co.*..................................................................... 10,391
928 Aztar Corp.*........................................................................... 8,874
1,653 Boyd Gaming Corp.*..................................................................... 8,782
228 Churchill Downs Inc.*.................................................................. 5,244
768 Dover Downs Entertainment, Inc......................................................... 11,616
832 GTECH Holdings Corp.*.................................................................. 18,512
3,068 Harrah's Entertainment, Inc.*.......................................................... 61,168
588 Hollywood Park, Inc.*.................................................................. 11,539
940 Isle of Capri Casinos, Inc.*........................................................... 10,516
2,161 Mandalay Resort Group*................................................................. 33,360
1,357 MGM Grand, Inc......................................................................... 56,146
4,609 Mirage Resorts, Inc.*.................................................................. 57,612
7,274 Park Place Entertainment Corp.*........................................................ 76,377
1,264 Players International, Inc.*........................................................... 9,993
466 Scientific Games Holding Corp.*........................................................ 7,718
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,005 Station Casinos, Inc.*................................................................. $ 21,607
------------
420,879
------------
CATALOG/SPECIALTY DISTRIBUTION (0.3%)
627 1-800-Flowers.com, Inc.*............................................................... 6,113
8,131 Amazon.com, Inc.*...................................................................... 524,958
856 Ashford.com, Inc.*..................................................................... 7,971
895 Audible, Inc.*......................................................................... 13,817
496 Barnesandnoble.com. Inc.*.............................................................. 5,735
700 Beyond.com Corp.*...................................................................... 4,375
787 CDnow, Inc.*........................................................................... 8,854
1,031 CDW Computer Centers, Inc.*............................................................ 67,337
461 Coldwater Creek, Inc.*................................................................. 7,895
1,139 Cyberian Outpost, Inc.*................................................................ 10,536
1,035 Drugstore.com, Inc.*................................................................... 30,468
1,463 Egghead.com, Inc.*..................................................................... 16,916
669 Elcom International, Inc.*............................................................. 13,798
627 EMusic.com Inc.*....................................................................... 5,643
2,857 eToys, Inc.*........................................................................... 41,605
263 Fatbrain.com, Inc.*.................................................................... 4,537
826 Fogdog, Inc.*.......................................................................... 8,673
775 Gerald Stevens, Inc.*.................................................................. 5,619
4,700 Hanover Direct, Inc.*.................................................................. 14,100
449 iGo Corp.*............................................................................. 3,873
617 Insight Enterprises, Inc.*............................................................. 21,286
719 Lands' End, Inc.*...................................................................... 24,761
822 Micro Warehouse, Inc.*................................................................. 15,567
716 PC Connection, Inc.*................................................................... 20,898
1,243 PlanetRx.com, Inc.*.................................................................... 18,645
778 ShopNow.com Inc.*...................................................................... 12,740
3,145 Spiegel, Inc. (Class A)*............................................................... 22,015
427 Streamline.com, Inc.*.................................................................. 3,416
1,023 Systemax, Inc.*........................................................................ 9,655
1,361 Tickets.com, Inc.*..................................................................... 20,925
792 Value America, Inc.*................................................................... 3,910
892 Valuevision International, Inc. (Class A)*............................................. 31,666
540 Webvan Group Inc.*..................................................................... 8,100
------------
1,016,407
------------
CELLULAR TELEPHONE (0.9%)
285 AirGate PCS, Inc.*..................................................................... 17,314
2,232 Centennial Cellular Corp. (Class A)*................................................... 55,939
3,458 Crown Castle International Corp.*...................................................... 109,143
440 Leap Wireless International, Inc.*..................................................... 23,100
8,671 Nextel Communications, Inc. (Class A)*................................................. 921,836
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,287 Omnipoint Corp.*....................................................................... $ 131,917
711 Powertel, Inc.*........................................................................ 62,124
1,359 Price Communications Corp.*............................................................ 29,558
217 Rural Cellular Corp. (Class A)*........................................................ 14,458
471 SBA Communications Corp.*.............................................................. 14,248
10,282 Sprint Corp. (PCS Group)*.............................................................. 1,131,663
1,988 TeleCorp PCS, Inc.*.................................................................... 85,732
2,301 Tritel, Inc.*.......................................................................... 60,976
1,229 Triton PCS Holdings, Inc. (Class A)*................................................... 50,312
2,087 United States Cellular Corp.*.......................................................... 139,829
2,288 Voicestream Wireless Corp.*............................................................ 268,411
1,183 Western Wireless Corp. (Class A)*...................................................... 64,400
------------
3,180,960
------------
CLOTHING/SHOE/ACCESSORY STORES (0.5%)
2,458 Abercrombie & Fitch Co. (Class A)*..................................................... 52,540
1,113 American Eagle Outfitters, Inc.*....................................................... 40,416
752 Ann Taylor Stores Corp.*............................................................... 16,544
527 bebe stores, inc.*..................................................................... 9,585
501 Buckle (The), Inc.*.................................................................... 7,859
928 Burlington Coat Factory Warehouse Corp................................................. 9,802
677 Cato Corp. (Class A)................................................................... 6,939
2,353 Charming Shoppes, Inc.*................................................................ 16,030
696 Chico's Fas, Inc.*..................................................................... 10,309
549 Children's Place Retail Stores, Inc. (The)*............................................ 7,960
1,221 Claire's Stores, Inc................................................................... 22,894
588 Deb Shops, Inc......................................................................... 9,004
501 Dress Barn, Inc.*...................................................................... 7,734
325 Factory 2-U Stores, Inc.*.............................................................. 8,125
482 Footstar, Inc.*........................................................................ 12,050
20,428 Gap, Inc. (The)........................................................................ 912,876
763 Genesco Inc.*.......................................................................... 6,676
1,059 Goody's Family Clothing, Inc.*......................................................... 5,063
216 Hot Topic, Inc.*....................................................................... 3,685
5,941 Intimate Brands, Inc................................................................... 179,715
5,123 Limited (The), Inc..................................................................... 157,212
998 Men's Wearhouse, Inc. (The)*........................................................... 23,702
3,306 Nordstrom, Inc......................................................................... 72,732
743 Pacific Sunwear of California, Inc.*................................................... 21,826
741 Payless ShoeSource, Inc.*.............................................................. 30,196
2,159 Ross Stores, Inc....................................................................... 27,392
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,275 Stage Stores, Inc.*.................................................................... $ 1,514
1,243 Stein Mart, Inc.*...................................................................... 5,982
751 Talbot's, Inc. (The)................................................................... 26,614
7,398 TJX Companies, Inc..................................................................... 120,680
545 Too, Inc.*............................................................................. 9,027
693 United Retail Group, Inc.*............................................................. 6,843
435 Urban Outfitters, Inc.*................................................................ 5,845
3,281 Venator Group, Inc.*................................................................... 19,686
565 Wet Seal, Inc. (Class A)*.............................................................. 7,027
256 Wilsons The Leather Experts Inc.*...................................................... 4,560
------------
1,886,644
------------
COAL MINING (0.0%)
709 Arch Coal, Inc......................................................................... 6,204
1,909 CONSOL Energy, Inc..................................................................... 23,147
------------
29,351
------------
COMPUTER COMMUNICATIONS (3.0%)
8,232 3Com Corp.*............................................................................ 417,259
2,436 Adaptec, Inc.*......................................................................... 127,433
420 Aironet Wireless Communications, Inc.*................................................. 28,717
933 Alteon Websystems Inc.*................................................................ 91,842
643 Ancor Communications, Inc.*............................................................ 24,193
492 Apex, Inc.*............................................................................ 18,757
977 Auspex Systems, Inc.*.................................................................. 6,412
520 Aware, Inc.*........................................................................... 16,120
1,275 Brocade Communications Systems, Inc.*.................................................. 206,231
4,308 Cabletron Systems, Inc.*............................................................... 110,662
802 CacheFlow Inc.*........................................................................ 69,223
1,709 Cellnet Data Systems, Inc.*............................................................ 2,457
78,042 Cisco Systems, Inc.*................................................................... 8,540,721
651 Cobalt Networks, Inc.*................................................................. 51,103
890 Computer Network Technology Corp.*..................................................... 10,791
612 Crossroads Systems, Inc................................................................ 44,064
787 Digi International Inc................................................................. 9,346
244 DSET Corp.*............................................................................ 7,533
1,285 Echelon Corp.*......................................................................... 44,011
844 Emulex Corp.*.......................................................................... 84,083
207 Extended Systems Inc.*................................................................. 9,729
1,275 Extreme Networks, Inc.*................................................................ 107,737
1,184 Finisar Corp.*......................................................................... 71,632
2,733 Foundry Networks, Inc.*................................................................ 367,759
637 FVC.COM, Inc.*......................................................................... 8,281
612 Gadzoox Networks, Inc.*................................................................ 23,256
500 JNI Corp.*............................................................................. 29,531
3,708 Juniper Networks, Inc.*................................................................ 501,739
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
756 MMC Networks, Inc.*.................................................................... $ 21,073
349 Netopia, Inc.*......................................................................... 17,319
1,030 Network Equipment Technologies, Inc.*.................................................. 9,592
541 Network Peripherals Inc.*.............................................................. 28,673
416 ODS Networks, Inc.*.................................................................... 4,160
1,698 Pairgain Technologies, Inc.*........................................................... 19,527
389 PC-Tel, Inc.*.......................................................................... 22,781
386 Performance Technologies, Inc.*........................................................ 7,430
396 PLX Technology, Inc.*.................................................................. 8,638
280 Proxim, Inc.*.......................................................................... 23,922
1,039 Redback Networks, Inc.*................................................................ 193,384
930 TranSwitch Corp.*...................................................................... 46,185
348 Tut Systems, Inc.*..................................................................... 13,659
516 Vixel Corp.*........................................................................... 8,256
336 Worldtalk Communications Corp.......................................................... 4,368
672 Xircom, Inc.*.......................................................................... 33,138
------------
11,492,727
------------
COMPUTER SOFTWARE (6.2%)
1,106 3DFX Interactive*...................................................................... 9,401
661 Actuate Software Corp.*................................................................ 22,928
2,868 Adobe Systems, Inc..................................................................... 157,740
1,040 Applied Digital Solutions, Inc.*....................................................... 8,775
238 Applix Inc.*........................................................................... 3,362
449 Ardent Software, Inc.*................................................................. 19,307
314 AremisSoft Corp.*...................................................................... 8,831
344 Artisoft, Inc.*........................................................................ 5,783
1,160 Aspect Communications Corp.*........................................................... 56,622
690 Aspect Development, Inc.*.............................................................. 46,230
986 Aspen Technology, Inc.*................................................................ 35,742
1,455 Autodesk, Inc.......................................................................... 44,377
892 Avant! Corp.*.......................................................................... 15,889
737 AXENT Technologies, Inc.*.............................................................. 15,615
1,393 Be Incorporated*....................................................................... 17,935
5,782 BMC Software, Inc.*.................................................................... 218,632
247 Bottomline Technologies, Inc.*......................................................... 7,672
624 Brio Techology, Inc.*.................................................................. 19,968
769 BSQUARE Corporation*................................................................... 27,684
820 Centura Sotware Corp.*................................................................. 5,894
2,138 Citrix Systems, Inc.*.................................................................. 293,307
566 Clarify Inc.*.......................................................................... 68,804
257 Clarus Corp.*.......................................................................... 18,183
12,861 Computer Associates International, Inc................................................. 883,390
8,538 Compuware Corp.*....................................................................... 180,365
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
685 Cylink Corp............................................................................ $ 8,777
426 Dalleen Technologies, Inc.*............................................................ 8,147
727 Datastream Systems, Inc.*.............................................................. 13,086
588 Deltek Systems, Inc.*.................................................................. 7,754
495 Digital River, Inc.*................................................................... 12,870
394 Documentum, Inc.*...................................................................... 25,462
644 E.piphany, Inc.*....................................................................... 101,752
1,066 Entrust Technologies Inc.*............................................................. 50,502
1,790 Epicor Software Corp.*................................................................. 14,767
212 eSoft, Inc.*........................................................................... 5,538
334 Excalibur Technologies Corp.*.......................................................... 7,390
790 FileNET Corp.*......................................................................... 21,330
955 General Magic, Inc.*................................................................... 7,192
410 Geoworks*.............................................................................. 12,351
376 Great Plains Software, Inc.*........................................................... 25,803
586 HNC Software, Inc.*.................................................................... 52,850
744 Hyperion Solutions Corp.*.............................................................. 25,993
1,835 i2 Technologies, Inc.*................................................................. 352,320
754 Indus International, Inc.*............................................................. 5,749
1,081 Inet Technologies, Inc.*............................................................... 43,578
365 Informatica Corp.*..................................................................... 34,173
4,804 Informix Corp.*........................................................................ 59,750
2,387 Inprise Corp. (Mexico)*................................................................ 29,241
363 Inso Corp.*............................................................................ 13,794
895 Integrated Systems, Inc................................................................ 23,997
311 Interactive Intelligence, Inc.*........................................................ 8,086
266 Interleaf, Inc.*....................................................................... 11,072
4,660 Intuit Inc.*........................................................................... 281,056
2,547 J.D. Edwards & Co.*.................................................................... 75,773
864 JDA Software Group, Inc.*.............................................................. 17,226
2,028 Legato Systems, Inc.*.................................................................. 50,953
199 Level 8 Systems, Inc................................................................... 6,990
1,383 LHS Group, Inc.*....................................................................... 42,009
1,186 Macromedia, Inc.*...................................................................... 80,796
551 Marimba, Inc.*......................................................................... 21,282
1,203 Mastech Corp.*......................................................................... 29,323
915 Mercury Interactive Corp.*............................................................. 100,021
795 Metasolv Software, Inc.*............................................................... 84,270
386 Micromuse Inc.*........................................................................ 62,966
123,112 Microsoft Corp.*....................................................................... 12,041,892
472 MicroStrategy Inc.*.................................................................... 65,549
370 Mission Critical Software, Inc.*....................................................... 21,229
1,193 National Instruments Corp.*............................................................ 45,409
351 NEON Systems, Inc.*.................................................................... 12,439
415 NetIQ Corp.*........................................................................... 22,643
614 NetScout Systems, Inc.*................................................................ 16,233
300 NetSpeak Corp.*........................................................................ 6,000
3,322 Network Associates, Inc.*.............................................................. 85,957
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
804 New Era of Networks, Inc.*............................................................. $ 41,908
671 Novadigm, Inc.......................................................................... 13,462
7,947 Novell, Inc.*.......................................................................... 265,231
803 Objective Systems Integrators, Inc.*................................................... 7,679
604 ONYX Software Corp.*................................................................... 33,862
67,934 Oracle Corp.*.......................................................................... 3,392,454
620 Packeteer, Inc.*....................................................................... 25,846
6,424 Parametric Technology Corp.*........................................................... 137,714
136 pcOrder.com, Inc. (The)*............................................................... 6,290
6,432 PeopleSoft, Inc.*...................................................................... 144,318
1,216 Peregine Systems, Inc.*................................................................ 92,264
442 Persistence Software, Inc.*............................................................ 8,011
351 Pervasive Software, Inc.*.............................................................. 3,971
859 Phoenix Technologies Ltd.*............................................................. 17,663
1,546 Phone.com, Inc.*....................................................................... 169,867
398 Primus Knowledge Solutions, Inc.*...................................................... 29,427
834 Progress Software Corp.*............................................................... 17,827
505 Project Software & Development, Inc.*.................................................. 23,861
365 Puma Technology, Inc.*................................................................. 27,786
702 QAD, Inc.*............................................................................. 6,252
2,084 Rational Software Corp.*............................................................... 108,238
643 RAVISENT Technologies, Inc.*........................................................... 19,853
3,283 Red Hat, Inc.*......................................................................... 312,295
692 Remedy Corp.*.......................................................................... 27,939
133 Research Engineers, Inc.*.............................................................. 8,246
737 Saga Systems, Inc.*.................................................................... 15,477
580 Sanchez Computer Associates, Inc.*..................................................... 19,611
801 Santa Cruz Operation, Inc. (The)*...................................................... 13,016
1,364 Sapient Corp.*......................................................................... 120,543
484 SeaChange International, Inc.*......................................................... 18,452
503 Secure Computing Corp.................................................................. 6,036
606 Serena Software, Inc.*................................................................. 15,907
4,599 Siebel Systems, Inc.*.................................................................. 421,671
392 Silknet Software, Inc.*................................................................ 57,673
211 SPSS, Inc.*............................................................................ 5,407
720 StarBase Corp.*........................................................................ 8,640
2,010 Sterling Software, Inc................................................................. 55,777
640 Structural Dynamics Research Corp.*.................................................... 7,040
1,945 Sybase Inc.*........................................................................... 46,315
1,387 Symantec Corp.*........................................................................ 69,350
1,440 TIBCO Software, Inc.*.................................................................. 221,760
706 Timberline Software Corp............................................................... 8,251
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
777 Transaction Systems Architects, Inc. (Class A)*........................................ $ 16,705
611 TSI International Software Ltd.*....................................................... 37,424
410 Unify Corp.*........................................................................... 8,328
1,423 USinternetworking, Inc.*............................................................... 61,900
947 VA Linux Systems, Inc.*................................................................ 108,668
6,184 Veritas Software Corp.*................................................................ 901,704
720 Verity, Inc.*.......................................................................... 24,480
1,005 Wind River Systems, Inc.*.............................................................. 29,773
663 Zamba Corp.*........................................................................... 10,525
------------
23,598,473
------------
COMPUTER/VIDEO CHAINS (0.2%)
4,898 Best Buy Co., Inc.*.................................................................... 233,879
720 Blockbuster, Inc. (Class A)*........................................................... 9,360
4,852 Circuit City Stores, Inc.-Circuit City Group*.......................................... 186,802
1,635 CompUSA, Inc.*......................................................................... 15,737
387 Electronics Boutique Holdings Corp.*................................................... 6,337
987 Hollywood Entertainment Corp.*......................................................... 11,782
1,042 InterTan, Inc.*........................................................................ 11,788
1,090 Musicland Stores Corp.*................................................................ 6,881
271 REX Stores Corp.*...................................................................... 4,167
4,612 Tandy Corp............................................................................. 225,411
932 Trans World Entertainment Corp.*....................................................... 8,621
518 Tweeter Home Entertainment Group, Inc.*................................................ 14,860
192 Ultimate Electronics Inc............................................................... 3,264
------------
738,889
------------
CONSTRUCTION/AGRICULTURAL EQUIPMENT/TRUCKS (0.2%)
1,421 AGCO Corp.............................................................................. 16,519
422 Astec Industries, Inc.*................................................................ 10,022
8,483 Caterpillar, Inc....................................................................... 359,997
537 Columbus McKinnon Corp................................................................. 7,350
988 Cummins Engine Co., Inc................................................................ 37,791
5,575 Deere & Co............................................................................. 243,558
513 Detroit Diesel Corp.................................................................... 8,080
619 Gardner Denver Machinery Inc.*......................................................... 10,910
850 Greenbrier Companies, Inc. (The)....................................................... 7,172
1,056 JLG Industries, Inc.................................................................... 8,844
533 Lindsay Manufacturing Co............................................................... 8,828
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
620 Manitowoc Co., Inc..................................................................... $ 16,934
145 NACCO Industries, Inc. (Class A)....................................................... 7,359
1,517 Navistar International Corp.*.......................................................... 59,637
365 Oshkosh Truck Corp..................................................................... 10,585
1,869 PACCAR, Inc............................................................................ 77,330
727 Stewart & Stevenson Services, Inc...................................................... 7,906
656 Terex Corp.*........................................................................... 14,924
869 Titan International, Inc............................................................... 6,463
459 Wabash National Corp................................................................... 6,110
------------
926,319
------------
CONSUMER ELECTRONICS/APPLIANCES (0.1%)
996 3DO Co. (The)*......................................................................... 7,159
1,567 Fedders Corp........................................................................... 8,227
416 Harman International Industries, Inc................................................... 24,284
940 Harman International Industries, Inc................................................... 7,520
347 ITI Technologies, Inc.*................................................................ 10,193
2,001 Maytag Corp............................................................................ 81,040
336 Salton, Inc.*.......................................................................... 15,414
2,362 Sunbeam Corp.*......................................................................... 10,924
379 Sunbeam Corp. (Warrants due 08/24/03)*................................................. 379
150 Universal Electronics Inc.*............................................................ 5,419
1,776 Whirlpool Corp.*....................................................................... 103,452
756 Windmere-Durable Holdings, Inc.*....................................................... 10,915
------------
284,926
------------
CONSUMER SPECIALTIES (0.0%)
1,089 Boyds Collection, Ltd. (The)*.......................................................... 7,623
765 Fossil, Inc.*.......................................................................... 14,344
796 Jostens, Inc........................................................................... 18,656
336 Matthews International Corp. (Class A)................................................. 7,812
400 Movado Group, Inc...................................................................... 7,600
449 Russ Berrie & Co., Inc................................................................. 11,029
662 Scotts Company (The) (Class A)*........................................................ 23,211
------------
90,275
------------
CONSUMER SUNDRIES (0.0%)
1,504 American Greetings Corp. (Class A)..................................................... 33,276
1,567 Oakley, Inc.*.......................................................................... 8,423
606 Sola International, Inc.*.............................................................. 3,750
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,300 Yankee Candle Co., Inc. (The)*......................................................... $ 21,694
------------
67,143
------------
CONTAINERS/PACKAGING (0.2%)
1,312 American National Can Group, Inc....................................................... 15,744
850 Aptargroup, Inc........................................................................ 18,700
722 Ball Corp.............................................................................. 26,263
1,248 Bemis Company, Inc..................................................................... 39,390
540 Caraustar Industries, Inc.............................................................. 10,429
2,907 Crown Cork & Seal Co., Inc............................................................. 59,048
1,928 Earthshell Corp........................................................................ 8,676
206 Entrade, Inc.*......................................................................... 7,184
1,393 Gaylord Container Corp. (Series A)*.................................................... 8,358
544 Greif Bros. Corp. (Class A)*........................................................... 15,198
874 Ivex Packaging Corp.*.................................................................. 6,610
174 Liqui-Box Corp......................................................................... 8,047
1,233 Longview Fibre Co...................................................................... 17,647
531 Myers Industries, Inc.................................................................. 7,036
3,582 Owens-Illinois, Inc.*.................................................................. 65,595
4,088 Pactiv Corp............................................................................ 37,814
627 Rock-Tenn Co. (Class A)................................................................ 6,975
1,993 Sealed Air Corp.*...................................................................... 111,857
693 Shorewood Packaging Corp............................................................... 11,001
406 Silgan Holdings, Inc.*................................................................. 5,253
5,193 Smurfit-Stone Container Corp.*......................................................... 102,886
2,433 Sonoco Products Co..................................................................... 48,660
1,333 Temple-Inland, Inc..................................................................... 74,565
311 U.S. Can Corp.*........................................................................ 4,859
------------
717,795
------------
CONTRACT DRILLING (0.2%)
317 Atwood Oceanics, Inc.*................................................................. 12,938
3,241 Diamond Offshore Drilling, Inc......................................................... 89,735
3,276 ENSCO International Inc................................................................ 74,938
4,161 Global Marine, Inc.*................................................................... 74,118
3,133 Grey Wolf, Inc.*....................................................................... 9,399
1,181 Helmerich & Payne, Inc................................................................. 27,753
1,364 Marine Drilling Company, Inc.*......................................................... 26,257
3,311 Nabors Industries, Inc.*............................................................... 98,088
3,136 Noble Drilling Corp.*.................................................................. 91,924
2,032 Parker Drilling Co.*................................................................... 7,112
588 Patterson Energy, Inc.*................................................................ 9,775
1,441 Pride International, Inc.*............................................................. 23,146
4,620 R&B Falcon Corp.*...................................................................... 58,616
1,987 Rowan Companies, Inc.*................................................................. 45,080
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,738 Santa Fe International Corp............................................................ $ 73,241
5,022 Transocean Sedco Forex Inc............................................................. 159,762
------------
881,882
------------
DEPARTMENT STORES (0.3%)
2,561 Dillard's, Inc. (Class A).............................................................. 49,139
5,009 Federated Department Stores, Inc.*..................................................... 208,500
3,888 Kohl's Corp.*.......................................................................... 272,646
7,972 May Department Stores Co............................................................... 248,128
1,169 Neiman Marcus Group, Inc. (The) (Class A).............................................. 28,567
6,209 Penney (J.C.) Co., Inc................................................................. 121,852
3,455 Saks, Inc.*............................................................................ 47,938
9,018 Sears, Roebuck & Co.................................................................... 278,994
------------
1,255,764
------------
DISCOUNT CHAINS (2.0%)
598 99 Cents Only Stores*.................................................................. 20,930
696 Ames Department Stores, Inc.*.......................................................... 14,485
1,757 BJ's Wholesale Club, Inc.*............................................................. 61,495
2,641 Consolidated Stores Corp.*............................................................. 37,634
10,586 Costco Wholesale Corp.*................................................................ 518,052
6,346 Dollar General Corp.................................................................... 134,852
1,480 Dollar Tree Stores, Inc.*.............................................................. 65,120
4,125 Family Dollar Stores, Inc.............................................................. 66,258
11,779 Kmart Corp.*........................................................................... 98,649
118 PriceSmart, Inc.*...................................................................... 4,631
725 ShopKo Stores, Inc.*................................................................... 13,277
10,513 Target Corp............................................................................ 694,515
660 Value City Department Stores, Inc.*.................................................... 10,106
106,175 Wal-Mart Stores, Inc................................................................... 5,813,081
------------
7,553,085
------------
DIVERSIFIED COMMERCIAL SERVICES (0.7%)
285 4Kids Entertainment, Inc............................................................... 6,555
394 ABM Industries Inc.*................................................................... 8,077
1,382 ACNielsen Corp.*....................................................................... 28,331
314 Administaff, Inc.*..................................................................... 8,242
348 AHL Services, Inc.*.................................................................... 5,524
998 AnswerThink Consulting Group, Inc.*.................................................... 32,435
2,350 Apac Teleservices*..................................................................... 29,669
563 Bell & Howell Co.*..................................................................... 20,127
459 Best Software, Inc.*................................................................... 15,864
865 Billing Information Concepts Corp.*.................................................... 5,001
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
283 Bright Horizons Family Solutions, Inc.*................................................ $ 4,811
752 Burns International Services Corp.*.................................................... 8,648
1,175 Careerbuilder, Inc.*................................................................... 7,417
1,044 Caribiner International, Inc.*......................................................... 2,218
343 CDI Corp............................................................................... 7,996
2,178 Century Business Sevices, Inc.*........................................................ 8,099
345 Charles River Associates Inc.*......................................................... 10,264
1,307 CheckFree Holdings Corp.*.............................................................. 76,623
782 Chemdex Corp.*......................................................................... 75,072
2,651 Cintas Corp............................................................................ 124,100
4,907 Concord EFS, Inc.*..................................................................... 99,367
526 Concur Technologies, Inc.*............................................................. 11,013
3,644 Convergys Corp.*....................................................................... 107,042
1,280 Copart, Inc.*.......................................................................... 21,680
324 Corporate Executive Board Co.*......................................................... 16,645
383 Costar Group, Inc.*.................................................................... 12,352
549 CTC Communication Group, Inc.*......................................................... 21,514
934 Dendrite International, Inc.*.......................................................... 27,495
385 Diamond Technology Partners, Inc.*..................................................... 30,848
323 Exchange Applications, Inc............................................................. 28,182
326 Fair, Isaac & Co., Inc................................................................. 14,914
810 Freemarkets, Inc.*..................................................................... 185,490
466 G & K Services, Inc. (Class A)......................................................... 10,252
2,158 Galileo International, Inc............................................................. 51,927
2,099 Gartner Group, Inc. (Class B)*......................................................... 28,599
748 GetThere.com, Inc.*.................................................................... 21,598
654 Global Imaging Systems, Inc.*.......................................................... 5,191
1,600 HA-LO Industries, Inc.*................................................................ 14,400
241 Hall, Kinion & Associates, Inc.*....................................................... 5,769
588 Heidrick & Struggles Intenational, Inc.*............................................... 24,108
736 HotJobs.com, Ltd.*..................................................................... 20,470
1,098 Identix Inc.*.......................................................................... 10,294
266 Insurance Auto Auctions, Inc.*......................................................... 3,923
1,515 Interim Services, Inc.*................................................................ 37,970
862 Internet Pictures Corp.*............................................................... 27,420
830 Iron Mountain, Inc.*................................................................... 27,286
1,542 iXL Enterprises, Inc.*................................................................. 73,823
324 Jupiter Communications, Inc.*.......................................................... 8,059
856 Kelly Services, Inc. (Class A)......................................................... 21,560
838 Korn/Ferry International*.............................................................. 28,859
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
923 Labor Ready, Inc....................................................................... $ 7,672
335 Lason, Inc.*........................................................................... 3,141
570 Learning Tree International, Inc.*..................................................... 13,680
486 Loislaw.com, Inc.*..................................................................... 9,234
649 Management Network Group, Inc. (The)*.................................................. 15,495
1,810 Manpower, Inc.......................................................................... 64,594
760 Marketing Services Group, Inc.*........................................................ 13,727
473 MAXIMUS, Inc.*......................................................................... 17,531
300 MemberWorks Inc.*...................................................................... 8,325
818 Metamor Worldwide, Inc.*............................................................... 23,108
265 Metro One Telecommunications, Inc.*.................................................... 3,263
2,291 Modis Professional Services, Inc.*..................................................... 39,806
859 Navigant Consulting, Inc.*............................................................. 9,127
605 NCO Group, Inc.*....................................................................... 13,877
675 Nextera Enterprises, Inc. (Class A)*................................................... 6,666
792 NFO Worldwide, Inc.*................................................................... 16,186
1,757 NOVA Corp.*............................................................................ 52,930
1,180 Ogden Corp............................................................................. 13,349
1,940 Olsten Corp............................................................................ 19,885
363 On Assignment, Inc.*................................................................... 11,344
5,883 Paychex, Inc.*......................................................................... 258,852
1,213 Pegasystems Inc.*...................................................................... 15,542
610 Personnel Group of America, Inc.*...................................................... 5,795
485 Pierce Leahy Corp.*.................................................................... 16,035
748 Precision Response Corp.*.............................................................. 18,513
496 ProBusiness Services, Inc.*............................................................ 13,702
1,161 Profit Recovery Group International, Inc. (The)*....................................... 31,492
606 PROVANT, Inc.*......................................................................... 12,650
2,140 Robert Half International, Inc.*....................................................... 82,657
1,280 Romac International, Inc.*............................................................. 18,880
527 SABRE Group Holdings, Inc.*............................................................ 23,451
427 Saleslogix Corp.*...................................................................... 11,903
2,507 Sitel Corp.*........................................................................... 20,683
1,487 Sodexho Marriott Services, Inc......................................................... 19,610
637 Source Information Management Co. (The)*............................................... 9,714
934 Staff Leasing, Inc.*................................................................... 8,114
1,157 StaffMark, Inc.*....................................................................... 10,124
959 Stamps.com, Inc.*...................................................................... 32,126
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
347 StarTek, Inc.*......................................................................... $ 11,711
1,216 Sylvan Learning Systems, Inc.*......................................................... 16,492
755 TeleSpectrum Worldwide Inc.*........................................................... 6,795
1,459 TeleTech Holdings, Inc.*............................................................... 35,016
2,266 Viad Corp.............................................................................. 59,624
417 Volt Information Sciences, Inc.*....................................................... 9,773
463 Wackenhut Corp. (The) (Class A)........................................................ 6,424
687 Wackenhut Corrections Corp.*........................................................... 5,882
946 Wireless Facilities, Inc.*............................................................. 47,596
------------
2,655,219
------------
DIVERSIFIED ELECTRONIC PRODUCTS (0.5%)
484 Caliper Technologies Corp.*............................................................ 67,004
1,067 Checkpoint Systems, Inc.*.............................................................. 11,804
1,898 Harris Corp............................................................................ 55,042
5,397 JDS Uniphase Corp.*.................................................................... 1,100,313
438 Macrovision Corp.*..................................................................... 41,035
4,538 Rockwell International Corp............................................................ 224,347
920 RSA Security, Inc.*.................................................................... 50,025
1,720 SCI Systems, Inc.*..................................................................... 123,840
1,815 Sensormatic Electronics Corp.*......................................................... 33,010
958 Wave Systems Corp. (Class A)*.......................................................... 12,214
378 Zomax, Inc.*........................................................................... 16,868
------------
1,735,502
------------
DIVERSIFIED FINANCIAL SERVICES (1.9%)
10,681 American Express Co.................................................................... 1,760,362
10,741 AXA Financial, Inc..................................................................... 349,754
80,444 Citigroup, Inc......................................................................... 4,620,502
1,416 Leucadia National Corp................................................................. 30,090
1,128 Liberty Financial Co., Inc............................................................. 23,547
3,387 Providian Financial Corp............................................................... 285,778
805 StanCorp Financial Group, Inc.......................................................... 19,521
------------
7,089,554
------------
DIVERSIFIED MANUFACTURING (0.7%)
901 ACX Technologies, Inc.................................................................. 4,843
768 Ametek, Inc............................................................................ 16,896
690 Blount International, Inc.............................................................. 10,307
2,247 Cooper Industries, Inc................................................................. 86,229
3,396 Danaher Corp........................................................................... 146,452
4,858 Dover Corp............................................................................. 195,838
1,100 Federal Signal Corp.................................................................... 17,256
1,275 Griffon Corp.*......................................................................... 9,323
18,887 Honeywell International Inc............................................................ 906,576
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,098 ITT Industries, Inc.................................................................... $ 66,349
1,111 Mark IV Industries, Inc................................................................ 23,123
9,575 Minnesota Mining & Manufacturing Co.................................................... 896,459
1,149 Pentair, Inc........................................................................... 38,491
482 Scott Technologies, Inc................................................................ 7,893
414 Smith (A.O.) Corp...................................................................... 8,151
390 Standex International Corp............................................................. 6,484
906 Teleflex, Inc.......................................................................... 28,765
3,775 Thermo Electron Corp.*................................................................. 65,355
889 Tredegar Corp.......................................................................... 17,391
915 Trinity Industries, Inc................................................................ 21,388
2,142 U.S. Industries, Inc................................................................... 27,712
935 United Dominion Industries Ltd......................................................... 18,758
581 Valmont Industries, Inc................................................................ 11,257
------------
2,631,296
------------
DRUGSTORE CHAINS (0.3%)
9,350 CVS Corp............................................................................... 326,666
330 Duane Reade, Inc.*..................................................................... 7,611
900 Longs Drug Stores Corp................................................................. 19,350
6,178 Rite Aid Corp.......................................................................... 43,632
23,942 Walgreen Co............................................................................ 661,398
------------
1,058,657
------------
E.D.P. PERIPHERALS (1.2%)
601 Advanced Digital Information Corp.*.................................................... 29,224
1,221 Ampex Corp. (Class A)*................................................................. 3,968
671 Avid Technology, Inc.*................................................................. 8,597
968 C-Cube Microsystems Inc.*.............................................................. 67,276
1,782 Communication Intelligence Corp.*...................................................... 12,975
293 Cybex Corp.*........................................................................... 15,382
297 DSP Group, Inc.*....................................................................... 26,990
1,324 Electronics for Imaging, Inc.*......................................................... 61,980
24,276 EMC Corp.*............................................................................. 2,585,394
431 Gerber Scientific, Inc................................................................. 8,027
851 Imation Corp*.......................................................................... 25,743
346 Immersion Corp.*....................................................................... 12,110
668 In Focus Systems, Inc.*................................................................ 16,449
1,729 Intergraph Corp.*...................................................................... 9,293
119 Interlink Electronics, Inc.*........................................................... 5,385
6,437 Iomega Corp.*.......................................................................... 26,150
309 ION Networks, Inc.*.................................................................... 9,502
714 Kopin Corp.*........................................................................... 50,248
3,047 Lexmark International Group, Inc. (Class A)*........................................... 287,180
2,702 Maxtor Corp.*.......................................................................... 18,576
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
606 Mercury Computer Systems, Inc.*........................................................ $ 23,066
731 MTI Technology Corp.*.................................................................. 21,427
762 National Computer Systems, Inc......................................................... 26,098
3,563 Network Appliance, Inc.*............................................................... 357,413
711 NVIDIA Corp.*.......................................................................... 26,218
570 Pinnacle Systems, Inc.*................................................................ 27,787
252 Procom Technology, Inc.*............................................................... 6,599
872 QLogic Corp.*.......................................................................... 133,307
1,958 Quantum Corp.*......................................................................... 14,440
3,931 Quantum Corp. - DLT & Storage Systems*................................................. 37,836
262 Rainbow Technoligies, Inc.*............................................................ 5,764
337 SCM Microsystems, Inc.*................................................................ 21,357
4,970 Seagate Technology, Inc.*.............................................................. 199,111
293 SmartDisk Corp.*....................................................................... 10,145
2,390 Storage Technology Corp.*.............................................................. 36,298
2,111 Symbol Technologies, Inc............................................................... 126,000
2,245 Western Digital Corp.*................................................................. 10,664
------------
4,363,979
------------
E.D.P. SERVICES (1.2%)
2,050 Acxiom Corp.*.......................................................................... 51,762
1,177 Affiliated Computer Services, Inc. (Class A)*.......................................... 46,786
975 American Management Systems, Inc.*..................................................... 29,920
859 Analysts International Corp.*.......................................................... 10,630
14,914 Automatic Data Processing, Inc......................................................... 707,483
2,928 BEA Systems, Inc.*..................................................................... 220,515
552 BindView Development Corp.*............................................................ 25,392
651 Bisys Group, Inc. (The)*............................................................... 38,450
445 CACI International Inc. (Class A)*..................................................... 10,068
5,810 Cadence Design Systems, Inc.*.......................................................... 119,831
1,441 Cambridge Technology Partners, Inc.*................................................... 28,730
3,451 Ceridian Corp.*........................................................................ 55,216
4,852 Chequemate International, Inc.*........................................................ 8,794
1,411 CIBER, Inc.*........................................................................... 31,836
82 Cognizant Technology Solutions Corp.*.................................................. 6,170
891 Complete Business Solutions, Inc.*..................................................... 18,043
809 Computer Horizons Corp.*............................................................... 11,073
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
3,972 Computer Sciences Corp................................................................. $ 364,927
645 Computer Task Group, Inc............................................................... 10,723
342 Concord Communications, Inc.*.......................................................... 12,611
1,237 CSG Systems International, Inc.*....................................................... 46,387
469 CyberCash, Inc.*....................................................................... 4,045
362 DBT Online, Inc.*...................................................................... 6,787
1,513 DST Systems, Inc.*..................................................................... 93,995
11,232 Electronic Data Systems Corp........................................................... 759,564
281 F.Y.I., Inc.*.......................................................................... 8,816
9,998 First Data Corp........................................................................ 490,527
2,926 Fiserv, Inc.*.......................................................................... 99,118
258 Forrester Research, Inc.*.............................................................. 14,835
424 Globix Corp.*.......................................................................... 36,199
896 Harbinger Corp.*....................................................................... 19,264
481 Henry (Jack) & Associates, Inc......................................................... 27,537
1,106 IMRglobal Corp.*....................................................................... 9,954
7,177 Infonet Services Corp. (Class B)*...................................................... 202,750
885 Information Resources, Inc.*........................................................... 7,135
362 Intelligroup, Inc.*.................................................................... 11,765
969 ISS Group, Inc.*....................................................................... 64,136
1,710 Keane, Inc.*........................................................................... 46,170
473 Lightbridge, Inc.*..................................................................... 10,051
145 McAfee.com Corp.*...................................................................... 4,803
637 Metro Information Services, Inc.*...................................................... 14,731
809 National Data Corp..................................................................... 25,888
1,074 National Processing, Inc.*............................................................. 10,203
312 Netsolve, Inc.*........................................................................ 11,544
330 nFront, Inc............................................................................ 8,085
465 Pegasus Systems, Inc.*................................................................. 12,439
2,192 Perot Systems Corp. (Class A)*......................................................... 44,114
545 Pivotal Corp. (Canada)*................................................................ 23,980
849 Policy Management Systems Corp.*....................................................... 13,425
512 Predictive Systems, Inc................................................................ 24,448
339 QRS Corp.*............................................................................. 24,493
894 Rainmaker Systems, Inc.*............................................................... 12,851
1,996 Razorfish, Inc.*....................................................................... 77,345
2,426 Renaissance Worldwide Inc.*............................................................ 16,072
1,843 Reynolds & Reynolds Co. (Class A)*..................................................... 40,776
1,030 Sagent Technology, Inc.*............................................................... 20,278
2,107 Sterling Commerce, Inc.*............................................................... 59,128
1,106 SVI Holdings, Inc.*.................................................................... 11,889
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,011 Sykes Enterprises, Inc.*............................................................... $ 27,992
1,003 Syntel, Inc.*.......................................................................... 16,299
690 Systems & Computer Technology Corp.*................................................... 12,377
482 Tanning Technology Corp.*.............................................................. 21,027
1,023 Technology Solutions Co................................................................ 35,997
826 TenFold Corp.*......................................................................... 35,053
4,651 Total System Services, Inc............................................................. 76,741
445 U.S. Interactive, Inc.*................................................................ 22,695
203 viaLink Co. (The)...................................................................... 6,014
1,350 Whittman-Hart, Inc.*................................................................... 47,841
984 ZapMe! Corp.*.......................................................................... 6,888
------------
4,533,411
------------
ELECTRIC UTILITIES (1.8%)
4,924 AES Corp. (The)*....................................................................... 394,535
2,635 Allegheny Energy, Inc.................................................................. 72,298
1,879 Alliant Energy, Inc.................................................................... 56,018
3,274 Ameren Corp............................................................................ 106,610
4,631 American Electric Power Co............................................................. 155,138
821 Avista Corp............................................................................ 23,501
419 Black Hills Corp....................................................................... 10,030
1,501 Calpine Corp.*......................................................................... 109,761
3,808 Carolina Power & Light Co.............................................................. 122,808
5,074 Central & South West Corp.............................................................. 102,431
3,792 Cinergy Corp........................................................................... 94,326
537 CLECO Corp............................................................................. 18,057
774 CMP Group, Inc......................................................................... 21,430
2,763 CMS Energy Corp........................................................................ 82,890
301 CN Energy Group, Inc................................................................... 9,331
2,219 Conectiv, Inc.......................................................................... 38,694
5,273 Consolidated Edison, Inc............................................................... 172,361
3,568 Constellation Energy Group, Inc........................................................ 107,486
4,552 Dominion Resources, Inc................................................................ 190,046
3,785 DPL, Inc............................................................................... 72,625
1,797 DQE, Inc............................................................................... 83,785
3,461 DTE Energy Co.......................................................................... 120,270
8,725 Duke Energy Corp....................................................................... 503,869
3,721 Dynegy Inc............................................................................. 115,351
464 Eastern Utilities Assoc................................................................ 14,268
8,284 Edison International................................................................... 240,236
1,077 El Paso Electric Co.................................................................... 9,626
367 Empire District Electric Co. (The)..................................................... 8,005
2,730 Energy East Corp....................................................................... 61,596
5,889 Entergy Corp........................................................................... 146,857
5,560 FirstEnergy Corp....................................................................... 126,490
2,343 Florida Progress Corp.................................................................. 99,285
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
4,276 FPL Group, Inc......................................................................... $ 180,394
2,589 GPU, Inc............................................................................... 75,081
769 Hawaiian Electric Industries, Inc...................................................... 23,166
870 IDACORP, Inc........................................................................... 29,199
1,669 Illinova Corp.......................................................................... 73,019
2,045 IPALCO Enterprises, Inc................................................................ 39,750
1,477 Kansas City Power & Light Co........................................................... 35,910
3,094 LG&E Energy Corp....................................................................... 52,598
418 Madison Gas & Electric Co.............................................................. 7,576
1,428 MidAmerican Energy Holdings Co......................................................... 48,820
1,753 Minnesota Power, Inc................................................................... 29,472
2,629 Montana Power Co....................................................................... 106,474
2,757 New Century Energies, Inc.............................................................. 79,781
1,410 New England Electric System............................................................ 74,554
4,468 Niagara Mohawk Holdings Inc.*.......................................................... 56,129
2,984 NiSource Inc........................................................................... 54,831
3,139 Northeast Utilities.................................................................... 64,349
3,693 Northern States Power Co............................................................... 71,090
412 Northwestern Corp...................................................................... 9,115
1,420 NSTAR.................................................................................. 59,551
1,856 OGE Energy Corp........................................................................ 37,700
214 Otter Tail Power Co.................................................................... 7,624
4,433 PECO Energy Co......................................................................... 184,524
9,161 PG & E Corp............................................................................ 200,969
2,022 Pinnacle West Capital Corp............................................................. 62,429
2,828 Potomac Electric Power Co.............................................................. 68,225
3,531 PP&L Resources, Inc.................................................................... 81,875
973 Public Service Company of New Mexico................................................... 15,446
5,215 Public Service Enterprise Group, Inc................................................... 179,266
2,018 Puget Sound Power & Light Co........................................................... 45,405
7,054 Reliant Energy, Inc.................................................................... 160,919
865 RGS Energy Group Inc................................................................... 17,462
2,471 SCANA Corp............................................................................. 67,180
1,871 Sierra Pacific Resources............................................................... 29,936
521 SIGCORP, Inc........................................................................... 10,713
16,059 Southern Co............................................................................ 411,512
192 St. Joseph Light & Power Co............................................................ 3,936
3,088 TECO Energy, Inc....................................................................... 60,602
6,595 Texas Utilities Co..................................................................... 233,298
244 TNP Enterprises, Inc................................................................... 10,065
5,190 Unicom Corp............................................................................ 203,059
792 UniSource Energy Corp.................................................................. 10,791
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
356 United Illuminating Co................................................................. $ 17,844
2,217 UtiliCorp United Inc................................................................... 43,370
1,625 Western Resources, Inc................................................................. 26,000
2,812 Wisconsin Energy Corp.................................................................. 55,537
640 WPS Resources Corp..................................................................... 16,200
------------
6,922,760
------------
ELECTRICAL PRODUCTS (0.3%)
346 Alpine Group, Inc. (The)*.............................................................. 4,347
4,595 American Power Conversion Corp.*....................................................... 126,650
696 American Superconductor Corp.*......................................................... 18,531
857 Baldor Electric Co..................................................................... 14,623
448 Belden Inc............................................................................. 9,660
254 C&D Technologies, Inc.................................................................. 10,382
673 Cable Design Technologies Corp.*....................................................... 15,479
10,367 Emerson Electric Co.................................................................... 570,833
134 Franklin Electric Co., Inc............................................................. 9,212
390 Genlyte Group Inc. (The)*.............................................................. 7,702
1,545 Hubbell, Inc. (Class B)................................................................ 40,073
417 Littelfuse, Inc.*...................................................................... 10,451
1,044 MagneTek, Inc.*........................................................................ 9,331
3,740 Molex Inc.............................................................................. 190,039
512 Powerone Inc.*......................................................................... 17,536
593 Rayovac Corp.*......................................................................... 12,824
637 SLI, Inc............................................................................... 7,485
645 Superior TeleCom Inc................................................................... 9,715
1,379 Thomas & Betts Corp.................................................................... 41,973
492 Thomas Industries, Inc................................................................. 9,163
621 Valence Technology, Inc.*.............................................................. 19,135
------------
1,155,144
------------
ELECTRONIC COMPONENTS (0.5%)
414 Aavid Thermal Technologies, Inc........................................................ 10,402
383 ACT Manufacturing, Inc.*............................................................... 12,495
418 Amphenol Corp. (Class A)*.............................................................. 28,372
129 Anaren Microwave, Inc.*................................................................ 7,595
1,958 Andrew Corp.*.......................................................................... 44,912
888 Artesyn Technologies, Inc.*............................................................ 15,207
2,070 AVX Corp............................................................................... 123,165
121 Bel Fuse Inc. (Class A)................................................................ 2,964
289 Benchmark Electronics, Inc.*........................................................... 7,279
1,323 Burr-Brown Corp.*...................................................................... 48,620
278 California Amplifier, Inc.*............................................................ 9,400
704 Cree Research, Inc..................................................................... 66,176
691 CTS Corp............................................................................... 48,500
877 DII Group, Inc.*....................................................................... 67,967
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,608 E-Tek Dynamics, Inc.*.................................................................. $ 292,656
342 Hadco Corp.*........................................................................... 13,594
441 Hutchinson Technology Inc.*............................................................ 7,166
949 Kemet Corp.*........................................................................... 45,137
2,949 Komag Inc.*............................................................................ 8,294
847 Methode Electronics, Inc. (Class A).................................................... 28,904
307 NETsilicon, Inc........................................................................ 6,907
957 Oak Technology, Inc.*.................................................................. 12,381
304 Park Electrochemical Corp.............................................................. 5,757
418 Plexus Corp.*.......................................................................... 19,437
670 Power Integrations, Inc.*.............................................................. 24,371
481 Powerwave Technologies, Inc.*.......................................................... 43,801
562 Rambus Inc.*........................................................................... 42,361
1,941 Read Rite Corp.*....................................................................... 6,187
220 Sage, Inc.*............................................................................ 6,490
764 SanDisk Corp.*......................................................................... 102,233
1,392 Sanmina Corp.*......................................................................... 147,900
1,008 Sawtek, Inc.*.......................................................................... 63,693
602 SIPEX Corp.*........................................................................... 13,846
6,990 Solectron Corp.*....................................................................... 507,649
435 Spectrian Corp......................................................................... 8,917
290 Three-Five Systems, Inc................................................................ 11,147
984 Vicor Corp............................................................................. 40,098
2,020 Vishay Intertechnology, Inc.*.......................................................... 75,245
------------
2,027,225
------------
ELECTRONIC DATA PROCESSING (4.0%)
3,838 Apple Computer, Inc.*.................................................................. 397,953
40,560 Compaq Computer Corp................................................................... 1,110,330
1,393 Concurrent Computer Corp.*............................................................. 26,293
416 Corsair Communications, Inc.*.......................................................... 4,992
60,622 Dell Computer Corp.*................................................................... 2,330,158
363 eShare Technologies, Inc............................................................... 5,853
7,552 Gateway, Inc.*......................................................................... 462,088
24,312 Hewlett-Packard Co.*................................................................... 2,631,774
43,008 International Business Machines Corp................................................... 4,824,960
2,297 Micron Electronics, Inc.*.............................................................. 24,262
2,304 NCR Corp.*............................................................................. 88,704
391 RadiSys Corp.*......................................................................... 15,933
4,385 Silicon Graphics, Inc.*................................................................ 42,480
37,269 Sun Microsystems, Inc.*................................................................ 2,925,616
7,394 Unisys Corp.*.......................................................................... 235,684
------------
15,127,080
------------
ELECTRONIC DISTRIBUTORS (0.1%)
2,290 Arrow Electronics, Inc.*............................................................... 48,090
1,001 Avnet, Inc............................................................................. 53,741
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
457 Black Box Corp.*....................................................................... $ 26,906
1,331 Brightpoint, Inc.*..................................................................... 17,386
1,297 CellStar Corp.*........................................................................ 11,268
996 InaCom Corp.*.......................................................................... 4,731
1,688 Ingram Micro Inc. (Class A)*........................................................... 19,306
575 Intraware, Inc.*....................................................................... 29,325
670 Kent Electronics Corp.*................................................................ 15,452
271 Miami Computer Supply Corp.*........................................................... 8,401
668 Pioneer-Standard Electronics, Inc...................................................... 9,143
831 Safeguard Scientifics, Inc.*........................................................... 118,002
327 ScanSource, Inc.*...................................................................... 13,857
1,241 Tech Data Corp.*....................................................................... 27,612
------------
403,220
------------
ELECTRONIC PRODUCTION EQUIPMENT (0.8%)
660 ADE Corportion*........................................................................ 12,705
653 Advanced Energy Industries, Inc.*...................................................... 33,221
453 American Xtal Technology, Inc.*........................................................ 7,078
2,822 Amkor Technology, Inc.*................................................................ 89,598
9,029 Applied Materials, Inc.*............................................................... 1,238,666
473 Applied Science & Technology, Inc.*.................................................... 14,367
306 Artisan Components, Inc.*.............................................................. 4,628
321 Asyst Technologies, Inc.*.............................................................. 23,172
625 ATMI, Inc.*............................................................................ 21,680
479 Brooks Automation, Inc.*............................................................... 24,429
989 Cognex Corp.*.......................................................................... 40,302
427 Cohu, Inc.............................................................................. 17,614
518 Credence Systems Corp.*................................................................ 43,512
668 Cymer, Inc.*........................................................................... 36,740
368 DuPont Photomasks, Inc.*............................................................... 17,480
312 Electro Scientific Industries, Inc.*................................................... 24,960
418 Electroglas, Inc.*..................................................................... 12,305
654 EMCORE Corp.*.......................................................................... 30,574
665 Esterline Corp.*....................................................................... 7,440
515 Etec Systems, Inc.*.................................................................... 43,131
522 FEI Co................................................................................. 8,548
541 FSI International, Inc.*............................................................... 8,352
609 GaSonics International Corp.*.......................................................... 18,156
533 Helix Technology Corp.................................................................. 25,917
283 Ibis Technology Corp.*................................................................. 19,067
2,092 Jabil Circuit, Inc.*................................................................... 132,319
4,292 KLA-Tencor Corp.*...................................................................... 251,618
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
560 Kulicke & Soffa Industries, Inc.*...................................................... $ 29,295
941 Lam Research Corp.*.................................................................... 117,390
1,016 LTX Corp.*............................................................................. 30,353
752 Mattson Technology, Inc.*.............................................................. 21,902
1,660 MEMC Electronic Materials, Inc.*....................................................... 26,249
1,532 Mentor Graphics Corp.*................................................................. 20,682
586 MKS Instruments, Inc.*................................................................. 19,045
2,799 Novellus Systems, Inc.*................................................................ 137,326
180 Photon Dynamics, Inc.*................................................................. 10,091
551 Photronics, Inc.*...................................................................... 16,461
525 PRI Automation, Inc.*.................................................................. 36,750
312 Rudolph Technologies, Inc.*............................................................ 13,923
779 Silicon Valley Group, Inc.*............................................................ 16,213
727 SpeedFam-IPEC, Inc.*................................................................... 10,905
1,690 Synopsys, Inc.*........................................................................ 77,846
4,080 Teradyne, Inc.*........................................................................ 264,180
727 Ultratech Stepper, Inc.*............................................................... 9,814
726 Varian Semiconductor Equipment Associates, Inc.*....................................... 35,120
418 Veeco Instruments, Inc.*............................................................... 22,885
------------
3,124,009
------------
ENGINEERING & CONSTRUCTION (0.2%)
783 Comfort Systems USA, Inc.*............................................................. 5,481
613 Dycom Industries, Inc.*................................................................ 26,359
473 EMCOR Group, Inc.*..................................................................... 8,603
1,812 Fluor Corp............................................................................. 72,367
804 Foster Wheeler Corp.................................................................... 5,678
484 Granite Construction Inc............................................................... 9,650
923 Group Maintenance America Corp.*....................................................... 8,307
600 Insituform Technologies, Inc. (Class A)*............................................... 15,300
671 Integrated Electrical Services, Inc.*.................................................. 5,871
619 Jacobs Engineering Group, Inc.*........................................................ 18,260
672 MasTec, Inc.*.......................................................................... 31,038
4,749 Metromedia Fiber Network, Inc. (Class A)*.............................................. 321,448
939 Morrison Knudsen Corp.*................................................................ 6,925
777 Quanta Services, Inc.*................................................................. 25,447
456 SpectraSite Holdings, Inc.*............................................................ 8,835
328 Stone & Webster, Inc................................................................... 5,248
------------
574,817
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
ENVIRONMENTAL SERVICES (0.1%)
4,506 Allied Waste Industries, Inc.*......................................................... $ 29,007
583 Casella Waste Systems Inc., (Class A)*................................................. 8,745
664 Catalytica, Inc.*...................................................................... 9,462
958 IT Group, Inc. (The)*.................................................................. 7,305
367 Landauer, Inc.......................................................................... 7,845
1,233 Newpark Resources, Inc.*............................................................... 7,783
4,186 Republic Services, Inc.*............................................................... 49,185
2,401 Safety-Kleen Corp.*.................................................................... 14,556
823 Tetra Tech, Inc.*...................................................................... 12,139
1,184 Thermo Ecotek Corp.*................................................................... 8,436
418 Trigen Energy Corp..................................................................... 9,692
869 U.S. Plastic Lumber Corp.*............................................................. 7,658
396 URS Corp............................................................................... 6,880
460 Waste Connections, Inc.*............................................................... 5,606
322 Waste Industries Inc.*................................................................. 3,743
14,784 Waste Management, Inc.................................................................. 258,720
------------
446,762
------------
FARMING/SEEDS/MILLING (0.1%)
197 Agribrands International, Inc.*........................................................ 8,139
14,515 Archer-Daniels-Midland Co.............................................................. 170,551
1,009 Cadiz, Inc.*........................................................................... 10,973
864 Corn Products International, Inc....................................................... 19,872
886 Delta & Pine Land Co................................................................... 14,619
512 Hines Horticulture, Inc................................................................ 4,096
331 Tejon Ranch Co.*....................................................................... 7,510
------------
235,760
------------
FINANCE COMPANIES (1.2%)
553 Advanta Corp. (Class A)................................................................ 10,230
1,491 Allied Capital Corp.................................................................... 27,583
508 American Capital Strategies, Ltd....................................................... 13,017
1,755 AmeriCredit Corp.*..................................................................... 28,738
17,375 Associates First Capital Corp. (Class A)............................................... 347,500
4,704 Capital One Financial Corp............................................................. 192,864
989 Cash American International, Inc....................................................... 9,828
737 Charter Municipal Mortgage Acceptance Co............................................... 8,660
5,936 CIT Group, Inc. (The) (Series A)....................................................... 113,526
956 CompuCredit Corp.*..................................................................... 33,340
2,700 Countrywide Credit Industries, Inc..................................................... 70,200
1,617 Credit Acceptance Corp.*............................................................... 7,276
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
388 Creditrust Corp.*...................................................................... $ 2,922
721 Doral Financial Corp................................................................... 7,390
24,455 Fannie Mae............................................................................. 1,465,772
2,949 FiNet.com, Inc.*....................................................................... 3,686
1,461 FINOVA Group, Inc...................................................................... 47,209
16,586 Freddie Mac............................................................................ 832,410
1,098 Heller Financial, Inc.................................................................. 22,852
11,217 Household International, Inc........................................................... 395,399
770 Imperial Credit Industries, Inc.*...................................................... 3,609
19,130 MBNA Corp.............................................................................. 483,032
432 Medallion Financial Corp............................................................... 7,452
921 Metris Companies, Inc.................................................................. 33,732
850 Mortgage.Com, Inc.*.................................................................... 4,569
541 New Century Financial Corp.*........................................................... 5,410
1,210 NextCard, Inc.*........................................................................ 41,745
340 Prism Financial Corp.*................................................................. 1,360
3,796 SLM Holding Corp....................................................................... 147,807
477 Student Loan Corp. (The)............................................................... 23,731
481 WFS Financial Inc...................................................................... 7,696
217 White Mountains Insurance Group, Inc................................................... 24,412
------------
4,424,957
------------
FINANCIAL PUBLISHING/SERVICES (0.2%)
354 Advent Software, Inc.*................................................................. 23,187
643 Aether Systems, Inc*................................................................... 78,767
545 Ashton Technology Group, Inc. (The)*................................................... 5,195
440 BARRA, Inc.*........................................................................... 15,730
1,253 Data Broadcasting Corp.*............................................................... 10,337
392 Data Transmission Network Corp.*....................................................... 6,492
3,838 Dun & Bradstreet Corp.................................................................. 96,670
3,374 Equifax, Inc........................................................................... 72,541
379 FactSet Research Systems Inc........................................................... 25,393
297 MarketWatch.com, Inc.*................................................................. 11,286
4,679 McGraw-Hill Companies, Inc............................................................. 262,316
684 Multex.com, Inc.*...................................................................... 17,185
402 NewsEdge Corp.*........................................................................ 3,517
522 Omega Research, Inc.*.................................................................. 3,262
1,074 Phoenix Investment Partners, Ltd....................................................... 7,451
364 Primark Corp.*......................................................................... 8,508
415 SEI Investments Co..................................................................... 43,160
3,060 Sungard Data Systems, Inc.*............................................................ 89,505
526 Telescan, Inc.*........................................................................ 11,210
470 Thestreet.com, Inc.*................................................................... 8,049
1,456 Track Data Corp.*...................................................................... 9,009
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
269 Value Line, Inc........................................................................ $ 9,886
------------
818,656
------------
FLUID CONTROLS (0.1%)
235 CIRCOR International, Inc.*............................................................ 2,849
808 Flowserve Corp......................................................................... 12,372
463 Graco Inc.............................................................................. 14,237
707 IDEX Corp.............................................................................. 19,001
2,672 Parker-Hannifin Corp................................................................... 115,564
254 Robbins & Myers, Inc................................................................... 5,461
723 Roper Industries, Inc.................................................................. 24,266
471 Watts Industries, Inc.................................................................. 7,124
------------
200,874
------------
FOOD CHAINS (0.4%)
9,782 7-Eleven, Inc.*........................................................................ 25,983
10,105 Albertson's, Inc....................................................................... 309,466
940 Casey's General Stores, Inc............................................................ 9,694
3,738 Delhaize America, Inc.................................................................. 67,050
696 Grand Union Co. (The)*................................................................. 3,958
883 Great Atlantic & Pacific Tea Co., Inc.................................................. 24,393
1,008 Hannaford Brothers Company............................................................. 70,686
737 Ingles Markets, Inc. (Class A)......................................................... 8,475
19,850 Kroger Co.*............................................................................ 344,894
826 Pantry, Inc. (The)*.................................................................... 10,428
1,108 Ruddick Corp........................................................................... 14,889
12,139 Safeway Inc.*.......................................................................... 463,558
334 Seaway Food Town, Inc.................................................................. 7,014
958 Smart & Final, Inc..................................................................... 7,245
995 Weis Markets, Inc.*.................................................................... 42,723
627 Whole Foods Market, Inc.*.............................................................. 28,685
352 Wild Oats Markets, Inc.*............................................................... 5,808
3,546 Winn-Dixie Stores, Inc................................................................. 71,806
------------
1,516,755
------------
FOOD DISTRIBUTORS (0.1%)
885 Fleming Companies, Inc................................................................. 8,850
362 Performance Food Group Co.*............................................................ 8,349
3,331 Supervalu, Inc......................................................................... 59,958
7,859 SYSCO Corp............................................................................. 279,486
2,422 U.S. Foodservice*...................................................................... 43,747
874 United Natural Foods, Inc.*............................................................ 9,395
------------
409,785
------------
FOREST PRODUCTS (0.2%)
4,080 Georgia-Pacific Corp................................................................... 166,260
1,977 Georgia-Pacific Corp. (Timber Grp)..................................................... 42,876
2,540 Louisiana-Pacific Corp................................................................. 32,702
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
348 Pope & Talbot, Inc..................................................................... $ 5,568
655 Rayonier Inc........................................................................... 28,165
273 Republic Group Inc..................................................................... 3,617
629 Universal Forest Products, Inc......................................................... 7,862
5,603 Weyerhaeuser Co........................................................................ 321,472
------------
608,522
------------
GENERIC DRUGS (0.1%)
691 Alpharma Inc. (Class A)................................................................ 23,494
751 Andrx Corp.*........................................................................... 52,664
545 Barr Laboratories, Inc.*............................................................... 21,766
504 Duramed Pharmaceuticals, Inc.*......................................................... 4,032
1,870 ICN Pharmaceuticals, Inc............................................................... 46,984
2,518 Ivax Corp.*............................................................................ 83,723
3,083 Mylan Laboratories, Inc................................................................ 82,085
686 Pharmaceutical Resources, Inc.*........................................................ 3,173
787 Schein Pharmaceutical, Inc.*........................................................... 7,427
2,290 Watson Pharmaceuticals, Inc.*.......................................................... 92,316
------------
417,664
------------
HOME BUILDING (0.1%)
207 Beazer Homes USA Inc.*................................................................. 3,804
629 Castle & Cooke, Inc.*.................................................................. 7,509
1,414 Centex Corp............................................................................ 31,108
1,037 Champion Enterprises, Inc.*............................................................ 7,972
3,339 Clayton Homes, Inc..................................................................... 28,381
485 Crossmann Communities, Inc.*........................................................... 7,639
1,532 D.R. Horton, Inc....................................................................... 17,714
791 Fairfield Communities, Inc.*........................................................... 8,998
779 Fleetwood Enterprises, Inc............................................................. 12,707
1,138 Kaufman & Broad Home Corp.............................................................. 24,680
1,391 Lennar Corp............................................................................ 22,169
599 M.D.C. Holdings, Inc................................................................... 8,461
181 NVR, Inc.*............................................................................. 8,190
1,880 Oakwood Homes Corp..................................................................... 5,170
637 Palm Harbor Homes, Inc.*............................................................... 9,913
1,032 Pulte Corp............................................................................. 17,995
412 Ryland Group, Inc. (The)............................................................... 6,772
347 Skyline Corp........................................................................... 7,157
874 Standard Pacific Corp.................................................................. 8,139
870 Toll Brothers, Inc.*................................................................... 14,790
353 U.S. Home Corp.*....................................................................... 8,450
438 Webb (Del) Corp.*...................................................................... 7,993
------------
275,711
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
HOME FURNISHINGS (0.1%)
592 Bassett Furniture Industries, Inc...................................................... $ 7,696
379 Department 56, Inc..................................................................... 7,272
597 Enesco Group........................................................................... 5,858
973 Ethan Allen Interiors, Inc............................................................. 24,325
1,178 Furniture Brands International, Inc.*.................................................. 20,026
1,460 La-Z-Boy, Inc.......................................................................... 19,978
4,683 Leggett & Platt, Inc................................................................... 84,294
318 Libbey, Inc............................................................................ 8,188
809 Mikasa, Inc............................................................................ 7,736
1,446 Mohawk Industries, Inc.*............................................................... 33,891
249 National Presto Industries, Inc........................................................ 8,715
6,729 Newell Rubbermaid, Inc................................................................. 201,870
627 O'Sullivan Industries Holdings, Inc. (Pref.)*.......................................... 353
394 Oneida Ltd............................................................................. 8,323
3,192 Shaw Industries, Inc................................................................... 43,291
1,376 Tupperware Corp........................................................................ 22,446
1,274 Westpoint Stevens, Inc................................................................. 20,941
------------
525,203
------------
HOSPITAL/NURSING MANAGEMENT (0.2%)
2,212 Beverly Enterprises, Inc.*............................................................. 8,157
13,439 Columbia/HCA Healthcare Corp........................................................... 367,053
6,045 Health Management Associates, Inc. (Class A)*.......................................... 84,252
1,233 LifePoint Hospitals, Inc.*............................................................. 16,645
2,458 Manor Care, Inc.*...................................................................... 32,722
1,148 Orthodontic Centers of America, Inc.*.................................................. 17,579
809 Province Healthcare Co.*............................................................... 20,933
1,686 Quorum Health Group, Inc.*............................................................. 16,122
522 Res-Care, Inc.*........................................................................ 7,080
7,429 Tenet Healthcare Corp.*................................................................ 169,010
874 Triad Hospitals, Inc.*................................................................. 14,913
732 Universal Health Services, Inc. (Class B)*............................................. 32,711
------------
787,177
------------
HOTELS/RESORTS (0.3%)
422 American Classic Voyager Co.*.......................................................... 12,132
1,037 Boca Resorts, Inc.*.................................................................... 9,657
14,719 Carnival Corp.......................................................................... 663,275
1,289 Choice Hotels International, Inc.*..................................................... 21,349
446 Crestline Capital Corp.*............................................................... 8,028
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,295 Extended Stay America, Inc.*........................................................... $ 17,930
9,800 Hilton Hotels Corp..................................................................... 82,687
779 Marcus Corp. (The)..................................................................... 8,666
5,936 Marriott International, Inc. (Class A)................................................. 184,387
1,157 Prime Hospitality Corp.*............................................................... 9,111
1,090 ResortQuest International, Inc.*....................................................... 5,314
4,284 Royal Caribbean Cruises Ltd............................................................ 211,790
363 Trendwest Resorts, Inc.*............................................................... 8,712
557 U.S. Franchise Systems, Inc.*.......................................................... 2,750
483 Vail Resorts, Inc.*.................................................................... 7,879
------------
1,253,667
------------
INDUSTRIAL MACHINERY/COMPONENTS (0.2%)
929 Applied Power, Inc. (Class A).......................................................... 25,896
341 Commercial Intertech Corp.............................................................. 6,394
685 Hanover Compressor Co.*................................................................ 27,143
1,215 Hussmann International, Inc............................................................ 16,782
7,169 Illinois Tool Works Inc................................................................ 419,386
3,903 Ingersoll-Rand Co...................................................................... 183,685
720 Kennametal, Inc........................................................................ 18,945
1,077 Lincoln Electric Holdings, Inc......................................................... 21,069
660 Milacron Inc........................................................................... 7,961
393 Nordson Corp........................................................................... 16,899
1,264 Presstek, Inc.*........................................................................ 23,384
456 Regal-Beloit Corp...................................................................... 9,063
388 Specialty Equipment Co., Inc.*......................................................... 6,935
459 Tecumseh Products Co................................................................... 20,856
261 Tennant Co............................................................................. 8,417
1,367 Thermo Fibertek, Inc.*................................................................. 10,252
588 Transportation Technologies Industries, Inc.*.......................................... 11,980
1,234 Westinghouse Air Brake Co.............................................................. 13,728
384 Woodward Governor Co................................................................... 8,832
748 Zebra Technologies Corp. (Class A)*.................................................... 44,272
------------
901,879
------------
INDUSTRIAL SPECIALTIES (0.2%)
631 Albany International Corp. (Class A)*.................................................. 9,347
537 Bacou USA, Inc.*....................................................................... 8,391
792 BMC Industries, Inc.................................................................... 3,762
540 Brady (W.H.) Co........................................................................ 15,356
631 Buckeye Technologies Inc.*............................................................. 10,569
0 CoorsTek, Inc.*........................................................................ 4
469 CUNO, Inc.*............................................................................ 10,963
1,098 Donaldson Co., Inc..................................................................... 22,646
3,092 Ecolab, Inc............................................................................ 108,800
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
22
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
580 Foamex International Inc.*............................................................. $ 4,821
295 Ionics, Inc.*.......................................................................... 8,739
745 MacDermid, Inc......................................................................... 25,330
700 Material Sciences Corp.*............................................................... 8,925
1,080 Millipore Corp......................................................................... 46,237
150 Mine Safety Appliances Co.............................................................. 9,309
745 Omnova Solutions, Inc.................................................................. 5,587
349 Optical Coating Laboratory, Inc........................................................ 132,555
2,962 Pall Corp.............................................................................. 54,612
1,059 Paxar Corp.*........................................................................... 9,134
962 Pittway Corp. (Class A)................................................................ 43,530
258 Rogers Corp.*.......................................................................... 9,804
651 Spartech Corp.......................................................................... 16,682
684 Symyx Technologies, Inc.*.............................................................. 34,200
1,076 UCAR International, Inc.*.............................................................. 24,277
------------
623,580
------------
INSURANCE BROKERS/SERVICES (0.2%)
6,123 AON Corp............................................................................... 158,433
280 Brown & Brown, Inc..................................................................... 9,607
796 CCC Information Services Group, Inc.*.................................................. 13,233
726 ChoicePoint Inc.*...................................................................... 25,410
189 CorVel Corp.*.......................................................................... 4,630
1,189 Crawford & Co.......................................................................... 14,491
333 E. W. Blanch Holdings, Inc............................................................. 16,109
424 Gallagher (Arthur J.) & Co............................................................. 22,790
382 Hilb, Rogal & Hamilton Co.............................................................. 10,720
6,365 Marsh & McLennan Companies, Inc........................................................ 598,310
------------
873,733
------------
INTEGRATED OIL COMPANIES (2.8%)
2,164 Amerada Hess Corp...................................................................... 115,098
7,700 Atlantic Richfield Co.................................................................. 592,900
895 BP Prudhoe Bay Royalty Trust........................................................... 7,943
15,658 Chevron Corp........................................................................... 1,308,422
14,942 Conoco, Inc. (Class B)................................................................. 352,071
82,398 Exxon Mobil Corp....................................................................... 6,880,233
2,063 Kerr-McGee Corp........................................................................ 114,239
1,073 Murphy Oil Corp........................................................................ 61,563
6,043 Phillips Petroleum Co.................................................................. 247,008
13,195 Texaco, Inc............................................................................ 697,686
5,784 Unocal Corp............................................................................ 165,567
------------
10,542,730
------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
INTERNET SERVICES (3.8%)
366 About.com, Inc.*....................................................................... $ 25,620
598 Accrue Software, Inc.*................................................................. 23,584
574 Active Software, Inc.*................................................................. 44,054
802 Agency.com, Inc.*...................................................................... 29,473
545 Agile Software Co.*.................................................................... 80,353
215 Akamai Technologies, Inc.*............................................................. 53,535
310 Allaire Corp.*......................................................................... 38,479
331 Alloy Online, Inc.*.................................................................... 5,089
53,336 America Online, Inc.*.................................................................. 3,036,818
347 Andover.Net, Inc.*..................................................................... 9,239
771 AppliedTheory Corp.*................................................................... 19,275
775 AppNet, Inc.*.......................................................................... 35,844
2,168 Ariba, Inc.*........................................................................... 352,571
742 Art Technology Group, Inc.*............................................................ 79,765
397 ASD Systems, Inc.*..................................................................... 3,300
640 Ask Jeeves, Inc.*...................................................................... 61,120
8,290 At Home Corp. (Series A)*.............................................................. 298,440
430 Bluestone Software, Inc.*.............................................................. 37,894
553 Braun Consulting, Inc.*................................................................ 20,910
416 Breakaway Solutions, Inc.*............................................................. 35,958
430 Broadbase Software, Inc.*.............................................................. 37,840
1,890 BroadVision, Inc.*..................................................................... 240,621
401 C-Bridge Internet Solutions, Inc.*..................................................... 22,130
800 CAIS Internet, Inc.*................................................................... 28,000
804 Calico Commerce, Inc.*................................................................. 25,527
355 Circle.com*............................................................................ 3,861
6,453 CMGI Inc.*............................................................................. 726,366
1,753 CNet Inc.*............................................................................. 85,787
1,674 Commerce One, Inc.*.................................................................... 288,242
989 Concentric Network Corp.*.............................................................. 41,909
1,140 Critical Path, Inc.*................................................................... 72,958
572 CyberSource Corp.*..................................................................... 20,020
260 Cysive, Inc.*.......................................................................... 19,110
845 Data Return Corp.*..................................................................... 49,116
327 Digex, Inc.*........................................................................... 27,734
329 Digital Insight Corp.*................................................................. 14,106
858 Digital Island, Inc.*.................................................................. 72,179
778 Earthlink Network, Inc.*............................................................... 33,259
256 EarthWeb, Inc.*........................................................................ 8,416
671 eGain Communications Corp.*............................................................ 23,066
1,163 Engage Technologies, Inc.*............................................................. 151,190
270 Exactis.com, Inc.*..................................................................... 4,792
658 eXcelon Corp.*......................................................................... 11,885
4,067 Exodus Communications, Inc.*........................................................... 466,942
444 F5 Networks, Inc.*..................................................................... 41,736
1,484 Go.com, Inc.*.......................................................................... 38,027
664 Go2Net, Inc.*.......................................................................... 53,410
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
23
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,086 GoTo.com, Inc.*........................................................................ $ 81,314
752 HearMe Inc.*........................................................................... 19,270
1,293 High Speed Access Corp.*............................................................... 23,516
512 iManage, Inc.*......................................................................... 12,800
2,300 InfoSpace.com, Inc.*................................................................... 322,287
2,462 Inktomi Corp.*......................................................................... 244,815
1,042 Interliant, Inc.*...................................................................... 39,401
2,978 Internap Network Services Corp.*....................................................... 186,497
667 Internet Capital Group, Inc.*.......................................................... 79,373
557 Internet.com Corp.*.................................................................... 27,258
939 Intertrust Technologies Corp.*......................................................... 135,568
350 InterVU Inc.*.......................................................................... 32,375
645 InterWorld Corp.*...................................................................... 47,569
547 Interwoven, Inc.*...................................................................... 68,580
854 ITXC Corp.*............................................................................ 91,805
526 iVillage Inc.*......................................................................... 8,613
762 JFAX.COM, Inc.*........................................................................ 4,524
826 Juno Online Services, Inc.*............................................................ 21,579
689 Kana Communications, Inc.*............................................................. 172,078
544 Keynote Systems, Inc.*................................................................. 43,996
1,994 Liberate Technologies, Inc.*........................................................... 157,027
342 Lionbridge Technologies, Inc.*......................................................... 6,712
407 Liquid Audio, Inc.*.................................................................... 11,701
2,041 LookSmart, Ltd.*....................................................................... 66,077
570 Luminant Worldwide Corp.*.............................................................. 17,812
2,300 Lycos, Inc.*........................................................................... 168,906
718 Mail.com, Inc.*........................................................................ 11,802
469 Media Metrix, Inc.*.................................................................... 15,682
1,192 MessageMedia, Inc.*.................................................................... 21,232
1,518 MindSpring Enterprises, Inc.*.......................................................... 40,227
796 N2H2, Inc.*............................................................................ 12,736
1,267 National Information Consortium, Inc.*................................................. 56,302
669 NaviSite, Inc.*........................................................................ 68,865
423 NBC Internet, Inc. (Class A)*.......................................................... 40,185
588 Net Perceptions, Inc.*................................................................. 28,555
396 Netegrity, Inc.*....................................................................... 27,522
1,435 NetManage, Inc.*....................................................................... 8,789
573 NetObjects, Inc.*...................................................................... 11,890
797 Network Solutions, Inc. (Class A)*..................................................... 172,800
434 Netzee, Inc.*.......................................................................... 7,161
2,494 Netzero, Inc.*......................................................................... 80,120
451 OnDisplay, Inc.*....................................................................... 36,249
549 OneMain.com, Inc.*..................................................................... 6,691
1,046 Open Market, Inc.*..................................................................... 53,804
392 Optio Software, Inc.*.................................................................. 6,468
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
403 Pfsweb Inc.*........................................................................... $ 13,752
317 Pilot Network Services, Inc.*.......................................................... 8,004
3,774 Portal Software, Inc.*................................................................. 187,285
365 Preview Systems, Inc.*................................................................. 18,067
1,529 Prodigy Communications Corp.*.......................................................... 30,389
623 Proxicom, Inc.*........................................................................ 62,845
1,551 PSINet, Inc.*.......................................................................... 123,983
668 PurchasePro.com Inc.*.................................................................. 55,277
926 Quest Software, Inc.*.................................................................. 89,417
767 Quintus Corp.*......................................................................... 25,503
413 Ramp Networks, Inc.*................................................................... 5,575
1,098 Rare Medium Group, Inc.*............................................................... 39,253
1,775 RealNetworks, Inc.*.................................................................... 279,008
1,086 Retek, Inc.*........................................................................... 57,694
377 RoweCom, Inc.*......................................................................... 13,336
1,675 Scient Corp.*.......................................................................... 125,416
419 SilverStream Software, Inc.*........................................................... 46,509
413 Softnet Systems, Inc.*................................................................. 13,500
984 Software.com, Inc.*.................................................................... 66,789
563 SonicWall, Inc.*....................................................................... 32,654
1,356 Splitrock Services, Inc.*.............................................................. 47,884
384 Spyglass, Inc.*........................................................................ 13,584
1,392 StarMedia Network, Inc.*............................................................... 44,544
1,067 Talk City, Inc.*....................................................................... 17,272
706 theglobe.com, Inc.*.................................................................... 5,516
515 Tumbleweed Communications Corp.*....................................................... 25,847
2,047 USWeb Corp.*........................................................................... 58,595
1,840 Verio Inc.*............................................................................ 117,760
2,459 VeriSign, Inc.*........................................................................ 396,360
850 VerticalNet, Inc.*..................................................................... 202,512
341 Viador Inc.*........................................................................... 12,191
536 Viant Corp.*........................................................................... 51,322
1,402 Vignette Corp.*........................................................................ 271,637
1,478 Vitria Technology, Inc.*............................................................... 144,105
1,003 Voyager.net, Inc.*..................................................................... 11,848
660 WatchGuard Technologies, Inc.*......................................................... 18,645
304 WebTrends Corp.*....................................................................... 26,182
239 White Pine Software, Inc.*............................................................. 4,750
985 Women.com Networks, Inc.*.............................................................. 12,066
512 WorldGate Communications, Inc.*........................................................ 21,952
1,193 Xpedior Inc.*.......................................................................... 32,658
6,281 Yahoo! Inc.*........................................................................... 2,022,482
------------
14,552,051
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
24
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
INVESTMENT BANKERS/BROKERS/SERVICES (1.2%)
207 Advest Group, Inc...................................................................... $ 3,752
3,771 AmeriTrade Holding Corp. (Class A)*.................................................... 59,865
2,843 Bear Stearns Companies, Inc............................................................ 117,274
222 Dain Rauscher Corp..................................................................... 11,183
3,004 Donaldson, Lufkin & Jenrette, Inc...................................................... 143,629
121 Duff & Phelps Credit Rating Co......................................................... 9,733
6,675 E*TRADE Group, Inc.*................................................................... 140,175
2,197 Edwards (A.G.), Inc.................................................................... 72,776
208 eSPEED, Inc (Class A).................................................................. 14,248
730 Freedom Securities Corp................................................................ 7,847
253 GlobalNet Financial.com, Inc.*......................................................... 8,871
1,635 Goldman Sachs Group, Inc. (The)........................................................ 149,807
740 Investment Technology Group, Inc....................................................... 26,270
348 Investors Financial Services Corp...................................................... 13,311
450 Jefferies Group, Inc................................................................... 9,928
2,659 Knight/Trimark Group, Inc. (Class A)*.................................................. 83,925
1,066 LaBranche & Co., Inc.*................................................................. 14,657
1,364 Legg Mason, Inc........................................................................ 50,297
2,863 Lehman Brothers Holdings, Inc.......................................................... 204,704
8,844 Merrill Lynch & Co., Inc............................................................... 767,217
572 Morgan Keegan, Inc..................................................................... 8,365
26,576 Morgan Stanley Dean Witter & Co. (Note 4).............................................. 1,760,660
363 National Discount Brokers Group, Inc.*................................................. 7,895
3,405 Paine Webber Group, Inc................................................................ 130,880
545 Ragen Mackenzie Group, Inc.*........................................................... 9,912
1,129 Raymond James Financial, Inc........................................................... 21,451
19,564 Schwab (Charles) Corp.................................................................. 705,527
621 Siebert Financial Corp................................................................. 6,909
380 Southwest Securities Group, Inc........................................................ 9,880
7,281 TD Waterhouse Group, Inc.*............................................................. 97,838
558 Web Street, Inc........................................................................ 3,732
459 Wit Capital Group, Inc................................................................. 5,967
------------
4,678,485
------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
INVESTMENT MANAGERS (0.2%)
276 Acacia Research Corp.*................................................................. $ 11,074
556 Affiliated Managers Group, Inc.*....................................................... 19,251
4,086 Alliance Capital Management Holding L.P................................................ 153,736
839 Eaton Vance Corp....................................................................... 34,347
1,976 Federated Investors, Inc. (Class B).................................................... 39,026
6,016 Franklin Resources, Inc................................................................ 214,696
751 John Nuveen Co. (The) (Class A)........................................................ 26,660
1,192 Neuberger Berman Inc................................................................... 29,576
1,057 Nvest, L.P............................................................................. 20,017
1,182 Pimco Advisors Holdings L.P............................................................ 44,842
597 Pioneer Group, Inc. (The)*............................................................. 8,507
2,855 Price (T.) Rowe Associates, Inc........................................................ 110,453
1,399 United Asset Management Corp........................................................... 22,384
1,284 Waddell & Reed Financial, Inc. (Class A)............................................... 37,075
------------
771,644
------------
LIFE INSURANCE (0.3%)
1,011 American Annuity Group, Inc............................................................ 16,366
5,896 American General Corp.................................................................. 362,235
632 American National Insurance Co......................................................... 36,340
453 Amerus Life Holdings, Inc.............................................................. 9,230
7,805 Conseco, Inc........................................................................... 119,026
479 Delphi Financial Group, Inc. (Class A)*................................................ 15,807
554 FBL Financial Group, Inc. (Class A).................................................... 7,202
620 Hartford Life, Inc. (Class A).......................................................... 25,226
2,499 Jefferson-Pilot Corp................................................................... 146,816
249 Kansas City Life Insurance Co.......................................................... 8,341
445 Liberty (Corp.) (The).................................................................. 15,797
4,664 Lincoln National Corp.................................................................. 172,276
105 National Western Life Insurance Co. (Class A)*......................................... 7,311
555 Presidential Life Corp................................................................. 9,157
1,539 Protective Life Corp................................................................... 42,803
1,077 Reinsurance Group of America, Inc...................................................... 23,829
2,117 ReliaStar Financial Corp............................................................... 62,848
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
25
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,127 The MONY Group Inc..................................................................... $ 30,429
------------
1,111,039
------------
MAJOR BANKS (3.3%)
40,731 Bank of America Corp................................................................... 1,972,908
17,570 Bank of New York Co., Inc.............................................................. 713,781
27,363 Bank One Corp.......................................................................... 815,759
8,216 BB&T Corp.............................................................................. 231,075
19,678 Chase Manhattan Corp. (The)............................................................ 1,582,849
3,731 Comerica, Inc.......................................................................... 164,864
23,566 First Union Corp....................................................................... 790,934
21,844 FleetBoston Financial Corp............................................................. 686,721
5,482 Huntington Bancshares, Inc............................................................. 117,863
10,672 KeyCorp................................................................................ 224,112
12,136 Mellon Financial Corp.................................................................. 416,416
4,131 Morgan (J.P.) & Co., Inc............................................................... 507,338
14,711 National City Corp..................................................................... 318,125
7,014 PNC Bank Corp.......................................................................... 336,672
3,242 Popular, Inc........................................................................... 80,645
4,004 SouthTrust Corp........................................................................ 121,872
3,817 State Street Corp...................................................................... 306,076
4,170 Summit Bancorp......................................................................... 124,839
7,634 SunTrust Banks, Inc.................................................................... 454,700
17,361 U.S. Bancorp........................................................................... 385,197
3,928 UnionBanCal Corp....................................................................... 139,689
4,837 Wachovia Corp.......................................................................... 309,870
39,183 Wells Fargo & Co....................................................................... 1,567,320
------------
12,369,625
------------
MAJOR CHEMICALS (0.8%)
5,232 Dow Chemical Co........................................................................ 609,528
24,921 Du Pont (E.I.) de Nemours & Co., Inc................................................... 1,470,339
1,866 Eastman Chemical Co.................................................................... 74,407
2,537 Hercules Inc........................................................................... 43,446
15,141 Monsanto Co............................................................................ 534,667
5,222 Rohm & Haas Co......................................................................... 220,629
2,628 Solutia, Inc........................................................................... 36,135
3,194 Union Carbide Corp..................................................................... 178,864
------------
3,168,015
------------
MAJOR PHARMACEUTICALS (5.7%)
36,678 Abbott Laboratories.................................................................... 1,196,620
31,153 American Home Products Corp............................................................ 1,466,138
47,329 Bristol-Myers Squibb Co................................................................ 3,123,714
33,177 Johnson & Johnson...................................................................... 2,855,296
26,019 Lilly (Eli) & Co....................................................................... 1,740,021
55,768 Merck & Co., Inc....................................................................... 4,395,215
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
92,364 Pfizer, Inc............................................................................ $ 3,359,740
35,050 Schering-Plough Corp................................................................... 1,542,200
20,487 Warner-Lambert Co...................................................................... 1,944,985
------------
21,623,929
------------
MAJOR U.S. TELECOMMUNICATIONS (5.1%)
7,490 ALLTEL Corp............................................................................ 499,957
76,459 AT&T Corp.............................................................................. 4,033,205
37,048 Bell Atlantic Corp..................................................................... 2,294,660
44,910 BellSouth Corp......................................................................... 2,113,577
23,186 GTE Corp............................................................................... 1,699,824
67,719 MCI WorldCom, Inc.*.................................................................... 3,106,609
81,392 SBC Communications, Inc................................................................ 3,510,030
20,792 Sprint Corp. (FON Group)............................................................... 1,344,982
12,056 U.S. West, Inc......................................................................... 801,724
------------
19,404,568
------------
MANAGED HEALTH CARE (0.2%)
3,571 Aetna Inc.............................................................................. 190,156
1,074 AmeriPath, Inc.*....................................................................... 9,599
4,761 Caremark Rx, Inc.*..................................................................... 20,234
1,053 Coventry Health Care, Inc.*............................................................ 7,634
1,171 First Health Group Corp.*.............................................................. 34,837
2,917 Foundation Health Systems Inc. (Class A)*.............................................. 29,899
3,997 Humana, Inc.*.......................................................................... 31,976
1,285 Magellan Health Services, Inc.*........................................................ 9,156
1,044 Mid Atlantic Medical Services, Inc.*................................................... 10,440
1,945 Oxford Health Plans, Inc.*............................................................. 27,473
1,040 PacifiCare Health Systems, Inc.*....................................................... 43,940
831 Sierra Health Services, Inc.*.......................................................... 5,973
941 Trigon Healthcare, Inc.*............................................................... 28,642
4,050 United HealthCare Corp.*............................................................... 214,650
1,518 Wellpoint Health Networks, Inc.*....................................................... 103,224
------------
767,833
------------
MARINE TRANSPORTATION (0.0%)
1,029 Alexander & Baldwin, Inc............................................................... 20,709
476 Kirby Corp.*........................................................................... 8,865
713 Overseas Shipholding Group, Inc........................................................ 10,606
315 SEACOR Holdings, Inc................................................................... 14,529
1,327 Tidewater, Inc......................................................................... 37,737
------------
92,446
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
26
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
MEAT/POULTRY/FISH (0.1%)
11,745 ConAgra, Inc........................................................................... $ 251,049
1,729 Hormel Foods Corp...................................................................... 70,241
2,201 IBP, Inc............................................................................... 33,015
1,090 Pilgrim's Pride Corp. (Class B)........................................................ 8,311
40 Seaboard Corp.......................................................................... 7,410
1,082 Smithfield Foods, Inc.*................................................................ 19,814
5,478 Tyson Foods, Inc. (Class A)............................................................ 74,980
------------
464,820
------------
MEDIA CONGLOMERATES (1.4%)
49,205 Disney (Walt) Co....................................................................... 1,786,757
4,213 Fox Entertainment Group, Inc. (Series A)*.............................................. 99,005
30,695 Time Warner Inc........................................................................ 2,453,682
16,629 Viacom, Inc. (Class B)*................................................................ 920,831
------------
5,260,275
------------
MEDICAL EQUIPMENT & SUPPLIES (0.4%)
760 Acuson Corp.*.......................................................................... 10,260
477 ADAC Laboratories*..................................................................... 6,201
557 Cyberonics Inc.*....................................................................... 12,811
271 Datascope Corp......................................................................... 9,790
1,260 DENTSPLY International, Inc............................................................ 31,185
530 Eclipse Surgical Technologies, Inc.*................................................... 3,776
671 LaserSight, Inc.*...................................................................... 8,304
28,518 Medtronic, Inc......................................................................... 1,304,698
1,115 Summit Technology, Inc.*............................................................... 14,495
2,032 Sunrise Technology International, Inc.*................................................ 14,478
1,406 Thermo Cardiosystems, Inc.*............................................................ 16,257
1,534 VISX, Inc.*............................................................................ 43,431
145 Zoll Medical Corp.*.................................................................... 5,546
------------
1,481,232
------------
MEDICAL SPECIALTIES (0.7%)
201 ABIOMED, Inc.*......................................................................... 11,658
2,437 ALZA Corp. (Class A)*.................................................................. 86,970
545 Arrow International, Inc............................................................... 17,304
242 ArthroCare Corp.*...................................................................... 16,093
414 ATS Medical, Inc.*..................................................................... 4,813
703 Aurora Biosciences Corp.*.............................................................. 26,099
1,213 Bard (C.R.), Inc....................................................................... 54,282
1,377 Bausch & Lomb, Inc..................................................................... 85,374
6,941 Baxter International, Inc.............................................................. 443,356
693 Beckman Coulter, Inc.*................................................................. 36,253
5,972 Becton, Dickinson & Co................................................................. 156,392
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
351 Bio-Rad Laboratories, Inc. (Class A)................................................... $ 8,095
420 Biomatrix, Inc.*....................................................................... 9,319
2,692 Biomet, Inc............................................................................ 107,007
940 Biopure Corp.*......................................................................... 25,967
9,894 Boston Scientific Corp.*............................................................... 205,300
425 Cerus Corp.*........................................................................... 15,512
737 ChromaVision Medical Systems, Inc.*.................................................... 10,594
310 Closure Medical Corp.*................................................................. 4,262
362 CONMED Corp.*.......................................................................... 9,321
318 Cooper Companies, Inc.................................................................. 9,619
831 Cygnus, Inc.*.......................................................................... 13,660
858 Cytyc Corp.*........................................................................... 25,794
364 Diagnostic Products Corp............................................................... 8,213
339 Digene Corp.*.......................................................................... 7,649
7,333 Guidant Corp.*......................................................................... 385,899
618 Haemonetics Corp.*..................................................................... 16,107
684 Hanger Orthopedic Group, Inc.*......................................................... 3,078
1,562 Hillenbrand Industries, Inc............................................................ 53,108
364 I-STAT Corp.*.......................................................................... 4,459
396 IGEN International, Inc.*.............................................................. 12,028
471 INAMED Corp.*.......................................................................... 19,399
394 Inhale Therapeutic Systems, Inc.*...................................................... 23,024
694 Invacare Corp.......................................................................... 13,750
451 Invitrogen Corp.*...................................................................... 29,766
864 KeraVision, Inc.*...................................................................... 8,586
512 KV Pharmaceutical Co. (Class A)*....................................................... 11,904
278 Lifecore Biomedical, Inc.*............................................................. 2,624
259 Lynx Therapeutics, Inc.*............................................................... 10,425
1,660 Mallinckrodt, Inc...................................................................... 47,829
564 Mentor Corp............................................................................ 12,972
742 Minimed, Inc.*......................................................................... 57,180
323 Molecular Devices Corp.*............................................................... 15,827
537 Novoste Corp.*......................................................................... 12,082
526 Ocular Sciences, Inc.*................................................................. 10,651
645 Osteotech, Inc.*....................................................................... 8,990
338 ResMed, Inc.*.......................................................................... 14,513
1,082 Respironics, Inc.*..................................................................... 12,105
1,372 Safeskin Corp.*........................................................................ 16,293
349 SonoSite, Inc.*........................................................................ 11,081
2,008 St. Jude Medical, Inc.*................................................................ 49,824
703 Staar Surgical Co.*.................................................................... 7,909
1,610 STERIS Corp.*.......................................................................... 16,905
2,314 Stryker Corp........................................................................... 145,782
2,476 Sybron International Corp.*............................................................ 57,103
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
27
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
481 Techne Corp.*.......................................................................... $ 30,002
513 Thermo BioAnalysis Corp.*.............................................................. 13,466
729 Varian Medical Systems, Inc.*.......................................................... 27,793
621 Ventana Medical Systems, Inc.*......................................................... 15,292
494 Vital Signs, Inc.*..................................................................... 10,683
405 Wesley Jessen VisionCare, Inc.*........................................................ 15,668
268 West Pharmaceutical Services, Inc...................................................... 8,291
437 Xceed, Inc.*........................................................................... 15,514
------------
2,626,818
------------
MEDICAL/DENTAL DISTRIBUTORS (0.2%)
1,157 AmeriSource Health Corp. (Class A)*.................................................... 20,971
3,202 Bergin Brunswig Corp. (Class A)........................................................ 21,013
660 Bindley Western Industries, Inc........................................................ 11,261
6,686 Cardinal Health, Inc................................................................... 319,674
725 Henry Schein, Inc.*.................................................................... 9,561
6,718 McKesson HBOC, Inc..................................................................... 138,139
885 Owens & Minor, Inc..................................................................... 8,020
804 Patterson Dental Co.*.................................................................. 35,024
354 PolyMedica Industries, Inc.*........................................................... 9,381
522 Priority Healthcare Corp.*............................................................. 15,105
1,692 PSS World Medical, Inc.*............................................................... 10,575
581 SciQuest.com, Inc.*.................................................................... 32,863
243 Syncor International Corp.*............................................................ 5,862
------------
637,449
------------
MEDICAL/NURSING SERVICES (0.1%)
1,242 Apria Healthcare Group, Inc.*.......................................................... 24,840
906 Cyber-Care, Inc.*...................................................................... 12,514
9,216 Healthsouth Corp.*..................................................................... 50,688
694 Hooper Holmes, Inc..................................................................... 13,490
675 InfoCure Corp.*........................................................................ 22,359
576 Laser Vision Centers, Inc.*............................................................ 5,094
1,567 LCA-Vision, Inc.*...................................................................... 6,268
1,289 Lincare Holdings, Inc.*................................................................ 45,598
1,600 Matria Healthcare, Inc.*............................................................... 7,100
684 Pediatrix Medical Group, Inc.*......................................................... 6,242
1,941 PhyCor, Inc.*.......................................................................... 3,579
1,066 Renal Care Group, Inc.*................................................................ 25,984
1,447 Total Renal Care Holdings, Inc.*....................................................... 6,692
------------
230,448
------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
METALS FABRICATIONS (0.1%)
687 ABC-NACO, Inc.*........................................................................ $ 6,698
332 Commercial Metals Co................................................................... 10,562
371 Commonwealth Industries, Inc.*......................................................... 3,826
1,212 CommScope, Inc.*....................................................................... 46,132
1,090 Fairchild Corp. (Class A)*............................................................. 7,698
748 General Cable Corp..................................................................... 5,797
463 Gibraltar Steel Corp................................................................... 8,450
932 Harsco Corp............................................................................ 25,106
1,285 Hexcel Corp.*.......................................................................... 6,746
901 Intermet Corp.......................................................................... 10,249
735 Kaydon Corp............................................................................ 19,891
543 Maverick Tube Corp.*................................................................... 10,826
964 Metals USA, Inc........................................................................ 7,772
264 Mobile Mini, Inc.*..................................................................... 5,016
839 Mueller Industries, Inc.*.............................................................. 27,635
162 Penn Engineering & Manufacturing Corp.................................................. 3,777
585 Precision Castparts Corp............................................................... 14,991
663 Reliance Steel & Aluminum Co........................................................... 13,757
432 Shaw Group, Inc.*...................................................................... 9,963
254 SPS Technologies, Inc.................................................................. 8,541
1,478 Timken Co. (The)....................................................................... 24,110
1,118 Tower Automotive, Inc.*................................................................ 16,071
588 Wolverine Tube, Inc.*.................................................................. 7,791
------------
301,405
------------
MID - SIZED BANKS (0.7%)
9,331 AmSouth Bancorporation................................................................. 162,709
1,740 BancWest Corp.......................................................................... 28,058
1,498 Commerce Bancshares, Inc............................................................... 45,876
2,712 Compass Bancshares, Inc................................................................ 53,732
7,364 Fifth Third Bancorp.................................................................... 487,880
303 First Citizens BancShares, Inc. (Class A).............................................. 18,445
4,671 First Security Corp.................................................................... 120,570
3,111 First Tennessee National Corp.......................................................... 81,275
1,186 First Virginia Banks, Inc.............................................................. 44,920
23,386 Firstar Corp........................................................................... 558,341
3,825 Hibernia Corp. (Class A)............................................................... 40,163
240 M&T Bank Corp.......................................................................... 98,640
2,541 Marshall & Ilsley Corp................................................................. 130,226
1,645 Mercantile Bankshares Corp............................................................. 47,911
5,311 Northern Trust Corp.................................................................... 320,320
2,809 Old Kent Financial Corp................................................................ 90,766
1,915 Pacific Century Financial Corp......................................................... 32,914
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
28
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
5,217 Regions Financial Corp................................................................. $ 126,186
6,676 Synovus Financial Corp................................................................. 126,844
496 UMB Financial Corp..................................................................... 16,647
3,365 Union Planters Corp.................................................................... 113,358
------------
2,745,781
------------
MILITARY/GOV'T/TECHNICAL (0.3%)
687 Aeroflex Inc.*......................................................................... 8,158
283 Alliant Techsystems, Inc.*............................................................. 18,360
414 Cubic Corp............................................................................. 10,350
331 FLIR Systems, Inc.*.................................................................... 6,041
4,795 General Dynamics Corp.................................................................. 225,964
3,224 General Motors Corp. (Class H)*........................................................ 362,700
166 Integral Systems, Inc.*................................................................ 5,852
1,087 Litton Industries, Inc.*............................................................... 46,130
5,842 Loral Space & Communications Ltd.*..................................................... 114,649
229 Microvision, Inc.*..................................................................... 6,569
787 Newport News Shipbuilding Inc.......................................................... 19,872
1,102 PerkinElmer, Inc....................................................................... 55,169
461 Primex Technologies, Inc............................................................... 9,854
8,074 Raytheon Co. (Class B)................................................................. 184,188
684 REMEC, Inc.*........................................................................... 13,637
585 The Kroll-O'Gara Co.................................................................... 9,726
519 ThermoTrex Corp.*...................................................................... 4,671
1,081 Titan Corp. (The)*..................................................................... 42,429
283 Watkins-Johnson Co..................................................................... 11,603
------------
1,155,922
------------
MOTOR VEHICLES (0.8%)
28,819 Ford Motor Co.......................................................................... 1,433,745
15,275 General Motors Corp.................................................................... 1,228,683
3,610 Harley-Davidson, Inc................................................................... 253,377
380 Monaco Coach Corp...................................................................... 8,265
------------
2,924,070
------------
MOVIES/ENTERTAINMENT (0.2%)
763 AMC Entertainment, Inc.*............................................................... 7,487
1,904 AMF Bowling, Inc.*..................................................................... 4,641
681 Ascent Entertainment, Inc.*............................................................ 7,917
1,240 Cedar Fair, L.P........................................................................ 23,483
350 Championship Auto Racing Teams, Inc.*.................................................. 7,328
1,508 Electronic Arts Inc.*.................................................................. 123,279
457 Four Media Co.*........................................................................ 6,227
788 Gaylord Entertainment Co............................................................... 21,966
311 GC Companies, Inc...................................................................... 8,902
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,268 International Speedway Corp. (Class A)................................................. $ 63,876
296 Launch Media, Inc.*.................................................................... 5,106
601 Liberty Digital, Inc. (Class A)*....................................................... 31,553
1,233 Loews Cineplex Entertainment Corp.*.................................................... 5,857
4,796 Metro-Goldwyn-Mayer Inc................................................................ 111,207
826 Musicmaker.com, Inc.*.................................................................. 5,266
418 Network Event Theater, Inc.*........................................................... 8,543
539 On Command Corp.*...................................................................... 8,759
1,109 Pixar, Inc.*........................................................................... 39,577
1,867 Premier Parks Inc.*.................................................................... 52,393
1,203 Quokka Sports, Inc.*................................................................... 14,737
1,523 SFX Entertainment, Inc. (Class A)*..................................................... 49,593
993 Speedway Motorsports, Inc.*............................................................ 31,280
562 SportsLine USA, Inc.*.................................................................. 19,846
188 Todd-AO Corp. (The).................................................................... 6,486
1,323 Westwood One, Inc.*.................................................................... 80,538
232 World Wrestling Federation Entertainment, Inc.*........................................ 3,582
------------
749,429
------------
MULTI-LINE INSURANCE (1.4%)
19,216 Allstate Corp.......................................................................... 445,571
36,939 American International Group, Inc...................................................... 3,846,273
4,437 CIGNA Corp............................................................................. 318,355
4,399 CNA Financial Corp.*................................................................... 149,016
5,288 Hartford Financial Services Group, Inc................................................. 201,605
931 Horace Mann Educators Corp............................................................. 17,398
567 Nationwide Financial Services, Inc. (Class A).......................................... 14,104
3,102 Safeco Corp............................................................................ 75,805
1,726 Unitrin, Inc........................................................................... 61,705
432 Zenith National Insurance Corp......................................................... 9,045
------------
5,138,877
------------
MULTI-SECTOR COMPANIES (2.9%)
863 Anixter International, Inc.*........................................................... 16,990
737 Building One Services Corp.*........................................................... 7,278
1,572 Crane Co............................................................................... 30,752
812 Fidelity Holdings, Inc.*............................................................... 9,839
3,915 Fortune Brands, Inc.................................................................... 113,535
78,280 General Electric Co.**................................................................. 10,440,598
746 Kaman Corp............................................................................. 7,134
955 Lancaster Colony Corp.................................................................. 30,202
1,158 McDermott International, Inc........................................................... 11,435
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
29
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
971 National Service Industries, Inc....................................................... $ 24,154
1,209 Pittston Brink's Group................................................................. 23,576
2,091 St. Joe Co. (The)...................................................................... 49,531
3,549 Textron, Inc........................................................................... 211,831
456 Triarc Co., Inc.*...................................................................... 7,923
917 Tyler Technologies, Inc.*.............................................................. 4,012
2,734 Valhi, Inc............................................................................. 31,099
903 Walter Industries, Inc................................................................. 7,901
227 Wesco Financial Corp................................................................... 60,155
------------
11,087,945
------------
NATURAL GAS (0.3%)
1,358 AGL Resources, Inc..................................................................... 23,256
741 Atmos Energy Corp...................................................................... 12,968
256 Cascade Natural Gas Corp............................................................... 3,792
251 Connecticut Energy Corp................................................................ 10,401
2,248 Consolidated Natural Gas Co............................................................ 149,717
268 CTG Resources, Inc..................................................................... 9,849
645 Eastern Enterprises.................................................................... 36,886
532 Energen Corp........................................................................... 9,177
100 EnergyNorth, Inc....................................................................... 5,463
788 Equitable Resources, Inc............................................................... 27,186
643 Indiana Energy, Inc.................................................................... 10,047
3,194 KeySpan Corp........................................................................... 74,859
2,686 Kinder Morgan, Inc..................................................................... 70,675
437 Laclede Gas Co......................................................................... 8,248
2,044 MCN Energy Group Inc................................................................... 52,633
1,290 MDU Resources Group, Inc............................................................... 25,558
926 National Fuel Gas Co................................................................... 41,265
418 New Jersey Resources Corp.............................................................. 15,806
1,122 Nicor Inc.............................................................................. 38,429
539 Northwest Natural Gas Co............................................................... 11,050
377 NUI Corp............................................................................... 10,485
754 ONEOK, Inc............................................................................. 19,698
833 Peoples Energy Corp.................................................................... 26,031
744 Piedmont Natural Gas Co................................................................ 21,204
142 Providence Energy Corp................................................................. 5,103
467 Public Service Co. of North Carolina, Inc.............................................. 15,236
1,967 Questar Corp........................................................................... 30,120
413 SEMCO ENERGY, Inc...................................................................... 5,059
5,734 Sempra Energy*......................................................................... 106,437
355 South Jersey Industries, Inc........................................................... 10,295
1,157 Southern Union Co.*.................................................................... 19,669
736 Southwest Gas Corp..................................................................... 14,398
1,122 Southwestern Energy Co................................................................. 6,381
757 UGI Corp............................................................................... 16,086
1,109 Washington Gas Light Co................................................................ 27,864
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
869 WICOR, Inc............................................................................. $ 25,690
226 Yankee Energy System, Inc.............................................................. 9,972
------------
1,006,993
------------
NEWSPAPERS (0.4%)
2,826 Belo (A.H.) Corp. (Series A)........................................................... 44,863
795 Central Newspapers, Inc. (Class A)..................................................... 25,937
2,135 Dow Jones & Co., Inc................................................................... 132,370
6,651 Gannett Co., Inc....................................................................... 462,245
2,723 Hollinger International, Inc. (Class A)................................................ 34,548
1,077 Journal Register Co.*.................................................................. 12,655
2,003 Knight-Ridder, Inc..................................................................... 106,785
1,059 Lee Enterprises, Inc................................................................... 28,130
1,071 McClatchy Co. (The) (Class A).......................................................... 45,116
635 Media General, Inc. (Class A).......................................................... 33,060
4,086 New York Times Co. (The) (Class A)..................................................... 186,679
211 Pulitzer, Inc.......................................................................... 8,743
1,865 Scripps (E.W.) Co...................................................................... 87,772
1,431 Times Mirror Co. (Class A)............................................................. 84,697
5,670 Tribune Co............................................................................. 239,203
279 Washington Post Co. (The) (Class B).................................................... 153,450
------------
1,686,253
------------
OFFICE EQUIPMENT/SUPPLIES (0.3%)
590 Anacomp Inc.*.......................................................................... 10,509
2,688 Avery Dennison Corp.................................................................... 182,112
1,645 Diebold, Inc........................................................................... 36,498
448 General Binding Corp................................................................... 3,136
1,440 Hon Industries, Inc.................................................................... 27,720
1,729 Interface, Inc......................................................................... 8,429
962 Kimball International, Inc. (Class B).................................................. 14,731
392 MICROS Systems, Inc.*.................................................................. 22,908
1,909 Miller (Herman), Inc................................................................... 41,521
6,329 Pitney Bowes, Inc...................................................................... 310,121
783 Polycom, Inc........................................................................... 47,274
643 Steelcase, Inc. (Class A).............................................................. 7,314
15,849 Xerox Corp............................................................................. 330,848
------------
1,043,121
------------
OFFICE/PLANT AUTOMATION (0.0%)
1,055 Banyan Systems, Inc.................................................................... 24,199
1,106 Hypercom Corp.*........................................................................ 16,037
864 InterVoice-Brite, Inc.*................................................................ 22,410
301 Kronos, Inc.*.......................................................................... 18,060
980 Manugistics Group, Inc.*............................................................... 41,466
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
30
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
526 NYFIX, Inc.*........................................................................... $ 12,295
533 Radiant Systems, Inc.*................................................................. 19,988
375 Telxon Corp............................................................................ 5,672
1,191 Unova, Inc.*........................................................................... 12,803
318 ZixIt Corp.*........................................................................... 9,818
------------
182,748
------------
OIL & GAS PRODUCTION (0.3%)
3,042 Anardarko Petroleum Corp............................................................... 99,816
2,722 Apache Corp............................................................................ 99,353
777 Barrett Resources Corp.*............................................................... 22,970
450 Basin Exploration, Inc.*............................................................... 6,075
1,446 Belco Oil & Gas Corp.*................................................................. 8,315
671 Berry Petroleum Co. (Class A).......................................................... 9,771
606 Brown (Tom), Inc.*..................................................................... 8,976
5,189 Burlington Resources, Inc.............................................................. 166,372
557 Cabot Oil & Gas Corp. (Class A)........................................................ 8,216
2,735 Chesapeake Energy Corp.*............................................................... 6,838
869 Cross Timbers Royalty Trust............................................................ 6,952
2,047 Devon Energy Corp...................................................................... 71,901
3,177 EOG Resources, Inc..................................................................... 50,435
400 Evergreen Resources, Inc.*............................................................. 8,925
1,139 Forest Oil Corp.*...................................................................... 11,390
464 Houston Exploration Co. (The)*......................................................... 8,294
568 HS Resources, Inc.*.................................................................... 8,449
923 Hugoton Royalty Trust.................................................................. 8,076
960 Louis Dreyfus Natural Gas Corp.*....................................................... 17,160
442 McMoRan Exploration Co.*............................................................... 8,730
1,904 Meridian Resource Corp. (The)*......................................................... 6,783
1,172 Mitchell Energy & Development Corp. (Class A).......................................... 26,370
993 Newfield Exploration Co.*.............................................................. 27,308
1,361 Noble Affiliates, Inc.................................................................. 27,305
555 Nuevo Energy Co.*...................................................................... 10,268
8,770 Occidental Petroleum Corp.............................................................. 174,304
3,981 Ocean Energy, Inc.*.................................................................... 35,580
414 Pennaco Energy, Inc.*.................................................................. 3,933
2,393 Pioneer Natural Resources Co.*......................................................... 20,490
545 Plains Resources, Inc.*................................................................ 7,255
959 Pogo Producing Co...................................................................... 21,637
4,400 Santa Fe Snyder Corp.*................................................................. 32,175
469 Spinnaker Exploration Co.*............................................................. 7,152
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
390 St. Mary Land & Exploration Co......................................................... $ 9,945
426 Stone Energy Corp.*.................................................................... 15,869
730 Swift Energy Co.*...................................................................... 8,076
840 Transmontaigne, Inc.*.................................................................. 4,043
6,014 Union Pacific Resources Group, Inc..................................................... 66,154
783 Unit Corp.*............................................................................ 5,873
2,330 Vastar Resources, Inc.................................................................. 129,606
1,489 Vintage Petroleum, Inc................................................................. 19,078
------------
1,296,218
------------
OIL REFINING/MARKETING (0.1%)
1,722 Ashland, Inc........................................................................... 56,073
1,393 Frontier Oil Corp.*.................................................................... 10,622
696 Getty Realty Corp...................................................................... 8,831
1,860 Pennzoil-Quaker State Co............................................................... 21,274
2,153 Sunoco, Inc............................................................................ 49,654
599 Tesoro Petroleum Corp.*................................................................ 6,589
3,412 Tosco Corp............................................................................. 87,646
2,068 Ultramar Diamond Shamrock Corp......................................................... 45,238
7,413 USX-Marathon Group..................................................................... 190,421
1,330 Valero Refining & Marketing Corp....................................................... 30,174
------------
506,522
------------
OIL/GAS TRANSMISSION (0.6%)
639 Buckeye Partners, L.P.................................................................. 17,812
5,097 Coastal Corp........................................................................... 187,952
1,939 Columbia Energy Group.................................................................. 126,035
5,447 El Paso Energy Corp.................................................................... 175,666
17,074 Enron Corp............................................................................. 1,151,428
1,087 Enterprise Products Partners L.P....................................................... 22,148
249 Midcoast Energy Resources, Inc......................................................... 3,860
503 Plains All American Pipeline, L.P...................................................... 7,356
341 TC Pipelines, L.P...................................................................... 5,712
785 TEPPCO Partners, L.P................................................................... 16,779
573 Western Gas Resources, Inc............................................................. 7,306
10,372 Williams Companies, Inc................................................................ 401,915
------------
2,123,969
------------
OILFIELD SERVICES/EQUIPMENT (0.5%)
7,855 Baker Hughes Inc....................................................................... 193,429
1,690 BJ Services Co.*....................................................................... 72,459
300 Cal Dive International, Inc.*.......................................................... 9,188
351 Carbo Ceramics, Inc.................................................................... 7,590
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
31
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,287 Cooper Cameron Corp.*.................................................................. $ 63,707
340 Dril-Quip, Inc......................................................................... 10,731
895 Friede Goldman International, Inc.*.................................................... 5,426
2,175 Global Industries Ltd.*................................................................ 19,031
10,540 Halliburton Co......................................................................... 379,440
1,285 Input/Output, Inc.*.................................................................... 7,549
1,880 IRI International Corp.*............................................................... 8,695
2,060 Key Energy Group, Inc.*................................................................ 18,283
1,390 National-Oilwell, Inc.*................................................................ 26,063
545 Oceaneering International, Inc.*....................................................... 9,061
934 Offshore Logistics, Inc.*.............................................................. 8,669
1,319 RPC, Inc............................................................................... 11,376
13,119 Schlumberger Ltd. (Netherlands)........................................................ 801,079
934 Seitel, Inc............................................................................ 7,589
1,167 Smith International, Inc.*............................................................. 59,882
1,419 Superior Energy Services, Inc.*........................................................ 9,977
1,122 Trico Marine Service, Inc.*............................................................ 7,433
1,058 Tuboscope Inc.*........................................................................ 13,754
481 UTI Energy Corp........................................................................ 13,228
1,557 Varco International, Inc.*............................................................. 15,765
474 Veritas DGC Inc.*...................................................................... 7,436
2,579 Weatherford International, Inc.*....................................................... 96,874
------------
1,883,714
------------
OTHER CONSUMER SERVICES (0.5%)
736 Advantage Learning Systems, Inc.*...................................................... 9,246
1,843 Apollo Group, Inc. (Class A)*.......................................................... 39,740
763 Autobytel.com, Inc.*................................................................... 8,345
1,016 Autoweb.com, Inc.*..................................................................... 9,271
522 Bally Total Fitness Holding Corp.*..................................................... 11,451
2,335 Block (H.&R.), Inc..................................................................... 100,697
181 Career Education Corp.*................................................................ 6,064
16,964 Cendant Corp.*......................................................................... 342,461
876 Central Parking Corp................................................................... 13,140
428 Cheap Tickets, Inc.*................................................................... 6,099
465 Coinstar, Inc.*........................................................................ 5,348
515 Corinthian Colleges, Inc.*............................................................. 11,330
1,657 DeVry, Inc.*........................................................................... 30,551
629 drkoop.com, Inc........................................................................ 8,570
995 E-LOAN, Inc.*.......................................................................... 13,495
787 E-Stamp Corp.*......................................................................... 13,330
3,086 eBay, Inc.*............................................................................ 462,900
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
835 Edison Schools Inc.*................................................................... $ 10,751
716 Education Management Corp.*............................................................ 8,324
797 Engreetings Network, Inc.*............................................................. 5,878
911 Expedia, Inc. (Class A)*............................................................... 24,768
392 garden.com, Inc.*...................................................................... 3,136
354 Homeseekers.com, Inc.*................................................................. 7,323
1,672 homestore.com, Inc.*................................................................... 163,125
827 InsWeb Corp.*.......................................................................... 11,992
541 ITT Educational Services, Inc.*........................................................ 7,202
783 MapQuest.com, Inc.*.................................................................... 13,458
1,015 Medscape, Inc.*........................................................................ 11,165
1,635 MP3.com, Inc.*......................................................................... 46,087
489 Official Payments Corp.*............................................................... 16,443
409 Pre-Paid Legal Services, Inc.*......................................................... 9,203
616 Preview Travel, lnc.*.................................................................. 18,750
3,494 Priceline.com Inc.*.................................................................... 202,434
3,069 Protection One, Inc.*.................................................................. 4,604
609 Rollins, Inc........................................................................... 9,440
244 Scientific Learning Corp.*............................................................. 6,100
6,491 Service Corp. International............................................................ 29,615
7,408 ServiceMaster Co....................................................................... 106,027
1,403 Sotheby's Holdings, Inc. (Class A)..................................................... 28,762
1,992 Stewart Enterprises, Inc. (Class A).................................................... 11,454
440 Strayer Education, Inc................................................................. 8,855
817 Student Advantage, Inc.*............................................................... 14,604
406 Ticketmaster Online-CitySearch, Inc. (Series B)*....................................... 14,768
815 Travel Services International, Inc.*................................................... 12,785
311 uBid, Inc.*............................................................................ 6,920
940 US Search.com, Inc.*................................................................... 9,048
855 Veterinary Centers of America, Inc.*................................................... 9,191
------------
1,924,250
------------
OTHER METALS/MINERALS (0.1%)
2,232 Allegheny Technologies Inc............................................................. 46,593
684 AMCOL International Corp............................................................... 9,662
609 Brush Wellman, Inc..................................................................... 9,744
578 IMCO Recycling, Inc.................................................................... 6,575
482 Minerals Technologies, Inc............................................................. 21,750
2,220 Phelps Dodge Corp...................................................................... 129,038
570 Southern Peru Copper Corp. (Peru)...................................................... 8,835
1,044 Titanium Metals Corp................................................................... 5,090
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
32
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,162 USEC Inc............................................................................... $ 11,351
------------
248,638
------------
OTHER PHARMACEUTICALS (0.2%)
404 Algos Pharmaceutical Corp.*............................................................ 5,202
3,137 Allergan, Inc.......................................................................... 178,809
1,904 Alliance Pharmaceutical Corp.*......................................................... 22,134
413 Aviron*................................................................................ 8,363
608 BioMarin Pharmaceutical, Inc.*......................................................... 8,588
1,073 Carter-Wallace, Inc.................................................................... 20,454
410 Celgene Corp.*......................................................................... 28,598
1,041 Cell Pathways, Inc.*................................................................... 30,514
427 Chattem, Inc.*......................................................................... 8,327
464 Collateral Therpeutics, Inc.*.......................................................... 9,338
1,297 Columbia Laboratories, Inc.*........................................................... 9,809
612 Connetics Corp.*....................................................................... 6,579
1,055 Dura Pharmaceuticals, Inc.*............................................................ 16,353
435 EntreMed, Inc.*........................................................................ 17,074
1,994 Forest Laboratories, Inc.*............................................................. 134,595
1,034 Jones Pharma Incorporated.............................................................. 60,037
1,151 King Pharmaceuticals, Inc.*............................................................ 67,765
688 Medicis Pharmaceutical Corp. (Class A)*................................................ 28,724
418 Miravant Medical Technologies Inc.*.................................................... 7,472
1,122 North American Vaccine, Inc.*.......................................................... 6,381
1,582 Perrigo Co.*........................................................................... 13,595
791 Sepracor, Inc.*........................................................................ 110,691
826 Theragenics Corp.*..................................................................... 8,415
382 United Therapeutics Corp.*............................................................. 23,684
------------
831,501
------------
OTHER SPECIALTY STORES (0.3%)
10,494 AutoNation, Inc.*...................................................................... 79,361
3,444 AutoZone, Inc.*........................................................................ 90,405
1,656 Barnes & Noble, Inc.*.................................................................. 33,327
3,336 Bed Bath & Beyond Inc.*................................................................ 90,698
1,729 Bombay Co., Inc. (The)*................................................................ 6,808
1,863 Borders Group, Inc.*................................................................... 25,616
539 Central Garden & Pet Co.*.............................................................. 5,491
487 Cost Plus, Inc.*....................................................................... 8,157
285 CPI Corp............................................................................... 6,359
496 CSK Auto Corp.*........................................................................ 5,797
592 Discount Auto Parts, Inc.*............................................................. 9,731
495 Group 1 Automotive, Inc.*.............................................................. 6,157
977 Guitar Center, Inc.*................................................................... 9,587
518 Haverty Furniture Companies, Inc....................................................... 5,698
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,060 Heilig-Meyers Co....................................................................... $ 5,923
752 Jo-Ann Stores, Inc. (Class A)*......................................................... 7,755
904 Linens 'N Things, Inc.*................................................................ 17,741
694 Michaels Stores, Inc.*................................................................. 18,565
427 Midas, Inc............................................................................. 9,367
1,209 O'Reilly Automotive, Inc.*............................................................. 15,793
8,394 Office Depot, Inc.*.................................................................... 84,465
2,704 Officemax, Inc.*....................................................................... 17,576
938 Pep Boys-Manny Moe & Jack.............................................................. 6,801
775 Petco Animal Supplies, Inc*............................................................ 9,591
2,798 PETsMART, Inc.*........................................................................ 11,717
2,307 Pier 1 Imports, Inc.................................................................... 19,033
924 Regis Corp............................................................................. 16,286
512 Rent-A-Center, Inc.*................................................................... 8,832
278 Sharper Image Corp.*................................................................... 2,554
800 Sonic Automotive, Inc.*................................................................ 6,150
11,081 Staples, Inc.*......................................................................... 263,174
934 Sunglass Hut International, Inc.*...................................................... 8,348
1,721 Tiffany & Co........................................................................... 127,354
5,840 Toys 'R' Us, Inc.*..................................................................... 60,225
838 Tuesday Morning Corp.*................................................................. 12,046
752 United Auto Group, Inc.*............................................................... 7,379
492 Whitehall Jewellers, Inc.*............................................................. 11,993
1,336 Williams-Sonoma, Inc.*................................................................. 42,335
849 Zale Corp.*............................................................................ 30,352
500 Zany Brainy, Inc....................................................................... 3,531
------------
1,208,078
------------
OTHER TELECOMMUNICATIONS (1.3%)
779 Adelphia Business Solutions, Inc.*..................................................... 39,826
465 Advanced Communications Group, Inc.*................................................... 5,580
737 Advanced Radio Telecom Corp.*.......................................................... 17,918
762 Aerial Communications, Inc.*........................................................... 39,481
712 Alaska Communications Systems Holdings, Inc.*.......................................... 10,280
1,506 Allegiance Telecom, Inc.*.............................................................. 158,318
1,352 Allied Riser Communications Corporation*............................................... 30,589
1,157 American Mobile Satellite Corp.*....................................................... 17,934
2,046 Arch Communications Group, Inc.*....................................................... 12,020
6,274 BroadWing Inc.......................................................................... 238,412
791 CapRock Communications Corp.*.......................................................... 35,991
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
33
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
3,333 CenturyTel, Inc........................................................................ $ 127,487
463 CFW Communications Co.................................................................. 16,379
6,217 Citizens Utilities Co. (Class B)*...................................................... 92,089
727 Clarent Corp.*......................................................................... 63,067
527 Commonwealth Telephone Enterprises, Inc.*.............................................. 28,392
1,265 COMSAT Corp............................................................................ 21,663
845 Convergent Communications, Inc.*....................................................... 7,605
2,304 Covad Communications Group, Inc.*...................................................... 162,720
219 CT Communications, Inc................................................................. 11,607
1,392 DSL.net, Inc.*......................................................................... 29,145
1,259 e. spire Communications, Inc.*......................................................... 13,220
895 Efficient Networks, Inc.*.............................................................. 68,356
582 FirstCom Corp.*........................................................................ 15,569
1,447 Focal Communications Corp.*............................................................ 57,699
1,880 General Communication, Inc. (Class A)*................................................. 11,045
4,297 Global Telesystems Group, Inc.*........................................................ 107,156
410 GRIC Communications, Inc.*............................................................. 18,527
1,184 GST Telecommunications, Inc. (Canada)*................................................. 10,286
320 Hickory Tech Corp...................................................................... 4,340
729 iBasis, Inc.*.......................................................................... 54,402
1,135 ICG Communications, Inc.*.............................................................. 27,382
417 IDT Corp.*............................................................................. 8,705
697 Illuminet Holdings, Inc.*.............................................................. 35,111
1,231 Intermedia Communications Inc.*........................................................ 52,933
1,418 ITC DeltaCom, Inc.*.................................................................... 41,122
1,207 IXnet, Inc.*........................................................................... 44,056
8,138 Level 3 Communications, Inc.*.......................................................... 959,775
3,705 McLeodUSA, Inc. (Class A)*............................................................. 254,487
590 MGC Communication, Inc.*............................................................... 33,630
409 Net2Phone, Inc.*....................................................................... 18,405
1,077 Network Access Solutions Corp.*........................................................ 29,214
1,299 Network Plus Corp.*.................................................................... 34,018
1,774 NEXTLINK Communications, Inc. (Class A)*............................................... 149,570
336 North Pittsburgh Systems, Inc.......................................................... 4,368
2,935 NorthPoint Communications Group, Inc.*................................................. 91,352
844 Pac-West Telecomm, Inc.*............................................................... 21,206
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
657 Pacific Gateway Exchange, Inc.*........................................................ $ 12,812
456 PanAmSat Corp.*........................................................................ 23,940
980 Pinnacle Holdings Inc.*................................................................ 41,589
1,551 Premiere Technologies, Inc.*........................................................... 11,051
878 Primus Telecommunications Group, Inc.*................................................. 28,041
17,846 Qwest Communications International, Inc.*.............................................. 702,686
1,821 RCN Corp.*............................................................................. 107,894
1,841 Rhythms NetConnections Inc.*........................................................... 62,594
1,551 STAR Telecommunications, Inc.*......................................................... 11,826
219 Startec Global Communications Corp.*................................................... 4,791
1,543 TALK.com, Inc.*........................................................................ 25,170
1,495 Telephone & Data Systems, Inc.......................................................... 155,480
175 Teligent, Inc. (Class A)*.............................................................. 11,736
556 Time Warner Telecom Inc. (Class A)*.................................................... 33,777
376 U.S. LEC Corp. (Class A)*.............................................................. 12,408
1,053 Viatel, Inc.*.......................................................................... 38,829
804 WebLink Wireless, Inc.*................................................................ 13,668
1,511 West TeleServices Corp.*............................................................... 37,775
1,504 Williams Communications Group, Inc.*................................................... 56,588
1,311 WinStar Communications, Inc.*.......................................................... 92,835
505 Z-Tel Technologies, Inc.*.............................................................. 18,180
------------
4,836,107
------------
OTHER TRANSPORTATION (0.0%)
224 Carey International, Inc.*............................................................. 4,956
------------
PACKAGE GOODS/COSMETICS (1.7%)
1,331 Alberto-Culver Co. (Class B)........................................................... 32,693
5,840 Avon Products, Inc..................................................................... 185,785
561 Block Drug, Inc........................................................................ 16,094
1,157 Blyth Industries, Inc.*................................................................ 27,117
893 Church & Dwight Co., Inc............................................................... 19,702
5,640 Clorox Co.............................................................................. 269,310
13,900 Colgate-Palmolive Co................................................................... 823,575
628 Del Laboratories, Inc.................................................................. 5,655
2,514 Dial Corp. (The)....................................................................... 40,381
2,941 Estee Lauder Companies, Inc. (Class A) (The)........................................... 150,359
25,592 Gillette Co............................................................................ 962,899
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
34
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,508 International Flavors & Fragrances, Inc................................................ $ 89,504
12,987 Kimberly-Clark Corp.................................................................... 804,382
767 Nu Skin Asia Pacific Inc. (Class A)*................................................... 6,424
1,445 Playtex Products, Inc.*................................................................ 18,243
31,355 Procter & Gamble Co.................................................................... 3,162,936
432 Revlon Inc. (Class A)*................................................................. 3,240
------------
6,618,299
------------
PACKAGED FOODS (0.6%)
1,599 Aurora Foods, Inc.*.................................................................... 13,791
6,655 Bestfoods.............................................................................. 289,493
10,208 Campbell Soup Co....................................................................... 320,914
934 Dean Foods Co.......................................................................... 31,698
1,126 Del Monte Foods Co.*................................................................... 10,556
1,332 Dole Food Co., Inc..................................................................... 20,396
7,249 General Mills, Inc..................................................................... 226,078
8,550 Heinz (H.J.) Co........................................................................ 317,953
1,760 International Home Foods, Inc.*........................................................ 26,950
9,672 Kellogg Co............................................................................. 234,546
1,227 Nabisco Holdings Corp. (Class A)....................................................... 37,040
3,192 Quaker Oats Company (The).............................................................. 189,525
7,716 Ralston-Ralston Purina Group........................................................... 216,530
21,680 Sara Lee Corp.......................................................................... 399,725
------------
2,335,195
------------
PAINTS/COATINGS (0.1%)
842 Ferro Corp............................................................................. 16,419
350 Fuller (H.B.) Co....................................................................... 22,750
640 Lilly Industries, Inc. (Class A)....................................................... 8,320
4,147 PPG Industries, Inc.................................................................... 228,344
2,577 RPM, Inc............................................................................... 26,414
3,958 Sherwin-Williams Co.................................................................... 69,760
1,032 Valspar Corp. (The).................................................................... 36,959
------------
408,966
------------
PAPER (0.3%)
1,363 Boise Cascade Corp..................................................................... 48,216
1,233 Bowater, Inc........................................................................... 63,731
2,295 Champion International Corp............................................................ 134,258
479 Chesapeake Corp........................................................................ 12,484
2,165 Consolidated Papers, Inc............................................................... 59,808
5,162 Fort James Corp........................................................................ 138,084
752 Glatfelter (P.H.) Co................................................................... 9,259
9,879 International Paper Co................................................................. 470,487
2,449 Mead Corp.............................................................................. 91,225
691 Potlatch Corp.......................................................................... 27,813
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,130 Wausau-Mosinee Paper Corp.............................................................. $ 11,159
2,393 Westavaco Corp......................................................................... 65,658
2,662 Willamette Industries, Inc............................................................. 109,142
------------
1,241,324
------------
PHOTOGRAPHIC PRODUCTS (0.1%)
271 Concord Camera Corp.*.................................................................. 7,402
7,530 Eastman Kodak Co....................................................................... 465,919
351 ParkerVision, Inc.*.................................................................... 9,982
1,062 Polaroid Corp.......................................................................... 25,223
------------
508,526
------------
PRECIOUS METALS (0.1%)
4,097 Battle Mountain Gold Co.*.............................................................. 7,682
3,856 Echo Bay Mines Ltd. (Canada)........................................................... 5,061
3,901 Freeport-McMoran Copper & Gold, Inc. (Class B)*........................................ 68,024
4,065 Glamis Gold Ltd. (Canada)*............................................................. 7,114
6,210 Homestake Mining Co.................................................................... 41,141
1,313 Meridian Gold Inc. (Canada)*........................................................... 6,729
3,999 Newmont Mining Corp.................................................................... 81,480
904 Stillwater Mining Co.*................................................................. 32,205
------------
249,436
------------
PRECISION INSTRUMENTS (0.3%)
1,718 Agilent Technologies, Inc.*............................................................ 113,710
302 Analogic Corp.......................................................................... 10,872
574 Coherent, Inc.*........................................................................ 25,256
531 Dionex Corp.*.......................................................................... 15,266
258 Excel Technology, Inc.*................................................................ 5,241
526 GenRad, Inc.*.......................................................................... 7,857
420 Meade Instruments Corp.*............................................................... 12,259
307 Mechanical Technology, Inc.*........................................................... 17,250
895 MTS Systems Corp....................................................................... 6,209
464 NetOptix Corp.*........................................................................ 39,324
212 Newport Corp........................................................................... 15,052
2,459 PE Corporation-PE Biosystems Group..................................................... 368,235
633 Robotic Vision Systems, Inc.*.......................................................... 7,121
375 Spectra-Physics Lasers, Inc.*.......................................................... 12,938
389 Technitrol, Inc........................................................................ 16,387
1,127 Tektronix, Inc......................................................................... 45,714
1,535 Thermedics, Inc.*...................................................................... 10,553
2,761 Thermo Instrument Systems Inc.*........................................................ 44,349
1,074 Thermo Optek Corp.*.................................................................... 15,506
923 ThermoQuest Corp.*..................................................................... 14,999
964 Trimble Navigation Ltd.*............................................................... 18,196
727 Varian, Inc.*.......................................................................... 20,901
1,484 Waters Corp.*.......................................................................... 109,631
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
35
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
266 Zygo Corp.............................................................................. $ 5,819
------------
958,645
------------
PRINTING/FORMS (0.1%)
645 American Business Products, Inc........................................................ 12,739
1,122 Applied Graphics Technologies, Inc.*................................................... 9,397
587 Banta Corp............................................................................. 11,153
767 Bowne & Co., Inc....................................................................... 8,389
280 Consolidated Graphics, Inc.*........................................................... 3,745
432 CSS Industries, Inc.*.................................................................. 8,964
1,751 Deluxe Corp............................................................................ 46,839
3,017 Donnelley (R.R.) & Sons Co............................................................. 66,185
553 Harland (John H.) Co................................................................... 9,263
374 ImageX.com, Inc.*...................................................................... 13,090
1,174 Mail-Well, Inc.*....................................................................... 12,841
314 New England Business Service, Inc...................................................... 6,182
503 Standard Register Co................................................................... 7,797
947 Wallace Computer Services, Inc......................................................... 10,358
294 Workflow Management, Inc.*............................................................. 6,174
------------
233,116
------------
PROPERTY - CASUALTY INSURERS (0.9%)
2,071 21st Century Insurance Group........................................................... 38,702
331 Acceptance Insurance Co., Inc.*........................................................ 1,262
946 Alfa Corp.............................................................................. 14,072
231 Alleghany Corp.*....................................................................... 43,067
1,294 Allmerica Financial Corp............................................................... 60,495
1,394 American Financial Group, Inc.......................................................... 29,797
424 Argonaut Group, Inc.................................................................... 7,738
430 Baldwin & Lyons, Inc. (Class B)........................................................ 8,224
460 Berkley (W.R.) Corp.................................................................... 7,993
36 Berkshire Hathaway, Inc.*.............................................................. 1,843,200
4,198 Chubb Corp............................................................................. 236,138
3,916 Cincinnati Financial Corp.............................................................. 112,585
825 Commerce Group, Inc. (The)............................................................. 21,347
1,560 Erie Indemnity Co. (Class A)........................................................... 46,703
1,120 Everest Reinsurance Holdings, Inc...................................................... 28,210
239 Farm Family Holdings, Inc.*............................................................ 8,455
635 Foremost Corp. of America.............................................................. 18,137
1,249 Fremont General Corp................................................................... 9,680
561 Harleysville Group, Inc................................................................ 6,697
1,130 HCC Insurance Holdings, Inc............................................................ 15,043
695 HSB Group, Inc......................................................................... 19,156
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,530 Loews Corp............................................................................. $ 141,680
1,305 Mercury General Corp................................................................... 30,994
425 Midland Co. (The)...................................................................... 8,420
1,434 Ohio Casualty Corp..................................................................... 18,104
3,012 Old Republic International Corp........................................................ 36,521
307 Philadelphia Consolidated Holding Corp.*............................................... 4,452
232 PMA Capital Corp. (Class A)............................................................ 3,973
1,744 Progressive Corp....................................................................... 108,564
2,740 Reliance Group Holdings, Inc........................................................... 15,755
684 Risk Capital Holdings, Inc.*........................................................... 9,918
288 RLI Corp............................................................................... 9,000
505 Selective Insurance Group, Inc......................................................... 7,607
5,422 St. Paul Companies, Inc................................................................ 163,677
952 State Auto Financial Corp.............................................................. 7,973
819 Transatlantic Holdings, Inc............................................................ 61,425
1,461 Travelers Property Casualty Corp....................................................... 52,961
479 Trenwick Group Inc..................................................................... 6,736
418 United Fire & Casualty Co.............................................................. 8,282
------------
3,272,743
------------
RAILROADS (0.3%)
10,902 Burlington Northern Santa Fe Corp...................................................... 262,329
5,209 CSX Corp............................................................................... 152,363
847 Florida East Coast Industries, Inc..................................................... 33,668
2,637 Kansas City Southern Industries, Inc................................................... 182,447
9,081 Norfolk Southern Corp.................................................................. 154,377
5,931 Union Pacific Corp..................................................................... 237,240
1,223 Wisconsin Central Transportation Corp.*................................................ 16,052
------------
1,038,476
------------
REAL ESTATE (0.0%)
1,157 American Real Estate Partners, L.P.*................................................... 8,967
563 Carey Diversified LLC.................................................................. 9,290
2,556 Catellus Development Corp.*............................................................ 31,950
611 CB Richard Ellis Services, Inc.*....................................................... 7,485
710 Flightserv.com*........................................................................ 6,390
716 Forest City Enterprise, Inc. (Class A)................................................. 18,661
1,139 Insignia Financial Group, Inc.*........................................................ 13,099
606 Jones Lang LaSalle, Inc.*.............................................................. 8,219
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
36
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
474 LNR Property Corp...................................................................... $ 8,888
756 Newhall Land & Farming Co. (The)....................................................... 21,168
1,314 Security Capital Group Inc. (Class B)*................................................. 16,754
809 Sunterra Corp.*........................................................................ 2,882
1,343 Syntroleum Corp.*...................................................................... 19,641
745 Trammell Crow Co.*..................................................................... 8,288
------------
181,682
------------
REAL ESTATE INVESTMENT TRUSTS (0.8%)
122 Alexander's, Inc.*..................................................................... 9,577
313 Alexandria Real Estate Equities, Inc................................................... 9,234
2,066 AMB Property Corp...................................................................... 42,224
446 Amli Residential Properties Trust...................................................... 9,533
1,593 Apartment Investment & Management Co. (Class A)........................................ 60,335
3,326 Archstone Communities Trust............................................................ 66,728
1,511 Arden Realty, Inc...................................................................... 31,920
500 Associated Estates Realty Corp......................................................... 4,094
1,568 Avalonbay Communities, Inc............................................................. 54,096
535 Bedford Property Investors, Inc........................................................ 8,894
1,620 Boston Properties, Inc................................................................. 48,600
674 Boykin Lodging Co...................................................................... 8,088
543 Bradley Real Estate, Inc............................................................... 9,231
905 Brandywine Realty Trust................................................................ 14,819
1,066 BRE Properties, Inc. (Class A)......................................................... 23,452
743 Burnham Pacific Properties, Inc........................................................ 6,687
969 Cabot Industrial Trust................................................................. 18,896
959 Camden Property Trust.................................................................. 24,814
727 Capital Automotive REIT................................................................ 8,315
2,387 Capstead Mortgage Corp................................................................. 9,548
1,594 CarrAmerica Realty Corp................................................................ 34,570
440 CBL & Associates Properties, Inc....................................................... 9,268
836 Center Trust, Inc...................................................................... 8,047
492 CenterPoint Properties Corp............................................................ 17,435
450 Charles E. Smith Residential Realty, Inc............................................... 15,975
677 Chateau Communities, Inc............................................................... 17,771
303 Chelsea GCA Realty, Inc................................................................ 8,503
436 Colonial Properties Trust.............................................................. 10,709
895 Commercial Net Lease Realty............................................................ 9,118
3,092 Cornerstone Properties, Inc............................................................ 44,448
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
964 Cornerstone Realty Income Trust, Inc................................................... $ 9,098
767 Cousins Properties, Inc................................................................ 27,468
2,871 Crescent Real Estate Equities Co....................................................... 51,678
1,426 Developers Diversified Realty Corp..................................................... 18,538
2,987 Duke-Weeks Realty Corp................................................................. 59,180
528 EastGroup Properties, Inc.............................................................. 10,098
611 Entertainment Properties Trust......................................................... 8,554
1,030 Equity Inns, Inc....................................................................... 6,953
6,016 Equity Office Properties Trust......................................................... 153,784
3,016 Equity Residential Properties Trust.................................................... 125,164
421 Essex Property Trust, Inc.............................................................. 14,314
963 Federal Realty Investment Trust........................................................ 19,200
1,573 FelCor Lodging Trust, Inc.............................................................. 28,314
878 First Industrial Realty Trust, Inc..................................................... 23,596
1,979 First Union Real Estate Equity & Mortgage Investments.................................. 9,524
442 First Washington Realty Trust, Inc..................................................... 8,757
1,337 Franchise Finance Corp. of America..................................................... 32,088
568 Gables Residential Trust............................................................... 12,319
1,233 General Growth Properties, Inc......................................................... 35,141
574 Glenborough Realty Trust Inc........................................................... 7,821
602 Glimcher Realty Trust.................................................................. 7,788
619 Great Lakes REIT, Inc.................................................................. 9,981
1,229 Health Care Property Investors, Inc.................................................... 31,416
506 Health Care REIT, Inc.................................................................. 8,159
954 Healthcare Realty Trust, Inc........................................................... 17,053
1,481 Highwoods Properties, Inc.............................................................. 33,693
346 Home Properties of New York, Inc....................................................... 9,364
1,347 Hospitality Properties Trust........................................................... 26,351
5,464 Host Marriot Corp...................................................................... 48,493
3,147 HRPT Properties Trust.................................................................. 29,503
874 Imperial Credit Commercial Mortgage Investment Corp.................................... 9,833
1,924 INDYMAC Mortgage Holdings, Inc......................................................... 21,405
1,044 Innkeepers USA Trust................................................................... 8,352
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
37
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,044 IRT Property Co........................................................................ $ 8,613
593 JDN Realty Corp........................................................................ 9,710
526 JP Realty, Inc......................................................................... 9,271
646 Kilroy Realty Corp..................................................................... 12,557
1,449 Kimco Realty Corp...................................................................... 51,077
620 Koger Equity, Inc...................................................................... 9,765
1,535 Konover Property Trust, Inc............................................................ 7,771
354 LaSalle Hotel Properties............................................................... 4,270
398 Lexington Corporate Properties Trust................................................... 4,204
1,599 Liberty Property Trust................................................................. 37,277
831 LTC Properties, Inc.................................................................... 6,025
813 Macerich Co. (The)..................................................................... 18,343
1,393 Mack-Cali Realty Corp.................................................................. 35,434
465 Manufactured Home Communities, Inc..................................................... 11,160
3,396 Meditrust Corp. (Paired Stock)......................................................... 12,311
1,139 MeriStar Hospitality Corp.............................................................. 18,580
440 Mid-America Apartment Communities, Inc................................................. 9,735
522 Mills Corp............................................................................. 9,102
420 National Golf Properties, Inc.......................................................... 9,345
533 National Health Investors, Inc......................................................... 8,262
1,103 Nationwide Health Properties, Inc...................................................... 14,891
2,112 New Plan Excel Realty Trust............................................................ 34,584
454 OMEGA Healthcare Investors, Inc........................................................ 3,519
454 Pacific Gulf Properties, Inc........................................................... 8,853
524 Pan Pacific Retail Properties, Inc..................................................... 9,399
297 Parkway Properties, Inc................................................................ 8,038
498 Pennsylvania Real Estate Investment Trust.............................................. 8,466
925 Post Properties, Inc................................................................... 35,497
897 Prentiss Properties Trust.............................................................. 18,837
609 Prime Group Realty Trust............................................................... 8,488
1,432 Prime Retail, Inc...................................................................... 3,312
2,824 Prison Realty Trust, Inc............................................................... 12,532
3,856 ProLogis Trust......................................................................... 73,505
421 PS Business Parks, Inc. (Class A)...................................................... 9,473
3,086 Public Storage, Inc.................................................................... 70,014
478 Realty Income Corp..................................................................... 10,158
963 Reckson Associates Realty Corp......................................................... 19,019
696 Reckson Services Industries, Inc.*..................................................... 35,931
1,414 Regency Realty Corp.................................................................... 27,661
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
836 RFS Hotel Investores, Inc.............................................................. $ 9,562
1,717 Rouse Co. (The)........................................................................ 38,203
592 Saul Centers, Inc...................................................................... 8,880
602 Senior Housing Properties Trust........................................................ 6,133
692 Shurgard Storage Centers, Inc. (Class A)............................................... 15,397
4,063 Simon Property Group, Inc.............................................................. 100,305
467 SL Green Realty Corp................................................................... 10,157
404 Sovran Self Storage, Inc............................................................... 7,651
1,549 Spieker Properties, Inc................................................................ 60,217
2,026 Starwood Financial, Inc................................................................ 35,202
4,513 Starwood Hotels & Resorts Worldwide, Inc............................................... 108,322
669 Storage USA, Inc....................................................................... 19,945
497 Summit Properties Inc.................................................................. 9,443
309 Sun Communities, Inc................................................................... 9,579
183 Tanger Factory Outlet Centers, Inc..................................................... 3,866
1,271 Taubman Centers, Inc................................................................... 14,219
499 Thornburg Mortgage Asset Corp.......................................................... 4,210
539 Town & Country Trust................................................................... 9,163
2,457 United Dominion Realty Trust, Inc...................................................... 23,649
320 Urban Shopping Centers, Inc............................................................ 8,920
1,904 Ventas, Inc............................................................................ 6,902
2,051 Vornado Realty Trust................................................................... 64,222
451 Walden Residential Properties, Inc..................................................... 10,148
637 Washington Real Estate Investment Trust................................................ 9,874
637 Weingarten Realty Investors............................................................ 23,768
400 Western Properties Trust............................................................... 4,050
1,750 Westfield America, Inc................................................................. 22,859
2,989 Wyndham International, Inc. (Class A).................................................. 6,912
------------
2,924,656
------------
RECREATIONAL PRODUCTS/TOYS (0.1%)
1,275 Acclaim Entertainment, Inc.*........................................................... 3,984
485 Action Performance Companies, Inc.*.................................................... 4,729
537 Activision, Inc.*...................................................................... 8,391
996 Arctic Cat, Inc........................................................................ 9,836
2,191 Brunswick Corp......................................................................... 41,492
1,815 Callaway Golf Co....................................................................... 23,141
597 Coachmen Industries, Inc............................................................... 8,582
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
38
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
2,686 GT Interactive Software Corp.*......................................................... $ 6,211
4,623 Hasbro, Inc............................................................................ 69,345
1,960 International Game Technology.......................................................... 38,588
408 IntraNet Solutions, Inc.*.............................................................. 14,127
364 JAKKS Pacific, Inc.*................................................................... 5,915
1,067 K2 Inc................................................................................. 7,736
779 Marvel Enterprises, Inc.*.............................................................. 4,771
10,039 Mattel, Inc............................................................................ 104,782
906 Midway Games, Inc.*.................................................................... 12,231
243 National R.V. Holdings, Inc.*.......................................................... 3,979
943 Navarre Corp.*......................................................................... 5,245
582 Polaris Industries Inc................................................................. 18,842
446 Steinway Musical Instruments Inc.*..................................................... 8,864
1,052 Sturm, Ruger & Co., Inc................................................................ 9,797
859 Take-Two Interactive Software, Inc.*................................................... 10,630
356 Thor Industries, Inc................................................................... 10,458
399 THQ, Inc.*............................................................................. 8,279
1,114 Topps Co., Inc. (The)*................................................................. 9,539
396 Winnebago Industries, Inc.............................................................. 7,846
813 WMS Industries, Inc.*.................................................................. 9,045
------------
466,385
------------
RENTAL/LEASING COMPANIES (0.1%)
574 Aaron Rents, Inc (Class A)............................................................. 9,543
372 AMERCO*................................................................................ 9,556
743 Avis Rent-A-Car, Inc.*................................................................. 15,789
1,319 Budget Group, Inc. (Class A)*.......................................................... 12,943
3,654 Comdisco, Inc.......................................................................... 121,952
394 CORT Business Services Corp.*.......................................................... 10,934
488 Dollar Thrifty Automotive Group, Inc.*................................................. 9,669
752 Electro Rent Corp.*.................................................................... 8,554
183 ePlus, Inc.*........................................................................... 8,063
485 Financial Federal Corp.*............................................................... 8,488
1,173 GATX Corp.............................................................................. 33,724
969 Hertz Corp. (Class A)*................................................................. 42,878
1,044 Interpool, Inc......................................................................... 7,504
522 McGrath Rent Corp...................................................................... 8,091
809 National Equipment Services, Inc.*..................................................... 5,056
1,297 NationsRent, Inc.*..................................................................... 6,971
730 Neff Corp.*............................................................................ 5,247
426 Rent-Way, Inc.*........................................................................ 7,668
1,238 Rollins Truck Leasing Corp............................................................. 12,148
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,400 Ryder System, Inc...................................................................... $ 30,888
895 SierraCities.com, Inc.*................................................................ 17,956
1,719 United Rentals, Inc.*.................................................................. 32,876
237 XTRA Corp.*............................................................................ 10,398
------------
436,896
------------
RESTAURANTS (0.5%)
650 Applebee's International, Inc.......................................................... 16,250
1,475 Avado Brands, Inc...................................................................... 6,822
942 Bob Evans Farms, Inc................................................................... 14,954
1,561 Brinker International, Inc.*........................................................... 39,415
874 Buffets, Inc.*......................................................................... 8,139
1,297 CBRL Group, Inc........................................................................ 11,916
649 CEC Entertainment, Inc.*............................................................... 16,347
479 Cheesecake Factory, Inc. (The)*........................................................ 13,711
1,343 CKE Restaurants, Inc................................................................... 8,646
795 Consolidated Products, Inc.*........................................................... 8,099
3,136 Darden Restaurants, Inc................................................................ 49,784
422 IHOP Corp.*............................................................................ 6,963
913 Jack in the Box Inc.*.................................................................. 18,774
1,175 Landry's Seafood Restaurants, Inc.*.................................................... 10,355
1,253 Lone Star Steakhouse & Saloon, Inc.*................................................... 11,199
737 Luby's Cafeterias, Inc................................................................. 8,061
32,305 McDonald's Corp........................................................................ 1,201,342
855 NPC International, Inc.*............................................................... 7,187
668 O'Charley's, Inc.*..................................................................... 8,350
1,789 Outback Steakhouse, Inc.*.............................................................. 44,166
432 P.F. Chang's China Bistro, Inc.*....................................................... 10,962
726 Papa John's International, Inc.*....................................................... 18,059
420 RARE Hospitality International, Inc.*.................................................. 6,825
690 Ruby Tuesday, Inc...................................................................... 12,938
977 Ryan's Family Steak Houses, Inc.*...................................................... 8,732
346 Sonic Corp.*........................................................................... 9,904
4,347 Starbucks Corp.*....................................................................... 138,561
3,663 Tricon Global Restaurants, Inc.*....................................................... 104,853
2,853 Wendy's International, Inc............................................................. 53,672
------------
1,874,986
------------
SAVINGS & LOAN ASSOCIATIONS (0.4%)
470 Alliance Bancorp....................................................................... 8,196
572 Anchor Bancorp Wisconsin, Inc.......................................................... 7,865
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
39
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
317 Andover Bancorp, Inc................................................................... $ 8,381
1,298 Astoria Financial Corp................................................................. 37,642
756 Bank United Corp. (Class A)............................................................ 19,609
1,428 Bay View Capital Corp.................................................................. 14,191
895 Brookline Bankcorp, Inc................................................................ 8,894
377 BSB Bancorp, Inc....................................................................... 7,234
2,183 Capitol Federal Financial.............................................................. 21,011
467 Carolina First Corp.................................................................... 7,589
917 CFS Bancorp, Inc....................................................................... 8,196
5,062 Charter One Financial, Inc............................................................. 98,393
1,407 Commercial Federal Corp................................................................ 20,402
553 Commonwealth Bancorp, Inc.............................................................. 8,606
2,645 Dime Bancorp, Inc...................................................................... 37,361
467 Dime Community Bancshares.............................................................. 7,209
502 Downey Financial Corp.................................................................. 9,664
212 Fidelity Financial of Ohio, Inc........................................................ 3,207
606 First Federal Capital Corp............................................................. 7,158
551 First Financial Holdings, Inc.......................................................... 7,990
409 First Indiana Corp..................................................................... 7,055
1,187 First Sentinel Bancorp, Inc............................................................ 8,977
524 First Washington Bancorp, Inc.......................................................... 6,878
570 Firstfed Financial Corp.*.............................................................. 7,446
3,009 Golden State Bancorp Inc.*............................................................. 42,502
3,856 Golden West Financial Corp............................................................. 113,511
2,573 GreenPoint Financial Corp.............................................................. 50,978
760 Harbor Florida Bancshares, Inc......................................................... 8,550
1,096 Harris Financial, Inc.................................................................. 7,399
1,297 Hudson City Bancorp, Inc............................................................... 19,212
393 Hudson River Bancorp, Inc.............................................................. 4,028
1,597 Independence Community Bank Corp....................................................... 18,366
448 InterWest Bancorp, Inc................................................................. 7,616
168 JSB Financial, Inc..................................................................... 8,568
477 MAF Bancorp, Inc....................................................................... 9,033
634 Net.Bank, Inc.......................................................................... 9,708
912 Niagara Bancorp, Inc................................................................... 8,607
1,139 Northwest Bancorp, Inc................................................................. 7,688
572 OceanFirst Financial Corp.............................................................. 8,938
1,489 Ocwen Financial Corp.*................................................................. 8,655
418 Oriental Financial Group, Inc.......................................................... 8,412
474 PBOC Holdings, Inc.*................................................................... 4,207
1,520 People's Bank.......................................................................... 31,255
448 PFF Bancorp, Inc....................................................................... 6,272
462 Queens County Bancorp, Inc............................................................. 10,511
259 Reliance Bancorp, Inc.................................................................. 8,693
1,098 Republic Security Financial Corp....................................................... 8,235
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
573 Richmond County Financial Corp......................................................... $ 10,135
1,755 Roslyn Bancorp, Inc.................................................................... 29,725
811 S1 Corp.*.............................................................................. 73,446
5,232 Sovereign Bancorp, Inc................................................................. 35,643
448 St. Francis Capital Corp............................................................... 7,000
945 Staten Island Bancorp, Inc............................................................. 16,065
1,979 TCF Financial Corp..................................................................... 45,393
763 United Community Financial Corp........................................................ 5,198
627 Virginia Capital Bancshares, Inc....................................................... 9,444
1,786 W Holding Co., Inc..................................................................... 17,637
1,304 Washington Federal, Inc................................................................ 21,842
13,774 Washington Mutual, Inc................................................................. 349,515
1,363 Webster Financial Corp................................................................. 31,690
663 Westcorp............................................................................... 7,583
263 WSFS Financial Corp.................................................................... 2,942
------------
1,453,356
------------
SEMICONDUCTORS (4.0%)
508 Actel Corp.*........................................................................... 12,605
3,512 Advanced Micro Devices, Inc.*.......................................................... 127,310
1,006 Alliance Semiconductor Corp.*.......................................................... 15,090
466 Alpha Industries, Inc.*................................................................ 39,028
4,759 Altera Corp.*.......................................................................... 312,607
434 ANADIGICS, Inc......................................................................... 33,635
4,162 Analog Devices, Inc.*.................................................................. 389,147
1,287 Applied Micro Circuits Corp.*.......................................................... 190,074
4,810 Atmel Corp.*........................................................................... 149,110
1,248 Broadcom Corp. (Class A)*.............................................................. 361,062
1,565 Cirrus Logic, Inc.*.................................................................... 21,323
4,686 Conexant Systems, Inc.*................................................................ 395,674
2,608 Cypress Semiconductor Corp.*........................................................... 87,368
715 Dallas Semiconductor Corp.............................................................. 47,771
217 Elantec Semiconductor, Inc.*........................................................... 8,653
977 ESS Technology, Inc.*.................................................................. 15,876
266 Exar Corp.*............................................................................ 16,758
1,414 Fairchild Semiconductor Corp. (Class A)*............................................... 48,076
822 General Semiconductor, Inc.*........................................................... 12,227
436 GlobeSpan, Inc.*....................................................................... 48,342
154 hi/fn, Inc.*........................................................................... 8,480
2,173 Integrated Device Technology, Inc.*.................................................... 61,795
940 Integrated Silicon Solution, Inc.*..................................................... 13,043
79,712 Intel Corp............................................................................. 7,881,524
1,241 International Rectifier Corp.*......................................................... 41,263
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
40
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,143 Lattice Semiconductor Corp.*........................................................... $ 58,579
3,682 Linear Technology Corp................................................................. 348,639
3,548 LSI Logic Corp.*....................................................................... 290,049
440 Maker Communications, Inc.*............................................................ 23,733
6,522 Maxim Integrated Products, Inc.*....................................................... 326,915
984 Micrel, Inc.*.......................................................................... 62,238
1,215 Microchip Technology Inc.*............................................................. 76,165
6,438 Micron Technology, Inc.*............................................................... 400,363
765 MIPS Technologies, Inc. (Class A)*..................................................... 33,756
648 MRV Communications, Inc.*.............................................................. 46,859
4,092 National Semiconductor Corp.*.......................................................... 214,830
1,131 NeoMagic Corp.*........................................................................ 10,320
224 Pericom Semiconductor Corp.*........................................................... 7,490
407 QuickLogic Corporation*................................................................ 5,952
1,816 S-3*................................................................................... 26,219
844 SDL, Inc.*............................................................................. 218,754
761 Semtech Corp.*......................................................................... 45,660
614 Silicon Image, Inc.*................................................................... 45,590
690 Silicon Storage Technology, Inc.*...................................................... 26,910
238 Siliconix, Inc.*....................................................................... 45,369
322 TelCom Semiconductor, Inc.*............................................................ 6,903
19,135 Texas Instruments, Inc................................................................. 2,064,188
441 TriQuint Semiconductor, Inc.*.......................................................... 67,363
3,662 Vitesse Semiconductor Corp.*........................................................... 159,068
472 Xicor, Inc.*........................................................................... 8,791
7,607 Xilinx, Inc.*.......................................................................... 348,020
331 Zoran Corp............................................................................. 15,061
------------
15,321,625
------------
SERVICES TO THE HEALTH INDUSTRY (0.3%)
308 Accredo Health, Inc.*.................................................................. 9,548
378 Advance Paradigm, Inc.*................................................................ 7,111
404 Albany Molecular Research, Inc.*....................................................... 17,271
458 Allscripts, Inc.*...................................................................... 21,812
1,680 CareInsite, Inc.*...................................................................... 122,640
802 Cerner Corp.*.......................................................................... 15,940
1,393 Covance, Inc.*......................................................................... 19,241
581 DVI, Inc.*............................................................................. 9,332
348 eBenX, Inc.*........................................................................... 19,184
834 Eclipsys Corp.*........................................................................ 20,798
919 Express Scripts, Inc. (Class A)*....................................................... 47,214
940 First Consulting Group, Inc.*.......................................................... 17,273
1,763 Healtheon/WebMD Corp.*................................................................. 114,595
639 HealthExtras, Inc.*.................................................................... 4,713
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
663 IDX Systems Corp.*..................................................................... $ 25,194
303 IMPATH Inc.*........................................................................... 6,742
7,347 IMS Health Inc......................................................................... 164,848
486 InterDent, Inc.*....................................................................... 4,070
3,760 Laboratory Corp. of America Holdings*.................................................. 12,455
835 Medical Manager Corp.*................................................................. 58,554
713 MedicaLogic Inc.*...................................................................... 20,855
857 MedQuist Inc.*......................................................................... 17,086
412 Morrison Management Specialists, Inc................................................... 9,553
2,178 Omnicare, Inc.......................................................................... 23,005
1,074 PAREXEL International Corp.*........................................................... 14,231
937 Per-Se Technologies, Inc............................................................... 8,667
684 Pharmaceutical Product Development, Inc.*.............................................. 8,593
917 Pharmacopeia, Inc.*.................................................................... 34,846
370 Professional Detailing, Inc.*.......................................................... 9,713
895 ProVantage Health Services, Inc.*...................................................... 6,936
756 ProxyMed, Inc.*........................................................................ 6,615
582 QuadraMed Corp.*....................................................................... 5,311
1,000 Quest Diagnostics Inc.*................................................................ 34,000
2,743 Quintiles Transnational Corp.*......................................................... 72,347
642 Shared Medical Systems Corp............................................................ 28,409
340 Stericycle, Inc.*...................................................................... 5,440
358 Sunquest Information Systems, Inc.*.................................................... 4,207
472 TriZetto Group, Inc. (The)*............................................................ 18,526
549 United Payors & United Providers, Inc.*................................................ 9,882
1,523 US Oncology, Inc.*..................................................................... 7,901
------------
1,064,658
------------
SHOE MANUFACTURING (0.1%)
515 Brown Shoe Co., Inc.................................................................... 5,343
473 Global Sports, Inc.*................................................................... 7,982
281 K-Swiss, Inc. (Class A)................................................................ 3,460
355 Kenneth Cole Productions, Inc. (Class A)*.............................................. 11,759
6,681 Nike, Inc. (Class B)................................................................... 303,986
1,000 Reebok International Ltd.*............................................................. 7,375
1,285 Stride Rite Corp....................................................................... 7,790
499 Timberland Co.*........................................................................ 18,463
855 Wolverine World Wide, Inc.............................................................. 7,802
------------
373,960
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
41
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
SMALLER BANKS (0.5%)
392 Alabama National BanCorporation........................................................ $ 7,497
611 Amcore Financial, Inc.................................................................. 12,449
275 ANB Corp............................................................................... 9,591
332 Anchor Financial Corp.................................................................. 11,060
389 Area Bancshares Corp................................................................... 8,631
1,526 Associated Banc-Corp................................................................... 46,066
296 BancFirst Corp......................................................................... 8,362
426 BancFirst Ohio Corp.................................................................... 8,227
917 Banco Santander (Puerto Rico).......................................................... 14,793
1,364 BancorpSouth, Inc...................................................................... 20,972
425 Bank of Granite Corp................................................................... 8,234
502 Banknorth Group, Inc................................................................... 13,209
1,169 BOK Financial Corp.*................................................................... 19,435
767 Brenton Banks, Inc..................................................................... 7,382
470 BT Financial Corp...................................................................... 8,438
392 Capital City Bank Group, Inc........................................................... 8,330
264 Cathay Bancorp, Inc.................................................................... 10,560
966 CCB Financial Corp..................................................................... 42,021
800 Centennial Bancorp*.................................................................... 8,100
670 Centura Banks, Inc..................................................................... 27,177
406 Century South Banks, Inc............................................................... 8,450
318 Chemical Financial Corp................................................................ 8,272
676 Chittenden Corp........................................................................ 19,139
1,139 Citizens Banking Corp.................................................................. 22,068
498 City Holding Co........................................................................ 6,412
1,083 City National Corp..................................................................... 37,770
2,671 Colonial BancGroup, Inc. (The)......................................................... 25,375
703 Commerce Bancorp, Inc.................................................................. 25,870
375 Community Bank System, Inc............................................................. 8,625
1,191 Community First Bankshares, Inc........................................................ 16,451
438 Community Trust Bancorp, Inc........................................................... 8,213
362 Corus Bankshares, Inc.................................................................. 8,982
418 CPB, Inc............................................................................... 10,346
1,267 Cullen/Frost Bankers, Inc.............................................................. 31,517
358 CVB Financial Corp..................................................................... 8,413
906 East West Bancorp, Inc................................................................. 11,382
354 F & M Bancorp.......................................................................... 6,748
510 F & M National Corp.................................................................... 12,176
255 Farmers Capital Bank Corp.............................................................. 7,395
533 FCNB Corp.............................................................................. 6,929
517 First Bancorp.......................................................................... 9,371
482 First Busey Corp....................................................................... 10,122
549 First Charter Corp..................................................................... 7,480
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
292 First Commerce Bancshares, Inc. (Class A).............................................. $ 9,198
1,304 First Commonwealth Financial Corp...................................................... 12,959
1,117 First Financial Bancorp................................................................ 20,525
289 First Financial Bankshares, Inc........................................................ 8,092
269 First Financial Corp................................................................... 9,213
413 First Merchants Corp................................................................... 9,886
978 First Midwest Bancorp, Inc............................................................. 23,166
369 First Republic Bank*................................................................... 7,242
351 First Source Corp...................................................................... 7,020
643 First United Bancshares, Inc........................................................... 7,395
2,143 FirstMerit Corp........................................................................ 39,646
317 Flagstar Bancorp....................................................................... 4,418
366 FNB Corp............................................................................... 8,052
461 Frontier Financial Corp................................................................ 9,364
1,639 Fulton Financial Corp.................................................................. 26,839
492 GBC Bancorp............................................................................ 9,348
458 German American Bancorp................................................................ 7,672
399 Gold Banc Corp., Inc................................................................... 3,516
621 Grand Premier Financial, Inc........................................................... 8,112
285 Greater Bay Bancorp.................................................................... 11,970
418 Hamilton Bancorp, Inc.*................................................................ 6,740
239 Hancock Holding Co..................................................................... 9,202
276 Harleysville National Corp............................................................. 8,004
1,204 Hudson United Bancorp.................................................................. 28,144
991 Imperial Bancorp*...................................................................... 26,633
723 Independent Bank Corp.................................................................. 8,224
266 Independent Bank Corp.................................................................. 3,724
411 International Bancshares Corp.......................................................... 16,646
484 Irwin Financial Corp................................................................... 8,440
1,162 Keystone Financial, Inc................................................................ 21,279
494 Merchants New York Bancorp, Inc........................................................ 8,151
308 Michigan Financial Corp................................................................ 8,008
315 Mid-State Bancshares................................................................... 8,663
397 MidAmerica Bancorp..................................................................... 10,223
323 Mississippi Valley Bancshares, Inc..................................................... 8,499
721 National Bancorp of Alaska, Inc........................................................ 20,864
203 National City Bancorporation........................................................... 3,553
394 National City Bancshares, Inc.......................................................... 8,619
2,582 National Commerce Bancorporation....................................................... 53,577
433 National Penn Bancshares, Inc.......................................................... 8,768
548 NBT Bancorp, Inc....................................................................... 7,569
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
42
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
3,111 North Fork Bancorporation, Inc......................................................... $ 52,887
1,143 Old National Bancorp................................................................... 30,928
294 Omega Financial Corp................................................................... 8,103
797 One Valley Bancorp, Inc................................................................ 20,124
585 Pacific Capital Bancorp................................................................ 17,294
279 Park National Corp..................................................................... 26,819
343 Peoples Bancorp Inc.................................................................... 6,260
2,436 Peoples Heritage Financial Group, Inc.................................................. 35,931
627 Premier National Bancorp, Inc.......................................................... 9,405
432 Prime Bancshares, Inc.................................................................. 9,855
464 Provident Bankshares Corp.............................................................. 7,018
1,051 Provident Financial Group, Inc......................................................... 32,712
976 Republic Bancorp Inc................................................................... 10,126
570 Riggs National Corp.................................................................... 5,700
585 S & T Bancorp, Inc..................................................................... 12,395
363 Sandy Spring Bancorp, Inc.............................................................. 8,281
940 Seacoast Financial Services Corp....................................................... 8,636
375 Second Bancorp, Inc.................................................................... 7,125
448 Shoreline Financial Corp............................................................... 7,560
516 Silicon Valley Bancshares*............................................................. 28,767
308 Simmons First National Corp. (Class A)................................................. 7,084
1,863 Sky Financial Group, Inc............................................................... 33,418
537 Southwest Bancorp, Inc................................................................. 9,163
813 Sterling Bancshares, Inc............................................................... 8,130
367 Sterling Financial Corp................................................................ 7,891
798 Susquehanna Bancshares, Inc............................................................ 11,621
380 Texas Regional Bancshares, Inc. (Class A).............................................. 9,096
522 Triangle Bancorp, Inc.................................................................. 9,429
448 Trust Co. Of New Jersey (The).......................................................... 8,904
1,278 Trustco Bank Corp. of New York......................................................... 15,416
1,700 Trustmark Corp......................................................................... 30,600
445 U.S. Trust Corp........................................................................ 52,844
217 UCBH Holdings, Inc.*................................................................... 4,476
1,019 United Bankshares, Inc................................................................. 21,526
487 United National Bancorp................................................................ 8,401
730 USB Holding Co., Inc................................................................... 10,311
690 USBANCORP, Inc......................................................................... 7,245
1,442 Valley National Bancorp................................................................ 35,870
236 Washington Trust Bancorp, Inc.......................................................... 3,599
376 WesBanco, Inc.......................................................................... 9,024
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
712 West Coast Bancorp..................................................................... $ 9,479
897 Westamerica Bancorporation............................................................. 22,649
539 Whitney Holding Corp................................................................... 17,652
791 Wilmington Trust Corp.................................................................. 39,501
2,040 Zions Bancorporation................................................................... 120,615
------------
2,005,073
------------
SPECIALTY CHEMICALS (0.3%)
247 AEP Industries, Inc.*.................................................................. 7,781
5,471 Air Products & Chemicals, Inc.......................................................... 162,078
1,675 Airgas, Inc.*.......................................................................... 12,981
1,115 Albemarle Corp......................................................................... 20,140
583 Arch Chemicals, Inc.................................................................... 9,364
1,577 Cabot Corp............................................................................. 37,848
1,380 Calgon Carbon Corp..................................................................... 10,005
587 Cambrex Corp........................................................................... 22,013
313 Chemed Corp............................................................................ 8,764
366 ChemFirst Inc.......................................................................... 7,114
330 ChiRex, Inc.*.......................................................................... 4,868
2,838 CK Witco Corp.......................................................................... 33,879
1,007 Cytec Industries, Inc.*................................................................ 25,427
550 Dexter Corp............................................................................ 20,453
3,002 Engelhard Corp......................................................................... 47,844
2,314 Ethyl Corp............................................................................. 8,822
730 FMC Corp.*............................................................................. 39,238
566 Geon Co. (The)......................................................................... 16,449
739 Georgia Gulf Corp...................................................................... 20,230
1,713 Grace (W. R.) & Co.*................................................................... 20,235
1,372 Great Lakes Chemical Corp.............................................................. 45,448
872 Hanna (M.A.) Co........................................................................ 9,974
1,592 International Specialty Products, Inc.................................................. 11,343
1,303 Lubrizol Corp. (The)................................................................... 38,601
2,806 Lyondell Chemical Co................................................................... 30,340
1,628 Millennium Chemicals Inc............................................................... 29,711
210 NCH Corp............................................................................... 9,135
1,233 NL Industries, Inc.*................................................................... 17,801
1,075 Olin Corp.............................................................................. 18,813
567 OM Group, Inc.......................................................................... 21,333
3,792 Praxair, Inc........................................................................... 153,813
555 Schulman (A.), Inc..................................................................... 7,943
2,407 Sigma-Aldrich Corp..................................................................... 80,635
280 Uniroyal Technology Corp.*............................................................. 7,665
------------
1,018,088
------------
SPECIALTY FOODS/CANDY (0.2%)
362 American Italian Pasta Co. (Class A)*.................................................. 9,910
410 Bush Boake Allen, Inc.*................................................................ 10,173
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
43
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
194 Celestrial Seasoning, Inc.*............................................................ $ 4,341
1,653 Chiquita Brands International, Inc..................................................... 7,748
548 Dreyer's Grand Ice Cream, Inc.......................................................... 8,254
961 Earthgrains Co......................................................................... 15,136
49 Farmer Brothers Co..................................................................... 7,656
2,393 Flowers Industries, Inc................................................................ 29,165
958 Fresh Del Monte Produce, Inc.*......................................................... 7,604
361 Hain Food Group, Inc.*................................................................. 8,935
3,301 Hershey Foods Corp..................................................................... 140,293
1,551 Imperial Sugar Co...................................................................... 5,235
440 International Multifoods Corp.......................................................... 5,583
1,673 Interstate Bakeries Corp............................................................... 25,618
427 J & J Snack Foods*..................................................................... 7,900
1,996 Keebler Foods Co.*..................................................................... 45,534
783 Lance, Inc............................................................................. 8,173
567 Mannatech, Inc.*....................................................................... 2,693
1,689 McCormick & Co., Inc................................................................... 44,653
387 Michael Foods, Inc..................................................................... 8,103
1,599 NBTY, Inc.*............................................................................ 22,386
265 Neose Technologies, Inc.*.............................................................. 5,035
546 Ralcorp Holdings, Inc.*................................................................ 8,088
1,536 Rexall Sundown, Inc.*.................................................................. 19,776
501 Riviana Foods, Inc..................................................................... 8,204
520 Smucker (J.M.) Co. (Class A)........................................................... 9,100
744 Suiza Foods Corp.*..................................................................... 30,597
787 Tootsie Roll Industries, Inc........................................................... 24,791
1,086 Twinlab Corp.*......................................................................... 8,450
1,200 Universal Foods Corp.*................................................................. 22,050
1,331 Vlasic Foods International Inc.*....................................................... 5,823
2,762 Wrigley (Wm.) Jr. Co. (Class A)........................................................ 215,436
------------
782,443
------------
SPECIALTY INSURERS (0.2%)
1,652 Ambac Financial Group, Inc............................................................. 80,845
522 Chicago Title Corp..................................................................... 22,740
786 CNA Surety Corp........................................................................ 8,597
821 Enhance Financial Services Group Inc................................................... 11,443
663 Fidelity National Financial, Inc....................................................... 8,288
762 Financial Security Assurance Holdings Ltd.............................................. 42,053
1,557 First American Financial Corp.......................................................... 18,489
230 FPIC Insurance Group, Inc.*............................................................ 3,910
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,059 Frontier Insurance Group, Inc.......................................................... $ 3,243
453 LandAmerica Financial Group, Inc....................................................... 8,069
200 Markel Corp.*.......................................................................... 32,800
2,376 MBIA, Inc.............................................................................. 118,949
431 Medical Assurance, Inc.*............................................................... 9,417
2,522 MGIC Investment Corp................................................................... 117,431
576 MIIX Group, Inc........................................................................ 7,488
470 PICO Holdings, Inc.*................................................................... 6,198
1,066 PMI Group, Inc......................................................................... 43,973
213 Professionals Group, Inc.*............................................................. 4,766
886 Radian Group, Inc...................................................................... 35,717
308 SCPIE Holdings Inc..................................................................... 8,470
588 Stewart Information Services Corp...................................................... 7,754
763 Superior National Insurance Group, Inc.*............................................... 5,055
551 Triad Guaranty, Inc.*.................................................................. 10,848
------------
616,543
------------
SPECIALTY STEELS (0.0%)
508 Carpenter Technology Corp.............................................................. 12,192
864 NS Group, Inc.*........................................................................ 7,668
2,081 Nucor Corp............................................................................. 103,530
874 Oregon Steel Mills, Inc................................................................ 4,643
368 Quanex Corp............................................................................ 7,958
------------
135,991
------------
STEEL/IRON ORE (0.1%)
2,459 AK Steel Holding Corp.................................................................. 24,897
3,129 Bethlehem Steel Corp.*................................................................. 21,316
688 Birmingham Steel Corp.................................................................. 2,709
288 Cleveland-Cliffs, Inc.................................................................. 8,046
469 Lone Star Technologies, Inc.*.......................................................... 12,927
1,782 LTV Corp. (The)........................................................................ 6,237
1,331 National Steel Corp. (Class B)......................................................... 9,733
445 Ryerson Tull, Inc...................................................................... 8,483
1,144 Steel Dynamics, Inc.*.................................................................. 17,804
502 Texas Industries, Inc.................................................................. 18,354
2,109 USX-U.S. Steel Group................................................................... 52,461
963 Weirton Steel Corp..................................................................... 6,741
2,126 Worthington Industries, Inc............................................................ 30,561
------------
220,269
------------
TELECOMMUNICATION EQUIPMENT (3.5%)
372 Adaptive Broadband Corp.*.............................................................. 44,082
3,569 ADC Telecommunications, Inc.*.......................................................... 235,108
942 Adtran, Inc.*.......................................................................... 60,995
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
44
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,857 Advanced Fibre Communications, Inc.*................................................... $ 68,245
515 Airnet Communications Corp.*........................................................... 16,544
775 Alcatel (ADR) (France)................................................................. 31,054
977 Allen Telecom Inc.*.................................................................... 12,823
3,448 American Tower Corp. (Class A)*........................................................ 122,835
876 Antec Corp.*........................................................................... 34,274
666 AVT Corp.*............................................................................. 14,902
724 C-COR.net Corp.*....................................................................... 15,430
575 Carrier Access Corp.*.................................................................. 25,300
583 Catapult Communications Corp.*......................................................... 6,632
3,277 CIENA Corp.*........................................................................... 214,848
684 Com21, Inc.*........................................................................... 21,461
1,701 Comverse Technology, Inc.*............................................................. 243,775
1,122 Copper Mountain Networks, Inc.*........................................................ 61,920
6,193 Corning Inc.*.......................................................................... 955,232
303 Davox Corp.*........................................................................... 8,636
1,319 Digital Lightwave, Inc.*............................................................... 77,739
1,622 Digital Microwave Corp.*............................................................... 51,803
310 Ditech Communications Corp.*........................................................... 35,979
2,838 eLot, Inc.*............................................................................ 21,108
3,069 Glenayre Technologies, Inc.*........................................................... 34,910
723 Harmonic, Inc.*........................................................................ 69,634
598 Inter-Tel, Inc......................................................................... 17,940
1,749 InterDigital Communications Corp.*..................................................... 50,940
163 IPC Communications, Inc.*.............................................................. 13,814
782 L-3 Communications Holdings, Inc.*..................................................... 31,476
356 Latitude Communications, Inc.*......................................................... 9,746
74,752 Lucent Technologies Inc................................................................ 4,130,048
413 MCK Communications, Inc.*.............................................................. 11,048
524 Metricom, Inc.*........................................................................ 50,271
16,920 Motorola, Inc.......................................................................... 2,313,810
258 Natural Microsystems Corp.*............................................................ 9,869
1,071 Netro Corp.*........................................................................... 45,986
1,871 Next Level Communications, Inc.*....................................................... 151,083
389 NorthEast Optic Network, Inc.*......................................................... 37,928
946 Optical Cable Corp.*................................................................... 31,218
297 Ortel Corp.*........................................................................... 42,638
213 Osicom Technologies, Inc.*............................................................. 10,490
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1,475 P-COM, Inc.*........................................................................... $ 22,402
735 Paradyne Networks, Inc.*............................................................... 19,661
2,350 PictureTel Corp.*...................................................................... 14,247
398 Plantronics, Inc.*..................................................................... 28,507
15,743 QUALCOMM Inc.*......................................................................... 1,998,377
1,894 RF Micro Devices, Inc.*................................................................ 153,296
1,874 Scientific-Atlanta, Inc................................................................ 144,415
1,005 Somera Communications, Inc.*........................................................... 14,824
1,878 Sycamore Networks, Inc.*............................................................... 599,082
1,320 Tekelec*............................................................................... 31,515
9,598 Tellabs, Inc.*......................................................................... 518,292
521 Terayon Communication Systems, Inc.*................................................... 55,747
328 U.S. Wireless Corp.*................................................................... 8,836
188 ViaSat, Inc.*.......................................................................... 12,761
420 Virata Corp.*.......................................................................... 23,940
591 Visual Networks, Inc.*................................................................. 37,159
1,080 World Access, Inc.*.................................................................... 18,563
------------
13,145,198
------------
TEXTILES (0.0%)
2,149 Burlington Industries, Inc.*........................................................... 6,716
1,037 Guilford Mills, Inc.................................................................... 9,527
724 Polymer Group, Inc.*................................................................... 12,308
419 Springs Industries, Inc. (Class A)..................................................... 15,241
1,413 Unifi, Inc.*........................................................................... 15,631
786 Wellman, Inc........................................................................... 13,657
------------
73,080
------------
TOBACCO (0.4%)
539 Brooke Group Ltd....................................................................... 8,725
7,781 Nabisco Group Holdings Corp............................................................ 67,111
56,453 Philip Morris Companies, Inc........................................................... 1,181,985
2,616 R. J. Nabisco Tobacco Holdings, Inc.................................................... 44,963
706 Schweitzer-Mauduit International, Inc.................................................. 10,061
739 Universal Corp......................................................................... 15,103
4,082 UST, Inc............................................................................... 93,631
------------
1,421,579
------------
TOOLS/HARDWARE (0.1%)
2,072 Black & Decker Corp.................................................................... 83,010
552 Briggs & Stratton Corp................................................................. 24,495
2,180 Metromedia International Group, Inc.*.................................................. 10,083
1,469 Snap-On, Inc........................................................................... 39,479
2,134 Stanley Works.......................................................................... 53,617
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
45
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
254 Toro Co. (The)......................................................................... $ 8,620
------------
219,304
------------
TRUCKING (0.0%)
569 American Freightways Corp.*............................................................ 7,610
745 Arkansas Best Corp.*................................................................... 8,754
696 Arnold Industries, Inc................................................................. 9,135
525 Consolidated Freightways Corp.*........................................................ 3,019
291 Covenant Transport, Inc. (Class A)*.................................................... 3,892
614 Forward Air Corp.*..................................................................... 16,526
648 Heartland Express, Inc.*............................................................... 8,910
723 Hunt (J.B.) Tansport Services, Inc..................................................... 9,128
350 Knight Transportation, Inc.*........................................................... 6,038
259 Landstar Systems, Inc.*................................................................ 12,205
372 M.S. Carriers, Inc.*................................................................... 7,998
450 Roadway Express, Inc................................................................... 10,153
1,535 Swift Transportation Co., Inc.*........................................................ 19,571
632 USFreightways Corp..................................................................... 22,910
1,133 Werner Enterprises, Inc................................................................ 14,446
625 Yellow Corp.*.......................................................................... 9,531
------------
169,826
------------
UNREGULATED POWER GENERATION (0.0%)
1,026 Plug Power Inc......................................................................... 95,675
------------
WATER SUPPLY (0.1%)
300 American States Water Co............................................................... 9,975
2,312 American Water Works Co., Inc.......................................................... 56,066
2,794 Azurix Corp.*.......................................................................... 28,115
341 California Water Service Group......................................................... 9,079
199 E'Town Corp............................................................................ 12,475
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
977 Philadelphia Suburban Corp............................................................. $ 19,601
100 SJW Corp............................................................................... 11,625
927 United Water Resources, Inc............................................................ 31,982
------------
178,918
------------
WHOLESALE DISTRIBUTORS (0.1%)
198 Actrade International, Ltd.*........................................................... 3,737
616 Applied Industries Technologies, Inc................................................... 9,818
461 Aviation Sales Co.*.................................................................... 3,947
1,570 Boise Cascade Office Products Corp.*................................................... 23,648
775 Daisytek International Corp.*.......................................................... 15,694
956 Fisher Scientific International, Inc.*................................................. 36,985
2,228 Grainger (W.W.), Inc................................................................... 106,805
693 Handleman Co.*......................................................................... 7,277
438 Hughes Supply, Inc..................................................................... 7,720
3,558 IKON Office Solutions, Inc............................................................. 28,686
1,542 Lanier Worldwide, Inc.*................................................................ 5,397
422 Lawson Products, Inc................................................................... 9,706
1,122 MSC Industrial Direct Co., Inc.*....................................................... 17,391
632 School Specialty, Inc.*................................................................ 8,848
415 SCP Pool Corp.*........................................................................ 10,764
811 United Stationers, Inc.*............................................................... 21,086
768 WESCO International, Inc.*............................................................. 6,432
------------
323,941
------------
TOTAL COMMON AND PREFERRED STOCKS AND WARRANTS
(IDENTIFIED COST $324,133,117)......................................................... 357,955,833
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
46
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 2000, CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (4.9%)
U.S. GOVERNMENT AGENCY (a) (4.9%)
$18,600 Federal Home Loan Mortgage Corp. 5.75% due 02/01/00 (IDENTIFIED COST $18,600,000)...... $ 18,600,000
------------
REPURCHASE AGREEMENT (0.0%)
147 The Bank of New York 5.75% due 02/01/00 (dated 01/31/00; proceeds $149,839) (b)
(IDENTIFIED COST $149,815)........................................................... 149,815
------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $18,749,815).......................................................... 18,749,815
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST $343,382,932) (c)........................................................ 99.4% 376,705,648
OTHER ASSETS IN EXCESS OF LIABILITIES..................................................... 0.6 2,132,677
----- -------------
NET ASSETS................................................................................ 100.0% $ 378,838,325
----- -------------
----- -------------
</TABLE>
- ---------------------
* Non-income producing security.
** Some or all of these securities are segregated in connection with open
futures contracts.
(a) Purchased on a discount basis. The interest rate shown has been adjusted to
reflect a money market equivalent yield.
(b) Collateralized by $153,607 U.S. Treasury Note 5.0% due 04/30/01 valued at
$152,812.
(c) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $50,604,755 and the
aggregate gross unrealized depreciation is $17,282,039, resulting in net
unrealized appreciation of $33,322,716.
FUTURES CONTRACTS OPEN AT JANUARY 31, 2000:
<TABLE>
<CAPTION>
UNDERLYING
DESCRIPTION, FACE
NUMBER OF DELIVERY MONTH, AMOUNT UNREALIZED
CONTRACTS AND YEAR AT VALUE LOSS
<S> <C> <C> <C>
- ----------------------------------------------------------------------
58 S&P 500 Index March/2000 $20,314,500 $(799,089)
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
47
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2000 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $343,382,932).............................................................. $376,705,648
Receivable for:
Shares of beneficial interest sold........................................................ 2,257,126
Variation margin.......................................................................... 502,710
Dividends................................................................................. 219,641
Deferred offering costs....................................................................... 94,664
Prepaid expenses and other assets............................................................. 1,220
------------
TOTAL ASSETS............................................................................. 379,781,009
------------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased................................................. 394,785
Plan of distribution fee.................................................................. 309,111
Investment management fee................................................................. 90,302
Accrued expenses and other payables........................................................... 97,456
Offering costs................................................................................ 51,030
------------
TOTAL LIABILITIES........................................................................ 942,684
------------
NET ASSETS............................................................................... $378,838,325
============
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................................................... $345,942,021
Net unrealized appreciation................................................................... 32,523,627
Net investment loss........................................................................... (118,329)
Undistributed net realized gain............................................................... 491,006
------------
NET ASSETS............................................................................... $378,838,325
============
CLASS A SHARES:
Net Assets.................................................................................... $18,176,314
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 1,612,424
NET ASSET VALUE PER SHARE................................................................ $11.27
============
MAXIMUM OFFERING PRICE PER SHARE,
(NET ASSET VALUE PLUS 5.54% OF NET ASSET VALUE)........................................ $11.89
============
CLASS B SHARES:
Net Assets.................................................................................... $322,701,163
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 28,700,890
NET ASSET VALUE PER SHARE................................................................ $11.24
============
CLASS C SHARES:
Net Assets.................................................................................... $37,705,657
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 3,353,546
NET ASSET VALUE PER SHARE................................................................ $11.24
============
CLASS D SHARES:
Net Assets.................................................................................... $255,191
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 22,615
NET ASSET VALUE PER SHARE................................................................ $11.28
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
48
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE PERIOD SEPTEMBER 28, 1999* THROUGH JANUARY 31, 2000 (UNAUDITED)
<TABLE>
<S> <C>
NET INVESTMENT LOSS:
INCOME
Dividends...................................................................................... $ 1,090,849
Interest....................................................................................... 407,716
-----------
TOTAL INCOME.............................................................................. 1,498,565
-----------
EXPENSES
Plan of distribution fee (Class A shares)...................................................... 13,984
Plan of distribution fee (Class B shares)...................................................... 939,488
Plan of distribution fee (Class C shares)...................................................... 110,362
Investment management fee...................................................................... 442,448
Transfer agent fees and expenses............................................................... 87,035
Offering costs................................................................................. 65,536
Registration fees.............................................................................. 53,396
Custodian fees................................................................................. 33,774
Professional fees.............................................................................. 32,931
Shareholder reports and notices................................................................ 13,500
Trustees' fees and expenses.................................................................... 5,891
Other.......................................................................................... 278
-----------
TOTAL EXPENSES............................................................................ 1,798,623
Less: amounts waived/reimbursed................................................................ (181,729)
-----------
NET EXPENSES.............................................................................. 1,616,894
-----------
NET INVESTMENT LOSS....................................................................... (118,329)
-----------
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on:
Investments................................................................................ 192,700
Futures contracts.......................................................................... 896,415
-----------
NET GAIN.................................................................................. 1,089,115
-----------
Net unrealized appreciation/depreciation on:
Investments................................................................................ 33,322,716
Futures contracts.......................................................................... (799,089)
-----------
NET APPRECIATION.......................................................................... 32,523,627
-----------
NET GAIN.................................................................................. 33,612,742
-----------
NET INCREASE................................................................................... $33,494,413
===========
</TABLE>
- ---------------------
* Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS
49
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE PERIOD
SEPTEMBER 28, 1999*
THROUGH
JANUARY 31, 2000
- ------------------------------------------------------------------------------------------------------------
(UNAUDITED)
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss.................................................................... $ (118,329)
Net realized gain...................................................................... 1,089,115
Net unrealized appreciation............................................................ 32,523,627
------------
NET INCREASE...................................................................... 33,494,413
------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAIN:
Class A shares......................................................................... (29,372)
Class B shares......................................................................... (509,664)
Class C shares......................................................................... (58,810)
Class D shares......................................................................... (263)
------------
TOTAL DISTRIBUTIONS............................................................... (598,109)
------------
Net increase from transactions in shares of beneficial interest........................ 345,842,021
------------
NET INCREASE...................................................................... 378,738,325
NET ASSETS:
Beginning of period.................................................................... 100,000
------------
END OF PERIOD
(INCLUDING A NET INVESTMENT LOSS OF $118,329)...................................... $378,838,325
============
</TABLE>
- ---------------------
* Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS
50
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2000 (UNAUDITED)
1. ORGANIZATION AND ACCOUNTING POLICIES
Morgan Stanley Dean Witter Total Market Index Fund (the "Fund") is registered
under the Investment Company Act of 1940, as amended (the "Act"), as a
diversified, open-end management investment company. The Fund's investment
objective is to provide investment results that, before expenses, correspond to
the total return of the Wilshire 5000 Equity Index. The Fund seeks to achieve
its objective by investing at least 80% of its total assets in stocks included
in the Index. The Fund was organized as a Massachusetts business trust on
March 11, 1999 and had no operations other than those relating to organizational
matters and the issuance of 2,500 shares of beneficial interest by each class
for $25,000 of each class to Morgan Stanley Dean Witter Advisors Inc. (the
"Investment Manager") to effect the Fund's initial capitalization. The Fund
commenced operations on September 28, 1999.
The Fund offers Class A shares, Class B shares, Class C shares and Class D
shares. The four classes are substantially the same except that most Class A
shares are subject to a sales charge imposed at the time of purchase and some
Class A shares, and most Class B shares and Class C shares are subject to a
contingent deferred sales charge imposed on shares redeemed within one year, six
years and one year, respectively. Class D shares are not subject to a sales
charge. Additionally, Class A shares, Class B shares and Class C shares incur
distribution expenses.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- (1) an equity security listed or traded on the
New York, American or other domestic or foreign stock exchange is valued at its
latest sale price on that exchange prior to the time when assets are valued; if
there were no sales that day, the security is valued at the latest bid price (in
cases where a security is traded on more than one exchange, the security is
valued on the exchange designated as the primary market pursuant to procedures
adopted by the Trustees); (2) all other portfolio securities for which
over-the-counter market quotations are readily available are valued at the
latest available bid price prior to the time of valuation; (3) when market
quotations are not readily available, including circumstances under which it is
determined by Investment Manager that sale or bid prices are not reflective of a
security's market value, portfolio securities are valued at their fair value as
determined in good faith under procedures established by and under the general
51
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2000 (UNAUDITED) CONTINUED
supervision of the Trustees (valuation of debt securities for which market
quotations are not readily available may be based upon current market prices of
securities which are comparable in coupon, rating and maturity or an appropriate
matrix utilizing similar factors); and (4) short-term debt securities having a
maturity date of more than sixty days at time of purchase are valued on a mark-
to-market basis until sixty days prior to maturity and thereafter at amortized
cost based on their value on the 61st day. Short-term debt securities having a
maturity date of sixty days or less at the time of purchase are valued at
amortized cost.
B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on the
trade date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost method.
Dividend income and other distributions are recorded on the ex-dividend date.
Discounts are accreted over the life of the respective securities. Interest
income is accrued daily.
C. MULTIPLE CLASS ALLOCATIONS -- Investment income, expenses (other than
distribution fees), and realized and unrealized gains and losses are allocated
to each class of shares based upon the relative net asset value on the date such
items are recognized. Distribution fees are charged directly to the respective
class.
D. FUTURES CONTRACTS -- A futures contract is an agreement between two parties
to buy and sell financial instruments at a set price on a future date. Upon
entering into such a contract, the Fund is required to pledge to the broker
cash, U.S. Government securities or other liquid portfolio securities equal to
the minimum initial margin requirements of the applicable futures exchange.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract
which is known as variation margin. Such receipts or payments are recorded by
the Fund as unrealized gains or losses. Upon closing of the contract, the Fund
realizes a gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
E. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required.
F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends and
distributions to its shareholders on the ex-dividend date. The amount of
dividends and distributions from net investment income and net realized capital
gains are determined in accordance with federal income tax
52
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2000 (UNAUDITED) CONTINUED
regulations which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their federal tax-basis
treatment; temporary differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized capital gains
for financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess of net
realized capital gains. To the extent they exceed net investment income and net
realized capital gains for tax purposes, they are reported as distributions of
paid-in-capital.
G. OFFERING COSTS -- The Investment Manager incurred offering costs on behalf of
the Fund in the amount of approximately $160,200, which will be reimbursed for
the full amount thereof. Such expenses were deferred and are being amortized on
the straight-line method over a period of approximately one year or less from
the commencement of operations.
2. INVESTMENT MANAGEMENT AGREEMENT
Pursuant to an Investment Management Agreement, the Fund pays the Investment
Manager a management fee, accrued daily and payable monthly, by applying the
annual rate of 0.40% to the net assets of the Fund determined as of the close of
each business day.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.
The Investment Manager has agreed to assume all operating expenses (except for
Plan of Distribution fees) and to waive the compensation provided for in its
Investment Management Agreement to the extent that such expenses and
compensation on an annualized basis exceed 0.50% of the daily net assets of the
Fund.
3. PLAN OF DISTRIBUTION
Shares of the Fund are distributed by Morgan Stanley Dean Witter Distributors
Inc. (the "Distributor"), an affiliate of the Investment Manager. The Fund has
adopted a Plan of Distribution
53
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2000 (UNAUDITED) CONTINUED
(the "Plan") pursuant to Rule 12b-1 under the Act. The Plan provides that the
Fund will pay the Distributor a fee which is accrued daily and paid monthly at
the following annual rates: (i) Class A - up to 0.25% of the average daily net
assets of Class A; (ii) Class B - 1.0% of the average daily net assets of
Class B; and (iii) Class C - up to 1.0% of the average daily net assets of
Class C. In the case of Class A shares, amounts paid under the Plan are paid to
the Distributor for services provided. In the case of Class B and Class C
shares, amounts paid under the Plan are paid to the Distributor for (1) services
provided and the expenses borne by it and others in the distribution of the
shares of these Classes, including the payment of commissions for sales of these
Classes and incentive compensation to, and expenses of, the Morgan Stanley Dean
Witter Financial Advisors and others who engage in or support distribution of
the shares or who service shareholder accounts, including overhead and telephone
expenses; (2) printing and distribution of prospectuses and reports used in
connection with the offering of these shares to other than current shareholders;
and (3) preparation, printing and distribution of sales literature and
advertising materials. In addition, the Distributor may utilize fees paid
pursuant to the Plan, in the case of Class B shares, to compensate Dean Witter
Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and Distributor,
and other selected broker-dealers for their opportunity costs in advancing such
amounts, which compensation would be in the form of a carrying charge on any
unreimbursed expenses.
In the case of Class B shares, provided that the Plan continues in effect, any
cumulative expenses incurred by the Distributor but not yet recovered may be
recovered through the payment of future distribution fees from the Fund pursuant
to the Plan and contingent deferred sales charges paid by investors upon
redemption of Class B shares. Although there is no legal obligation for the Fund
to pay expenses incurred in excess of payments made to the Distributor under the
Plan and the proceeds of contingent deferred sales charges paid by investors
upon redemption of shares, if for any reason the Plan is terminated, the
Trustees will consider at that time the manner in which to treat such expenses.
The Distributor has advised the Fund that such excess amounts, including
carrying charges, totaled $14,281,652 at January 31, 2000.
In the case of Class A shares and Class C shares, expenses incurred pursuant to
the Plan in any calendar year in excess of 0.25% or 1.0% of the average daily
net assets of Class A or Class C, respectively, will not be reimbursed by the
Fund through payments in any subsequent year, except that expenses representing
a gross sales credit to Morgan Stanley Dean Witter Financial Advisors or
54
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2000 (UNAUDITED) CONTINUED
other selected broker-dealer representatives may be reimbursed in the subsequent
calendar year. For the period ended January 31, 2000, the distribution fee was
accrued for Class A shares and Class C shares at the annual rate of 0.25% and
1.0%, respectively.
The Distributor has informed the Fund that for the period ended January 31,
2000, it received contingent deferred sales charges from certain redemptions of
the Fund's Class A shares, Class B shares and Class C shares of $202, $207,835
and $21,099, respectively and received $65,680 in front-end sales charges from
sales of the Fund's Class A shares. The respective shareholders pay such charges
which are not an expense of the Fund.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the period ended January 31, 2000 aggregated
$326,314,689 and $465,711, respectively.
Morgan Stanley Dean Witter Trust FSB, an affiliate of Investment Manager and
Distributor, is the Fund's transfer agent.
5. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
To hedge against adverse interest rate, foreign currency and market risks, the
Fund may purchase and sell interest rate, currency and index futures contracts
("futures contracts").
Futures contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the value of the underlying securities or currencies.
Risks may also arise upon entering into there contracts from the potential
inability of the counterparties to meet the terms of their contracts.
At January 31, 2000, the Fund had open index futures contracts.
55
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2000 (UNAUDITED) CONTINUED
6. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE PERIOD
SEPTEMBER 28, 1999*
THROUGH
JANUARY 31, 2000
---------------------------
(UNAUDITED)
SHARES AMOUNT
----------- --------------
<S> <C> <C>
CLASS A SHARES
Sold............................................................. 1,806,682 $ 18,456,528
Reinvestment of distributions.................................... 2,489 28,154
Redeemed......................................................... (199,247) (2,203,705)
---------- -------------
Net increase - Class A........................................... 1,609,924 16,280,977
---------- -------------
CLASS B SHARES
Sold............................................................. 29,962,053 309,069,914
Reinvestment of distributions.................................... 42,469 479,435
Redeemed......................................................... (1,306,132) (14,593,673)
---------- -------------
Net increase - Class B........................................... 28,698,390 294,955,676
---------- -------------
CLASS C SHARES
Sold............................................................. 3,622,244 37,405,544
Reinvestment of distributions.................................... 4,961 56,000
Redeemed......................................................... (276,159) (3,085,301)
---------- -------------
Net increase - Class C........................................... 3,351,046 34,376,243
---------- -------------
CLASS D SHARES
Sold............................................................. 20,104 229,001
Reinvestment of distributions.................................... 11 124
---------- -------------
Net increase - Class D........................................... 20,115 229,125
---------- -------------
Net increase in Fund............................................. 33,679,475 $ 345,842,021
========== =============
</TABLE>
- ---------------------
* Commencement of operations.
56
<PAGE>
MORGAN STANLEY DEAN WITTER TOTAL MARKET INDEX FUND
FINANCIAL HIGHLIGHTS (UNAUDITED)
Selected ratios and per share data for a share of beneficial interest
outstanding throughout the period:
<TABLE>
<CAPTION>
FOR THE PERIOD SEPTEMBER 28, 1999*
THROUGH JANUARY 31, 2000**
--------------------------------------------
CLASS A CLASS B CLASS C CLASS D
SHARES SHARES SHARES SHARES
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SELECTED PER SHARE DATA:
Net asset value, beginning of period........................ $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- -------- ------- -------
Income (loss) from investment operations:
Net investment income (loss)............................. 0.02 (0.01) (0.01) 0.03
Net realized and unrealized gain......................... 1.27 1.27 1.27 1.27
------- -------- ------- -------
Total income from investment operations..................... 1.29 1.26 1.26 1.30
------- -------- ------- -------
Less distributions from capital gains....................... (0.02) (0.02) (0.02) (0.02)
------- -------- ------- -------
Net asset value, end of period.............................. $ 11.27 $ 11.24 $ 11.24 $ 11.28
======= ======== ======= =======
TOTAL RETURN+(1)............................................ 12.89% 12.59% 12.59% 12.99%
RATIOS TO AVERAGE NET ASSETS (2)(3)(4):
Expenses.................................................... 0.75% 1.50 % 1.50 % 0.50%
Net investment income (loss)................................ 0.60% (0.15)% (0.15)% 0.85%
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands..................... $18,176 $322,701 $37,706 $255
Portfolio turnover rate (5)................................. -- -- -- --
</TABLE>
- ---------------------
* Commencement of operations.
** The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
(4) If the Fund had borne all its expenses that were reimbursed or waived by
the Investment Manager, the annualized expense and net investment income
(loss) ratios for the period ended January 31, 2000 would have been 0.91%
and 0.44%, respectively, for Class A, 1.66% and (0.31)%, respectively, for
Class B, 1.66% and (0.31)%, respectively, for Class C and 0.66% and 0.69%,
respectively, for Class D.
(5) Less than 0.5%.
SEE NOTES TO FINANCIAL STATEMENTS
57
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
Wayne E. Hedien
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Mitchell M. Merin
President
Barry Fink
Vice President, Secretary and General Counsel
Kevin Jung
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Morgan Stanley Dean Witter Trust FSB
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Morgan Stanley Dean Witter Advisors Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein have been taken from the records of
the Fund without examination by the independent accountants and accordingly
they do not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Fund.
This report is not authorized for distribution to prospective investors in
the Fund unless preceded or accompanied by an effective prospectus. Read the
prospectus carefully before investing.
- ----------------------
MORGAN STANLEY
DEAN WITTER
TOTAL MARKET
INDEX FUND
[PHOTO]
SEMIANNUAL REPORT
JANUARY 31, 2000
