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<PAGE> PAGE 2
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SIGNATURE BARRY FINK
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</LEGEND>
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<PERIOD-END> DEC-31-1999
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW American Opportunities Fund
Class B
</LEGEND>
<S> <C>
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<PERIOD-END> DEC-31-1999
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<GROSS-EXPENSE> (103,858,506)
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<PER-SHARE-NAV-BEGIN> 32.85
<PER-SHARE-NII> (0.09)
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<RETURNS-OF-CAPITAL> 0.00
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW American Opportunities Fund
Class C
</LEGEND>
<S> <C>
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<PERIOD-END> DEC-31-1999
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<DISTRIBUTIONS-OF-GAINS> (22,478,831)
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<NUMBER-OF-SHARES-REDEEMED> (918,072)
<SHARES-REINVESTED> 568,229
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (36,774,969)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (103,858,506)
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<PER-SHARE-NII> (0.18)
<PER-SHARE-GAIN-APPREC> 14.50
<PER-SHARE-DIVIDEND> 0.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW American Opportunities Fund
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</LEGEND>
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 7,751,227,017
<INVESTMENTS-AT-VALUE> 11,243,946,996
<RECEIVABLES> 40,459,134
<ASSETS-OTHER> 198,415
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,284,604,545
<PAYABLE-FOR-SECURITIES> (2,938,782)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (20,763,812)
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 4,053,894
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,469,516,027
<NET-ASSETS> 319,691,503
<DIVIDEND-INCOME> 42,744,595
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (28,966,000)
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<NUMBER-OF-SHARES-REDEEMED> (1,898,576)
<SHARES-REINVESTED> 706,696
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<ACCUMULATED-NII-PRIOR> (44,936)
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<GROSS-ADVISORY-FEES> (36,774,969)
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</TABLE>
To the Shareholders and Board of Directors of
XYZ Fund
(2)
Report of Independent Accountants
To the Shareholders and Trustees of
Morgan Stanley Dean Witter American Opportunities Fund
In planning and performing our audit of the financial
statements of Morgan Stanley Dean Witter American Opportunities
Fund (the "Fund") for the year ended December 31, 1999, we
considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of
the Trustees, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
February 8, 2000
EXHIBIT 77(0) Morgan Stanley Dean Witter American
Opportunities Fund 10f-3 Transactions For Quarters Ended
October 20, 1999- December 31, 1999 TOTAL ISSUED SECURITY
DATE PRICE SHARES % OF PRINCIPAL PURCHASED PURCHASED SHARES
PURCHASED ASSETS AMOUNT BY FUND BROKER(S) Genentech Inc.
07/20/99 $97.00 67,400 0.078% $1,940,000,000.00 0.337% JP
Morgan Sogecable, S.A. 07/19/99 3,910* 10,400 0.003%
$82,470,189,200* 0.049% Donaldson, Lufkin & Jenrette Extreme
Networks Inc. 10/19/99 $77.00 118,230 0.115% $
500,500,000.00 1.189% Thomas Weisel Partners Sapient
Corporation 11/15/99 $78.00 279,500 0.237% $ 273,000,000.00
7.986% Goldman Sachs UPS, Inc. 11/09/99 $50.00 71,200 0.040%
$5,470,000,000.00 0.065% Goldman Sachs Vignette Corporation
12/09/99 $139.88 27,500 0.037% $ 405,637,500.00 0.948% Piper
Jaffray Young & Rubicam, Inc. 11/17/99 $ 48.13 125,000
0.064% $ 251,763,194.00 2.390% Bear Stearns * Price listed
in pesetas.
