<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST III
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2001
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 92,749,018
<INVESTMENTS-AT-VALUE> 91,257,262
<RECEIVABLES> 1,828,730
<ASSETS-OTHER> 35,047
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,121,039
<PAYABLE-FOR-SECURITIES> (1,281,904)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (237,632)
<TOTAL-LIABILITIES> (1,519,536)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,957,280
<SHARES-COMMON-STOCK> 9,730,273
<SHARES-COMMON-PRIOR> 9,925,606
<ACCUMULATED-NII-CURRENT> 1,205,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (69,684)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,491,756)
<NET-ASSETS> 91,601,503
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,262,076
<OTHER-INCOME> 0
<EXPENSES-NET> (454,323)
<NET-INVESTMENT-INCOME> 2,807,753
<REALIZED-GAINS-CURRENT> 131,428
<APPREC-INCREASE-CURRENT> 224,193
<NET-CHANGE-FROM-OPS> 3,163,374
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,656,717)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (195,333)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,070,592)
<ACCUMULATED-NII-PRIOR> 1,054,627
<ACCUMULATED-GAINS-PRIOR> (201,112)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (230,503)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (458,319)
<AVERAGE-NET-ASSETS> 91,697,291
<PER-SHARE-NAV-BEGIN> 9.34
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> 1.00
</TABLE>
