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<PAGE> PAGE 3
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SIGNATURE BARRY FINK
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW BALANCED INCOME FUND - CLASS A
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1999
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 76,130,215
<INVESTMENTS-AT-VALUE> 80,929,618
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<TOTAL-LIABILITIES> 422,910
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<ACCUMULATED-NII-CURRENT> 260,874
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,137,122
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<OTHER-INCOME> 0
<EXPENSES-NET> 724,670
<NET-INVESTMENT-INCOME> 1,148,739
<REALIZED-GAINS-CURRENT> 2,151,902
<APPREC-INCREASE-CURRENT> (1,110,243)
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<NUMBER-OF-SHARES-SOLD> 91,653
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<SHARES-REINVESTED> 2,044
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<ACCUMULATED-NII-PRIOR> 223,345
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (0.08)
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<PER-SHARE-NAV-END> 12.58
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW BALANCED INCOME FUND - CLASS B
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1999
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 76,130,215
<INVESTMENTS-AT-VALUE> 80,929,618
<RECEIVABLES> 809,497
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<TOTAL-ASSETS> 81,874,549
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 164,795
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,254,240
<SHARES-COMMON-STOCK> 3,610,081
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,799,403
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<NET-INVESTMENT-INCOME> 1,148,739
<REALIZED-GAINS-CURRENT> 2,151,902
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<SHARES-REINVESTED> 38,476
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<ACCUMULATED-NII-PRIOR> 223,345
<ACCUMULATED-GAINS-PRIOR> 501,554
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 12.41
<PER-SHARE-NII> 0.19
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<PER-SHARE-DIVIDEND> (0.19)
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<PER-SHARE-NAV-END> 12.57
<EXPENSE-RATIO> 2.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW BALANCED INCOME FUND - CLASS C
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1999
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 76,130,215
<INVESTMENTS-AT-VALUE> 80,929,618
<RECEIVABLES> 809,497
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,874,549
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<SENIOR-EQUITY> 0
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<NET-CHANGE-FROM-OPS> 2,190,398
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<PER-SHARE-NAV-END> 12.58
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW BALANCED INCOME FUND - CLASS D
</LEGEND>
<S> <C>
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<FISCAL-YEAR-END> JAN-31-1999
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 76,130,215
<INVESTMENTS-AT-VALUE> 80,929,618
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<ACCUMULATED-NII-CURRENT> 260,874
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<REALIZED-GAINS-CURRENT> 2,151,902
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