<PAGE> 1
MORGAN STANLEY DEAN WITTER INFORMATION FUND Two World Trade Center
LETTER TO THE SHAREHOLDERS September 30, 2000 New York, New York 10048
DEAR SHAREHOLDER:
During the six-month period ended September 30, 2000, the technology sector led
the U.S. markets into a phase of extreme volatility. A rotation out of
technology benefited sectors such as health care, aided by an improving
legislative environment and stronger fundamentals, and energy, with commodity
prices near 10-year highs and surging technology-driven demand. Leadership of
the market changed hands frequently in the second and third quarters of 2000,
and the end of September found both the Dow and Nasdaq in negative territory
year-to-date. The volatility we saw early in the year was largely caused by
speculation surrounding the Fed's inflation-biased monetary policy; as the
summer went on and inflation fears died down, however, continuing turmoil in the
market was spurred by negative earnings reports across all sectors.
PERFORMANCE
During the six-month period ended September 30, 2000, Morgan Stanley Dean Witter
Information Fund's Class B shares produced a total return of -8.11 percent,
compared to -3.60 percent for the Standard & Poor's 500 Index (S&P 500)*. For
the same period the Fund's Class A, C and D shares posted total returns of -7.88
percent, -8.22 percent and -7.78 percent, respectively. The performance of the
Fund's four share classes varies because each has different expenses. The total
return figures given assume the reinvestment of all distributions but do not
reflect the deduction of any applicable sales charges.
The Fund's performance reflected the generally difficult environment for
technology stocks in the second half of the fiscal year. Its underperformance
relative to the S&P 500 can be attributed to overweightings in communications
equipment, software and Internet infrastructure stocks.
---------------------
*The Standard and Poor's 500 Index (S&P 500(R)) is a broad-based index, the
performance of which is based on the performance of 500 widely held common
stocks chosen for market size, liquidity and industry group representation. The
Index does not include any expenses, fees or charges. The Index is unmanaged
and should not be considered an investment.
<PAGE> 2
MORGAN STANLEY DEAN WITTER INFORMATION FUND
LETTER TO THE SHAREHOLDERS September 30, 2000, continued
Investments that contributed positively to the Fund's return during the period
included Bea Systems, Art Technology Group, Sun Microsystems, EMC and I2
Technologies.
PORTFOLIO STRATEGY
The Fund continues to invest in companies that we believe are best positioned to
capitalize on the growth of various sectors within the communications and
information industries. We seek to invest in companies with proven management,
established market presence, leading-edge technology, demonstrable customer
demand and strategic relationships or alliances. At the end of September, the
Fund held approximately 82 percent of its investments in information technology,
3 percent in information services, 2 percent in information distribution and
content and the remaining 15 percent in cash equivalents. We are increasingly
concerned about the valuations of several technology sectors, especially more
speculative areas, such as commodity semiconductors, semiconductor capital
equipment and Internet services. As a result, we reduced the Fund's exposure to
these sectors during the period while increasing its cash position and software
holdings. We continue to overweight electronic and optical components, because
we believe this cycle has yet to reach its peak.
LOOKING AHEAD
Although continuing concerns over technology cycles will keep the Nasdaq in a
volatile band, we believe that the fundamentals underpinning the information and
technology sectors remain positive and that the Fund's targeted sectors should
outperform over the long run as technology continues to gain importance as a
component of worldwide spending. In addition, we continue to believe that the
Internet will play an increasingly important role in our information economy.
Because of this trend, we plan to keep monitoring this sector closely for
promising investment opportunities.
We appreciate your ongoing support of Morgan Stanley Dean Witter Information
Fund and look forward to continuing to serve your investment needs.
<TABLE>
<S> <C>
Very truly yours,
/s/ CHARLES A. FIUMEFREDDO /s/ MITCHELL M. MERIN
CHARLES A. FIUMEFREDDO MITCHELL M. MERIN
Chairman of the Board President
</TABLE>
2
<PAGE> 3
MORGAN STANLEY DEAN WITTER INFORMATION FUND
FUND PERFORMANCE September 30, 2000
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A SHARES*
-----------------------------------------------
<S> <C> <C>
PERIOD ENDED 9/30/00
-------------------------
1 Year 80.04%(1) 70.59%(2)
Since Inception (7/28/97) 60.15%(1) 57.45%(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS B SHARES**
-----------------------------------------------
<S> <C> <C>
PERIOD ENDED 9/30/00
--------------------------
1 Year 79.21%(1) 74.21%(2)
Since Inception (11/28/95) 39.49%(1) 39.37%(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS C SHARES+
----------------------------------------------
<S> <C> <C>
PERIOD ENDED 9/30/00
-------------------------
1 Year 78.70%(1) 77.70%(2)
Since Inception (7/28/97) 59.01%(1) 59.01%(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS D SHARES++
----------------------------------------------
<S> <C> <C>
PERIOD ENDED 9/30/00
-------------------------
1 Year 80.48%(1)
Since Inception (7/28/97) 60.58%(1)
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RETURNS. INVESTMENT RETURN AND
PRINCIPAL VALUE WILL FLUCTUATE. WHEN YOU SELL FUND SHARES, THEY MAY BE WORTH
LESS THAN THEIR ORIGINAL COST.
---------------------
(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 contingent deferred sales charge (CDSC) for Class B is 5.0%.
The CDSC declines to 0% after six years.
+ The maximum contingent deferred sales charge for Class C shares is 1% for
shares redeemed within one year of purchase.
++ Class D shares have no sales charge.
3
<PAGE> 4
MORGAN STANLEY DEAN WITTER INFORMATION FUND
PORTFOLIO OF INVESTMENTS September 30, 2000 (unaudited)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
-------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (90.6%)
Cable/Satellite TV (1.0%)
1,000,000 Comcast Corp. (Class A
Special)*................. $ 40,937,500
--------------
Computer Communications (8.2%)
1,000,000 3Com Corp.*................ 19,187,500
220,000 Brocade Communications
Systems, Inc.*............ 51,920,000
1,200,000 Cisco Systems, Inc.*....... 66,300,000
150,000 Cobalt Networks, Inc.*..... 8,681,250
16,200 Cosine Communications
Inc.*..................... 900,112
149,000 Elastic Networks Inc.*..... 2,076,687
600,000 Foundry Networks, Inc.*.... 40,162,500
32,500 Inrange Technologies Corp.
(Class B)*................ 1,722,500
400,000 JNI Corp.*................. 35,600,000
300,000 Juniper Networks, Inc.*.... 65,681,250
350,000 Redback Networks, Inc.*.... 57,378,125
--------------
349,609,924
--------------
Computer Peripherals (5.0%)
1,000,000 EMC Corp.*................. 99,125,000
720,000 Network Appliance, Inc.*... 91,710,000
250,000 Qlogic Corp.*.............. 22,000,000
--------------
212,835,000
--------------
Computer Processing
Hardware (6.3%)
50,000 ADVA AG Optical
Networking*............... 4,740,212
1,500,000 Compaq Computer Corp. ..... 41,370,000
500,000 Dell Computer Corp.*....... 15,406,250
600,000 Gateway, Inc.*............. 28,050,000
300,000 Hewlett-Packard Co. ....... 29,100,000
400,000 International Business
Machines Corp. ........... 45,000,000
900,000 Sun Microsystems, Inc.*.... 105,075,000
--------------
268,741,462
--------------
Data Processing Services (0.9%)
600,000 Automatic Data Processing,
Inc. ..................... 40,125,000
--------------
Electrical Products (0.0%)
100,000 O2Micro International Ltd.
(Cayman Islands)*......... 1,720,312
--------------
Electronic Components
(6.9%)
200,000 Anaren Microwave, Inc.*.... 27,125,000
60,000 Bookham Technology PLC
(ADR) (United Kingdom)*... 2,572,500
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
-------------------------------------------------------
<C> <S> <C>
800,000 ChipPAC Inc.*.............. $ 9,500,000
450,000 Cree Inc.*................. 52,312,500
1,000,000 Flextronics International,
Ltd. (Singapore)*......... 82,125,000
150,000 Jabil Circuit, Inc.*....... 8,512,500
50,000 SanDisk Corp.*............. 3,337,500
1,000,000 Sanmina Corp.*............. 93,625,000
400,000 Stratos Lightwave, Inc.*... 12,900,000
--------------
292,010,000
--------------
Electronic Equipment/
Instruments (2.0%)
200,000 Acterna Corp.*............. 6,075,000
200,000 JDS Uniphase Corp.*........ 18,937,500
500,000 Lexar Media, Inc.*......... 5,812,500
500,000 PerkinElmer, Inc. ......... 52,187,500
--------------
83,012,500
--------------
Electronic Production
Equipment (1.5%)
250,000 Applied Materials, Inc.*... 14,828,125
400,000 ATMI, Inc.*................ 9,350,000
600,000 Lam Research Corp.*........ 12,562,500
400,000 Novellus Systems, Inc.*.... 18,625,000
365,000 Taiwan Semiconductor
Manufacturing Co. Ltd.
(ADR) (Taiwan)*........... 7,436,885
--------------
62,802,510
--------------
Electronics/Appliances
(0.5%)
207,800 Sony Corp. (ADR) (Japan)... 20,974,813
--------------
Finance/Rental/Leasing
(0.6%)
200,000 Providian Financial
Corp. .................... 25,400,000
--------------
Industrial Conglomerates (0.7%)
600,000 Tyco International Ltd.
(Bermuda)................. 31,125,000
--------------
Information Technology
Services (0.3%)
100,000 Sapient Corp.*............. 4,068,750
100,000 StorageNetworks, Inc.*..... 10,218,750
--------------
14,287,500
--------------
Internet Retail (0.1%)
100,000 Amazon.com, Inc.*.......... 3,843,750
--------------
Internet Software/Services (11.3%)
800,000 America Online, Inc.*...... 43,000,000
350,000 Ariba, Inc.*............... 50,142,969
792,500 Art Technology Group
Inc.*..................... 75,089,375
1,300,000 BEA Systems, Inc.*......... 101,237,500
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE> 5
MORGAN STANLEY DEAN WITTER INFORMATION FUND
PORTFOLIO OF INVESTMENTS September 30, 2000 (unaudited) continued
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
-------------------------------------------------------
<C> <S> <C>
300,000 BroadVision, Inc.*......... $ 7,668,750
400,000 Digex, Inc.*............... 18,750,000
300,000 Evolve Software Inc.*...... 7,200,000
300,000 Exodus Communications,
Inc.*..................... 14,812,500
150,000 Kana Communications,
Inc.*..................... 3,337,500
100,000 Ominsky Corporation*....... 2,031,250
200,000 Phone.com, Inc.*........... 22,725,000
200,000 Software.com, Inc.*........ 36,287,500
200,000 VeriSign, Inc.*............ 40,512,500
850,000 Vitria Technology, Inc.*... 39,631,250
200,000 Yahoo! Inc.*............... 18,200,000
--------------
480,626,094
--------------
Major Telecommunications (0.3%)
300,000 Verizon Communications..... 14,531,250
--------------
Media Conglomerates (0.3%)
350,000 Disney (Walt) Co. (The).... 13,387,500
--------------
Packaged Software (11.7%)
50,000 Actuate Software Corp.*.... 1,727,344
350,000 Check Point Software
Technologies Ltd.
(Israel)*................. 55,125,000
350,000 i2 Technologies, Inc.*..... 65,471,875
350,000 Mercury Interactive
Corp.*.................... 54,862,500
230,000 Micromuse Inc.*............ 46,215,625
500,000 Microsoft Corp.*........... 30,125,000
1,600,000 Oracle Corp.*.............. 126,000,000
300,000 Serena Software, Inc.*..... 13,818,750
26,000 Signalsoft Corp.*.......... 1,056,250
107,500 Talarian Corporation*...... 2,062,656
100,000 TIBCO Software, Inc.*...... 8,443,750
650,000 Veritas Software Corp.*.... 92,300,000
--------------
497,208,750
--------------
Recreational Products
(0.6%)
500,000 Electronic Arts Inc.*...... 24,687,500
--------------
Semiconductors (15.0%)
900,000 Analog Devices, Inc.*...... 74,306,250
250,000 Applied Micro Circuits
Corp.*.................... 51,765,625
200,000 Broadcom Corp. (Class
A)*....................... 48,750,000
500,000 Conexant Systems, Inc.*.... 20,937,500
400,000 Cypress Semiconductor
Corp.*.................... 16,625,000
200,000 GlobeSpan, Inc.*........... 24,400,000
750,000 Intel Corp. ............... 31,171,875
750,000 Maxim Integrated Products,
Inc.*..................... 60,328,125
400,000 Micron Technology, Inc.*... 18,400,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
-------------------------------------------------------
<C> <S> <C>
350,000 PMC -- Sierra, Inc.*....... $ 75,337,500
250,000 SDL, Inc.*................. 77,000,000
600,000 STMicroelectronics NV
(France).................. 28,575,000
150,000 Texas Instruments, Inc. ... 7,078,125
600,000 TranSwitch Corp.*.......... 38,250,000
300,000 Vitesse Semiconductor
Corp.*.................... 26,681,250
450,000 Xilinx, Inc.*.............. 38,531,250
--------------
638,137,500
--------------
Specialty
Telecommunications (1.6%)
500,000 Efficient Networks,
Inc.*..................... 18,656,250
1,000,000 Global Crossing Ltd.
(Bermuda)*................ 31,000,000
150,000 NEXTLINK Communications,
Inc. (Class A)*........... 5,278,125
300,001 Qwest Communications
International, Inc.*...... 14,418,779
--------------
69,353,154
--------------
Telecommunication Equipment
(13.3%)
1,700,000 ADC Telecommunications,
Inc.*..................... 45,714,063
260,000 CIENA Corp.*............... 31,931,250
1,000,000 Comverse Technology,
Inc.*..................... 108,000,000
300,000 Corning Inc. .............. 89,100,000
500,000 DDi Corp.*................. 22,125,000
150,000 Digital Lightwave, Inc.*... 10,893,750
250,000 Ditech Communications
Corp.*.................... 10,250,000
2,200,000 Motorola, Inc. ............ 62,150,000
1,600,000 Nokia Corp. (ADR)
(Finland)................. 63,700,000
1,500,000 Nortel Networks Corp.
(Canada).................. 89,343,750
325,000 Scientific-Atlanta,
Inc. ..................... 20,678,125
200,000 Tellabs, Inc.*............. 9,550,000
--------------
563,435,938
--------------
Wireless Communications (2.4%)
1,100,000 Nextel Communications, Inc.
(Class A)*................ 51,425,000
400,000 Vodafone Group PLC (ADR)
(United Kingdom).......... 14,800,000
300,000 Voicestream Wireless
Corp.*.................... 34,818,750
--------------
101,043,750
--------------
TOTAL COMMON STOCKS
(Cost $2,818,608,452)...... 3,849,836,707
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE> 6
MORGAN STANLEY DEAN WITTER INFORMATION FUND
PORTFOLIO OF INVESTMENTS September 30, 2000 (unaudited) continued
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
-------------------------------------------------------
<C> <S> <C>
CONVERTIBLE BOND (0.1%)
Telecommunication Equipment
$ 4,500 Cyras Systems,
Inc. - 144A**
4.50% due 08/15/05
(Cost $4,500,000)......... $ 5,400,000
--------------
SHORT-TERM INVESTMENT (a) (10.1%)
U.S. GOVERNMENT AGENCY
429,000 Federal Home Loan Banks
6.28% due 10/02/00
(Cost $428,925,163)....... 428,925,163
--------------
TOTAL INVESTMENTS
(Cost $3,252,033,615)(b)........ 100.8% 4,284,161,870
LIABILITIES IN EXCESS OF OTHER
ASSETS.......................... (0.8) (35,242,180)
----- --------------
NET ASSETS...................... 100.0% $4,248,919,690
===== ==============
</TABLE>
---------------------
ADR American Depository Receipt.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
(a) Purchased on a discount basis. The interest rate shown has been adjusted to
reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes approximates the
aggregate cost for book purposes. The aggregate gross unrealized
appreciation is $1,150,397,950 and the aggregate gross unrealized
depreciation is $118,269,695, resulting in net unrealized appreciation of
$1,032,128,255.
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE> 7
MORGAN STANLEY DEAN WITTER INFORMATION FUND
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2000 (unaudited)
ASSETS:
Investments in securities, at value
(cost $3,252,033,615).................. $4,284,161,870
Receivable for:
Investments sold.................... 115,799,065
Shares of beneficial interest
sold............................... 6,644,340
Dividends........................... 250,000
Interest............................ 167,728
Deferred organizational expenses........ 5,692
Prepaid expenses and other assets....... 526,665
--------------
TOTAL ASSETS........................ 4,407,555,360
--------------
LIABILITIES:
Payable for:
Investments purchased............... 144,614,311
Shares of beneficial interest
repurchased........................ 2,871,162
Plan of distribution fee............ 2,768,115
Investment management fee........... 2,585,777
Accrued expenses and other payables..... 5,796,305
--------------
TOTAL LIABILITIES................... 158,635,670
--------------
NET ASSETS.......................... $4,248,919,690
==============
COMPOSITION OF NET ASSETS:
Paid-in-capital......................... $3,505,690,181
Net unrealized appreciation............. 1,032,128,255
Accumulated net investment loss......... (18,681,858)
Accumulated net realized loss........... (270,216,888)
--------------
NET ASSETS.......................... $4,248,919,690
==============
CLASS A SHARES:
Net Assets.............................. $142,248,568
Shares Outstanding (unlimited
authorized,
$.01 par value)........................ 4,340,585
NET ASSET VALUE PER SHARE........... $32.77
==============
MAXIMUM OFFERING PRICE PER SHARE,
(net asset value plus 5.54% of net
asset value)....................... $34.59
==============
CLASS B SHARES:
$3,865,076,206
Net Assets..............................
Shares Outstanding (unlimited
authorized, 121,099,657
$.01 par value)........................
NET ASSET VALUE PER SHARE........... $31.92
==============
CLASS C SHARES:
$224,168,505
Net Assets..............................
Shares Outstanding (unlimited
authorized, 7,054,768
$.01 par value)........................
NET ASSET VALUE PER SHARE........... $31.78
==============
CLASS D SHARES:
$17,426,411
Net Assets..............................
Shares Outstanding (unlimited
authorized, 525,651
$.01 par value)........................
NET ASSET VALUE PER SHARE........... $33.15
==============
</TABLE>
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended September 30, 2000 (unaudited)
NET INVESTMENT LOSS:
INCOME
Interest................................ $ 12,488,441
Dividends (net of $81,937 foreign
withholding tax)....................... 1,111,800
-------------
TOTAL INCOME........................ 13,600,241
-------------
EXPENSES
Investment management fee............... 14,418,639
Plan of distribution fee (Class A
shares)................................ 163,265
Plan of distribution fee (Class B
shares)................................ 14,196,452
Plan of distribution fee (Class C
shares)................................ 1,040,538
Transfer agent fees and expenses........ 1,764,225
Registration fees....................... 355,581
Custodian fees.......................... 159,189
Shareholder reports and notices......... 108,550
Professional fees....................... 42,109
Organizational expenses................. 17,969
Trustees' fees and expenses............. 6,334
Other................................... 9,248
-------------
TOTAL EXPENSES...................... 32,282,099
-------------
NET INVESTMENT LOSS................. (18,681,858)
-------------
NET REALIZED AND UNREALIZED LOSS:
Net realized loss....................... (119,086,006)
Net change in unrealized appreciation... (203,843,036)
-------------
NET LOSS............................ (322,929,042)
-------------
NET DECREASE............................ $(341,610,900)
=============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE> 8
MORGAN STANLEY DEAN WITTER INFORMATION FUND
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
SEPTEMBER 30, 2000 MARCH 31, 2000
--------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss.............................. $ (18,681,858) $ (21,812,554)
Net realized gain (loss)......................... (119,086,006) 535,490,367
Net change in unrealized appreciation............ (203,843,036) 1,129,252,078
-------------- --------------
NET INCREASE (DECREASE)...................... (341,610,900) 1,642,929,891
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAIN:
Class A shares................................... (17,466,830) (3,132,818)
Class B shares................................... (508,679,776) (190,341,434)
Class C shares................................... (29,543,814) (6,306,868)
Class D shares................................... (2,828,200) (620,858)
-------------- --------------
TOTAL DISTRIBUTIONS.......................... (558,518,620) (200,401,978)
-------------- --------------
Net increase from transactions in shares of
beneficial interest............................. 997,813,736 2,108,131,854
-------------- --------------
NET INCREASE................................. 97,684,216 3,550,659,767
NET ASSETS:
Beginning of period.............................. 4,151,235,474 600,575,707
-------------- --------------
END OF PERIOD
(Including a net investment loss of
$18,681,858 and $0, respectively)............ $4,248,919,690 $4,151,235,474
============== ==============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE> 9
MORGAN STANLEY DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS September 30, 2000 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Morgan Stanley Dean Witter Information 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
long-term capital appreciation. The Fund seeks to achieve its investment
objective by investing primarily in common stocks and securities convertible
into common stocks of domestic and foreign companies which are involved in the
communications and information industry. The Fund was organized as a
Massachusetts business trust on December 8, 1994 and commenced operations on
November 28, 1995. On July 28, 1997, the Fund converted to a multiple class
share structure.
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 or American Stock Exchange, NASDAQ, or other 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 securities are traded on more than one exchange, the securities are
valued on the exchange designated as the primary market pursuant to procedures
adopted by the Trustees); and (2) all other portfolio securities for which
over-the-counter market quotations are readily available are valued at the
latest available bid price; (3) when market quotations are not readily
available, including circumstances under which it is determined by Morgan
Stanley Dean Witter Advisors Inc. (the "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 supervision of the Trustees; and (4)
short-term debt securities having a maturity
9
<PAGE> 10
MORGAN STANLEY DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS September 30, 2000 (unaudited) continued
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
except for certain dividends on foreign securities which are recorded as soon as
the Fund is informed after 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. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward foreign currency
contracts ("forward contracts") are translated at the exchange rates prevailing
at the end of the period; and (2) purchases, sales, income and expenses are
translated at the exchange rates prevailing on the respective dates of such
transactions. The resultant exchange gains and losses are included in the
Statement of Operations as realized and unrealized gain/loss on foreign exchange
transactions. Pursuant to U.S. Federal income tax regulations, certain foreign
exchange gains/losses included in realized and unrealized gain/loss are included
in or are a reduction of ordinary income for federal income tax purposes. The
Fund does not isolate that portion of the results of operations arising as a
result of changes in the foreign exchange rates from the changes in the market
prices of the securities.
E. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward
contracts which are valued daily at the appropriate exchange rates. The
resultant unrealized exchange gains and losses are included in the Statement of
Operations as unrealized foreign currency gain or loss and in the Statement of
Assets and Liabilities as part of the related foreign currency denominated asset
or liability. The Fund records realized gains or losses on delivery of the
currency or at the time the forward contract is extinguished (compensated) by
entering into a closing transaction prior to delivery.
10
<PAGE> 11
MORGAN STANLEY DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS September 30, 2000 (unaudited) continued
F. 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.
G. 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 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 tax purposes are reported as distributions of paid-in-capital.
H. ORGANIZATIONAL EXPENSES -- The Investment Manager paid the organizational
expenses of the Fund in the amount of approximately $179,000 which have been
reimbursed for the full amount thereof. Such expenses have been deferred and are
being amortized on the straight-line method over a period not to exceed five
years 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
following annual rates to the net assets of the Fund determined as of the close
of each business day: 0.75% to the portion of daily net assets not exceeding
$500 million; and 0.725% to the portion of daily net assets exceeding $500
million. Effective May 1, 2000, the agreement was amended to reduce the rate to
0.70% of the portion of daily net assets in excess of $3 billion.
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 (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
11
<PAGE> 12
MORGAN STANLEY DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS September 30, 2000 (unaudited) continued
average daily net assets of Class A; (ii) Class B -- 1.0% of the lesser of: (a)
the average daily aggregate gross sales of the Class B shares since the
inception of the Fund (not including reinvestment of dividend or capital gain
distributions) less the average daily aggregate net asset value of the Class B
shares redeemed since the Fund's inception upon which a contingent deferred
sales charge has been imposed or waived; or (b) 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 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 totaled
$68,612,678 at September 30, 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 other
selected broker-dealer representatives may be reimbursed in the subsequent
calendar year. For the six months ended September 30, 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 six months ended September
30, 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 $19,351,
$2,041,656, and $96,546, respectively and received $453,038 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.
12
<PAGE> 13
MORGAN STANLEY DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS September 30, 2000 (unaudited) continued
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended September 30, 2000 aggregated
$3,696,748,232 and $3,414,857,227, respectively.
For the six months ended September 30, 2000, the Fund incurred brokerage
commissions of $68,730 with Dean Witter Reynolds Inc., an affiliate of the
Investment Manager and Distributor, for portfolio transactions executed on
behalf of the Fund.
For the six months ended September 30, 2000, the Fund incurred brokerage
commissions of $118,254 with Morgan Stanley & Co., Inc., an affiliate of the
Investment Manager and Distributor, for portfolio transactions executed on
behalf of the Fund. At September 30, 2000, the Fund's receivable for investments
sold included unsettled trades with Morgan Stanley & Co., Inc. for $11,660,436.
Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At September 30, 2000, the Fund had
transfer agent fees and expenses payable of approximately $2,500.
5. FEDERAL INCOME TAX STATUS
As of March 31, 2000, the Fund had temporary book/tax differences primarily
attributable to capital loss deferrals on wash sales.
6. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
The Fund may enter into forward contracts to facilitate settlement of foreign
currency denominated portfolio transactions or to manage foreign currency
exposure associated with foreign currency denominated securities.
Forward 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 foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.
At September 30, 2000, there were no outstanding forward contracts.
13
<PAGE> 14
MORGAN STANLEY DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS September 30, 2000 (unaudited) continued
7. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
SEPTEMBER 30, 2000 MARCH 31, 2000
--------------------------- ----------------------------
(unaudited)
SHARES AMOUNT SHARES AMOUNT
----------- ------------- ----------- --------------
<S> <C> <C> <C> <C>
CLASS A SHARES
Sold...................................................... 1,627,862 $ 55,988,804 4,327,208 $ 134,454,736
Reinvestment of distributions............................. 511,931 16,678,725 118,264 2,996,824
Redeemed.................................................. (913,625) (31,813,064) (1,604,255) (45,382,099)
----------- ------------- ----------- --------------
Net increase - Class A.................................... 1,226,168 40,854,465 2,841,217 92,069,461
----------- ------------- ----------- --------------
CLASS B SHARES
Sold...................................................... 23,496,778 795,045,205 72,540,951 2,167,348,626
Reinvestment of distributions............................. 15,052,183 478,358,385 7,684,962 178,283,634
Redeemed.................................................. (11,565,305) (385,748,502) (16,708,903) (477,466,010)
----------- ------------- ----------- --------------
Net increase - Class B.................................... 26,983,656 887,655,088 63,517,010 1,868,166,250
----------- ------------- ----------- --------------
CLASS C SHARES
Sold...................................................... 2,034,800 69,359,953 5,203,329 161,643,866
Reinvestment of distributions............................. 901,195 28,531,812 246,217 6,042,246
Redeemed.................................................. (974,888) (32,482,821) (982,199) (29,203,497)
----------- ------------- ----------- --------------
Net increase - Class C.................................... 1,961,107 65,408,944 4,467,347 138,482,615
----------- ------------- ----------- --------------
CLASS D SHARES
Sold...................................................... 330,476 11,866,837 874,982 24,335,255
Reinvestment of distributions............................. 67,373 2,219,266 19,493 516,286
Redeemed.................................................. (305,081) (10,190,864) (587,816) (15,438,013)
----------- ------------- ----------- --------------
Net increase - Class D.................................... 92,768 3,895,239 306,659 9,413,528
----------- ------------- ----------- --------------
Net increase in Fund...................................... 30,263,699 $ 997,813,736 71,132,233 $2,108,131,854
=========== ============= =========== ==============
</TABLE>
14
<PAGE> 15
MORGAN STANLEY DEAN WITTER INFORMATION FUND
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX FOR THE YEAR FOR THE YEAR JULY 28, 1997*
MONTHS ENDED ENDED ENDED THROUGH
SEPTEMBER 30, 2000 MARCH 31, 2000 MARCH 31, 1999 MARCH 31, 1998
-----------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C>
CLASS A SHARES++
SELECTED PER SHARE DATA:
Net asset value, beginning of period.................. $41.20 $19.23 $14.02 $11.43
------ ------ ------ ------
Income (loss) from investment operations:
Net investment loss.................................. (0.07) (0.27) (0.11) (0.08)
Net realized and unrealized gain (loss).............. (3.21) 26.41 7.04 2.67
------ ------ ------ ------
Total loss from investment operations................. (3.28) 26.14 6.93 2.59
------ ------ ------ ------
Less distributions from net realized gain............. (5.15) (4.17) (1.72) --
------ ------ ------ ------
Net asset value, end of period........................ $32.77 $41.20 $19.23 $14.02
====== ====== ====== ======
TOTAL RETURN+......................................... (7.88)%(1) 155.88 % 54.33 % 22.66 %(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................. 1.10 %(2)(3) 1.13 %(3) 1.24 %(3) 1.27 %(2)
Net investment loss................................... (0.42)%(2)(3) (0.82)%(3) (0.74)%(3) (0.93)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............... $142,249 $128,325 $5,253 $206
Portfolio turnover rate............................... 93 %(1) 282 % 419 % 218 %
</TABLE>
---------------------
* The date shares were first issued.
++ 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.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE> 16
MORGAN STANLEY DEAN WITTER INFORMATION FUND
FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR ENDED MARCH 31,
MONTHS ENDED ----------------------------------------------------
SEPTEMBER 30, 2000++ 2000++ 1999++ 1998**++ 1997
---------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C> <C>
CLASS B SHARES
SELECTED PER SHARE DATA:
Net asset value, beginning of
period.............................. $40.37 $18.99 $13.94 $ 8.94 $10.67
------ ------ ------ ------ ------
Income (loss) from investment
operations:
Net investment loss................. (0.16) (0.37) (0.22) (0.18) (0.13)
Net realized and unrealized gain
(loss)............................ (3.14) 25.92 6.99 5.18 (1.60)
------ ------ ------ ------ ------
Total income (loss) from investment
operations.......................... (3.30) 25.55 6.77 5.00 (1.73)
------ ------ ------ ------ ------
Less dividends and distributions:
In excess of net investment
income............................ -- -- -- -- --
From net realized gain.............. (5.15) (4.17) (1.72) -- --
------ ------ ------ ------ ------
Total dividends and distributions.... (5.15) (4.17) (1.72) -- --
------ ------ ------ ------ ------
Net asset value, end of period....... $31.92 $40.37 $18.99 $13.94 $ 8.94
====== ====== ====== ====== ======
TOTAL RETURN+........................ (8.11)%(1) 154.62% 53.44% 56.10% (16.31)%
RATIOS TO AVERAGE NET ASSETS:
Expenses............................. 1.63 %(2)(3) 1.58%(3) 1.95%(3) 2.05% 2.01%
Net investment loss.................. (0.95)%(2)(3) (1.27)%(3) (1.45)%(3) (1.54)% (1.16)%
SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands........................... $3,865,076 $3,799,844 $580,994 $267,384 $213,726
Portfolio turnover rate.............. 93 %(1) 282% 419% 218% 132%
<CAPTION>
FOR THE PERIOD
NOVEMBER 28, 1995*
THROUGH
MARCH 31, 1996
------------------------------------- ------------------
<S> <C>
CLASS B SHARES
SELECTED PER SHARE DATA:
Net asset value, beginning of
period.............................. $10.00
------
Income (loss) from investment
operations:
Net investment loss................. (0.01)
Net realized and unrealized gain
(loss)............................ 0.69
------
Total income (loss) from investment
operations.......................... 0.68
------
Less dividends and distributions:
In excess of net investment
income............................ (0.01)
From net realized gain.............. --
------
Total dividends and distributions.... (0.01)
------
Net asset value, end of period....... $10.67
======
TOTAL RETURN+........................ 6.77 %(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses............................. 2.31 %(2)
Net investment loss.................. (0.51)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands........................... $207,321
Portfolio turnover rate.............. 8 %(1)
</TABLE>
---------------------
* Commencement of operations.
** Prior to July 28, 1997, the Fund issued one class of shares. All shares of
the Fund held prior to that date have been designated Class B shares.
++ 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.
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE> 17
MORGAN STANLEY DEAN WITTER INFORMATION FUND
FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX FOR THE YEAR FOR THE YEAR JULY 28, 1997*
MONTHS ENDED ENDED ENDED THROUGH
SEPTEMBER 30, 2000 MARCH 31, 2000 MARCH 31, 1999 MARCH 31, 1998
-----------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C>
CLASS C SHARES++
SELECTED PER SHARE DATA:
Net asset value, beginning of period.................. $40.26 $18.98 $13.94 $11.43
------ ------ ------ ------
Income (loss) from investment operations:
Net investment loss.................................. (0.19) (0.49) (0.24) (0.14)
Net realized and unrealized gain (loss).............. (3.14) 25.94 7.00 2.65
------ ------ ------ ------
Total income (loss) from investment operations........ (3.33) 25.45 6.76 2.51
------ ------ ------ ------
Less distributions from net realized gain............. (5.15) (4.17) (1.72) --
------ ------ ------ ------
Net asset value, end of period........................ $31.78 $40.26 $18.98 $13.94
====== ====== ====== ======
TOTAL RETURN+......................................... (8.22)%(1) 154.10 % 53.36 % 21.96 %(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................. 1.85 %(2)(3) 1.89 %(3) 2.01 %(3) 2.05 %(2)
Net investment loss................................... (1.17)%(2)(3) (1.58)%(3) (1.51)%(3) (1.72)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............... $224,169 $205,073 $11,890 $249
Portfolio turnover rate............................... 93 %(1) 282 % 419 % 218 %
</TABLE>
---------------------
* The date shares were first issued.
++ 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.
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE> 18
MORGAN STANLEY DEAN WITTER INFORMATION FUND
FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX FOR THE YEAR FOR THE YEAR JULY 28, 1997*
MONTHS ENDED ENDED ENDED THROUGH
SEPTEMBER 30, 2000 MARCH 31, 2000 MARCH 31, 1999 MARCH 31, 1998
-----------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C>
CLASS D SHARES++
SELECTED PER SHARE DATA:
Net asset value, beginning of period.................. $41.57 $19.33 $14.03 $11.43
------ ------ ------ ------
Income (loss) from investment operations:
Net investment loss.................................. (0.03) (0.18) (0.08) (0.07)
Net realized and unrealized gain (loss).............. (3.24) 26.59 7.10 2.67
------ ------ ------ ------
Total income (loss) from investment operations........ (3.27) 26.41 7.02 2.60
------ ------ ------ ------
Less distributions from net realized gain............. (5.15) (4.17) (1.72) --
------ ------ ------ ------
Net asset value, end of period........................ $33.15 $41.57 $19.33 $14.03
====== ====== ====== ======
TOTAL RETURN+......................................... (7.78)%(1) 156.56 % 54.96 % 22.75 %(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................. 0.85 %(2)(3) 0.89 %(3) 1.01 %(3) 1.04 %(2)
Net investment loss................................... (0.17)%(2)(3) (0.58)%(3) (0.51)%(3) (0.82)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............... $17,426 $17,994 $2,440 $1,464
Portfolio turnover rate............................... 93 %(1) 282 % 419 % 218 %
</TABLE>
---------------------
* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ 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.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE> 19
MORGAN STANLEY DEAN WITTER INFORMATION FUND
CHANGE IN INDEPENDENT ACCOUNTANTS
On July 1, 2000 PricewaterhouseCoopers LLP resigned as independent accountants
of the Fund.
The reports of PricewaterhouseCoopers LLP on the financial statements of the
Fund for the past two fiscal years contained no adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principle.
In connection with its audits for the two most recent fiscal years and through
July 1, 2000, there have been no disagreements with PricewaterhouseCoopers LLP
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements if not resolved
to the satisfaction of PricewaterhouseCoopers LLP would have caused them to make
reference thereto in their report on the financial statements for such years.
The Fund, with the approval of its Board of Trustees and its Audit Committee,
engaged Deloitte & Touche LLP as its new independent accountants as of July 1,
2000.
19
<PAGE> 20
TRUSTEES
----------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
Wayne E. Hedien
James F. Higgins
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
Guy G. Rutherford, Jr.
Vice President
Armon Bar-Tur
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
----------------------------------
Deloitte & Touche LLP
Two World Financial Center
New York, New York 10281
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 Distributors Inc., member NASD.
MORGAN STANLEY
DEAN WITTER
INFORMATION FUND
Semiannual Report
September 30, 2000
