<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- - --------------------------------------------------------------------------------
Overall, the fiscal year ended March 31, 1994 was very productive for global
investors. While the U.S. equity market performed much less dynamically than in
recent years, performance in many non-U.S. markets improved considerably. Most
remarkable have been the emerging and developing markets, including those of
Latin America, Europe's periphery and Southeast Asia. However, while gains in
most of these markets accelerated during the fourth quarter of calendar 1993,
many experienced sharp corrections during the first quarter of 1994. For the
fiscal year, Dean Witter World Wide Investment Trust produced a total return of
28.40 percent. For the same period, the Standard & Poor's 500 Stock Price Index
(S&P 500) and the Morgan Stanley Capital International World Index (World Index)
returned 1.46 percent and 11.63 percent, respectively.
DIVERSIFIED ECONOMIES, DIVERSIFIED MARKETS
Global economic activity continued
to be quite weak during the fiscal
year, although positive growth
patterns did emerge among the
industrialized nations. The U.S.
posted the strongest growth, with
Canada, the UK and Australia also
exhibiting positive patterns.
Continental Europe and Japan have been
mired in deep recessions, but have
recently shown signs of stabilizing.
Nevertheless, very limited growth is
expected in 1994, with only a modest
pickup in 1995. In contrast, the
dynamic performance exhibited by the
economies of Southeast Asia over the
last few years is expected to
continue. Growth in this region in
1994 is expected to be between six
percent and nine percent.
World Wide Investment Trust has
placed greater emphasis on emerging,
developing and peripheral markets in
recent years, with up to 50 percent of
the portfolio invested in these areas.
The balance has been focused on
growth-oriented companies in the more
mature markets of the larger
industrial economies. The strong
performance of the smaller markets,
especially those of Southeast Asia, as
well as the portfolio's international
diversification (the Fund's assets are
currently spread among approximately
30 separate markets worldwide), have
been critical factors in the Fund's
performance. The accompanying chart
illustrates the growth of a $10,000
investment in the Fund from inception
(October 31, 1983) through March 31,
1994, versus the performance of
similar hypothetical investments in
the issues that comprise the S&P 500
and the World Index.
<PAGE>
THE PORTFOLIO
The Americas, principally the U.S., Canada and Mexico, account for about 37
percent of the Fund's portfolio. Chile, Argentina and Brazil and others are also
represented. In the U.S. portfolio, Humana Inc. (health care), Nucor Corp.
(cyclical growth) and Oracle Systems (technology) have been strong performers.
In Canada, Renaissance Energy and American Barrick typify the natural resource
orientation of that market, while in Mexico, Cementos de Mexico and Grupo Casa
Autrey represent the infrastructure and health care sectors.
Europe accounts for about 25 percent of the portfolio, with assets split
between the peripheral markets and the more mature major economies. In those
markets where currency devaluations have allowed interest rates to decline--the
UK, Scandinavia, Spain and Italy--economic recovery from recession has already
begun. However, interest rates have remained higher in Germany, France and the
Netherlands, and only modest growth is expected later in 1994. Four of the
Fund's European holdings are Nokia (Finland), Michelin (France), Fiat (Italy)
and Kvaerner (Norway).
The balance of the Fund's portfolio (38 percent) is committed to Asia. Japan
represents about 40 percent of the Asian portfolio. The Japanese economy appears
to have bottomed out despite ongoing political turmoil. Interest rates are low
and fiscal policy expansive, but a consumer tax cut is considered likely in
order to stimulate economic recovery, which otherwise seems likely to be
sluggish. Holdings such as Familymart, Fuji Machine Manufacturing and Hitachi
Software reflect changing opportunities in Japanese retailing, manufacturing and
technology. The smaller regional economies in Southeast Asia remain robust,
fueled by low-cost manufacturing, capital investment, internal development and
intra-regional trade. Hong Kong, Malaysia, Thailand, Singapore and other smaller
regional markets make up the remainder of the Fund's Asian component. Prominent
Asian holdings included Hong Kong and Shanghai Bank (Hong Kong), Kim Hin
Industries (Malaysia), Krungthai Bank (Thailand) and Singapore Press Holdings
(Singapore).
LOOKING AHEAD
Following the sometimes severe market corrections of the first quarter, the
Fund appears well positioned to benefit from an expected stockmarket recovery.
If the global economy continues to move toward broad economic growth in 1995 as
expected, prospects for global investment seem quite attractive.
We appreciate your continued support of Dean Witter World Wide Investment
Trust and look forward to continuing to serve your investment objectives.
Very truly yours,
Charles A. Fiumefreddo
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS,
RIGHTS AND BONDS (82.3%)
ARGENTINA (0.4%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
55,000 Buenos Aires Embolladora
SA.................... $ 1,870,000
------------------
AUSTRALIA (1.7%)
APPLIANCES & HOUSEHOLD DURABLES
144,300 Email Ltd. ............. 500,571
------------------
BANKING
250,000 Australia & New Zealand
Banking Group Ltd. ... 832,200
------------------
BUILDING & CONSTRUCTION
250,000 Clyde Industries
Ltd. ................. 376,680
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
93,300 Foodland Associated
Ltd. ................. 385,769
120,000 Fosters Brewing Group
Ltd. ................. 100,916
------------------
486,685
------------------
INSURANCE
350,000 FAI Life Ltd. .......... 321,316
105,000 QBE Insurance Group
Ltd. ................. 388,524
------------------
709,840
------------------
MANUFACTURING
80,000 Simsmetal Ltd. ......... 378,432
------------------
METALS & MINING
100,000 Aberfoyle Ltd. ......... 311,856
25,000 Aberfoyle Ltd.
(Rights)*............. 5,256
150,000 Ashton Mining Ltd. ..... 315,360
67,000 Broken Hill Proprietary
Co., Ltd. ............ 773,795
250,000 M.I.M. Holdings Ltd. ... 522,096
120,000 Newcrest Mining Ltd. ... 519,713
250,000 North Broken Hill Peko
Ltd. ................. 569,400
------------------
3,017,476
------------------
MULTI-INDUSTRY
100,000 Smith (Howard) Ltd. .... 476,544
------------------
OIL & RELATED
100,000 Ampolex Ltd. ........... 283,824
150,000 Australia Gas & Light
Co. .................. 462,528
------------------
746,352
------------------
RETAIL STORES
300,000 Woolworths Ltd. ........ 655,949
------------------
TOTAL AUSTRALIA......... 8,180,729
------------------
AUSTRIA (0.2%)
BUSINESS SERVICES
150,000 Fotex................... 761,373
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
BRAZIL (1.8%)
INVESTMENT COMPANIES
1,000,000 Brazil Investment
Trust................. $ 1,156,250
200,000 Brazil Investment Trust
(Warrants 9/30/07)*... 137,000
2,000,000 South America Fund...... 7,100,000
400,000 South America Fund
(Warrants 8/19/96)*... 688,001
------------------
9,081,251
------------------
CANADA (2.3%)
AUTOMOTIVE
20,000 Magna International Inc.
(Class A)............. 940,000
------------------
BANKING
40,000 Bank of Montreal........ 766,560
30,000 Bank of Nova Scotia..... 599,328
------------------
1,365,888
------------------
BUILDING & CONSTRUCTION
60,000 Ainsworth Lumber........ 694,244
------------------
FOREST PRODUCTS, PAPER & PACKAGING
30,000 Pacific Forest
Products.............. 379,664
------------------
HEALTH & PERSONAL CARE
25,000 CCL Industries, Inc. ... 158,194
------------------
METALS & MINING
45,000 American Barrick
Resources Corp. ...... 1,141,875
------------------
MISCELLANEOUS
50,000 ATI Tech................ 610,175
------------------
NATURAL GAS
40,000 Canadian Natural
Resources............. 549,609
80,000 Renaissance Energy...... 1,605,438
------------------
2,155,047
------------------
OIL & RELATED
25,000 Home Oil Co. ........... 309,375
30,000 Nowsco Well Service
Ltd. ................. 477,292
50,000 Suncor, Inc. ........... 1,102,835
------------------
1,889,502
------------------
RETAIL STORES
20,000 Hudson's Bay Company.... 426,671
------------------
TELECOMMUNICATIONS
30,000 BCE Mobile
Communications,
Inc. ................. 802,719
15,000 Newbridge Network
Corp. ................ 819,375
------------------
1,622,094
------------------
TOTAL CANADA............ 11,383,354
------------------
CHILE (1.0%)
CHEMICALS
17,000 Sociedad Quimica Minera
de Chile (ADR)+....... 505,750
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
<C> <S> <C>
25,000 Compania De Cervecerias
Unidas (ADR)+......... $ 571,875
------------------
TELECOMMUNICATIONS
40,000 Compania de Telefono de
Chile (ADR)+.......... 3,570,000
------------------
TOTAL CHILE............. 4,647,625
------------------
CHINA (0.4%)
INVESTMENT COMPANIES
200,000 China Fund.............. 1,900,000
40,000 China Fund (Warrants
4/30/94)*............. 4,800
------------------
1,904,800
------------------
DENMARK (0.6%)
BANKING
20,000 Den Danske Bank......... 1,095,207
------------------
FINANCIAL SERVICES
30,000 Unidanmark.............. 1,003,940
------------------
MULTI-INDUSTRY
10,000 Sophus Berendsen........ 880,729
------------------
TOTAL DENMARK........... 2,979,876
------------------
FINLAND (2.0%)
ELECTRONICS
33,000 Nokia Oy (Preferred).... 2,385,571
------------------
FINANCIAL SERVICES
150,000 Kansallis--Osake........ 312,952
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
19,000 Cultor Oy (Series "2").. 469,428
20,000 Huhtamaki Oy (Series
"1").................. 713,750
------------------
1,183,178
------------------
FOREST PRODUCTS, PAPER & PACKAGING
128,000 Enso--Gutzeit........... 883,146
39,000 Kymmene Corp. .......... 820,812
22,000 Metsa Seria Oy (Series
"B" Free)............. 801,229
52,000 Repola.................. 875,534
------------------
3,380,721
------------------
METALS & MINING
100,000 Outokumpu Oy............ 1,570,249
------------------
MULTI-INDUSTRY
23,000 American Group.......... 530,371
23,000 American Group (Sub
Rights)*.............. 25,677
25,500 Valmet (A shares)....... 457,349
------------------
1,013,397
------------------
TOTAL FINLAND........... 9,846,068
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
FRANCE (2.9%)
AUTOMOTIVE
22,600 Michelin (B shares)..... $ 987,479
FRF 3,026M Michelin France 2.5% due
1/01/01............... 146,314
FRF 3,500M Peugot 2.0% due 1/1/01.. 616,615
4,050 Valeo................... 947,567
------------------
2,697,975
------------------
BANKING
6,000 Paribas................. 457,076
6,000 Paribas (Rights)*....... 2,102
------------------
459,178
------------------
BUILDING & CONSTRUCTION
4,950 CIE Saint Gobain........ 570,401
4,950 CIE Saint Gobain
(Rights)*............. 8,321
9,350 Lafarge Copper.......... 727,179
8,500 Lafarge Copper (Warrants
4/1/96)*.............. 102,934
------------------
1,408,835
------------------
CHEMICALS
15,100 Rhone Poulenc (A
Shares)............... 373,388
------------------
ELECTRIC UTILITIES
1,714 Eaux (Cie Generale
Des).................. 781,329
------------------
ELECTRICAL EQUIPMENT
10,000 Alcatel Alsthom......... 1,169,836
------------------
FINANCIAL SERVICES
6,250 Compagnie Bancaire SA... 611,844
22,172 Credit Commercial de
France................ 954,411
8,272 Credit Commercial de
France (Warrants
6/30/96)*............. 43,459
4,850 Docks de France......... 610,688
------------------
2,220,402
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
3,000 Eridania Beghin......... 496,480
4,250 LVMH Moet Hennessey..... 627,430
------------------
1,123,910
------------------
INSURANCE
2,800 AXA Midi Assurances..... 647,753
5,500 Societe Centrale des
Assurances Generales
de France............. 541,312
------------------
1,189,065
------------------
MACHINERY
5,150 Sidel................... 735,044
------------------
MANUFACTURING
15,000 Carnaudmetalbox......... 501,733
9,600 Pechiney International.. 324,473
------------------
826,206
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
MISCELLANEOUS
<C> <S> <C>
1,400 De Dietrich Et
Compagnie............. $ 647,263
------------------
OIL & RELATED
5,800 Elf--Aquitaine.......... 378,561
------------------
PHARMACEUTICAL
4,400 Roussel--Uclaf.......... 489,300
------------------
TOTAL FRANCE............ 14,500,292
------------------
GERMANY (0.7%)
HEALTH & PERSONAL CARE
750 Rhoen--Klinikum AG--
Vorzugsakt
(Preferred)........... 412,655
------------------
MACHINERY
1,750 Babcock--BSH AG......... 335,955
1,650 Mannesmann AG........... 410,995
------------------
746,950
------------------
MANUFACTURING
900 Buderus Dem............. 345,554
------------------
PHARMACEUTICALS
1,200 Altana AG............... 434,185
240 Altana AG (New
shares)............... 84,970
------------------
519,155
------------------
TEXTILES
600 Hugo Boss (Preferred)... 359,189
------------------
TRANSPORTATION
7,500 Lufthansa............... 915,017
------------------
TOTAL GERMANY........... 3,298,520
------------------
HONG KONG (5.3%)
BANKING
311,000 Guoco Group............. 1,378,421
300,000 Hong Kong & Shanghai
Bank Holdings PLC..... 3,377,548
------------------
4,755,969
------------------
BUSINESS SERVICES
6,000,000 First Pacific Co. ...... 2,523,455
------------------
ELECTRIC UTILITIES
100,000 China Light & Power..... 514,396
900,000 Hong Kong Electric
Holdings Ltd. ........ 2,480,751
------------------
2,995,147
------------------
ELECTRONICS
2,858,000 Alco Holdings Ltd. ..... 878,388
496,000 Alco Holdings
Ltd.(Warrants
11/30/95)*............ 75,739
3,120,000 Benelux International,
Inc. ................. 561,216
2,200,000 Kosonic International
Holdings.............. 313,169
843,750 Starlight International
Holdings.............. 226,565
5,000,000 Techtronic Industries
Co. .................. 905,856
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
5,000,000 Truly International..... $ 1,177,613
------------------
4,138,546
------------------
FINANCIAL SERVICES
US$ 1,000M Henderson Capital Ltd.
4.0% due
10/27/96-144A**....... 960,000
------------------
INTERNATIONAL TRADE
2,554,000 Linkful International... 522,203
330,000 Linkful International
(Warrants 3/31/96)*... 33,736
------------------
555,939
------------------
INVESTMENT COMPANIES
380,000 Cathay Clemente Holdings
Ltd.*................. 422,905
96,000 Cathay Clemente Holdings
Ltd. (Warrants
9/30/95)*............. 16,150
------------------
439,055
------------------
MACHINERY
1,400,000 Lung Kee (Bermuda)
Holdings*............. 380,459
------------------
MISCELLANEOUS
5,000,000 Ankor Group Ltd. ....... 659,981
------------------
MULTI-INDUSTRY
US$ 625M Guangdong Investment
Ltd. 4.5% due
10/7/98-144A**........ 815,625
------------------
REAL ESTATE
200,000 Cheung Kong Holdings
Ltd. ................. 1,022,323
850,000 Hong Kong Land Holdings
Ltd. ................. 2,485,927
300,000 Sun Hung Kai Properties
Ltd. ................. 2,057,586
660,000 Tai Cheung Holdings..... 956,584
------------------
6,522,420
------------------
RETAIL STORES
1,000,000 Dairy Farm International
Ltd. ................. 1,514,073
------------------
TOTAL HONG KONG......... 26,260,669
------------------
INDIA (0.6%)
INVESTMENT COMPANIES
50,000 India Magnum Fund
(A Shares)*........... 2,762,500
------------------
INDONESIA (1.5%)
AUTOMOTIVE
350,000 PT Gadjah Tunggal....... 568,709
------------------
BANKING
200,000 PT Bank Bali............ 668,524
200,000 PT Bank International
Indonesia............. 631,383
40,000 PT Bank International
Indonesia (Rights)*... 51,996
------------------
1,351,903
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
COMPUTER SERVICES
<C> <S> <C>
500,500 PT Multipolar Corp. .... $ 441,481
------------------
ELECTRIC UTILITIES
100,000 PT Kabelmetal
Indonesia............. 330,153
60,000 PT Kabelmetal Indonesia
(Local)............... 238,092
------------------
568,245
------------------
FOREST PRODUCTS, PAPER & PACKAGING
180,000 PT Barito Pacific
Timber................ 956,825
US$ 500M PT Tjiwi Kimia 0% due
3/26/97 (Conv.)....... 625,000
------------------
1,581,825
------------------
MISCELLANEOUS
150,000 Smart Corp.*............ 374,304
------------------
MULTI-INDUSTRY
65,000 PT Sinar Multi Purpose
Holdings*............. 162,198
------------------
REAL ESTATE
500,000 PT Dharmala Intiland.... 864,670
250,000 PT Duta Anggada......... 676,068
92,000 PT Lippo Land
Development........... 316,064
------------------
1,856,802
------------------
TEXTILES
600,000 PT Great River Garment
Industries............ 724,234
------------------
TOTAL INDONESIA......... 7,629,701
------------------
IRELAND (0.8%)
FINANCIAL SERVICES
250,000 Allied Irish Bank PLC... 901,215
1,250,000 Anglo Irish Bank Corp.
PLC* ................. 992,410
250,000 Bank of Ireland......... 929,825
------------------
2,823,450
------------------
MISCELLANEOUS
180,000 CRH..................... 996,486
------------------
TOTAL IRELAND........... 3,819,936
------------------
ITALY (2.0%)
APPLIANCES & HOUSEHOLD DURABLES
240,000 Merloni Electro
Domestici............. 874,079
------------------
AUTOMOTIVE
330,666 Fiat SPA................ 1,145,094
90,666 Fiat SPA (Warrants
12/31/94)*............ 127,870
290,000 Pirelli SPA............. 488,931
------------------
1,761,895
------------------
BUILDING MATERIALS
159,000 Italcementi Fabbriche
Riunit................ 1,417,360
------------------
COMPUTER SERVICES
500,000 Ollivetti............... 817,281
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
INSURANCE
33,937 Alleanza Assicur........ $ 376,260
45,300 Assic Generali.......... 1,194,579
60,000 Fondiaria............... 491,075
22,000 Ras Di Risp............. 218,910
------------------
2,280,824
------------------
MANUFACTURING
77,000 Sasib SPA............... 440,061
------------------
TELECOMMUNICATIONS
364,000 SIP..................... 1,074,978
290,000 STET SPA................ 1,029,235
------------------
2,104,213
------------------
TOTAL ITALY............. 9,695,713
------------------
JAPAN (16.2%)
AUTOMOTIVE
80,000 Honda Motor Co. Ltd. ... 1,286,550
250,000 Mitsubishi Motors....... 2,093,080
------------------
3,379,630
------------------
BANKING
US$500,000M International Bank for
Reconstruction &
Development, 7.25% due
4/27/95............... 5,131,579
105,000 The Joyo Bank Ltd. ..... 799,269
60,000 The Shizuoka Bank
Ltd. ................. 736,842
------------------
6,667,690
------------------
BUILDING & CONSTRUCTION
21,000 Kawagishi Bridge Works
Co. Ltd. ............. 261,988
55,000 Japan Foundation
Engineering Co.
Ltd. ................. 1,313,353
150,000 Tohoku Telecom
Construction.......... 2,046,783
44,000 Wesco, Inc. ............ 1,698,246
44,000 Yokogawa Construction
Co. .................. 1,213,646
------------------
6,534,016
------------------
BUSINESS SERVICES
120,000 Dai Nippon Printing Co.
Ltd. ................. 2,070,175
------------------
CHEMICALS
120,000 Asahi Organic Chemicals
Industry Co. Ltd. .... 1,005,847
95,000 Nippon Shokubai Co. .... 916,667
100,000 Riken Vinyl Industry
Co. .................. 1,052,632
------------------
2,975,146
------------------
COMPUTER SERVICES
50,000 CSK Corp. .............. 1,427,875
40,000 Hitachi Software
Engineer Co. ......... 1,118,909
------------------
2,546,784
------------------
ELECTRIC UTILITIES
20,000 Chubu Electric Power
Co., Inc. ............ 530,214
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
ELECTRICAL EQUIPMENT
<C> <S> <C>
100,000 Nichicon Corp. ......... $ 1,413,255
100,000 Nitto Denko Co. ........ 1,354,776
70,000 Sumitomo Electric....... 1,023,392
------------------
3,791,423
------------------
ELECTRONICS
120,000 Casio Computer Co.
Ltd. ................. 1,485,380
35,000 Fanuc Ltd. ............. 1,412,281
25,000 Fujitsu Business
System................ 813,840
60,000 Fujitsu Kiden........... 900,585
13,600 Mabuchi Motor Co.
Ltd. ................. 978,246
200,000 NEC Corp. .............. 2,066,277
40,000 Rohm Co. Ltd. .......... 1,516,569
35,000 Ryoyo Electronic
Corp. ................ 975,634
6,000 Samsung Electronics
(GDS)++*.............. 267,000
------------------
10,415,812
------------------
FINANCIAL SERVICES
40,000 Acorn Company Ltd. ..... 2,276,803
100,000 Hitachi Credit Corp. ... 1,764,132
80,000 Kokusai Securities
Company............... 1,520,468
70,000 Nomura Securities Co.
Ltd. ................. 1,466,862
------------------
7,028,265
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
100,000 Fuji Oil................ 907,407
44,000 House Food Industry..... 956,335
45,000 Skylark................. 1,162,280
60,000 Yamazaki Baking Co.
Ltd. ................. 1,233,919
------------------
4,259,941
------------------
FOREST PRODUCTS, PAPER & PACKAGING
150,000 New Oji Paper Co.
Ltd. ................. 1,419,591
------------------
HEALTH & PERSONAL CARE
60,000 Japan Medical
Products.............. 549,708
------------------
INSURANCE
100,000 Dai - Tokyo Fire &
Marine Insurance Co.
Ltd. ................. 720,273
------------------
INTERNATIONAL TRADE
200,000 Mitsui & Co. ........... 1,446,394
------------------
LEISURE
50,000 Fuji Photo Film......... 1,115,984
------------------
MACHINERY
50,000 Fuji Machine Manufacture
Co. .................. 1,315,789
150,000 Furukawa Co. Ltd. ...... 804,094
100,000 Komatsu Ltd. ........... 877,192
250,000 Mitsubishi Heavy
Industries Ltd. ...... 1,586,258
80,000 Miura................... 1,348,928
------------------
5,932,261
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
MANUFACTURING
160,000 Descente................ $ 969,980
50,000 Tenma................... 1,510,721
100,000 Tokyo Style............. 1,695,907
------------------
4,176,608
------------------
METALS & MINING
80,000 Toa Steel Co. Ltd. ..... 570,760
100,000 Tokyo Tekko Co. Ltd. ... 935,672
160,000 Yodogawa Steel Works
Ltd. ................. 1,152,437
------------------
2,658,869
------------------
PHARMACEUTICALS
80,000 Eisai Co. Ltd. ......... 1,380,117
66,000 Santen Pharmaceutical... 1,814,035
80,000 Tsumura & Co. .......... 1,380,117
------------------
4,574,269
------------------
REAL ESTATE
100,000 Sumitomo Realty &
Development........... 643,275
------------------
RETAIL STORES
16,500 Family Mart Co. Ltd. ... 977,777
44,000 Shimamura Co. Ltd. ..... 2,187,135
------------------
3,164,912
------------------
TELECOMMUNICATIONS
15,000 KDD..................... 1,739,766
------------------
TRANSPORTATION
150,000 Yamato Transport Co.
Ltd. ................. 1,812,865
------------------
TOTAL JAPAN............. 80,153,871
------------------
KOREA (1.1%)
AUTOMOTIVE
22,400 Asia Motors Company
Inc. ................. 394,806
32,296 Kia Motors Corp.
(GDS)++............... 807,400
------------------
1,202,206
------------------
BANKING
18,000 The Kyong Nam Bank...... 236,402
------------------
BUILDING & CONSTRUCTION
6,000 Hanil Development Co. .. 118,201
------------------
ELECTRONICS
9,540 Anam Electronics Co. ... 209,216
US$ 300M Daewoo Electronics 2.25%
due 12/31/08
(Conv.)............... 337,500
10,300 Daewoo Telecom Co. ..... 188,874
3,000 Nam Sung Corp. Ltd. .... 56,126
------------------
791,716
------------------
FINANCIAL SERVICES
1,030 Daewoo Securities Co. .. 36,499
1,030 Ssangyong Investment &
Securities Co. Ltd. .. 28,459
4,000 Yu Hwa Securities Co. .. 77,809
------------------
142,767
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
<C> <S> <C>
1,450 Daehan Flour Mills
Co. .................. $ 66,832
------------------
INTERNATIONAL TRADE
US$ 400M Kolon International 1.0%
due 12/31/08
(Conv.)............... 448,000
------------------
INVESTMENT COMPANIES
200,000 Clemente Korea Emerging
Growth Fund*.......... 2,300,000
------------------
MACHINERY
200 Samsung Heavy
Equipment*............ 10,209
------------------
MANUFACTURING
3,090 Daewoo Electric
Components Co. ....... 54,748
------------------
RETAIL STORES
1,000 Midopa Co. ............. 19,204
272 Midopa Co. (Rights)*.... 1,517
------------------
20,721
------------------
TOTAL KOREA............. 5,391,802
------------------
MALAYSIA (3.3%)
APPLIANCES & HOUSEHOLD DURABLES
100,000 Kanzen Berhad........... 195,604
------------------
AUTOMOTIVE
50,000 Kumpulan Belton......... 97,802
------------------
BUILDING AND CONSTRUCTION
85,000 Gamuda Berhad........... 278,687
160,000 Golden Plus Holding
Berhad................ 414,306
53,333 Golden Plus Holding
Berhad (Rights)*...... 39,545
50,000 Hume Industries......... 158,345
58,000 Land & General.......... 188,003
250,000 Pilecon Engineering
Berhad................ 357,675
100,000 United Engineers
Berhad................ 391,207
50,000 United Engineers Berhad
(Rights)*............. 3,726
------------------
1,831,494
------------------
BUILDING MATERIALS
170,000 Kim Hin Industries...... 943,740
------------------
CONGLOMERATES
200,000 Berjaya Industrial
Berhad................ 178,092
180,000 Renong Berhad........... 226,677
------------------
404,769
------------------
ELECTRIC UTILITIES
100,000 Technology Resources
Berhad................ 450,820
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
130,000 Leader Universal
Holdings Berhad....... $ 571,536
------------------
FINANCIAL SERVICES
50,000 Hong Leong Credit
Berhad................ 353,949
175,000 Idris Hydraulic Berhad.. 335,786
200,000 MBF Capital Berhad...... 179,583
------------------
869,318
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
134,000 Mah Sing Group Berhad... 421,870
------------------
FOREST PRODUCTS, PAPER & PACKAGING
484,000 Aokam Perdana Berhad.... 4,688,525
167,000 Aokam Perdana (Sub
Rights)*.............. 1,437,295
50,000 CHG Industries Berhad... 143,443
215,000 Palmco Holdings
Berhad................ 216,281
------------------
6,485,544
------------------
LEISURE
225,000 Berjaya Sports.......... 377,235
150,000 Faber Group Berhad...... 197,839
50,000 Landmarks Berhad........ 107,116
100,000 Tanjong PLC............. 413,563
------------------
1,095,753
------------------
MANUFACTURING
70,000 Granite Industries
Berhad................ 185,171
150,000 Press Metal Berhad...... 363,264
------------------
548,435
------------------
MULTI-INDUSTRY
106,000 Advanced Synergy
Berhad................ 268,555
30,000 Ekran Berhad............ 204,546
40,000 Kelanamas Industries
Berhad (Warrants
2/7/99)*.............. 34,277
30,000 Kelanamas Industries
Berhad................ 64,829
100,000 Mulpha International
Berhad................ 167,660
300,000 Multi-Purpose Holdings
Berhad................ 440,387
100,000 Time Engineering
Berhad................ 285,022
------------------
1,465,276
------------------
PUBLISHING
28,000 Nanyang Press........... 62,072
40,000 Nanyang Press
(Rights)*............. 21,758
------------------
83,830
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
REAL ESTATE
<C> <S> <C>
100,000 Lien Hoe Corp. Berhad... $ 163,189
200,000 Malaysian Resource Corp.
Berhad................ 324,888
50,000 Talam Corp. Berhad...... 92,400
------------------
580,477
------------------
TOTAL MALAYSIA.......... 16,046,268
------------------
MEXICO (8.2%)
BANKING
180,000 Grupo Financiero
Banamex............... 1,081,074
100,000 Grupo Financiero Banamex
(Series C)............ 679,582
5,000 Grupo Financiero Banamex
(Series L)............ 32,861
15,000 Grupo Financiero
Bancomer.............. 465,000
270,000 Grupo Financiero
Bancomer (B Shares)... 298,569
40,000 Grupo Financiero Serfin
SA de C V (ADR)+...... 1,005,000
------------------
3,562,086
------------------
BUILDING & CONSTRUCTION
80,000 Cementos de Mexico (B
shares)............... 1,940,984
1,020,000 Grupo Cementos de
Chihuahua............. 1,106,647
81,000 Ttolmex (B Shares)...... 1,021,251
------------------
4,068,882
------------------
CONGLOMERATES
200,000 Grupo Carso A2 NVO...... 1,871,833
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
900,000 Argos (B Shares)........ 1,904,620
30,000 Coca Cola FEMSA
(ADR)+................ 821,250
402,000 Emvasa (B Shares)....... 1,953,085
100,000 Gemex (B Shares)........ 1,508,197
1,300,000 Grupo Industrial Meseca
(B shares)............ 2,007,152
50,000 Modelo (C Shares)....... 1,013,413
------------------
9,207,717
------------------
FOREST PRODUCTS, PAPER & PACKAGING
60,000 Kimberly-Clark de Mexico
(A shares)............ 1,064,083
------------------
HEALTH & PERSONAL CARE
64,000 Nacional de Drogas
(Series B)............ 386,289
202,000 Nacional de Drogas
(Series L)............ 1,219,226
------------------
1,605,515
------------------
INVESTMENT COMPANIES
200,000 Baring Puma Fund
Ltd. ................. 6,600,000
------------------
METALS & MINING
800,000 Sidek (A Shares)........ 3,343,070
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
MISCELLANEOUS
355,000 Farmacias Benevide...... $ 1,989,269
240,000 Grupo Herdez............ 283,279
------------------
2,272,548
------------------
PHARMACEUTICALS
70,000 Grupo Casa Autrey SA de
CV (ADR)+............. 1,785,000
------------------
REAL ESTATE
800,000 Grupo Situr (B Shares).. 2,050,671
------------------
RETAIL STORES
600,000 Cifra (C Shares)........ 1,541,580
------------------
TELECOMMUNICATIONS
24,000 Telefonos de Mexico
(ADR)+................ 1,446,000
------------------
TOTAL MEXICO............ 40,418,985
------------------
NETHERLANDS (0.8%)
APPLIANCES & HOUSEHOLD DURABLES
6,500 Atag Holdings NV........ 515,626
------------------
BUILDING & CONSTRUCTION
11,200 Hunter Douglas.......... 456,157
------------------
BUSINESS SERVICES
9,200 Oce-Van Der Grinten
NV.................... 398,211
------------------
ELECTRONICS
14,400 Philips Electronics..... 391,759
------------------
FINANCIAL SERVICES
15,500 International Nederlande
Group................. 661,821
------------------
MULTI-INDUSTRY
6,500 Borsumij Wehry NV....... 539,158
------------------
PUBLISHING
3,000 Vnu-Ver Ned Uitgev Ver
Bezit................. 285,098
6,900 Wolters Kluwer.......... 407,763
------------------
692,861
------------------
TRANSPORTATION
21,000 KLM..................... 533,301
------------------
TOTAL NETHERLANDS....... 4,188,894
------------------
NORWAY (1.1%)
BUILDING & CONSTRUCTION
45,000 Bona Shipbuilding....... 433,025
------------------
HEALTH & PERSONAL CARE
46,000 Hafslund Nycomed (B
Shares)............... 834,708
16,000 Orkla Borregaard (A
Shares)............... 538,876
------------------
1,373,584
------------------
MACHINERY
30,000 Kvaerner (B shares)..... 1,517,650
------------------
OIL & RELATED
33,000 Norsk Hydro............. 1,052,458
60,000 Saga Petroleum.......... 610,360
------------------
1,662,818
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
TRANSPORTATION
<C> <S> <C>
29,100 Bergesen Oy (A
shares)............... $ 624,051
------------------
TOTAL NORWAY............ 5,611,128
------------------
PANAMA (0.2%)
BANKING
30,000 Banco Latino Americano
de Export............. 1,117,500
------------------
PHILIPPINES (1.5%)
BANKING
60,000 Philippine National
Bank.................. 1,171,533
------------------
CONGLOMERATES
62,100 Ayala Corp. ............ 745,200
------------------
ELECTRONICS
50,000 Manilla Electric Co. (B
shares)............... 857,665
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
150,000 San Miguel Corp. (Class
B).................... 1,215,329
------------------
MANUFACTURING
250,000 Sime Darby Pilipinas,
Inc. ................. 547,445
------------------
TELECOMMUNICATIONS
30,000 Philippine Long
Distance.............. 1,905,109
------------------
TRANSPORTATION
954,600 International Container
Terminal.............. 1,080,022
------------------
TOTAL PHILIPPINES....... 7,522,303
------------------
PORTUGAL (1.7%)
BANKING
70,000 Banco Comercial
Portugues............. 1,139,970
25,000 Banco Espirito Santo E
Comercial de Lisboa... 500,000
40,000 Banco Portugues de
Altantico............. 617,176
20,000 Banco Toha.............. 419,913
25,000 Banco Totta & Acores.... 561,864
------------------
3,238,923
------------------
BUILDING & CONSTRUCTION
25,000 Soc Construction Soares
de Costa.............. 480,349
------------------
COMMUNICATIONS EQUIPMENT
113,000 TVI Television.......... 789,520
------------------
FINANCIAL SERVICES
30,000 Banco Portugues de
Investimento.......... 664,629
21,000 Banco Portugues de
Investimento (RFD)*... 447,755
------------------
1,112,384
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
3,200 Jeronimo Martin......... $ 272,769
20,000 Sumolis Companhia
Industrial de Frutas E
Bebidas SA............ 315,575
18,000 Unicer-Uniao
Cervejeira............ 628,821
------------------
1,217,165
------------------
MISCELLANEOUS
30,000 Journalgeste............ 515,284
90,000 Segur Imperip CIA....... 707,423
15,000 Sonae Industria E
Investimen............ 296,332
------------------
1,519,039
------------------
TRANSPORTATION
30,000 Estado Navarais de
Lisboa................ 160,524
------------------
TOTAL PORTUGAL.......... 8,517,904
------------------
SINGAPORE (1.9%)
BANKING
37,500 Development Bank of
Singapore............. 332,217
105,042 Overseas Chinese Banking
Corp. ................ 796,686
56,250 United Overseas Bank
Corp. Ltd. ........... 401,530
7,031 United Overseas Bank
Corp. Ltd. (Warrants
6/17/97)*............. 25,767
------------------
1,556,200
------------------
BUILDING & CONSTRUCTION
50,000 Natsteel (Warrants
10/15/94)*............ 30,593
------------------
COMPUTER SERVICES
50,000 Aztech Systems Ltd. .... 38,878
150,000 IPC Corp. .............. 128,107
------------------
166,985
------------------
CONGLOMERATES
219,000 AMCOL Holdings Ltd.
(Warrants 5/5/98)*.... 336,386
70,000 Keppel Corp. Ltd. ...... 428,298
57,500 Keppel Corp. Ltd. 1.5%
due 7/15/97 (Conv Loan
Stock)................ 58,636
------------------
823,320
------------------
ELECTRONICS
300,000 Goldtron Ltd. .......... 298,279
50,000 Goldtron Ltd. (Warrants
1995)*................ 35,373
------------------
333,652
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
50,000 Asia Pacific Breweries.. 513,065
60,000 Fraser and Neave Ltd. .. 642,447
10,000 Fraser and Neave Ltd.
(Warrants 5/27/98)*... 47,802
------------------
1,203,314
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
LEISURE
<C> <S> <C>
140,000 Genting BHD ............ $ 1,347,355
------------------
MULTI-INDUSTRY
210,000 Acma Limited............ 1,217,973
50,000 Wearne Bros............. 140,855
------------------
1,358,828
------------------
PUBLISHING
55,000 Singapore Press
Holdings.............. 757,170
------------------
REAL ESTATE
570,000 DBS Land Ltd. (Warrants
4/26/95)*............. 377,820
250,000 Hotel Properties
Ltd. ................. 326,641
62,500 Hotel Properties Ltd.
(Warrants 11/3/98)* .. 48,996
100,000 Mayalan Credit TSR...... 59,911
50,000 Parkway Holdings
(Warrants 7/11/96)*... 60,229
350,000 United Overseas Land
(Warrants 6/9/97)*.... 178,458
------------------
1,052,055
------------------
RETAIL STORES
108,000 Transmarco.............. 269,828
------------------
TRANSPORTATION
200,000 Far East--Levingston
(Warrants 9/29/94)*... 210,325
40,000 Singapore International
Airline Ltd. ......... 288,082
------------------
498,407
------------------
TOTAL SINGAPORE......... 9,397,707
------------------
SPAIN (2.5%)
BANKING
20,000 Banco Bilbao Vizcaya.... 461,876
4,000 Banco Popular Espanol... 434,018
11,000 Banco de Santander SA... 524,194
------------------
1,420,088
------------------
BUILDING & CONSTRUCTION
35,000 Aumar................... 399,010
6,000 Cubiertas Y Mzov SA..... 512,463
8,300 Fomento De
Construcciones y
Contratas SA.......... 970,565
------------------
1,882,038
------------------
ELECTRIC UTILITIES
27,750 ENDESA.................. 1,446,499
127,000 Iberdrola I............. 924,568
------------------
2,371,067
------------------
FINANCIAL SERVICES
23,300 Argentaria SA........... 983,930
40,000 Argentaria (ADR)+....... 845,000
------------------
1,828,930
------------------
FOREST PRODUCTS, PAPER & PACKAGING
100,000 Empresa Nacional de
Celulosas SA.......... 1,524,927
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
OIL & RELATED
44,500 Repsol SA............... $ 1,391,440
------------------
STEEL
8,000 Acerinox SA............. 746,627
------------------
TELECOMMUNICATIONS
82,400 Telefonica de Espana.... 1,005,836
------------------
TOTAL SPAIN............. 12,170,953
------------------
SWEDEN (2.1%)
AUTOMOTIVE
6,700 Volvo (Ser. "B" Free)... 522,200
------------------
BANKING
225,000 Foreningsbanken......... 471,475
145,000 Skandinaviska Enskilda
Banken................ 981,920
------------------
1,453,395
------------------
BUILDING & CONSTRUCTION
33,000 Euroc Industries (Series
"B" Free)............. 497,540
19,000 Celsius Industries Corp.
(B shares)............ 514,662
52,350 Svedala Industries
(Series "AB" Free).... 1,117,032
------------------
2,129,234
------------------
ELECTRICAL EQUIPMENT
8,400 Asea (Series "A" Free).. 628,940
11,250 Ericsson Spa (Series "B"
Free)................. 484,412
SEK 87,500 Ericsson Spa 4.25% due
6/30/00 (Conv.)*...... 14,199
------------------
1,127,551
------------------
FOREST PRODUCTS, PAPER & PACKAGING
91,000 Munskjo................. 668,562
10,990 Stora Kopparbergs
(Series "B" Free)..... 544,831
------------------
1,213,393
------------------
HEALTH & PERSONAL CARE
34,580 Astra (Series "A"
Free)................. 676,003
------------------
MACHINERY
32,500 Sandvik (Series "A"
Free)................. 456,781
------------------
METALS & MINING
37,000 S.K.F. (Series "B"
Free)................. 661,854
60,000 Trellborg AB (Series "B"
Free)................. 693,797
------------------
1,355,651
------------------
MISCELLANEOUS
15,650 Branded Consumer
Products.............. 193,962
35,400 Hogansa AB.............. 425,171
------------------
619,133
------------------
RETAIL STORES
18,000 Hennes & Mauritz........ 781,959
------------------
TOTAL SWEDEN............ 10,335,300
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
SWITZERLAND (0.9%)
<C> <S> <C>
BANKING
1,350 CS Holding.............. $ 598,532
------------------
FINANCIAL SERVICES
2,080 Swiss Bank Corp. ....... 599,049
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
1,000 S.M.H. AG............... 592,325
------------------
INSURANCE
911 Winterthur Versicherung
P.C................... 438,149
------------------
MACHINERY
1,100 Elco Looser Holding
AG.................... 624,245
------------------
PHARMACEUTICAL
200 Roche Holding AG........ 994,537
275 Sandoz.................. 745,195
------------------
1,739,732
------------------
TOTAL SWITZERLAND....... 4,592,032
------------------
THAILAND (2.8%)
AUTOMOTIVE
146,500 Thai Stanley............ 755,155
------------------
BANKING
2,700,000 First Bangkok City
Bank.................. 1,819,983
400,000 Krungthai Bank Ltd. .... 745,441
150,000 Siam Commercial Bank
Ltd. ................. 915,940
------------------
3,481,364
------------------
ELECTRONICS
140,000 Muramoto Electronic
Thailand.............. 960,349
------------------
FINANCIAL SERVICES
25,000 Dhana Siam Finance...... 473,830
200,000 National Finance &
Securities Co. ....... 2,537,668
50,000 Union Asia Finance
Co. .................. 321,174
------------------
3,332,672
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
2,300 Sri Charoen Ltd. ....... 17,327
36,300 Srithai Superware Co.
Ltd. ................. 296,503
64,400 Thai President Food
Co. .................. 689,453
------------------
1,003,283
------------------
FOREST PRODUCTS, PAPER & PACKAGING
50,000 Thai Modern Plastic
Industry.............. 257,732
------------------
MACHINERY
50,000 Compass East Industry
Co. .................. 733,545
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
104,000 Patkol Co. Ltd. ........ $ 255,670
------------------
989,215
------------------
REAL ESTATE
100,000 Bangkok Land Co. Ltd. .. 364,789
45,200 Kian Gwan Thai Co.
Ltd. ................. 181,015
50,000 Property Perfect Co.
Ltd. ................. 634,417
100,000 Raimon Land Co. Ltd. ... 574,941
100,000 Somprasong Land
Development Co.
Ltd. ................. 693,894
------------------
2,449,056
------------------
TELECOMMUNICATIONS
100,000 Telecom Asia Corp.*..... 360,825
20,000 Telecom Asia Corp.
(Local)*.............. 72,165
------------------
432,990
------------------
TOTAL THAILAND.......... 13,661,816
------------------
UNITED KINGDOM (4.7%)
APPLIANCES & HOUSEHOLD DURABLES
130,000 MFI Furniture, PLC...... 308,568
------------------
AUTOMOTIVE
125,000 Rolls Royce, PLC*....... 336,569
------------------
BANKING
110,000 Abbey National, PLC..... 759,626
70,000 Barclays Bank, PLC...... 544,147
25,000 Warburg (SG) Capital.... 280,753
------------------
1,584,526
------------------
BUILDING & CONSTRUCTION
42,000 Meyer International..... 302,812
50,000 Williams Holdings, PLC.. 287,799
48,000 Wilson Bowden, PLC...... 352,479
167,500 Wimpey (George), PLC*... 464,670
------------------
1,407,760
------------------
BUSINESS SERVICES
130,000 WPP Group, PLC.......... 217,926
------------------
ELECTRIC UTILITIES
41,000 South Wales Electric.... 424,548
------------------
FINANCIAL SERVICES
50,000 HSBC Holdings, PLC...... 548,154
------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
61,725 BAT Industries, PLC..... 419,386
110,000 Boddington Group........ 424,281
60,000 Grand Metropolitan...... 402,325
129,000 Vaux Group, PLC......... 551,150
------------------
1,797,142
------------------
INSURANCE
70,442 Commercial Union, PLC... 597,744
64,000 Heath (C.E.) PLC........ 357,938
100,000 Prudential Corp., PLC... 451,726
85,000 Royal Insurance, PLC.... 342,986
------------------
1,750,394
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
INVESTMENT COMPANIES
<C> <S> <C>
170,000 Electra Investment--
Closed End Funds...... $ 759,106
350,000 NB Smaller Company's
Trust................. 716,530
1,200,000 The Throghmorton
Trust................. 1,424,160
220,000 TR Smaller Company's
Trust................. 649,477
------------------
3,549,273
------------------
LEISURE
100,000 Rank Organization....... 574,114
150,000 Tomkins, PLC............ 547,412
------------------
1,121,526
------------------
MACHINERY
200,000 Meggitt Holdings, PLC... 311,535
------------------
MANUFACTURING
80,000 TI Group, PLC........... 467,599
------------------
METALS & MINING
30,000 RTZ Corp. .............. 365,832
------------------
MISCELLANEOUS
100,000 Beazer Homes, PLC....... 237,360
------------------
MULTI-INDUSTRY
70,000 BTR, PLC................ 374,361
5,266 BTR, PLC (Warrants
5/15/96)*............. 8,632
3,466 BTR, PLC (Warrants
12/26/97)*............ 5,785
2,680 BTR, PLC (Warrants
11/26/98)*............ 2,306
150,000 Hanson Trust, PLC....... 600,261
75,000 Inchcape, PLC........... 573,002
------------------
1,564,347
------------------
NATURAL GAS
120,000 British Gas, PLC........ 536,730
------------------
OIL & RELATED
120,000 British Petroleum Co.,
PLC................... 621,290
------------------
PHARMACEUTICAL
60,000 Glaxo Holdings.......... 534,060
45,000 Smithkline Beecham
(Class A)............. 248,671
22,000 Zeneca Group, PLC....... 236,618
------------------
1,019,349
------------------
PUBLISHING
70,000 EMAP, PLC............... 442,378
40,000 Reed International,
PLC................... 492,522
20,000 Reuters Holdings, PLC... 581,534
------------------
1,516,434
------------------
RETAIL STORES
620,000 Asda Group, PLC......... 533,466
250,000 Sears, PLC.............. 424,653
95,000 Storehouse, PLC......... 318,507
------------------
1,276,626
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
TELECOMMUNICATIONS
115,000 British Telecom, PLC.... $ 669,614
10,100 British Telecom, PLC
(Partial Paid
Shares)*.............. 41,130
------------------
710,744
------------------
TEXTILES
142,489 Coats Viyella, PLC...... 483,009
------------------
TRANSPORTATION
50,000 British Airways, PLC.... 300,037
30,000 Eurotunnel, PLC......... 229,200
187,500 National Freight
Corp.* ............... 636,979
------------------
1,166,216
------------------
TOTAL UNITED KINGDOM.... 23,323,457
------------------
UNITED STATES (9.1%)
APPLIANCES & HOUSEHOLD DURABLES
20,000 Whirlpool Corp.......... 1,215,000
------------------
BROADCAST MEDIA
2,030 Capital Cities - ABC,
Inc................... 1,388,520
51,000 Scandinavia Broadcast
Systems............... 1,249,500
28,000 Turner Broadcasting
Systems (Class B)..... 581,000
11,900 Viacom, Inc. (Class A).. 370,388
------------------
3,589,408
------------------
CHEMICALS
40,000 Williams Companies...... 960,000
------------------
COMMUNICATIONS EQUIPMENT
25,000 Cisco Systems, Inc...... 850,000
------------------
COMPUTER SERVICES
50,000 EMC Corp................ 993,750
38,043 Oracle Systems Corp.*... 1,217,376
19,000 Parametric Technology
Corp.................. 517,750
60,000 Silicon Graphics,
Inc................... 1,432,500
23,500 Sybase, Inc............. 1,057,500
------------------
5,218,876
------------------
ELECTRIC UTILITIES
75,000 AES China Generating
(Class A)............. 918,750
30,000 Compania Boliviana
Energia............... 660,000
8,900 General Electric........ 886,663
------------------
2,465,413
------------------
ELECTRONICS
22,100 Applied Materials....... 983,450
22,839 Intel Corp.............. 1,535,923
30,000 LAM Research Corp....... 930,000
23,000 Maxim Integrated
Products.............. 1,155,750
17,000 Motorola, Inc........... 1,721,250
15,000 Texas Instruments,
Inc................... 1,158,750
------------------
7,485,123
------------------
FINANCIAL SERVICES
20,375 CUC International,
Inc................... 641,813
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD
PRODUCTS
<C> <S> <C>
15,000 Panamerican Beverage,
Inc (Class A)......... $ 519,375
------------------
HEALTH & PERSONAL CARE
22,000 Columbia HCA Healthcare
Corp.................. 885,500
100,000 Humana.................. 1,862,500
30,000 National Medical
Enterprise............ 483,750
------------------
3,231,750
------------------
HOTELS/MOTELS
15,000 Hilton Hotels Corp. .... 855,000
50,000 Marriott International,
Inc................... 1,406,250
14,000 Promus Cos, Inc......... 551,250
------------------
2,812,500
------------------
LEISURE
40,000 Callaway Golf Co. ...... 1,295,000
15,000 President Riverboat
Casinos............... 247,500
------------------
1,542,500
------------------
MACHINERY
10,000 Caterpillar, Inc........ 1,123,750
25,000 Varity Corp............. 1,046,875
------------------
2,170,625
------------------
METALS & MINING
22,000 Nucor................... 1,333,750
------------------
OIL & RELATED
21,400 Burlington Resources,
Inc................... 909,500
8,000 Chevron Corp............ 674,000
------------------
1,583,500
------------------
PUBLISHING
20,000 Time Warner, Inc........ 775,000
------------------
RAILROAD EQUIPMENT
25,000 Trinity Industries,
Inc................... 950,000
------------------
RETAIL STORES
22,500 Heilig - Meyers......... 697,500
15,000 Penney (J.C.)........... 793,125
40,000 Wal-Mart Stores, Inc.... 1,035,000
------------------
2,525,625
------------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
<C> <S> <C>
TELECOMMUNICATIONS
10,000 American Telephone &
Telegraph Co.......... $ 512,500
14,200 Comcast (Class A)....... 255,600
7,100 Comcast Special (Class
A).................... 125,139
15,000 DSC Communications...... 753,750
46,372 Millicom International
Cellular SA........... 1,078,157
------------------
2,725,146
------------------
TRANSPORTATION
20,000 Airborne Freight Corp... 695,000
10,000 CSX Corp................ 820,000
15,000 Federal Express......... 1,003,125
------------------
2,518,125
------------------
TOTAL UNITED STATES..... 45,113,529
------------------
TOTAL COMMON AND
PREFERRED STOCKS,
WARRANTS, RIGHTS, AND
BONDS (IDENTIFIED COST
$347,406,574).......... 406,185,856
------------------
GOVERNMENT OBLIGATIONS(A) (1.6%)
MEXICO (1.6%)
MXP 3,949M Cetes 9.25% due
04/07/94.............. 1,175,323
MXP 3,336M Cetes 10.00% due
05/04/94.............. 985,446
MXP 19,436M Cetes 9.81% due
05/12/94.............. 5,729,346
------------------
TOTAL GOVERNMENT
OBLIGATIONS
(AMORTIZED COST
$7,890,115)............ 7,890,115
------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- - ---------------- ------------------
COMMERCIAL PAPER (A) (9.7%)
<C> <S> <C>
UNITED STATES (9.7%)
AUTOMOTIVE FINANCE
$15,000M Ford Motor Credit Corp
3.58% due 4/4/94...... $ 14,995,525
------------------
FINANCE--ENERGY
$12,800M Chevron Oil Finance
Corp. 3.55% due
4/5/94................ 12,794,951
$20,000M Exxon Credit Corp. 3.25%
due 4/6/94............ 19,990,972
------------------
32,785,923
------------------
TOTAL COMMERCIAL PAPER
(AMORTIZED COST
$47,781,448)........... 47,781,448
------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES/PRINCIPAL AMOUNT VALUE
- - ---------------------------- -------------
TOTAL 93.6 %
INVESTMENTS
(IDENTIFIED
COST
$403,078,137)(B)... $ 461,857,419
<S> <C> <C> <C>
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES...... 6.4 31,711,070
---------- -------------
NET ASSETS.................. 100.0% $ 493,568,489
---------- -------------
---------- -------------
<FN>
- - -----------------
* Non-income producing security
** Resale is restricted to qualified institutional investors.
+ American Depository Receipt
++ Global Depository Share
(a) Securities were purchased on a discount basis. The rates shown have been
adjusted to reflect a bond equivalent yield.
(b) The aggregate cost for federal income tax purposes is $407,939,673; the
aggregate gross unrealized appreciation is $69,303,557 and the aggregate
gross unrealized depreciation is $15,385,811, resulting in net unrealized
appreciation of $53,917,746.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 1994:
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS IN EXCHANGE DELIVERY APPRECIATION/
TO DELIVER FOR DATE (DEPRECIATION)
- - ----------------- ----------------- --------- ---------------
<S> <C> <C> <C>
SGD 540,957 US$ 344,228 4/ 4/94 $ (548)
US$ 205,369 MYR 559,016 4/ 4/94 2,908
AUD 38,497 US$ 26,399 4/ 5/94 (580)
GBP 11,295 US$ 16,680 4/ 5/94 (77)
IDR 546,310,424 US$ 253,273 4/ 5/94 (353)
US$ 138,221 GBP 93,500 4/ 5/94 486
US$ 610,936 HKD 4,717,648 4/ 6/94 (435)
US$ 466,166 FIM 2,562,750 4/ 6/94 2,850
US$ 980,798 ESP 132,800,000 4/ 7/94 (7,191)
US$ 271,544 NLG 507,000 4/ 7/94 (1,619)
---------------
Net Unrealized
Depreciation* .............. $ (4,559)
---------------
---------------
</TABLE>
- - -----------------
*Includes aggregate gross, unrealized appreciation of $6,244 and aggregate gross
unrealized depreciation of $10,803, resulting in net unrealized depreciation of
$4,559.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION MARCH 31, 1994
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- - ------------------------------------------------------------------------ ------------- --------------
<S> <C> <C>
Appliances & Household Durables......................................... $ 3,609,448 0.7%
Automotive.............................................................. 12,262,141 2.5
Automotive Finance...................................................... 14,995,525 3.0
Banking................................................................. 35,948,584 7.3
Broadcast Media......................................................... 3,589,408 0.7
Building Materials...................................................... 2,361,100 0.5
Building & Construction................................................. 21,851,508 4.4
Business Services....................................................... 5,971,140 1.2
Chemicals............................................................... 4,814,284 1.0
Communications Equipment................................................ 1,639,520 0.3
Computer Services....................................................... 9,191,407 1.9
Conglomerates........................................................... 3,845,122 0.8
Electric Utilities...................................................... 10,586,783 2.1
Electrical Equipment.................................................... 6,660,346 1.3
Electronics............................................................. 27,760,193 5.6
Finance-Energy.......................................................... 32,785,923 6.6
Financial Services...................................................... 24,085,917 4.9
Food, Beverage, Tobacco & Household Products............................ 26,739,941 5.4
Forest Products, Paper & Packaging...................................... 17,307,480 3.5
Government Obligations.................................................. 7,890,115 1.6
Health & Personal Care.................................................. 8,007,409 1.6
Hotels/Motels........................................................... 2,812,500 0.6
Insurance............................................................... 7,088,545 1.4
International Trade..................................................... 2,450,333 0.5
Investment Companies.................................................... 26,636,879 5.4
Leisure................................................................. 6,223,118 1.3
Machinery............................................................... 13,874,974 2.8
Manufacturing........................................................... 7,785,088 1.6
Metals & Mining......................................................... 14,786,772 3.0
Miscellaneous........................................................... 7,936,289 1.6
Multi-Industry.......................................................... 8,276,102 1.7
Natural Gas............................................................. 2,691,777 0.5
Oil & Related........................................................... 8,273,463 1.7
Pharmaceutical.......................................................... 10,126,805 2.1
Publishing.............................................................. 3,825,295 0.8
Railroad Equipment...................................................... 950,000 0.2
Real Estate............................................................. 15,154,756 3.1
Retail Stores........................................................... 12,177,944 2.5
Steel................................................................... 746,627 0.2
Telecommunications...................................................... 17,261,898 3.5
Textiles................................................................ 1,566,432 0.3
Transportation.......................................................... 9,308,528 1.9
------------- ---
$ 461,857,419 93.6%
------------- ---
------------- ---
</TABLE>
SUMMARY OF INVESTMENTS BY TYPE MARCH 31, 1994
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TYPE OF INVESTMENT
- - ------------------------------------------------------------------------
<S> <C> <C>
Bonds................................................................... $ 9,094,832 1.9%
Common Stocks........................................................... 389,703,978 79.0
Government Obligations.................................................. 7,890,115 1.6
Preferred Stocks........................................................ 3,157,415 0.6
Rights.................................................................. 1,597,193 0.3
Short-Term Investments.................................................. 47,781,448 9.7
Warrants................................................................ 2,632,438 0.5
------------- ---
$ 461,857,419 93.6%
------------- ---
------------- ---
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1994
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments in securities, at value
(identified cost $403,078,137) (Note
1)...................................... $ 461,857,419
Cash (including $2,082,696 in foreign
currency)............................... 26,315,096
Receivable for:
Investments sold (Note 4).............. 8,252,641
Shares of beneficial interest sold..... 4,377,208
Dividends.............................. 497,091
Interest............................... 484,709
Foreign withholding taxes reclaimed.... 184,946
Prepaid expenses and other assets........ 4,394
-------------
TOTAL ASSETS....................... 501,973,504
-------------
LIABILITIES:
Payable for:
Investments purchased.................. 5,701,688
Shares of beneficial interest
repurchased........................... 1,478,175
Plan of distribution fee (Note 3)...... 388,270
Investment management fee (Note 2)..... 418,406
Accrued expenses (Note 4)................ 418,476
-------------
TOTAL LIABILITIES.................. 8,405,015
-------------
NET ASSETS:
Paid-in-capital.......................... 426,670,260
Distributions in excess of net investment
income.................................. (4,872,130)
Accumulated undistributed net realized
gains................................... 12,955,871
Net unrealized appreciation.............. 58,814,488
-------------
NET ASSETS......................... $ 493,568,489
-------------
-------------
NET ASSET VALUE PER SHARE, 27,117,473
shares outstanding (unlimited authorized
shares of $.01 par value)............... $18.20
</TABLE>
STATEMENT OF OPERATIONS FOR THE YEAR
ENDED MARCH 31, 1994
<TABLE>
<S> <C>
INVESTMENT INCOME:
INCOME
Dividends (net of $304,594 foreign
withholding tax)..................... $ 3,268,001
Interest.............................. 2,228,340
------------
TOTAL INCOME........................ 5,496,341
------------
EXPENSES
Investment management fees (Note 2)... 3,072,025
Plan of distribution fee (Note 3)..... 2,991,852
Transfer agent fees and expenses (Note
4)................................... 528,819
Custodian fees........................ 386,365
Registration fees..................... 157,803
Professional fees..................... 96,811
Shareholder reports and notices (Note
4)................................... 77,905
Trustees' fees and expenses (Note
4)................................... 37,473
Other................................. 15,492
------------
TOTAL EXPENSES...................... 7,364,545
------------
NET INVESTMENT LOSS............... (1,868,204)
------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) (Note 1):
Net realized gain (loss) on:
Investments........................... 27,420,831
Foreign exchange transactions......... (796,529)
------------
26,624,302
------------
Net change in unrealized appreciation
on:
Investments........................... 32,358,097
Translation of other assets and
liabilities denominated in foreign
currencies........................... 39,371
------------
32,397,468
------------
NET GAIN............................ 59,021,770
------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....... $ 57,153,566
------------
------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
MARCH 31, 1994 MARCH 31, 1993
--------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)................................................ $ (1,868,204) $ 143,681
Net realized gain (loss) on investments and foreign exchange transactions... 26,624,302 (3,143,431)
Net change in unrealized appreciation....................................... 32,397,468 7,344,221
--------------- ---------------
Net increase in net assets resulting from operations.................... 57,153,566 4,344,471
Distributions to shareholders from net realized gain on investments and
foreign exchange transactions................................................ (12,859,992) (5,541,821)
Net increase (decrease) from transactions in shares of beneficial interest
(Note 5)..................................................................... 231,516,010 (43,895,422)
--------------- ---------------
Total increase (decrease)............................................... 275,809,584 (45,092,772)
NET ASSETS:
Beginning of period........................................................... 217,758,905 262,851,677
--------------- ---------------
END OF PERIOD (including distributions in excess of net investment income of
$4,872,130 and $2,682,046, respectively)..................................... $ 493,568,489 $ 217,758,905
--------------- ---------------
--------------- ---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter World Wide Investment
Trust (the "Fund") is registered under the Investment Company Act of 1940, as
amended (the "Act"), as a diversified, open-end management investment company.
It was organized on July 7, 1983 as a Massachusetts business trust and commenced
operations on October 31, 1983.
The following is a summary of the significant accounting policies:
A. VALUATION OF INVESTMENTS -- (1) an equity portfolio security listed or
traded on the New York or American Stock Exchange 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 securities
are traded on more than one exchange, the securities are valued on the
exchange designated as the primary market by the Trustees; (2) all other
portfolio securities for which over-the-counter market quotations are
readily available are valued at the latest bid price; (3) when market
quotations are not readily available, including circumstances under which it
is determined by 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 (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 with remaining maturities of 60
days or less at the time of purchase are valued at amortized cost; other
short-term debt securities are valued on a mark-to-market basis until such
time as they reach a remaining maturity of 60 days, whereupon they will be
valued at amortized cost using their value on the 61st day; and (5) all
other securities and other assets are valued at their fair value as
determined in good faith under procedures established by and under the
general supervision of the Trustees.
B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). In computing net
investment income, the Fund does not amortize premiums or accrue discounts
on fixed income securities in the portfolio, except those original issue
discounts for which amortization is required for federal income tax
purposes. Additionally, with respect to market discount, a portion of any
capital gain realized upon disposition may be recharacterized as investment
income. Realized gains and losses on security transactions are determined on
the identified cost method. Dividend income and other distributions are
recorded on the ex-dividend date, except certain dividends from foreign
securities which are recorded as soon as the Fund is informed after the
ex-dividend date. Interest income is accrued daily.
C. 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 contracts
stated in foreign currencies are translated at the exchange rates at the end
of the period; and (2) purchases, sales, income and expenses are translated
at the rate of exchange 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 net foreign exchange gains/losses included in realized and
unrealized gain/loss in the Statement of Operations 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.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- - --------------------------------------------------------------------------------
D. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- The Fund may enter into
forward foreign currency contracts as a hedge against fluctuations in future
foreign exchange rates. All forward contracts are valued daily at the
appropriate exchange rates and any resulting unrealized currency gains or
losses are reflected in the Fund's accounts. 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.
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 record 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 reclassifications.
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.
2. INVESTMENT MANAGEMENT AND ADVISORY AGREEMENTS -- Pursuant to an Investment
Management Agreement (the "Agreement") with Dean Witter InterCapital Inc. (the
"Investment Manager") and Investment Advisory Agreements with Daiwa
International Capital Management Corp. ("DICAM"), which has a subadvisory
agreement with its parent Daiwa International Capital Management Co., Ltd. and
NatWest Investment Management Limited ("NWIM"), formerly County NatWest
Investment Management Limited ("CNWIM"), the Fund pays its Investment Advisers
an aggregate management and advisory fee, accrued daily and payable monthly, by
applying the annual rate of 1.0% to the net assets of the Fund determined as of
the close of each business day. Under their respective agreements, InterCapital,
DICAM and NWIM receive fees at the annual rate of .55%, .225% and .225%,
respectively, of average daily net assets. Under their respective agreements
each adviser pays the salaries and expenses of all personnel of such Investment
Adviser, and all expenses incurred in connection with the services rendered by
each Investment Adviser. In addition, InterCapital maintains the Fund's books
and records and furnishes at its expense such office space and facilities,
equipment, and clerical, bookkeeping and certain legal services as the Fund may
reasonably require in the conduct of its business. InterCapital also bears the
cost of telephone services, heat, light, power and other utilities provided to
the Fund.
3. PLAN OF DISTRIBUTION -- Shares of the Fund are distributed by 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, pursuant to which the Fund pays the Distributor compensation
accrued daily and payable monthly at the annual rate of 1.0% of the lesser of:
(a) the average daily aggregate gross sales of the Fund's shares since the
inception of the Fund (not including reinvestments of dividends or capital gains
distributions), less the average daily aggregate net asset value of the Fund's
shares redeemed since the Fund's inception upon which a contingent deferred
sales charge has been imposed or upon which such charge has been waived; or (b)
the Fund's average daily net assets. Amounts paid under the Plan are paid to the
Distributor to compensate it for the services it provides and the expenses borne
by it and others in the distribution of the
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- - --------------------------------------------------------------------------------
Fund's shares, including the payment of commissions for sales of the Fund's
shares and incentive compensation to and expenses of the account executives of
Dean Witter Reynolds Inc., an affiliate of the Investment Manager, and other
employees or selected dealers who engage in or support distribution of the
Fund's shares or who service shareholders' accounts, including overhead and
telephone expenses, printing and distribution of prospectuses and reports used
in connection with the offering of the Fund's shares, and preparation, printing
and distribution of sales literature and advertising materials.
Provided that the Plan continues in effect, any cumulative expenses incurred
by the Distributor, but not yet recovered, may be recovered through future
distribution fees from the Fund and contingent deferred sales charges from the
Fund's shareholders.
The Distributor has informed the Fund that for the year ended March 31,
1994, it received approximately $179,000 in contingent deferred sales charges
from redemptions of the Fund's shares. The Fund's shareholders pay such charges
which are not an expense of the Fund.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and the proceeds from sales of portfolio securities for the year ended
March 31, 1994, excluding short-term investments, aggregated $328,237,200 and
$187,644,301, respectively. For the year ended March 31, 1994, the Fund incurred
brokerage commissions of $38,787 and $80,826 with Dean Witter Reynolds Inc. and
affiliates of DICAM, respectively, for executing transactions on behalf of the
Fund.
On April 1, 1991, the Fund established an unfunded noncontributory defined
benefit pension plan covering all independent Trustees of the Fund who will have
served as an independent Trustee for at least five years at the time of
retirement. Benefits under this plan are based on years of service and
compensation during the last five years of service. Aggregate pension costs for
the year ended March 31, 1994, included in Trustees' fees and expenses in the
Statement of Operations, amounted to $11,215. At March 31, 1994, the Fund had an
accrued pension liability of $41,196 which is included in accrued expenses in
the Statement of Assets and Liabilities.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1994, the Fund had
transfer agent fees and expenses payable of approximately $60,000.
Bowne & Co., Inc. is an affiliate of the Fund by virture of a common Fund
Trustee and Director of Bowne & Co., Inc. For the year ended March 31, 1994, the
Fund paid Bowne & Co., Inc. $9,810 for printing of shareholder reports.
5. SHARES OF BENEFICIAL INTEREST -- Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR ENDED FOR THE YEAR ENDED
MARCH 31, 1994 MARCH 31, 1993
-------------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- ---------------- -------------- ---------------
<S> <C> <C> <C> <C>
Sold....................................... 16,055,873 $ 296,295,635 1,872,794 $ 26,891,712
Reinvestment of distributions.............. 655,157 12,100,745 367,880 5,298,161
-------------- ---------------- -------------- ---------------
16,711,030 308,396,380 2,240,674 32,189,873
Repurchased................................ (4,390,033) (76,880,370) (5,391,609) (76,085,295)
-------------- ---------------- -------------- ---------------
Net increase (decrease).................... 12,320,997 $ 231,516,010 (3,150,935) $ (43,895,422)
-------------- ---------------- -------------- ---------------
-------------- ---------------- -------------- ---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- - --------------------------------------------------------------------------------
6. FEDERAL INCOME TAX STATUS -- During the year ended March 31, 1994, the Fund
utilized its net capital loss carryforward of approximately $677,000. Any
foreign currency loss incurred after October 31 within the taxable year is
deemed to arise on the first day of the Fund's next taxable year. The Fund
incurred and elected to defer a foreign currency loss of approximately $754,000.
The Fund had temporary book/tax differences primarily attributable to
post-October currency loss deferrals, income from the mark-to-market of passive
foreign investment companies ("PFICs") and its pro-rata share of income and
gains from qualified electing funds ("QEFs"). The Fund had permanent book/tax
differences primarily attributable to foreign currency losses, a dividend
redesignation, tax equalization debits, a net operating loss and tax adjustments
on PFICs and QEFs sold by the Fund. To reflect reclassifications arising from
permanent book/tax differences as of March 31, 1993, distributions in excess of
net investment income was charged $2,089,281, accumulated undistributed net
realized gains was charged $102,871 and paid-in-capital was credited $2,192,152.
To reflect reclassifications arising from permanent book/tax differences for the
year ended March 31, 1994, distributions in excess of net investment income was
charged and accumulated undistributed net realized gains was credited $321,880.
7. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK -- As of March 31, 1994,
the Fund had outstanding forward foreign currency exchange contracts ("forward
contracts") as a hedge against changes in future foreign exchange rates. Forward
contracts involve elements of market risk in excess of the amount reflected in
the Statement of Assets and Liabilities. The Fund bears the risk of an
unfavorable change in the foreign exchange rate underlying the forward contract.
Risks may also arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their contracts.
1994 FEDERAL INCOME TAX NOTICE (UNAUDITED)
During the fiscal year ended March 31, 1994, 3.70% of the ordinary income
dividends qualified for the dividends received deduction available to
corporations. For such period, the Fund paid $.5212 per share from long-term
capital gains.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE YEAR ENDED MARCH 31,
---------------------------------------------------------------------------------------------------
1994 1993 1992 1991 1990 1989 1988 1987 1986 1985
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE:
Net asset value,
beginning of period.... $14.72 $14.65 $14.57 $14.84 $14.98 $14.93 $17.36 $15.45 $10.30 $10.58
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net investment income
(loss)................. (0.05) -0- -0- 0.23 0.11 0.08 0.04 0.11 0.10 0.25
Net realized and
unrealized gain
(loss)................. 4.24 0.39 1.05 0.18 0.82 1.24 (0.07) 3.88 5.30 (0.40)
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total from investment
operations............. 4.19 0.39 1.05 0.41 0.93 1.32 (0.03) 3.99 5.40 (0.15)
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Less dividends and
distributions:
Dividends from net
investment income.... -0- -0- (0.05) (0.23) (0.11) (0.08) (0.15) (0.10) (0.25) (0.13)
Distributions from
capital gains........ (0.71) (0.32) (0.92) (0.45) (0.96) (1.19) (2.25) (1.98) -0- -0-
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total dividends and
distributions.......... (0.71) (0.32) (0.97) (0.68) (1.07) (1.27) (2.40) (2.08) (0.25) (0.13)
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net asset value, end of
period................. $18.20 $14.72 $14.65 $14.57 $14.84 $14.98 $14.93 $17.36 $15.45 $10.30
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
---------- -------- -------- -------- -------- -------- -------- -------- -------- --------
TOTAL INVESTMENT
RETURN+.................. 28.40% 2.69% 7.33% 2.80% 6.09% 9.31% 0.39% 28.22% 53.76% (1.44)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of
period (in
thousands)............. $ 493,568 $217,759 $262,852 $278,676 $306,448 $311,803 $368,026 $469,501 $226,621 $ 97,872
Ratio of expenses to
average net assets..... 2.40% 2.42% 2.27% 2.29% 2.21% 2.18% 2.13% 2.10% 2.35%* 2.19%*
Ratio of net investment
income (loss) to
average net assets..... (0.61%) 0.06% 0.03% 1.53% 0.70% 0.50% 0.23% 0.86% 1.21% 2.33%
Portfolio turnover
rate................... 68% 139% 89% 68% 75% 67% 70% 65% 69% 64%
<FN>
- - ---------------
+ DOES NOT REFLECT THE DEDUCTION OF SALES LOAD.
* NET OF EXPENSE REIMBURSEMENT.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
- - --------------------------------------------------------------------------------
To the Shareholders and Trustees of Dean Witter World Wide Investment Trust
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Dean Witter World Wide Investment
Trust (the "Fund") at March 31, 1994, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the ten years in the
period then ended, in conformity with generally accepted accounting principles.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities owned at
March 31, 1994 by correspondence with the custodian and brokers and the
application of alternative auditing procedures where confirmations from brokers
were not received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE
New York, New York
May 20, 1994
<PAGE>
T R U S T E E S
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. John E. Jeuck
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
Edward R. Telling
O F F I C E R S
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
Thomas H. Connelly
Vice President
Thomas F. Caloia
Treasurer
T R A N S F E R A G E N T
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
L E G A L C O U N S E L
Sheldon Curtis
Two World Trade Center
New York, New York 10048
I N D E P E N D E N T A C C O U N T A N T S
Price Waterhouse
1177 Avenue of the Americas
New York, New York 10036
I N V E S T M E N T M A N A G E R
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
I N V E S T M E N T A D V I S O R S
Daiwa International Capital Management Corp.
One World Financial Center, 200 Liberty Street
New York, New York 10281
NatWest Investment Management Limited
A MEMBER OF THE NATIONAL WESTMINSTER BANK GROUP
Fenchurch Exchange, 43/44 Crutched Friars
London EC3N 3NX
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.
DEAN WITTER
WORLD WIDE INVESTMENT
TRUST
[PHOTO]
ANNUAL REPORT
MARCH 31, 1994
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
GROWTH OF $10,000
($ IN THOUSANDS)
<TABLE>
<CAPTION>
DATE TOTAL MSCI WORLD INDEX S&P 500
---------------------------------------------------------------------
---------------------------------------------------------------------
<S> <C> <C> <C>
March 31, 1984 $10000 $10000 $10000
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, 1985 $ 9856 $10723 $11888
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, 1986 $15155 $16329 $16366
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, 1987 $19432 $22964 $20654
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, 1988 $19507 $23903 $18932
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, 1989 $21324 $26551 $22357
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, 1990 $22622 $25517 $26657
---------------------------------------------------------------------
March 31, 1991 $23256 $26461 $30496
---------------------------------------------------------------------
March 31, 1992 $24960 $25800 $33856
---------------------------------------------------------------------
March 31, 1993 $25631 $28333 $39006
---------------------------------------------------------------------
March 31, 1994 $32911 (3) $31632 $39575
---------------------------------------------------------------------
---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
---------------------------------------------------------
---------------------------------------------------------
<S> <C> <C> <C>
Non-Standard 28.40 (1) 9.07 (1) 12.65 (1)
---------------------------------------------------------
Standard (-CDSC) 23.40 (2) 8.78 (2) 12.65 (2)
---------------------------------------------------------
---------------------------------------------------------
---------------------------------------------------------
---------------------------------------------------------
Fund S&P 500 (4) WORLD INDEX (5)
------- ------ ------
---------------------------------------------------------
---------------------------------------------------------
<FN>
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 contingent deferred sales charge (CDSC) (1 year-
5%, 5 years-2%, 10 years-0%). See the Fund's current prospectus for
complete details on fees and sales charges.
(3) Closing value assuming a complete redemption on March 31, 1994.
(4) The S&P 500 is a broad-based index, the total return of which is based on
the average performance of 500 widely held common stocks. The index does
not include any expenses, fees or charges.
(5) The Morgan Stanley Capital International World Index (MSCI) measures the
performance for a diverse range of global stock markets including the U.S.,
Canada, Europe, Australia, New Zealand and the Far East. The index does
not include any expenses, fees or charges.
</TABLE>
