<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
The six months ended September 30, 1994 have been a period of transition for
the global financial markets. Early in the period, U.S. interest rates abruptly
reversed course as the Federal Reserve Board raised the federal-funds rate in
response to stronger-than-expected economic growth and inflationary fears. In
Europe, as well as in Japan, interest rates have stopped declining as their
economies emerged from recession. As a result of higher interest rates, many of
the world's equity markets declined during the reporting period.
Against this backdrop, Dean Witter World Wide Investment Trust produced a
total return of 3.6 percent for the six-month period ended September 30, 1994,
compared to 5.3 percent and 4.3 percent for the Standard & Poor's 500 Composite
Stock Price Index and the Morgan Stanley Capital International World Index,
respectively.
WORLDWIDE ECONOMIC RECOVERY
In recent months, global economic activity has become more brisk as ongoing
expansions in the U.S., U.K., Australia and Canada have proven strong and
durable, while Continental Europe and Japan have clearly emerged from recession
and are expected to post positive growth patterns this year and next. Recovery
in Europe has been stronger and sooner than expected, while in Japan, a modest
but broad recovery has been accompanied by various structural and political
reforms. The dynamic economies of Southeast Asia continue to expand at annual
rates of 4 percent to 9 percent and those of Latin America at annual rates of 3
percent to 6 percent. The beginnings of a synchronized global economic expansion
are apparent in recently-reported statistics. Economic momentum has been a major
factor shaping global monetary policy this year. Finance officials from the
leading industrial economies have acted together to pursue firm, rather than
accommodative policies, with the aim of prolonging a steady and balanced
expansion while controlling inflation. The preemptive, rather than reactive,
approach to controlling inflation in the U.S. and its impact globally have been
major hurdles for the equity markets this year. If this approach proves
successful, the investment climate for 1995 could be very favorable.
These factors are important to the performance of Dean Witter World Wide
Investment Trust, which in recent years has placed a greater emphasis on
emerging, developing and peripheral markets, which currently account for
approximately 50 percent of portfolio assets. The balance of the portfolio is
comprised of growth-oriented companies in the more mature markets of the larger
industrial economies.
PORTFOLIO COMPOSITION
At the end of the reporting period, the Fund's assets were spread among
approximately 30 markets. The Americas represent approximately 30 percent of the
Fund's assets, with investments in Canada, the U.S., Mexico, Chile, Argentina
and Brazil. In the U.S., holdings include: Aluminum Company of America (basic
industry), Columbia HCA Healthcare Corp. (health care) and Oracle Systems
Corporation (technology). In Canada, Renaissance Energy and American Barrick
typify the natural resources sector, while in Mexico, Cementos de Mexico and
Grupo Casa Autrey represent infrastructure and health care.
Europe accounts for 30 percent of the portfolio, with assets split between
peripheral markets and the more mature major economies. The beneficiaries of
previous currency devaluations continue to
<PAGE>
expand vigorously and the countries of the European core (France, Germany,
Netherlands, Switzerland and others) all reported broad and strong recoveries.
Among the Fund's European holdings are LVMH (France, luxury products), Reuters
(U.K., information technology), Nokia (Finland, telecommunications equipment)
and Wolters Kluwer (Netherlands, publishing).
As of the end of the reporting period, approximately 40 percent of the
Fund's assets are allocated to Asia, with about half the Asia portfolio in
Japan. The Japanese economy appears to have bottomed with important help from
government spending and the construction sector. Now, with a massive tax cut and
continuing deregulation, consumers have begun to spend. Moderate growth appears
on track for next year. Among the Fund's Japanese holdings are Mitsui
(international trade), ORIX (financial services) and Shimamura (retail).
The smaller regional economies in Southeast Asia remain robust, fueled by
low cost manufacturing, capital investment, internal development and
intra-regional trade. The Fund has positions in CITIC Pacific (Hong Kong,
transportation), Sembawang (Singapore, shipbuilding) and Kim Hin (Malaysia,
telecommunications).
LOOKING AHEAD
Although market returns during the reporting period have been mixed, this
has been a period of transition and adjustment to rising interest rates. Fiscal
and monetary policies of the major nations are likely to remain in place for a
prolonged economic expansion during 1995 and possibly beyond. As broad growth
patterns emerge, prospects for global investment seem very 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 SEPTEMBER 30, 1994 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (88.7%)
ARGENTINA (0.3%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
55,000 Buenos Aires Embotelladora,
S.A. (ADR).................. $ 2,055,625
---------------
AUSTRALIA (1.2%)
APPLIANCES & HOUSEHOLD DURABLES
250,000 Email, Ltd.................... 758,193
---------------
BANKING
150,000 Australia & New Zealand
Banking Group, Ltd.......... 433,834
---------------
BUILDING & CONSTRUCTION
250,000 Clyde Industries, Ltd......... 386,493
---------------
INSURANCE
350,000 FAI Life, Ltd................. 253,717
131,500 QBE Insurance Group, Ltd...... 559,306
---------------
813,023
---------------
MANUFACTURING
80,000 Simsmetal, Ltd................ 414,232
---------------
METALS & MINING
125,000 Aberfoyle, Ltd................ 360,605
150,000 Ashton Mining, Ltd............ 352,837
67,000 Broken Hill Proprietary Co.,
Ltd......................... 973,356
250,000 M.I.M. Holdings, Ltd.......... 504,845
120,000 Newcrest Mining, Ltd.......... 603,595
85,000 Western Mining Corp. Holdings,
Ltd......................... 494,822
---------------
3,290,060
---------------
OIL & RELATED
211,400 Ampolex, Ltd.................. 616,108
---------------
RETAIL STORES
300,000 Woolworths, Ltd............... 625,786
---------------
TOTAL AUSTRALIA............... 7,337,729
---------------
AUSTRIA (0.1%)
BUSINESS SERVICES
200,000 Fotex......................... 753,735
---------------
BELGIUM (0.1%)
MISCELLANEOUS
18,000 Terca Brick Industries........ 859,972
---------------
BRAZIL (1.8%)
ELECTRIC UTILITIES
19,000 CEMIG......................... 517,750
---------------
INVESTMENT COMPANIES
1,000,000 Brazil Investment Trust....... 1,530,000
200,000 Brazil Investment Trust
(Warrants due 9/30/07)*..... 228,000
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
2,000,000 South America Fund............ $ 8,012,600
400,000 South America Fund (Warrants
due 8/19/96)*............... 888,000
---------------
10,658,600
---------------
TOTAL BRAZIL.................. 11,176,350
---------------
CANADA (1.5%)
BANKING
40,000 Bank of Montreal.............. 707,951
30,000 Bank of Nova Scotia........... 586,855
---------------
1,294,806
---------------
BUILDING & CONSTRUCTION
60,000 Ainsworth Lumber.............. 614,800
---------------
CHEMICALS
30,000 Methanex, Inc................. 532,500
---------------
FOREST PRODUCTS, PAPER & PACKAGING
30,000 Alliance Forest Products...... 477,867
30,000 Pacific Forest Products....... 279,455
---------------
757,322
---------------
METALS & MINING
20,000 Noranda, Inc.................. 404,276
---------------
NATURAL GAS
40,000 Canadian Natural Resources.... 547,731
80,000 Renaissance Energy, Ltd.*..... 1,721,440
---------------
2,269,171
---------------
OIL & RELATED
25,000 Home Oil Co................... 343,750
50,000 Northrock Resources, Ltd...... 405,205
30,000 Nowsco Well Service, Ltd...... 447,127
50,000 Suncor, Inc................... 1,238,915
---------------
2,434,997
---------------
TELECOMMUNICATIONS
30,000 BCE Mobile Communications,
Inc.*....................... 863,514
---------------
TOTAL CANADA.................. 9,171,386
---------------
CHILE (1.2%)
BANKING
20,000 Banco O' Higgins (ADR)........ 410,000
---------------
CHEMICALS
17,000 Sociedad Quimica Mineral de
Chile (ADR)................. 567,375
---------------
ELECTRIC UTILITIES
35,000 Chilgener, S.A. (ADR)......... 949,375
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
55,000 Embotelladora Andina, S.A.
(ADR)....................... 1,347,500
---------------
PHARMACEUTICALS
35,000 Laboratorio Chile S.A. (ADR).. 717,500
---------------
TELECOMMUNICATIONS
40,000 Compania de Telefonos de Chile
(ADR)....................... 3,510,000
---------------
TOTAL CHILE................... 7,501,750
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
CHINA (0.3%)
INVESTMENT COMPANIES
200,000 China Fund.................... $ 2,000,000
---------------
COLOMBIA (0.2%)
MISCELLANEOUS
30,000 Cementos Diamante, S.A.
(ADR)....................... 727,500
10,000 Cementos Paz Del Rio (ADR).... 252,500
---------------
TOTAL COLOMBIA................ 980,000
---------------
DENMARK (0.7%)
BANKING
20,000 Den Danske Bank............... 1,074,436
---------------
FINANCIAL SERVICES
30,000 Unidanmark.................... 1,156,831
---------------
MULTI - INDUSTRY
10,000 Sophus Berendsen.............. 853,616
---------------
TELECOMMUNICATIONS
25,000 Tele Danmark (B Shares)*...... 1,363,645
---------------
TOTAL DENMARK................. 4,448,528
---------------
FINLAND (3.8%)
ELECTRONICS
33,000 Nokia Oy (Preferred).......... 3,849,092
---------------
FINANCIAL SERVICES
375,000 Kansallis-Osake............... 774,154
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
39,000 Cultor Oy (Series "2" Free)... 1,111,065
26,000 Huhtamaki Oy (Series "1"
Free)....................... 772,915
---------------
1,883,980
---------------
FOREST PRODUCTS, PAPER & PACKAGING
208,000 Enso-Gutzeit.................. 1,949,462
51,000 Kymmene Oy Corp............... 1,400,289
47,000 Metsa Serla Oy (Series "B"
Free)....................... 2,270,438
67,000 Repola Oy..................... 1,410,818
---------------
7,031,007
---------------
MANUFACTURING
200,000 Rautaruukki Oy................ 2,163,502
---------------
METALS & MINING
100,000 Outokumpu Oy.................. 2,033,443
---------------
MISCELLANEOUS
3,900 Benefon Oy Vappa.............. 1,352,601
---------------
MULTI - INDUSTRY
39,000 American Group................ 853,427
98,000 Valmet (A Shares)............. 1,851,156
---------------
2,704,583
---------------
RETAIL STORES
100,000 Kesko......................... 1,170,520
---------------
TOTAL FINLAND................. 22,962,882
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
FRANCE (2.7%)
AUTOMOTIVE
22,600 Michelin (B Shares)........... $ 923,995
FRF 303M Michelin France 2.5% due
1/01/01 (Conv.)............. 142,111
FRF 350M Peugeot 2.0% due 1/1/01
(Conv.)..................... 619,710
20,250 Valeo......................... 1,071,420
---------------
2,757,236
---------------
BANKING
9,332 Paribas....................... 572,570
---------------
BUILDING & CONSTRUCTION
5,400 CIE Saint Gobain.............. 646,278
9,350 Lafarge Copper................ 737,277
8,500 Lafarge Copper (Warrants due
6/30/96)*................... 72,434
---------------
1,455,989
---------------
CHEMICALS
15,100 Rhone-Poulenc (A Shares)...... 348,283
---------------
ELECTRIC UTILITIES
6,856 Eaux (Cie Generale Des)....... 606,312
---------------
ELECTRICAL EQUIPMENT
10,000 Alcatel Alsthom............... 926,582
---------------
FINANCIAL SERVICES
6,250 Compagnie Bancaire, S.A....... 590,594
22,172 Credit Commercial de France... 898,519
8,272 Credit Commercial de France
(Warrants due 6/30/96)*..... 24,280
4,850 Docks de France, S.A.......... 677,808
---------------
2,191,201
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
3,000 Eridania Beghin............... 436,306
4,675 LVMH Moet Hennessey........... 771,981
---------------
1,208,287
---------------
INSURANCE
14,000 AXA Midi Assurances........... 629,651
11,000 Societe Centrale des
Assurances Generales de
France...................... 466,605
---------------
1,096,256
---------------
MACHINERY
5,150 Sidel......................... 985,002
---------------
MANUFACTURING
15,000 Carnaudmetalbox............... 482,606
19,600 Pechiney International S.A.... 541,898
15,000 Vallourec..................... 877,725
---------------
1,902,229
---------------
MISCELLANEOUS
1,400 De Dietrich et Compagnie...... 687,977
---------------
MULTI - INDUSTRY
7,200 Burelle....................... 494,934
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
OIL & RELATED
8,300 Societe National
Elf-Aquitaine............... $ 597,269
---------------
PHARMACEUTICALS
4,400 Roussel-Uclaf................. 512,432
---------------
TOTAL FRANCE.................. 16,342,559
---------------
GERMANY (2.3%)
AUTOMOTIVE
1,636 BMW*.......................... 797,378
1,045 Daimler Benz AG............... 499,870
7,050 Kolbenschmidt AG.............. 833,969
2,700 M.A.N. AG..................... 687,654
2,700 Volkswagen AG................. 743,504
---------------
3,562,375
---------------
BUSINESS SERVICES
3,000 Rosenthal AG.................. 481,900
---------------
CHEMICALS
2,900 Basf AG....................... 571,752
4,400 Bayer AG...................... 994,053
---------------
1,565,805
---------------
HEALTH & PERSONAL CARE
750 Rhoen-Klinikum AG-Vorzugsakt
(Preferred)................. 470,265
---------------
INSURANCE
870 Allianz Holding AG............ 1,265,352
---------------
MACHINERY
1,750 Babcock-BSH AG................ 289,593
3,300 Mannesmann AG................. 830,866
---------------
1,120,459
---------------
MACHINERY - DIVERSIFIED
14,200 Kloeckner Humboldt-Deut....... 1,113,420
---------------
MANUFACTURING
1,300 Buderus Dem................... 556,303
9,400 Deutsche Babcock.............. 1,397,543
---------------
1,953,846
---------------
METALS & MINING
13,100 Kloeckner-Werke AG............ 1,160,116
---------------
TEXTILES
1,600 DLW AG........................ 420,944
---------------
TRANSPORTATION
7,500 Lufthansa..................... 877,505
7,500 Lufthansa (Rights)*........... 25,452
---------------
902,957
---------------
TOTAL GERMANY................. 14,017,439
---------------
HONG KONG (5.3%)
BANKING
511,000 Guoco Group................... 2,519,620
150,000 HSBC Holdings................. 1,674,323
---------------
4,193,943
---------------
COMPUTER SERVICES
3,000,000 Hanny Magnetics Holdings,
Ltd......................... 397,955
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
CONGLOMERATES
1,000,000 Citic Pacific, Ltd............ $ 3,093,050
US$ 625M Guangdong Investment, Ltd.
4.5% due 10/7/98 - 144A**
(Conv.)..................... 809,375
1,000,000 Guangdong Investments......... 666,494
---------------
4,568,919
---------------
ELECTRICAL EQUIPMENT
66,000 Albatronics (Far East) Co..... 18,193
---------------
ELECTRIC UTILITIES
530,000 China Light & Power........... 2,695,613
900,000 Hong Kong Electric Holdings... 2,952,634
75,000 Shandong Huaneng Power
(ADR)....................... 956,250
---------------
6,604,497
---------------
ELECTRONICS
496,000 Alco Holdings (Warrants due
11/30/95)*.................. 68,043
3,408,000 Alco Holdings, Ltd............ 1,014,417
2,350,000 Benelux International, Inc.... 304,128
2,300,000 Kosonic International
Holdings.................... 202,407
4,386,000 Truly International........... 749,258
487,600 Truly International Holdings
(Warrants due 8/31/96)*..... 10,223
---------------
2,348,476
---------------
FINANCIAL SERVICES
US$ 1,000M Henderson Capital, Ltd. 4.0%
due 10/27/96 - 144A**
(Conv.)..................... 977,500
---------------
INTERNATIONAL TRADE
250,000 Linkful International......... 23,942
330,000 Linkful International
(Warrants due 3/31/96)*..... 12,727
---------------
36,669
---------------
INVESTMENT COMPANIES
380,000 Cathay Clemente Holdings,
Ltd.*....................... 504,077
96,000 Cathay Clemente, Ltd.
(Warrants due 9/30/95)*..... 20,872
---------------
524,949
---------------
MANUFACTURING
208,000 Lung Kee (Bermuda) Holdings*.. 39,570
5,350,000 Techtronic Industries Co...... 844,700
---------------
884,270
---------------
REAL ESTATE
850,000 Hong Kong Land Holdings,
Ltd......................... 2,101,074
450,000 Sun Hung Kai Properties,
Ltd......................... 3,348,648
---------------
5,449,722
---------------
RETAIL STORES
1,000,000 Dairy Farm International,
Ltd......................... 1,371,813
---------------
TELECOMMUNICATIONS
1,500,000 Hong Kong Telecommunications,
Ltd......................... 2,999,224
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
TRANSPORTATION
1,400,000 Cathay Pacific Airlines....... $ 2,219,490
---------------
TOTAL HONG KONG............... 32,595,620
---------------
INDIA (0.7%)
INVESTMENT COMPANIES
50,000 India Magnum Fund (A
Shares)*.................... 3,090,000
---------------
METALS & MINING
40,000 Hindalco (GDS)................ 1,335,200
---------------
TOTAL INDIA................... 4,425,200
---------------
INDONESIA (1.7%)
AUTOMOTIVE
380,000 Andayani Megah................ 781,552
350,000 PT Gadjah Tunggal............. 599,205
---------------
1,380,757
---------------
BANKING
200,000 PT Bank Bali.................. 546,925
240,000 PT Bank International
Indonesia................... 772,130
---------------
1,319,055
---------------
COMPUTER SERVICES
500,500 PT Multipolar Corp............ 500,316
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
301,000 Smart Corp.*.................. 508,399
---------------
FOREST PRODUCTS, PAPER & PACKAGING
360,000 PT Barito Pacific Timber...... 525,324
US$ 500M PT Tjiwi Kimia 0% due 3/26/97
(Conv.)..................... 650,000
---------------
1,175,324
---------------
INVESTMENT COMPANIES
2,000,000 Peregrine Indonesia Fund...... 660,000
20,000 Peregrine Indonesia Smaller... 2,040,000
---------------
2,700,000
---------------
METALS & MINING
500,000 PT Kabelmetal Indonesia....... 792,812
---------------
REAL ESTATE
250,000 PT Duta Anggada............... 436,622
281,000 PT Lippo Land Development..... 645,739
---------------
1,082,361
---------------
TEXTILES
800,000 PT Great River Garment
Industries.................. 698,594
---------------
TOTAL INDONESIA............... 10,157,618
---------------
IRELAND (0.9%)
FINANCIAL SERVICES
300,000 Allied Irish Bank PLC......... 1,124,712
1,250,000 Anglo Irish Bank Corp. PLC*... 1,073,944
300,000 Bank of Ireland............... 1,265,301
---------------
3,463,957
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
MISCELLANEOUS
180,000 CRH........................... $ 995,370
1,500,000 Ryan Hotels................... 749,808
---------------
1,745,178
---------------
TOTAL IRELAND................. 5,209,135
---------------
ITALY (3.0%)
APPLIANCES & HOUSEHOLD DURABLES
240,000 Merloni Electro Domestici..... 878,980
---------------
AUTOMOTIVE
330,666 Fiat SPA...................... 1,416,912
90,666 Fiat SPA (Warrants due
12/31/94)*.................. 164,339
290,000 Pirelli SPA................... 464,716
---------------
2,045,967
---------------
BUILDING & CONSTRUCTION
135,000 Unicem........................ 968,468
ITL 500M Unicem Mediobanca 4.504% due
1/1/00 (Conv.).............. 283
---------------
968,751
---------------
CHEMICALS
1,069,000 Montedison Di Risp SPA........ 764,479
---------------
COMPUTER SERVICES
500,000 Olivetti...................... 669,836
---------------
INSURANCE
60,000 Fondiaria..................... 439,143
40,000 Ras Di Risp................... 372,590
---------------
811,733
---------------
MACHINERY
200,000 Tecnost SPA................... 434,350
---------------
MANUFACTURING
86,000 Safilo........................ 480,851
219,333 Sasib SPA..................... 1,208,174
---------------
1,689,025
---------------
MISCELLANEOUS
3,700,000 Instituto Nazi Assicur........ 5,527,356
---------------
PUBLISHING
40,000 Arnoldo Mondadori Editore..... 390,658
---------------
TELECOMMUNICATIONS
416,000 STET SPA...................... 1,296,634
564,000 Telecom Italia................ 1,600,298
---------------
2,896,932
---------------
TEXTILES
80,000 Marzotto(Gaetano) & Figli..... 561,159
70,000 Vincenzo Zucchi SPA........... 429,531
---------------
990,690
---------------
TOTAL ITALY................... 18,068,757
---------------
JAPAN (20.0%)
AUTOMOTIVE
250,000 Mitsubishi Motors Corp........ 2,361,605
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
BANKING
US$ 500,000M International Bank for
Reconstruction &
Development, 7.25% due
4/27/95..................... $ 5,203,149
60,000 Shizuoka Bank, Ltd............ 834,941
---------------
6,038,090
---------------
BUILDING & CONSTRUCTION
55,000 Japan Foundation Engineering
Co., Ltd.................... 1,318,436
21,000 Kawagishi Bridge Works Co.,
Ltd......................... 255,967
200,000 Nishimatsu Construction....... 2,295,582
150,000 Tohoku Telecom Construction... 1,843,575
64,300 Wesco, Inc.................... 2,710,462
44,000 Yokogawa Construction Co...... 1,045,810
---------------
9,469,832
---------------
CHEMICALS
120,000 Asahi Organic Chemicals
Industry Co., Ltd........... 1,060,437
200,000 Nippon Shokubai Co............ 2,051,803
150,000 Riken Vinyl Industry Co....... 1,538,852
---------------
4,651,092
---------------
COMPUTER SERVICES
50,000 CSK Corp...................... 1,736,922
90,000 Hitachi Software Engineer
Co.......................... 3,291,011
---------------
5,027,933
---------------
ELECTRICAL EQUIPMENT
100,000 Nichicon Corp................. 1,340,782
250,000 Nitto Denko Corp.............. 4,012,189
---------------
5,352,971
---------------
ELECTRONICS
50,000 Ado Electronic Industrial..... 1,701,371
120,000 Casio Computers Co., Ltd...... 1,523,616
60,000 Fujitsu Business System....... 2,315,896
150,000 Fujitsu Kiden................. 2,818,690
200,000 NEC Corp...................... 2,417,471
40,000 Rohm Co., Ltd................. 1,755,206
100,000 Ryoyo Electronic Corp......... 2,732,351
6,248 Samsung Electronics (GDS)..... 415,492
---------------
15,680,093
---------------
FINANCIAL SERVICES
40,000 Acom, Ltd..................... 1,702,387
150,000 Hitachi Credit Corp........... 2,925,343
100,000 Kokusai Securities Co......... 1,686,135
120,000 Nomura Securities Co., Ltd.... 2,498,730
75,000 Orix Corp..................... 3,009,142
---------------
11,821,737
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
100,000 Fuji Oil...................... 914,170
84,000 House Food Industrial......... 1,749,111
45,000 Skylark Co.................... 969,020
---------------
3,632,301
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
150,000 New Oji Paper Co., Ltd........ $ 1,538,852
300,000 Rengo Co., Ltd................ 2,590,147
---------------
4,128,999
---------------
HEALTH & PERSONAL CARE
60,000 Japan Medical Supply.......... 560,691
---------------
INSURANCE
100,000 Dai-Tokyo Fire & Marine
Insurance Co., Ltd.......... 743,525
---------------
INTERNATIONAL TRADE
300,000 Mitsui & Co................... 2,571,864
---------------
MACHINERY
150,000 Daiwa Industries.............. 1,797,867
35,000 Fanuc, Ltd.................... 1,646,013
50,000 Fuji Machine Mfg.............. 1,726,765
300,000 Furukawa Co., Ltd............. 1,877,095
100,000 Komatsu, Ltd.................. 916,201
350,000 Mitsubishi Heavy Industries,
Ltd......................... 2,737,430
80,000 Miura Kogyo................... 1,430,168
---------------
12,131,539
---------------
MANUFACTURING
120,000 Dai Nippon Printing Co........ 2,181,818
160,000 Descente...................... 999,492
380,000 Hitachi Cable................. 3,246,115
75,000 Tenma......................... 2,140,680
200,000 Tokyo Style................... 3,595,734
60,000 Yamazaki Baking Co., Ltd...... 1,194,515
---------------
13,358,354
---------------
METALS & MINING
80,000 Toa Steel Co., Ltd............ 650,076
100,000 Tokyo Tekko Co., Ltd.......... 1,239,208
---------------
1,889,284
---------------
MULTI - INDUSTRY
9,000 Kyokuto Boeki Kais............ 80,904
---------------
OIL & RELATED
350,000 Nippon Oil Co................. 2,445,912
---------------
PHARMACEUTICALS
160,000 Eisai Co., Ltd................ 2,860,335
66,000 Santen Pharmaceutical Co...... 1,662,570
80,000 Tsumura & Co.................. 966,988
---------------
5,489,893
---------------
PHOTOGRAPHY
50,000 Fuji Photo Film............... 1,132,555
---------------
REAL ESTATE
100,000 Sumitomo Realty &
Development................. 666,328
---------------
RETAIL STORES
120,000 Izumiya....................... 2,194,007
60,000 Senshukai Co.................. 1,974,606
44,000 Shimamura Co., Ltd............ 2,203,352
---------------
6,371,965
---------------
TELECOMMUNICATIONS
15,000 KDD........................... 1,599,797
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
TEXTILES
200,000 Kuraray Co.................... $ 2,356,526
---------------
TRANSPORTATION
230,000 Yamato Transport Co., Ltd..... 2,896,902
---------------
TOTAL JAPAN................... 122,460,692
---------------
MALAYSIA (3.8%)
AIR TRANSPORT
40,000 Malaysian Helicopter Services
Berhad...................... 124,073
---------------
BANKING
80,000 Development & Commercial
Berhad...................... 215,373
250,000 Malayan Banking Berhad........ 1,667,967
---------------
1,883,340
---------------
BUILDING & CONSTRUCTION
85,000 Gamuda Berhad................. 460,983
70,000 Hume Industries............... 297,698
111,000 Pilecon Engineering Berhad.... 196,621
120,000 United Engineers Berhad....... 674,210
---------------
1,629,512
---------------
BUILDING MATERIALS
212,500 Kim Hin Industries............ 1,235,369
42,500 Kim Hin Industry (Warrants due
7/18/98)*................... 80,921
---------------
1,316,290
---------------
CONGLOMERATES
200,000 Berjaya Industrial Berhad..... 216,153
300,000 Renong Berhad................. 454,155
---------------
670,308
---------------
CONTRUCTION PLANT & EQUIPMENT
10,000 YTL Corp. Berhad.............. 56,964
---------------
ELECTRIC UTILITIES
100,000 Technology Resource Industries
Berhad...................... 409,676
180,000 Tenaga Nasional Berhad........ 948,108
---------------
1,357,784
---------------
ELECTRICAL EQUIPMENT
130,000 Leader Universal Holdings
Berhad...................... 745,611
---------------
ENTERTAINMENT
210,000 Genting Berhad................ 1,912,310
---------------
FINANCIAL SERVICES
74,999 Hong Leong Credit Berhad...... 474,048
---------------
FOREST PRODUCTS, PAPER & PACKAGING
484,000 Aokam Perdana Berhad.......... 4,248,927
193,600 Aokam Perdana Berhad (RFD).... 1,525,837
233,800 Aokam Perdana Berhad (Warrants
due 4/16/97)*............... 2,006,867
25,000 CHG Industries Berhad
(Warrants due 6/15/99)*..... 45,259
325,000 Idris Hydraulic Berhad........ 678,404
---------------
8,505,294
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
LEISURE
225,000 Berjaya Sports................ $ 391,533
---------------
MANUFACTURING
134,000 Mah Sing Group Berhad......... 384,276
150,000 Press Metal Berhad............ 359,930
---------------
744,206
---------------
METALS & MINING
400,000 Lion Land Berhad.............. 480,687
---------------
MULTI - INDUSTRY
60,000 Ekran Berhad.................. 276,239
150,000 Mulpha International Berhad... 257,511
---------------
533,750
---------------
REAL ESTATE
58,000 Land & General Berhad......... 267,031
130,000 Malaysian Resource Corp.
Berhad...................... 299,259
---------------
566,290
---------------
TELECOMMUNICATIONS
100,000 Telekom Malaysia.............. 784,237
US$ 20M Telekom Malaysia 4.0% due
10/3/04..................... 995,000
---------------
1,779,237
---------------
TOTAL MALAYSIA................ 23,171,237
---------------
MEXICO (8.7%)
BANKING
400,000 Banco Mercantil Norte (B
Shares)..................... 1,755,006
180,000 Grupo Financiero Banamex -
Accival (B Shares).......... 1,102,473
962,000 Grupo Financiero Bancomer (B
Shares)..................... 977,297
MXP 500M Grupo Financiero Bancomer 7.5%
due 6/16/01 (Conv.)......... 440,000
---------------
4,274,776
---------------
BUILDING & CONSTRUCTION
270,000 Cementos de Mexico, S.A. (B
Shares)..................... 2,508,392
35,000 Corporacion Geo (ADR)......... 1,015,000
1,020,000 Grupo Cementos de Chihuahu.... 1,772,085
81,000 Ttolmex (B Shares)............ 1,235,512
---------------
6,530,989
---------------
CONGLOMERATES
200,000 Grupo Carso*.................. 2,273,263
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
900,000 Argos (B Shares).............. 1,457,597
30,000 Coca Cola FEMSA, S.A. de CV
(ADR)....................... 1,083,750
402,000 Emvasa (B Shares)............. 2,088,127
100,000 Gemex (B Shares).............. 1,436,985
1,460,000 Grupo Herdez, S.A. (Series
A).......................... 1,483,216
1,300,000 Grupo Industrial Maseca (B2
Shares)..................... 2,411,661
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
50,000 Grupo Modelo (C Shares)....... $ 1,070,377
55,000 Panamerican Beverages, Inc.
(ADR)....................... 1,973,125
---------------
13,004,838
---------------
FOREST PRODUCTS, PAPER & PACKAGING
90,000 Kimberly-Clark de Mexico (A
Shares)..................... 1,886,926
---------------
INVESTMENT COMPANIES
200,000 Baring Puma Fund.............. 7,537,500
---------------
MEDIA GROUP
20,000 Grupo Televisa, S.A. de CV
(ADR)....................... 1,157,500
---------------
METALS & MINING
800,000 Grupo Sidek (A Shares)........ 3,722,026
19,890 Grupo Sidek (Series L)........ 99,567
---------------
3,821,593
---------------
PHARMACEUTICALS
70,000 Grupo Casa Autrey, S.A. de CV
(ADR)....................... 2,283,750
64,000 Nadro (B Shares).............. 424,028
202,000 Nadro (L Shares).............. 1,439,458
---------------
4,147,236
---------------
REAL ESTATE
800,000 Grupo Situr (Series B)........ 2,742,049
---------------
RETAIL STORES
700,000 Cifra, S.A. (Series C)........ 1,958,186
335,000 Farmacias Benevides........... 1,311,985
---------------
3,270,171
---------------
TELECOMMUNICATIONS
4,680 Grupo Iusacell, S.A. (ADR)
(Series D).................. 133,380
10,920 Grupo Iusacell, S.A. (ADR)
(Series L).................. 324,870
34,000 Telefonos de Mexico, S.A.
(Class L) (ADR)............. 2,125,000
---------------
2,583,250
---------------
TOTAL MEXICO.................. 53,230,091
---------------
NETHERLANDS (1.2%)
APPLIANCES & HOUSEHOLD DURABLES
14,900 Atag Holdings NV.............. 1,087,685
---------------
BUILDING & CONSTRUCTION
21,700 Hunter Douglas NV............. 970,483
---------------
BUSINESS SERVICES
19,200 Oce-Van Der Grinten NV........ 814,357
---------------
ELECTRONICS
14,400 Philips Electronics........... 441,249
---------------
MISCELLANEOUS
25,000 Ballast Nedam NV (Preferred).. 1,097,871
---------------
MULTI - INDUSTRY
32,500 Borsumij Wehry NV............. 517,629
---------------
PUBLISHING
12,000 Vnu-Ver Ned Uitgev Ver Bezit.. 1,303,249
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
TRANSPORTATION
21,000 KLM........................... $ 587,743
22,200 Nedlloyd Groep NV............. 727,659
---------------
1,315,402
---------------
TOTAL NETHERLANDS............. 7,547,925
---------------
NORWAY (1.3%)
BUILDING & CONSTRUCTION
65,000 Bona Shipbuilding............. 614,457
---------------
FOREST PRODUCTS, PAPER & PACKAGING
36,500 Norsk Skogs (B Shares)........ 997,386
---------------
HEALTH & PERSONAL CARE
46,000 Hafslund Nycomed (B Shares)... 760,982
16,000 Orkla Borregaard (A Shares)... 465,570
---------------
1,226,552
---------------
MACHINERY
35,000 Kvaerner (B Shares)........... 1,481,123
---------------
MISCELLANEOUS
215,000 Sensonor...................... 1,111,489
---------------
OIL & RELATED
36,666 Norsk Hydro................... 1,351,240
60,000 Saga Petroleum................ 660,247
---------------
2,011,487
---------------
TRANSPORTATION
29,100 Bergesen Oy (A Shares)........ 629,693
---------------
TOTAL NORWAY.................. 8,072,187
---------------
PANAMA (0.3%)
BANKING
50,000 BLADEX........................ 1,600,000
---------------
PERU (0.1%)
BANKING
30,000 Banco Wiese (ADR)............. 727,500
---------------
PHILIPPINES (1.3%)
AUTOMOTIVE
250,000 Sime Darby Pilipinas, Inc..... 671,785
---------------
BANKING
64,680 Philippine National Bank...... 1,011,789
---------------
CONGLOMERATES
74,520 Ayala Corp.................... 1,117,800
---------------
ELECTRIC UTILITIES
75,000 Manila Electric Co. (B
Shares)..................... 971,689
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
300,000 San Miguel Corp. (B Shares)... 1,428,023
---------------
TELECOMMUNICATIONS
30,000 Philippine Long Distance
Telephone................... 1,738,964
---------------
TRANSPORTATION
954,600 International Container
Terminal.................... 916,123
---------------
TOTAL PHILIPPINES............. 7,856,173
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
PORTUGAL (2.1%)
BANKING
70,000 Banco Comercial Portugues..... $ 962,306
25,000 Banco Espirito Santo E
Comercial de Lisbon......... 502,534
36,000 Banco Portugues de Atlantico.. 501,058
4,000 Banco Portugues de Atlantico
(New)....................... 55,673
75,000 Banco Totta & Acores.......... 1,463,415
---------------
3,484,986
---------------
BUILDING & CONSTRUCTION
43,600 Sociedade Construction Soares
de Costa.................... 886,915
---------------
CHEMICALS
30,000 Cin-Corp Industrial de Norte.. 760,215
---------------
COMMUNICATIONS EQUIPMENT
226,000 TVI Television................ 1,617,865
---------------
FINANCIAL SERVICES
51,000 Banco Portugues de
Investimento................ 801,267
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
3,000 Jeronimo Martin............... 123,535
6,200 Jeronimo Martin (New)......... 231,738
3,200 Jeronimo Martin (RFD)......... 130,554
40,000 Sumolis Companhia Industrial
de Frutas E Bebidas, S.A.... 422,680
23,000 Unicer-Uniao Cervejeira....... 328,571
23,000 Unicer-Uniao Cervejeira
(Rights).................... 310,358
---------------
1,547,436
---------------
MISCELLANEOUS
37,600 Cimentos de Portugal, S.A..... 666,962
40,000 Journalgeste.................. 734,875
30,000 Lisnave....................... 145,012
20,000 Modelo Sociedade Gestora de
Participacoes Sociais,
S.A......................... 627,178
90,000 Segur Imperip CIA............. 695,597
30,000 Sonae Industria E Investimen.. 665,188
---------------
3,534,812
---------------
TOTAL PORTUGAL................ 12,633,496
---------------
SINGAPORE (1.9%)
BANKING
37,500 Development Bank of Singapore,
Ltd......................... 394,604
105,042 Overseas Chinese Banking
Corp., Ltd.................. 1,006,136
41,875 United Overseas Bank Corp.,
Ltd......................... 420,868
---------------
1,821,608
---------------
COMPUTER SERVICES
28,000 Creative Technology, Ltd...... 494,840
200,000 CSA Holdings, Ltd............. 172,681
---------------
667,521
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
CONGLOMERATES
70,000 Keppel Corp., Ltd............. $ 566,610
---------------
ELECTRONICS
210,000 Acma, Ltd..................... 1,416,526
300,000 Goldtron, Ltd................. 315,683
---------------
1,732,209
---------------
FINANCIAL SERVICES
150,000 Hong Leong Finance, Ltd....... 536,256
15,000 Singapore Finance (Warrants
due 6/22/99)*............... 9,663
---------------
545,919
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
50,000 Asia Pacific Breweries........ 566,610
60,000 Fraser & Neave, Ltd........... 712,310
---------------
1,278,920
---------------
LEISURE
50,000 Orchard Parade Hotel.......... 367,622
---------------
MISCELLANEOUS
450,000 United Industrial Corp........ 452,277
67,500 United Industrial Corp.
(Warrants due 8/29/98)...... 35,059
---------------
487,336
---------------
PUBLISHING
55,000 Singapore Press Holdings...... 964,587
---------------
SHIPBUILDING
135,000 Sembawang Corp................ 1,083,643
300,000 Sembawang Maritime............ 1,406,408
---------------
2,490,051
---------------
TRANSPORTATION
40,000 Singapore International
Airline, Ltd................ 391,232
---------------
TOTAL SINGAPORE............... 11,313,615
---------------
SOUTH KOREA (1.2%)
AUTOMOTIVE
22,440 Asia Motors Company, Inc...... 407,489
42,296 Kia Motors Corp. (GDS)........ 993,956
---------------
1,401,445
---------------
BANKING
18,000 The Kyung Nam Bank............ 193,863
---------------
BUILDING & CONSTRUCTION
6,180 Hanjin Engineering
Construction................ 122,284
---------------
ELECTRIC UTILITIES
30,000 Korea Electric Power Co....... 1,390,106
---------------
ELECTRONICS
9,540 Anam Electronics Co........... 200,716
US$ 300M Daewoo Electronics 2.25% due
12/31/08 (Conv.)............ 330,000
3,120 Nam Sung Corp., Ltd........... 60,173
---------------
590,889
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
FINANCIAL SERVICES
1,030 Daewoo Securities Co.......... $ 35,860
1,030 Ssangyong Investment &
Securities Co., Ltd......... 23,348
103 Ssangyong Investment &
Securities Co., Ltd. (RFD).. 2,270
4,000 Yu Hwa Securities Co.......... 61,616
---------------
123,094
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,450 Daehan Flour Mills Co......... 99,693
---------------
INTERNATIONAL TRADE
US$ 400M Kolon International Corp. 1.0%
due 12/31/08 (Conv.)........ 432,000
---------------
INVESTMENT COMPANIES
200,000 Clemente Korea Emerging Growth
Fund*....................... 2,500,000
---------------
MACHINERY
200 Samsung Heavy Equipment*...... 9,919
24 Samsung Heavy Equipment
(Rights)*................... 412
---------------
10,331
---------------
MANUFACTURING
3,696 Daewoo Electronic Components
Co.......................... 57,859
---------------
MISCELLANEOUS
10,000 Hankuk Industry, Inc.......... 147,500
---------------
RETAIL STORES
1,272 Midopa Co..................... 20,072
---------------
TELECOMMUNICATIONS
10,300 Daewoo Telecom Co............. 156,080
1,647 Daewoo Telecom Co. (Rights)... 20,419
---------------
176,499
---------------
TOTAL SOUTH KOREA............. 7,265,635
---------------
SPAIN (2.7%)
BANKING
25,000 Banco Bilbao Vizcaya.......... 616,177
11,000 Banco de Santander, S.A....... 421,690
6,000 Banco Popular Espanol......... 713,673
---------------
1,751,540
---------------
BUILDING & CONSTRUCTION
50,000 Aumar......................... 483,582
12,258 Cubiertas Y Mzov, S.A......... 917,844
10,300 Fomento de Constructiones y
Contratas, S.A.............. 1,068,481
---------------
2,469,907
---------------
ELECTRIC UTILITIES
27,750 ENDESA........................ 1,173,114
---------------
FINANCIAL SERVICES
40,000 Argentaria (ADR).............. 800,000
23,300 Argentaria, S.A............... 930,473
---------------
1,730,473
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
30,000 Viscofan Envolturas Celulosas,
S.A......................... $ 682,085
---------------
FOREST PRODUCTS, PAPER & PACKAGING
100,000 Empresa Nacional de Celulosas,
S.A......................... 2,515,404
---------------
MACHINERY
10,000 Azkoten, S.A.................. 701,973
---------------
OIL & RELATED
44,500 Repsol, S.A................... 1,360,580
---------------
REAL ESTATE
30,000 Vallehermoso, S.A............. 513,610
---------------
RETAIL STORES
30,000 Cortefiel, S.A................ 959,365
---------------
STEEL
8,000 Acerinox, S.A................. 904,142
---------------
TELECOMMUNICATIONS
82,400 Telefonica de Espana.......... 1,115,077
---------------
TEXTILES
90,000 Algodonera de San Antonio,
S.A......................... 912,565
---------------
TOTAL SPAIN................... 16,789,835
---------------
SWEDEN (3.7%)
AUTOMOTIVE
40,000 Autoliv AB*................... 1,205,287
59,000 Volvo (Series "B" Free)....... 1,078,531
---------------
2,283,818
---------------
BANKING
275,000 Foreningsbanken............... 548,741
145,000 Skandinaviska Enskilda
Banken...................... 879,659
---------------
1,428,400
---------------
BUILDING & CONSTRUCTION
34,000 Celsius Industries Corp. (B
Shares)..................... 760,402
50,000 Euroc Industries (Series "A"
Free)....................... 803,525
43,000 Euroc Industries (Series "B"
Free)....................... 656,480
40,000 Skanska AB (Series "B" Free).. 792,811
52,350 Svedala Industries (Series
"AB" Free).................. 1,121,721
---------------
4,134,939
---------------
ELECTRICAL EQUIPMENT
8,400 Asea (Series "A" Free)........ 595,090
11,250 Ericsson Spa (Series "B"
Free)....................... 599,630
SEK 87,500 Ericsson Spa 4.25% due 6/30/00
(Conv.)..................... 16,406
---------------
1,211,126
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
138,000 Munksjo....................... $ 1,155,067
10,990 Stora Kopparbergs (Series "B"
Free)....................... 632,870
---------------
1,787,937
---------------
INTERNATIONAL TRADE
34,800 Kinnevik Industriforvatnings
(B Shares).................. 1,013,647
---------------
MACHINERY
42,500 Sandvik AB (Series "A" Free).. 623,234
---------------
METALS & MINING
60,000 Atlas Copco AB (Series "A"
Free)....................... 759,331
90,000 Avesta-Sheffield.............. 735,225
37,000 S.K.F. AB (Series "B" Free)... 646,637
10,000 Ssab (Series "A" Free)........ 432,564
15,000 Ssab (Series "B" Free)........ 648,846
60,000 Trellborg AB (Series "B"
Free)....................... 803,525
---------------
4,026,128
---------------
MISCELLANEOUS
39,300 Assidoman..................... 931,566
92,300 Hogansa AB.................... 1,384,420
100,000 Kalmar Industries............. 1,104,847
90,000 NordicTel Holdings............ 843,700
35,000 TV AB (Series A).............. 759,331
---------------
5,023,864
---------------
PHARMACEUTICALS
34,580 Astra AB (Series "A" Free).... 831,261
---------------
TOTAL SWEDEN.................. 22,364,354
---------------
SWITZERLAND (0.7%)
FINANCIAL SERVICES
2,080 Swiss Bank Corp............... 595,951
---------------
MACHINERY
1,100 Elco Looser Holding AG........ 629,477
---------------
MANUFACTURING
510 Fischer (Georg) AG............ 603,550
---------------
MISCELLANEOUS
1,550 Kardex........................ 374,105
---------------
MULTI - INDUSTRY
750 Brown Boveri & Compagnie AG... 648,163
520 Publicitas Holding............ 522,267
---------------
1,170,430
---------------
PHARMACEUTICALS
200 Roche Holdings AG............. 900,810
---------------
TOTAL SWITZERLAND............. 4,274,323
---------------
TAIWAN (0.2%)
MISCELLANEOUS
100,000 Paribas Emerging Markets
Fund-Taiwan Series.......... 1,000,000
---------------
THAILAND (2.8%)
AUTOMOTIVE
146,500 Thai Stanley.................. 528,034
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
BANKING
2,700,000 First Bangkok City Bank....... $ 2,378,855
400,000 Krungthai Bank, Ltd........... 1,225,470
---------------
3,604,325
---------------
ELECTRONICS
141,800 Muramoto Electronic Thailand.. 1,328,843
---------------
FINANCIAL SERVICES
25,000 Dhana Siam Finance............ 752,903
140,000 National Finance & Securities
Co.......................... 2,758,510
50,000 Union Asia Finance Co......... 392,472
---------------
3,903,885
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
100,000 Thai President Food Co........ 1,089,307
---------------
FOREST PRODUCTS, PAPER & PACKAGING
50,000 Thai Modern Plastic Industry.. 200,240
---------------
REAL ESTATE
68,000 Bangkok Land Co., Ltd......... 234,201
100,000 Bangkok Land Co., Ltd.
(Local)..................... 310,372
45,200 Kian Gwan Thai, Ltd........... 170,156
50,000 Land & House Co............... 993,192
100,000 Raimon Land Co., Ltd.......... 468,562
59,400 Somprasong Land Development
Co., Ltd. (B Shares)........ 304,494
---------------
2,480,977
---------------
RETAIL STORES
308,000 Robinson Dept Store Co........ 666,079
---------------
TELECOMMUNICATIONS
140,000 Telecom Asia Corp.*........... 571,886
120,000 Telecom Asia Corp. (Local)*... 490,188
255,000 Thai Telephone &
Telecommunications.......... 1,603,324
---------------
2,665,398
---------------
TRANSPORTATION
370,600 Thai Airwaves International,
Ltd......................... 853,404
---------------
TOTAL THAILAND................ 17,320,492
---------------
UNITED KINGDOM (2.7%)
APPLIANCES & HOUSEHOLD DURABLES
130,000 MFI Furniture, PLC............ 267,003
---------------
BANKING
90,000 Abbey National, PLC........... 553,123
---------------
BUILDING & CONSTRUCTION
100,000 Bryant Group.................. 199,067
70,000 Meyer International........... 415,830
48,000 Wilson Bowden, PLC............ 254,806
---------------
869,703
---------------
ELECTRIC UTILITIES
46,000 Southern Electric, PLC........ 526,170
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
40,000 BAT Industries, PLC........... $ 275,851
110,000 Boddington Group.............. 448,376
30,000 Grand Metropolitan, PLC....... 193,616
---------------
917,843
---------------
INSURANCE
49,442 Commercial Union, PLC......... 392,910
6,180 Commercial Union (Rights)*.... 2,636
64,000 Heath (C.E.), PLC............. 256,829
---------------
652,375
---------------
INVESTMENT COMPANIES
170,000 Electra Investment............ 855,437
410,000 NB Smaller Company's Trust.... 803,221
1,300,000 The Throghmorton Trust........ 1,622,557
150,000 TR Smaller Company's
Investment Trust............ 463,306
---------------
3,744,521
---------------
LEISURE
80,000 Rank Organization, PLC........ 508,096
100,000 Tomkins, PLC.................. 349,948
---------------
858,044
---------------
MACHINERY
200,000 Meggitt Holdings, PLC......... 240,145
---------------
MANUFACTURING
80,000 TI Group, PLC................. 438,580
---------------
MISCELLANEOUS
40,000 Ashanti Goldfields (ADR)...... 802,000
100,000 Beazer Homes, PLC............. 205,387
---------------
1,007,387
---------------
MULTI - INDUSTRY
70,000 BTR, PLC...................... 341,179
5,266 BTR, PLC (Warrants due
5/15/96)*................... 5,574
3,466 BTR, PLC (Warrants due
12/26/97)*.................. 4,271
2,679 BTR, PLC (Warrants due
11/26/98)*.................. 1,927
45,000 Inchcape, PLC................. 303,578
---------------
656,529
---------------
NATURAL GAS
80,000 British Gas, PLC.............. 376,648
---------------
OIL & RELATED
120,000 British Petroleum Co., PLC.... 757,404
---------------
PHARMACEUTICALS
50,000 Glaxo Holdings, PLC........... 462,516
40,000 Smithkline Beecham (Class A).. 269,847
---------------
732,363
---------------
PUBLISHING
37,500 Reed International, PLC....... 453,826
80,000 Reuters Holding, PLC.......... 600,994
---------------
1,054,820
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
RETAIL STORES
250,000 Sears, PLC.................... $ 408,799
95,000 Storehouse, PLC............... 283,671
---------------
692,470
---------------
TELECOMMUNICATIONS
98,000 British Telecom, PLC.......... 563,582
120,000 Vodafone Group, PLC........... 374,436
---------------
938,018
---------------
TEXTILES
66,830 Coats Viyella, PLC............ 211,168
---------------
TRANSPORTATION
50,000 British Airways, PLC.......... 285,172
187,500 National Freight Corp.*....... 536,179
---------------
821,351
---------------
UTILITIES
40,000 Yorkshire Water, PLC.......... 331,147
---------------
TOTAL UNITED KINGDOM.......... 16,646,812
---------------
UNITED STATES (6.2%)
ADVERTISING
11,000 Interpublic Group of Cos.,
Inc......................... 363,000
---------------
ALUMINUM
10,000 Aluminum Co. of America....... 847,500
---------------
BANKING
5,000 BankAmerica Corp.............. 220,625
---------------
BASIC CYCLICAL COMMODITIES
9,000 Dow Chemical Co............... 704,250
21,200 Union Carbide Corp............ 720,800
---------------
1,425,050
---------------
BROADCAST MEDIA
10,300 Capital Cities/ABC, Inc....... 844,600
400 CBS, Inc...................... 128,300
51,000 Scandinavian Broadcast
Systems..................... 1,338,750
---------------
2,311,650
---------------
BUSINESS SERVICES
15,000 Green Tree Financial Corp..... 403,125
---------------
CHEMICALS
12,000 International Flavors &
Fragrances, Inc............. 499,500
3,000 Monsanto Co................... 241,125
25,000 Praxair, Inc.................. 609,375
---------------
1,350,000
---------------
COMPUTER EQUIPMENT
34,000 EMC Corp/Mass................. 684,250
---------------
COMPUTER SOFTWARE
10,000 Computer Sciences Corp.*...... 435,000
25,000 Microsoft Corp.*.............. 1,403,125
19,043 Oracle Systems Corp........... 818,849
---------------
2,656,974
---------------
CONSUMER BUSINESS SERVICES
5,000 First Data Corp............... 251,250
---------------
CONSUMER PRODUCTS
13,000 Kimberly-Clark Corp........... 763,750
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
COSMETICS
12,000 Gillette Co. (The)............ $ 849,000
---------------
DRUGS
9,000 Abbott Labs................... 282,375
6,000 Johnson & Johnson............. 309,750
---------------
592,125
---------------
ELECTRIC UTILITIES
30,000 Compania Boliviana Energia
Electrica................... 731,250
---------------
ELECTRICAL EQUIPMENT
14,000 Molex, Inc.................... 595,000
---------------
ELECTRONIC COMPONENTS
9,000 International Business
Machines Corp............... 625,500
---------------
ELECTRONICS
8,000 Altera Corp................... 235,000
10,000 Applied Materials, Inc.*...... 462,500
10,139 Intel Corp.................... 623,549
7,000 Maxim Integrated Products,
Inc.*....................... 425,250
4,000 Texas Instruments, Inc........ 273,500
---------------
2,019,799
---------------
ENGINEERING & CONSTRUCTION
17,500 Fluor Corp.................... 870,625
---------------
FINANCIAL SERVICES
4,200 First Financial Management
Corp........................ 241,500
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
14,000 Anheuser-Busch Cos., Inc...... 712,250
11,000 Coca Cola Co. (The)........... 534,875
10,000 CPC International, Inc........ 506,250
17,000 IBP, Inc...................... 556,750
20,000 Pet, Inc...................... 395,000
13,000 Procter & Gamble Co........... 775,125
---------------
3,480,250
---------------
FOREST PRODUCTS, PAPER & PACKAGING
5,500 Consolidated Paper............ 283,250
6,500 Scott Paper Co................ 397,313
---------------
680,563
---------------
HEALTH & PERSONAL CARE
15,000 Columbia Healthcare Corp...... 652,500
30,000 National Medical Enterprises,
Inc......................... 513,750
3,500 Pfizer, Inc................... 241,938
11,000 U.S. HealthCare, Inc.......... 511,500
6,000 United Healthcare Corp........ 318,000
10,500 Warner-Lambert Co............. 842,625
---------------
3,080,313
---------------
HOTELS/MOTELS
17,000 Hospitality Franchise Systems,
Inc.*....................... 533,375
15,000 Marriott International,
Inc......................... 433,125
---------------
966,500
---------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
LEISURE
17,000 Callaway Golf Co.............. $ 584,375
---------------
MACHINERY
16,000 Caterpillar, Inc.............. 866,000
---------------
MANUFACTURING
15,000 Quanex Corp................... 393,750
---------------
MEDICAL PRODUCTS & SUPPLIES
8,000 Medtronic, Inc................ 423,000
---------------
METALS & MINING
7,000 Cyprus Amax Minerals Co....... 218,750
---------------
MISCELLANEOUS
10,000 Ashanti Goldfields............ 200,500
14,000 Duracell International,
Inc......................... 638,750
110,000 Fleming Russia Securities..... 1,078,000
---------------
1,917,250
---------------
OIL & RELATED
10,000 Amoco Corp.................... 592,500
4,000 Apache Corp................... 101,000
21,400 Burlington Resources, Inc..... 802,500
50,000 Occidental Petroleum.......... 1,050,000
---------------
2,546,000
---------------
POLLUTION CONTROL
17,000 Browning-Ferris Industries,
Inc......................... 539,750
---------------
PUBLISHING
40,000 Time Warner, Inc.............. 1,405,000
---------------
REAL ESTATE
15,000 Crescent Real Estate.......... 421,875
---------------
RESTAURANTS
15,000 Brinker International......... 360,000
---------------
RETAIL STORES
9,000 Home Depot, Inc............... 378,000
10,000 Penney (J.C.) Co., Inc........ 516,250
13,000 Toys "R" Us, Inc.*............ 463,125
---------------
1,357,375
---------------
STEEL
10,000 Inland Steel Industries,
Inc......................... 393,750
---------------
STEEL & IRON
14,000 LTV Corp. (New)............... 287,000
---------------
TELECOMMUNICATIONS
5,000 AT&T Corp..................... 270,000
---------------
TOTAL UNITED STATES........... 37,993,474
---------------
TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS (IDENTIFIED COST
$465,927,840)............... 542,332,126
---------------
GOVERNMENT OBLIGATIONS (A) (8.4%)
MEXICO (1.7%)
MXP 21,057M Cetes 15.7% due 11/03/94...... 6,117,057
MXP 15,170M Cetes 14.0% due 11/17/94...... 4,382,272
---------------
10,499,329
---------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
UNITED STATES (6.7%)
US$ 27,500M Federal National Mortgage
Association 4.65% due
10/07/94.................... $ 27,478,687
US$ 10,000M Federal National Mortgage
Association 4.73% due
10/05/94.................... 9,994,744
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------------- ---------------
<C> <S> <C>
US$ 3,800M Student Loan Market
Association 4.9% due
10/03/94.................... $ 3,798,966
---------------
41,272,397
---------------
TOTAL GOVERNMENT OBLIGATIONS
(AMORTIZED COST
$51,771,726)................ 51,771,726
---------------
TOTAL INVESTMENTS (IDENTIFIED
COST $517,699,566)(B).......... 97.1% 594,103,852
CASH AND OTHER ASSETS IN EXCESS
OF LIABILITIES................. 2.9 17,519,241
---------- -------------
NET ASSETS....................... 100.0% $ 611,623,093
---------- -------------
---------- -------------
<FN>
- ------------------
ADR AMERICAN DEPOSITORY RECEIPT.
GDS GLOBAL DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
** RESALE IS RESTRICTED TO QUALIFIED INSTITUTIONAL INVESTORS.
(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 $465,927,840; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $76,404,287 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $94,991,480, RESULTING IN NET UNREALIZED
DEPRECIATION OF $18,587,193.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT SEPTEMBER 30, 1994:
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS IN EXCHANGE DELIVERY APPRECIATION/
TO DELIVER FOR DATE (DEPRECIATION)
- ---------------- ---------------- --------- -------------
<S> <C> <C> <C>
US$ 233,315 MYR 595,745 10/ 3/94 $ (874)
US$ 170,249 IDR 389,098,950 10/ 3/94 (610)
CAD 98,800 US$ 73,485 10/ 4/94 (142)
US$ 193,986 DEM 300,000 10/ 4/94 (63)
US$ 398,788 THB 9,945,283 10/ 4/94 (479)
CAD 60,520 US$ 45,043 10/ 5/94 (57)
CAD 47,600 US$ 35,483 10/ 6/94 10
-------------
Net Unrealized
Depreciation*.............. $ (2,215)
-------------
-------------
</TABLE>
- ------------------
*Includes aggregate gross unrealized appreciation of $10 and aggregate gross
unrealized depreciation of $2,225, resulting in net unrealized depreciation of
$2,215.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION
SEPTEMBER 30, 1994 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- --------------------------------------------------------------- ------------- --------------
<S> <C> <C>
Advertising.................................................... $ 363,000 0.1%
Aluminum....................................................... 847,500 0.1
Appliances & Household Durables................................ 2,991,861 0.5
Automotive..................................................... 16,993,022 2.8
Air Transport.................................................. 124,073 0.0
Banking........................................................ 37,892,609 6.2
Basic Cyclical Commodities..................................... 1,425,050 0.2
Broadcast Media................................................ 2,311,650 0.4
Building Materials............................................. 1,316,290 0.2
Building & Construction........................................ 31,125,054 5.1
Business Services.............................................. 2,453,117 0.4
Chemicals...................................................... 10,539,749 1.7
Communications Equipment....................................... 1,617,865 0.3
Computer Services.............................................. 7,947,811 1.3
Computer Software.............................................. 2,656,974 0.4
Conglomerates.................................................. 9,196,900 1.5
Construction Plant & Equipment................................. 56,964 0.0
Consumer Services.............................................. 1,015,000 0.2
Cosmetics...................................................... 849,000 0.1
Drugs.......................................................... 592,125 0.1
Electric Utilities............................................. 14,828,047 2.4
Electrical Equipment........................................... 8,849,483 1.4
Electronic Components.......................................... 625,500 0.1
Electronics.................................................... 27,990,650 4.5
Engineering & Construction..................................... 870,625 0.1
Entertainment.................................................. 1,912,310 0.3
Financial Services............................................. 28,801,517 4.7
Food, Beverage, Tobacco & Household Products................... 34,164,488 5.6
Forest Products, Paper & Packaging............................. 29,666,402 4.9
Government Obligations......................................... 51,771,726 8.4
Health & Personal Care......................................... 5,337,821 0.9
Hotels/Motels.................................................. 966,500 0.2
Insurance...................................................... 5,382,264 0.9
International Trade............................................ 4,054,180 0.7
Investment Companies........................................... 32,755,570 5.5
Leisure........................................................ 2,201,574 0.4
Machinery...................................................... 20,337,053 3.3
Manufacturing.................................................. 24,603,404 4.0
Media Group.................................................... 1,157,500 0.2
Medical Products & Supplies.................................... 423,000 0.1
Metals & Mining................................................ 19,452,349 3.2
</TABLE>
<PAGE>
Dean Witter World Wide Investment Trust
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION
SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- --------------------------------------------------------------- ------------- --------------
<S> <C> <C>
Miscellaneous.................................................. $ 26,854,698 4.4%
Multi-Industry................................................. 7,012,375 1.1
Natural Gas.................................................... 2,645,819 0.4
Oil & Related.................................................. 12,769,757 2.1
Pharmaceutical................................................. 13,331,495 2.2
Photography.................................................... 1,132,555 0.2
Pollution Control.............................................. 539,750 0.1
Publishing..................................................... 5,118,314 0.8
Real Estate.................................................... 13,923,212 2.2
Restaurants.................................................... 360,000 0.1
Retail Stores.................................................. 16,505,616 2.7
Shipbuilding................................................... 2,490,051 0.4
Steel.......................................................... 1,297,892 0.2
Steel & Iron................................................... 287,000 0.1
Telecommunications............................................. 24,499,555 4.0
Textiles....................................................... 5,590,487 0.9
Transportation................................................. 10,946,554 1.7
Utilities...................................................... 331,145 0.1
------------- ---
$ 594,103,852 97.1%
------------- ---
------------- ---
</TABLE>
SUMMARY OF INVESTMENTS BY TYPE SEPTEMBER 30, 1994 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TYPE OF INVESTMENT
- ----------------------------------------------------------------
<S> <C> <C>
Bonds........................................................... $ 10,615,534 1.7%
Common Stocks................................................... 522,358,343 85.4
Government Obligations.......................................... 51,771,726 8.5
Preferred Stocks................................................ 5,417,228 0.9
Rights.......................................................... 359,277 0.1
Warrants........................................................ 3,581,744 0.5
------------- ---
$ 594,103,852 97.1%
------------- ---
------------- ---
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1994 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $517,699,566) (Note
1)...................................... $ 594,103,852
Cash (including $2,683,878 in foreign
currency)............................... 12,282,250
Receivable for:
Investments sold (Note 4)............... 5,878,187
Shares of beneficial interest sold...... 3,136,399
Dividends............................... 629,342
Interest................................ 327,113
Foreign withholding taxes reclaimed..... 313,408
Prepaid expenses and other assets......... 42,246
-------------
TOTAL ASSETS...................... 616,712,797
-------------
LIABILITIES:
Payable for:
Investments purchased (Note 4).......... 3,339,213
Investment management fee (Note 2)...... 497,157
Plan of distribution fee (Note 3)....... 486,921
Shares of beneficial interest
repurchased........................... 325,278
Accrued expenses and other payables (Note
4)...................................... 441,135
-------------
TOTAL LIABILITIES................. 5,089,704
-------------
NET ASSETS:
Paid-in-capital........................... 521,696,646
Net unrealized appreciation............... 76,435,661
Distributions in excess of net investment
income.................................. (5,382,215)
Accumulated undistributed net realized
gains................................... 18,873,001
-------------
NET ASSETS........................ $ 611,623,093
-------------
-------------
NET ASSET VALUE PER SHARE, 32,250,914
shares outstanding (unlimited shares
authorized of $.01 par value)...........
$18.96
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1994 (UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
INCOME
Dividends (net of $355,156 foreign
withholding tax).................. $ 3,733,217
Interest............................ 2,146,166
---------------
TOTAL INCOME.................... 5,879,383
---------------
EXPENSES
Investment management fee (Note 2).. 2,772,813
Plan of distribution fee (Note 3)... 2,753,363
Transfer agent fees and expenses
(Note 4).......................... 335,353
Custodian fees...................... 290,355
Professional fees................... 83,124
Registration fees................... 75,033
Shareholder reports and notices
(Note 4).......................... 58,798
Trustees' fees and expenses (Note
4)................................ 15,998
Other............................... 4,631
---------------
TOTAL EXPENSES.................. 6,389,468
---------------
NET INVESTMENT LOSS........... (510,085)
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
(Note 1):
Net realized gain (loss) on:
Investments....................... 6,199,116
Foreign exchange transactions..... (281,986)
---------------
5,917,130
---------------
Net change in unrealized
appreciation on:
Investments....................... 17,625,005
Translation of other assets and
liabilities denominated in
foreign currencies.............. (3,832)
---------------
17,621,173
---------------
NET GAIN........................ 23,538,303
---------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS... $ 23,028,218
---------------
---------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED
SEPTEMBER 30, 1994 MARCH 31,
(UNAUDITED) 1994
------------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment loss....................................................... $ (510,085) $ (1,868,204)
Net realized gain......................................................... 5,917,130 26,624,302
Net change in unrealized appreciation..................................... 17,621,173 32,397,468
------------------- -------------
Net increase in net assets resulting from operations.................... 23,028,218 57,153,566
Distributions to shareholders from net realized gains....................... -0- (12,859,992)
Net increase from transactions in shares of beneficial interest (Note 5).... 95,026,386 231,516,010
------------------- -------------
Total increase.......................................................... 118,054,604 275,809,584
NET ASSETS:
Beginning of period......................................................... 493,568,489 217,758,905
------------------- -------------
END OF PERIOD (including distributions in excess of net investment income
$5,382,215 and $4,872,130, respectively)................................... $ 611,623,093 $ 493,568,489
------------------- -------------
------------------- -------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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.
The Fund was organized as a Massachusetts business trust on July 7, 1983 and
commenced operations on October 31, 1983.
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 or other domestic or foreign stock
exchanges 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 available bid price prior to the time of valuation; (3)
when market quotations are not readily available, including circumstances
under which it is determined by the Investment Manager that sale and 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); (4) short-term debt securities having a maturity date of more than
sixty days are valued on a mark-to-market basis, that is, at prices based on
market quotations for securities of a similar type, yield, quality and
maturity, 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; and (5) the value of other assets will be determined in good
faith at their fair value 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). Discounts on
securities purchased are amortized over the life of the respective
securities. The Fund does not amortize premiums on securities purchased.
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
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
rate prevailing on the respective dates of such transactions. The resultant
exchange gains and losses are included in the Statement of Operations.
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.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
D. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- The Fund may enter into
forward foreign currency exchange contracts as a hedge against fluctuations
in foreign exchange rates. Forward contracts are valued daily at the
appropriate exchange rates and any resulting unrealized currency gains or
losses are reflected in Fund's accounts. The Fund records realized gains or
losses on delivery of the currency or at the 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 reclassification.
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 with Dean Witter InterCapital Inc. (the "Investment
Manager" and "InterCapital") 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"), the Fund pays InterCapital and
each adviser 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
0.55%, 0.225% and 0.225%, respectively, of the average daily net assets of the
Fund determined as of the close of each business day. Effective May 1, 1994, the
Agreement was amended to reduce the annual rate of the management fee to 0.95%
to the average daily net assets exceeding $500 million of which 0.5225%,
0.21375% and 0.21375% is paid to InterCapital, DICAM and NWIM, respectively.
Under their respective agreements, InterCapital and each adviser pays the
salaries and expenses of all personnel and all expenses incurred in connection
with the services rendered by InterCapital and each adviser. In addition,
InterCapital maintains certain of the Fund's books and records and furnishes, at
its own expense, office space, facilities, equipment, clerical, bookkeeping and
certain legal services as the Fund may reasonably require in the conduct of its
business and 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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
"Plan") pursuant to Rule 12b-1 under the Act, pursuant to which the Fund pays
the Distributor compensation accrued daily and payable monthly at an annual rate
of 1.0% of the lesser of: (a) the average daily aggregate gross sales of the
Fund's shares since the Fund's inception (not including reinvestment of dividend
or capital gain 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 provided and the
expenses borne by it and others in the distribution of the 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 Distributor,
and other employees or selected dealers who engage in or support distribution of
the Fund's shares or who service shareholder accounts, including overhead and
telephone expenses, printing and distribution of prospectuses and reports used
in connection with the offering of the Fund's shares to other than current
shareholders and preparation, printing and distribution of sales literature and
advertising materials. In addition, the Distributor may be compensated under the
Plan for its opportunity costs in advancing such amounts, which compensation
would be in the form of a carrying charge on any unreimbursed expenses incurred
by the Distributor.
Provided that the Plan continues in effect, any cumulative expenses incurred
but not yet recovered by the Distributor, 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 six months ended
September 30, 1994, it received approximately $234,000 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 proceeds from sales of portfolio securities, excluding short-term
investments, for the six months ended September 30, 1994 aggregated $245,457,009
and $132,940,839, respectively.
For the six months ended September 30, 1994, the Fund incurred brokerage
commissions of $38,795 and $40,110 with Dean Witter Reynolds Inc. and affiliates
of DICAM, respectively, for portfolio transactions executed on behalf of the
Fund. At September 30, 1994, the Fund's receivable for investments sold and
payable for investments purchased included unsettled trades with Dean Witter
Reynolds Inc. of $3,758,107 and $514,097, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At September 30, 1994, the Fund had
transfer agent fees and expenses payable of approximately $78,500.
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 six months ended September 30, 1994, included in Trustees' fees and expenses
in the Statement of Operations amounted to $5,889. At September 30, 1994, the
Fund had an accrued pension liability of $46,426 which is included in accrued
expenses in the Statement of Assets and Liabilities.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
5. SHARES OF BENEFICIAL INTEREST -- Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED
SEPTEMBER 30, 1994 MARCH 31, 1994
-------------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Sold........................................ 7,755,722 $ 143,642,440 16,055,873 $ 296,295,635
Reinvestment of distributions............... -0- -0- 655,157 12,100,745
-------------- ---------------- ------------- ----------------
7,755,722 143,642,440 16,711,030 308,396,380
Repurchased................................. (2,622,281) (48,616,054) (4,390,033) (76,880,370)
-------------- ---------------- ------------- ----------------
Net increase................................ 5,133,441 $ 95,026,386 12,320,997 $ 231,516,010
-------------- ---------------- ------------- ----------------
-------------- ---------------- ------------- ----------------
</TABLE>
6. FEDERAL INCOME TAX STATUS -- Foreign currency losses incurred after October
31 ("Post-October" currency losses) within the taxable year are deemed to arise
on the first business day of the Fund's next taxable year. The Fund incurred and
will elect to defer Post-October currency losses of approximately $754,000.
At March 31, 1994, 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.
7. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK -- As of September 30,
1994, the Fund had outstanding forward foreign currency exchange contracts
("forward contracts") as a hedge against changes in 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 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.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding through each period:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED
SEPTEMBER 30, FOR THE YEAR ENDED MARCH 31,
1994 ------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
------------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE:
Net asset value, beginning
of period................ $18.20 $14.72 $14.65 $14.57 $14.84 $14.98
------------- -------- -------- -------- -------- --------
Net investment income
(loss)................... (0.01) (0.05) -0- -0- 0.23 0.11
Net realized and
unrealized gain.......... 0.77 4.24 0.39 1.05 0.18 0.82
------------- -------- -------- -------- -------- --------
Total from investment
operations............... 0.76 4.19 0.39 1.05 0.41 0.93
------------- -------- -------- -------- -------- --------
Less dividends and
distributions from:
Net investment income... -0- -0- -0- (0.05) (0.23) (0.11)
Capital gains........... -0- (0.71) (0.32) (0.92) (0.45) (0.96)
------------- -------- -------- -------- -------- --------
Total dividends and
distributions............ -0- (0.71) (0.32) (0.97) (0.68) (1.07)
------------- -------- -------- -------- -------- --------
Net asset value, end of
period................... $18.96 $18.20 $14.72 $14.65 $14.57 $14.84
------------- -------- -------- -------- -------- --------
------------- -------- -------- -------- -------- --------
TOTAL INVESTMENT
RETURN+.................. 3.57%(1) 28.40% 2.69% 7.33% 2.80% 6.09%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands)........... $611,623 $493,568 $217,759 $262,852 $278,676 $306,448
Ratios to average net
assets:
Expenses................ 2.29%(2) 2.40% 2.42% 2.27% 2.29% 2.21%
Net investment income
(loss)................. (0.18)%(2) (0.61)% 0.06% 0.03% 1.53% 0.70%
Portfolio turnover rate... 28% 68% 138% 89% 68% 75%
<FN>
- ---------------
+ DOES NOT REFLECT THE DEDUCTION OF SALES LOAD.
(1) ANNUALIZED.
(2) NOT ANNUALIZED.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TRUSTEES
Jack F. Bennett Dean Witter
Michael Bozic World Wide
Charles A. Fiumefreddo Investment
Edwin J. Garn Trust
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
OFFICERS
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
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
INVESTMENT ADVISORS
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
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 Semiannual Report
by an effective prospectus. September 30, 1994
