<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW
YORK 10048
LETTER TO THE SHAREHOLDERS
DEAR SHAREHOLDER:
The fiscal year ended March 31, 1995 was a challenging one for global investors.
World equity markets generally performed poorly, with some markets posting
extraordinary losses, despite a favorable global economic environment. Reported
inflation in nearly every country remained under control as moderate growth
characterized the global economy. The United States, the United Kingdom and
other nations which led the economic recovery of the early 90's continued to
expand. Europe, led by an export-oriented recovery in Germany, began to recover
from recession and Japan also showed signs of expansion. The smaller economies
of South and East Asia continued to expand at relatively high growth rates and
Latin America also experienced solid economic growth with continued progress
against inflation. Nevertheless, very few stock markets experienced positive
returns during this period. Rising interest rates have been a central concern of
investors since the U.S. Federal Reserve Board first raised rates in February,
1994, following five years of declining rates. Successive increases in U.S.
rates throughout the year and similar concerns in other markets kept global
investors apprehensive.
PERFORMANCE AND INVESTMENT STRATEGY
Against this backdrop, Dean Witter World Wide Investment Trust produced a total
return of -10.37 percent for the fiscal year ended March 31, 1995, compared to a
return of 7.49 percent for the Morgan Stanley Capital International World Index
(MSCI Index). During the fiscal year, the Fund paid distributions totaling $0.64
per share, including an income dividend of $.015 per share, a short-term capital
gain distribution of $.137 per share and a long-term capital distribution of
$.487 per share, on December 30, 1994. As of March 31, 1995, the Fund's net
assets totaled $512 million. The accompanying chart illustrates the growth of a
$10,000 investment in the Fund on March 31, 1985 through March 31, 1995,
compared to a similar investment in the issues that comprise the MSCI World
Index. (The Fund's inception date is October 31, 1983.)
The Fund has placed greater emphasis on emerging, developing and peripheral
markets in the last few years, with up to 50 percent of the
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS, CONTINUED
portfolio invested in these areas. The balance has been focused on
growth-oriented companies in the more mature markets of the larger industrial
economies. In recent years, the strong performance of smaller markets has been a
critical factor in the Fund's performance. But in the past fiscal year,
performance of the smaller markets has been decidedly adverse. The collapse of
the Mexican peso in December 1994 has negative implications for a protracted and
severe Mexican recession as well as a significant upward inflation adjustment in
prices and wages. This is reflected in investor wariness towards emerging
markets throughout Latin America and extending to the Far East. At the end of
the fiscal year, the Fund had reduced its exposure to Mexico to 2 percent of the
portfolio. Emerging markets as a group represented 40 percent of the overall
portfolio. Of the balance, about 16 percent of the portfolio is retained in
short-term investments as a reserve for new investment opportunities.
The dollar has been especially weak during the fiscal year, particularly against
the German mark and Japanese yen. Part of the dollar's weakness is attributable
to the expected decline in exports to Mexico and perhaps to other Latin American
economies, worsening the U.S. trade deficit. The mark's strength reflects the
current and prospective strength of the German economy, while the strong yen is
a product of Japan's chronic trade surplus, as well as that nation's reduced
capital outflow. This currency turmoil has a dampening effect on global trade,
especially concerning Germany and Japan, the world's two strongest currencies,
but is unlikely to change significantly the outlook for a strong global economy
in 1995.
THE PORTFOLIO
Each of the principal regions, the Americas, Europe and the Pacific Basin
represents about one-third of the portfolio. About 60 percent of investments,
including about 16 percent in short-term reserves, are in the developed markets
of mature economies, while 40 percent of investments are in the emerging markets
of faster growing economies.
In the U.S. portfolio, Intel, Microsoft and Motorola represent technology,
Coca-Cola and Procter and Gamble, consumer products, and Medtronic, Eli Lilly
and Johnson and Johnson, healthcare, among various sectors of emphasis. In
Canada, Suncor and Renaissance Energy in hydrocarbons and Alcan Aluminum signify
the natural resource orientation of that market. Compania de Telefonos de Chile
and Banco O'Higgins are two of the Fund's holdings in Chile, one of the
strongest growth economies of Latin America and the world.
In Europe, France, Sweden, UK, Spain and Finland represent the largest countries
of investment, with examples from each of those markets: LVMH (France), Volvo
(Sweden), Abbey National (UK), Acerinox (Spain) and Nokia (Finland).
In the Pacific Basin, Japan remains the largest market of investment. Recent
events, including the Kobe earthquake, the strong surge in value of the yen and
the collapse of a major broker in Japanese securities, have rattled the market,
and ongoing weakness of the coalition government is also
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS, CONTINUED
reflected. Nevertheless, fiscal policy is expected to remain expansive, and
consumer prices are falling. Holdings such as Yokogawa Construction, Sumitomo
Trust and Banking, and Mitsubishi Motors reflect the indicated areas of
portfolio interest in construction, finance and manufacturing. Elsewhere in the
Pacific Basin, Malaysia, Hong Kong, Thailand and Singapore remain important fast
growing markets. Selected stocks for this region include Kim Hin Industries
(Malaysia), Hong Kong and Shanghai Bank (Hong Kong), Krungthai Bank (Thailand)
and Singapore Press Holdings (Singapore).
LOOKING AHEAD
[GRAPHIC]
Following the sometimes severe market
corrections of the past year,
especially in emerging markets, the
economic outlook for the global economy
remains quite strong, with the U.S.
expected to moderate toward sustained
growth with contained inflation, Latin
America (except Mexico) expanding,
Europe in a strong expansion with low
inflation, Southeast Asia continuing to
grow at very high rates of 5 percent to
9 percent and Japan, struggling to grow
but with price deflation and low
interest rates. Although the U.S.
market has been unusually strong in
recent months, non-U.S. markets have
begun to improve. Given more reasonable
price levels and a bright economic
outlook, prospects for global
investment seem quite attractive.
[GRAPHIC]
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,
[SIG]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (83.5%)
ARGENTINA (0.3%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
55,000 Buenos Aires Embotelladera S.A.
(ADR).......................... $ 1,430,000
---------------
AUSTRALIA (0.9%)
APPLIANCES & HOUSEHOLD DURABLES
100,000 Email Ltd...................... 247,027
---------------
BUILDING & CONSTRUCTION
250,000 Clyde Industries Ltd........... 294,080
---------------
COMMERCIAL SERVICES
50,000 Mayne Nickless Ltd............. 218,354
---------------
INDUSTRIALS
100,000 Burns Philp & Co. Ltd.......... 235,264
---------------
INSURANCE
289,500 FAI Life Ltd................... 142,603
---------------
METALS & MINING
150,000 Ashton Mining Ltd.............. 231,588
67,000 Broken Hill Proprietary Co.
Ltd............................ 879,755
350,000 M.I.M. Holdings Ltd............ 481,188
120,000 Newcrest Mining Ltd............ 457,000
85,000 Western Mining Corp. Holdings
Ltd............................ 428,695
---------------
2,478,226
---------------
OIL RELATED
100,000 Ampolex Ltd.................... 255,850
120,000 Woodside Petroleum Ltd......... 478,174
---------------
734,024
---------------
PUBLISHING
100,000 News Corp. Ltd................. 480,086
---------------
TOTAL AUSTRALIA................ 4,829,664
---------------
AUSTRIA (0.1%)
BUSINESS SERVICES
200,000 Fotex.......................... 284,677
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BELGIUM (0.4%)
CHEMICALS
1,110 Solvay S.A. (A Shares)......... $ 542,057
---------------
MANUFACTURING
10,000 Barco N.V. (Barco
Industries).................... 838,671
---------------
MISCELLANEOUS
15,000 Terca Brick Industries......... 836,017
---------------
TOTAL BELGIUM.................. 2,216,745
---------------
BOLIVIA (0.1%)
UTILITIES
30,000 Compania Boliviana de Energia
Electrica S.A. (ADR)........... 720,000
---------------
BRAZIL (1.5%)
INVESTMENT COMPANIES
1,000,000 Brazilian Smaller Co.
Investment Trust............... 1,280,000
200,000 Brazilian Smaller Co.
Investment Trust (Warrants due
9/30/07)*...................... 164,000
2,000,000 South America Fund............. 5,960,000
400,000 South America Fund (Warrants
due 8/19/96)*.................. 400,000
---------------
TOTAL BRAZIL................... 7,804,000
---------------
CANADA (2.7%)
ALUMINUM
50,000 Alcan Aluminium Ltd............ 1,331,250
---------------
BANKING
40,000 Bank of Montreal............... 765,105
30,000 Bank of Nova Scotia............ 579,192
---------------
1,344,297
---------------
BUILDING & CONSTRUCTION
60,000 Ainsworth Lumber Co............ 445,120
---------------
FOREST PRODUCTS, PAPER & PACKAGING
30,000 Alliance Forest Products,
Inc............................ 541,652
30,000 Pacific Forest Products........ 260,100
---------------
801,752
---------------
MANUFACTURING
98,700 Maxx, Inc...................... 776,332
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
METALS & MINING
50,000 Falconbridge Ltd............... $ 840,186
12,000 Inco Ltd....................... 334,500
50,000 Noranda, Inc................... 853,595
---------------
2,028,281
---------------
MISCELLANEOUS
30,000 Nowsco Well Service Ltd........ 324,455
---------------
NATURAL GAS
80,000 Renaissance Energy Ltd.*....... 1,673,221
---------------
OIL & GAS DRILLING
50,000 Talisman Energy, Inc.*......... 902,755
---------------
OIL & GAS EXPLORATION
40,000 Canadian Natural Resources
Ltd............................ 454,058
35,000 Canadian Occidental Petroleum
Ltd............................ 914,375
50,000 Northrock Resources Ltd........ 335,180
---------------
1,703,613
---------------
OIL RELATED
50,000 Suncor, Inc.................... 1,336,253
---------------
TELECOMMUNICATIONS
30,000 BCE Mobile Communications,
Inc.*.......................... 992,134
---------------
TOTAL CANADA................... 13,659,463
---------------
CHILE (1.6%)
BANKING
50,000 Banco O' Higgins (ADR)......... 887,500
---------------
CHEMICALS
30,000 Sociedad Quimica y Minera de
Chile S.A. (ADR)............... 900,000
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
55,000 Embotelladora Andina S.A.
(ADR).......................... 1,443,750
---------------
PHARMACEUTICALS
60,000 Laboratorio Chile S.A. (ADR)... 1,080,000
---------------
TELECOMMUNICATIONS
40,000 Compania de Telefonos de Chile
S.A. (ADR)..................... 2,670,000
60,000 Empresas Telex-Chile S.A.
(ADR).......................... 435,000
---------------
3,105,000
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
UTILITIES
35,000 Chilgener S.A. (ADR)........... $ 875,000
---------------
TOTAL CHILE.................... 8,291,250
---------------
CHINA (0.3%)
INVESTMENT COMPANIES
200,000 China Fund..................... 1,440,000
---------------
COLOMBIA (0.4%)
BUILDING & CONSTRUCTION
50,000 Cementos Diamante S.A. (ADR) -
144A**......................... 950,000
60,000 Cementos Paz Del Rio S.A. (ADR)
- 144A**....................... 1,042,800
---------------
TOTAL COLOMBIA................. 1,992,800
---------------
DENMARK (1.1%)
BANKING
20,000 Den Danske Bank................ 1,120,685
---------------
GOVERNMENT OBLIGATION
DKK13,860K Kingdom of Denmark 7.00% due
12/15/04....................... 2,235,689
---------------
MULTI - INDUSTRY
10,000 Sophus Berendsen............... 885,525
---------------
TELECOMMUNICATIONS
27,500 Tele Danmark A/S (B Shares).... 1,455,053
---------------
TOTAL DENMARK.................. 5,696,952
---------------
FINLAND (3.0%)
ELECTRONICS
21,000 Nokia Oy (Pref.)............... 3,063,209
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
39,000 Cultor Oy (Series "2")......... 1,137,763
---------------
FOREST PRODUCTS, PAPER & PACKAGING
104,000 Enso-Gutzeit Oy (R Shares)..... 799,444
51,000 Kymmene Oy..................... 1,322,528
47,000 Metsa-Serla Oy (B Shares)...... 1,730,262
67,000 Repola Oy...................... 1,115,374
---------------
4,967,608
---------------
LEISURE
110,000 Finnair Oy..................... 738,597
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MANUFACTURING
138,000 Rautaruukki Oy................. $ 952,165
---------------
METALS & MINING
100,000 Outokumpu Oy (A Shares)........ 1,488,771
---------------
MISCELLANEOUS
41,000 Aamulehti Yhtymae Oy........... 655,013
3,900 Benefon Oy..................... 1,237,092
---------------
1,892,105
---------------
MULTI - INDUSTRY
44,000 Valmet Corp.................... 855,754
---------------
TOTAL FINLAND.................. 15,095,972
---------------
FRANCE (5.4%)
AUTOMOTIVE
FRF3,500K Peugeot 2.00% due 01/01/01
(Conv.)........................ 658,412
3,300 Psa Peugeot Citroen............ 464,218
17,000 Renault S.A.................... 593,965
13,250 Valeo.......................... 715,508
---------------
2,432,103
---------------
BANKING
9,332 Compagnie Financiere de Paribas
(A Shares)..................... 557,337
---------------
BUILDING & CONSTRUCTION
5,400 CIE Saint Gobain............... 671,980
9,350 Lafarge-Coppee................. 708,619
8,500 Lafarge-Coppee (Warrants due
4/01/96)*...................... 30,423
---------------
1,411,022
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
10,000 Alcatel Alsthom................ 903,964
---------------
ENGINEERING & CONSTRUCTION
5,000 Bouygues....................... 555,613
---------------
FINANCIAL SERVICES
6,250 Compagnie Bancaire S.A......... 699,719
22,172 Credit Commercial de France.... 1,033,509
8,272 Credit Commercial de France
(Warrants due 6/30/96)*........ 10,500
4,850 Docks de France S.A............ 747,862
---------------
2,491,590
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FOOD MANUFACTURER
14,200 Seita.......................... $ 393,304
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
3,000 Eridania Beghin-Say............ 486,318
1,000 Groupe Danone.................. 170,014
4,675 LVMH Moet-Hennessy Louis
Vuitton........................ 917,392
3,250 Saint-Louis.................... 1,019,197
---------------
2,592,921
---------------
GOVERNMENT OBLIGATION
FRF43,000K France O. A. T. 6.00% due
10/25/25....................... 6,635,002
---------------
INSURANCE
14,000 AXA............................ 714,348
11,000 Societe Centrale des Assurances
Generales de France............ 370,825
---------------
1,085,173
---------------
MACHINERY
2,650 Sidel S.A...................... 744,459
---------------
MANUFACTURING
25,000 CarnaudMetalbox................ 935,907
15,000 Vallourec...................... 639,892
---------------
1,575,799
---------------
MISCELLANEOUS
1,400 De Dietrich et Compagnie
S.A............................ 792,425
9,265 Gaumont S.A.................... 520,560
24,100 Rhone-Poulenc (A Shares)....... 565,702
14,000 Technip S.A.................... 788,055
---------------
2,666,742
---------------
MULTI - INDUSTRY
7,200 Burelle S.A.................... 476,454
---------------
OIL RELATED
8,300 Societe National Elf
Aquitaine...................... 649,768
---------------
PHARMACEUTICALS
4,400 Roussel-Uclaf.................. 654,667
---------------
TIRE & RUBBER GOODS
22,600 Michelin (B Shares)............ 973,039
FRF3,026K Michelin France 2.50% due
01/01/01 (Conv.)............... 154,590
---------------
1,127,629
---------------
UTILITIES
6,856 Cie Generale des Eaux.......... 696,800
---------------
TOTAL FRANCE................... 27,650,347
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
GERMANY (2.1%)
AUTOMOTIVE
1,636 BMW AG......................... $ 818,000
1,045 Daimler Benz AG................ 472,756
7,050 Kolbenschmidt AG............... 855,632
2,700 M.A.N. AG...................... 647,529
2,700 Volkswagen AG.................. 683,830
---------------
3,477,747
---------------
BUSINESS SERVICES
3,000 Rosenthal AG................... 414,244
---------------
CHEMICALS
2,900 BASF AG........................ 585,480
4,400 Bayer AG....................... 1,080,174
---------------
1,665,654
---------------
HEALTH & PERSONAL CARE
450 Rhon-Klinikum AG (Pref.)....... 313,953
---------------
INSURANCE
590 Allianz Holding AG............. 1,019,637
---------------
MACHINERY
1,750 Babcock-BSH AG................. 269,622
3,300 Mannesmann AG.................. 850,182
---------------
1,119,804
---------------
MACHINERY - DIVERSIFIED
14,200 Kloeckner Humboldt-Deutz AG.... 456,134
---------------
MANUFACTURING
9,400 Deutsche Babcock AG............ 1,058,866
---------------
PHARMACEUTICALS
1,300 Gehe AG........................ 539,935
---------------
TEXTILES
1,600 DLW AG......................... 389,535
---------------
TRANSPORTATION
3,875 Deutsche Lufthansa AG.......... 491,415
---------------
TOTAL GERMANY.................. 10,946,924
---------------
HONG KONG (2.5%)
BANKING
511,000 Guoco Group Ltd................ 1,896,876
100,000 HSBC Holdings PLC.............. 1,128,500
---------------
3,025,376
---------------
CONGLOMERATES
2,258,750 Guangdong Investments Ltd...... 1,095,559
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
ELECTRONIC & ELECTRICAL EQUIPMENT
3,408,000 Alco Holdings Ltd.............. $ 515,729
1,930,000 Kosonic International Holdings
Ltd............................ 68,648
487,600 Truly International Holdings
Ltd. (Warrants due 8/31/96)*... 5,045
---------------
589,422
---------------
INTERNATIONAL TRADE
330,000 Linkful International Holdings
Ltd. (Warrants due 3/31/96)*... 3,159
---------------
INVESTMENT COMPANIES
380,000 Cathay Investment Fund Ltd.*... 383,367
96,000 Cathay Investment Fund Ltd.
(Warrants due 9/30/95)*........ 15,893
---------------
399,260
---------------
MANUFACTURING
4,500,000 Techtronic Industries Co....... 320,119
---------------
MISCELLANEOUS
1,000,000 Shun Tak Holdings Ltd.......... 591,735
---------------
REAL ESTATE
350,000 Great Eagle Holdings Ltd....... 710,729
650,000 Hong Kong Land Holdings........ 1,420,811
265,000 New World Development Co....... 721,496
---------------
2,853,036
---------------
TELECOMMUNICATIONS
700,000 Hong Kong Telecommunications
Ltd............................ 1,362,608
---------------
TRANSPORTATION
700,000 Cathay Pacific Airways......... 1,081,938
---------------
UTILITIES
300,000 China Light & Power Co......... 1,455,086
---------------
TOTAL HONG KONG................ 12,777,298
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
INDIA (0.9%)
INVESTMENT COMPANIES
50,000 India Magnum Fund (A
Shares)*....................... $ 2,250,000
20,000 Peregrine India Smaller Cos.
Fund........................... 1,820,000
---------------
4,070,000
---------------
METALS & MINING
20,000 Hindalco Industries (GDR)...... 560,000
---------------
MISCELLANEOUS
10,000 Reliance Industries (GDS)...... 160,000
---------------
TOTAL INDIA.................... 4,790,000
---------------
INDONESIA (1.0%)
AUTOMOTIVE
424,000 PT Andayani Megah.............. 407,510
260,000 PT Astra International......... 377,738
---------------
785,248
---------------
BANKING
200,000 PT Bank Bali................... 375,502
240,000 PT Bank International
Indonesia...................... 582,030
---------------
957,532
---------------
COMPUTER SERVICES
300,000 PT Multipolar Corp............. 160,930
---------------
FOREST PRODUCTS, PAPER & PACKAGING
US$ 500,000 PT Tjiwi Kimia 0.00% due
3/26/97 (Conv.)................ 437,500
---------------
INVESTMENT COMPANIES
2,000,000 Peregrine Indonesia Fund
Ltd.***........................ 887,000
20,000 PT Indonesian Satellite Corp.
(ADR).......................... 705,000
---------------
1,592,000
---------------
REAL ESTATE
466,666 PT Duta Anggada Realty......... 297,273
562,000 PT Lippo Land Development...... 383,125
---------------
680,398
---------------
TEXTILES
800,000 PT Great River Industries...... 590,076
---------------
TOTAL INDONESIA................ 5,203,684
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
IRELAND (0.7%)
FINANCIAL SERVICES
250,000 Allied Irish Banks PLC......... $ 1,094,175
1,250,000 Anglo Irish Bank Corp. PLC*.... 992,863
---------------
2,087,038
---------------
MISCELLANEOUS
180,000 CRH PLC........................ 1,070,833
1,500,000 Ryan Hotels PLC................ 632,190
---------------
1,703,023
---------------
TOTAL IRELAND.................. 3,790,061
---------------
ITALY (2.9%)
APPLIANCES & HOUSEHOLD DURABLES
134,000 Merloni Electro Domestici
SpA............................ 472,262
---------------
AUTOMOTIVE
205,999 Fiat SpA*...................... 769,989
290,000 Pirelli SpA.................... 367,730
---------------
1,137,719
---------------
BUILDING & CONSTRUCTION
135,000 UniChem SpA.................... 773,578
ITL70,000K UniChem Mediobanca SpA 4.50%
due 1/01/00 (Conv.)............ 34,076
---------------
807,654
---------------
CHEMICALS
1,069,000 Montedison SpA Di Risp......... 569,297
---------------
COMPUTER SERVICES
500,000 Olivetti & C SpA............... 466,862
---------------
FINANCIAL SERVICES
130,000 IMI SpA........................ 672,188
---------------
GOVERNMENT OBLIGATION
ITL5,800M Italy (Republic of) 8.50% due
8/01/04........................ 2,600,305
---------------
INSURANCE
56,000 R.A.S. Di Risp SpA............. 307,655
8,000 R.A.S. Di Risp SpA (Warrants
due 12/31/97)*................. 17,839
---------------
325,494
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MACHINERY
200,000 Tecnost SpA.................... $ 400,000
---------------
MANUFACTURING
700,000 Dalmine SpA.................... 166,276
219,333 Sasib SpA...................... 883,249
31,333 Sasib SpA (Warrants due
7/31/97)*...................... 14,885
---------------
1,064,410
---------------
MISCELLANEOUS
2,235,000 Istituto Nazionale Delle
Assicurazioni.................. 2,638,742
---------------
TELECOMMUNICATIONS
416,000 Stet SpA....................... 1,065,741
846,000 Telecom Italia SpA............. 1,973,338
---------------
3,039,079
---------------
TEXTILES
80,000 Marzotto (Gaetano) & Figli
SpA............................ 499,707
81,000 Vincenzo Zucchi SpA............ 347,041
---------------
846,748
---------------
TOTAL ITALY.................... 15,040,760
---------------
JAPAN (17.4%)
AUTOMOTIVE
250,000 Mitsubishi Motors Corp......... 2,283,487
---------------
BANKING
Y 500,000K International Bank for
Reconstruction & Development
7.25% due 4/27/95 (Conv.)...... 5,790,993
18,000 Sumitomo Trust & Banking Co.... 243,187
---------------
6,034,180
---------------
BUILDING & CONSTRUCTION
60,500 Japan Foundation Engineering
Co. Ltd........................ 1,390,242
21,000 Kawagishi Bridge Works Co.
Ltd............................ 201,270
300,000 Nishimatsu Construction Co..... 3,384,527
150,000 Tohoku Telecommunications
Construction Co................ 1,056,582
48,400 Yokogawa Construction Co....... 1,212,794
---------------
7,245,415
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BUSINESS SERVICES
84,000 Wesco, Inc..................... $ 2,424,942
---------------
CHEMICALS
350,000 Kaneka Corp.................... 2,344,111
---------------
COMPUTER SERVICES
50,000 CSK Corp....................... 1,293,303
90,000 Hitachi Software Engineering
Co............................. 2,182,448
---------------
3,475,751
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
50,000 Ado Electronic Industrial
Co............................. 1,062,356
35,000 Fujitsu Business Systems....... 941,686
150,000 Fujitsu Kiden.................. 2,321,016
200,000 NEC Corp....................... 2,145,497
100,000 Nichicon Corp.................. 1,535,797
150,000 Nitto Denko Corp............... 2,355,658
55,000 Rohm Co., Ltd.................. 2,451,501
100,000 Ryoyo Electronic Corp.......... 2,401,848
---------------
15,215,359
---------------
FINANCIAL SERVICES
44,000 Acom Co., Ltd.................. 1,214,319
100,000 Kokusai Securities Co.......... 1,293,303
100,000 Nomura Securities Co., Ltd..... 1,870,670
75,000 Orix Corp...................... 3,005,196
---------------
7,383,488
---------------
FOREST PRODUCTS, PAPER & PACKAGING
100,000 New Oji Paper Co. Ltd.......... 1,033,487
---------------
HEALTH & PERSONAL CARE
132,000 Santen Pharmaceutical Co....... 3,627,714
---------------
INSURANCE
100,000 Dai-Tokyo Fire & Marine
Insurance Co. Ltd.............. 750,577
150,000 Tokio Marine & Fire Insurance
Co............................. 1,706,120
---------------
2,456,697
---------------
INTERNATIONAL TRADE
300,000 Mitsui & Co.................... 2,355,658
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MACHINERY
50,000 Fuji Machine Manufacturing
Co............................. $ 1,403,002
173,000 Furukawa Co., Ltd.............. 942,910
350,000 Mitsubishi Heavy Industries,
Ltd............................ 2,517,898
80,000 Miura Co....................... 1,431,871
---------------
6,295,681
---------------
MACHINERY - CONSTRUCTION & MATERIALS
70,000 C.K.D. Corp.................... 606,236
---------------
MACHINERY - DIVERSIFIED
180,000 Daiwa Industries............... 1,870,670
---------------
MANUFACTURING
62,000 Descente....................... 368,707
380,000 Hitachi Cable.................. 2,803,926
77,000 Nippon Electric Glass Co....... 1,333,718
75,000 Tenma Corp..................... 1,810,046
130,000 Tokyo Style Co................. 2,086,605
---------------
8,403,002
---------------
METALS & MINING
80,000 Toa Steel Co. Ltd.............. 499,769
50,000 Tokyo Tekko Co. Ltd............ 409,931
---------------
909,700
---------------
MULTI - INDUSTRY
225,000 Kyokuto Boeki Kaisha........... 1,808,314
---------------
OIL RELATED
300,000 Mitsubishi Oil Co.............. 2,771,363
---------------
PHARMACEUTICALS
160,000 Eisai Co. Ltd.................. 2,771,363
---------------
REAL ESTATE
100,000 Sumitomo Realty & Development
Co............................. 646,651
---------------
RETAIL STORES
120,000 Izumiya Co..................... 2,092,379
38,400 Shimamura Co. Ltd.............. 1,321,386
---------------
3,413,765
---------------
TEXTILES
100,000 Kuraray Co..................... 1,166,282
---------------
TRANSPORTATION
253,000 Yamato Transport Co. Ltd....... 2,746,189
---------------
TOTAL JAPAN.................... 89,289,505
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MALAYSIA (2.2%)
BANKING
80,000 DCB Holdings Berhad............ $ 196,164
150,000 Malayan Banking Berhad......... 1,014,435
---------------
1,210,599
---------------
BUILDING & CONSTRUCTION
120,000 United Engineers Berhad........ 702,393
---------------
BUILDING MATERIALS
212,500 Kim Hin Industry Berhad........ 1,033,716
40,500 Kim Hin Industry Berhad
(Warrants due 7/18/98)*........ 46,771
---------------
1,080,487
---------------
CONGLOMERATES
300,000 Renong Berhad.................. 465,098
170,000 Sime Darby Berhad.............. 423,571
---------------
888,669
---------------
CONSTRUCTION PLANT & EQUIPMENT
52,500 YTL Corp. Berhad............... 259,541
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
216,666 Leader Universal Holdings
Berhad......................... 754,068
---------------
FOREST PRODUCTS, PAPER & PACKAGING
500,000 Aokam Perdana Berhad........... 2,807,989
---------------
MANUFACTURING
69,600 Mah Sing Group Berhad.......... 151,394
58,000 Mah Sing Group Berhad
(Rights)*...................... 29,361
149,000 Press Metal Berhad............. 353,569
---------------
534,324
---------------
MULTI - INDUSTRY
66,000 Westmont Berhad................ 331,501
---------------
REAL ESTATE
87,000 Land & General Berhad.......... 266,660
---------------
TELECOMMUNICATIONS
100,000 Telekom Malaysia Berhad........ 692,110
US$ 1,000K Telekom Malaysia Berhad 4.00%
due 10/03/04 (Conv.) -
144A**......................... 850,000
---------------
1,542,110
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
UTILITIES
100,000 Technology Resource Industries
Berhad......................... $ 286,731
180,000 Tenaga Nasional Berhad......... 740,360
---------------
1,027,091
---------------
TOTAL MALAYSIA................. 11,405,432
---------------
MEXICO (2.9%)
BANKING
180,000 Grupo Financiero Banamex -
Accival S.A. de C.V. (B
shares)........................ 213,018
962,000 Grupo Financiero Bancomer S.A.
de C.V. (B Shares)............. 155,115
400,000 Grupo Financiero Del Norte (B
Shares)........................ 404,734
---------------
772,867
---------------
BUILDING & CONSTRUCTION
270,000 Cementos de Mexico S.A. (B
Shares)........................ 595,118
35,000 Corporacion Geo S.A. (ADR) -
144A**......................... 315,000
1,020,000 Grupo Cementos de Chihuahua
S.A. de C.V. (B Shares)........ 558,284
81,000 Ttolmex S.A. (B Shares)........ 185,485
---------------
1,653,887
---------------
CONGLOMERATES
200,000 Grupo Carso S.A. (A1
Shares)*....................... 877,219
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
900,000 Argos (B Shares)............... 348,817
30,000 Coca Cola FEMSA S.A. de C.V.
(ADR).......................... 551,250
402,000 Emvasa (B Shares).............. 208,136
100,000 Gemex (B Shares)............... 454,882
55,000 Panamerican Beverages, Inc. (A
Shares)........................ 1,436,875
---------------
2,999,960
---------------
FOREST PRODUCTS, PAPER & PACKAGING
90,000 Kimberley-Clark de Mexico S.A.
de C.V. (A Shares)............. 744,231
---------------
INVESTMENT COMPANIES
200,000 Baring Puma Fund............... 4,000,000
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
METALS & MINING
150,000 Hylsamex, S.A. de C.V. (B
Shares)........................ $ 237,426
---------------
PHARMACEUTICALS
60,000 Grupo Casa Autrey S.A. de C.V.
(ADR).......................... 855,000
64,000 Nacional de Drogas S.A. de C.V.
(B Shares)..................... 203,550
202,000 Nacional de Drogas S.A. de C.V.
(L Shares)..................... 490,059
---------------
1,548,609
---------------
RETAIL
700,000 Cifra, S.A. (Series C)......... 855,325
---------------
TELECOMMUNICATIONS
34,000 Telefonos de Mexico S.A. de
C.V. (L Shares) (ADR).......... 969,000
---------------
TOTAL MEXICO................... 14,658,524
---------------
NETHERLANDS (1.5%)
APPLIANCES & HOUSEHOLD DURABLES
14,900 Atag Holdings NV............... 1,141,837
---------------
BUILDING & CONSTRUCTION
21,700 Hunter Douglas NV.............. 945,623
---------------
BUSINESS SERVICES
19,200 Oce-Van Der Grinten NV......... 980,075
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
14,400 Philips Electronics NV......... 490,038
---------------
MISCELLANEOUS
25,000 Ballast Nedam NV (Pref.)....... 1,092,674
---------------
MULTI - INDUSTRY
32,500 Borsumij Wehry NV.............. 599,428
---------------
OIL RELATED
5,000 Royal Dutch Petroleum Co....... 600,078
---------------
PUBLISHING
12,000 Ver Ned Uitgev Ver Bezit NV.... 1,291,337
---------------
TRANSPORTATION
22,200 Nedlloyd Groep NV.............. 624,276
---------------
TOTAL NETHERLANDS.............. 7,765,366
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
NORWAY (1.2%)
CONSUMER SERVICES
16,000 Orkla Borregaard AS (A
Shares)........................ $ 589,371
---------------
FOREST PRODUCTS, PAPER & PACKAGING
36,500 Norsk Skogindustrier AS (B
Shares)........................ 1,030,588
---------------
MACHINERY
35,000 Kvaerner AS (B Shares)......... 1,470,994
---------------
MISCELLANEOUS
107,500 Sensonor AS.................... 880,933
---------------
OIL RELATED
36,666 Norsk Hydro AS................. 1,368,467
---------------
TRANSPORTATION
29,100 Bergesen d.y. AS (A Shares).... 639,846
---------------
TOTAL NORWAY................... 5,980,199
---------------
PANAMA (0.2%)
BANKING
50,000 Banco Latinoamericano de
Exportaciones S.A. (ADR)....... 1,275,000
---------------
PERU (0.4%)
BANKING
185,572 Banco Wiese (ADR).............. 1,299,004
---------------
TELECOMMUNICATIONS
697,310 Telefonica de Peru (B
Shares)........................ 810,538
---------------
TOTAL PERU..................... 2,109,542
---------------
PHILIPPINES (1.5%)
AUTOMOTIVE
312,500 Sime Darby Pilipinas, Inc...... 559,339
---------------
BANKS - COMMERCIAL
50,000 Philippine National Bank....... 426,070
---------------
CONGLOMERATES
74,520 Ayala Corp..................... 894,240
155,000 Ayala Corp. (B Shares)......... 196,012
---------------
1,090,252
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
200,000 San Miguel Corp. (B Shares).... $ 910,506
---------------
MISCELLANEOUS
935,000 JG Summit Holdings, Inc. (B
Shares)........................ 254,669
1,700,000 SM Prime Holdings.............. 515,953
---------------
770,622
---------------
OIL RELATED
1,160,000 Petron Corp.................... 835,019
---------------
REAL ESTATE
290,000 Ayala Land, Inc (B Shares)..... 344,163
---------------
TELECOMMUNICATIONS
25,000 Philippine Long Distance
Telephone...................... 1,498,054
---------------
TRANSPORTATION
600,600 International Container
Terminal....................... 426,496
---------------
UTILITIES
73,000 Manila Electric Co. (B
Shares)........................ 752,724
---------------
TOTAL PHILIPPINES.............. 7,613,245
---------------
PORTUGAL (1.9%)
BANKING
50,000 Banco Totta & Acores S.A....... 1,063,793
---------------
BUILDING & CONSTRUCTION
43,600 Soares da Costa S.A............ 882,524
13,080 Soares da Costa S.A. (New)..... 232,986
---------------
1,115,510
---------------
CHEMICALS
30,000 Corporacao Industrial de
Norte.......................... 893,793
---------------
COMMUNICATIONS EQUIPMENT
226,000 TVI Televisao S.A.............. 1,394,966
---------------
FINANCIAL SERVICES
51,000 Banco Portuguese de
Investimento S.A............... 903,931
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
22,400 Jeronimo Martins & Filho....... $ 1,019,432
20,000 Sumolis Companhia Industrial de
Frutas e Bebidas S.A........... 228,276
---------------
1,247,708
---------------
FOREST PRODUCTS, PAPER & PACKAGING
64,000 Sonae Industria SGPS S.A....... 781,241
38,090 Sonae Industria SGPS S.A.
(New).......................... 42,214
---------------
823,455
---------------
MISCELLANEOUS
40,000 Journalgeste................... 794,483
20,000 Lisnave - Estaleiros Navis de
Lisboa S.A..................... 97,517
20,000 Modelo - Sociedade Gestora de
Participacoes Sociais S.A...... 635,862
30,000 Sonae Investimentos............ 723,103
---------------
2,250,965
---------------
TOTAL PORTUGAL................. 9,694,121
---------------
RUSSIA (0.2%)
INVESTMENT COMPANIES
200,000 First NIS Fund................. 650,000
110,000 Fleming Russia Securities Fund
Ltd. (Pref.)................... 495,000
---------------
TOTAL RUSSIA................... 1,145,000
---------------
SINGAPORE (1.7%)
BANKING
37,500 Development Bank of Singapore,
Ltd............................ 393,199
105,042 Overseas Chinese Banking Corp.,
Ltd............................ 1,056,746
---------------
1,449,945
---------------
COMPUTER SERVICES
200,000 CSA Holdings, Ltd.............. 153,029
---------------
CONGLOMERATES
70,000 Keppel Corp., Ltd.............. 565,356
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
30,000 Asia Pacific Breweries, Ltd.... 174,283
---------------
LEISURE
210,000 Genting Berhad................. 1,904,357
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MISCELLANEOUS
450,000 United Industrial Corp......... $ 398,512
67,500 United Industrial Corp.
(Warrants due 8/29/98)*........ 23,672
---------------
422,184
---------------
MULTI - INDUSTRY
361,000 Acma Ltd....................... 1,109,982
---------------
PUBLISHING
55,000 Singapore Press Holdings....... 931,279
---------------
SHIPBUILDING
135,000 Sembawang Corp. Ltd............ 937,300
100,000 Sembawang Maritime Ltd......... 403,826
---------------
1,341,126
---------------
TRANSPORTATION
40,000 Singapore Airlines Ltd......... 399,575
---------------
TOTAL SINGAPORE................ 8,451,116
---------------
SOUTH KOREA (1.2%)
AUTOMOTIVE
515 Asia Motors Co., Inc........... 6,938
---------------
BANKING
18,000 Kyungnam Bank.................. 172,539
---------------
BUILDING & CONSTRUCTION
20,400 Daelim Industrial Co........... 531,140
8,491 Hanjin Engineering Construction
Co............................. 170,480
---------------
701,620
---------------
CHEMICALS
20,800 Hanwha Chemical Corp........... 522,694
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
9,540 Anam Electronics Co............ 173,005
3,213 Nam Sung Corp., Ltd............ 60,764
297 Samsung Electronics Co.
(GDR).......................... 13,439
7,187 Samsung Electronics Co.
(GDS).......................... 325,212
---------------
572,420
---------------
FINANCIAL SERVICES
1,071 Daewoo Securities Co........... 32,463
1,071 Ssangyong Investment &
Securities Co., Ltd............ 19,284
105 Ssangyong Investment &
Securities Co., Ltd. (New)..... 1,701
---------------
53,448
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
200,000 Clemente Korea Emerging Growth
Fund*.......................... $ 2,400,000
---------------
MACHINERY
224 Samsung Heavy Equipment*....... 8,415
29 Samsung Heavy Equipment
(Rights)*...................... 980
---------------
9,395
---------------
MANUFACTURING
3,696 Daewoo Electronic Components
Co............................. 49,312
---------------
OIL & GAS PRODUCTS
11,400 Yukong Ltd..................... 505,026
---------------
RETAIL STORES
1,272 Midopa Co...................... 18,124
---------------
TELECOMMUNICATIONS
2,216 Daewoo Telecom Co.............. 27,844
---------------
UTILITIES
30,000 Korea Electric Power Corp...... 1,045,337
---------------
TOTAL SOUTH KOREA.............. 6,084,697
---------------
SPAIN (3.1%)
BANKING
40,000 Argentaria Corp. (ADR)......... 575,000
23,300 Argentaria Corp. S.A........... 679,882
25,000 Banco Bilbao Vizcaya S.A....... 635,710
11,000 Banco de Santander S.A......... 386,125
6,000 Banco Popular Espanol.......... 777,067
---------------
3,053,784
---------------
BUILDING & CONSTRUCTION
50,000 Aumar S.A...................... 513,306
12,258 Cubiertas y Mzov S.A........... 628,243
10,300 Fomento de Construcctiones y
Contratas S.A.................. 788,178
---------------
1,929,727
---------------
BUSINESS SERVICES
22,754 Prosegur Compania Seguridad
S.A............................ 395,315
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
30,000 Viscofan Envolturas Celulosas
S.A............................ 361,289
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
GOVERNMENT OBLIGATION
ESP305,000K Spain (Kingdom of) 8.00% due
5/30/04........................ $ 1,857,506
---------------
FOREST PRODUCTS, PAPER & PACKAGING
70,000 Empresa Nacional de Celulosa
S.A............................ 1,547,816
---------------
MACHINERY
15,000 Azkoyen S.A.................... 870,647
---------------
OIL RELATED
29,500 Repsol S.A..................... 836,334
---------------
REAL ESTATE
30,000 Vallehermoso S.A............... 414,594
---------------
RETAIL STORES
30,000 Cortefiel S.A.................. 841,033
---------------
STEEL
8,800 Acerinox S.A................... 847,824
---------------
TELECOMMUNICATIONS
82,400 Telefonica de Espana S.A....... 1,044,397
---------------
TEXTILES
90,000 Algodonera de Saint Antonia
S.A............................ 764,037
---------------
UTILITIES
27,750 ENDESA......................... 1,183,369
---------------
TOTAL SPAIN.................... 15,947,672
---------------
SWEDEN (3.5%)
AUTOMOTIVE
20,000 Autoliv AB..................... 757,082
59,000 Volvo AB (Series "B" Free)..... 1,020,637
---------------
1,777,719
---------------
BIOTECHNOLOGY
100,000 Foreningsbanken AB (A
Shares)........................ 164,170
---------------
BUILDING & CONSTRUCTION
17,700 Celsius Industries Corp. (B
Shares)........................ 276,172
43,000 Euroc AB (Series "B" Free)..... 816,781
40,000 Skanska AB (Series "B" Free)... 762,509
26,175 Svedala Industri (Series "AB"
Free).......................... 621,489
---------------
2,476,951
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
CONGLOMERATES
34,000 Cardo AB....................... $ 357,511
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
11,250 Ericsson (L.M.) AB (Series "B"
Free).......................... 699,843
SEK8,750 Ericsson (L.M.) Telephone Co.
4.25% due 6/30/00 (Conv.)...... 17,763
---------------
717,606
---------------
FOREST PRODUCTS, PAPER & PACKAGING
69,000 Munksjo AB..................... 505,536
10,990 Stora Kopparbergs (Series "B"
Free).......................... 656,084
---------------
1,161,620
---------------
GOVERNMENT OBLIGATION
SEK19,800K Sweden (Kingdom of) 6.00% due
2/09/05........................ 1,838,721
---------------
HAND TOOLS
42,500 Sandvik AB (Series "A" Free)... 674,658
---------------
INTERNATIONAL TRADE
34,800 Kinnevik AB (Series "B"
Free).......................... 1,062,358
---------------
METALS & MINING
90,000 Avesta-Sheffield AB............ 805,926
37,000 S.K.F. AB (Series "B" Free).... 617,470
10,000 SSAB Svenskt Stal AB (Series
"A" Free)...................... 411,104
15,000 SSAB Svenskt Stal AB (Series
"B" Free)...................... 614,621
60,000 Trelleborg AB (Series "B"
Free).......................... 696,027
---------------
3,145,148
---------------
MISCELLANEOUS
83,550 Hoganas AB..................... 1,280,955
50,000 Kalmar Industries AB........... 620,726
---------------
1,901,681
---------------
PHARMACEUTICALS
34,580 Astra AB (Series "A" Free)..... 919,581
---------------
RETAIL STORES
37,000 Lindex AB...................... 522,088
---------------
TRANSPORTATION
55,000 ASG AB (Series "B" Free)....... 940,247
---------------
TOTAL SWEDEN................... 17,660,059
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
SWITZERLAND (0.9%)
FINANCIAL SERVICES
2,080 Swiss Bank Corp................ $ 685,977
---------------
MACHINERY
1,100 Elco Looser Holding AG......... 476,569
---------------
MANUFACTURING
510 Fischer (Georg) AG............. 586,207
---------------
MISCELLANEOUS
1,550 Kardex AG...................... 376,879
---------------
MULTI - INDUSTRY
750 BBC Brown Boveri AG............ 713,528
520 Publicitas Holding S.A......... 448,276
---------------
1,161,804
---------------
PHARMACEUTICALS
200 Roche Holdings AG.............. 1,156,499
---------------
TOTAL SWITZERLAND.............. 4,443,935
---------------
TAIWAN (0.2%)
INVESTMENT COMPANIES
100,000 Paribas Emerging Markets
Fund-Taiwan Series............. 913,000
---------------
THAILAND (2.2%)
AUTOMOTIVE
230,000 Thai Stanley Electric Public
Co............................. 934,390
---------------
BANKING
1,000,000 First Bangkok City Bank Public
Co............................. 721,105
400,000 Krung Thai Bank Public Co.
Ltd............................ 1,129,393
---------------
1,850,498
---------------
FINANCIAL SERVICES
100,000 Dhana Siam Finance and
Securities Co., Ltd............ 487,508
420,000 National Finance & Securities
Co............................. 1,347,959
---------------
1,835,467
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
100,000 Thai President Food Co......... $ 999,391
---------------
HOUSEHOLD PRODUCTS
150,000 Srithai Superware Co., Ltd..... 907,983
---------------
REAL ESTATE
45,200 Kian Gwan Co. Ltd.............. 131,294
50,000 Land & House Co................ 853,138
160,000 Raimon Land Co., Ltd........... 260,004
---------------
1,244,436
---------------
RETAIL STORES
308,000 Robinson Dept Store Co......... 575,584
---------------
TELECOMMUNICATIONS
300,000 Telecomasia Corp.*............. 1,133,455
170,000 Thai Telephone &
Telecommunications............. 1,284,583
---------------
2,418,038
---------------
TRANSPORTATION
246,000 Thai Airway International
Public Co. Ltd................. 589,640
---------------
TOTAL THAILAND................. 11,355,427
---------------
UNITED KINGDOM (4.0%)
BANKING
90,000 Abbey National PLC............. 686,836
---------------
BEVERAGES - ALCOHOLIC
35,000 Guinness PLC................... 264,548
---------------
BREWERS
30,000 Bass PLC....................... 267,143
---------------
BUILDING & CONSTRUCTION
100,000 Bryant Group................... 210,860
70,000 Meyer International PLC........ 346,297
---------------
557,157
---------------
BUSINESS SERVICES
45,000 Inchcape PLC................... 221,890
---------------
CHEMICALS
110,000 Scapa Group.................... 369,329
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
30,000 Bowthorpe PLC.................. 163,011
---------------
FOOD PROCESSING
27,500 Unilever PLC................... 545,519
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
60,000 B.A.T. Industries PLC.......... $ 427,235
45,000 Boddington Group PLC........... 186,125
---------------
613,360
---------------
GOVERNMENT OBLIGATION
L 1,950K Treasury 8.00% due 9/25/09..... 3,030,454
---------------
HOUSEHOLD FURNISHINGS & APPLIANCES
130,000 MFI Furniture Group PLC........ 246,706
---------------
INSURANCE
55,622 Commercial Union PLC........... 488,986
---------------
INVESTMENT COMPANIES
290,000 NB Smaller Cos. Trust.......... 578,567
1,100,000 The Throgmorton Trust.......... 1,324,769
150,000 TR Smaller Cos. Investment
Trust.......................... 444,023
---------------
2,347,359
---------------
LEISURE
80,000 Rank Organisation PLC.......... 522,933
80,000 Tomkins PLC.................... 304,936
---------------
827,869
---------------
MANUFACTURING
80,000 TI Group PLC................... 489,195
---------------
MISCELLANEOUS
50,000 Ashanti Goldfields Ltd. (GDS) -
144A**......................... 1,242,500
15,000 Zeneca Group PLC............... 211,671
---------------
1,454,171
---------------
MULTI - INDUSTRY
70,000 BTR PLC........................ 372,411
2,679 BTR PLC (Warrants due
11/26/98)*..................... 1,543
3,466 BTR PLC (Warrants due
12/26/97)*..................... 4,441
5,266 BTR PLC (Warrants due
5/15/96)*...................... 6,406
---------------
384,801
---------------
NATURAL GAS
85,000 British Gas PLC................ 394,998
---------------
OIL RELATED
120,000 British Petroleum Co. PLC...... 835,006
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
PHARMACEUTICALS
50,000 Glaxo Holdings PLC............. $ 572,566
40,000 Smithkline Beecham (Class A)... 310,126
---------------
882,692
---------------
PUBLISHING
77,000 Emap PLC....................... 522,057
99,650 Reuters Holding PLC............ 769,370
---------------
1,291,427
---------------
RETAIL
30,000 Marks & Spencer PLC............ 202,912
---------------
RETAIL STORES
250,000 Sears PLC...................... 423,748
---------------
TELECOMMUNICATIONS
98,000 British Telecommunications
PLC............................ 621,518
400,000 Telewest Communications........ 1,109,448
120,000 Vodafone Group PLC............. 386,360
---------------
2,117,326
---------------
TEXTILES
66,830 Coats Viyella PLC.............. 213,545
---------------
TRANSPORTATION
35,000 British Airport Authority...... 267,103
---------------
UTILITIES
46,000 Southern Electric PLC.......... 436,480
30,000 Yorkshire Water PLC............ 255,952
---------------
692,432
---------------
TOTAL UNITED KINGDOM........... 20,279,523
---------------
UNITED STATES (9.3%)
ADVERTISING
8,000 Omnicom Group, Inc............. 438,000
---------------
AEROSPACE
11,000 Boeing Co...................... 592,625
---------------
AUTOMOTIVE
10,000 Genuine Parts Co............... 398,750
---------------
BANKING
25,000 Bank of New York Co., Inc...... 821,875
11,000 First Bank System, Inc......... 444,125
---------------
1,266,000
---------------
BUILDING & CONSTRUCTION
22,000 Oakwood Homes Corp............. 580,250
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BUSINESS SERVICES
15,000 Green Tree Financial Corp...... $ 615,000
---------------
CABLE/CELLULAR
9,500 Glenayre Technologies, Inc..... 432,250
---------------
CHEMICALS
8,000 International Flavors &
Fragrances Inc................. 413,000
---------------
COMPUTER SOFTWARE
10,000 Autodesk, Inc.................. 420,000
10,000 Cerner Corp.*.................. 477,500
9,000 Computer Associates
International, Inc............. 534,375
10,000 Computer Sciences Corp.*....... 493,750
15,000 FTP Software, Inc.............. 472,500
16,000 Informix Corp.................. 546,000
10,000 Microsoft Corp.*............... 710,000
12,000 Peoplesoft, Inc................ 522,000
---------------
4,176,125
---------------
CONGLOMERATES
3,000 ITT Corp....................... 307,875
---------------
CONSUMER SERVICES
8,000 Automatic Data Processing,
Inc............................ 504,000
13,000 C U C International, Inc.*..... 505,375
8,000 First Data Corp................ 415,000
---------------
1,424,375
---------------
DRUGS
7,000 American Home Products Corp.... 498,750
6,000 Amgen Inc.*.................... 402,750
12,000 Johnson & Johnson.............. 714,000
8,000 Lilly (Eli) & Co............... 585,000
13,000 Merck & Co., Inc............... 554,125
6,500 Pfizer, Inc.................... 557,375
12,000 Scherer (R.P.) Corp.*.......... 603,000
8,000 Schering-Plough Corp........... 595,000
5,500 Warner-Lambert Co.............. 430,375
---------------
4,940,375
---------------
ELECTRONIC COMPONENTS
9,000 ADC Telecommunications, Inc.... 265,500
10,000 Analog Devices, Inc............ 255,000
13,000 Integrated Device Technology,
Inc............................ 481,000
15,000 Oak Technology, Inc............ 446,250
5,000 Xilinx, Inc.................... 337,500
---------------
1,785,250
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
ELECTRONICS - SEMICONDUCTORS
8,000 Altera Corp.................... $ 445,000
6,139 Intel Corp..................... 520,280
16,000 Maxim Integrated Products
Inc.*.......................... 580,000
5,000 Motorola, Inc.................. 273,125
6,000 Texas Instruments Inc.......... 531,000
---------------
2,349,405
---------------
ENTERTAINMENT
14,000 Gaylord Entertainment Co.
(Class A)...................... 367,500
20,000 Sierra On-Line, Inc............ 430,000
---------------
797,500
---------------
FINANCIAL SERVICES
5,500 Federal National Mortgage
Association.................... 447,563
7,200 First Financial Management
Corp........................... 520,200
23,000 MBNA Corp...................... 667,000
6,000 Merrill Lynch & Co., Inc....... 255,750
12,000 MGIC Investment Corp........... 489,000
---------------
2,379,513
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
11,000 C P C International Inc........ 595,375
10,000 Coca Cola Co................... 565,000
6,000 PepsiCo Inc.................... 234,000
13,000 Procter & Gamble Co............ 861,250
---------------
2,255,625
---------------
FOREST PRODUCTS, PAPER & PACKAGING
20,000 Fort Howard Corp............... 252,500
7,000 Scott Paper Co................. 625,625
---------------
878,125
---------------
HEALTH & PERSONAL CARE
21,000 Horizon Healthcare Corp.*...... 561,750
17,500 Sun Healthcare Group, Inc...... 446,250
---------------
1,008,000
---------------
HEALTH EQUIPMENT & SERVICES
12,500 Columbia/HCA Healthcare
Corp........................... 537,500
12,000 HBO & Co....................... 519,000
12,000 Shared Medical Systems Corp.... 438,000
15,000 Vivra, Inc. ................... 483,750
---------------
1,978,250
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
HOME ENTERTAINMENT
16,000 Electronic Arts, Inc........... $ 360,000
---------------
HOSPITAL SUPPLY
10,000 Boston Scientific Corp......... 246,250
---------------
HOTELS/MOTELS
14,000 Hospitality Franchise Systems,
Inc.*.......................... 448,000
20,000 La Quinta Inns, Inc............ 542,500
15,000 Marriot International Inc...... 521,250
---------------
1,511,750
---------------
HOUSEHOLD PRODUCTS
19,000 Black & Decker Corp............ 548,625
7,000 Gillette Co.................... 571,375
10,000 Tambrands, Inc................. 446,250
---------------
1,566,250
---------------
INSURANCE
14,300 American General Corp.......... 461,175
6,500 American International Group,
Inc............................ 677,625
6,000 CIGNA Corp..................... 448,500
3,000 General Re Corp................ 396,000
10,000 Jefferson-Pilot Corp........... 591,250
9,000 St. Paul, Inc.................. 450,000
11,000 Sunamerica Inc................. 477,125
13,000 Travelers, Inc................. 502,125
---------------
4,003,800
---------------
MANUFACTURING
30,000 Clayton Homes, Inc............. 513,750
6,000 Silicon Graphics, Inc.*........ 213,000
---------------
726,750
---------------
MEDIA
6,000 Capital Cities/ABC, Inc........ 529,500
5,000 Clear Channel Communications,
Inc.*.......................... 297,500
30,000 Heftel Broadcasting Corp....... 371,250
10,000 Infinity Broadcasting Corp.
(Class A)*..................... 412,500
51,000 Scandinavian Broadcasting
System S.A..................... 1,173,000
9,000 Tele-Communications, Inc.
(Class A)...................... 187,875
20,000 Time Warner, Inc............... 755,000
10,000 Viacom, Inc. (Class B)......... 447,500
---------------
4,174,125
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MEDICAL PRODUCTS & SUPPLIES
15,000 Allergan, Inc.................. $ 442,500
8,000 Medtronic, Inc................. 555,000
10,000 Omnicare, Inc.................. 525,000
---------------
1,522,500
---------------
OIL RELATED
4,000 Mobil Corp..................... 370,500
---------------
REAL ESTATE
17,000 Crescent Real Estate Equities,
Inc............................ 484,500
---------------
RESTAURANTS
13,000 McDonald's Corp................ 443,625
36,000 Wendy's International, Inc..... 589,500
---------------
1,033,125
---------------
RETAIL
8,000 Home Depot, Inc................ 354,000
5,000 Safeway, Inc................... 173,750
---------------
527,750
---------------
SUPERMARKETS
7,000 Albertson's Inc................ 225,750
---------------
TELECOMMUNICATIONS
8,000 Ascend Communications, Inc..... 518,000
15,000 Summa Four, Inc................ 356,250
---------------
874,250
---------------
UTILITIES
22,000 Kansas City Power & Light
Co............................. 500,500
24,000 TECO Energy, Inc............... 504,000
---------------
1,004,500
---------------
TOTAL UNITED STATES............ 47,648,093
---------------
URUGUAY (0.1%)
BANKING
25,000 Banco Commercial S.A. (ADR) -
144A**......................... 300,000
---------------
TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS (Identified Cost
$424,251,060).................. 427,680,053
---------------
PRINCIPAL AMOUNT
IN THOUSANDS VALUE
- -------------------------------------------------------------------
SHORT-TERM INVESTMENTS (a) (5.7%)
U.S. GOVERNMENT AGENCIES
$ 14,500 Federal Home Loan Banks 6.25%
due 4/03/95................... $ 14,494,965
15,000 Federal National Mortgage
Association 5.93% due
4/05/95....................... 14,990,117
---------------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST
$29,485,082).................. 29,485,082
---------------
TOTAL INVESTMENTS
(IDENTIFIED COST
$453,736,142) (B)........... 89.2% 457,165,135
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 10.8 55,093,249
----- ------------
NET ASSETS.................. 100.0% $512,258,384
----- ------------
----- ------------
<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
GDS Global Depository Share.
K In thousands.
M In millions.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
*** Partially paid shares. Resale is restricted to qualified institutional
investors.
(a) U.S. Government agencies were purchased on a discount basis. The interest
rates shown have been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $459,710,268; the
aggregate gross unrealized appreciation is $42,827,792 and the aggregate
gross unrealized depreciation is $45,372,925, resulting in net unrealized
depreciation of $2,545,133.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 1995:
<TABLE>
<CAPTION>
CONTRACTS TO IN DELIVERY UNREALIZED
DELIVER EXCHANGE FOR DATE APPRECIATION
- ----------------------------------------------------
<S> <C> <C> <C>
US$ 234,913 AUD 322,240 04/05/95 $1,998
-------
-------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS MARCH 31, 1995
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
<S> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
Advertising.......................................................................... $ 438,000 0.1%
Aerospace............................................................................ 592,625 0.1
Aluminum............................................................................. 1,331,250 0.3
Appliances & Household Durables...................................................... 1,861,125 0.4
Automotive........................................................................... 13,793,442 2.8
Banking.............................................................................. 28,327,772 5.6
Banks - Commercial................................................................... 426,070 0.1
Beverages - Alcoholic................................................................ 264,548 0.1
Biotechnology........................................................................ 164,170 0.0
Brewers.............................................................................. 267,143 0.1
Building & Construction.............................................................. 22,859,212 4.5
Building Materials................................................................... 1,080,486 0.2
Business Services.................................................................... 5,336,144 1.0
Cable/Cellular....................................................................... 432,250 0.1
Chemicals............................................................................ 8,219,936 1.6
Commercial Services.................................................................. 218,354 0.0
Communications Equipment............................................................. 1,394,966 0.3
Computer Services.................................................................... 4,256,571 0.8
Computer Software.................................................................... 4,176,125 0.8
Conglomerates........................................................................ 5,182,441 1.0
Consumer Services.................................................................... 2,013,746 0.4
Construction Plant & Equipment....................................................... 259,541 0.1
Drugs................................................................................ 4,940,375 1.0
Electronic & Electrical Equipment.................................................... 22,469,098 4.3
Electronic Components................................................................ 1,785,250 0.3
Electronics - Semiconductors......................................................... 2,349,405 0.5
Engineering & Construction........................................................... 555,613 0.1
Entertainment........................................................................ 797,500 0.2
Financial Services................................................................... 18,492,638 3.6
Food Manufacturer.................................................................... 393,304 0.1
Food Processing...................................................................... 545,519 0.1
Food, Beverage, Tobacco & Household Products......................................... 16,166,552 3.2
Foreign Government Obligations....................................................... 18,197,677 3.6
Forest Products, Paper & Packaging................................................... 16,234,172 3.2
Hand Tools........................................................................... 674,658 0.1
Health & Personal Care............................................................... 4,949,667 1.0
Health Equipment & Services.......................................................... 1,978,250 0.4
Home Entertainment................................................................... 360,000 0.1
Hospital Supply...................................................................... 246,250 0.0
Hotels/Motels........................................................................ 1,511,750 0.3
Household Furnishings & Appliances................................................... 246,706 0.0
Household Products................................................................... 2,474,233 0.5
Industrials.......................................................................... 235,264 0.0
Insurance............................................................................ 9,522,391 1.9
International Trade.................................................................. 3,421,174 0.7
Investment Companies................................................................. 26,110,619 5.1
Leisure.............................................................................. 3,470,823 0.7
Machinery............................................................................ 11,387,550 2.2
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Machinery - Construction & Materials................................................. $ 606,236 0.1%
Machinery - Diversified.............................................................. 2,326,803 0.5
Manufacturing........................................................................ 17,375,153 3.4
Media................................................................................ 4,174,125 0.8
Medical Products & Supplies.......................................................... 1,522,500 0.3
Metals & Mining...................................................................... 10,847,552 2.1
Miscellaneous........................................................................ 19,962,928 3.9
Multi - Industry..................................................................... 7,613,563 1.5
Natural Gas.......................................................................... 2,068,219 0.3
Oil & Gas Drilling................................................................... 902,755 0.1
Oil & Gas Exploration................................................................ 1,703,613 0.3
Oil & Gas Products................................................................... 505,026 0.1
Oil Related.......................................................................... 10,336,812 1.9
Pharmaceuticals...................................................................... 9,553,345 1.9
Publishing........................................................................... 3,994,128 0.8
Real Estate.......................................................................... 6,934,439 1.4
Restaurants.......................................................................... 1,033,125 0.2
Retail............................................................................... 1,585,988 0.3
Retail Stores........................................................................ 5,794,342 1.1
Shipbuilding......................................................................... 1,341,126 0.2
Steel................................................................................ 847,824 0.2
Supermarkets......................................................................... 225,750 0.0
Telecommunications................................................................... 21,255,431 4.1
Textiles............................................................................. 3,970,222 0.8
Tire & Rubber Goods.................................................................. 1,127,629 0.2
Transportation....................................................................... 8,206,725 1.6
U.S. Government Agencies............................................................. 29,485,082 5.7
Utilities............................................................................ 9,452,339 1.8
------------------ ---
$ 457,165,135 89.2%
------------------ ---
------------------ ---
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
<S> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
Common Stocks........................................................................ $ 395,799,288 77.3%
Convertible Bonds.................................................................... 7,943,334 1.6
Foreign Government Obligations....................................................... 18,197,677 3.6
Preferred Stocks..................................................................... 4,964,836 0.9
Rights............................................................................... 30,341 0.0
Short-Term Investments............................................................... 29,485,082 5.7
Warrants............................................................................. 744,577 0.1
------------------ ---
$ 457,165,135 89.2%
------------------ ---
------------------ ---
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $453,736,142)............................ $457,165,135
Cash (including $28,011,396 in foreign currency)............ 51,430,732
Receivable for:
Investments sold........................................ 5,035,993
Interest................................................ 1,124,164
Shares of beneficial interest sold...................... 1,123,169
Dividends............................................... 1,028,377
Foreign withholding taxes reclaimed..................... 421,248
Prepaid expenses and other assets........................... 11,550
------------
TOTAL ASSETS........................................... 517,340,368
------------
LIABILITIES:
Payable for:
Investments purchased................................... 3,160,473
Shares of beneficial interest repurchased............... 522,632
Plan of distribution fee................................ 432,882
Investment management fee............................... 432,470
Accrued expenses............................................ 533,527
------------
TOTAL LIABILITIES...................................... 5,081,984
------------
NET ASSETS:
Paid-in-capital............................................. 529,300,531
Net unrealized appreciation................................. 4,182,833
Distributions in excess of net investment income............ (5,220,531)
Distributions in excess of net realized gains............... (16,004,449)
------------
NET ASSETS............................................. $512,258,384
------------
------------
NET ASSET VALUE PER SHARE,
32,602,082 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$15.71
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1995
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $664,187 foreign withholding tax)......... $ 6,483,265
Interest (net of $10,098 foreign withholding tax)........... 5,263,089
------------
TOTAL INCOME........................................... 11,746,354
------------
EXPENSES
Plan of distribution fee.................................... 5,619,558
Investment management fee................................... 5,588,682
Custodian fees.............................................. 1,000,844
Transfer agent fees and expenses............................ 908,753
Professional fees........................................... 144,887
Shareholder reports and notices............................. 116,326
Registration fees........................................... 91,283
Trustees' fees and expenses................................. 32,096
Other....................................................... 19,369
------------
TOTAL EXPENSES......................................... 13,521,798
------------
NET INVESTMENT LOSS.................................... (1,775,444)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments............................................. (1,670,775)
Foreign exchange transactions........................... (6,836,667)
------------
TOTAL LOSS............................................. (8,507,442)
------------
Net change in unrealized appreciation on:
Investments............................................. (55,350,289)
Translation of foreign exchange forward contracts, other
assets and liabilities denominated in foreign
currencies............................................ 718,634
------------
TOTAL DEPRECIATION..................................... (54,631,655)
------------
NET LOSS............................................... (63,139,097)
------------
NET DECREASE................................................ $(64,914,541)
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE YEAR
ENDED FOR THE YEAR
MARCH ENDED
31,1995 MARCH 31, 1994
- -------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss......................................... $ (1,775,444) $ (1,868,204)
Net realized gain (loss).................................... (8,507,442) 26,624,302
Net change in unrealized appreciation....................... (54,631,655) 32,397,468
------------ --------------
NET INCREASE (DECREASE)................................ (64,914,541) 57,153,566
------------ --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
In excess of net investment income.......................... (505,002) --
From net realized gain...................................... (12,955,871) (12,859,992)
In excess of net realized gain.............................. (7,793,881) --
------------ --------------
TOTAL.................................................. (21,254,754) (12,859,992)
------------ --------------
Net increase from transactions in shares of beneficial
interest.................................................... 104,859,190 231,516,010
------------ --------------
TOTAL INCREASE......................................... 18,689,895 275,809,584
NET ASSETS:
Beginning of period......................................... 493,568,489 217,758,905
------------ --------------
END OF PERIOD
(INCLUDING DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME OF $5,220,531 AND $4,872,130, RESPECTIVELY)...... $512,258,384 $ 493,568,489
------------ --------------
------------ --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995
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, 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 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); and (4) short-term debt
securities having a maturity date of more than sixty days at time of purchase
are valued on a mark-to-market basis until sixty days prior to maturity and
thereafter at amortized cost based on their value on the 61st day. Short-term
debt securities having a maturity date of sixty days or less at the time of
purchase are valued at amortized cost.
B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on the
trade date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost method.
Discounts on securities purchased are amortized over the life of the respective
securities. Dividend income is recorded on the ex-dividend date except with
respect to certain dividends on foreign securities which are recorded as soon as
the Trust is informed after the ex-dividend date. Interest income is accrued
daily and includes amortization of discounts on certain short-term securities.
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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995, CONTINUED
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 rates prevailing on the respective dates of such transactions. The
resultant exchange gains and losses are included in the Statement of Operations
as realized and unrealized gain/loss on foreign exchange transactions. Pursuant
to U.S. Federal income tax regulations, certain foreign exchange gains/losses
included in realized and unrealized gain/loss are included in or are a reduction
of ordinary income for federal income tax purposes. The Fund does not isolate
that portion of the results of operations arising as a result of changes in the
foreign exchange rates from the changes in the market prices of the securities.
D. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward foreign
currency contracts which are valued daily at the appropriate exchange rates. The
resultant unrealized exchange gains and losses are included in the Statement of
Operations as unrealized gain/loss on foreign exchange transactions. 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 ex-dividend date. The amount of
dividends and distributions from net investment income and net realized capital
gains are determined in accordance with federal income tax regulations which may
differ from generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts are reclassified
within the capital accounts based on their federal tax-basis treatment;
temporary differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized capital gains
for 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.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995, CONTINUED
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%, through April 30, 1994
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 fee paid to InterCapital, DICAM and NWIM to an annual rate of
0.5225%, 0.21375% and 0.21375%, respectively, of the Fund's average daily net
assets exceeding $500 million.
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 "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 dividends 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. ("DWR"), an affiliate of the
Investment Manager and Distributor, and other employees or selected dealers who
engage in or support
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995, CONTINUED
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 year ended March 31, 1995, it
received approximately $755,000 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 year ended March 31, 1995 aggregated
$399,804,791 and $321,192,981, respectively.
For the year ended March 31, 1995, the Fund incurred brokerage commissions of
$89,120 and $2,667 with DWR and affiliates of DICAM, respectively, for portfolio
transactions executed on behalf of the Fund. At March 31, 1995, the Fund's
receivable for investments sold and payable for investments purchased included
unsettled trades with DWR of $622,279 and $191,600, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1995, the Fund had
transfer agent fees and expenses payable of approximately $88,000.
The Fund established an unfunded noncontributory defined benefit pension plan
covering all independent Trustees of the Fund who will have served as
independent Trustees 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, 1995
included in Trustees' fees and expenses in the Statement of Operations amounted
to $11,353. At March 31, 1995, the Fund had an accrued pension liability of
$51,087 which is included in accrued expenses in the Statement of Assets and
Liabilities.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995, CONTINUED
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, 1995 MARCH 31, 1994
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 12,071,397 $ 218,983,098 16,055,873 $296,295,635
Reinvestment of dividends and distributions...................... 1,205,947 20,079,027 655,157 12,100,745
----------- -------------- ----------- ------------
13,277,344 239,062,125 16,711,030 308,396,380
Repurchased...................................................... (7,792,735) (134,202,935) (4,390,033) (76,880,370)
----------- -------------- ----------- ------------
Net increase..................................................... 5,484,609 $ 104,859,190 12,320,997 $231,516,010
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>
6. FEDERAL INCOME TAX STATUS
Capital and foreign currency losses incurred after October 31 ("post-October
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 net
capital and foreign currency losses of approximately $9,265,000 and $6,625,000,
respectively during fiscal 1995.
As of March 31, 1995, the Fund had temporary book/tax differences primarily
attributable to post-October loss deferrals, income from the mark-to-market of
passive foreign investment companies and its pro-rata share of income and gains
from qualified electing funds. The Fund had permanent book/ tax differences
primarily attributable to a net operating loss and foreign currency losses. To
reflect reclassifications arising from permanent book/tax differences for the
year ended March 31, 1995, paid-in-capital was charged $2,228,919, distributions
in excess of net realized gains was credited $296,874 and distributions in
excess of net investment income was credited $1,932,045.
7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
The Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio transactions
or to manage foreign currency exposure associated with foreign currency
denominated securities.
At March 31, 1995, there were no outstanding forward contracts other than those
used to facilitate settlement of foreign currency denominated portfolio
transactions.
Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.
At March 31, 1995, the Fund's cash balance consisted principally of interest
bearing deposits with Chase Manhattan Bank N.A., the Fund's custodian.
<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
----------------------------------------------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <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 $ 14.93 $ 17.36 $ 15.45 $ 10.30
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Net investment
income (loss)... (0.02) (0.05) -- -- 0.23 0.11 0.08 0.04 0.11 0.10
Net realized and
unrealized gain
(loss).......... (1.83) 4.24 0.39 1.05 0.18 0.82 1.24 (0.07) 3.88 5.30
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Total from
investment
operations...... (1.85) 4.19 0.39 1.05 0.41 0.93 1.32 (0.03) 3.99 5.40
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Less dividends
and
distributions:
From net
investment
income........ -- -- -- (0.05) (0.23) (0.11) (0.08) (0.15) (0.10) (0.25)
In excess of
net investment
income........ (0.02) -- -- -- -- -- -- -- -- --
From net
realized
gain.......... (0.39) (0.71) (0.32) (0.92) (0.45) (0.96) (1.19) (2.25) (1.98) --
In excess of
net realized
gain.......... (0.23) -- -- -- -- -- -- -- -- --
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Total dividends
and
distributions... (0.64) (0.71) (0.32) (0.97) (0.68) (1.07) (1.27) (2.40) (2.08) (0.25)
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Net asset value,
end of period... $ 15.71 $ 18.20 $ 14.72 $ 14.65 $ 14.57 $ 14.84 $ 14.98 $ 14.93 $ 17.36 $ 15.45
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
TOTAL INVESTMENT
RETURN+.......... (10.37)% 28.40% 2.69% 7.33% 2.80% 6.09% 9.31% 0.39% 28.22% 53.76%
RATIOS TO AVERAGE
NET ASSETS:
Expenses......... 2.41% 2.40% 2.42% 2.27% 2.29% 2.21% 2.18% 2.13% 2.10% 2.35%*
Net investment
income (loss)... (0.32)% (0.61)% 0.06% 0.03% 1.53% 0.70% 0.50% 0.23% 0.86% 1.21%
SUPPLEMENTAL DATA:
Net assets, end
of period, in
thousands....... $512,258 $493,568 $217,759 $262,852 $278,676 $306,448 $311,803 $368,026 $469,501 $226,621
Portfolio
turnover rate... 67% 68% 139% 89% 68% 75% 67% 70% 65% 69%
<FN>
- ---------------------
+ Does not reflect the deduction of sales charge.
* 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, 1995, 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, 1995 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 LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
MAY 12, 1995
- --------------------------------------------------------------------------------
1995 FEDERAL TAX NOTICE (UNAUDITED)
During the year ended March 31, 1995, the Fund paid to
shareholders $0.4875 per share from long-term capital gains. For
such period, 3.70% of the ordinary dividend qualified for the
dividends received deduction available to corporations.
<PAGE>
TRUSTEES
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
Peter M. Avelar
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
Nat West Investment Management Limited
A MEMBER OF THE NATIONAL WESTMINSTER BANK GROUP
Fenchurch Exchange, 4344 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, 1995
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
GROWTH OF $10,000
<TABLE>
<CAPTION>
DATE TOTAL MSCI WORLD INDEX S&P 500
<S> <C> <C> <C>
- ---------------------------------------------------------------------------
March 31, 1985 $10000 $10000 $10000
- ---------------------------------------------------------------------------
March 31, 1986 $15376 $15229 $13766
- ---------------------------------------------------------------------------
March 31, 1987 $19704 $21417 $17374
- ---------------------------------------------------------------------------
March 31, 1988 $19792 $22292 $15925
- ---------------------------------------------------------------------------
March 31, 1989 $21634 $24761 $18806
- ---------------------------------------------------------------------------
March 31, 1990 $22952 $23797 $22423
- ---------------------------------------------------------------------------
March 31, 1991 $23595 $24678 $25653
- ---------------------------------------------------------------------------
March 31, 1992 $25324 $24062 $28479
- ---------------------------------------------------------------------------
March 31, 1993 $26005 $26424 $32811
- ---------------------------------------------------------------------------
March 31, 1994 $33391 $29500 $33292
- ---------------------------------------------------------------------------
March 31, 1995 $29930(3) $31710 $38485
- ---------------------------------------------------------------------------
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
<S> <C> <C>
------------------------------------
-10.37(1) 5.45(1) 11.59(1)
------------------------------------
-14.68(2) 5.13(2) 11.59(2)
------------------------------------
<CAPTION>
------------------------------------------------------
<S> <C> <C>
____Fund ____S&P 500 (4) ____WORLD INDEX (5)
------------------------------------------------------
Past performance is not predictive of future returns.
<FN>
- -----------------------------------
(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, 1995.
(4) The Standard and Poors 500 Composite Stock Price Index (S&P 500) is a
broad-based index, the performance 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
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 or reinvestment of dividends.
</TABLE>
