<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW
YORK 10048
LETTER TO THE SHAREHOLDERS
DEAR SHAREHOLDER:
The six months ended September 30, 1995 marked a period of positive equity
market performance. World equity markets generally responded well to the slowing
of the global economy, as evidenced by sluggish growth, weak retail sales and
continued benign inflation. For the six-month period ended September 30, 1995,
global equity markets, as measured by the Morgan Stanley Capital International
World Index (price only), recorded a total return of 9.17 percent, while Dean
Witter World Wide Investment Trust produced a total return of 9.61 percent.
GLOBAL MARKET OVERVIEW
The performance of the World Index continued to be buoyed by the U.S. stock
market. During the six months under review, the United States remained one of
the world's best-performing markets, rallying on the notion that the Federal
Reserve Board had successfully engineered a "soft landing" -- a rate of growth
that enables the economy to avoid recession while preventing excessive inflation
and high interest rates. During this period, the Standard & Poor's 500 Composite
Stock Price Index registered a total return of 18.28 percent. The U.S. market's
strong performance was led by the high-tech sector in the second quarter and the
financial sector in the third.
The combination of a strengthening U.S. dollar and tepid economic indicators
underpinned a strong U.S. Treasury rally. After a sharp decline early in 1995,
the dollar bottomed, reversed course and surged more than 14 percent against the
yen and nearly 4 percent versus the deutschemark. The weaker yen provided a
much-needed spark for the Japanese equity market, with exporters leading the
rally. Despite an 11 percent advance (in local currency terms), the Japanese
market was down 2.5 percent after factoring in the impact of the dollar's
strength.
THE PORTFOLIO
On August 1, 1995, Morgan Grenfell Investment Services became the sub-adviser
for the Fund, assuming investment responsibility for the
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS, CONTINUED
Fund's non-U.S. holdings. Dean Witter InterCapital Inc. remains the Fund's
investment manager and will oversee all U.S. investments. The Fund continues to
be broadly diversified, with investments in over 30 markets across the globe. As
of September 30, 1995, the four largest markets represented in the portfolio
were Japan (26 percent of net assets), the United States (22 percent), the
United Kingdom (9 percent) and Hong Kong (4 percent). Portfolio turnover during
the August-September period was heavy, reflecting the above-mentioned changes in
portfolio management.
In the U.S. portfolio, aerospace (Boeing Co.), banking (Citicorp), software
(Computer Associates International), drugs (Merck & Co.) and oil-international
(Mobil Corp.) represented the Fund's primary sectors of emphasis. In Canada,
core holdings include Barrick Gold Corp. and Talisman Energy. The Latin American
portion contains investments in the beverage company Quilmes (Argentina) and the
electric utility Cemig (Brazil).
The Japanese portion of the Fund features positions in Kyocera (electronics),
Kao Corp. (cosmetics) and Tostem Corp. (building materials). Elsewhere in the
Pacific Basin, holdings include Cheung Kong (Hong Kong, real estate), Genting
Berhad (Malaysia, hotel/motel) and Keppel Corp. (Singapore, machinery).
In Europe, the Fund holds positions in Prudential Corp. (U.K., insurance),
Carrefour (France, merchandising), SAP (Germany, business and public service),
Banco Popular Espanol (Spain, banking) and Kalmar (Sweden, capital machinery).
LOOKING AHEAD
The Fund's new management team is optimistic regarding the long-term outlook for
the global equity markets. Although a stronger U.S. dollar may hamper the profit
growth of some multinational corporations, overall corporate earnings in the
United States are still strong and appear poised to remain so over the long
term. Although the possibility of a seasonal downturn in the stock market
exists, a stable interest-rate environment further underpins our favorable
long-term outlook for the U.S. market. With Mexico turning things around after
last year's financial debacle, and South American markets such as Chile,
Argentina and Brazil looking like promising markets for the long term, the
Fund's Latin American holdings could be increased going forward.
U.K. and French companies are exhibiting strong overall earnings growth. Given a
less volatile interest rate environment and strong economies, the U.K. and
France, in particular, and continental Europe, in general, have the potential
for attractive relative performance in the months to come. Finally, we believe
the balance of 1995 and 1996 hold promise for Japan, the portfolio's
second-largest
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS, CONTINUED
area of investment. Japanese prices and interest rates are coming down, and the
bond market is rallying. Barring any further political or financial setbacks, we
could see a rally in the Japanese stock market sometime in 1996. The Chinese
stock market and the smaller "Tiger" markets of the Pacific Basin continue to
grow rapidly. We will monitor this region closely for potential investment
opportunities.
We appreciate your ongoing support of Dean Witter World Wide Investment Trust
and look forward to continuing to serve your investment objectives.
Very truly yours,
[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
RESULTS OF ANNUAL SHAREHOLDERS MEETING (UNAUDITED)
* * *
On October 31, 1995, a special meeting of the Fund's shareholders was held for
the purpose of voting on three separate proposals, the results of which were as
follows.
(1) NEW INVESTMENT MANAGEMENT AGREEMENT WITH DEAN WITTER INTERCAPITAL INC.:
<TABLE>
<S> <C>
For...................................................................... 12,926,828
Against.................................................................. 686,436
Abstain.................................................................. 2,699,096
</TABLE>
(2) SUB-ADVISORY AGREEMENT BETWEEN DEAN WITTER INTERCAPITAL INC. AND MORGAN
GRENFELL INVESTMENT SERVICES LIMITED:
<TABLE>
<S> <C>
For...................................................................... 12,714,452
Against.................................................................. 782,965
Abstain.................................................................. 2,814,943
</TABLE>
(3) CHANGES IN THE FUND'S INVESTMENT RESTRICTIONS TO PERMIT THE FUND TO PURCHASE
AND SELL FUTURES CONTRACTS AND OPTIONS:
<TABLE>
<S> <C>
For...................................................................... 11,918,684
Against.................................................................. 1,438,526
Abstain.................................................................. 2,955,150
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (94.9%)
ARGENTINA (0.1%)
AUTOMOBILES
60,000 Ciadea S.A.*.................. $ 237,024
---------------
ENERGY
12,500 Yacimentos Petroliferos
Fiscales S.A. (ADR)........... 225,000
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
12,000 Quilmes Industrial S.A.
(ADR)......................... 213,000
---------------
TOTAL ARGENTINA............... 675,024
---------------
AUSTRALIA (1.4%)
APPLIANCES & HOUSEHOLD DURABLES
100,000 Email Ltd. ................... 269,642
---------------
ENERGY
100,000 Ampolex Ltd. ................. 217,526
73,700 Broken Hill Proprietary Co.
Ltd. ......................... 1,015,341
120,000 Woodside Petroleum Ltd. ...... 576,445
---------------
1,809,312
---------------
GOLD MINING
150,000 Ashton Mining Ltd. ........... 198,266
120,000 Newcrest Mining Ltd. ......... 525,689
85,000 Western Mining Corp. Holdings
Ltd. ......................... 555,976
---------------
1,279,931
---------------
INSURANCE
289,500 FAI Life Ltd. ................ 157,435
---------------
MERCHANDISING
300,000 Woolworth's Ltd. ............. 702,429
---------------
METALS & MINING
800,000 M.I.M. Holdings Ltd. ......... 1,148,056
700,000 Pasminco Ltd. ................ 819,501
---------------
1,967,557
---------------
PUBLISHING & TELEVISION
100,000 News Corp. Ltd. .............. 555,901
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TRANSPORTATION
50,000 Mayne Nickless Ltd. .......... $ 236,787
38,000 TNT Ltd. ..................... 58,264
---------------
295,051
---------------
WHOLESALE & INTERNATIONAL TRADE
100,000 Burns Philp & Co. Ltd. ....... 211,484
---------------
TOTAL AUSTRALIA............... 7,248,742
---------------
AUSTRIA (0.1%)
ELECTRICAL EQUIPMENT
984 Austria Mikro Systeme
International AG.............. 171,429
---------------
LEISURE TIME
101,500 Fotex*........................ 118,223
---------------
TEXTILES - APPAREL
3,500 Wolford AG.................... 435,540
---------------
TOTAL AUSTRIA................. 725,192
---------------
BELGIUM (0.2%)
CONSTRUCTION & HOUSING
15,000 Terca Brick Industries........ 736,541
---------------
RESTAURANTS
1,840 Quick Restaurants S.A. ....... 165,410
---------------
TOTAL BELGIUM................. 901,951
---------------
BRAZIL (0.8%)
APPLIANCES & HOUSEHOLD DURABLES
22,000 Refrigeracao Parana (ADR)..... 288,750
---------------
CONGLOMERATES
11,000 Companhia Siderurgica Nacional
(ADR)......................... 291,500
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
20,000 Ceval Alimentos (ADR)......... 310,000
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
1,000,000 Brazilian Smaller Co.
Investment Trust.............. $ 1,300,000
200,000 Brazilian Smaller Co.
Investment Trust (Warrants due
09/30/07)*.................... 194,000
---------------
1,494,000
---------------
MACHINERY
51,000 Iochpe Maxion S.A. (ADR)...... 420,750
---------------
MERCHANDISING
17,000 Makro Atacadista S.A.*........ 187,000
---------------
TELECOMMUNICATIONS
7,000 Telecomunicacoes Brasileiras
S.A. ......................... 334,250
---------------
UTILITIES
17,000 Centrais Electricas
Brasileires (ADR)............. 261,375
11,000 Companhia Energetica de Minas
Gerais S.A. (ADR)............. 246,125
---------------
507,500
---------------
TOTAL BRAZIL.................. 3,833,750
---------------
CANADA (1.5%)
ALUMINUM
50,000 Alcan Aluminum Ltd. (ADR)..... 1,618,750
---------------
BUILDING & CONSTRUCTION
60,000 Ainsworth Lumber Co. ......... 368,852
---------------
BUSINESS & PUBLIC SERVICES
26,000 Laidlaw, Inc. (Class B)....... 230,067
---------------
ENERGY
40,000 Canadian Natural Resources
Ltd. ......................... 488,078
50,000 Talisman Energy, Inc. ........ 973,361
---------------
1,461,439
---------------
GOLD MINING
10,000 Barrick Gold Corp. ........... 258,942
70,000 Barrick Gold Corp. (ADR)...... 1,811,250
---------------
2,070,192
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
METALS & MINING
25,000 Falconbridge Ltd. ............ $ 544,896
12,000 Inco Ltd. (ADR)............... 411,000
50,000 Noranda, Inc. ................ 1,015,276
---------------
1,971,172
---------------
TRANSPORTATION
14,000 Canadian Pacific, Ltd. ....... 224,292
---------------
TOTAL CANADA.................. 7,944,764
---------------
CHILE (0.0%)
TELECOMMUNICATIONS
3,500 Compania Telecomunicacion
Chile (ADR)................... 241,938
---------------
CHINA (0.2%)
INVESTMENT COMPANIES
157,333 China Fund*................... 1,164,264
---------------
DENMARK (0.4%)
BANKING
20,000 Den Danske Bank............... 1,272,136
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
5,664 Oticon Holding AS............. 603,860
---------------
TOTAL DENMARK................. 1,875,996
---------------
FINLAND (2.4%)
ELECTRICAL EQUIPMENT
84,000 Nokia AB (Series A)........... 5,908,142
---------------
FOREST PRODUCTS, PAPER & PACKAGING
67,000 Repola Oy..................... 1,507,983
44,000 Valmet Corp. (A Shares)....... 1,433,897
---------------
2,941,880
---------------
INDUSTRIALS
138,000 Rautaruukki Oy................ 912,386
---------------
METALS & MINING
100,000 Outokumpu Oy (A Shares)....... 1,781,821
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
PUBLISHING & TELEVISION
8,000 Aamulehti Yhtymae Oy.......... $ 151,924
---------------
TELECOMMUNICATIONS
12,941 Benefon Oy.................... 455,102
---------------
TOTAL FINLAND................. 12,151,255
---------------
FRANCE (3.7%)
ADVERTISING
5,500 Euro RSCG Worldwide S.A. ..... 519,553
---------------
APPLIANCES & HOUSEHOLD DURABLES
3,010 Airfeu S.A. .................. 141,863
---------------
AUTOMOBILES
17,000 Renault S.A. ................. 500,762
---------------
BANKING
7,000 Societe Generale.............. 716,709
---------------
BUILDING & CONSTRUCTION
10,285 Lafarge-Coppee................ 676,543
---------------
BUSINESS & PUBLIC SERVICES
11,856 Compagnie Generale des Eaux... 1,139,236
1,770 Grand Optical Photoservice.... 176,191
---------------
1,315,427
---------------
CONTAINERS - METAL & GLASS
9,400 Compagnie de Saint Gobain..... 1,145,759
---------------
ELECTRICAL EQUIPMENT
4,421 CIPE France S.A. ............. 278,417
816 Sylea......................... 72,607
---------------
351,024
---------------
ENERGY
18,300 Societe National Elf
Aquitaine..................... 1,235,366
---------------
FINANCIAL SERVICES
6,875 Compagnie Bancaire S.A. ...... 640,922
903 Union Financiere de France
Banque S.A. .................. 68,791
---------------
709,713
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,378 Brioche Pasquier S.A. ........ $ 181,960
873 But S.A. ..................... 228,780
5,000 Groupe Danone................. 808,532
7,175 LVMH Moet-Hennessy Louis
Vuitton....................... 1,354,104
28,000 SEITA......................... 1,018,182
---------------
3,591,558
---------------
FOREST PRODUCTS, PAPER & PACKAGING
3,250 Saint-Louis................... 859,624
---------------
HEALTH & PERSONAL CARE
2,500 L'Oreal....................... 637,887
25,000 Sanofi S.A. .................. 1,599,797
---------------
2,237,684
---------------
INDUSTRIALS
1,363 MGI Coutier................... 117,125
---------------
INSURANCE
14,000 AXA........................... 738,608
FRF 93,300 AXA S.A. 4.50% due 01/01/99
(Conv.)....................... 57,430
---------------
796,038
---------------
MACHINERY
2,152 Bertrand Faure................ 81,883
1,410 Sidel S.A. ................... 450,283
---------------
532,166
---------------
MERCHANDISING
2,000 Carrefour Supermarche......... 1,174,200
2,000 Galeries Lafayette............ 639,919
2,650 Guilbert S.A. ................ 279,939
---------------
2,094,058
---------------
REAL ESTATE
22,172 Credit Commercial de France... 977,415
---------------
TEXTILES - APPAREL
1,012 Deveaux S.A. ................. 86,346
1,445 Hermes International.......... 257,443
---------------
343,789
---------------
TOTAL FRANCE.................. 18,862,176
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
GERMANY (2.4%)
AUTOMOBILES
1,036 BMW AG........................ $ 568,656
3,359 Jungheinrich AG (Pref.)....... 685,221
12,950 Kiekert AG.................... 798,878
---------------
2,052,755
---------------
BUILDING & CONSTRUCTION
410 Sto AG (Pref.)................ 221,311
---------------
BUSINESS & PUBLIC SERVICES
20,000 SAP AG (Pref.)................ 3,262,531
---------------
CHEMICALS
2,900 BASF AG....................... 635,296
4,400 Bayer AG...................... 1,122,748
---------------
1,758,044
---------------
FINANCIAL SERVICES
682 Moebel Walther AG............. 344,227
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
12,380 Berentzen-Gruppe AG (Pref.)... 333,258
1,415 Villeroy & Boch AG (Pref.).... 287,166
---------------
620,424
---------------
HEALTH & PERSONAL CARE
7,865 Fielmann AG (Pref.)........... 399,728
8 Rhoen-Klinikum AG............. 9,394
759 Rhoen-Klinikum AG (Pref.)..... 691,692
---------------
1,100,814
---------------
INDUSTRIALS
7,050 Kolbenschmidt AG.............. 1,027,971
---------------
INSURANCE
262 Marschollek, Lautenschlaeger
und Partner AG................ 168,789
---------------
LEISURE TIME
1,293 CeWe Color Holding AG......... 394,290
---------------
MERCHANDISING
1,300 Gehe AG....................... 611,952
325 Gehe AG (New Shares).......... 148,090
338 Hach AG (Pref.)............... 168,230
---------------
928,272
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TEXTILES - APPAREL
320 Hugo Boss AG (Pref.).......... $ 264,704
270 Jil Sander AG (Pref.)......... 209,716
600 Puma AG (Pref.)............... 176,656
498 Stoehr & Co. AG............... 69,821
---------------
720,897
---------------
TOTAL GERMANY................. 12,600,325
---------------
HONG KONG (4.1%)
BANKING
450,000 Guoco Group Ltd. ............. 2,252,474
100,000 HSBC Holdings PLC............. 1,390,416
120,000 Liu Chong Hing Bank Ltd. ..... 149,001
19,000 Wing Hang Bank Ltd. .......... 64,263
---------------
3,856,154
---------------
CONGLOMERATES
1,150,000 First Pacific Company Ltd. ... 1,227,123
200,000 Four Seas Mercantile Holdings
Ltd. ......................... 54,970
890,000 Hutchison Whampoa Ltd. ....... 4,823,256
335,000 Jardine Matheson Holdings
Ltd. ......................... 2,261,250
210,000 Swire Pacific Ltd. (Class
A)............................ 1,663,649
---------------
10,030,248
---------------
CONSTRUCTION & HOUSING
50,000 Harbour Centre Development.... 55,617
---------------
ELECTRICAL EQUIPMENT
26,000 ASM Pacific Technology........ 24,885
---------------
HOTELS/MOTELS
150,000 Grand Hotel Holdings Ltd. .... 54,323
500,000 Regal Hotels International.... 90,539
---------------
144,862
---------------
INVESTMENT COMPANIES
96,000 Cathay Investment Fund Ltd.
(Warrants due 09/30/95)*...... 1,118
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
LEISURE TIME
600,000 Gold Peak Industries.......... $ 287,138
240,000 Golden Harvest Entertainment
Ltd. ......................... 55,254
---------------
342,392
---------------
MACHINERY
70,000 Chen Hsong Holdings........... 49,796
---------------
REAL ESTATE
560,000 Cheung Kong (Holdings)
Ltd. ......................... 3,049,344
400,000 Hon Kwok Land Investment
Ltd. ......................... 122,874
780,000 Hong Kong Land Holdings
Ltd. ......................... 1,365,000
265,000 New World Development Co. .... 1,045,399
150,000 Sun Hung Kai Properties
Ltd. ......................... 1,217,422
---------------
6,800,039
---------------
TOTAL HONG KONG............... 21,305,111
---------------
INDIA (0.6%)
INVESTMENT COMPANIES
50,000 India Magnum Fund............. 2,409,000
---------------
METALS & MINING
20,000 Hindalco Industries Ltd.
(GDR)......................... 680,000
---------------
TOTAL INDIA................... 3,089,000
---------------
INDONESIA (1.1%)
AUTOMOBILES
260,000 PT Astra International........ 516,556
---------------
BANKING
270,000 PT Bank Bali.................. 703,311
40,000 PT Bank Bali (Warrants due
08/29/00)*.................... 26,490
25,000 PT Bank Niaga................. 91,060
---------------
820,861
---------------
CHEMICALS
60,000 PT Aneka Kimia Ray............ 172,848
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
143,000 Fast Food Indonesia (Local)... 164,150
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
500,000 PT Tjiwi Kimia 0.00% due
03/26/97 (Conv.).............. $ 535,000
---------------
INDUSTRIALS
50,000 PT Bukaka Teknik Utama........ 81,678
---------------
INVESTMENT COMPANIES
2,000,000 Peregrine Indonesia Fund Ltd.
*** *......................... 1,155,000
20,000 Peregrine Indonesia Smaller
Co.*.......................... 1,440,000
---------------
2,595,000
---------------
MERCHANDISING
43,000 PT Tigaraksa Satria........... 158,521
---------------
TELECOMMUNICATIONS
20,000 PT Indonesian Satellite Corp.
(ADR)......................... 702,500
---------------
TOTAL INDONESIA............... 5,747,114
---------------
IRELAND (0.3%)
BANKING
250,000 Allied Irish Banks PLC........ 1,241,815
---------------
ITALY (1.6%)
APPLIANCES & HOUSEHOLD DURABLES
10,300 Industrie Natuzzi SpA (ADR)... 366,938
---------------
BANKING
ITL 5,000 Unichem Mediobanca SpA 4.50%
due 01/01/00 (Conv.).......... 38,624
---------------
BUILDING & CONSTRUCTION
17,047 Saes Getters Di Risp.......... 153,243
12,791 Saes Getters SpA.............. 218,866
189,000 Unichem SpA................... 1,218,599
---------------
1,590,708
---------------
ELECTRICAL EQUIPMENT
43,945 Gewiss SpA.................... 502,657
---------------
INDUSTRIALS
219,333 Sasib SpA..................... 1,042,954
31,333 Sasib SpA (Warrants due
07/31/97)*.................... 19,814
---------------
1,062,768
---------------
MACHINERY
64,800 IMA SpA....................... 461,595
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
416,000 Stet Societa' Finanziaria
Telefonica SpA................ $ 1,263,732
846,000 Telecom Italia SpA............ 1,397,762
846,000 Tel It Mobile................. 1,410,874
---------------
4,072,368
---------------
TOTAL ITALY................... 8,095,658
---------------
JAPAN (25.8%)
APPLIANCES & HOUSEHOLD DURABLES
30,000 Itoki Crebio Corp. ........... 222,892
20,000 Juken Sangyo Co. ............. 240,964
---------------
463,856
---------------
AUTOMOBILES
25,700 Mabuchi Motor Co. ............ 1,509,488
340,000 Mitsubishi Motors Corp. ...... 2,843,574
---------------
4,353,062
---------------
BANKING
321,000 Asahi Bank Ltd. .............. 3,480,723
178,000 Sanwa Bank Ltd. .............. 3,324,096
177,000 Sumitomo Bank................. 3,412,048
146,000 Sumitomo Trust & Banking...... 1,993,574
---------------
12,210,441
---------------
BUILDING & CONSTRUCTION
5,000 Maezawa Kaisei Industries..... 205,823
12,000 Oriental Construction Co. .... 249,398
88,000 Tostem Corporation............ 2,818,474
---------------
3,273,695
---------------
BUSINESS & PUBLIC SERVICES
7,000 Nichii Gakkan Co. ............ 309,237
7,000 Nippon Kanzai................. 210,843
78,000 Secom......................... 5,168,675
---------------
5,688,755
---------------
CHEMICALS
337,000 Kaneka Corp. ................. 2,131,627
323,000 Nippon Shokubai K.K. Co. ..... 2,951,104
35,000 Sintokogio.................... 242,470
---------------
5,325,201
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
CONGLOMERATES
8,000 Enix Corp. ................... $ 304,418
568,000 Mitsui & Co. ................. 4,385,462
15,000 Yamae Hisano.................. 180,723
---------------
4,870,603
---------------
CONSTRUCTION & HOUSING
40,000 Cesar Co. .................... 295,181
20,000 Ichiken Co., Ltd. ............ 210,843
18,000 Kaneshita Construction........ 267,470
16,000 Mitsui Home Co., Ltd.......... 260,241
319,000 Nishimatsu Construction....... 3,875,402
262,000 Sekisui House Ltd. ........... 3,235,542
---------------
8,144,679
---------------
DATA PROCESSING
11,000 Daiwabo Information Systems
Co. .......................... 336,847
14,000 Japan Digital Laboratory...... 265,663
20,000 Ricoh Elemex.................. 271,084
12,100 TKC Corp. .................... 292,781
---------------
1,166,375
---------------
ELECTRICAL EQUIPMENT
20,000 Alpine Electronics............ 305,221
162,000 Canon, Inc. .................. 2,878,916
7,000 Chudenko Corp. ............... 274,096
9,000 Fujitsu Business Systems...... 250,301
318,000 Hitachi Cable................. 2,273,253
5,000 I-O Data Device, Inc. ........ 348,896
25,000 Kyocera Corp. ................ 2,043,173
25,000 Mitsuba Electric Mfg Co. ..... 205,823
13,000 Mitsui High-Tec............... 373,293
20,000 Mitsumi Electric Co. Ltd. .... 445,783
318,000 NEC Corp. .................... 4,406,024
50,000 Nichicon Corp. ............... 672,691
10,000 Nihon Dempa Kogyo............. 266,064
75,000 Nippon Electric Glass Co.,
Ltd. ......................... 1,415,663
67,000 Nitto Denko Corp. ............ 1,015,763
19,000 Nitto Electric Works.......... 268,976
73,000 Rohm Company.................. 4,588,153
130,000 Ryoyo Electronic Corp. ....... 3,119,478
5,000 Satori Electric Co., Ltd. .... 236,446
8,000 Shinko Electric Industries.... 344,578
20,000 Tokin......................... 275,100
---------------
26,007,691
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
100,000 Nomura Securities Co.,
Ltd. ......................... $ 1,947,791
75,000 Orix Corp. ................... 2,748,494
---------------
4,696,285
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
15,000 Ministop Co., Ltd. ........... 346,386
5,000 Plenus Company, Ltd. ......... 263,052
20,000 Stamina Foods................. 251,004
220 Yoshinoya D & C Company
Ltd. ......................... 326,908
---------------
1,187,350
---------------
FOREST PRODUCTS, PAPER & PACKAGING
179,000 New Oji Paper Co. Ltd. ....... 1,689,357
---------------
HEALTH & PERSONAL CARE
250,000 Eisai Co. Ltd. ............... 4,342,369
20,000 Hitachi Medical Corp. ........ 281,124
208,000 Kao Corp. .................... 2,568,675
12,000 Santen Pharmaceutical Co. .... 300,000
7,700 Seijo Corp. .................. 262,851
7,000 Seikagaku Corp. .............. 210,843
6,000 Sundrug Co., Ltd. ............ 259,639
5,000 Towa Pharmaceutical Co.,
Ltd. ......................... 261,044
---------------
8,486,545
---------------
INDUSTRIALS
25,000 Bridgestone Metalpha Corp. ... 291,165
180,000 Minebea Company Ltd. ......... 1,355,422
15,000 Nichiha Corp. ................ 275,602
70,000 Nippon Thompson Co. .......... 521,486
13,000 Yukiguni Maitake Co., Ltd. ... 263,655
---------------
2,707,330
---------------
INSURANCE
160,000 Dai-Tokyo Fire & Marine
Insurance Co. Ltd. ........... 1,076,305
252,000 Tokio Marine & Fire Insurance
Co. .......................... 2,707,229
---------------
3,783,534
---------------
LEISURE TIME
9,000 Honma Golf Co. Ltd. .......... 233,133
10,000 Paris Miki Inc. .............. 305,221
---------------
538,354
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
MACHINERY
30,000 Aichi Corporation............. $ 271,084
238,000 Asahi Diamond Industries Co.
Ltd. ......................... 2,986,948
10,000 Fuji Machine Manufacturing
Co. .......................... 394,578
330,000 Komatsu Ltd. ................. 2,637,349
4,000 Mars Engineering Corp. ....... 318,072
412,000 Mitsubishi Heavy Industries,
Ltd. ......................... 3,143,775
40,000 OSG Corp. .................... 263,855
10,000 Sankyo Engineering............ 187,751
---------------
10,203,412
---------------
MERCHANDISING
4,800 Fast Retailing Co., Ltd. ..... 269,880
11,000 Misumi Corp. ................. 353,414
4,000 Paramount Bed Co. ............ 299,197
4,000 Ryohin Keikaku Co., Ltd. ..... 283,133
11,000 Shimachu Co., Ltd. ........... 301,506
7,000 Shimamura Co. Ltd. ........... 254,418
10,000 Xebio Co. Ltd. ............... 368,474
---------------
2,130,022
---------------
PUBLISHING & TELEVISION
174,000 Dai Nippon Printing Co.
Ltd. ......................... 2,742,771
---------------
REAL ESTATE
25,000 Chubu Sekiwa Real Estate,
Ltd. ......................... 321,285
10,000 Japan Industrial Land
Development................... 385,542
15,000 Kansai Sekiwa Real Estate..... 250,000
30,000 Sekiwa Real Estate............ 231,928
385,000 Sumitomo Realty & Development
Co. .......................... 2,686,496
---------------
3,875,251
---------------
STEEL & IRON
21,000 Kawagishi Bridge Works Co.
Ltd. ......................... 153,916
917,000 Nippon Steel Co. ............. 3,185,562
20,000 Takada Kiko................... 206,827
---------------
3,546,305
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
10,000 Aiwa Co. Ltd. ................ $ 212,851
366 Nippon Telegraph & Telephone
(ADR)......................... 3,134,518
---------------
3,347,369
---------------
TEXTILES - APPAREL
6,000 H.I.S. Company Ltd. .......... 263,253
199,000 Izumiya Co. .................. 3,236,747
192,000 Kuraray Co. Ltd. ............. 1,910,361
7,800 Maruco Co., Ltd. ............. 477,711
---------------
5,888,072
---------------
TRANSPORTATION
387,000 Yamato Transport Co. Ltd. .... 4,351,807
---------------
UTILITIES
88,779 Kyushu Electric Power......... 2,237,302
---------------
WHOLESALE & INTERNATIONAL TRADE
15,600 Trusco Nakayama Corp. ........ 328,916
15,000 Wakita & Co. ................. 200,301
---------------
529,217
---------------
TOTAL JAPAN................... 133,444,641
---------------
MALAYSIA (2.1%)
AUTOMOBILES
30,000 Cycle & Carriage Bintang
Berhad........................ 138,452
---------------
BANKING
180,000 DCB Holdings Berhad........... 724,089
40,000 Hock Hua Bank Berhad.......... 129,700
150,000 Malayan Banking Berhad........ 1,211,458
75,000 Public Finance Berhad......... 164,114
---------------
2,229,361
---------------
CONGLOMERATES
300,000 Renong Berhad................. 520,390
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
205,000 R. J. Reynolds Berhad......... 432,266
---------------
HOTELS/MOTELS
40,000 Genting Berhad (CLOB)......... 345,360
160,000 Genting Berhad................ 1,381,341
---------------
1,726,701
---------------
LEISURE TIME
150,000 Berjaya Sports Toto Berhad.... 316,292
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
MACHINERY
30,000 Muhibbah Engineering.......... $ 120,549
50,000 Nylex Berhad.................. 146,210
150,000 UMW Holdings Berhad........... 405,809
230,000 United Engineers Berhad....... 1,473,244
---------------
2,145,812
---------------
OIL SERVICES
70,000 George Kent Berhad............ 133,678
---------------
REAL ESTATE
30,000 IOI Properties Berhad......... 85,339
50,000 Shah Alam Properties Berhad... 139,248
---------------
224,587
---------------
TELECOMMUNICATIONS
350,000 Technology Resource Industries
Berhad........................ 912,075
---------------
UTILITIES
300,000 Petronas Gas Berhad........... 1,044,360
300,000 Tenaga Nasional Berhad........ 1,145,813
---------------
2,190,173
---------------
TOTAL MALAYSIA................ 10,969,787
---------------
MEXICO (1.1%)
BUILDING & CONSTRUCTION
54,000 Apasco S.A. de C.V. .......... 235,482
120,000 International de Ceramica S.A.
de C.V. (ADR)................. 160,000
---------------
395,482
---------------
CONSTRUCTION & HOUSING
94,240 Corporacion GEO S.A. de C.V.
(Series B)*................... 351,829
21,000 Empresas ICA S.A. de C.V.
(ADR)......................... 241,500
---------------
593,329
---------------
FINANCIAL SERVICES
100,000 Grupo Financiero Banamex
Accival S.A. de C.V. (Series
L)............................ 196,078
500,000 Grupo Financiero Bancomer (B
Shares)....................... 199,216
35,630 Grupo Financiero Bancomer S.A.
de C.V. (L Shares)............ 13,358
---------------
408,652
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
110,000 Grupo Herdez S.A. (Series
A)............................ $ 31,059
40,000 Grupo Herdez S.A. (Series
B)............................ 12,549
54,000 Grupo Industrial Bimbo S.A. de
C.V. (Series A)............... 228,706
64,000 Grupo Modelo (C Shares)....... 241,945
32,000 Sigma Alimentos S.A. ......... 253,490
---------------
767,749
---------------
FOREST PRODUCTS, PAPER & PACKAGING
90,000 Empaques Ponderosa S.A.
(Series B).................... 214,588
---------------
HEALTH & PERSONAL CARE
70,000 Nacional de Drogas S.A. de
C.V. (L Shares)............... 264,627
---------------
INVESTMENT COMPANIES
110,000 Baring Puma Fund.............. 2,777,500
---------------
MERCHANDISING
180,000 Cifra S.A. de C.V. (Series
B)............................ 224,188
---------------
TOTAL MEXICO.................. 5,646,115
---------------
NETHERLANDS (2.3%)
BUILDING & CONSTRUCTION
21,700 Hunter Douglas NV............. 1,073,383
6,376 Sphinx Kon Gustavsberg........ 190,829
---------------
1,264,212
---------------
BUSINESS & PUBLIC SERVICES
23,438 Randstad Holdings NV.......... 1,008,196
---------------
CONSTRUCTION & HOUSING
5,224 IHC Caland NV................. 148,173
---------------
ELECTRICAL EQUIPMENT
1,367 Otra NV....................... 290,159
14,400 Philips Electronics NV........ 703,275
---------------
993,434
---------------
HEALTH & PERSONAL CARE
6,400 Cooperatieve Apothekers
Vereniging OPG................ 155,081
---------------
INDUSTRIALS
2,904 Aalberts Industries NV........ 172,738
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
INSURANCE
20,425 International Nederlande Groep
NV............................ $ 1,188,080
---------------
MERCHANDISING
30,000 Koninklijke Ahold NV.......... 1,128,921
---------------
OIL - INTERNATIONAL
14,000 Royal Dutch Petroleum Co.
(ADR)......................... 1,718,500
---------------
OIL SERVICES
27,000 Schlumberger Ltd. ............ 1,761,750
---------------
PUBLISHING & TELEVISION
50,000 Elsevier NV................... 641,788
12,000 Ver Ned Utigev Ver Bezit NV... 1,592,887
---------------
2,234,675
---------------
TOTAL NETHERLANDS............. 11,773,760
---------------
NORWAY (1.3%)
BUSINESS & PUBLIC SERVICES
18,400 Sysdeco Group AS*............. 432,941
---------------
CONGLOMERATES
30,000 Orkla Borregaard AS (A
Shares)....................... 1,452,581
---------------
DATA PROCESSING
7,724 Multisoft AS.................. 191,632
22,279 System Etikettering AS........ 431,494
---------------
623,126
---------------
ELECTRICAL EQUIPMENT
8,900 Nera AS....................... 306,283
91,120 Sensonor AS*.................. 911,565
---------------
1,217,848
---------------
FOREST PRODUCTS, PAPER & PACKAGING
36,500 Norsk Skogs Industrier (B
Shares)....................... 1,156,783
---------------
INSURANCE
200,000 UNI Storebrand AS (A
Shares)*...................... 979,592
---------------
MACHINERY
44,823 Tomra Systems AS.............. 243,935
---------------
OIL SERVICES
11,932 Transocean AS*................ 193,853
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
6,000 Tandberg AS*.................. $ 54,742
6,000 Tandberg AS (New)*............ 62,425
---------------
117,167
---------------
TRANSPORTATION
19,892 Awilco AS..................... 210,144
9,000 Storli AS..................... 158,463
---------------
368,607
---------------
TOTAL NORWAY.................. 6,786,433
---------------
PERU (0.1%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
204,840 Cerveceria Backus &
Johnston...................... 395,932
11,018 Jose R Lindley & Hijos
S.A.*......................... 19,325
---------------
415,257
---------------
TELECOMMUNICATIONS
140,000 CPT Telefonica del Peru S.A.
(B Shares).................... 269,351
---------------
TOTAL PERU.................... 684,608
---------------
PHILIPPINES (0.3%)
BUILDING & CONSTRUCTION
8,000 Bacnotan Consolidated
Industries.................... 54,685
---------------
ENERGY
250,000 Belle Corp.*.................. 42,723
---------------
LEISURE TIME
270,000 SM Prime Holdings............. 80,876
---------------
OIL - INTERNATIONAL
150,000 Petron Corp. ................. 70,565
---------------
OIL SERVICES
20,000 First Philippine Holdings
Corp. (B Shares).............. 48,387
---------------
REAL ESTATE
62,000 Ayala Corp. (B Shares)........ 60,714
29,808 Ayala Corp. (Series B)
(GDS)......................... 327,888
---------------
388,602
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
10,000 Philippine Long Distance
Telephone Co. ................ $ 668,203
---------------
TRANSPORTATION
192,390 International Container
Terminal...................... 121,906
---------------
TOTAL PHILIPPINES............. 1,475,947
---------------
PORTUGAL (0.7%)
FINANCIAL SERVICES
30,000 Sonae Investimentos........... 702,890
---------------
FOREST PRODUCTS, PAPER & PACKAGING
102,090 Sonae Industria SGPS S.A.*.... 775,505
---------------
PUBLISHING & TELEVISION
40,000 Journalgeste*................. 630,132
226,000 TVI Televisao S.A.*........... 1,237,034
---------------
1,867,166
---------------
TOTAL PORTUGAL................ 3,345,561
---------------
RUSSIA (0.3%)
INVESTMENT COMPANIES
200,000 First NIS Fund***............. 1,280,000
---------------
SINGAPORE (1.6%)
APPLIANCES & HOUSEHOLD DURABLES
60,000 Courts (Singapore) Ltd. ...... 86,761
---------------
BANKING
173,500 Development Bank of Singapore
Ltd. ......................... 1,972,974
131,042 Overseas Chinese Banking
Corp., Ltd. .................. 1,480,959
---------------
3,453,933
---------------
ELECTRICAL EQUIPMENT
32,000 Amtek Engineering Ltd. ....... 64,243
200,000 CSA Holdings, Ltd............. 217,605
100,000 Flextech Holdings Ltd. ....... 63,527
31,000 Venture Manufacturing Ltd. ... 97,052
---------------
442,427
---------------
FINANCIAL SERVICES
78,000 ST Capital Ltd. .............. 92,531
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
HEALTH & PERSONAL CARE
90,000 Tiger Medicals Ltd. .......... $ 131,405
---------------
MACHINERY
27,000 Jurong Engineering Ltd. ...... 160,150
213,000 Keppel Corp., Ltd. ........... 1,704,478
50,000 Seksun Precision Engineering
Ltd. ......................... 40,362
---------------
1,904,990
---------------
REAL ESTATE
470,000 DBS Land Ltd. ................ 1,392,250
---------------
TRANSPORTATION
80,000 Singapore Airlines Ltd. ...... 741,261
20,000 Singapore Technologies
Shipbuilding & Engineering
Ltd. ......................... 35,098
63,000 Singapore Technologies
Shipbuilding & Engineering
Ltd. ......................... 159,203
---------------
935,562
---------------
TOTAL SINGAPORE............... 8,439,859
---------------
SOUTH KOREA (0.3%)
AUTOMOBILES
3,000 Hyundai Motor Co., Ltd.
(GDR)......................... 58,500
---------------
BANKING
9,180 Shinhan Bank.................. 203,177
---------------
CONSTRUCTION & HOUSING
4,896 Daelim Industrial Company..... 114,735
5,000 Dong-Ah Construction
Industrial Co. ............... 209,608
---------------
324,343
---------------
ELECTRICAL EQUIPMENT
1,187 Samsung Electronics Co.
(GDR)......................... 84,135
73 Samsung Electronics Co. ...... 8,176
461 Samsung Electronics Co. (GDR)
144A**........................ 51,632
6,000 Samsung Electronics Co. (GDS)
- 144A**...................... 425,280
---------------
569,223
---------------
ENERGY
11,000 Korea Electric Power Corp. ... 413,878
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
322 Daewoo Telecom Co. ........... $ 5,659
---------------
TOTAL SOUTH KOREA............. 1,574,780
---------------
SPAIN (2.0%)
BANKING
40,000 Argentaria (ADR).............. 720,000
25,000 Banco Bilbao Vizcaya.......... 769,729
1,572 Banco Pastor S.A. ............ 74,257
6,000 Banco Popular Espanol S.A. ... 934,371
---------------
2,498,357
---------------
BUILDING & CONSTRUCTION
19,484 Energia e Industrias
Aragonesas.................... 96,615
93,651 Uralita S.A. ................. 997,821
---------------
1,094,436
---------------
FOREST PRODUCTS, PAPER & PACKAGING
76,908 Empresa Nacional de Celulosa
S.A. ......................... 1,788,413
---------------
STEEL & IRON
9,680 Acerinox S.A. ................ 1,105,882
---------------
TELECOMMUNICATIONS
82,400 Telefonica de Espana S.A. .... 1,134,986
---------------
TEXTILES - APPAREL
8,993 Cortefiel S.A. ............... 260,128
---------------
UTILITIES
11,500 Gas Natural SDG............... 1,450,778
---------------
WHOLESALE & INTERNATIONAL TRADE
40,000 Centros Comerciales Continente
S.A. ......................... 960,947
---------------
TOTAL SPAIN................... 10,293,927
---------------
SWEDEN (2.9%)
AUTOMOBILES
59,000 Volvo AB (Series "B" Free).... 1,446,829
---------------
BUSINESS & PUBLIC SERVICES
28,776 Assa Abloy AB (Series B)...... 188,868
---------------
CONGLOMERATES
34,800 Kinnevik AB (Series "B"
Free)......................... 1,061,710
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
22,903 Elekta Instrument (Series "AB"
Free)......................... $ 981,217
13,108 Kanthal Hoganas AB............ 226,900
---------------
1,208,117
---------------
FOREST PRODUCTS, PAPER & PACKAGING
69,000 Munksjo AB.................... 607,149
54,950 Stora Kopparbergs (Series "B"
Free)......................... 741,132
---------------
1,348,281
---------------
HEALTH & PERSONAL CARE
34,580 Astra AB (Series "A" Free).... 1,239,561
---------------
INDUSTRIALS
20,000 Autoliv AB.................... 1,218,914
---------------
INSURANCE
55,500 Scandia Forsakrings AB........ 1,308,962
---------------
MACHINERY
21,710 Hoganas AB.................... 645,124
105,143 Kalmar Industries AB.......... 1,820,027
---------------
2,465,151
---------------
STEEL & IRON
90,000 Avesta-Sheffield AB........... 980,180
---------------
TELECOMMUNICATIONS
45,000 Ericsson (L.M.) Telephone Co.
AB (Rights)*.................. 52,579
45,000 Ericsson (L.M.) Telephone Co.
AB (Series "B" Free).......... 1,110,005
---------------
1,162,584
---------------
TEXTILES - APPAREL
2,143 SinterCast AB (Series "A"
Free)*........................ 94,284
---------------
TRANSPORTATION
55,000 ASG AB (Series "B" Free)...... 1,063,124
---------------
TOTAL SWEDEN.................. 14,786,565
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
SWITZERLAND (0.8%)
BUILDING & CONSTRUCTION
85 Bossard Holding AG............ $ 147,378
83 Sarna Kunsstoff Holding AG.... 91,383
---------------
238,761
---------------
CONGLOMERATES
177 Zehnder Holdings.............. 98,205
---------------
ELECTRICAL EQUIPMENT
750 BBC Brown Boveri AG........... 870,612
766 Swisslog Holdings AG.......... 235,743
---------------
1,106,355
---------------
HEALTH & PERSONAL CARE
200 Roche Holdings AG............. 1,414,824
---------------
MACHINERY
2,450 Kardex AG..................... 743,389
---------------
MERCHANDISING
800 Fust S.A. AG.................. 239,272
---------------
PUBLISHING & TELEVISION
855 Edipresse S.A. ............... 248,309
---------------
TELECOMMUNICATIONS
230 Phonak Group AG............... 161,509
---------------
TOTAL SWITZERLAND............. 4,250,624
---------------
TAIWAN (0.1%)
INVESTMENT COMPANIES
100,000 Paribas Emerging Markets Fund
- Taiwan Series............... 724,000
---------------
THAILAND (0.8%)
BANKING
440,000 Krung Thai Bank Public Co.,
Ltd. ......................... 1,754,386
---------------
CONSTRUCTION & HOUSING
50,000 Land & House Co., Ltd. ....... 785,486
---------------
ELECTRICAL EQUIPMENT
15,000 Hana Microelectronics Public
Co., Ltd. .................... 60,407
57,500 Thai Stanley Electric Public
Co. .......................... 158,194
---------------
218,601
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
140,000 National Finance & Securities
(Warrants due 11/15/99)*...... $ 376,180
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
122,000 Srithai Superware Co.,
Ltd. ......................... 919,378
---------------
MERCHANDISING
24,000 Robinson Dept Store Co. ...... 48,804
---------------
TOTAL THAILAND................ 4,102,835
---------------
UNITED KINGDOM (9.1%)
AEROSPACE & DEFENSE
75,000 British Aerospace PLC ........ 866,693
---------------
APPLIANCES & HOUSEHOLD DURABLES
130,000 MFI Furniture Group PLC....... 275,759
---------------
BANKING
130,000 Abbey National PLC............ 1,113,324
50,000 National Westminster Bank
PLC........................... 498,645
125,000 Royal Bank of Scotland........ 888,459
190,000 TSB Group PLC................. 827,118
---------------
3,327,546
---------------
BUILDING & CONSTRUCTION
175,000 Blue Circle Industries PLC.... 850,467
150,000 CRH PLC....................... 1,021,035
70,000 Meyer International PLC....... 352,376
---------------
2,223,878
---------------
BUSINESS & PUBLIC SERVICES
70,000 Chubb Security PLC............ 363,457
---------------
CHEMICALS
200,000 Albright & Wilson PLC......... 522,390
30,000 BOC Group PLC................. 378,970
---------------
901,360
---------------
CONSTRUCTION & HOUSING
100,000 Bryant Group.................. 172,547
---------------
ELECTRICAL EQUIPMENT
185,000 General Electric Co. PLC...... 928,350
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
75,000 Associated British Foods
PLC........................... $ 812,079
60,000 B.A.T. Industries PLC......... 500,545
85,000 Bass PLC...................... 858,461
115,000 Guinness PLC.................. 941,173
76,000 Mavesa (ADR) - 144A**......... 243,200
90,000 Northern Foods PLC............ 257,871
62,500 Unilever PLC.................. 1,246,612
---------------
4,859,941
---------------
FOREST PRODUCTS, PAPER & PACKAGING
175,000 Arjo Wiggins Appleton PLC..... 678,711
---------------
GOLD MINING
45,000 Antofagasta Holdings PLC...... 238,637
50,000 Ashanti Goldfields Ltd. (GDS)
- 144A**...................... 1,012,500
---------------
1,251,137
---------------
HEALTH & PERSONAL CARE
140,000 Glaxo Wellcome PLC............ 1,695,393
225,000 Medeva PLC.................... 926,055
45,000 Zeneca Group PLC.............. 814,216
---------------
3,435,664
---------------
INDUSTRIALS
150,000 BTR PLC....................... 774,087
5,266 BTR PLC (Warrants due
05/15/96)*.................... 5,752
3,466 BTR PLC (Warrants due
12/26/97)*.................... 3,786
2,679 BTR PLC (Warrants due
11/26/98)*.................... 1,039
110,000 Scapa Group................... 403,982
80,000 Smiths Industries PLC......... 734,512
---------------
1,923,158
---------------
INSURANCE
80,000 General Accident PLC.......... 778,835
180,000 Prudential Corp. PLC.......... 1,071,374
150,000 Royal Insurance Holdings
PLC........................... 833,450
---------------
2,683,659
---------------
INVESTMENT COMPANIES
290,000 NB Smaller Cos. Trust......... 647,289
900,000 The Throgmorton Trust......... 1,175,377
400,000 TR Smaller Cos. Investment
Trust......................... 1,298,060
---------------
3,120,726
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
LEISURE TIME
100,000 Granada Group PLC............. $ 1,000,456
---------------
MACHINERY
200,000 BBA Group PLC................. 911,807
90,000 IMI PLC (Ordinary)............ 465,877
80,000 TI Group PLC.................. 569,880
105,000 Tomkins PLC................... 415,538
---------------
2,363,102
---------------
MEDIA
75,000 General Cable PLC............. 244,578
---------------
MERCHANDISING
125,000 Boots Co. PLC................. 1,117,994
200,000 Next PLC...................... 1,282,230
50,000 Sears PLC..................... 86,270
---------------
2,486,494
---------------
METALS & MINING
45,000 RTZ Corp. .................... 658,924
---------------
OIL - DOMESTIC
155,000 Lasmo PLC..................... 404,852
---------------
OIL - INTERNATIONAL
300,000 British Petroleum Co. PLC..... 2,251,026
18,000 British Petroleum Co. PLC
(ADR)......................... 1,617,750
---------------
3,868,776
---------------
PUBLISHING & TELEVISION
77,000 Emap PLC...................... 633,833
65,000 Flextech PLC.................. 452,738
100,000 Reuters Holdings PLC.......... 883,314
---------------
1,969,885
---------------
TELECOMMUNICATIONS
380,000 British Telecommunications
PLC........................... 2,376,082
120,000 Vodafone Group PLC............ 503,394
---------------
2,879,476
---------------
TRANSPORTATION
85,000 British Airways PLC........... 605,498
---------------
UTILITIES
75,000 London Electric PLC........... 1,021,035
50,000 National Power PLC............ 407,623
100,000 Thames Water PLC.............. 838,990
105,000 Yorkshire Water PLC........... 1,033,857
---------------
3,301,505
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
WHOLESALE & INTERNATIONAL TRADE
45,000 Inchcape PLC.................. $ 227,952
---------------
TOTAL UNITED KINGDOM.......... 47,024,084
---------------
UNITED STATES (22.3%)
ADVERTISING
8,000 Omnicom Group, Inc. .......... 521,000
---------------
AEROSPACE & DEFENSE
13,000 Boeing Co. ................... 887,250
12,000 General Motors Corp. (Class
H)............................ 492,000
13,000 Lockheed Martin Corp. ........ 872,625
15,500 Loral Corp. .................. 883,500
---------------
3,135,375
---------------
ALUMINUM
20,000 Aluminum Co. of America....... 1,057,500
---------------
APPLIANCES & HOUSEHOLD DURABLES
28,000 Whirlpool Corp. .............. 1,617,000
---------------
AUTO PARTS
10,000 Dana Corp. ................... 288,750
---------------
AUTOMOBILES
12,500 General Motors Corp. ......... 585,938
---------------
BANKING
37,000 Bank of New York Co., Inc. ... 1,720,500
24,500 Citicorp...................... 1,733,375
36,000 First Bank System, Inc. ...... 1,732,500
17,000 First Interstate Bancorp...... 1,712,750
---------------
6,899,125
---------------
BIOTECHNOLOGY
16,000 Amgen Inc.*................... 798,000
---------------
BUILDING & CONSTRUCTION
22,000 Oakwood Homes Corp. .......... 775,500
---------------
BUSINESS SYSTEMS
10,000 Computer Sciences Corp.*...... 643,750
15,500 General Motors Corp. (Class
E)............................ 705,250
---------------
1,349,000
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
CHEMICALS
11,000 Air Products & Chemicals,
Inc. ......................... $ 573,375
11,000 Du Pont (E.I.) de Nemours &
Co. .......................... 756,250
8,500 Monsanto Co. ................. 856,375
1,500 Vigoro Corp. ................. 63,375
---------------
2,249,375
---------------
COMMERCIAL SERVICES
15,000 America Online, Inc.*......... 1,031,250
19,500 C U C International, Inc.*.... 680,063
20,000 Sierra On-Line, Inc.*......... 780,000
14,000 Spyglass, Inc.*............... 640,500
---------------
3,131,813
---------------
COMPUTER EQUIPMENT
11,000 Silicon Graphics, Inc.*....... 378,125
12,000 Stratacom, Inc.*.............. 658,500
---------------
1,036,625
---------------
COMPUTER SOFTWARE
20,000 3Com Corp.*................... 910,000
18,000 Computer Associates
International, Inc. .......... 760,500
32,000 Informix Corp.*............... 1,040,000
10,000 Microsoft Corp.*.............. 905,000
15,000 Parametric Technology
Corp.*........................ 922,500
17,000 Peoplesoft, Inc.*............. 1,538,500
24,000 Xilinx, Inc.*................. 1,155,000
---------------
7,231,500
---------------
CONGLOMERATES
16,000 Allied-Signal, Inc. .......... 706,000
5,000 ITT Corp. .................... 620,000
11,000 Sunstrand Corp. .............. 712,250
---------------
2,038,250
---------------
CONSTRUCTION & HOUSING
30,000 Clayton Homes, Inc. .......... 712,500
---------------
CONTAINERS - METAL & GLASS
17,000 Crown Cork & Seal Co.,
Inc.*......................... 658,750
---------------
DRUGS
19,000 Abbott Laboratories........... 809,875
6,000 Johnson & Johnson............. 444,750
17,000 Merck & Co., Inc. ............ 952,000
9,000 Pfizer, Inc. ................. 480,375
4,000 Schering-Plough Corp. ........ 206,000
---------------
2,893,000
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
21,500 Analog Devices, Inc.*......... $ 744,438
11,500 Emerson Electric Co. ......... 822,250
19,000 Oak Technology, Inc.*......... 795,625
---------------
2,362,313
---------------
ELECTRONICS - SEMICONDUCTORS
12,278 Intel Corp. .................. 738,215
12,000 Motorola, Inc. ............... 916,500
24,000 National Semiconductor
Corp.*........................ 663,000
12,000 Texas Instruments Inc. ....... 958,500
---------------
3,276,215
---------------
FINANCIAL SERVICES
34,000 Beneficial Corp. ............. 1,776,500
68,000 Edwards (A.G.), Inc. ......... 1,810,500
17,000 Federal National Mortgage
Assoc. ....................... 1,759,500
18,500 First Financial Management
Corp. ........................ 1,806,063
19,000 Morgan Stanley Group, Inc. ... 1,826,375
76,000 Schwab (Charles) Corp. ....... 2,128,000
---------------
11,106,938
---------------
FOOD PROCESSING
14,000 Pioneer Hi-Bred International,
Inc. ......................... 644,000
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
12,500 Coca Cola Co. ................ 862,500
18,000 Gillette Co. ................. 857,250
3,000 Procter & Gamble Co. ......... 231,000
---------------
1,950,750
---------------
FOREST PRODUCTS, PAPER & PACKAGING
18,500 Bowater, Inc. ................ 862,563
10,000 International Paper Co. ...... 420,000
13,000 Scott Paper Co. .............. 630,500
---------------
1,913,063
---------------
HEALTH CARE - MISCELLANEOUS
20,000 Boston Scientific Corp.*...... 852,500
17,500 Columbia/HCA Healthcare
Corp. ........................ 850,938
12,000 HBO & Co. .................... 750,000
19,000 Medtronic, Inc. .............. 1,021,250
24,000 Omnicare, Inc. ............... 936,000
11,000 St. Jude Medical, Inc.*....... 695,750
---------------
5,106,438
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
HOTELS/MOTELS
19,000 Hospitality Franchise Systems,
Inc.*......................... $ 995,125
15,000 Marriot International Inc. ... 560,625
---------------
1,555,750
---------------
INDUSTRIALS
19,500 Crane Co. .................... 672,750
13,000 Honeywell, Inc. .............. 557,375
---------------
1,230,125
---------------
INSURANCE
25,000 Aetna Life & Casualty Co. .... 1,834,375
46,800 American General Corp. ....... 1,749,150
21,000 American International Group,
Inc. ......................... 1,785,000
17,000 CIGNA Corp. .................. 1,770,125
28,000 SunAmerica Inc. .............. 1,760,500
34,000 Travelers, Inc. .............. 1,806,250
---------------
10,705,400
---------------
LEISURE TIME
6,000 Hollywood Entertainment
Corp.*........................ 128,250
25,000 Primadonna Resorts, Inc.*..... 375,000
11,000 Walt Disney Co. .............. 631,125
---------------
1,134,375
---------------
MACHINERY
16,000 AGCO Corp. ................... 728,000
17,000 Thermo Electron Corp.*........ 788,375
---------------
1,516,375
---------------
MEDIA
5,000 Clear Channel Communications,
Inc.*......................... 378,750
22,500 Infinity Broadcasting Corp.
(Class A)*.................... 736,875
7,000 Renaissance Communications
Corp.*........................ 245,000
10,000 Viacom, Inc. (Class B)*....... 497,500
40,000 Westwood One, Inc.*........... 710,000
---------------
2,568,125
---------------
METALS & MINING
10,000 Engelhard Corp. .............. 253,750
---------------
NATURAL GAS - DISTRIBUTION
45,000 Williams Companies, Inc. ..... 1,755,000
---------------
OIL - DOMESTIC
31,000 Kerr-McGee Corp. ............. 1,720,500
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
OIL - INTERNATIONAL
34,000 Chevron Corp. ................ $ 1,653,250
24,000 Exxon Corp. .................. 1,734,000
26,000 Mobil Corp. .................. 2,590,250
50,000 Phillips Petroleum Co. ....... 1,625,000
---------------
7,602,500
---------------
OIL SERVICES
72,000 Dresser Industries, Inc. ..... 1,719,000
---------------
POLLUTION CONTROL
19,000 Browning-Ferris Industries,
Inc. ......................... 577,125
35,000 US Filter Corp.*.............. 840,000
---------------
1,417,125
---------------
RAILROADS
10,000 Burlington Northern, Inc. .... 725,000
15,000 Illinois Central Corp. ....... 586,875
---------------
1,311,875
---------------
REAL ESTATE
17,000 Crescent Real Estate Equities,
Inc. ......................... 522,750
---------------
RESTAURANTS
25,000 Applebee's International,
Inc. ......................... 675,000
---------------
RETAIL - SPECIALTY
15,000 Circuit City Stores, Inc. .... 474,375
20,000 Gap, Inc. .................... 720,000
8,000 Home Depot, Inc. ............. 319,000
25,000 OfficeMax, Inc.*.............. 606,250
---------------
2,119,625
---------------
SAVINGS & LOAN COMPANIES
35,000 Golden West Financial
Corp. ........................ 1,767,500
---------------
SEMICONDUCTOR EQUIPMENT
16,000 Altera Corp.*................. 998,000
31,000 EMC Corp.*.................... 561,875
3,000 KLA Instruments Corp.*........ 240,750
16,000 Maxim Integrated Products
Inc.*......................... 1,184,000
8,000 Ultratech Stepper, Inc.*...... 336,000
---------------
3,320,625
---------------
STEEL & IRON
110,000 Bethlehem Steel Corp.*........ 1,553,750
60,000 Inland Steel Industries,
Inc. ......................... 1,365,000
---------------
2,918,750
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS EQUIPMENT
20,500 Ascend Communications,
Inc.*......................... $ 1,637,438
16,000 Cascade Communications
Corp.*........................ 780,000
18,000 DSC Communications Corp.*..... 1,066,500
20,000 General Instrument Corp.*..... 600,000
14,000 Tellabs, Inc.*................ 588,000
8,000 U.S. Robotics Corp.*.......... 682,000
---------------
5,353,938
---------------
TEXTILES - APPAREL
10,000 St. John Knits, Inc. ......... 487,500
---------------
TOTAL UNITED STATES........... 114,994,306
---------------
URUGUAY (0.1%)
BANKING
25,000 Banco Commercial S.A. (ADR) -
144A**........................ 418,750
---------------
VENEZUELA (0.0%)
STEEL & IRON
155,000 Siderurgica Venezolana Sivens
(ADR)......................... 255,750
---------------
TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS
(IDENTIFIED COST
$444,751,910)................. 489,976,407
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENT (a) (3.9%)
U.S. GOVERNMENT AGENCY
$ 20,000 Federal Home Loan Mortgage
Corp. 6.30% due 10/02/95
(Amortized Cost
$19,996,500).................. $ 19,996,500
---------------
TOTAL INVESTMENTS
(IDENTIFIED COST
$464,748,410) (B)........... 98.8% 509,972,907
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 1.2 6,384,478
----- ------------
NET ASSETS.................. 100.0% $516,357,385
----- ------------
----- ------------
<FN>
- ---------------------
ADR American Depository Receipt.
ADS American Depository Shares.
GDS Global Depository Shares.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
*** Partially paid shares. Resale is restricted to qualified institutional
investors.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $470,722,536; the
aggregate gross unrealized appreciation is $53,990,121 and the aggregate
gross unrealized depreciation is $14,739,750, resulting in net unrealized
appreciation of $39,250,371.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT SEPTEMBER 30, 1995:
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS TO IN DELIVERY APPRECIATION
DELIVER EXCHANGE FOR DATE (DEPRECIATION)
- ----------------------------------------------------
<S> <C> <C> <C>
US$ 96,838 HKD 748,800 09/29/95 $ 13
US$ 93,199 Y 9,307,772 09/29/95 252
ATS 1,223,370 US$ 122,521 10/02/95 731
ESP 75,131,500 US$ 610,279 10/02/95 1,533
FIM 1,196,400 US$ 277,845 10/02/95 (2,651)
GBP 1,185,628 US$ 1,873,292 10/02/95 (3,557)
HKD 478,937 US$ 61,932 10/02/95 (14)
IDR 94,780,884 US$ 41,809 10/02/95 (37)
US$ 393,167 MYR 987,026 10/03/95 (477)
US$ 159,159 GBP 100,568 10/04/95 40
US$ 371,010 MYR 930,863 10/06/95 (664)
-------
Net unrealized depreciation......... ($4,831)
-------
-------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Advertising............................... $ 1,040,553 0.2%
Aerospace & Defense....................... 4,002,068 0.8
Aluminum.................................. 2,676,250 0.5
Appliances & Household Durables........... 3,510,569 0.7
Auto Parts................................ 288,750 0.1
Automobiles............................... 9,889,878 1.9
Banking................................... 40,941,375 7.9
Biotechnology............................. 798,000 0.2
Building & Construction................... 12,178,063 2.4
Business & Public Services................ 12,490,242 2.4
Business Systems.......................... 1,349,000 0.3
Chemicals................................. 10,406,828 2.0
Commercial Services....................... 3,131,813 0.6
Computer Equipment........................ 1,036,625 0.2
Computer Software......................... 7,231,500 1.4
Conglomerates............................. 20,363,487 3.9
Construction & Housing.................... 11,673,215 2.3
Containers - Metal & Glass................ 1,804,509 0.3
Data Processing........................... 1,789,501 0.3
Drugs..................................... 2,893,000 0.6
Electrical Equipment...................... 42,012,496 8.1
Electronics - Semiconductors.............. 3,276,215 0.6
Energy.................................... 5,187,718 1.0
Financial Services........................ 18,437,416 3.6
Food Processing........................... 644,000 0.1
Food, Beverage, Tobacco & Household
Products................................ 16,035,683 3.1
Forest Products, Paper & Packaging........ 13,901,205 2.7
Gold Mining............................... 4,601,260 0.9
Health & Personal Care.................... 18,466,205 3.6
Health Care - Miscellaneous............... 5,106,438 1.0
Hotels/Motels............................. 3,427,313 0.7
Industrials............................... 10,454,193 2.0
Insurance................................. 21,771,489 4.2
Investment Companies...................... 15,565,608 3.0
Leisure Time.............................. 3,925,258 0.8
Machinery................................. 23,050,473 4.5
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Media..................................... $ 2,812,703 0.5%
Merchandising............................. 10,327,981 2.0
Metals & Mining........................... 7,313,224 1.4
Natural Gas - Distribution................ 1,755,000 0.3
Oil - Domestic............................ 2,125,352 0.4
Oil - International....................... 13,260,341 2.6
Oil Services.............................. 3,856,668 0.7
Pollution Control......................... 1,417,125 0.3
Publishing & Television................... 9,770,631 1.9
Railroads................................. 1,311,875 0.3
Real Estate............................... 14,180,894 2.7
Restaurants............................... 840,410 0.2
Retail - Specialty........................ 2,119,625 0.4
Savings & Loan Companies.................. 1,767,500 0.3
Semiconductor Equipment................... 3,320,625 0.7
Steel & Iron.............................. 8,806,867 1.7
Telecommunications........................ 16,464,537 3.2
Telecommunications Equipment.............. 5,353,938 1.0
Textiles - Apparel........................ 8,230,210 1.6
Transportation............................ 7,965,847 1.5
U.S. Government Agency.................... 19,996,500 3.9
Utilities................................. 9,687,258 1.9
Wholesale & International Trade........... 1,929,600 0.4
------------------ ---
$ 509,972,907 98.8%
------------------ ---
------------------ ---
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks............................. $ 481,964,382 93.3%
Convertible Bonds......................... 631,054 0.2
Preferred Stocks.......................... 6,700,213 1.3
Rights.................................... 52,579 0.0
Short-Term Investments.................... 19,996,500 3.9
Warrants.................................. 628,179 0.1
------------------ ---
$ 509,972,907 98.8%
------------------ ---
------------------ ---
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $464,748,410)............................ $509,972,907
Cash........................................................ 6,443,194
Receivable for:
Investments sold........................................ 1,460,025
Shares of beneficial interest sold...................... 1,195,491
Dividends............................................... 907,301
Foreign withholding taxes reclaimed..................... 307,813
Interest................................................ 97,451
Prepaid expenses and other assets........................... 78,548
------------
TOTAL ASSETS........................................... 520,462,730
------------
LIABILITIES:
Payable for:
Investments purchased................................... 1,960,555
Shares of beneficial interest repurchased............... 969,678
Plan of distribution fee................................ 423,269
Investment management fee............................... 422,597
Accrued expenses and other payables......................... 329,246
------------
TOTAL LIABILITIES...................................... 4,105,345
------------
NET ASSETS:
Paid-in-capital............................................. 485,265,070
Net unrealized appreciation................................. 45,243,954
Accumulated net investment loss............................. (3,860,938)
Accumulated net realized loss............................... (10,290,701)
------------
NET ASSETS............................................. $516,357,385
------------
------------
NET ASSET VALUE PER SHARE,
29,982,146 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$17.22
------------
------------
</TABLE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $516,059 foreign withholding tax)......... $ 5,785,338
Interest.................................................... 2,017,947
-----------
TOTAL INCOME........................................... 7,803,285
-----------
EXPENSES
Plan of distribution fee.................................... 2,623,913
Investment management fee................................... 2,617,717
Transfer agent fees and expenses............................ 546,654
Custodian fees.............................................. 472,616
Shareholder reports and notices............................. 73,323
Professional fees........................................... 67,110
Trustees' fees and expenses................................. 24,636
Registration fees........................................... 8,452
Other....................................................... 9,264
-----------
TOTAL EXPENSES......................................... 6,443,685
-----------
NET INVESTMENT INCOME.................................. 1,359,600
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments............................................. 7,502,639
Foreign exchange transactions........................... (1,788,898)
-----------
TOTAL GAIN............................................. 5,713,741
-----------
Net change in unrealized appreciation on:
Investments............................................. 41,795,504
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................ (734,383)
-----------
TOTAL APPRECIATION..................................... 41,061,121
-----------
NET GAIN............................................... 46,774,862
-----------
NET INCREASE................................................ $48,134,462
-----------
-----------
</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 SIX MONTHS
ENDED FOR THE YEAR
SEPTEMBER 30, 1995 ENDED
(UNAUDITED) MARCH 31, 1995
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)................................ $ 1,359,600 $ (1,775,444)
Net realized gain (loss).................................... 5,713,741 (8,507,442)
Net change in unrealized appreciation....................... 41,061,121 (54,631,655)
------------------ --------------
NET INCREASE (DECREASE)................................ 48,134,462 (64,914,541)
------------------ --------------
DIVIDENDS AND DISTRIBUTIONS:
In excess of net investment income.......................... -- (505,002)
From net realized gain...................................... -- (12,955,871)
In excess of net realized gain.............................. -- (7,793,881)
------------------ --------------
TOTAL.................................................. -- (21,254,754)
Net increase (decrease) from transactions in shares of
beneficial interest....................................... (44,035,461) 104,859,190
------------------ --------------
TOTAL INCREASE......................................... 4,099,001 18,689,895
NET ASSETS:
Beginning of period......................................... 512,258,384 493,568,489
------------------ --------------
END OF PERIOD
(INCLUDING ACCUMULATED NET INVESTMENT LOSS AND
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME OF
$3,860,938 AND $5,220,531, RESPECTIVELY)................ $516,357,385 $ 512,258,384
------------------ --------------
------------------ --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED)
1. ORGANIZATION AND ACCOUNTING POLICIES
Dean Witter World Wide Investment Trust (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified,
open-end management investment company. The Fund was organized as a
Massachusetts business trust on July 7, 1983 and commenced operations on October
31, 1983.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- (1) an equity security listed or traded on the
New York, American 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 are accreted 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.
C. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward contracts are
translated at the exchange rates prevailing at the end of the period; and
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
(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.
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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
International Capital Management Corp. ("DICAM"), which has a sub-advisory
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 portion of the net assets of
the Fund not exceeding $500 million and 0.95% to the portion of the net assets
of the Fund exceeding $500 million determined as of the close of each business
day. Under their respective agreements, InterCapital, DICAM and NWIM received
fees at the annual rate of 0.55%, 0.225% and 0.225%, respectively, of the
average daily net assets not exceeding $500 million and 0.5225%, 0.21375% and
0.21375%, respectively, of the average daily net assets exceeding $500 million.
On July 26, 1995, the Trustees voted to terminate the existing investment
advisory agreements effective August 1, 1995 and approved interim investment
management and sub-advisory agreements between InterCapital and Morgan Grenfell
Investment Services Limited ("Morgan Grenfell" and "Sub-Adviser"), respectively,
hereafter referred as the "Agreements". Under the interim investment management
agreement, InterCapital became the sole investment adviser to the Fund. Pursuant
to the interim investment management agreement, the Fund pays InterCapital a
management fee, accrued daily and payable monthly, by applying the following
annual rates to the net assets of the Fund determined as of the close of each
business day: 0.55% to the average daily net assets not exceeding $500 million
and 0.5225% to the portion of daily net assets in excess of $500 million.
Pursuant to the interim sub-advisory agreement with Morgan Grenfell, the Fund
pays its sub-adviser a sub-advisory fee, accrued daily and payable monthly, by
applying the following annual rates to the net assets of the Fund determined as
of the close of each business day: 0.45% to the average daily net assets not
exceeding $500 million and 0.4275% to the portion of daily net assets in excess
of $500 million.
Effective October 31, 1995, the shareholders approved a new investment
management agreement and sub-advisory agreement. Pursuant to the new Investment
Management Agreement with InterCapital, the Fund will pay InterCapital a fee,
accrued daily and payable monthly, by applying the following annual rates to the
net assets of the Fund determined as of the close of each business day: 1.0% to
the average daily net assets not exceeding $500 million and 0.95% to the portion
of daily net assets in excess of $500 million. Under the sub-advisory agreement
between Morgan Grenfell and the Investment Manager, the Sub-Adviser provides the
Fund with investment advice and portfolio management relating to the Fund's
non-U.S. investments, subject to the overall supervision of the
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
Investment Manager. As compensation for its services provided pursuant to the
Sub-Advisory Agreement, the Investment Manager will pay the Sub-Adviser monthly
compensation equal to 40% of its monthly compensation.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager 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 dividend or capital gain distributions) less the
average daily aggregate net asset value of the Fund's shares redeemed since the
Fund's inception upon which a contingent deferred sales charge has been imposed
or upon which such charge has been waived; or (b) the Fund's average daily net
assets. Amounts paid under the Plan are paid to the Distributor to compensate it
for the services provided and the expenses borne by it and others in the
distribution of the Fund's shares, including the payment of commissions for
sales of the Fund's shares and incentive compensation to, and expenses of, the
account executives of Dean Witter Reynolds Inc ("DWR"), an affiliate of the
Investment Manager and Distributor, and other employees or selected dealers who
engage in or support distribution of the Fund's shares or who service
shareholder accounts, including overhead and telephone expenses, printing and
distribution of prospectuses and reports used in connection with the offering of
the Fund's shares to other than current shareholders and preparation, printing
and distribution of sales literature and advertising materials. In addition, the
Distributor may be compensated under the Plan for its opportunity costs in
advancing such amounts, which compensation would be in the form of a carrying
charge on any unreimbursed expenses incurred by the Distributor.
Provided that the Plan continues in effect, any cumulative expenses incurred but
not yet recovered by the Distributor, may be recovered through future
distribution fees from the Fund and contingent deferred sales charges from the
Fund's shareholders.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
The Distributor has informed the Fund that for the six months ended September
30, 1995, it received approximately $546,000 in contingent deferred sales
charges from redemptions of the Fund's shares. The Fund's shareholders pay such
charges which are not an expense of the Fund.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended September 30, 1995 aggregated
$348,863,122 and $336,463,189, respectively.
For the six months ended September 30, 1995, the Fund incurred brokerage
commissions of $1,804,072 and $52,681 with DWR and affiliates of DICAM,
respectively, for portfolio transactions executed on behalf of the Fund.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At September 30, 1995, the Fund had
transfer agent fees and expenses payable of approximately $117,000.
The Fund has 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 six months ended September 30, 1995
included in Trustees' fees and expenses in the Statement of Operations amounted
to $5,494. At September 30, 1995, the Fund had an accrued pension liability of
$65,669 which is included in accrued expenses in the Statement of Assets and
Liabilities.
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
SEPTEMBER 30, 1995 MARCH 31, 1995
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 2,265,049 $ 37,820,653 12,071,397 $218,983,098
Reinvestment of dividends and distributions...................... -- -- 1,205,947 20,079,027
----------- -------------- ----------- ------------
2,265,049 37,820,653 13,277,344 239,062,125
Repurchased...................................................... (4,884,985) (81,856,114) (7,792,735) (134,202,935)
----------- -------------- ----------- ------------
Net increase (decrease).......................................... (2,619,936) $ (44,035,461) 5,484,609 $104,859,190
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED) CONTINUED
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.
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.
Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.
At September 30, 1995, there were no outstanding forward contracts other than
those used to facilitate settlement of foreign currency denominated portfolio
transactions.
At September 30, 1995, the Fund's cash balance consisted primarily 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>
(UNAUDITED)
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED MARCH 31
SEPTEMBER 30, -------------------------------------------------------------------------
1995 1995 1994 1993 1992
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of
period............................ $ 15.71 $ 18.20 $ 14.72 $ 14.65 $ 14.57
------ ------ ------ ------ ------
Net investment income (loss)....... 0.03 (0.02) (0.05) -- --
Net realized and unrealized gain
(loss)............................ 1.48 (1.83) 4.24 0.39 1.05
------ ------ ------ ------ ------
Total from investment operations... 1.51 (1.85) 4.19 0.39 1.05
------ ------ ------ ------ ------
Less dividends and distributions:
From net investment income...... -- -- -- -- (0.05)
In excess of net investment
income.......................... -- (0.02) -- -- --
From net realized gain.......... -- (0.39) (0.71) (0.32) (0.92)
In excess of net realized
gain............................ -- (0.23) -- -- --
------ ------ ------ ------ ------
Total dividends and
distributions..................... -- (0.64) (0.71) (0.32) (0.97)
------ ------ ------ ------ ------
Net asset value, end of period..... $ 17.22 $ 15.71 $ 18.20 $ 14.72 $ 14.65
------ ------ ------ ------ ------
------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN+........... 9.61%(1) (10.37)% 28.40% %2.69 %7.33
RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 2.46%(2) %2.41 %2.40 %2.42 %2.27
Net investment income (loss)....... 0.52%(2) (0.32)% (0.61)% %0.06 %0.03
SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $516,357 $512,258 $493,568 $217,759 $262,852
Portfolio turnover rate............ 72%(1) % 67 % 68 % 139 % 89
<CAPTION>
1991
- ----------------------------------------------------------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of
period............................ $ 14.84
------
Net investment income (loss)....... 0.23
Net realized and unrealized gain
(loss)............................ 0.18
------
Total from investment operations... 0.41
------
Less dividends and distributions:
From net investment income...... (0.23)
In excess of net investment
income.......................... --
From net realized gain.......... (0.45)
In excess of net realized
gain............................ --
------
Total dividends and
distributions..................... (0.68)
------
Net asset value, end of period..... $ 14.57
------
------
TOTAL INVESTMENT RETURN+........... %2.80
RATIOS TO AVERAGE NET ASSETS:
Expenses........................... %2.29
Net investment income (loss)....... %1.53
SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $278,676
Portfolio turnover rate............ % 68
<FN>
- ---------------------
+ Does not reflect the deduction of sales charge.
(1) Not annualized.
(2) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<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
Mark Bavoso
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.
SUB-ADVISER
Morgan Grenfell Investment Services Limited
The financial statements included herein have been taken from the records of the
Fund without examination by the independent accountants and accordingly they do
not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and trustees,
fees, expenses and other pertinent information, please see the prospectus of the
Fund.
This report is not authorized for distribution to prospective investors in the
Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER WORLD WIDE INVESTMENT TRUST
[Graphic]
SEMIANNUAL REPORT
SEPTEMBER 30, 1995
