<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW
YORK 10048
LETTER TO THE SHAREHOLDERS SEPTEMBER 30, 1996
DEAR SHAREHOLDER:
We are pleased to present the semiannual report on the operations of Dean Witter
World Wide Investment Trust for the six-month period ended September 30, 1996.
During this time, global equity markets continued to provide positive returns as
inflation remained contained and downward pressure on global interest rates
persisted. Against this economic backdrop, Dean Witter World Wide Investment
Trust provided a total return of 0.88% versus 3.54% for the Morgan Stanley
Capital International World Index.
GLOBAL MARKET OVERVIEW
During the past six months, North American equity markets led most of the world
in total return performance. A moderate U.S. economic growth cycle, consistent
with the Federal Reserve Board's desire to engineer a "soft landing" back to GDP
growth of 2.5 percent, provided a favorable trading environment for the North
American economic partners. In addition, a neutral interest rate environment and
benign inflationary trends helped the U.S., Canadian and Latin American equity
markets to post the globe's best total returns.
Other world markets had mixed results during the period. While generally
positive interest rate and inflationary trends led to acceptable returns in
Europe, Asian markets performed poorly in response to a lack of consistent
economic growth indicators throughout the region. In Japan, a strong first
quarter recovery rapidly eroded and raised investor concerns that the
long-awaited economic growth cycle had not yet materialized. The Japanese equity
market, which peaked in June, experienced a correction reflecting this lack of
conviction in Japan's economic recovery.
The historically more robust growth markets of the Pacific Rim also
underperformed, and markets such as Malaysia and Singapore corrected from their
peaks after two years of above-average performance. This
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS SEPTEMBER 30, 1996, CONTINUED
occurred partly in response to Japan's sputtering growth but also because of
China's sluggish economic recovery and concerns that possibly higher U.S.
interest rates may impede the flow of capital into the region.
PORTFOLIO STRUCTURE & ALLOCATION
The portfolio is positioned to capitalize on two key trends that we perceive
developing in world markets. First, Japan has just begun an extended period of
sustainable economic growth after many years of recession. Second, market
valuations in the globe's most impressive economic regions (the Pacific Rim and
Latin America) are extremely attractive. In response to this analysis, the
portfolio allocations for Dean Witter World Wide Investment Trust ended the
period as follows:
<TABLE>
<CAPTION>
REGIONAL TARGET ALLOCATIONS
(SEPTEMBER 30, 1996)
<S> <C>
Japan.............................. 35.0%
United States...................... 25.0%
Europe............................. 20.0%
Pacific Rim........................ 12.5%
Latin America...................... 6.5%
Other.............................. 1.0%
</TABLE>
While we believe that long-term trends will support these allocations, the
Fund's heavy weighting in Japan, as well as in the Pacific Rim and Latin
America, contributed to the Fund underperforming its benchmark, the Morgan
Stanley Capital International World Index. During the period under review, the
results in these markets were disappointing while the United States and Europe,
where the Fund is underweighted, performed well. Although these allocations
adversely affected the Fund over this time period, we remain confident in the
Fund's long-term strategy which represents our projections regarding the
superior growth prospects of Japan, the Pacific Rim and Latin America.
A NOTE REGARDING SOME RECENT PUBLICITY SURROUNDING MORGAN GRENFELL
Recently, some of you may have read, in the press, of an overseas investigation
concerning an individual associated with an affiliate of the Fund's sub-advisor.
We believe that it is important for shareholders to understand the facts behind
this recent attention. The investigation currently underway concerns alleged
trading irregularities on the part of one portfolio manager at the affiliate.
Although this individual was not at any time involved with World Wide Investment
Trust, it was deemed advisable that the affiliate purchase from the Fund two
securities whose separate holdings by
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS SEPTEMBER 30, 1996, CONTINUED
the affiliate had become part of the investigation. These securities represented
only a very small percentage of the Fund's portfolio (approximately
one-twentieth of one percent) and were purchased by the affiliate at their cost
to the Fund plus interest. Neither the Fund, nor its shareholders, incurred any
loss as a result of the sale of these securities to the sub-advisor's affiliate.
LOOKING AHEAD
We continue to believe that long-term investors will benefit from our
diversified investment approach, high quality equity portfolio and strategic
emphasis on Japan and the Pacific Rim. Economic cycle changes, especially at
their inflection points, tend to provide investors with the greatest total
return opportunities over extended periods of time. We believe that Japan's
economic recovery, and subsequent slow down, may be compared to the United
States' own recovery four years ago. At that
time, fears of a "double-dip" back into recession frightened many investors out
of the U.S. equity market, just before the S&P 500 rallied to provide in excess
of 50 percent total return by 1996. It is our view that this potential exists
today in recovering economies around the world.
We appreciate your ongoing support of Dean Witter World Wide Investment Trust
and look forward to continuing to serve your investment needs.
Very truly yours,
[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (98.2%)
ARGENTINA (0.5%)
AUTOMOBILES
8,000 Ciadea S.A.*................. $ 38,006
---------------
ENERGY
38,500 Yacimentos Petroliferos
Fiscales S.A. (ADR).......... 880,687
---------------
RETAIL
46,000 Disco S.A. (ADR)*............ 902,750
---------------
TELECOMMUNICATIONS
15,500 Telecom Argentina Stet -
France Telecom S.A. (Class B)
(ADR)........................ 625,813
---------------
TOTAL ARGENTINA.............. 2,447,256
---------------
AUSTRALIA (1.0%)
BUILDING & CONSTRUCTION
155,453 Adelaide Brighton Ltd........ 209,090
400,000 Macmahon Holdings Ltd........ 303,821
---------------
512,911
---------------
ENERGY
41,000 Broken Hill Proprietary Co.
Ltd.......................... 525,515
90,000 Woodside Petroleum Ltd....... 596,723
---------------
1,122,238
---------------
METALS & MINING
65,000 Capral Aluminium Ltd......... 197,998
600,000 M.I.M. Holdings Ltd.......... 731,069
262,000 Pasminco Ltd................. 385,568
---------------
1,314,635
---------------
MULTI-INDUSTRY
50,721 McPherson's Ltd.*............ 106,747
---------------
RETAIL
120,000 Foodland Associated Ltd...... 477,568
30,000 Harvey Norman Holdings
Ltd.......................... 138,856
225,000 Woolworth's Ltd.............. 502,016
---------------
1,118,440
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TRANSPORTATION
127,000 Mayne Nickless Ltd........... $ 859,124
---------------
TOTAL AUSTRALIA.............. 5,034,095
---------------
AUSTRIA (0.2%)
ELECTRICAL EQUIPMENT
1,180 Austria Mikro Systeme
International AG............. 83,488
---------------
TRANSPORTATION
15,000 Flughafen Wien AG............ 791,424
---------------
TOTAL AUSTRIA................ 874,912
---------------
BELGIUM (0.2%)
RESTAURANTS
1,840 Quick Restaurants S.A........ 135,096
---------------
RETAIL
25,000 G.I.B. Holdings Ltd.......... 1,038,415
---------------
TOTAL BELGIUM................ 1,173,511
---------------
BRAZIL (2.4%)
APPLIANCES & HOUSEHOLD DURABLES
59,000 Refrigeracao Parana S.A.
(ADR)........................ 724,815
---------------
BUILDING & CONSTRUCTION
23,000 Elevadores Atlas S.A.*....... 247,821
---------------
CHEMICALS
70,000 Rhodia-Ster S.A. (GDR) -
144A**....................... 268,310
---------------
FOREST PRODUCTS, PAPER & PACKAGING
97,500 Aracruz Celulose S.A.
(ADR)........................ 853,125
60,000 Votorantim Celulose e Papel
S.A. (ADR)................... 591,000
---------------
1,444,125
---------------
INVESTMENT COMPANIES
1,000,000 Brazilian Smaller Co.
Investment Trust............. 1,190,000
200,000 Brazilian Smaller Co.
Investment Trust (Warrants
due 09/30/07)*............... 106,000
---------------
1,296,000
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
RETAIL
61,000 Lojas Arapua S.A. (ADR) -
144A**....................... $ 1,049,200
67,000 Makro Atacadista S.A.*....... 616,400
---------------
1,665,600
---------------
STEEL & IRON
42,000 Companhia Acos Especia
(ADR)........................ 166,740
20,000 Companhia Siderurgica
Nacional (ADR)............... 426,660
35,000 Companhia Vale do Rio Doce
S.A. (ADR)................... 694,155
50,000 Usinas Siderurgicas de Minas
Gerais S.A. (ADR) - 144A**... 494,500
20,000 Usinas Siderurgicas de Minas
Gerais S.A. (S Shares)
(ADR)........................ 197,800
---------------
1,979,855
---------------
TELECOMMUNICATIONS
23,705 Telecomunicacoes Brasileiras
S.A. (ADR)................... 1,860,842
---------------
UTILITIES - ELECTRIC
60,000 Centrais Electricas
Brasileiras S.A. (Class B)
(ADR)........................ 789,960
54,000 Companhia Energetica de Minas
Gerais S.A. (Pref.) (ADR)* -
144A**....................... 1,613,250
50,000 Companhia Energetica de Sao
Paulo (Pref.) (ADR)*......... 433,350
---------------
2,836,560
---------------
TOTAL BRAZIL................. 12,323,928
---------------
CANADA (0.3%)
ENERGY
19,500 Talisman Energy, Inc.*....... 534,070
---------------
INDUSTRIALS
22,000 Canadian Pacific, Ltd........ 510,464
---------------
MANUFACTURING
35,000 Bombardier, Inc. (Class B)... 498,568
---------------
TOTAL CANADA................. 1,543,102
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
CHILE (0.6%)
BANKING
18,000 Banco de A. Edwards (Series
A) (ADR)..................... $ 333,000
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
78,200 Compania Cervecerias Unidas
S.A. (ADR)................... 1,632,425
---------------
TELECOMMUNICATIONS
7,500 Compania de
Telecommunicaciones de Chile
S.A. (ADR)................... 724,687
---------------
UTILITIES - ELECTRIC
15,000 Enersis S.A. (ADR)........... 483,750
---------------
TOTAL CHILE.................. 3,173,862
---------------
COLOMBIA (0.2%)
FINANCIAL SERVICES
60,000 Corporacion Financiera Valle
(GDR)*....................... 382,500
---------------
RETAIL
42,000 Gran Cadena Almacenes (Class
B) (Pref.) (ADR) - 144A**.... 462,000
---------------
TOTAL COLOMBIA............... 844,500
---------------
DENMARK (0.6%)
BUSINESS & PUBLIC SERVICES
12,500 Kobenhavns Lufthavne AS...... 1,249,893
---------------
CONGLOMERATES
2,350 Martin Gruppen*.............. 128,536
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
3,784 Oticon Holding AS............ 604,741
---------------
PHARMACEUTICALS
6,080 Novo-Nordisk AS (Series B)... 948,815
---------------
TOTAL DENMARK................ 2,931,985
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
FINLAND (0.0%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
2,300 Cultor Oy 1.................. $ 118,541
---------------
FRANCE (2.4%)
APPLIANCES & HOUSEHOLD DURABLES
3,320 Airfeu S.A................... 120,165
---------------
BUILDING & CONSTRUCTION
19 Assystem..................... 1,663
---------------
BUILDING MATERIALS
7,500 IMETAL....................... 1,089,314
---------------
BUSINESS & PUBLIC SERVICES
1,770 Grand Optical-Photoservice... 234,112
---------------
COMMERCIAL SERVICES
350 Altran Technologies S.A...... 97,738
---------------
COMPUTER SOFTWARE
540 Fininfo S.A.................. 55,947
500 Jet Multimedia............... 58,097
---------------
114,044
---------------
CONSUMER PRODUCTS
6,800 Societe BIC S.A.............. 892,831
---------------
ELECTRICAL EQUIPMENT
2,430 CIPE France S.A.............. 250,351
---------------
FINANCIAL SERVICES
4,000 Cetelem Group................ 861,381
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,378 Brioche Pasquier S.A......... 179,328
4,400 LVMH Moet-Hennessy Louis
Vuitton...................... 955,188
28,000 SEITA........................ 1,176,653
---------------
2,311,169
---------------
HEALTH & PERSONAL CARE
10,640 Sanofi S.A................... 872,003
---------------
MANUFACTURING
1,000 Stedim S.A................... 74,558
---------------
PHARMACEUTICALS
5,500 Genset (ADR)*................ 94,875
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
RETAIL
2,250 Carrefour Supermarche........ $ 1,263,169
6,322 Castorama Dubois
Investissement............... 1,145,938
250 Castorama Dubois
Investissement 3.15% due
01/01/03 (Conv.)............. 58,775
2,129 Guilbert S.A................. 319,115
---------------
2,786,997
---------------
STEEL & IRON
80,250 Usinor Sacilor............... 1,238,608
---------------
TEXTILES
2,443 Deveaux S.A.................. 282,441
2,825 Hermes International......... 662,511
---------------
944,952
---------------
WHOLESALE & INTERNATIONAL TRADE
43 Bertrand Faure............... 1,582
---------------
TOTAL FRANCE................. 11,986,343
---------------
GERMANY (2.2%)
APPAREL
14,400 Adidas AG.................... 1,311,408
---------------
AUTO PARTS
6,050 Kiekert AG................... 157,478
---------------
AUTOMOBILES
1,900 Bayerische Motoren Werke
(BMW) AG..................... 1,088,152
3,000 Volkswagen AG................ 1,119,197
---------------
2,207,349
---------------
BUILDING & CONSTRUCTION
410 Sto AG (Pref.)............... 202,957
---------------
CHEMICALS
37,746 BASF AG...................... 1,187,915
28,000 Bayer AG..................... 1,028,062
8,700 SGL Carbon AG................ 1,015,342
---------------
3,231,319
---------------
ELECTRICAL EQUIPMENT
2,090 Effeff Fritz Fuss GmbH &
Co........................... 81,671
---------------
ENTERTAINMENT
1,043 CeWe Color Holding AG........ 300,208
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
9,650 Berentzen-Gruppe AG
(Pref.)...................... $ 351,151
9,650 Berentzen Gruppe AG
(Rights)*.................... 18,981
---------------
370,132
---------------
FURNITURE
6,320 Moebel Walther AG............ 385,366
---------------
HEALTH & PERSONAL CARE
96 Rhoen-Klinikum AG............ 11,456
2,608 Rhoen-Klinikum AG (Pref.).... 290,690
---------------
302,146
---------------
INSURANCE
1,320 Marschollek, Lautenschlaeger
und Partner AG (Pref.)....... 166,168
---------------
MERCHANDISING
338 Hach AG (Pref.).............. 131,858
---------------
PHARMACEUTICALS
16,250 Gehe AG...................... 1,086,743
---------------
RETAIL
8,365 Fielmann AG (Pref.).......... 348,267
---------------
TEXTILES
160 Hugo Boss AG (Pref.)......... 186,730
400 Jil Sander AG (Pref.)........ 257,671
6,000 Puma AG*..................... 189,614
---------------
634,015
---------------
TOTAL GERMANY................ 10,917,085
---------------
HONG KONG (5.6%)
AUTOMOBILES
50,000 Jardine International Motor
Holdings Ltd................. 63,366
---------------
BANKING
117,200 HSBC Holdings PLC............ 2,174,917
120,000 Liu Chong Hing Bank Ltd...... 166,822
39,000 Wing Hang Bank Ltd........... 146,260
---------------
2,487,999
---------------
BUILDING & CONSTRUCTION
110,000 Harbour Centre Development... 152,209
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
BUILDING MATERIALS
9,087 Asia Cement Corp. (GDR)...... $ 186,284
---------------
CONGLOMERATES
1,331,000 First Pacific Co. Ltd........ 2,013,850
200,000 Four Seas Mercantile Holdings
Ltd.......................... 93,110
460,000 Hutchison Whampoa, Ltd....... 3,093,317
264,000 Swire Pacific Ltd. (Class
A)........................... 2,364,215
---------------
7,564,492
---------------
ENTERTAINMENT
400,000 Gold Peak Industries
(Holdings) Ltd............... 247,000
---------------
HOTELS/MOTELS
308,000 Grand Hotel Holdings Ltd..... 127,457
465,000 Hong Kong & Shanghai Hotels
Ltd.......................... 838,862
---------------
966,319
---------------
REAL ESTATE
342,000 Cheung Kong (Holdings)
Ltd.......................... 2,631,518
580,000 China Overseas Land &
Investment................... 196,888
200,000 China Resources Enterprise
Ltd.......................... 201,738
285,000 Henderson Land Development
Co. Ltd...................... 2,441,709
172,260 HKR International Ltd........ 200,489
440,000 Hon Kwok Land Investment
Ltd.......................... 137,984
1,019,000 Hong Kong Land Holdings
Ltd.......................... 2,374,270
528,000 Hysan Development Co. Ltd.... 1,652,390
322,000 New World Development........ 1,690,616
85,000 Sun Hung Kai Properties
Ltd.......................... 904,103
---------------
12,431,705
---------------
TELECOMMUNICATIONS
998,400 Hong Kong Telecommunications
Ltd.......................... 1,807,573
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
UTILITIES
1,477,000 Hong Kong & China Gas Co.
Ltd.......................... $ 2,511,710
---------------
TOTAL HONG KONG.............. 28,418,657
---------------
INDIA (0.3%)
AUTOMOBILES
29,000 Tata Engineering & Locomotive
Co. Ltd. (GDR)............... 362,500
---------------
BUILDING & CONSTRUCTION
30,000 Larsen & Toubro Ltd. (GDR)... 416,100
---------------
FINANCIAL SERVICES
26,000 Industrial Credit &
Investment Corporation of
India Ltd. (GDR)*............ 282,100
---------------
METALS & MINING
15,000 Hindalco Industries Ltd.
(GDR)*....................... 273,750
---------------
UTILITIES - ELECTRIC
19,000 BSES Ltd. (GDR)* - 144A**.... 318,250
---------------
TOTAL INDIA.................. 1,652,700
---------------
INDONESIA (0.6%)
BANKING
40,000 PT Bank Bali (Warrants due
08/29/00)*................... 17,228
40,000 PT Pan Indonesia Bank........ 38,763
---------------
55,991
---------------
CHEMICALS
129,400 PT Aneka Kimia Raya
(Restricted)................. 68,272
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
73,000 PT Fast Food Indonesia
(Local)...................... 103,756
---------------
FOREST PRODUCTS, PAPER & PACKAGING
IDR 500,000 PT Tjiwi Kimia 0.00% due
03/26/97 (Conv.)*............ 565,000
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
INDUSTRIALS
50,000 PT Bukaka Teknik Utama....... $ 40,378
---------------
INVESTMENT COMPANIES
2,000,000 Peregrine Indonesia Fund
Ltd.*........................ 2,060,000
---------------
MERCHANDISING
77,400 PT Tigaraksa Satria.......... 153,347
---------------
TOTAL INDONESIA.............. 3,046,744
---------------
ITALY (0.8%)
APPLIANCES & HOUSEHOLD DURABLES
5,200 Industrie Natuzzi SpA
(ADR)........................ 241,800
---------------
BUILDING & CONSTRUCTION
17,047 Saes Getters Di Risp......... 253,522
12,791 Saes Getters SpA............. 225,081
---------------
478,603
---------------
ELECTRICAL EQUIPMENT
32,945 Gewiss SpA................... 432,633
---------------
ENERGY
225,000 Ente Nazionale Idrocarburi
SpA.......................... 1,150,115
---------------
MACHINERY
21,800 IMA SpA...................... 93,684
---------------
TELECOMMUNICATIONS
546,000 Telecom Italia Mobile SpA.... 1,211,740
---------------
VISION CARE & INSTRUMENTS
14,470 De Rigo SpA (ADR)*........... 162,788
---------------
TOTAL ITALY.................. 3,771,363
---------------
JAPAN (33.8%)
APPLIANCES & HOUSEHOLD DURABLES
20,000 Beltecno Corp................ 229,741
35,000 Itoki Crebio Corp............ 288,971
25,000 Juken Sangyo Co.............. 240,061
---------------
758,773
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
AUTO PARTS
32,000 Bridgestone Metalpha Corp.... $ 376,200
---------------
AUTOMOBILES
433,000 Mitsubishi Motors Corp....... 3,656,583
150,000 Suzuki Motor Co. Ltd......... 1,830,746
---------------
5,487,329
---------------
BANKING
396,000 Asahi Bank, Ltd.............. 4,513,327
223,000 Sanwa Bank, Ltd.............. 4,022,525
222,000 Sumitomo Bank................ 4,104,101
161,000 Sumitomo Trust & Banking..... 2,022,795
---------------
14,662,748
---------------
BUILDING & CONSTRUCTION
20,000 Kaneshita Construction....... 229,741
10,000 Maezawa Kaisei Industries.... 384,995
20,000 Mitsui Home Co., Ltd......... 285,381
399,000 Nishimatsu Construction
Co........................... 3,867,181
16,000 Oriental Construction Co..... 258,458
322,000 Sekisui House Ltd............ 3,525,442
23,000 Tohoku Misawa Homes Co.,
Ltd.......................... 317,868
---------------
8,869,066
---------------
BUILDING MATERIALS
22,000 Nichiha Corp................. 428,430
50,000 Shin Nikkei Co., Ltd......... 320,829
88,000 Tostem Corp.................. 2,606,120
45,000 Toyo Shutter................. 363,053
---------------
3,718,432
---------------
BUSINESS & PUBLIC SERVICES
20,000 Chuo Warehouse Co............ 224,356
8,000 Nichii Gakkan Co............. 404,918
12,000 Nippon Kanzai................ 351,072
67,000 Secom........................ 4,238,984
30,000 Tanseisha.................... 352,688
---------------
5,572,018
---------------
CHEMICALS
600,000 Asahi Chemical Industrial Co.
Ltd.......................... 3,903,796
337,000 Kaneka Corp.................. 2,071,659
323,000 Nippon Shokubai K.K. Co...... 2,846,505
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
64,000 Sakai Chemical Industry
Co........................... $ 361,842
35,000 Sintokogio................... 314,099
---------------
9,497,901
---------------
COMPUTER SOFTWARE
12,000 CSK Corp..................... 373,688
20,000 Ines......................... 360,765
5,000 Mars Engineering Corp........ 298,394
20,000 Meitec....................... 382,303
---------------
1,415,150
---------------
CONGLOMERATES
12,000 Enix Corp.................... 309,073
615,000 Mitsui & Co.................. 5,348,066
24,000 Yamae Hisano................. 247,689
---------------
5,904,828
---------------
DATA PROCESSING
15,000 Daiwabo Information Systems
Co........................... 317,688
30,000 Ricoh Elemex................. 454,994
---------------
772,682
---------------
ELECTRICAL EQUIPMENT
240,000 Canon, Inc................... 4,716,863
423,000 Hitachi Cable................ 3,131,787
40,000 Kyocera Corp................. 2,853,810
30,700 Mabuchi Motor Co............. 1,708,158
150,000 Matsushita Electric
Industrial Co. Ltd........... 2,517,275
30,000 Mitsuba Electric Co. Ltd..... 331,150
15,000 Mitsui High-Tec.............. 314,996
75,000 Nippon Electric Glass Co.,
Ltd.......................... 1,224,984
50,000 Nissin Electric.............. 332,047
35,000 Nitto Electric Works......... 678,453
91,000 Rohm Co...................... 5,741,093
143,000 Ryoyo Electro Corp........... 2,938,796
12,000 Satori Electric Co., Ltd..... 409,226
---------------
26,898,638
---------------
ELECTRONICS
35,000 Fanuc, Ltd................... 1,287,804
20,000 Maspro Denkoh Corp........... 482,814
46,000 Sony Corp.................... 2,902,091
---------------
4,672,709
---------------
ENGINEERING & CONSTRUCTION
119,000 Kajima Corp.................. 1,099,973
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
405,000 New Japan Securities Co.,
Ltd.*........................ $ 2,104,415
12,000 Nissin Co. Ltd............... 343,534
150,000 Nomura Securities Co. Ltd.... 2,759,580
42,000 Orix Corp.................... 1,620,748
4,000 Sanyo Shinpan Finance Co.,
Ltd.......................... 244,099
12,000 Shinki Co. Ltd............... 344,611
---------------
7,416,987
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
14,000 Stamina Foods................ 119,357
---------------
FOREST PRODUCTS, PAPER & PACKAGING
40,000 Daishowa Paper Manufacturing
Co. Ltd.*.................... 259,176
---------------
HEALTH & PERSONAL CARE
14,000 Aderans Co. Ltd.............. 355,560
262,000 Eisai Co. Ltd................ 4,984,654
93,000 Kao Corp..................... 1,160,100
25,000 Kawasumi Laboratories,
Inc.......................... 329,803
11,000 Seijo Corp................... 288,253
45,000 Terumo....................... 577,493
---------------
7,695,863
---------------
HEALTHCARE PRODUCTS & SERVICES
5,500 Paramount Bed Co............. 392,399
60,000 Shimadzu Corp................ 372,072
---------------
764,471
---------------
INDUSTRIALS
75,000 Tokai Carbon Co., Ltd.*...... 399,803
---------------
INSURANCE
205,000 Dai-Tokyo Fire & Marine
Insurance Co. Ltd............ 1,414,745
312,000 Tokio Marine & Fire Insurance
Co........................... 3,695,953
---------------
5,110,698
---------------
MACHINE TOOLS
50,000 Nippon Thompson Co........... 382,751
11,000 Nitto Kohki Co. Ltd.......... 444,225
---------------
826,976
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
MACHINERY
35,000 Aichi Corp................... $ 320,380
346,000 Asahi Diamond Industries Co.
Ltd.......................... 4,036,615
35,000 CKD Corp..................... 293,682
14,000 Fuji Machine Manufacturing
Co........................... 358,072
35,000 Fujitec Co. Ltd.............. 386,341
140,000 Kawasaki Heavy Industries.... 674,684
405,000 Komatsu Ltd.................. 3,510,993
225,000 Minebea Co., Ltd............. 1,996,994
10,000 Misumi Corp.................. 285,381
517,000 Mitsubishi Heavy Industries,
Ltd.......................... 4,208,193
50,000 OSG Corp..................... 363,457
25,000 Sansei Yusoki Co., Ltd....... 332,047
30,000 Takuma Co., Ltd.............. 384,995
50,000 Tsudakoma.................... 313,650
---------------
17,465,484
---------------
MANUFACTURED HOUSING
30,000 Kawasho Gecoss Corp.......... 349,996
---------------
MANUFACTURING
20,000 Arcland Sakamoto............. 296,150
---------------
MEDIA
174,000 Dai Nippon Printing Co.
Ltd.......................... 3,247,958
---------------
REAL ESTATE
50,000 Cesar Co..................... 415,956
27,000 Chubu Sekiwa Real Estate,
Ltd.......................... 390,110
12,000 Japan Industrial Land
Development.................. 323,073
23,000 Kansai Sekiwa Real Estate.... 332,316
30,000 Sekiwa Real Estate........... 269,227
460,000 Sumitomo Realty &
Development.................. 3,541,955
---------------
5,272,637
---------------
RETAIL
11,000 Circle K Japan Co. Ltd....... 488,648
209,000 Izumiya Co. Ltd.............. 3,657,453
15,000 Ministop Co., Ltd............ 417,302
13,000 Shimachu Co., Ltd............ 369,829
10,000 Xebio Co. Ltd................ 358,072
---------------
5,291,304
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
RETAIL - SPECIALTY
10,000 Kojima Co. Ltd............... $ 324,868
---------------
STEEL & IRON
917,000 Nippon Steel Co.............. 2,847,366
1,500,000 NKK Corp.*................... 3,849,951
25,000 Takada Kiko.................. 231,087
---------------
6,928,404
---------------
TELECOMMUNICATIONS
446 DDI Corp..................... 3,606,264
35,000 Nippon Denwa Shisetsu........ 392,623
363 Nippon Telegraph & Telephone
Corp......................... 2,671,273
---------------
6,670,160
---------------
TEXTILES
7,000 H.I.S. Company Ltd........... 412,725
192,000 Kuraray Co. Ltd.............. 1,947,052
8,800 Maruco Co., Ltd.............. 576,505
---------------
2,936,282
---------------
TRANSPORTATION
12,000 Kanto Seino Transportation... 355,380
434,000 Nippon Yusen Kabushiki
Kaish........................ 2,258,997
387,000 Yamato Transport Co. Ltd..... 4,202,369
---------------
6,816,746
---------------
UTILITIES
88,700 Kyushu Electric Power........ 1,894,517
---------------
WHOLESALE & INTERNATIONAL TRADE
18,700 Trusco Nakayama Corp......... 391,017
20,000 Wakita & Co.................. 267,432
---------------
658,449
---------------
TOTAL JAPAN.................. 170,452,733
---------------
MALAYSIA (2.8%)
AUTOMOBILES
20,000 Cycle & Carriage Bintang
Berhad....................... 116,511
70,000 Perusahaan Otomobil Nasional
Berhad....................... 379,858
---------------
496,369
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
BANKING
148,000 Arab Malaysian Finance
Berhad....................... $ 797,223
55,000 Commerce Asset Holdings
Berhad....................... 342,351
100,000 DCB Holdings Berhad.......... 343,149
40,000 Hock Hua Bank Berhad......... 122,097
323,250 Public Finance Berhad........ 536,557
---------------
2,141,377
---------------
BUILDING & CONSTRUCTION
56,000 Gamuda Berhad................ 417,844
300,000 Metacorp Berhad.............. 861,863
---------------
1,279,707
---------------
ENTERTAINMENT
150,000 Berjaya Sports Toto Berhad... 529,686
---------------
FINANCIAL SERVICES
553,000 MBF Capital Berhad........... 785,524
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
185,000 RJ Reynolds Berhad........... 527,791
---------------
HOTELS/MOTELS
40,000 Genting Berhad............... 290,480
---------------
LEISURE
1,132,000 Magnum Corporation Berhad*... 1,924,156
---------------
MACHINERY
30,000 Muhibbah Engineering......... 107,134
175,000 Nylex (Malaysia) Berhad...... 359,608
100,000 UMW Holdings Berhad.......... 385,045
375,000 United Engineers Malaysia
Berhad....................... 2,902,801
---------------
3,754,588
---------------
MULTI-INDUSTRY
80,000 Ekran Berhad................. 344,745
70,000 Malaysian Resources Corp.
Berhad....................... 237,411
242,000 Road Builder (M) Holdings
Berhad....................... 1,245,631
---------------
1,827,787
---------------
REAL ESTATE
30,000 IOI Properties Berhad........ 95,164
90,000 Land & General Berhad........ 192,124
---------------
287,288
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
50,000 Telekom Malaysia Berhad...... $ 440,907
---------------
TOTAL MALAYSIA............... 14,285,660
---------------
MEXICO (2.3%)
BEVERAGES - SOFT DRINKS
14,200 Panamerican Beverages, Inc.
(Class A).................... 583,975
---------------
BUILDING & CONSTRUCTION
250,000 International de Ceramica
S.A. de C.V. (ADR)*.......... 298,607
---------------
ENGINEERING & CONSTRUCTION
124,240 Corporacion GEO S.A. de C.V.
(Series B)*.................. 582,040
48,000 Empresa ICA Sociedad
Controladora S.A. de C.V.
(ADR)*....................... 732,000
---------------
1,314,040
---------------
FINANCIAL SERVICES
103,000 Grupo Financiero Banamex
Accival S.A. de C.V. (Series
L)*.......................... 210,511
1,500,000 Grupo Financiero Bancomer
S.A. de C.V. (B Shares)*..... 732,581
35,630 Grupo Financiero Bancomer
S.A. de C.V. (L Shares)...... 13,240
---------------
956,332
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
94,000 Grupo Industrial Bimbo S.A.
de C.V. (Series A)........... 491,520
184,000 Grupo Modelo S.A. de C.V.
(Series C)................... 952,356
62,000 Sigma Alimentos S.A.......... 575,979
---------------
2,019,855
---------------
FOREST PRODUCTS, PAPER & PACKAGING
90,000 Empaques Ponderosa S.A.
(Series B)*.................. 270,537
---------------
MANUFACTURING
145,000 Grupo Industrial Saltillo
S.A. de C.V. (Class A)....... 432,979
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
MEDIA
900,000 Grupo Fernandez Editores S.A.
de C.V. (B Shares)*.......... $ 298,607
---------------
RETAIL
180,000 Cifra S.A. de C.V. (Series
B)*.......................... 259,907
390,000 Cifra S.A. de C.V. (Series B)
(ADR)*....................... 546,000
230,000 Nacional de Drogas S.A. de
C.V. (L Shares).............. 769,210
---------------
1,575,117
---------------
STEEL
194,000 Industrias CH S.A. (Series
B)*.......................... 610,192
---------------
STEEL & IRON
15,000 Tubos de Acero de Mexico S.A.
de C.V.*..................... 164,433
55,000 Tubos de Acero de Mexico S.A.
de C.V. (ADR)*............... 598,125
---------------
762,558
---------------
TELECOMMUNICATIONS
67,800 Telefonos de Mexico S.A. de
C.V. (Series L) (ADR)........ 2,178,075
---------------
TRANSPORTATION
55,000 Transportacion Martima
Mexicana S.A. de C.V. (Series
L) (ADR)..................... 433,125
---------------
TOTAL MEXICO................. 11,733,999
---------------
NETHERLANDS (2.9%)
APPLIANCES & HOUSEHOLD DURABLES
32,986 Ahrend Groep NV.............. 1,687,880
---------------
BANKING
22,902 ABN-AMRO Holding NV.......... 1,270,994
52,771 ING Groep NV................. 1,647,937
---------------
2,918,931
---------------
BUILDING & CONSTRUCTION
12,104 Hunter Douglas NV............ 845,864
---------------
CONSUMER PRODUCTS
8,370 Gucci Group NV............... 602,053
---------------
INSURANCE
22,936 Aegon NV..................... 1,133,387
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
MACHINERY
2,948 Aalberts Industries NV....... $ 308,592
---------------
MEDIA
100,000 Elsevier NV.................. 1,654,971
60,000 Ver Ned Utigev Ver Bezit
NV........................... 1,175,439
11,183 Wegener NV................... 1,052,902
10,620 Wolters Kluwer NV............ 1,337,126
---------------
5,220,438
---------------
MERCHANDISING
31,215 Koninklijke Ahold NV......... 1,768,850
---------------
TOTAL NETHERLANDS............ 14,485,995
---------------
NORWAY (0.5%)
BUSINESS & PUBLIC SERVICES
19,040 Sysdeco Group AS*............ 108,442
---------------
DATA PROCESSING
18,979 System Etikettering AS....... 219,110
---------------
ELECTRICAL EQUIPMENT
6,120 Sensonor AS*................. 44,277
---------------
ENTERTAINMENT
265,920 NCL Holding AS (Series A)
(Conv. Loan Stock due
12/12/98)*................... 590,342
---------------
INSURANCE
200,000 UNI Storebrand AS (A
Shares)*..................... 1,080,598
---------------
MACHINERY
37,823 Tomra Systems AS............. 419,195
---------------
OIL DRILLING & SERVICES
39,830 Hitec AS*.................... 136,723
---------------
TOTAL NORWAY................. 2,598,687
---------------
PERU (0.2%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
255,917 Cerveceria Backus & Johnston
S.A.......................... 294,779
14,192 Jose R Lindley E Hijos
S.A.......................... 12,727
---------------
307,506
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
314,999 CPT Telefonica de Peru S.A.
(B Shares)................... $ 711,855
---------------
TOTAL PERU................... 1,019,361
---------------
PHILIPPINES (0.2%)
BANKING
13,000 Union Bank of Philippines*... 18,359
---------------
BUILDING & CONSTRUCTION
11,773 Bacnotan Consolidated
Industries................... 49,429
---------------
ENTERTAINMENT
324,000 SM Prime Holdings............ 75,435
---------------
OIL DRILLING & SERVICES
30,000 First Philippine Holdings
Corp. (B Shares)............. 65,267
---------------
REAL ESTATE
93,000 Ayala Corp. (B Shares)....... 106,489
44,712 Ayala Corp. (Series B)
(GDS)........................ 447,120
---------------
553,609
---------------
TELECOMMUNICATIONS
2,000 Philippine Long Distance
Telephone Co. (ADR).......... 124,427
---------------
TRANSPORTATION
52,800 International Container
Terminal..................... 35,267
---------------
TOTAL PHILIPPINES............ 921,793
---------------
PORTUGAL (0.2%)
MEDIA
30,000 Journalgeste*................ 288,201
226,000 TVI-Televisao Independente
S.A.*........................ 657,163
---------------
TOTAL PORTUGAL............... 945,364
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
SINGAPORE (1.1%)
APPLIANCES & HOUSEHOLD DURABLES
50,000 Courts (Singapore) Ltd....... $ 69,992
---------------
BANKING
60,500 Development Bank of
Singapore, Ltd............... 743,729
846 Overseas Chinese Banking
Corp., Ltd................... 10,160
187,000 Overseas Union Bank, Ltd..... 1,308,854
---------------
2,062,743
---------------
ELECTRICAL EQUIPMENT
68,000 Amtek Engineering Ltd........ 112,101
30,000 GP Batteries International
Ltd.......................... 86,700
77,500 Venture Manufacturing Ltd.... 135,472
---------------
334,273
---------------
FINANCIAL SERVICES
10,000 Hong Leong Finance Ltd....... 32,545
---------------
HEALTH & PERSONAL CARE
90,000 Tiger Medicals Ltd........... 147,730
---------------
MACHINERY
27,000 Jurong Engineering Ltd....... 81,347
---------------
REAL ESTATE
306,000 DBS Land Ltd................. 1,013,259
257,000 Parkway Holdings Ltd......... 832,744
162,000 Singapore Land Ltd........... 984,225
---------------
2,830,228
---------------
TRANSPORTATION
58,000 Singapore Technologies
Shipbuilding & Engineering
Ltd.......................... 100,561
---------------
TOTAL SINGAPORE.............. 5,659,419
---------------
SOUTH AFRICA (0.5%)
FINANCIAL SERVICES
14,200 JCI Co. Ltd.................. 137,243
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
20,000 Malbak Ltd................... 83,756
22,500 Rembrandt Group Ltd.......... 202,836
4,250 South African Breweries
Ltd.......................... 113,346
---------------
399,938
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
INSURANCE
35,000 Fedsure Holdings Ltd......... $ 254,573
8,100 Metropolitan Life Ltd........ 144,611
16,100 Southern Life Assoc.......... 167,849
---------------
567,033
---------------
METALS & MINING
3,700 Anglo American Gold
Investment Co................ 307,450
5,700 Anglovaal Ltd. (N Shares).... 167,093
13,500 De Beers Consolidated Mines
Ltd. (Units)++............... 419,550
8,200 Kloof Gold Mining Co. Ltd.... 65,517
5,200 Rustenburg Platinum Holdings
Ltd.......................... 81,948
---------------
1,041,558
---------------
RETAIL
36,500 Pick'n Pay Stores Ltd........ 38,616
121,200 Pick'n Pay Stores Ltd. (N
Shares)*..................... 117,540
---------------
156,156
---------------
TOTAL SOUTH AFRICA........... 2,301,928
---------------
SOUTH KOREA (0.2%)
BANKING
5,800 Korea Exchange Bank.......... 66,818
4,000 Shinhan Bank................. 71,714
---------------
138,532
---------------
BUILDING & CONSTRUCTION
586 Dong-Ah Construction
Industrial Co................ 15,120
6,657 Dong-Ah Construction
Industrial Co................ 180,638
---------------
195,758
---------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE
600 LG Information &
Communication Ltd............ 73,773
---------------
ELECTRICAL EQUIPMENT
900 Samsung Display Devices
Co........................... 55,930
755 Samsung Electronics Co. (GDR)
- 144A**..................... 37,373
2,166 Samsung Electronics Co. (GDR)
- 144A**..................... 52,785
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
226 Samsung Electronics Co. (GDS)
- 144A**..................... $ 11,158
7,187 Samsung Electronics Co. (GDS)
- 144A** (Non-Voting)........ 176,082
---------------
333,328
---------------
ENERGY
2,000 Samchully Co................. 164,749
---------------
STEEL & IRON
5,000 Pohang Iron & Steel Co., Ltd.
(ADR)........................ 106,875
---------------
UTILITIES - ELECTRIC
7,000 Korea Electric Power Corp.... 231,496
---------------
TOTAL SOUTH KOREA............ 1,244,511
---------------
SPAIN (1.2%)
BANKING
25,000 Banco Bilbao Vizcaya......... 1,152,917
6,000 Banco Popular Espanol S.A.... 1,103,062
---------------
2,255,979
---------------
FINANCIAL SERVICES
17,500 Corporacion Financiera
Alba......................... 1,458,674
---------------
FOREST PRODUCTS, PAPER & PACKAGING
6,908 Empresa Nacional de Celulosa
S.A.......................... 96,326
---------------
NATURAL GAS
7,240 Gas Natural SDG S.A. (Series
E)........................... 1,279,140
---------------
TEXTILES
8,993 Cortefiel S.A................ 224,527
---------------
UTILITIES - ELECTRIC
100,000 Iberdrola S.A................ 969,853
---------------
TOTAL SPAIN.................. 6,284,499
---------------
SWEDEN (1.6%)
COMMERCIAL SERVICES
62,400 Securitas AB (Series "B"
Free)........................ 1,508,157
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE
27,550 Trio Information Systems
AB*.......................... $ 120,687
---------------
ELECTRICAL EQUIPMENT
4,280 Elekta Instrument (Series
"AB" Free)................... 144,822
---------------
HEALTHCARE PRODUCTS & SERVICES
56,800 Getinge Industrier AB (B
Shares)...................... 1,089,668
---------------
INSURANCE
41,500 Scandia Forsakrings AB....... 1,150,340
---------------
MACHINERY
5,310 Hoganas AB................... 165,236
7,143 Kalmar Industries AB......... 111,137
---------------
276,373
---------------
RETAIL
17,500 Hennes & Mauritz AB (B
Shares)...................... 2,149,169
---------------
TELECOMMUNICATIONS
49,500 Ericsson (L.M.) Telephone Co.
AB (Series "B" Free)......... 1,248,716
---------------
TEXTILES
7,713 Sintercast AB (Series "A"
Free)*....................... 314,578
---------------
TOTAL SWEDEN................. 8,002,510
---------------
SWITZERLAND (0.9%)
ELECTRICAL EQUIPMENT
450 ABB AG - Bearer.............. 550,171
---------------
MERCHANDISING
800 Fust S.A. AG................. 210,409
---------------
PHARMACEUTICALS
800 Ciba-Geigy AG................ 1,022,715
157 Roche Holding AG............. 1,155,571
1,400 Sandoz AG.................... 1,680,402
---------------
3,858,688
---------------
TOTAL SWITZERLAND............ 4,619,268
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TAIWAN (0.4%)
INDUSTRIALS
$ 310,000 Nan Ya Plastics Corp. 1.75%
due 07/09/01 (Conv.)......... $ 332,475
---------------
INVESTMENT COMPANIES
100,000 Paribas Emerging Markets Fund
- Taiwan Series*............. 968,000
---------------
RETAIL
$ 180,000 Far Eastern Department Stores
- 144A** 3.00% due 07/06/01
(Conv.)...................... 189,450
9,240 President Enterprises (GDR)*
- 144A**..................... 154,770
---------------
344,220
---------------
STEEL & IRON
8,030 China Steel Corp. (GDS)...... 162,607
---------------
TOTAL TAIWAN................. 1,807,302
---------------
THAILAND (0.5%)
BANKING
244,000 Krung Thai Bank PCL.......... 1,055,820
---------------
BUILDING & CONSTRUCTION
29,000 Land & House PCL............. 358,208
---------------
ELECTRICAL EQUIPMENT
15,000 Hana Microelectronics PCL.... 88,509
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
122,000 Srithai Superware Co.,
Ltd.......................... 532,709
---------------
TELECOMMUNICATIONS
20,000 Advanced Info Service PCL
(ADR)........................ 273,789
---------------
TOTAL THAILAND............... 2,309,035
---------------
UNITED KINGDOM (6.8%)
AEROSPACE & DEFENSE
35,000 British Aerospace PLC........ 579,993
11,500 Fairey Group PLC............. 117,869
250,000 Rolls-Royce PLC.............. 936,455
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
45,000 Smiths Industries PLC........ $ 559,103
25,800 Vickers PLC.................. 114,050
---------------
2,307,470
---------------
APPLIANCES & HOUSEHOLD DURABLES
87,000 MFI Furniture Group PLC...... 268,191
---------------
AUTO PARTS
19,300 Laird Group PLC.............. 138,923
---------------
AUTOMOBILES
26,200 Trinity Holdings PLC......... 114,384
---------------
BANKING
100,000 Abbey National PLC........... 928,709
50,000 National Westminster Bank
PLC.......................... 530,467
---------------
1,459,176
---------------
BUILDING & CONSTRUCTION
130,000 Blue Circle Industries PLC... 785,217
100,000 Bryant Group................. 208,118
80,000 CRH PLC...................... 808,689
70,000 Meyer International PLC...... 449,098
---------------
2,251,122
---------------
BUILDING MATERIALS
110,000 Scapa Group.................. 464,746
---------------
BUSINESS & PUBLIC SERVICES
36,200 Chubb Security PLC........... 177,868
69,000 Reuters Holdings PLC......... 797,367
---------------
975,235
---------------
CHEMICALS
120,000 Albright & Wilson PLC........ 357,713
36,700 Allied Colloids Group PLC.... 82,122
80,000 Courtaulds PLC............... 603,387
---------------
1,043,222
---------------
COMPUTER SOFTWARE
54,363 SEMA Group PLC............... 687,343
---------------
CONSUMER PRODUCTS
59,000 Vendome Luxury Group PLC
(Units)++.................... 547,477
---------------
DISTRIBUTION
24,100 Cowie Group PLC.............. 140,665
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
120,000 General Electric Co. PLC..... $ 743,593
110,000 The BICC Group PLC........... 511,220
20,000 The BICC Group PLC (New)*.... 5,946
---------------
1,260,759
---------------
ELECTRONICS
15,200 Diploma PLC.................. 85,150
---------------
ENERGY
155,000 Lasmo PLC.................... 525,108
125,000 Shell Transport & Trading Co.
PLC.......................... 1,909,056
---------------
2,434,164
---------------
ENTERTAINMENT
60,000 Granada Group PLC............ 804,620
47,500 London Clubs International
PLC.......................... 222,984
---------------
1,027,604
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
80,000 Associated British Foods
PLC.......................... 510,751
30,000 Bass PLC..................... 364,755
24,500 Devro International PLC...... 93,352
100,000 Guinness PLC................. 715,896
90,000 Northern Foods PLC........... 276,735
---------------
1,961,489
---------------
FOREST PRODUCTS, PAPER & PACKAGING
23,100 David S. Smith (Holdings)
PLC.......................... 116,935
50,000 De La Rue PLC................ 463,181
29,300 Macfarlane Group (Clansman)
PLC.......................... 90,322
---------------
670,438
---------------
HEALTH & PERSONAL CARE
104,000 Glaxo Wellcome PLC........... 1,629,833
215,833 Medeva PLC................... 857,848
---------------
2,487,681
---------------
HEALTHCARE
6,600 Amersham International PLC... 107,072
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
INSURANCE
58,000 General Accident PLC......... $ 616,249
105,000 Prudential Corp. PLC......... 739,368
170,000 Royal & Sun Alliance
Insurance Group PLC.......... 1,077,365
---------------
2,432,982
---------------
INVESTMENT COMPANIES
85,000 NB Smaller Cos. Trust........ 214,143
166,410 The Throgmorton Trust........ 207,342
45,250 TR Smaller Cos. Investment
Trust........................ 164,273
---------------
585,758
---------------
MACHINERY
143,000 BBA Group PLC................ 751,855
90,000 IMI PLC (Ordinary)........... 554,878
10,700 Sprirax-Sarco Engineering
PLC.......................... 126,329
155,000 Tomkins PLC.................. 671,847
---------------
2,104,909
---------------
MANUFACTURING
9,400 Vitec Group PLC.............. 102,081
9,100 Vosper Thornycroft Holdings
PLC.......................... 113,882
---------------
215,963
---------------
MEDIA
6,500 Daily Mail & General Trust
(Class A).................... 134,539
15,900 EMAP PLC..................... 185,856
65,000 Flextech PLC*................ 550,262
45,100 Mirror Group PLC............. 152,436
---------------
1,023,093
---------------
MERCHANDISING
90,000 Next PLC..................... 795,701
---------------
METALS & MINING
120,000 Antofagasta Holdings PLC..... 683,505
---------------
NATURAL GAS
180,000 British Gas PLC.............. 560,511
---------------
PHARMACEUTICALS
107,430 British Biotech PLC*......... 353,024
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
REAL ESTATE
20,400 Bradford Property Trust
PLC.......................... $ 78,049
28,000 Capital Shopping Centers
PLC.......................... 144,587
54,375 Pillar Property Investments
PLC.......................... 159,962
---------------
382,598
---------------
RESTAURANTS
9,600 Compass Group PLC............ 84,124
---------------
RETAIL
10,733 Argos PLC.................... 126,298
---------------
TELECOMMUNICATIONS
260,000 British Telecommunications
PLC.......................... 1,448,379
258,230 Securicor PLC................ 1,095,052
120,000 Vodafone Group PLC........... 414,985
---------------
2,958,416
---------------
TEXTILES
15,900 Courtaulds Textiles PLC...... 70,411
---------------
TRANSPORTATION
31,400 Associated British Ports
Holdings PLC................. 132,172
55,000 British Airways PLC.......... 468,188
15,800 Forth Ports PLC.............. 150,815
16,104 Stagecoach Holdings PLC...... 133,054
2,684 Stagecoach Holdings PLC*..... 22,281
---------------
906,510
---------------
UTILITIES
33,420 Yorkshire Water PLC.......... 329,462
---------------
TOTAL UNITED KINGDOM......... 34,045,576
---------------
UNITED STATES (24.1%)
AEROSPACE & DEFENSE
29,000 Boeing Co.................... 2,740,500
42,000 General Motors Corp. (Class
H)........................... 2,425,500
72,000 Watkins-Johnson Co........... 1,458,000
---------------
6,624,000
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
AUTOMOBILES
65,000 Ford Motor Co................ $ 2,031,250
41,000 General Motors Corp.......... 1,968,000
---------------
3,999,250
---------------
BANKING
29,000 Citicorp..................... 2,628,125
---------------
BEVERAGES - SOFT DRINKS
61,000 Coca Cola Co................. 3,103,375
80,000 PepsiCo Inc.................. 2,260,000
---------------
5,363,375
---------------
CABLE & TELECOMMUNICATIONS
74,000 General Instrument Corp.*.... 1,831,500
---------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE
46,000 Cisco Systems, Inc.*......... 2,852,000
---------------
COMPUTER SOFTWARE
57,300 Computer Associates
International, Inc........... 3,423,675
19,500 Microsoft Corp.*............. 2,569,125
62,250 Oracle Corp.*................ 2,645,625
122 Platinum Software Corp.*..... 1,342
---------------
8,639,767
---------------
COMPUTERS - PERIPHERAL EQUIPMENT
38,000 Seagate Technology, Inc.*.... 2,123,250
---------------
COMPUTERS - SYSTEMS
42,000 Hewlett-Packard Co........... 2,047,500
---------------
ELECTRICAL EQUIPMENT
32,000 Emerson Electric Co.......... 2,884,000
---------------
ENERGY
41,000 Chevron Corp................. 2,567,625
27,500 Exxon Corp................... 2,289,375
20,000 Mobil Corp................... 2,315,000
27,000 Texaco, Inc.................. 2,484,000
---------------
9,656,000
---------------
FINANCIAL SERVICES
39,000 Beneficial Corp.............. 2,242,500
70,000 Federal National Mortgage
Assoc........................ 2,441,250
43,000 Morgan Stanley Group, Inc.... 2,139,250
---------------
6,823,000
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
30,000 Procter & Gamble Co.......... 2,925,000
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
66,000 International Paper Co....... $ 2,805,000
---------------
HEALTHCARE PRODUCTS & SERVICES
56,000 Baxter International, Inc.... 2,618,000
48,500 Columbia/HCA Healthcare
Corp......................... 2,758,437
32,000 PacifiCare Health Systems,
Inc. (Class B)*.............. 2,752,000
---------------
8,128,437
---------------
HOTELS/MOTELS
38,000 ITT Corp. (New)*............. 1,657,750
45,000 Marriot International,
Inc.......................... 2,480,625
---------------
4,138,375
---------------
INDUSTRIALS
46,000 AlliedSignal Inc............. 3,030,250
47,000 Honeywell, Inc............... 2,966,875
---------------
5,997,125
---------------
INSURANCE
30,000 Aetna Inc.................... 2,111,250
24,000 American International Group,
Inc.......................... 2,418,000
20,000 CIGNA Corp................... 2,397,500
---------------
6,926,750
---------------
MEDIA
79,500 Infinity Broadcasting Corp.
(Class A)*................... 2,504,250
100,000 Westwood One, Inc.*.......... 1,812,500
---------------
4,316,750
---------------
OIL DRILLING & SERVICES
29,000 Schlumberger, Ltd............ 2,450,500
---------------
PHARMACEUTICALS
56,000 Johnson & Johnson............ 2,870,000
38,000 Pfizer, Inc.................. 3,006,750
---------------
5,876,750
---------------
RETAIL
420,000 Charming Shoppes, Inc.*...... 2,493,750
78,000 Dayton-Hudson Corp........... 2,574,000
78,000 Gap, Inc..................... 2,252,250
45,000 Home Depot, Inc.............. 2,559,375
---------------
9,879,375
---------------
SAVINGS & LOAN ASSOCIATIONS
43,000 Golden West Financial
Corp......................... 2,510,125
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
STEEL & IRON
193,000 Bethlehem Steel Corp.*....... $ 1,930,000
---------------
TELECOMMUNICATIONS
77,000 Sprint Corp.................. 2,993,375
---------------
UTILITIES - TELEPHONE
67,000 GTE Corp..................... 2,579,500
58,000 NYNEX Corp................... 2,523,000
---------------
5,102,500
---------------
TOTAL UNITED STATES.......... 121,451,829
---------------
URUGUAY (0.1%)
BANKING
25,000 Banco Commercial S.A. (ADR) -
144A**....................... 447,500
---------------
TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS
(IDENTIFIED COST
$457,042,318)................ 494,875,553
---------------
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -----------------------------------------------------------------
SHORT-TERM INVESTMENT (a) (0.4%)
U.S. GOVERNMENT AGENCY
$ 2,000 Federal Home Loan Mortgage
Corp. 5.70% due 10/01/96
(Amortized Cost
$2,000,000).................. 2,000,000
---------------
CURRENCY
AMOUNT VALUE
- -----------------------------------------------------------------
PURCHASED PUT OPTION ON FOREIGN CURRENCY
(0.0%)
CURRENCY OPTIONS
FRF 38,940 November 5, 1996/FRF 5.192
(Identified Cost $151,500)... 41,250
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
CURRENCY
AMOUNT VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST
$459,193,818) (B)........... 98.6% $496,916,803
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 1.4 7,245,605
----- ------------
NET ASSETS.................. 100.0% $504,162,408
----- ------------
----- ------------
<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
GDS Global Depository Shares.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
++ Consists of one or more class of securities traded together as a unit;
generally stocks with attached warrants.
(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 approximates identified
cost. The aggregate gross unrealized appreciation was $60,549,884 and the
aggregate gross unrealized depreciation was $22,826,899, resulting in net
unrealized appreciation of $37,722,985.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT SEPTEMBER 30, 1996:
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS TO IN DELIVERY APPRECIATION
DELIVER EXCHANGE FOR DATE (DEPRECIATION)
- ----------------------------------------------------
<S> <C> <C> <C>
SEK 646,574 $ 97,478 10/01/96 $ (191 )
$ 83,849 ZAR 380,002 10/01/96 (92)
MYR 410,902 $ 163,752 10/01/96 (203)
$ 272,434 DEM 416,415 10/02/96 589
GBP944,349 $ 1,477,151 10/03/96 (567)
$ 412,406 MYR 1,032,065 10/03/96 (600)
-------
Net unrealized depreciation........ ($1,064)
-------
-------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Aerospace & Defense....................... $ 8,931,470 1.7%
Apparel................................... 1,311,408 0.3
Appliances & Household Durables........... 3,871,616 0.8
Auto Parts................................ 672,601 0.1
Automobiles............................... 12,768,553 2.5
Banking................................... 32,666,280 6.5
Beverages - Soft Drinks................... 5,947,350 1.2
Building & Construction................... 16,160,025 3.2
Building Materials........................ 5,458,776 1.1
Business & Public Services................ 8,139,700 1.6
Cable & Telecommunications................ 1,831,500 0.4
Chemicals................................. 14,109,024 2.8
Commercial Services....................... 1,605,895 0.3
Communications - Equipment & Software..... 2,925,773 0.6
Computer Software......................... 10,976,989 2.2
Computers - Peripheral Equipment.......... 2,123,250 0.4
Computers - Systems....................... 2,047,500 0.4
Conglomerates............................. 13,597,856 2.7
Consumer Products......................... 2,042,361 0.4
Data Processing........................... 991,792 0.2
Distribution.............................. 140,665 0.0
Electrical Equipment...................... 33,386,919 6.6
Electronics............................... 4,757,860 0.9
Energy.................................... 15,942,023 3.2
Engineering & Construction................ 2,414,013 0.5
Entertainment............................. 2,770,275 0.5
Financial Services........................ 19,136,286 3.8
Food, Beverage, Tobacco & Household
Products................................ 13,934,409 2.8
Foreign Currency Put Options.............. 41,250 0.0
Forest Products, Paper & Packaging........ 6,110,602 1.2
Furniture................................. 385,366 0.1
Health & Personal Care.................... 11,505,423 2.3
Healthcare................................ 107,072 0.0
Healthcare Products & Services............ 9,982,576 2.0
Hotels/Motels............................. 5,395,174 1.1
Industrials............................... 7,280,245 1.4
Insurance................................. 18,567,956 3.7
Investment Companies...................... 4,909,758 1.0
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Leisure................................... $ 1,924,156 0.4%
Machine Tools............................. 826,976 0.2
Machinery................................. 24,504,172 4.9
Manufactured Housing...................... 349,996 0.1
Manufacturing............................. 1,518,218 0.3
Media..................................... 15,052,210 3.0
Merchandising............................. 3,060,165 0.6
Metals & Mining........................... 3,313,448 0.7
Multi-Industry............................ 1,934,535 0.4
Natural Gas............................... 1,839,651 0.4
Oil Drilling & Services................... 2,652,490 0.5
Pharmaceuticals........................... 12,218,895 2.4
Real Estate............................... 21,758,065 4.3
Restaurants............................... 219,220 0.0
Retail.................................... 27,844,108 5.5
Retail - Specialty........................ 324,868 0.1
Savings & Loan Associations............... 2,510,125 0.5
Steel..................................... 610,192 0.1
Steel & Iron.............................. 13,108,907 2.6
Telecommunications........................ 23,830,375 4.7
Textiles.................................. 5,124,765 1.0
Transportation............................ 9,942,757 2.0
U.S. Government Agency.................... 2,000,000 0.4
Utilities................................. 4,735,689 0.9
Utilities - Electric...................... 4,839,910 1.0
Utilities - Telephone..................... 5,102,500 1.0
Vision Care & Instruments................. 162,788 0.0
Wholesale & International Trade........... 660,031 0.1
------------------ -----
$ 496,916,803 98.6%
------------------ -----
------------------ -----
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks............................. $ 489,143,552 97.0%
Convertible Bonds......................... 1,145,700 0.2
Foreign Currency
Put Options............................. 41,250 0.0
Preferred Stocks.......................... 4,444,092 1.0
Rights.................................... 18,981 0.0
Short-Term Investments.................... 2,000,000 0.4
Warrants.................................. 123,228 0.0
------------------ -----
$ 496,916,803 98.6%
------------------ -----
------------------ -----
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $459,193,818)............................ $496,916,803
Cash........................................................ 1,926,262
Receivable for:
Investments sold........................................ 6,354,992
Dividends............................................... 851,180
Shares of beneficial interest sold...................... 659,255
Foreign withholding taxes reclaimed..................... 146,100
Interest................................................ 8,661
Prepaid expenses and other assets........................... 71,011
------------
TOTAL ASSETS........................................... 506,934,264
------------
LIABILITIES:
Payable for:
Investments purchased................................... 881,748
Shares of beneficial interest repurchased............... 582,951
Plan of distribution fee................................ 425,971
Investment management fee............................... 425,879
Accrued expenses and other payables......................... 455,307
------------
TOTAL LIABILITIES...................................... 2,771,856
------------
NET ASSETS:
Paid-in-capital............................................. 437,808,313
Net unrealized appreciation................................. 37,715,982
Net investment loss......................................... (2,533,842)
Accumulated undistributed net realized gain................. 31,171,955
------------
NET ASSETS............................................. $504,162,408
------------
------------
NET ASSET VALUE PER SHARE,
27,408,892 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$18.39
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $414,166 foreign withholding tax)......... $ 4,492,038
Interest.................................................... 120,721
-----------
TOTAL INCOME........................................... 4,612,759
-----------
EXPENSES
Plan of distribution fee.................................... 2,602,085
Investment management fee................................... 2,597,296
Transfer agent fees and expenses............................ 500,250
Custodian fees.............................................. 320,265
Shareholder reports and notices............................. 94,062
Professional fees........................................... 58,684
Registration fees........................................... 27,175
Trustees' fees and expenses................................. 10,947
Other....................................................... 32,826
-----------
TOTAL EXPENSES......................................... 6,243,590
-----------
NET INVESTMENT LOSS.................................... (1,630,831)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments............................................. 9,665,609
Foreign exchange transactions........................... (38,736)
-----------
TOTAL GAIN............................................. 9,626,873
-----------
Net change in unrealized appreciation/depreciation on:
Investments............................................. (3,441,646)
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................ 9,154
-----------
TOTAL DEPRECIATION..................................... (3,432,492)
-----------
NET GAIN............................................... 6,194,381
-----------
NET INCREASE................................................ $ 4,563,550
-----------
-----------
</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, 1996 ENDED
(UNAUDITED) MARCH 31, 1996
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss......................................... $ (1,630,831) $ (1,087,335)
Net realized gain........................................... 9,626,873 41,362,377
Net change in unrealized appreciation (depreciation)........ (3,432,492) 36,965,641
------------------ --------------
NET INCREASE........................................... 4,563,550 77,240,683
------------------ --------------
Distributions from net realized gain........................ -- (692,945)
Net decrease from transactions in shares of beneficial
interest.................................................. (20,389,364) (68,817,900)
------------------ --------------
TOTAL INCREASE (DECREASE).............................. (15,825,814) 7,729,838
NET ASSETS:
Beginning of period......................................... 519,988,222 512,258,384
------------------ --------------
END OF PERIOD
(INCLUDING A NET INVESTMENT LOSS OF $2,533,842 AND
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME OF
$903,011, RESPECTIVELY)................................. $504,162,408 $ 519,988,222
------------------ --------------
------------------ --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (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's investment objective is total
return on its assets primarily through long-term capital growth and to a lesser
extent, from income. The Fund seeks to achieve its objective by investing in
common stocks and equivalents, preferred stocks, bonds and other debt
obligations of domestic and foreign companies, governments and international
organizations. The Fund was organized as a Massachusetts business trust on July
7, 1983 and commenced operations on October 31, 1983.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates. The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- (1) an equity security listed or traded on the
New York, 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.
Dividend income and other distributions are recorded on the ex-
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
dividend date except for certain dividends on foreign securities which are
recorded as soon as the Fund is informed after the ex-dividend date. Discounts
are accreted over the life of the respective securities. Interest income is
accrued daily.
C. OPTION ACCOUNTING PRINCIPLES -- When the Fund writes a call option, an amount
equal to the premium received is included in the Fund's Statement of Assets and
Liabilities as a liability which is subsequently marked-to-market to reflect the
current market value of the option written. If a written option either expires
or the Fund enters into a closing purchase transaction, the Fund realizes a gain
or loss without regard to any unrealized gain or loss on the underlying security
or currency and the liability related to such option is extinguished. If a
written call option is exercised, the Fund realizes a gain or loss from the sale
of the underlying security or currency and the proceeds from such sale are
increased by the premium originally received.
When the Fund purchases a call or put option, the premium paid is recorded as an
investment which is subsequently marked-to-market to reflect the current market
value. If a purchased option expires, the Fund will realize a loss to the extent
of the premium paid. If the Fund enters into a closing sale transaction, a gain
or loss is realized for the difference between the proceeds from the sale and
the cost of the option. If a put option is exercised, the cost of the security
or currency sold upon exercise will be increased by the premium originally paid.
If a call option is exercised, the cost of the security purchased upon exercise
will be increased by the premium originally paid.
D. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward contracts are
translated at the exchange rates prevailing at the end of the period; and (2)
purchases, sales, income and expenses are translated at the exchange rates
prevailing on the respective dates of such transactions. The resultant exchange
gains and losses are included in the Statement of Operations as realized and
unrealized gain/loss on foreign exchange transactions. Pursuant to U.S. Federal
income tax regulations, certain foreign exchange gains/losses included in
realized and unrealized gain/loss are included in or are a reduction of ordinary
income for federal income tax purposes. The Fund does not isolate that portion
of the results of operations arising as a result of changes in the foreign
exchange rates from the changes in the market prices of the securities.
E. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward 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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
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.
F. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required.
G. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends and
distributions to its shareholders on the ex-dividend date. The amount of
dividends and distributions from net investment income and net realized capital
gains are determined in accordance with federal income tax regulations which may
differ from generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts are reclassified
within the capital accounts based on their federal tax-basis treatment;
temporary differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized capital gains
for 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" or "InterCapital") and Sub-Advisory Agreement
with Morgan Grenfell Investment Services Limited ("Morgan Grenfell" or
"Sub-Adviser") the Fund pays 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 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 Investment Manager. As compensation
for its services provided pursuant to the Sub-Advisory Agreement, the Investment
Manager pays 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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
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
broker-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.
Although there is no legal obligation for the Fund to pay expenses incurred in
excess of payments made to the Distributor under the Plan and the proceeds of
contingent deferred sales charges paid by investors upon redemption of shares,
if for any reason the Plan is terminated, the Trustees will
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
consider at that time the manner in which to treat such expenses. The
Distributor has advised the Fund that such excess amounts, included carrying
charges, totaled $21,520,837 at September 30, 1996.
The Distributor has informed the Fund that for the six months ended September
30, 1996, it received approximately $359,000 in contingent deferred sales
charges from redemptions of the Fund's shares.
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, 1996 aggregated
$83,478,757 and $109,680,472, respectively.
For the six months ended September 30, 1996, the Fund incurred brokerage
commissions of $4,150 with DWR 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, 1996, the Fund had
transfer agent fees and expenses payable of approximately $155,000.
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, 1996
included in Trustees' fees and expenses in the Statement of Operations amounted
to $651. At September 30, 1996, the Fund had an accrued pension liability of
$51,914 which is included in accrued expenses in the Statement of Assets and
Liabilities.
During the six months ended September 30, 1996, foreign regulatory authorities
initiated an investigation involving an individual associated with an affiliate
of the Fund's Sub-Adviser. Although this investigation did not at any time
involve the Fund or the Investment Manager, the Sub-Adviser's affiliate
purchased from the Fund two securities whose separate holdings by the affiliate
had become part of the investigation. These securities represented only a very
small percentage of the Fund's portfolio (approximately one-twentieth of one
percent) and were purchased by the Sub-Adviser's affiliate at cost plus
interest.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (UNAUDITED) CONTINUED
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED
SEPTEMBER 30, 1996 FOR THE YEAR
---------------------------- ENDED
MARCH 31, 1996
(UNAUDITED) --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 2,332,601 $ 42,984,069 5,790,518 $100,249,259
Reinvestment of distributions.................................... -- -- 37,871 656,681
----------- -------------- ----------- ------------
2,332,601 42,984,069 5,828,389 100,905,940
Repurchased...................................................... (3,450,183) (63,373,433) (9,903,997) (169,723,840)
----------- -------------- ----------- ------------
Net decrease..................................................... (1,117,582) $ (20,389,364) (4,075,608) $(68,817,900)
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>
6. FEDERAL INCOME TAX STATUS
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 foreign
currency losses of approximately $207,000 during fiscal 1996.
As of March 31, 1996, the Fund had temporary book/tax differences primarily
attributable to post-October loss deferrals and income from the mark-to-market
of passive foreign investment companies ("PFIC's") and permanent book/tax
differences primarily attributable to a net operating loss, foreign currency
losses and tax adjustments on PFICs sold by the Fund.
7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
The Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio transactions
or to manage foreign currency exposure associated with foreign currency
denominated securities.
At September 30, 1996, there were outstanding forward contracts used to
facilitate settlement of foreign currency denominated portfolio transactions.
Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE
SIX
MONTHS
ENDED FOR THE YEAR ENDED MARCH 31
SEPTEMBER ------------------------------------------------------
30, 1996 1996 1995 1994 1993 1992
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
(UNAUDITED)
PER SHARE OPERATING
PERFORMANCE:
Net asset value,
beginning of
period.......... $ 18.23 $ 15.71 $ 18.20 $ 14.72 $ 14.65 $ 14.57
---------- --------- --------- ---------- --------- ---------
Net investment
loss............ (0.06) (0.06) (0.02) (0.05) -- --
Net realized and
unrealized gain
(loss).......... 0.22 2.60 (1.83) 4.24 0.39 1.05
---------- --------- --------- ---------- --------- ---------
Total from
investment
operations...... 0.16 2.54 (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.......... -- (0.02) (0.39) (0.71) (0.32) (0.92)
In excess of
net realized
gain.......... -- -- (0.23) -- -- --
---------- --------- --------- ---------- --------- ---------
Total dividends
and
distributions... -- (0.02) (0.64) (0.71) (0.32) (0.97)
---------- --------- --------- ---------- --------- ---------
Net asset value,
end of period... $ 18.39 $ 18.23 $ 15.71 $ 18.20 $ 14.72 $ 14.65
---------- --------- --------- ---------- --------- ---------
---------- --------- --------- ---------- --------- ---------
TOTAL INVESTMENT
RETURN+.......... 0.88%(1) 16.20% (10.37)% 28.40% 2.69% 7.33%
RATIOS TO AVERAGE
NET ASSETS:
Expenses......... 2.40%(2) 2.45% 2.41% 2.40% 2.42% 2.27%
Net investment
income (loss)... (0.63)%(2) (0.21)% (0.32)% (0.61)% 0.06% 0.03%
SUPPLEMENTAL
DATA:
Net assets, end
of period, in
millions........ $504 $520 $512 $494 $218 $263
Portfolio
turnover rate... 16%(1) 126% 67% 68% 139% 89%
Average
commission rate
paid............ $0.0185 $0.0169 -- -- -- --
<FN>
- ---------------------
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
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
DEAN WITTER
WORLD WIDE
INVESTMENT
TRUST
[GRAPHIC]
SEMIANNUAL REPORT
SEPTEMBER 30, 1996
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.
