<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW
YORK 10048
LETTER TO THE SHAREHOLDERS MARCH 31, 1996
DEAR SHAREHOLDER:
We are pleased to present the annual report on the operations of Dean Witter
World Wide Investment Trust for the fiscal year ended March 31, 1996. For the
year, the Fund provided shareholders with a total return of 16.2 percent,
compared with a return of 18.07 percent for the Morgan Stanley Capital
International World Index (MSCI World Index). The accompanying chart illustrates
the growth of a hypothetical $10,000 investment in the Fund on March 31, 1986
through March 31, 1996, compared to a similar investment in the issues that
comprise the MSCI World Index. (The Fund's inception date is October 31, 1983.)
On August 1, 1995, Morgan Grenfell Investment Services joined Dean Witter
InterCapital Inc. as sub-advisor to the Fund, replacing NatWest Investment
Management and Daiwa International Capital Management Co. With an eye toward
improving performance and returning the Fund to its historical equity
strategies, the Trustees voted to place all non-U.S. equity investment
responsibilities with Morgan Grenfell, a sub-advisor on several other Dean
Witter funds. InterCapital will continue to maintain responsibility for overall
fund oversight as well as all U.S. equity investments.
FAVORABLE GLOBAL TRENDS CONTINUE
The fundamental investment backdrop over the past twelve months has been
extremely favorable for global stocks and bonds. Led primarily by G-7 central
banks' desires to stimulate economic growth by lowering interest rates in a
deflationary environment, global profitability has increased steadily.
Recently, however, the U.S. has seen a sharp rise in long-term interest rates
from just below six percent to nearly seven percent, sparking inflationary
fears. Pricing data on both the consumer and producer levels has yet to support
this conclusion, thus limiting worldwide concerns that rates have troughed and
inflation pressures have returned. Assuming relatively benign inflationary
levels, real interest
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS MARCH 31, 1996, CONTINUED
rates (bond yield minus inflation rate) around the globe should continue to be
above average, resulting in stable bond markets over the coming three to six
months.
As the U.S. economy continues to demonstrate impressive resiliency during this
expansion, global economies appear more challenged in maintaining GDP growth
achieved in 1995. In Europe, for example, Germany entered into recession in the
first quarter as a result of slowing exports, a continued strong deutschmark,
and the Bundesbank's hesitancy to lower rates too rapidly. Higher industrial
production and manufacturing output in January may provide early signs of a
potential recovery, however, Germany's economic malaise, and its effect on all
of continental Europe, will likely keep growth rates at low levels for the
foreseeable future. The United Kingdom, France and Italy all showed signs of
slowing economic growth
during the first quarter as well.
Better news appear to be coming out of
Japan, where a stimulative monetary
policy has led to a recovery in GDP
growth after a prolonged period of
disastrous economic contraction. A more
stable yen, especially versus the U.S.
dollar, has boosted the competitiveness
of Japanese goods on world markets,
thus improving results for exporters
eager to sell inventory outside of
Japan. The banking crisis, which still
overhangs the domestic economy,
continues to benefit, albeit quite
slowly, from efforts to bail out
illiquid real estate holdings and other
depressed hard assets. While the
banking crisis will not disappear
overnight, steps are being taken by the
banks themselves and the Bank of Japan
to clear balance sheets and bolster
reserves.
A recovery in Japan, and perhaps the
resumption of faster growth in China,
will also bode well for all Pacific Rim
countries, where growth rates are most
dependent on these two markets. Still
boasting the globe's fastest economic
growth rates, Malaysia,
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS MARCH 31, 1996, CONTINUED
Taiwan, Singapore and the other "Tiger" nations provide outstanding investment
values versus other markets around the world.
Finally, Latin American markets appear on the road to recovery after a volatile
1995, characterized by wide swings in the value of the Mexican peso, as well as
concerns over privatization initiatives throughout South America. Currently,
Mexico is expected to return to economic growth sometime in the second half of
1996, and the entire Latin American region is expected to post economic growth
of about 2.5 percent in 1996. Brazil and Peru are both expected to grow well
above the regional average and both provide sound investment values. Inflation,
a constant risk in these markets, has fallen dramatically since the fall of 1995
and seems to be improving consistently throughout the Latin American economies.
RESTRUCTURED PORTFOLIO TAKES ADVANTAGE OF GLOBAL TRENDS
Dean Witter World Wide Investment Trust has been restructured to take full
advantage of our analysis of the global equity markets. First, the Fund
liquidated virtually all fixed-income holdings this past year and reinvested the
proceeds into our favored equity markets. Second, the Fund was repositioned to
more closely reflect the global equity market's weightings, preventing excessive
overweighting in any one region. While the Fund continues to overweight regions
and countries, the degree of overweight is more precisely calculated to provide
risk adjusted, value-added performance.
As of March 31, 1996, the Fund's assets were allocated to reflect our positive
biases toward the world's turnaround markets:
<TABLE>
<CAPTION>
DEAN WITTER WORLD MSCI WORLD EAFE
WIDE INVESTMENT INDEX (+ LATIN
TRUST AMERICA)
----------------- -----------------
<S> <C> <C>
United States...................... 25.0% 41.4%
Japan.............................. 35.0 22.5
Europe............................. 20.0 28.2
Asia/Pacific Rim................... 12.5 5.7
Latin America/Other................ 7.5 2.2
----- -----
Total.............................. 100.0% 100.0%
----- -----
----- -----
</TABLE>
In addition, the portfolio is thoroughly diversified by country, as well as
market capitalization within each market. While many large, recognizable issues
appear in the portfolio (such as Johnson &
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS MARCH 31, 1996, CONTINUED
Johnson, International Paper Co., Telefonos de Mexico S.A. de C.V., Adidas AG,
Hitachi, Ltd. and Suzuki Motor Co. Ltd.), more rapidly growing companies are
also held to provide growth opportunities.
LOOKING AHEAD
The United States, and indeed the world, has enjoyed a prolonged period of
economic prosperity and deflation of hard assets, such as real estate and
precious metals. While this trend should continue to benefit financial assets
through 1996, we are beginning to see early signs that inflation, interest rates
and economic expansion may be accelerating from benign levels of growth of the
past couple of years. Should these trends persist, we are prepared to move our
investments toward more defensive industries and sectors such as utilities and
commodity-based companies throughout the world.
We appreciate your support of Dean Witter World Wide Investment Trust and look
forward to continuing to serve your financial needs and objectives.
Very truly yours,
[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (99.1%)
ARGENTINA (0.2%)
AUTOMOBILES
80,000 Ciadea S.A.*.................. $ 368,074
---------------
ENERGY
18,500 Yacimentos Petroliferos
Fiscales S.A. (ADR)........... 372,311
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
12,000 Quilmes Industrial S.A.
(ADR)......................... 144,000
6,000 Quilmes Industrial S.A.
(Pref.)*...................... 66,000
---------------
210,000
---------------
TELECOMMUNICATIONS
15,500 Telecom Argentina Stet -
France Telecom S.A. (Class B)
(ADR)......................... 643,250
---------------
TOTAL ARGENTINA............... 1,593,635
---------------
AUSTRALIA (1.1%)
BUILDING & CONSTRUCTION
400,000 Macmahon Holdings Ltd......... 231,442
---------------
ENERGY
55,000 Broken Hill Proprietary Co.
Ltd........................... 783,542
120,000 Woodside Petroleum Ltd........ 671,809
---------------
1,455,351
---------------
METALS & MINING
800,000 M.I.M. Holdings Ltd........... 1,157,212
120,000 Newcrest Mining Ltd........... 536,696
350,000 Pasminco Ltd.................. 481,651
85,000 Resolute Samantha Ltd......... 222,646
---------------
2,398,205
---------------
RETAIL
120,000 Foodland Associated Ltd....... 440,992
40,000 Harvey Norman Holdings Ltd.... 225,187
300,000 Woolworth's Ltd............... 717,784
---------------
1,383,963
---------------
TRANSPORTATION
170,000 Mayne Nickless Ltd............ 903,876
---------------
TOTAL AUSTRALIA............... 6,372,837
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
AUSTRIA (0.1%)
ELECTRICAL EQUIPMENT
1,180 Austria Mikro Systeme
International AG.............. $ 165,724
---------------
TEXTILES
2,170 Wolford AG.................... 435,676
---------------
TOTAL AUSTRIA................. 601,400
---------------
BELGIUM (0.2%)
RESTAURANTS
1,840 Quick Restaurants S.A......... 187,631
---------------
RETAIL
25,000 G.I.B. Holdings Ltd........... 1,116,932
---------------
TOTAL BELGIUM................. 1,304,563
---------------
BRAZIL (1.7%)
APPLIANCES & HOUSEHOLD DURABLES
29,000 Refrigeracao Parana S.A.
(ADR)......................... 383,090
---------------
CHEMICALS
70,000 Rhodia-Ster S.A. (GDR) -
144A**........................ 630,700
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
20,000 Ceval Alimentos (ADR)......... 253,000
---------------
FOREST PRODUCTS, PAPER & PACKAGING
60,000 Aracruz Celulose S.A. (ADR)... 480,000
---------------
INVESTMENT COMPANIES
1,000,000 Brazilian Smaller Co.
Investment Trust.............. 1,120,000
200,000 Brazilian Smaller Co.
Investment Trust
(Warrants due 09/30/07)*...... 144,000
---------------
1,264,000
---------------
MACHINERY
51,000 Iochpe Maxion S.A. (ADR)...... 129,030
---------------
RETAIL
35,000 Companhia Pao de Acucar
(Pref.) (GDR) - 144A**........ 520,800
67,000 Makro Atacadista S.A.*........ 469,000
---------------
989,800
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
STEEL & IRON
40,000 Companhia Acos Especia
(ADR)......................... $ 426,400
20,000 Companhia Siderurgica Nacional
(ADR)......................... 590,000
17,500 Companhia Vale do Rio Doce
S.A. (Pref.) (ADR)............ 686,875
20,000 Usinas Siderurgicas de Minas
Gerais S.A. (ADR)............. 220,800
50,000 Usinas Siderurgicas de Minas
Gerais S.A. (ADR) - 144A**.... 543,750
---------------
2,467,825
---------------
TELECOMMUNICATIONS
19,000 Telecomunicacoes Brasileiras
S.A. (ADR).................... 945,250
---------------
UTILITIES - ELECTRIC
24,000 Centrais Electricas
Brasileiras S.A. (Class B)
(ADR)......................... 315,000
20,000 Companhia Energetica de Minas
Gerais S.A. (Pref.) (ADR)* -
144A**........................ 561,000
50,000 Companhia Energetica de Sao
Paulo (Pref.) (ADR)*.......... 509,000
---------------
1,385,000
---------------
TOTAL BRAZIL.................. 8,927,695
---------------
CHILE (0.5%)
BANKING
18,000 Banco de A. Edwards (Series A)
(ADR)*........................ 378,000
---------------
FOREST PRODUCTS, PAPER & PACKAGING
21,500 Cristalerias de Chile (ADR)... 489,125
---------------
RETAIL
23,000 Santa Isabel S.A. (ADR)*...... 583,625
---------------
TELECOMMUNICATIONS
7,500 Compania de
Telecommunicaciones de Chile
S.A. (ADR).................... 635,625
---------------
UTILITIES - ELECTRIC
15,000 Enersis S.A. (ADR)............ 423,750
---------------
TOTAL CHILE................... 2,510,125
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COLOMBIA (0.2%)
FINANCIAL SERVICES
40,000 Corporacion Financiera Valle
(GDR)*........................ $ 390,000
---------------
RETAIL
28,000 Gran Cadena Almacenes (Class
B) (Pref.) (ADR) - 144A**..... 399,000
---------------
TOTAL COLOMBIA................ 789,000
---------------
DENMARK (0.3%)
BUSINESS & PUBLIC SERVICES
12,500 Kobenhavns Lufthavne AS....... 1,228,178
---------------
CONGLOMERATES
2,350 Martin Gruppen*............... 136,065
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
3,784 Oticon Holding AS............. 411,629
---------------
TOTAL DENMARK................. 1,775,872
---------------
FINLAND (0.4%)
TELECOMMUNICATION EQUIPMENT
3,941 Benefon Oy.................... 61,747
59,000 Nokia AB (Series A)........... 2,040,067
---------------
TOTAL FINLAND................. 2,101,814
---------------
FRANCE (2.9%)
APPLIANCES & HOUSEHOLD DURABLES
3,320 Airfeu S.A.................... 141,852
---------------
BUILDING & CONSTRUCTION
2,550 Assystem*..................... 286,318
---------------
BUILDING MATERIALS
7,500 IMETAL........................ 1,114,865
---------------
BUSINESS & PUBLIC SERVICES
1,770 Grand Optical Photoservice.... 207,532
---------------
ELECTRICAL EQUIPMENT
2,421 CIPE France S.A............... 197,741
---------------
ELECTRONICS - SEMICONDUCTORS
21,500 SGS-Thomson Microelectronics
NV*........................... 760,533
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
4,000 Cetelem Group................. $ 780,604
12,000 Credit Local de France........ 940,541
---------------
1,721,145
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,378 Brioche Pasquier S.A.......... 187,585
2,765 But S.A....................... 171,988
4,400 LVMH Moet-Hennessy Louis
Vuitton....................... 1,117,488
28,000 SEITA......................... 1,162,957
---------------
2,640,018
---------------
HEALTH & PERSONAL CARE
14,400 Sanofi S.A.................... 1,047,377
---------------
INSURANCE
17,000 Scor S.A...................... 638,513
---------------
MEDIA
10,000 Societe Television Francaise
1............................. 1,023,450
---------------
RETAIL
1,500 Carrefour Supermarche......... 1,099,364
6,250 Castorama Dubois
Investissement................ 1,142,687
2,650 Guilbert S.A.................. 382,860
4,200 Promodes...................... 1,097,575
---------------
3,722,486
---------------
TEXTILES
1,012 Deveaux S.A................... 126,299
4,620 Hermes International.......... 1,229,368
---------------
1,355,667
---------------
WHOLESALE & INTERNATIONAL TRADE
2,152 Bertrand Faure................ 68,426
---------------
TOTAL FRANCE.................. 14,925,923
---------------
GERMANY (2.0%)
AUTO PARTS
7,650 Kiekert AG.................... 366,951
---------------
AUTOMOBILES
3,000 Volkswagen AG................. 1,051,829
---------------
BUILDING & CONSTRUCTION
410 Sto AG (Pref.)................ 188,611
---------------
BUSINESS & PUBLIC SERVICES
8,980 SAP AG (Pref.)................ 1,293,461
---------------
CHEMICALS
2,800 Bayer AG...................... 954,011
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
2,500 Siemens AG.................... $ 1,376,186
---------------
ENTERTAINMENT
1,043 CeWe Color Holding AG......... 342,720
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
9,650 Berentzen-Gruppe AG (Pref.)... 356,318
---------------
FURNITURE
6,820 Moebel Walther AG............. 286,477
---------------
HEALTH & PERSONAL CARE
96 Rhoen-Klinikum AG............. 10,439
5,108 Rhoen-Klinikum AG (Pref.)..... 534,679
---------------
545,118
---------------
INSURANCE
262 Marschollek, Lautenschlaeger
und Partner AG................ 237,859
---------------
MERCHANDISING
338 Hach AG (Pref.)............... 123,659
---------------
PHARMACEUTICALS
1,300 Gehe AG....................... 748,645
325 Gehe AG (New)................. 183,198
---------------
931,843
---------------
RETAIL
5,965 Fielmann AG (Pref.)........... 283,701
---------------
TEXTILES
19,400 Adidas AG*.................... 1,419,512
320 Hugo Boss AG (Pref.).......... 343,631
400 Jil Sander AG (Pref.)......... 330,623
600 Puma AG (Pref.)............... 199,187
---------------
2,292,953
---------------
TOTAL GERMANY................. 10,631,697
---------------
HONG KONG (4.7%)
AUTOMOBILES
50,000 Jardine International Motor
Holdings Ltd.................. 66,587
---------------
BANKING
130,800 HSBC Holdings PLC............. 1,961,780
120,000 Liu Chong Hing Bank Ltd....... 175,325
309,000 Wing Hang Bank Ltd............ 1,222,544
---------------
3,359,649
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BUILDING & CONSTRUCTION
110,000 Harbour Centre Development.... $ 145,070
555,000 New World Infrastructure
Ltd.*......................... 1,184,027
---------------
1,329,097
---------------
CONGLOMERATES
1,266,000 First Pacific Co. Ltd......... 1,800,574
200,000 Four Seas Mercantile Holdings
Ltd........................... 74,992
445,000 Hutchison Whampoa, Ltd........ 2,807,789
297,000 Jardine Matheson Holdings
Ltd........................... 2,316,600
178,000 Swire Pacific Ltd. (Class
A)............................ 1,564,997
603,000 Wheelock & Company, Ltd....... 1,208,464
---------------
9,773,416
---------------
ELECTRICAL EQUIPMENT
26,000 ASM Pacific Technology........ 24,708
---------------
ENTERTAINMENT
400,000 Gold Peak Industries.......... 212,045
---------------
HOTELS/MOTELS
158,000 Grand Hotel Holdings Ltd...... 62,308
500,000 Regal Hotels International.... 123,477
850,000 Shangri-La Asia Ltd........... 1,142,975
---------------
1,328,760
---------------
MACHINERY
70,000 Chen Hsong Holdings........... 38,918
---------------
REAL ESTATE
518,000 Cheung Kong (Holdings) Ltd.... 3,650,151
100,000 China Resources Enterprise
Ltd........................... 57,537
106,600 HKR International Ltd......... 115,777
400,000 Hon Kwok Land Investment
Ltd........................... 134,468
905,000 Hong Kong Land Holdings
Ltd........................... 2,172,000
218,000 Sun Hung Kai Properties
Ltd........................... 1,951,915
---------------
8,081,848
---------------
TOTAL HONG KONG............... 24,215,028
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
INDIA (0.3%)
BUILDING & CONSTRUCTION
30,000 Larsen & Toubro Ltd. (GDR)*... $ 457,500
---------------
METALS & MINING
15,000 Hindalco Industries Ltd.
(GDR)......................... 547,500
---------------
STEEL & IRON
21,000 Steel Authority of India
Ltd.*......................... 246,750
---------------
UTILITIES - ELECTRIC
13,000 BSES Ltd. (GDR) - 144A**...... 211,250
---------------
TOTAL INDIA................... 1,463,000
---------------
INDONESIA (0.7%)
AUTOMOBILES
56,000 PT Astra International........ 80,274
---------------
BANKING
270,000 PT Bank Bali.................. 577,663
40,000 PT Bank Bali
(Warrants due 08/29/00)*...... 18,827
50,000 PT Bank Niaga................. 128,370
---------------
724,860
---------------
CHEMICALS
96,000 PT Aneka Kimia Ray............ 147,882
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
143,000 PT Fast Food Indonesia
(Local)....................... 183,569
---------------
FOREST PRODUCTS, PAPER & PACKAGING
IDR 500,000 PT Tjiwi Kimia 0.00% due
03/26/97 (Conv.)*............. 562,500
---------------
INDUSTRIALS
50,000 PT Bukaka Teknik Utama........ 84,510
---------------
INVESTMENT COMPANIES
2,000,000 Peregrine Indonesia Fund
Ltd.*** *.................... 1,435,000
---------------
MERCHANDISING
43,000 PT Tigaraksa Satria........... 213,436
---------------
TOTAL INDONESIA............... 3,432,031
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ITALY (0.7%)
APPLIANCES & HOUSEHOLD DURABLES
8,700 Industrie Natuzzi SpA (ADR)... $ 473,062
---------------
BUILDING & CONSTRUCTION
17,047 Saes Getters Di Risp.......... 287,260
12,791 Saes Getters SpA.............. 293,660
---------------
580,920
---------------
ELECTRICAL EQUIPMENT
32,945 Gewiss SpA.................... 476,151
---------------
ENERGY
225,000 Ente Nazionale Idrocarburi SpA
(ADR)*........................ 819,451
---------------
MACHINERY
21,800 IMA SpA....................... 181,237
---------------
TELECOMMUNICATIONS
546,000 Telecom Italia Mobile SpA..... 995,140
---------------
VISION CARE & INSTRUMENTS
12,020 De Rigo SpA (ADR)*............ 338,062
---------------
TOTAL ITALY................... 3,864,023
---------------
JAPAN (35.0%)
APPLIANCES & HOUSEHOLD DURABLES
20,000 Beltecno Corp................. 233,274
35,000 Itoki Crebio Corp............. 261,267
25,000 Juken Sangyo Co............... 256,602
---------------
751,143
---------------
AUTO PARTS
38,000 Bridgestone Metalpha Corp..... 443,221
---------------
AUTOMOBILES
433,000 Mitsubishi Motors Corp........ 3,692,843
150,000 Suzuki Motor Co. Ltd.......... 1,847,532
---------------
5,540,375
---------------
BANKING
396,000 Asahi Bank, Ltd............... 4,729,682
223,000 Sanwa Bank, Ltd............... 4,473,733
222,000 Sumitomo Bank................. 4,474,386
161,000 Sumitomo Trust & Banking...... 2,208,361
---------------
15,886,162
---------------
BUILDING & CONSTRUCTION
50,000 Cesar Co...................... 464,216
15,000 Higashi Nihon House........... 251,936
30,000 Ichiken Co., Ltd.............. 313,521
18,000 Kaneshita Construction........ 223,383
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
10,000 Maezawa Kaisei Industries..... $ 396,566
25,000 Mitsui Home Co., Ltd.......... 419,894
399,000 Nishimatsu Construction Co.... 4,542,129
16,500 Oriental Construction Co...... 287,907
322,000 Sekisui House Ltd............. 4,026,127
25,000 Tohoku Misawa Homes........... 314,920
---------------
11,240,599
---------------
BUILDING MATERIALS
22,000 Nichiha Corp.................. 390,035
30,000 Shin Nikkei Co., Ltd.......... 204,068
88,000 Tostem Corp................... 2,742,559
40,000 Toyo Shutter.................. 343,380
---------------
3,680,042
---------------
BUSINESS & PUBLIC SERVICES
20,000 Chuo Warehouse Co............. 248,204
8,800 Nichii Gakkan Co.............. 465,578
12,000 Nippon Kanzai................. 363,908
67,000 Secom Co...................... 4,369,973
---------------
5,447,663
---------------
CHEMICALS
600,000 Asahi Chemical Industy Co.
Ltd........................... 4,434,077
337,000 Kaneka Corp................... 2,226,332
323,000 Nippon Shokubai K.K. Co....... 3,285,154
64,000 Sakai Chemical Industry Co.... 477,746
35,000 Sintokogio.................... 306,336
---------------
10,729,645
---------------
COMPUTER SOFTWARE
4,000 Mars Engineering Corp......... 291,126
Y 25,000K Meitec Corp. 3.20% due
03/31/04 (Conv.).............. 312,587
---------------
603,713
---------------
CONGLOMERATES
7,000 Enix Corp..................... 193,991
615,000 Mitsui & Co................... 5,560,651
20,000 Yamae Hisano.................. 188,486
---------------
5,943,128
---------------
DATA PROCESSING
14,300 Daiwabo Information Systems
Co............................ 313,567
14,000 Japan Digital Laboratory...... 282,169
30,000 Ricoh Elemex.................. 433,890
14,000 TKC Corp...................... 389,288
---------------
1,418,914
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
20,000 Alpine Electronics Inc........ $ 334,049
240,000 Canon, Inc.................... 4,568,443
423,000 Hitachi, Ltd.................. 3,410,208
4,000 I-O Data Device, Inc.......... 195,950
40,000 Kyocera Corp.................. 2,709,714
30,700 Mabuchi Motor Co.............. 1,744,546
150,000 Matsushita Electric Industrial
Co. Ltd....................... 2,435,383
30,000 Mitsuba Electric Mfg Co....... 338,714
15,500 Mitsui High-Tec............... 342,773
15,000 Mitsumi Electric Co. Ltd...... 254,735
268,000 NEC Corp...................... 3,100,868
75,000 Nippon Electric Glass Co.,
Ltd........................... 1,371,653
50,000 Nissin Electric............... 373,239
30,000 Nitto Electric Works.......... 394,700
91,000 Rohm Co., Ltd................. 5,179,621
143,000 Ryoyo Electro Corp............ 3,269,105
10,000 Satori Electric Co., Ltd...... 410,563
20,000 Tokin......................... 270,598
---------------
30,704,862
---------------
ELECTRONICS
35,000 Fanuc, Ltd.................... 1,417,374
---------------
ELECTRONICS - SEMICONDUCTORS
11,000 Apic Yamada Corp.............. 277,130
7 Nippon Steel Semiconductor.... 131,940
---------------
409,070
---------------
ENGINEERING & CONSTRUCTION
119,000 Kajima Corp................... 1,276,943
---------------
ENTERTAINMENT
12,000 Honma Golf Co. Ltd............ 265,373
---------------
FINANCIAL SERVICES
405,000 New Japan Securities*......... 2,664,225
11,700 Nissin Co. Ltd................ 534,944
150,000 Nomura Securities Co., Ltd.... 3,289,167
97,000 Orix Corp..................... 3,665,671
4,000 Sanyo Shinpan Finance Co.,
Ltd........................... 294,859
12,000 Shinki Co. Ltd................ 428,851
---------------
10,877,717
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
5,500 Plenus Company, Ltd........... 215,545
22,000 Stamina Foods................. 231,968
18,000 Yukiguni Maitake Co., Ltd..... 171,317
---------------
618,830
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
45,000 Daishowa Paper Manufacturing
Co. Ltd.*..................... $ 369,506
---------------
HEALTH & PERSONAL CARE
262,500 Eisai Co. Ltd................. 5,241,672
243,000 Kao Corp...................... 3,015,676
20,000 Kawasumi Laboratories, Inc.... 242,605
10,000 Seijo Corp.................... 271,531
40,000 Terumo Corp................... 444,154
5,500 Towa Pharmaceutical Co.,
Ltd........................... 147,289
---------------
9,362,927
---------------
HEALTHCARE PRODUCTS & SERVICES
5,500 Paramount Bed Co.............. 353,597
---------------
INSURANCE
205,000 Dai-Tokyo Fire & Marine
Insurance Co. Ltd............. 1,511,150
312,000 Tokio Marine & Fire Insurance
Co............................ 4,046,655
---------------
5,557,805
---------------
MACHINE TOOLS
50,000 Nippon Thompson Co............ 457,217
11,000 Nitto Kohki Co. Ltd........... 408,510
---------------
865,727
---------------
MACHINERY
35,000 Aichi Corp.................... 333,116
346,080 Asahi Diamond Industries Co.
Ltd........................... 4,553,259
35,000 CKD Corp...................... 355,976
10,000 Fuji Machine Manufacturing
Co............................ 270,598
405,000 Komatsu Ltd................... 3,601,428
225,000 Minebea Co., Ltd.............. 1,921,013
13,200 Misumi Corp................... 400,299
517,000 Mitsubishi Heavy Industries,
Ltd........................... 4,457,479
50,000 OSG Corp...................... 390,968
25,000 Sansei Yusoki Co., Ltd........ 312,587
30,000 Takuma Co., Ltd............... 422,693
---------------
17,019,416
---------------
MANUFACTURING
4,000 Arcland Sakamoto.............. 49,268
---------------
MEDIA
174,000 Dai Nippon Printing Co.
Ltd........................... 3,165,998
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
MERCHANDISING
6,000 Fast Retailing Co., Ltd....... $ 251,936
6,200 Ryohin Keikaku Co., Ltd....... 491,742
13,000 Shimachu Co., Ltd............. 416,068
10,000 Xebio Co. Ltd................. 340,580
---------------
1,500,326
---------------
MISCELLANEOUS
12,000 Noritsu Koki Co. Ltd.......... 414,295
---------------
REAL ESTATE
27,500 Chubu Sekiwa Real Estate,
Ltd........................... 449,053
12,100 Japan Industrial Land
Development................... 400,812
22,000 Kansai Sekiwa Real Estate..... 375,665
30,000 Sekiwa Real Estate............ 260,054
460,000 Sumitomo Realty &
Development................... 3,523,934
---------------
5,009,518
---------------
RETAIL
13,200 Circle K Japan Co. Ltd........ 527,162
209,000 Izumiya Co. Ltd............... 3,490,809
15,000 Ministop Co., Ltd............. 391,901
13,000 Paris Miki Inc................ 497,341
20 Yoshinoya D & C Company
Ltd........................... 278,063
---------------
5,185,276
---------------
STEEL & IRON
917,000 Nippon Steel Co............... 3,148,792
1,500,000 NKK Corp.*.................... 4,324,904
25,000 Takada Kiko................... 251,936
---------------
7,725,632
---------------
TELECOMMUNICATIONS
446 DDI Corp...................... 3,391,714
195 Nippon Telegraph & Telephone
Corp.......................... 1,422,880
---------------
4,814,594
---------------
TEXTILES
8,000 H.I.S. Company Ltd............ 453,112
192,000 Kuraray Co. Ltd............... 2,060,278
9,000 Maruco Co., Ltd............... 663,432
---------------
3,176,822
---------------
TRANSPORTATION
12,000 Kanto Seino Transportation.... 324,718
434,000 Nippon Yusen Kabushiki
Kaish......................... 2,466,231
387,000 Yamato Transport Co. Ltd...... 4,586,078
---------------
7,377,027
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
UTILITIES
88,700 Kyushu Electric Power......... $ 2,011,206
---------------
WHOLESALE & INTERNATIONAL TRADE
17,000 Trusco Nakayama Corp.......... 380,704
20,000 Wakita & Co................... 307,922
---------------
688,626
---------------
TOTAL JAPAN................... 181,902,340
---------------
MALAYSIA (3.2%)
AUTOMOBILES
20,000 Cycle & Carriage Bintang
Berhad........................ 125,518
100,000 Perusahaan Otomobil Nasional
Berhad........................ 446,023
---------------
571,541
---------------
BANKING
90,000 Arab Malaysian Finance
Berhad........................ 444,050
55,000 Commerce Asset Holding
Berhad........................ 314,782
360,000 DCB Holdings Berhad........... 1,236,235
40,000 Hock Hua Bank Berhad*......... 116,045
150,000 Malayan Banking Berhad........ 1,397,277
75,000 Public Finance Berhad......... 177,620
---------------
3,686,009
---------------
ENTERTAINMENT
150,000 Berjaya Sports Toto Berhad.... 449,970
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
200,000 RJ Reynolds Berhad............ 552,595
---------------
HOTELS/MOTELS
200,000 Genting Berhad................ 1,807,776
---------------
MACHINERY
30,000 Muhibbah Engineering.......... 106,572
130,000 Nylex Berhad.................. 477,205
150,000 UMW Holdings Berhad........... 509,177
315,000 United Engineers Malaysia
Berhad........................ 2,175,844
---------------
3,268,798
---------------
OIL DRILLING & SERVICES
20,000 George Kent Berhad............ 32,051
---------------
REAL ESTATE
30,000 IOI Properties Berhad......... 87,034
150,000 Land & General Berhad......... 396,684
50,000 Shah Alam Properties Berhad... 157,884
---------------
641,602
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
600,000 Technology Resource Industries
Berhad*....................... $ 2,155,121
65,000 Telekom Malaysia Berhad....... 597,790
---------------
2,752,911
---------------
UTILITIES
350,000 Petronas Gas Berhad........... 1,574,896
310,000 Tenaga Nasional Berhad........ 1,309,256
---------------
2,884,152
---------------
TOTAL MALAYSIA................ 16,647,405
---------------
MEXICO (1.2%)
BEVERAGES - SOFT DRINKS
14,200 Panamerican Beverages, Inc.
(Class A)..................... 573,325
---------------
BUILDING & CONSTRUCTION
74,000 Apasco S.A. de C.V............ 378,655
120,000 International de Ceramica S.A.
de C.V. (ADR)*................ 167,464
---------------
546,119
---------------
ENGINEERING & CONSTRUCTION
124,240 Corporacion GEO S.A. de C.V.
(Series B)*................... 422,720
33,000 Empresas ICA Sociedad
Controladora S.A. de C.V.
(ADR)......................... 429,000
---------------
851,720
---------------
FINANCIAL SERVICES
100,000 Grupo Financiero Banamex
Accival S.A. de C.V. (Series
L)............................ 192,717
750,000 Grupo Financiero Bancomer S.A.
de C.V. (B Shares)............ 302,033
35,630 Grupo Financiero Bancomer S.A.
de C.V. (L Shares)............ 11,744
---------------
506,494
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
54,000 Grupo Industrial Bimbo S.A. de
C.V. (Series A)............... 247,608
64,000 Grupo Modelo (C Shares)....... 297,714
32,000 Sigma Alimentos S.A........... 216,906
---------------
762,228
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
90,000 Empaques Ponderosa S.A.
(Series B)*................... $ 187,560
---------------
MANUFACTURING
14,500 Grupo Industrial Saltillo S.A.
de C.V. (Class A)............. 289,075
---------------
MEDIA
20,000 Grupo Televisa S.A. (GDR)*.... 497,500
---------------
RETAIL
180,000 Cifra S.A. de C.V. (Series
B)*........................... 240,191
90,000 Cifra S.A. de C.V. (Series B)
(ADR)*........................ 115,200
112,000 Nacional de Drogas S.A. de
C.V. (L Shares)............... 483,785
---------------
839,176
---------------
STEEL & IRON
15,000 Tubos de Acero de Mexico
S.A.*......................... 118,620
30,000 Tubos de Acero de Mexico S.A.
(ADR)*........................ 236,250
---------------
354,870
---------------
TELECOMMUNICATIONS
16,600 Telefonos de Mexico S.A. de
C.V. (Class L) (ADR).......... 545,725
---------------
TRANSPORTATION
30,000 Transportacion Maritimas
Mexicana S.A. de C.V. (ADR)... 247,500
---------------
TOTAL MEXICO.................. 6,201,292
---------------
NETHERLANDS (2.7%)
APPLIANCES & HOUSEHOLD DURABLES
32,000 Ahrend Groep NV............... 1,362,855
---------------
BANKING
22,000 ABN AMRO Holding NV........... 1,094,011
---------------
BUILDING & CONSTRUCTION
11,857 Hunter Douglas NV............. 803,378
6,376 Sphinx Kon Gustavsberg........ 111,860
---------------
915,238
---------------
BUSINESS & PUBLIC SERVICES
5,438 Randstad Holdings NV.......... 330,622
---------------
CONSUMER PRODUCTS
13,000 Gucci Group NV*............... 629,159
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
12,970 Otra NV....................... $ 278,545
---------------
INSURANCE
32,000 Aegon NV...................... 1,509,982
20,425 Internationale Nederlanden
Groep NV...................... 1,482,759
---------------
2,992,741
---------------
MACHINERY
2,904 Aalberts Industries NV........ 229,615
---------------
MEDIA
100,000 Elsevier NV................... 1,530,551
60,000 Ver Ned Utigev Ver
Bezit NV...................... 998,185
11,000 Wegener NV.................... 1,281,004
10,500 Wolters Kluwer NV............. 1,154,809
---------------
4,964,549
---------------
MERCHANDISING
30,300 Koninklijke Ahold NV.......... 1,460,926
---------------
TOTAL NETHERLANDS............. 14,258,261
---------------
NORWAY (0.5%)
BUSINESS & PUBLIC SERVICES
5,000 Sysdeco Group AS*............. 89,706
---------------
DATA PROCESSING
18,979 System Etikettering AS........ 339,027
---------------
ELECTRICAL EQUIPMENT
4,400 Nera AS....................... 170,926
29,120 Sensonor AS*.................. 254,410
---------------
425,336
---------------
ENTERTAINMENT
265,920 NCL Holding AS (Series A)
(Conv. Loan Stock due
12/12/98)*.................... 620,480
---------------
MACHINERY
44,823 Tomra Systems AS.............. 370,623
---------------
OIL DRILLING & SERVICES
5,540 Hitec AS...................... 101,987
6,932 Transocean AS*................ 151,406
---------------
253,393
---------------
TELECOMMUNICATIONS
12,000 Tandberg AS*.................. 138,538
---------------
TRANSPORTATION
19,892 Awilco AS..................... 189,306
---------------
TOTAL NORWAY.................. 2,426,409
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
PERU (0.1%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
204,840 Cerveceria Backus & Johnston
S.A........................... $ 269,343
11,019 Jose R Lindley E Hijos S.A.... 16,177
---------------
285,520
---------------
TELECOMMUNICATIONS
139,999 CPT-Telefonica de Peru S.A. (B
Shares)....................... 288,934
---------------
TOTAL PERU.................... 574,454
---------------
PHILIPPINES (0.2%)
BUILDING & CONSTRUCTION
10,971 Bacnotan Consolidated
Industries.................... 42,826
802 Bacnotan Consolidated
Industries (Rights)*.......... 3,131
---------------
45,957
---------------
ENERGY
250,000 Belle Corp.*.................. 32,530
---------------
ENTERTAINMENT
270,000 SM Prime Holdings............. 80,597
---------------
OIL DRILLING & SERVICES
24,000 First Philippine Holdings
Corp. (B Shares).............. 44,546
---------------
REAL ESTATE
62,000 Ayala Corp. (B Shares)........ 90,165
29,808 Ayala Corp. (Series B)
(GDS)......................... 357,696
---------------
447,861
---------------
TELECOMMUNICATIONS
2,000 Philippine Long Distance
Telephone Co. (ADR)........... 108,687
---------------
TRANSPORTATION
52,800 International Container
Terminal...................... 30,815
---------------
TOTAL PHILIPPINES............. 790,993
---------------
PORTUGAL (0.2%)
MEDIA
30,000 Journalgeste*................. 295,043
226,000 TVI Televisao S.A.*........... 777,931
---------------
TOTAL PORTUGAL................ 1,072,974
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
RUSSIA (0.3%)
INVESTMENT COMPANIES
200,000 First NIS Fund................ $ 1,500,000
---------------
SINGAPORE (1.6%)
APPLIANCES & HOUSEHOLD DURABLES
78,000 Courts (Singapore) Ltd........ 132,354
---------------
BANKING
153,500 Development Bank of Singapore,
Ltd........................... 1,885,374
156,042 Overseas Chinese Banking
Corp., Ltd.................... 2,093,854
---------------
3,979,228
---------------
ELECTRICAL EQUIPMENT
48,000 Amtek Engineering Ltd......... 76,337
50,000 CSA Holdings Ltd.............. 56,443
17,000 Flextech Holdings Ltd......... 10,802
31,000 Venture Manufacturing Ltd..... 110,046
---------------
253,628
---------------
FINANCIAL SERVICES
10,000 Hong Leong Finance Ltd........ 43,308
35,000 ST Capital Ltd................ 54,171
---------------
97,479
---------------
HEALTH & PERSONAL CARE
90,000 Tiger Medicals Ltd............ 154,633
---------------
MACHINERY
27,000 Jurong Engineering Ltd........ 122,684
185,000 Keppel Corp., Ltd............. 1,681,221
---------------
1,803,905
---------------
REAL ESTATE
396,000 DBS Land Ltd.................. 1,518,211
---------------
TRANSPORTATION
40,000 Comfort Group Ltd............. 36,919
83,000 Singapore Technologies
Shipbuilding & Engineering
Ltd........................... 186,212
---------------
223,131
---------------
TOTAL SINGAPORE............... 8,162,569
---------------
SOUTH AFRICA (0.6%)
FINANCIAL SERVICES
30,200 JCI Co. Ltd................... 260,050
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
39,000 Malbak Ltd.................... $ 230,421
26,500 Rembrandt Group Ltd........... 241,515
7,500 South African Breweries
Ltd........................... 237,586
---------------
709,522
---------------
INSURANCE
35,000 Fedsure Holdings Ltd.......... 266,185
15,600 Metropolitan Life Ltd......... 219,635
16,200 Southern Life Assoc........... 189,390
---------------
675,210
---------------
METALS & MINING
2,700 Anglo American Gold Investment
Co............................ 278,316
5,700 Anglovaal Ltd. (N Shares)..... 219,258
15,200 De Beers Consolidated Mines
Ltd. (Units)++................ 489,152
---------------
986,726
---------------
RETAIL
77,000 Metro Cash & Carry Ltd........ 333,941
85,000 Pick'n Pay Stores Ltd......... 301,320
---------------
635,261
---------------
TOTAL SOUTH AFRICA............ 3,266,769
---------------
SOUTH KOREA (0.3%)
AIRLINES
3,000 Korean Air.................... 95,116
---------------
AUTOMOBILES
11,000 Hyundai Motor Co., Ltd.
(GDR)......................... 165,000
---------------
BANKING
5,280 Shinhan Bank.................. 116,778
---------------
BUILDING & CONSTRUCTION
6,657 Dong-Ah Construction
Industrial Co................. 239,999
---------------
ELECTRICAL EQUIPMENT
221 Samsung Electronics Co. (GDR)
- 144A**...................... 12,487
534 Samsung Electronics Co. (GDR)
- 144A**...................... 30,171
160 Samsung Electronics Co. (GDR)
- 144A**...................... 9,019
2,166 Samsung Electronics Co. (GDR)
- 144A**...................... 75,529
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
66 Samsung Electronics Co. (GDR)
- 144A**...................... $ 3,721
7,187 Samsung Electronics Co. (GDS)*
- 144A**...................... 251,545
---------------
382,472
---------------
STEEL & IRON
5,000 Pohang Iron & Steel, Ltd.
(ADR)......................... 121,250
---------------
UTILITIES - ELECTRIC
7,000 Korea Electric Power Corp..... 272,948
---------------
TOTAL SOUTH KOREA............. 1,393,563
---------------
SPAIN (1.4%)
BANKING
25,000 Banco Bilbao Vizcaya.......... 932,715
6,000 Banco Popular Espanol S.A..... 1,036,583
---------------
1,969,298
---------------
ENERGY
25,000 Repsol S.A.................... 942,788
---------------
FINANCIAL SERVICES
17,500 Corporacion Financiera Alba... 1,359,388
---------------
FOREST PRODUCTS, PAPER & PACKAGING
6,908 Empresa Nacional de Celulosa
S.A........................... 96,022
---------------
NATURAL GAS
9,500 Gas Natural SDG S.A. (Series
E)............................ 1,642,788
---------------
TEXTILES
8,993 Cortefiel S.A................. 210,151
---------------
WHOLESALE & INTERNATIONAL TRADE
40,000 Centros Comerciales Continente
S.A........................... 913,779
---------------
TOTAL SPAIN................... 7,134,214
---------------
SWEDEN (2.1%)
AUTO PARTS
11,000 Garphyttan Industrier AB...... 144,758
190 Opcon (Restricted)*........... 163,377
---------------
308,135
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BUSINESS & PUBLIC SERVICES
18,776 Assa Abloy AB (Rights)*....... $ 21,059
18,776 Assa Abloy AB (Series B)...... 190,933
100,000 Scribona AB
(Series "B" Free)............. 1,001,944
---------------
1,213,936
---------------
COMMERCIAL SERVICES
28,000 Securitas AB
(Series "B" Free)............. 1,666,517
---------------
ELECTRICAL EQUIPMENT
4,903 Elekta Instrument (Series "AB"
Free)......................... 163,507
6,608 Kanthal Hoganas AB............ 88,443
---------------
251,950
---------------
HEALTH & PERSONAL CARE
19,580 Astra AB
(Series "A" Free)............. 906,237
---------------
HEALTHCARE PRODUCTS & SERVICES
25,600 Getinge Industrier AB (B
Shares)....................... 1,309,287
---------------
INSURANCE
55,500 Scandia Forsakrings AB........ 1,224,204
---------------
MACHINERY
9,710 Hoganas AB.................... 295,496
21,069 Kalmar Industries AB.......... 400,144
---------------
695,640
---------------
MISCELLANEOUS
5,510 Trio*......................... 214,237
---------------
RETAIL
17,500 Hennes & Mauritz AB (B
Shares)....................... 1,243,084
---------------
TELECOMMUNICATIONS
49,500 Ericsson (L.M.) Telephone Co.
AB (Series "B" Free).......... 1,088,156
---------------
TEXTILES
10,313 SinterCast AB
(Series "A" Free)*............ 686,299
---------------
TOTAL SWEDEN.................. 10,807,682
---------------
SWITZERLAND (1.0%)
CONGLOMERATES
177 Zehnder Holdings.............. 78,792
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
450 BBC Brown Boveri AG........... $ 546,909
---------------
MACHINE TOOLS
772 Hilti AG PC................... 596,540
---------------
MERCHANDISING
800 Fust S.A. AG.................. 231,816
---------------
PHARMACEUTICALS
800 Ciba-Geigy AG................. 1,000,504
157 Roche Holdings AG............. 1,302,839
1,400 Sandoz AG..................... 1,640,349
---------------
3,943,692
---------------
TOTAL SWITZERLAND............. 5,397,749
---------------
TAIWAN (0.1%)
INVESTMENT COMPANIES
100,000 Paribas Emerging Markets Fund
- Taiwan Series*.............. 714,000
---------------
THAILAND (0.7%)
BANKING
244,000 Krung Thai Bank PCL........... 1,150,169
---------------
BUILDING & CONSTRUCTION
29,000 Land & House PCL.............. 477,877
---------------
ELECTRICAL EQUIPMENT
15,000 Hana Microelectonics PCL...... 84,373
---------------
FINANCIAL SERVICES
140,000 National Finance & Securities
(Warrants due 11/15/99)*...... 346,603
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
122,000 Srithai Superware Co., Ltd.... 918,202
---------------
MERCHANDISING
24,000 Robinson Dept Store Co........ 53,238
---------------
TELECOMMUNICATIONS
20,000 Advanced Info Service PCL
(ADR)......................... 383,442
---------------
TOTAL THAILAND................ 3,413,904
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
UNITED KINGDOM (6.7%)
AEROSPACE & DEFENSE
60,000 British Aerospace PLC......... $ 787,777
11,500 Fairey Group PLC.............. 104,991
250,000 Rolls-Royce PLC............... 824,418
70,000 Smiths Industries PLC......... 740,602
25,800 Vickers PLC................... 102,411
---------------
2,560,199
---------------
APPLIANCES & HOUSEHOLD DURABLES
87,000 MFI Furniture Group PLC....... 215,731
---------------
AUTOMOBILES
13,100 Trinity Holdings PLC.......... 81,999
---------------
BANKING
100,000 Abbey National PLC............ 859,532
50,000 National Westminster Bank
PLC........................... 486,254
155,000 TSB Group PLC................. 743,045
---------------
2,088,831
---------------
BUILDING & CONSTRUCTION
145,000 Blue Circle Industries PLC.... 754,877
100,000 Bryant Group.................. 179,387
110,000 CRH PLC....................... 972,355
70,000 Meyer International PLC....... 413,049
---------------
2,319,668
---------------
BUILDING MATERIALS
110,000 Scapa Group................... 391,293
---------------
BUSINESS & PUBLIC SERVICES
70,000 Chubb Security PLC............ 395,415
85,000 Reuters Holdings PLC.......... 923,959
---------------
1,319,374
---------------
CHEMICALS
170,000 Albright & Wilson PLC......... 449,003
---------------
COMPUTER SOFTWARE
46,000 SEMA Group PLC................ 459,292
---------------
CONSUMER PRODUCTS
69,000 Vendome Luxury Group PLC
(Units)++..................... 600,451
---------------
ELECTRICAL EQUIPMENT
155,000 General Electric Co. PLC...... 866,097
11,850 The BICC Group PLC............ 60,244
---------------
926,341
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRONICS
15,200 Diploma PLC................... $ 95,608
10,100 Unitech PLC................... 102,541
---------------
198,149
---------------
ENERGY
155,000 Lasmo PLC..................... 442,514
125,000 Shell Transport & Trading Co.
PLC........................... 1,654,561
---------------
2,097,075
---------------
ENTERTAINMENT
80,000 Granada Group PLC............. 918,463
23,750 London Clubs International
PLC........................... 195,437
---------------
1,113,900
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
120,000 Associated British Foods
PLC........................... 736,480
50,000 B.A.T. Industries PLC......... 369,461
60,000 Bass PLC...................... 681,519
24,500 Devro International PLC....... 84,159
100,000 Guinness PLC.................. 728,236
90,000 Northern Foods PLC............ 250,074
---------------
2,849,929
---------------
FOREST PRODUCTS, PAPER & PACKAGING
23,100 David S. Smith (Holdings)
PLC........................... 108,622
---------------
HEALTH & PERSONAL CARE
109,000 Glaxo Wellcome PLC............ 1,367,893
185,000 Medeva PLC.................... 691,977
---------------
2,059,870
---------------
INSURANCE
70,000 General Accident PLC.......... 655,107
145,000 Prudential Corp. PLC.......... 943,043
135,000 Royal Insurance Holdings
PLC........................... 731,671
---------------
2,329,821
---------------
INVESTMENT COMPANIES
157,000 NB Smaller Cos. Trust......... 354,744
166,410 The Throgmorton Trust......... 198,165
45,250 TR Smaller Cos. Investment
Trust......................... 146,456
---------------
699,365
---------------
MACHINERY
165,000 BBA Group PLC................. 811,136
90,000 IMI PLC (Ordinary)............ 491,903
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
10,700 Sprirax-Sarco Engineering
PLC........................... $ 117,290
125,000 Tomkins PLC................... 484,727
---------------
1,905,056
---------------
MANUFACTURING
9,400 Vitec Group PLC............... 108,924
9,100 Vosper Thornycroft Holdings
PLC........................... 114,478
---------------
223,402
---------------
MEDIA
6,500 Daily Mail & General Trust
(Class A)..................... 139,327
77,000 Emap PLC...................... 755,884
65,000 Flextech PLC*................. 494,193
45,100 Mirror Group PLC.............. 150,102
---------------
1,539,506
---------------
MERCHANDISING
140,000 Next PLC...................... 1,085,789
---------------
METALS & MINING
120,000 Antofagasta Holdings PLC...... 657,702
40,000 RTZ Corp...................... 580,146
---------------
1,237,848
---------------
NATURAL GAS
115,000 British Gas PLC............... 400,301
---------------
PHARMACEUTICALS
9,550 British Biotech PLC*.......... 365,958
---------------
REAL ESTATE
28,000 Capital Shopping Centers
PLC........................... 116,701
43,500 Pillar Property Investments
PLC........................... 110,907
---------------
227,608
---------------
RESTAURANTS
9,600 Compass Group PLC............. 55,401
---------------
RETAIL
11,500 Argos PLC..................... 120,090
---------------
TELECOMMUNICATIONS
245,000 British Telecommunications
PLC........................... 1,382,831
55,000 Securicor Group PLC (Class
A)............................ 1,011,820
12,300 Security Services PLC......... 224,871
120,000 Vodafone Group PLC............ 445,186
---------------
3,064,708
---------------
TEXTILES
15,900 Courtaulds Textiles PLC....... 94,671
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TRANSPORTATION
31,400 Associated British Ports
Holdings PLC.................. $ 139,021
70,000 British Airways PLC........... 571,749
15,800 Forth Ports PLC............... 149,073
24,800 Stagecoach Holdings PLC....... 162,429
---------------
1,022,272
---------------
UTILITIES
55,220 Yorkshire Water PLC........... 573,270
---------------
TOTAL UNITED KINGDOM.......... 34,784,793
---------------
UNITED STATES (25.0%)
AEROSPACE & DEFENSE
29,000 Boeing Co..................... 2,512,125
42,000 General Motors Corp. (Class
H)............................ 2,656,500
72,000 Watkins-Johnson Co............ 2,574,000
---------------
7,742,625
---------------
AUTOMOBILES
65,000 Ford Motor Co................. 2,234,375
41,000 General Motors Corp........... 2,183,250
---------------
4,417,625
---------------
BANKING
29,000 Citicorp...................... 2,320,000
43,000 Golden West Financial Corp.... 2,305,875
---------------
4,625,875
---------------
BEVERAGES - SOFT DRINKS
30,500 Coca Cola Co.................. 2,520,062
40,000 PepsiCo Inc................... 2,530,000
---------------
5,050,062
---------------
BIOTECHNOLOGY
35,000 Regeneron Pharamaceuticals,
Inc.*......................... 437,500
---------------
CABLE & TELECOMMUNICATIONS
74,000 General Instrument Corp.*..... 2,025,750
---------------
COMMERCIAL SERVICES
80,000 Sierra On-Line, Inc.*......... 2,680,000
---------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE
46,000 Cisco Systems, Inc.*.......... 2,133,250
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE
28,000 Computer Associates
International, Inc............ $ 2,005,500
19,500 Microsoft Corp.*.............. 2,008,500
41,500 Oracle Corp.*................. 1,945,313
---------------
5,959,313
---------------
COMPUTERS - PERIPHERAL EQUIPMENT
38,000 Seagate Technology, Inc.*..... 2,080,500
---------------
COMPUTERS - SYSTEMS
21,000 Hewlett-Packard Co............ 1,974,000
---------------
CONGLOMERATES
46,000 Allied-Signal, Inc............ 2,719,750
---------------
ELECTRICAL EQUIPMENT
32,000 Emerson Electric Co........... 2,584,000
---------------
ENERGY
41,000 Chevron Corp.................. 2,301,125
27,500 Exxon Corp.................... 2,244,688
20,000 Mobil Corp.................... 2,317,500
27,000 Texaco, Inc................... 2,322,000
---------------
9,185,313
---------------
ENTERTAINMENT
38,000 ITT Corp. (New)*.............. 2,280,000
---------------
FINANCIAL SERVICES
39,000 Beneficial Corp............... 2,247,375
70,000 Federal National Mortgage
Assoc......................... 2,231,250
43,000 Morgan Stanley Group, Inc..... 2,225,250
---------------
6,703,875
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
29,000 Philip Morris Companies,
Inc........................... 2,544,750
30,000 Procter & Gamble Co........... 2,542,500
---------------
5,087,250
---------------
FOREST PRODUCTS, PAPER & PACKAGING
66,000 International Paper Co........ 2,598,750
---------------
HEALTH & PERSONAL CARE
54,000 Tambrands, Inc................ 2,524,500
---------------
HEALTHCARE PRODUCTS & SERVICES
56,000 Baxter International, Inc..... 2,534,000
48,500 Columbia/HCA Healthcare
Corp.......................... 2,800,875
32,000 PacifiCare Health Systems,
Inc. (Class B)*............... 2,720,000
---------------
8,054,875
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
HOTELS/MOTELS
45,000 Marriot International Inc..... $ 2,137,500
---------------
INDUSTRIALS
47,000 Honeywell, Inc................ 2,596,750
---------------
INSURANCE
30,000 Aetna Life & Casualty Co...... 2,265,000
24,000 American International Group,
Inc........................... 2,247,000
20,000 CIGNA Corp.................... 2,285,000
---------------
6,797,000
---------------
MEDIA
53,000 Infinity Broadcasting Corp.
(Class A)*.................... 2,298,875
120,000 Westwood One, Inc.*........... 2,205,000
---------------
4,503,875
---------------
OIL DRILLING & SERVICES
29,000 Schlumberger Ltd.............. 2,294,625
---------------
PHARMACEUTICALS
28,000 Johnson & Johnson............. 2,583,000
38,000 Pfizer, Inc................... 2,546,000
---------------
5,129,000
---------------
RETAIL
420,000 Charming Shoppes, Inc.*....... 2,152,500
26,000 Dayton-Hudson Corp............ 2,206,750
39,000 Gap, Inc...................... 2,159,625
45,000 Home Depot, Inc............... 2,154,375
---------------
8,673,250
---------------
STEEL & IRON
193,000 Bethlehem Steel Corp.*........ 2,533,125
106,000 Inland Steel Industries,
Inc........................... 2,623,500
---------------
5,156,625
---------------
TELECOMMUNICATIONS
96,000 MCI Communications Corp....... 2,904,000
77,000 Sprint Corp................... 2,926,000
---------------
5,830,000
---------------
UTILITIES - TELEPHONE
67,000 GTE Corp...................... 2,939,625
58,000 NYNEX Corp.................... 2,892,750
---------------
5,832,375
---------------
TOTAL UNITED STATES........... 129,815,813
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
URUGUAY (0.1%)
BANKING
25,000 Banco Commercial S.A. (ADR) -
144A**........................ $ 375,000
---------------
VENEZUELA (0.1%)
STEEL & IRON
155,000 Siderurgica Venezolana Sivens
(ADR)......................... 328,600
---------------
TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS
(IDENTIFIED COST
$475,382,825)................. 515,477,427
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (a) (4.5%)
U.S. GOVERNMENT AGENCIES
$ 1,200 Federal Farm Credit Bank 5.20%
due 05/15/96.................. 1,192,374
22,000 Federal Home Loan Mortgage
Corp.
5.30% due 04/01/96............ 22,000,000
---------------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST
$23,192,374).................. 23,192,374
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
PURCHASED PUT OPTIONS ON FOREIGN CURRENCY
(0.9%)
FRF 65,381 May 16, 1996/FRF 4.84......... 513,000
Y 10,190,000 May 17, 1996 101.90........... 3,990,000
Y 1,066,300 May 17, 1996 106.63........... 112,500
DEM 9,316 July 19, 1996/DEM 1.48........ 119,700
NLG 14,249 July 19, 1996/NLG 1.66........ 150,500
---------------
TOTAL PURCHASED PUT OPTIONS ON
FOREIGN CURRENCY
(IDENTIFIED COST
$3,815,670)................... 4,885,700
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST
$502,390,869) (B)........... 104.5% 543,555,501
LIABILITIES IN EXCESS OF
OTHER ASSETS................ (4.5) (23,567,279)
----- ------------
NET ASSETS.................. 100.0% $519,988,222
----- ------------
----- ------------
<FN>
- ---------------------
ADR American Depository Receipt.
ADS American Depository Shares.
GDR Global Depository Receipt.
GDS Global Depository Shares.
PC Participation Certificate.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
*** Partially paid shares. 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) Securities were purchased on a discount basis. The interest rates shown
have been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation was $53,746,288 and the
aggregate gross unrealized depreciation was $12,581,656 resulting in net
unrealized appreciation of $41,164,632.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 1996:
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS TO IN DELIVERY APPRECIATION
DELIVER EXCHANGE FOR DATE (DEPRECIATION)
- ----------------------------------------------------
<S> <C> <C> <C>
SGD 37,925 $ 26,974 04/01/96 $ 48
$ 16,997 HKD 131,446 04/01/96 (1)
$ 75,554 JPY 8,054,800 04/01/96 (395)
$ 767,451 JPY 81,518,655 04/02/96 (6,803)
SGD 20,017 $ 14,191 04/03/96 (20)
$ 15,488 SEK 105,140 04/10/96 235
-------
Net unrealized depreciation......... ($6,936)
-------
-------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS MARCH 31, 1996
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Aerospace & Defense....................... $ 10,302,825 2.1%
Airlines.................................. 95,116 0.0
Appliances & Household Durables........... 3,460,088 0.7
Auto Parts................................ 1,118,307 0.2
Automobiles............................... 12,343,305 2.4
Banking................................... 39,433,871 7.6
Beverages - Soft Drinks................... 5,623,387 1.1
Biotechnology............................. 437,500 0.1
Building & Construction................... 18,859,345 3.6
Building Materials........................ 5,186,199 1.0
Business & Public Services................ 11,130,472 2.1
Cable & Telecommunications................ 2,025,750 0.4
Chemicals................................. 12,911,240 2.5
Commercial Services....................... 4,346,517 0.8
Communications - Equipment & Software..... 2,133,250 0.4
Computer Software......................... 7,022,319 1.4
Computers - Peripheral Equipment.......... 2,080,500 0.4
Computers - Systems....................... 1,974,000 0.4
Conglomerates............................. 18,651,150 3.6
Consumer Products......................... 1,229,610 0.2
Data Processing........................... 1,757,941 0.3
Electrical Equipment...................... 38,678,924 7.4
Electronics............................... 1,615,523 0.3
Electronics - Semiconductors.............. 1,169,602 0.2
Energy.................................... 14,904,818 2.9
Engineering & Construction................ 2,128,663 0.4
Entertainment............................. 5,365,085 1.0
Financial Services........................ 22,262,752 4.3
Food, Beverage, Tobacco & Household
Products................................ 15,838,610 3.0
Foreign Currency Put Options.............. 4,885,700 0.9
Forest Products, Paper & Packaging........ 4,892,085 0.9
Furniture................................. 286,477 0.1
Health & Personal Care.................... 16,600,662 3.2
Healthcare Products & Services............ 9,717,759 1.9
Hotels/Motels............................. 5,274,036 1.0
Industrials............................... 2,681,260 0.5
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Insurance................................. $ 20,453,153 3.9%
Investment Companies...................... 5,612,365 1.1
Machine Tools............................. 1,462,267 0.3
Machinery................................. 25,642,238 4.9
Manufacturing............................. 561,744 0.1
Media..................................... 16,767,852 3.2
Merchandising............................. 4,669,190 0.9
Metals & Mining........................... 5,170,278 1.0
Miscellaneous............................. 628,532 0.1
Natural Gas............................... 2,043,089 0.4
Oil Drilling & Services................... 2,624,615 0.5
Pharmaceuticals........................... 10,370,493 2.0
Real Estate............................... 15,926,647 3.1
Restaurants............................... 243,032 0.0
Retail.................................... 25,175,644 4.8
Steel & Iron.............................. 16,401,553 3.2
Telecommunication Equipment............... 2,101,814 0.4
Telecommunications........................ 22,234,961 4.3
Textiles.................................. 8,252,239 1.6
Transportation............................ 9,993,928 1.9
U.S. Government Agencies.................. 23,192,374 4.5
Utilities................................. 5,468,629 1.1
Utilities - Electric...................... 2,292,948 0.4
Utilities - Telephone..................... 5,832,375 1.1
Vision Care & Instruments................. 338,062 0.1
Wholesale & International Trade........... 1,670,831 0.3
------------------ -----
$ 543,555,501 104.5%
------------------ -----
------------------ -----
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks............................. $ 507,672,175 97.6%
Convertible Bonds......................... 875,087 0.2
Foreign Currency Put
Options................................. 4,885,700 0.9
Preferred Stocks.......................... 6,396,545 1.2
Rights.................................... 24,190 0.0
Short-Term Investments.................... 23,192,374 4.5
Warrants.................................. 509,430 0.1
------------------ -----
$ 543,555,501 104.5%
------------------ -----
------------------ -----
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1996
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $502,390,869)............................ $543,555,501
Receivable for:
Investments sold........................................ 27,765,872
Shares of beneficial interest sold...................... 2,566,328
Dividends............................................... 1,062,137
Foreign withholding taxes reclaimed..................... 268,869
Interest................................................ 22,318
Prepaid expenses and other assets........................... 64,061
------------
TOTAL ASSETS........................................... 575,305,086
------------
LIABILITIES:
Payable for:
Investments purchased................................... 53,640,230
Plan of distribution fee................................ 432,059
Investment management fee............................... 431,631
Shares of beneficial interest repurchased............... 340,036
Accrued expenses and other payables......................... 472,908
------------
TOTAL LIABILITIES...................................... 55,316,864
------------
NET ASSETS:
Paid-in-capital............................................. 458,197,677
Net unrealized appreciation................................. 41,148,474
Distributions in excess of net investment income............ (903,011)
Accumulated undistributed net realized gain................. 21,545,082
------------
NET ASSETS............................................. $519,988,222
------------
------------
NET ASSET VALUE PER SHARE,
28,526,474 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$18.23
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1996
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $833,554 foreign withholding tax)......... $ 8,833,056
Interest.................................................... 2,693,734
-----------
TOTAL INCOME........................................... 11,526,790
-----------
EXPENSES
Plan of distribution fee.................................... 5,141,595
Investment management fee................................... 5,134,018
Transfer agent fees and expenses............................ 1,096,235
Custodian fees.............................................. 798,381
Shareholder reports and notices............................. 198,554
Professional fees........................................... 169,749
Registration fees........................................... 36,647
Trustees' fees and expenses................................. 19,611
Other....................................................... 19,335
-----------
TOTAL EXPENSES......................................... 12,614,125
-----------
NET INVESTMENT LOSS.................................... (1,087,335)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments............................................. 43,345,174
Foreign exchange transactions........................... (1,982,797)
-----------
TOTAL GAIN............................................. 41,362,377
-----------
Net change in unrealized appreciation on:
Investments............................................. 37,735,639
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................ (769,998)
-----------
TOTAL APPRECIATION..................................... 36,965,641
-----------
NET GAIN............................................... 78,328,018
-----------
NET INCREASE................................................ $77,240,683
-----------
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
MARCH 31, 1996 MARCH 31, 1995
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss......................................... $ (1,087,335) $ (1,775,444)
Net realized gain (loss).................................... 41,362,377 (8,507,442)
Net change in unrealized appreciation/depreciation.......... 36,965,641 (54,631,655)
-------------- --------------
NET INCREASE (DECREASE)................................ 77,240,683 (64,914,541)
-------------- --------------
DIVIDENDS AND DISTRIBUTIONS:
In excess of net investment income.......................... -- (505,002)
From net realized gain...................................... (692,945) (12,955,871)
In excess of net realized gain.............................. -- (7,793,881)
-------------- --------------
TOTAL.................................................. (692,945) (21,254,754)
-------------- --------------
Net increase (decrease) from transactions in shares of
beneficial interest....................................... (68,817,900) 104,859,190
-------------- --------------
TOTAL INCREASE......................................... 7,729,838 18,689,895
NET ASSETS:
Beginning of period......................................... 512,258,384 493,568,489
-------------- --------------
END OF PERIOD
(INCLUDING DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME $903,011 AND $5,220,531, RESPECTIVELY)........... $ 519,988,222 $ 512,258,384
-------------- --------------
-------------- --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996
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 MARCH 31, 1996, 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 MARCH 31, 1996, 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 Investment Advisory
Agreements with Daiwa International Capital Management Corp. ("DICAM"), which
had a sub-advisory agreement with its parent Daiwa International Capital
Management Co., Ltd. and NatWest Investment Management Limited ("NWIM"), the
Fund paid 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 daily net assets of the Fund not exceeding $500 million and
0.95% to the portion of the daily 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 daily net assets not exceeding
$500 million and 0.5225%, 0.21375% and 0.21375%, respectively, of the 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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED
between InterCapital and Morgan Grenfell Investment Services Limited ("Morgan
Grenfell" and "Sub-Adviser"), respectively, hereafter referred to 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 paid 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 paid 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 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 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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED
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.
The Distributor has informed the Fund that for the year ended March 31, 1996, it
received approximately $998,000 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 year ended March 31, 1996 aggregated
$604,644,160 and $597,672,436, respectively.
For the year ended March 31, 1996, the Fund incurred brokerage commissions of
$69,800, $14,335 and $17,903 with DWR and affiliates of DICAM and Morgan
Grenfell, respectively, for portfolio transactions executed on behalf of the
Fund. At March 31, 1996, the Fund's receivable for investments sold and payable
for investments purchased included unsettled trades with DWR of $3,463,822 and
$10,776,983, respectively.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1996, the Fund had
transfer agent fees and expenses payable of approximately $114,000.
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 year ended March 31, 1996 included
in Trustees' fees and expenses in the Statement of Operations amounted to
$3,207. At March 31, 1996, the Fund had an accrued pension liability of $52,325
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 YEAR ENDED FOR THE YEAR ENDED
MARCH 31, 1996 MARCH 31, 1995
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 5,790,518 $ 100,249,259 12,071,397 $218,983,098
Reinvestment of dividends and distributions...................... 37,871 656,681 1,205,947 20,079,027
----------- -------------- ----------- ------------
5,828,389 100,905,940 13,277,344 239,062,125
Repurchased...................................................... (9,903,997) (169,723,840) (7,792,735) (134,202,935)
----------- -------------- ----------- ------------
Net increase (decrease).......................................... (4,075,608) $ (68,817,900) 5,484,609 $104,859,190
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</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 losses and income from the mark-to-market of
passive foreign investment companies ("PFICs") and permanent book/tax
differences primarily attributable to a net operating loss, foreign currency
losses and tax adjustments on PFICs sold by the Fund. To reflect
reclassifications arising from permanent book/tax differences for the year ended
March 31, 1996, accumulated undistributed net realized gain was charged
$3,119,901, paid-in-capital was charged $2,284,954 and distributions in excess
of net investment income was credited $5,404,855.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED
7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
The Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio transactions
or to manage foreign currency exposure associated with foreign currency
denominated securities.
At March 31, 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.
8. COMMITMENT
As of March 31, 1996, the Fund had an outstanding commitment resulting from the
purchase of a partially paid portfolio security which is subject to installment
payments as follows:
<TABLE>
<CAPTION>
TOTAL
OUTSTANDING
ISSUER COMMITMENT
- ---------------------------------- ----------------
<S> <C> <C>
Peregrine Indonesia $ 560,000
<CAPTION>
ISSUER INSTALLMENT PAYMENT TERMS
- ---------------------------------- ------------------------------------------------------------------------------------------------
<S> <C>
Peregrine Indonesia Balance payable in two equal installments on July 1, 1996 and January 1, 1997.
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE YEAR ENDED MARCH 31
----------------------------------------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <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 $ 14.84 $ 14.98 $ 14.93 $ 17.36 $ 15.45
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Net investment
income (loss)... (0.06) (0.02) (0.05) -- -- 0.23 0.11 0.08 0.04 0.11
Net realized and
unrealized gain
(loss).......... 2.60 (1.83) 4.24 0.39 1.05 0.18 0.82 1.24 (0.07) 3.88
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Total from
investment
operations...... 2.54 (1.85) 4.19 0.39 1.05 0.41 0.93 1.32 (0.03) 3.99
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Less dividends
and
distributions:
From net
investment
income........ -- -- -- -- (0.05) (0.23) (0.11) (0.08) (0.15) (0.10)
In excess of
net investment
income....... -- (0.02) -- -- -- -- -- -- -- --
From net
realized
gain.......... (0.02) (0.39) (0.71) (0.32) (0.92) (0.45) (0.96) (1.19) (2.25) (1.98)
In excess of
net realized
gain.......... -- (0.23) -- -- -- -- -- -- -- --
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Total dividends
and
distributions... (0.02) (0.64) (0.71) (0.32) (0.97) (0.68) (1.07) (1.27) (2.40) (2.08)
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Net asset value,
end of period... $ 18.23 $ 15.71 $ 18.20 $ 14.72 $ 14.65 $ 14.57 $ 14.84 $ 14.98 $ 14.93 $ 17.36
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
TOTAL INVESTMENT
RETURN+.......... 16.20% (10.37)% 28.40% 2.69% 7.33% 2.80% 6.09% 9.31% 0.39% 28.22%
RATIOS TO
AVERAGE NET
ASSETS:
Expenses......... 2.45% 2.41% 2.40% 2.42% 2.27% 2.29% 2.21% 2.18% 2.13% 2.10%
Net investment
income (loss)... (0.21)% (0.32)% (0.61)% 0.06% 0.03% 1.53% 0.70% 0.50% 0.23% 0.86%
SUPPLEMENTAL DATA:
Net assets, end
of period, in
millions........ $520 $512 $494 $218 $263 $279 $306 $312 $368 $470
Portfolio
turnover rate... 126% 67% 68% 139% 89% 68% 75% 67% 70% 65%
Average
commission rate
paid............ $0.0169 -- -- -- -- -- -- -- -- --
<FN>
- ---------------------
+ Does not reflect the deduction of sales charge. Calculated as of the last
business day of the period.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND TRUSTEES
OF DEAN WITTER WORLD WIDE INVESTMENT TRUST
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Dean Witter World Wide Investment
Trust (the "Fund") at March 31, 1996, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the ten years in the
period then ended, in conformity with generally accepted accounting principles.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at March
31, 1996 by correspondence with the custodian and brokers and the application of
alternative auditing procedures where confirmations from brokers were not
received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
MAY 10, 1996
- --------------------------------------------------------------------------------
1996 FEDERAL TAX NOTICE (UNAUDITED)
During the year ended March 31, 1996, the Fund paid to
shareholders $0.02 per share from long-term capital gains.
<PAGE>
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<PAGE>
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<PAGE>
(This page has been left blank intentionally.)
<PAGE>
TRUSTEES
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
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
[Logo]
ANNUAL REPORT
MARCH 31, 1996
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
GROWTH OF $10,000
DATE TOTAL MSCI WORLD INDEX
- --------------------------------------------------------------------------------
March 31, 1986 $10000 $10000
March 31, 1987 $12815 $14063
March 31, 1988 $12872 $14638
March 31, 1989 $14071 $16260
March 31, 1990 $14927 $15627
March 31, 1991 $15345 $16205
March 31, 1992 $16470 $15800
March 31, 1993 $16913 $17351
March 31, 1994 $21717 $19371
March 31, 1995 $19466 $20823
March 31, 1996 $22620 (3) $24586
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
- --------------------------------------------------------------------------------
16.20 (1) 8.07 (1) 8.50 (1)
11.20 (2) 7.77 (2) 8.50 (2)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
_____Fund _____MSCI WORLD INDEX (4)
- --------------------------------------------------------------------------------
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable contingent deferred sales charge (CDSC) (1 year-5%,
5 years-2%, 10 years-0). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value assuming a complete redemption on March 31, 1996.
(4) The Morgan Stanley Capital International World Index (MSCI) measures
performance for a diverse range of global stock markets including the U.S.,
Canada, Europe, Australia, New Zealand and the Far East. The index does
not include any expenses, fees or charges or reinvestment of dividends.
The Index is unmanaged and should not be considered an investment.
