<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW
YORK 10048
LETTER TO THE SHAREHOLDERS SEPTEMBER 30, 1997
DEAR SHAREHOLDER:
During the six-month period ended September 30, 1997, the U.S. equity market, as
measured by the Standard & Poor's 500 Composite Stock Index, continued its
remarkable performance, advancing 26.24 percent. After an initial sell-off in
March, when the Federal Reserve Board increased the federal-funds rate by 25
basis points (0.25 percent), markets rebounded sharply as economic data showed
noninflationary growth in the economy and little rationale for additional
tightening moves.
Continental European economies continued to rebound. The Netherlands, Germany
and France were buoyed by low interest rates, a recovery in exports, weaker
domestic currencies and corporate restructuring initiatives. Positive sentiment
for inclusion into the Economic and Monetary Union lifted equity markets in
Spain and Italy.
The Japanese market continued to disappoint investors. Hopes of a pickup in
Japanese economic recovery were dashed as an increase in the consumption tax and
the reversal of an income tax rebate crimped consumption and aggregate economic
activity. The equity market's performance continued to be skewed toward large
export-oriented industries like autos and technology. These companies generally
benefit from a weak yen and positive global demand trends. Domestic industries
and banks suffered as economic reports revealed sluggishness in the economy.
Emerging markets enjoyed mixed performance over the period under review. Asian
markets were buffeted by a crisis of confidence induced by Thailand's currency
devaluation on July 1. Malaysia, the Philippines and Indonesia all suffered as
investors penalized other countries in the region that had high current-account
deficits. Meanwhile, the Latin American markets of Brazil, Argentina and Mexico
all rallied, discounting a pickup in economic growth, lower inflation and
positive capital flows.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS SEPTEMBER 30, 1997, CONTINUED
PERFORMANCE AND PORTFOLIO
On July 28, 1997, Dean Witter World Wide Investment Trust began offering four
classes of shares -- A, B, C and D -- each with its own sales charge and
distribution fee structure. A revised prospectus, which includes complete
details regarding the Fund's conversion to multiple classes of shares, was
mailed to shareholders in mid-summer.
During the six-month period under review, the Fund's Class B shares produced a
total return of 11.34 percent, compared to a return of 17.54 percent for the
Morgan Stanley Capital International World Index (MSCI World Index) and 18.06
percent for the Lipper Global Funds Index. The Fund's underperformance relative
to its benchmark index is largely attributable to its smaller U.S. weighting (24
percent in U.S. issues for the Fund, compared to 47.2 percent for the MSCI World
Index).
The Fund is broadly diversified across 34 markets. The Fund's target allocation
is now 31 percent in the United States, 38 percent in Europe, 15 percent in
Japan, 10 percent in emerging Asia and 6 percent in Latin America. During the
period under review, the Fund reduced its exposure to Japan by 5 percent. Among
the Fund's key holdings on September 30, 1997 were Citicorp (U.S., financial),
Telebras (Brazil, telecommunications), AXA-UAP (France, insurance), BMW
(Germany, automotive), Cheung Kong Ltd. (Hong Kong, conglomerate) and Sony Corp.
(Japan, electronics).
LOOKING AHEAD
We believe that global equities continue to offer attractive investment
opportunities. On a cautionary note, however, volatility has increased in many
of the global markets as investors grapple with prospects for higher interest
rates in the United States and Europe and possible spillover from the downdraft
in Asia. Despite these concerns, the Fund still sees a constructive backdrop of
economic growth with low inflation for global equities.
We appreciate your support of Dean Witter World Wide Investment Trust and look
forward to serving your investment needs and objectives.
Very truly yours,
/s/ Charles A. Fiumefreddo
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
RESULTS OF SPECIAL MEETING (UNAUDITED)
On May 21, 1997, a special meeting of the Fund's shareholders was held for the
purpose of voting on five separate matters, the results of which are as follows:
(1) APPROVAL OF A NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND DEAN
WITTER INTERCAPITAL INC., IN CONNECTION WITH THE MERGER OF MORGAN STANLEY
GROUP INC. WITH DEAN WITTER, DISCOVER & CO.:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
- ------------------------------------------------------------------------------------------------------------------ ----------------
<S> <C>
For............................................................................................................... 12,826,113
Against........................................................................................................... 312,785
Abstain........................................................................................................... 1,309,350
</TABLE>
(2) APPROVAL OF A NEW SUB-ADVISORY AGREEMENT BETWEEN DEAN WITTER INTERCAPITAL
INC. AND MORGAN GRENFELL INVESTMENT SERVICES LIMITED:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
- ------------------------------------------------------------------------------------------------------------------ ----------------
<S> <C>
For............................................................................................................... 12,784,753
Against........................................................................................................... 347,323
Abstain........................................................................................................... 1,316,172
</TABLE>
(3) ELECTION OF TRUSTEES:
<TABLE>
<S> <C>
Michael Bozic
For............... 13,548,306
Withheld.......... 899,942
Charles A. Fiumefreddo
For............... 13,545,256
Withheld.......... 902,992
Edwin J. Garn
For............... 13,552,171
Withheld.......... 896,077
John R. Haire
For............... 13,544,511
Withheld.......... 903,737
Wayne E. Hedien
For............... 13,549,467
Withheld.......... 898,781
Dr. Manuel H. Johnson
For............... 13,553,439
Withheld.......... 894,809
Michael E. Nugent
For............... 13,556,810
Withheld.......... 891,438
Philip J. Purcell
For............... 13,560,248
Withheld.......... 888,000
John L. Schroeder
For............... 13,549,885
Withheld.......... 898,363
</TABLE>
(4) APPROVAL OF A NEW INVESTMENT POLICY WITH RESPECT TO INVESTMENTS IN CERTAIN
OTHER INVESTMENT COMPANIES:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
- ------------------------------------------------------------------------------------------------------------------ ----------------
<S> <C>
For............................................................................................................... 10,205,488
Against........................................................................................................... 2,744,540
Abstain........................................................................................................... 1,498,220
</TABLE>
(5) RATIFICATION OF THE SELECTION OF PRICE WATERHOUSE LLP AS THE FUND'S
INDEPENDENT ACCOUNTANTS:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
- ------------------------------------------------------------------------------------------------------------------ ----------------
<S> <C>
For............................................................................................................... 13,161,259
Against........................................................................................................... 177,051
Abstain........................................................................................................... 1,109,938
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, RIGHTS, AND BONDS (97.4%)
ARGENTINA (0.7%)
BANKS - COMMERCIAL
14,900 Banco de Galicia y Buenos Aires S.A. de C.V. (ADR).............................................. $ 438,619
------------
ENERGY
111,000 Perez Companc S.A. (Class B).................................................................... 891,517
19,200 Yacimentos Petroliferos Fiscales S.A. (ADR)..................................................... 708,000
------------
1,599,517
------------
TELECOMMUNICATIONS
22,400 Telecom Argentina Stet - France Telecom S.A. (Class B) (ADR).................................... 681,800
------------
TOTAL ARGENTINA................................................................................. 2,719,936
------------
AUSTRALIA (0.8%)
BANKING
140,000 Westpac Banking Corp., Ltd...................................................................... 883,781
------------
ENERGY
90,000 Woodside Petroleum Ltd.......................................................................... 860,184
------------
FOODS & BEVERAGES
561,000 Goodman Fielder Ltd............................................................................. 907,747
------------
METALS & MINING
262,000 Pasminco Ltd.................................................................................... 437,247
74,857 Pasminco Ltd. (Rights due 11/28/97)*............................................................ 15,752
------------
452,999
------------
TOTAL AUSTRALIA................................................................................. 3,104,711
------------
AUSTRIA (0.1%)
CONSUMER PRODUCTS
2,665 Wolford AG...................................................................................... 241,109
------------
BRAZIL (2.9%)
BUILDING & CONSTRUCTION
103,000 Elevadores Atlas S.A............................................................................ 1,635,368
------------
ENERGY
3,900,000 Petroleo Brasileiro S.A. (Pref.)................................................................ 1,096,121
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
1,000,000 Brazilian Smaller Co. Investment Trust PLC...................................................... $ 1,299,700
------------
RETAIL
80,000 Makro Atacadista S.A. (GDS)..................................................................... 1,058,400
10,000 Makro Atacadista S.A. (ADR) - 144A**............................................................ 132,300
------------
TELECOMMUNICATIONS
24,705 Telecomunicacoes Brasileiras S.A. (ADR)......................................................... 3,180,769
------------
UTILITIES - ELECTRIC
120,000 Centrais Electricas Brasileiras S.A. (Class B) (ADR)............................................ 3,175,200
------------
TOTAL BRAZIL.................................................................................... 11,577,858
------------
CANADA (0.6%)
BANKING
13,000 Royal Bank of Canada............................................................................ 639,221
------------
INDUSTRIALS
22,000 Canadian Pacific, Ltd........................................................................... 652,400
------------
MANUFACTURING
27,000 Bombardier, Inc. (Class B)...................................................................... 547,469
------------
OIL - EXPLORATION & PRODUCTION
60,000 Poco Petroleums Ltd.*........................................................................... 590,919
------------
TOTAL CANADA.................................................................................... 2,430,009
------------
CHILE (0.6%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
50,000 Compania Cervecerias Unidas S.A. (ADR).......................................................... 1,425,000
------------
UTILITIES - ELECTRIC
21,500 Enersis S.A. (ADR).............................................................................. 796,844
------------
TOTAL CHILE..................................................................................... 2,221,844
------------
COLOMBIA (0.3%)
FINANCIAL SERVICES
3,465 Corporacion Financiera Valle (GDR).............................................................. 10,828
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
RETAIL
31,200 Gran Cadena Almacenes (ADR) (B Shares).......................................................... $ 312,000
89,520 Gran Cadena Almacenes (Class B) (Pref.) (ADR) - 144A**.......................................... 939,960
------------
1,251,960
------------
TOTAL COLOMBIA.................................................................................. 1,262,788
------------
DENMARK (1.5%)
BUSINESS & PUBLIC SERVICES
20,200 Kobenhavns Lufthavne AS......................................................................... 2,363,541
------------
HEALTHCARE
8,010 William Demant Holding.......................................................................... 358,176
------------
PHARMACEUTICALS
29,000 Novo-Nordisk AS (Series B)...................................................................... 3,250,559
------------
TOTAL DENMARK................................................................................... 5,972,276
------------
FINLAND (0.6%)
PAPER PRODUCTS
90,000 UPM-Kymmene Oy.................................................................................. 2,510,913
------------
FRANCE (5.1%)
AUTOMOTIVE
25,300 Compagnie Generale des Etablissements Michelin (B Shares)....................................... 1,440,828
------------
BANKING
33,300 Banque Nationale de Paris....................................................................... 1,682,023
------------
BUILDING MATERIALS
2,000 Imetal S.A...................................................................................... 258,217
------------
CONSUMER PRODUCTS
14,500 Societe BIC S.A................................................................................. 1,075,708
------------
ELECTRICAL EQUIPMENT
12,000 Alcatel Alsthom................................................................................. 1,600,000
------------
ELECTRONICS - SEMICONDUCTORS
13,640 SGS-Thomson Microelectronics N.V.*.............................................................. 1,288,510
------------
ENERGY
11,750 Elf Aquitaine S.A............................................................................... 1,572,624
11,150 Total S.A. (B Shares)........................................................................... 1,279,400
------------
2,852,024
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
9,600 Cetelem......................................................................................... $ 1,096,679
------------
INSURANCE
41,000 AXA-UAP......................................................................................... 2,757,583
------------
LEISURE
11,300 Accor S.A....................................................................................... 2,092,911
10,960 Canal Plus...................................................................................... 1,952,149
------------
4,045,060
------------
PHARMACEUTICALS
9,680 Genset (ADR)*................................................................................... 203,280
------------
RETAIL
1,770 Grand Optical-Photoservice...................................................................... 323,042
27 Guilbert S.A.................................................................................... 3,741
------------
326,783
------------
STEEL & IRON
80,250 Usinor Sacilor.................................................................................. 1,626,020
------------
TECHNOLOGY RELATED
550 Altran Technologies S.A......................................................................... 149,734
------------
TEXTILES
1,873 Deveaux S.A..................................................................................... 202,889
------------
TOTAL FRANCE.................................................................................... 20,605,338
------------
GERMANY (2.2%)
APPAREL
260 Hugo Boss AG (Pref)............................................................................. 360,066
------------
AUTOMOBILES
2,750 Bayerische Motoren Werke (BMW) AG............................................................... 2,348,246
------------
CHEMICALS
37,746 BASF AG......................................................................................... 1,366,817
23,625 Hoechst AG...................................................................................... 1,051,252
11,000 SGL Carbon AG................................................................................... 1,620,126
------------
4,038,195
------------
INSURANCE
1,452 Marschollek, Lautenschlaeger und Partner AG (Pref.)............................................. 351,071
------------
RETAIL
1,043 CeWe Color Holdings AG.......................................................................... 254,549
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC
28,000 Veba AG......................................................................................... $ 1,640,842
------------
TOTAL GERMANY................................................................................... 8,992,969
------------
HONG KONG (5.7%)
BANKING
135,000 Dao Heng Bank Group Ltd......................................................................... 608,918
185,100 Hang Seng Bank Ltd.............................................................................. 2,278,614
96,800 Wing Hang Bank Ltd.............................................................................. 422,855
------------
3,310,387
------------
CONGLOMERATES
530,000 Hutchison Whampoa Ltd........................................................................... 5,222,940
80,000 Jardine Matheson Holdings Ltd................................................................... 648,000
271,000 Wharf (Holdings) Ltd............................................................................ 998,191
------------
6,869,131
------------
ELECTRONIC COMPONENTS
500,000 Elec & Eltek International Holdings Ltd......................................................... 214,863
300,000 Gold Peak Industries (Holdings) Ltd............................................................. 195,800
------------
410,663
------------
MACHINERY
766,000 Chen Hsong Holdings............................................................................. 445,493
------------
MANUFACTURING
97,000 Shanghai Industrial Holdings Ltd................................................................ 602,998
------------
REAL ESTATE
390,000 Cheung Kong (Holdings) Ltd...................................................................... 4,385,137
378,686 HKR International Ltd........................................................................... 447,816
436,000 Hong Kong Land Holdings Ltd..................................................................... 1,482,400
259,000 New World Development Co., Ltd.................................................................. 1,566,552
------------
7,881,905
------------
TELECOMMUNICATIONS
536,400 Hong Kong Telecommunications Ltd................................................................ 1,213,182
------------
TRANSPORTATION
539,000 Cathay Pacific Airways, Ltd..................................................................... 755,819
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
UTILITIES
226,000 China Light & Power Co., Ltd.................................................................... $ 1,244,278
------------
TOTAL HONG KONG................................................................................. 22,733,856
------------
INDIA (0.4%)
AUTOMOBILES
30,500 Mahindra & Mahindra Ltd. (GDR)*................................................................. 344,650
------------
BANKS
21,200 State Bank of India (GDR)....................................................................... 487,600
------------
METALS & MINING
22,000 Hindalco Industries Ltd. (GDR)*................................................................. 742,500
------------
TOTAL INDIA..................................................................................... 1,574,750
------------
INDONESIA (0.2%)
BANKS
500,000 PT Bank Negara.................................................................................. 138,037
------------
CONGLOMERATES
320,000 PT Bimantara Citra.............................................................................. 328,834
------------
MEDICAL PRODUCTS & SUPPLIES
278,000 PT Kalbe Farma*................................................................................. 211,058
------------
TOTAL INDONESIA................................................................................. 677,929
------------
ITALY (1.6%)
APPLIANCES & HOUSEHOLD DURABLES
19,375 Industrie Natuzzi SpA (ADR)..................................................................... 458,945
------------
ELECTRICAL EQUIPMENT
32,945 Gewiss SpA...................................................................................... 638,120
------------
ELECTRONICS
17,047 Saes Getters Di Risp............................................................................ 210,885
12,791 Saes Getters SpA................................................................................ 242,181
------------
453,066
------------
ENERGY
148,000 Ente Nazionale Idrocarburi SpA.................................................................. 934,348
------------
TELECOMMUNICATIONS
260,000 Seat SpA*....................................................................................... 97,549
546,000 Telecom Italia Mobile SpA....................................................................... 2,172,203
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
260,000 Telecom Italia SpA*............................................................................. $ 1,736,555
------------
4,006,307
------------
TOTAL ITALY..................................................................................... 6,490,786
------------
JAPAN (18.2%)
APPAREL
6,000 World Co., Ltd.................................................................................. 235,060
------------
AUTO TRUCKS & PARTS
6,000 Yasunaga Corp.*................................................................................. 59,761
------------
AUTOMOBILES
433,000 Mitsubishi Motors Corp.......................................................................... 2,228,254
150,000 Suzuki Motor Co., Ltd........................................................................... 1,444,223
------------
3,672,477
------------
BANKING
133,000 Bank of Tokyo-Mitsubishi Ltd.................................................................... 2,539,011
161,000 Sumitomo Trust & Banking........................................................................ 1,603,586
------------
4,142,597
------------
BUILDING & CONSTRUCTION
10,000 Kaneshita Construction.......................................................................... 63,081
322,000 Sekisui House Ltd............................................................................... 3,073,539
------------
3,136,620
------------
BUILDING MATERIALS
10,000 Nichiha Corp.................................................................................... 127,822
------------
BUSINESS & PUBLIC SERVICES
3,000 Nichii Gakkan Co................................................................................ 128,486
51,000 Secom Co........................................................................................ 3,449,950
------------
3,578,436
------------
CHEMICALS
600,000 Asahi Chemical Industrial Co., Ltd.............................................................. 3,032,869
323,000 Nippon Shokubai K.K. Co......................................................................... 1,991,941
30,000 Sumitomo Bakelite Co., Ltd...................................................................... 213,147
------------
5,237,957
------------
COMPUTER SOFTWARE
12,000 Ines Corp....................................................................................... 189,243
8,000 Meitec.......................................................................................... 256,972
------------
446,215
------------
CONGLOMERATES
554,000 Mitsui & Co..................................................................................... 4,363,762
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
96,000 Canon, Inc...................................................................................... $ 2,812,749
40,000 Kyocera Corp.................................................................................... 2,619,522
30,700 Mabuchi Motor Co................................................................................ 1,745,476
150,000 Matsushita Electric Industrial Co., Ltd......................................................... 2,714,143
9,000 Mitsui High-Tec................................................................................. 221,863
7,000 Mitsumi Electric Co., Ltd....................................................................... 148,157
Y 5,000K Nippon Densan Corp. 1.00% 09/30/03 (Conv.)...................................................... 51,336
11,000 Nitto Electric Works............................................................................ 146,082
28,000 Rohm Co., Ltd................................................................................... 3,300,133
------------
13,759,461
------------
ELECTRONIC COMPONENTS
3,000 Nidec Corp...................................................................................... 116,036
------------
ELECTRONICS
10,000 Aiwa Co., Ltd................................................................................... 215,803
46,000 Sony Corp....................................................................................... 4,352,590
------------
4,568,393
------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
20,000 Dainippon Screen Mfg Co., Ltd................................................................... 177,623
4,500 Shinko Electric Industries Co. Ltd.............................................................. 199,079
12,000 Taiyo Yuden Co., Ltd............................................................................ 134,462
10,000 Toshiba Ceramics Co., Ltd....................................................................... 99,602
------------
610,766
------------
ENGINEERING & CONSTRUCTION
119,000 Kajima Corp..................................................................................... 524,477
------------
FINANCIAL SERVICES
405,000 New Japan Securities Co., Ltd.*................................................................. 490,787
66,000 Nomura Securities Co., Ltd...................................................................... 860,060
------------
1,350,847
------------
HAND TOOLS
4,000 Disco Corp.*.................................................................................... 129,482
------------
HEALTH & PERSONAL CARE
8,000 Aderans Co., Ltd................................................................................ 213,811
15,000 Terumo Corp..................................................................................... 278,884
------------
492,695
------------
INSURANCE
312,000 Tokio Marine & Fire Insurance Co................................................................ 3,754,980
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
LEISURE
3,000 H.I.S. Co., Ltd................................................................................. $ 105,329
------------
MACHINE TOOLS
6,600 Nitto Kohki Co., Ltd............................................................................ 123,257
------------
MACHINERY
273,000 Asahi Diamond Industries Co., Ltd............................................................... 1,706,250
5,000 Fuji Machine Manufacturing Co., Ltd............................................................. 181,773
225,000 Minebea Co., Ltd................................................................................ 2,502,490
439,000 Mitsubishi Heavy Industries, Ltd................................................................ 2,408,524
30,000 OSG Corp........................................................................................ 176,046
------------
6,975,083
------------
METALS
11,000 Misumi Corp..................................................................................... 203,602
10,000 Sumitomo Sitix Corp............................................................................. 193,393
9,000 Sumitomo Special Metals......................................................................... 156,873
------------
553,868
------------
OFFICE EQUIPMENT
2,900 Riso Kagaku..................................................................................... 162,475
------------
REAL ESTATE
10,700 Chubu Sekiwa Real Estate, Ltd................................................................... 90,588
400 Japan Industrial Land Development............................................................... 1,892
------------
92,480
------------
RETAIL
4,000 Circle K Japan Co., Ltd......................................................................... 183,267
32,200 Family Mart Co., Ltd............................................................................ 1,411,155
5,300 Ministop Co., Ltd............................................................................... 143,410
3,000 Otsuka Kagu Ltd.*............................................................................... 214,392
8,000 Shimachu Co., Ltd............................................................................... 171,979
5,000 Shimamura Co. Ltd............................................................................... 145,252
------------
2,269,455
------------
STEEL & IRON
1,500,000 NKK Corp........................................................................................ 2,016,932
20,000 Yamato Kogyo Co., Ltd........................................................................... 177,623
------------
2,194,555
------------
TELECOMMUNICATIONS
446 DDI Corp........................................................................................ 2,243,327
363 Nippon Telegraph & Telephone Corp............................................................... 3,344,373
------------
5,587,700
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
TEXTILES
192,000 Kuraray Co., Ltd................................................................................ $ 1,689,243
70,000 Nitto Boseki Co., Ltd........................................................................... 203,353
------------
1,892,596
------------
TRANSPORTATION
369,000 Nippon Yusen Kabushiki Kaish.................................................................... 1,240,413
100,000 Yamato Transport Co., Ltd....................................................................... 1,228,420
------------
2,468,833
------------
WHOLESALE DISTRIBUTOR
3,900 Fujimi, Inc..................................................................................... 232,420
------------
TOTAL JAPAN..................................................................................... 72,965,895
------------
MALAYSIA (0.7%)
AGRICULTURE
218,000 IOI Corporated Berhad........................................................................... 220,487
------------
AUTO PARTS
74,000 MBM Resources Berhad............................................................................ 67,086
------------
AUTOMOBILES
50,000 Perusahaan Otomobil Nasional Berhad............................................................. 139,531
60,000 UMW Holdings Berhad............................................................................. 120,259
------------
259,790
------------
BANKING
124,250 Public Finance Berhad........................................................................... 88,121
------------
BUILDING & CONSTRUCTION
43,000 Road Builder (M) Holdings Berhad................................................................ 64,175
73,000 United Engineers Malaysia Berhad................................................................ 234,104
------------
298,279
------------
ENTERTAINMENT
91,000 Berjaya Sports Toto Berhad...................................................................... 260,962
------------
LEISURE
256,000 Magnum Corporation Berhad....................................................................... 224,977
------------
TELECOMMUNICATIONS
75,000 Telekom Malaysia Berhad......................................................................... 227,798
------------
UTILITIES - ELECTRIC
393,000 Tenaga Nasional Berhad.......................................................................... 1,060,361
------------
TOTAL MALAYSIA.................................................................................. 2,707,861
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
MEXICO (2.9%)
CONGLOMERATES
210,500 ALFA, S.A. de C.V. (Class A).................................................................... $ 2,000,631
------------
ENGINEERING & CONSTRUCTION
274,240 Corporacion GEO S.A. de C.V. (Series B)*........................................................ 1,705,833
------------
FINANCIAL SERVICES
1,073,000 Grupo Financiero Bancomer S.A. de C.V. (B Shares)*.............................................. 732,376
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
129,000 Grupo Modelo S.A. de C.V. (Series C)............................................................ 1,221,056
54,500 PanAmerican Beverages, Inc. (Class A)........................................................... 2,128,906
53,000 Sigma Alimentos S.A............................................................................. 866,839
------------
4,216,801
------------
RETAIL
1,060,608 Nacional de Drogas S.A. de C.V. (Series L)...................................................... 1,188,318
------------
TELECOMMUNICATIONS
38,300 Telefonos de Mexico S.A. de C.V. (Series L) (ADR) (Mexico)...................................... 1,982,025
------------
TOTAL MEXICO.................................................................................... 11,825,984
------------
NETHERLANDS (4.7%)
APPLIANCES & HOUSEHOLD DURABLES
1,014 Koninklijke Ahrend Groep NV..................................................................... 34,999
------------
BANKING
54,158 ING Groep NV.................................................................................... 2,494,226
------------
CHEMICALS
11,900 Akzo Nobel...................................................................................... 2,039,298
------------
COMPUTER SOFTWARE
6,342 Baan Co., NV*................................................................................... 458,570
------------
ELECTRICAL EQUIPMENT
30,000 Philips Electronics NV.......................................................................... 2,545,601
------------
ELECTRONIC COMPONENTS
4,692 ASM Lithography Holding NV*..................................................................... 473,077
------------
INSURANCE
23,387 Aegon NV........................................................................................ 1,878,407
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
MANUFACTURING
14,887 Aalberts Industries NV.......................................................................... $ 450,076
------------
MEDIA
40,000 PolyGram NV..................................................................................... 2,323,894
60,000 Ver Ned Utigev Ver Bezit NV..................................................................... 1,396,755
10,364 Wolters Kluwer NV............................................................................... 1,401,641
------------
5,122,290
------------
MERCHANDISING
36,517 Koninklijke Ahold NV............................................................................ 989,930
------------
RETAIL
6,975 Gucci Group NV.................................................................................. 323,340
------------
STEEL
28,400 Koninklijke Hoogovens NV........................................................................ 1,844,583
------------
TOTAL NETHERLANDS............................................................................... 18,654,397
------------
NORWAY (0.1%)
MACHINERY
10,615 Tomra Systems AS................................................................................ 245,446
------------
PERU (0.3%)
BANKS - COMMERCIAL
43,900 Banco Wiese Ltd................................................................................. 301,813
------------
FOOD SERVICES
357,687 Consorcio Alimentos Fabril Pacifico*............................................................ 474,662
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
593,013 Cerveceria Backus & Johnston S.A. (T Shares).................................................... 582,924
------------
TOTAL PERU...................................................................................... 1,359,399
------------
PHILIPPINES (0.0%)
BANKING
129 Metropolitan Bank & Trust Co.................................................................... 1,160
------------
TRANSPORTATION
39,600 International Container Terminal................................................................ 8,221
------------
TOTAL PHILIPPINES............................................................................... 9,381
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
PORTUGAL (0.1%)
MEDIA
30,000 Journalgeste*................................................................................... $ 300,836
------------
SINGAPORE (1.3%)
BANKING
188,400 Overseas-Chinese Banking Corp., Ltd............................................................. 1,306,536
------------
CONGLOMERATES
146,000 Parkway Holdings Ltd............................................................................ 592,215
------------
ELECTRICAL EQUIPMENT
90,000 GP Batteries International Ltd.................................................................. 279,097
82,500 Venture Manufacturing Ltd....................................................................... 350,834
------------
629,931
------------
ELECTRONIC COMPONENTS
30,000 Elec & Eltek International Co., Ltd............................................................. 264,000
------------
REAL ESTATE
139,000 City Developments Ltd........................................................................... 900,294
334,000 DBS Land Ltd.................................................................................... 812,875
------------
1,713,169
------------
TRANSPORTATION
79,000 Singapore Airlines Ltd.......................................................................... 584,037
------------
TOTAL SINGAPORE................................................................................. 5,089,888
------------
SOUTH AFRICA (1.0%)
BANKS - COMMERCIAL
81,400 Amalgamated Bank South Africa Group Ltd.*....................................................... 555,437
------------
CONGLOMERATES
51,000 Rembrandt Group Ltd............................................................................. 462,540
------------
FOOD MANUFACTURER
182,600 Illovo Sugar Limited*........................................................................... 333,570
------------
HEALTHCARE
19,788 South African Druggists Ltd..................................................................... 129,283
------------
MACHINERY
42,500 Barlow Ltd...................................................................................... 486,380
------------
METALS & MINING
21,500 De Beers Consolidated Mines Ltd. (Units)++...................................................... 628,412
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
OIL & GAS
50,000 Sasol Ltd....................................................................................... $ 690,415
------------
RETAIL
16,740 Ellerine Holdings Ltd........................................................................... 133,114
312,316 New Clicks Holdings Ltd......................................................................... 405,414
------------
538,528
------------
TOTAL SOUTH AFRICA.............................................................................. 3,824,565
------------
SOUTH KOREA (0.3%)
ELECTRICAL EQUIPMENT
4,500 Samsung Electronics Co.......................................................................... 437,022
135 Samsung Electronics Co. (GDS) (Non-voting) - 144A**............................................. 3,256
------------
440,278
------------
STEEL & IRON
7,000 Pohang Iron & Steel Co.......................................................................... 550,102
------------
UTILITIES - ELECTRIC
15,000 Korea Electric Power Corp....................................................................... 333,516
------------
TOTAL SOUTH KOREA............................................................................... 1,323,896
------------
SPAIN (1.7%)
BANKING
50,800 Banco Bilbao Vizcaya S.A........................................................................ 1,569,250
32,000 Banco Popular Espanol S.A....................................................................... 2,065,210
------------
3,634,460
------------
ELECTRIC
52,800 Endesa S.A.*.................................................................................... 1,130,541
------------
MACHINERY - DIVERSIFIED
3,420 Azkoyen S.A..................................................................................... 424,885
------------
TELECOMMUNICATIONS
45,000 Telefonica de Espana S.A........................................................................ 1,418,824
------------
TOTAL SPAIN..................................................................................... 6,608,710
------------
SWEDEN (2.7%)
COMMERCIAL SERVICES
42,700 Securitas AB (Series "B" Free).................................................................. 1,017,472
------------
INSURANCE
58,700 Skandia Forsakrings AB.......................................................................... 2,626,970
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
MANUFACTURING
23,610 Assa Abloy AB (Series B)........................................................................ $ 617,133
------------
PAPER PRODUCTS
64,100 Stora Kopparbergs Bergslags Aktiebolag (A Shares)............................................... 1,100,066
------------
PHARMACEUTICALS
80,000 Astra AB (B Shares)............................................................................. 1,415,182
------------
RETAIL
36,800 Hennes & Mauritz AB (B Shares).................................................................. 1,610,455
------------
TELECOMMUNICATIONS
49,500 Ericsson (L.M.) Telephone
Co. AB (Series "B" Free)...................................................................... 2,381,881
------------
TOTAL SWEDEN.................................................................................... 10,769,159
------------
SWITZERLAND (2.6%)
ELECTRICAL EQUIPMENT
1,670 ABB AG - Bearer................................................................................. 2,466,823
------------
FOOD SERVICES
1,430 Selecta Group*.................................................................................. 208,075
------------
FOODS & BEVERAGES
875 Nestle AG....................................................................................... 1,222,502
------------
MACHINERY
80 SIG Schweizerische Industrie - Gesellschaft Holding AG - Bearer................................. 233,363
------------
PHARMACEUTICALS
2,253 Novartis AG..................................................................................... 3,464,720
340 Roche Holdings AG............................................................................... 3,024,619
------------
6,489,339
------------
TOTAL SWITZERLAND............................................................................... 10,620,102
------------
TAIWAN (0.3%)
BUILDING MATERIALS
9,768 Asia Cement Corp. (GDR)......................................................................... 148,962
------------
COMPUTERS - PERIPHERAL EQUIPMENT
13,367 Asustek Computer Inc. (GDR)*.................................................................... 237,264
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
$ 125K United Microelectronics .25% due 05/16/04 (Conv.)............................................... $ 176,875
------------
RETAIL
$ 180K Far Eastern Department Stores 3.00% due 07/06/01 (Conv.) - 144A**............................... 184,050
------------
STEEL
12,235 China Steel Corp................................................................................ 243,110
------------
TRANSPORTATION
$ 300K Yang Ming Marine Transportation 2.00% due 10/06/01 (Conv.) - 144A**............................. 330,750
------------
TOTAL TAIWAN.................................................................................... 1,321,011
------------
THAILAND (0.1%)
BANKING
30,600 Thai Farmers Bank Public Co., Ltd. (Alien Market)............................................... 107,354
------------
MEDIA
30,000 BEC World Public Co., Ltd....................................................................... 195,580
------------
OIL RELATED
18,000 PTT Exploration & Production PCL................................................................ 241,657
------------
TOTAL THAILAND.................................................................................. 544,591
------------
UNITED KINGDOM (12.7%)
AEROSPACE & DEFENSE
43,064 British Aerospace PLC........................................................................... 1,143,045
326,815 Rolls-Royce PLC................................................................................. 1,352,439
58,718 Smiths Industries PLC........................................................................... 868,022
13,632 Vickers PLC..................................................................................... 47,047
------------
3,410,553
------------
APPLIANCES & HOUSEHOLD DURABLES
55,358 MFI Furniture Group PLC......................................................................... 131,545
------------
AUTO PARTS
25,661 Laird Group PLC................................................................................. 192,887
------------
AUTO PARTS - ORIGINAL EQUIPMENT
226,656 BBA Group PLC................................................................................... 1,546,163
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
BANKING
116,578 Abbey National PLC.............................................................................. $ 1,799,305
86,107 National Westminster Bank PLC................................................................... 1,303,533
------------
3,102,838
------------
BUILDING & CONSTRUCTION
184,929 Blue Circle Industries PLC...................................................................... 1,201,730
------------
BUILDING MATERIALS
64,418 Scapa Group..................................................................................... 245,230
------------
BUSINESS & PUBLIC SERVICES
54,799 Reuters Holdings PLC............................................................................ 651,082
------------
CHEMICALS
71,611 Allied Colloids Group PLC....................................................................... 145,278
------------
COMPUTER SOFTWARE
50,257 SEMA Group PLC.................................................................................. 1,052,064
------------
CONGLOMERATES
231,912 BTR PLC......................................................................................... 944,712
------------
CONSUMER PRODUCTS
101,761 Vendome Luxury Group PLC (Units)++.............................................................. 737,768
------------
DISTRIBUTION
24,937 Cowie Group PLC................................................................................. 154,390
------------
ELECTRICAL EQUIPMENT
204,502 BICC Group (The) PLC............................................................................ 555,370
207,441 General Electric Co. PLC........................................................................ 1,307,781
------------
1,863,151
------------
ENERGY
331,714 Lasmo PLC....................................................................................... 1,458,507
684,773 Shell Transport & Trading Co. PLC............................................................... 5,019,953
------------
6,478,460
------------
ENTERTAINMENT
66,535 Granada Group PLC............................................................................... 942,172
37,432 London Clubs International PLC.................................................................. 211,176
------------
1,153,348
------------
FINANCIAL SERVICES
7,632 HSBC Holdings PLC............................................................................... 271,565
------------
FOOD PROCESSING
135,028 Associated British Foods PLC.................................................................... 1,183,038
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
65,555 Bass PLC........................................................................................ $ 885,906
41,847 Devro International PLC......................................................................... 262,465
176,000 Guinness PLC.................................................................................... 1,661,503
------------
2,809,874
------------
FOREST PRODUCTS, PAPER & PACKING
30,732 David S. Smith Holdings PLC..................................................................... 118,234
59,965 De La Rue PLC................................................................................... 397,427
------------
515,661
------------
HEALTH & PERSONAL CARE
156,560 Glaxo Wellcome PLC.............................................................................. 3,529,190
95,511 Medeva PLC...................................................................................... 324,226
------------
3,853,416
------------
HEALTHCARE
3,183 Amersham International PLC...................................................................... 107,537
------------
INSURANCE
55,779 General Accident PLC............................................................................ 982,818
153,621 Prudential Corp. PLC............................................................................ 1,714,707
206,461 Royal & Sun Alliance Insurance Group PLC........................................................ 1,951,069
------------
4,648,594
------------
LEISURE
187,868 Rank Group PLC.................................................................................. 1,105,427
------------
MACHINERY
11,072 Spirax-Sarco Engineering PLC.................................................................... 129,402
284,098 Tomkins PLC..................................................................................... 1,584,393
------------
1,713,795
------------
MANUFACTURING
67,982 Bunzl PLC....................................................................................... 290,117
9,100 Vosper Thornycroft Holdings PLC................................................................. 119,446
------------
409,563
------------
MEDIA
6,726 Daily Mail & General Trust (Class A)............................................................ 199,512
15,900 EMAP PLC........................................................................................ 227,723
49,901 Flextech PLC*................................................................................... 485,200
85,100 General Cable PLC*.............................................................................. 156,135
56,086 Mirror Group PLC................................................................................ 181,779
------------
1,250,349
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
MERCHANDISING
98,822 Next PLC........................................................................................ $ 1,156,559
------------
NATURAL GAS
156,157 BG PLC.......................................................................................... 679,031
------------
PHARMACEUTICALS
109,040 British Biotech PLC*............................................................................ 280,258
------------
REAL ESTATE
25,369 Bradford Properties Trust PLC................................................................... 122,514
64,301 Pillar Property Investments PLC................................................................. 252,580
------------
375,094
------------
RESTAURANTS
9,600 Compass Group PLC............................................................................... 105,836
------------
RETAIL - DEPARTMENT STORES
28,014 Kingfisher PLC.................................................................................. 382,836
------------
TELECOMMUNICATIONS
317,921 British Telecommunications PLC.................................................................. 2,101,930
348,192 Securicor PLC................................................................................... 1,514,073
207,441 Vodafone Group PLC.............................................................................. 1,113,290
------------
4,729,293
------------
TRANSPORTATION
18,997 Associated British Ports Holdings PLC........................................................... 88,748
94,924 British Airways PLC............................................................................. 1,045,679
16,349 Forth Ports PLC................................................................................. 165,176
14,577 Stagecoach Holdings PLC......................................................................... 161,411
------------
1,461,014
------------
UTILITIES - ELECTRIC
98,822 National Power PLC.............................................................................. 907,356
------------
TOTAL UNITED KINGDOM............................................................................ 50,957,295
------------
UNITED STATES (24.4%)
AEROSPACE & DEFENSE
31,500 General Motors Corp. (Class H).................................................................. 2,088,844
55,400 Watkins-Johnson Co.............................................................................. 1,855,900
------------
3,944,744
------------
AIRLINES
52,000 Continental Airlines, Inc. (Class B)*........................................................... 2,047,500
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
AUTOMOBILES
56,000 Chrysler Corp................................................................................... $ 2,061,500
46,600 Ford Motor Co................................................................................... 2,108,650
------------
4,170,150
------------
BANKING
16,200 Citicorp........................................................................................ 2,169,787
37,600 First Tennessee National Corp................................................................... 2,143,200
30,300 Washington Mutual, Inc.......................................................................... 2,109,637
------------
6,422,624
------------
BEVERAGES - SOFT DRINKS
54,300 PepsiCo, Inc.................................................................................... 2,202,544
------------
BIOTECHNOLOGY
74,800 BioChem Pharma, Inc. (Canada)*.................................................................. 2,356,200
45,000 Centocor, Inc.*................................................................................. 2,137,500
93,000 Chiron Corp.*................................................................................... 2,098,312
135,000 Neurex Corp.*................................................................................... 1,991,250
------------
8,583,262
------------
CHEMICALS
49,700 Monsanto Co..................................................................................... 1,938,300
------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE
29,000 Cisco Systems, Inc.*............................................................................ 2,118,812
------------
COMPUTER SOFTWARE
54,000 Oracle Corp.*................................................................................... 1,967,625
------------
COMPUTERS - PERIPHERAL EQUIPMENT
58,000 Seagate Technology, Inc.*....................................................................... 2,095,250
------------
COMPUTERS - SYSTEMS
63,300 Gateway 2000, Inc.*............................................................................. 1,989,994
39,200 Sun Microsystems, Inc.*......................................................................... 1,832,600
------------
3,822,594
------------
CONGLOMERATES
38,200 Litton Industries, Inc.*........................................................................ 2,077,125
------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
21,900 Intel Corp...................................................................................... 2,023,012
50,000 Micron Technology, Inc.*........................................................................ 1,734,375
------------
3,757,387
------------
ENERGY
31,000 Exxon Corp...................................................................................... 1,985,938
27,700 Mobil Corp...................................................................................... 2,049,800
------------
4,035,738
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
ENTERTAINMENT/GAMING
75,000 Mirage Resorts, Inc.*........................................................................... $ 2,259,375
------------
FINANCIAL SERVICES
46,000 Federal National Mortgage Assoc................................................................. 2,162,000
29,800 Travelers Group, Inc............................................................................ 2,033,850
------------
4,195,850
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
31,400 General Mills, Inc.............................................................................. 2,164,638
------------
HEALTH MAINTENANCE ORGANIZATIONS
85,200 Humana, Inc.*................................................................................... 2,028,825
------------
HEALTHCARE PRODUCTS & SERVICES
39,000 Baxter International, Inc....................................................................... 2,037,750
------------
INDUSTRIALS
31,500 General Electric Co............................................................................. 2,143,969
29,600 Honeywell, Inc.................................................................................. 1,988,750
------------
4,132,719
------------
INSURANCE
20,700 American International Group, Inc............................................................... 2,135,981
56,000 Hartford Life, Inc. (Class A)................................................................... 2,152,500
------------
4,288,481
------------
MEDICAL SERVICES
51,000 HBO & Co........................................................................................ 1,918,875
------------
PAPER & FOREST PRODUCTS
36,400 Champion International Corp..................................................................... 2,218,125
------------
PAPER PRODUCTS
40,800 Bowater Inc..................................................................................... 2,080,800
------------
PHARMACEUTICALS
27,500 American Home Products Corp..................................................................... 2,007,500
36,200 Johnson & Johnson............................................................................... 2,086,025
------------
4,093,525
------------
RETAIL - DEPARTMENT STORES
143,000 Kmart Corp.*.................................................................................... 2,002,000
------------
RETAIL - SPECIALTY
65,500 Bed Bath & Beyond, Inc.*........................................................................ 2,292,500
40,800 Home Depot, Inc................................................................................. 2,126,700
------------
4,419,200
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
RETAIL - SPECIALTY APPAREL
82,600 Limited (THE), Inc.............................................................................. $ 2,018,538
------------
SAVINGS & LOAN ASSOCIATIONS
24,000 Golden West Financial Corp...................................................................... 2,154,000
------------
STEEL
34,300 Nucor Corp...................................................................................... 1,807,181
------------
TELECOMMUNICATIONS
52,000 Globalstar
Telecommunications Ltd.*...................................................................... 2,704,000
------------
TOBACCO
49,000 Philip Morris Companies, Inc.................................................................... 2,036,563
------------
TOTAL UNITED STATES............................................................................. 97,744,100
------------
VENEZUELA (0.1%)
TELECOMMUNICATIONS
13,000 Compania Anonima Nacional Telefonos de Venezuela (Class D) (ADR)................................ 594,750
------------
TOTAL COMMON AND PREFERRED STOCKS, RIGHTS, AND BONDS
(IDENTIFIED COST $344,551,606).................................................................. 390,584,338
------------
</TABLE>
<TABLE>
<CAPTION>
CURRENCY
AMOUNT IN
THOUSANDS
- -------------
<C> <S> <C>
PURCHASED PUT OPTIONS ON FOREIGN CURRENCY (0.3%)
Y2,339,564 February 10, 1998/Yen 115.82.................................................................... 805,980
Y2,896,800 February 10, 1998/Yen 120.72.................................................................... 482,400
------------
TOTAL PURCHASED PUT OPTIONS ON FOREIGN CURRENCY
(IDENTIFIED COST $1,023,940).................................................................... 1,288,380
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
IN THOUSANDS VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENT (a) (2.2%)
U.S. GOVERNMENT AGENCY
$ 9,000 Federal Home Loan Mortgage Corp. 6.05% due 10/01/97
(AMORTIZED COST $9,000,000)............................... $ 9,000,000
--------------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST $354,575,546)............................................................ 99.9 % 400,872,718
OTHER ASSETS IN EXCESS OF LIABILITIES..................................................... 0.1 293,098
------ -------------
NET ASSETS................................................................................ 100.0 % $ 401,165,816
------ -------------
------ -------------
</TABLE>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
GDS Global Depository Shares.
K In thousands.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
++ Consists of one or more class of securities traded together as a unit;
stocks with attached warrants.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $74,796,965 and the
aggregate gross unrealized depreciation is $28,499,793, resulting in net
unrealized appreciation of $46,297,172.
FORWARD FOREIGN CURRENCY CONTRACT OPEN AT SEPTEMBER 30, 1997:
<TABLE>
<CAPTION>
CONTRACTS
TO IN DELIVERY UNREALIZED
DELIVER EXCHANGE FOR DATE APPRECIATION
- ---------------------------------------------------
<S> <C> <C> <C>
$665,436 FRF 3,945,168 10/01/97 1,$259
---------
---------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Aerospace & Defense............................................................... $ 7,355,296 1.8%
Agriculture....................................................................... 220,487 0.1
Airlines.......................................................................... 2,047,500 0.5
Apparel........................................................................... 595,126 0.1
Appliances & Household Durables................................................... 625,489 0.2
Auto Parts........................................................................ 259,973 0.1
Auto Parts - Original Equipment................................................... 1,546,163 0.4
Auto Trucks & Parts............................................................... 59,761 0.0
Automobiles....................................................................... 10,795,313 2.7
Automotive........................................................................ 1,440,828 0.4
Banking........................................................................... 27,815,326 6.9
Banks............................................................................. 625,637 0.2
Banks - Commercial................................................................ 1,295,869 0.3
Beverages - Soft Drinks........................................................... 2,202,544 0.5
Biotechnology..................................................................... 8,583,263 2.1
Building & Construction........................................................... 6,271,997 1.6
Building Materials................................................................ 780,231 0.2
Business & Public Services........................................................ 6,593,060 1.6
Chemicals......................................................................... 13,399,026 3.3
Commercial Services............................................................... 1,017,472 0.3
Communications - Equipment & Software............................................. 2,118,813 0.5
Computer Software................................................................. 3,924,473 1.0
Computers - Peripheral Equipment.................................................. 2,332,514 0.6
Computers - Systems............................................................... 3,822,594 1.0
Conglomerates..................................................................... 17,638,950 4.4
Consumer Products................................................................. 2,054,585 0.5
Currency Options.................................................................. 1,288,380 0.3
Distribution...................................................................... 154,390 0.0
Electric.......................................................................... 1,130,541 0.3
Electrical Equipment.............................................................. 23,943,367 5.9
Electronic Components............................................................. 1,263,776 0.3
Electronics....................................................................... 5,021,458 1.3
Electronics - Semiconductors...................................................... 1,288,510 0.3
Electronics - Semiconductors/Components........................................... 4,545,028 1.1
Energy............................................................................ 17,856,391 4.5
Engineering & Construction........................................................ 2,230,310 0.6
Entertainment..................................................................... 1,414,309 0.4
Entertainment/Gaming.............................................................. 2,259,375 0.6
Financial Services................................................................ 7,658,145 1.9
Food Manufacturer................................................................. 333,570 0.1
Food Processing................................................................... 1,183,038 0.3
Food Services..................................................................... 682,737 0.2
Food, Beverage, Tobacco & Household Products...................................... 11,199,237 2.8
Foods & Beverages................................................................. 2,130,249 0.5
Forest Products, Paper & Packing.................................................. 515,661 0.1
Hand Tools........................................................................ 129,482 0.0
Health & Personal Care............................................................ 4,346,112 1.1
Health Maintenance Organizations.................................................. 2,028,825 0.5
Healthcare........................................................................ 594,996 0.1
Healthcare Products & Services.................................................... 2,037,750 0.5
Industrials....................................................................... 4,785,119 1.2
Insurance......................................................................... 20,306,087 5.1
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Companies.............................................................. $ 1,299,700 0.3%
Leisure........................................................................... 5,480,792 1.4
Machine Tools..................................................................... 123,257 0.0
Machinery......................................................................... 10,099,560 2.5
Machinery - Diversified........................................................... 424,885 0.1
Manufacturing..................................................................... 2,627,239 0.7
Media............................................................................. 6,869,055 1.7
Medical Products & Supplies....................................................... 211,058 0.1
Medical Services.................................................................. 1,918,875 0.5
Merchandising..................................................................... 2,146,489 0.5
Metals............................................................................ 553,868 0.1
Metals & Mining................................................................... 1,823,910 0.5
Natural Gas....................................................................... 679,031 0.2
Office Equipment.................................................................. 162,475 0.0
Oil & Gas......................................................................... 690,415 0.2
Oil - Exploration & Production.................................................... 590,919 0.1
Oil Related....................................................................... 241,657 0.1
Paper & Forest Products........................................................... 2,218,125 0.6
Paper Products.................................................................... 5,691,779 1.4
Pharmaceuticals................................................................... 15,732,143 3.9
Real Estate....................................................................... 10,062,651 2.5
Restaurants....................................................................... 105,836 0.0
Retail............................................................................ 9,138,139 2.3
Retail - Department Stores........................................................ 2,384,836 0.6
Retail - Specialty................................................................ 4,419,200 1.1
Retail - Specialty Apparel........................................................ 2,018,538 0.5
Savings & Loan Associations....................................................... 2,154,000 0.5
Steel............................................................................. 3,894,874 1.0
Steel & Iron...................................................................... 4,370,677 1.1
Technology Related................................................................ 149,734 0.0
Telecommunications................................................................ 28,708,329 7.1
Textiles.......................................................................... 2,095,485 0.5
Tobacco........................................................................... 2,036,563 0.5
Transportation.................................................................... 5,608,674 1.4
U.S. Government Agency............................................................ 9,000,000 2.2
Utilities......................................................................... 1,244,278 0.3
Utilities - Electric.............................................................. 7,914,119 2.0
Wholesale Distributor............................................................. 232,420 0.1
------------ ---
$400,872,718 99.9%
------------ ---
------------ ---
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Common Stocks..................................................................... $387,078,357 96.5%
Convertible Bonds................................................................. 743,011 0.2
Preferred Stocks.................................................................. 2,747,218 0.7
Purchased Options Outstanding..................................................... 1,288,380 0.3
Rights............................................................................ 15,752 0.0
Short-Term Investment............................................................. 9,000,000 2.2
------------ ---
$400,872,718 99.9%
------------ ---
------------ ---
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $354,575,546).............................................................. $400,872,718
Receivable for:
Investments sold.......................................................................... 1,124,587
Dividends................................................................................. 864,756
Shares of beneficial interest sold........................................................ 283,909
Foreign withholding taxes reclaimed....................................................... 282,759
Prepaid expenses and other assets............................................................. 95,445
------------
TOTAL ASSETS............................................................................. 403,524,174
------------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased................................................. 772,424
Investments purchased..................................................................... 645,238
Investment management fee................................................................. 349,697
Plan of distribution fee.................................................................. 318,842
Accrued expenses and other payables........................................................... 272,157
------------
TOTAL LIABILITIES........................................................................ 2,358,358
------------
NET ASSETS............................................................................... $401,165,816
------------
------------
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................................................... $317,636,051
Net unrealized appreciation................................................................... 46,259,573
Accumulated net investment loss............................................................... (1,236,229)
Accumulated undistributed net realized gain................................................... 38,506,421
------------
NET ASSETS............................................................................... $401,165,816
------------
------------
CLASS A SHARES:
Net Assets.................................................................................... $1,252,183
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 64,972
NET ASSET VALUE PER SHARE................................................................
$19.27
------------
------------
MAXIMUM OFFERING PRICE PER SHARE,
(net asset value plus 5.54% of net asset value)..........................................
$20.34
------------
------------
CLASS B SHARES:
Net Assets.................................................................................... $365,676,148
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 19,000,353
NET ASSET VALUE PER SHARE................................................................
$19.25
------------
------------
CLASS C SHARES:
Net Assets.................................................................................... $51,126
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 2,655
NET ASSET VALUE PER SHARE................................................................
$19.26
------------
------------
CLASS D SHARES:
Net Assets.................................................................................... $34,186,359
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 1,772,681
NET ASSET VALUE PER SHARE................................................................
$19.29
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997* (UNAUDITED)
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $528,150 foreign withholding tax)............................................ $ 4,602,275
Interest....................................................................................... 125,823
-----------
TOTAL INCOME.............................................................................. 4,728,098
-----------
EXPENSES
Investment management fee...................................................................... 2,111,518
Plan of distribution fee (Class B shares)...................................................... 2,046,569
Transfer agent fees and expenses............................................................... 380,200
Custodian fees................................................................................. 215,392
Shareholder reports and notices................................................................ 59,624
Professional fees.............................................................................. 54,427
Registration fees.............................................................................. 28,475
Trustees' fees and expenses.................................................................... 9,866
Other.......................................................................................... 14,285
-----------
TOTAL EXPENSES............................................................................ 4,920,356
-----------
NET INVESTMENT LOSS....................................................................... (192,258)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Investments................................................................................ 31,173,096
Foreign exchange transactions.............................................................. 942,273
-----------
NET GAIN.................................................................................. 32,115,369
-----------
Net change in unrealized appreciation/depreciation on:
Investments................................................................................ 13,946,719
Translation of forward foreign currency contracts, other assets and liabilities denominated
in foreign currencies.................................................................... (113,748)
-----------
NET APPRECIATION.......................................................................... 13,832,971
-----------
NET GAIN.................................................................................. 45,948,340
-----------
NET INCREASE................................................................................... $45,756,082
-----------
-----------
<FN>
- ---------------------
* Class A, Class C and Class D shares were issued July 28, 1997.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
SEPTEMBER 30, 1997 MARCH 31, 1997
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss..................................................... $ (192,258 ) $ (4,146,643)
Net realized gain....................................................... 32,115,369 20,966,100
Net change in unrealized Depreciation................................... 13,832,971 (8,721,872)
------------------ --------------
NET INCREASE....................................................... 45,756,082 8,097,585
DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAIN:
Class B shares.......................................................... -- (31,533,387)
Net decrease from transactions in shares of beneficial interest......... (63,548,440 ) (77,594,246)
------------------ --------------
NET DECREASE....................................................... (17,792,358 ) (101,030,048)
NET ASSETS:
Beginning of period..................................................... 418,958,174 519,988,222
END OF PERIOD
(Including net investment losses of $1,236,229 and $1,043,971,
respectively)................................................... $ 401,165,816 $ 418,958,174
------------------ --------------
------------------ --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED)
1. ORGANIZATION AND ACCOUNTING POLICIES
Dean Witter World Wide Investment Trust (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified,
open-end management investment company. The Fund's investment objective is total
return on its assets primarily through long-term capital growth and to a lesser
extent, from income. The Fund seeks to achieve its objective by investing in
common stocks and equivalents, preferred stocks, bonds and other debt
obligations of domestic and foreign companies, governments and international
organizations. The Fund was organized as a Massachusetts business trust on July
7, 1983 and commenced operations on October 31, 1983. On July 28, 1997, the Fund
commenced offering three additional classes of shares, with the then current
shares, other than shares held by certain employee benefit plans established by
Dean Witter Reynolds Inc. and its affiliate, SPS Transaction Services, Inc.,
designated as Class B shares. Shares held by those benefit plans prior to July
28, 1997 have been designated Class D shares.
The Fund offers Class A shares, Class B shares, Class C shares and Class D
shares. The four classes are substantially the same except that most Class A
shares are subject to a sales charge imposed at the time of purchase, some Class
A shares, and most Class B shares and Class C shares are subject to a contingent
deferred sales charge imposed on shares redeemed within one year, six years and
one year, respectively. Class D shares are not subject to a sales charge.
Additionally, Class A shares, Class B shares and Class C shares incur
distribution expenses.
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 pursuant to procedures
adopted 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 Dean Witter InterCapital Inc. (the "Investment Manager") or Morgan
Grenfell Investment Services Limited (the "Sub-Adviser") that sale and bid
prices are not reflective of a security's market value, portfolio
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
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-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. MULTIPLE CLASS ALLOCATIONS -- Investment income, expenses (other than
distribution fees), and realized and unrealized gains and losses are allocated
to each class of shares based upon the relative net asset value on the date such
items are recognized. Distribution fees are charged directly to the respective
class.
D. OPTION ACCOUNTING PRINCIPLES -- 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.
E. 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 foreign currency
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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
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.
F. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward foreign
currency contracts which are valued daily at the appropriate exchange rates. The
resultant unrealized exchange gains and losses are included in the Statement of
Operations as unrealized gain/loss on foreign exchange transactions. The Fund
records realized gains or losses on delivery of the currency or at the time the
forward contract is extinguished (compensated) by entering into a closing
transaction prior to delivery.
G. 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.
H. 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, the Fund pays the Investment
Manager 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: 1.0% to the portion of daily net assets not exceeding $500
million and 0.95% to the portion of daily net assets in excess of $500 million.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
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.
Under a Sub-Advisory Agreement between the Sub-Adviser 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.
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. The Plan
provides that the Fund will pay the Distributor a fee which is accrued daily and
paid monthly at the following annual rates: (i) Class A -- 0.25% of the average
daily net assets of Class A; (ii) Class B -- 1.0% of the lesser of: (a) the
average daily aggregate gross sales of the Class B shares since inception of the
Fund (not including reinvestment of dividend or capital gain distributions) less
the average net asset value of the Class B shares redeemed since the Fund's
inception upon which a contingent deferred sales charge has been imposed or
waived; or (b) the average daily net assets of Class B; and (iii) Class C --
1.0% of the average daily net assets of Class C. In the case of Class A shares,
amounts paid under the Plan are paid to the Distributor for services provided.
In the case of Class B and Class C shares, amounts paid under the Plan are paid
to the Distributor for services provided and the expenses borne by it and others
in the distribution of the shares of these Classes, including the payment of
commissions for sales of these Classes 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 others who engage in or
support distribution of the 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 these shares to
other than current shareholders, and preparation, printing and distribution of
sales literature and advertising materials. In addition, the Distributor may
utilize fees paid pursuant to the Plan, in the case of Class B shares, to
compensate DWR and other selected broker-dealers for their opportunity costs in
advancing such amounts, which compensation would be in the form of a carrying
charge on any unreimbursed expenses.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
In the case of Class B shares, provided that the Plan continues in effect, any
cumulative expenses incurred by the Distributor but not yet recovered may be
recovered through the payment of future distribution fees from the Fund pursuant
to the Plan and contingent deferred sales charges paid by investors upon
redemption of Class B shares. Although there is no legal obligation for the Fund
to pay expenses incurred in excess of payments made to the Distributor under the
Plan and the proceeds of contingent deferred sales charges paid by investors
upon redemption of shares, if for any reason the Plan is terminated, the
Trustees will consider at that time the manner in which to treat such expenses.
The Distributor has advised the Fund that such excess amounts, including
carrying charges, totaled $19,336,730 at September 30, 1997.
In the case of Class A shares and Class C shares, expenses incurred pursuant to
the Plan in any calendar year in excess of 0.25% or 1.0% of the average daily
net assets of Class A or Class C, respectively, will not be reimbursed by the
Fund through payments in any subsequent year, except that expenses representing
a gross sales credit to account executives may be reimbursed in the subsequent
calendar year. For the period ended September 30, 1997, the distribution fee was
accrued for Class A shares and Class C shares at the annual rate of 0.25% and
1.0%, respectively.
The Distributor has informed the Fund that for the six months ended September
30, 1997, it received contingent deferred sales charges from certain redemptions
of the Fund's Class B shares of $339,908. The respective shareholders pay such
charges which are not an expense of the Fund.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended September 30, 1997 aggregated
$144,068,764 and $202,395,175, respectively.
For the six months ended September 30, 1997, the Fund incurred brokerage
commissions of $11,225 and $4,956 with DWR and Deutsche Morgan Grenfell,
respectively, for portfolio transactions executed on behalf of the Fund.
For the period May 31, 1997 through September 30, 1997, the Fund incurred
brokerage commissions with Morgan Stanley & Co. Inc., an affiliate of the
Investments Manager since May 31, 1997, of $15,289 for portfolio transactions
executed on behalf of the Fund.
Dean Witter Trust FSB, an affiliate of the Investment Manager and Distributor,
is the Fund's transfer agent.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
The Fund has an unfunded noncontributory defined benefit pension plan covering
all independent Trustees of the Fund who will have served as independent
Trustees for at least five years at the time of retirement. Benefits under this
plan are based on years of service and compensation during the last five years
of service. Aggregate pension costs for the six months ended September 30, 1997
included in Trustees' fees and expenses in the Statement of Operations amounted
to $1,744. At September 30, 1997, the Fund had an accrued pension liability of
$50,993 which is included in accrued expenses in the Statement of Assets and
Liabilities.
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
SEPTEMBER 30, 1997+ MARCH 31, 1997
------------------------- -------------------------
(UNAUDITED)
SHARES AMOUNT SHARES AMOUNT
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
CLASS A SHARES*
Sold............................................ 66,385 $ 1,223,456 -- --
Redeemed........................................ (1,413) (26,854) -- --
---------- ------------- ---------- -------------
Net increase - Class A.......................... 64,972 1,196,602 -- --
---------- ------------- ---------- -------------
CLASS B SHARES
Sold............................................ 3,145,398 58,569,037 3,614,740 $ 65,929,566
Reinvestment of distributions................... -- -- 1,730,254 29,812,283
Redeemed........................................ (6,372,472) (118,527,176) (9,610,570) (173,336,095)
---------- ------------- ---------- -------------
Net decrease - Class B.......................... (3,227,074) (59,958,139) (4,265,576) (77,594,246)
---------- ------------- ---------- -------------
CLASS C SHARES*
Sold............................................ 2,663 51,380 -- --
Redeemed........................................ (8) (144) -- --
---------- ------------- ---------- -------------
Net increase - Class C.......................... 2,655 51,236 -- --
---------- ------------- ---------- -------------
CLASS D SHARES*
Sold............................................ 94,840 1,826,735 -- --
Redeemed........................................ (355,630) (6,664,874) -- --
---------- ------------- ---------- -------------
Net decrease - Class D.......................... (260,790) (4,838,139) -- --
---------- ------------- ---------- -------------
Net decrease in Fund.............................. (3,420,237) $ (63,548,440) (4,265,576) $ (77,594,246)
---------- ------------- ---------- -------------
---------- ------------- ---------- -------------
</TABLE>
- ------------------------------
+ On July 28, 1997, 2,033,471 shares representing $40,059,381 were transferred
to Class D.
* For the period July 28, 1997 (issue date) through September 30, 1997.
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 $296,000 during fiscal year 1997.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
As of March 31, 1997, 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.
7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
The Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio transactions
or to manage foreign currency exposure associated with foreign currency
denominated securities.
Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.
At September 30, 1997, there were outstanding forward contracts used to
facilitate settlement of foreign currency denominated portfolio transactions.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE
SIX
MONTHS
ENDED
SEPTEMBER
30, FOR THE YEAR ENDED MARCH 31
1997*++ ----------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CLASS B SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.... $ 17.27 $18.23 $15.71 $18.20 $14.72 $14.65
-------- ------ ------ ------ ------ ------
Net investment loss..................... (0.01) (0.18) (0.06) (0.02) (0.05) --
Net realized and unrealized gain
(loss)................................. 1.99 0.45 2.60 (1.83) 4.24 0.39
-------- ------ ------ ------ ------ ------
Total from investment operations........ 1.98 0.27 2.54 (1.85) 4.19 0.39
-------- ------ ------ ------ ------ ------
Less dividends and distributions:
In excess of net investment income... -- -- -- (0.02) -- --
From net realized gain............... -- (1.23) (0.02) (0.39) (0.71) (0.32)
In excess of net realized gain....... -- -- -- (0.23) -- --
-------- ------ ------ ------ ------ ------
Total dividends and distributions....... -- (1.23) (0.02) (0.64) (0.71) (0.32)
-------- ------ ------ ------ ------ ------
Net asset value, end of period.......... $ 19.25 $17.27 $18.23 $15.71 $18.20 $14.72
-------- ------ ------ ------ ------ ------
-------- ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN+................ 11.34%(1) 1.61% 16.20% (10.37)% 28.40% 2.69%
RATIOS TO AVERAGE NET ASSETS:
Expenses................................ 2.61%(2) 2.36% 2.45% 2.41% 2.40% 2.42%
Net investment income (loss)............ (0.12)%(2) (0.84)% (0.21)% (0.32)% (0.61)% 0.06%
SUPPLEMENTAL DATA:
Net assets, end of period, in
millions............................... $366 $419 $520 $512 $494 $218
Portfolio turnover rate................. 35%(1) 48% 126% 67% 68% 139%
Average commission rate paid............ $0.0094 $0.0116 $0.0169 -- -- --
<FN>
- ---------------------
* Prior to July 28, 1997, the Fund issued one class of shares. All shares of
the Fund held prior to that date, other than shares held by certain
employee benefit plans established by Dean Witter Reynolds Inc. and its
affiliate, SPS Transaction Services, Inc., have been designated Class B
shares. Shares held by those employee benefit plans prior to July 28, 1997
have been designated Class D shares.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS, CONTINUED
<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 31, 1997
THROUGH
SEPTEMBER 30,
1997*++
(UNAUDITED)
- --------------------------------------------------------------------------------------------
<S> <C>
CLASS A SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 19.70
------
Net investment income................................................. 0.05
Net realized and unrealized loss...................................... (0.48)
------
Total from investment operations...................................... (0.43)
------
Net asset value, end of period........................................ $ 19.27
------
------
TOTAL INVESTMENT RETURN+.............................................. (2.18)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.27%(2)
Net investment income................................................. 1.71%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $1,252
Portfolio turnover rate............................................... 35%(1)
Average commission rate paid.......................................... $0.0094
</TABLE>
<TABLE>
<S> <C>
CLASS C SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 19.70
------
Net investment income................................................. 0.01
Net realized and unrealized loss...................................... (0.45)
------
Total from investment operations...................................... (0.44)
------
Net asset value, end of period........................................ $ 19.26
------
------
TOTAL INVESTMENT RETURN+.............................................. (2.28)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.75%(2)
Net investment income................................................. 0.23%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $51
Portfolio turnover rate............................................... 35%(1)
Average commission rate paid.......................................... $0.0094
<FN>
- ---------------------
* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of period.
(1) Not annualized.
(2) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS, CONTINUED
<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 31, 1997*
THROUGH
SEPTEMBER 30, 1997++
(UNAUDITED)
- --------------------------------------------------------------------------------------------
<S> <C>
CLASS D SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 19.70
------
Net investment income................................................. 0.02
Net realized and unrealized loss...................................... (0.43)
------
Total from investment operations...................................... (0.41)
------
Net asset value, end of period........................................ $ 19.29
------
------
TOTAL INVESTMENT RETURN+.............................................. (2.13)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.67%(2)
Net investment income................................................. 0.75%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $34,186
Portfolio turnover rate............................................... 35%(1)
Average commission rate paid.......................................... $0.0094
<FN>
- ---------------------
* The date shares were first issued. Shareholders who held shares of the Fund
prior to July 28, 1997 (the date the Fund converted to a multiple class
share structure) should refer to the Financial Highlights of Class B to
obtain the historical per share data and ratio information of their shares.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Calculated based on the net asset value as of the last business day of the
period.
(1) Not annualized.
(2) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Wayne E. Hedien
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
Mark A. Bavoso
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust FSB
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
SUB-ADVISER
Morgan Grenfell Investment Services Limited>
The financial statements included herein have been taken from the records of
the Fund without examination by the independent accountants and accordingly
they do not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Fund.
This report is not authorized for distribution to prospective investors in
the Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER
WORLD WIDE
INVESTMENT TRUST
[PHOTO]
SEMIANNUAL REPORT
SEPTEMBER 30, 1997
