<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW
YORK 10048
LETTER TO THE SHAREHOLDERS MARCH 31, 1997
DEAR SHAREHOLDER:
During the Fund's fiscal year ended March 31, 1997, global investment returns
continued to underperform those in the United States, with the Standard & Poor's
500 Composite Stock Index (S&P 500) advancing 19.84 percent while the Morgan
Stanley Capital International World Index (MSCI World Index) returned 7.68
percent.
European markets enjoyed strong performance, however, with Spain up 30.4
percent, the United Kingdom up 28.7 percent and Germany up 20.6 percent. Most
European equity markets responded well to the favorable macroeconomic outlook of
noninflationary growth induced by low interest rates, weaker domestic currencies
and tight fiscal policy. As 1997 unfolds, it will become more apparent which
countries will comply with the Maastricht criteria for participation in the
Economic and Monetary Union (EMU) when it begins in 1999.
Emerging markets also performed well over the last year. The Latin American
markets in particular rallied sharply, with Brazil up 56.0 percent, Argentina up
29.9 percent and Mexico up 19.0 percent. Southeast Asian markets advanced in
1996 but gave up gains in the first quarter of 1997 as a result of weakness in
technology and fears regarding interest rates.
In the United States, the Federal Reserve's Open Market Committee increased
interest rates on March 25 in response to signs of economic strength. Volatility
in most markets has since picked up as investors digest the prospects for
additional interest-rate increases. It should be noted that the economies of
Europe and Japan and emerging markets are all at different points in the
economic growth cycle. While all are affected by global liquidity, monetary
policy in these areas is set according to domestic trends in growth and
inflation.
PERFORMANCE AND PORTFOLIO
For the twelve-month period ended March 31, 1997, Dean Witter World Wide
Investment Trust provided a total return of 1.61 percent compared to 7.68
percent for the MSCI World Index and 11.85 percent for the
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS MARCH 31, 1997, CONTINUED
Lipper Global Funds Index. The accompanying chart illustrates the growth of a
$10,000 investment in the Fund for the ten-year period ended March 31, 1997,
versus similar investments in the MSCI World Index and the Lipper Global Funds
Index.
The main reason for the Fund's
underperformance versus its benchmarks
was the result of the Fund's year-long
overweighted position in the Japanese
equity market. The Fund's asset
allocation strategically overweighted
Japan because of improving signs there
of sustainable economic growth, a
depreciating yen, potential
deregulation measures and a sharp
profit recovery. Despite these
promising fundamentals, the Japanese
equity market, down 25.70 percent,
suffered a loss of confidence when
confronted with persistent bad press
documenting the fragility of the
financial sector. Faced with
deteriorating fundamentals and poor
sentiment, the Fund reduced its
exposure to Japan at the end of 1996 to
be at a neutral weighting versus the
MSCI World Index.
Dean Witter World Wide Investment Trust
is broadly invested across 25 global
markets. The Fund's target asset
allocation is Europe, 35 percent; U.S.,
25 percent; Japan, 20 percent; emerging
Asia, 12.5 percent; Latin America, 6.5
percent; and other, 1 percent. The
Fund's holdings include companies such
as PepsiCo Inc. (U.S., beverages),
Telecomunicacoes Brasileiras S.A.
(Brazil, telecommunications), AXA-UAP
(France, insurance), Volkswagen AG
(Germany, automobiles), Hutchison
Whampoa Ltd. (Hong Kong, conglomerate)
and Canon, Inc. (Japan, electrical
equipment).
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS MARCH 31, 1997, CONTINUED
LOOKING AHEAD
We believe that global equities continue to offer an attractive investment
opportunity. Continental European equities remain responsive to the dual profit
drivers of restructuring and improving competitiveness from weak domestic
currencies. In Japan, business confidence is building as exports pick up and
prospects for broader economic growth appear. Lastly, economic activity in Asian
and Latin American emerging markets is outpacing growth in the developed world.
We appreciate your support of Dean Witter World Wide Investment Trust and look
forward to continuing to serve your investment needs.
Very truly yours,
[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (96.3%)
ARGENTINA (0.2%)
ENERGY
38,500 Yacimentos Petroliferos
Fiscales S.A. (ADR)......... $ 1,020,250
---------------
AUSTRALIA (0.9%)
ENERGY
41,000 Broken Hill Proprietary Co.,
Ltd......................... 547,493
90,000 Woodside Petroleum Ltd........ 664,109
---------------
1,211,602
---------------
FOODS & BEVERAGES
740,000 Goodman Fielder Ltd........... 959,096
---------------
METALS & MINING
600,000 M.I.M. Holdings Ltd........... 805,923
262,000 Pasminco Ltd.................. 506,476
---------------
1,312,399
---------------
RETAIL
225,000 Woolworth's Ltd............... 602,675
---------------
TOTAL AUSTRALIA............... 4,085,772
---------------
AUSTRIA (0.1%)
CONSUMER PRODUCTS
2,665 Wolford AG.................... 298,093
---------------
BELGIUM (0.4%)
RESTAURANTS
1,840 Quick Restaurants S.A......... 95,714
---------------
RETAIL
35,500 G.I.B. Holdings Ltd........... 1,620,958
---------------
TOTAL BELGIUM................. 1,716,672
---------------
BRAZIL (3.1%)
BUILDING & CONSTRUCTION
103,000 Elevadores Atlas S.A.*........ 1,282,037
---------------
INVESTMENT COMPANIES
1,000,000 Brazilian Smaller Co.
Investment Trust PLC........ 1,380,000
200,000 Brazilian Smaller Co.
Investment Trust (Warrants
due 09/30/07)*.............. 146,000
---------------
1,526,000
---------------
RETAIL
80,000 Makro Atacadista S.A. (GDS)... 1,073,600
10,000 Makro Atacadista S.A. (ADR) -
144A**...................... 134,200
---------------
1,207,800
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
STEEL
1,904,000 Companhia Siderurgica Paulista
(Pref.)*.................... $ 1,310,627
---------------
STEEL & IRON
202,000 Companhia Acos Especia
(ADR)*...................... 925,160
---------------
TELECOMMUNICATIONS
24,705 Telecomunicacoes Brasileiras
S.A. (ADR).................. 2,529,174
---------------
UTILITIES - ELECTRIC
120,000 Centrais Electricas
Brasileiras S.A. (Class B)
(ADR)....................... 2,478,000
25,000,000 Companhia de Electricidade do
Estado da Bahia*............ 1,885,903
---------------
4,363,903
---------------
TOTAL BRAZIL.................. 13,144,701
---------------
CANADA (0.4%)
ENERGY
19,500 Talisman Energy, Inc.*........ 578,664
---------------
INDUSTRIALS
22,000 Canadian Pacific, Ltd......... 524,982
---------------
MANUFACTURING
35,000 Bombardier, Inc. (Class B).... 633,033
---------------
TOTAL CANADA.................. 1,736,679
---------------
CHILE (0.5%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
100,000 Compania Cervecerias Unidas
S.A. (ADR).................. 1,975,000
---------------
COLOMBIA (0.2%)
FINANCIAL SERVICES
3,465 Corporacion Financiera Valle
(GDR)....................... 12,994
---------------
RETAIL
42,000 Gran Cadena Almacenes (Class
B) (Pref.) (ADR) - 144A**... 414,750
30,000 Gran Cadena Almacenes (ADR) (B
Shares)..................... 292,500
---------------
707,250
---------------
TOTAL COLOMBIA................ 720,244
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
DENMARK (1.3%)
BUSINESS & PUBLIC SERVICES
20,200 Kobenhavns Lufthavne AS....... $ 2,093,232
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
2,270 Oticon Holding AS............. 381,357
---------------
PHARMACEUTICALS
29,000 Novo-Nordisk AS (Series B).... 3,027,900
---------------
TOTAL DENMARK................. 5,502,489
---------------
FRANCE (4.3%)
BUILDING MATERIALS
9,500 IMETAL........................ 1,475,646
---------------
BUSINESS & PUBLIC SERVICES
1,770 Grand Optical-Photoservice.... 273,996
---------------
COMMERCIAL SERVICES
550 Altran Technologies S.A....... 201,258
---------------
CONSUMER PRODUCTS
12,500 Societe BIC S.A............... 1,892,933
---------------
ENERGY
20,000 Elf Aquitaine S.A............. 2,043,925
---------------
FINANCIAL SERVICES
12,000 Cetelem Group................. 1,417,641
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
28,000 SEITA......................... 1,007,722
---------------
HEALTH & PERSONAL CARE
10,640 Sanofi S.A.................... 1,036,486
---------------
INSURANCE
41,000 AXA-UAP....................... 2,703,560
45,000 Scor.......................... 1,829,171
---------------
4,532,731
---------------
RETAIL
2,070 Carrefour Supermarche......... 1,279,910
6,122 Castorama Dubois
Investissement.............. 962,865
FRF 250 Castorama Dubois
Investissement 3.15% due
01/01/03 (Conv.)............ 54,331
2,129 Guilbert S.A.................. 395,935
---------------
2,693,041
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
STEEL & IRON
80,250 Usinor Sacilor................ $ 1,307,651
---------------
TEXTILES
2,433 Deveaux S.A................... 413,688
---------------
WHOLESALE & INTERNATIONAL TRADE
42 Bertrand Faure................ 2,131
---------------
TOTAL FRANCE.................. 18,298,849
---------------
GERMANY (3.8%)
APPAREL
14,400 Adidas AG..................... 1,628,648
---------------
AUTOMOBILES
2,750 Bayerische Motoren Werke (BMW)
AG.......................... 2,215,756
5,975 Volkswagen AG................. 3,287,944
---------------
5,503,700
---------------
CHEMICALS
37,746 BASF AG....................... 1,419,277
28,000 Bayer AG...................... 1,159,773
18,300 SGL Carbon AG................. 2,501,164
---------------
5,080,214
---------------
ENTERTAINMENT
1,043 CeWe Color Holdings AG........ 264,563
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
11,580 Berentzen-Gruppe AG (Pref.)... 352,480
---------------
FURNITURE
3,420 Moebel Walther AG............. 183,706
---------------
INSURANCE
1,452 Marschollek Lautenschlaeger
und Partner AG (Pref.)...... 303,312
---------------
PHARMACEUTICALS
10,500 Gehe AG....................... 717,547
---------------
RETAIL
12,732 Fielmann AG (Pref.)........... 355,630
---------------
TEXTILES
360 Jil Sander AG (Pref.)......... 217,010
3,000 Puma AG*...................... 111,549
---------------
328,559
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC
18,500 Veba AG....................... $ 1,042,868
---------------
TOTAL GERMANY................. 15,761,227
---------------
HONG KONG (4.4%)
BANKING
302,000 Guoco Group Ltd............... 1,492,734
77,200 HSBC Holdings PLC............. 1,793,356
39,000 Wing Hang Bank Ltd............ 171,128
---------------
3,457,218
---------------
CONGLOMERATES
367,000 Hutchison Whampoa Ltd......... 2,758,918
305,000 Wharf (Holdings) Ltd.......... 1,167,082
---------------
3,926,000
---------------
REAL ESTATE
241,000 Cheung Kong (Holdings) Ltd.... 2,122,738
580,000 China Overseas Land &
Investment.................. 314,379
140,000 China Resources Enterprise
Ltd......................... 301,732
271,000 Great Eagle Holdings Ltd...... 895,336
172,260 HKR International Ltd......... 227,869
823,000 Hong Kong Land Holdings
Ltd......................... 1,909,360
211,000 New World Development Co.,
Ltd......................... 1,138,244
---------------
6,909,658
---------------
TELECOMMUNICATIONS
1,188,400 Hong Kong Telecommunications
Ltd......................... 2,032,148
---------------
TRANSPORTATION
980,000 China Travel International
Investment Ltd.............. 471,117
---------------
UTILITIES
339,000 China Light & Power Co.,
Ltd......................... 1,491,870
---------------
TOTAL HONG KONG............... 18,288,011
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
INDIA (0.4%)
AUTOMOBILES
30,500 Mahindra & Mahindra Ltd.
(GDR)*...................... $ 343,125
---------------
BANKS
21,200 State Bank of India (GDR)*.... 473,820
---------------
METALS & MINING
22,000 Hindalco Industries Ltd.
(GDR)*...................... 709,500
---------------
TOTAL INDIA................... 1,526,445
---------------
INDONESIA (0.3%)
BANKS
921,000 PT Bank Negara................ 527,656
---------------
MEDICAL PRODUCTS & SUPPLIES
278,000 PT Kalbe Farma................ 312,750
---------------
TOBACCO
55,000 PT Hanjaya Mandala
Sampoerna................... 257,813
---------------
TOTAL INDONESIA............... 1,098,219
---------------
ITALY (1.4%)
APPAREL
7,500 Fila Holding SpA (ADR)........ 407,813
---------------
APPLIANCES & HOUSEHOLD DURABLES
19,375 Industrie Natuzzi SpA (ADR)... 462,578
---------------
ELECTRICAL EQUIPMENT
32,945 Gewiss SpA.................... 465,869
---------------
ELECTRONICS
17,047 Saes Getters Di Risp.......... 166,808
12,791 Saes Getters SpA.............. 183,165
---------------
349,973
---------------
ENERGY
298,000 Ente Nazionale Idrocarburi
SpA......................... 1,506,891
---------------
TELECOMMUNICATIONS
260,000 Seat SpA*..................... 89,976
260,000 Stet Societa Finanziaria
Telefonica SpA.............. 1,130,907
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
546,000 Telecom Italia Mobile SpA..... $ 1,563,723
---------------
2,784,606
---------------
VISION CARE & INSTRUMENTS
7,235 De Rigo SpA (ADR)*............ 49,741
---------------
TOTAL ITALY................... 6,027,471
---------------
JAPAN (17.7%)
AUTO PARTS
20,000 Bridgestone Metalpha Corp..... 156,730
---------------
AUTOMOBILES
433,000 Mitsubishi Motors Corp........ 3,207,796
150,000 Suzuki Motor Co., Ltd......... 1,454,193
---------------
4,661,989
---------------
BANKING
94,000 Asahi Bank, Ltd............... 590,822
133,000 Bank of Tokyo-Mitsubishi
Ltd......................... 2,073,760
161,000 Sumitomo Trust & Banking...... 1,287,688
---------------
3,952,270
---------------
BUILDING & CONSTRUCTION
2,000 Kaneshita Construction........ 14,461
322,000 Sekisui House Ltd............. 3,147,681
---------------
3,162,142
---------------
BUILDING MATERIALS
10,000 Nichiha Corp.................. 144,611
---------------
BUSINESS & PUBLIC SERVICES
5,000 Chuo Warehouse Co............. 34,052
3,000 Nichii Gakkan Co.............. 131,120
67,000 Secom......................... 3,761,916
---------------
3,927,088
---------------
CHEMICALS
600,000 Asahi Chemical Industrial Co.,
Ltd......................... 3,121,667
62,000 Kaneka Corp................... 330,086
323,000 Nippon Shokubai K.K. Co....... 1,925,788
30,000 Sumitomo Bakelite Co., Ltd.... 198,740
---------------
5,576,281
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE
12,000 Ines.......................... $ 142,511
12,000 Meitec........................ 240,427
---------------
382,938
---------------
CONGLOMERATES
554,000 Mitsui & Co................... 4,063,920
13,000 Yamae Hisano.................. 102,609
---------------
4,166,529
---------------
ELECTRICAL EQUIPMENT
195,000 Canon, Inc.................... 4,174,745
40,000 Kyocera Corp.................. 2,268,541
30,700 Mabuchi Motor Co.............. 1,510,446
150,000 Matsushita Electric Industrial
Co., Ltd.................... 2,338,827
11,000 Mitsui High-Tec............... 223,057
Y 1,000K Nippon Densan Corp. 1.00%
09/30/03 (Conv.)............ 9,937
16,500 Nitto Electric Works.......... 254,605
66,000 Rohm Co....................... 4,868,153
---------------
15,648,311
---------------
ELECTRONICS
46,000 Sony Corp..................... 3,214,574
---------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
25,000 Toshiba Ceramics Co., Ltd..... 168,242
---------------
ENGINEERING & CONSTRUCTION
119,000 Kajima Corp................... 553,757
---------------
FINANCIAL SERVICES
405,000 New Japan Securities Co.,
Ltd.*....................... 1,047,019
150,000 Nomura Securities Co., Ltd.... 1,660,204
---------------
2,707,223
---------------
HEALTH & PERSONAL CARE
11,000 Aderans Co., Ltd.............. 238,164
20,000 Kawasumi Laboratories, Inc.... 242,365
15,000 Terumo Corp................... 212,070
---------------
692,599
---------------
INSURANCE
312,000 Tokio Marine & Fire Insurance
Co.......................... 3,175,957
---------------
LEISURE
3,000 H.I.S. Co., Ltd............... 135,725
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
MACHINE TOOLS
6,600 Nitto Kohki Co., Ltd.......... $ 188,221
---------------
MACHINERY
18,000 Aichi Corp.................... 103,975
273,980 Asahi Diamond Industries Co.,
Ltd......................... 2,180,242
225,000 Minebea Co., Ltd.............. 1,872,273
439,000 Mitsubishi Heavy Industries,
Ltd......................... 2,855,025
30,000 OSG Corp...................... 178,139
---------------
7,189,654
---------------
METALS
10,000 Sumitomo Sitix Corp........... 175,311
---------------
REAL ESTATE
15,000 Chubu Sekiwa Real Estate,
Ltd......................... 130,877
400 Japan Industrial Land
Development................. 4,363
9,000 Sekiwa Real Estate............ 59,622
---------------
194,862
---------------
RETAIL
6,000 Circle K Japan Co., Ltd....... 252,060
9,300 Ministop Co., Ltd............. 235,919
11,000 Olympic Corp.................. 227,500
11,000 Shimachu Co., Ltd............. 257,715
---------------
973,194
---------------
STEEL & IRON
1,500,000 NKK Corp...................... 3,150,751
20,000 Yamato Kogyo Co., Ltd......... 171,272
---------------
3,322,023
---------------
TELECOMMUNICATIONS
446 DDI Corp...................... 2,814,073
363 Nippon Telegraph & Telephone
Corp........................ 2,554,314
---------------
5,368,387
---------------
TELECOMMUNICATIONS EQUIPMENT
3,000 Forval Corp................... 76,587
Y 11,000K Forval Corp. 1.35% 09/30/03
(Conv.)..................... 82,647
---------------
159,234
---------------
TEXTILES
192,000 Kuraray Co., Ltd.............. 1,549,588
70,000 Nitto Boseki Co., Ltd......... 202,456
---------------
1,752,044
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TRANSPORTATION
369,000 Nippon Yusen Kabushiki
Kaish....................... $ 1,305,720
100,000 Yamato Transport Co., Ltd..... 985,620
---------------
2,291,340
---------------
WHOLESALE DISTRIBUTOR
3,960 Fujimi, Inc................... 207,950
---------------
TOTAL JAPAN................... 74,249,186
---------------
MALAYSIA (3.4%)
AGRICULTURE
218,000 IOI Corporated Berhad......... 362,337
---------------
AUTO PARTS
74,000 MBM Resources Berhad.......... 203,001
---------------
AUTOMOBILES
168,000 Diversified Resources
Berhad...................... 548,975
78,000 Perusahaan Otomobil Nasional
Berhad...................... 494,029
---------------
1,043,004
---------------
BANKING
334,000 Arab Malaysian Finance
Berhad...................... 1,010,570
163,000 DCB Holdings Berhad........... 614,834
456,250 Public Finance Berhad......... 754,649
---------------
2,380,053
---------------
BUILDING & CONSTRUCTION
139,999 Gamuda Berhad................. 530,898
18,666 Gamuda Berhad (Warrants)...... 6,024
280,000 Metacorp Berhad............... 807,649
191,000 Road Builder (M) Holdings
Berhad...................... 1,109,569
272,000 Sunway City Berhad............ 696,789
---------------
3,150,929
---------------
ENTERTAINMENT
120,000 Berjaya Sports Toto Berhad.... 614,814
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
40,000 RJ Reynolds Berhad............ 98,435
---------------
LEISURE
1,022,000 Magnum Corporation Berhad..... 1,937,793
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
MACHINERY
100,000 UMW Holdings Berhad........... $ 552,687
338,000 United Engineers Malaysia
Berhad...................... 2,945,296
---------------
3,497,983
---------------
REAL ESTATE
186,000 Bandar Raya Developments
Berhad...................... 366,177
---------------
TELECOMMUNICATIONS
50,000 Telekom Malaysia Berhad....... 389,301
---------------
TOTAL MALAYSIA................ 14,043,827
---------------
MEXICO (2.9%)
BUILDING & CONSTRUCTION
220,000 International de Ceramica S.A.
de C.V. (ADR)*.............. 304,829
---------------
BUILDING MATERIALS
430,000 Cemex, S.A. de C.V. (B
Shares)..................... 1,739,570
---------------
ENGINEERING & CONSTRUCTION
274,240 Corporacion GEO S.A. de C.V.
(Series B)*................. 1,310,528
---------------
FINANCIAL SERVICES
4,500,000 Grupo Financiero Bancomer S.A.
de C.V. (B Shares)*......... 1,609,987
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
124,000 Sigma Alimentos S.A........... 1,332,491
---------------
FOODS & BEVERAGES
273,000 Fomento Economico Mexicano
S.A. de C.V. (Series B)..... 1,211,416
---------------
RETAIL
380,000 Nacional de Drogas S.A. de
C.V. (Series L)............. 1,369,153
---------------
TELECOMMUNICATIONS
87,800 Telefonos de Mexico S.A. de
C.V. (Series L) (ADR)....... 3,380,300
---------------
TOTAL MEXICO.................. 12,258,274
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
NETHERLANDS (4.4%)
APPLIANCES & HOUSEHOLD DURABLES
32,986 Ahrend Groep NV............... $ 2,105,527
---------------
BANKING
52,771 ING Groep NV.................. 2,076,116
---------------
CHEMICALS
11,900 Akzo Nobel.................... 1,706,697
---------------
CONSUMER PRODUCTS
23,770 Gucci Group NV................ 1,736,182
---------------
INSURANCE
22,936 Aegon NV...................... 1,612,993
---------------
MACHINERY
14,740 Aalberts Industries NV........ 337,425
---------------
MEDIA
100,000 Elsevier NV................... 1,623,722
35,000 PolyGram NV................... 1,757,081
60,000 Ver Ned Utigev Ver Bezit NV... 1,232,964
18,620 Wolters Kluwer NV............. 2,239,277
---------------
6,853,044
---------------
MERCHANDISING
31,215 Koninklijke Ahold NV.......... 2,171,955
---------------
TOTAL NETHERLANDS............. 18,599,939
---------------
NORWAY (0.3%)
DATA PROCESSING
18,979 System Etikettering AS........ 275,432
---------------
ENTERTAINMENT
77,001 NCL Holdings AS (Series A)*... 238,627
---------------
MACHINERY
26,485 Tomra Systems AS.............. 532,503
---------------
OIL DRILLING & SERVICES
39,830 Hitec AS*..................... 225,794
---------------
TOTAL NORWAY.................. 1,272,356
---------------
PERU (0.3%)
FOOD SERVICES
400,000 Consorcio Alimentos Fabril
Pacifico.................... 573,585
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
755,917 Cerveceria Backus & Johnston
S.A.*....................... $ 676,046
---------------
TOTAL PERU.................... 1,249,631
---------------
PHILIPPINES (0.2%)
BANKING
3,129 Metropolitan Bank & Trust
Co.......................... 81,373
2,600 Union Bank of Philippines*.... 2,863
---------------
84,236
---------------
CONGLOMERATES
44,712 Ayala Corp. - 144A** *........ 380,052
---------------
ENGINEERING & CONSTRUCTION
405,000 DMCI Holdings, Inc.*.......... 288,297
---------------
OIL DRILLING & SERVICES
112,500 First Philippine Holdings
Corp. (B Shares)............ 207,147
---------------
TRANSPORTATION
26,400 International Container
Terminal.................... 15,786
---------------
TOTAL PHILIPPINES............. 975,518
---------------
PORTUGAL (0.1%)
MEDIA
30,000 Journalgeste*................. 320,532
226,000 TVI-Televisao Independente
S.A.*....................... 114,026
---------------
TOTAL PORTUGAL................ 434,558
---------------
SINGAPORE (1.2%)
BANKING
107,000 Overseas Chinese Banking
Corp., Ltd.................. 1,274,074
---------------
ELECTRICAL EQUIPMENT
110,000 Amtek Engineering Ltd......... 192,662
52,500 Venture Manufacturing Ltd..... 128,660
---------------
321,322
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
REAL ESTATE
139,000 City Developments Ltd......... $ 1,231,707
334,000 DBS Land Ltd.................. 1,142,236
---------------
2,373,943
---------------
SHIPBUILDING
126,000 Sembawang Corp., Ltd.......... 606,231
---------------
TRANSPORTATION
79,000 Singapore Airlines Ltd........ 634,406
---------------
TOTAL SINGAPORE............... 5,209,976
---------------
SOUTH AFRICA (0.6%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
120,000 Malbak Ltd.................... 597,420
---------------
METALS & MINING
21,500 De Beers Consolidated Mines
Ltd. (Units)++.............. 783,322
35,200 Rustenburg Platinum Holdings
Ltd......................... 569,541
---------------
1,352,863
---------------
OIL & GAS
50,000 Sasol Ltd..................... 534,623
---------------
TOTAL SOUTH AFRICA............ 2,484,906
---------------
SOUTH KOREA (0.2%)
ELECTRICAL EQUIPMENT
14,353 Samsung Electronics Co. (GDS)
(Non-voting) - 144A**....... 292,683
---------------
UTILITIES - ELECTRIC
15,000 Korea Electric Power Corp..... 436,730
---------------
TOTAL SOUTH KOREA............. 729,413
---------------
SPAIN (1.6%)
BANKING
25,000 Banco Bilbao Vizcaya S.A...... 1,509,500
11,250 Banco Popular Espanol S.A..... 2,012,491
---------------
3,521,991
---------------
FINANCIAL SERVICES
13,300 Corporacion Financiera Alba... 1,307,537
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
NATURAL GAS
4,360 Gas Natural SDG S.A. (Series
E).......................... $ 947,786
---------------
TELECOMMUNICATIONS
45,000 Telefonica de Espana S.A...... 1,081,457
---------------
TOTAL SPAIN................... 6,858,771
---------------
SWEDEN (2.0%)
AUTO TRUCKS & PARTS
73,400 Scania AB (A Shares).......... 1,829,434
---------------
BUILDING & CONSTRUCTION
5,570 Cardo AB...................... 178,860
---------------
COMMERCIAL SERVICES
42,700 Securitas AB (Series "B"
Free)....................... 1,216,300
---------------
INSURANCE
58,700 Scandia Forsakrings AB........ 1,838,487
---------------
PHARMACEUTICALS
30,000 Astra AB (B Shares)........... 1,402,479
---------------
STEEL & IRON
7,713 SinterCast AB (Series "A"
Free)*...................... 154,606
---------------
TELECOMMUNICATIONS
49,500 Ericsson (L.M.) Telephone Co.
AB (Series "B" Free)........ 1,736,384
---------------
TOTAL SWEDEN.................. 8,356,550
---------------
SWITZERLAND (2.0%)
CHEMICALS - SPECIALTY
2,253 Ciba Specialty Chemicals AG... 185,157
---------------
ELECTRICAL EQUIPMENT
1,280 ABB AG - Bearer............... 1,529,282
---------------
INSURANCE
1,000 Schweizerische
Rueckversicherungs-
Gesellschaft................ 1,056,630
---------------
PHARMACEUTICALS
2,253 Novartis AG................... 2,778,907
312 Roche Holding AG.............. 2,681,519
---------------
5,460,426
---------------
TOTAL SWITZERLAND............. 8,231,495
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TAIWAN (0.5%)
BUILDING MATERIALS
9,087 Asia Cement Corp. (GDR)....... $ 168,109
---------------
INVESTMENT COMPANIES
100,000 Paribas Emerging Markets Fund
- Taiwan Series*............ 1,043,000
---------------
RETAIL
$ 180K Far Eastern Department Stores
3.00% due 07/06/01 (Conv.) -
144A**...................... 188,550
---------------
STEEL
12,230 China Steel Corp.............. 236,039
---------------
TRANSPORTATION
$ 300K Yang Ming Marine
Transportation 2.00% due
10/06/01 (Conv.) - 144A**... 344,250
---------------
TOTAL TAIWAN.................. 1,979,948
---------------
THAILAND (0.1%)
OIL RELATED
18,000 PTT Exploration & Production
PCL......................... 267,746
---------------
UNITED KINGDOM (12.3%)
AEROSPACE & DEFENSE
46,000 British Aerospace PLC......... 1,027,747
353,000 Rolls-Royce PLC............... 1,318,328
63,000 Smiths Industries PLC......... 821,424
25,800 Vickers PLC................... 101,425
---------------
3,268,924
---------------
APPLIANCES & HOUSEHOLD DURABLES
53,500 MFI Furniture Group PLC....... 127,068
---------------
AUTO PARTS
24,800 Laird Group PLC............... 144,006
---------------
AUTO PARTS - ORIGINAL EQUIPMENT
231,900 BBA Group PLC................. 1,375,065
---------------
BANKING
119,000 Abbey National PLC............ 1,452,169
93,000 National Westminster Bank
PLC......................... 1,056,436
---------------
2,508,605
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BUILDING & CONSTRUCTION
243,000 Blue Circle Industries PLC.... $ 1,651,841
80,000 CRH PLC....................... 791,482
---------------
2,443,323
---------------
BUILDING MATERIALS
51,800 Scapa Group................... 187,091
---------------
BUSINESS & PUBLIC SERVICES
59,000 Reuters Holdings PLC.......... 599,180
---------------
CHEMICALS
120,000 Albright & Wilson PLC......... 307,616
57,585 Allied Colloids Group PLC..... 116,019
125,000 Courtaulds PLC................ 743,242
---------------
1,166,877
---------------
COMPUTER SOFTWARE
54,363 SEMA Group PLC................ 1,224,168
---------------
CONGLOMERATES
250,000 BTR PLC....................... 1,093,365
---------------
CONSUMER PRODUCTS
110,000 Vendome Luxury Group PLC
(Units)++................... 918,918
---------------
DISTRIBUTION
24,100 Cowie Group PLC............... 155,140
---------------
ELECTRICAL EQUIPMENT
224,000 General Electric Co. PLC...... 1,372,251
221,000 The BICC Group PLC............ 966,535
---------------
2,338,786
---------------
ENERGY
284,000 Lasmo PLC..................... 1,107,157
233,000 Shell Transport & Trading Co.
PLC......................... 4,140,946
---------------
5,248,103
---------------
ENTERTAINMENT
72,000 Granada Group PLC............. 1,083,832
30,100 London Clubs International
PLC......................... 205,104
---------------
1,288,936
---------------
FOOD PROCESSING
146,000 Associated British Foods
PLC......................... 1,312,923
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
71,000 Bass PLC...................... 946,084
33,650 Devro International PLC....... 167,561
186,000 Guinness PLC.................. 1,567,517
---------------
2,681,162
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKING
29,700 David S. Smith Holdings PLC... $ 121,135
100,000 De La Rue PLC................. 912,366
---------------
1,033,501
---------------
HEALTH & PERSONAL CARE
169,000 Glaxo Wellcome PLC............ 3,089,334
236,833 Medeva PLC.................... 1,187,073
---------------
4,276,407
---------------
HEALTHCARE
6,600 Amersham International PLC.... 133,838
---------------
INSURANCE
109,000 General Accident PLC.......... 1,460,027
195,000 Prudential Corp. PLC.......... 1,814,249
223,000 Royal & Sun Alliance Insurance
Group PLC................... 1,640,080
---------------
4,914,356
---------------
MACHINERY
10,700 Spirax-Sarco Engineering
PLC......................... 114,536
290,000 Tomkins PLC................... 1,292,054
---------------
1,406,590
---------------
MANUFACTURING
65,700 Bunzl PLC..................... 234,604
9,100 Vosper Thornycroft Holdings
PLC......................... 132,960
---------------
367,564
---------------
MEDIA
6,500 Daily Mail & General Trust
(Class A)................... 175,676
15,900 EMAP PLC...................... 202,363
54,000 Flextech PLC*................. 550,171
85,100 General Cable PLC*............ 254,394
45,100 Mirror Group PLC.............. 154,396
---------------
1,337,000
---------------
MERCHANDISING
107,000 Next PLC...................... 1,091,907
---------------
PHARMACEUTICALS
117,430 British Biotech PLC*.......... 482,799
---------------
REAL ESTATE
20,400 Bradford Properties Trust
PLC......................... 97,572
54,375 Pillar Property Investments
PLC......................... 197,727
---------------
295,299
---------------
RESTAURANTS
9,600 Compass Group PLC............. 103,312
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
484,000 British Telecommunications
PLC......................... $ 3,535,852
371,730 Securicor PLC................. 1,790,148
224,000 Vodafone Group PLC............ 1,023,684
---------------
6,349,684
---------------
TRANSPORTATION
31,400 Associated British Ports
Holdings PLC................ 141,956
102,000 British Airways PLC........... 1,096,019
15,800 Forth Ports PLC............... 168,223
14,088 Stagecoach Holdings PLC....... 156,918
---------------
1,563,116
---------------
TOTAL UNITED KINGDOM.......... 51,437,013
---------------
UNITED STATES (24.7%)
AEROSPACE & DEFENSE
25,000 Boeing Co..................... 2,465,625
43,000 General Motors Corp. (Class
H).......................... 2,332,750
125,000 Watkins-Johnson Co............ 2,859,375
---------------
7,657,750
---------------
AUTOMOBILES
100,000 Ford Motor Co................. 3,137,500
55,000 General Motors Corp........... 3,045,625
---------------
6,183,125
---------------
BANKING
30,000 Citicorp...................... 3,247,500
---------------
BEVERAGES - SOFT DRINKS
56,000 Coca Cola Co.................. 3,129,000
103,000 PepsiCo Inc................... 3,360,375
---------------
6,489,375
---------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE
48,000 Cisco Systems, Inc.*.......... 2,310,000
---------------
COMPUTER SOFTWARE
32,000 Microsoft Corp.*.............. 2,932,000
69,000 Oracle Corp.*................. 2,656,500
---------------
5,588,500
---------------
COMPUTERS - PERIPHERAL EQUIPMENT
59,000 Seagate Technology, Inc.*..... 2,647,625
---------------
COMPUTERS - SYSTEMS
64,000 Hewlett-Packard Co............ 3,408,000
---------------
CONGLOMERATES
51,000 Litton Industries, Inc.*...... 2,052,750
---------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT
56,000 Emerson Electric Co........... $ 2,520,000
---------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
97,000 Micron Technology, Inc........ 3,928,500
---------------
ENERGY
28,000 Exxon Corp.................... 3,017,000
21,000 Mobil Corp.................... 2,743,125
26,000 Texaco, Inc................... 2,847,000
---------------
8,607,125
---------------
FINANCIAL SERVICES
81,000 Federal National Mortgage
Assoc....................... 2,926,125
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
30,000 Procter & Gamble Co........... 3,450,000
---------------
FOREST PRODUCTS, PAPER & PACKING
54,000 International Paper Co........ 2,099,250
---------------
HARDWARE & TOOLS
75,000 Black & Decker Corp........... 2,409,375
---------------
HEALTHCARE - MISCELLANEOUS
36,000 PacifiCare Health Systems,
Inc. (Class B)*............. 3,105,000
---------------
HEALTHCARE PRODUCTS & SERVICES
65,000 Baxter International, Inc..... 2,803,125
79,500 Columbia/HCA Healthcare
Corp........................ 2,673,187
---------------
5,476,312
---------------
HOUSEWARES
60,000 Tupperware Corp............... 2,010,000
---------------
INDUSTRIALS
39,000 Honeywell, Inc................ 2,647,125
---------------
INSURANCE
29,000 American International Group,
Inc......................... 3,403,875
---------------
OFFICE EQUIPMENT
18,000 Ikon Office Solutions, Inc.... 603,000
---------------
PAPER & FOREST PRODUCTS
51,000 Champion International
Corp........................ 2,320,500
9,000 Unisource Worldwide, Inc...... 138,375
---------------
2,458,875
---------------
PHARMACEUTICALS
49,000 Johnson & Johnson............. 2,590,875
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
RETAIL
370,000 Charming Shoppes, Inc.*....... $ 1,988,750
54,000 Home Depot, Inc............... 2,889,000
---------------
4,877,750
---------------
RETAIL - SPECIALTY
90,000 Circuit City Stores, Inc...... 3,003,750
---------------
SAVINGS & LOAN ASSOCIATIONS
45,000 Golden West Financial Corp.... 2,823,750
---------------
STEEL & IRON
193,000 Bethlehem Steel Corp.*........ 1,592,250
---------------
UTILITIES - GAS
72,000 Williams Co., Inc............. 3,204,000
---------------
TOTAL UNITED STATES........... 103,321,562
---------------
VENEZUELA (0.1%)
TELECOMMUNICATIONS
13,000 Compania Anonima Nacional
Telefonos de Venezuela
(Class D) (ADR)............. 378,625
---------------
TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS
(IDENTIFIED COST
$371,453,404)................. 403,539,416
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS
- -----------------
<C> <S> <C>
SHORT-TERM INVESTMENT (a) (3.1%)
U.S. GOVERNMENT AGENCY
$ 13,000 Federal Home Loan Mortgage
Corp. 6.50% due 04/01/97
(Amortized Cost
$13,000,000)................ 13,000,000
---------------
</TABLE>
<TABLE>
<CAPTION>
CURRENCY
AMOUNT IN
THOUSANDS VALUE
- ------------------------------------------------------------------
<C> <S> <C>
PURCHASED PUT OPTION ON FOREIGN CURRENCY (0.2%)
DEM 24,165 July 17, 1997/DEM 1.611
(IDENTIFIED COST
$287,250)................... $ 627,750
---------------
TOTAL INVESTMENTS
(IDENTIFIED COST $384,740,654) (B)...... 99.6% 417,167,166
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES............................. 0.4 1,791,008
------ ---------------
NET ASSETS.............................. 100.0% $ 418,958,174
------ ---------------
------ ---------------
<FN>
- ---------------------
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;
generally stocks with attached warrants.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $62,160,161 and the
aggregate gross unrealized depreciation is $29,733,649, resulting in net
unrealized appreciation of $32,426,512.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 1997:
<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS IN EXCHANGE DELIVERY APPRECIATION
TO DELIVER FOR DATE (DEPRECIATION)
- ------------------------------------------------------------
<S> <C> <C> <C>
L 339,840 $ 550,031 04/01/97 $ (6,627)
CHF 350,179 $ 238,606 04/01/97 (3,230)
NLG 1,396,751 $ 733,935 04/01/97 (9,651)
$ 885,414 Y 109,437,189 04/01/97 (1,288)
Y 83,303,207 $ 673,702 04/02/97 708
--------------
Net Unrealized Depreciation........... $ (20,088)
--------------
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS MARCH 31, 1997
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Aerospace & Defense....................... $ 10,926,674 2.6%
Agriculture............................... 362,337 0.1
Apparel................................... 2,036,461 0.5
Appliances & Household Durables........... 2,695,173 0.6
Auto Parts................................ 503,738 0.1
Auto Parts - Original Equipment........... 1,375,065 0.3
Auto Trucks & Parts....................... 1,829,434 0.4
Automobiles............................... 17,734,944 4.2
Banking................................... 22,502,064 5.4
Banks..................................... 1,001,476 0.2
Beverages - Soft Drinks................... 6,489,375 1.5
Building & Construction................... 10,522,120 2.5
Building Materials........................ 3,715,028 0.9
Business & Public Services................ 6,893,496 1.7
Chemicals................................. 13,530,069 3.2
Chemicals - Specialty..................... 185,157 0.0
Commercial Services....................... 1,417,557 0.3
Communications - Equipment & Software..... 2,310,000 0.6
Computer Software......................... 7,195,606 1.7
Computers - Peripheral Equipment.......... 2,647,625 0.6
Computers - Systems....................... 3,408,000 0.8
Conglomerates............................. 11,618,696 2.8
Consumer Products......................... 4,846,126 1.2
Currency Options.......................... 627,750 0.2
Data Processing........................... 275,432 0.1
Distribution.............................. 155,140 0.0
Electrical Equipment...................... 23,116,253 5.6
Electronics............................... 3,564,547 0.9
Electronics - Semiconductors/
Components.............................. 4,096,742 1.0
Energy.................................... 20,216,561 4.9
Engineering & Construction................ 2,152,581 0.5
Entertainment............................. 2,406,940 0.6
Financial Services........................ 9,981,506 2.4
Food Processing........................... 1,312,923 0.3
Food Services............................. 573,585 0.1
Food, Beverage, Tobacco & Household
Products................................ 12,552,113 3.0
Foods & Beverages......................... 2,170,511 0.5
Forest Products, Paper & Packing.......... 3,132,751 0.7
Furniture................................. 183,706 0.0
Hardware & Tools.......................... 2,409,375 0.6
Health & Personal Care.................... 6,005,493 1.4
Healthcare................................ 133,838 0.0
Healthcare - Miscellaneous................ 3,105,000 0.7
Healthcare Products & Services............ 5,476,312 1.3
Housewares................................ 2,010,000 0.5
Industrials............................... 3,172,107 0.8
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Insurance................................. $ 20,838,342 5.0%
Investment Companies...................... 2,569,000 0.6
Leisure................................... 2,073,517 0.5
Machine Tools............................. 188,221 0.0
Machinery................................. 12,964,155 3.1
Manufacturing............................. 1,000,596 0.2
Media..................................... 8,624,602 2.1
Medical Products & Supplies............... 312,750 0.1
Merchandising............................. 3,263,862 0.8
Metals.................................... 175,311 0.0
Metals & Mining........................... 3,374,762 0.8
Natural Gas............................... 947,786 0.2
Office Equipment.......................... 603,000 0.1
Oil & Gas................................. 534,623 0.1
Oil Drilling & Services................... 432,941 0.1
Oil Related............................... 267,746 0.1
Paper & Forest Products................... 2,458,875 0.6
Pharmaceuticals........................... 13,682,028 3.3
Real Estate............................... 10,139,940 2.4
Restaurants............................... 199,026 0.1
Retail.................................... 14,596,000 3.5
Retail - Specialty........................ 3,003,750 0.7
Savings & Loan Associations............... 2,823,750 0.7
Shipbuilding.............................. 606,231 0.1
Steel..................................... 1,546,666 0.4
Steel & Iron.............................. 7,301,690 1.7
Telecommunications........................ 26,030,067 6.2
Telecommunications Equipment.............. 159,234 0.0
Textiles.................................. 2,494,290 0.6
Tobacco................................... 257,812 0.1
Transportation............................ 5,320,014 1.3
U.S. Government Agency.................... 13,000,000 3.1
Utilities................................. 1,491,869 0.4
Utilities - Electric...................... 5,843,501 1.4
Utilities - Gas........................... 3,204,000 0.8
Vision Care & Instruments................. 49,741 0.0
Wholesale & International Trade........... 2,131 0.0
Wholesale Distributor..................... 207,950 0.1
----------------- -----
$ 417,167,166 99.6%
----------------- -----
----------------- -----
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks............................. $ 399,753,868 95.4%
Convertible Bonds......................... 679,715 0.1
Preferred Stocks.......................... 2,953,809 0.7
Purchased Option Outstanding.............. 627,750 0.2
Rights and Warrants....................... 152,024 0.1
Short-Term Investments.................... 13,000,000 3.1
----------------- -----
$ 417,167,166 99.6%
----------------- -----
----------------- -----
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1997
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $384,740,654)............................ $417,167,166
Cash (including $2,055,643 in foreign currency)............. 2,579,859
Receivable for:
Investments sold........................................ 1,767,206
Dividends............................................... 769,133
Shares of beneficial interest sold...................... 447,053
Foreign withholding taxes reclaimed..................... 133,780
Interest................................................ 16,622
Prepaid expenses and other assets........................... 26,219
------------
TOTAL ASSETS........................................... 422,907,038
------------
LIABILITIES:
Payable for:
Investments purchased................................... 2,252,884
Shares of beneficial interest repurchased............... 473,058
Plan of distribution fee................................ 367,786
Investment management fee............................... 367,786
Accrued expenses and other payables......................... 487,350
------------
TOTAL LIABILITIES...................................... 3,948,864
------------
NET ASSETS:
Paid-in-capital............................................. 381,184,491
Net unrealized appreciation................................. 32,426,602
Net investment loss......................................... (1,043,971)
Accumulated undistributed net realized gain................. 6,391,052
------------
NET ASSETS............................................. $418,958,174
------------
------------
NET ASSET VALUE PER SHARE,
24,260,898 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$17.27
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1997
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $642,014 foreign withholding tax)......... $ 7,280,358
Interest.................................................... 234,481
-----------
TOTAL INCOME........................................... 7,514,839
-----------
EXPENSES
Plan of distribution fee.................................... 4,941,515
Investment management fee................................... 4,936,673
Transfer agent fees and expenses............................ 860,950
Custodian fees.............................................. 496,155
Professional fees........................................... 174,924
Shareholder reports and notices............................. 150,159
Registration fees........................................... 47,655
Trustees' fees and expenses................................. 16,595
Other....................................................... 36,856
-----------
TOTAL EXPENSES......................................... 11,661,482
-----------
NET INVESTMENT LOSS.................................... (4,146,643)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Investments............................................. 19,297,729
Foreign exchange transactions........................... 1,668,371
-----------
NET GAIN............................................... 20,966,100
-----------
Net change in unrealized appreciation/depreciation on:
Investments............................................. (8,008,589)
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................ (713,283)
-----------
NET DEPRECIATION....................................... (8,721,872)
-----------
NET GAIN............................................... 12,244,228
-----------
NET INCREASE................................................ $ 8,097,585
-----------
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE YEAR
ENDED FOR THE YEAR
MARCH 31, ENDED
1997 MARCH 31, 1996
- --------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss......................................... $ (4,146,643) $ (1,087,335)
Net realized gain........................................... 20,966,100 41,362,377
Net change in unrealized appreciation....................... (8,721,872) 36,965,641
------------- --------------
NET INCREASE........................................... 8,097,585 77,240,683
Distributions from net realized gain........................ (31,533,387) (692,945)
Net decrease from transactions in shares of beneficial
interest.................................................. (77,594,246) (68,817,900)
------------- --------------
NET INCREASE (DECREASE)................................ (101,030,048) 7,729,838
NET ASSETS:
Beginning of period......................................... 519,988,222 512,258,384
------------- --------------
END OF PERIOD
(INCLUDING A NET INVESTMENT LOSS OF $1,043,971 AND
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME OF
$903,011, RESPECTIVELY)................................. $ 418,958,174 $ 519,988,222
------------- --------------
------------- --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997
1. ORGANIZATION AND ACCOUNTING POLICIES
Dean Witter World Wide Investment Trust (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified,
open-end management investment company. The Fund's investment objective is total
return on its assets primarily through long-term capital growth and to a lesser
extent, from income. The Fund seeks to achieve its objective by investing in
common stocks and equivalents, preferred stocks, bonds and other debt
obligations of domestic and foreign companies, governments and international
organizations. The Fund was organized as a Massachusetts business trust on July
7, 1983 and commenced operations on October 31, 1983.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- (1) an equity security listed or traded on the
New York, American or other domestic or foreign stock exchange is valued at its
latest sale price on that exchange prior to the time when assets are valued; if
there were no sales that day, the security is valued at the latest bid price (in
cases where securities are traded on more than one exchange; the securities are
valued on the exchange designated as the primary market 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 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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997, CONTINUED
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. 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.
D. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward 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 transactions. Pursuant
to U.S. Federal income tax regulations, certain foreign exchange gains/losses
included in realized and unrealized gain/loss are included in or are a reduction
of ordinary income for federal income tax purposes. The Fund does not isolate
that portion of the results of operations arising as a result of changes in the
foreign exchange rates from the changes in the market prices of the securities.
E. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward foreign
currency contracts which are valued daily at the appropriate exchange rates. The
resultant unrealized exchange gains and losses are included in the Statement of
Operations as unrealized gain/loss on foreign exchange transactions. The Fund
records realized gains or losses on delivery of the currency or at the time the
forward contract is extinguished (compensated) by entering into a closing
transaction prior to delivery.
F. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997, CONTINUED
G. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends and
distributions to its shareholders on the ex-dividend date. The amount of
dividends and distributions from net investment income and net realized capital
gains are determined in accordance with federal income tax regulations which may
differ from generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts are reclassified
within the capital accounts based on their federal tax-basis treatment;
temporary differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized capital gains
for financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess of net
realized capital gains. To the extent they exceed net investment income and net
realized capital gains for tax purposes, they are reported as distributions of
paid-in-capital.
2. INVESTMENT MANAGEMENT AND ADVISORY AGREEMENTS
Pursuant to an Investment Management Agreement, 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.
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
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997, CONTINUED
Rule 12b-1 under the Act pursuant to which the Fund pays the Distributor
compensation, accrued daily and payable monthly, at an annual rate of 1.0% of
the lesser of: (a) the average daily aggregate gross sales of the Fund's shares
since the Fund's inception (not including reinvestment of dividend or capital
gain distributions) less the average daily aggregate net asset value of the
Fund's shares redeemed since the Fund's inception upon which a contingent
deferred sales charge has been imposed or upon which such charge has been
waived; or (b) the Fund's average daily net assets. Amounts paid under the Plan
are paid to the Distributor to compensate it for the services provided and the
expenses borne by it and others in the distribution of the Fund's shares,
including the payment of commissions for sales of the Fund's shares and
incentive compensation to, and expenses of, the account executives of Dean
Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, and other employees or selected broker-dealers who engage in or
support distribution of the Fund's shares or who service shareholder accounts,
including overhead and telephone expenses, printing and distribution of
prospectuses and reports used in connection with the offering of the Fund's
shares to other than current shareholders and preparation, printing and
distribution of sales literature and advertising materials. In addition, the
Distributor may be compensated under the Plan for its opportunity costs in
advancing such amounts, which compensation would be in the form of a carrying
charge on any unreimbursed expenses incurred by the Distributor.
Provided that the Plan continues in effect, any cumulative expenses incurred but
not yet recovered by the Distributor may be recovered through future
distribution fees from the Fund and contingent deferred sales charges from the
Fund's shareholders.
Although there is no legal obligation for the Fund to pay expenses incurred in
excess of payments made to the Distributor under the Plan and the proceeds of
contingent deferred sales charges paid by investors upon redemption of shares,
if for any reason the Plan is terminated, the Trustees will consider at that
time the manner in which to treat such expenses. The Distributor has advised the
Fund that such excess amounts, included carrying charges, totaled $20,399,997 at
March 31, 1997.
The Distributor has informed the Fund that for the year ended March 31, 1997, it
received approximately $803,000 in contingent deferred sales charges from
redemptions of the Fund's shares.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the year ended March 31, 1997 aggregated
$232,691,627 and $356,048,768, respectively.
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997, CONTINUED
For the year ended March 31, 1997, the Fund incurred brokerage commissions of
$16,375 with DWR for portfolio transactions executed on behalf of the Fund.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1997, the Fund had
transfer agent fees and expenses payable of approximately $148,000.
The Fund has an unfunded noncontributory defined benefit pension plan covering
all independent Trustees of the Fund who will have served as independent
Trustees for at least five years at the time of retirement. Benefits under this
plan are based on years of service and compensation during the last five years
of service. Aggregate pension costs for the year ended March 31, 1997 included
in Trustees' fees and expenses in the Statement of Operations amounted to
$1,290. At March 31, 1997, the Fund had an accrued pension liability of $49,252
which is included in accrued expenses in the Statement of Assets and
Liabilities.
During the year ended March 31, 1997, foreign regulatory authorities initiated
an investigation involving an individual associated with an affiliate of the
Fund's Sub-Adviser. Although this investigation did not at any time involve the
Fund or the Investment Manager, the Sub-Adviser's affiliate purchased from the
Fund two securities whose separate holdings by the affiliate had become part of
the investigation. These securities represented only a very small percentage of
the Fund's portfolio (approximately one-twentieth of one percent) and were
purchased by the Sub-Adviser's affiliate at the Fund's cost plus interest.
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
MARCH 31, 1997 MARCH 31, 1996
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- ------------------- -------------- -------------------
<S> <C> <C> <C> <C>
Sold.............................................. 3,614,740 $ 65,929,566 5,790,518 $ 100,249,259
Reinvestment of distributions..................... 1,730,254 29,812,283 37,871 656,681
-------------- ------------------- -------------- -------------------
5,344,994 95,741,849 5,828,389 100,905,940
Repurchased....................................... (9,610,570) (173,336,095) (9,903,997) (169,723,840)
-------------- ------------------- -------------- -------------------
Net decrease...................................... (4,265,576) $ (77,594,246) (4,075,608) $ (68,817,900)
-------------- ------------------- -------------- -------------------
-------------- ------------------- -------------- -------------------
</TABLE>
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997, CONTINUED
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 1997.
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 ("PFICs") and permanent book/tax
differences primarily attributable to a net operating loss, foreign currency
losses and tax adjustments on PFICs sold by the Fund. To reflect
reclassifications arising from permanent book/tax differences for the year ended
March 31, 1997, accumulated undistributed net realized gain was charged
$4,586,743, paid-in-capital was credited $581,060 and net investment loss was
credited $4,005,683.
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 March 31, 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 YEAR ENDED MARCH 31
----------------------------------------------------------------------------------------------------
1997 1996 1995 1994 1993 1992 1991 1990 1989 1988
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE:
Net asset value,
beginning of
period.......... $ 18.23 $ 15.71 $ 18.20 $ 14.72 $ 14.65 $ 14.57 $ 14.84 $ 14.98 $ 14.93 $ 17.36
-------- -------- -------- ------- ------- ------- ------- ------- ------- -------
Net investment
income (loss)... (0.18) (0.06) (0.02) (0.05) -- -- 0.23 0.11 0.08 0.04
Net realized and
unrealized gain
(loss).......... 0.45 2.60 (1.83) 4.24 0.39 1.05 0.18 0.82 1.24 (0.07)
-------- -------- -------- ------- ------- ------- ------- ------- ------- -------
Total from
investment
operations...... 0.27 2.54 (1.85) 4.19 0.39 1.05 0.41 0.93 1.32 (0.03)
-------- -------- -------- ------- ------- ------- ------- ------- ------- -------
Less dividends
and
distributions:
From net
investment
income........ -- -- -- -- -- (0.05) (0.23) (0.11) (0.08) (0.15)
In excess of
net investment
income........ -- -- (0.02) -- -- -- -- -- -- --
From net
realized
gain.......... (1.23) (0.02) (0.39) (0.71) (0.32) (0.92) (0.45) (0.96) (1.19) (2.25)
In excess of
net realized
gain.......... -- -- (0.23) -- -- -- -- -- -- --
-------- -------- -------- ------- ------- ------- ------- ------- ------- -------
Total dividends
and
distributions... (1.23) (0.02) (0.64) (0.71) (0.32) (0.97) (0.68) (1.07) (1.27) (2.40)
-------- -------- -------- ------- ------- ------- ------- ------- ------- -------
Net asset value,
end of period... $ 17.27 $ 18.23 $ 15.71 $ 18.20 $ 14.72 $ 14.65 $ 14.57 $ 14.84 $ 14.98 $ 14.93
-------- -------- -------- ------- ------- ------- ------- ------- ------- -------
-------- -------- -------- ------- ------- ------- ------- ------- ------- -------
TOTAL INVESTMENT
RETURN+.......... 1.61% 16.20% (10.37)% 28.40% 2.69% 7.33% 2.80% 6.09% 9.31% 0.39%
RATIOS TO AVERAGE
NET ASSETS:
Expenses......... 2.36% 2.45% 2.41% 2.40% 2.42% 2.27% 2.29% 2.21% 2.18% 2.13%
Net investment
income (loss)... (0.84)% (0.21)% (0.32)% (0.61)% 0.06% 0.03% 1.53% 0.70% 0.50% 0.23%
SUPPLEMENTAL DATA:
Net assets, end
of period, in
millions........ $419 $520 $512 $494 $218 $263 $279 $306 $312 $368
Portfolio
turnover rate... 48% 126% 67% 68% 139% 89% 68% 75% 67% 70%
Average
commission rate
paid............ $0.0116 $0.0169 -- -- -- -- -- -- -- --
<FN>
- ---------------------
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND TRUSTEES
OF DEAN WITTER WORLD WIDE INVESTMENT TRUST
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Dean Witter World Wide Investment
Trust (the "Fund") at March 31, 1997, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the ten years in the
period then ended, in conformity with generally accepted accounting principles.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at March
31, 1997 by correspondence with the custodian and brokers and the application of
alternative auditing procedures where confirmations from brokers were not
received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
MAY 16, 1997
1997 FEDERAL TAX NOTICE (UNAUDITED)
During the year ended March 31, 1997, the Fund paid to
shareholders $1.12 per share from long-term capital gains. For
such period, 27.07% of the ordinary dividends qualified for the
dividends received deduction available to corporations.
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
Mark Bavoso
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
SUB-ADVISOR
Morgan Grenfell Investment Services Limited
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and trustees,
fees, expenses and other pertinent information, please see the prospectus of the
Fund.
This report is not authorized for distribution to prospective investors in the
Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER WORLD WIDE INVESTMENT TRUST
[GRAPHIC]
ANNUAL REPORT
MARCH 31, 1997
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
GROWTH OF $10,000
DATE TOTAL MSCI WORLD INDEX LIPPER
March 31, 1987 $10000 $10000 $10000
March 31, 1988 $10045 $10409 $ 9576
March 31, 1989 $10980 $11562 $10748
March 31, 1990 $11649 $11112 $12015
March 31, 1991 $11975 $11523 $12481
March 31, 1992 $12852 $11235 $13475
March 31, 1993 $13198 $12338 $14639
March 31, 1994 $16946 $13774 $17787
March 31, 1995 $15190 $14806 $17799
March 31, 1996 $17651 $17482 $21583
March 31, 1997 $17936 (3) $18826 $24141
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
1.61 (1) 6.89 (1) 6.02 (1)
-3.13 (2) 6.58 (2) 6.02 (2)
___ Fund ___ MSCI WORLD INDEX (4) ___ LIPPER (5)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the
deduction of the maximum applicable contingent deferred sales
charge (CDSC) (1 year-5%, 5 years-2%, 10 years-0%). See the
Fund's current prospectus for complete details on fees and sales
charges.
(3) Closing value assuming a complete redemption on March 31, 1997.
(4) The Morgan Stanley Capital International World Index (MSCI)
measures performance for a diverse range of global stock markets
including the U.S., Canada, Europe, Australia, New Zealand and the
Far East. The index does not include any expenses, fees or charges
or reinvestment of dividends. The Index is unmanaged and should
not be considered an investment.
(5) The Lipper Global Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper Global Funds objective. The Index, which is adjusted for
capital gains distributions and income dividends, is unmanaged and
should not be considered an investment. There are currently 30 funds in
this Index.
