<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST TWO WORLD TRADE CENTER, NEW
LETTER TO THE SHAREHOLDERS MARCH 31, 1998 YORK, NEW YORK 10048
DEAR SHAREHOLDER:
Global equity markets had mixed results over the last twelve months. The Morgan
Stanley Capital International (MSCI) World Index returned an impressive 30.22
percent, in spite of the turmoil in Asian and other emerging markets. The
index's two largest components, the United States and Europe, made significant
contributions to this return with their exceptionally strong performances over
the period, while Japan's and Asia's sharp declines placed a drag on the Index's
return.
The market plunge in Asia was severe and widespread, with most markets down 50
to 70 percent in dollar terms. Even Hong Kong, whose currency withstood the
crisis, dropped 15.1 percent. In Japan, the combination of a weakening economy
coupled with the sharp contraction in Asia accounted for another disappointing
(-11.5 percent*) year of performance.
The U.S. market, on the other hand, operating in an environment of low inflation
and steady economic growth, generated a surprisingly strong 47.97 percent*
return. In Europe, the strong catalysts of weak domestic
currencies, positive sentiment toward European Monetary Union (EMU),
low rates and a resumption of economic growth allowed these countries to mirror
the rally in the United States. Especially strong performances were seen in
Italy (+83.0 percent*), Spain (+76.5 percent*), Portugal (+71.6 percent*) and
the United Kingdom (+43.1 percent*).
PERFORMANCE
For the fiscal year ended March 31, 1998, Dean Witter World Wide Investment
Trust's Class B shares posted a total return of 16.68 percent versus 30.22
percent for the MSCI World Index and 27.19 percent for the Lipper Global Funds
Index. The Fund underperformed its benchmarks during the period under review due
to its overweighting of Japan and the Pacific Rim and its underweighting of the
United States. The accompanying chart illustrates the growth of a $10,000
investment in the Fund for the ten-year period ended March 31, 1998, versus
similar hypothetical investments in the MSCI World Index and the Lipper Global
Funds Index. Since their inception on July 28, 1998,
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
LETTER TO THE SHAREHOLDERS MARCH 31, 1998, CONTINUED
the Fund's Class A, C and D shares had total returns of 2.93 percent, 2.45
percent and 3.14 percent, respectively. The performance of the Fund's four share
classes varies because of differing charges and expenses.
In response to the market decline in Japan and the economic crisis in Asia, the
Fund reduced its exposure to those regions. At period end, the Fund's asset
allocation targets were 38 percent Europe (overweighted relative to the MSCI
World Index), 35 percent United States (underweighted), 6 percent Japan
(underweighted), 6 percent Asia (overweighted), 6 percent Latin America
(overweighted), 8 percent cash and 1 percent other.
APPROVED PLAN OF REORGANIZATION
On January 29, 1998, the Board of Trustees of Dean Witter World Wide Investment
Trust voted to recommend to shareholders a plan of reorganization whereby the
Fund would be merged into Dean Witter Global Dividend Growth Securities and
shareholders of Dean Witter World Wide Investment Trust would become
shareholders of Dean Witter Global Dividend Growth Securities receiving shares
of Dean Witter Global Dividend Growth Securities with a value equal to their
holdings in Dean Witter World Wide Investment Trust. Each shareholder of Dean
Witter World Wide Investment Trust would receive the class of shares of Dean
Witter Global Dividend Growth Securities that corresponds to the class of shares
of Dean Witter World Wide Investment Trust currently held by such shareholder.
On May 21, 1998, at a special meeting of shareholders, this plan was approved.
The voting results were as follows:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
- --------------------------------------------------------------------------------------------------------- -----------------
<S> <C>
For...................................................................................................... 9,992,274
Against.................................................................................................. 318,424
Abstain.................................................................................................. 903,082
</TABLE>
We appreciate your past support of Dean Witter World Wide Investment Trust.
Very truly yours,
/s/ Charles A. Fiumefreddo
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
* Data provided by Lipper Analytical Services. Inc.
2
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FUND PERFORMANCE MARCH 31, 1998
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
Growth of $10,000 -- Class B
Shares
<S> <C> <C> <C>
($ in Thousands)
Fund MSCI World(4) Lipper(5)
March-1988 $10,000 $10,000 $10,000
March-1989 $ 10,931 $ 11,107 $ 11,224
March-1990 $11,597 $10,675 $12,547
March-1991 $11,921 $11,068 $13,034
March-1992 $12,795 $10,793 $14,072
March-1993 $13,274 $11,853 $15,287
March-1994 $16,854 $13,232 $18,574
March-1995 $15,123 $14,224 $18,587
March-1996 $17,573 $16,794 $22,539
March-1997 $17,856 $18,085 $25,210
March-1998 $20,834(3) $23,550 $32,064
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RETURNS. PERFORMANCE FOR CLASS
A, CLASS C, AND CLASS D SHARES WILL VARY FROM THE PERFORMANCE OF CLASS B
SHARES SHOWN ABOVE DUE TO DIFFERENCES IN SALES CHARGES AND EXPENSES.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS*
- ----------------------------------------------------------------------------------------------------
CLASS B** CLASS A+
- ----------------------------------------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C>
1 Year 16.68(1) 11.68(2) From Inception (7/28/97) 2.93(1) (2.48)(2)
5 Years 9.44(1) 9.16(2)
10 Years 7.62(1) 7.62(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS C++ CLASS D++
- ----------------------------------------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C>
From Inception (7/28/97) 2.45(1) 1.52(2) From Inception (7/28/97) 3.14(1)
</TABLE>
- ------------------------
(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 sales charge. See the Fund's current prospectus for
complete details on fees and sales charges.
(3) Closing value assuming a complete redemption on March 31, 1998.
(4) The Morgan Stanley Capital International World Index (MSCI) measures
performance for a diverse range of global stock markets including the US,
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 (bases on net assets) in the Lipper Global
Funds objective. The Index, which is adjusted for capital gains
distributions, is unmanaged and should not be considered an investment.
There are currently 30 funds represented in this Index.
* For periods of less than one year, the fund quotes its total return on a
non-annualized basis.
** The maximum contingent deferred sales charge (CDSC) for Class B is 5.0%. The
CDSC declines to 0% after six years.
+ The maximum front-end sales charge for Class A is 5.25%.
++ The maximum contingent deferred sales charge for Class C is 1% for shares
redeemed within one year of purchase.
++ Class D shares have no sales charge.
3
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS,
AND BONDS (98.0%)
ARGENTINA (1.1%)
ENERGY
378,300 Perez Companc S.A. (Class B).................................................... $ 2,561,475
------------
TELECOMMUNICATIONS
27,400 Telecom Argentina Stet - France Telecom S.A. (Class B) (ADR).................... 981,263
------------
TOTAL ARGENTINA................................................................. 3,542,738
------------
AUSTRALIA (1.4%)
BANKING
73,300 Westpac Banking Corp., Ltd...................................................... 490,846
------------
COMMERCIAL SERVICES
89,500 Mayne Nickless Ltd.............................................................. 461,933
------------
FOODS & BEVERAGES
202,800 Goodman Fielder Ltd............................................................. 314,816
------------
OIL - EXPLORATION & PRODUCTION
275,600 Oil Search Ltd.................................................................. 486,913
------------
TELECOMMUNICATIONS
54,200 Telstra Corp. Ltd. (ADR)........................................................ 2,801,463
------------
TOTAL AUSTRALIA................................................................. 4,555,971
------------
BRAZIL (1.8%)
ENERGY
7,501,600 Petroleo Brasileiro S.A. (Pref.)................................................ 1,781,383
------------
RETAIL
40,000 Makro Atacadista S.A. (GDR)..................................................... 510,000
------------
TELECOMMUNICATIONS
8,400 Telecomunicacoes Brasileiras S.A. (ADR)......................................... 1,090,425
------------
UTILITIES - ELECTRIC
55,740,000 Companhia Energetica de Minas Gerais S.A. (Pref.)............................... 2,711,013
------------
TOTAL BRAZIL.................................................................... 6,092,821
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
CANADA (1.3%)
AIRLINES
54,200 Air Canada*..................................................................... $ 490,610
------------
BANKING
10,600 Royal Bank of Canada............................................................ 628,339
------------
OIL - EXPLORATION & PRODUCTION
71,600 Poco Petroleums Ltd.*........................................................... 774,204
------------
PHARMACEUTICALS
100,000 BioChem Pharma, Inc.*........................................................... 2,412,500
------------
TOTAL CANADA.................................................................... 4,305,653
------------
CHILE (0.5%)
BEVERAGES - SOFT DRINKS
67,700 Embotelladora Andina S.A. (Series A) (ADR)...................................... 1,557,100
------------
COLOMBIA (0.1%)
RETAIL
7,900 Gran Cadena Almacenes (ADR) (B Shares) (Pref.).................................. 42,462
64,720 Gran Cadena Almacenes (Class B) (Pref.) (ADR) - 144A**.......................... 388,320
------------
TOTAL COLOMBIA.................................................................. 430,782
------------
DENMARK (0.8%)
HEALTHCARE
5,030 William Demant Holding AS ...................................................... 285,528
------------
PHARMACEUTICALS
14,000 Novo-Nordisk AS (Series B)...................................................... 2,384,128
------------
TOTAL DENMARK................................................................... 2,669,656
------------
FINLAND (0.4%)
TELECOMMUNICATIONS EQUIPMENT
11,700 Nokia (Series A)................................................................ 1,256,663
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
FRANCE (7.2%)
BANKING
33,300 Banque Nationale de Paris....................................................... $ 2,590,717
20,000 Credit Commercial de France..................................................... 1,644,854
------------
4,235,571
------------
CONSUMER PRODUCTS
14,500 Societe BIC S.A................................................................. 1,105,364
------------
ELECTRICAL EQUIPMENT
12,000 Alcatel Alsthom................................................................. 2,254,969
------------
ELECTRONICS - SEMICONDUCTORS
13,640 SGS-Thomson Microelectronics N.V.*.............................................. 1,073,084
------------
ENERGY
11,150 Total S.A. (B Shares)........................................................... 1,340,378
------------
INSURANCE
41,000 AXA-UAP......................................................................... 4,226,531
------------
LEISURE
11,300 Accor S.A....................................................................... 2,903,054
10,960 Canal Plus...................................................................... 2,057,767
------------
4,960,821
------------
PHARMACEUTICALS
8,600 Genset (ADR)*................................................................... 247,250
------------
TECHNOLOGY RELATED
2,840 Altran Technologies S.A......................................................... 360,220
------------
TELECOMMUNICATIONS
66,400 France Telecom S.A. (ADR)....................................................... 3,535,800
------------
TEXTILES
1,593 Deveaux S.A..................................................................... 235,771
------------
WHOLESALE DISTRIBUTOR
3,150 Societe Manutan................................................................. 276,369
------------
TOTAL FRANCE.................................................................... 23,852,128
------------
GERMANY (2.3%)
APPAREL
210 Hugo Boss AG (Pref.)............................................................ 330,539
------------
AUTOMOBILES
2,750 Bayerische Motoren Werke (BMW) AG............................................... 3,041,838
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
CHEMICALS
5,000 Henkel KG (Pref.)............................................................... $ 363,479
23,625 Hoechst AG...................................................................... 925,807
------------
1,289,286
------------
INSURANCE
1,250 Marschollek, Lautenschlaeger und Partner AG (Pref.)............................. 411,753
------------
MACHINERY
648 GEA AG.......................................................................... 267,430
------------
RETAIL
893 CeWe Color Holdings AG.......................................................... 224,602
------------
UTILITIES - ELECTRIC
28,000 Veba AG......................................................................... 1,987,019
------------
TOTAL GERMANY................................................................... 7,552,467
------------
HONG KONG (2.8%)
BANKING
85,000 Dao Heng Bank Group Ltd......................................................... 251,220
112,100 Hang Seng Bank Ltd.............................................................. 1,095,942
------------
1,347,162
------------
CONGLOMERATES
275,000 Hutchison Whampoa, Ltd.......................................................... 1,934,320
24,000 Shanghai Industrial Holdings Ltd................................................ 98,190
70,000 Swire Pacific Ltd. (Class A).................................................... 370,409
------------
2,402,919
------------
ELECTRONICS
93,000 Johnson Electric Holdings, Ltd.................................................. 397,292
------------
REAL ESTATE
310,000 Cheung Kong (Holdings) Ltd...................................................... 2,200,511
125,000 New World Development Co., Ltd.................................................. 441,231
72,000 Sun Hung Kai Properties Ltd..................................................... 490,178
------------
3,131,920
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
540,400 Hong Kong Telecommunications Ltd................................................ $ 1,115,924
------------
UTILITIES
80,000 Hong Kong & China Gas Co., Ltd.................................................. 134,225
------------
UTILITIES - ELECTRIC
180,000 CLP Holdings Ltd................................................................ 906,017
------------
TOTAL HONG KONG................................................................. 9,435,459
------------
INDIA (0.2%)
AUTOMOBILES
18,500 Mahindra & Mahindra Ltd. (GDR).................................................. 154,937
------------
BANKING
13,200 State Bank of India (GDR)....................................................... 235,884
------------
METALS & MINING
10,000 Hindalco Industries Ltd. (GDR).................................................. 175,000
------------
TELECOMMUNICATIONS
3,000 Mahanagar Telephone Nigam Ltd. (GDR)............................................ 51,525
------------
TOTAL INDIA..................................................................... 617,346
------------
INDONESIA (0.1%)
AGRICULTURE
300,000 PT London Sumatra Indonesia..................................................... 95,058
------------
METALS & MINING
150,000 PT Tambang Timah................................................................ 126,454
------------
OIL & GAS EXPLORATION
8,000 Gulf Indonesia Resources Ltd.*.................................................. 144,000
------------
TOTAL INDONESIA................................................................. 365,512
------------
ITALY (1.0%)
APPLIANCES & HOUSEHOLD DURABLES
10,700 Industrie Natuzzi SpA (ADR)..................................................... 295,588
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
BANKING
4,000 Banca Popolare di Bergamo Credito Varesino SpA.................................. $ 91,573
21,600 Banca Popolare di Brescia SpA................................................... 352,786
------------
444,359
------------
ELECTRICAL EQUIPMENT
5,000 Gewiss SpA...................................................................... 138,622
------------
ELECTRONICS
5,450 Saes Getters SpA................................................................ 103,525
------------
LIFE INSURANCE
6,600 Mediolanum SpA.................................................................. 198,199
------------
TELECOMMUNICATIONS
260,000 Seat SpA*....................................................................... 151,589
260,000 Telecom Italia SpA.............................................................. 2,050,453
------------
2,202,042
------------
TOTAL ITALY..................................................................... 3,382,335
------------
JAPAN (5.6%)
APPAREL
2,000 World Co., Ltd.................................................................. 46,550
------------
AUTO PARTS
8,000 NGK Spark Plug Co., Ltd......................................................... 54,358
------------
AUTOMOBILES
22,000 Mitsubishi Motors Corp.......................................................... 61,116
65,000 Suzuki Motor Corp., Ltd......................................................... 610,031
------------
671,147
------------
BANKING
90,000 Bank of Tokyo-Mitsubishi Ltd.................................................... 1,094,677
70,000 Sumitomo Trust & Banking Corp................................................... 452,511
------------
1,547,188
------------
BEVERAGES
2,000 Itoen, Ltd...................................................................... 58,413
------------
BUILDING & CONSTRUCTION
140,000 Sekisui House Ltd............................................................... 1,145,732
------------
BUSINESS & PUBLIC SERVICES
2,000 Nichii Gakkan Co................................................................ 63,819
19,000 Secom Co........................................................................ 1,162,625
------------
1,226,444
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
BUSINESS SERVICES
2,000 Meitec.......................................................................... $ 62,617
------------
CHEMICALS
231,000 Asahi Chemical Industrial Co., Ltd.............................................. 863,713
91,000 Nippon Shokubai K.K. Co......................................................... 508,326
8,000 Sumitomo Bakelite Co., Ltd...................................................... 49,553
------------
1,421,592
------------
ELECTRICAL EQUIPMENT
36,000 Canon, Inc...................................................................... 813,575
12,700 Mabuchi Motor Co................................................................ 705,609
55,000 Matsushita Electric Industrial Co., Ltd......................................... 883,700
39,000 Minebea Co., Ltd................................................................ 427,510
3,000 Mitsui High-Tec, Inc............................................................ 62,843
Y 5,000 K Nippon Densan Corp. 1.00% 09/30/03 (Conv.)...................................... 62,242
9,000 Rohm Co., Ltd................................................................... 824,386
3,000 Tokyo Seimitsu Co., Ltd......................................................... 76,132
------------
3,855,997
------------
ELECTRONICS
14,000 Sony Corp....................................................................... 1,187,777
------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
2,000 Shinko Electric Industries Co., Ltd............................................. 83,189
------------
ENGINEERING & CONSTRUCTION
52,000 Kajima Corp..................................................................... 175,689
------------
FINANCIAL SERVICES
59,000 Nomura Securities Co., Ltd...................................................... 695,473
------------
INSURANCE
110,000 Tokio Marine & Fire Insurance Co................................................ 1,230,573
------------
MACHINERY
69,000 Asahi Diamond Industrial Co., Ltd............................................... 331,556
8,000 OSG Corp........................................................................ 47,932
------------
379,488
------------
METALS
4,000 Sumitomo Sitix Corp............................................................. 55,860
3,000 Sumitomo Special Metals......................................................... 62,392
------------
118,252
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
PAPER PRODUCTS
10,000 Tomoegawa Paper Co. Ltd......................................................... $ 32,585
------------
REAL ESTATE
700 Chubu Sekiwa Real Estate, Ltd................................................... 3,894
400 Japan Industrial Land Development............................................... 1,066
------------
4,960
------------
RETAIL
1,650 Circle K Japan Co., Ltd......................................................... 68,136
14,200 Family Mart Co., Ltd............................................................ 533,073
2,530 Ministop Co., Ltd............................................................... 57,176
2,000 Shimamura Co., Ltd.............................................................. 44,598
------------
702,983
------------
STEEL & IRON
529,000 NKK Corp........................................................................ 476,612
------------
TELECOMMUNICATIONS
277 DDI Corp........................................................................ 682,153
117 Nippon Telegraph & Telephone Corp............................................... 975,073
------------
1,657,226
------------
TEXTILES
84,000 Kuraray Co., Ltd................................................................ 737,893
------------
TRANSPORTATION
160,000 Nippon Yusen Kabushiki Kaisha................................................... 575,419
49,000 Yamato Transport Co., Ltd....................................................... 581,275
------------
1,156,694
------------
TOTAL JAPAN..................................................................... 18,729,432
------------
MALAYSIA (0.7%)
AGRICULTURE
200,000 IOI Corporated Berhad........................................................... 153,425
------------
GAMING
91,000 Berjaya Sports Toto Berhad...................................................... 246,822
------------
TELECOMMUNICATIONS
243,000 Telekom Malaysia Berhad......................................................... 838,849
------------
UTILITIES - ELECTRIC
392,000 Tenaga Nasional Berhad.......................................................... 988,055
------------
TOTAL MALAYSIA.................................................................. 2,227,151
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
MEXICO (2.7%)
CONGLOMERATES
323,300 ALFA, S.A. de C.V. (Class A).................................................... $ 1,829,642
------------
FINANCIAL SERVICES
4,518,100 Grupo Financiero Bancomer S.A. de C.V. (B Shares)............................... 2,705,449
------------
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
321,800 Fomento Economico Mexicano, S.A. de C.V. (B Shares)............................. 2,323,670
50,900 Panamerican Beverages, Inc. (Class A)........................................... 2,042,363
------------
4,366,033
------------
TOTAL MEXICO.................................................................... 8,901,124
------------
NETHERLANDS (5.4%)
APPLIANCES & HOUSEHOLD DURABLES
1,014 Koninklijke Ahrend Groep NV..................................................... 35,910
------------
CHEMICALS
11,900 Akzo Nobel NV................................................................... 2,418,374
------------
COMPUTER SOFTWARE
10,900 Baan Co., NV*................................................................... 521,489
------------
FINANCIAL SERVICES
54,158 ING Groep NV.................................................................... 3,074,472
------------
INSURANCE
23,387 Aegon NV........................................................................ 2,844,956
------------
MANUFACTURING - CONSUMER & INDUSTRIAL PRODUCTS
30,000 Philips Electronics NV.......................................................... 2,202,601
------------
MEDIA
40,000 PolyGram NV..................................................................... 1,833,101
12,174 Wolters Kluwer NV............................................................... 1,740,895
------------
3,573,996
------------
OIL & GAS
5,660 Fugro NV........................................................................ 222,717
------------
PUBLISHING
60,000 Ver Ned Utigev Ver Bezit NV..................................................... 2,052,882
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
RETAIL
36,882 Koninklijke Ahold NV............................................................ $ 1,191,113
------------
TOTAL NETHERLANDS............................................................... 18,138,510
------------
PHILIPPINES (0.1%)
ELECTRONICS
96,000 First Philippine Holdings Corp. (B Shares)...................................... 91,501
------------
TRANSPORTATION
13,200 International Container Terminal Services, Inc. ................................ 1,922
------------
UTILITIES - ELECTRIC
30,000 Manila Electric Co. (B Shares).................................................. 98,491
------------
UTILITIES - TELEPHONE
5,000 Philippine Long Distance Telephone Co. (ADR).................................... 139,375
------------
TOTAL PHILIPPINES............................................................... 331,289
------------
PORTUGAL (0.1%)
MEDIA
30,000 Journalgeste.................................................................... 285,412
------------
SINGAPORE (1.0%)
BANKING
192,400 Overseas Chinese Banking Corp., Ltd............................................. 1,085,456
53,000 Overseas Union Bank Ltd......................................................... 207,006
------------
1,292,462
------------
CONGLOMERATES
160,000 Singapore Technologies Engineering Ltd.*........................................ 141,847
------------
ELECTRICAL EQUIPMENT
65,000 GP Batteries International Ltd.................................................. 213,577
------------
ELECTRONICS
117,500 Venture Manufacturing Ltd....................................................... 437,074
------------
PUBLISHING
10,208 Singapore Press Holdings Ltd.................................................... 117,079
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
REAL ESTATE
59,000 City Developments Ltd........................................................... $ 290,793
100,000 DBS Land Ltd.................................................................... 169,250
------------
460,043
------------
SHIPBUILDING
11,000 Jurong Shipyard Ltd............................................................. 57,285
------------
TRANSPORTATION
81,000 Singapore Airlines Ltd.......................................................... 577,495
------------
UTILITIES - TELECOMMUNICATIONS
45,000 Singapore Telecommunications, Ltd............................................... 79,231
------------
TOTAL SINGAPORE................................................................. 3,376,093
------------
SOUTH AFRICA (0.5%)
BANKING
26,100 Amalgamated Bank South Africa Group Ltd......................................... 237,249
------------
CONGLOMERATES
16,700 Rembrandt Group Ltd............................................................. 138,033
------------
FOOD MANUFACTURER
78,900 Illovo Sugar Limited............................................................ 134,818
------------
LIFE INSURANCE
4,300 Liberty Life Association of Africa Ltd.......................................... 145,242
------------
MACHINERY
22,500 Barlow Ltd...................................................................... 183,290
------------
METALS & MINING
11,500 De Beers Consolidated Mines Ltd. (Units)++...................................... 250,884
------------
OIL & GAS
26,000 Sasol Ltd....................................................................... 210,769
------------
RETAIL
164,316 New Clicks Holdings Ltd......................................................... 287,300
------------
TOTAL SOUTH AFRICA.............................................................. 1,587,585
------------
SOUTH KOREA (0.2%)
ELECTRICAL EQUIPMENT
2,000 Samsung Display Devices Co...................................................... 93,930
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
ELECTRONICS
4,000 Samsung Electronics Co.......................................................... $ 210,983
135 Samsung Electronics Co. (GDR) (Non-voting ) - 144A**............................ 3,679
------------
214,662
------------
SHIPBUILDING
20,000 Daewoo Heavy Industries......................................................... 102,601
------------
STEEL & IRON
5,500 Pohang Iron & Steel Co.......................................................... 308,807
------------
TOTAL SOUTH KOREA............................................................... 720,000
------------
SPAIN (2.2%)
BANKING
50,800 Banco Bilbao Vizcaya S.A........................................................ 2,386,968
32,000 Banco Popular Espanol S.A....................................................... 3,109,213
------------
5,496,181
------------
TELECOMMUNICATIONS
45,000 Telefonica de Espana S.A........................................................ 1,985,336
------------
TOTAL SPAIN..................................................................... 7,481,517
------------
SWEDEN (3.7%)
AUTOMOBILES
28,000 Volvo AB (B Shares)............................................................. 889,582
------------
COMMERCIAL SERVICES
42,700 Securitas AB (Series B)......................................................... 1,449,897
------------
INSURANCE
58,700 Skandia Forsakrings AB.......................................................... 3,817,827
------------
MANUFACTURING
13,100 Assa Abloy AB (Series B)........................................................ 413,745
------------
PHARMACEUTICALS
80,000 Astra AB (B Shares)............................................................. 1,587,916
------------
RETAIL
30,848 Hennes & Mauritz AB (B Shares).................................................. 1,548,080
------------
TELECOMMUNICATIONS
9,000 Europolitan Holdings AB......................................................... 460,645
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS EQUIPMENT
49,500 Ericsson (L.M.) Telephone Co. AB (Series "B" Free).............................. $ 2,348,168
------------
TOTAL SWEDEN.................................................................... 12,515,860
------------
SWITZERLAND (4.0%)
BANKING
8,500 Credit Suisse Group............................................................. 1,701,116
630 Union Bank of Switzerland....................................................... 1,029,331
------------
2,730,447
------------
COMPUTER SOFTWARE
60 Kudelski SA*.................................................................... 381,890
------------
FOODS & BEVERAGES
875 Nestle AG....................................................................... 1,672,490
------------
PHARMACEUTICALS
200 Ares-Serono Group (B Shares).................................................... 313,648
2,253 Novartis AG..................................................................... 3,988,579
340 Roche Holdings AG............................................................... 3,681,102
------------
7,983,329
------------
RETAIL - FOOD CHAINS
1,790 Valora Holding AG............................................................... 449,849
------------
TOTAL SWITZERLAND............................................................... 13,218,005
------------
TAIWAN (0.8%)
BUILDING MATERIALS
19,775 Asia Cement Corp. (GDR)......................................................... 219,503
------------
COMPUTERS - PERIPHERAL EQUIPMENT
26,367 Asustek Computer Inc. (GDR)*.................................................... 625,557
------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
$ 300 K Siliconware Precision Industries Co. 0.50% due 07/21/04 (Conv.)................. 303,000
$ 125 K United Microelectronics 0.25% due 05/16/04 (Conv.).............................. 148,750
------------
451,750
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
RETAIL
$ 180 K Far Eastern Department Stores 3.00% due 07/06/01 (Conv.) - 144A**............... $ 163,800
------------
STEEL
26,653 China Steel Corp. (GDR)......................................................... 377,806
------------
TRANSPORTATION
$ 600 K Yang Ming Marine Transportation 2.00% due 10/06/01 (Conv.) - 144A**............. 684,000
------------
TOTAL TAIWAN.................................................................... 2,522,416
------------
THAILAND (0.1%)
BANKING
18,600 Thai Farmers Bank Public Co., Ltd. (Alien Market)............................... 46,381
------------
MEDIA
18,000 BEC World Public Co., Ltd....................................................... 93,913
------------
OIL RELATED
11,000 PTT Exploration & Production PCL................................................ 125,473
------------
TELECOMMUNICATIONS
8,000 Advanced Info Service Public Co., Ltd........................................... 62,609
------------
TOTAL THAILAND.................................................................. 328,376
------------
UNITED KINGDOM (13.5%)
AEROSPACE & DEFENSE
27,494 British Aerospace PLC........................................................... 904,202
286,815 Rolls-Royce PLC................................................................. 1,337,237
51,324 Smiths Industries PLC........................................................... 752,181
------------
2,993,620
------------
AUTO PARTS
41,613 Laird Group PLC................................................................. 332,051
------------
AUTO PARTS - ORIGINAL EQUIPMENT
150,335 BBA Group PLC................................................................... 1,122,975
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
BANKING
4,400 HSBC Holdings PLC............................................................... $ 134,586
59,632 HSBC Holdings PLC (75P)......................................................... 1,941,202
16,256 Standard Chartered PLC.......................................................... 235,117
------------
2,310,905
------------
BEVERAGES - ALCOHOLIC
129,600 Diageo PLC...................................................................... 1,522,519
------------
BUILDING & CONSTRUCTION
162,929 Blue Circle Industries PLC...................................................... 996,511
------------
BUSINESS & PUBLIC SERVICES
47,492 Reuters Group, PLC.............................................................. 511,103
------------
COMPUTER SOFTWARE & SERVICES
5,300 Sage Group (The) PLC............................................................ 122,224
------------
CONGLOMERATES
231,912 BTR PLC......................................................................... 759,594
37,257 SEMA Group PLC.................................................................. 1,466,227
242,098 Tomkins PLC..................................................................... 1,471,623
------------
3,697,444
------------
ELECTRICAL EQUIPMENT
178,502 BICC Group (The) PLC............................................................ 441,476
179,441 General Electric Co. PLC........................................................ 1,418,356
------------
1,859,832
------------
ENERGY
291,714 Lasmo PLC....................................................................... 1,345,454
296,773 Shell Transport & Trading Co. PLC............................................... 2,177,165
------------
3,522,619
------------
ENTERTAINMENT
66,535 Granada Group PLC............................................................... 1,194,145
60,701 London Clubs International PLC.................................................. 201,861
------------
1,396,006
------------
FINANCIAL SERVICES
113,578 Abbey National PLC.............................................................. 2,195,988
------------
FOOD PROCESSING
72,028 Associated British Foods PLC.................................................... 740,853
------------
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
72,140 B.A.T. Industries PLC........................................................... 734,169
50,495 Bass PLC........................................................................ 966,176
------------
1,700,345
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
HEALTH & PERSONAL CARE
100,560 Glaxo Wellcome PLC.............................................................. $ 2,700,496
101,100 SmithKline Beecham PLC.......................................................... 1,275,559
------------
3,976,055
------------
INSURANCE
49,779 General Accident PLC............................................................ 1,226,157
85,621 Prudential Corp. PLC............................................................ 1,256,253
133,461 Royal & Sun Alliance Insurance Group PLC........................................ 1,697,233
------------
4,179,643
------------
LEISURE
163,868 Rank Group PLC.................................................................. 1,104,259
------------
MEDIA
10,907 Daily Mail & General Trust (Class A)............................................ 435,071
------------
MERCHANDISING
64,000 Kingfisher PLC.................................................................. 1,196,775
------------
NATURAL GAS
121,785 BG PLC.......................................................................... 630,896
------------
PAPER PRODUCTS
73,720 Bunzl PLC....................................................................... 340,014
------------
REAL ESTATE
41,139 Bradford Property Trust PLC..................................................... 221,367
72,174 Pillar Property, PLC............................................................ 378,715
------------
600,082
------------
RETAIL - DEPARTMENT STORES
86,822 Next PLC........................................................................ 840,061
------------
TELECOMMUNICATIONS
267,921 British Telecommunications PLC.................................................. 2,910,198
257,867 Securicor PLC................................................................... 1,758,160
------------
4,668,358
------------
TRANSPORTATION
41,844 British Airways PLC............................................................. 424,798
26,512 Forth Ports PLC................................................................. 290,193
23,639 Stagecoach Holdings PLC......................................................... 391,871
------------
1,106,862
------------
UTILITIES - ELECTRIC
98,822 National Power PLC.............................................................. 1,010,666
------------
TOTAL UNITED KINGDOM............................................................ 45,113,737
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
UNITED STATES (36.4%)
AEROSPACE & DEFENSE
38,000 General Motors Corp. (Class H).................................................. $ 1,719,500
------------
AIRLINES
52,000 Continental Airlines, Inc. (Class B)*........................................... 3,058,250
------------
AUTOMOBILES
69,000 Chrysler Corp................................................................... 2,867,812
52,000 Ford Motor Co................................................................... 3,370,250
------------
6,238,062
------------
BANKING
26,000 BankBoston Corp................................................................. 2,866,500
23,000 Chase Manhattan Corp. (The)..................................................... 3,102,125
20,000 Citicorp........................................................................ 2,840,000
76,000 First Tennessee National Corp................................................... 2,441,500
------------
11,250,125
------------
BEVERAGES - SOFT DRINKS
74,000 PepsiCo, Inc.................................................................... 3,158,875
------------
CHEMICALS
64,000 Georgia Gulf Corp............................................................... 1,736,000
60,500 Monsanto Co..................................................................... 3,146,000
------------
4,882,000
------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE
43,500 Cisco Systems, Inc.*............................................................ 2,974,312
------------
COMPUTER SOFTWARE
36,000 Microsoft Corp.*................................................................ 3,219,750
------------
COMPUTERS - SYSTEMS
86,000 Compaq Computer Corp............................................................ 2,225,250
83,300 Gateway 2000, Inc.*............................................................. 3,909,894
67,000 Sun Microsystems, Inc.*......................................................... 2,793,062
------------
8,928,206
------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
35,000 Intel Corp...................................................................... 2,730,000
------------
ENTERTAINMENT
26,000 The Walt Disney Co.............................................................. 2,775,500
------------
FINANCIAL SERVICES
45,000 Federal National Mortgage Assoc................................................. 2,846,250
46,000 Travelers Group, Inc............................................................ 2,760,000
------------
5,606,250
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
34,000 General Mills, Inc.............................................................. $ 2,584,000
------------
HEALTH MAINTENANCE ORGANIZATIONS
40,200 Humana, Inc.*................................................................... 997,462
------------
INDUSTRIALS
33,000 General Electric Co............................................................. 2,844,187
37,000 Honeywell, Inc.................................................................. 3,059,437
------------
5,903,624
------------
INSURANCE
24,000 American International Group, Inc............................................... 3,022,500
------------
MEDICAL SERVICES
58,000 HBO & Co........................................................................ 3,498,125
------------
OIL INTEGRATED - INTERNATIONAL
40,000 Exxon Corp...................................................................... 2,705,000
35,500 Mobil Corp...................................................................... 2,720,187
47,000 Texaco, Inc..................................................................... 2,831,750
------------
8,256,937
------------
PAPER & FOREST PRODUCTS
58,000 Bowater, Inc.................................................................... 3,273,375
56,000 Champion International Corp..................................................... 3,041,500
------------
6,314,875
------------
PHARMACEUTICALS
33,500 American Home Products Corp..................................................... 3,195,063
36,200 Johnson & Johnson............................................................... 2,653,913
22,000 Warner-Lambert Co............................................................... 3,746,875
------------
9,595,851
------------
RAILROAD EQUIPMENT
44,000 Trinity Industries, Inc......................................................... 2,414,500
------------
RETAIL - DEPARTMENT STORES
222,000 Kmart Corp...................................................................... 3,704,625
------------
RETAIL - SPECIALTY
73,000 Bed Bath & Beyond, Inc.*........................................................ 3,371,688
43,000 Home Depot, Inc................................................................. 2,899,813
80,000 Pep Boys-Manny, Moe & Jack...................................................... 1,855,000
------------
8,126,501
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
SAVINGS & LOAN ASSOCIATIONS
27,000 Golden West Financial Corp...................................................... $ 2,586,938
37,000 Washington Mutual, Inc.......................................................... 2,652,438
------------
5,239,376
------------
STEEL
52,000 Nucor Corp...................................................................... 2,830,750
------------
TOBACCO
56,000 Philip Morris Companies, Inc.................................................... 2,334,500
------------
TOTAL UNITED STATES............................................................. 121,364,456
------------
TOTAL COMMON AND PREFERRED STOCKS, AND BONDS
(IDENTIFIED COST $254,765,071).................................................. 326,457,594
------------
</TABLE>
<TABLE>
<CAPTION>
CURRENCY
AMOUNT IN
THOUSANDS
- ----------------
<C> <S> <C>
PURCHASED PUT OPTION ON FOREIGN CURRENCY (0.2%)
Y 975,492 August 11, 1998/Yen 123.48 (IDENTIFIED COST $213,300)........................... 515,870
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENT (a) (1.6%)
U.S. GOVERNMENT AGENCY
$ 5,400 Federal Home Loan Bank 5.90% due 04/01/98 (AMORTIZED COST $5,400,000)........... $ 5,400,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST $260,378,371) (b)........................................................ 99.8 % 332,373,464
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES............................................ 0.2 533,301
------ -------------
NET ASSETS................................................................................ 100.0 % $ 332,906,765
------ -------------
------ -------------
</TABLE>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
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 $87,538,467 and the
aggregate gross unrealized depreciation is $15,543,374, resulting in net
unrealized appreciation of $71,995,093.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS MARCH 31, 1998
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Aerospace & Defense............................................................... $ 4,713,120 1.4 %
Agriculture....................................................................... 248,483 0.1
Airlines.......................................................................... 3,548,860 1.1
Apparel........................................................................... 377,089 0.1
Appliances & Household Durables................................................... 331,498 0.1
Auto Parts........................................................................ 386,409 0.1
Auto Parts - Original Equipment................................................... 1,122,975 0.3
Automobiles....................................................................... 10,995,566 3.3
Banking........................................................................... 32,293,099 9.7
Beverages......................................................................... 58,413 0.0
Beverages - Alcoholic............................................................. 1,522,519 0.5
Beverages - Soft Drinks........................................................... 4,715,975 1.4
Building & Construction........................................................... 2,142,243 0.6
Building Materials................................................................ 219,503 0.1
Business & Public Services........................................................ 1,737,547 0.5
Business Services................................................................. 62,617 0.0
Chemicals......................................................................... 10,011,252 3.0
Commercial Services............................................................... 1,911,830 0.6
Communications - Equipment & Software............................................. 2,974,312 0.9
Computer Software................................................................. 4,123,129 1.2
Computer Software & Services...................................................... 122,224 0.0
Computers - Peripheral Equipment.................................................. 625,557 0.2
Computers - Systems............................................................... 8,928,206 2.7
Conglomerates..................................................................... 8,209,885 2.5
Consumer Products................................................................. 1,105,364 0.3
Currency Options.................................................................. 515,870 0.2
Electrical Equipment.............................................................. 8,416,927 2.5
Electronics....................................................................... 2,431,831 0.7
Electronics - Semiconductors...................................................... 1,073,084 0.3
Electronics - Semiconductors/ Components.......................................... 3,264,939 1.0
Energy............................................................................ 9,205,855 2.8
Engineering & Construction........................................................ 175,689 0.1
Entertainment..................................................................... 4,171,506 1.3
Financial Services................................................................ 14,277,632 4.3
Food Manufacturer................................................................. 134,818 0.0
Food Processing................................................................... 740,853 0.2
Food, Beverage, Tobacco, & Household Products..................................... 8,650,379 2.6
Foods & Beverages................................................................. 1,987,306 0.6
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Gaming............................................................................ $ 246,822 0.1 %
Health & Personal Care............................................................ 3,976,055 1.2
Health Maintenance Organizations.................................................. 997,462 0.3
Healthcare........................................................................ 285,528 0.1
Industrials....................................................................... 5,903,624 1.8
Insurance......................................................................... 19,733,783 5.9
Leisure........................................................................... 6,065,080 1.8
Life Insurance.................................................................... 343,441 0.1
Machinery......................................................................... 830,208 0.3
Manufacturing..................................................................... 413,745 0.1
Manufacturing - Consumer & Industrial Products.................................... 2,202,601 0.7
Media............................................................................. 4,388,392 1.3
Medical Services.................................................................. 3,498,125 1.1
Merchandising..................................................................... 1,196,775 0.4
Metals............................................................................ 118,252 0.0
Metals & Mining................................................................... 552,338 0.2
Natural Gas....................................................................... 630,896 0.2
Oil & Gas......................................................................... 433,486 0.1
Oil & Gas Exploration............................................................. 144,000 0.0
Oil - Exploration & Production.................................................... 1,261,117 0.4
Oil Integrated - International.................................................... 8,256,937 2.5
Oil Related....................................................................... 125,473 0.0
Paper & Forest Products........................................................... 6,314,875 1.9
Paper Products.................................................................... 372,599 0.1
Pharmaceuticals................................................................... 24,210,974 7.3
Publishing........................................................................ 2,169,961 0.7
Railroad Equipment................................................................ 2,414,500 0.7
Real Estate....................................................................... 4,197,005 1.3
Retail............................................................................ 5,058,659 1.5
Retail - Department Stores........................................................ 4,544,686 1.4
Retail - Food Chains.............................................................. 449,849 0.1
Retail - Specialty................................................................ 8,126,501 2.4
Savings & Loan Associations....................................................... 5,239,376 1.6
Shipbuilding...................................................................... 159,886 0.0
Steel............................................................................. 3,208,556 1.0
Steel & Iron...................................................................... 785,419 0.2
Technology Related................................................................ 360,220 0.1
Telecommunications................................................................ 21,451,465 6.4
Telecommunications Equipment...................................................... 3,604,831 1.1
Textiles.......................................................................... 973,664 0.3
Tobacco........................................................................... 2,334,500 0.7
Transportation.................................................................... 3,526,973 1.1
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
SUMMARY OF INVESTMENTS MARCH 31, 1998, CONTINUED
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency............................................................ $ 5,400,000 1.6 %
Utilities......................................................................... 134,225 0.0
Utilities - Electric.............................................................. 7,701,261 2.3
Utilities - Telecommunications.................................................... 79,231 0.0
Utilities - Telephone............................................................. 139,375 0.0
Wholesale Distributor............................................................. 276,369 0.1
------------ -----
$332,373,464 99.8 %
------------ -----
------------ -----
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Common Stocks..................................................................... $319,109,315 95.8 %
Convertible Bonds................................................................. 1,361,792 0.4
Preferred Stocks.................................................................. 5,986,487 1.8
Purchased Option.................................................................. 515,870 0.2
Short-Term Investment............................................................. 5,400,000 1.6
------------ -----
$332,373,464 99.8 %
------------ -----
------------ -----
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1998
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $260,378,371).............................................................. $332,373,464
Cash (including $158,813 in foreign currency)................................................. 683,185
Receivable for:
Dividends................................................................................. 626,445
Shares of beneficial interest sold........................................................ 299,544
Foreign withholding taxes reclaimed....................................................... 193,257
Interest.................................................................................. 15,777
Prepaid expenses and other assets............................................................. 32,752
------------
TOTAL ASSETS............................................................................. 334,224,424
------------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased................................................. 501,838
Investment management fee................................................................. 290,288
Plan of distribution fee.................................................................. 266,116
Accrued expenses and other payables........................................................... 259,417
------------
TOTAL LIABILITIES........................................................................ 1,317,659
------------
NET ASSETS............................................................................... $332,906,765
------------
------------
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................................................... $267,760,676
Net unrealized appreciation................................................................... 71,981,858
Accumulated undistributed net investment income............................................... 753,376
Distributions in excess of net realized gain.................................................. (7,589,145)
------------
NET ASSETS............................................................................... $332,906,765
------------
------------
CLASS A SHARES:
Net Assets.................................................................................... $323,520
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 17,626
NET ASSET VALUE PER SHARE................................................................ $18.35
------------
------------
MAXIMUM OFFERING PRICE PER SHARE,
(NET ASSET VALUE PLUS 5.54% OF NET ASSET VALUE)........................................ $19.37
------------
------------
CLASS B SHARES:
Net Assets.................................................................................... $303,691,977
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 16,637,501
NET ASSET VALUE PER SHARE................................................................ $18.25
------------
------------
CLASS C SHARES:
Net Assets.................................................................................... $59,927
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 3,281
NET ASSET VALUE PER SHARE................................................................ $18.26
------------
------------
CLASS D SHARES:
Net Assets.................................................................................... $28,831,341
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 1,567,694
NET ASSET VALUE PER SHARE................................................................ $18.39
------------
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1998*
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $656,563 foreign withholding tax)............................................ $ 6,514,500
Interest....................................................................................... 478,409
-----------
TOTAL INCOME.............................................................................. 6,992,909
-----------
EXPENSES
Investment management fee...................................................................... 3,799,326
Plan of distribution fee (Class A shares)...................................................... 976
Plan of distribution fee (Class B shares)...................................................... 3,590,200
Plan of distribution fee (Class C shares)...................................................... 342
Transfer agent fees and expenses............................................................... 819,600
Custodian fees................................................................................. 396,373
Professional fees.............................................................................. 118,815
Registration fees.............................................................................. 91,294
Shareholder reports and notices................................................................ 87,799
Trustees' fees and expenses.................................................................... 16,539
Other.......................................................................................... 53,826
-----------
TOTAL EXPENSES............................................................................ 8,975,090
-----------
NET INVESTMENT LOSS....................................................................... (1,982,181)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Investments................................................................................ 19,978,558
Foreign exchange transactions.............................................................. 295,857
-----------
NET GAIN.................................................................................. 20,274,415
-----------
Net change in unrealized appreciation/depreciation on:
Investments................................................................................ 39,568,580
Translation of forward foreign currency contracts, other assets and liabilities denominated
in foreign currencies.................................................................... (13,324)
-----------
NET APPRECIATION.......................................................................... 39,555,256
-----------
NET GAIN.................................................................................. 59,829,671
-----------
NET INCREASE................................................................................... $57,847,490
-----------
-----------
</TABLE>
- ---------------------
* Class A, Class C and Class D shares were issued July 28, 1997.
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
MARCH 31, 1998* MARCH 31, 1997
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss........................................................ $ (1,982,181) $ (4,146,643)
Net realized gain.......................................................... 20,274,415 20,966,100
Net change in unrealized appreciation...................................... 39,555,256 (8,721,872)
--------------- --------------
NET INCREASE.......................................................... 57,847,490 8,097,585
--------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAIN:
Class A shares............................................................. (35,893) --
Class B shares............................................................. (28,091,307) (31,533,387)
Class C shares............................................................. (5,187) --
Class D shares............................................................. (2,509,489) --
--------------- --------------
TOTAL DISTRIBUTIONS................................................... (30,641,876) (31,533,387)
--------------- --------------
Net decrease from transactions in shares of beneficial interest............ (113,257,023) (77,594,246)
--------------- --------------
NET DECREASE.......................................................... (86,051,409) (101,030,048)
NET ASSETS:
Beginning of period........................................................ 418,958,174 519,988,222
--------------- --------------
END OF PERIOD
(INCLUDING ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME OF $753,376
AND ACCUMULATED NET INVESTMENT LOSS OF $1,043,971, RESPECTIVELY)....... $ 332,906,765 $ 418,958,174
--------------- --------------
--------------- --------------
</TABLE>
- ---------------------
* Class A, Class C and Class D shares were issued July 28, 1997.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998
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
19
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998, CONTINUED
"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 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
20
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998, CONTINUED
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.
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
21
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998, CONTINUED
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 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 -- up to 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 -- up
to 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
22
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998, CONTINUED
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.
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 $18,371,649 at March 31, 1998.
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 March 31, 1998, 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 period ended March 31, 1998,
it received contingent deferred sales charges from certain redemptions of the
Fund's Class B shares of $660,450 and received $2,549 in front-end sales charges
from sales of the Fund's Class A shares. 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 year ended March 31, 1998 aggregated
$243,819,917 and $378,108,281, respectively.
For the year ended March 31, 1998, the Fund incurred brokerage commissions of
$38,595 with DWR for portfolio transactions executed on behalf of the Fund.
23
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998, CONTINUED
For the year ended March 31, 1998, the Fund incurred brokerage commissions of
$4,956 with Deutsche Morgan Grenfell, an affiliate of the sub-adviser, for
portfolio transactions executed on behalf of the Fund.
For the period May 31, 1997 through March 31, 1998, the Fund incurred brokerage
commissions with Morgan Stanley & Co. Inc., an affiliate of the Investments
Manager since May 31, 1997, of $39,856 for portfolio transactions executed on
behalf of the Fund.
Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1998, the Fund had
transfer agent fees and expenses payable of approximately $7,000.
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, 1998 included
in Trustees' fees and expenses in the Statement of Operations amounted to
$3,685. At March 31, 1998, the Fund had an accrued pension liability of $48,756
which is included in accrued expenses in the Statement of Assets and
Liabilities.
5. FEDERAL INCOME TAX STATUS
Capital losses incurred after October 31 ("post-October losses") within the
taxable year are deemed to arise on the first business day of the Fund's next
taxable year. The Fund incurred and will elect to defer net capital losses of
approximately $4,084,000 during fiscal 1998.
As of March 31, 1998, the Fund had temporary book/tax differences primarily
attributable to post-October losses and capital loss deferrals on wash sales and
permanent book/tax differences primarily attributable to foreign currency gains
and tax adjustments on passive foreign investment companies sold by the Fund. To
reflect reclassifications arising from the permanent differences, distributions
in excess of net realized gain was charged $3,612,736, paid-in-capital was
charged $166,792 and accumulated undistributed net investment income was
credited $3,779,528.
24
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998, CONTINUED
6. 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, 1998+ MARCH 31, 1997
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
CLASS A SHARES*
Sold............................................................. 75,215 $ 1,379,650 -- --
Reinvestment of distributions.................................... 2,282 35,894 -- --
Redeemed......................................................... (59,871) (1,066,363) -- --
----------- -------------- ----------- ------------
Net increase - Class A........................................... 17,626 349,181 -- --
----------- -------------- ----------- ------------
CLASS B SHARES
Sold............................................................. 4,919,425 88,801,436 3,614,740 $ 65,929,566
Reinvestment of distributions.................................... 1,675,757 26,259,113 1,730,254 29,812,283
Redeemed......................................................... (12,185,108) (219,841,327) (9,610,570) (173,336,095)
----------- -------------- ----------- ------------
Net decrease - Class B........................................... (5,589,926) (104,780,778) (4,265,576) (77,594,246)
----------- -------------- ----------- ------------
CLASS C SHARES*
Sold............................................................. 3,513 66,207 -- --
Reinvestment of distributions.................................... 331 5,187 -- --
Redeemed......................................................... (563) (10,013) -- --
----------- -------------- ----------- ------------
Net increase - Class C........................................... 3,281 61,381 -- --
----------- -------------- ----------- ------------
CLASS D SHARES*
Sold............................................................. 256,236 4,612,093 -- --
Reinvestment of distributions.................................... 159,333 2,509,489 -- --
Redeemed......................................................... (881,346) (16,008,389) -- --
----------- -------------- ----------- ------------
Net decrease - Class D........................................... (465,777) (8,886,807) -- --
----------- -------------- ----------- ------------
Net decrease in Fund............................................. (6,034,796) $ (113,257,023) (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 March 31, 1998.
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.
25
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998, CONTINUED
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, 1998, there were no outstanding forward contracts.
8. OTHER
On January 29, 1998, the Board of Trustees of the Fund and of Dean Witter Global
Dividend Growth Securities ("Global Dividend") approved a reorganization plan
("the Plan") whereby the Fund would be merged into Global Dividend. This plan is
subject to the consent of the Fund's shareholders. If approved, the assets of
the Fund would be combined with the assets of Global Dividend and shareholders
of the Fund would become shareholders of Global Dividend, receiving shares of
the corresponding class of Global Dividend equal to the value of their holdings
in the Fund. On May 21, 1998, the plan was approved by the Fund's shareholders.
The merger is anticipated to close on or about June 8, 1998.
26
<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,
----------------------------------------------------------------------------------------------------------------
1998*++ 1997 1996 1995 1994 1993 1992 1991 1990 1989
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <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 $14.57 $14.84 $14.98 $14.93
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Net investment
gain (loss)..... (0.10) (0.18) (0.06) (0.02) (0.05) -- -- 0.23 0.11 0.08
Net realized and
unrealized gain
(loss).......... 2.73 0.45 2.60 (1.83) 4.24 0.39 1.05 0.18 0.82 1.24
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Total from
investment
operations...... 2.63 0.27 2.54 (1.85) 4.19 0.39 1.05 0.41 0.93 1.32
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Less dividends
and
distributions:
From net
investment
income....... -- -- -- -- -- -- (0.05) (0.23) (0.11) (0.08)
In excess of
net
investment
income...... -- -- -- (0.02) -- -- -- -- -- --
From net
realized
gain......... (1.65) (1.23) (0.02) (0.39) (0.71) (0.32) (0.92) (0.45) (0.96) (1.19)
In excess of
net realized
gain......... -- -- -- (0.23) -- -- -- -- -- --
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Total dividends
and
distributions... (1.65) (1.23) (0.02) (0.64) (0.71) (0.32) (0.97) (0.68) (1.07) (1.27)
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
Net asset value,
end of period... $18.25 $17.27 $18.23 $15.71 $18.20 $14.72 $14.65 $14.57 $14.84 $14.98
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
---------- --------- --------- ---------- --------- --------- ---------- --------- --------- ----------
TOTAL INVESTMENT
RETURN+.......... 16.68% 1.61% 16.20% (10.37)% 28.40% 2.69% 7.33% 2.80% 6.09% 9.31%
RATIOS TO AVERAGE
NET ASSETS:
Expenses......... 2.42% 2.36% 2.45% 2.41% 2.40% 2.42% 2.27% 2.29% 2.21% 2.18%
Net investment
income (loss)... (0.56)% (0.84)% (0.21)% (0.32)% (0.61)% 0.06% 0.03% 1.53% 0.70% 0.50%
SUPPLEMENTAL DATA:
Net assets, end
of period, in
millions........ $304 $419 $520 $512 $494 $218 $263 $279 $306 $312
Portfolio
turnover rate... 67% 48% 126% 67% 68% 139% 89% 68% 75% 67%
Average
commission rate
paid............ $0.0075 $0.0116 $0.0169 -- -- -- -- -- -- --
</TABLE>
- ---------------------
* 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.
SEE NOTES TO FINANCIAL STATEMENTS
27
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS, CONTINUED
<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
MARCH 31, 1998++
- ----------------------------------------------------------------------------------------
<S> <C>
CLASS A SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 19.70
Net realized and unrealized gain...................................... 0.30
Less distributions from net realized gain............................. (1.65)
------
Net asset value, end of period........................................ $ 18.35
------
------
TOTAL INVESTMENT RETURN+.............................................. 2.93%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.70%(2)
Net investment loss................................................... (0.01)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $324
Portfolio turnover rate............................................... 67%
Average commission rate paid.......................................... $0.0075
</TABLE>
<TABLE>
<S> <C>
CLASS C SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 19.70
------
Net investment loss................................................... (0.10)
Net realized and unrealized gain...................................... 0.31
------
Total from investment operations...................................... 0.21
------
Less distributions from net realized gain............................. (1.65)
------
Net asset value, end of period........................................ $ 18.26
------
------
TOTAL INVESTMENT RETURN+.............................................. 2.45%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.46%(2)
Net investment loss................................................... (0.88)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $60
Portfolio turnover rate............................................... 67%
Average commission rate paid.......................................... $0.0075
</TABLE>
- ---------------------
* 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.
SEE NOTES TO FINANCIAL STATEMENTS
28
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS, CONTINUED
<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
MARCH 31, 1998++
- ----------------------------------------------------------------------------------------
<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 gain...................................... 0.32
------
Total from investment operations...................................... 0.34
------
Less distributions from net realized gain............................. (1.65)
------
Net asset value, end of period........................................ $ 18.39
------
------
TOTAL INVESTMENT RETURN+.............................................. 3.14%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.42%(2)
Net investment income................................................. 0.14%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $28,831
Portfolio turnover rate............................................... 67%
Average commission rate paid.......................................... $0.0075
</TABLE>
- ---------------------
* 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
period.
(1) Not annualized.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
29
<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, 1998, 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 periods
presented, 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, 1998 by correspondence with the custodian, provide a reasonable basis for
the opinion expressed above.
As described in Note 8 to the financial statements, the Fund's Board of Trustees
and shareholders have approved a reorganization plan whereby the Fund would be
merged into Dean Witter Global Dividend Growth Securities.
PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
MAY 21, 1998
30
<PAGE>
DEAN WITTER WORLD WIDE INVESTMENT TRUST
FEDERAL TAX NOTICE (UNAUDITED)
1998 FEDERAL TAX NOTICE
For the year ended March 31, 1998, the Fund paid to Class A, B, C and D
shareholders $1.36 per share from long-term capital gains. Of this $1.36
distribution, $0.38 is taxable as 28% rate gain and $0.98 is taxable as 20% rate
gain. Additionally, for such period 29.81% of the income paid qualified for the
dividends received deduction available to corporations.
For the year ended March 31, 1998, the Fund has elected, pursuant to Section 853
of the Internal Revenue Code, to pass through foreign taxes of $0.03 per share
to its shareholders, of which 100% would be allowable as a credit. The Fund
generated net foreign source income of $0.05 per share with respect to this
election.
31
<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 Bavoso
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Morgan Stanley 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
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, 1998
