<PAGE> 1
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST Two World Trade Center
LETTER TO THE SHAREHOLDERS April 30, 2000 New York, New York 10048
DEAR SHAREHOLDER:
Amid rising interest rates, many of the world's investment-grade bond markets
declined during the six-month period ended April 30, 2000. The 10-year U.S.
Treasury note yield rose by 20 basis points, and yields also rose in many
European bond markets. Benchmark German government 10-year yields rose by 15
basis points during the period. More importantly, the continued strength of the
U.S. dollar relative to many investment-grade currencies resulted in currency
losses for most non-dollar-denominated investments.
The primary factor causing both the weakness in bonds and a strong U.S. dollar
was the unprecedented strength of the U.S. economy. For the United States, this
status increased concern about higher inflation and heightened competition for
funds. Fortunately, the federal government's reduced borrowing requirements and
a Treasury debt buyback program partially offset pressures on the bond market.
The strong economy and higher rates also served as a magnet for foreign capital,
resulting in an even stronger dollar. Finally, the relative weakness of foreign
currencies allowed non-U.S. economies to accelerate and inflation pressures to
increase, thus creating pressure on their bond markets.
There were a few bright spots in the investment-grade bond markets during the
period under review. The Greek government market posted modest gains while the
Norwegian, Swedish and British currencies held up somewhat better relative to
other European currencies. These opportunities afforded the Fund a modest degree
of cushioning an otherwise inhospitable global environment.
PERFORMANCE AND PORTFOLIO STRATEGY
For the six-month period ended April 30, 2000, Morgan Stanley Dean Witter World
Wide Income Trust's Class B shares posted a total return of -4.95 percent,
compared to -5.47 percent for the unmanaged Lehman
<PAGE> 2
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
LETTER TO THE SHAREHOLDERS April 30, 2000, continued
Brothers Global Intermediate Bond Index(1). For the same period, the Fund's
Class A, C and D shares produced total returns of -4.51 percent, -4.96 percent
and -4.42 percent, respectively. The performance of the Fund's four share
classes varies because each class has different expenses. The total return
figures shown assume the reinvestment of all distributions but do not reflect
the deduction of any applicable sales charges.
Throughout the period under review, the Fund continued its strategy of seeking
the best-performing markets within its investment-grade mandate while
maintaining attractive income and dividend levels. It also kept its duration
exposure below that of most funds in its investment category. Because of the
Fund's income objectives, it did not invest in the Japanese markets, where
short-term interest rates were near zero. The Fund also invested most of its
funds in European fixed-income markets, which held up better than their North
American counterparts, but hedged a portion of its currency exposure to limit
the effect of declining non-U.S. exchange rates.
LOOKING AHEAD
In the months ahead, we anticipate a more favorable environment for the world's
investment-grade bond markets. The factors that have been so adverse for
non-U.S. currencies (i.e., strong U.S. dollar and economy) are likely to be more
benign during the coming months. Therefore, we believe that the attraction of
the U.S. economy for global funds is likely to weaken at a time when the United
States still needs to fund its outsized $300 billion current-account deficit.
We appreciate your ongoing support of Morgan Stanley Dean Witter World Wide
Income Trust and look forward to continuing to serve your investment needs.
<TABLE>
<S> <C>
Very truly yours,
/s/ CHARLES A. FIUMEFREDDO /s/ MITCHELL M. MERIN
CHARLES A. FIUMEFREDDO MITCHELL M. MERIN
Chairman of the Board President
</TABLE>
---------------------
(1)The Lehman Brothers Global Intermediate Bond Index includes local
currency-denominated sovereign debt of 19 countries with maturities of 1 to
10 years. The performance of the index does not include any expenses, fees or
charges. The index is unmanaged and should not be considered an investment.
2
<PAGE> 3
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FUND PERFORMANCE April 30, 2000
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A*
----------------------------------------------------
<S> <C> <C>
PERIOD ENDED 4/30/00
-------------------------
Since Inception (7/28/97) 0.25 %(1) (1.32)%(2)
1 Year (6.61)%(1) (10.58)%(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS B**
----------------------------------------------------
<S> <C> <C>
PERIOD ENDED 4/30/00
-------------------------
1 Year (7.32)%(1) (11.69)%(2)
5 Years 4.10 %(1) 3.82 %(2)
10 Years 5.24 %(1) 5.24 %(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS C+
----------------------------------------------------
<S> <C> <C>
PERIOD ENDED 4/30/00
-------------------------
Since Inception (7/28/97) (0.40)%(1) (0.40)%(2)
1 Year (7.33)%(1) (8.20)%(2)
</TABLE>
<TABLE>
<CAPTION>
CLASS D++
----------------------------------------------------
<S> <C>
PERIOD ENDED 4/30/00
-------------------------
Since Inception (7/28/97) 0.53 %(1)
1 Year (6.40)%(1)
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RETURNS. INVESTMENT RETURN AND
PRINCIPAL VALUE WILL FLUCTUATE. WHEN YOU SELL FUND SHARES, THEY MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST.
---------------------
(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.
* The maximum front-end sales charge for Class A is 4.25%.
** The maximum contingent deferred sales charge (CDSC) for
Class B is 5.0%. The CDSC declines to 0% after six years.
+ The maximum CDSC for Class C shares is 1% for shares
redeemed within one year of purchase.
++ Class D shares have no sales charge.
3
<PAGE> 4
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS April 30, 2000 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
GOVERNMENT & CORPORATE BONDS (80.2%)
BELGIUM (5.4%)
Government Obligation
EUR 4,250 Belgian Government Bond+............ 8.50% 10/01/07 $4,553,226
----------
CANADA (5.3%)
Government Obligation
CAD 6,350 Government of Canada................ 7.25 06/01/07 4,523,373
----------
DENMARK (8.9%)
Finance Companies (7.1%)
DKK 24,475 Realkredit Denmark+................. 6.00 10/01/29 2,812,518
29,581 Unikredit Realkredit+............... 5.00 10/01/29 3,166,467
----------
5,978,985
----------
Government Obligation (1.8%)
12,000 Kingdom of Denmark+................. 9.00 11/15/00 1,493,759
----------
TOTAL DENMARK........................................... 7,472,744
----------
GERMANY (0.6%)
Major Banks
GBP 300 Bayerische Vereinsbank+............. 7.50 12/27/00 467,354
----------
GREECE (11.4%)
Government Obligations
GRD 1,000,000 Greece (Republic of)+............... 8.70 04/08/05 3,011,597
1,500,000 Greece (Republic of)+............... 9.70 05/27/01 4,179,391
900,000 Hellenic (Republic of).............. 6.30 01/29/09 2,463,089
----------
TOTAL GREECE............................................ 9,654,077
----------
ITALY (1.7%)
Government Obligation
EUR 1,608 Italy Treasury Bond................. 10.50 07/15/00 1,479,117
----------
LUXEMBOURG (2.0%)
Extra-Governmental Institutions - Banking
1,850 European Investment Bank+........... 6.00 04/04/01 1,702,339
----------
NORWAY (16.2%)
Government Obligations
NOK 82,000 Norway (Kingdom of)+................ 9.50 10/31/02 9,758,499
5,000 Norway (Kingdom of)+................ 5.75 11/30/04 544,597
30,000 Norway (Kingdom of)+................ 6.75 01/15/07 3,436,326
----------
TOTAL NORWAY............................................ 13,739,422
----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE> 5
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS April 30, 2000 (unaudited) continued
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
UNITED KINGDOM (5.6%)
Government Obligation (4.6%)
GBP 2,500 U.K. Treasury Bond+................. 7.00% 06/07/02 $3,941,245
----------
Major Banks (1.0%)
500 Union Bank of Switzerland........... 8.00 01/08/07 819,807
----------
TOTAL UNITED KINGDOM.................................... 4,761,052
----------
UNITED STATES (23.1%)
Government Agencies & Obligations (14.5%)
$ 2,000 Federal National Mortgage Assoc..... 7.25 01/15/10 1,993,940
9,650 U.S. Treasury Bond*+................ 13.125 05/15/01 10,275,320
----------
12,269,260
----------
Major Banks (8.6%)
GBP 2,500 KFW International Finance Inc....... 10.625 09/03/01 4,053,972
1,076 Morgan Guaranty Trust Co............ 7.375 12/28/01 1,667,435
1,000 Morgan Guaranty Trust Co.+.......... 7.75 12/30/03 1,588,098
----------
7,309,505
----------
TOTAL UNITED STATES..................................... 19,578,765
----------
TOTAL GOVERNMENT & CORPORATE BONDS
(Identified Cost $80,698,782)........................... 67,931,469
----------
SHORT-TERM INVESTMENTS (15.4%)
UNITED STATES
TIME DEPOSITS (a) (8.6%)
Major Banks
GRD 1,476,000 Bank of America..................... 8.15 05/17/00 3,992,750
SEK 5,621 Chase Manhattan Bank................ 3.50 05/04/00 628,625
GRD 1,000,000 Chase Manhattan Bank................ 7.625 09/20/00 2,705,115
----------
TOTAL TIME DEPOSITS
(Identified Cost $7,886,398)............................ 7,326,490
----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE> 6
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS April 30, 2000 (unaudited) continued
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
GOVERNMENT AGENCY (b) (6.8%)
$ 5,750 Federal Home Loan Mortgage Corp.
(Amortized Cost $5,750,000)......... 5.88% 05/01/00 $ 5,750,000
-----------
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $13,636,398)........................... 13,076,490
-----------
TOTAL INVESTMENTS
(Identified Cost $94,335,180) (c)............... 95.6% 81,007,959
OTHER ASSETS IN EXCESS OF LIABILITIES .......... 4.4 3,737,777
----- -----------
NET ASSETS...................................... 100.0% $84,745,736
===== ===========
</TABLE>
---------------------
* The market value of securities pledged to cover margin requirements for open
futures contracts is $165,000.
+ Some or all of these securities are segregated in connection with open
forward foreign currency contracts.
(a) Subject to withdrawal restrictions until maturity.
(b) Purchased on a discount basis. The interest rate shown has been adjusted to
reflect a money market equivalent yield.
(c) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross and net unrealized depreciation is $13,327,221.
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE> 7
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS April 30, 2000 (unaudited) continued
FUTURES CONTRACTS OPEN AT APRIL 30, 2000:
<TABLE>
<CAPTION>
UNDERLYING
NUMBER OF DESCRIPTION, DELIVERY MONTH, FACE AMOUNT UNREALIZED
CONTRACTS AND YEAR AT VALUE LOSS
------------------------------------------------------------------------
<S> <C> <C> <C>
110 U.S. Treasury Bond, June/2000 $10,621,875 $(35,625)
=========== ========
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT APRIL 30, 2000:
<TABLE>
<CAPTION>
IN
CONTRACTS EXCHANGE DELIVERY UNREALIZED
TO DELIVER FOR DATE APPRECIATION
<S> <C> <C> <C>
-------------------------------------------------------
GBP 2,140,400 $3,389,537 05/08/00 $ 64,854
EUR 806,000 $ 774,445 05/18/00 40,716
EUR 657,447 $ 633,023 05/18/00 34,527
GRD 2,979,275,000 $8,481,680 05/18/00 433,284
GRD 1,673,850,000 $4,785,710 05/18/00 263,869
GRD 1,512,922,535 $4,310,198 05/18/00 223,096
GBP 1,630,000 $2,571,211 05/31/00 38,924
----------
Total unrealized
appreciation........ $1,099,270
==========
</TABLE>
Currency Abbreviations:
-----------------------
GBP British Pound.
CAD Canadian Dollar.
DKK Danish Krone.
EUR Euro.
GRD Greek Drachma.
NOK Norwegian Krone.
SEK Swedish Krona.
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE> 8
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2000 (unaudited)
ASSETS:
Investments in securities, at value
(identified cost $94,335,180).............................. $ 81,007,959
Unrealized appreciation on open forward foreign currency
contracts.................................................. 1,099,270
Cash (including $1,000 in foreign currency)................. 63,183
Receivable for:
Interest................................................ 2,613,699
Compensated forward foreign currency contracts.......... 212,548
Shares of beneficial interest sold...................... 44,495
Variation margin........................................ 34,375
Prepaid expenses and other assets........................... 32,717
------------
TOTAL ASSETS............................................ 85,108,246
------------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased............... 81,712
Investment management fee............................... 53,748
Plan of distribution fee................................ 43,800
Accrued expenses and other payables......................... 183,250
------------
TOTAL LIABILITIES....................................... 362,510
------------
NET ASSETS.............................................. $ 84,745,736
============
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................. $113,304,697
Net unrealized depreciation................................. (12,415,448)
Net investment loss......................................... (143,554)
Accumulated net realized loss............................... (15,999,959)
------------
NET ASSETS.............................................. $ 84,745,736
============
CLASS A SHARES:
Net Assets.................................................. $28,184,878
Shares Outstanding (unlimited authorized, $.01 par value)... 3,819,893
NET ASSET VALUE PER SHARE............................... $7.38
============
MAXIMUM OFFERING PRICE PER SHARE,
(net asset value plus 4.44% of net asset value)........ $7.71
============
CLASS B SHARES:
Net Assets.................................................. $51,763,273
Shares Outstanding (unlimited authorized, $.01 par value)... 7,000,556
NET ASSET VALUE PER SHARE............................... $7.39
============
CLASS C SHARES:
Net Assets.................................................. $764,282
Shares Outstanding (unlimited authorized, $.01 par value)... 103,486
NET ASSET VALUE PER SHARE............................... $7.39
============
CLASS D SHARES:
Net Assets.................................................. $4,033,303
Shares Outstanding (unlimited authorized, $.01 par value)... 545,055
NET ASSET VALUE PER SHARE............................... $7.40
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE> 9
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended April 30, 2000 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME............................................. $ 3,744,198
-----------
EXPENSES
Investment management fee................................... 353,545
Plan of distribution fee (Class A shares)................... 24,062
Plan of distribution fee (Class B shares)................... 249,302
Plan of distribution fee (Class C shares)................... 3,317
Transfer agent fees and expenses............................ 87,399
Shareholder reports and notices............................. 56,436
Professional fees........................................... 50,379
Registration fees........................................... 36,844
Custodian fees.............................................. 11,365
Trustees' fees and expenses................................. 9,172
Other....................................................... 2,011
-----------
TOTAL EXPENSES.......................................... 883,832
-----------
NET INVESTMENT INCOME................................... 2,860,366
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain/loss on:
Investments............................................. (4,087,802)
Futures contracts....................................... 303,394
Foreign exchange transactions........................... 2,370,360
-----------
NET LOSS................................................ (1,414,048)
-----------
Net change in unrealized appreciation/depreciation on:
Investments............................................. (6,730,433)
Futures contracts....................................... (244,362)
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................. 807,769
-----------
NET DEPRECIATION........................................ (6,167,026)
-----------
NET LOSS................................................ (7,581,074)
-----------
NET DECREASE................................................ $(4,720,708)
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE> 10
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
APRIL 30, 2000 OCTOBER 31, 1999
--------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income................................ $ 2,860,366 $ 5,824,612
Net realized loss.................................... (1,414,048) (8,285,374)
Net change in unrealized depreciation................ (6,167,026) (3,878,832)
------------ ------------
NET DECREASE..................................... (4,720,708) (6,339,594)
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A shares................................... (1,012,044) (583,059)
Class B shares................................... (1,683,773) (1,711,510)
Class C shares................................... (22,324) (14,322)
Class D shares................................... (99,538) (49,551)
Paid-in-capital
Class A shares................................... -- (1,140,000)
Class B shares................................... -- (3,346,351)
Class C shares................................... -- (28,002)
Class D shares................................... -- (96,883)
------------ ------------
TOTAL DIVIDENDS AND DISTRIBUTIONS................ (2,817,679) (6,969,678)
------------ ------------
Net increase (decrease) from transactions in shares
of beneficial interest.............................. (11,711,314) 33,226,526
------------ ------------
NET INCREASE (DECREASE).......................... (19,249,701) 19,917,254
NET ASSETS:
Beginning of period.................................. 103,995,437 84,078,183
------------ ------------
END OF PERIOD
(Including a net investment loss of $143,554 and
dividends in excess of net investment income
$186,241, respectively).......................... $84,745,736 $103,995,437
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE> 11
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS April 30, 2000 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Morgan Stanley Dean Witter World Wide Income Trust (the "Fund") is registered
under the Investment Company Act of 1940, as amended (the "Act"), as a
non-diversified, open-end management investment company. The Fund's primary
investment objective is to provide a high level of current income and, as a
secondary objective, seeks appreciation in the value of its assets. The Fund was
organized as a Massachusetts business trust on October 14, 1988 and commenced
operations on March 30, 1989. On July 28, 1997, the Fund converted to a multiple
class share structure.
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 and 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
these estimates.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- (1) all 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; (2) futures contracts
are valued at the latest sale price on the commodities exchange on which it
trades unless the Trustees determine that such price does not reflect their
market value, in which case they will be valued at fair value as determined by
the Trustees; (3) when market quotations are not readily available, including
circumstances under which it is determined by Morgan Stanley Dean Witter
Advisors Inc. (the "Investment Manager") that sale or 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); (4) certain portfolio
securities may be valued by an outside pricing service approved by the Trustees.
The pricing service may utilize a matrix system incorporating security quality,
maturity and coupon as the evaluation model parameters, and/or research and
evaluations by
11
<PAGE> 12
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS April 30, 2000 (unaudited) continued
its staff, including review of broker-dealer market price quotations, if
available, in determining what it believes is the fair valuation of the
securities valued by such pricing service; and (5) 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.
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. FUTURES CONTRACTS -- A futures contract is an agreement between two parties
to buy and sell financial instruments at a set price on a future date. Upon
entering into such a contract, the Fund is required to pledge to the broker
cash, U.S. Government securities or other liquid portfolio securities equal to
the minimum initial margin requirements of the applicable futures exchange.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract
which is known as variation margin. Such receipts or payments are recorded by
the Fund as unrealized gains or losses. Upon closing of the contract, the Fund
realizes a gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
E. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward foreign currency
contracts are translated at the exchange rates prevailing at the end of the
period; and (2) purchases, sales, income and expenses are translated at the
exchange rates prevailing on the respective dates of such transactions. The
resultant exchange gains and losses are included in the Statement of Operations
as realized and unrealized gain/loss on foreign exchange 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
12
<PAGE> 13
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS April 30, 2000 (unaudited) continued
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 foreign currency gain or loss. 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 record 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 AGREEMENT
Pursuant to an Investment Management Agreement, the Fund pays a management fee,
accrued daily and payable monthly, by applying the following annual rates to the
net assets of the Fund determined as of the close of each business day: 0.75% to
the portion of daily net assets not exceeding $250 million; 0.60% to the portion
of daily net assets exceeding $250 million but not exceeding $500 million; 0.50%
to the portion of daily net assets exceeding $500 million but not exceeding $750
million; 0.40% to the portion of daily net assets exceeding $750 million but not
exceeding $1 billion; and 0.30% to the portion of daily net assets exceeding $1
billion.
13
<PAGE> 14
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS April 30, 2000 (unaudited) continued
3. PLAN OF DISTRIBUTION
Shares of the Fund are distributed by Morgan Stanley 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 -- 0.85% 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 0.85% of the average daily net assets of Class C.
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 totaled $8,835,479
at April 30, 2000.
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 0.85% 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 Morgan Stanley Dean Witter Financial Advisors or other
selected broker-dealer representatives may be reimbursed in the subsequent
calendar year. For the six months ended April 30, 2000, the distribution fee was
accrued for Class A shares and Class C shares at the annual rate of 0.15% and
0.85%, respectively.
The Distributor has informed the Fund that for the six months ended April 30,
2000, it received contingent deferred sales charges from certain redemptions of
the Fund's Class B shares and Class C shares of $24,875 and $466, respectively,
and received $416 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.
14
<PAGE> 15
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS April 30, 2000 (unaudited) continued
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended April 30, 2000 aggregated
$37,805,460 and $41,375,759, respectively. Included in the aforementioned are
purchases and sales of U.S. Government securities of $4,009,063 and $5,348,338,
respectively.
Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At April 30, 2000, the Fund had
transfer agent fees and expenses payable of approximately $2,000.
The Fund has an unfunded noncontributory defined benefit pension plan covering
all independent Trustees of the Fund who will have served as independent
Trustees for at least five years at the time of retirement. Benefits under this
plan are based on years of service and compensation during the last five years
of service. Aggregate pension costs for the six months ended April 30, 2000
included in Trustees' fees and expenses in the Statement of Operations amounted
to $3,298. At April 30, 2000, the Fund had an accrued pension liability of
$78,564 which is included in accrued expenses in the Statement of Assets and
Liabilities.
5. FEDERAL INCOME TAX STATUS
At October 31, 1999, the Fund had a net capital loss carryover of approximately
$14,500,000, which may be used to offset future capital gains to the extent
provided by regulations, which will be available through October 31 of the
following years:
<TABLE>
<CAPTION>
AMOUNT IN THOUSANDS
----------------------------------------------------------------------------
2000 2001 2002 2004 2005 2007
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
$594 $4,853 $5,322 $214 $471 $3,046
==== ====== ====== ==== ==== ======
</TABLE>
Due to the Fund's acquisition of Morgan Stanley Dean Witter Global Short-Term
Income Fund, utilization of this carryover is subject to limitations imposed by
the Internal Revenue Code and Treasury Regulations, significantly reducing the
total carryover available.
As of October 31, 1999, the Fund had temporary book/tax differences primarily
attributable to the mark-to-market of open forward foreign currency exchange
contracts and compensated forward foreign currency exchange contracts.
15
<PAGE> 16
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS April 30, 2000 (unaudited) continued
The Investment Manager has determined that distribution from paid-in-capital is
likely to occur for the fiscal year ended October 31, 2000.
6. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
APRIL 30, 2000 OCTOBER 31, 1999
------------------------- -------------------------
(unaudited)
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
CLASS A SHARES
Sold........................................................ 1,096,899 $ 8,373,900 1,815,359 $ 14,907,629
Reinvestment of dividends................................... 74,646 573,453 126,396 1,038,579
Acquisition of Morgan Stanley Dean Witter Global Short-Term
Income Fund................................................ -- -- 4,683,780 40,215,931
Redeemed.................................................... (1,893,502) (14,473,471) (2,218,440) (18,155,151)
---------- ------------ ---------- ------------
Net increase (decrease) - Class A........................... (721,957) (5,526,118) 4,407,095 38,006,988
---------- ------------ ---------- ------------
CLASS B SHARES
Sold........................................................ 3,771,980 29,127,328 8,073,133 69,770,271
Reinvestment of dividends................................... 133,174 1,024,627 356,189 3,038,854
Redeemed.................................................... (5,081,870) (39,119,514) (9,201,928) (79,010,074)
---------- ------------ ---------- ------------
Net decrease - Class B...................................... (1,176,716) (8,967,559) (772,606) (6,200,949)
---------- ------------ ---------- ------------
CLASS C SHARES
Sold........................................................ 16,120 123,324 98,810 856,107
Reinvestment of dividends................................... 2,519 19,334 4,130 34,529
Redeemed.................................................... (15,863) (121,651) (27,927) (229,069)
---------- ------------ ---------- ------------
Net increase - Class C...................................... 2,776 21,007 75,013 661,567
---------- ------------ ---------- ------------
CLASS D SHARES
Sold........................................................ 1,211,120 9,259,547 2,794,192 22,574,638
Reinvestment of dividends................................... 6,900 52,844 13,041 106,851
Redeemed.................................................... (863,152) (6,551,035) (2,727,393) (21,922,569)
---------- ------------ ---------- ------------
Net increase - Class D...................................... 354,868 2,761,356 79,840 758,920
---------- ------------ ---------- ------------
Net increase (decrease) in Fund............................. (1,541,029) $(11,711,314) 3,789,342 $ 33,226,526
========== ============ ========== ============
</TABLE>
16
<PAGE> 17
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS April 30, 2000 (unaudited) continued
7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
The Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio transactions
or to manage its foreign currency exposure or to sell, for a fixed amount of
U.S. dollars or other currency, the amount of foreign currency approximating the
value of some or all of its holdings denominated in such foreign currency or an
amount of foreign currency other than the currency in which the securities to be
hedged are denominated approximating the value of some or all of its holdings to
be hedged. Additionally, when the Investment Manager anticipates purchasing
securities at some time in the future, the Fund may enter into a forward
contract to purchase an amount of currency equal to some or all the value of the
anticipated purchase for a fixed amount of U.S. dollars or other currency.
To hedge against adverse interest rate, foreign currency and market risks, the
Fund may enter into written options on interest rate futures and interest rate
futures contracts ("derivative investments").
Forward contracts and derivative instruments involve elements of market risk in
excess of the amount 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 April 30, 2000, there were outstanding forward contracts used to facilitate
settlement of foreign currency denominated portfolio transactions and to manage
foreign currency exposure.
8. ACQUISITION OF MORGAN STANLEY DEAN WITTER GLOBAL SHORT-TERM INCOME FUND INC.
As of the close of business on March 12, 1999, the Fund acquired all the net
assets of Morgan Stanley Dean Witter Global Short-Term Income Fund Inc. ("Global
Short-Term") pursuant to a plan of reorganization approved by the shareholders
of Global Short-Term on February 24, 1999. The acquisition was accomplished by a
tax-free exchange of 4,683,780 Class A shares of the Fund at a net asset value
of $8.59 per share for 4,700,195 shares of Global Short-Term. The net assets of
the Fund and Global Short-Term immediately before the acquisition were
$80,419,774 and $40,215,931, respectively, including unrealized depreciation of
$893,307 for Global Short-Term. Immediately after the acquisition, the combined
net assets of the Fund amounted to $120,635,705.
17
<PAGE> 18
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX FOR THE YEAR FOR THE YEAR JULY 28, 1997*
MONTHS ENDED ENDED ENDED THROUGH
APRIL 30, 2000 OCTOBER 31, 1999 OCTOBER 31, 1998 OCTOBER 31, 1997
---------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C>
CLASS A SHARES++
SELECTED PER SHARE DATA:
Net asset value, beginning of period......... $7.98 $9.11 $9.02 $8.97
----- ----- ----- -----
Income (loss) from investment operations:
Net investment income....................... 0.25 0.52 0.59 0.15
Net realized and unrealized gain (loss)..... (0.60) (1.02) 0.20 0.05
----- ----- ----- -----
Total income (loss) from investment
operations.................................. (0.35) (0.50) 0.79 0.20
----- ----- ----- -----
Less dividends and distributions from:
Net investment income....................... (0.25) (0.21) (0.70) (0.15)
Paid-in-capital............................. -- (0.42) -- --
----- ----- ----- -----
Total dividends and distributions............ (0.25) (0.63) (0.70) (0.15)
----- ----- ----- -----
Net asset value, end of period............... $7.38 $7.98 $9.11 $9.02
===== ===== ===== =====
TOTAL RETURN+................................ (4.51)%(1) (5.56)% 9.16% 2.27%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses..................................... 1.44 %(2)(3) 1.48 %(3) 1.45%(3) 1.46%(2)
Net investment income........................ 6.50 %(2)(3) 6.14 %(3) 6.63%(3) 6.69%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands...... $28,185 $36,253 $1,227 $682
Portfolio turnover rate...................... 49 %(1) 144 % 309% 345%
</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 the period.
(1) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE> 19
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR ENDED OCTOBER 31
MONTHS ENDED ----------------------------------------------------------------
APRIL 30, 2000++ 1999++ 1998++ 1997*++ 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C> <C> <C>
CLASS B SHARES
SELECTED PER SHARE DATA:
Net asset value, beginning of period..... $8.00 $9.12 $9.03 $9.33 $9.08 $8.55
----- ----- ----- ----- ----- -----
Income (loss) from investment operations:
Net investment income................... 0.22 0.47 0.53 0.55 0.60 0.55
Net realized and unrealized gain
(loss)................................ (0.61) (1.02) 0.20 0.07 0.48 0.48
----- ----- ----- ----- ----- -----
Total income (loss) from investment
operations.............................. (0.39) (0.55) 0.73 0.62 1.08 1.03
----- ----- ----- ----- ----- -----
Less dividends and distributions from:
Net investment income................... (0.22) (0.19) (0.64) (0.92) (0.83) (0.50)
Paid-in-capital......................... -- (0.38) -- -- -- --
----- ----- ----- ----- ----- -----
Total dividends and distributions........ (0.22) (0.57) (0.64) (0.92) (0.83) (0.50)
----- ----- ----- ----- ----- -----
Net asset value, end of period........... $7.39 $8.00 $9.12 $9.03 $9.33 $9.08
===== ===== ===== ===== ===== =====
TOTAL RETURN+............................ (4.95)%(1) (6.20)% 8.61% 7.05% 12.60% 12.45%
RATIOS TO AVERAGE NET ASSETS:
Expenses................................. 2.14 %(2)(3) 2.09%(3) 2.07%(3) 2.02% 1.96% 1.93%
Net investment income.................... 5.80 %(2)(3) 5.53%(3) 6.01%(3) 6.07% 6.39% 6.21%
SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands............................... $51,763 $65,415 $81,611 $94,556 $114,022 $138,165
Portfolio turnover rate.................. 49 %(1) 144% 309% 345% 263% 254%
</TABLE>
---------------------
* Prior to July 28, 1997, the Fund issued one class of shares. All shares of
the Fund held prior to that date have been designated as Class B shares.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE> 20
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX FOR THE YEAR FOR THE YEAR JULY 28, 1997*
MONTHS ENDED ENDED ENDED THROUGH
APRIL 30, 2000 OCTOBER 31, 1999 OCTOBER 31, 1998 OCTOBER 31, 1997
---------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C>
CLASS C SHARES++
SELECTED PER SHARE DATA:
Net asset value, beginning of period......... $7.99 $9.11 $9.02 $8.97
----- ----- ----- -----
Income (loss) from investment operations:
Net investment income....................... 0.22 0.47 0.53 0.14
Net realized and unrealized gain (loss)..... (0.60) (1.02) 0.20 0.05
----- ----- ----- -----
Total income (loss) from investment
operations.................................. (0.38) (0.55) 0.73 0.19
----- ----- ----- -----
Less dividends and distributions from:
Net investment income....................... (0.22) (0.19) (0.64) (0.14)
Paid-in-capital............................. -- (0.38) -- --
----- ----- ----- -----
Total dividends and distributions............ (0.22) (0.57) (0.64) (0.14)
----- ----- ----- -----
Net asset value, end of period............... $7.39 $7.99 $9.11 $9.02
===== ===== ===== =====
TOTAL RETURN+................................ (4.96)%(1) (6.19)% 8.62% 2.12%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses..................................... 2.14 %(2)(3) 2.09 %(3) 2.07%(3) 2.00%(2)
Net investment income........................ 5.80 %(2)(3) 5.53 %(3) 6.01%(3) 5.89%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands...... $764 $805 $234 $111
Portfolio turnover rate...................... 49 %(1) 144 % 309% 345%
</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 the period.
(1) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE> 21
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL HIGHLIGHTS, continued
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX FOR THE YEAR FOR THE YEAR JULY 28, 1997*
MONTHS ENDED ENDED ENDED THROUGH
APRIL 30, 2000 OCTOBER 31, 1999 OCTOBER 31, 1998 OCTOBER 31, 1997
---------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C>
CLASS D SHARES++
SELECTED PER SHARE DATA:
Net asset value, beginning of period......... $8.01 $9.12 $9.03 $8.97
----- ----- ----- -----
Income (loss) from investment operations:
Net investment income....................... 0.25 0.53 0.72 0.16
Net realized and unrealized gain (loss)..... (0.61) (0.99) 0.09 0.05
----- ----- ----- -----
Total income (loss) from investment
operations.................................. (0.36) (0.46) 0.81 0.21
----- ----- ----- -----
Less dividends and distributions from:
Net investment income....................... (0.25) (0.22) (0.72) (0.15)
Paid-in-capital............................. -- (0.43) -- --
----- ----- ----- -----
Total dividends and distributions............ (0.25) (0.65) (0.72) (0.15)
----- ----- ----- -----
Net asset value, end of period............... $7.40 $8.01 $9.12 $9.03
===== ===== ===== =====
TOTAL RETURN+................................ (4.42)%(1) (5.29)% 9.41% 2.44%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses..................................... 1.29 %(2)(3) 1.24 %(3) 1.22%(3) 1.16%(2)
Net investment income........................ 6.65 %(2)(3) 6.38 %(3) 6.86%(3) 6.83%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands...... $4,033 $1,523 $1,006 $39
Portfolio turnover rate...................... 49 %(1) 144 % 309% 345%
</TABLE>
---------------------
* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Calculated based on the net asset value as of the last business day of the
period.
(1) Not annualized.
(2) Annualized.
(3) Reflects overall Fund ratios for investment income and non-class specific
expenses.
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE> 22
(This Page Intentionally Left Blank)
<PAGE> 23
(This Page Intentionally Left Blank)
<PAGE> 24
TRUSTEES
----------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
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
Mitchell M. Merin
President
Barry Fink
Vice President, Secretary and General Counsel
Rajesh K. Gupta
Vice President
Peter J. Seeley
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
----------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
----------------------------------
Morgan Stanley Dean Witter Advisors Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein have been taken from the records of the
Fund without examination by the independent accountants and accordingly they
do not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and trustees,
fees, expenses and other pertinent information, please see the prospectus of
the Fund.
This report is not authorized for distribution to prospective investors in the
Fund unless preceded or accompanied by an effective prospectus. Read the
prospectus carefully before investing.
Morgan Stanley Dean Witter Distributors Inc., member NASD.
MORGAN STANLEY
DEAN WITTER
WORLD WIDE
INCOME TRUST
Semiannual Report
April 30, 2000
