MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST, N-30D, 2000-01-05

MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
N-30D, 2000-01-05

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MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TWO WORLD TRADE CENTER,
TRUST NEW YORK, NEW YORK 10048
LETTER TO THE SHAREHOLDERS OCTOBER 31, 1999

DEAR SHAREHOLDER:

During the fiscal year ended October 31, 1999, the performance of the
investment-grade global markets was very disappointing. In contrast to the prior
fiscal year, when U.S. bond yields reached their lowest levels in decades, the
U.S. 10-year Treasury-note yield rose by 142 basis points. Prices in many
European bond markets reached new highs during the first half of the fiscal
year, but eventually succumbed to accelerating economic growth. Moreover, the
continuing strength of the U.S. dollar relative to most investment-grade
currencies resulted in currency losses for most non-dollar-denominated
investments. Emerging markets enjoyed significant recoveries from the depressed
levels reached during the Asian and Russian debt crises.

The U.S. and other high-grade government markets had been prime beneficiaries of
the flight to quality during the period through early October 1998. As normalcy
returned to the global financial markets and economic growth reaccelerated,
market participants sold their bonds, partly to seek higher returns from
equities and partly in fear that faster economic growth would cause inflation to
pick up. This fear was accentuated by rising prices for oil and industrial
commodities as the fiscal year progressed. This environment turned out to be
especially favorable for the U.S. dollar and for the Japanese yen, at the
expense of investments denominated in other currencies.

There were a few brighter spots in the investment-grade markets. The spreads
between mortgage-bond yields and Treasury-note yields narrowed, as did the
spreads between various European bond yields and German government yields. This
provided a relative performance opportunity to switch into the better-performing
markets. A few of these, most notably the Greek government market and
intermediate-maturity Norwegian notes, went up in price despite the global
trend. Moreover, several of the European currencies held up better than the core
European currencies that coalesced into the new euro on January 1, 1999.

<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
LETTER TO THE SHAREHOLDERS OCTOBER 31, 1999, CONTINUED

PERFORMANCE

For the fiscal year ended October 31, 1999, Morgan Stanley Dean Witter World
Wide Income Trust's Class B shares posted a total return of -6.20 percent,
compared to -2.98 percent for the unmanaged Lehman Brothers Global Intermediate
Bond Index and -0.63 percent for the Lipper Global Income Funds Index. For the
same period, the Fund's Class A, C and D shares produced total returns of -5.56
percent, -6.19 percent and -5.29 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 and do
not reflect the deduction of any applicable sales charges.) The accompanying
chart compares the Fund's performance to that of the Lipper and Lehman indexes.

The underperformance of the Fund relative to the Lipper Global Income Funds
Index was primarily due to the fact that most of the funds in this Lipper
category include emerging-market investments, which are not within the
investment mandate for this Fund. It should be noted that by eschewing
emerging-market investments, the Fund escaped the negative returns on those
investments during the prior fiscal year.

PORTFOLIO

Throughout the period under review, the Fund continued its strategy of seeking
the best performing markets within its mandate while maintaining attractive
income and dividend levels. It also limited its duration exposure by shortening
to a neutral duration and maturity profile prior to the beginning of the fiscal
year and shifting to a relatively short, under-five-year duration in March. The
Fund had a moderately overweighted European currency exposure, but received some
benefit from investing in the relatively better-performing Greek, Norwegian and
Danish bond and currency markets. Because of the Fund's income objectives, it
did not invest in Japan, where short-term interest rates were near zero.

Toward the end of the period, the Fund built up its investments in the eurozone
market to a 22 percent allocation, with the expectation that this sector would
enjoy better performance in the months ahead. The other key non-U.S.
allocations, as of October 31, 1999, were Greece (21 percent), Norway
(18 percent) and Denmark (8 percent).

LOOKING AHEAD

In the months ahead, we anticipate a more favorable environment for the global
bond markets. We believe the factors that have been so adverse for the non-U.S.
currencies are likely to be more benign during the coming months. The European
economies have been accelerating, while the U.S.

2
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
LETTER TO THE SHAREHOLDERS OCTOBER 31, 1999, CONTINUED

economy seems to have peaked, and European stock and bond markets have been
outperforming their U.S. counterparts. Thus, we believe the magnetic attraction
of the U.S. economy for global funds is likely to weaken at a time when the U.S.
still needs to fund its outsized $300 billion current-account deficit. We also
expect the commodity-based markets of Australia, New Zealand and Canada to enjoy
better performances, as an anticipated strong global economy underpins the
economies of these countries.

We appreciate your ongoing support of Morgan Stanley Dean Witter World Wide
Income Trust and look forward to continuing to serve your investment needs.

Very truly yours,

<TABLE>
<S> <C>
[LOGO] [LOGO]
CHARLES A. FIUMEFREDDO MITCHELL M. MERIN
CHAIRMAN OF THE BOARD PRESIDENT
</TABLE>

3
<PAGE>

MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME
TRUST
FUND PERFORMANCE OCTOBER 31, 1999

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 SHARES* CLASS A SHARES+
-------------------------------------------- ---------------------------------------------
PERIOD ENDED 10/31/99 PERIOD ENDED 10/31/99
------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
1 Year (6.20)%(1) (10.59)%(2) 1 Year (5.56)%(1) (9.58)%(2)
5 Years 6.67 (1) 6.38 (2) Since Inception (7/28/97) 2.37 (1) 0.42 (2)
10 Years 6.20 6.20
</TABLE>

<TABLE>
<CAPTION>
CLASS C SHARES++ CLASS D SHARES#
--------------------------------------------- ---------------------------------------------
PERIOD ENDED 10/31/99 PERIOD ENDED 10/31/99
------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
1 Year (6.19)%(1) (7.07)%(2) 1 Year (5.29)%(1)
Since Inception (7/28/97) 1.77 (1) 1.77 (2) Since Inception (7/28/97) 2.68 (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 October 31, 1999.
(4) 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, fee
or charges. The Index is unmanaged and should not be considered an
investment.
(5) The Lipper Global Income Funds Index is an equally-weighted performance
index of the largest-qualifying funds (based on net assets) in the Lipper
Global Income Funds objective. The Index, which is adjusted for capital
gains distributions and income dividends, is unmanaged and should not be
considered an investment. There are currently 30 funds represented in the
Index.
* 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 4.25%.
++ The maximum CDSC for Class C shares is 1% for shares redeemed within one year
of purchase.
# Class D shares have no sales charge.

4
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1999

<TABLE>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
GOVERNMENT & CORPORATE BONDS (76.6%)
BELGIUM (5.2%)
GOVERNMENT OBLIGATION
EUR 4,250 Belgian Government Bond.................................................... 8.50% 10/01/07 $ 5,385,183
------------

DENMARK (8.4%)
FINANCE COMPANIES (6.6%)
DKK 24,638 Realkredit Denmark+........................................................ 6.00 10/01/29 3,201,510
29,793 Unikredit Realkredit+...................................................... 5.00 10/01/29 3,616,934
------------
6,818,444
------------
GOVERNMENT OBLIGATIONS (1.8%)
5,000 Kingdom of Denmark+........................................................ 9.00 11/15/00 744,684
7,000 Kingdom of Denmark+........................................................ 8.00 03/15/06 1,127,261
------------
1,871,945
------------

TOTAL DENMARK................................................................................ 8,690,389
------------

GERMANY (4.9%)
GOVERNMENT OBLIGATION (4.4%)
EUR 4,000 Germany (Federal Republic of).............................................. 6.875 05/12/05 4,614,930
------------
MAJOR BANKS (0.5%)
GBP 300 Bayerische Vereinsbank+.................................................... 7.50 12/27/00 498,197
------------

TOTAL GERMANY................................................................................ 5,113,127
------------

GREECE (6.8%)
GOVERNMENT OBLIGATIONS
GRD 1,000,000 Greece (Republic of)+...................................................... 8.70 04/08/05 3,396,847
1,150,000 Greece (Republic of)....................................................... 9.80 03/21/00 3,660,528
------------
7,057,375
------------

ITALY (1.7%)
GOVERNMENT OBLIGATION
EUR 1,608 Italy Treasury Bond........................................................ 10.50 07/15/00 1,774,205
------------

LUXEMBOURG (1.9%)
EXTRA-GOVERNMENTAL INSTITUTIONS - BANKING
1,850 European Investment Bank................................................... 6.00 04/04/01 2,008,639
------------

NETHERLANDS (5.1%)
GOVERNMENT OBLIGATION
4,250 Netherlands Government..................................................... 8.50 06/01/06 5,306,747
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1999, CONTINUED

<TABLE>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW ZEALAND (2.5%)
EXTRA GOVERNMENTAL INSTITUTIONS - BANKING
NZD 5,000 International Bank for Reconstruction & Development+....................... 7.00% 09/18/00 $ 2,554,583
------------

NORWAY (16.8%)
GOVERNMENT OBLIGATIONS
NOK 10,140 Norway (Kingdom of)+....................................................... 7.00 05/31/01 1,317,218
82,000 Norway (Kingdom of)+....................................................... 9.50 10/31/02 11,496,512
5,000 Norway (Kingdom of)+....................................................... 5.75 11/30/04 635,141
30,000 Norway (Kingdom of)+....................................................... 6.75 01/15/07 3,984,489
------------
17,433,360
------------

SPAIN (3.1%)
GOVERNMENT OBLIGATION
EUR 3,005 Spain Treasury Bond+....................................................... 12.25 03/25/00 3,272,619
------------

UNITED KINGDOM (4.8%)
GOVERNMENT OBLIGATION (4.0%)
GBP 2,500 U.K. Treasury Bond+........................................................ 7.00 06/07/02 4,181,925
------------
MAJOR BANKS (0.8%)
500 Union Bank of Switzerland.................................................. 8.00 01/08/07 860,558
------------

TOTAL UNITED KINGDOM......................................................................... 5,042,483
------------

UNITED STATES (15.4%)
GOVERNMENT AGENCIES & OBLIGATIONS (13.8%)
NZD 3,000 Federal National Mortgage Assoc.+.......................................... 7.25 06/20/02 1,527,770
$ 9,750 U.S. Treasury Bond*+....................................................... 13.125 05/15/01 10,789,545
2,000 U.S. Treasury Bond+........................................................ 6.125 08/15/29 1,991,560
------------
14,308,875
------------
MAJOR BANKS (1.6%)
GBP 1,000 Morgan Guaranty Trust Co.+................................................. 7.75 12/30/03 1,679,535
------------

TOTAL UNITED STATES.......................................................................... 15,988,410
------------

TOTAL GOVERNMENT & CORPORATE BONDS
(IDENTIFIED COST $86,145,437)................................................................ 79,627,120
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1999, CONTINUED

<TABLE>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT-TERM INVESTMENTS (23.5%)
UNITED STATES
TIME DEPOSITS (a) (15.3%)
MAJOR BANKS
GRD 1,492,188 Bank of America............................................................ 9.75% 11/04/99 $ 4,772,558
EUR 760 Chase Manhattan Bank....................................................... 2.45 11/03/99 801,366
AUD 2,351 Chase Manhattan Bank....................................................... 4.25 11/03/99 1,495,815
GRD 2,782,556 Chase Manhattan Bank....................................................... 9.00 12/17/99 8,899,623
------------

TOTAL TIME DEPOSITS
(IDENTIFIED COST $16,047,833)................................................................ 15,969,362
------------

GOVERNMENT AGENCY (b) (8.2%)
$ 8,500 Federal Home Loan Mortgage Corp. (AMORTIZED COST $8,500,000)............... 5.16 11/01/99 8,500,000
------------

TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $24,547,833)................................................................ 24,469,362
------------
</TABLE>

<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST $110,693,270) (C)........................................................ 100.1% 104,096,482

LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS............................................ (0.1) (101,045)
----- -------------

NET ASSETS................................................................................ 100.0% $ 103,995,437
----- -------------
----- -------------
</TABLE>

- ---------------------

* The market value of securities pledged to cover margin requirements for
open futures contracts is $331,986.
+ Some or all of these securities are segregated in connection with open
forward foreign currency contracts.
(a) Subject to withdrawal restrictions until maturity.
(b) Security was 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 unrealized appreciation is $98,216 and the
aggregate gross unrealized depreciation is $6,695,004, resulting in net
unrealized depreciation of $6,596,788.

SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1999, CONTINUED

FUTURES CONTRACTS OPEN AT OCTOBER 31, 1999:

<TABLE>
<CAPTION>
UNDERLYING
NUMBER OF DESCRIPTION, DELIVERY MONTH, FACE AMOUNT UNREALIZED
CONTRACTS AND YEAR AT VALUE GAIN/(LOSS)
- ------------------------------------------------------------------------------
<C> <S> <C> <C>
25 10 Year Treasury Note, $ 2,742,969 $ 16,406
December/1999
U.S. Treasury Bond,
135 March/2000 12,694,219 195,117
U.S. Treasury Bond,
15 December/1999 1,703,906 (2,695)
----------- ------------
$17,141,094 $ 208,828
=========== ============
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT OCTOBER 31, 1999:

<TABLE>
<CAPTION>
IN UNREALIZED
CONTRACTS EXCHANGE DELIVERY APPRECIATION
TO DELIVER FOR DATE (DEPRECIATION)
- -------------------------------------------------------------------
<S> <C> <C> <C>
AUD 2,400,000 $ 1,562,400 11/29/99 $ 34,968
EUR 5,000,000 $ 5,276,000 12/01/99 (9,400)
GBP 1,724,450 $ 2,883,798 11/26/99 48,641
NOK 33,130,605 $ 4,280,053 11/26/99 48,237
NZD 3,700,000 $ 1,906,832 11/29/99 31,931
------------
Net unrealized appreciation.................. $ 154,377
============
</TABLE>

CURRENCY ABBREVIATIONS:

<TABLE>
<S> <C>
AUD Australian Dollar.
GBP British Pound.
DKK Danish Krone.
EUR Euro.
GRD Greek Drachma.
NZD New Zealand Dollar.
NOK Norwegian Krone.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1999

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $110,693,270).............................................................. $104,096,482
Unrealized appreciation on open forward foreign currency contracts............................ 163,777
Cash (including $1,954 in foreign currency)................................................... 273,791
Receivable for:
Interest.................................................................................. 3,778,166
Variation margin.......................................................................... 220,625
Compensated forward foreign currency contracts............................................ 123,303
Shares of beneficial interest sold........................................................ 16,580
Prepaid expenses and other assets............................................................. 63,181
------------
TOTAL ASSETS............................................................................. 108,735,905
------------
LIABILITIES:
Unrealized depreciation on open forward foreign currency contracts............................ 9,400
Payable for:
Investments purchased..................................................................... 4,296,619
Shares of beneficial interest repurchased................................................. 110,674
Investment management fee................................................................. 70,252
Plan of distribution fee.................................................................. 58,392
Accrued expenses and other payables........................................................... 195,131
------------
TOTAL LIABILITIES........................................................................ 4,740,468
------------
NET ASSETS............................................................................... $103,995,437
============
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................................................... $125,016,011
Net unrealized depreciation................................................................... (6,248,422)
Dividends in excess of net investment income.................................................. (186,241)
Accumulated net realized loss................................................................. (14,585,911)
------------
NET ASSETS............................................................................... $103,995,437
============
CLASS A SHARES:
Net Assets.................................................................................... $36,252,771
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 4,541,850
NET ASSET VALUE PER SHARE................................................................
$7.98
============
MAXIMUM OFFERING PRICE PER SHARE,
(NET ASSET VALUE PLUS 4.44% OF NET ASSET
VALUE)................................................................................
$8.33
============
CLASS B SHARES:
Net Assets.................................................................................... $65,415,065
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 8,177,272
NET ASSET VALUE PER SHARE................................................................
$8.00
============
CLASS C SHARES:
Net Assets.................................................................................... $804,685
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 100,710
NET ASSET VALUE PER SHARE................................................................
$7.99
============
CLASS D SHARES:
Net Assets.................................................................................... $1,522,916
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 190,187
NET ASSET VALUE PER SHARE................................................................
$8.01
============
</TABLE>

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 1999

<TABLE>
<S> <C>
NET INVESTMENT INCOME
INTEREST INCOME (net of $14,542 foreign withholding tax)...................................... $ 7,790,762
------------

EXPENSES
Investment management fee..................................................................... 766,491
Plan of distribution fee (Class A shares)..................................................... 60,934
Plan of distribution fee (Class B shares)..................................................... 634,648
Plan of distribution fee (Class C shares)..................................................... 5,706
Transfer agent fees and expenses.............................................................. 157,635
Professional fees............................................................................. 108,553
Shareholder reports and notices............................................................... 73,595
Registration fees............................................................................. 69,750
Custodian fees................................................................................ 56,749
Trustees' fees and expenses................................................................... 30,828
Other......................................................................................... 1,261
------------

TOTAL EXPENSES........................................................................... 1,966,150
------------

NET INVESTMENT INCOME.................................................................... 5,824,612
------------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments............................................................................... (4,578,392)
Futures contracts......................................................................... (2,093,207)
Foreign exchange transactions............................................................. (1,613,775)
------------

NET LOSS................................................................................. (8,285,374)
------------
Net change in unrealized appreciation/ depreciation on:
Investments............................................................................... (5,020,886)
Futures contracts......................................................................... 266,393
Translation of forward foreign currency contracts, other assets and liabilities
denominated in foreign currencies....................................................... 875,661
------------

NET DEPRECIATION......................................................................... (3,878,832)
------------

NET LOSS................................................................................. (12,164,206)
------------

NET DECREASE.................................................................................. $ (6,339,594)
============
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 1999 OCTOBER 31, 1998
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income................................................... $ 5,824,612 $ 5,289,603
Net realized gain (loss)................................................ (8,285,374) 1,915,563
Net change in unrealized depreciation................................... (3,878,832) (179,923)
------------ ------------

NET INCREASE (DECREASE)............................................ (6,339,594) 7,025,243
------------ ------------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A shares...................................................... (583,059) (103,498)
Class B shares...................................................... (1,711,510) (6,294,099)
Class C shares...................................................... (14,322) (10,651)
Class D shares...................................................... (49,551) (33,682)
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.................................. (6,969,678) (6,441,930)
------------ ------------
Net increase (decrease) from transactions in shares of beneficial
interest.............................................................. 33,226,526 (11,893,088)
------------ ------------

NET INCREASE (DECREASE)............................................ 19,917,254 (11,309,775)

NET ASSETS:
Beginning of period..................................................... 84,078,183 95,387,958
------------ ------------

END OF PERIOD
(INCLUDING DIVIDENDS IN EXCESS OF NET INVESTMENT INCOME OF $186,241
AND UNDISTRIBUTED NET INVESTMENT INCOME OF $982,035,
RESPECTIVELY)....................................................... $103,995,437 $ 84,078,183
============ ============
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999

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

11
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999, CONTINUED

incorporating security quality, maturity and coupon as the evaluation model
parameters, and/or research and evaluations by 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

12
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999, CONTINUED

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 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

13
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999, CONTINUED

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.

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 and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.

3. PLAN OF DISTRIBUTION

Shares of the Fund are distributed by 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 daily aggregate 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 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
(1) 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, Morgan Stanley Dean Witter Financial Advisors and others who engage
in or support distribution of the shares or who service shareholder accounts,
including overhead and telephone expenses; (2) printing and distribution of
prospectuses and reports used in connection with the offering of these shares to
other than current shareholders; and (3) 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 Dean Witter Reynolds Inc. ("DWR"), an affiliate of the Investment
Manager and Distributor, 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.

14
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999, CONTINUED

In the case of Class B shares, provided that the Plan continues in effect, any
cumulative expenses incurred by the Distributor but not yet recovered may be
recovered through the payment of future distribution fees from the Fund pursuant
to the Plan and contingent deferred sales charges paid by investors upon
redemption of Class B shares. Although there is no legal obligation for the Fund
to pay expenses incurred in excess of payments made to the Distributor under the
Plan and the proceeds of contingent deferred sales charges paid by investors
upon redemption of shares, if for any reason the Plan is terminated, the
Trustees will consider at that time the manner in which to treat such expenses.
The Distributor has advised the Fund that such excess amounts, including
carrying charges, totaled $8,536,138 at October 31, 1999.

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 year ended October 31, 1999, the distribution fee was
accrued for Class A shares and Class C shares at the annual rate of 0.24% and
0.85%, respectively.

The Distributor has informed the Fund that for the year ended October 31, 1999,
it received contingent deferred sales charges from certain redemptions of the
Fund's Class B shares and Class C shares of $47,245 and $570, respectively and
received $8,331 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 October 31, 1999 aggregated
$123,767,364 and $150,550,787, respectively. Included in the aforementioned are
purchases and sales of U.S. Government securities of $4,978,763 and $41,353,311,
respectively.

Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At October 31, 1999, the Fund had
transfer agent fees and expenses payable of approximately $500.

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

15
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999, CONTINUED

the last five years of service. Aggregate pension costs for the year ended
October 31, 1999 included in Trustees' fees and expenses in the Statement of
Operations amounted to $18,565. At October 31, 1999, the Fund had an accrued
pension liability of $79,531 which is included in accrued expenses in the
Statement of Assets and Liabilities.

5. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR
FOR THE YEAR ENDED
ENDED OCTOBER 31,
OCTOBER 31, 1999 1998
---------------------------------- --------------
SHARES AMOUNT SHARES
-------------- ------------------ --------------
<S> <C> <C> <C>
CLASS A SHARES
Sold............................................................. 1,815,359 $ 14,907,629 362,853
Reinvestment of dividends........................................ 126,396 1,038,579 5,632
Acquisition of Morgan Stanley Dean Witter Global Short-Term
Income Fund..................................................... 4,683,780 40,215,931 --
Redeemed......................................................... (2,218,440) (18,155,151) (309,381)
-------------- ------------------ --------------
Net increase - Class A........................................... 4,407,095 38,006,988 59,104
-------------- ------------------ --------------
CLASS B SHARES
Sold............................................................. 8,073,133 69,770,271 3,566,324
Reinvestment of dividends........................................ 356,189 3,038,854 429,255
Redeemed......................................................... (9,201,928) (79,010,074) (5,520,553)
-------------- ------------------ --------------
Net decrease - Class B........................................... (772,606) (6,200,949) (1,524,974)
-------------- ------------------ --------------
CLASS C SHARES
Sold............................................................. 98,810 856,107 12,490
Reinvestment of dividends........................................ 4,130 34,529 1,027
Redeemed......................................................... (27,927) (229,069) (122)
-------------- ------------------ --------------
Net increase - Class C........................................... 75,013 661,567 13,395
-------------- ------------------ --------------
CLASS D SHARES
Sold............................................................. 2,794,192 22,574,638 109,596
Reinvestment of dividends........................................ 13,041 106,851 1,844
Redeemed......................................................... (2,727,393) (21,922,569) (5,403)
-------------- ------------------ --------------
Net increase - Class D........................................... 79,840 758,920 106,037
-------------- ------------------ --------------
Net increase (decrease) in Fund.................................. 3,789,342 $ 33,226,526 (1,346,438)
============== ================== ==============

AMOUNT
------------------
<S> <C>
CLASS A SHARES
Sold............................................................. $ 3,265,836
Reinvestment of dividends........................................ 49,638
Acquisition of Morgan Stanley Dean Witter Global Short-Term
Income Fund..................................................... --
Redeemed......................................................... (2,779,713)
------------------
Net increase - Class A........................................... 535,761
------------------
CLASS B SHARES
Sold............................................................. 31,772,971
Reinvestment of dividends........................................ 3,787,888
Redeemed......................................................... (49,041,324)
------------------
Net decrease - Class B........................................... (13,480,465)
------------------
CLASS C SHARES
Sold............................................................. 110,678
Reinvestment of dividends........................................ 9,061
Redeemed......................................................... (1,111)
------------------
Net increase - Class C........................................... 118,628
------------------
CLASS D SHARES
Sold............................................................. 964,530
Reinvestment of dividends........................................ 16,303
Redeemed......................................................... (47,845)
------------------
Net increase - Class D........................................... 932,988
------------------
Net increase (decrease) in Fund.................................. $ (11,893,088)
==================
</TABLE>

6. 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>

16
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999, CONTINUED

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 and
permanent book/tax differences primarily attributable to foreign currency
losses. To reflect reclassifications arising from the permanent differences,
dividends in excess of net investment income was charged $4,895,906,
paid-in-capital was credited $3,025 and accumulated net realized loss was
credited $4,892,881.

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 October 31, 1999, there were outstanding forward contracts used to facilitate
settlement of foreign currency denominated portfolio transactions and to manage
foreign currency exposure.

17
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1999, CONTINUED

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.

18
<PAGE>
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 YEAR FOR THE YEAR JULY 28, 1997*
ENDED ENDED THROUGH
OCTOBER 31, 1999 OCTOBER 31, 1998 OCTOBER 31, 1997
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES ++
SELECTED PER SHARE DATA:
Net asset value, beginning of period.................................. $ 9.11 $ 9.02 $ 8.97
------- ------- -------
Income (loss) from investment operations:
Net investment income.............................................. 0.52 0.59 0.15
Net realized and unrealized gain (loss)............................ (1.02) 0.20 0.05
------- ------- -------
Total income (loss) from investment operations........................ (0.50) 0.79 0.20
------- ------- -------
Less dividends and distributions from:
Net investment income.............................................. (0.21) (0.70) (0.15)
Paid-in-capital.................................................... (0.42) -- --
------- ------- -------
Total dividends and distributions..................................... (0.63) (0.70) (0.15)
------- ------- -------
Net asset value, end of period........................................ $ 7.98 $ 9.11 $ 9.02
======= ======= =======
TOTAL RETURN+......................................................... (5.56)% 9.16% 2.27%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.48%(3) 1.45%(3) 1.46%(2)
Net investment income................................................. 6.14%(3) 6.63%(3) 6.69%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $36,253 $1,227 $682
Portfolio turnover rate............................................... 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
19
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL HIGHLIGHTS, CONTINUED

<TABLE>
<CAPTION>
FOR THE YEAR ENDED OCTOBER 31
-------------------------------------------------------
1999++ 1998++ 1997*++ 1996 1995
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS B SHARES
SELECTED PER SHARE DATA:
Net asset value, beginning of period........................ $ 9.12 $ 9.03 $ 9.33 $ 9.08 $ 8.55
------- ------- ------- ------- -------
Income (loss) from investment operations:
Net investment income.................................... 0.47 0.53 0.55 0.60 0.55
Net realized and unrealized gain (loss).................. (1.02) 0.20 0.07 0.48 0.48
------- ------- ------- ------- -------
Total income (loss) from investment operations.............. (0.55) 0.73 0.62 1.08 1.03
------- ------- ------- ------- -------
Less dividends and distributions from:
Net investment income.................................... (0.19) (0.64) (0.92) (0.83) (0.50)
Paid-in-capital.......................................... (0.38) -- -- -- --
------- ------- ------- ------- -------
Total dividends and distributions........................... (0.57) (0.64) (0.92) (0.83) (0.50)
------- ------- ------- ------- -------
Net asset value, end of period.............................. $ 8.00 $ 9.12 $ 9.03 $ 9.33 $ 9.08
======= ======= ======= ======= =======
TOTAL RETURN+............................................... (6.20)% 8.61% 7.05% 12.60% 12.45%
RATIOS TO AVERAGE NET ASSETS:
Expenses.................................................... 2.09%(1) 2.07%(1) 2.02% 1.96% 1.93%
Net investment income....................................... 5.53%(1) 6.01%(1) 6.07% 6.39% 6.21%
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands..................... $65,415 $81,611 $94,556 $114,022 $138,165
Portfolio turnover rate..................................... 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) Reflects overall Fund ratios for investment income and non-class specific
expenses.

SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL HIGHLIGHTS, CONTINUED

<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE YEAR FOR THE YEAR JULY 28, 1997*
ENDED ENDED THROUGH
OCTOBER 31, 1999 OCTOBER 31, 1998 OCTOBER 31, 1997
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS C SHARES ++
SELECTED PER SHARE DATA:
Net asset value, beginning of period.................................. $ 9.11 $ 9.02 $ 8.97
------- ------- -------
Income (loss) from investment operations:
Net investment income.............................................. 0.47 0.53 0.14
Net realized and unrealized gain (loss)............................ (1.02) 0.20 0.05
------- ------- -------
Total income (loss) from investment operations........................ (0.55) 0.73 0.19
------- ------- -------
Less dividends and distributions from:
Net investment income.............................................. (0.19) (0.64) (0.14)
Paid-in-capital.................................................... (0.38) -- --
------- ------- -------
Total dividends and distributions..................................... (0.57) (0.64) (0.14)
------- ------- -------
Net asset value, end of period........................................ $ 7.99 $ 9.11 $ 9.02
======= ======= =======
TOTAL RETURN+......................................................... (6.19)% 8.62% 2.12%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.09%(3) 2.07%(3) 2.00%(2)
Net investment income................................................. 5.53%(3) 6.01%(3) 5.89%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 805 $ 234 $ 111
Portfolio turnover rate............................................... 144% 309% 345%
</TABLE>

- ---------------------

SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME TRUST
FINANCIAL HIGHLIGHTS, CONTINUED

<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE YEAR FOR THE YEAR JULY 28, 1997*
ENDED ENDED THROUGH
OCTOBER 31, 1999 OCTOBER 31, 1998 OCTOBER 31, 1997
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS D SHARES ++
SELECTED PER SHARE DATA:
Net asset value, beginning of period.................................. $ 9.12 $ 9.03 $ 8.97
------- ------- -------
Income (loss) from investment operations:
Net investment income.............................................. 0.53 0.72 0.16
Net realized and unrealized gain (loss)............................ (0.99) 0.09 0.05
------- ------- -------
Total income (loss) from investment operations........................ (0.46) 0.81 0.21
------- ------- -------
Less dividends and distributions from:
Net investment income.............................................. (0.22) (0.72) (0.15)
Paid-in-capital.................................................... (0.43) -- --
------- ------- -------
Total dividends and distributions..................................... (0.65) (0.72) (0.15)
------- ------- -------
Net asset value, end of period........................................ $ 8.01 $ 9.12 $ 9.03
======= ======= =======
TOTAL RETURN+......................................................... (5.29)% 9.41% 2.44%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.24%(3) 1.22%(3) 1.16%(2)
Net investment income................................................. 6.38%(3) 6.86%(3) 6.83%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $1,523 $1,006 $39
Portfolio turnover rate............................................... 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
22
<PAGE>

MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME
TRUST
REPORT OF INDEPENDENT ACCOUNTANTS

TO THE SHAREHOLDERS AND TRUSTEES
OF MORGAN STANLEY DEAN WITTER WORLD WIDE INCOME 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 Morgan Stanley Dean Witter World
Wide Income Trust (the "Fund") at October 31, 1999, 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 indicated, 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 October 31, 1999 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.

PricewaterhouseCoopers LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
DECEMBER 13, 1999