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Witter Dean World Wide Investment Trust – ‘N-30D’ for 9/30/94

As of: Tuesday, 11/22/94 · For: 9/30/94 · Accession #: 912057-94-4005 · File #: 811-03800

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/22/94  Witter Dean World Wide Inv Trust  N-30D       9/30/94    1:91K                                    Merrill Corp/FA

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to                52±   197K 
                          Shareholders

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Banking Conglomerates Cosmetics Financial Services Food, Beverage, Tobacco & Household Products Forest Products, Paper & Packaging Investment Manager Leisure Miscellaneous Oil & Related Retail Stores Textiles Transportation
1	1st Page - Filing Submission
5	Oil & Related
"	Conglomerates
6	Transportation
"	Miscellaneous
7	Banking
"	Forest Products, Paper & Packaging
8	Textiles
"	Leisure
11	Financial Services
"	Food, Beverage, Tobacco & Household Products
13	Retail Stores
14	Cosmetics
24	Investment Manager

N-30D 1st “Page” of 24 TOC ↑Top Previous Next ↓Bottom Just 1st
 
DEAN WITTER WORLD WIDE INVESTMENT TRUST 
Two World Trade Center
New York, New York 10048

DEAR SHAREHOLDER:                                                               
--------------------------------------------------------------------------------

    The six months ended September 30, 1994 have been a period of transition for
the  global financial markets. Early in the period, U.S. interest rates abruptly
reversed course as the  Federal Reserve Board raised  the federal-funds rate  in
response  to stronger-than-expected  economic growth and  inflationary fears. In
Europe, as well  as in  Japan, interest rates  have stopped  declining as  their
economies  emerged from recession. As a result of higher interest rates, many of
the world's equity markets declined during the reporting period.                

    Against this backdrop, Dean  Witter World Wide  Investment Trust produced  a
total  return of 3.6 percent for the  six-month period ended September 30, 1994,
compared to 5.3 percent and 4.3 percent for the Standard & Poor's 500  Composite
Stock  Price Index  and the  Morgan Stanley  Capital International  World Index,
respectively.                                                                   

WORLDWIDE ECONOMIC RECOVERY                                                     

    In recent months, global economic activity has become more brisk as  ongoing
expansions  in  the U.S.,  U.K.,  Australia and  Canada  have proven  strong and
durable, while Continental Europe and Japan have clearly emerged from  recession
and  are expected to post positive growth  patterns this year and next. Recovery
in Europe has been stronger and sooner  than expected, while in Japan, a  modest
but  broad recovery  has been  accompanied by  various structural  and political
reforms. The dynamic economies  of Southeast Asia continue  to expand at  annual
rates  of 4 percent to 9 percent and those of Latin America at annual rates of 3
percent to 6 percent. The beginnings of a synchronized global economic expansion
are apparent in recently-reported statistics. Economic momentum has been a major
factor shaping  global monetary  policy this  year. Finance  officials from  the
leading  industrial economies  have acted together  to pursue  firm, rather than
accommodative policies,  with  the  aim  of prolonging  a  steady  and  balanced
expansion  while controlling  inflation. The  preemptive, rather  than reactive,
approach to controlling inflation in the U.S. and its impact globally have  been
major  hurdles  for  the  equity  markets this  year.  If  this  approach proves
successful, the investment climate for 1995 could be very favorable.            

    These factors are  important to the  performance of Dean  Witter World  Wide
Investment  Trust,  which  in recent  years  has  placed a  greater  emphasis on
emerging,  developing  and  peripheral  markets,  which  currently  account  for
approximately  50 percent of  portfolio assets. The balance  of the portfolio is
comprised of growth-oriented companies in the more mature markets of the  larger
industrial economies.                                                           

PORTFOLIO COMPOSITION                                                           

    At  the end  of the  reporting period, the  Fund's assets  were spread among
approximately 30 markets. The Americas represent approximately 30 percent of the
Fund's assets, with investments  in Canada, the  U.S., Mexico, Chile,  Argentina
and  Brazil. In the  U.S., holdings include: Aluminum  Company of America (basic
industry), Columbia  HCA  Healthcare  Corp. (health  care)  and  Oracle  Systems
Corporation  (technology). In  Canada, Renaissance  Energy and  American Barrick
typify the natural  resources sector, while  in Mexico, Cementos  de Mexico  and
Grupo Casa Autrey represent infrastructure and health care.                     

    Europe  accounts for 30 percent of  the portfolio, with assets split between
peripheral markets and  the more  mature major economies.  The beneficiaries  of
previous currency devaluations continue to                                      

N-30D 2nd “Page” of 24 TOC 1st Previous Next ↓Bottom Just 2nd
expand  vigorously  and the  countries of  the  European core  (France, Germany,
Netherlands, Switzerland and others) all  reported broad and strong  recoveries.
Among  the Fund's European holdings are  LVMH (France, luxury products), Reuters
(U.K., information  technology), Nokia  (Finland, telecommunications  equipment)
and Wolters Kluwer (Netherlands, publishing).                                   

    As  of the  end of  the reporting  period, approximately  40 percent  of the
Fund's assets  are allocated  to Asia,  with about  half the  Asia portfolio  in
Japan.  The Japanese economy  appears to have bottomed  with important help from
government spending and the construction sector. Now, with a massive tax cut and
continuing deregulation, consumers have begun to spend. Moderate growth  appears
on  track  for  next  year.  Among  the  Fund's  Japanese  holdings  are  Mitsui
(international trade), ORIX (financial services) and Shimamura (retail).        

    The smaller regional economies  in Southeast Asia  remain robust, fueled  by
low   cost   manufacturing,   capital  investment,   internal   development  and
intra-regional trade.  The  Fund has  positions  in CITIC  Pacific  (Hong  Kong,
transportation),  Sembawang  (Singapore,  shipbuilding) and  Kim  Hin (Malaysia,
telecommunications).                                                            

LOOKING AHEAD                                                                   

    Although market returns during  the reporting period  have been mixed,  this
has  been a period of transition and adjustment to rising interest rates. Fiscal
and monetary policies of the major nations  are likely to remain in place for  a
prolonged  economic expansion during  1995 and possibly  beyond. As broad growth
patterns emerge, prospects for global investment seem very attractive.          

    We appreciate your continued  support of Dean  Witter World Wide  Investment
Trust and look forward to continuing to serve your investment objectives.       

                     Very truly yours,

                          Charles A. Fiumefreddo
                           CHAIRMAN OF THE BOARD

N-30D 3rd “Page” of 24 TOC 1st Previous Next ↓Bottom Just 3rd
DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED)                         
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS  
                   AND BONDS (88.7%)                            
                 ARGENTINA (0.3%)                               
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
         55,000  Buenos Aires Embotelladora,                    
                   S.A. (ADR)..................  $     2,055,625
                                                 ---------------
                 AUSTRALIA (1.2%)                               
                 APPLIANCES & HOUSEHOLD DURABLES                
        250,000  Email, Ltd....................          758,193
                                                 ---------------
                 BANKING                                        
        150,000  Australia & New Zealand                        
                   Banking Group, Ltd..........          433,834
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
        250,000  Clyde Industries, Ltd.........          386,493
                                                 ---------------
                 INSURANCE                                      
        350,000  FAI Life, Ltd.................          253,717
        131,500  QBE Insurance Group, Ltd......          559,306
                                                 ---------------
                                                         813,023
                                                 ---------------
                 MANUFACTURING                                  
         80,000  Simsmetal, Ltd................          414,232
                                                 ---------------
                 METALS & MINING                                
        125,000  Aberfoyle, Ltd................          360,605
        150,000  Ashton Mining, Ltd............          352,837
         67,000  Broken  Hill  Proprietary Co.,                 
                   Ltd.........................          973,356
        250,000  M.I.M. Holdings, Ltd..........          504,845
        120,000  Newcrest Mining, Ltd..........          603,595
         85,000  Western Mining Corp. Holdings,                 
                   Ltd.........................          494,822
                                                 ---------------
                                                       3,290,060
                                                 ---------------
                 OIL & RELATED                                  
        211,400  Ampolex, Ltd..................          616,108
                                                 ---------------
                 RETAIL STORES                                  
        300,000  Woolworths, Ltd...............          625,786
                                                 ---------------
                 TOTAL AUSTRALIA...............        7,337,729
                                                 ---------------

                 AUSTRIA (0.1%)                                 
                 BUSINESS SERVICES                              
        200,000  Fotex.........................          753,735
                                                 ---------------

                 BELGIUM (0.1%)                                 
                 MISCELLANEOUS                                  
         18,000  Terca Brick Industries........          859,972
                                                 ---------------
                 BRAZIL (1.8%)                                  
                 ELECTRIC UTILITIES                             
         19,000  CEMIG.........................          517,750
                                                 ---------------
                 INVESTMENT COMPANIES                           
      1,000,000  Brazil Investment Trust.......        1,530,000
        200,000  Brazil Investment Trust                        
                   (Warrants due 9/30/07)*.....          228,000


    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
      2,000,000  South America Fund............  $     8,012,600
        400,000  South America Fund (Warrants                   
                   due 8/19/96)*...............          888,000
                                                 ---------------
                                                      10,658,600
                                                 ---------------
                 TOTAL BRAZIL..................       11,176,350
                                                 ---------------

                 CANADA (1.5%)                                  
                 BANKING                                        
         40,000  Bank of Montreal..............          707,951
         30,000  Bank of Nova Scotia...........          586,855
                                                 ---------------
                                                       1,294,806
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
         60,000  Ainsworth Lumber..............          614,800
                                                 ---------------
                 CHEMICALS                                      
         30,000  Methanex, Inc.................          532,500
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
         30,000  Alliance Forest Products......          477,867
         30,000  Pacific Forest Products.......          279,455
                                                 ---------------
                                                         757,322
                                                 ---------------
                 METALS & MINING                                
         20,000  Noranda, Inc..................          404,276
                                                 ---------------
                 NATURAL GAS                                    
         40,000  Canadian Natural Resources....          547,731
         80,000  Renaissance Energy, Ltd.*.....        1,721,440
                                                 ---------------
                                                       2,269,171
                                                 ---------------
                 OIL & RELATED                                  
         25,000  Home Oil Co...................          343,750
         50,000  Northrock Resources, Ltd......          405,205
         30,000  Nowsco Well Service, Ltd......          447,127
         50,000  Suncor, Inc...................        1,238,915
                                                 ---------------
                                                       2,434,997
                                                 ---------------
                 TELECOMMUNICATIONS                             
         30,000  BCE Mobile Communications,                     
                   Inc.*.......................          863,514
                                                 ---------------
                 TOTAL CANADA..................        9,171,386
                                                 ---------------

                 CHILE (1.2%)                                   
                 BANKING                                        
         20,000  Banco O' Higgins (ADR)........          410,000
                                                 ---------------
                 CHEMICALS                                      
         17,000  Sociedad Quimica Mineral de                    
                   Chile (ADR).................          567,375
                                                 ---------------
                 ELECTRIC UTILITIES                             
         35,000  Chilgener, S.A. (ADR).........          949,375
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
         55,000  Embotelladora Andina, S.A.                     
                   (ADR).......................        1,347,500
                                                 ---------------
                 PHARMACEUTICALS                                
         35,000  Laboratorio Chile S.A. (ADR)..          717,500
                                                 ---------------
                 TELECOMMUNICATIONS                             
         40,000  Compania de Telefonos de Chile                 
                   (ADR).......................        3,510,000
                                                 ---------------
                 TOTAL CHILE...................        7,501,750
                                                 ---------------

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                

                 CHINA (0.3%)                                   
                 INVESTMENT COMPANIES                           
        200,000  China Fund....................  $     2,000,000
                                                 ---------------

                 COLOMBIA (0.2%)                                
                 MISCELLANEOUS                                  
         30,000  Cementos Diamante, S.A.                        
                   (ADR).......................          727,500
         10,000  Cementos Paz Del Rio (ADR)....          252,500
                                                 ---------------
                 TOTAL COLOMBIA................          980,000
                                                 ---------------
                 DENMARK (0.7%)                                 
                 BANKING                                        
         20,000  Den Danske Bank...............        1,074,436
                                                 ---------------
                 FINANCIAL SERVICES                             
         30,000  Unidanmark....................        1,156,831
                                                 ---------------
                 MULTI - INDUSTRY                               
         10,000  Sophus Berendsen..............          853,616
                                                 ---------------
                 TELECOMMUNICATIONS                             
         25,000  Tele Danmark (B Shares)*......        1,363,645
                                                 ---------------
                 TOTAL DENMARK.................        4,448,528
                                                 ---------------
                 FINLAND (3.8%)                                 
                 ELECTRONICS                                    
         33,000  Nokia Oy (Preferred)..........        3,849,092
                                                 ---------------
                 FINANCIAL SERVICES                             
        375,000  Kansallis-Osake...............          774,154
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
         39,000  Cultor Oy (Series "2" Free)...        1,111,065
         26,000  Huhtamaki   Oy   (Series   "1"                 
                   Free).......................          772,915
                                                 ---------------
                                                       1,883,980
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
        208,000  Enso-Gutzeit..................        1,949,462
         51,000  Kymmene Oy Corp...............        1,400,289
         47,000  Metsa Serla Oy (Series "B"                     
                   Free).......................        2,270,438
         67,000  Repola Oy.....................        1,410,818
                                                 ---------------
                                                       7,031,007
                                                 ---------------
                 MANUFACTURING                                  
        200,000  Rautaruukki Oy................        2,163,502
                                                 ---------------
                 METALS & MINING                                
        100,000  Outokumpu Oy..................        2,033,443
                                                 ---------------
                 MISCELLANEOUS                                  
          3,900  Benefon Oy Vappa..............        1,352,601
                                                 ---------------
                 MULTI - INDUSTRY                               
         39,000  American Group................          853,427
         98,000  Valmet (A Shares).............        1,851,156
                                                 ---------------
                                                       2,704,583
                                                 ---------------
                 RETAIL STORES                                  
        100,000  Kesko.........................        1,170,520
                                                 ---------------
                 TOTAL FINLAND.................       22,962,882
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                

                 FRANCE (2.7%)                                  
                 AUTOMOTIVE                                     
         22,600  Michelin (B Shares)...........  $       923,995
     FRF   303M  Michelin France 2.5% due                       
                   1/01/01 (Conv.).............          142,111
     FRF   350M  Peugeot 2.0% due 1/1/01                        
                   (Conv.).....................          619,710
         20,250  Valeo.........................        1,071,420
                                                 ---------------
                                                       2,757,236
                                                 ---------------
                 BANKING                                        
          9,332  Paribas.......................          572,570
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
          5,400  CIE Saint Gobain..............          646,278
          9,350  Lafarge Copper................          737,277
          8,500  Lafarge Copper (Warrants due                   
                   6/30/96)*...................           72,434
                                                 ---------------
                                                       1,455,989
                                                 ---------------
                 CHEMICALS                                      
         15,100  Rhone-Poulenc (A Shares)......          348,283
                                                 ---------------
                 ELECTRIC UTILITIES                             
          6,856  Eaux (Cie Generale Des).......          606,312
                                                 ---------------
                 ELECTRICAL EQUIPMENT                           
         10,000  Alcatel Alsthom...............          926,582
                                                 ---------------
                 FINANCIAL SERVICES                             
          6,250  Compagnie Bancaire, S.A.......          590,594
         22,172  Credit Commercial de France...          898,519
          8,272  Credit Commercial de France                    
                   (Warrants due 6/30/96)*.....           24,280
          4,850  Docks de France, S.A..........          677,808
                                                 ---------------
                                                       2,191,201
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
          3,000  Eridania Beghin...............          436,306
          4,675  LVMH Moet Hennessey...........          771,981
                                                 ---------------
                                                       1,208,287
                                                 ---------------
                 INSURANCE                                      
         14,000  AXA Midi Assurances...........          629,651
         11,000  Societe Centrale des                           
                   Assurances Generales de                      
                   France......................          466,605
                                                 ---------------
                                                       1,096,256
                                                 ---------------
                 MACHINERY                                      
          5,150  Sidel.........................          985,002
                                                 ---------------
                 MANUFACTURING                                  
         15,000  Carnaudmetalbox...............          482,606
         19,600  Pechiney International S.A....          541,898
         15,000  Vallourec.....................          877,725
                                                 ---------------
                                                       1,902,229
                                                 ---------------
                 MISCELLANEOUS                                  
          1,400  De Dietrich et Compagnie......          687,977
                                                 ---------------
                 MULTI - INDUSTRY                               
          7,200  Burelle.......................          494,934
                                                 ---------------

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 OIL & RELATED                                  
          8,300  Societe National                               
                   Elf-Aquitaine...............  $       597,269
                                                 ---------------
                 PHARMACEUTICALS                                
          4,400  Roussel-Uclaf.................          512,432
                                                 ---------------
                 TOTAL FRANCE..................       16,342,559
                                                 ---------------
                 GERMANY (2.3%)                                 
                 AUTOMOTIVE                                     
          1,636  BMW*..........................          797,378
          1,045  Daimler Benz AG...............          499,870
          7,050  Kolbenschmidt AG..............          833,969
          2,700  M.A.N. AG.....................          687,654
          2,700  Volkswagen AG.................          743,504
                                                 ---------------
                                                       3,562,375
                                                 ---------------
                 BUSINESS SERVICES                              
          3,000  Rosenthal AG..................          481,900
                                                 ---------------
                 CHEMICALS                                      
          2,900  Basf AG.......................          571,752
          4,400  Bayer AG......................          994,053
                                                 ---------------
                                                       1,565,805
                                                 ---------------
                 HEALTH & PERSONAL CARE                         
            750  Rhoen-Klinikum AG-Vorzugsakt                   
                   (Preferred).................          470,265
                                                 ---------------
                 INSURANCE                                      
            870  Allianz Holding AG............        1,265,352
                                                 ---------------
                 MACHINERY                                      
          1,750  Babcock-BSH AG................          289,593
          3,300  Mannesmann AG.................          830,866
                                                 ---------------
                                                       1,120,459
                                                 ---------------
                 MACHINERY - DIVERSIFIED                        
         14,200  Kloeckner Humboldt-Deut.......        1,113,420
                                                 ---------------
                 MANUFACTURING                                  
          1,300  Buderus Dem...................          556,303
          9,400  Deutsche Babcock..............        1,397,543
                                                 ---------------
                                                       1,953,846
                                                 ---------------
                 METALS & MINING                                
         13,100  Kloeckner-Werke AG............        1,160,116
                                                 ---------------
                 TEXTILES                                       
          1,600  DLW AG........................          420,944
                                                 ---------------
                 TRANSPORTATION                                 
          7,500  Lufthansa.....................          877,505
          7,500  Lufthansa (Rights)*...........           25,452
                                                 ---------------
                                                         902,957
                                                 ---------------
                 TOTAL GERMANY.................       14,017,439
                                                 ---------------

                 HONG KONG (5.3%)                               
                 BANKING                                        
        511,000  Guoco Group...................        2,519,620
        150,000  HSBC Holdings.................        1,674,323
                                                 ---------------
                                                       4,193,943
                                                 ---------------
                 COMPUTER SERVICES                              
      3,000,000  Hanny    Magnetics   Holdings,                 
                   Ltd.........................          397,955
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 CONGLOMERATES                                  
      1,000,000  Citic Pacific, Ltd............  $     3,093,050
US$        625M  Guangdong Investment, Ltd.                     
                   4.5% due 10/7/98 - 144A**                    
                   (Conv.).....................          809,375
      1,000,000  Guangdong Investments.........          666,494
                                                 ---------------
                                                       4,568,919
                                                 ---------------
                 ELECTRICAL EQUIPMENT                           
         66,000  Albatronics (Far East) Co.....           18,193
                                                 ---------------
                 ELECTRIC UTILITIES                             
        530,000  China Light & Power...........        2,695,613
        900,000  Hong Kong Electric Holdings...        2,952,634
         75,000  Shandong Huaneng Power                         
                   (ADR).......................          956,250
                                                 ---------------
                                                       6,604,497
                                                 ---------------
                 ELECTRONICS                                    
        496,000  Alco Holdings (Warrants due                    
                   11/30/95)*..................           68,043
      3,408,000  Alco Holdings, Ltd............        1,014,417
      2,350,000  Benelux International, Inc....          304,128
      2,300,000  Kosonic International                          
                   Holdings....................          202,407
      4,386,000  Truly International...........          749,258
        487,600  Truly International Holdings                   
                   (Warrants due 8/31/96)*.....           10,223
                                                 ---------------
                                                       2,348,476
                                                 ---------------
                 FINANCIAL SERVICES                             
US$      1,000M  Henderson Capital, Ltd. 4.0%                   
                   due 10/27/96 - 144A**                        
                   (Conv.).....................          977,500
                                                 ---------------
                 INTERNATIONAL TRADE                            
        250,000  Linkful International.........           23,942
        330,000  Linkful International                          
                   (Warrants due 3/31/96)*.....           12,727
                                                 ---------------
                                                          36,669
                                                 ---------------
                 INVESTMENT COMPANIES                           
        380,000  Cathay Clemente Holdings,                      
                   Ltd.*.......................          504,077
         96,000  Cathay Clemente, Ltd.                          
                   (Warrants due 9/30/95)*.....           20,872
                                                 ---------------
                                                         524,949
                                                 ---------------
                 MANUFACTURING                                  
        208,000  Lung Kee (Bermuda) Holdings*..           39,570
      5,350,000  Techtronic Industries Co......          844,700
                                                 ---------------
                                                         884,270
                                                 ---------------
                 REAL ESTATE                                    
        850,000  Hong   Kong   Land   Holdings,                 
                   Ltd.........................        2,101,074
        450,000  Sun   Hung   Kai   Properties,                 
                   Ltd.........................        3,348,648
                                                 ---------------
                                                       5,449,722
                                                 ---------------
                 RETAIL STORES                                  
      1,000,000  Dairy   Farm    International,                 
                   Ltd.........................        1,371,813
                                                 ---------------
                 TELECOMMUNICATIONS                             
      1,500,000  Hong Kong Telecommunications,                  
                   Ltd.........................        2,999,224
                                                 ---------------

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 TRANSPORTATION                                 
      1,400,000  Cathay Pacific Airlines.......  $     2,219,490
                                                 ---------------
                 TOTAL HONG KONG...............       32,595,620
                                                 ---------------
                 INDIA (0.7%)                                   
                 INVESTMENT COMPANIES                           
         50,000  India Magnum Fund (A                           
                   Shares)*....................        3,090,000
                                                 ---------------
                 METALS & MINING                                
         40,000  Hindalco (GDS)................        1,335,200
                                                 ---------------
                 TOTAL INDIA...................        4,425,200
                                                 ---------------

                 INDONESIA (1.7%)                               
                 AUTOMOTIVE                                     
        380,000  Andayani Megah................          781,552
        350,000  PT Gadjah Tunggal.............          599,205
                                                 ---------------
                                                       1,380,757
                                                 ---------------
                 BANKING                                        
        200,000  PT Bank Bali..................          546,925
        240,000  PT Bank International                          
                   Indonesia...................          772,130
                                                 ---------------
                                                       1,319,055
                                                 ---------------
                 COMPUTER SERVICES                              
        500,500  PT Multipolar Corp............          500,316
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
        301,000  Smart Corp.*..................          508,399
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
        360,000  PT Barito Pacific Timber......          525,324
US$        500M  PT Tjiwi Kimia 0% due 3/26/97                  
                   (Conv.).....................          650,000
                                                 ---------------
                                                       1,175,324
                                                 ---------------
                 INVESTMENT COMPANIES                           
      2,000,000  Peregrine Indonesia Fund......          660,000
         20,000  Peregrine Indonesia Smaller...        2,040,000
                                                 ---------------
                                                       2,700,000
                                                 ---------------
                 METALS & MINING                                
        500,000  PT Kabelmetal Indonesia.......          792,812
                                                 ---------------
                 REAL ESTATE                                    
        250,000  PT Duta Anggada...............          436,622
        281,000  PT Lippo Land Development.....          645,739
                                                 ---------------
                                                       1,082,361
                                                 ---------------
                 TEXTILES                                       
        800,000  PT Great River Garment                         
                   Industries..................          698,594
                                                 ---------------
                 TOTAL INDONESIA...............       10,157,618
                                                 ---------------
                 IRELAND (0.9%)                                 
                 FINANCIAL SERVICES                             
        300,000  Allied Irish Bank PLC.........        1,124,712
      1,250,000  Anglo Irish Bank Corp. PLC*...        1,073,944
        300,000  Bank of Ireland...............        1,265,301
                                                 ---------------
                                                       3,463,957
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 MISCELLANEOUS                                  
        180,000  CRH...........................  $       995,370
      1,500,000  Ryan Hotels...................          749,808
                                                 ---------------
                                                       1,745,178
                                                 ---------------
                 TOTAL IRELAND.................        5,209,135
                                                 ---------------

                 ITALY (3.0%)                                   
                 APPLIANCES & HOUSEHOLD DURABLES                
        240,000  Merloni Electro Domestici.....          878,980
                                                 ---------------
                 AUTOMOTIVE                                     
        330,666  Fiat SPA......................        1,416,912
         90,666  Fiat SPA (Warrants due                         
                   12/31/94)*..................          164,339
        290,000  Pirelli SPA...................          464,716
                                                 ---------------
                                                       2,045,967
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
        135,000  Unicem........................          968,468
    ITL    500M  Unicem Mediobanca 4.504% due                   
                   1/1/00 (Conv.)..............              283
                                                 ---------------
                                                         968,751
                                                 ---------------
                 CHEMICALS                                      
      1,069,000  Montedison Di Risp SPA........          764,479
                                                 ---------------
                 COMPUTER SERVICES                              
        500,000  Olivetti......................          669,836
                                                 ---------------
                 INSURANCE                                      
         60,000  Fondiaria.....................          439,143
         40,000  Ras Di Risp...................          372,590
                                                 ---------------
                                                         811,733
                                                 ---------------
                 MACHINERY                                      
        200,000  Tecnost SPA...................          434,350
                                                 ---------------
                 MANUFACTURING                                  
         86,000  Safilo........................          480,851
        219,333  Sasib SPA.....................        1,208,174
                                                 ---------------
                                                       1,689,025
                                                 ---------------
                 MISCELLANEOUS                                  
      3,700,000  Instituto Nazi Assicur........        5,527,356
                                                 ---------------
                 PUBLISHING                                     
         40,000  Arnoldo Mondadori Editore.....          390,658
                                                 ---------------
                 TELECOMMUNICATIONS                             
        416,000  STET SPA......................        1,296,634
        564,000  Telecom Italia................        1,600,298
                                                 ---------------
                                                       2,896,932
                                                 ---------------
                 TEXTILES                                       
         80,000  Marzotto(Gaetano) & Figli.....          561,159
         70,000  Vincenzo Zucchi SPA...........          429,531
                                                 ---------------
                                                         990,690
                                                 ---------------
                 TOTAL ITALY...................       18,068,757
                                                 ---------------

                 JAPAN (20.0%)                                  
                 AUTOMOTIVE                                     
        250,000  Mitsubishi Motors Corp........        2,361,605
                                                 ---------------

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PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 BANKING                                        
US$    500,000M  International Bank for                         
                   Reconstruction &                             
                   Development, 7.25% due                       
                   4/27/95.....................  $     5,203,149
         60,000  Shizuoka Bank, Ltd............          834,941
                                                 ---------------
                                                       6,038,090
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
         55,000  Japan Foundation Engineering                   
                   Co., Ltd....................        1,318,436
         21,000  Kawagishi Bridge Works Co.,                    
                   Ltd.........................          255,967
        200,000  Nishimatsu Construction.......        2,295,582
        150,000  Tohoku Telecom Construction...        1,843,575
         64,300  Wesco, Inc....................        2,710,462
         44,000  Yokogawa Construction Co......        1,045,810
                                                 ---------------
                                                       9,469,832
                                                 ---------------
                 CHEMICALS                                      
        120,000  Asahi Organic Chemicals                        
                   Industry Co., Ltd...........        1,060,437
        200,000  Nippon Shokubai Co............        2,051,803
        150,000  Riken Vinyl Industry Co.......        1,538,852
                                                 ---------------
                                                       4,651,092
                                                 ---------------
                 COMPUTER SERVICES                              
         50,000  CSK Corp......................        1,736,922
         90,000  Hitachi    Software   Engineer                 
                   Co..........................        3,291,011
                                                 ---------------
                                                       5,027,933
                                                 ---------------
                 ELECTRICAL EQUIPMENT                           
        100,000  Nichicon Corp.................        1,340,782
        250,000  Nitto Denko Corp..............        4,012,189
                                                 ---------------
                                                       5,352,971
                                                 ---------------
                 ELECTRONICS                                    
         50,000  Ado Electronic Industrial.....        1,701,371
        120,000  Casio Computers Co., Ltd......        1,523,616
         60,000  Fujitsu Business System.......        2,315,896
        150,000  Fujitsu Kiden.................        2,818,690
        200,000  NEC Corp......................        2,417,471
         40,000  Rohm Co., Ltd.................        1,755,206
        100,000  Ryoyo Electronic Corp.........        2,732,351
          6,248  Samsung Electronics (GDS).....          415,492
                                                 ---------------
                                                      15,680,093
                                                 ---------------
                 FINANCIAL SERVICES                             
         40,000  Acom, Ltd.....................        1,702,387
        150,000  Hitachi Credit Corp...........        2,925,343
        100,000  Kokusai Securities Co.........        1,686,135
        120,000  Nomura Securities Co., Ltd....        2,498,730
         75,000  Orix Corp.....................        3,009,142
                                                 ---------------
                                                      11,821,737
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
        100,000  Fuji Oil......................          914,170
         84,000  House Food Industrial.........        1,749,111
         45,000  Skylark Co....................          969,020
                                                 ---------------
                                                       3,632,301
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 FOREST PRODUCTS, PAPER & PACKAGING             
        150,000  New Oji Paper Co., Ltd........  $     1,538,852
        300,000  Rengo Co., Ltd................        2,590,147
                                                 ---------------
                                                       4,128,999
                                                 ---------------
                 HEALTH & PERSONAL CARE                         
         60,000  Japan Medical Supply..........          560,691
                                                 ---------------
                 INSURANCE                                      
        100,000  Dai-Tokyo Fire & Marine                        
                   Insurance Co., Ltd..........          743,525
                                                 ---------------
                 INTERNATIONAL TRADE                            
        300,000  Mitsui & Co...................        2,571,864
                                                 ---------------
                 MACHINERY                                      
        150,000  Daiwa Industries..............        1,797,867
         35,000  Fanuc, Ltd....................        1,646,013
         50,000  Fuji Machine Mfg..............        1,726,765
        300,000  Furukawa Co., Ltd.............        1,877,095
        100,000  Komatsu, Ltd..................          916,201
        350,000  Mitsubishi Heavy Industries,                   
                   Ltd.........................        2,737,430
         80,000  Miura Kogyo...................        1,430,168
                                                 ---------------
                                                      12,131,539
                                                 ---------------
                 MANUFACTURING                                  
        120,000  Dai Nippon Printing Co........        2,181,818
        160,000  Descente......................          999,492
        380,000  Hitachi Cable.................        3,246,115
         75,000  Tenma.........................        2,140,680
        200,000  Tokyo Style...................        3,595,734
         60,000  Yamazaki Baking Co., Ltd......        1,194,515
                                                 ---------------
                                                      13,358,354
                                                 ---------------
                 METALS & MINING                                
         80,000  Toa Steel Co., Ltd............          650,076
        100,000  Tokyo Tekko Co., Ltd..........        1,239,208
                                                 ---------------
                                                       1,889,284
                                                 ---------------
                 MULTI - INDUSTRY                               
          9,000  Kyokuto Boeki Kais............           80,904
                                                 ---------------
                 OIL & RELATED                                  
        350,000  Nippon Oil Co.................        2,445,912
                                                 ---------------
                 PHARMACEUTICALS                                
        160,000  Eisai Co., Ltd................        2,860,335
         66,000  Santen Pharmaceutical Co......        1,662,570
         80,000  Tsumura & Co..................          966,988
                                                 ---------------
                                                       5,489,893
                                                 ---------------
                 PHOTOGRAPHY                                    
         50,000  Fuji Photo Film...............        1,132,555
                                                 ---------------
                 REAL ESTATE                                    
        100,000  Sumitomo Realty &                              
                   Development.................          666,328
                                                 ---------------
                 RETAIL STORES                                  
        120,000  Izumiya.......................        2,194,007
         60,000  Senshukai Co..................        1,974,606
         44,000  Shimamura Co., Ltd............        2,203,352
                                                 ---------------
                                                       6,371,965
                                                 ---------------
                 TELECOMMUNICATIONS                             
         15,000  KDD...........................        1,599,797
                                                 ---------------

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PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 TEXTILES                                       
        200,000  Kuraray Co....................  $     2,356,526
                                                 ---------------
                 TRANSPORTATION                                 
        230,000  Yamato Transport Co., Ltd.....        2,896,902
                                                 ---------------
                 TOTAL JAPAN...................      122,460,692
                                                 ---------------
                 MALAYSIA (3.8%)                                
                 AIR TRANSPORT                                  
         40,000  Malaysian Helicopter Services                  
                   Berhad......................          124,073
                                                 ---------------
                 BANKING                                        
         80,000  Development & Commercial                       
                   Berhad......................          215,373
        250,000  Malayan Banking Berhad........        1,667,967
                                                 ---------------
                                                       1,883,340
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
         85,000  Gamuda Berhad.................          460,983
         70,000  Hume Industries...............          297,698
        111,000  Pilecon Engineering Berhad....          196,621
        120,000  United Engineers Berhad.......          674,210
                                                 ---------------
                                                       1,629,512
                                                 ---------------
                 BUILDING MATERIALS                             
        212,500  Kim Hin Industries............        1,235,369
         42,500  Kim Hin Industry (Warrants due                 
                   7/18/98)*...................           80,921
                                                 ---------------
                                                       1,316,290
                                                 ---------------
                 CONGLOMERATES                                  
        200,000  Berjaya Industrial Berhad.....          216,153
        300,000  Renong Berhad.................          454,155
                                                 ---------------
                                                         670,308
                                                 ---------------
                 CONTRUCTION PLANT & EQUIPMENT                  
         10,000  YTL Corp. Berhad..............           56,964
                                                 ---------------
                 ELECTRIC UTILITIES                             
        100,000  Technology Resource Industries                 
                   Berhad......................          409,676
        180,000  Tenaga Nasional Berhad........          948,108
                                                 ---------------
                                                       1,357,784
                                                 ---------------
                 ELECTRICAL EQUIPMENT                           
        130,000  Leader Universal Holdings                      
                   Berhad......................          745,611
                                                 ---------------
                 ENTERTAINMENT                                  
        210,000  Genting Berhad................        1,912,310
                                                 ---------------
                 FINANCIAL SERVICES                             
         74,999  Hong Leong Credit Berhad......          474,048
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
        484,000  Aokam Perdana Berhad..........        4,248,927
        193,600  Aokam Perdana Berhad (RFD)....        1,525,837
        233,800  Aokam Perdana Berhad (Warrants                 
                   due 4/16/97)*...............        2,006,867
         25,000  CHG Industries Berhad                          
                   (Warrants due 6/15/99)*.....           45,259
        325,000  Idris Hydraulic Berhad........          678,404
                                                 ---------------
                                                       8,505,294
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 LEISURE                                        
        225,000  Berjaya Sports................  $       391,533
                                                 ---------------
                 MANUFACTURING                                  
        134,000  Mah Sing Group Berhad.........          384,276
        150,000  Press Metal Berhad............          359,930
                                                 ---------------
                                                         744,206
                                                 ---------------
                 METALS & MINING                                
        400,000  Lion Land Berhad..............          480,687
                                                 ---------------
                 MULTI - INDUSTRY                               
         60,000  Ekran Berhad..................          276,239
        150,000  Mulpha International Berhad...          257,511
                                                 ---------------
                                                         533,750
                                                 ---------------
                 REAL ESTATE                                    
         58,000  Land & General Berhad.........          267,031
        130,000  Malaysian Resource Corp.                       
                   Berhad......................          299,259
                                                 ---------------
                                                         566,290
                                                 ---------------
                 TELECOMMUNICATIONS                             
        100,000  Telekom Malaysia..............          784,237
US$         20M  Telekom Malaysia 4.0% due                      
                   10/3/04.....................          995,000
                                                 ---------------
                                                       1,779,237
                                                 ---------------
                 TOTAL MALAYSIA................       23,171,237
                                                 ---------------

                 MEXICO (8.7%)                                  
                 BANKING                                        
        400,000  Banco Mercantil Norte (B                       
                   Shares).....................        1,755,006
        180,000  Grupo Financiero Banamex -                     
                   Accival (B Shares)..........        1,102,473
        962,000  Grupo Financiero Bancomer (B                   
                   Shares).....................          977,297
     MXP   500M  Grupo Financiero Bancomer 7.5%                 
                   due 6/16/01 (Conv.).........          440,000
                                                 ---------------
                                                       4,274,776
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
        270,000  Cementos de Mexico, S.A. (B                    
                   Shares).....................        2,508,392
         35,000  Corporacion Geo (ADR).........        1,015,000
      1,020,000  Grupo Cementos de Chihuahu....        1,772,085
         81,000  Ttolmex (B Shares)............        1,235,512
                                                 ---------------
                                                       6,530,989
                                                 ---------------
                 CONGLOMERATES                                  
        200,000  Grupo Carso*..................        2,273,263
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
        900,000  Argos (B Shares)..............        1,457,597
         30,000  Coca Cola FEMSA, S.A. de CV                    
                   (ADR).......................        1,083,750
        402,000  Emvasa (B Shares).............        2,088,127
        100,000  Gemex (B Shares)..............        1,436,985
      1,460,000  Grupo  Herdez,  S.A.   (Series                 
                   A)..........................        1,483,216
      1,300,000  Grupo Industrial Maseca (B2                    
                   Shares).....................        2,411,661

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PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
         50,000  Grupo Modelo (C Shares).......  $     1,070,377
         55,000  Panamerican Beverages, Inc.                    
                   (ADR).......................        1,973,125
                                                 ---------------
                                                      13,004,838
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
         90,000  Kimberly-Clark de Mexico (A                    
                   Shares).....................        1,886,926
                                                 ---------------
                 INVESTMENT COMPANIES                           
        200,000  Baring Puma Fund..............        7,537,500
                                                 ---------------
                 MEDIA GROUP                                    
         20,000  Grupo Televisa, S.A. de CV                     
                   (ADR).......................        1,157,500
                                                 ---------------
                 METALS & MINING                                
        800,000  Grupo Sidek (A Shares)........        3,722,026
         19,890  Grupo Sidek (Series L)........           99,567
                                                 ---------------
                                                       3,821,593
                                                 ---------------
                 PHARMACEUTICALS                                
         70,000  Grupo Casa Autrey, S.A. de CV                  
                   (ADR).......................        2,283,750
         64,000  Nadro (B Shares)..............          424,028
        202,000  Nadro (L Shares)..............        1,439,458
                                                 ---------------
                                                       4,147,236
                                                 ---------------
                 REAL ESTATE                                    
        800,000  Grupo Situr (Series B)........        2,742,049
                                                 ---------------
                 RETAIL STORES                                  
        700,000  Cifra, S.A. (Series C)........        1,958,186
        335,000  Farmacias Benevides...........        1,311,985
                                                 ---------------
                                                       3,270,171
                                                 ---------------
                 TELECOMMUNICATIONS                             
          4,680  Grupo Iusacell, S.A. (ADR)                     
                   (Series D)..................          133,380
         10,920  Grupo Iusacell, S.A. (ADR)                     
                   (Series L)..................          324,870
         34,000  Telefonos de Mexico, S.A.                      
                   (Class L) (ADR).............        2,125,000
                                                 ---------------
                                                       2,583,250
                                                 ---------------
                 TOTAL MEXICO..................       53,230,091
                                                 ---------------

                 NETHERLANDS (1.2%)                             
                 APPLIANCES & HOUSEHOLD DURABLES                
         14,900  Atag Holdings NV..............        1,087,685
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
         21,700  Hunter Douglas NV.............          970,483
                                                 ---------------
                 BUSINESS SERVICES                              
         19,200  Oce-Van Der Grinten NV........          814,357
                                                 ---------------
                 ELECTRONICS                                    
         14,400  Philips Electronics...........          441,249
                                                 ---------------
                 MISCELLANEOUS                                  
         25,000  Ballast Nedam NV (Preferred)..        1,097,871
                                                 ---------------
                 MULTI - INDUSTRY                               
         32,500  Borsumij Wehry NV.............          517,629
                                                 ---------------
                 PUBLISHING                                     
         12,000  Vnu-Ver Ned Uitgev Ver Bezit..        1,303,249
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 TRANSPORTATION                                 
         21,000  KLM...........................  $       587,743
         22,200  Nedlloyd Groep NV.............          727,659
                                                 ---------------
                                                       1,315,402
                                                 ---------------
                 TOTAL NETHERLANDS.............        7,547,925
                                                 ---------------

                 NORWAY (1.3%)                                  
                 BUILDING & CONSTRUCTION                        
         65,000  Bona Shipbuilding.............          614,457
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
         36,500  Norsk Skogs (B Shares)........          997,386
                                                 ---------------
                 HEALTH & PERSONAL CARE                         
         46,000  Hafslund Nycomed (B Shares)...          760,982
         16,000  Orkla Borregaard (A Shares)...          465,570
                                                 ---------------
                                                       1,226,552
                                                 ---------------
                 MACHINERY                                      
         35,000  Kvaerner (B Shares)...........        1,481,123
                                                 ---------------
                 MISCELLANEOUS                                  
        215,000  Sensonor......................        1,111,489
                                                 ---------------
                 OIL & RELATED                                  
         36,666  Norsk Hydro...................        1,351,240
         60,000  Saga Petroleum................          660,247
                                                 ---------------
                                                       2,011,487
                                                 ---------------
                 TRANSPORTATION                                 
         29,100  Bergesen Oy (A Shares)........          629,693
                                                 ---------------
                 TOTAL NORWAY..................        8,072,187
                                                 ---------------

                 PANAMA (0.3%)                                  
                 BANKING                                        
         50,000  BLADEX........................        1,600,000
                                                 ---------------

                 PERU (0.1%)                                    
                 BANKING                                        
         30,000  Banco Wiese (ADR).............          727,500
                                                 ---------------

                 PHILIPPINES (1.3%)                             
                 AUTOMOTIVE                                     
        250,000  Sime Darby Pilipinas, Inc.....          671,785
                                                 ---------------
                 BANKING                                        
         64,680  Philippine National Bank......        1,011,789
                                                 ---------------
                 CONGLOMERATES                                  
         74,520  Ayala Corp....................        1,117,800
                                                 ---------------
                 ELECTRIC UTILITIES                             
         75,000  Manila    Electric    Co.   (B                 
                   Shares).....................          971,689
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
        300,000  San Miguel Corp. (B Shares)...        1,428,023
                                                 ---------------
                 TELECOMMUNICATIONS                             
         30,000  Philippine Long Distance                       
                   Telephone...................        1,738,964
                                                 ---------------
                 TRANSPORTATION                                 
        954,600  International Container                        
                   Terminal....................          916,123
                                                 ---------------
                 TOTAL PHILIPPINES.............        7,856,173
                                                 ---------------

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                

                 PORTUGAL (2.1%)                                
                 BANKING                                        
         70,000  Banco Comercial Portugues.....  $       962,306
         25,000  Banco Espirito Santo E                         
                   Comercial de Lisbon.........          502,534
         36,000  Banco Portugues de Atlantico..          501,058
          4,000  Banco Portugues de Atlantico                   
                   (New).......................           55,673
         75,000  Banco Totta & Acores..........        1,463,415
                                                 ---------------
                                                       3,484,986
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
         43,600  Sociedade Construction Soares                  
                   de Costa....................          886,915
                                                 ---------------
                 CHEMICALS                                      
         30,000  Cin-Corp Industrial de Norte..          760,215
                                                 ---------------
                 COMMUNICATIONS EQUIPMENT                       
        226,000  TVI Television................        1,617,865
                                                 ---------------
                 FINANCIAL SERVICES                             
         51,000  Banco Portugues de                             
                   Investimento................          801,267
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
          3,000  Jeronimo Martin...............          123,535
          6,200  Jeronimo Martin (New).........          231,738
          3,200  Jeronimo Martin (RFD).........          130,554
         40,000  Sumolis Companhia Industrial                   
                   de Frutas E Bebidas, S.A....          422,680
         23,000  Unicer-Uniao Cervejeira.......          328,571
         23,000  Unicer-Uniao Cervejeira                        
                   (Rights)....................          310,358
                                                 ---------------
                                                       1,547,436
                                                 ---------------
                 MISCELLANEOUS                                  
         37,600  Cimentos de Portugal, S.A.....          666,962
         40,000  Journalgeste..................          734,875
         30,000  Lisnave.......................          145,012
         20,000  Modelo Sociedade Gestora de                    
                   Participacoes Sociais,                       
                   S.A.........................          627,178
         90,000  Segur Imperip CIA.............          695,597
         30,000  Sonae Industria E Investimen..          665,188
                                                 ---------------
                                                       3,534,812
                                                 ---------------
                 TOTAL PORTUGAL................       12,633,496
                                                 ---------------

                 SINGAPORE (1.9%)                               
                 BANKING                                        
         37,500  Development Bank of Singapore,                 
                   Ltd.........................          394,604
        105,042  Overseas Chinese Banking                       
                   Corp., Ltd..................        1,006,136
         41,875  United Overseas Bank Corp.,                    
                   Ltd.........................          420,868
                                                 ---------------
                                                       1,821,608
                                                 ---------------
                 COMPUTER SERVICES                              
         28,000  Creative Technology, Ltd......          494,840
        200,000  CSA Holdings, Ltd.............          172,681
                                                 ---------------
                                                         667,521
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 CONGLOMERATES                                  
         70,000  Keppel Corp., Ltd.............  $       566,610
                                                 ---------------
                 ELECTRONICS                                    
        210,000  Acma, Ltd.....................        1,416,526
        300,000  Goldtron, Ltd.................          315,683
                                                 ---------------
                                                       1,732,209
                                                 ---------------
                 FINANCIAL SERVICES                             
        150,000  Hong Leong Finance, Ltd.......          536,256
         15,000  Singapore Finance (Warrants                    
                   due 6/22/99)*...............            9,663
                                                 ---------------
                                                         545,919
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
         50,000  Asia Pacific Breweries........          566,610
         60,000  Fraser & Neave, Ltd...........          712,310
                                                 ---------------
                                                       1,278,920
                                                 ---------------
                 LEISURE                                        
         50,000  Orchard Parade Hotel..........          367,622
                                                 ---------------
                 MISCELLANEOUS                                  
        450,000  United Industrial Corp........          452,277
         67,500  United Industrial Corp.                        
                   (Warrants due 8/29/98)......           35,059
                                                 ---------------
                                                         487,336
                                                 ---------------
                 PUBLISHING                                     
         55,000  Singapore Press Holdings......          964,587
                                                 ---------------
                 SHIPBUILDING                                   
        135,000  Sembawang Corp................        1,083,643
        300,000  Sembawang Maritime............        1,406,408
                                                 ---------------
                                                       2,490,051
                                                 ---------------
                 TRANSPORTATION                                 
         40,000  Singapore International                        
                   Airline, Ltd................          391,232
                                                 ---------------
                 TOTAL SINGAPORE...............       11,313,615
                                                 ---------------

                 SOUTH KOREA (1.2%)                             
                 AUTOMOTIVE                                     
         22,440  Asia Motors Company, Inc......          407,489
         42,296  Kia Motors Corp. (GDS)........          993,956
                                                 ---------------
                                                       1,401,445
                                                 ---------------
                 BANKING                                        
         18,000  The Kyung Nam Bank............          193,863
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
          6,180  Hanjin Engineering                             
                   Construction................          122,284
                                                 ---------------
                 ELECTRIC UTILITIES                             
         30,000  Korea Electric Power Co.......        1,390,106
                                                 ---------------
                 ELECTRONICS                                    
          9,540  Anam Electronics Co...........          200,716
US$        300M  Daewoo Electronics 2.25% due                   
                   12/31/08 (Conv.)............          330,000
          3,120  Nam Sung Corp., Ltd...........           60,173
                                                 ---------------
                                                         590,889
                                                 ---------------

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PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 FINANCIAL SERVICES                             
          1,030  Daewoo Securities Co..........  $        35,860
          1,030  Ssangyong Investment &                         
                   Securities Co., Ltd.........           23,348
            103  Ssangyong Investment &                         
                   Securities Co., Ltd. (RFD)..            2,270
          4,000  Yu Hwa Securities Co..........           61,616
                                                 ---------------
                                                         123,094
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
          1,450  Daehan Flour Mills Co.........           99,693
                                                 ---------------
                 INTERNATIONAL TRADE                            
US$        400M  Kolon International Corp. 1.0%                 
                   due 12/31/08 (Conv.)........          432,000
                                                 ---------------
                 INVESTMENT COMPANIES                           
        200,000  Clemente Korea Emerging Growth                 
                   Fund*.......................        2,500,000
                                                 ---------------
                 MACHINERY                                      
            200  Samsung Heavy Equipment*......            9,919
             24  Samsung Heavy Equipment                        
                   (Rights)*...................              412
                                                 ---------------
                                                          10,331
                                                 ---------------
                 MANUFACTURING                                  
          3,696  Daewoo Electronic Components                   
                   Co..........................           57,859
                                                 ---------------
                 MISCELLANEOUS                                  
         10,000  Hankuk Industry, Inc..........          147,500
                                                 ---------------
                 RETAIL STORES                                  
          1,272  Midopa Co.....................           20,072
                                                 ---------------
                 TELECOMMUNICATIONS                             
         10,300  Daewoo Telecom Co.............          156,080
          1,647  Daewoo Telecom Co. (Rights)...           20,419
                                                 ---------------
                                                         176,499
                                                 ---------------
                 TOTAL SOUTH KOREA.............        7,265,635
                                                 ---------------

                 SPAIN (2.7%)                                   
                 BANKING                                        
         25,000  Banco Bilbao Vizcaya..........          616,177
         11,000  Banco de Santander, S.A.......          421,690
          6,000  Banco Popular Espanol.........          713,673
                                                 ---------------
                                                       1,751,540
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
         50,000  Aumar.........................          483,582
         12,258  Cubiertas Y Mzov, S.A.........          917,844
         10,300  Fomento de Constructiones y                    
                   Contratas, S.A..............        1,068,481
                                                 ---------------
                                                       2,469,907
                                                 ---------------
                 ELECTRIC UTILITIES                             
         27,750  ENDESA........................        1,173,114
                                                 ---------------
                 FINANCIAL SERVICES                             
         40,000  Argentaria (ADR)..............          800,000
         23,300  Argentaria, S.A...............          930,473
                                                 ---------------
                                                       1,730,473
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
         30,000  Viscofan Envolturas Celulosas,                 
                   S.A.........................  $       682,085
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
        100,000  Empresa Nacional de Celulosas,                 
                   S.A.........................        2,515,404
                                                 ---------------
                 MACHINERY                                      
         10,000  Azkoten, S.A..................          701,973
                                                 ---------------
                 OIL & RELATED                                  
         44,500  Repsol, S.A...................        1,360,580
                                                 ---------------
                 REAL ESTATE                                    
         30,000  Vallehermoso, S.A.............          513,610
                                                 ---------------
                 RETAIL STORES                                  
         30,000  Cortefiel, S.A................          959,365
                                                 ---------------
                 STEEL                                          
          8,000  Acerinox, S.A.................          904,142
                                                 ---------------
                 TELECOMMUNICATIONS                             
         82,400  Telefonica de Espana..........        1,115,077
                                                 ---------------
                 TEXTILES                                       
         90,000  Algodonera de San Antonio,                     
                   S.A.........................          912,565
                                                 ---------------
                 TOTAL SPAIN...................       16,789,835
                                                 ---------------

                 SWEDEN (3.7%)                                  
                 AUTOMOTIVE                                     
         40,000  Autoliv AB*...................        1,205,287
         59,000  Volvo (Series "B" Free).......        1,078,531
                                                 ---------------
                                                       2,283,818
                                                 ---------------
                 BANKING                                        
        275,000  Foreningsbanken...............          548,741
        145,000  Skandinaviska Enskilda                         
                   Banken......................          879,659
                                                 ---------------
                                                       1,428,400
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
         34,000  Celsius Industries Corp. (B                    
                   Shares).....................          760,402
         50,000  Euroc Industries (Series "A"                   
                   Free).......................          803,525
         43,000  Euroc Industries (Series "B"                   
                   Free).......................          656,480
         40,000  Skanska AB (Series "B" Free)..          792,811
         52,350  Svedala Industries (Series                     
                   "AB" Free)..................        1,121,721
                                                 ---------------
                                                       4,134,939
                                                 ---------------
                 ELECTRICAL EQUIPMENT                           
          8,400  Asea (Series "A" Free)........          595,090
         11,250  Ericsson   Spa   (Series   "B"                 
                   Free).......................          599,630
    SEK  87,500  Ericsson Spa 4.25% due 6/30/00                 
                   (Conv.).....................           16,406
                                                 ---------------
                                                       1,211,126
                                                 ---------------

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PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 FOREST PRODUCTS, PAPER & PACKAGING             
        138,000  Munksjo.......................  $     1,155,067
         10,990  Stora Kopparbergs (Series "B"                  
                   Free).......................          632,870
                                                 ---------------
                                                       1,787,937
                                                 ---------------
                 INTERNATIONAL TRADE                            
         34,800  Kinnevik Industriforvatnings                   
                   (B Shares)..................        1,013,647
                                                 ---------------
                 MACHINERY                                      
         42,500  Sandvik AB (Series "A" Free)..          623,234
                                                 ---------------
                 METALS & MINING                                
         60,000  Atlas Copco AB (Series "A"                     
                   Free).......................          759,331
         90,000  Avesta-Sheffield..............          735,225
         37,000  S.K.F. AB (Series "B" Free)...          646,637
         10,000  Ssab (Series "A" Free)........          432,564
         15,000  Ssab (Series "B" Free)........          648,846
         60,000  Trellborg   AB   (Series   "B"                 
                   Free).......................          803,525
                                                 ---------------
                                                       4,026,128
                                                 ---------------
                 MISCELLANEOUS                                  
         39,300  Assidoman.....................          931,566
         92,300  Hogansa AB....................        1,384,420
        100,000  Kalmar Industries.............        1,104,847
         90,000  NordicTel Holdings............          843,700
         35,000  TV AB (Series A)..............          759,331
                                                 ---------------
                                                       5,023,864
                                                 ---------------
                 PHARMACEUTICALS                                
         34,580  Astra AB (Series "A" Free)....          831,261
                                                 ---------------
                 TOTAL SWEDEN..................       22,364,354
                                                 ---------------

                 SWITZERLAND (0.7%)                             
                 FINANCIAL SERVICES                             
          2,080  Swiss Bank Corp...............          595,951
                                                 ---------------
                 MACHINERY                                      
          1,100  Elco Looser Holding AG........          629,477
                                                 ---------------
                 MANUFACTURING                                  
            510  Fischer (Georg) AG............          603,550
                                                 ---------------
                 MISCELLANEOUS                                  
          1,550  Kardex........................          374,105
                                                 ---------------
                 MULTI - INDUSTRY                               
            750  Brown Boveri & Compagnie AG...          648,163
            520  Publicitas Holding............          522,267
                                                 ---------------
                                                       1,170,430
                                                 ---------------
                 PHARMACEUTICALS                                
            200  Roche Holdings AG.............          900,810
                                                 ---------------
                 TOTAL SWITZERLAND.............        4,274,323
                                                 ---------------

                 TAIWAN (0.2%)                                  
                 MISCELLANEOUS                                  
        100,000  Paribas Emerging Markets                       
                   Fund-Taiwan Series..........        1,000,000
                                                 ---------------
                 THAILAND (2.8%)                                
                 AUTOMOTIVE                                     
        146,500  Thai Stanley..................          528,034
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 BANKING                                        
      2,700,000  First Bangkok City Bank.......  $     2,378,855
        400,000  Krungthai Bank, Ltd...........        1,225,470
                                                 ---------------
                                                       3,604,325
                                                 ---------------
                 ELECTRONICS                                    
        141,800  Muramoto Electronic Thailand..        1,328,843
                                                 ---------------
                 FINANCIAL SERVICES                             
         25,000  Dhana Siam Finance............          752,903
        140,000  National Finance & Securities                  
                   Co..........................        2,758,510
         50,000  Union Asia Finance Co.........          392,472
                                                 ---------------
                                                       3,903,885
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
        100,000  Thai President Food Co........        1,089,307
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
         50,000  Thai Modern Plastic Industry..          200,240
                                                 ---------------
                 REAL ESTATE                                    
         68,000  Bangkok Land Co., Ltd.........          234,201
        100,000  Bangkok   Land    Co.,    Ltd.                 
                   (Local).....................          310,372
         45,200  Kian Gwan Thai, Ltd...........          170,156
         50,000  Land & House Co...............          993,192
        100,000  Raimon Land Co., Ltd..........          468,562
         59,400  Somprasong Land Development                    
                   Co., Ltd. (B Shares)........          304,494
                                                 ---------------
                                                       2,480,977
                                                 ---------------
                 RETAIL STORES                                  
        308,000  Robinson Dept Store Co........          666,079
                                                 ---------------
                 TELECOMMUNICATIONS                             
        140,000  Telecom Asia Corp.*...........          571,886
        120,000  Telecom Asia Corp. (Local)*...          490,188
        255,000  Thai Telephone &                               
                   Telecommunications..........        1,603,324
                                                 ---------------
                                                       2,665,398
                                                 ---------------
                 TRANSPORTATION                                 
        370,600  Thai  Airwaves  International,                 
                   Ltd.........................          853,404
                                                 ---------------
                 TOTAL THAILAND................       17,320,492
                                                 ---------------

                 UNITED KINGDOM (2.7%)                          
                 APPLIANCES & HOUSEHOLD DURABLES                
        130,000  MFI Furniture, PLC............          267,003
                                                 ---------------
                 BANKING                                        
         90,000  Abbey National, PLC...........          553,123
                                                 ---------------
                 BUILDING & CONSTRUCTION                        
        100,000  Bryant Group..................          199,067
         70,000  Meyer International...........          415,830
         48,000  Wilson Bowden, PLC............          254,806
                                                 ---------------
                                                         869,703
                                                 ---------------
                 ELECTRIC UTILITIES                             
         46,000  Southern Electric, PLC........          526,170
                                                 ---------------

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PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
         40,000  BAT Industries, PLC...........  $       275,851
        110,000  Boddington Group..............          448,376
         30,000  Grand Metropolitan, PLC.......          193,616
                                                 ---------------
                                                         917,843
                                                 ---------------
                 INSURANCE                                      
         49,442  Commercial Union, PLC.........          392,910
          6,180  Commercial Union (Rights)*....            2,636
         64,000  Heath (C.E.), PLC.............          256,829
                                                 ---------------
                                                         652,375
                                                 ---------------
                 INVESTMENT COMPANIES                           
        170,000  Electra Investment............          855,437
        410,000  NB Smaller Company's Trust....          803,221
      1,300,000  The Throghmorton Trust........        1,622,557
        150,000  TR Smaller Company's                           
                   Investment Trust............          463,306
                                                 ---------------
                                                       3,744,521
                                                 ---------------
                 LEISURE                                        
         80,000  Rank Organization, PLC........          508,096
        100,000  Tomkins, PLC..................          349,948
                                                 ---------------
                                                         858,044
                                                 ---------------
                 MACHINERY                                      
        200,000  Meggitt Holdings, PLC.........          240,145
                                                 ---------------
                 MANUFACTURING                                  
         80,000  TI Group, PLC.................          438,580
                                                 ---------------
                 MISCELLANEOUS                                  
         40,000  Ashanti Goldfields (ADR)......          802,000
        100,000  Beazer Homes, PLC.............          205,387
                                                 ---------------
                                                       1,007,387
                                                 ---------------
                 MULTI - INDUSTRY                               
         70,000  BTR, PLC......................          341,179
          5,266  BTR, PLC (Warrants due                         
                   5/15/96)*...................            5,574
          3,466  BTR, PLC (Warrants due                         
                   12/26/97)*..................            4,271
          2,679  BTR, PLC (Warrants due                         
                   11/26/98)*..................            1,927
         45,000  Inchcape, PLC.................          303,578
                                                 ---------------
                                                         656,529
                                                 ---------------
                 NATURAL GAS                                    
         80,000  British Gas, PLC..............          376,648
                                                 ---------------
                 OIL & RELATED                                  
        120,000  British Petroleum Co., PLC....          757,404
                                                 ---------------
                 PHARMACEUTICALS                                
         50,000  Glaxo Holdings, PLC...........          462,516
         40,000  Smithkline Beecham (Class A)..          269,847
                                                 ---------------
                                                         732,363
                                                 ---------------
                 PUBLISHING                                     
         37,500  Reed International, PLC.......          453,826
         80,000  Reuters Holding, PLC..........          600,994
                                                 ---------------
                                                       1,054,820
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 RETAIL STORES                                  
        250,000  Sears, PLC....................  $       408,799
         95,000  Storehouse, PLC...............          283,671
                                                 ---------------
                                                         692,470
                                                 ---------------
                 TELECOMMUNICATIONS                             
         98,000  British Telecom, PLC..........          563,582
        120,000  Vodafone Group, PLC...........          374,436
                                                 ---------------
                                                         938,018
                                                 ---------------
                 TEXTILES                                       
         66,830  Coats Viyella, PLC............          211,168
                                                 ---------------
                 TRANSPORTATION                                 
         50,000  British Airways, PLC..........          285,172
        187,500  National Freight Corp.*.......          536,179
                                                 ---------------
                                                         821,351
                                                 ---------------
                 UTILITIES                                      
         40,000  Yorkshire Water, PLC..........          331,147
                                                 ---------------
                 TOTAL UNITED KINGDOM..........       16,646,812
                                                 ---------------

                 UNITED STATES (6.2%)                           
                 ADVERTISING                                    
         11,000  Interpublic  Group  of   Cos.,                 
                   Inc.........................          363,000
                                                 ---------------
                 ALUMINUM                                       
         10,000  Aluminum Co. of America.......          847,500
                                                 ---------------
                 BANKING                                        
          5,000  BankAmerica Corp..............          220,625
                                                 ---------------
                 BASIC CYCLICAL COMMODITIES                     
          9,000  Dow Chemical Co...............          704,250
         21,200  Union Carbide Corp............          720,800
                                                 ---------------
                                                       1,425,050
                                                 ---------------
                 BROADCAST MEDIA                                
         10,300  Capital Cities/ABC, Inc.......          844,600
            400  CBS, Inc......................          128,300
         51,000  Scandinavian Broadcast                         
                   Systems.....................        1,338,750
                                                 ---------------
                                                       2,311,650
                                                 ---------------
                 BUSINESS SERVICES                              
         15,000  Green Tree Financial Corp.....          403,125
                                                 ---------------
                 CHEMICALS                                      
         12,000  International Flavors &                        
                   Fragrances, Inc.............          499,500
          3,000  Monsanto Co...................          241,125
         25,000  Praxair, Inc..................          609,375
                                                 ---------------
                                                       1,350,000
                                                 ---------------
                 COMPUTER EQUIPMENT                             
         34,000  EMC Corp/Mass.................          684,250
                                                 ---------------
                 COMPUTER SOFTWARE                              
         10,000  Computer Sciences Corp.*......          435,000
         25,000  Microsoft Corp.*..............        1,403,125
         19,043  Oracle Systems Corp...........          818,849
                                                 ---------------
                                                       2,656,974
                                                 ---------------
                 CONSUMER BUSINESS SERVICES                     
          5,000  First Data Corp...............          251,250
                                                 ---------------
                 CONSUMER PRODUCTS                              
         13,000  Kimberly-Clark Corp...........          763,750
                                                 ---------------

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 COSMETICS                                      
         12,000  Gillette Co. (The)............  $       849,000
                                                 ---------------
                 DRUGS                                          
          9,000  Abbott Labs...................          282,375
          6,000  Johnson & Johnson.............          309,750
                                                 ---------------
                                                         592,125
                                                 ---------------
                 ELECTRIC UTILITIES                             
         30,000  Compania Boliviana Energia                     
                   Electrica...................          731,250
                                                 ---------------
                 ELECTRICAL EQUIPMENT                           
         14,000  Molex, Inc....................          595,000
                                                 ---------------
                 ELECTRONIC COMPONENTS                          
          9,000  International Business                         
                   Machines Corp...............          625,500
                                                 ---------------
                 ELECTRONICS                                    
          8,000  Altera Corp...................          235,000
         10,000  Applied Materials, Inc.*......          462,500
         10,139  Intel Corp....................          623,549
          7,000  Maxim Integrated Products,                     
                   Inc.*.......................          425,250
          4,000  Texas Instruments, Inc........          273,500
                                                 ---------------
                                                       2,019,799
                                                 ---------------
                 ENGINEERING & CONSTRUCTION                     
         17,500  Fluor Corp....................          870,625
                                                 ---------------
                 FINANCIAL SERVICES                             
          4,200  First Financial Management                     
                   Corp........................          241,500
                                                 ---------------
                 FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS   
         14,000  Anheuser-Busch Cos., Inc......          712,250
         11,000  Coca Cola Co. (The)...........          534,875
         10,000  CPC International, Inc........          506,250
         17,000  IBP, Inc......................          556,750
         20,000  Pet, Inc......................          395,000
         13,000  Procter & Gamble Co...........          775,125
                                                 ---------------
                                                       3,480,250
                                                 ---------------
                 FOREST PRODUCTS, PAPER & PACKAGING             
          5,500  Consolidated Paper............          283,250
          6,500  Scott Paper Co................          397,313
                                                 ---------------
                                                         680,563
                                                 ---------------
                 HEALTH & PERSONAL CARE                         
         15,000  Columbia Healthcare Corp......          652,500
         30,000  National Medical Enterprises,                  
                   Inc.........................          513,750
          3,500  Pfizer, Inc...................          241,938
         11,000  U.S. HealthCare, Inc..........          511,500
          6,000  United Healthcare Corp........          318,000
         10,500  Warner-Lambert Co.............          842,625
                                                 ---------------
                                                       3,080,313
                                                 ---------------
                 HOTELS/MOTELS                                  
         17,000  Hospitality Franchise Systems,                 
                   Inc.*.......................          533,375
         15,000  Marriott International,                        
                   Inc.........................          433,125
                                                 ---------------
                                                         966,500
                                                 ---------------

    SHARES/                                                     
   PRINCIPAL                                                    
    AMOUNT                                            VALUE     
---------------                                  ---------------
                                                                
                 LEISURE                                        
         17,000  Callaway Golf Co..............  $       584,375
                                                 ---------------
                 MACHINERY                                      
         16,000  Caterpillar, Inc..............          866,000
                                                 ---------------
                 MANUFACTURING                                  
         15,000  Quanex Corp...................          393,750
                                                 ---------------
                 MEDICAL PRODUCTS & SUPPLIES                    
          8,000  Medtronic, Inc................          423,000
                                                 ---------------
                 METALS & MINING                                
          7,000  Cyprus Amax Minerals Co.......          218,750
                                                 ---------------
                 MISCELLANEOUS                                  
         10,000  Ashanti Goldfields............          200,500
         14,000  Duracell International,                        
                   Inc.........................          638,750
        110,000  Fleming Russia Securities.....        1,078,000
                                                 ---------------
                                                       1,917,250
                                                 ---------------
                 OIL & RELATED                                  
         10,000  Amoco Corp....................          592,500
          4,000  Apache Corp...................          101,000
         21,400  Burlington Resources, Inc.....          802,500
         50,000  Occidental Petroleum..........        1,050,000
                                                 ---------------
                                                       2,546,000
                                                 ---------------
                 POLLUTION CONTROL                              
         17,000  Browning-Ferris Industries,                    
                   Inc.........................          539,750
                                                 ---------------
                 PUBLISHING                                     
         40,000  Time Warner, Inc..............        1,405,000
                                                 ---------------
                 REAL ESTATE                                    
         15,000  Crescent Real Estate..........          421,875
                                                 ---------------
                 RESTAURANTS                                    
         15,000  Brinker International.........          360,000
                                                 ---------------
                 RETAIL STORES                                  
          9,000  Home Depot, Inc...............          378,000
         10,000  Penney (J.C.) Co., Inc........          516,250
         13,000  Toys "R" Us, Inc.*............          463,125
                                                 ---------------
                                                       1,357,375
                                                 ---------------
                 STEEL                                          
         10,000  Inland Steel Industries,                       
                   Inc.........................          393,750
                                                 ---------------
                 STEEL & IRON                                   
         14,000  LTV Corp. (New)...............          287,000
                                                 ---------------
                 TELECOMMUNICATIONS                             
          5,000  AT&T Corp.....................          270,000
                                                 ---------------
                 TOTAL UNITED STATES...........       37,993,474
                                                 ---------------
                 TOTAL COMMON AND PREFERRED                     
                   STOCKS, WARRANTS, RIGHTS AND                 
                   BONDS (IDENTIFIED COST                       
                   $465,927,840)...............      542,332,126
                                                 ---------------

                 GOVERNMENT OBLIGATIONS (A) (8.4%)              
                 MEXICO (1.7%)                                  
    MXP 21,057M  Cetes 15.7% due 11/03/94......        6,117,057
    MXP 15,170M  Cetes 14.0% due 11/17/94......        4,382,272
                                                 ---------------
                                                      10,499,329
                                                 ---------------

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)             
--------------------------------------------------------------------------------

                                                                [Download Table]

   PRINCIPAL                                                                   
    AMOUNT                                            VALUE                    
---------------                                  ---------------               
                                                                               
                 UNITED STATES (6.7%)                                          
US$     27,500M  Federal National Mortgage                                     
                   Association 4.65% due                                       
                   10/07/94....................  $    27,478,687               
US$     10,000M  Federal National Mortgage                                     
                   Association 4.73% due                                       
                   10/05/94....................        9,994,744               


   PRINCIPAL                                                                   
    AMOUNT                                            VALUE                    
---------------                                  ---------------               
                                                                               
US$      3,800M  Student Loan Market                                           
                   Association 4.9% due                                        
                   10/03/94....................  $     3,798,966               
                                                 ---------------               
                                                      41,272,397               
                                                 ---------------               
                 TOTAL GOVERNMENT OBLIGATIONS                                  
                   (AMORTIZED COST                                             
                   $51,771,726)................       51,771,726               
                                                 ---------------               

TOTAL INVESTMENTS (IDENTIFIED                                                  
  COST $517,699,566)(B)..........       97.1%    594,103,852                   
CASH AND OTHER ASSETS IN EXCESS                                                
  OF LIABILITIES.................        2.9      17,519,241                   
                                   ----------  -------------                   

NET ASSETS.......................      100.0%  $ 611,623,093                   
                                   ----------  -------------                   
                                   ----------  -------------                   
<FN>                                                                           
------------------                                                             
ADR AMERICAN DEPOSITORY RECEIPT.                                               
GDS GLOBAL DEPOSITORY RECEIPT.                                                 
 *   NON-INCOME PRODUCING SECURITY.                                            
**   RESALE IS RESTRICTED TO QUALIFIED INSTITUTIONAL INVESTORS.                
(A)  SECURITIES WERE PURCHASED ON A DISCOUNT BASIS. THE RATES SHOWN HAVE BEEN  
     ADJUSTED TO REFLECT A BOND EQUIVALENT YIELD.                              
(B)  THE  AGGREGATE COST FOR  FEDERAL INCOME TAX  PURPOSES IS $465,927,840; THE
     AGGREGATE GROSS UNREALIZED APPRECIATION  IS $76,404,287 AND THE  AGGREGATE
     GROSS  UNREALIZED DEPRECIATION IS $94,991,480, RESULTING IN NET UNREALIZED
     DEPRECIATION OF $18,587,193.                                              

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT SEPTEMBER 30, 1994:                  

                                                                [Download Table]

                                                UNREALIZED   
   CONTRACTS        IN EXCHANGE     DELIVERY   APPRECIATION/ 
   TO DELIVER           FOR           DATE     (DEPRECIATION)
----------------  ----------------  ---------  ------------- 
                                                             
  US$    233,315    MYR    595,745  10/ 3/94     $    (874)  
  US$    170,249   IDR 389,098,950  10/ 3/94          (610)  
  CAD     98,800    US$     73,485  10/ 4/94          (142)  
  US$    193,986    DEM    300,000  10/ 4/94           (63)  
  US$    398,788   THB   9,945,283  10/ 4/94          (479)  
  CAD     60,520    US$     45,043  10/ 5/94           (57)  
  CAD     47,600    US$     35,483  10/ 6/94            10   
                                               ------------- 
                  Net Unrealized                             
                  Depreciation*..............    $  (2,215)  
                                               ------------- 
                                               ------------- 

------------------                                                              
*Includes aggregate gross unrealized appreciation of $10 and aggregate gross    
unrealized depreciation of $2,225, resulting in net unrealized depreciation of
$2,215.                                                                       

 SEE NOTES TO FINANCIAL STATEMENTS

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION                               
SEPTEMBER 30, 1994 (UNAUDITED)                                                  
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                  PERCENT OF  
INDUSTRY                                                             VALUE        NET ASSETS  
---------------------------------------------------------------  -------------  --------------
                                                                                              
Advertising....................................................  $     363,000          0.1%  
Aluminum.......................................................        847,500          0.1   
Appliances & Household Durables................................      2,991,861          0.5   
Automotive.....................................................     16,993,022          2.8   
Air Transport..................................................        124,073          0.0   
Banking........................................................     37,892,609          6.2   
Basic Cyclical Commodities.....................................      1,425,050          0.2   
Broadcast Media................................................      2,311,650          0.4   
Building Materials.............................................      1,316,290          0.2   
Building & Construction........................................     31,125,054          5.1   
Business Services..............................................      2,453,117          0.4   
Chemicals......................................................     10,539,749          1.7   
Communications Equipment.......................................      1,617,865          0.3   
Computer Services..............................................      7,947,811          1.3   
Computer Software..............................................      2,656,974          0.4   
Conglomerates..................................................      9,196,900          1.5   
Construction Plant & Equipment.................................         56,964          0.0   
Consumer Services..............................................      1,015,000          0.2   
Cosmetics......................................................        849,000          0.1   
Drugs..........................................................        592,125          0.1   
Electric Utilities.............................................     14,828,047          2.4   
Electrical Equipment...........................................      8,849,483          1.4   
Electronic Components..........................................        625,500          0.1   
Electronics....................................................     27,990,650          4.5   
Engineering & Construction.....................................        870,625          0.1   
Entertainment..................................................      1,912,310          0.3   
Financial Services.............................................     28,801,517          4.7   
Food, Beverage, Tobacco & Household Products...................     34,164,488          5.6   
Forest Products, Paper & Packaging.............................     29,666,402          4.9   
Government Obligations.........................................     51,771,726          8.4   
Health & Personal Care.........................................      5,337,821          0.9   
Hotels/Motels..................................................        966,500          0.2   
Insurance......................................................      5,382,264          0.9   
International Trade............................................      4,054,180          0.7   
Investment Companies...........................................     32,755,570          5.5   
Leisure........................................................      2,201,574          0.4   
Machinery......................................................     20,337,053          3.3   
Manufacturing..................................................     24,603,404          4.0   
Media Group....................................................      1,157,500          0.2   
Medical Products & Supplies....................................        423,000          0.1   
Metals & Mining................................................     19,452,349          3.2   

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Dean Witter World Wide Investment Trust                                         
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION                               
SEPTEMBER 30, 1994 (UNAUDITED) (CONTINUED)                                      
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                  PERCENT OF  
INDUSTRY                                                             VALUE        NET ASSETS  
---------------------------------------------------------------  -------------  --------------
                                                                                              
Miscellaneous..................................................  $  26,854,698          4.4%  
Multi-Industry.................................................      7,012,375          1.1   
Natural Gas....................................................      2,645,819          0.4   
Oil & Related..................................................     12,769,757          2.1   
Pharmaceutical.................................................     13,331,495          2.2   
Photography....................................................      1,132,555          0.2   
Pollution Control..............................................        539,750          0.1   
Publishing.....................................................      5,118,314          0.8   
Real Estate....................................................     13,923,212          2.2   
Restaurants....................................................        360,000          0.1   
Retail Stores..................................................     16,505,616          2.7   
Shipbuilding...................................................      2,490,051          0.4   
Steel..........................................................      1,297,892          0.2   
Steel & Iron...................................................        287,000          0.1   
Telecommunications.............................................     24,499,555          4.0   
Textiles.......................................................      5,590,487          0.9   
Transportation.................................................     10,946,554          1.7   
Utilities......................................................        331,145          0.1   
                                                                 -------------        ---     
                                                                 $ 594,103,852         97.1%  
                                                                 -------------        ---     
                                                                 -------------        ---     

SUMMARY OF INVESTMENTS BY TYPE SEPTEMBER 30, 1994 (UNAUDITED)                   
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

TYPE OF INVESTMENT                                                                     
----------------------------------------------------------------                       
                                                                                       
Bonds...........................................................  $  10,615,534    1.7%
Common Stocks...................................................    522,358,343   85.4 
Government Obligations..........................................     51,771,726    8.5 
Preferred Stocks................................................      5,417,228    0.9 
Rights..........................................................        359,277    0.1 
Warrants........................................................      3,581,744    0.5 
                                                                  -------------  ---   
                                                                  $ 594,103,852   97.1%
                                                                  -------------  ---   
                                                                  -------------  ---   

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
FINANCIAL STATEMENTS                                                            
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES                                             
SEPTEMBER 30, 1994 (UNAUDITED)                                                  
--------------------------------------------------------------------------------

                                                                [Download Table]
                                                          
ASSETS:                                                   
Investments in securities, at value                       
  (identified cost $517,699,566) (Note                    
  1)......................................  $ 594,103,852 
Cash (including $2,683,878 in foreign                     
  currency)...............................     12,282,250 
Receivable for:                                           
  Investments sold (Note 4)...............      5,878,187 
  Shares of beneficial interest sold......      3,136,399 
  Dividends...............................        629,342 
  Interest................................        327,113 
  Foreign withholding taxes reclaimed.....        313,408 
Prepaid expenses and other assets.........         42,246 
                                            ------------- 
        TOTAL ASSETS......................    616,712,797 
                                            ------------- 
LIABILITIES:                                              
Payable for:                                              
  Investments purchased (Note 4)..........      3,339,213 
  Investment management fee (Note 2)......        497,157 
  Plan of distribution fee (Note 3).......        486,921 
  Shares of beneficial interest                           
    repurchased...........................        325,278 
Accrued expenses and other payables (Note                 
  4)......................................        441,135 
                                            ------------- 
        TOTAL LIABILITIES.................      5,089,704 
                                            ------------- 
NET ASSETS:                                               
Paid-in-capital...........................    521,696,646 
Net unrealized appreciation...............     76,435,661 
Distributions in excess of net investment                 
  income..................................     (5,382,215)
Accumulated undistributed net realized                    
  gains...................................     18,873,001 
                                            ------------- 
        NET ASSETS........................  $ 611,623,093 
                                            ------------- 
                                            ------------- 
NET ASSET VALUE PER SHARE, 32,250,914                     
  shares outstanding (unlimited shares                    
  authorized of $.01 par value)...........                
                                                   $18.96 
                                            ------------- 
                                            ------------- 

STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1994 (UNAUDITED) 

                                                                [Download Table]
                                                          
INVESTMENT INCOME:                                        
  INCOME                                                  
    Dividends (net of $355,156 foreign                    
      withholding tax)..................  $     3,733,217 
    Interest............................        2,146,166 
                                          --------------- 
        TOTAL INCOME....................        5,879,383 
                                          --------------- 
  EXPENSES                                                
    Investment management fee (Note 2)..        2,772,813 
    Plan of distribution fee (Note 3)...        2,753,363 
    Transfer agent fees and expenses                      
      (Note 4)..........................          335,353 
    Custodian fees......................          290,355 
    Professional fees...................           83,124 
    Registration fees...................           75,033 
    Shareholder reports and notices                       
      (Note 4)..........................           58,798 
    Trustees' fees and expenses (Note                     
      4)................................           15,998 
    Other...............................            4,631 
                                          --------------- 
        TOTAL EXPENSES..................        6,389,468 
                                          --------------- 
          NET INVESTMENT LOSS...........         (510,085)
                                          --------------- 
NET REALIZED AND UNREALIZED GAIN (LOSS)                   
  (Note 1):                                               
    Net realized gain (loss) on:                          
      Investments.......................        6,199,116 
      Foreign exchange transactions.....         (281,986)
                                          --------------- 
                                                5,917,130 
                                          --------------- 
    Net change in unrealized                              
      appreciation on:                                    
      Investments.......................       17,625,005 
      Translation of other assets and                     
        liabilities denominated in                        
        foreign currencies..............           (3,832)
                                          --------------- 
                                               17,621,173 
                                          --------------- 
        NET GAIN........................       23,538,303 
                                          --------------- 
          NET INCREASE IN NET ASSETS                      
            RESULTING FROM OPERATIONS...  $    23,028,218 
                                          --------------- 
                                          --------------- 

STATEMENT OF CHANGES IN NET ASSETS                                              
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                               FOR THE SIX MONTHS   FOR THE YEAR  
                                                                                      ENDED             ENDED     
                                                                               SEPTEMBER 30, 1994     MARCH 31,   
                                                                                   (UNAUDITED)          1994      
                                                                               -------------------  ------------- 
                                                                                                                  
INCREASE (DECREASE) IN NET ASSETS:                                                                                
  Operations:                                                                                                     
    Net investment loss.......................................................   $      (510,085)   $  (1,868,204)
    Net realized gain.........................................................         5,917,130       26,624,302 
    Net change in unrealized appreciation.....................................        17,621,173       32,397,468 
                                                                               -------------------  ------------- 
      Net increase in net assets resulting from operations....................        23,028,218       57,153,566 
  Distributions to shareholders from net realized gains.......................         -0-            (12,859,992)
  Net increase from transactions in shares of beneficial interest (Note 5)....        95,026,386      231,516,010 
                                                                               -------------------  ------------- 
      Total increase..........................................................       118,054,604      275,809,584 
NET ASSETS:                                                                                                       
  Beginning of period.........................................................       493,568,489      217,758,905 
                                                                               -------------------  ------------- 
  END OF PERIOD (including distributions in excess of net investment income                                       
   $5,382,215 and $4,872,130, respectively)...................................   $   611,623,093    $ 493,568,489 
                                                                               -------------------  ------------- 
                                                                               -------------------  ------------- 

SEE NOTES TO FINANCIAL STATEMENTS 

N-30D 19th “Page” of 24 TOC 1st Previous Next ↓Bottom Just 19th
DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)                                       
--------------------------------------------------------------------------------

1.  ORGANIZATION AND  ACCOUNTING POLICIES --  Dean Witter  World Wide Investment
Trust (the "Fund") is  registered under the Investment  Company Act of 1940,  as
amended  (the "Act"), as a  diversified, open-end management investment company.
The Fund was organized  as a Massachusetts  business trust on  July 7, 1983  and
commenced operations on October 31, 1983.                                       

The following is a summary of significant accounting policies:          

    A.   VALUATION OF INVESTMENTS -- (1)  an equity security listed or traded on
    the New York or American Stock  Exchange or other domestic or foreign  stock
    exchanges  is valued at its latest sale  price on that exchange prior to the
    time when assets are valued; if there  were no sales that day, the  security
    is  valued at the latest bid price  (in cases where securities are traded on
    more than one exchange; the securities are valued on the exchange designated
    as the primary market by the  Trustees); (2) all other portfolio  securities
    for  which  over-the-counter  market quotations  are  readily  available are
    valued at the latest available bid price prior to the time of valuation; (3)
    when market quotations  are not readily  available, including  circumstances
    under  which it is  determined by the  Investment Manager that  sale and bid
    prices are not reflective of a security's market value, portfolio securities
    are valued at their fair value as determined in good faith under  procedures
    established  by and under the general supervision of the Trustees (valuation
    of debt securities for which market quotations are not readily available may
    be based upon current  market prices of securities  which are comparable  in
    coupon,  rating  and maturity  or  an appropriate  matrix  utilizing similar
    factors); (4) short-term debt securities having a maturity date of more than
    sixty days are valued on a mark-to-market basis, that is, at prices based on
    market quotations  for securities  of  a similar  type, yield,  quality  and
    maturity,  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; and (5) the value of other assets will be determined in good
    faith  at their  fair value  under procedures  established by  and under the
general supervision of the Trustees.                                    

    B.  ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on
    the trade date (date  the order to  buy or sell  is executed). Discounts  on
    securities   purchased  are  amortized  over  the  life  of  the  respective
    securities. The Fund  does not  amortize premiums  on securities  purchased.
    Realized  gains and  losses on security  transactions are  determined on the
    identified cost method. Dividend income and other distributions are recorded
    on the ex-dividend  date except  certain dividends  from foreign  securities
    which  are recorded as  soon as the  Fund is informed  after the ex-dividend
date. Interest income is accrued daily.                                 

    C.  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 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
    rate prevailing on the respective dates of such transactions. The  resultant
    exchange  gains  and losses  are included  in  the Statement  of Operations.
    Pursuant to U.S.  Federal income tax  regulations, certain foreign  exchange
    gains/losses  included in realized and  unrealized gain/loss are included in
    or are a reduction of ordinary  income for federal income tax purposes.  The
    Fund does not isolate that portion of the results of operations arising as a
    result  of changes  in the  foreign exchange rates  from the  changes in the
market prices of the securities.                                        

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)                           
--------------------------------------------------------------------------------

    D.  FORWARD FOREIGN CURRENCY EXCHANGE  CONTRACTS -- The Fund may enter  into
    forward  foreign currency exchange contracts as a hedge against fluctuations
    in foreign  exchange  rates.  Forward  contracts are  valued  daily  at  the
    appropriate  exchange rates and  any resulting unrealized  currency gains or
    losses are reflected in Fund's accounts. The Fund records realized gains  or
    losses  on  delivery of  the  currency or  at  the contract  is extinguished
(compensated) by entering into a closing transaction prior to delivery. 

    E.  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.               

    F.   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 AND  ADVISORY AGREEMENTS --  Pursuant to an Investment
Management  Agreement  with  Dean  Witter  InterCapital  Inc.  (the  "Investment
Manager"  and  "InterCapital")  and Investment  Advisory  Agreements  with Daiwa
International Capital  Management  Corp.  ("DICAM"),  which  has  a  subadvisory
agreement  with its parent Daiwa International Capital Management Co., Ltd., and
NatWest Investment Management Limited ("NWIM"),  the Fund pays InterCapital  and
each adviser an aggregate management and advisory fee, accrued daily and payable
monthly,  by applying  the annual  rate of 1.0%  to the  net assets  of the Fund
determined as  of  the  close  of each  business  day.  Under  their  respective
agreements,  InterCapital, DICAM  and NWIM  receive fees  at the  annual rate of
0.55%, 0.225% and 0.225%, respectively, of  the average daily net assets of  the
Fund determined as of the close of each business day. Effective May 1, 1994, the
Agreement  was amended to reduce the annual  rate of the management fee to 0.95%
to the  average  daily net  assets  exceeding  $500 million  of  which  0.5225%,
0.21375% and 0.21375% is paid to InterCapital, DICAM and NWIM, respectively.    

    Under  their respective agreements,  InterCapital and each  adviser pays the
salaries and expenses of all personnel  and all expenses incurred in  connection
with  the  services  rendered by  InterCapital  and each  adviser.  In addition,
InterCapital maintains certain of the Fund's books and records and furnishes, at
its own expense, office space, facilities, equipment, clerical, bookkeeping  and
certain  legal services as the Fund may reasonably require in the conduct of its
business and also bears the cost  of telephone services, heat, light, power  and
other utilities provided to the Fund.                                           

3.  PLAN OF DISTRIBUTION  -- Shares of  the Fund are  distributed by Dean Witter
Distributors Inc. (the "Distributor"), an  affiliate of the Investment  Manager.
The Fund has adopted a Plan of Distribution (the                                

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DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)                           
--------------------------------------------------------------------------------
"Plan")  pursuant to Rule 12b-1  under the Act, pursuant  to which the Fund pays
the Distributor compensation accrued daily and payable monthly at an annual rate
of 1.0% of the  lesser of: (a)  the average daily aggregate  gross sales of  the
Fund's shares since the Fund's inception (not including reinvestment of dividend
or  capital gain distributions) less the average daily aggregate net asset value
of the Fund's shares redeemed since the Fund's inception upon which a contingent
deferred sales  charge has  been imposed  or  upon which  such charge  has  been
waived;  or (b) the Fund's average daily net assets. Amounts paid under the Plan
are paid to the Distributor to compensate  it for the services provided and  the
expenses  borne  by it  and others  in  the distribution  of the  Fund's shares,
including the  payment  of  commissions  for sales  of  the  Fund's  shares  and
incentive  compensation  to, and  expenses of,  the  account executives  of Dean
Witter Reynolds Inc., an  affiliate of the  Investment Manager and  Distributor,
and other employees or selected dealers who engage in or support distribution of
the  Fund's shares or  who service shareholder  accounts, including overhead and
telephone expenses, printing and distribution  of prospectuses and reports  used
in  connection with  the offering  of the  Fund's shares  to other  than current
shareholders and preparation, printing and distribution of sales literature  and
advertising materials. In addition, the Distributor may be compensated under the
Plan  for its  opportunity costs in  advancing such  amounts, which compensation
would be in the form of a carrying charge on any unreimbursed expenses  incurred
by the Distributor.                                                             

    Provided that the Plan continues in effect, any cumulative expenses incurred
but  not  yet recovered  by  the Distributor,  may  be recovered  through future
distribution fees from the Fund and  contingent deferred sales charges from  the
Fund's shareholders.                                                            

    The  Distributor  has  informed  the  Fund that  for  the  six  months ended
September 30, 1994,  it received approximately  $234,000 in contingent  deferred
sales charges from redemptions of the Fund's shares. The Fund's shareholders pay
such charges which are not an expense of the Fund.                              

4.  SECURITY  TRANSACTIONS  AND  TRANSACTIONS WITH  AFFILIATES  --  The  cost of
purchases and proceeds from sales of portfolio securities, excluding  short-term
investments, for the six months ended September 30, 1994 aggregated $245,457,009
and $132,940,839, respectively.                                                 

    For  the six  months ended September  30, 1994, the  Fund incurred brokerage
commissions of $38,795 and $40,110 with Dean Witter Reynolds Inc. and affiliates
of DICAM, respectively,  for portfolio  transactions executed on  behalf of  the
Fund.  At September  30, 1994,  the Fund's  receivable for  investments sold and
payable for investments  purchased included  unsettled trades  with Dean  Witter
Reynolds Inc. of $3,758,107 and $514,097, respectively.                         

    Dean  Witter  Trust  Company, an  affiliate  of the  Investment  Manager and
Distributor, is the Fund's transfer agent.  At September 30, 1994, the Fund  had
transfer agent fees and expenses payable of approximately $78,500.              

    On  April 1, 1991, the Fund  established an unfunded noncontributory defined
benefit pension plan covering all independent Trustees of the Fund who will have
served as  an  independent Trustee  for  at least  five  years at  the  time  of
retirement.  Benefits  under  this  plan  are  based  on  years  of  service and
compensation during the last five years of service. Aggregate pension costs  for
the six months ended September 30, 1994, included in Trustees' fees and expenses
in  the Statement of Operations  amounted to $5,889. At  September 30, 1994, the
Fund had an accrued  pension liability of $46,426  which is included in  accrued
expenses in the Statement of Assets and Liabilities.                            

N-30D 22nd “Page” of 24 TOC 1st Previous Next ↓Bottom Just 22nd
DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)                           
--------------------------------------------------------------------------------

5.  SHARES  OF  BENEFICIAL  INTEREST --  Transactions  in  shares  of beneficial
interest were as follows:                                                       

                                                        [Enlarge/Download Table]

                                                       FOR THE SIX                                             
                                                       MONTHS ENDED                  FOR THE YEAR ENDED        
                                                    SEPTEMBER 30, 1994                 MARCH 31, 1994          
                                             --------------------------------  ------------------------------- 
                                                 SHARES           AMOUNT          SHARES           AMOUNT      
                                             --------------  ----------------  -------------  ---------------- 
                                                                                                               
Sold........................................      7,755,722  $    143,642,440     16,055,873  $    296,295,635 
Reinvestment of distributions...............      -0-              -0-               655,157        12,100,745 
                                             --------------  ----------------  -------------  ---------------- 
                                                  7,755,722       143,642,440     16,711,030       308,396,380 
Repurchased.................................     (2,622,281)      (48,616,054)    (4,390,033)      (76,880,370)
                                             --------------  ----------------  -------------  ---------------- 
Net increase................................      5,133,441  $     95,026,386     12,320,997  $    231,516,010 
                                             --------------  ----------------  -------------  ---------------- 
                                             --------------  ----------------  -------------  ---------------- 

6. FEDERAL INCOME TAX STATUS --  Foreign currency losses incurred after  October
31  ("Post-October" currency losses) within the taxable year are deemed to arise
on the first business day of the Fund's next taxable year. The Fund incurred and
will elect to defer Post-October currency losses of approximately $754,000.     

    At March 31,  1994, the  Fund had temporary  book/tax differences  primarily
attributable   to  Post-October   currency  loss  deferrals,   income  from  the
mark-to-market  of  passive  foreign  investment  companies  ("PFICs")  and  its
pro-rata  share of income and gains  from qualified electing funds ("QEFs"). The
Fund had  permanent  book/tax  differences  primarily  attributable  to  foreign
currency  losses,  a  dividend  redesignation, tax  equalization  debits,  a net
operating loss and tax adjustments on PFICs and QEFs sold by the Fund.          

7. FINANCIAL INSTRUMENTS  WITH OFF-BALANCE  SHEET RISK  -- As  of September  30,
1994,  the  Fund had  outstanding  forward foreign  currency  exchange contracts
("forward contracts")  as a  hedge against  changes in  foreign exchange  rates.
Forward  contracts  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. 

N-30D 23rd “Page” of 24 TOC 1st Previous Next ↓Bottom Just 23rd
DEAN WITTER WORLD WIDE INVESTMENT TRUST                                         
FINANCIAL HIGHLIGHTS                                                            
--------------------------------------------------------------------------------

Selected  ratios  and  per  share  data  for  a  share  of  beneficial  interest
outstanding through each period:                                                

                                                        [Enlarge/Download Table]

                             FOR THE SIX                                                         
                            MONTHS ENDED                                                         
                            SEPTEMBER 30,                FOR THE YEAR ENDED MARCH 31,            
                                1994           ------------------------------------------------  
                             (UNAUDITED)         1994      1993      1992      1991      1990    
                            -------------      --------  --------  --------  --------  --------  
                                                                                                 
PER SHARE OPERATING                                                                              
 PERFORMANCE:                                                                                    
Net asset value, beginning                                                                       
 of period................    $18.20             $14.72    $14.65    $14.57    $14.84    $14.98  
                            -------------      --------  --------  --------  --------  --------  
Net investment income                                                                            
 (loss)...................     (0.01)             (0.05)      -0-       -0-      0.23      0.11  
Net realized and                                                                                 
 unrealized gain..........      0.77               4.24      0.39      1.05      0.18      0.82  
                            -------------      --------  --------  --------  --------  --------  
Total from investment                                                                            
 operations...............      0.76               4.19      0.39      1.05      0.41      0.93  
                            -------------      --------  --------  --------  --------  --------  
Less dividends and                                                                               
 distributions from:                                                                             
  Net investment income...       -0-                -0-       -0-     (0.05)    (0.23)    (0.11) 
  Capital gains...........       -0-              (0.71)    (0.32)    (0.92)    (0.45)    (0.96) 
                            -------------      --------  --------  --------  --------  --------  
Total dividends and                                                                              
 distributions............       -0-              (0.71)    (0.32)    (0.97)    (0.68)    (1.07) 
                            -------------      --------  --------  --------  --------  --------  
Net asset value, end of                                                                          
 period...................    $18.96             $18.20    $14.72    $14.65    $14.57    $14.84  
                            -------------      --------  --------  --------  --------  --------  
                            -------------      --------  --------  --------  --------  --------  
TOTAL INVESTMENT                                                                                 
 RETURN+..................      3.57%(1)          28.40%     2.69%     7.33%     2.80%     6.09% 
RATIOS/SUPPLEMENTAL DATA:                                                                        
Net assets, end of period                                                                        
 (in thousands)...........  $611,623           $493,568  $217,759  $262,852  $278,676  $306,448  
Ratios to average net                                                                            
 assets:                                                                                         
  Expenses................      2.29%(2)           2.40%     2.42%     2.27%     2.29%     2.21% 
  Net investment income                                                                          
   (loss).................     (0.18)%(2)         (0.61)%     0.06%     0.03%     1.53%     0.70%
Portfolio turnover rate...        28%                68%      138%       89%       68%       75% 
<FN>                                                                                             
---------------                                                                                  

+    DOES NOT REFLECT THE DEDUCTION OF SALES LOAD.                                               
(1)  ANNUALIZED.                                                                                 
(2)  NOT ANNUALIZED.                                                                             

SEE NOTES TO FINANCIAL STATEMENTS 

N-30D Last “Page” of 24 TOC 1st Previous Next ↓Bottom Just 24th
TRUSTEES                                                                        
Jack F. Bennett                                              Dean Witter        
Michael Bozic                                                World Wide         
Charles A. Fiumefreddo                                       Investment         
Edwin J. Garn                                                Trust              
John R. Haire                                                                   
Dr. John E. Jeuck                                                               
Dr. Manuel H. Johnson                                                           
Paul Kolton                                                                     
Michael E. Nugent                                                               
Philip J. Purcell                                                               
John L. Schroeder                                                               
Edward R. Telling                                                               

OFFICERS                                                                        
Charles A. Fiumefreddo                                                          
Chairman and Chief Executive Officer                                            

Sheldon Curtis                                                                  
Vice President, Secretary and General Counsel                                   

Thomas H. Connelly                                                              
Vice President                                                                  

Thomas F. Caloia                                                                
Treasurer                                                                       

TRANSFER AGENT                                                                  
Dean Witter Trust Company                                                       
Harborside Financial Center - Plaza Two                                         
Jersey City, New Jersey 07311                                                   

INDEPENDENT ACCOUNTANTS                                                         
Price Waterhouse LLP                                                            
1177 Avenue of the Americas                                                     
New York, New York 10036                                                        

INVESTMENT MANAGER                                                              
Dean Witter InterCapital Inc.                                                   
Two World Trade Center                                                          
New York, New York 10048                                                        

INVESTMENT ADVISORS                                                             
Daiwa International Capital Management Corp.                                    
One World Financial Center, 200 Liberty Street                                  
New York, New York 10281                                                        

NatWest Investment Management Limited                                           
A MEMBER OF THE NATIONAL WESTMINSTER BANK GROUP                                 
Fenchurch Exchange, 43/44 Crutched Friars                                       
London EC3N 3NX                                                                 

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                   Semiannual Report  
by an effective prospectus.                                  September 30, 1994

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30D’ Filing	Date	First	Last	Other Filings

Filed on:	11/22/94			NSAR-A
For Period End:	9/30/94	1	24	NSAR-A
	5/1/94	20
	3/31/94	22	23	24F-2NT, N-30D, NSAR-B
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Filing Submission 0000912057-94-004005 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Witter Dean World Wide Investment Trust – ‘N-30D’ for 9/30/94

As of: Tuesday, 11/22/94 · For: 9/30/94 · Accession #: 912057-94-4005 · File #: 811-03800

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