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Dear Shareholder,

The U.S. economy’s quarterly pace of growth continued to advance over the period at a rate that significantly exceeded levels in early 2003. Even the U.S. labor market, which generated lackluster results throughout most of 2003, grew significantly during the period. U.S. Treasury bonds, agencies, and mortgage-backed securities collectively generated positive total returns for the 12-month period ended July 31, 2004.

Emerging markets performed well during the 12 months ended July 31, 2004 following a slow start in July 2003 amid a sell-off in the U.S. Treasury bond market and fears that the economy was overheating. Sovereign debt markets rebounded through the fall and early winter, as treasury markets stabilized and investors refocused their attention on the strong fundamentals in improving emerging market economies. Although markets were disrupted with a second sell-off in April and May 2004, which almost entirely was driven by technical factors, they regained lost ground in June and July, supporting strong returns for the period.

Please read on for a more detailed look at prevailing economic and market conditions during the past 12 months and to learn how those conditions and changes made to the portfolio during this time may have affected fund performance.

Information About Your Fund

In recent months several issues in the mutual fund industry have come under the scrutiny of federal and state regulators. The fund’s Adviser and some of its affiliates have received requests for information from various government regulators regarding market timing, late trading, fees, and other mutual fund issues in connection with various investigations. The fund

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In November 2003, Citigroup Asset Management (“Citigroup”) disclosed an investigation by the Securities and Exchange Commission (“SEC”) and the U.S. Attorney relating to Citigroup Asset Management’s entry into the transfer agency business during 1997-1999. On July 20, 2004, Citigroup disclosed that it had been notified by the Staff of the SEC that the Staff is considering recommending a civil injunctive action and/or an administrative proceeding against certain advisory and transfer agent entities affiliated with Citigroup relating to the creation and operation of its internal transfer agent unit to primarily serve the Smith Barney family of mutual funds. This internal transfer agent did not provide services to the fund. Citigroup is cooperating with the SEC and will seek to resolve this matter in discussion with the SEC Staff. Although there can be no assurance, Citigroup does not believe that this matter will have a material adverse effect on the fund.

As always, thank you for your confidence in our stewardship of your assets. We look forward to helping you continue to meet your financial goals.

Sincerely,

R. Jay Gerken, CFA

August 23, 2004

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PERFORMANCE REVIEW

During the 12-month period ended July 31, 2004, the Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc. returned 14.50%, based on its New York Stock Exchange (“NYSE”) market price and 12.75% based on its net asset value (“NAV”)ⁱⁱⁱ per share. During the period, the fund continued to generate a high level of income and total return from its holdings in emerging markets debt and mortgage-backed securities. In comparison, its unmanaged benchmarks, the EMBI+ and Citigroup Mortgage Securities Index, returned 12.17% and 5.03%, respectively.

During the 12-month period, the fund distributed dividends to shareholders totaling $0.88 per share. The performance table shows the fund’s 30-day SEC yield, as well as its 12-month total return based on its NAV and market price as of July 31, 2004. Dividends and yields fluctuate and are subject to change. Yields and dividends represent past performance, and there is no guarantee they will continue to be paid. Please consult with your personal tax or legal advisor. Past performance is no indication of future results. The fund’s yields will vary.

FUND PERFORMANCE

All figures represent past performance and are not a guarantee of future results. The fund’s yields will vary.

Total returns are based on changes in NAV or market price, respectively. Total returns assume the reinvestment of all dividends and/or capital gains distributions, if any, in additional shares. The “SEC yield” is a return figure often quoted by bond and other fixed-income mutual funds. This quotation is based on the most recent 30-day (or one-month) period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period after deduction of the fund’s expenses for the period. The SEC yield are as of July 31, 2004 and are subject to change.

INVESTMENT GRADE BOND MARKET OVERVIEW

The performance of the U.S. bond market over the past year has been strongly linked to anticipated actions of the Fed in light of U.S. economic data. Last summer, the Fed, concerned about deflation and looking to lift the economy, set their federal funds rate^iv target at 1.00%; its lowest level in more than 40 years. This move initially caused short-term rates to fall, but signs of stronger economic growth soon started to dramatically boost yields. Volatility

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The next six months were relatively stable as the economy showed signs of a turnaround, with a very strong third quarter gross domestic product^vi of 8.20%. Nevertheless, despite the strength of the economy, the Fed held fast to its 1.00% short-term lending rate attributing the economic growth more to increases in productivity than to jobs.

Signs of inflation and strong non-farm payroll numbers began to appear in March and April of 2004. Strong job numbers, combined with inflation-fighting language from the Fed, led to another rise in U.S. Treasury yields with 10-year yields rising over 100 basis points from their early March lows.

As widely anticipated over recent months, in June 2004 the Fed finally raised its federal funds rate target from 1.00% to 1.25%. The increase marked a significant reversal from the Fed’s monetary policy position from June 2003, when it last slashed its rate target following a long series of accommodative rate cuts. The Fed further increased its federal funds rate target to 1.50% on August 10, 2004, after the end of the reporting period. Lower interest rates can help stimulate the economy; accordingly, higher rates can put the brakes on economic growth and help to maintain a balance between that growth and inflation that generally can accompany it.

The rate hike was widely anticipated due to comments from the Fed regarding the momentum behind the economy and signals that it was prepared to push rates higher from their near-historic lows. As a result, bond prices declined, and yields virtually rose across the board in advance of the Fed’s action, particularly in April and May, before prices stabilized somewhat in June and July. Against this backdrop, U.S. Treasury bonds, agencies, and mortgage-backed securities collectively generated positive total returns for the 12-month period ended July 31, 2004.

EMERGING MARKETS DEBT OVERVIEW

Despite marked volatility as U.S. interest rate concerns rippled through global markets, emerging markets debt returned 12.17% during the fund’s fiscal year as represented by the EMBI+. U.S. Treasury bond prices plummeted in July 2003 following a report stating that economic growth had sharply accelerated, which prompted investors to question if the Fed’s rate-cutting cycle had run its course. However, sovereign debt markets rebounded through the fall and early winter, as treasury markets stabilized and investors refocused their attention on the strong fundamentals in improving emerging market economies.

Emerging markets started 2004 strong amid a relatively benign stretch in the U.S. Treasury bond markets; hedge funds joined crossover buyers in adding to their emerging markets debt allocations. However, markets again were disrupted in April and May following a second sharp sell-off in U.S. Treasury bonds during the period. Yields rose following an extremely strong March U.S. jobs report and comments from the Fed about the economy and inflation concerns in the United States. April saw EMBI+’s largest sell-off since July of 2001, with yield spreads^vii

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Through all of this, emerging markets debt fundamentals remained strong, and the markets benefited from increasing signs of a global economic turnaround. Continued strength in commodity prices, including metals, agriculture, and oil provided positive support for many emerging market countries. Oil prices, in particular, remained high favoring oil exporters, but fears remained that high energy prices might dampen the global recovery. Revenues from oil production contributed to positive performance in Ecuador, Russia, and Venezuela. The markets also benefited from higher-than-expected global economic growth and higher-than-expected inflation.

Spreads tightened 66 basis points during the 12-month period ended July 31, 2004, closing at 466 basis points over U.S. Treasuries. Over the same period, 12-month return volatility stood at 8.51%,^viii substantially below long-term, historical levels of approximately 16%.

The positive macro environment over the 12 months was supportive of improving credit quality across the emerging markets, which, when combined with continued progress on political and economic reforms in many Latin American countries, encouraged broader investor participation in emerging markets debt. In addition, the improving credit quality of the market may have caused some long-term investors to change their allocation to emerging markets from tactical to strategic, providing some technical support for the market.

FACTORS IMPACTING FUND PERFORMANCE

During the period, we benefited from our strategic allocation to mortgage-backed securities and from the defensive positioning of the portfolio. For most of the period, overall duration was kept shorter than that of the fund’s unmanaged mortgage benchmark, the Citigroup Mortgage Securities Index. (Duration is a common gauge of the price sensitivity of a fixed-income asset or portfolio to a change in interest rates. A shorter duration helps cushion price declines in the event of rising rates.) Given the backup of rates across the yield curve,^ix we recently shifted to a more neutral duration stance relative to the benchmark and expect to shorten our duration as treasury volatility shifts. We continue to believe that our current allocation to mortgage-backed securities will provide diversification and stability. Diversification does not assure against market loss.

Performance for the emerging markets debt portion of the fund for the 12-month period primarily was driven by macroeconomic and market factors, as outlined above, rather than individual country events. That said our overweight positions in the Brazil and Ecuador markets, which returned approximately 20% and 36%, respectively, positively contributed to the overall performance of the fund during the period.

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LOOKING FOR ADDITIONAL INFORMATION?

The fund is traded under the symbol “SBG” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available on-line under symbol XSBGX. Barron’s and The Wall Street Journal’s Monday editions carry closed-end fund tables that will provide additional information. In addition, the fund issues a quarterly press release that can be found on most major financial websites as well as www.sbam.com.

In a continuing effort to provide information concerning the fund, shareholders may call 1-888-777-0102 or 1-800-SALOMON (toll free), Monday through Friday from 8:00 a.m. to 6:00 p.m. Eastern Time, for the fund’s current NAV, market price, and other information.

Thank you for your investment in the Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc. We appreciate that you have entrusted us to manage your money and value our relationship with you.

Sincerely,

PETER J. WILBY President		ROGER M. LAVAN Executive Vice President		THOMAS K. FLANAGAN Executive Vice President

August 23, 2004

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This information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.

The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. Portfolio holdings are subject to change at any time and may not be representative of the portfolio managers’ current or future investments. The fund’s top five sector holdings as of July 31 2004 were: Mortgage-Backed Securities (49.50%); Brazil (14.00%); Zero Coupon Municipal Bonds (5.00%); Poland (4.80%); and Philippines (4.10%). The fund’s portfolio composition is subject to change at any time.

RISKS: An investment in the fund is subject to risks, including the possible loss of the entire principal amount that you invest. Your shares, at any point, may be worth less than what you invested, even after taking into account the reinvestment of fund dividends and distributions. As interest rates rise, bond prices fall, reducing the value of the fund’s share price. The fund may invest in foreign securities that are subject to certain risks of overseas investing, including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging or developing markets. The fund also may invest in derivatives, such as options and futures, which can be illiquid and harder to value, especially in declining markets. A small investment in certain derivatives potentially may have a large impact on the fund’s performance. Derivatives can disproportionately increase losses as stated in the prospectus.

All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

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Investment Breakdown as of January 31, 2004*

Investment Breakdown as of July 31, 2004*

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July 31, 2004

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July 31, 2004

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July 31, 2004

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July 31, 2004

Loaned Securities Collateral 

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DCB  — Debt Conversion Bond.

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July 31, 2004

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For the Year Ended July 31, 2004

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For the Years ended July 31,

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Data for a share of common stock outstanding throughout each year ended July 31, unless otherwise noted:

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Note 1. Organization and Significant Accounting Policies

The Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc. (“Fund”) was incorporated in Maryland on May 24, 1993 and is registered as a non-diversified, closed-end, management investment company under the Investment Company Act of 1940, as amended. The Fund commenced operations on August 27, 1993. The investment objective of the Fund is to manage a portfolio of fixed-income securities so as to return $10 per share to investors on or about November 30, 2008 while providing high monthly income. No assurance can be given that the Fund’s investment objective will be achieved.

The Fund will seek to achieve its investment objective by investing substantially all (at least 90%) of its assets, under normal conditions, in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, securities issued or guaranteed by foreign governments (sovereign bonds) and collateralized in full as to principal due at their maturity by U.S. government securities, and zero-coupon obligations of municipal issuers. The market prices of the securities in which the Fund invests are expected to fluctuate with changes in interest rates and the perceived credit quality of such assets. The Fund’s investments in sovereign bonds may be affected by political, social, economic or diplomatic changes in such countries and the Fund’s investment in such securities increases the risk that the Fund will return less than $10 per share in the year 2008. At July 31, 2004, a significant portion of the Fund’s investments was in sovereign debt of emerging market countries. In addition, the Fund’s investment in mortgage-backed securities is subject to the risk that rapid principal repayment, including prepayment, may have an adverse effect on the yield to maturity of such securities.

The following are a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual amounts could differ from those estimates.

(a) SECURITIES VALUATION. In valuing the Fund’s assets, all securities for which market quotations are readily available are valued (i) at the last sale price prior to the time of determination if there was a sale on the date of determination, (ii) at the mean between the last current bid and asked prices if there were no sales on such date and bid and asked quotations are available, and (iii) at the bid price if there was no sales price on such date and only bid quotations are available. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market, and are valued at the mean between the last current bid and asked price as of the close of business of that market.

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(b) INVESTMENT TRANSACTIONS. Investment transactions are recorded on the trade date. Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and the Fund accretes discount or amortizes premium on securities purchased using the effective interest method.

(c) FEDERAL INCOME TAXES. The Fund has complied and intends to continue to comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its income and gains, if any, to shareholders. Therefore, no federal income tax or excise tax provision is required. The character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP.

(d) DIVIDENDS AND DISTRIBUTIONS. The Fund declares and pays dividends to shareholders monthly. Net realized gains, if any, in excess of loss carryforwards are expected to be distributed annually. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets.

(e) REPURCHASE AGREEMENTS. When entering into repurchase agreements, it is the Fund’s policy that a custodian takes possession of the underlying collateral securities, the value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller

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(f) YEAR END TAX RECLASSIFICATIONS. The character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. At July 31, 2004, reclassifications were made to the capital accounts of the Fund to reflect permanent book/tax differences and income and gains available for distributions under income tax regulations. Net investment income, net realized loss and net assets were not affected by this change.

Note 2. Investment Advisory Agreement, Administration Agreement and Other Transactions

The Fund has an Investment Advisory Agreement with Salomon Brothers Asset Management Inc (“Adviser”), an indirect wholly-owned subsidiary of Citigroup Inc. (“Citigroup”), pursuant to which the Adviser acts as the Fund’s investment adviser and is responsible for the management of the Fund’s portfolio in accordance with the Fund’s investment objectives and policies and for making decisions to buy, sell, or hold particular securities.

The Fund pays the Adviser a monthly fee for its advisory services at an annual rate of 0.60% of the value of the Fund’s average weekly net assets. Pursuant to an Administration Agreement and a Sub-Administration Agreement dated September 1, 1995, the Adviser serves as Administrator and Prudential Investments LLC as Sub-administrator (“Sub-administrator”). Under these agreements, the Fund pays the Administrator a monthly fee at an annual rate of 0.15% of the value of the Fund’s average weekly net assets up to $250 million and 0.125% of the value of such net assets in excess of $250 million for its services, out of which the Administrator pays the Sub-administrator 80% of such fees collected for its services. Subsequent to the period of this report and pursuant to the terms of the Sub-Administration Agreement, in a letter dated August 27, 2004, each of the Fund and the Administrator gave the Sub-administrator notice that the Sub-Administrative Agreement was being terminated effective as of the open of business on November 1, 2004. Thus, as of November 1, 2004, the Administrator will no longer pay the Sub-administrator 80% of the fees the Administrator collects for its services.

Certain officers and/or Directors of the Fund are also officers and/or Directors of Citigroup.

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Note 3. Portfolio Activity and Federal Income Tax Status

During the year ended July 31, 2004, the aggregate cost of purchases and proceeds from sales of investments (including principal paydowns, but excluding short-term investments) were as follows:

At July 31, 2004, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially as follows:

Note 4. Mortgage Dollar Roll Transactions

The Fund enters into dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by a fee paid by the counterparty. Dollar rolls are accounted for as financing arrangements; the fee is accrued into interest income ratably over the term of the dollar roll and any gain or loss on the roll is deferred and realized upon disposition of the rolled security. For the year ended July 31, 2004, the Fund recorded interest income of $8,252,371 related to such dollar rolls. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of the similar securities.

The average monthly balance of dollar rolls outstanding during the year ended July 31, 2004 was $309,407,843. At July 31, 2004, the Fund had outstanding mortgage dollar rolls with a total cost of $290,443,658 for a scheduled settlement of August 12, 2004 and September 15, 2004. Counterparties with dollar rolls outstanding in excess of 10% of net assets at July 31, 2004 included J.P. Morgan Chase & Co. ($118,885,385) and Wachovia Securities, Inc. ($92,705,000).

Note 5. Securities Traded on a To-Be-Announced Basis

The Fund trades securities on a to-be-announced (“TBA”) basis, primarily in connection with its dollar roll activity. In a TBA transaction, the Fund commits to purchasing or selling securities which have not yet been issued by the issuer. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other