<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
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A PAN-WORLD MARKET OVERVIEW
The factors that adversely affected the financial markets for the first two
quarters of last year -- an overheated economy, rising interest rates and
inflation -- reversed themselves and helped both the stock and bond markets move
higher. Evidence of a slowing U.S. economy without a recession and a peaking of
inflation, combined with an easing move by the Federal Reserve Board, have sent
the markets to new highs. Moreover, in contrast with last year, the U.S. stock
market advance has been very broad, with all industries participating and all
capitalization sectors (large, medium and small companies) rising.
New factory orders continued to buoy production early in the year, despite
evidence of a slowdown in inventory build-ups. Productivity gains, though
declining from 1994's levels, continued to sustain corporate earnings, even as
economic expectations became more subdued. Globally, the U.S. market was the
beneficiary of a "flight to quality," as the Mexican financial crisis triggered
declines in other emerging markets worldwide.
Led by technology and financial stocks, the U.S. equity market scaled new
heights during the first six months of 1995, increasing an impressive 20.42
percent, as measured by the Dow Jones Industrial Average (the Standard & Poor's
500 Composite Stock Price Index and NASDAQ Composite Index increased 20.20 and
24.14 percent, respectively). Clearly, the bulls had much to celebrate: the
expectation of slower U.S. growth (without a recession), the ongoing containment
of inflation, continued corporate profit increases, a proposed balanced budget
bill, slower growth overseas, a strengthening U.S. dollar and the conviction
that the Federal Reserve Board's work may be done for this cycle.
Near-term, the market could easily pull up for a breather as both
individuals and institutions rush to take some profits. Still, barring seriously
negative news on the economic front or in the bond market, the foundation for a
continued strong domestic equity market remains in place as the housing sector
responds to lower interest rates, business fixed-investment remains vigorous and
work is done in Washington, D.C. to lower the U.S. trade deficit.
INTEREST RATES DECLINE
After suffering sharp declines last year as interest rates rose
significantly, the fixed-income markets began to show signs of life in the
fourth quarter of 1994 and started a full-scale rebound during the first quarter
of 1995. By the end of the first quarter, the yield on the 2-year U.S. Treasury
note had declined to 6.79 percent from 7.76 percent at year end 1994, while the
30-year U.S. Treasury bond was yielding 7.43 percent, down from 7.88 percent at
year end.
The bond market rally continued through the second quarter of 1995. Yields
on intermediate- and long-term bonds declined to levels not seen since before
the Federal Reserve Board began its restrictive monetary policy in February
1994. As of June 30, 1995, the yield on the 30-year U.S. Treasury bond was 6.62
percent. On the short-term end of the maturity spectrum, rates have remained in
line with the federal-funds target rate, which stood at 6.00 percent on June 30,
but was cut to 5.75 percent on July 6. At the end of the second quarter, the
2-year U.S. Treasury note was yielding 5.79 percent. Much of the bond market's
strength in the second quarter can be attributed to the continued perception of
an economic slowdown, as employment, housing starts and automobile sales all
declined. At this point, it
<PAGE>
appears that the Federal Reserve Board may have successfully orchestrated a
"soft landing," which suggests that the economy is growing quickly enough to
avoid recession, yet not so rapidly that inflationary pressure becomes a major
issue.
Looking ahead, today's low interest rates could re-ignite the economy,
especially in such interest-rate sensitive areas as housing. Should this occur
during the second half of the year, interest rates could again edge upward.
Inflation has accelerated relative to 1994 and is projected to be pushed forward
by continued economic growth and the U.S. dollar's lower value versus other key
currencies, particularly the deutschemark and yen. Interest rates in the money
markets will probably remain at or near current levels. In the bond markets,
however, yields that reacted too negatively in 1994 and too positively in the
first half of 1995 may adjust upward later in the year.
AN IMPROVING GLOBAL CLIMATE
Slowing growth, diminishing pressure on inflation and bond market rallies --
the underlying factors which have been driving the advance of the U.S. stock
market for the past six months -- are being repeated in the core European
markets (Germany, France, the Netherlands), suggesting stronger performance
ahead. In Japan, the Kobe earthquake, a weak and indecisive government and a
strong yen were among the factors which drove the Nikkei back to its August 1992
low. Very slow growth is anticipated in Japan for the remainder of fiscal 1995.
We believe the Japanese stock market is close to exhaustion, with substantial
bearish expectations reflected in current stock prices. It would not be
surprising to see a sharp rally when the bottom is reached.
Following excessive pessimism and sharp corrections in the first three
months of 1995, the emerging markets of Latin America stabilized and sharply
rebounded off their first-quarter lows. Despite the currency turmoil that
resulted from the situation in Mexico, the emerging economies of South America
generally appear intact, led by Chile, Peru and Brazil. Mexico, which as
recently as last November was expected to have strong growth and single-digit
inflation, is mired in a severe recession with inflation expected to exceed 50
percent this year. However, in what is a promising sign for Latin America as a
whole, Mexico's economic stabilization program has shown significant progress in
reducing monthly inflation and in reversing the country's trade deficit.
With moderating growth and prospects of lower interest rates in the major
economies, the emerging markets of Southeast Asia (which tend to be
dollar-linked) have stabilized, witnessed sharp rallies and seem to be forming a
base for strong performance going forward. With increased liquidity in the
global financial markets, as well as an expected improvement in earnings growth
in 1996, the Asian markets can also look forward to an improved environment over
the next six months. Overall, while we can not rule out short-term volatility,
we believe that the emerging markets of the world continue to offer attractive
longer-term investment opportunities.
MONEY MARKET PORTFOLIO
As of June 30, 1995, the Money Market Portfolio had assets of approximately
$250 million, with an average life of 74 days. The Portfolio's annualized net
yield for the six-month period ended June 30, 1995 was 5.67 percent and its
annualized yield for June was 5.68 percent.
While rates available to the Portfolio rose during the second half of 1994,
the first half of 1995 brought stable and slightly declining yield levels.
Three-month U.S. Treasury bills, which rose during the second half of 1994,
stabilized during the first five months of 1995, before declining in late June.
Inflation rates have been well behaved, with consumer prices for 1994 rising by
2.7 percent, and the fixed weight price index has been rising at a 3.3 percent
annual rate so far in 1995.
<PAGE>
On June 30, 1995, approximately 76 percent of the Portfolio consisted of
high quality commercial paper, with 10 percent invested in short-term notes and
certificates of deposit of major, financially strong commercial banks, 8 percent
invested in bankers' acceptances issued by such institutions, and the remaining
6 percent invested in federal agency obligations. As of June 30, more than 70
percent of the Portfolio's assets were due to mature in less than three months.
Therefore, we believe the Portfolio is well positioned for stability of value
with a high degree of liquidity. We continue to operate the Portfolio in a
straight-forward, conservative style without "structured notes" or derivatives
which fluctuate excessively when interest rates change.
QUALITY INCOME PLUS PORTFOLIO
During the six-month period ended June 30, 1995, the Quality Income Plus
Portfolio posted a total return of 14.63, outperforming the Lehman Brothers
Aggregate Bond Index, which returned 11.44 percent during the same period.
The Portfolio had net assets exceeding $470 million. As of June 30, 1995, 60
percent of assets were invested in corporate notes and bonds, 31 percent in
AAA-rated mortgage-backed securities, 5 percent in U.S. government instruments,
4 percent in Yankee sovereign notes and bonds and 4 percent in short-term
investments. This asset allocation combined with the portfolio's weighted
average credit rating of "AA" and a 14.2 year weighted average maturity
positions the Portfolio to benefit from the current low inflation economic
environment. The diversified asset allocation strategy is reviewed on an ongoing
basis and is expected to be maintained throughout the remainder of 1995, with
asset shifts occurring regularly to capitalize upon the constantly changing
investment environment.
HIGH YIELD PORTFOLIO
The high-yield market recorded strong performance during the first half of
1995, benefiting from the rally in the U.S. Treasury market, which drove
long-term rates significantly lower. Also benefiting the high-yield market was
the continued strength in corporate earnings. However, as is typical in a
decelerating economic environment, high-yield bonds generally lagged the rally
in U.S. Treasuries, as concerns over the severity of the economic slowdown,
offset some of the benefit of lower interest rates.
Against this backdrop, the High Yield Portfolio posted a total return of
9.52 percent, compared to a return of 10.77 percent for the First Boston High
Yield Index.
Our positioning of the portfolio remained essentially unchanged during the
first half of 1995, with a continued emphasis on discounted B-rated issues.
Given their significant yield advantage over U.S. Treasuries and their relative
value, we feel this sector offers attractive total return potential. Despite the
attractiveness of the market, we do continue to have a large liquidity cushion
on hand (15 to 20 percent in defensive type securities) in order to maintain
maximum portfolio flexibility.
Looking ahead, the long-term prospects for the high-yield market appear
favorable. As a result of the market's recent recession fears, the B-rated
sector looks quite attractive today, with many issues yielding 12 to 13 percent
(550-650 basis points over U.S. Treasuries) and trading at substantial discounts
($85 to 95). Given the strong credit quality that exists today, along with the
probability of a pickup in the economy as a result of the recent lower interest
rate environment, the high-yield market appears to offer a very attractive
risk/reward tradeoff. However, we realize that over the short-term, volatility,
both up and down, will likely continue as the markets attempt to assess the
latest economic data.
UTILITIES PORTFOLIO
The combination of lower interest rates, recovering fundamentals for the
utilities industry and a record-setting stock market resulted in a total return
of 12.23 percent for the Utilities Portfolio.
<PAGE>
While the threat of competition within the electric utility industry
continued to dominate their fundamental outlook and market behavior, it has
become evident that a more rational view of the resulting changing business
conditions prevailed among investors. The most convincing event that provided a
sense of building optimism toward the electric sector was the California
Regulatory assessment that existing investor-owned companies should be given the
opportunity to recover all legitimately classified stranded investment
(investments made by a utility company in such items as plant and equipment and
power lines which may not be fully utilized in the advent of open competition).
As a result, investors were relieved of the immediate threat of industry
decomposure including dividend cuts and omissions. Most important, it became
apparent that their would be many beneficiaries during and following the
transition from the monopoly status to true competition.
The push for telecommunications legislation remains among the major
political objectives of the current administration. The 1995 version compared
with that of that of prior years has a greater sense of balance to it. As a
result, the telecommunications sector, led by the Bell Operating Companies has
shown good performance in 1995.
Mild-weather has stymied natural gas prices for the past twelve months,
highlighted by the relatively low demand 1994-95 winter. Despite the near-term
week fundamentals, the industry on balance performed admirably throughout the
first six months of 1995, while the long-term outlook for the industry remains
attractive.
The Portfolio has maintained its near fully invested position with mid-year
asset allocation of 89 percent equity, 10 percent fixed-income and 1 percent
cash. Within the equity component, 50 percent are electric utilities, 36 percent
telecommunications and 14 percent natural gas. Foreign securities (ADR's),
primarily telecommunications related, account for 7 percent of net assets.
DIVIDEND GROWTH PORTFOLIO
For the sixth-month period, the Dividend Growth Portfolio posted a total
return of 19.52 percent compared to a total return of 20.20 percent for the S&P
500 Index. The reason for the slight lag in performance was the market's focus
on smaller capitalization issues (particularly technology stocks); an area in
which the Portfolio has little or no representation.
Net assets of the Portfolio totaled $707.2 million on June 30, 1995; an
increase of $134.3 million from the end of 1994. Two new common stock positions
were added during the past six months: KeyCorp and Sprint Corp. Additionally,
two portfolio positions were eliminated with the sale of Bankers Trust NY and
GTE Corp. As of June 30, the portfolio consisted of 46 equity issues spread
among 30 different industry groups, plus six U.S. Treasury bond and note issues.
Looking forward, the Portfolio will continue to focus its investments in the
more conservative, larger capitalization issues.
CAPITAL GROWTH PORTFOLIO
For the six months ended June 30, 1995, the Capital Growth Portfolio posted
a total return of 15.37 percent compared with a total return of 20.20 percent
for the S&P 500 Index. The reason for the Portfolio's underperformance relative
to the market was the market's focus on smaller capitalization issues
(particularly technology stocks); an area in which the Portfolio has little
representation.
The Portfolio had total net assets of $56.3 million on June 30, 1995 and
owned 43 equity issues spread among 36 different industry groups. During the
six-month period, portfolio positions which were sold were Central Fidelity
Banks, Banc One Corp. and Crawford & Co. Class B. New additions to the portfolio
included American International Group, Home Depot and U.S. HealthCare.
<PAGE>
Looking forward, the Portfolio will continue to focus its investments in
issues which have a long, consistent record of revenue and earnings growth.
GLOBAL DIVIDEND GROWTH PORTFOLIO
For the six-month period, the Global Dividend Growth Portfolio posted a
return of 10.97 percent compared to a return of 8.20 percent for the MSCI World
Index.
Net assets of the Portfolio totaled $166.5 million on June 30, 1995. During
the past six months, the number of issues held by the Portfolio has increased
from 79 at the year end 1994 to 100 on June 30. Examples of issues added include
Minnesota Mining & Mfg., Conrail, Dayton Hudson and KeyCorp in the U.S.;
Matsushita Electric Industrial in Japan; Nestle AG in Switzerland; AMMB Holdings
in Malaysia and Lloyds Bank PLC in the U.K. These investments are made in the
world's largest country markets.
During the period, assets committed to the U.S. were increased by 1.5
percentage points to 29.7 percent. This was done in anticipation of the
possibility that the U.S. dollar could strengthen against major foreign
currencies and was accomplished by reducing assets committed to Italy, Japan and
the U.K.
EUROPEAN GROWTH PORTFOLIO
During the first six months of 1995, the European Growth Portfolio posted a
return of 15.93 percent. During the same six month period, the MSCI Europe Index
and the MSCI World Index returned 11.56 percent and 8.20 percent, respectively.
The global investment trends that had influenced equity markets in late 1994
continued to dominate the region in the early months of 1995: the weakness of
the U.S. dollar, concerns over rising U.S. interest rates, the collapse in
Mexico and other emerging markets. However, despite the relatively poor local
currency performance of the European markets in the first quarter, the
underlying corporate and economic data coming out of Europe continued to
improve. Thus far in 1995, inflation has posed little threat, the economic
recovery has continued and corporate earnings are maintaining their upward
momentum. During the course of the second quarter, the global influences became
more benign: currencies relatively stable, a strong bond market rally and a
perceived turn in the interest rate cycle in the U.S. As a result, the positive
European factors outlined above came more into focus and the markets moved along
strongly. Some of the driving forces behind the rise in the U.S. equity markets,
such as the surge in technology, fed into Europe with technology stocks
performing very strongly.
Politics also featured prominently in Europe during the first six months of
1995. The French stock market began the year strongly in anticipation of
economic stimulation and looser monetary policy under a new President and
Administration. The Portfolio, which remains fully weighted in French stocks,
benefited from a strong first quarter. By contrast, the shifting economic and
political scene in Italy gave rise to a very sharp sell off in Italian stocks in
February. Investor confidence has not recovered and the Portfolio remains
underweighted in Italy. Spain has also been buffeted by financial and security
scandals surrounding Prime Minister Gonzalez's government. As in France, the
stock market is anticipating a change in administration and Spanish stocks have
been making positive gains. In the United Kingdom, the stock market suffered
only a temporary setback on the political uncertainty when Prime Minister Major
overcame a challenge from within his own party.
The Portfolio was kept fully invested during the period under review. The
Portfolio's cyclical stance that prevailed in 1993 and 1994 was shifted to a
more balanced split between cyclicals and financials and growth stocks. Key
positions that positively impacted performance during the period included Nokia
(telecommunications equipment) in Finland, LVMH (luxury goods) in France, SAP
(software) in Germany, Roche (pharmaceutical) in Switzerland, MoDo and Stora
(forestry) in Sweden and Granada (media) and Glaxo (pharmaceutical) in the U.K.
<PAGE>
Looking ahead, the prospects for the economic recovery continuing throughout
1995 are positive. In local currency terms, most of the Continental markets have
made only erratic progress since the bull market of 1993. In the meantime,
earnings have been progressing steadily and are not expected to peak until 1997
in most industries. Valuations are broadly supportive of markets, particularly
in Scandinavia. All of these factors bode well for the Portfolio's long-term
prospects.
PACIFIC GROWTH PORTFOLIO
For the six-month period ended June 30, 1995, the Pacific Growth Portfolio
posted a total return of 4.01 percent.
The period under review got off to a poor start with all markets falling
back in January on the back of a general reassessment of currency risk in
emerging markets following the Mexican crisis. In fundamental terms, the
economies of the Pacific Basin have historically been run much better and in a
much less risky fashion than that of Mexico. Many countries in the region run
current account surpluses and, even those which are in deficit have tended to
finance through long-term capital inflows in the form of foreign direct
investment in plant and equipment, rather than the short-term capital market
flows which typified the Mexican experience. Despite these superior
characteristics, a number of currencies in the region (the Hong Kong dollar, the
Thai baht and the Indonesian rupiah) came under severe pressure in the early
weeks of 1995, with the result that the local authorities had to respond with
significantly higher interest rates. Predictably, this negatively impacted the
stock markets.
By late January, the bearish sentiment in the region reached a crescendo and
the valuation of regional stock markets had fallen back to levels last seen
before the 1993 bull market took off, and similar to those obtained during the
Persian Gulf crisis of 1990 and 1991. However, later in the quarter increasing
indications that the U.S. interest rate environment was stabilizing underpinned
a recovery in sentiment across the region.
The second quarter showed a much improved performance by most Pacific Basin
markets. The recovery which had commenced at the end of the first quarter in
Hong Kong, Singapore and Malaysia, continued in the second quarter and broadened
out to include the smaller regional markets, many of which saw explosive rallies
in May. Notable exceptions to this were Japan, Korea and Taiwan, which remained
weak.
The Taiwanese market was hit by a combination of political and economic
concerns including inflation, upcoming elections and increasing cross straits
tension. Korea also put in a poor performance with investors expecting a tighter
monetary policy after the June regional elections and the collapse of a
department store in central Seoul. The Japanese market fell by over 20 percent
during the first half of the year in yen terms, with the currency's strength
overshadowing the market for much of the period. Policy paralysis within the
ruling coalition, together with a disappointing corporate results season further
depressed sentiment.
Although Asian equity markets have enjoyed a rally over recent months,
valuations remain at the low end of historic ranges. The July cut in U.S. rates
was particularly encouraging for Asian markets given the linkage of rates via
currency pegs. The growth momentum of the region remains intact, with corporate
earnings growth in the high teens and upward revisions to forecasts possible
given a more benign interest rate environment. With the interest rate cycle on
the turn, investors are likely to focus increasingly on the strong fundamentals
of this region, providing the impetus for markets to move higher. Encouraged by
a weaker yen and hopes that the Bank of Japan may be closer to injecting
liquidity back into the system, and despite selling pressure from life insurance
companies, the Japanese market has the potential to move higher as well.
<PAGE>
EQUITY PORTFOLIO
For the six-month period ended June 30, 1995, the Equity Portfolio posted a
return of 19.49 percent compared to a return of 17.50 percent for the average
growth annuity fund. As of June 30, 1995, the Portfolio's net assets totaled
$269 million.
As of the close of the second quarter, the Portfolio was invested in four
principal sectors: technology (computer software, semiconductors, and
semiconductor capital equipment), interest sensitive (banks, insurance, and
financial miscellaneous), services (media, entertainment, lodging, and
consumer/business services), and health care (drugs and medical supply). The
Portfolio also maintained some commitments in select cyclical groups that had
attractive supply/demand characteristics and material sales abroad (aluminum,
paper, and agricultural).
Looking forward, the Portfolio's manager believes stable or falling interest
rates should prevent the economy from slipping into a full-fledged recession and
lead only to a brief respite in economic activity. Further benefitting the
Portfolio, it is anticipated that the economy will rebound in the second half of
1995, as corporate balance sheets remain strong and real disposable income is
showing moderate gains.
MANAGED ASSETS PORTFOLIO
Managed Assets Portfolio, which had correctly held a defensive position
during much of 1994, viewed the interest rate increases and the already low
yield available from the S&P 500 Index as harbingers of potential market risk.
Accordingly, the Portfolio maintained its risk-adverse allocation throughout the
first six months of 1995, resulting in a total return of 3.34 percent for the
period.
The Portfolio's allocation at the end of June was approximately 10 percent
in stocks and 90 percent in money market instruments. The stock portion of the
portfolio was invested in 29 stocks representing 23 different industries. Each
stock offered a history of consistent increases in dividends and earnings, the
expectation of continued dividend and earnings increases and an attractive
current yield. Holdings include DuPont, General Electric, May Department Stores,
Pitney-Bowes and Schering-Plough. The money market portion of the portfolio was
invested in a combination of commercial paper and U.S. Treasury bills.
Looking forward, the Portfolio will continue to utilize the Managed Assets
Allocation Model to guide investment strategy. In the near term, we will
continue to emphasize the preservation of assets until such time as either the
Federal Reserve begins to aggressively lower interest rates or until the
risk/reward outlook for equities has improved.
We appreciate your support of Dean Witter Variable Investment Series and
look forward to serving your future needs.
Very truly yours,
[SIGNATURE]
Charles A. Fiumefreddo
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--MONEY MARKET
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
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<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD
AMOUNT (IN ON DATE OF MATURITY
THOUSANDS) PURCHASE DATE VALUE
- ----------- ----------- ------------------- ------------
<C> <S> <C> <C> <C>
COMMERCIAL PAPER (75.8%)
AUTOMOTIVE FINANCE (10.8%)
$ 9,900 Daimler-Benz North America Corp......... 6.34 % 08/21/95 $ 9,813,746
8,900 Ford Motor Credit Co.................... 6.05 to 08/14/95 to
6.25 10/20/95 8,807,714
8,500 General Motors Acceptance Corp.......... 5.95 to 08/25/95 to
6.25 12/21/95 8,326,675
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26,948,135
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BANK HOLDING COMPANIES (8.2%)
8,000 Bank of New York Co., Inc............... 6.07 11/16/95 7,819,297
6,000 Chase Manhattan Corp.................... 3.22 09/25/95 5,913,283
2,050 Chemical Banking Corp................... 5.76 12/06/95 1,999,616
2,000 Fleet Financial Group, Inc.............. 6.03 07/21/95 1,993,333
2,795 Republic New York Corp.................. 6.30 10/06/95 2,748,986
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20,474,515
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BANKS - COMMERCIAL (13.1%)
10,255 Abbey National North America............ 6.10 to 07/31/95 to
6.32 09/15/95 10,140,365
4,300 ABN-AMRO North America Finance Inc...... 5.83 10/12/95 4,229,628
3,170 Dresdner U.S. Finance Inc............... 6.26 09/05/95 3,134,549
4,000 Societe Generale N.A. Inc............... 6.28 07/10/95 3,993,850
11,375 Toronto-Dominion Holdings (USA) Inc..... 6.02 to 08/09/95 to
6.32 09/20/95 11,247,406
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32,745,798
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CHEMICALS (0.8%)
2,000 Dupont (E.I.) De Nemours & Co........... 6.05 09/20/95 1,973,360
------------
FINANCE - COMMERCIAL (4.5%)
6,190 CIT Group Holdings, Inc................. 5.82 to 11/07/95 to
6.25 11/13/95 6,057,323
5,180 Heller Financial, Inc................... 5.96 to 09/01/95 to
6.14 10/04/95 5,112,708
------------
11,170,031
------------
FINANCE - CONSUMER (6.7%)
11,975 American Express Credit Corp............ 6.21 to 07/10/95 to
6.27 08/01/95 11,931,501
1,815 Beneficial Corp......................... 6.04 07/06/95 1,813,493
3,000 Household Finance Corp.................. 6.15 08/30/95 2,969,900
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16,714,894
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--MONEY MARKET
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
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<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD
AMOUNT (IN ON DATE OF MATURITY
THOUSANDS) PURCHASE DATE VALUE
- ----------- ----------- ------------------- ------------
<C> <S> <C> <C> <C>
FINANCE - DIVERSIFIED (5.3%)
$ 1,820 Associates Corp. of North America....... 6.02 % 09/19/95 $ 1,796,138
11,600 General Electric Capital Corp........... 5.82 to 07/10/95 to
6.81 12/11/95 11,456,915
------------
13,253,053
------------
FINANCE - EQUIPMENT (3.9%)
10,035 Deere (John) Capital Corp............... 5.95 to 09/28/95 to
6.03 11/20/95 9,848,341
------------
FINANCE - UTILITIES (4.0%)
10,250 National Rural Utilities Cooperative
Finance Corp.......................... 5.89 to 09/12/95 to
6.05 10/05/95 10,107,236
------------
HEALTH CARE DIVERSIFIED (4.6%)
11,630 Schering Corp........................... 6.16 to 08/07/95 to
6.45 09/11/95 11,546,139
------------
INSURANCE (0.5%)
1,400 American General Corp................... 5.79 09/13/95 1,383,597
------------
OFFICE EQUIPMENT (3.4%)
4,000 Hewlett-Packard Co...................... 6.04 09/29/95 3,940,900
4,695 Xerox Credit Corp....................... 6.06 to 07/17/95 to
6.08 08/08/95 4,674,500
------------
8,615,400
------------
OFFICE EQUIPMENT & SUPPLIES (1.2%)
3,120 IBM Credit Corp......................... 6.00 07/24/95 3,108,120
------------
RETAIL (5.2%)
3,000 Penney (J.C.) Funding Corp.............. 5.95 08/11/95 2,979,876
10,085 Sears Roebuck Acceptance Corp........... 6.00 to 07/12/95 to
6.18 08/17/95 10,045,146
------------
13,025,022
------------
TELEPHONES (3.6%)
9,000 AT&T Corp............................... 6.31 08/29/95 8,909,730
------------
TOTAL COMMERCIAL PAPER (AMORTIZED COST $189,823,371)........................ 189,823,371
------------
BANKERS' ACCEPTANCES (8.5%)
BANKS - COMMERCIAL
6,000 Mellon Bank, N.A........................ 5.86 to 09/29/95 to
5.93 11/17/95 5,882,558
1,625 Northern Trust Company.................. 5.92 10/02/95 1,600,652
3,000 Seattle First National Bank............. 5.96 08/30/95 2,970,600
6,000 U.S. Bank of Washington, N.A............ 6.18 09/11/95 5,927,520
5,000 Union Bank.............................. 5.94 11/20/95 4,886,005
------------
TOTAL BANKERS' ACCEPTANCES (AMORTIZED COST $21,267,335)..................... 21,267,335
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--MONEY MARKET
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD
AMOUNT (IN ON DATE OF MATURITY
THOUSANDS) PURCHASE DATE VALUE
- ----------- ----------- ------------------- ------------
<C> <S> <C> <C> <C>
SHORT-TERM BANK NOTES (8.4%)
BANKS - COMMERCIAL
$ 5,000 Fifth Third Bank........................ 6.08 % 11/10/95 $ 5,000,000
5,000 MBNA America Bank, N.A.................. 6.08 08/10/95 5,000,000
11,000 NBD Bank................................ 6.38 08/28/95 11,000,000
------------
TOTAL SHORT-TERM BANK NOTES (AMORTIZED COST $21,000,000).................... 21,000,000
------------
U.S. GOVERNMENT AGENCIES (5.6%)
4,000 Federal Farm Credit Bank................ 5.83 07/05/95 3,997,520
10,030 Federal Home Loan Banks................. 6.10 to 07/03/95 to
7.07 09/14/95 9,958,087
------------
TOTAL U.S. GOVERNMENT AGENCIES (AMORTIZED COST $13,955,607)................. 13,955,607
------------
CERTIFICATE OF DEPOSIT (1.5%)
BANKS - COMMERCIAL
3,800 Union Bank (AMORTIZED COST
$3,800,000)........................... 5.83 02/09/96 3,800,000
------------
TOTAL INVESTMENTS (AMORTIZED COST $249,846,313) (A)................... 99.8% 249,846,313
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES........................ 0.2 459,608
------ ------------
NET ASSETS............................................................ 100.0% $250,305,921
------ ------------
------ ------------
<FN>
- ----------------
(A) COST IS THE SAME FOR FEDERAL INCOME TAX PURPOSES.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--QUALITY INCOME PLUS
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------- ------ ----------------- ------------
<C> <S> <C> <C> <C>
CORPORATE BONDS (60.5%)
AUTOMOTIVE (1.0%)
$ 3,000 Ford Motor Co................................. 9.50 % 09/15/11 $ 3,614,430
1,000 Ford Motor Co................................. 8.875 01/15/22 1,147,280
------------
4,761,710
------------
BANK HOLDING COMPANIES (10.1%)
1,000 Banc One Corp................................. 8.74 09/15/03 1,116,640
1,000 BankAmerica Corp.............................. 9.625 02/13/01 1,131,990
2,000 Boatmen's Bancshares, Inc..................... 6.75 03/15/03 1,982,680
2,000 Boatmen's Bancshares, Inc..................... 9.25 11/01/01 2,254,600
1,000 CoreStates Financial Corp..................... 9.625 02/15/01 1,134,560
5,000 First Bank N.A................................ 8.35 11/01/04 5,490,150
5,000 First Union Corp.............................. 8.00 08/15/09 5,186,450
4,000 Fleet Mortgage Group, Inc..................... 6.50 09/15/99 3,993,640
3,500 Household Bank................................ 8.45 12/10/02 3,795,015
2,000 Huntington National Bank...................... 7.625 01/15/03 2,078,180
3,000 Marshall & Ilsley Corp........................ 6.375 07/15/03 2,922,630
3,145 PNC Funding Corp.............................. 9.875 03/01/01 3,575,267
1,000 Republic NY Corp.............................. 7.875 12/12/01 1,064,450
5,000 State Street Boston Corp...................... 5.95 09/15/03 4,750,000
2,000 Wachovia Corp................................. 6.375 04/15/03 1,962,300
5,000 Wachovia Corp................................. 6.80 06/01/05 5,005,450
------------
47,444,002
------------
BROKERAGE (1.2%)
5,000 Morgan Stanley Group, Inc..................... 7.25 10/15/23 4,546,200
1,000 Morgan Stanley Group, Inc..................... 9.25 03/01/98 1,067,030
------------
5,613,230
------------
FINANCE & BROKERAGE (3.6%)
1,000 Associates Corp. North America................ 6.75 10/15/99 1,010,770
1,000 Bear Stearns Companies, Inc................... 9.125 04/15/98 1,063,350
3,000 Equifax, Inc.................................. 6.50 06/15/03 2,946,420
3,500 Household Financial Corp...................... 7.75 06/01/99 3,652,495
2,000 Household Financial Corp...................... 8.95 09/15/99 2,178,440
3,000 Source One Mortgage Services Corp............. 9.00 06/01/12 3,118,740
3,000 Travelers, Inc................................ 7.75 06/15/99 3,124,320
------------
17,094,535
------------
FINANCIAL (1.1%)
2,000 Golden West Financial Corp.................... 6.70 07/01/02 1,979,240
3,000 Lehman Brothers Holdings Inc.................. 8.50 05/01/07 3,192,300
------------
5,171,540
------------
FINANCIAL SERVICES (2.6%)
5,000 Aetna Life & Casualty Co...................... 7.25 08/15/23 4,578,050
3,000 Ford Motor Credit Co.......................... 8.20 02/15/02 3,225,600
4,000 Norwest Financial Inc......................... 7.875 02/15/02 4,271,880
------------
12,075,530
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--QUALITY INCOME PLUS
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------- ------ ----------------- ------------
<C> <S> <C> <C> <C>
FOOD SERVICES (0.7%)
$ 2,000 Grand Metropolitan Investment Corp............ 8.00 % 09/15/22 $ 2,134,860
1,000 McDonald's Corp............................... 8.875 04/01/11 1,171,850
------------
3,306,710
------------
FOODS (0.3%)
2,000 Archer-Daniels-Midland Co..................... 0.00 05/01/02 1,284,320
------------
HEALTH CARE DIVERSIFIED (0.7%)
2,000 Kaiser Foundation Health Plan, Inc............ 9.00 11/01/01 2,253,300
1,000 Kaiser Foundation Health Plan, Inc............ 9.55 07/15/05 1,204,490
------------
3,457,790
------------
INDUSTRIALS (16.3%)
3,000 American Home Products........................ 7.25 03/01/23 2,950,980
1,000 B.P. North America, Inc....................... 7.875 05/15/02 1,069,080
4,000 Becton Dickinson.............................. 8.70 01/15/25 4,404,080
5,000 Boeing Co..................................... 7.95 08/15/24 5,432,300
2,000 Burlington Resources, Inc..................... 7.15 05/01/99 2,044,400
5,000 Burlington Resources, Inc..................... 8.20 03/15/25 5,433,450
1,000 Burlington Resources, Inc..................... 8.50 10/01/01 1,092,270
1,000 Caterpillar, Inc.............................. 9.375 07/15/01 1,130,770
3,000 Caterpillar, Inc.............................. 9.375 08/15/11 3,593,790
5,000 Columbia/HCA Healthcare Corp.................. 9.00 12/15/14 5,639,400
1,000 Corning, Inc.................................. 8.875 08/15/21 1,147,690
1,000 Knight Ridder, Inc............................ 8.50 09/01/01 1,088,950
5,000 Lilly Eli & Co................................ 7.125 06/01/25 4,906,600
5,000 Lockheed Corp................................. 7.875 03/15/23 5,158,150
5,000 May Department Stores......................... 7.50 06/01/15 5,026,500
1,000 Maytag Corp................................... 9.75 05/15/02 1,156,220
5,000 Motorola, Inc................................. 7.50 05/15/25 5,171,000
1,000 Motorola, Inc................................. 7.60 01/01/07 1,068,490
5,000 Phillip Morris Companies, Inc................. 7.50 01/15/02 5,165,250
3,250 Rockwell International Corp................... 7.625 02/17/98 3,365,310
2,000 Seagram Co Ltd................................ 8.35 01/15/22 2,127,500
5,000 Walt Disney Co................................ 7.55 07/15/93 4,859,600
3,000 Weyerhaeuser Co............................... 8.50 01/15/25 3,406,260
------------
76,438,040
------------
OIL INTEGRATED - DOMESTIC (0.4%)
688 Mobil Oil Corp................................ 9.17 02/29/00 735,430
1,000 Texaco Capital, Inc........................... 9.75 03/15/20 1,275,740
------------
2,011,170
------------
PHARMACEUTICALS (2.2%)
5,000 Johnson & Johnson............................. 8.72 11/01/24 5,634,950
856 Marion Merrell Corp........................... 9.11 08/01/05 967,417
1,000 McKesson Corp................................. 8.625 02/01/98 1,053,140
3,000 Zeneca Wilmington, Inc........................ 7.00 11/15/23 2,851,890
------------
10,507,397
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--QUALITY INCOME PLUS
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------- ------ ----------------- ------------
<C> <S> <C> <C> <C>
REAL ESTATE INVESTMENT TRUST (1.0%)
$ 5,000 Kimco Realty Corp............................. 6.50 % 10/01/03 $ 4,828,350
------------
RETAIL (2.3%)
1,000 Dayton-Hudson Corp............................ 9.00 10/01/21 1,141,840
1,000 Penny (J.C.) Company, Inc..................... 9.75 06/15/21 1,185,480
3,000 Wal-Mart Stores, Inc.......................... 7.49 06/21/07 3,163,920
5,000 Wal-Mart Stores, Inc.......................... 8.50 09/15/24 5,468,600
------------
10,959,840
------------
TELEPHONES (4.2%)
5,000 AT&T Corp..................................... 8.35 01/15/25 5,346,950
2,000 Bellsouth Telecommunications.................. 7.625 05/15/35 2,016,460
1,000 GTE Corp...................................... 8.75 11/01/21 1,133,850
1,000 GTE Corp...................................... 10.25 11/01/20 1,169,580
5,000 GTE Florida Inc............................... 7.41 12/15/23 4,907,750
5,000 MCI Communications Corp....................... 7.75 03/23/25 4,988,550
------------
19,563,140
------------
TRANSPORTATION (1.9%)
1,000 AMR Corp...................................... 10.20 03/15/20 1,172,000
5,000 Burlington Northern........................... 7.97 01/01/15 5,338,550
1,000 Consolidated Rail Corp........................ 9.75 06/15/20 1,256,360
1,000 Delta Air Lines, Inc.......................... 10.375 02/01/11 1,163,130
------------
8,930,040
------------
UTILITIES - ELECTRIC (9.6%)
1,000 Chugach Electric Company...................... 9.14 03/15/22 1,122,530
2,000 Citizens Utilities Co......................... 7.60 06/01/06 2,127,300
3,750 Consolidated Edison........................... 8.05 12/15/27 3,807,075
5,000 Duke Power Co................................. 7.00 07/01/33 4,705,750
7,500 Florida Power & Light Co...................... 7.05 12/01/26 7,121,175
2,000 Florida Power & Light Co...................... 7.875 01/01/13 2,041,360
2,000 Georgia Power Co.............................. 8.625 06/01/22 2,000,000
2,000 Houston Lighting & Power Co................... 7.75 03/15/23 2,013,720
5,000 Northern States Power Co...................... 7.25 03/01/23 4,844,050
5,000 Pennsylvania Power & Light Co................. 7.70 10/01/09 5,398,850
5,000 Southern California Edison Co................. 7.25 03/01/26 4,776,350
5,000 Virginia Electric & Power..................... 8.25 03/01/25 5,295,400
------------
45,253,560
------------
WASTE DISPOSAL (1.3%)
5,000 Browning Ferris Industries.................... 9.25 05/01/21 6,025,450
------------
TOTAL CORPORATE BONDS (IDENTIFIED COST $270,978,304)..................... 284,726,354
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--QUALITY INCOME PLUS
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------- ------ ----------------- ------------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT & AGENCIES OBLIGATIONS (35.2%)
$ 1,000 Federal Home Loan Mortgage Corp............... 8.60 % 01/26/00 $ 1,033,125
42 Federal Home Loan Mortgage Corp............... 11.50 06/01/11-05/01/19 46,124
10,000 Federal Home Loan Mortgage Corp PC Gold....... 6.50 * 9,625,000
12,226 Federal Home Loan Mortgage Corp PC Gold....... 8.00 04/01/24-12/01/24 12,455,728
4,980 Federal Home Loan Mortgage Corp PC Gold....... 8.50 01/01/22-12/01/24 5,135,513
14,853 Federal National Mortgage Association......... 7.00 01/01/24-06/01/24 14,602,307
14,700 Federal National Mortgage Association......... 7.50 * 14,745,938
5,000 Federal National Mortgage Association......... 7.93 02/14/25 5,564,850
12,660 Federal National Mortgage Association......... 8.00 05/01/16-10/01/24 12,897,495
2,847 Federal National Mortgage Association......... 9.00 06/01/21-02/01/25 2,966,016
2,000 Federal National Mortgage Association
(Principal Strip)........................... 0.00 08/21/01 1,869,063
20,000 Federal National Mortgage Association
(Principal Strip)........................... 0.00 10/09/19 3,559,375
4,907 Government National Mortgage Association...... 6.50 05/15/23-05/15/24 4,714,158
2,000 Government National Mortgage Association...... 6.50 * 1,921,250
29,727 Government National Mortgage Association...... 7.00 09/15/22-11/15/24 29,252,742
14,548 Government National Mortgage Association...... 7.50 10/15/21-10/15/24 14,625,460
4,732 Government National Mortgage Association...... 8.00 01/15/22-06/15/25 4,840,920
731 Government National Mortgage Association...... 8.50 01/15/17-11/15/21 759,352
4,885 Government National Mortgage Association...... 9.00 07/15/24-12/15/24 5,127,795
333 Government National Mortgage Association...... 9.50 07/15/17-04/15/20 353,383
282 Government National Mortgage Association...... 10.00 05/15/16-04/15/19 306,905
1,700 Private Export Funding Services............... 5.48 09/15/03 1,668,907
1,000 Student Loan Marketing Association............ 12.05 03/19/96 593,750
5,000 Tennessee Valley Authority.................... 7.85 06/15/44 5,032,820
11,000 Tennessee Valley Authority (Principal
Strip)...................................... 0.00 04/15/42 3,161,620
5,000 U.S. Treasury Bond............................ 7.50 11/15/24 5,538,281
3,000 U.S. Treasury Note............................ 6.875 03/31/00 3,104,531
------------
TOTAL U.S. GOVERNMENT & AGENCIES OBLIGATIONS
(IDENTIFIED COST $158,212,849)......................................... 165,502,408
------------
FOREIGN GOVERNMENT & AGENCIES OBLIGATIONS (4.1%)
5,000 Hydro-Quebec.................................. 9.50 11/15/30 5,989,150
2,000 Iceland-Republic.............................. 6.125 02/01/04 1,898,800
7,000 Italy-Republic................................ 6.875 09/27/23 6,236,790
5,000 Province of New Brunswick..................... 7.625 06/29/04 5,286,150
------------
TOTAL FOREIGN GOVERNMENT & AGENCIES OBLIGATIONS
(IDENTIFIED COST $17,889,390).......................................... 19,410,890
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES
- ----------
<C> <S> <C> <C> <C>
PREFERRED STOCK (0.3%)
U.S. GOVERNMENT AGENCY
48,000 Tennessee Valley Authority (IDENTIFIED COST $1,200,000).................. 1,224,000
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--QUALITY INCOME PLUS
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------- ------ ----------------- ------------
<C> <S> <C> <C> <C>
SHORT-TERM INVESTMENTS (3.7%)
COMMERCIAL PAPER (a) (2.8%)
AUTOMOTIVE FINANCE (1.1%)
$ 5,000 Ford Motor Credit Co.......................... 5.94 % 07/17/95 $ 4,986,800
------------
FINANCE - DIVERSIFIED (1.7%)
8,000 General Electric Capital Corp................. 5.95 07/17/95 7,978,844
------------
TOTAL COMMERCIAL PAPER (AMORTIZED COST $12,965,644)...................... 12,965,644
------------
U.S. GOVERNMENT AGENCIES (a) (1.0%)
1,500 Federal Home Loan Banks....................... 6.10 07/03/95 1,499,492
2,000 Federal National Mortgage Association......... 5.86 07/17/95 1,994,791
1,000 Federal National Mortgage Association......... 5.90 07/17/95 997,391
------------
TOTAL U.S. GOVERNMENT AGENCIES (AMORTIZED COST $4,491,674)............... 4,491,674
------------
REPURCHASE AGREEMENT (0.0%)
119 The Bank of New York (dated 6/30/95; proceeds
$119,087; collateralized by $118,022 U.S.
Treasury Note 6.625% due 03/31/97 valued at
$121,408) (IDENTIFIED COST $119,027)........ 6.00 07/03/95 119,027
------------
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $17,576,345)............... 17,576,345
------------
TOTAL INVESTMENTS (IDENTIFIED COST $465,856,888) (B)............ 103.8% 488,439,997
LIABILITIES IN EXCESS OF OTHER ASSETS........................... (3.8) (17,735,466)
------ ------------
NET ASSETS...................................................... 100.0% $470,704,531
------ ------------
------ ------------
<FN>
- ----------------
* SECURITIES WERE PURCHASED ON A FORWARD COMMITMENT BASIS WITH AN
APPROXIMATE PRINCIPAL AMOUNT AND NO DEFINITE MATURITY DATE; THE ACTUAL
PRINCIPAL AMOUNT AND MATURITY DATE WILL BE DETERMINED UPON SETTLEMENT.
(A) SECURITIES WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATES SHOWN
HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST OF INVESTMENTS FOR FEDERAL INCOME TAX PURPOSES IS
$467,896,919; THE AGGREGATE GROSS UNREALIZED APPRECIATION IS $25,336,560
AND THE AGGREGATE GROSS UNREALIZED DEPRECIATION IS $4,793,482, RESULTING
IN NET UNREALIZED APPRECIATION OF $20,543,078.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--HIGH YIELD
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- ---------------
<C> <S> <C> <C> <C>
CORPORATE BONDS (89.7%)
AEROSPACE (0.9%)
$ 1,500 Sabreliner Corp. (Series B)........................................ 12.50 % 04/15/03 $ 1,267,500
---------------
AIRLINES (4.4%)
7,057 GPA Delaware, Inc.................................................. 8.75 12/15/98 5,998,450
---------------
AUTOMOTIVE (2.4%)
4,500 Envirotest Systems, Inc............................................ 9.625 04/01/03 3,341,250
---------------
CABLE & TELECOMMUNICATIONS (3.2%)
2,000 Adelphia Communications Corp. (Series B)........................... 9.50+ 02/15/04 1,670,000
4,500 In-Flight Phone Corp. (Units)+++ - 144A**.......................... 14.00++ 05/15/02 2,700,000
---------------
4,370,000
---------------
COMPUTER EQUIPMENT (8.0%)
5,000 IBM Credit Corp.................................................... 15.00 06/13/96 5,434,750
5,000 Unisys Corp........................................................ 13.50 07/01/97 5,512,500
---------------
10,947,250
---------------
CONSUMER PRODUCTS (2.2%)
1,850 J.B. Williams Holdings, Inc........................................ 12.00 03/01/04 1,850,000
1,000 Thermoscan, Inc. (Units)+++ - 144A**............................... 13.50* 08/15/01 1,100,000
---------------
2,950,000
---------------
CONTAINERS (2.3%)
6,000 Ivex Holdings Corp. (Series B)..................................... 13.25++ 03/15/05 3,210,000
---------------
ELECTRICAL & ALARM SYSTEMS (2.3%)
4,000 Mosler, Inc........................................................ 11.00 04/15/03 3,200,000
---------------
ENTERTAINMENT/GAMING & LODGING (8.1%)
1,500 Fitzgeralds Gaming Corp. - 144A**.................................. 14.00* 03/15/96 885,000
3,000 Motels of America, Inc. (Series B)................................. 12.00 04/15/04 3,030,000
3,000 Six Flags Theme Parks Corp. - 144A**............................... 12.25++ 07/01/05 2,167,500
26,086 Spectravision, Inc. (c)............................................ 11.65 12/01/02 2,076,467
4,000 Trump Castle Funding, Inc.......................................... 11.75 11/15/03 2,970,000
---------------
11,128,967
---------------
FOODS & BEVERAGES (13.2%)
1,000 Envirodyne Industries, Inc. - 144A**............................... 12.00 06/15/00 980,000
6,000 Envirodyne Industries, Inc......................................... 10.25 12/01/01 4,800,000
5,000 PepsiCo Inc........................................................ 15.00 06/14/96 5,436,000
2,000 Seven Up\RC Bottling Co. Southern California, Inc.................. 11.50 08/01/99 1,795,000
10,000 Specialty Foods Acquisition Corp. (Series B)....................... 13.00++ 08/15/05 5,100,000
---------------
18,111,000
---------------
MANUFACTURING (4.6%)
3,000 Berry Plastics Corp................................................ 12.25 04/15/04 3,060,000
1,500 Cabot Safety Corp. - 144A**........................................ 12.50 07/15/05 1,515,000
2,000 Uniroyal Technology Corp........................................... 11.75 06/01/03 1,800,000
---------------
6,375,000
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--HIGH YIELD
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- ---------------
<C> <S> <C> <C> <C>
MANUFACTURING - DIVERSIFIED (8.6%)
$ 3,000 Foamex L.P......................................................... 11.875 % 10/01/04 $ 2,880,000
3,000 Interlake Corp..................................................... 12.125 03/01/02 2,955,000
3,000 J.B. Poindexter & Co., Inc......................................... 12.50 05/15/04 2,947,500
5,000 Jordan Industries, Inc............................................. 11.75++ 08/01/05 3,000,000
---------------
11,782,500
---------------
OIL & GAS (2.8%)
2,000 Deeptech International, Inc........................................ 12.00 12/15/00 1,390,000
3,000 Empire Gas Corp.................................................... 7.00 07/15/04 2,475,000
---------------
3,865,000
---------------
PUBLISHING (7.4%)
5,000 Affiliated Newspapers Investments, Inc............................. 13.25++ 07/01/06 2,925,000
3,800 BFP Holdings, Inc. (Series B)...................................... 13.50++ 04/15/04 2,550,750
2,000 Garden State Newspapers, Inc....................................... 12.00 07/01/04 1,980,000
1,225 United States Banknote Corp........................................ 10.375 06/01/02 1,029,000
2,000 United States Banknote Corp........................................ 11.625 08/01/02 1,640,000
---------------
10,124,750
---------------
RESTAURANTS (8.8%)
7,750 American Restaurant Group Holdings, Inc............................ 14.00++ 12/15/05 3,681,250
3,000 Carrols Corp....................................................... 11.50 08/15/03 2,880,000
7,000 Flagstar Corp...................................................... 11.25 11/01/04 5,530,000
---------------
12,091,250
---------------
RETAIL (6.6%)
4,000 Cort Furniture Rental Corp......................................... 12.00 09/01/00 3,960,000
2,000 County Seat Stores Co.............................................. 12.00 10/01/01 1,970,000
3,000 Thrifty Payless, Inc............................................... 12.25 04/15/04 3,082,500
---------------
9,012,500
---------------
TEXTILES (3.3%)
5,034 JPS Textile Group, Inc............................................. 10.85 06/01/99 4,530,600
---------------
TRANSPORTATION (0.6%)
1,500 Transtar Holdings L.P. (Series B).................................. 13.375++ 12/15/03 885,000
---------------
TOTAL CORPORATE BONDS (IDENTIFIED COST $130,298,871)...................................... 123,191,017
---------------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
CONVERTIBLE BOND (1.3%)
RESTAURANTS
2,000 Boston Chicken Inc. (IDENTIFIED COST $1,815,000)................... 4.50 02/01/04 1,840,000
---------------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATION (4.7%)
6,250 U.S. Treasury Note (IDENTIFIED COST $6,442,851).................... 11.50 11/15/95 6,376,953
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--HIGH YIELD
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
COMMON STOCKS (A) (2.7%)
AUTOMOTIVE (0.0%)
87 Northern Holdings Industrial Corp. - 144A**............................................. $ --
---------------
BUILDING & CONSTRUCTION (0.2%)
13,538 USG Corp. (b)........................................................................... 321,528
---------------
COMPUTER EQUIPMENT (0.1%)
39,813 Memorex Telex NV (ADR) (Netherlands) (b)................................................ 79,626
---------------
ENTERTAINMENT/GAMING & LODGING (0.2%)
2,000 Motels of America, Inc. - 144A**........................................................ 180,000
4,000 Trump Taj Mahal, Inc. (Class A)......................................................... 56,000
71,890 Vagabond Inns, Inc. (Class D) (c)....................................................... 79,079
---------------
315,079
---------------
FOODS & BEVERAGES (0.3%)
120,000 Specialty Foods Acquisition Corp. - 144A**.............................................. 360,000
---------------
MANUFACTURING - DIVERSIFIED (0.8%)
84,072 Thermadyne Holdings Corp. (b)........................................................... 1,187,517
---------------
PUBLISHING (0.8%)
5,000 Affiliated Newspapers Investments, Inc. (Class B)....................................... 150,000
30,400 BFP Holdings, Inc. - 144A** (Class D)................................................... 912,000
---------------
1,062,000
---------------
RESTAURANTS (0.1%)
7,750 American Restaurant Group Holdings, Inc. - 144A**....................................... 124,000
---------------
RETAIL (0.2%)
57,000 Thrifty Payless Holdings, Inc. (Class C)................................................ 270,750
---------------
TOTAL COMMON STOCKS (IDENTIFIED COST $11,448,645)....................................... 3,720,500
---------------
</TABLE>
<TABLE>
<CAPTION>
EXPIRATION
DATE
----------
<C> <S> <C> <C>
WARRANTS (A) (0.4%)
AEROSPACE (0.0%)
1,500 Sabreliner Corp................................................................... 04/15/03 15,000
------------
CONTAINERS (0.1%)
2,000 Crown Packaging Holdings, Ltd. - 144A** (Canada).................................. 11/01/03 110,000
------------
ENTERTAINMENT/GAMING & LODGING (0.0%)
1,000 Boomtown, Inc. - 144A **.......................................................... 11/01/98 11,000
3,263 Casino America, Inc............................................................... 11/15/96 2,039
1,500 Fitzgeralds Gaming Corp. - 144A**................................................. 03/15/99 15,000
------------
28,039
------------
MANUFACTURING (0.1%)
3,000 BPC Holdings Corp................................................................. 04/15/04 37,500
10,000 Uniroyal Technology Corp.......................................................... 06/01/03 20,000
------------
57,500
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--HIGH YIELD
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF EXPIRATION
SHARES DATE VALUE
- --------- ---------- ------------
<C> <S> <C> <C>
OIL & GAS (0.0%)
4,140 Empire Gas Corp................................................................... 07/15/04 $ 41,400
------------
RETAIL (0.2%)
2,000 County Seat Holdings Co........................................................... 10/15/98 56,000
132,000 New Cort Holdings Corp............................................................ 09/01/98 239,316
------------
295,316
------------
RETAIL - FOOD CHAINS (0.0%)
15,854 Grand Union Co. (Series 1) (b).................................................... 06/16/00 11,891
31,709 Grand Union Co. (Series 2) (b).................................................... 06/16/00 11,098
------------
22,989
------------
TOTAL WARRANTS (IDENTIFIED COST $379,540)..................................................... 570,244
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
- -----------
<C> <S> <C>
SHORT-TERM INVESTMENT (1.1%)
REPURCHASE AGREEMENT
$ 1,468 The Bank of New York 6.00% due 07/03/95 (dated 06/30/95; proceeds $1,469,030;
collateralized by $1,455,965 U.S. Treasury Note 6.625% due 03/31/97 valued at
$1,497,662) (IDENTIFIED COST $1,468,296).............................................. 1,468,296
---------------
TOTAL INVESTMENTS (IDENTIFIED COST $151,853,203) (D)................... 99.9% 137,167,010
OTHER ASSETS IN EXCESS OF LIABILITIES.................................. 0.1 110,226
---------- -------------
NET ASSETS............................................................. 100.0% $ 137,277,236
---------- -------------
---------- -------------
<FN>
- ----------------
ADR AMERICAN DEPOSITORY RECEIPT.
* ADJUSTABLE RATE. RATE SHOWN IS THE RATE IN EFFECT AT JUNE 30, 1995.
** RESALE IS RESTRICTED TO QUALIFIED INSTITUTIONAL INVESTORS.
+++ CONSISTS OF MORE THAN ONE CLASS OF SECURITIES TRADED TOGETHER AS A UNIT;
GENERALLY BONDS WITH ATTACHED STOCKS/WARRANTS.
+ PAYMENT-IN-KIND SECURITY.
++ CURRENTLY ZERO COUPON BOND AND WILL PAY INTEREST AT THE RATE SHOWN AT A
FUTURE SPECIFIED DATE.
(A) NON-INCOME PRODUCING SECURITY.
(B) ACQUIRED THROUGH EXCHANGE OFFER.
(C) NON-INCOME PRODUCING, ISSUER IN BANKRUPTCY.
(D) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $151,988,562; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $3,563,811 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $18,385,363, RESULTING IN NET UNREALIZED
DEPRECIATION OF $14,821,552.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--UTILITIES
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
- ----------- ---------------
<C> <S> <C>
CORPORATE BONDS (10.6%)
TELECOMMUNICATIONS (2.5%)
$ 5,000 Century Telephone Enterprises, Inc.
8.25% due 05/01/24................ $ 5,274,700
3,000 GTE Florida, Inc. 7.41% due
12/15/23.......................... 2,944,650
2,000 Sprint Corp. 9.25% due 04/15/22..... 2,391,100
---------------
10,610,450
---------------
UTILITIES - ELECTRIC (8.1%)
2,000 Arkansas Power & Light Company 7.00%
due 10/01/23...................... 1,814,340
1,000 Boston Edison Co.
7.80% due 05/15/10................ 1,023,390
1,239 Commonwealth Edison Company 7.50%
due 01/01/01...................... 1,252,096
5,000 Commonwealth Edison Company 8.375%
due 02/15/23...................... 5,184,950
2,000 Consumer Power Company 7.375% due
09/15/23.......................... 1,873,560
2,000 Dayton Power & Light Company 7.875%
due 02/15/24...................... 2,071,120
2,000 Florida Power & Light Co.
7.05% due 12/01/26................ 1,898,980
5,000 GGIB Funding Corp.
7.43% due 01/15/11................ 4,744,150
3,000 Indianapolis Power Co.
7.05% due 02/01/24................ 2,852,430
2,400 Kentucky Utilities Co.
7.55% due 06/01/25................ 2,394,648
2,000 Long Island Lighting Co.
9.625% due 07/01/24............... 2,001,240
4,800 Niagara Mohawk Power Corp. 7.75% due
05/15/06.......................... 4,864,944
2,000 South Carolina Electric & Gas Co.
7.625% due 06/01/23............... 2,010,560
---------------
33,986,408
---------------
TOTAL CORPORATE BONDS (IDENTIFIED
COST $43,556,080)................. 44,596,858
---------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES
- -----------
<C> <S> <C>
PREFERRED STOCKS (1.2%)
TELECOMMUNICATIONS (0.0%)
7,000 GTE Delaware Corp. 9.25% (Series
A)................................ 189,875
---------------
U.S. GOVERNMENT AGENCY (0.6%)
100,000 Tennessee Valley Authority 8.00%
(Series 95-A)..................... 2,550,000
---------------
UTILITIES - ELECTRIC (0.6%)
40,000 Arizona Public Service Co. 10.00%
(Series A)........................ 1,110,000
2,207 Cleveland Electric Illuminating Co.
9.125% (Series N)................. 216,337
40,000 Connecticut Light & Power Capital
9.30% (Series A).................. 1,060,000
---------------
2,386,337
---------------
TOTAL PREFERRED STOCKS (IDENTIFIED
COST $4,900,114).................. 5,126,212
---------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
COMMON STOCKS (87.1%)
TELECOMMUNICATIONS (32.6%)
135,000 Airtouch Communications*............ $ 3,847,500
230,000 Alltel Corp......................... 5,836,250
190,000 AT&T Corp........................... 10,093,750
165,000 BCE, Inc............................ 5,300,625
290,000 Cable & Wireless PLC (ADR) (United
Kingdom).......................... 5,945,000
160,000 Century Telephone Enterprises,
Inc............................... 4,540,000
80,000 Cincinnati Bell, Inc................ 2,020,000
200,000 Comcast Corp. (Class A)............. 3,625,000
155,000 Comsat Corp......................... 3,041,875
355,000 Ericsson (L.M.) Telephone Co. (ADR)
(Sweden).......................... 7,100,000
235,000 Frontier Corp....................... 5,640,000
175,000 GTE Corp............................ 5,971,875
180,000 MCI Communications Corp............. 3,937,500
115,000 MFS Communications Co., Inc.*....... 3,651,250
100,000 Motorola, Inc....................... 6,712,500
120,000 Northern Telecom Ltd. (Canada)...... 4,380,000
140,000 NYNEX Corp.......................... 5,635,000
130,000 Pacific Telesis Group, Inc.......... 3,477,500
130,000 SBC Communications, Inc............. 6,191,250
185,000 Southern New England
Telecommunications Corp........... 6,521,250
125,000 Sprint Corporation.................. 4,203,125
65,000 Tele Danmark AS (ADR) (Denmark)..... 1,820,000
245,000 Tele-Communications, Inc. (Class
A)*............................... 5,726,875
80,000 Telecommunications Corp. New Zealand
Ltd. (ADR) (New Zealand).......... 4,850,000
90,000 Telefonos de Mexico, S.A. Series L
(ADR) (Mexico).................... 2,666,250
135,000 Telephone & Data Systems, Inc....... 4,910,625
115,000 Time Warner, Inc.................... 4,729,375
110,000 U.S. West, Inc...................... 4,578,750
---------------
136,953,125
---------------
UTILITIES - ELECTRIC (42.3%)
225,000 Baltimore Gas & Electric Co......... 5,625,000
135,000 Carolina Power & Light Company...... 4,083,750
150,000 Central & South West Corp........... 3,937,500
240,865 CINergy Corp........................ 6,322,706
260,000 CMS Energy Corp..................... 6,402,500
130,000 Consolidated Edison Co. of New York,
Inc............................... 3,835,000
165,000 Detroit Edison Company.............. 4,867,500
215,000 DPL, Inc............................ 4,756,875
202,500 DQE, Inc............................ 4,758,750
190,000 Entergy Corp........................ 4,583,750
140,000 FPL Group, Inc...................... 5,407,500
175,000 General Public Utilities Corp....... 5,206,250
125,000 Hawaiian Electric Industries, Inc... 4,546,875
100,000 Houston Industries, Inc............. 4,212,500
255,000 Illinova Corp....................... 6,470,625
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--UTILITIES
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
UTILITIES - ELECTRIC (CONTINUED)
150,000 IPALCO Enterprises, Inc............. $ 4,781,250
145,000 Kansas City Power & Light Co........ 3,316,875
110,000 Long Island Lighting Co............. 1,705,000
140,000 Montana Power Co.................... 3,220,000
110,000 New England Electric System......... 3,795,000
105,000 New York State Electric & Gas
Corp.............................. 2,454,375
210,000 Niagara Mohawk Power Corp........... 3,097,500
180,000 NIPSCO Industries, Inc.............. 6,120,000
100,000 Northeast Utilities................. 2,250,000
150,000 Pacific Gas & Electric Company...... 4,350,000
310,000 PacifiCorp.......................... 5,812,500
240,000 Pinnacle West Capital Corp.......... 5,880,000
110,000 Portland General Corp............... 2,433,750
120,000 Potomac Electric Power Company...... 2,580,000
205,000 Public Service Company of Colorado.. 6,662,500
240,000 Public Service Company of New
Mexico*........................... 3,420,000
145,000 Public Service Enterprise Group,
Inc............................... 4,023,750
95,000 Puget Sound Power & Light Company... 2,173,125
140,000 San Diego Gas & Electric Co......... 2,905,000
180,000 SCANA Corp.......................... 4,027,500
120,000 SCE Corp............................ 2,055,000
280,000 Southern Company.................... 6,265,000
145,000 Texas Utilities Co.................. 4,984,375
115,000 United Illuminating Co.............. 3,795,000
165,000 Western Resources Corp.............. 5,094,375
205,000 Wisconsin Energy Corp............... 5,740,000
---------------
177,958,956
---------------
UTILITIES - NATURAL GAS (12.2%)
90,000 Apache Corp......................... 2,463,750
120,000 Burlington Resources, Inc........... 4,425,000
95,000 Columbia Gas System, Inc.*.......... 3,016,250
150,000 El Paso Natural Gas Co.............. 4,275,000
170,000 ENSERCH Corp........................ 2,911,250
105,000 Louisiana Land & Exploration Co..... 4,186,875
130,000 Panhandle Eastern Corp.............. 3,168,750
130,000 Questar Corp........................ 3,737,500
200,000 Seagull Energy Corp.*............... 3,300,000
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
130,000 Tenneco Inc......................... $ 5,980,000
65,000 UGI Corp............................ 1,373,125
145,000 Union Texas Petroleum Holdings,
Inc............................... 3,063,125
110,000 USX Delhi-Group..................... 1,265,000
235,000 Williams Companies, Inc............. 8,195,625
---------------
51,361,250
---------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$353,583,755)..................... 366,273,331
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
- -----------
<C> <S> <C>
SHORT-TERM INVESTMENTS (0.7%)
U.S. GOVERNMENT AGENCY (a) (0.6%)
$ 2,650 Federal Home Loan Banks 6.10% due
07/03/95 (AMORTIZED COST
$2,649,102)....................... 2,649,102
---------------
REPURCHASE AGREEMENT (0.1%)
384 The Bank of New York 6.00% due
07/03/95 (dated 06/30/95; proceeds
$384,623; collateralized by
$381,192 U.S. Treasury Note 6.625%
due 03/31/97 valued at $392,120)
(IDENTIFIED COST $384,431)........ 384,431
---------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $3,033,533)...... 3,033,533
---------------
TOTAL INVESTMENTS (IDENTIFIED
COST $405,073,482) (B)......... 99.6% 419,029,934
OTHER ASSETS IN EXCESS OF
LIABILITIES.................... 0.4 1,569,793
---------- -------------
NET ASSETS....................... 100.0% $ 420,599,727
---------- -------------
---------- -------------
<FN>
- ------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
(A) SECURITY WAS PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATE SHOWN HAS
BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $405,113,304; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $36,122,528 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $22,205,898, RESULTING IN NET UNREALIZED
APPRECIATION OF $13,916,630.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
COMMON STOCKS (94.4%)
AEROSPACE (4.2%)
188,500 Raytheon Co......................... $ 14,632,313
189,500 United Technologies Corp............ 14,804,687
---------------
29,437,000
---------------
ALUMINUM (2.1%)
296,000 Aluminum Co. of America............. 14,837,000
---------------
AUTO PARTS (2.1%)
184,000 TRW, Inc............................ 14,697,000
---------------
AUTOMOTIVE (4.1%)
485,000 Ford Motor Co....................... 14,428,750
308,000 General Motors Corp................. 14,437,500
---------------
28,866,250
---------------
BANKS (3.9%)
277,100 BankAmerica Corp.................... 14,582,387
408,000 KeyCorp............................. 12,801,000
---------------
27,383,387
---------------
BEVERAGES - SOFT DRINKS (2.1%)
326,500 PepsiCo Inc......................... 14,896,563
---------------
CHEMICALS (6.3%)
206,300 Dow Chemical Co..................... 14,827,813
249,000 Eastman Chemical Company............ 14,815,500
240,500 Grace (W.R.) & Co................... 14,760,687
---------------
44,404,000
---------------
COMPUTERS (2.1%)
152,400 International Business Machines
Corp.............................. 14,630,400
---------------
CONGLOMERATES (4.1%)
252,000 Minnesota Mining & Manufacturing
Co................................ 14,427,000
317,500 Tenneco Inc......................... 14,605,000
---------------
29,032,000
---------------
COSMETICS (2.0%)
317,400 Gillette Co......................... 14,163,975
---------------
DRUGS (6.2%)
363,000 Abbott Laboratories................. 14,701,500
193,000 American Home Products Corp......... 14,933,375
213,200 Bristol-Myers Squibb Co............. 14,524,250
---------------
44,159,125
---------------
ELECTRIC - MAJOR (4.1%)
259,200 General Electric Co................. 14,612,400
994,000 Westinghouse Electric Corp.......... 14,537,250
---------------
29,149,650
---------------
FINANCE (2.1%)
295,000 Household International, Inc........ 14,602,500
---------------
FOODS (4.2%)
443,400 Quaker Oats Company (The)........... 14,576,775
522,000 Sara Lee Corp....................... 14,877,000
---------------
29,453,775
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
INSURANCE (2.1%)
234,500 Aetna Life & Casualty Co............ $ 14,744,187
---------------
METALS & MINING (2.1%)
253,000 Phelps Dodge Corp................... 14,927,000
---------------
NATURAL GAS (6.2%)
391,600 Burlington Resources, Inc........... 14,440,250
506,000 El Paso Natural Gas Co.............. 14,421,000
604,000 Panhandle Eastern Corp.............. 14,722,500
---------------
43,583,750
---------------
OFFICE EQUIPMENT (2.0%)
377,000 Pitney Bowes, Inc................... 14,467,375
---------------
OIL - DOMESTIC (2.0%)
132,000 Atlantic Richfield Co............... 14,487,000
---------------
OIL INTEGRATED - INTERNATIONAL (6.1%)
203,000 Exxon Corp.......................... 14,336,875
152,500 Mobil Corp.......................... 14,640,000
119,300 Royal Dutch Petroleum Co. (ADR)
(Netherlands)..................... 14,539,687
---------------
43,516,562
---------------
PAPER & FOREST PRODUCTS (2.2%)
325,700 Weyerhaeuser Co..................... 15,348,613
---------------
PHOTOGRAPHY (2.0%)
237,500 Eastman Kodak Co.................... 14,398,438
---------------
RAILROADS (2.1%)
238,500 Burlington Northern, Inc............ 15,114,937
---------------
RETAIL (1.3%)
635,000 Kmart Corp.......................... 9,286,875
---------------
RETAIL - DEPARTMENT STORES (2.1%)
358,000 May Department Stores Co............ 14,901,750
---------------
SOAP & HOUSEHOLD PRODUCTS (2.1%)
204,400 Procter & Gamble Co................. 14,691,250
---------------
TELECOMMUNICATIONS (2.1%)
360,000 U.S. West, Inc...................... 14,985,000
---------------
TELEPHONES (4.2%)
261,800 Bell Atlantic Corp.................. 14,660,800
438,000 Sprint Corporation.................. 14,727,750
---------------
29,388,550
---------------
TOBACCO (2.1%)
200,500 Philip Morris Companies, Inc........ 14,912,188
---------------
UTILITIES - ELECTRIC (4.1%)
381,500 FPL Group, Inc...................... 14,735,438
548,500 Unicom Corp......................... 14,603,812
---------------
29,339,250
---------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$576,493,187)..................... 667,805,350
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
- ----------- ---------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (5.1%)
$ 2,000 U.S. Treasury Bond 8.125% due
08/15/19.......................... $ 2,330,312
5,000 U.S. Treasury Bond 8.00% due
11/15/21.......................... 5,784,375
5,000 U.S. Treasury Bond 7.125% due
02/15/23.......................... 5,273,438
8,000 U.S. Treasury Bond 6.25% due
08/15/23.......................... 7,558,750
10,000 U.S. Treasury Note 4.25% due
07/31/95.......................... 9,985,938
5,000 U.S. Treasury Note 6.375% due
01/15/99.......................... 5,067,187
---------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $34,736,875)..... 36,000,000
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
- ----------- ---------------
<C> <S> <C>
SHORT-TERM INVESTMENT (0.3%)
REPURCHASE AGREEMENT
$ 2,081 The Bank of New York 6.00% due
07/03/95 (dated 06/30/95; proceeds
$2,082,294; collateralized by
$2,063,783 U.S. Treasury Note
6.625% due 03/31/97 valued at
$2,122,878) (IDENTIFIED COST
$2,081,253)....................... $ 2,081,253
---------------
TOTAL INVESTMENTS (IDENTIFIED COST
$613,311,315) (A)....................... 99.8% 705,886,603
OTHER ASSETS IN EXCESS OF LIABILITIES..... 0.2 1,321,131
------ -------------
NET ASSETS................................ 100.0% $ 707,207,734
------ -------------
------ -------------
<FN>
- ------------------
ADR AMERICAN DEPOSITORY RECEIPT.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $615,111,642; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $97,845,708 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $7,070,747, RESULTING IN NET UNREALIZED
APPRECIATION OF $90,774,961.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--CAPITAL GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- -------------
<C> <S> <C>
COMMON STOCKS (99.8%)
ADVERTISING (2.3%)
34,400 Interpublic Group of Companies, Inc... $ 1,290,000
-------------
APPAREL (2.2%)
35,600 Cintas Corp........................... 1,263,800
-------------
AUTOMOTIVE - REPLACEMENT PARTS (2.3%)
34,300 Genuine Parts Co...................... 1,299,111
-------------
BANKING (2.3%)
23,100 Fifth Third Bancorp................... 1,299,375
-------------
BEVERAGES - ALCOHOLIC (2.3%)
22,500 Anheuser-Busch Companies, Inc......... 1,279,686
-------------
BEVERAGES - SOFT DRINKS (2.3%)
20,200 Coca Cola Co.......................... 1,287,750
-------------
BUSINESS SYSTEMS (2.3%)
29,900 General Motors Corp. (Class E)........ 1,300,650
-------------
CHEMICALS - SPECIALTY (2.4%)
27,700 Sigma-Aldrich Corp.................... 1,357,300
-------------
COMPUTER SERVICES (2.2%)
20,100 Automatic Data Processing, Inc........ 1,263,788
-------------
COMPUTER SOFTWARE (2.3%)
14,500 Microsoft Corp.*...................... 1,310,437
-------------
CONSUMER SERVICES (2.4%)
32,500 Block (H.&R.), Inc.................... 1,336,562
-------------
COSMETICS (2.3%)
26,000 International Flavors & Fragrances,
Inc................................. 1,293,500
-------------
DRUGS (4.7%)
29,600 Forest Laboratories, Inc. (Class A)*.. 1,313,500
29,800 Schering-Plough Corp.................. 1,314,925
-------------
2,628,425
-------------
DRUGS & HEALTHCARE (2.3%)
32,000 Abbott Laboratories................... 1,296,000
-------------
ELECTRICAL EQUIPMENT (2.4%)
23,000 Grainger (W.W.), Inc.................. 1,351,250
-------------
ELECTRONICS (2.4%)
29,800 Dionex Corp.*......................... 1,348,450
-------------
ENTERTAINMENT (2.4%)
38,500 Circus Circus Enterprises, Inc.*...... 1,357,124
-------------
FINANCIAL - MISCELLANEOUS (2.2%)
13,300 Federal National Mortgage
Association......................... 1,255,188
-------------
FOOD WHOLESALERS (2.4%)
45,400 Sysco Corp............................ 1,339,300
-------------
FOODS (7.0%)
38,400 ConAgra, Inc.......................... 1,339,200
19,025 Tootsie Roll Industries, Inc.......... 1,317,481
28,400 Wrigley (Wm) Jr. Co. (Class A)........ 1,317,050
-------------
3,973,731
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- -------------
<C> <S> <C>
GOLD MINING (2.2%)
49,200 Barrick Gold Corp. (Canada)........... $ 1,242,300
-------------
HEALTH CARE - MISCELLANEOUS (2.2%)
41,200 U.S. HealthCare, Inc.................. 1,261,750
-------------
HOUSEWARES (2.4%)
47,900 Rubbermaid, Inc....................... 1,329,225
-------------
INSURANCE (2.3%)
11,200 American International Group, Inc..... 1,276,800
-------------
MACHINERY - DIVERSIFIED (2.4%)
33,100 Thermo Electron Corp.*................ 1,332,274
-------------
MANUFACTURED HOUSING (2.2%)
77,600 Clayton Homes, Inc.................... 1,270,700
-------------
MANUFACTURING (4.8%)
63,001 Federal Signal Corp................... 1,362,397
25,600 Loral Corp............................ 1,324,800
-------------
2,687,197
-------------
MANUFACTURING - DIVERSIFIED INDUSTRIES (2.3%)
36,000 Sherwin-Williams Co................... 1,282,500
-------------
MEDICAL EQUIPMENT (4.5%)
85,900 Biomet, Inc.*......................... 1,320,713
32,000 Stryker Corp.......................... 1,220,000
-------------
2,540,713
-------------
RESTAURANTS (7.1%)
73,900 Brinker International, Inc.*.......... 1,274,775
70,500 International Dairy Queen, Inc. (Class
A)*................................. 1,357,125
34,400 McDonald's Corp....................... 1,345,900
-------------
3,977,800
-------------
RETAIL - DEPARTMENT STORES (2.3%)
48,800 Wal-Mart Stores, Inc.................. 1,305,400
-------------
RETAIL - DRUG STORES (2.3%)
25,800 Walgreen Co........................... 1,293,225
-------------
RETAIL - FOOD CHAINS (2.3%)
44,000 Albertson's Inc....................... 1,309,000
-------------
RETAIL - SPECIALTY (2.3%)
32,000 Home Depot, Inc....................... 1,300,000
-------------
TOBACCO (2.3%)
42,800 UST, Inc.............................. 1,273,300
-------------
UTILITIES (2.5%)
65,100 Citizens Utilities Co. (Series A)*.... 773,068
55,100 Citizens Utilities Co. (Series B)*.... 654,318
-------------
1,427,386
-------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$48,614,354)........................ 56,240,997
-------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--CAPITAL GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
- ----------- -------------
<C> <S> <C>
SHORT-TERM INVESTMENT (0.4%)
REPURCHASE AGREEMENT
$ 252 The Bank of New York 6.00% due
07/03/95 (dated 06/30/95; proceeds
$251,819; collateralized by
$249,693 U.S. Treasury Note 6.625%
due 03/31/97 valued at $256,855)
(IDENTIFIED COST $251,819)......... $ 251,819
-------------
TOTAL INVESTMENTS (IDENTIFIED COST
$48,866,173) (A)....................... 100.2% 56,492,816
LIABILITIES IN EXCESS OF OTHER ASSETS.... (0.2) (148,162)
------ -------------
NET ASSETS............................... 100.0% $ 56,344,654
------ -------------
------ -------------
<FN>
- ------------------
* NON-INCOME PRODUCING SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $49,273,483; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $7,696,890 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $477,557, RESULTING IN NET UNREALIZED
APPRECIATION OF $7,219,333.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--GLOBAL DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS (99.4%)
AUSTRALIA (1.5%)
BUILDING & CONSTRUCTION
400,000 Pioneer International Ltd.......... $ 993,020
---------------
MULTI-INDUSTRY
535,000 Southcorp Holdings Ltd............. 1,066,326
---------------
PAPER & FOREST PRODUCTS
55,000 Amcor Ltd.......................... 405,720
---------------
TOTAL AUSTRALIA.................... 2,465,066
---------------
CANADA (3.1%)
NATURAL GAS
80,000 TransCanada Pipelines Ltd.......... 1,071,507
---------------
OIL RELATED
34,500 Imperial Oil Ltd................... 1,282,528
59,000 IPL Energy, Inc.................... 1,300,933
---------------
2,583,461
---------------
TELECOMMUNICATIONS
45,000 BCE Inc............................ 1,443,254
---------------
TOTAL CANADA....................... 5,098,222
---------------
FRANCE (7.5%)
ELECTRICAL EQUIPMENT
13,300 Alcatel Alsthom.................... 1,200,422
---------------
FINANCIAL SERVICES
3,700 Societe Eurafrance S.A............. 1,224,796
---------------
FOODS & BEVERAGES
7,950 Eridania Beghin - Say S.A.......... 1,228,763
---------------
HOUSEHOLD PRODUCTS
7,700 BIC................................ 1,272,859
---------------
MULTI-INDUSTRY
5,250 Compagnie Generale d'Industrie et
de Participations................ 1,226,935
3,050 Financiere et Industrielle Gaz et
Eaux............................. 1,191,135
3,900 Saint-Louis........................ 1,208,803
23,500 Worms et Compagnie................. 1,145,986
---------------
4,772,859
---------------
OIL INTEGRATED - INTERNATIONAL
5,000 Societe National Elf Aquitaine..... 370,389
20,500 Total S.A. (B Shares).............. 1,236,905
---------------
1,607,294
---------------
OIL RELATED
10,200 Esso Ste Anonyme Francaise......... 1,251,948
---------------
TOTAL FRANCE....................... 12,558,941
---------------
GERMANY (6.5%)
BANKING
21,000 Deutsche Bank Aktiengesellschaft... 1,021,498
---------------
CHEMICALS
4,300 Bayer AG........................... 1,070,720
---------------
HEALTH & PERSONAL CARE
2,800 Douglas Holding AG................. 1,054,130
---------------
MACHINERY - DIVERSIFIED
4,900 IWKA AG............................ 1,074,701
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
MULTI-INDUSTRY
3,500 Preussag AG........................ $ 1,046,326
700 RWE AG............................. 243,467
2,600 Viag AG............................ 1,027,202
---------------
2,316,995
---------------
OFFICE EQUIPMENT
5,000 Herlitz AG......................... 1,064,061
---------------
RETAIL - DEPARTMENT STORES
2,500 Karstadt AG........................ 1,098,444
---------------
TEXTILES - APPAREL
1,400 Hugo Boss AG (Preferred)........... 1,008,324
---------------
UTILITIES - ELECTRIC
2,700 Veba AG............................ 1,062,215
---------------
TOTAL GERMANY...................... 10,771,088
---------------
HONG KONG (3.9%)
BANKING
99,200 HSBC Holdings PLC.................. 1,272,502
---------------
CONGLOMERATES
173,000 Swire Pacific, Ltd................. 1,319,211
---------------
REAL ESTATE
265,000 Cheung Kong (Holdings) Ltd......... 1,311,779
---------------
TELECOMMUNICATIONS
660,000 Hong Kong Telecommunications Ltd... 1,305,123
---------------
UTILITIES - ELECTRIC
370,000 Hong Kong Electric Holdings Ltd.... 1,257,690
---------------
TOTAL HONG KONG.................... 6,466,305
---------------
ITALY (2.0%)
BANKING
25,000 Banco Ambrosiano Veneto SpA........ 83,082
---------------
NATURAL GAS
305,000 Italgas SpA........................ 795,433
---------------
TELECOMMUNICATIONS
107,000 Sirti SpA.......................... 796,855
400,000 Telecom Italia SpA................. 846,135
---------------
1,642,990
---------------
TEXTILES
89,000 Benetton Group SpA................. 889,454
---------------
TOTAL ITALY........................ 3,410,959
---------------
JAPAN (24.6%)
AUTOMOTIVE
200,000 Honda Motor Co..................... 3,073,286
143,000 Toyota Motor Corp.................. 2,839,716
---------------
5,913,002
---------------
BUILDING MATERIALS
550,000 Sankyo Aluminium Industrial........ 2,632,978
235,000 Sekisui Chemical Co................ 2,777,778
---------------
5,410,756
---------------
COMPUTER SERVICES
295,000 AT&T Global Info Solutions......... 2,580,378
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--GLOBAL DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
ELECTRICAL & ELECTRONICS
130,000 Matsushita Electric Industrial Co.
Ltd.............................. $ 2,028,368
240,000 Matsushita Electric Works.......... 2,592,908
64,000 TDK Corp........................... 2,920,094
---------------
7,541,370
---------------
ELECTRONICS
290,000 Hitachi, Ltd....................... 2,896,572
35,000 Kyocera Corp....................... 2,887,706
57,500 Sony Corp.......................... 2,766,253
---------------
8,550,531
---------------
FOODS & BEVERAGES
135,000 House Food Industry................ 2,840,426
---------------
MULTI-INDUSTRY
550,000 Furukawa Co., Ltd.................. 2,470,449
---------------
PHARMACEUTICALS
220,000 Takeda Chemical Industries......... 2,912,530
---------------
TRANSPORTATION
250,000 Yamato Transport Co., Ltd.......... 2,665,485
---------------
TOTAL JAPAN........................ 40,884,927
---------------
MALAYSIA (2.0%)
BANKING
18,000 AMMB Holdings Berhad............... 214,154
---------------
BUILDING & CONSTRUCTION
190,000 Cement Industries of Malaysia...... 635,282
96,000 United Engineers Berhad............ 610,462
---------------
1,245,744
---------------
CONGLOMERATES
213,000 Sime Darby Berhad.................. 594,215
---------------
FOODS & BEVERAGES
80,000 Nestle (Malaysia) Berhad........... 613,744
---------------
OIL RELATED
215,000 Esso Malaysia Berhad............... 635,077
---------------
TOTAL MALAYSIA..................... 3,302,934
---------------
NETHERLANDS (3.0%)
BANKING
23,000 ABN-AMRO Holdings.................. 888,961
---------------
BUILDING & CONSTRUCTION
13,200 Koninklijke Volker Stevin NV....... 853,154
---------------
FINANCIAL SERVICES
15,500 International Nederlande Groep NV.. 858,550
---------------
INSURANCE
26,000 Aegon NV........................... 900,724
16,000 Fortis Amev NV..................... 873,837
---------------
1,774,561
---------------
TEXTILES
11,500 Gamma Holding NV................... 594,623
---------------
TOTAL NETHERLANDS.................. 4,969,849
---------------
SWITZERLAND (3.9%)
BANKING
5,000 Swiss Bank Corp.................... 1,775,457
---------------
CHEMICALS
2,350 Ciba-Geigy Ltd..................... 1,724,151
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
FOODS & BEVERAGES
1,300 Nestle AG.......................... $ 1,356,571
---------------
MULTI-INDUSTRY
1,650 BBC Brown Boveri AG................ 1,711,749
---------------
TOTAL SWITZERLAND.................. 6,567,928
---------------
UNITED KINGDOM (11.7%)
BANKING
485,000 Hambros PLC........................ 1,422,486
141,000 Lloyds Bank PLC.................... 1,403,027
162,000 National Westminster Bank PLC...... 1,411,216
---------------
4,236,729
---------------
BREWERS
155,000 Bass PLC........................... 1,484,891
165,000 Scottish & Newcastle Breweries
PLC.............................. 1,454,445
---------------
2,939,336
---------------
FOODS & BEVERAGES
830,000 Hazlewood Food PLC................. 1,402,401
320,000 Hillsdown Holdings PLC............. 923,245
---------------
2,325,646
---------------
MULTI-INDUSTRY
410,000 Hanson PLC......................... 1,441,056
---------------
NATURAL GAS
311,000 British Gas PLC.................... 1,437,629
---------------
RETAIL - MERCHANDISING
310,000 Tesco PLC.......................... 1,428,065
---------------
TELECOMMUNICATIONS
232,000 British Telecommunication PLC...... 1,445,949
---------------
UTILITIES - ELECTRIC
135,000 South Wales Electricity PLC........ 1,491,267
---------------
UTILITIES - WATER
160,000 Severn Trent PLC................... 1,382,317
135,000 Welsh Water PLC.................... 1,433,165
---------------
2,815,482
---------------
TOTAL UNITED KINGDOM............... 19,561,159
---------------
UNITED STATES (29.7%)
AUTOMOTIVE
115,000 Ford Motor Co...................... 3,421,250
---------------
BANKING
66,000 BankAmerica Corp................... 3,473,250
8,000 Bankers Trust New York Corp........ 496,000
---------------
3,969,250
---------------
BANKS - COMMERCIAL
88,000 KeyCorp............................ 2,761,000
---------------
CHEMICALS
38,800 Monsanto Co........................ 3,496,850
---------------
CONGLOMERATES
30,000 Minnesota Mining & Manufacturing
Co............................... 1,717,500
76,000 Tenneco Inc........................ 3,496,000
---------------
5,213,500
---------------
HEALTH & PERSONAL CARE
51,500 Bristol-Myers Squibb Co............ 3,508,438
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--GLOBAL DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
METALS & BASIC MATERIALS
60,000 Phelps Dodge Corp.................. $ 3,540,000
---------------
OIL INTEGRATED - INTERNATIONAL
75,000 Chevron Corp....................... 3,496,875
---------------
RETAIL
50,200 Dayton Hudson Corp................. 3,601,850
---------------
RETAIL - MERCHANDISING
160,000 Kmart Corp......................... 2,340,000
---------------
TELECOMMUNICATIONS - LONG DISTANCE
105,000 Sprint Corporation................. 3,530,625
---------------
TOBACCO
47,000 Philip Morris Companies, Inc....... 3,495,625
---------------
TRANSPORTATION
64,000 Conrail, Inc....................... 3,560,000
---------------
UTILITIES - ELECTRIC
120,000 Pacific Gas & Electric Co.......... 3,480,000
---------------
TOTAL UNITED STATES................ 49,415,263
---------------
TOTAL COMMON AND PREFERRED STOCKS
(IDENTIFIED COST $157,592,377)... 165,472,641
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
- ----------- ---------------
<C> <S> <C>
SHORT-TERM INVESTMENT (A) (1.1%)
U.S. GOVERNMENT AGENCY
$ 1,900 Federal Home Loan Banks 6.10% due
07/03/95 (AMORTIZED COST
$1,899,356)...................... $ 1,899,356
---------------
TOTAL INVESTMENTS (IDENTIFIED COST
$159,491,733) (B)...................... 100.5% 167,371,997
LIABILITIES IN EXCESS OF CASH AND OTHER
ASSETS................................. (0.5) (846,491)
------ -------------
NET ASSETS............................... 100.0% $ 166,525,506
------ -------------
------ -------------
<FN>
- ------------------
(A) SECURITY WAS PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATE SHOWN HAS
BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $159,596,118; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $12,769,064 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $4,993,185, RESULTING IN NET UNREALIZED
APPRECIATION OF $7,775,879.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JUNE 30, 1995:
<TABLE>
<CAPTION>
IN UNREALIZED
CONTRACTS TO EXCHANGE DELIVERY APPRECIATION/
DELIVER FOR DATE (DEPRECIATION)
- ---------------- ---------------- -------- ---------------
<S> <C> <C> <C> <C> <C>
$ 11,161 L 7,053 07/03/95 $ 81
$ 15,268 CHF 17,497 07/03/95 (40)
$ 70,731 DEM 97,963 07/03/95 179
$ 175,254 L 110,626 07/05/95 1,084
$ 468,459 Y 39,645,709 07/05/95 166
L 28,317 $ 45,478 07/05/95 340
$ 174,407 DEM 243,001 07/05/95 1,490
L 6,959 $ 11,112 07/06/95 19
$ 118,526 L 74,218 07/07/95 (223)
$ 203,379 L 127,462 07/07/95 (204)
ITL 28,439,363 $ 17,443 07/31/95 (4)
ITL 56,426,450 $ 34,256 07/31/95 (361)
ITL 27,723,660 $ 16,869 07/31/95 (139)
ITL 28,061,938 $ 17,097 07/31/95 (119)
ITL 28,269,509 $ 17,266 07/31/95 (77)
$ 382,066 FRF 1,860,585 07/31/95 2,392
ITL 57,896,650 $ 35,323 07/31/95 (196)
ITL 57,169,000 $ 35,062 07/31/95 (11)
$ 26,406 ITL 43,496,708 07/31/95 279
ITL 59,903,650 $ 33,860 07/31/95 (436)
ITL 56,202,600 $ 33,886 07/31/95 (595)
-------
Net unrealized appreciation ...................... $3,625
-------
-------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--GLOBAL DIVIDEND GROWTH
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------- ------------ ----------
<S> <C> <C>
Automotive............... $ 9,334,252 5.6%
Banking.................. 13,461,633 8.1
Banks - Commercial....... 2,761,000 1.7
Brewers.................. 2,939,336 1.8
Building & Construction.. 3,091,918 1.9
Building Materials....... 5,410,756 3.2
Chemicals................ 6,291,721 3.8
Computer Services........ 2,580,378 1.5
Conglomerates............ 7,126,926 4.3
Electrical &
Electronics............. 7,541,370 4.5
Electronic Equipment..... 1,200,422 0.7
Electronics.............. 8,550,531 5.1
Financial Services....... 2,083,346 1.3
Food & Beverages......... 8,365,150 5.0
Health & Personal Care... 4,562,568 2.7
Household Products....... 1,272,859 0.8
Insurance................ 1,774,561 1.1
Machinery - Diversified.. 1,074,701 0.6
Metals & Basic
Materials............... 3,540,000 2.1
Multi-Industry........... 13,779,434 8.3
Natural Gas.............. 3,304,569 2.0
Office Equipment......... 1,064,061 0.6
Oil Integrated -
International........... 5,104,169 3.1
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------- ------------ ----------
<S> <C> <C>
Oil Related.............. $ 4,470,486 2.7%
Paper & Forest
Products................ 405,720 0.2
Pharmaceuticals.......... 2,912,530 1.7
Real Estate.............. 1,311,779 0.8
Retail................... 3,601,850 2.2
Retail - Department
Stores.................. 1,098,444 0.7
Retail - Merchandising... 3,768,065 2.3
Telecommunications....... 5,837,316 3.5
Telecommunications - Long
Distance................ 3,530,625 2.1
Textiles................. 1,484,077 0.9
Textiles - Apparel....... 1,008,324 0.6
Tobacco.................. 3,495,625 2.1
Transportation........... 6,225,485 3.7
U.S. Government Agency... 1,899,356 1.1
Utilities - Electric..... 7,291,172 4.4
Utilities - Water........ 2,815,482 1.7
------------ -----
$167,371,997 100.5%
------------ -----
------------ -----
</TABLE>
SUMMARY OF INVESTMENTS BY TYPE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------------- ------------ ----------
<S> <C> <C>
Common Stocks........................................................................ $164,464,317 98.8%
Preferred Stocks..................................................................... 1,008,324 0.6
Short-Term Investment................................................................ 1,899,356 1.1
------------ -----
$167,371,997 100.5%
------------ -----
------------ -----
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--EUROPEAN GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------- ---------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS AND WARRANTS (94.4%)
AUSTRIA (2.7%)
BUILDING & CONSTRUCTION
14,000 VA Technologie AG.............. $ 1,752,606
---------------
OIL & GAS
6,000 OMV AG......................... 691,964
---------------
UTILITIES - ELECTRIC
7,500 EVN AG......................... 1,048,268
15,500 Oester Elek (A Shares)......... 1,136,534
---------------
2,184,802
---------------
TOTAL AUSTRIA.................. 4,629,372
---------------
BELGIUM (0.9%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
5,270 Colruyt S.A.................... 1,466,467
---------------
DENMARK (1.2%)
BANKING
33,500 Den Danske Bank................ 2,100,352
---------------
FINLAND (3.1%)
MANUFACTURING
88,000 Nokia AB (Series A)............ 5,201,360
---------------
FRANCE (12.7%)
BANKING
19,500 Societe Generale............... 2,284,637
---------------
BUILDING MATERIALS
15,700 Compagnie de Saint-Gobain...... 1,901,064
---------------
FINANCIAL SERVICES
6,900 Cetelem Group.................. 1,069,325
20,405 Credit Local de France......... 1,897,355
---------------
2,966,680
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
8,550 LVMH Moet-Hennessy Louis
Vuitton...................... 1,542,339
---------------
INDUSTRIALS
2,187 Sanofi S.A. 4.00% (Conv.
Pref.)....................... 140,091
---------------
INSURANCE
33,808 Scor S.A....................... 824,330
---------------
MULTI-INDUSTRY
21,000 Compagnie Generale des Eaux.... 2,343,217
---------------
OIL INTEGRATED - INTERNATIONAL
25,420 Societe National Elf
Aquitaine.................... 1,883,585
---------------
PHARMACEUTICALS
37,500 Sanofi S.A..................... 2,080,535
---------------
RETAIL
3,600 Carrefour Supermarche.......... 1,858,952
10,600 Castorama Dubois............... 1,758,818
---------------
3,617,770
---------------
TEXTILES
19,500 Christian Dior S.A............. 1,721,738
3,500 Christian Dior S.A. (Warrants
due 06/30/98)*............... 33,340
---------------
1,755,078
---------------
TOTAL FRANCE................... 21,339,326
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------- ---------------
<C> <S> <C>
GERMANY (8.6%)
BANKING
5,280 DePfa-Bank..................... $ 2,686,819
---------------
BUSINESS SERVICES
2,905 Sap AG (Pref.)................. 3,664,106
---------------
CHEMICALS
9,250 BASF AG........................ 1,977,886
---------------
COSMETICS
1,000 Wella AG (Pref.)............... 796,236
---------------
MACHINERY - DIVERSIFIED
600 Krones AG (Pref.).............. 286,211
---------------
PHARMACEUTICALS
5,100 Gehe AG (Local)................ 2,344,191
1,275 Gehe AG*....................... 563,898
---------------
2,908,089
---------------
RETAIL
525 Hornbach Holding AG (Pref.).... 710,641
---------------
UTILITIES - ELECTRIC
3,500 Veba AG........................ 1,376,945
---------------
TOTAL GERMANY.................. 14,406,933
---------------
ITALY (1.9%)
ELECTRICAL EQUIPMENT
250,000 Ansaldo Trasporti SpA.......... 648,773
---------------
HOUSEHOLD FURNISHINGS & APPLIANCES
29,700 Industrie Natuzzi SpA (ADR).... 983,813
---------------
TELECOMMUNICATIONS
587,750 Telecom Italia SpA............. 1,599,185
---------------
TOTAL ITALY.................... 3,231,771
---------------
LUXEMBOURG (0.8%)
METALS & MINING
9,300 Arbed S.A.*.................... 1,375,837
---------------
NETHERLANDS (8.1%)
BUSINESS SERVICES
21,000 Randstad Holdings NV........... 1,487,590
---------------
INSURANCE
51,428 Aegon NV....................... 1,781,615
---------------
MULTI-INDUSTRY
38,636 Hunter Douglas NV.............. 1,685,580
---------------
PUBLISHING
180,000 Elsevier NV.................... 2,129,007
20,000 Ver Ned Utigev................. 2,397,880
17,584 Wegener NV..................... 1,460,439
---------------
5,987,326
---------------
RETAIL - GENERAL MERCHANDISE
22,695 Koninklijke Ahold NV........... 814,098
---------------
TRANSPORTATION
67,500 IHC Caland NV.................. 1,919,597
---------------
TOTAL NETHERLANDS.............. 13,675,806
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--EUROPEAN GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------- ---------------
<C> <S> <C>
NORWAY (2.1%)
BUSINESS SERVICES
113,300 Sysdeco Group AS*.............. $ 1,095,442
---------------
OIL & GAS PRODUCTS
120,000 Saga Petroleum AS (B Shares)... 1,589,210
---------------
OIL RELATED
22,300 Smedvig Tankships.............. 152,194
---------------
TRANSPORTATION
20,000 Storli AS...................... 373,741
20,000 Storli AS (B Shares)........... 370,491
---------------
744,232
---------------
TOTAL NORWAY................... 3,581,078
---------------
SPAIN (4.7%)
BANKS - COMMERCIAL
80,900 Banco Bilbao Vizcaya........... 2,332,494
---------------
BUILDING & CONSTRUCTION
8,500 Fomento de Construcciones y
Contratas S.A................ 721,127
---------------
ENGINEERING & CONSTRUCTION
125,000 Uralita S.A.................... 1,491,301
---------------
TELECOMMUNICATIONS
95,000 Telefonica de Espana S.A....... 1,219,967
---------------
UTILITIES
18,200 Gas Natural.................... 2,171,334
---------------
TOTAL SPAIN.................... 7,936,223
---------------
SWEDEN (7.0%)
AUTOMOTIVE
20,000 Autoliv AB..................... 1,068,650
---------------
BUSINESS SERVICES
90,000 Scribona AB (Series B Free).... 663,086
---------------
ELECTRICAL EQUIPMENT
144,000 Ericsson (L.M.) Telephone Co.
AB (Series B Free)........... 2,865,524
---------------
FOREST PRODUCTS, PAPER & PACKING
31,000 Mo och Domsjoe AB
(B Shares)................... 1,788,749
---------------
HEALTH & PERSONAL CARE
47,525 Astra AB (Series A Free)....... 1,469,306
---------------
INTERNATIONAL TRADE
24,290 Kinnevik AB (Series B Free).... 739,254
---------------
METALS & MINING
112,000 SSAB Svenskt Stal AB (Series A
Free)........................ 1,303,312
---------------
PAPER & FOREST PRODUCTS
100,000 Stora Kopparbergs (Series B
Free)........................ 1,349,583
---------------
RETAIL STORES
43,600 Lindex AB...................... 492,350
---------------
TRANSPORTATION
3,000 Securitas AB (Series B Free)... 103,698
---------------
TOTAL SWEDEN................... 11,843,512
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------- ---------------
<C> <S> <C>
SWITZERLAND (7.6%)
BUSINESS SERVICES
1,220 Societe Generale de
Surveillance Holding S.A..... $ 2,123,586
---------------
INDUSTRIALS
1,870 Hilti AG....................... 1,660,052
---------------
MANUFACTURING
4,150 Kardex (B Shares).............. 1,083,551
---------------
MULTI-INDUSTRY
2,460 BBC Brown Boveri AG............ 2,547,781
---------------
PHARMACEUTICALS
543 Roche Holdings AG.............. 3,511,305
1,600 Sandoz AG...................... 1,105,657
1,000 Sandoz AG (Series B)........... 703,220
---------------
5,320,182
---------------
TOTAL SWITZERLAND.............. 12,735,152
---------------
UNITED KINGDOM (33.0%)
AEROSPACE & DEFENSE
133,333 British Aerospace PLC.......... 1,194,434
5,333 British Aerospace PLC
(Units)++*................... 60,356
130,000 Smiths Industries PLC.......... 1,071,327
---------------
2,326,117
---------------
AUTO PARTS - ORIGINAL EQUIPMENT
405,000 BBA Group PLC.................. 1,536,457
---------------
BANKING
200,000 Abbey National PLC............. 1,479,232
180,000 TSB Group PLC.................. 688,608
---------------
2,167,840
---------------
BREWERS
125,000 Scottish & Newcastle Breweries
PLC.......................... 1,095,875
---------------
BROADCAST MEDIA
236,000 British Sky Broadcasting Group
PLC.......................... 1,026,982
350,000 General Cable PLC.............. 1,043,273
---------------
2,070,255
---------------
BUILDING & CONSTRUCTION
313,000 Blue Circle Industries PLC..... 1,391,992
160,400 Mowlem (John) & Co. PLC........ 176,417
263,300 Williams Holdings PLC.......... 1,317,859
---------------
2,886,268
---------------
BUSINESS SERVICES
150,000 Reuters Holdings PLC........... 1,248,102
---------------
CHEMICALS
306,000 Albright & Wilson PLC.......... 882,853
---------------
CONGLOMERATES
200,000 BTR PLC........................ 1,013,784
---------------
CONSTRUCTION PLANT & EQUIPMENT
207,400 CRH PLC........................ 1,388,501
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--EUROPEAN GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------- ---------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
94,261 B.A.T. Industries PLC.......... $ 715,200
152,500 Dalgety PLC.................... 1,059,851
191,000 Grand Metropolitan PLC......... 1,166,059
127,500 Tate & Lyle PLC................ 859,684
---------------
3,800,794
---------------
HEALTH & PERSONAL CARE
254,100 Glaxo Wellcome PLC............. 3,114,722
263,700 Smithkline Beecham (Units)++... 2,337,078
---------------
5,451,800
---------------
INSURANCE
110,000 Britannic Assurance PLC........ 955,603
123,057 Commercial Union PLC........... 1,131,802
200,000 Lloyds Abbey Life.............. 1,221,004
279,200 Prudential Corp. PLC........... 1,473,098
173,000 Royal Insurance Holdings PLC... 838,316
---------------
5,619,823
---------------
LEISURE
225,000 Granada Group PLC.............. 2,173,419
---------------
OIL RELATED
434,000 British Petroleum Co. PLC...... 3,106,164
501,000 Lasmo PLC...................... 1,357,610
---------------
4,463,774
---------------
PAPER PRODUCTS
220,000 Arjo Wiggins Appleton PLC...... 897,741
---------------
PHARMACEUTICALS
335,000 Medeva PLC..................... 1,324,295
108,625 Reckitt & Colman PLC........... 1,142,778
---------------
2,467,073
---------------
PUBLISHING
50,000 Daily Mail & General Trust..... 828,880
115,000 Pearson PLC.................... 1,085,195
---------------
1,914,075
---------------
REAL ESTATE
205,100 Hammerson PLC.................. 1,127,906
---------------
RETAIL
91,000 Dixons Group PLC............... 369,888
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------- ---------------
<C> <S> <C>
RETAIL STORES
100,000 Great Universal Stores PLC..... $ 932,490
185,000 Kingfisher PLC................. 1,244,436
247,000 Morrison (W.M.) Supermarkets
PLC.......................... 570,891
274,000 Next PLC....................... 1,484,970
---------------
4,232,787
---------------
TELECOMMUNICATION EQUIPMENT
715,000 Cray Electronics Holdings PLC.. 638,238
---------------
TELECOMMUNICATIONS
464,700 British Telecommunications
PLC.......................... 2,896,261
---------------
TRANSPORTATION
140,500 British Airways PLC............ 918,224
---------------
UTILITIES
130,000 Anglican Water PLC............. 1,025,739
---------------
UTILITIES - ELECTRIC
200,000 Scottish Power PLC............. 1,026,536
---------------
TOTAL UNITED KINGDOM........... 55,640,130
---------------
TOTAL COMMON AND PREFERRED
STOCKS AND WARRANTS
(IDENTIFIED COST
$134,256,192)................ 159,163,319
---------------
</TABLE>
<TABLE>
<CAPTION>
CURRENCY
AMOUNT (IN
THOUSANDS)
- --------------
<C> <S> <C>
PURCHASED PUT OPTION ON FOREIGN CURRENCY (0.3%)
FRF 175,000 November 28, 1995/FRF 4.87
(IDENTIFIED COST $658,000)... 481,250
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
- --------------
<C> <S> <C>
SHORT-TERM INVESTMENT (A) (5.4%)
U.S. GOVERNMENT AGENCY
$ 9,000 Federal Home Loan Banks 6.10%
due 07/03/95 (AMORTIZED COST
$8,996,950).................. 8,996,950
---------------
TOTAL INVESTMENTS (IDENTIFIED COST
$143,911,142) (B)..................... 100.1% 168,641,519
LIABILITIES IN EXCESS OF CASH AND OTHER
ASSETS................................ (0.1) (151,636)
------ ---------
NET ASSETS.............................. 100.0% $168,489,883
------ ---------
------ ---------
<FN>
- ------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
++ CONSISTS OF MORE THAN ONE CLASS OF SECURITIES TRADED TOGETHER AS A UNIT;
GENERALLY BONDS WITH ATTACHED STOCKS/WARRANTS.
(A) SECURITY WAS PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATE SHOWN HAS
BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $143,905,012; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $27,604,113 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $2,867,606, RESULTING IN NET UNREALIZED
APPRECIATION OF $24,736,507.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--EUROPEAN GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JUNE 30, 1995:
<TABLE>
<CAPTION>
IN UNREALIZED
CONTRACTS TO EXCHANGE DELIVERY APPRECIATION/
RECEIVE FOR DATE (DEPRECIATION)
- ---------------- ---------------- -------- -----------------
<S> <C> <C> <C> <C> <C>
L 44,503 $ 70,937 07/03/95 $ (461)
L 91,840 $ 146,394 07/03/95 1,102
L 324,386 $ 517,071 07/05/95 1,071
L 125,775 $ 200,485 07/07/95 1,786
L 129,906 $ 207,069 07/07/95 1,403
FRF 1,043,860 $ 215,696 07/31/95 1,838
-------
Net unrealized appreciation ...................... $6,739
-------
-------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--EUROPEAN GROWTH
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------- ------------ ----------
<S> <C> <C>
Aerospace & Defense...... $ 2,326,117 1.4%
Auto Parts - Original
Equipment............... 1,536,457 0.9
Automotive............... 1,068,650 0.6
Banking.................. 9,239,648 5.5
Banks - Commercial....... 2,332,494 1.4
Brewers.................. 1,095,875 0.6
Broadcast Media.......... 2,070,255 1.2
Building & Construction.. 5,360,001 3.2
Building Materials....... 1,901,064 1.1
Business Services........ 10,281,912 6.1
Chemicals................ 2,860,739 1.7
Conglomerates............ 1,013,784 0.6
Construction Plant &
Equipment............... 1,388,501 0.8
Cosmetics................ 796,236 0.5
Electrical Equipment..... 3,514,297 2.1
Engineering &
Construction............ 1,491,301 0.9
Financial Services....... 2,966,680 1.8
Food, Beverage, Tobacco &
Household Products...... 6,809,600 4.0
Foreign Currency Put
Option.................. 481,250 0.3
Forest Products, Paper &
Packing................. 1,788,749 1.1
Health & Personal Care... 6,921,106 4.1
Household Furnishings &
Appliances.............. 983,813 0.6
Industrials.............. 1,800,143 1.1
Insurance................ 8,225,768 4.9
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------- ------------ ----------
<S> <C> <C>
International Trade...... $ 739,254 0.4%
Leisure.................. 2,173,419 1.3
Machinery - Diversified.. 286,211 0.2
Manufacturing............ 6,284,911 3.7
Metals & Mining.......... 2,679,149 1.6
Multi-Industry........... 6,576,578 3.9
Oil & Gas................ 691,964 0.4
Oil & Gas Products....... 1,589,210 0.9
Oil Integrated -
International........... 1,883,585 1.1
Oil Related.............. 4,615,968 2.7
Paper & Forest
Products................ 1,349,583 0.8
Paper Products........... 897,741 0.5
Pharmaceuticals.......... 12,775,879 7.6
Publishing............... 7,901,401 4.7
Real Estate.............. 1,127,906 0.7
Retail................... 4,698,299 2.8
Retail - General
Merchandise............. 814,098 0.5
Retail Stores............ 4,725,137 2.8
Telecommunication
Equipment............... 638,238 0.4
Telecommunications....... 5,715,413 3.4
Textiles................. 1,755,078 1.0
Transportation........... 3,685,751 2.2
U.S. Government Agency... 8,996,950 5.4
Utilities................ 3,197,073 1.9
Utilities - Electric..... 4,588,283 2.7
------------ -----
$168,641,519 100.1%
------------ -----
------------ -----
</TABLE>
SUMMARY OF INVESTMENTS BY TYPE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------------- ------------ ----------
<S> <C> <C>
Common Stocks........................................................................ $153,532,694 91.1%
Foreign Currency Put Option.......................................................... 481,250 0.3
Preferred Stocks..................................................................... 5,597,285 3.3
Short-Term Investment................................................................ 8,996,950 5.4
Warrants............................................................................. 33,340 0.0
------------ -----
$168,641,519 100.1%
------------ -----
------------ -----
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
COMMON STOCKS, WARRANTS, RIGHTS AND BONDS (97.2%)
AUSTRALIA (1.0%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
165,000 Fosters Brewing Group Ltd............... $ 146,293
------------
METALS & MINING
200,000 M.I.M. Holdings, Ltd.................... 248,255
38,750 Odin Mining & Investment Co., Ltd....... 11,819
------------
260,074
------------
OIL RELATED
50,000 Santos, Ltd............................. 119,872
50,000 Woodside Petroleum Ltd.................. 195,767
------------
315,639
------------
TRANSPORTATION
14,500 Brambles Industries, Ltd................ 137,200
------------
TOTAL AUSTRALIA......................... 859,206
------------
CHINA (1.1%)
CHEMICALS
12,500 Jilin Chemical Industrial Co, Ltd.
(ADR)................................. 240,625
1,000,000 Yizheng Chemical Fibre Co. Ltd.......... 348,963
------------
589,588
------------
TRANSPORTATION
160,000 Jinhui Shipping and Transportation
Ltd................................... 208,000
------------
UTILITIES
12,000 Shandong Huaneng Power Co., Ltd.
(ADR)................................. 91,500
------------
TOTAL CHINA............................. 889,088
------------
HONG KONG (20.1%)
BANKING
150,000 Guoco Group Ltd......................... 699,866
100,000 Hang Seng Bank.......................... 762,550
50,000 HSBC Holdings PLC....................... 641,382
750,000 International Bank of Asia.............. 402,277
------------
2,506,075
------------
CONGLOMERATES
76,000 Citic Pacific, Ltd...................... 191,051
335,000 First Pacific Co. Ltd................... 296,587
425,000 Hutchison Whampoa, Ltd.................. 2,054,361
70,200 Jardine Matheson Holdings Ltd........... 515,970
100,000 Swire Pacific, Ltd. (Class A)........... 762,550
------------
3,820,519
------------
FINANCIAL SERVICES
600,000 Manhattan Card Co Ltd................... 244,274
------------
LEISURE
1,500,000 CDL Hotels International, Ltd........... 731,854
870,000 Regal Hotels International.............. 172,039
------------
903,893
------------
MANUFACTURING
600,000 Singamas Container Holdings............. 128,729
120,000 Singamas Container Holdings (Warrants
due 06/30/97)*........................ --
------------
128,729
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
MULTI-INDUSTRY
95,000 Jardine Strategic Holdings Ltd.......... $ 305,900
------------
REAL ESTATE
390,000 Cheung Kong (Holdings) Ltd.............. 1,930,543
100,000 Great Eagle Holding Co.................. 213,255
60,000 Henderson Land Development Co. Ltd...... 328,801
380,000 Hong Kong Land Holdings................. 691,600
343,000 Hopewell Holdings....................... 290,370
260,000 Sun Hung Kai Properties, Ltd............ 1,923,823
80,000 Wharf (Holdings) Ltd.................... 261,076
------------
5,639,468
------------
RETAIL - SPECIALTY APPAREL
240,000 Giordano International Ltd.............. 178,359
------------
RETAIL STORES
300,000 Dickson Concepts International Ltd...... 179,328
------------
TELECOMMUNICATIONS
500,000 Champion Technology Holdings............ 45,236
360,000 Hong Kong Telecommunications Ltd........ 711,885
1,000,000 S. Megga International Holdings, Ltd.... 67,208
------------
824,329
------------
TRANSPORTATION
130,000 Cathay Pacific Airways.................. 189,862
------------
UTILITIES
140,500 China Light & Power Co. Ltd............. 722,729
150,000 Consolidated Electric Power............. 347,994
230,000 Hong Kong Electric Holdings Ltd......... 781,807
------------
1,852,530
------------
TOTAL HONG KONG......................... 16,773,266
------------
INDONESIA (7.6%)
AUTO RELATED
300,000 PT Astra International.................. 532,345
------------
AUTOMOTIVE
80,000 PT Gadjah Tunggal....................... 115,004
------------
BUILDING & CONSTRUCTION
35,000 PT Semen Gresik......................... 235,063
------------
BUILDING MATERIALS
127,800 PT Mulia Industrindo.................... 281,321
------------
CONSTRUCTION PLANT & EQUIPMENT
300,000 PT Citra Marga Nusaphala Persada........ 289,757
------------
FINANCIAL SERVICES
1 Peregrine Indonesia (Units)++*.......... 235,000
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
120,000 PT Hanjaya Mandala Sampoerna............ 943,396
41,775 PT Indofood Sukses Makmur............... 180,162
500 PT Mayora Indah......................... 2,291
63,400 PT SMART Corp........................... 66,932
------------
1,192,781
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
30,000 Asia Pacific Resources International
Holdings Ltd. (Class A) (ADR)......... $ 273,750
486,000 PT Indah Kiat Pulp Paper Corp........... 720,485
220,000 PT Inti Indorayon Utama................. 454,627
189,000 PT Pabrikkertas Tjiwi Kimia............. 379,953
------------
1,828,815
------------
MANUFACTURING
70,000 PT United Tractors...................... 149,371
------------
MISCELLANEOUS
47,000 PT Indocement........................... 184,748
------------
PHARMACEUTICALS
45,000 PT Tempo Scan Pacific................... 232,480
------------
PHOTOGRAPHY
50,000 PT Modern Photo & Film Co............... 271,788
------------
REAL ESTATE
32,100 PT Modernland Realty, Ltd............... 38,935
------------
TELECOMMUNICATIONS
155,000 PT Indosat.............................. 588,387
------------
WIRE & CABLE
125,000 PT Kabelmetal Indonesia................. 210,580
------------
TOTAL INDONESIA......................... 6,386,375
------------
JAPAN (15.7%)
AGRICULTURE
3,600 Yukiguni Maitake Co., Ltd............... 85,532
------------
APPAREL
500 Goldwin, Inc............................ 3,576
------------
AUTO PARTS - ORIGINAL EQUIPMENT
5,000 Mitsuba Electric Manufacturing Co....... 45,567
------------
AUTOMOTIVE
Y 14,000K Toyota Motor Corp. 1.2% due 1/28/98
(Conv.)............................... 167,139
------------
BANKING
US$ 120K Bank of Tokyo 3.375% due 3/31/04
(Conv.)............................... 138,600
8,000 Dai-Ichi Kangyo Bank.................... 144,681
12,000 Mitsui Trust & Banking.................. 110,638
14,000 Sanwa Bank, Ltd......................... 264,775
11,000 Shizuoka Bank........................... 137,825
10,000 Sumitomo Bank........................... 173,759
10,000 Sumitomo Trust & Banking................ 121,749
------------
1,092,027
------------
BUILDING & CONSTRUCTION
2,000 Hosoda Corp............................. 18,322
6,000 Ichiken Co., Ltd........................ 54,255
4,000 Kaneshita Construction.................. 52,955
1,000 Maezawa Kasei Industries................ 44,563
2,000 Sankyo Frontier Co., Ltd................ 57,210
6,000 Sumitomo Forestry Co., Ltd.............. 100,000
------------
327,305
------------
BUILDING MATERIALS
4,000 Oriental Construction Co................ 84,161
------------
BUSINESS SERVICES
2,100 Catena.................................. 32,021
1,200 Nippon Kanzai........................... 36,028
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
2,000 Secom................................... $ 126,005
4,000 Tanseisha............................... 38,771
------------
232,825
------------
CHEMICALS
27,000 Mitsubishi Chemical Corp................ 115,851
12,000 Shin-Etsu Chemical Co................... 211,348
2,600 SK Kaken Co., Ltd....................... 88,511
15,000 UBE Industries Ltd...................... 52,482
------------
468,192
------------
COMPUTER SERVICES
2,000 Enix Corp............................... 61,466
3,000 Meitec Corp............................. 36,170
------------
97,636
------------
COMPUTER SOFTWARE & SERVICES
40 NTT Data Communications Systems Co...... 62,884
------------
COMPUTERS
14,000 Fujitsu, Ltd............................ 139,835
1,200 I-O Data Device, Inc.................... 58,582
2,700 Japan Digital Laboratory................ 60,319
2,000 TKC Corp................................ 47,281
------------
306,017
------------
COMPUTERS - SYSTEMS
3,000 Daiwabo Information Systems Co.......... 70,213
------------
ELECTRICAL EQUIPMENT
5,000 Tokin................................... 66,785
------------
ELECTRONICS
5,000 Aiwa Co................................. 121,158
3,000 Canon, Inc.............................. 48,936
Y 9,000K Canon, Inc. 1.0% due 12/20/02 (Conv.)... 107,340
15,000 Hitachi, Ltd............................ 149,823
2,200 Keyence Corp............................ 247,045
2,000 Kyocera Corp............................ 165,012
2,400 Mabuchi Motor Co........................ 165,674
3,000 Mitsui High-Tec......................... 70,922
5,000 Mitsumi Electric Co. Ltd................ 86,288
3,000 Murata Manufacturing Co., Ltd........... 113,830
3,000 Nihon Dempa Kogyo....................... 86,879
4,000 Nitto Electric Works.................... 59,102
10,000 Omron Corp.............................. 191,489
12,000 Sharp Corp.............................. 158,865
3,100 Sony Corp............................... 149,137
1,000 Tokyo Electron, Ltd..................... 34,279
Y 10,000K Tokyo Electron, Ltd. 0.9% due 09/30/03
(Conv.)............................... 117,612
------------
2,073,391
------------
ENGINEERING & CONSTRUCTION
9,000 Maeda Road Construction................. 174,468
2,200 Meiden Engineering Co................... 25,485
5,500 Raito Kogyo Co.......................... 117,021
3,000 Sanshin Corp............................ 35,461
5,000 Takada Kiko............................. 58,452
------------
410,887
------------
ENTERTAINMENT
2,000 H.I.S. Co. Ltd.......................... 88,416
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
FINANCIAL SERVICES
20,000 Daiwa Securities Co., Ltd............... $ 211,348
2,000 Nichiei Co., Ltd. (Kyoto)............... 123,641
1,000 Nissin Co., Ltd......................... 57,447
13,000 Nomura Securities Co., Ltd.............. 227,423
2,760 Promise Co., Ltd........................ 115,489
1,000 Sanyo Shinpan Finance Co., Ltd.......... 73,287
------------
808,635
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
4,000 Amway Japan, Ltd........................ 146,572
7,000 Nippon Meat Packers, Inc................ 102,600
1,000 Plenus Co., Ltd......................... 52,600
3,000 Sanyo Coca Cola Bottling................ 48,936
4,000 Stamina Foods........................... 47,045
50 Yoshinoya D & C Co., Ltd................ 67,376
------------
465,129
------------
HEALTH & PERSONAL CARE
3,600 Kawasumi Laboratories, Inc.............. 51,064
4,000 Uni-Charm Corp.......................... 78,487
------------
129,551
------------
HOUSEHOLD FURNISHINGS & APPLIANCES
2,000 Beltecno Corp........................... 37,116
3,000 Noritz Corp............................. 56,383
------------
93,499
------------
INSURANCE
12,000 Tokio Marine & Fire Insurance Co........ 137,872
18,000 Yasuda Fire & Marine Insurance.......... 112,766
------------
250,638
------------
INTERNATIONAL TRADE
11,000 Mitsubishi Corp......................... 125,473
------------
MACHINERY
5,000 Aichi Corp.............................. 42,258
6,000 Comson Corp............................. 62,695
4,000 Fanuc, Ltd.............................. 173,050
2,000 Fuji Machine Manufacturing Co........... 61,229
4,000 Hitachi Medical Corp.................... 61,466
2,000 Sankyo Engineering...................... 45,390
3,300 Sansei Yusoki Co., Ltd.................. 28,280
7,000 Sintokogio.............................. 52,541
3,100 THK Co. Ltd............................. 57,163
2,000 Y.A.C. Co., Ltd......................... 42,080
------------
626,152
------------
MACHINERY - DIVERSIFIED
10,000 Kitagawa Iron Works..................... 45,745
------------
MANUFACTURED HOUSING
11,000 Daiwa House Industry.................... 169,031
3,000 Higashi Nihon House..................... 52,482
------------
221,513
------------
MANUFACTURING
3,000 Arcland Sakamoto........................ 48,936
4,000 Bridgestone Metalpha Corp............... 46,809
7,000 Dai Nippon Printing Co. Ltd............. 111,702
6,000 Itoki Crebio Corp....................... 44,681
23,000 Minebea Co., Ltd........................ 148,712
22,000 Mitsubishi Heavy Industries, Ltd........ 149,787
3,000 Nichiha Corp............................ 62,057
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
6,600 Nippon Electric Glass Co., Ltd.......... $ 106,099
10,000 Nippon Thompson Co...................... 64,066
9,000 Takara Standard Co...................... 98,617
------------
881,466
------------
METALS & MINING
49,000 Kawasaki Steel Corp..................... 161,017
23,000 Nippon Light Metal Co................... 104,669
40,000 Nippon Steel Co......................... 130,496
------------
396,182
------------
MISCELLANEOUS
1,000 Maruko Co., Ltd......................... 64,894
2,200 Misumi Corp............................. 60,591
3,000 Yagi Corp............................... 48,582
------------
174,067
------------
MULTI-INDUSTRY
3,000 Trusco Nakayama Corp.................... 71,631
------------
NATURAL GAS
24,000 Tokyo Gas Co., Ltd...................... 94,752
------------
OIL RELATED
8,000 General Sekiyu.......................... 85,106
------------
PHARMACEUTICALS
10,000 Eisai Co. Ltd........................... 171,395
2,000 Ono Pharmaceutical Co................... 86,998
4,400 Santen Pharmaceutical Co................ 117,541
2,000 Seikagaku Corp.......................... 62,175
1,100 Towa Pharmaceutical Co., Ltd............ 60,461
------------
498,570
------------
REAL ESTATE
5,000 Cesar Co................................ 39,894
4,000 Chubu Sekiwa Real Estate, Ltd........... 42,553
4,000 Fuso Lexel, Inc......................... 33,333
4,000 Kansai Sekiwa Real Estate............... 59,102
13,000 Mitsui Fudosan Co....................... 149,208
5,000 Sekiwa Real Estate...................... 47,281
5,000 Tohoku Misawa Homes Co., Ltd............ 55,615
------------
426,986
------------
RETAIL
1,500 Autobacs Seven Co....................... 146,277
2,600 Belluna Co., Ltd........................ 59,007
1,000 Fast Retailing Co., Ltd................. 85,461
2,000 Home Wide Corp.......................... 22,482
Y 11,000K Izumi Co., Ltd. 1.7% due 8/30/02
(Conv.)............................... 137,045
1,600 Kahma Co., Ltd.......................... 29,314
800 Kuroganeya Co........................... 9,551
3,000 Ministop Co., Ltd....................... 71,631
1,500 Nissen Co., Ltd......................... 45,213
4,000 Shimachu Co., Ltd....................... 101,655
1,200 Tsutsumi Jewelry Co., Ltd............... 54,752
3,000 Xebio Co. Ltd........................... 102,837
------------
865,225
------------
TELECOMMUNICATIONS
2,000 C-Cube Corp............................. 13,593
200 DDI Corp................................ 160,757
1,000 KDD..................................... 82,151
5,500 Nippon Comsys Co........................ 66,962
------------
323,463
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
TEXTILES
15,000 Kuraray Co. Ltd......................... $ 163,298
------------
TRANSPORTATION
30 East Japan Railway Co................... 154,255
20,000 Fukuyama Transporting Co................ 183,215
10,000 Kamigumi Co. Ltd........................ 100,473
------------
437,943
------------
UTILITIES - ELECTRIC
4,300 Hokkaido Electric Power................. 115,378
------------
WAREHOUSE
3,000 Chuo Warehouse.......................... 36,879
------------
WHOLESALE DISTRIBUTOR
5,000 Wakita & Co............................. 71,513
------------
TOTAL JAPAN............................. 13,091,347
------------
MALAYSIA (16.5%)
AUTOMOTIVE
98,000 Cycle & Carriage Bintang Berhad......... 450,297
74,000 Edaran Otomobil Nasional Berhad......... 722,544
------------
1,172,841
------------
BANKING
150,000 DCB Holdings Berhad..................... 440,000
37,500 DCB Holdings Berhad (Warrants due
1999)*................................ 43,077
75,000 Hong Leong Bank Berhad.................. 236,923
105,000 Malayan Banking Berhad.................. 831,385
368,000 Public Bank Berhad (CLOB)............... 772,102
------------
2,323,487
------------
BANKS - COMMERCIAL
210,000 Kwong Yik Bank.......................... 465,231
------------
BUILDING & CONSTRUCTION
90,000 Hume Industries (Malaysia) Berhad....... 491,077
120,000 Kedah Cement Berhad..................... 191,015
75,000 Metacorp Berhad......................... 230,769
25,000 Metacorp Berhad (Rights)*............... 29,231
80,000 Nam Fatt Berhad......................... 233,026
135,000 United Engineers Ltd.................... 858,462
------------
2,033,580
------------
BUSINESS SERVICES
37,000 Dunlop Estates Berhad................... 98,667
------------
CONGLOMERATES
250,000 Renong Berhad........................... 465,641
------------
ELECTRICAL EQUIPMENT
126,666 Leader Universal Holdings Berhad........ 452,100
------------
ENTERTAINMENT
80,000 Genting Berhad.......................... 790,974
------------
FINANCIAL SERVICES
42,000 Hong Leong Credit Berhad................ 211,938
150,000 Public Finance Berhad................... 424,615
50,000 Rashid Hussain Berhad................... 160,000
------------
796,553
------------
LEISURE
47,000 Magnum Corporation Berhad............... 109,908
60,000 Tanjong PLC............................. 206,769
------------
316,677
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
MANUFACTURING
31,250 O.Y.L. Industries Berhad................ $ 223,077
------------
MISCELLANEOUS
160,000 Taiping Consolidated Berhad............. 326,892
------------
MULTI-INDUSTRY
150,000 Nylex Berhad............................ 464,616
------------
MULTI-LINE INSURANCE
80,000 Pacific & Orient Berhad................. 267,487
------------
PLANTATION
125,000 Kuala Lumpur Kepong Berhad.............. 397,436
------------
REAL ESTATE
100,000 IOI Properties Berhad................... 348,718
187,500 Land & General Berhad................... 626,923
225,000 Pelangi Berhad.......................... 293,538
------------
1,269,179
------------
TELECOMMUNICATIONS
125,000 Technology Resource Industries Berhad... 358,974
85,000 Telekom Malaysia Berhad................. 645,128
230,000 Tenaga Nasional Berhad.................. 938,872
------------
1,942,974
------------
TOTAL MALAYSIA.......................... 13,807,412
------------
PAKISTAN (0.1%)
TELECOMMUNICATIONS
1,100 Pakistan Telecommunications Corp.
(GDS)*................................ 109,450
------------
PHILIPPINES (2.9%)
BANKS - COMMERCIAL
780 Philippine National Bank................ 9,104
------------
BUILDING & CONSTRUCTION
37,500 Bacnotan Consolidated Industries........ 247,156
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
58,500 San Miguel Corp. (B Shares)............. 243,272
------------
FOREST PRODUCTS, PAPER & PACKAGING
525,000 Paper Industries Corp................... 211,112
------------
MISCELLANEOUS
540,000 Aboitiz Equity Ventures Inca............ 110,161
------------
OIL RELATED
3,000,000 Belle Corp.............................. 511,965
------------
REAL ESTATE
1,000,000 Filinvest Land, Inc..................... 290,310
------------
TELECOMMUNICATIONS
1,300 Philippine Long Distance Telephone
Co.................................... 93,076
6,700 Philippine Long Distance Telephone Co.
(ADR)................................. 479,888
------------
572,964
------------
UTILITIES - ELECTRIC
25,500 Manila Electric Co. (B Shares).......... 205,080
------------
TOTAL PHILIPPINES....................... 2,401,124
------------
SINGAPORE (12.7%)
AUTOMOTIVE
35,000 Cycle and Carriage Ltd.................. 313,283
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
BANKING
84,000 Development Bank of Singapore, Ltd...... $ 956,391
92,000 Overseas Chinese Banking Corp., Ltd..... 1,021,124
90,000 United Overseas Bank, Ltd............... 850,698
------------
2,828,213
------------
CONGLOMERATES
65,000 Keppel Corp., Ltd....................... 530,612
------------
ELECTRONICS
8,000 Creative Technology (ADR)............... 75,000
73,000 Venture Manufacturing, Ltd.............. 192,367
------------
267,367
------------
ENGINEERING & CONSTRUCTION
127,000 Van Der Horst Ltd....................... 609,309
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
40,000 Fraser & Neave Ltd...................... 461,153
------------
HOTELS
1,000 Marco Polo Developments, Ltd............ 1,296
45,000 Overseas Union Enterprise Ltd........... 275,510
------------
276,806
------------
LEISURE
280,000 Republic Hotels & Resorts Ltd........... 401,003
------------
METALS & MINING
140,000 Amtek Engineering, Ltd.................. 204,511
200,000 Natsteel, Ltd........................... 418,188
------------
622,699
------------
PUBLISHING
19,200 Singapore Press Holdings................ 287,347
------------
REAL ESTATE
15,000 Bukit Sembawang Estates Ltd............. 300,752
134,000 City Developments, Ltd.................. 820,408
115,000 DBS Land Ltd............................ 360,687
270,000 United Overseas Land, Ltd............... 535,553
------------
2,017,400
------------
SHIPBUILDING
111,000 Far East Levingston Shipbuilding Ltd.... 532,546
35,000 Jurong Shipyard, Ltd.................... 250,627
63,000 Sembawang Maritime...................... 261,654
------------
1,044,827
------------
TRANSPORTATION
350,000 Pacific Carriers, Ltd................... 325,815
70,000 Singapore Airlines Ltd.................. 646,617
------------
972,432
------------
TOTAL SINGAPORE......................... 10,632,451
------------
SOUTH KOREA (4.2%)
AUTOMOTIVE
5,000 Hyundai Motor Co., Ltd. (GDR)........... 101,250
20,000 Kai Motors Corp. (GDS).................. 340,000
------------
441,250
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
ELECTRONICS
US$ 165K Daewoo Electronics Co. 3.5% due 12/31/07
(Conv.)............................... $ 195,525
472 Samsung Electronics Co. (GDR)........... 30,208
10,562 Samsung Electronics Co. (GDS)...........
-144A**................................. 551,865
------------
777,598
------------
MISCELLANEOUS
5,000 Atlantis Korean Smaller Co's*........... 257,500
US$ 400K Kia Precisions Works 0.5% due 12/31/09
(Conv.)............................... 412,000
------------
669,500
------------
MULTI-INDUSTRY
US$ 340K Daewoo Corp. 0.25% due 12/31/08
(Conv.)............................... 343,400
US$ 250K Kolon International Corp. 1.0% due
12/31/08 (Conv.)...................... 235,000
------------
578,400
------------
OIL RELATED
US$ 265K Ssangyong Oil Refining Co., Ltd. 3.75%
due 12/31/08 (Conv.).................. 280,900
22,396 Yukong, Ltd. (GDS)...................... 240,757
SFr 300K Yukong, Ltd. 1.0% due 12/31/98
(Conv.)............................... 297,650
------------
819,307
------------
STEEL & IRON
7,300 Pohang Iron & Steel, Ltd. (ADR)......... 215,350
------------
TOTAL SOUTH KOREA....................... 3,501,405
------------
TAIWAN (3.0%)
BUILDING & CONSTRUCTION
SFr 300K Pacific Construction Corp. 2.125% due
10/01/98 (Conv.)...................... 279,374
------------
ELECTRONIC & ELECTRICAL EQUIPMENT
US$ 120K United Micro Electronic 1.25% due
06/08/04 (Conv.)...................... 203,100
------------
ELECTRONICS
US$ 100K Acer, Inc. 4.0% due 06/10/01 (Conv.).... 297,000
10,000 GVC Corp. (GDR) - 144A**................ 152,500
10,500 Yageo Corp. (GDR)....................... 149,625
------------
599,125
------------
STEEL & IRON
4,200 China Steel Corp. (GDS)................. 88,704
------------
TEXTILES
US$ 300K Far Eastern Textile 4.0% due 10/07/06
(Conv.)............................... 331,500
------------
TRANSPORTATION
US$ 500K U-Ming Marine Transport 1.5% due
02/07/01 (Conv.)...................... 500,000
US$ 500K Yang Ming Marine Transportation 2.0% due
10/06/01 (Conv.)...................... 518,750
------------
1,018,750
------------
TOTAL TAIWAN............................ 2,520,553
------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
THAILAND (12.3%)
AUTOMOTIVE
46,000 Swedish Motor Corp., Ltd................ $ 184,559
------------
BANKING
165,000 Krung Thai Bank Public Co., Ltd......... 668,693
110,000 Krung Thai Bank Public Co., Ltd.
(Local)................................. 445,795
550,000 Siam City Bank Ltd...................... 757,852
9,000 Siam Commercial Bank Co., Ltd........... 86,079
40,000 Thai Farmers Bank, Ltd.................. 382,573
169,200 Thai Military Bank, Ltd................. 685,714
------------
3,026,706
------------
BUILDING & CONSTRUCTION
16,000 Siam Cement Co.......................... 1,021,925
18,600 Siam City Cement Co., Ltd............... 295,489
40,000 Tipco Asphalt Co., Ltd.................. 179,939
------------
1,497,353
------------
BUILDING MATERIALS
100,000 Thai German Ceramic Industry Co......... 336,373
65,000 TPI Polene Co., Ltd..................... 442,553
------------
778,926
------------
FINANCIAL SERVICES
40,000 Dhana Siam Finance and Securities Co.,
Ltd................................... 236,677
30,000 Finance One Co., Ltd.................... 221,277
33,000 Securities One, Ltd..................... 342,371
1,833 Securities One, Ltd. (Warrants due
1998)*................................ 743
------------
801,068
------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
25,000 Charoen Pokphand Feedmill Co. Ltd....... 151,976
------------
FOREST PRODUCTS, PAPER & PACKAGING
74,000 Siam Pulp & Paper Co.................... 245,917
------------
HOUSEHOLD FURNISHINGS & APPLIANCES
48,000 Sanyo Universal Electric Co., Ltd....... 247,052
------------
INVESTMENT COMPANIES
600,000 Ruang Khao 2 Fund....................... 340,426
------------
METALS & MINING
20,000 Ban Pu Coal Co, Ltd..................... 473,354
95,000 Sahaviriya Steel Industries............. 232,928
------------
706,282
------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------- ------------
<C> <S> <C>
REAL ESTATE
106,000 Juldis Development Co., Ltd............. $ 425,289
18,000 Land & House Co. Ltd.................... 379,331
150,000 Tanayong Co Ltd......................... 325,228
------------
1,129,848
------------
TELECOMMUNICATIONS
8,500 Advanced Information Services........... 126,079
8,000 Advanced Information Services (Local)... 118,663
40,000 Jasmine International Public Co.,
Ltd................................... 270,719
60,000 TelecomAsia Corp.*...................... 222,492
5,000 United Communication Industry........... 72,948
10,000 United Communication Industry
(Local)................................. 145,897
------------
956,798
------------
TRANSPORTATION
117,400 Thai Airways International Ltd.
(Local)............................... 261,682
------------
TOTAL THAILAND.......................... 10,328,593
------------
TOTAL COMMON STOCKS, WARRANTS, RIGHTS
AND BONDS (IDENTIFIED COST
$80,282,680).......................... 81,300,270
------------
</TABLE>
<TABLE>
<CAPTION>
CURRENCY
AMOUNT
(IN THOUSANDS)
- -------------------
<C> <S> <C>
PURCHASED PUT OPTION ON FOREIGN CURRENCY (0.3%)
Y 968,185 October 6, 1995/Y 84.19 (IDENTIFIED COST
$311,650)............................. 258,750
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(IN THOUSANDS)
- -------------------
<C> <S> <C>
SHORT-TERM INVESTMENT (A) (2.0%)
U.S. GOVERNMENT AGENCY
$ 1,700 Federal Home Loan Banks 6.10% due
07/03/95 (AMORTIZED COST
$1,699,424)........................... 1,699,424
------------
TOTAL INVESTMENTS (IDENTIFIED COST $82,293,754)
(B).......................................... 99.5% 83,258,444
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES.................................. 0.5 381,868
----------- -----------
NET ASSETS..................................... 100.0% $83,640,312
----------- -----------
----------- -----------
<FN>
- ------------------
K IN THOUSANDS.
ADR AMERICAN DEPOSITORY RECEIPT.
GDR GLOBAL DEPOSITORY RECEIPT.
GDS GLOBAL DEPOSITORY SHARE.
* NON-INCOME PRODUCING SECURITY.
** RESALE IS RESTRICTED TO QUALIFIED INSTITUTIONAL INVESTORS.
++ CONSIST OF MORE THAN ONE CLASS OF SECURITIES TRADED TOGETHER AS A UNIT;
GENERALLY STOCKS WITH ATTACHED WARRANTS.
(A) SECURITY WAS PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATE SHOWN HAS
BEEN ADJUSTED TO REFLECT A MONEY MARKET YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $82,496,979; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $7,341,047 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $6,173,132, RESULTING IN NET UNREALIZED
APPRECIATION OF $1,167,915.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JUNE 30, 1995:
<TABLE>
<CAPTION>
IN UNREALIZED
CONTRACTS TO EXCHANGE DELIVERY APPRECIATION/
DELIVER FOR DATE (DEPRECIATION)
- ------------ ------------ -------- --------------
<S> <C> <C> <C> <C> <C>
HKD 217,744 $ 28,136 07/03/95 $ (7)
MYR 87,750 $ 35,960 07/03/95 (40)
$ 108,928 SGD 152,281 07/03/95 117
$ 251,934 MYR 613,837 07/05/95 (103)
$ 124,820 SGD 174,374 07/05/95 45
$ 217,130 MYR 529,805 07/06/95 225
------
Net unrealized appreciation..... $ 237
------
------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--PACIFIC GROWTH
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- --------------------------- ------------ ----------
<S> <C> <C>
Agriculture................ $ 85,532 0.1%
Apparel.................... 3,576 0.0
Auto Parts - Original
Equipment................. 45,567 0.1
Auto Related............... 532,345 0.6
Automotive................. 2,394,076 2.9
Banking.................... 11,776,508 14.1
Banks - Commercial......... 474,335 0.6
Building & Construction.... 4,619,831 5.5
Building Materials......... 1,144,408 1.4
Business Services.......... 331,492 0.4
Chemicals.................. 1,057,780 1.3
Computer Services.......... 97,636 0.1
Computer Software &
Services.................. 62,884 0.1
Computers.................. 306,017 0.4
Computers - Systems........ 70,213 0.1
Conglomerates.............. 4,816,772 5.8
Construction Plant &
Equipment................. 289,757 0.3
Electrical Equipment....... 518,885 0.5
Electronic & Electrical
Equipment................. 203,100 0.2
Electronics................ 3,717,481 4.4
Engineering &
Construction.............. 1,020,196 1.2
Entertainment.............. 879,390 1.1
Financial Services......... 2,885,530 3.4
Food, Beverage, Tobacco &
Household Products........ 2,660,604 3.2
Foreign Currency Put
Option.................... 258,750 0.2
Forest Products, Paper &
Packaging................. 2,285,844 2.7
Health & Personal Care..... 129,551 0.2
Hotels..................... 276,806 0.3
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- --------------------------- ------------ ----------
<S> <C> <C>
Household Furnishings &
Appliances................ $ 340,551 0.4%
Insurance.................. 250,638 0.3
International Trade........ 125,473 0.2
Investment Companies....... 340,426 0.4
Leisure.................... 1,621,573 2.0
Machinery.................. 626,152 0.7
Machinery - Diversified.... 45,745 0.1
Manufactured Housing....... 221,513 0.3
Manufacturing.............. 1,382,643 1.7
Metals & Mining............ 1,985,237 2.4
Miscellaneous.............. 1,465,368 1.8
Multi-Industry............. 1,420,547 1.7
Multi-Line Insurance....... 267,487 0.3
Natural Gas................ 94,752 0.1
Oil Related................ 1,732,017 2.1
Pharmaceuticals............ 731,050 0.9
Photography................ 271,788 0.3
Plantation................. 397,436 0.5
Publishing................. 287,347 0.3
Real Estate................ 10,812,126 12.8
Retail..................... 865,225 1.0
Retail - Specialty
Apparel................... 178,359 0.2
Retail Stores.............. 179,328 0.2
Shipbuilding............... 1,044,827 1.2
Steel & Iron............... 304,054 0.4
Telecommunications......... 5,318,365 6.4
Textiles................... 494,798 0.6
Transportation............. 3,225,869 3.9
U.S. Government Agency..... 1,699,424 2.0
Utilities.................. 1,944,030 2.3
Utilities - Electric....... 320,458 0.4
Warehouse.................. 36,879 0.0
Wholesale Distributor...... 71,513 0.1
Wire & Cable............... 210,580 0.3
------------ ---
$ 83,258,444 99.5%
------------ ---
------------ ---
</TABLE>
SUMMARY OF INVESTMENTS BY TYPE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- --------------------------------------------------------------------------------------- ------------ ----------
<S> <C> <C>
Common Stocks.......................................................................... $ 76,665,284 91.6%
Convertible Bonds...................................................................... 4,561,935 5.6
Foreign Currency Put Option............................................................ 258,750 0.2
Rights................................................................................. 29,231 0.0
Short-Term Investment.................................................................. 1,699,424 2.0
Warrants............................................................................... 43,820 0.1
------------ ---
$ 83,258,444 99.5%
------------ ---
------------ ---
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--EQUITY
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
COMMON STOCKS (95.5%)
BANKS (4.0%)
60,000 Citicorp............................ $ 3,472,500
20,000 First Chicago Corp.................. 1,197,500
30,000 First Interstate Bancorp*........... 2,407,500
20,000 Wells Fargo & Co.................... 3,605,000
---------------
10,682,500
---------------
BASIC CYCLICAL COMMODITIES (3.1%)
60,000 Aluminum Co. of America............. 3,007,500
40,000 Du Pont (E.I.) de Nemours & Co.,
Inc............................... 2,750,000
30,000 Monsanto Co......................... 2,703,750
---------------
8,461,250
---------------
BEVERAGES (1.6%)
31,000 Coca Cola Co........................ 1,976,250
50,000 PepsiCo Inc......................... 2,281,250
---------------
4,257,500
---------------
BIOTECHNOLOGY (1.0%)
35,000 Amgen Inc.*......................... 2,808,750
---------------
CABLE/CELLULAR (4.1%)
30,000 ADC Telecommunications, Inc.*....... 1,065,000
50,000 DSC Communications Corp.*........... 2,325,000
148,000 Ericsson (L.M.) Telephone Co. (ADR)
(Sweden).......................... 2,960,000
49,500 Glenayre Technologies, Inc.*........ 2,524,500
31,000 Motorola, Inc....................... 2,080,875
---------------
10,955,375
---------------
CAPITAL GOODS (4.5%)
50,000 AlliedSignal, Inc................... 2,225,000
55,000 Boeing Company...................... 3,444,375
30,000 Lockheed Corp....................... 1,893,750
50,000 Loral Corp.......................... 2,587,500
20,000 Sundstrand Corp..................... 1,195,000
10,000 United Technologies Corp............ 781,250
---------------
12,126,875
---------------
COMMERCIAL SERVICES (3.6%)
45,000 Computer Sciences Corp.*............ 2,559,375
25,000 First Data Corp..................... 1,421,875
40,000 First Financial Management Corp..... 3,420,000
50,000 General Motors Corp. (Class E)...... 2,175,000
---------------
9,576,250
---------------
COMMUNICATIONS - SOFTWARE & SERVICES (0.6%)
40,000 America Online, Inc.*............... 1,740,000
---------------
COMPUTER EQUIPMENT (1.2%)
80,000 Seagate Technology, Inc.*........... 3,140,000
---------------
COMPUTER SOFTWARE (7.5%)
40,000 Computer Associates International,
Inc............................... 2,710,000
140,000 Informix Corp.*..................... 3,535,000
15,000 Intuit, Inc.*....................... 1,140,000
29,000 Microsoft Corp.*.................... 2,620,875
50,000 Oracle Systems Corp.*............... 1,925,000
45,000 Parametric Technology Corp.*........ 2,227,500
40,000 Peoplesoft, Inc.*................... 2,150,000
140,000 Symantec Corp.*..................... 4,025,000
---------------
20,333,375
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
CONSUMER BUSINESS SERVICES (0.9%)
1,500 CBT Group PLC (ADR) (Ireland)*...... $ 63,375
50,000 General Motors Corp................. 2,343,750
7,000 U.S. Order, Inc.*................... 99,750
---------------
2,506,875
---------------
COSMETICS (0.6%)
34,000 International Flavors & Fragrances
Inc............................... 1,691,500
---------------
DRUGS (1.7%)
54,000 Abbott Laboratories................. 2,187,000
25,000 Pfizer, Inc......................... 2,309,375
---------------
4,496,375
---------------
ELECTRONICS - SEMICONDUCTORS/
COMPONENTS (8.0%)
35,000 Advanced Micro Devices, Inc......... 1,273,125
30,000 Integrated Device Technology,
Inc.*............................. 1,383,750
70,000 Intel Corp.......................... 4,427,500
60,000 LSI Logic Corp.*.................... 2,347,500
100,000 Micron Technology, Inc.............. 5,487,500
50,000 National Semiconductor Corp.*....... 1,387,500
40,000 Texas Instruments Inc............... 5,355,000
---------------
21,661,875
---------------
ELECTRONICS - SPECIALTY (2.3%)
40,000 Altera Corp.*....................... 1,730,000
48,000 Maxim Integrated Products, Inc.*.... 2,436,000
23,000 Xilinx, Inc.*....................... 2,156,250
---------------
6,322,250
---------------
ENTERTAINMENT (3.0%)
65,000 C U C International, Inc.*.......... 2,730,000
9,500 Hollywood Entertainment Corp.*...... 427,500
98,000 Sierra On-Line, Inc.*............... 2,450,000
44,000 Walt Disney Co...................... 2,447,500
---------------
8,055,000
---------------
ENTERTAINMENT/GAMING (0.1%)
13,000 Primadonna Resorts, Inc.*........... 312,000
---------------
FINANCIAL - MISCELLANEOUS (10.8%)
30,000 American Express Co................. 1,053,750
100,000 American General Corp............... 3,375,000
70,000 Bank of Boston Corp................. 2,625,000
100,000 Countrywide Credit Industries,
Inc............................... 2,100,000
55,000 Crescent Real Estate Equities....... 1,753,125
100,000 Edwards (A.G.), Inc................. 2,250,000
40,000 Federal Home Loan Mortgage Corp..... 2,750,000
30,000 Federal National Mortgage
Association....................... 2,831,250
17,000 Golden West Financial Corp.......... 801,125
75,000 Green Tree Financial Corp........... 3,328,125
30,000 MBNA Corp........................... 1,012,500
50,000 Merrill Lynch & Co., Inc............ 2,625,000
30,000 MGIC Investment Corp................ 1,406,250
25,000 Schwab (Charles) Corp............... 1,084,375
---------------
28,995,500
---------------
FOODS (0.8%)
35,000 C P C International Inc............. 2,161,250
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--EQUITY
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
HEALTHCARE PRODUCTS & SERVICES (3.5%)
40,000 Amerisource Health Corp.*........... $ 910,000
27,200 Coram Healthcare Corp.*............. 384,200
60,000 HBO & Co............................ 3,270,000
15,000 Healthsouth Rehabilitation Corp.*... 260,625
40,000 Living Centers of America, Inc.*.... 1,085,000
30,000 Medaphis Corp.*..................... 637,500
70,000 Shared Medical Systems Corp......... 2,808,750
---------------
9,356,075
---------------
HOTELS/MOTELS (3.7%)
15,000 ITT Corp............................ 1,762,500
86,500 La Quinta Inns, Inc................. 2,335,500
90,000 Marriot International Inc........... 3,228,750
70,000 Promus Cos., Inc.*.................. 2,730,000
---------------
10,056,750
---------------
HOUSEHOLD PRODUCTS (2.7%)
20,000 Black & Decker Corp................. 617,500
40,000 Gillette Co......................... 1,785,000
25,000 Procter & Gamble Co................. 1,796,875
50,000 Scott Paper Co...................... 2,475,000
5,000 Unilever NV (ADR) (Netherlands)..... 650,625
---------------
7,325,000
---------------
INSURANCE (4.1%)
30,000 Aetna Life & Casualty Co............ 1,886,250
26,000 American International Group, Inc... 2,964,000
21,000 CIGNA Corp.......................... 1,630,125
28,000 Sunamerica Inc...................... 1,428,000
70,000 Travelers, Inc...................... 3,062,500
---------------
10,970,875
---------------
MEDIA GROUP (4.6%)
23,000 Capital Cities/ABC, Inc............. 2,484,000
35,055 CBS Inc............................. 2,348,685
18,000 Clear Channel Communications,
Inc.*............................. 1,158,750
25,000 General Instrument Corp.*........... 959,375
80,000 Infinity Broadcasting Corp.*........ 2,670,000
2,000 Viacom, Inc. (Class A)*............. 93,000
55,000 Viacom, Inc. (Class B)*............. 2,550,625
---------------
12,264,435
---------------
MEDICAL PRODUCTS & SUPPLIES (4.5%)
40,000 American Home Products Corp......... 3,095,000
40,000 IDEXX Laboratories, Inc.*........... 1,040,000
20,000 Instent, Inc.*...................... 285,000
36,000 Johnson & Johnson................... 2,434,500
34,500 Medtronic, Inc...................... 2,660,812
20,000 Omnicare, Inc....................... 542,500
40,000 St. Jude Medical, Inc.*............. 2,000,000
---------------
12,057,812
---------------
POLLUTION CONTROL (1.1%)
80,000 Browning-Ferris Industries, Inc..... 2,890,000
---------------
RESTAURANTS (0.8%)
55,000 McDonald's Corp..................... 2,151,875
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
RETAIL (0.7%)
75,000 Federated Department Stores, Inc.*.. $ 1,931,250
---------------
SEMICONDUCTOR CAPITAL EQUIPMENT (3.7%)
70,000 Applied Materials, Inc.*............ 6,037,500
33,000 KLA Instruments Corp.*.............. 2,549,250
10,000 Silicon Valley Group, Inc.*......... 362,500
30,000 Ultratech Stepper, Inc.*............ 1,042,500
---------------
9,991,750
---------------
TELECOMMUNICATIONS (5.9%)
40,000 Ascend Communications, Inc.*........ 2,020,000
80,000 Cisco Systems, Inc.*................ 4,040,000
90,000 Tellabs, Inc.*...................... 4,320,000
45,000 ThreeCom Corp.*..................... 3,009,375
10,000 Tower Semiconductor Ltd. (Israel)... 290,000
19,500 U.S. Robotics Corp.*................ 2,115,750
---------------
15,795,125
---------------
TOBACCO (0.8%)
30,000 Philip Morris Companies, Inc........ 2,231,250
---------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$220,243,249)..................... 257,306,735
---------------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C>
CONVERTIBLE PREFERRED STOCK (1.7%)
COMMUNICATIONS - EQUIPMENT & SOFTWARE
77,000 Nokia Corp. (ADR) (Finland)
(IDENTIFIED COST $3,706,290)...... 4,591,125
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
- -----------
<C> <S> <C>
SHORT-TERM INVESTMENTS (3.8%)
U.S. GOVERNMENT AGENCY (a) (2.4%)
$ 6,500 Federal Home Loan Banks 6.10% due
07/03/95 (AMORTIZED COST
$6,497,797)....................... 6,497,797
---------------
REPURCHASE AGREEMENT (1.4%)
3,672 The Bank of New York 6.00% due
07/03/95 (dated 6/30/95; proceeds
$3,674,239; collateralized by
$3,641,575 U.S. Treasury Note
6.625% due 03/31/97 valued at
$3,745,851) (IDENTIFIED COST
$3,672,403)....................... 3,672,403
---------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $10,170,200)..... 10,170,200
---------------
TOTAL INVESTMENTS (IDENTIFIED COST
$234,119,739) (B)....................... 101.0% 272,068,060
LIABILITIES IN EXCESS OF OTHER ASSETS..... (1.0) (2,735,402)
------ -------------
NET ASSETS................................ 100.0% $ 269,332,658
------ -------------
------ -------------
<FN>
- ------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
(A) SECURITY WAS PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATE SHOWN HAS
BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $236,070,694; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $41,758,639 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $1,859,363, RESULTING IN NET UNREALIZED
APPRECIATION OF $39,899,276.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--MANAGED ASSETS
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
COMMON STOCKS (10.3%)
APPAREL (0.8%)
74,000 Liz Claiborne, Inc................. $ 1,572,500
26,000 VF Corp............................ 1,397,500
---------------
2,970,000
---------------
AUTO PARTS (0.4%)
20,000 TRW, Inc........................... 1,597,500
---------------
BEVERAGES - SOFT DRINKS (0.4%)
26,000 Anheuser-Busch Companies, Inc...... 1,478,750
---------------
BUILDING MATERIALS (0.3%)
50,000 Masco Corp......................... 1,350,000
---------------
CHEMICALS (1.5%)
22,000 Du Pont (E.I.) de Nemours & Co.,
Inc.............................. 1,512,500
18,000 Monsanto Co........................ 1,622,250
37,000 PPG Industries, Inc................ 1,591,000
25,000 Rohm & Haas Co..................... 1,371,875
---------------
6,097,625
---------------
COMPUTERS - PERIPHERAL EQUIPMENT (0.4%)
37,000 Honeywell, Inc..................... 1,595,625
---------------
DRUGS (0.4%)
18,000 Warner-Lambert Co.................. 1,554,750
---------------
ELECTRIC - MAJOR (0.4%)
26,000 General Electric Co................ 1,465,750
---------------
ELECTRICAL EQUIPMENT (0.4%)
22,000 Emerson Electric Co................ 1,573,000
---------------
FOODS (0.7%)
30,000 Campbell Soup Co................... 1,470,000
34,000 ConAgra, Inc....................... 1,185,750
---------------
2,655,750
---------------
FOREST PRODUCTS (0.2%)
29,000 Louisiana-Pacific Corp............. 761,250
---------------
HARDWARE & TOOLS (0.3%)
34,000 Stanley Works...................... 1,287,750
---------------
HEALTH CARE DRUGS (0.8%)
32,000 Merck & Co., Inc................... 1,568,000
38,000 Schering-Plough Corp............... 1,676,750
---------------
3,244,750
---------------
HEALTH EQUIPMENT & SERVICES (0.4%)
44,000 Baxter International, Inc.......... 1,600,500
---------------
LABELS (0.3%)
33,000 Avery Dennison Corp................ 1,320,000
---------------
MANUFACTURING - DIVERSIFIED (0.4%)
25,000 Johnson Controls, Inc.............. 1,412,500
---------------
MOBIL HOME & RECREATION (0.3%)
66,000 Fleetwood Enterprises, Inc......... 1,303,500
---------------
OFFICE EQUIPMENT & SUPPLIES (0.4%)
39,000 Pitney Bowes, Inc.................. 1,496,625
---------------
PUBLISHING - NEWSPAPER (0.3%)
25,000 Gannett Co., Inc................... 1,356,250
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------- ---------------
<C> <S> <C>
RETAIL (0.0%)
1,000 Dayton-Hudson Corp................. $ 71,750
---------------
RETAIL - DEPARTMENT STORES (0.4%)
38,000 May Department Stores Co........... 1,581,750
---------------
RETAIL - DRUG STORES (0.4%)
59,000 Rite Aid Corp...................... 1,511,875
---------------
WHOLESALE DISTRIBUTOR (0.4%)
48,000 Super Valu Stores, Inc............. 1,398,000
---------------
TOTAL COMMON STOCKS (IDENTIFIED
COST $39,760,567)................ 40,685,250
---------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
- -----------
<C> <S> <C>
SHORT-TERM INVESTMENTS (A) (89.9%)
COMMERCIAL PAPER (51.8%)
AUTOMOTIVE FINANCE (4.6%)
$ 18,000 Ford Motor Credit Co. 5.97% due
07/18/95......................... 17,949,255
---------------
BANK HOLDING COMPANIES (3.5%)
14,000 Beneficial Corp. 5.93% due
08/10/95......................... 13,907,756
---------------
BANKS - COMMERCIAL (13.5%)
19,500 Abbey National North America Corp.
6.00% due 07/14/95............... 19,457,750
18,000 Commerzbank U.S. Finance Inc. 5.95%
due 08/01/95..................... 17,907,775
16,000 Northern Trust Corp. 5.95% due
07/20/95......................... 15,949,755
---------------
53,315,280
---------------
FINANCE - COMMERCIAL (4.4%)
17,500 Heller Financial Inc. 5.93% due
08/08/95......................... 17,390,460
---------------
FINANCE - CONSUMER (5.0%)
6,550 American General Finance Corp.
5.95% due 08/10/95............... 6,506,697
13,000 Commercial Credit Co. 5.97% due
07/14/95......................... 12,971,974
---------------
19,478,671
---------------
FINANCE - DIVERSIFIED (2.5%)
10,000 General Electric Capital Corp.
5.95% due 08/04/95............... 9,943,806
---------------
FOODS & BEVERAGES (1.5%)
6,000 PepsiCo Inc. 5.92% due 07/05/95.... 5,996,053
---------------
HOUSEHOLD PRODUCTS (3.8%)
15,000 Procter & Gamble Co. 5.92% due
07/06/95......................... 14,987,667
---------------
OFFICE EQUIPMENT (3.8%)
15,000 Xerox Corp. 5.93% due 08/04/95..... 14,915,992
---------------
OFFICE EQUIPMENT & SUPPLIES (4.9%)
9,000 IBM Credit Corp. 5.98% due
07/25/95......................... 8,964,120
10,300 IBM Credit Corp. 5.95% due
07/27/95......................... 10,255,739
---------------
19,219,859
---------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES--MANAGED ASSETS
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
- ----------- ---------------
<C> <S> <C>
RETAIL (4.3%)
$ 17,000 Penney (J.C.) Funding Corp. 5.93%
due 07/11/95..................... $ 16,971,997
---------------
TOTAL COMMERCIAL PAPER (AMORTIZED
COST $204,076,796)............... 204,076,796
---------------
U.S. GOVERNMENT & AGENCIES OBLIGATIONS (38.1%)
2,000 Federal Home Loan Banks 6.10% due
07/03/95......................... 1,999,322
25,000 Federal National Mortgage Assoc.
5.86% due 07/31/95............... 24,877,917
125,000 U.S. Treasury Bills 5.26% to 6.41%
due 08/24/95 to 12/14/95......... 122,744,384
---------------
TOTAL U.S. GOVERNMENT & AGENCIES
OBLIGATIONS (IDENTIFIED COST
$149,367,131).................... 149,621,623
---------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $353,443,927)... 353,698,419
---------------
TOTAL INVESTMENTS (IDENTIFIED
COST $393,204,494) (B)......... 100.2% 394,383,669
LIABILITIES IN EXCESS OF CASH AND
OTHER ASSETS................... (0.2) (681,730)
---------- -------------
NET ASSETS....................... 100.0% $ 393,701,939
---------- -------------
---------- -------------
<FN>
- ------------------
(A) SECURITIES WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATES SHOWN
HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $393,204,494; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $1,722,518 AND THE AGGREGATE
UNREALIZED DEPRECIATION IS $543,343, RESULTING IN NET UNREALIZED
APPRECIATION OF $1,179,175.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
STATEMENTS OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
QUALITY
MONEY MARKET INCOME PLUS HIGH YIELD UTILITIES
------------ ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at
value *..................... $249,846,313 $ 488,439,997 $ 137,167,010 $ 419,029,934
Cash.......................... 1,837 -- -- --
Receivable for:
Investments sold............ -- 9,053,112 -- 993,225
Shares of beneficial
interest sold............. 414,292 413,943 180,310 --
Dividends................... -- -- -- 1,668,863
Interest.................... 332,473 6,756,238 2,747,029 866,305
Foreign withholding taxes
reclaimed................. -- -- -- --
Prepaid expenses and other
assets...................... 1,713 4,041 2,774 1,132
------------ ------------- ------------- -------------
TOTAL ASSETS.......... 250,596,628 504,667,331 140,097,123 422,559,459
------------ ------------- ------------- -------------
LIABILITIES:
Payable for:
Investments purchased....... -- 33,693,063 2,709,270 1,252,423
Shares of beneficial
interest repurchased...... 150,450 1,538 264 389,754
Investment management
fees...................... 102,240 193,247 55,678 224,116
Accrued expenses and other
payables.................... 38,017 74,952 54,675 93,439
------------ ------------- ------------- -------------
TOTAL LIABILITIES..... 290,707 33,962,800 2,819,887 1,959,732
------------ ------------- ------------- -------------
NET ASSETS:
Paid-in-capital............... 250,305,745 484,355,286 228,059,472 406,778,385
Accumulated undistributed net
investment income........... 176 75,460 48,356 1,701,613
Accumulated undistributed net
realized gains (losses)..... -- (36,309,324) (76,144,399) (1,836,723)
Net unrealized appreciation
(depreciation).............. -- 22,583,109 (14,686,193) 13,956,452
------------ ------------- ------------- -------------
NET ASSETS............ $250,305,921 $ 470,704,531 $ 137,277,236 $ 420,599,727
------------ ------------- ------------- -------------
------------ ------------- ------------- -------------
*IDENTIFIED COST.............. $249,846,313 $ 465,856,888 $ 151,853,203 $ 405,073,482
------------ ------------- ------------- -------------
------------ ------------- ------------- -------------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING................. 250,305,745 45,069,825 21,699,842 32,109,016
------------ ------------- ------------- -------------
------------ ------------- ------------- -------------
NET ASSET VALUE PER
SHARE (unlimited authorized
shares of $.01 par value)... $1.00 $10.44 $6.33 $13.10
------------ ------------- ------------- -------------
------------ ------------- ------------- -------------
<FN>
- ------------------
** Includes foreign cash of $39,157, $101,519, and $481,590, respectively.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL
DIVIDEND CAPITAL DIVIDEND EUROPEAN PACIFIC MANAGED
GROWTH GROWTH GROWTH GROWTH GROWTH EQUITY ASSETS
------------ ------------ -------------- -------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in
securities, at value
*................... $705,886,603 $ 56,492,816 $ 167,371,997 $ 168,641,519 $ 83,258,444 $272,068,060 $394,383,669
Cash.................. -- -- 431,172** 841,687** 728,719** -- 39,616
Receivable for:
Investments sold.... 2,418,029 45,375 1,755,812 282,525 390,272 5,052,485 --
Shares of beneficial
interest sold..... 508,842 15,362 137,603 30,901 93,334 223,343 --
Dividends........... 1,418,789 51,934 605,162 699,513 106,403 184,235 20,920
Interest............ 759,189 42 -- 13,075 47,222 612 --
Foreign withholding
taxes reclaimed... -- -- 256,401 428,219 -- -- --
Prepaid expenses and
other assets........ 1,160 210 3,665 7,882 -- 536 773
------------ ------------ -------------- -------------- ------------- ------------ ------------
TOTAL
ASSETS...... 710,992,612 56,605,739 170,561,812 170,945,321 84,624,394 277,529,271 394,444,978
------------ ------------ -------------- -------------- ------------- ------------ ------------
LIABILITIES:
Payable for:
Investments
purchased......... 3,379,013 211,875 3,866,123 2,064,207 873,884 8,048,582 69,175
Shares of beneficial
interest
repurchased....... -- -- -- 194,698 -- 447 439,084
Investment
management fees... 339,085 29,591 101,244 136,826 68,556 106,779 161,799
Accrued expenses and
other payables...... 66,780 19,619 68,939 59,707 41,642 40,805 72,981
------------ ------------ -------------- -------------- ------------- ------------ ------------
TOTAL
LIABILITIES... 3,784,878 261,085 4,036,306 2,455,438 984,082 8,196,613 743,039
------------ ------------ -------------- -------------- ------------- ------------ ------------
NET ASSETS:
Paid-in-capital....... 603,407,009 49,880,554 155,613,114 137,489,142 84,691,326 230,392,968 391,172,781
Accumulated
undistributed net
investment income... 1,197,709 31,728 617,415 1,753,280 72,468 114,355 1,674,085
Accumulated
undistributed net
realized gains
(losses)............ 10,027,728 (1,194,271) 2,408,814 4,487,971 (2,089,572) 877,014 (324,102)
Net unrealized
appreciation
(depreciation)...... 92,575,288 7,626,643 7,886,163 24,759,490 966,090 37,948,321 1,179,175
------------ ------------ -------------- -------------- ------------- ------------ ------------
NET ASSETS.... $707,207,734 $ 56,344,654 $ 166,525,506 $ 168,489,883 $ 83,640,312 $269,332,658 $393,701,939
------------ ------------ -------------- -------------- ------------- ------------ ------------
------------ ------------ -------------- -------------- ------------- ------------ ------------
*IDENTIFIED COST...... $613,311,315 $ 48,866,173 $ 159,491,733 $ 143,911,142 $ 82,293,754 $234,119,739 $393,204,494
------------ ------------ -------------- -------------- ------------- ------------ ------------
------------ ------------ -------------- -------------- ------------- ------------ ------------
SHARES OF BENEFICIAL
INTEREST
OUTSTANDING......... 51,031,173 4,259,205 15,485,828 10,331,257 8,759,973 11,789,681 32,595,957
------------ ------------ -------------- -------------- ------------- ------------ ------------
------------ ------------ -------------- -------------- ------------- ------------ ------------
NET ASSET VALUE PER
SHARE (unlimited
authorized shares of
$.01 par value)..... $13.86 $13.23 $10.75 $16.31 $9.55 $22.84 $12.08
------------ ------------ -------------- -------------- ------------- ------------ ------------
------------ ------------ -------------- -------------- ------------- ------------ ------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
QUALITY
MONEY MARKET INCOME PLUS HIGH YIELD UTILITIES
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME
Interest.................. $ 7,838,369 $ 17,115,085 $ 8,291,475 $ 1,739,877
Dividends................. -- 21,333 -- 8,063,297*
------------- ------------- ------------- -------------
TOTAL INCOME.......... 7,838,369 17,136,418 8,291,475 9,803,174
------------- ------------- ------------- -------------
EXPENSES
Investment management
fees.................... 632,597 1,092,885 305,851 1,297,735
Transfer agent fees and
expenses................ 500 500 500 500
Shareholder reports and
notices................. 7,853 28,115 10,223 23,116
Professional fees......... 14,242 22,630 28,400 15,217
Trustees' fees and
expenses................ 2,674 3,547 1,505 631
Registration fees......... -- 11 4,798 --
Custodian fees............ 6,150 28,459 8,974 12,009
Other..................... 4,460 9,143 1,081 7,594
------------- ------------- ------------- -------------
TOTAL EXPENSES........ 668,476 1,185,290 361,332 1,356,802
------------- ------------- ------------- -------------
NET INVESTMENT
INCOME.......... 7,169,893 15,951,128 7,930,143 8,446,372
------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED
GAIN (LOSS):
Net realized gain (loss)
on:
Investments............. -- 3,193,889 (3,129,607) 793,287
Foreign exchange
transactions.......... -- -- -- --
------------- ------------- ------------- -------------
TOTAL GAIN (LOSS)..... -- 3,193,889 (3,129,607) 793,287
------------- ------------- ------------- -------------
Net change in unrealized
appreciation
(depreciation) on:
Investments............. -- 41,026,086 6,456,892 37,103,280
Translation of other
assets and liabilities
denominated in foreign
currencies............ -- -- -- --
------------- ------------- ------------- -------------
TOTAL APPRECIATION.... -- 41,026,086 6,456,892 37,103,280
------------- ------------- ------------- -------------
NET GAIN.............. -- 44,219,975 3,327,285 37,896,567
------------- ------------- ------------- -------------
NET INCREASE...... $ 7,169,893 $ 60,171,103 $ 11,257,428 $ 46,342,939
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
<FN>
- ------------------
* Net of $39,771, $51,965, $470, $251,581, $438,804, $78,872, $8,532 in
foreign withholding tax, respectively.
** Net of $525 in foreign withholding tax.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL
DIVIDEND CAPITAL DIVIDEND EUROPEAN PACIFIC MANAGED
GROWTH GROWTH GROWTH GROWTH GROWTH EQUITY ASSETS
------------- ----------- ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME
Interest.......... $ 1,182,064 $ 26,149 $ 23,307 $ 155,677 $ 84,180** $ 654,810 $11,589,077
Dividends......... 10,124,930* 369,874* 2,760,330* 2,614,969* 1,330,147* 1,360,883* 35,220
------------- ----------- ------------ ------------ ------------ ------------ -----------
TOTAL
INCOME...... 11,306,994 396,023 2,783,637 2,770,646 1,414,327 2,015,693 11,624,297
------------- ----------- ------------ ------------ ------------ ------------ -----------
EXPENSES
Investment
management
fees............ 1,893,437 164,378 555,109 773,202 371,219 591,982 980,797
Transfer agent
fees and
expenses........ 500 500 500 500 500 500 500
Shareholder
reports and
notices......... 16,093 2,441 5,358 930 918 7,526 7,838
Professional
fees............ 13,864 12,213 22,849 18,291 19,910 13,363 14,074
Trustees' fees and
expenses........ 3,095 357 430 1,130 362 1,937 2,943
Registration
fees............ 7,410 1,200 4,287 -- 1,718 122 --
Custodian fees.... 31,358 7,162 80,328 77,020 146,547 12,875 5,538
Other............. 3,322 5,190 1,625 -- 3,619 1,760 1,722
------------- ----------- ------------ ------------ ------------ ------------ -----------
TOTAL
EXPENSES.... 1,969,079 193,441 670,486 871,073 544,793 630,065 1,013,412
------------- ----------- ------------ ------------ ------------ ------------ -----------
NET
INVESTMENT
INCOME... 9,337,915 202,582 2,113,151 1,899,573 869,534 1,385,628 10,610,885
------------- ----------- ------------ ------------ ------------ ------------ -----------
NET REALIZED AND
UNREALIZED GAIN
(LOSS):
Net realized gain
(loss) on:
Investments..... 11,951,487 260,120 2,606,820 4,780,691 (1,182,293) 12,458,069 420,788
Foreign exchange
transactions... -- -- 3,400 (281,620) (299,169) -- --
------------- ----------- ------------ ------------ ------------ ------------ -----------
TOTAL GAIN
(LOSS)...... 11,951,487 260,120 2,610,220 4,499,071 (1,481,462) 12,458,069 420,788
------------- ----------- ------------ ------------ ------------ ------------ -----------
Net change in
unrealized
appreciation
(depreciation)
on:
Investments..... 91,037,429 6,654,681 10,934,766 16,720,345 3,803,966 29,528,491 1,765,969
Translation of
other assets
and
liabilities
denominated in
foreign
currencies.... -- -- 4,719 (28,767) (1,094) -- --
------------- ----------- ------------ ------------ ------------ ------------ -----------
TOTAL
APPRECIATION... 91,037,429 6,654,681 10,939,485 16,691,578 3,802,872 29,528,491 1,765,969
------------- ----------- ------------ ------------ ------------ ------------ -----------
NET GAIN...... 102,988,916 6,914,801 13,549,705 21,190,649 2,321,410 41,986,560 2,186,757
------------- ----------- ------------ ------------ ------------ ------------ -----------
NET
INCREASE... $ 112,326,831 $ 7,117,383 $ 15,662,856 $ 23,090,222 $ 3,190,944 $ 43,372,188 $12,797,642
------------- ----------- ------------ ------------ ------------ ------------ -----------
------------- ----------- ------------ ------------ ------------ ------------ -----------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED) AND FOR THE YEAR ENDED
DECEMBER 31,1994
<TABLE>
<CAPTION>
MONEY MARKET QUALITY INCOME PLUS
--------------------------- ---------------------------
1995 1994 1995 1994
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS:
Operations:
Net investment income..... $ 7,169,893 $ 7,923,278 $ 15,951,128 $ 32,040,580
Net realized gain
(loss).................. -- -- 3,193,889 (38,500,832)
Net change in unrealized
appreciation/
depreciation............ -- -- 41,026,086 (28,248,118)
------------- ------------ ------------- ------------
Net increase
(decrease).......... 7,169,893 7,923,278 60,171,103 (34,708,370)
------------- ------------ ------------- ------------
Dividends and distributions
to shareholders from:
Net investment income..... (7,169,737) (7,923,343) (15,960,804) (31,956,022)
Net realized gain......... -- -- -- (8,412,812)
------------- ------------ ------------- ------------
Total................. (7,169,737) (7,923,343) (15,960,804) (40,368,834)
------------- ------------ ------------- ------------
Transactions in shares of
beneficial interest:
Net proceeds from sales... 41,817,978 243,270,066 15,665,902 62,213,515
Reinvestment of dividends
and distributions....... 7,169,736 7,923,343 15,960,804 40,368,834
Cost of shares
repurchased............. (67,306,402) (112,493,978) (20,037,386) (100,246,764)
------------- ------------ ------------- ------------
Net increase
(decrease).......... (18,318,688) 138,699,431 11,589,320 2,335,585
------------- ------------ ------------- ------------
Total increase
(decrease).......... (18,318,532) 138,699,366 55,799,619 (72,741,619)
NET ASSETS:
Beginning of period......... 268,624,453 129,925,087 414,904,912 487,646,531
------------- ------------ ------------- ------------
END OF PERIOD............... $ 250,305,921 $268,624,453 $ 470,704,531 $414,904,912
------------- ------------ ------------- ------------
------------- ------------ ------------- ------------
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS)............. $ 176 $ 20 $ 75,460 $ 85,136
------------- ------------ ------------- ------------
------------- ------------ ------------- ------------
SHARES ISSUED AND REPURCHASED:
Sold........................ 41,817,978 243,270,066 1,576,781 5,844,176
Issued in reinvestment of
dividends and
distributions............. 7,169,736 7,923,343 1,608,157 4,051,038
Repurchased................. (67,306,402) (112,493,978) (2,035,783) (10,177,416)
------------- ------------ ------------- ------------
Net increase (decrease)..... (18,318,688) 138,699,431 1,149,155 (282,202)
------------- ------------ ------------- ------------
------------- ------------ ------------- ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH YIELD UTILITIES DIVIDEND GROWTH
----------------------------- ----------------------------- ----------------------------
1995 1994 1995 1994 1995 1994
------------- ------------- ------------- ------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS:
Operations:
Net investment
income.......... $ 7,930,143 $ 13,505,893 $ 8,446,372 $ 18,140,133 $ 9,337,915 $ 17,272,310
Net realized gain
(loss).......... (3,129,607) (5,517,509) 793,287 (2,172,266) 11,951,487 12,620,382
Net change in
unrealized
appreciation/
depreciation.... 6,456,892 (11,772,750) 37,103,280 (59,919,164) 91,037,429 (48,245,643)
------------- ------------- ------------- ------------- ------------- ------------
Net increase
(decrease)... 11,257,428 (3,784,366) 46,342,939 (43,951,297) 112,326,831 (18,352,951)
------------- ------------- ------------- ------------- ------------- ------------
Dividends and
distributions to
shareholders from:
Net investment
income.......... (7,957,584) (13,464,211) (8,355,670) (17,878,751) (9,426,796) (16,780,838)
Net realized
gain............ -- -- -- (2,681,110) (12,652,636) --
------------- ------------- ------------- ------------- ------------- ------------
Total......... (7,957,584) (13,464,211) (8,355,670) (20,559,861) (22,079,432) (16,780,838)
------------- ------------- ------------- ------------- ------------- ------------
Transactions in
shares of
beneficial
interest:
Net proceeds from
sales........... 20,266,781 45,115,268 14,236,983 48,664,778 37,455,082 142,834,351
Reinvestment of
dividends and
distributions... 7,957,584 13,464,211 8,355,670 20,559,861 22,079,432 16,780,838
Cost of shares
repurchased..... (6,181,215) (19,597,061) (22,391,947) (113,235,763) (15,526,502) (34,674,217)
------------- ------------- ------------- ------------- ------------- ------------
Net increase
(decrease)... 22,043,150 38,982,418 200,706 (44,011,124) 44,008,012 124,940,972
------------- ------------- ------------- ------------- ------------- ------------
Total increase
(decrease)... 25,342,994 21,733,841 38,187,975 (108,522,282) 134,255,411 89,807,183
NET ASSETS:
Beginning of
period............ 111,934,242 90,200,401 382,411,752 490,934,034 572,952,323 483,145,140
------------- ------------- ------------- ------------- ------------- ------------
END OF PERIOD....... $ 137,277,236 $ 111,934,242 $ 420,599,727 $ 382,411,752 $ 707,207,734 $572,952,323
------------- ------------- ------------- ------------- ------------- ------------
------------- ------------- ------------- ------------- ------------- ------------
UNDISTRIBUTED NET
INVESTMENT INCOME
(LOSS)............ $ 48,356 $ 75,797 $ 1,701,613 $ 1,610,911 $ 1,197,709 $ 1,286,590
------------- ------------- ------------- ------------- ------------- ------------
------------- ------------- ------------- ------------- ------------- ------------
SHARES ISSUED AND
REPURCHASED:
Sold................ 3,252,373 6,446,698 1,139,112 3,765,654 2,831,527 11,460,639
Issued in
reinvestment of
dividends and
distributions..... 1,274,856 2,019,283 676,036 1,653,504 1,645,083 1,370,617
Repurchased......... (995,146) (2,991,013) (1,795,617) (9,048,385) (1,212,386) (2,857,510)
------------- ------------- ------------- ------------- ------------- ------------
Net increase
(decrease)........ 3,532,083 5,474,968 19,531 (3,629,227) 3,264,224 9,973,746
------------- ------------- ------------- ------------- ------------- ------------
------------- ------------- ------------- ------------- ------------- ------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED) AND FOR THE YEAR ENDED
DECEMBER 31,1994
<TABLE>
<CAPTION>
CAPITAL GROWTH GLOBAL DIVIDEND GROWTH
--------------------------- -----------------------------
1995 1994 1995 1994(1)
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS:
Operations:
Net investment income..... $ 202,582 $ 425,853 $ 2,113,151 $ 1,847,100
Net realized gain
(loss).................. 260,120 (927,479) 2,610,220 16,433
Net change in unrealized
appreciation/
depreciation............ 6,654,681 (158,687) 10,939,485 (3,053,322)
------------ ------------ ------------- -------------
Net increase
(decrease).......... 7,117,383 (660,313) 15,662,856 (1,189,789)
------------ ------------ ------------- -------------
Dividends and distributions
to shareholders from:
Net investment income..... (226,326) (431,431) (1,822,072) (1,516,017)
Net realized gain......... -- (137,199) (222,586) --
------------ ------------ ------------- -------------
Total................. (226,326) (568,630) (2,044,658) (1,516,017)
------------ ------------ ------------- -------------
Transactions in shares of
beneficial interest:
Net proceeds from sales... 6,916,001 8,659,150 17,057,158 142,414,894
Reinvestment of dividends
and distributions....... 226,326 568,630 2,044,658 1,516,017
Cost of shares
repurchased............. (3,403,991) (12,592,414) (4,680,547) (2,739,066)
------------ ------------ ------------- -------------
Net increase
(decrease).......... 3,738,336 (3,364,634) 14,421,269 141,191,845
------------ ------------ ------------- -------------
Total increase
(decrease).......... 10,629,393 (4,593,577) 28,039,467 138,486,039
NET ASSETS:
Beginning of period......... 45,715,261 50,308,838 138,486,039 --
------------ ------------ ------------- -------------
END OF PERIOD............... $ 56,344,654 $ 45,715,261 $ 166,525,506 $ 138,486,039
------------ ------------ ------------- -------------
------------ ------------ ------------- -------------
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS)............. $ 31,728 $ 55,472 $ 617,415 $ 326,336
------------ ------------ ------------- -------------
------------ ------------ ------------- -------------
SHARES ISSUED AND REPURCHASED:
Sold........................ 547,850 745,503 1,653,211 14,227,418
Issued in reinvestment of
dividends and
distributions............. 18,475 49,535 198,777 152,929
Repurchased................. (276,071) (1,085,521) (465,869) (280,638)
------------ ------------ ------------- -------------
Net increase (decrease)..... 290,254 (290,483) 1,386,119 14,099,709
------------ ------------ ------------- -------------
------------ ------------ ------------- -------------
<FN>
- ------------------
(1) For the period February 23, 1994 (commencement of operations) through
December 31, 1994.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EUROPEAN GROWTH PACIFIC GROWTH EQUITY MANAGED ASSETS
-------------------------- ------------------------ -------------------------- --------------------------
1995 1994 1995 1994(1) 1995 1994 1995 1994
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS:
Operations:
Net investment
income.......... $ 1,899,573 $ 1,957,796 $ 869,534 $ 231,524 $ 1,385,628 $ 2,571,328 $ 10,610,885 $ 13,689,136
Net realized gain
(loss).......... 4,499,071 5,276,370 (1,481,462) (740,879) 12,458,069 (10,255,042) 420,788 13,979,461
Net change in
unrealized
appreciation/
depreciation.... 16,691,578 1,187,264 3,802,872 (2,836,782) 29,528,491 (4,038,554) 1,765,969 (14,418,071)
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
Net increase
(decrease)... 23,090,222 8,421,430 3,190,944 (3,346,137) 43,372,188 (11,722,268) 12,797,642 13,250,526
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
Dividends and
distributions to
shareholders from:
Net investment
income.......... (164,752) (1,332,400) (644,126) -- (1,642,818) (2,393,925) (10,617,779) (12,720,041)
Net realized
gain............ (5,391,960) (4,011,038) (15,252) (236,443) -- (16,442,181) (13,903,014) (6,891,484)
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
Total......... (5,556,712) (5,343,438) (659,378) (236,443) (1,642,818) (18,836,106) (24,520,793) (19,611,525)
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
Transactions in
shares of
beneficial
interest:
Net proceeds from
sales........... 5,811,802 79,498,127 13,498,813 81,416,561 13,642,493 84,340,284 14,614,098 110,230,754
Reinvestment of
dividends and
distributions... 5,556,712 5,343,438 659,378 236,443 1,642,818 18,836,106 24,520,793 19,611,525
Cost of shares
repurchased..... (12,449,580) (14,934,507) (8,474,784) (2,645,085) (12,971,280) (30,156,623) (26,470,146) (18,223,284)
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
Net increase
(decrease)... (1,081,066) 69,907,058 5,683,407 79,007,919 2,314,031 73,019,767 12,664,745 111,618,995
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
Total increase
(decrease)... 16,452,444 72,985,050 8,214,973 75,425,339 44,043,401 42,461,393 941,594 105,257,996
NET ASSETS:
Beginning of
period............ 152,037,439 79,052,389 75,425,339 -- 225,289,257 182,827,864 392,760,345 287,502,349
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
END OF PERIOD....... $168,489,883 $152,037,439 $83,640,312 $75,425,339 $269,332,658 $225,289,257 $393,701,939 $392,760,345
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
UNDISTRIBUTED NET
INVESTMENT INCOME
(LOSS)............ $ 1,753,280 $ 18,459 $ 72,468 $ (152,940) $ 114,355 $ 371,545 $ 1,674,085 $ 1,680,979
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
SHARES ISSUED AND
REPURCHASED:
Sold................ 370,725 5,461,296 1,484,814 8,401,700 653,693 3,984,962 1,179,082 8,741,963
Issued in
reinvestment of
dividends and
distributions..... 346,728 385,416 71,101 25,025 82,401 965,337 2,018,567 1,575,130
Repurchased......... (824,991) (1,042,808) (940,888) (281,779) (647,604) (1,504,112) (2,136,662) (1,450,674)
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
Net increase
(decrease)........ (107,538) 4,803,904 615,027 8,144,946 88,490 3,446,187 1,060,987 8,866,419
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES--Dean Witter Variable Investment Series
(the "Fund") is registered under the Investment Company Act of 1940, as amended,
as a diversified, open-end management investment company. All shares of the Fund
are owned by (1) Northbrook Life Insurance Company to fund benefits under
certain flexible premium variable annuity contracts; (2) Allstate Life Insurance
Company of New York to fund the benefits under certain flexible premium deferred
variable annuity contracts; and (3) Paragon Life Insurance Company to fund the
benefits under certain flexible premium variable life insurance contracts issued
to certain employees of Dean Witter Discover & Co., an affiliate of Dean Witter
InterCapital Inc. (the "Investment Manager").
The Fund, organized on February 25, 1983 as a Massachusetts business trust,
is comprised of eleven Portfolios ("Portfolios") and commenced operations as
follows:
<TABLE>
<CAPTION>
COMMENCEMENT OF
OPERATIONS
---------------------
<S> <C>
Money Market................... March 9, 1984
Quality Income Plus............ March 1, 1987
High Yield..................... March 9, 1984
Utilities...................... March 1, 1990
Dividend Growth................ March 1, 1990
Capital Growth................. March 1, 1991
<CAPTION>
COMMENCEMENT OF
OPERATIONS
---------------------
<S> <C>
Global Dividend Growth......... February 23, 1994
European Growth................ March 1, 1991
Pacific Growth................. February 23, 1994
Equity......................... March 9, 1984
Managed Assets................. March 1, 1987
</TABLE>
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS--Money Market: Securities are valued at
amortized cost which approximates market value. All remaining Portfolios:
(1) equity securities listed or traded on the New York, American Stock
Exchange or other domestic or foreign stock exchange are 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) listed options are valued at
the latest sale price on the exchange on which they are listed unless no
sales of such options have taken place that day, in which case they will be
valued at the mean between their latest bid and asked price; (4) when market
quotations are not readily available, 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; (5) certain of the Fund's
portfolio securities may be valued by an outside pricing service approved by
the Trustees. The pricing service utilizes a matrix system incorporating
security quality, maturity and coupon as the evaluation model parameters,
and/or research and evaluations by its staff, including review of
broker-dealer market price quotations, if available, in determining what it
believes is the fair valuation of the securities valued by such pricing
service; and (6) short-term debt securities having a maturity date of more
than sixty days at the time of purchase are valued on a mark-to-market basis
until sixty days prior to maturity and thereafter at amortized cost based on
their value on the 61st day. Short-term securities having a maturity date of
sixty days or less at the time of purchase are valued at amortized cost.
B. ACCOUNTING FOR INVESTMENTS--Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
by the identified cost method. Dividend income is recorded on the
ex-dividend date except for certain dividends on foreign securities which
are recorded as soon as the Fund is informed after the ex-dividend date.
Interest income is accrued daily except where collection is not expected.
The Money Market Portfolio amortizes premiums and accretes discounts on
securities owned; gains and losses realized upon the sale of securities are
based on amortized cost. Discounts on securities purchased for all other
Portfolios are amortized over the life of the respective securities.
C. ACCOUNTING FOR OPTIONS--(1) Written options on debt obligations, equities
and foreign currency: When the Fund writes a call or put option, an amount
equal to the premium received is included in the Fund's Statement of Assets
and Liabilities as a liability which is subsequently marked-to-market to
reflect the current market value of the option written. If a written option
either expires or the Fund enters into a closing purchase transaction, the
Fund realizes a gain or loss without regard to any unrealized gain or loss
on the underlying security or currency and the liability related to such
option is extinguished. If a written call option is exercised, the Fund
realizes a gain or loss from the sale of the underlying security or currency
and the proceeds from such sale are increased by the premium originally
received. If a put option which the Fund has written is exercised, the
amount of the premium originally received reduces the cost of the security
which the Fund purchases upon exercise of the option; and (2) purchased
options on debt obligations, equities and foreign currency: When the Fund
purchases a call or put option, the premium paid is recorded as an
investment and is subsequently marked-to-market to reflect the current
market value. If a purchased option expires, the Fund will realize a loss to
the extent of the premium paid. If the Fund enters into a closing sale
transaction, a gain or loss is realized for the difference between the
proceeds from the sale and the cost of the option. If a put option is
exercised, the cost of the security sold upon exercise will be increased by
the premium originally paid. If a call option is exercised, the cost of the
security purchased upon exercise will be increased by the premium originally
paid.
D. FOREIGN CURRENCY TRANSLATION--The books and records of the Portfolios
investing in foreign currency denominated transactions are translated into
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
rates prevailing on the respective dates of such transactions. The resultant
exchange gains and losses are included in the Statement of Operations as
realized and unrealized gain/loss on foreign exchange transactions. Pursuant
to U.S. Federal income tax regulations, certain foreign exchange
gains/losses included in realized and unrealized gain/loss are included in
or are a reduction of ordinary income for federal income tax purposes. The
Portfolios do 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.
E. FORWARD FOREIGN CURRENCY CONTRACTS--The Fund may enter into forward
foreign currency contracts which are valued daily at the appropriate
exchange rates. The resultant unrealized exchange gains and losses are
included in the Statement of Operations as unrealized gain/loss on foreign
exchange transactions. The Fund records realized gains or losses on delivery
of the currency or at the time the forward contract is extinguished
(compensated) by entering into a closing transaction prior to delivery.
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
F. FEDERAL INCOME TAX STATUS--It is the Fund's policy to comply individually
for each Portfolio 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.
G. 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.
H. EXPENSES--Direct expenses are charged to the respective Portfolio and
general Fund expenses are allocated on the basis of relative net assets.
2. INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS--Pursuant to an Investment
Management Agreement, the Fund pays its Investment Manager a management fee,
accrued daily and payable monthly, by applying the following annual rates to
each Portfolios' net assets determined at the close of each business day: Money
Market, Quality Income Plus, High Yield, Equity and Managed Assets-0.50%;
Dividend Growth-0.625% to the portion of daily net assets not exceeding $500
million and 0.50% to the portion of net assets exceeding $500 million;
Utilities-0.625% to the portion of daily net assets not exceeding $500 million
and 0.55% to the portion of net assets exceeding $500 million; Capital
Growth-0.65%; Global Dividend Growth-0.75%; European Growth and Pacific
Growth-1.0%.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.
Under a Sub-Advisory Agreement between Morgan Grenfell Investment Services
Limited (the "Sub-Advisor") and the Investment Manager, the Sub-Advisor provides
the European Growth and the Pacific Growth Portfolios with investment advice and
portfolio management relating to the Portfolios' investments in securities,
subject to the overall supervision of the Investment Manager. As compensation
for its services provided pursuant to the Sub-Advisory Agreement, the Investment
Manager pays the Sub-Advisor monthly compensation equal to 40% of its monthly
compensation.
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
3. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES--Purchases and
sales/maturities of portfolio securities, excluding short-term investments
(except for the Money Market Portfolio), for the six months ended June 30, 1995
were as follows:
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES OTHER
---------------------------------- ----------------------------------
PURCHASES SALES/MATURITIES PURCHASES SALES/MATURITIES
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Money Market.............................. -- -- $ 764,248,453 $ 790,702,248
Quality Income Plus....................... $ 275,915,896 $ 301,886,747 122,392,170 85,822,357
High Yield................................ -- -- 65,193,461 36,503,246
Utilities................................. -- -- 21,456,880 20,484,200
Dividend Growth........................... -- -- 123,218,196 93,243,697
Capital Growth............................ 109,350 -- 13,098,426 8,409,431
Global Dividend Growth.................... -- -- 68,173,986 53,715,362
European Growth........................... -- -- 45,888,925 54,177,703
Pacific Growth............................ -- -- 26,067,240 22,054,967
Equity.................................... -- 16,136,484 292,284,894 244,578,794
Managed Assets............................ 38,010,938 38,344,375 46,217,547 6,544,330
</TABLE>
For the six months ended June 30, 1995, the following Portfolios incurred
commissions with Dean Witter Reynolds Inc. ("DWR"), an affiliate of the
Investment Manager, for portfolio transactions executed on behalf of the
Portfolio:
<TABLE>
<CAPTION>
GLOBAL
DIVIDEND CAPITAL DIVIDEND MANAGED
UTILITIES GROWTH GROWTH GROWTH EQUITY ASSETS
--------- ----------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Commissions................................ $ 3,000 $ 124,328 $ 26,589 $ 32,334 $ 83,457 $ 7,775
--------- ----------- --------- --------- --------- -----------
--------- ----------- --------- --------- --------- -----------
</TABLE>
For the six months ended June 30, 1995, the Pacific Growth Portfolio
incurred brokerage commissions of $27,467 with affiliates of Morgan Grenfell for
portfolio transactions executed on behalf of the Portfolio.
Included in the payable for investments purchased and receivable for
investments sold for unsettled trades with DWR at June 30, 1995 are as follows:
<TABLE>
<CAPTION>
GLOBAL
DIVIDEND CAPITAL DIVIDEND MANAGED
UTILITIES GROWTH GROWTH GROWTH EQUITY ASSETS
----------- ------------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Payable for investments
purchased........................ $ -- $ -- $ 119,250 $ 254,475 $ 983,318 $ 69,175
----------- ------------- ----------- ----------- ----------- ---------
----------- ------------- ----------- ----------- ----------- ---------
Receivable for investments sold... $ 453,360 $ 1,524,739 $ -- $ 759,375 $ -- $ --
----------- ------------- ----------- ----------- ----------- ---------
----------- ------------- ----------- ----------- ----------- ---------
</TABLE>
Dean Witter Trust Company, an affiliate of the Investment Manager, is the
Fund's transfer agent.
The Fund established an unfunded noncontributory defined benefit pension
plan covering all independent Trustees of the Fund who will have served as
independent Trustees for at least five years at the time of retirement. Benefits
under this plan are based on years of service and compensation during the last
five years of service. Aggregate pension costs for the six months ended June 30,
1995 included
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
in Trustees' fees and expenses in the Statement of Operations and the accrued
pension liability included in accrued expenses in the Statement of Assets and
Liabilities are as follows:
<TABLE>
<CAPTION>
QUALITY
MONEY INCOME HIGH DIVIDEND CAPITAL
MARKET PLUS YIELD UTILITIES GROWTH GROWTH
--------- --------- --------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Aggregate Pension Cost............................ $ 346 $ 1,188 $ 536 $ 505 $ 851 $ 177
--------- --------- --------- --------- ----------- ---------
--------- --------- --------- --------- ----------- ---------
Accrued Pension Liability......................... $ 11,194 $ 8,950 $ 4,522 $ 6,379 $ 7,700 $ 1,773
--------- --------- --------- --------- ----------- ---------
--------- --------- --------- --------- ----------- ---------
</TABLE>
<TABLE>
<CAPTION>
GLOBAL
DIVIDEND EUROPEAN PACIFIC MANAGED
GROWTH GROWTH GROWTH EQUITY ASSETS
----------- ----------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C>
Aggregate Pension Cost....................................... $ 509 $ 541 $ 256 $ 764 $ 527
----- ----------- ----- --------- -----------
----- ----------- ----- --------- -----------
Accrued Pension Liability.................................... $ 584 $ 4,738 $ 293 $ 6,733 $ 8,807
----- ----------- ----- --------- -----------
----- ----------- ----- --------- -----------
</TABLE>
4. FEDERAL INCOME TAX STATUS--At December 31, 1994, the following Portfolios
had an approximate net capital loss carryover which may be used to offset future
capital gains to the extent provided by regulations:
<TABLE>
<CAPTION>
AMOUNTS IN THOUSANDS
AVAILABLE THROUGH --------------------------------------------------------------------------------------
DECEMBER 31, 1996 1997 1998 1999 2000 2001 2002 TOTAL
- --------------------------------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Quality Income Plus.................... -- -- -- -- -- -- $ 32,802 $ 32,802
High Yield............................. $ 7,297 $ 10,694 $ 34,291 $ 7,336 $ 3,057 $ 4,736 3,256 70,667
Utilities.............................. -- -- -- -- -- -- 2,371 2,371
Capital Growth......................... -- -- -- -- -- -- 1,047 1,047
Equity................................. -- -- -- -- -- -- 6,496 6,496
</TABLE>
Capital and currency losses incurred after October 31 ("post-October
losses") within the taxable year are deemed to arise on the first business day
of the Portfolios' next taxable year. The following Portfolios incurred and will
elect to defer net capital/currency losses during fiscal 1994: Quality Income
Plus-$4,693,000; High Yield-$2,213,000; Utilities-$204,000; Global Dividend
Growth-$101,000; Pacific Growth-$557,000; Equity-$3,375,000; Managed
Assets-$745,000.
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
At December 31, 1994, the primary reason(s) for significant
temporary/permanent book/tax differences were as follows:
<TABLE>
<CAPTION>
TEMPORARY DIFFERENCES PERMANENT DIFFERENCES
------------------------------- -------------------------------
POST-OCTOBER LOSS DEFERRALS NET OPERATING FOREIGN CURRENCY
PORTFOLIO CAPITAL LOSSES FROM WASH SALES LOSS GAINS/LOSSES
- -------------------------------------------------- -------------- --------------- ------------- ----------------
<S> <C> <C> <C> <C>
Quality Income Plus............................... - -
High Yield........................................ - -
Utilities......................................... - -
Dividend Growth................................... -
Capital Growth.................................... -
Global Dividend Growth............................ - - -
European Growth................................... - -
Pacific Growth.................................... - - - -
Equity............................................ - -
Managed Assets.................................... -
</TABLE>
5. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS--The Global
Dividend Growth, European Growth and Pacific Growth Portfolios may enter into
forward foreign currency contracts ("forward contracts") to facilitate
settlement of foreign currency denominated portfolio transactions or to manage
foreign currency exposure associated with foreign currency denominated
securities. These Portfolios may also purchase put options on foreign currencies
in which the Portfolios' securities are denominated to protect against a decline
in value of such securities due to currency devaluations.
At June 30, 1995, there were outstanding forward contracts used to
facilitate settlement of foreign currency denominated portfolio transactions and
to manage foreign currency exposure. Additionally, at June 30, 1995, the
European Growth and Pacific Growth Portfolios have outstanding over-the-counter
purchased put options on foreign currencies.
Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liablilities. The Portfolios bear the
risk of an unfavorable change in the foreign exchange rates underlying the
forward contracts. Risks may also arise upon entering into these contracts and
over-the-counter purchased put options from the potential inability of the
counterparties to meet the terms of their contracts.
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SELECTED RATIOS AND PER SHARE DATA FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING THROUGHOUT EACH PERIOD:
<TABLE>
<CAPTION>
NET ASSET
VALUE NET NET REALIZED TOTAL FROM TOTAL
BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO DISTRIBUTIONS TO DIVIDENDS AND
YEAR ENDED DEC. 31 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
-------- --------- ---------- -------------- ---------- ------------ ---------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Money Market
1990 $ 1.00 $ 0.076 $-- $ 0.076 $(0.076) $-- $ (0.076)
1991 1.00 0.056 -- 0.056 (0.056) -- (0.056)
1992 1.00 0.034 -- 0.034 (0.034) -- (0.034)
1993 1.00 0.027 -- 0.027 (0.027) -- (0.027)
1994 1.00 0.037 -- 0.037 (0.037) -- (0.037)
1995** 1.00 0.028 -- 0.028 (0.028) -- (0.028)
Quality Income Plus
1990 9.73 0.86 (0.24) 0.62 (0.86) -- (0.86)
1991 9.49 0.85 0.85 1.70 (0.85) -- (0.85)
1992 10.34 0.77 0.05 0.82 (0.77) -- (0.77)
1993 10.39 0.69 0.64 1.33 (0.69) -- (0.69)
1994 11.03 0.69 (1.40) (0.71) (0.69) (0.18) (0.87)
1995** 9.45 0.36 0.99 1.35 (0.36) -- (0.36)
High Yield
1990 7.52 1.13 (2.91) (1.78) (1.13) (0.06)+ (1.19)
1991 4.55 0.70 1.81 2.51 (0.70) (0.11)+ (0.81)
1992 6.25 0.96 0.18 1.14 (0.96) -- (0.96)
1993 6.43 0.81 0.68 1.49 (0.81) -- (0.81)
1994 7.11 0.79 (0.95) (0.16) (0.79) -- (0.79)
1995** 6.16 0.40 0.17 0.57 (0.40) -- (0.40)
Utilities
1990* 10.00 0.47 (0.04) 0.43 (0.41) -- (0.41)
1991 10.02 0.54 1.45 1.99 (0.54) -- (0.54)
1992 11.47 0.51 0.88 1.39 (0.52) -- (0.52)
1993 12.34 0.49 1.43 1.92 (0.50) (0.02) (0.52)
1994 13.74 0.53 (1.75) (1.22) (0.52) (0.08) (0.60)
1995** 11.92 0.26 1.18 1.44 (0.26) -- (0.26)
Dividend Growth
1990* 10.00 0.33 (1.10) (0.77) (0.30) -- (0.30)
1991 8.93 0.36 2.08 2.44 (0.37) -- (0.37)
1992 11.00 0.37 0.51 0.88 (0.37) -- (0.37)
1993 11.51 0.36 1.27 1.63 (0.36) -- (0.36)
1994 12.78 0.38 (0.80) (0.42) (0.37) -- (0.37)
1995** 11.99 0.19 2.13 2.32 (0.19) (0.26) (0.45)
</TABLE>
- -----------------
* Commencement of operations: March 1, 1990.
** For the six months ended June 30, 1995 (unaudited).
+ Distribution from capital.
(1) Not annualized.
(2) Annualized.
(3) If the Investment Manager had not assumed all expenses and waived the
management fee for the periods March 1, 1990 through August 31, 1990 for
Utilities and March 1, 1990 through June 26, 1990 for Dividend Growth, the
ratio of expenses to average net assets would have been 0.75% for Utilities
and 0.74% for Dividend Growth.
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO
AVERAGE NET ASSETS
-------------------------
NET ASSET TOTAL NET ASSETS END NET PORTFOLIO
VALUE END INVESTMENT OF PERIOD INVESTMENT TURNOVER
OF PERIOD RETURN (000'S) EXPENSES INCOME RATE
--------- ----------- -------------- ------------ ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Money Market
1990 $ 1.00 7.89% $118,058 0.57% 7.60% N/A
1991 1.00 5.75 104,277 0.57 5.62 N/A
1992 1.00 3.43 96,151 0.59 3.38 N/A
1993 1.00 2.75 129,925 0.57 2.71 N/A
1994 1.00 3.81 268,624 0.55 3.93 N/A
1995** 1.00 2.87(1) 250,306 0.53(2) 5.67(2) N/A
Quality Income Plus
1990 9.49 6.84 57,407 0.66 9.09 166%
1991 10.34 18.75 81,918 0.60 8.39 105
1992 10.39 8.26 163,368 0.58 7.41 148
1993 11.03 12.99 487,647 0.56 6.17 219
1994 9.45 (6.63) 414,905 0.54 6.88 254
1995** 10.44 14.63(1) 470,705 0.54(2) 7.30(2) 89(1)
High Yield
1990 4.55 (25.54) 27,078 0.69 17.98 42
1991 6.25 58.14 34,603 1.01 12.29 300
1992 6.43 18.35 40,042 0.74 14.05 204
1993 7.11 24.08 90,200 0.60 11.80 177
1994 6.16 (2.47) 111,934 0.59 11.71 105
1995** 6.33 9.52(1) 137,277 0.59(2) 12.96(2) 35(1)
Utilities
1990* 10.02 4.52(1) 37,597 0.40(2)(3) 6.38(2) 46(1)
1991 11.47 20.56 68,449 0.80 5.23 25
1992 12.34 12.64 153,748 0.73 4.63 26
1993 13.74 15.69 490,934 0.71 3.75 11
1994 11.92 (9.02) 382,412 0.68 4.21 15
1995** 13.10 12.23(1) 420,600 0.68(2) 4.23(2) 5(1)
Dividend Growth
1990* 8.93 (7.81)(1) 57,282 0.54(2)(3) 4.50(2) 19(1)
1991 11.00 27.76 98,023 0.73 3.61 6
1992 11.51 8.16 192,551 0.69 3.42 4
1993 12.78 14.34 483,145 0.68 3.01 6
1994 11.99 (3.27) 572,952 0.64 3.13 20
1995** 13.86 19.52(1) 707,208 0.62(2) 2.95(2) 15(1)
</TABLE>
<PAGE>
DEAN WITTER VARIABLE INVESTMENT SERIES
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
SELECTED RATIOS AND PER SHARE DATA FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING THROUGHOUT EACH PERIOD:
<TABLE>
<CAPTION>
NET ASSET
VALUE NET NET REALIZED TOTAL FROM TOTAL
BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO DISTRIBUTIONS TO DIVIDENDS AND
YEAR ENDED DEC. 31 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
-------- --------- ---------- -------------- ---------- ------------ ---------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Capital Growth
1991* $10.00 $ 0.15 $ 2.67 $ 2.82 $ (0.13) $-- $ (0.13)
1992 12.69 0.07 0.13 0.20 (0.08) (0.02) (0.10)
1993 12.79 0.08 (0.98) (0.90) (0.08) -- (0.08)
1994 11.81 0.10 (0.26) (0.16) (0.10) (0.03) (0.13)
1995*** 11.52 0.05 1.72 1.77 (0.06) -- (0.06)
Global Dividend Growth
1994** 10.00 0.23 (0.20) 0.03 (0.21) -- (0.21)
1995*** 9.82 0.14 0.92 1.06 (0.12) (0.01) (0.13)
European Growth
1991* 10.00 0.25 (0.13) 0.12 (0.23) -- (0.23)
1992 9.89 0.08 0.32 0.40 (0.10) (0.01) (0.11)
1993 10.18 0.12 3.98 4.10 (0.12) (0.13) (0.25)
1994 14.03 0.17 0.96 1.13 (0.16) (0.44) (0.60)
1995*** 14.56 0.19 2.12 2.31 (0.02) (0.54) (0.56)
Pacific Growth
1994** 10.00 0.07 (0.74) (0.67) -- (0.07) (0.07)
1995*** 9.26 0.11 0.26 0.37 (0.08) -- (0.08)
Equity
1990 15.14 0.48 (1.03) (0.55) (0.49) -- (0.49)
1991 14.10 0.20 8.05 8.25 (0.21) -- (0.21)
1992 22.14 0.23 (0.47) (0.24) (0.24) (1.86) (2.10)
1993 19.80 0.15 3.63 3.78 (0.15) (1.28) (1.43)
1994 22.15 0.23 (1.31) (1.08) (0.22) (1.60) (1.82)
1995*** 19.25 0.12 3.61 3.73 (0.14) -- (0.14)
Managed Assets
1990 10.41 0.61 (0.46) 0.15 (0.67) (0.08) (0.75)
1991 9.81 0.47 2.24 2.71 (0.50) -- (0.50)
1992 12.02 0.44 0.41 0.85 (0.45) (0.13) (0.58)
1993 12.29 0.38 0.86 1.24 (0.38) (0.47) (0.85)
1994 12.68 0.48 0.01 0.49 (0.46) (0.26) (0.72)
1995*** 12.45 0.34 0.07 0.41 (0.34) (0.44) (0.78)
<FN>
- -----------------
* Commencement of operations: March 1, 1991.
** Commencement of operations: February 23, 1994.
*** For the six months ended June 30, 1995 (unaudited).
+ Distribution from capital.
(1) Not annualized.
(2) Annualized.
(3) If the Investment Manager had not assumed all expenses and waived the
management fee for the periods March 1, 1990 through August 31, 1990 for
Utilities and March 1, 1990 through June 26, 1990 for Dividend Growth, the
ratio of expenses to average net assets would have been 0.75% for Utilities
and 0.74% for Dividend Growth.
(4) If the Investment Manager had not assumed all expenses and waived the
management fee for the period March 1, 1991 through December 31, 1991, the
ratio of expenses to average net assets would have been 1.60% for Capital
Growth and 4.12% for European Growth.
(5) If the Investment Manager had not assumed all expenses and waived the
management fee for the period February 23, 1994 through May 12, 1994 for
Global Dividend Growth and February 23, 1994 through August 2, 1994 for
Pacific Growth, the ratio of expenses to average net assets would have been
0.97% for Global Dividend Growth and 1.40% for Pacific Growth.
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO
AVERAGE NET ASSETS
-------------------------
NET ASSET TOTAL NET ASSETS END NET PORTFOLIO
VALUE END INVESTMENT OF PERIOD INVESTMENT TURNOVER
OF PERIOD RETURN (000'S) EXPENSES INCOME RATE
--------- ----------- -------------- ------------ ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Capital Growth
1991* $ 12.69 $ 28.41(1) $ 18,400 --%(2)(4) 1.82%(2) 32%(1)
1992 12.79 1.64 45,105 0.86 0.62 22
1993 11.81 (6.99) 50,309 0.74 0.78 36
1994 11.52 (1.28) 45,715 0.77 0.90 37
1995*** 13.23 15.37(1) 56,345 0.76(2) 0.80(2) 17(1)
Global Dividend Growth
1994** 9.82 0.27(1) 138,486 0.87(2)(5) 2.62(2) 20(1)
1995*** 10.75 10.97(1) 166,526 0.91(2) 2.86(2) 36(1)
European Growth
1991* 9.89 1.34(1) 3,653 --(2)(4) 3.18(2) 77(1)
1992 10.18 3.99 10,686 1.73 0.74 97
1993 14.03 40.88 79,052 1.28 0.97 77
1994 14.56 8.36 152,037 1.16 1.51 58
1995*** 16.31 15.93(1) 168,490 1.13(2) 2.46(2) 31(1)
Pacific Growth
1994** 9.26 (6.73)(1) 75,425 1.00(2)(5) 0.56(2) 22(1)
1995*** 9.55 4.01(1) 83,640 1.47(2) 2.34(2) 30(1)
Equity
1990 14.10 (3.62) 41,234 0.62 3.38 130
1991 22.14 59.05 63,524 0.64 1.09 214
1992 19.80 0.05 77,527 0.62 1.22 286
1993 22.15 19.72 182,828 0.58 0.69 265
1994 19.25 (4.91) 225,289 0.57 1.19 299
1995*** 22.84 19.49(1) 269,333 0.53(2) 1.17(2) 115(1)
Managed Assets
1990 9.81 1.56 68,447 0.58 6.10 163
1991 12.02 28.26 87,779 0.60 4.34 86
1992 12.29 7.24 136,741 0.58 3.74 87
1993 12.68 10.38 287,502 0.57 3.11 57
1994 12.45 3.94 392,760 0.54 3.93 125
1995*** 12.08 3.34(1) 393,702 0.52(2) 5.41(2) 396(1)
</TABLE>
<PAGE>
Trustees
------------------------------------------------------
<TABLE>
<S> <C>
Jack F. Bennett Dr. Manuel H. Johnson
Michael Bozic Paul Kolton
Charles A. Fiumefreddo Michael E. Nugent
Edwin J. Garn Philip J. Purcell
John R. Haire John L. Schroeder
</TABLE>
Officers
------------------------------------------------------
Charles A. Fiumefreddo
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Sheldon Curtis
VICE PRESIDENT, SECRETARY AND GENERAL COUNSEL
Thomas F. Caloia
TREASURER
<TABLE>
<S> <C>
Transfer Agent Independent Accountants
------------------------------------------- -------------------------------------------
Dean Witter Trust Company Price Waterhouse LLP
Harborside Financial Center--Plaza Two 1177 Avenue of the Americas
Jersey City, New Jersey 07311 New York, New York 10036
</TABLE>
Investment Manager
------------------------------------------------------
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
Sub-Adviser
(European Growth and Pacific Growth Portfolio)
------------------------------------------------------
Morgan Grenfell Investment Services Limited
The financial statements included herein have been taken from the records of the
Fund without examination by the independent accountants and accordingly they do
not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and trustees,
fees, expenses and other pertinent information, please see the prospectus of the
Fund.
This report is not authorized for distribution to prospective investors in the
Fund unless preceded or accompanied by an effective prospectus.
<PAGE>
(This page has been intentionally left blank.)
<PAGE>
Allstate Life Insurance
Company of New York
Post Office Box 2898
Huntington Station, NY 11746
40915A
SEMIANNUAL REPORT
JUNE 30, 1995
<PAGE>
Northbrook Life
Insurance Company
P.O. Box 94040
Palatine, IL 60094-4040
40113A
SEMIANNUAL REPORT
JUNE 30, 1995
<PAGE>
[Photo]
DEAN WITTER VARIABLE INVESTMENT SERIES
[Photo]
SEMIANNUAL REPORT
JUNE 30, 1995
[Logo] DEAN WITTER
NORTHBROOK LIFE
INSURANCE COMPANY
P.O. Box 94040
Palatine, IL 60094-4040
