<PAGE> 1
DEAN WITTER SELECT MUNICIPAL REINVESTMENT FUND
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
Fixed-income market conditions have steadily improved since late last year.
Bonds began to rally on signs of slower economic growth in the wake of
progressive tightening of monetary policy by the Federal Reserve Board. The
trend toward lower long-term interest rates reversed the prevailing pattern
during 1994, when rapidly rising rates created a severe bear market in bonds.
Long-term municipal bond yields, as tracked by The Bond Buyer Revenue Bond
Index*, moved from 6.97 percent in December to 6.28 percent at the end of June.
This 69 basis point decline in yield corresponded to a 6 percent price increase
for municipal bonds with 30-year maturities. One-year yields declined 116 basis
points over the past six months and the yield spread (difference between long-
and short-term municipal bond interest rates) widened.
The seasonal demand for municipals in December and January more than offset
the uncertainty caused by the Orange County, California bankruptcy filing.
Tax-exempt bonds outperformed U.S. Treasury bonds through February. The ratio of
the Revenue Bond Index yield to the 30-year U.S. Treasury bond yield moved from
a high of 89 percent in December to 84 percent by the end of February. A
declining ratio means that municipal bond prices have been stronger than U.S.
Treasury prices. Congressional tax reform proposals that advocated the flat tax
concept were partially responsible for municipals underperforming Treasuries
from March through June. By the end of June, the Revenue Bond Index/Treasury
bond yield ratio had risen to 95 percent.
The pace of new-issue underwriting over the first six months of 1995 was 25
percent below the same period last year. With bond maturities and calls for
redemption estimated to exceed new issues coming to market this year, the
outstanding supply of municipal securities is expected to decline. This scarcity
of municipal issues should strengthen market conditions.
PERFORMANCE
Dean Witter Select Municipal Reinvestment Fund's total return for the first
half of 1995 was 8.40 percent. The Fund's net asset value on June 30, 1995 was
$11.97 per share. Tax-free dividends totaling $0.31 per share, and long-term
capital gains of $0.01 per share were distributed during this period. At the end
of June, the Fund had net assets in excess of $89 million. Since its inception
on September 22, 1983, the Fund has provided shareholders with an average annual
total return of 8.91 percent.
PORTFOLIO STRUCTURE
At the end of June, the Fund was predominantly invested in long-term
tax-exempt bonds. Refunded bonds with escrows set to be called within 10 years
comprised 8 percent of net assets. Long-term investments were diversified among
12 specific municipal sectors and 52 separate credits. The three
- ---------------
*The Bond Buyer Revenue Bond Index is an arithmetic average of the yields of
25 selected municipal revenue bonds with 30-year maturities. Credit ratings
of these bonds range from Aa1 to Baa1 by Moody's and AA+ to A- by Standard &
Poor's.
<PAGE> 2
largest municipal sectors -- water & sewer revenue, transportation revenue and
general obligation bonds -- represented 47 percent of net assets. Maryland,
Ohio, New York, Massachusetts and Arizona contain the largest amount of
long-term, unrefunded holdings among the 22 states represented in the portfolio.
The average maturity and call protection of the Fund's long-term holdings was 18
and 7 years, respectively. The credit quality ratings of the long-term portfolio
are summarized below:
<TABLE>
<CAPTION>
Moody's or Standard & Poor's Ratings Percent
---------------------------------------------------------------------------- ----
<S> <C>
Aaa or AAA.................................................................. 24%
Aa or AA.................................................................... 30
A or A...................................................................... 38
Baa or BBB.................................................................. 3
Not rated................................................................... 5
----
100%
===
</TABLE>
LOOKING AHEAD
Slower economic growth in 1995 and the extent of the Federal Reserve
Board's previous interest rate moves have improved bond market expectations. The
decreasing supply of municipal bonds as a result of significant bond maturities,
calls for redemption and diminished new-issue supply should be positive for the
market. Tax reduction proposals will continue to receive publicity and cloud the
outlook for municipal bonds. However, to achieve significant reductions in tax
rates, elected officials and the public must address difficult issues such as
the mortgage interest deduction and middle-class tax burden. With long-term
tax-exempt bonds yielding more than 90 percent of the yield on Treasuries, the
market appears to have discounted much of the possibility that a flat tax might
eventually become law.
Among the factors that will determine the Fund's future dividend level are
changes in market yields and the sale of portfolio holdings which are expected
to be redeemed. Even with the move to higher yields that occurred last year, the
Fund cannot replace the yield attributable to many older investments which may
be called or sold in the next few years.
We appreciate your ongoing support of Dean Witter Select Municipal
Reinvestment Fund and look forward to continuing to serve your investment needs.
Very truly yours,
/s/ CHARLES A. FIUMEFREDDO
---------------------------
Charles A. Fiumefreddo
Chairman of the Board
<PAGE> 3
DEAN WITTER SELECT MUNICIPAL REINVESTMENT FUND
PORTFOLIO OF INVESTMENTS June 30, 1995 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(in Coupon Maturity
thousands) Rate Date Value
-------- ------ --------- ------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS (98.4%)
GENERAL OBLIGATION (14.6%)
$ 2,000 Washington Suburban Sanitation District, Maryland,
General Construction Refg 1994....................... 5.00 % 06/01/14 $ 1,798,420
2,000 Massachusetts, 1994 Ser C (FGIC)....................... 6.75 11/01/12 2,154,540
3,000 New York City, New York, 1990 Ser D.................... 6.00 08/01/07 2,921,910
2,295 Pennsylvania, First Ser 1995 (FGIC).................... 5.50 05/01/12 2,207,124
2,000 Shelby County, Tennessee, Refg 1995 Ser A.............. 5.625 04/01/12 1,962,600
2,000 Washington, Ser 1995 A................................. 5.80 09/01/08 2,028,200
-------- ------------
13,295 13,072,794
-------- ------------
EDUCATIONAL FACILITIES REVENUE (11.5%)
2,000 Price-Elliot Research Park Inc, Arizona, Arizona State
University Refg Ser 1991 (MBIA)...................... 7.00 07/01/21 2,181,600
3,000 Georgetown University, District of Columbia, Ser
1993................................................. 5.375 04/01/23 2,526,360
2,000 Massachusetts Health & Education Facilities Authority,
Boston College Ser K................................. 5.25 06/01/18 1,793,760
1,500 Rutgers - The State University, New Jersey, Refg Ser
R.................................................... 6.50 05/01/13 1,580,115
2,000 New York State Dormitory Authority, State University
Ser 1989 B........................................... 0.00 05/15/03 1,254,600
1,000 Ohio Higher Educational Facility Commission, Oberlin
College Ser 1993..................................... 5.375 10/01/15 930,500
-------- ------------
11,500 10,266,935
-------- ------------
ELECTRIC REVENUE (9.4%)
1,000 Northern California Power Agency, Geothermal #3-1987
Refg Ser A (Partial Crossover Refunded).............. 7.00 07/01/07 1,027,680
2,000 Nebraska Public Power District, Power Supply 1993
Ser.................................................. 6.125 01/01/15 2,010,700
800 Fayetteville Public Works, North Carolina, Ser 1995 A
(AMBAC).............................................. 5.375 03/01/20 735,008
500 North Carolina Municipal Power Agency #1, Catawba Ser
1985 A............................................... 7.00 01/01/20 503,830
1,000 Austin, Texas, Utilities Refg Ser 1993 A............... 5.625 05/15/16 930,870
2,000 Intermountain Power Agency, Utah, Refg 1985 Ser H...... 6.00 07/01/21 1,905,320
3,000 Washington Public Power Supply System, Proj #2 Refg Ser
1994 A (FGIC)........................................ 0.00 07/01/09 1,275,840
-------- ------------
10,300 8,389,248
-------- ------------
HOSPITAL REVENUE (5.3%)
2,000 Clermont County, Ohio, Mercy Health Ser 1991 (AMBAC)... 6.73 10/05/21 2,137,560
2,500 North Central Texas Health Facilities Development
Corporation, University Medical Center Inc Ser
1989................................................. 8.20 04/01/19 2,647,225
-------- ------------
4,500 4,784,785
-------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (9.1%)
750 California Alternative Energy Source Financing
Authority, SRI International Cogeneration Ser 1985
(a).................................................. 9.75 12/01/05 352,500
700 Connecticut Development Authority, Bridgeport Hydraulic
Co Refg Ser 1990..................................... 7.25 06/01/20 737,989
1,500 Michigan Strategic Fund, Ford Motor Co Refg Ser 1991
A.................................................... 7.10 02/01/06 1,627,830
</TABLE>
<PAGE> 4
DEAN WITTER SELECT MUNICIPAL REINVESTMENT FUND
PORTFOLIO OF INVESTMENTS June 30, 1995 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(in Coupon Maturity
thousands) Rate Date Value
-------- ------ --------- ------------
<C> <S> <C> <C> <C>
$ 1,000 Claiborne County, Mississippi, Middle South Energy Inc
Ser C................................................ 9.875% 12/01/14 $ 1,162,350
2,000 Ohio Water Development Authority, Dayton Power & Light
Co Collateralized Refg 1992 Ser A.................... 6.40 08/15/27 2,044,140
1,500 Matagorda County Navigation District #1, Texas, Central
Power & Light Co Collateralized Ser 1984 A........... 7.50 12/15/14 1,649,370
500 Russell County Industrial Development Authority,
Virginia, Appalachian Power Co Ser G................. 7.70 11/01/07 545,090
-------- ------------
7,950 8,119,269
-------- ------------
MORTGAGE REVENUE - MULTI-FAMILY (1.6%)
1,000 Michigan Housing Development Authority, Rental 1992 Ser
A.................................................... 6.60 04/01/12 1,024,880
400 Pennsylvania Housing Finance Agency, Moderate
Rehabilitation - Section 8 Assisted Issue B.......... 9.00 08/01/01 409,388
-------- ------------
1,400 1,434,268
-------- ------------
MORTGAGE REVENUE - SINGLE FAMILY (1.2%)
1,035 Maricopa County Industrial Development Authority,
-------- Arizona,
Refg 1991 Ser A...................................... 7.50 08/01/12 1,101,902
------------
PUBLIC FACILITIES REVENUE (4.4%)
2,000 California Public Works Board, Corrections 1993 Ser
D.................................................... 5.375 06/01/12 1,789,880
1,000 Hennepin County, Minnesota, Ser 1991 COPs.............. 6.80 05/15/17 1,064,620
1,000 Puerto Rico Infrastructure Financing Authority, Special
Tax Ser 1988 A....................................... 7.90 07/01/07 1,106,990
-------- ------------
4,000 3,961,490
-------- ------------
TRANSPORTATION FACILITIES REVENUE (14.8%)
2,000 Los Angeles County Transportation Commission,
California, Sales Tax Ser 1991 B..................... 6.50 07/01/13 2,018,580
2,000 Lee County, Florida, Ser 1995 (MBIA)................... 5.75 10/01/22 1,920,140
3,500 Kentucky Turnpike Authority, Resource Recovery Road
1987 Ser A BIGS...................................... 0.00* 07/01/06 3,711,225
2,000 Ohio Turnpike Commission, 1994 Ser A................... 5.75 02/15/24 1,910,820
2,000 Pennsylvania Turnpike Commission, Ser A of 1986........ 6.00 12/01/17 1,985,260
2,000 Puerto Rico Highway & Transportation Authority, Refg
Ser X................................................ 5.25 07/01/21 1,763,160
-------- ------------
13,500 13,309,185
-------- ------------
WATER & SEWER REVENUE (17.2%)
3,000 Phoenix Civic Improvement Corporation, Arizona, Jr Lien
Water Ser 1994....................................... 5.45 07/01/19 2,809,590
2,000 Maryland Water Quality Financing Administration, 1990
Ser A................................................ 7.25 09/01/11 2,211,440
2,000 Boston Water & Sewer Commission, Massachusetts, 1992
Ser A................................................ 6.00 11/01/15 1,999,800
1,500 Massachusetts Water Resource Authority, 1993 Ser C..... 5.25 12/01/08 1,430,445
2,000 Suffolk County Industrial Development Agency, New York,
Southwest Sewer Ser 1994 (FGIC)...................... 4.75 02/01/09 1,802,580
1,000 Columbus, Ohio, Sewerage Refg Ser 1992................. 6.25 06/01/08 1,037,980
</TABLE>
<PAGE> 5
DEAN WITTER SELECT MUNICIPAL REINVESTMENT FUND
PORTFOLIO OF INVESTMENTS June 30, 1995 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount
(in Coupon Maturity
thousands) Rate Date Value
-------- ------ --------- ------------
<C> <S> <C> <C> <C>
Spartanburg, South Carolina, Water Impr
$ 1,250 Refg Ser A 1992........................................ 6.25 % 06/01/12 $ 1,272,988
1,000 Refg Ser A 1992........................................ 6.25 06/01/17 1,010,130
2,000 Metropolitan Government of Nashville & Davidson County,
Tennessee, Refg of 1986.............................. 5.50 01/01/16 1,865,060
-------- ------------
15,750 15,440,013
-------- ------------
OTHER REVENUE (1.8%)
1,500 New York Local Government Assistance Corporation,
-------- Ser 1991 D........................................... 7.00 04/01/11 1,636,365
------------
REFUNDED (7.5%)
2,000 Maryland Health & Higher Educational Facilities
Authority, University of Maryland Medical System Ser
1991 A (FGIC)........................................ 6.50 07/01/21 2,185,280
2,000 Morgan State University, Maryland, Academic & Auxiliary
Fees 1990 Ser A (MBIA)............................... 7.00 07/01/20 2,240,360
2,000 Saint Cloud, Minnesota, The Saint Cloud Hospital Ser
1990 B (AMBAC)....................................... 7.00 07/01/20 2,267,300
-------- ------------
6,000 6,692,940
-------- ------------
$ 90,730 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $84,258,264) (B).......... 98.4% 88,209,194
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES................... 1.6 1,442,802
----- ------------
NET ASSETS....................................................... 100.0% $ 89,651,996
===== ============
</TABLE>
- ---------------
BIGS Bond Income Growth Security.
COPs Certificates of Participation.
* Currently zero coupon bond; will convert to 8.50% coupon on July 1, 1997.
(a) Partial interest paid. Interest income in arrears is recorded as
received.
(b) The aggregate cost for federal income tax purposes is $84,258,264; the
aggregate gross unrealized appreciation is $5,940,701 and the aggregate
gross unrealized depreciation is $1,989,771, resulting in net unrealized
appreciation of $3,950,930.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Company.
- --------------------------------------------------------------------------------
GEOGRAPHIC SUMMARY OF INVESTMENTS
Based on Market Value as a Percent of Net Assets
June 30, 1995 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Arizona............. 6.8%
California.......... 5.8
Connecticut......... 0.8
District of
Columbia.......... 2.8
Florida............. 2.2
Kentucky............ 4.1
Maryland............ 9.4%
Massachusetts....... 8.2
Michigan............ 3.0
Minnesota........... 3.7
Mississippi......... 1.3
Nebraska............ 2.2
New Jersey.......... 1.8%
New York............ 8.5
North Carolina...... 1.4
Ohio................ 9.0
Pennsylvania........ 5.1
Puerto Rico......... 3.2
South Carolina...... 2.6%
Tennessee........... 4.3
Texas............... 5.8
Utah................ 2.1
Virginia............ 0.6
Washington.......... 3.7
----
Total............... 98.4%
====
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements
<PAGE> 6
SELECT MUNICIPAL REINVESTMENT FUND
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (unaudited)
- --------------------------------------------
ASSETS:
Investments in securities, at value
(identified cost $84,258,264)............. $ 88,209,194
Cash........................................ 94,737
Interest receivable......................... 1,504,420
Prepaid expenses and other assets........... 28,119
------------
TOTAL ASSETS........................ 89,836,470
------------
LIABILITIES:
Payable for:
Shares of beneficial interest
repurchased............................. 73,626
Investment management fee................. 37,541
Dividends and distributions to
shareholders............................ 25,958
Accrued expenses and other payables......... 47,349
------------
TOTAL LIABILITIES................... 184,474
------------
NET ASSETS:
Paid-in-capital............................. 85,458,350
Net unrealized appreciation................. 3,950,930
Accumulated undistributed net realized
gain...................................... 242,716
------------
NET ASSETS.......................... $ 89,651,996
===========
NET ASSET VALUE PER SHARE,
7,486,643 shares outstanding (unlimited
shares authorized of $.01 par value)...... $11.97
======
STATEMENT OF OPERATIONS For the six months
ended June 30, 1995 (unaudited)
- ---------------------------------------------
NET INVESTMENT INCOME:
INTEREST INCOME............................. $ 2,815,628
-----------
EXPENSES
Investment management fee.................. 224,266
Transfer agent fees and expenses........... 140,006
Professional fees.......................... 22,003
Shareholder reports and notices............ 21,553
Registration fees.......................... 17,987
Trustees' fees and expenses................ 10,747
Other...................................... 6,674
-----------
TOTAL EXPENSES........................... 443,236
-----------
NET INVESTMENT INCOME.................... 2,372,392
-----------
NET REALIZED AND UNREALIZED GAIN:
Net realized gain.......................... 242,713
Net change in unrealized depreciation...... 4,647,511
-----------
NET GAIN................................. 4,890,224
-----------
NET INCREASE............................. $ 7,262,616
==========
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the six
months ended For the year
June 30, ended
1995 December 31,
(unaudited) 1994
------------ -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net Investment income................................................. $ 2,372,392 $ 4,929,867
Net realized gain..................................................... 242,713 53,865
Net change in unrealized appreciation/depreciation.................... 4,647,511 (11,074,926)
------------ -------------
Net increase (decrease)............................................. 7,262,616 (6,091,194)
------------ -------------
Dividends and distributions to shareholders from:
Net investment income................................................. (2,395,590) (5,253,876)
Net realized gain..................................................... (53,708) (273,982)
------------ -------------
Total............................................................... (2,449,298) (5,527,858)
Net increase (decrease) from transactions in shares of beneficial
interest.............................................................. (1,566,720) 1,759,547
------------ -------------
Total increase (decrease)........................................... 3,246,598 (9,859,505)
NET ASSETS:
Beginning of period..................................................... 86,405,398 96,264,903
------------ -------------
END OF PERIOD (including undistributed net investment income
of $0 and $23,198, respectively)...................................... $ 89,651,996 $ 86,405,398
=========== =============
</TABLE>
See Notes to Financial Statements
<PAGE> 7
DEAN WITTER SELECT MUNICIPAL REINVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter Select Municipal
Reinvestment Fund (the "Fund") is registered under the Investment Company Act of
1940, as amended (the "Act"), as a diversified, open-end management investment
company. The Fund was organized as a Massachusetts business trust on June 1,
1983 and commenced operations on September 22, 1983.
The following is a summary of significant accounting policies:
A. Valuation of Investments -- Portfolio securities are valued for the Fund
by an outside independent pricing service approved by the Trustees. The
pricing service has informed the Fund that in valuing the Fund's portfolio
securities, it uses both a computerized matrix of tax-exempt securities and
evaluations by its staff, in each case based on information concerning
market transactions and quotations from dealers which reflect the bid side
of the market each day. The Fund's portfolio securities are thus valued by
reference to a combination of transactions and quotations for the same or
other securities believed to be comparable in quality, coupon, maturity,
type of issue, call provisions, trading characteristics and other features
deemed to be relevant. Short-term debt securities having a maturity date of
more than sixty days at time of purchase are valued on a mark-to-market
basis until sixty days prior to maturity and thereafter at amortized cost
based on their value on the 61st day. Short-term debt securities having a
maturity date of sixty days or less at the time of purchase are valued at
amortized cost.
B. Accounting for Investments -- Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined by the identified cost
method. The Fund amortizes premiums and accretes discounts on securities
purchased over the life of the respective securities. Interest income is
accrued daily except where collection is not expected.
C. Federal Income Tax Status -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable and nontaxable
income to its shareholders. Accordingly, no federal income tax provision is
required.
D. Dividends and Distributions to Shareholders -- The Fund records
dividends and distributions to its shareholders on the record date. The
amount of dividends and distributions from net investment income and net
realized capital gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent
in nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the capital accounts based on their federal
tax-basis treatment; temporary differences do not require reclassification.
Dividends and distributions which exceed net investment income and net
realized capital gains for financial reporting purposes but not for tax
purposes are reported as dividends in excess of net investment income or
distributions in excess of net realized capital gains. To the extent they
exceed net investment income and net realized capital gains for tax
purposes, they are reported as distributions of paid-in-capital.
2. INVESTMENT MANAGEMENT AGREEMENT -- Pursuant to an Investment Management
Agreement with Dean Witter InterCapital Inc. (the "Investment Manager"), the
Fund pays its Investment Manager a
<PAGE> 8
DEAN WITTER SELECT MUNICIPAL REINVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
management fee, accrued daily and payable monthly, by applying the annual rate
of 0.50% to the daily net assets of the Fund determined as of the close of each
business day.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.
3. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and proceeds from sales of portfolio securities, excluding short-term
investments, for the six months ended June 30, 1995 aggregated $8,854,317 and
$4,900,187, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager, is the
Fund's transfer agent. At June 30, 1995, the Fund had transfer agent fees and
expenses payable of approximately $23,000.
4. SHARES OF BENEFICIAL INTEREST -- Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
For the six months For the year ended
ended June 30,1995 December 31, 1994
---------------------------- ----------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Sold................................. 1,383,674 $ 16,404,332 3,172,307 $ 38,359,487
Reinvestment of dividends and
distributions...................... 192,507 2,296,712 449,718 5,341,690
----------- ------------- ----------- -------------
1,576,181 18,701,044 3,622,025 43,701,177
Repurchased.......................... (1,708,912) (20,267,764) (3,511,123) (41,941,630)
----------- ------------- ----------- -------------
Net increase (decrease).............. (132,731) $ (1,566,720) 110,902 $ 1,759,547
========== ============= ========== =============
</TABLE>
<PAGE> 9
DEAN WITTER SELECT MUNICIPAL REINVESTMENT FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
For the
six months
ended June For the year ended December 31,
30, 1995 ------------------------------------------------------------
(unaudited) 1994 1993 1992 1991 1990
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of
period.......................... $ 11.34 $ 12.82 $ 12.12 $ 11.89 $ 11.25 $ 11.41
------- -------- -------- -------- -------- --------
Net investment income............. 0.31 0.65 0.67 0.70 0.71 0.70
Net realized and unrealized gain
(loss).......................... 0.64 (1.40) 0.75 0.32 0.62 (0.15)
------- -------- -------- -------- -------- --------
Total from investment
operations...................... 0.95 (0.75) 1.42 1.02 1.33 0.55
------- -------- -------- -------- -------- --------
Less dividends and distributions
from:
Net investment income........... (0.31) (0.69) (0.67) (0.70) (0.69) (0.71)
Net realized gain............... (0.01) (0.04) (0.05) (0.09) -- --
------- -------- -------- -------- -------- --------
Total dividends and
distributions................... (0.32) (0.73) (0.72) (0.79) (0.69) (0.71)
------- -------- -------- -------- -------- --------
Net asset value, end of period.... $ 11.97 $ 11.34 $ 12.82 $ 12.12 $ 11.89 $ 11.25
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN........... 8.40%(1) (5.98)% 11.99% 8.88% 12.04% 5.27%
RATIOS TO AVERAGE NET ASSETS:
Expenses.......................... 0.99%(2) 0.96% 1.02% 1.14% 1.20% 1.21%
Net investment income............. 5.29%(2) 5.34% 5.25% 5.79% 6.06% 6.12%
SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands)...................... $89,652 $ 86,405 $ 96,265 $ 75,918 $ 67,903 $ 60,304
Portfolio turnover rate........... 6%(1) 18% 9% 13% 30% 22%
</TABLE>
- ---------------
(1) Not annualized.
(2) Annualized.
See Notes to Financial Statements
<PAGE> 10
(This page has been left blank intentionally.)
<PAGE> 11
(This page has been left blank intentionally.)
<PAGE> 12
TRUSTEES
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
James F. Willison
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein have been taken from the records of
the Fund without examination by the independent accounts 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.
DEAN WITTER
SELECT MUNICIPAL
REINVESTMENT
FUND
Semiannual Report
June 30, 1995
