<PAGE>
Dean Witter U.S. Government Securities Trust
Two World Trade Center
New York, New York 10048
Dear Shareholder:
- - --------------------------------------------------------------------------------
When Dean Witter U.S. Government Securities Trust's fiscal year ended on
December 31, 1993, the five-year U.S. Treasury note was yielding 5.20 percent.
Over the next several months, increased economic strength and heightened
inflationary fears caused interest rates to rise significantly from the historic
lows registered in mid-October 1993. By June 30, 1994, the five-year U.S.
Treasury note was yielding 6.91 percent. Simultaneously, consumer spending
increased as 1993's mortgage refinancings generated increased disposable income.
In conjunction with higher levels of employment, retail, home and auto sales
rose rapidly during the first half of 1994.
This scenario induced the Federal Reserve Board to forego its accommodative
monetary policy by raising the federal-funds rate, the interest rate banks
charge each other for overnight loans, from 3.00 percent to 4.25 percent in four
separate moves between early February 1994 and May 1994. These increases
represented the first time in several years the Federal Reserve had acted to
raise short-term interest rates. Although these moves were presented as a series
of "preemptive" strikes in a war against potential inflationary pressure, the
markets interpreted this change in policy as the beginning of a trend toward
higher interest rates and reacted immediately with both stock and bond prices
tumbling. By June 1994, interest rates on short- and intermediate-term U.S.
Treasury securities were approximately 1.75 percentage points higher compared to
the beginning of the year.
PERFORMANCE AND PORTFOLIO STRUCTURE
In a sharply rising interest rate environment and a difficult investment
climate, the Fund declined by 4.29 percent for the six-month period ended June
30, 1994. This includes income distributions of $0.28927 per share and a change
in net asset value from $9.31 to $8.63 per share. While higher interest rates
have been responsible for reducing the Fund's net asset value, this scenario is
beginning to generate attractive yields on longer-term bonds. As a result, the
Fund's average maturity is gradually being extended as attractive investment
opportunities become available. This should enable the Fund to continue to
provide a competitive level of income, as well as the potential for capital
appreciation. This strategy is in sharp contrast to that in late 1993, when the
Fund's average maturity was reduced to a more defensive posture as the decline
in interest rates moderated.
The portfolio continues to be well diversified. As of June 30, 1994, the
Fund was comprised of Government National Mortgage Association (GNMAs) (61
percent), Treasury securities (35 percent) and U.S. government agency Resolution
Funding Corp. securities (REFCORP) (4 percent). For the balance of 1994, we will
actively seek to reduce the portfolio's high coupon short-term U.S. Treasury
portion. As conditions warrant, the proceeds from these sales and/or maturities
will be reinvested in GNMA mortgage-backed securities. We believe that these
securities continue to offer significant long-term value and, in the current
investment environment, offer not only an incremental yield incentive over U.S.
Treasury securities of similar maturity, but also the potential for capital
gains.
LOOKING AHEAD
For the balance of the year, we expect the economy to slow vis-a-vis the
rapid pace of 1993's fourth quarter. This should occur as the tax hike and
higher interest rates take their toll. The general concern over health-care
reform and its effect on U.S. industry should also contribute to this scenario.
Although the markets have reacted negatively to concerns regarding inflationary
pressure, we believe 1994 will be a year of stable inflation of approximately
three percent. This should enable the Fund to continue to provide investors an
attractive income stream, as well as a competitive total return.
We appreciate your support of Dean Witter U.S. Government Securities Trust
and look forward to continuing to serve your investment objectives in the months
and years ahead.
Very truly yours,
/S/ C. Fiumefreddo
Charles A. Fiumefreddo
Chairman of the Board
<PAGE>
<TABLE>
DEAN WITTER U.S. GOVERNMENT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited)
- - --------------------------------------------------------------------------------
<CAPTION>
Principal
Amount Coupon Maturity
(in thousands) Rate Dates Value
------------- ------ -------- -------
<S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (35.3%)
U.S. TREASURY NOTES STRIPS (7.2%)
$ 30,000 0.00% 2/15/96 $ 27,270,315
40,000 0.00 8/15/98 30,268,588
123,000 0.00 2/15/04 60,319,262
380,000 0.00 5/15/04 182,268,748
385,000 0.00 8/15/04 180,882,779
95,000 0.00 11/15/04 43,684,401
459,000 0.00 2/15/05 206,483,032
-------------
731,177,125
-------------
U.S. TREASURY NOTES (28.1%)
73,500 4.750 2/15/97 70,582,969
60,000 4.750 9/30/98 55,453,125
50,000 4.750 10/31/98 46,078,125
150,000 5.000 1/31/99 138,937,500
66,500 5.125 11/30/98 62,094,375
30,000 5.125 12/31/98 27,965,625
60,000 6.875 3/31/97 60,637,500
191,000 6.875 4/30/97 192,880,156
107,500 7.000 4/15/99 107,751,953
148,000 7.625 12/31/94 149,803,750
238,000 8.000 7/15/94 238,334,688
9,000 8.000 10/15/96 9,316,406
200,000 8.250 11/15/94 202,437,500
195,000 8.500 9/30/94 196,950,000
258,500 8.500 11/15/95 267,466,719
352,500 8.625 8/15/94 354,317,578
184,000 8.625 10/15/95 190,440,000
229,000 8.875 7/15/95 236,728,750
193,500 8.875 2/15/96 201,995,859
41,500 9.250 1/15/96 43,516,641
-------------
2,853,689,219
-------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Identified Cost $3,651,963,148) 3,584,866,344
-------------
U.S. GOVERNMENT AGENCIES (64.9%)
RESOLUTION FUNDING CORP.
ZERO COUPON STRIPS (4.4%)
$ 19,000 0.00% 1/15/02 $ 10,976,120
21,150 0.00 4/15/02 11,979,102
61,500 0.00 7/15/02 34,232,124
57,049 0.00 10/15/02 31,079,833
71,000 0.00 1/15/03 37,731,629
109,000 0.00 4/15/03 56,715,872
71,000 0.00 7/15/03 36,202,786
136,100 0.00 10/15/03 67,868,606
149,882 0.00 1/15/04 73,292,703
104,419 0.00 4/15/04 49,967,979
85,000 0.00 7/15/04 39,842,739
-------------
449,889,493
-------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (59.8%)
410,000 6.50 10/15/22 -2/15/24 362,938,768
2,157,738 7.00 4/15/17 -6/15/24 1,985,792,823
1,565,550 7.50 9/15/16 -5/15/23 1,492,654,421
469,281 8.00 10/15/16 -5/15/24 461,361,564
437,809 8.50 7/15/06 -8/15/22 442,050,498
100,000 8.50 * 100,343,750
437,340 9.00 10/15/08 -8/15/21 451,963,480
337,957 9.50 10/15/09 -12/15/20 356,227,650
386,030 10.00 11/15/09 -11/15/20 414,258,860
1,368 12.50 4/15/10 -6/15/15 1,537,035
-------------
6,069,128,849
-------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION II (0.5%)
54,971 6.50 1/20/24 - 2/20/24 48,426,311
-------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GRADUATED PAYMENT
MORTGAGE I (0.2%)
20,621 12.25 6/15/13 -10/15/15 23,036,551
-------------
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $6,792,385,489) 6,590,481,204
-------------
TOTAL INVESTMENTS
(Identified Cost $10,444,348,637) (a) ..... 100.2% 10,175,347,548
LIABILITIES IN EXCESS OF CASH AND
OTHER ASSETS .............................. (0.2) (19,767,521)
------ --------------
NET ASSETS .................................... 100.0% $10,155,580,027
======= ===============
<FN>
- - --------------
* Securities 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) The aggregate cost of investments for federal income tax purposes is
$10,444,348,637; the aggregate gross unrealized appreciation
is $159,225,929 and the aggregate gross unrealized depreciation is
$428,227,018 resulting in net unrealized depreciation of $269,001,089.
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
DEAN WITTER U.S. GOVERNMENT SECURITIES TRUST
FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1994 (unaudited)
- - --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $10,444,348,637) (Note 1) ........... $10,175,347,548
Cash .................................................... 1,223,171
Receivable for:
Interest ............................................... 102,085,262
Investments sold ....................................... 193,893,576
Shares of beneficial interest sold ..................... 7,127,410
Prepaid expenses ......................................... 174,078
---------------
Total Assets ..................................... 10,479,851,045
---------------
LIABILITIES:
Payable for:
Investments purchased .................................. 295,182,355
Dividends to shareholders .............................. 3,710,487
Shares of beneficial interest repurchased .............. 14,401,486
Investment management fee payable (Note 2) ................ 3,377,804
Plan of distribution fee (Note 3) ......................... 6,365,198
Accrued expenses (Note 4) ................................. 1,233,688
---------------
Total Liabilities ................................. 324,271,018
---------------
NET ASSETS:
Paid-in-capital .......................................... 12,250,332,841
Accumulated net realized loss on investments ............. (1,825,745,954)
Net unrealized depreciation on investments ............... (269,001,089)
Distributions in excess of net investment income ......... (5,771)
---------------
Net Assets ....................................... $10,155,580,027
===============
Net Asset Value Per Share, 1,177,401,860
shares outstanding (unlimited shares
authorized of $.01 par value) .......................... $8.63
=====
</TABLE>
<PAGE>
<TABLE>
- - --------------------------------------------------------------------------------
<CAPTION>
STATEMENT OF OPERATIONS
For the six months ended June 30, 1994 (unaudited)
- - --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest Income ....................................... $429,479,772
-------------
Expenses
Plan of distribution fee (Note 3) ..................... 41,232,229
Investment management fee (Note 2) .................... 21,793,853
Transfer agent fees and expenses ...................... 3,576,443
Custodian fees ........................................ 576,065
Registration fees ..................................... 207,968
Shareholder reports and notices ....................... 116,442
Professional fees ..................................... 50,504
Trustees' fees and expenses (Note 4) .................. 16,173
Other 78,905
-------------
Total Expenses ................................... 67,648,582
-------------
Net Investment Income ......................... 361,831,190
-------------
NET REALIZED AND UNREALIZED LOSS
ON INVESTMENTS (Note 1):
Net realized loss on investments ...................... (22,825,306)
Net change in unrealized appreciation on
investments ........................................ (842,119,625)
-------------
Net Loss on Investments .......................... (864,944,931)
-------------
Net Decrease in Net Assets
Resulting from Operations ................. ($503,113,741)
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
- - --------------------------------------------------------------------------------
<S> <C> <C>
For the
six months ended For the
June 30, 1994 year ended
(unaudited) December 31, 1993
------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ................. $ 361,831,190 $ 854,073,581
Net realized loss on investments ...... (22,825,306) (261,427,859)
Net change in unrealized appreciation
on investments ..................... (842,119,625) 284,089,311
--------------- -------------
Net increase (decrease) in net
assets resulting from operations .. (503,113,741) 876,735,033
Net dividends to shareholders from
investment income ................. (361,869,537) (854,048,343)
Net decrease from transactions in
shares of beneficial interest
(Note 5) ........................... (1,214,465,168) (271,700,686)
--------------- -------------
Total decrease ....................... (2,079,448,446) (249,013,996)
NET ASSETS:
Beginning of period ..................... 12,235,028,473 $12,484,042,469
--------------- ---------------
End of period (including distributions in
excess of net investment income
and undistributed net investment
income of $5,771 and $32,576,
respectively) ....................... $10,155,580,027 $12,235,028,473
=============== ===============
</TABLE>
See Notes to Financial Statements
<PAGE>
Dean Witter U.S. Government Securities Trust
Notes to Financial Statements (unaudited)
- - --------------------------------------------------------------------------------
1. Organization and Accounting Policies--Dean Witter U.S. Government Securities
Trust (the "Fund") is registered under the Investment Company Act of 1940, as
amended (the "Act"), as a diversified, open-end management investment company.
The Fund was organized as a Massachusetts business trust on September 29, 1983
and commenced operations on June 29, 1984.
The following is a summary of significant accounting policies:
A. Valuation of Investments--(1) all portfolio securities for which over-the-
counter market quotations are readily available are valued at the latest
available bid price prior to the time of valuation; (2) 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 (valuation of securities for which market
quotations are not readily available may be based upon current market prices of
securities which are comparable in coupon, rating and maturity or an appro-
priate matrix utilizing similar factors); and (3) short-term debt securities
having a maturity date of more than sixty days are valued on a "mark-to-
market" basis, that is, at prices based on market quotations for securities of
similar type, yield, quality and maturity, until sixty days prior to maturity
and thereafter at amortized cost. 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 on the identified cost method. In
computing net investment income, the Fund does not amortize premiums or accrue
discounts on fixed income securities in the portfolio, except those original
issue discounts for which amortization is required for federal income tax
purposes. With respect to market discount, a portion of any capital gain
realized upon disposition is recharacterized as investment income. Interest
income is accrued daily.
C. 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.
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.
<PAGE>
2. INVESTMENT MANAGEMENT AGREEMENT--Pursuant to an Investment Management
Agreement (the "Agreement") with Dean Witter InterCapital Inc. (the "Investment
Manager"), the Fund pays its Investment Manager a monthly management fee,
calculated and accrued daily, by applying the following annual rates to the
Fund's daily net assets: 0.50% to the portion of daily net assets not exceeding
$1 billion; 0.475% to the portion of daily net assets exceeding $1 billion but
not exceeding $1.5 billion; 0.45% to the portion of daily net assets exceeding
$1.5 billion but not exceeding $2 billion; 0.425% to the portion of daily net
assets exceeding $2 billion but not exceeding $2.5 billion; 0.40% to the portion
of daily net assets exceeding $2.5 billion but not exceeding $5 billion; 0.375%
to the portion of daily net assets exceeding $5 billion but not exceeding $7.5
billion; 0.35% to the portion of daily net assets exceeding $7.5 billion but not
exceeding $10 billion, 0.325% to the portion of daily net assets exceeding $10
billion but not exceeding $12.5 billion and 0.30% to the portion of daily net
assets exceeding $12.5 billion.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.
3. Plan of Distribution--Shares of the Fund are distributed by Dean Witter
Distributors Inc. (the "Distributor"), an affiliate of the Investment Manager.
The Fund has adopted a Plan of Distribution (the "Plan"), pursuant to Rule 12b-1
under the Act pursuant to which the Fund pays the Distributor compensation
accrued daily and payable monthly at the annual rate of 0.75% (0.65% on amounts
over $10 billion) of the lesser of: (a) the average daily aggregate gross sales
of the Fund's shares since the inception of the Fund (not including
reinvestments of dividends or capital gains distributions), less the average
daily aggregate net asset value of the Fund's shares redeemed since the Fund's
inception upon which a contingent deferred sales charge has been imposed or upon
which such charge has been waived, or (b) the Fund's average daily net assets.
Amounts paid under the Plan are paid to the Distributor to compensate it for its
services provided and the expenses borne by it and others in the distribution of
the Fund's shares, including the payment of commissions for sales of the Fund's
shares and incentive compensation to and expenses of Dean Witter Reynold Inc.'s,
an affiliate of the Investment Manager, account executives and other selected
broker dealers, who engage in or support distribution of the Fund's shares or
who service shareholder accounts, including overhead and telephone expenses;
printing and distribution of prospectus and reports used in connection with
the advertising materials. In addition, the Distributor may be compensated under
the Plan for its opportunity costs in advancing such amounts, which compensation
would be in the form of a carrying charge on an unreimbursed expenses.
Provided that the Plan continues in effect, any cumulative expenses
incurred but not yet recovered may be recovered through future distribution fees
from the Fund and contingent deferred sales charges from the Fund's
shareholders.
The Distributor has informed the Fund that for the six months ended June
30, 1994, it received approximately $9,753,000 in contingent deferred sales
charges from certain redemptions of the Fund's shares. The Fund's shareholders
pay such charges which are not an expense of the Fund.
<PAGE>
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES--The cost of purchases
and proceeds from sales/prepayments of portfolio securities, excluding short-
term investments, for the six months ended June 30, 1994, aggregated
$1,838,165,682 and $1,910,719,385, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At June 30, 1994, the Fund had
transfer agent fees and expenses payable of approximately $805,000.
On April 1, 1991, the Fund established an unfunded noncontributory defined
benefit pension plan covering all Trustees of the Fund who will have served as
an independent Trustee for at least five years at the time of retirement.
Benefits under this Plan are based on years of service and compensation during
the last five years of service. Aggregate pension cost for the six months ended
June, 30 1994, included in Trustees' fees and expenses in the Statement of
Operations amounted to $4,042. At June 30, 1994, the Fund had an accrued pension
liability of $43,338 which is included in accrued expenses in the Statement of
Assets and Liabilities.
5. SHARES OF BENEFICIAL INTEREST--Transactions in shares of beneficial interest
were as follows:
<TABLE>
<CAPTION>
For the six months ended For the year ended
June 30, 1994 December 31, 1993
------------------------------- ----------------------------
Shares Amount Shares Amount
------------- ---------------- ------------ ------------
<S> <C> <C> <C> <C>
Sold ............ 48,087,359 $ 434,646,600 168,705,889 $1,589,631,602
Reinvestment of
dividends ... 20,864,862 186,348,488 47,121,366 443,588,963
------------- ---------------- ------------- ---------------
68,952,221 620,995,088 215,827,255 2,033,220,565
Repurchased ... (205,499,430) (1,835,460,256) (244,727,357) (2,304,921,251)
------------- ---------------- ------------- ------------
Net decrease .. (136,547,209) $(1,214,465,168) (28,900,102) $(271,700,686)
============= ================ ============ ==============
</TABLE>
6. Federal Income Tax Status--at December 31, 1993, the Fund had net capital
loss carryovers which will be available to offset future capital gains to the
extent provided by regulations as follows:
<TABLE>
<CAPTION>
Available through December 31,
- - -----------------------------
<C> <C> <C> <C> <C>
1994 1995 1996 1997
---- ----- ----- ------
$196,403,000 $228,402,000 $277,199,000 $270,987,000
1998 1999 2000 2001 Total
----- ---- ----- ----- -----
$108,731,000 $261,526,000 $154,964,000 $263,492,000 $1,761,704,000
</TABLE>
To the extent that these capital loss carrryovers are used to offset future
capital gains, it is probable that the gains so offset will not be distributed
to shareholders.
Any net capital losses incurred after October 31 ("Post-October" losses)
within the taxable year are deemed to arise on the first day of the Fund's next
taxable year. The Fund incurred and will elect to defer a net capital loss of
approximately $41,217,000 during fiscal 1994. At June 30, 1994, the Fund
incurred additional net capital losses of approximately $22,825,000.
At December 31, 1993, the Fund had temporary book/tax differences primarily
attributable to Post-October losses.
<PAGE>
<TABLE>
DEAN WITTER U.S. GOVERNMENT SECURITIES TRUST
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<CAPTION>
For the six
months ended For the year ended December 31,
June 30, 1994 --------------------------------------
(unaudited) 1993 1992 1991 1990 1989
------------- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating
Performance:
Net asset value,
beginning of period ... $9.31 $9.30 $9.52 $9.37 $9.51 $9.42
----- ------ ------ ----- ----- -----
Net investment income ...... .29 .64 .74 .87 .90 .91
Net realized and
unrealized gain
(loss) on
investments ........... (.68) .01 (.22) .15 (.14) .09
----- ------ ------ ----- ----- -----
Total from investment
operations ........... (.39) .65 .52 1.02 .76 1.00
----- ------ ------ ----- ----- -----
Less dividends from
net investment income.. (.29) (.64) (.74) (.87) (.90) (.91)
----- ------ ------ ----- ----- -----
Net asset value, end
of period ............. $8.63 $9.31 $9.30 $9.52 $9.37 $9.51
===== ===== ===== ===== ===== =====
Total Investment Return+ .. (4.29%)(1) 7.13% 5.76% 11.43% 8.49% 11.10%
Ratios/Supplemental Data:
Net assets, end of
period (in millions).. $10,156 $12,235 $12,484 $11,736 $9,829 $10,167
Ratio of expenses to
average net assets.... 1.21%(2) 1.18% 1.20% 1.17% 1.23% 1.19%
Ratio of net investment
income to average
net assets ........... 6.48%(2) 6.78% 7.91% 9.23% 9.60% 9.62%
Portfolio turnover rate ... 19% 32% 40% 104% 54% 44%
<FN>
- - -------------
+ Does not reflect the deduction of sales load.
(1) Not annualized
(2) Annualized
</TABLE>
See Notes to Financial Statements
<PAGE>
TRUSTEES
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. John E. Jeuck
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Albert T. Sommers
Edward R. Telling
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
Rajesh K. Gupta
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center--Plaza Two
Jersey City, New Jersey 07311
LEGAL COUNSEL
Sheldon Curtis
Two World Trade Center
New York, New York 10048
INDEPENDENT ACCOUNTANTS
Price Waterhouse
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 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 informatin about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospecuts 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
U.S. GOVERNMENT
SECURITIES TRUST
Semiannual Report
June 30, 1994
