WITTER DEAN CONVERTIBLE SECURITIES TRUST, N-30D, 1995-06-01

WITTER DEAN CONVERTIBLE SECURITIES TRUST
N-30D, 1995-06-01

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<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW
YORK 10048
LETTER TO THE SHAREHOLDERS

DEAR SHAREHOLDER:

As the fiscal year began on October 1, 1994, the economy still displayed signs
of strength despite a dramatic increase in interest rates. As a result of
sharply higher interest rates, both the fixed-income and equity markets
performed poorly for much of calendar year 1994. By February 1995, however, it
became apparent that the Federal Reserve Board's policy of moderating economic
growth and restraining inflation was working. The financial markets responded
favorably with rallies in both the equity and fixed-income arenas. By the close
of the fiscal year on March 31, 1995, yields on 30-year U.S. Treasury securities
declined to 7.43 percent and the stock markets hit record highs. The recent
rally in the equity market has been primarily driven by large capitalization
stocks and technology issues, however, the convertible market's concentration in
small-capitalization securities and lack of technology issues resulted in
lackluster performance relative in this sector relative to the overall market.

PERFORMANCE AND INVESTMENT STRATEGY

For the six-month period ended March 31, 1995, Dean Witter Convertible
Securities Trust provided a total return of 0.63 percent, compared to a return
of 9.75 percent for the broad-based, capitalization-weighted Standard & Poor's
500 Composite Stock Price Index (S&P 500 Index). The Fund's underperformance
during the reporting period compared to the S&P 500 Index is primarily due to
the Fund's concentration in small-cap issues and limited exposure to the
technology sector. During the same period, small-capitalization stocks, as
measured by the Russell 2000 Index, provided a return of 2.65 percent, while the
Lehman Brothers Government/Corporate Bond Index provided a return of 5.37
percent. The Fund paid dividends from net investment income totaling $.256 per
share during the period, including an extra income dividend of $.086 per share
paid on December 30, 1994.

In selecting securities for the Fund, we use a value-oriented, bottom-up
approach to evaluate companies and their investment merits. The
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
LETTER TO THE SHAREHOLDERS, CONTINUED

Fund's emphasis is on companies and industries with strong underlying
fundamentals and solid long-term growth prospects. We focus on underfollowed,
small and medium capitalization companies that issue convertible securities. In
addition, the Fund's portfolio managers believe that managing volatility is
important and that shareholder value is truly enhanced when a fund provides
strong returns coupled with lower volatility. To control volatility, the Fund
concentrates on issues with short maturities and remains diversified across a
wide range of industries. Also, the Fund searches for convertible securities
with good risk/reward characteristics. These characteristics include a
relatively high yield to support the convertible if the underlying stock
declines and reasonable conversion premium to ensure participation in any
appreciation of the underlying stock.

As of March 31, 1995, the Fund had exposure to a broad range of industries
including financial services (6 percent of assets), health care (5 percent),
industrial (4 percent of assets), real estate (7 percent), restaurants (6
percent) and retailing (8 percent). In addition, a portion of the Fund's assets
were invested in high-coupon securities to maintain a minimum income level,
while 11 percent of its assets were invested in common stocks in order to
diversify the Fund's holdings into industries and companies not represented in
the convertible universe.

Among the Fund's strongest holdings during the reporting period are Cooper
Industries, Western Company of North America, First Data Corp., Savoy Pictures
and Occidental Petroleum.

LOOKING AHEAD

The Federal Reserve Board's policy of slowing the economy and thus restraining
inflation appears to be working. While it appears that most of the Federal
Reserve's tightening is behind us, there remains the possibility of an
additional increase during the second or third quarters of 1995. With this
scenario in mind, we believe convertible securities currently offer exceptional
value with an attractive combination of income and equity exposure.

We appreciate your support of Dean Witter Convertible Securities Trust and look
forward to continuing to serve your investment objectives in the future.

Very truly yours,

[SIG]

CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995 (UNAUDITED)

CORPORATE BONDS (62.7%)
CONVERTIBLE BONDS (60.9%)
AUTO PARTS (1.2%)
$ 900 Arvin Industries, Inc.......................... 7.50 % 09/30/14 $ 866,844
1,850 MascoTech, Inc................................. 4.50 12/15/03 1,288,063
---------------
2,154,907
---------------
AUTO RELATED (1.1%)
1,915 Cooper Industries, Inc......................... 7.05 01/01/15 1,948,512
---------------
CHEMICALS (1.8%)
7,500 RPM, Inc....................................... 0.00 09/30/12 3,112,500
---------------
CONSUMER PRODUCTS (1.5%)
3,550 Bell Sports Corp............................... 4.25 11/15/00 2,582,625
---------------
ELECTRICAL EQUIPMENT (1.2%)
2,000 Magnetek, Inc.................................. 8.00 09/15/01 2,049,740
---------------
ENTERTAINMENT (1.0%)
2,250 Savoy Pictures Entertainment, Inc.............. 7.00 07/01/03 1,704,375
---------------
ENTERTAINMENT/GAMING (3.3%)
1,000 Argosy Gaming Co............................... 12.00 06/01/01 1,002,500
1,900 United Gaming, Inc............................. 7.50 09/15/03 1,291,183
5,200 United Gaming, Inc. - 144A**................... 7.50 09/15/03 3,533,764
---------------
5,827,447
---------------
ENVIRONMENTAL CONTROL (2.6%)
2,000 Air & Water Technologies Corp.................. 8.00 05/15/15 1,315,000
3,500 United States Filter Corp...................... 5.00 10/15/00 3,229,310
---------------
4,544,310
---------------
FINANCIAL SERVICES (5.0%)
2,000 AT&T Latin American Equity - 144A**............ 0.00 03/30/99 1,570,000
14,500 Fidelity National Financial, Inc............... 0.00 02/15/09 5,292,500
2,500 Waterhouse Investor Services, Inc.............. 6.00 12/15/03 1,956,250
---------------
8,818,750
---------------
FOODS (0.9%)
1,500 Grand Metropolitan PLC - 144A** (United
Kingdom)....................................... 6.50 01/31/00 1,600,275
---------------
HEALTHCARE (4.2%)
4,835 Careline, Inc. - 144A**........................ 8.00 05/01/01 4,101,917
2,500 Grancare, Inc.................................. 6.50 01/15/03 2,244,725
1,500 Pharmaceutical Marketing Services, Inc......... 6.25 02/01/03 986,250
---------------
7,332,892
---------------
HOME BUILDING (2.6%)
2,600 Toll Corp...................................... 4.75 01/15/04 1,978,054
3,925 U.S. Home Corp................................. 4.875 11/01/05 2,675,280
---------------
4,653,334
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
INDUSTRIALS (3.8%)
$ 900 Raymond Corp................................... 6.50 % 12/15/03 $ 1,033,452
7,000 Rite Aid Corp.................................. 0.00 07/24/06 3,298,750
2,000 Titan Wheel International, Inc................. 4.75 12/01/00 2,395,000
---------------
6,727,202
---------------
INSURANCE (0.8%)
1,500 Horace Mann Educators Corp..................... 6.50 12/01/99 1,406,250
---------------
METALS (4.4%)
1,250 Crown Resources Corp........................... 5.75 08/27/01 781,250
7,700 Freeport-McMoran Inc........................... 6.55 01/15/01 7,045,500
---------------
7,826,750
---------------
OIL & GAS (2.8%)
11,000 Valhi Inc...................................... 0.00 10/20/07 3,685,000
1,000 Western Co. of North America................... 7.25 01/15/15 1,192,500
---------------
4,877,500
---------------
PUBLISHING (4.4%)
10,000 Hollinger, Inc................................. 0.00 10/05/13 2,725,000
4,500 Time Warner, Inc............................... 0.00 12/17/12 1,445,625
3,622 Time Warner, Inc............................... 8.75 01/10/15 3,637,864
---------------
7,808,489
---------------
REAL ESTATE INVESTMENT TRUST (3.9%)
3,000 Alexander Haagen Properties, Inc. (Series A)... 7.50 01/15/01 2,631,210
2,000 Capstone Capital Corp.......................... 10.50 04/01/02 2,025,500
2,200 Liberty Property Trust......................... 8.00 07/01/01 2,142,250
---------------
6,798,960
---------------
RESTAURANTS (3.7%)
2,000 Boston Chicken Inc............................. 4.50 02/01/04 1,490,000
5,000 Shoney's Inc................................... 0.00 04/11/04 1,746,250
3,375 TPI Enterprises, Inc........................... 8.25 07/15/02 3,218,704
---------------
6,454,954
---------------
RETAIL (5.7%)
3,000 Carter Hawley Hale Stores, Inc. - 144A**....... 6.25 12/31/00 2,134,590
1,500 Eagle Hardware & Garden Inc.................... 6.25 03/15/01 1,016,250
4,500 Federated Department Stores, Inc............... 9.72 02/15/04 4,520,340
1,750 Proffitt's, Inc................................ 4.75 11/01/03 1,365,000
2,000 Tops Appliance City Inc. - 144A**.............. 6.50 11/30/03 900,000
---------------
9,936,180
---------------
STEEL (0.4%)
1,275 Nippon Denro Ltd. - 144A** (India)............. 3.00 04/01/01 714,000
---------------
TELECOMMUNICATIONS (1.0%)
2,500 Audiovox Corp. - 144A**........................ 6.25 03/15/01 1,725,000
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

TOTAL CONVERTIBLE BONDS
(IDENTIFIED COST $115,945,859)........................................ 106,910,595
---------------

NON-CONVERTIBLE BONDS (1.8%)
HEALTHCARE (0.6%)
1,000 Healthsouth Rehabilitation Corp................ 9.50 04/01/01 1,000,000
---------------
RESTAURANTS (1.2%)
2,500 Flagstar Corp.................................. 11.375 09/15/03 2,112,500
---------------

TOTAL NON-CONVERTIBLE BONDS
(IDENTIFIED COST $3,442,500).......................................... 3,112,500
---------------

TOTAL CORPORATE BONDS
(IDENTIFIED COST $119,388,359)........................................ 110,023,095
---------------
</TABLE>

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------------------------------------------
<C> <S> <C>

CONVERTIBLE PREFERRED STOCKS (13.6%)
AUTO PARTS (0.3%)
36,100 MascoTech, Inc. $1.20................................................... 464,788
---------------
BIOTECHNOLOGY (0.3%)
63,500 Gensia, Inc. $3.75 - 144A**............................................. 547,687
---------------
CHEMICALS (1.2%)
40,000 Occidental Petroleum Corp. $3.875 - 144A**.............................. 2,142,520
---------------
ENTERTAINMENT (1.6%)
112,600 AMC Entertainment, Inc. $1.75........................................... 2,857,225
---------------
FINANCIAL SERVICES (1.0%)
40,000 American Express Co. $2.297............................................. 1,795,000
---------------
FOODS (0.7%)
30,000 Chiquita Brands International, Inc. (Series A) $2.875................... 1,230,000
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------------------------------------------
<C> <S> <C>
INSURANCE (1.7%)
65,000 Alexander & Alexander Services, Inc. (Series A)
$3.625 - 144A**......................................................... $ 3,014,375
---------------
METALS (0.9%)
34,400 Freeport-McMoran Copper & Gold, Inc. $1.25.............................. 774,000
100,000 Kaiser Aluminum & Chemical Corp. (Series A) $.65........................ 825,000
---------------
1,599,000
---------------
OIL & GAS (2.5%)
75,000 Kelley Oil & Gas Corp. $2.625........................................... 1,537,500
65,000 Valero Energy Corp. $3.125.............................................. 2,778,750
---------------
4,316,250
---------------
REAL ESTATE (1.1%)
50,000 Catellus Development Corp. (Series B) $3.625 - 144A**................... 1,887,500
---------------
STEEL (1.2%)
25,000 WHX Corp. (Series A) $3.25.............................................. 1,093,750
25,000 WHX Corp. (Series B) $3.75.............................................. 1,050,000
---------------
2,143,750
---------------
TELEPHONES (0.7%)
35,000 Sprint Corporation $2.63................................................ 1,168,125
---------------
WASTE MANAGEMENT (0.4%)
45,000 International Technology Corp. $1.75.................................... 714,375
---------------

TOTAL CONVERTIBLE PREFERRED STOCKS
(IDENTIFIED COST $24,558,417)........................................... 23,880,595
---------------

COMMON STOCKS (10.9%)
ADVERTISING (0.2%)
22,600 DIMAC Corp.*............................................................ 322,050
---------------
AUTO PARTS (0.5%)
74,900 MascoTech, Inc.......................................................... 870,712
---------------
BUILDING MATERIALS (0.3%)
20,000 Masco Corp.............................................................. 552,500
---------------
CONSUMER PRODUCTS (0.7%)
200,000 RJR Nabisco Holdings Corp............................................... 1,175,000
---------------
ENTERTAINMENT (0.3%)
40,400 AMC Entertainment, Inc.*................................................ 474,700
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------------------------------------------
<C> <S> <C>
ENTERTAINMENT/GAMING (0.6%)
25,000 Argosy Gaming Co.*...................................................... $ 293,750
57,938 International Game Technology........................................... 782,163
---------------
1,075,913
---------------
ENVIRONMENTAL CONTROL (0.8%)
143,000 OHM Corp.*.............................................................. 1,447,875
---------------
HEALTHCARE (0.3%)
76,000 Careline, Inc.*......................................................... 494,000
---------------
MANUFACTURING (0.9%)
201,000 Foamex International Inc.*.............................................. 1,608,000
---------------
REAL ESTATE INVESTMENT TRUST (2.0%)
90,155 Alexander Haagen Properties, Inc........................................ 1,250,901
58,100 Avalon Properties, Inc.................................................. 1,140,212
40,000 Irvine Apartment Communities, Inc....................................... 625,000
25,000 Urban Shopping Centers, Inc............................................. 500,000
---------------
3,516,113
---------------
RESTAURANTS (1.5%)
75,000 Brinker International, Inc.*............................................ 1,246,875
75,000 Flagstar Companies, Inc.*............................................... 412,500
97,100 Shoney's Inc.*.......................................................... 1,043,825
---------------
2,703,200
---------------
RETAIL (2.6%)
25,000 Dillard Department Stores, Inc. (Class A)............................... 690,625
35,000 Michaels Stores, Inc.*.................................................. 1,146,250
83,700 TJX Companies, Inc...................................................... 1,098,563
30,000 Toys "R" Us, Inc.*...................................................... 768,750
50,000 Woolworth Corp.......................................................... 918,750
---------------
4,622,938
---------------
TRANSPORTATION (0.2%)
40,000 Team Rental Group, Inc.*................................................ 330,000
---------------

TOTAL COMMON STOCKS
(IDENTIFIED COST $21,765,854)........................................... 19,193,001
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
PORTFOLIO OF INVESTMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

SHORT-TERM INVESTMENTS (8.0%)
U.S. GOVERNMENT AGENCIES (a) (6.3%)
$ 5,000 Federal Farm Credit Banks...................... 6.00 % 04/07/95 $ 4,995,000
6,000 Federal Home Loan Bank......................... 5.89 04/04/95 5,997,055
---------------
10,992,055
---------------

REPURCHASE AGREEMENT (1.7%)
2,928 The Bank of New York (dated 03/31/95; proceeds
$2,929,916, collateralized by $3,027,116 U.S.
Treasury Bill 5.76% due 09/07/95 valued at
$2,950,446) (Identified Cost $2,928,482)....... 5.875 04/03/95 2,928,482
---------------

TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $13,920,537)......................................... 13,920,537
---------------

TOTAL INVESTMENTS
(IDENTIFIED COST $179,633,167) (B)........... 95.2% 167,017,228

OTHER ASSETS IN EXCESS OF LIABILITIES........ 4.8 8,411,798
----- ------------

NET ASSETS................................... 100.0% $175,429,026
----- ------------
----- ------------

<FN>
- ---------------------
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
(a) U.S. Government agencies were 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 $181,375,668; the
aggregate gross unrealized appreciation is $3,821,174 and the aggregate
gross unrealized depreciation is $18,179,614, resulting in net
depreciation of $14,358,440.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 (UNAUDITED)

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $179,633,167)............................ $ 167,017,228
Receivable for:
Investments sold........................................ 7,926,212
Interest................................................ 1,531,867
Dividends............................................... 150,579
Shares of beneficial interest sold...................... 70,099
Prepaid expenses and other assets........................... 70,592
-------------

TOTAL ASSETS........................................... 176,766,577
-------------

LIABILITIES:
Payable for:
Investments purchased................................... 715,729
Shares of beneficial interest repurchased............... 165,532
Plan of distribution fee................................ 147,476
Investment management fee............................... 88,485
Dividends to shareholders............................... 86,905
Accrued expenses and other payables......................... 133,424
-------------
TOTAL LIABILITIES...................................... 1,337,551
-------------

NET ASSETS:
Paid-in-capital............................................. 560,933,247
Net unrealized depreciation................................. (12,615,941)
Accumulated undistributed net investment income............. 3,377,097
Accumulated net realized loss............................... (376,265,377)
-------------
NET ASSETS............................................. $ 175,429,026
-------------
-------------

NET ASSET VALUE PER SHARE,
16,634,185 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$10.55
-------------
-------------
</TABLE>

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995 (UNAUDITED)

<TABLE>
<S> <C>
NET INVESTMENT INCOME:

INCOME
Interest.................................................... $ 4,761,232
Dividends (net of $2,372 foreign withholding tax)........... 1,307,980
-----------

TOTAL INCOME........................................... 6,069,212
-----------

EXPENSES
Plan of distribution fee.................................... 887,194
Investment management fee................................... 532,316
Transfer agent fees and expenses............................ 190,331
Professional fees........................................... 32,218
Registration fees........................................... 24,255
Shareholder reports and notices............................. 17,068
Trustees' fees and expenses................................. 16,204
Custodian fees.............................................. 7,699
Other....................................................... 10,366
-----------

TOTAL EXPENSES......................................... 1,717,651
-----------

NET INVESTMENT INCOME.................................. 4,351,561
-----------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain........................................... 3,132,595
Net change in unrealized depreciation....................... (6,848,823)
-----------

NET LOSS............................................... (3,716,228)
-----------

NET INCREASE................................................ $ 635,333
-----------
-----------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED
MARCH 31, 1995 FOR THE YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 1994
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income....................................... $ 4,351,561 $ 7,373,073
Net realized gain........................................... 3,132,595 24,216,296
Net change in unrealized appreciation/depreciation.......... (6,848,823) (21,824,460)
------------------ ------------------

NET INCREASE........................................... 635,333 9,764,909
------------------ ------------------

Dividends to shareholders from net investment income........ (4,335,136) (7,325,103)
Net decrease from transactions in shares of beneficial
interest.................................................. (11,266,215) (19,938,327)
------------------ ------------------

TOTAL DECREASE......................................... (14,966,018) (17,498,521)

NET ASSETS:
Beginning of period......................................... 190,395,044 207,893,565
------------------ ------------------

END OF PERIOD
(INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF
$3,377,097 AND $3,360,672, RESPECTIVELY)................ $175,429,026 $190,395,044
------------------ ------------------
------------------ ------------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995 (UNAUDITED)

1. ORGANIZATION AND ACCOUNTING POLICIES

Dean Witter Convertible 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 May 21, 1985 and commenced operations on October
31, 1985.

The following is a summary of significant accounting policies:

A. VALUATION OF INVESTMENTS -- (1) an equity security listed or traded on the
New York or American Stock Exchange is valued at its latest sale price on that
exchange prior to the time when assets are valued; if there were no sales that
day, the security is valued at the latest bid price (in cases where a security
is traded on more than one exchange, the security is valued on the exchange
designated as the primary market by the Trustees); (2) all other portfolio
securities for which over-the-counter market quotations are readily available
are valued at the latest available bid price prior to the time of valuation; (3)
when market quotations are not readily available, including circumstances under
which it is determined by the Investment Manager that sale and bid prices are
not reflective of a security's market value, portfolio securities are valued at
their fair value as determined in good faith under procedures established by and
under the general supervision of the Trustees; (4) 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 portfolio securities valued by such pricing service; and (5) 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.
Discounts on securities purchased are amortized over the life of the respective
securities. The Fund does not amortize premiums on securities. Interest income
is accrued daily.
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

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 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
management fee, accrued daily and payable monthly, by applying the following
annual rates to the Fund's net assets determined as of the close of each
business day: 0.60% to the portion of average daily net assets not exceeding
$750 million; 0.55% to the portion of average daily net assets exceeding $750
million but not exceeding $1 billion; 0.50% to the portion of average daily net
assets exceeding $1 billion but not exceeding $1.5 billion; 0.475% to the
portion of average daily net assets exceeding $1.5 billion but not exceeding $2
billion; 0.45% to the portion of average daily net assets exceeding $2 billion
but not exceeding $3 billion; and 0.425% to the portion of average daily net
assets exceeding $3 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.
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

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

Provided that the Plan continues in effect, any cumulative expenses incurred but
not yet recovered, 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 March 31,
1995, it received approximately $26,000 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.

4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES

The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended March 31, 1995 aggregated
$74,754,616 and $93,868,582, respectively.
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995 (UNAUDITED) CONTINUED

For the same period, the Fund incurred brokerage commissions of $13,935 with DWR
for portfolio transactions executed on behalf of the Fund.

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1995, the Fund had
transfer agent fees and expenses payable of approximately $39,000.

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 March
31, 1995 included in Trustees' fees and expenses in the Statement of Operations
amounted to $4,625. At March 31, 1995, the Fund had an accrued pension liability
of $52,439 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
MARCH 31, 1995 SEPTEMBER 30, 1994
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 693,574 $ 7,194,138 2,423,832 $ 26,535,360
Reinvestment of dividends........................................ 362,589 3,672,692 578,431 6,216,691
----------- -------------- ----------- ------------
1,056,163 10,866,830 3,002,263 32,752,051
Repurchased...................................................... (2,138,057) (22,133,045) (4,869,009) (52,690,378)
----------- -------------- ----------- ------------
Net decrease..................................................... (1,081,894) $ (11,266,215) (1,866,746) $(19,938,327)
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>

6. FEDERAL INCOME TAX STATUS

At September 30, 1994, the Fund had net capital loss carryovers available to
offset future capital gains to the extent provided by regulations available
through September 30 of the following years:

<TABLE>
<CAPTION>
AMOUNTS IN THOUSANDS
- --------------------------------------------------------------------------------
1996 1997 1998 1999 2000 TOTAL
- ----------- ------------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
$ 15,180 $ 218,065 $ 36,349 $ 46,135 $ 62,731 $ 378,460
- ----------- ------------- ----------- ----------- ----------- -------------
- ----------- ------------- ----------- ----------- ----------- -------------
</TABLE>

As of September 30, 1994, the Fund had temporary book/tax differences primarily
attributable to capital loss deferral on wash sales and corporate
reorganizations and permanent book/tax differences primarily attributable to
corporate reorganizations.
<PAGE>
DEAN WITTER CONVERTIBLE SECURITIES TRUST
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 FOR THE YEAR ENDED
MARCH 31, SEPTEMBER 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............... $ 10.75 $ 10.62 $ 8.92 $ 8.67 $ 7.65 $ 9.68
---------- --------- --------- --------- --------- ---------

Net investment income.............. 0.27 0.42 0.37 0.34 0.37 0.46
Net realized and unrealized gain
(loss)............................ (0.21) 0.11 1.67 0.15 1.05 (2.06)
---------- --------- --------- --------- --------- ---------

Total from investment operations... 0.06 0.53 2.04 0.49 1.42 (1.60)

Dividends from net investment
income............................ (0.26) (0.40) (0.34) (0.24) (0.40) (0.43)
---------- --------- --------- --------- --------- ---------

Net asset value, end of period..... $ 10.55 $ 10.75 $ 10.62 $ 8.92 $ 8.67 $ 7.65
---------- --------- --------- --------- --------- ---------
---------- --------- --------- --------- --------- ---------

TOTAL INVESTMENT RETURN+........... 0.63%(1) 5.02% 23.22% 5.69% 18.93% (16.93)%

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 1.94%(2) 1.93% 1.93% 1.92% 1.92% 1.88%

Net investment income.............. 4.90%(2) 3.68% 3.44% 3.43% 4.34% 4.96%

SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $175,429 $190,395 $207,894 $217,648 $296,844 $413,297

Portfolio turnover rate............ 46%(1) 184% 221% 145% 133% 92%
<FN>

- ---------------------
+ Does not reflect the deduction of sales charge.
(1) Not annualized.
(2) Annualized.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>

TRUSTEES
Jack F. Bennett DEAN WITTER
Michael Bozic CONVERTIBLE
Charles A. Fiumefreddo SECURITIES
Edwin J. Garn TRUST
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
Ronald J. Worobel
Vice President
Thomas F. Caloia
Treasurer

TRANSFER AGENT [GRAPHIC]
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 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.

SEMIANNUAL REPORT
MARCH 31, 1995