<PAGE> 1
DEAN WITTER GOVERNMENT INCOME TRUST Two World Trade Center, New York, New York
10048
LETTER TO THE SHAREHOLDERS March 31, 1997
DEAR SHAREHOLDER:
During the six-month period ended March 31, 1997, the economy went from one of
lackluster growth to one of renewed vigor. Late in the fourth quarter of 1996,
the economy resumed its growth trend after a temporary respite in the third
quarter. The prospect of this resurgence continuing into the first quarter of
1997 had the bond market fearful that the Federal Reserve Board would increase
interest rates. With evidence of a strong economy, the central bank raised the
federal-funds rate 25 basis points to 5.50 percent at their March Federal Open
Market Committee meeting. Although the current inflation environment remains
favorable, members of this committee voiced concerns at the meeting regarding
the continuing strength in employment and the probable rise of inflationary
pressures in the near future.
As a result of this uncertainty and the Federal Reserve's rate tightening,
interest rates on intermediate-term U.S. Treasury securities were highly
volatile during the period under review, with yields on five-year U.S.
Treasuries ranging between 5.83 percent and 6.78 percent. At the end of the
period, the five-year U.S. Treasury note was yielding 6.75 percent compared to
6.46 percent six months ago.
PERFORMANCE AND PORTFOLIO STRATEGY
On March 31, 1997, Government Income Trust's net asset value per share (NAV) was
$9.02, down from $9.08 on September 30, 1996. Based on this change, and
including reinvestment of dividends totaling $0.30 per share, the Trust's total
return (based on NAV) for the six-month period ended March 31, 1997, was 2.96
percent. Over the same period, the Trust's market price per share on the New
York Stock Exchange (NYSE) declined to $8.125 from $8.25, with a total return
(based on its market price on the NYSE) of 2.08 percent.
<PAGE> 2
DEAN WITTER GOVERNMENT INCOME TRUST
LETTER TO THE SHAREHOLDERS March 31, 1997, continued
On March 25, 1997, the Trust declared a monthly income dividend of $0.05 per
share, payable April 18, 1997, to shareholders of record on April 4, 1997. In
addition, the Trust has declared the following dividends:
<TABLE>
<CAPTION>
RECORD PAYABLE
AMOUNT DATE DATE
- ------- ------------- --------------
<S> <C> <C>
$0.05 May 9, 1997 May 23, 1997
$0.05 June 6, 1997 June 20, 1997
</TABLE>
The Trust continues to be a competitive investment alternative in the current
low inflation environment.
As of March 31, 1997, the Trust had net assets in excess of $421 million, with
83 percent of its assets invested in mortgage-backed securities issued by the
Government National Mortgage Association (GNMA), the Federal National Mortgage
Association (FNMA) and the Federal Home Loan Mortgage Corp. (FHLMC), 13 percent
in U.S. Treasury securities, and the remaining 4 percent in U.S. agency
obligations and cash equivalents. On March 31, 1997, the Trust's average
maturity was 7.6 years. Adjustments to the Trust's average maturity will be made
as attractive opportunities present themselves.
For the balance of 1997, income and the proceeds from sales or maturities may be
reinvested in mortgage-backed securities. We believe these securities continue
to offer not only significant long-term value with an incremental yield
incentive over U.S. Treasury securities of similar maturity but also the
potential for superior total returns.
LOOKING AHEAD
We expect the U.S. economy to moderate from its current strong pace for the
balance of 1997. Before taking further action to slow the economy, the Federal
Reserve Board is likely to look for sustained confirmation of a strong economy
and rising inflationary pressures.
We would again like to remind shareholders that the Trustees have approved a
procedure whereby the Trust may, when appropriate, repurchase shares in the open
market or in privately negotiated transactions at a price not above market value
or net asset value, whichever is lower at the time of purchase. In accordance
with this procedure, 1,767,900 shares of the Trust were purchased on the New
York Stock Exchange over the six-month period ended March 31, 1997.
<PAGE> 3
DEAN WITTER GOVERNMENT INCOME TRUST
LETTER TO THE SHAREHOLDERS March 31, 1997, continued
We appreciate your support of Dean Witter Government Income Trust and look
forward to continuing to serve your investment objectives.
Very truly yours,
/s/ CHARLES A. FIUMEFREDDO
CHARLES A. FIUMEFREDDO
Chairman of the Board
<PAGE> 4
DEAN WITTER GOVERNMENT INCOME TRUST
RESULTS OF ANNUAL MEETING (unaudited)
* * *
On December 27, 1996, an annual meeting of the Trust's shareholders was held for
the purpose of voting on three separate matters, the results of which were as
follows:
(1) ELECTION OF TRUSTEES:
<TABLE>
<S> <C>
Michael Bozic
For................................................................ 31,045,702
Withheld........................................................... 1,933,922
Charles A. Fiumefreddo
For................................................................ 31,050,967
Withheld........................................................... 1,928,657
</TABLE>
The following Trustees were not standing for reelection at this meeting:
Edwin J. Garn, John R. Haire, Dr. Manuel H. Johnson, Michael E. Nugent,
Philip J. Purcell and John L. Schroeder.
(2) CONTINUANCE OF THE CURRENTLY EFFECTIVE INVESTMENT MANAGEMENT AGREEMENT WITH
DEAN WITTER INTERCAPITAL INC.:
<TABLE>
<S> <C>
For................................................................ 30,067,229
Against............................................................ 1,579,269
Abstain............................................................ 1,333,126
</TABLE>
(3) RATIFICATION OF THE SELECTION OF PRICE WATERHOUSE LLP AS THE TRUST'S
INDEPENDENT ACCOUNTANTS:
<TABLE>
<S> <C>
For................................................................ 31,235,313
Against............................................................ 792,375
Abstain............................................................ 951,936
</TABLE>
<PAGE> 5
DEAN WITTER GOVERNMENT INCOME TRUST
PORTFOLIO OF INVESTMENTS March 31, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL DESCRIPTION
AMOUNT IN AND COUPON
THOUSANDS MATURITY DATE RATE VALUE
- ------------------------------------------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED SECURITIES (82.2%)
Federal Home Loan Mortgage Corp. (10.2%)
$ 6,575 12/01/18 - 02/01/19.............................. 9.50% $ 7,018,350
19,808 07/01/09 - 08/01/20.............................. 10.00 21,491,159
13,273 08/01/14 - 05/01/19.............................. 10.50 14,600,433
------------
43,109,942
------------
Federal National Mortgage Assoc. (51.0%)
21,906 11/01/08 - 01/01/09.............................. 6.00 20,591,417
53,124 05/01/07 - 12/01/23.............................. 6.50 49,899,373
50,364 10/01/13 - 04/01/26.............................. 7.00 48,144,682
42,990 01/01/22 - 01/01/27.............................. 7.50 42,197,026
31,816 12/01/21 - 10/01/25.............................. 8.00 31,935,261
16,991 08/01/17 - 05/01/25.............................. 8.50 17,405,286
1,500 09/01/13 - 07/01/23.............................. 9.00 1,568,155
2,812 06/01/18 - 01/01/21.............................. 9.50 3,015,413
------------
214,756,613
------------
Government National Mortgage Assoc. (21.0%)
14,398 02/15/24 - 08/15/25.............................. 7.00 13,732,299
11,447 12/15/22 - 06/15/26.............................. 7.50 11,222,116
13,914 11/15/15 - 12/15/21.............................. 8.00 13,974,891
35,262 05/15/16 - 11/15/24.............................. 8.50 36,165,477
11,455 04/15/17 - 02/15/25.............................. 9.00 11,991,642
1,247 08/15/18 - 08/15/20.............................. 9.50 1,339,367
------------
88,425,792
------------
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $347,488,172)............................. 346,292,347
------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS (15.4%)
11,000 Federal Home Loan Banks
02/25/04......................................... 0.00 6,760,930
2,500 Federal National Mortgage Assoc.
02/01/04 - 08/01/04.............................. 0.00 1,512,830
82,500 Resolution Funding Corp. Coupon Strip
10/15/01 - 10/15/06.............................. 0.00 45,146,895
8,000 U.S. Treasury Note
09/30/98......................................... 4.75 7,828,560
5,000 U.S. Treasury Strip
02/15/03......................................... 0.00 3,366,400
------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Identified Cost $67,508,411).............................. 64,615,615
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 6
DEAN WITTER GOVERNMENT INCOME TRUST
PORTFOLIO OF INVESTMENTS March 31, 1997 (unaudited) continued
<TABLE>
<CAPTION>
PRINCIPAL DESCRIPTION
AMOUNT IN AND COUPON
THOUSANDS MATURITY DATE RATE VALUE
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
SHORT-TERM INVESTMENT (1.7%)
REPURCHASE AGREEMENT
$ 7,199 The Bank of New York due 04/01/97 (dated
03/31/97; proceeds $7,200,054; collateralized by
$7,697,447 U.S. Treasury Note 5.875% due
11/15/05 valued at $7,342,959) (Identified Cost
$7,198,979)..................................... 5.375% $ 7,198,979
------------
TOTAL INVESTMENTS
(Identified Cost $422,195,562) (a)............... 99.3% 418,106,941
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES...... 0.7 3,023,726
----- ------------
NET ASSETS....................................... 100.0% $421,130,667
===== ============
</TABLE>
- ---------------------
(a) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $5,762,838 and the
aggregate gross unrealized depreciation is $9,851,459, resulting in net
unrealized depreciation of $4,088,621.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 7
DEAN WITTER GOVERNMENT INCOME TRUST
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
March 31, 1997 (unaudited)
ASSETS:
Investments in securities, at value
(identified cost $422,195,562)....................................... $418,106,941
Cash.................................................................. 9,377
Receivable for:
Interest.......................................................... 2,593,837
Principal paydowns................................................ 671,961
Prepaid expenses and other assets..................................... 57,865
------------
TOTAL ASSETS...................................................... 421,439,981
------------
LIABILITIES:
Investment management fee payable..................................... 217,093
Accrued expenses and other payables................................... 92,221
------------
TOTAL LIABILITIES................................................. 309,314
------------
NET ASSETS:
Paid-in-capital....................................................... 460,700,633
Net unrealized depreciation........................................... (4,088,621)
Accumulated undistributed net investment income....................... 272,990
Accumulated net realized loss......................................... (35,754,335)
------------
NET ASSETS........................................................ $421,130,667
============
NET ASSET VALUE PER SHARE,
46,670,500 shares outstanding
(unlimited shares authorized of $.01 par value)...................... $9.02
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 8
DEAN WITTER GOVERNMENT INCOME TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended March 31, 1997 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME........................................................ $15,921,957
------------
EXPENSES
Investment management fee.............................................. 1,301,866
Transfer agent fees and expenses....................................... 195,276
Custodian fees......................................................... 40,042
Professional fees...................................................... 29,903
Shareholder reports and notices........................................ 25,909
Registration fees...................................................... 6,555
Trustees' fees and expenses............................................ 6,045
Other.................................................................. 3,565
------------
TOTAL EXPENSES..................................................... 1,609,161
------------
NET INVESTMENT INCOME.............................................. 14,312,796
------------
NET REALIZED AND UNREALIZED LOSS:
Net realized loss...................................................... (42,418)
Net change in unrealized depreciation.................................. (4,037,825)
------------
NET LOSS........................................................... (4,080,243)
------------
NET INCREASE........................................................... $10,232,553
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 9
DEAN WITTER GOVERNMENT INCOME TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX
MONTHS ENDED FOR THE YEAR
MARCH 31, ENDED
1997 SEPTEMBER 30, 1996
- ------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income.............................. $14,312,796 $ 30,216,080
Net realized gain (loss)........................... (42,418) 380,329
Net change in unrealized
appreciation/depreciation......................... (4,037,825) (7,305,945)
------------ ------------
NET INCREASE................................... 10,232,553 23,290,464
Dividends from net investment income............... (14,216,919) (30,343,494)
Net decrease from transactions in shares of
beneficial interest............................... (14,781,019) (28,522,051)
------------ ------------
NET DECREASE................................... (18,765,385) (35,575,081)
NET ASSETS:
Beginning of period................................ 439,896,052 475,471,133
------------ ------------
END OF PERIOD
(Including undistributed net investment income
of $272,990 and $177,113, respectively)........ $421,130,667 $439,896,052
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 10
DEAN WITTER GOVERNMENT INCOME TRUST
NOTES TO FINANCIAL STATEMENTS March 31, 1997 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Dean Witter Government Income Trust (the "Trust") is registered under the
Investment Company Act of 1940, as amended, as a diversified, closed-end
management investment company. The Trust's primary investment objective is to
provide as high a level of current income as is consistent with prudent
investment and as a secondary objective, capital appreciation. The Trust
commenced operations on February 29, 1988.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- (1) 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, including circumstances under which it is
determined by Dean Witter InterCapital Inc. (the "Investment Manager") that sale
or 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
(valuation of debt 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 appropriate matrix utilizing
similar factors); (3) certain portfolio securities may be valued by an outside
pricing service approved by the Trustees. The pricing service may utilize a
matrix system incorporating security quality, maturity and coupon as the
evaluation model parameters, and/or research and evaluations by its staff,
including review of broker-dealer market price quotations, if available, in
determining what it believes is the fair valuation of the securities valued by
such pricing service; and (4) 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 are accreted over the life of the respective securities. Interest
income is accrued daily.
<PAGE> 11
DEAN WITTER GOVERNMENT INCOME TRUST
NOTES TO FINANCIAL STATEMENTS March 31, 1997 (unaudited) continued
C. FEDERAL INCOME TAX STATUS -- It is the Trust'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 Trust 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, the Trust pays the Investment
Manager a management fee, accrued weekly and payable monthly, by applying the
annual rate of 0.60% to the Trust's weekly net assets.
Under the terms of the Agreement, in addition to managing the Trust's
investments, the Investment Manager maintains certain of the Trust'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 Trust 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 Trust.
3. 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 March 31,
1997 aggregated $57,701,927 and $79,181,482, respectively.
<PAGE> 12
DEAN WITTER GOVERNMENT INCOME TRUST
NOTES TO FINANCIAL STATEMENTS March 31, 1997 (unaudited) continued
Dean Witter Trust Company, an affiliate of the Investment Manager, is the
Trust's transfer agent. At March 31, 1997, the Trust had transfer agent fees and
expenses payable of approximately $7,000.
The Trust has an unfunded noncontributory defined benefit pension plan covering
all independent Trustees of the Trust 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, 1997
included in Trustees' fees and expenses in the Statement of Operations amounted
to $646. At March 31, 1997, the Trust had an accrued pension liability of
$48,079 which is included in accrued expenses in the Statement of Assets and
Liabilities.
4. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
CAPITAL
PAID IN
PAR VALUE EXCESS OF
SHARES OF SHARES PAR VALUE
---------- --------- ------------
<S> <C> <C> <C>
Balance, September 30, 1995..................................................... 51,828,700 $518,287 $503,485,416
Treasury shares purchased and retired (weighted average discount 7.52%)*........ (3,390,300) (33,903) (28,488,148)
---------- -------- ------------
Balance, September 30, 1996..................................................... 48,438,400 484,384 474,997,268
Treasury shares purchased and retired (weighted average discount 9.01%)*........ (1,767,900) (17,679) (14,763,340)
---------- -------- ------------
Balance, March 31, 1997......................................................... 46,670,500 $466,705 $460,233,928
========== ======== ============
</TABLE>
- ---------------------
* The Trustees have voted to retire the shares purchased.
5. DIVIDENDS
On March 25, 1997, the Trust declared the following dividends from net
investment income:
<TABLE>
<CAPTION>
AMOUNT RECORD PAYABLE
PER SHARE DATE DATE
- ---------- -------------- ---------------
<S> <C> <C>
$0.05 April 4, 1997.. April 18, 1997
$0.05 May 9, 1997.... May 23, 1997
$0.05 June 6, 1997... June 20, 1997
</TABLE>
<PAGE> 13
DEAN WITTER GOVERNMENT INCOME TRUST
NOTES TO FINANCIAL STATEMENTS March 31, 1997 (unaudited) continued
6. FEDERAL INCOME TAX STATUS
At September 30, 1996, the Trust had an approximate net capital loss carryover
to offset future capital gains to the extent provided by regulations, available
through September 30 of the following years:
<TABLE>
<CAPTION>
AMOUNTS IN THOUSANDS
-------------------------------------------------------------------------
1997 1998 1999 2002 2003 2004 Total
------- ------ ----- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
$10,496 $5,061 $ 191 $8,299 $9,638 $2,019 $35,704
======= ====== ===== ====== ====== ====== =======
</TABLE>
Capital losses incurred after October 31 ("post-October" losses) within the
taxable year are deemed to arise on the first business day of the Trust's next
taxable year. The Trust incurred and will elect to defer net capital losses of
approximately $8,000 during fiscal 1996.
<PAGE> 14
DEAN WITTER GOVERNMENT INCOME 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 SEPTEMBER 30*
MARCH 31, -----------------------------------------------
1997* 1996 1995 1994++
- -------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period..................... $ 9.08 $ 9.17 $ 8.69 $ 9.54
-------- ---------- ---------- ----------
Net investment income.................................... 0.31 0.60 0.58 0.62
Net realized and unrealized gain (loss).................. (0.10) (0.14) 0.43 (0.77)
-------- ---------- ---------- ----------
Total from investment operations......................... 0.21 0.46 1.01 (0.15)
-------- ---------- ---------- ----------
Less dividends from net investment income................ (0.30) (0.60) (0.60) (0.73)
-------- ---------- ---------- ----------
Antidilutive effect of acquiring treasury shares......... 0.03 0.05 0.07 0.03
-------- ---------- ---------- ----------
Net asset value, end of period........................... $ 9.02 $ 9.08 $ 9.17 $ 8.69
======== ========== ========== ==========
Market value, end of period.............................. $ 8.125 $ 8.25 $ 8.25 $ 7.875
======== ========== ========== ==========
TOTAL INVESTMENT RETURN++................................ 2.08%(1) 7.31% 12.97% (5.97)%
RATIOS TO AVERAGE NET ASSETS:
Expenses................................................. 0.74%(2) 0.73% 0.71% 0.70%
Net investment income.................................... 6.61%(2) 6.56% 6.50% 6.73%
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands.................. $421,131 $439,896 $475,471 $486,634
Portfolio turnover rate.................................. 13%(1) 21% 25% 59%
<CAPTION>
FOR THE YEAR ENDED SEPTEMBER 30*
-------------------------------
1993 1992
-------------------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period..................... $ 9.72 $ 9.70
---------- ----------
Net investment income.................................... 0.81 0.78
Net realized and unrealized gain (loss).................. (0.29) --
---------- ----------
Total from investment operations......................... 0.52 0.78
---------- ----------
Less dividends from net investment income................ (0.70) (0.76)
---------- ----------
Antidilutive effect of acquiring treasury shares......... -- --
---------- ----------
Net asset value, end of period........................... $ 9.54 $ 9.72
========== ==========
Market value, end of period.............................. $ 9.125 $ 9.25
========== ==========
TOTAL INVESTMENT RETURN++................................ 6.51% 8.85%
RATIOS TO AVERAGE NET ASSETS:
Expenses................................................. 0.70% 0.72%
Net investment income.................................... 8.54% 8.06%
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands.................. $551,659 $561,749
Portfolio turnover rate.................................. 132% 70%
</TABLE>
- ---------------------
* The per share amounts were computed using an average number of shares
outstanding during the period.
+ Total investment return is based upon the current market value on the last
day of each period reported. Dividends are assumed to be reinvested at the
prices obtained under the Trust's dividend reinvestment plan. Total
investment return does not reflect brokerage commissions.
++ Restated for comparative purposes.
(1) Not annualized.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 15
(This Page Intentionally Left Blank)
<PAGE> 16
TRUSTEES
- -----------------------------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
- -----------------------------------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
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
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.
DEAN WITTER
GOVERNMENT
INCOME TRUST
Semiannual Report
March 31, 1997
