WITTER DEAN UTILITIES FUND, N-30D, 1995-08-29

WITTER DEAN UTILITIES FUND
N-30D, 1995-08-29

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<PAGE>
DEAN WITTER UTILITIES FUND TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS

DEAR SHAREHOLDER:

During the first six months of 1995, the threat of free market competition
within the regulated utilities industry, and particularly in the electric
utilities sector, continued to dominate market behavior and the fundamental
outlook of investors. However, as the year progressed a more rational view of
the changing business climate surfaced. The most convincing event to provide a
sense of optimism in the electric utility sector was the California Regulatory
assessment that existing investor-owned companies should be given the
opportunity to recover all legitimately classified stranded investment
(investments made by a utility company in such items as plant and equipment and
power lines which may not be fully utilized in the advent of open competition).
This relieved investors of the immediate threat of industry decomposure
including possible dividend cuts and omissions. Most important, it became
apparent that investors would ultimately benefit during and following the
transition from monopoly status to true competition.

Meanwhile, the push for telecommunications legislation remains a major political
objective of the current administration. A recent version of the legislation has
a greater sense of balance to it than previous versions, thereby removing the
stigma of "winners and losers". As a result, the telecommunications sector led
by the Bell Operating Companies has shown good performance during the first half
of 1995.

Mild-weather has tempered natural gas prices over the past twelve months,
highlighted by relatively low demand during the past winter. Despite the
near-term weak fundamentals, the industry on balance performed admirably
throughout the first six months of 1995, while the long-term outlook for the
industry remains attractive.

PERFORMANCE AND PORTFOLIO COMPOSITION

A pronounced decline in interest rates combined with selective improving
fundamentals among the various utility sectors provided the backdrop for the
Fund's strong upside performance over the first half of 1995. With all
components of the portfolio contributing to the favorable performance, the Dean
Witter Utilities Fund provided a total return of 12.76 percent for the period.
Through June 30, 1995, the Fund paid
<PAGE>
DEAN WITTER UTILITIES FUND
LETTER TO THE SHAREHOLDERS, CONTINUED

dividends of $0.29 per share including a $0.145 second quarter declaration. The
future amount of the Fund's quarterly distribution will be based primarily on
the level of interest rates and the overall investment strategy.

The Fund's current strategy is to further reduce its allocation to electric
utilities, maintain its natural gas allocation and increase its allocation to
the telecommunications sector. The Fund continues to maintain a high-quality,
fixed-income portfolio to enhance current income.

At mid-year 1995, the Fund was near fully-invested, reflecting in part our
continued optimism for the trend in interest rates through the remainder of
1995. On June 30, 1995, 74 percent of the portfolio's assets were allocated to
equities compared to 66 percent a year ago. Within the equity portfolio,
electric utilities accounted for 55 percent of total equities, natural gas for
11 percent and telecommunications for 34 percent. Fixed-income securities
represented 25 percent of the portfolio, down from 33 percent a year ago. A
well-diversified portfolio of foreign securities accounted for 7 percent of net
assets, with an emphasis on telecommunications. The Fund's cash position
remained low at 1 percent.

LOOKING AHEAD

As restructuring, competition and broad-base deregulation progress throughout
all areas of the utilities industry, the Fund is positioned and structured to
meet its long-term objective of high current income and long-term growth of
income and capital. As the global markets expand in even greater proportion, the
Dean Witter Utilities Fund is uniquely positioned to fully participate in the
accompanying infrastructure growth.

We appreciate your support of Dean Witter Utilities Fund, and look forward to
serving your future investment needs and objectives.

Very truly yours,

[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER UTILITIES FUND
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)

CORPORATE BONDS (25.0%)
NATURAL GAS (3.0%)
$ 5,000 ANR Pipeline Co............................. 9.625% 11/01/21 $ 6,033,200
7,000 Arkla, Inc.................................. 10.00 11/15/19 7,671,580
10,000 Coastal Corp................................ 9.625 05/15/12 11,622,900
5,000 Colorado Interstate Gas Co.................. 10.00 06/15/05 6,035,500
5,000 Enron Corp.................................. 7.00 08/15/23 4,589,500
5,000 Mitchell Energy/Development Corp............ 9.25 01/15/02 5,544,550
3,680 Norsk Hydro AS (Norway)..................... 7.75 06/15/23 3,822,784
5,000 Northern Illinois Gas Co.................... 9.00 07/01/19 5,317,900
5,000 Northwest Pipeline Corp..................... 10.65 11/15/18 5,385,200
2,000 Northwest Pipeline Corp..................... 9.00 08/01/22 2,180,120
9,000 Panhandle Eastern Pipeline Corp............. 7.95 03/15/23 9,080,820
3,000 Southwest Gas Corp.......................... 9.375 02/01/17 3,163,110
5,000 Tennessee Gas Pipeline Co................... 6.00 12/15/11 4,248,250
5,000 Transco Energy Co........................... 9.875 06/15/20 6,165,850
1,550 Transcontinental Gas Pipeline Corp.......... 9.125 02/01/17 1,632,258
8,000 The Williams Companies...................... 9.375 11/15/21 9,503,040
-----------------
91,996,562
-----------------
TELECOMMUNICATIONS (4.4%)
5,000 ALLTEL Corp................................. 9.50 03/01/21 5,369,650
5,000 AT&T Corp................................... 8.625 12/01/31 5,393,800
10,000 BellSouth Telecommunications................ 6.75 10/15/33 9,153,100
5,000 BellSouth Telecommunications................ 7.625 05/15/35 5,041,150
10,000 Century Telephone Enterprises, Inc.......... 8.25 05/01/24 10,549,400
6,000 General Telephone & Electric Corp........... 8.50 04/01/17 6,230,820
5,000 General Telephone & Electric Corp........... 10.25 11/01/20 5,847,900
5,000 GTE Florida, Inc............................ 7.41 12/15/23 4,907,750
5,000 MCI Communications Corp..................... 8.25 01/20/23 5,230,750
5,000 MCI Communications Corp..................... 7.75 03/15/24 4,988,700
5,000 Motorola, Inc............................... 7.50 05/15/25 5,171,000
10,000 New York Telephone.......................... 7.25 02/15/24 9,606,000
5,000 New York Telephone.......................... 7.00 12/01/33 4,645,700
5,000 South Central Bell.......................... 8.50 08/01/29 5,239,500
10,000 Sprint Corporation.......................... 9.25 04/15/22 11,955,500
15,000 Tele-Communications, Inc.................... 10.125 04/15/22 16,998,150
5,000 Tele-Communications, Inc.................... 8.75 02/15/23 4,814,450
5,000 Telephone & Data Systems, Inc............... 10.00 01/15/21 5,914,550
5,000 Telephone & Data Systems, Inc............... 9.58 11/19/21 5,652,250
-----------------
132,710,120
-----------------
UTILITIES - ELECTRIC (17.6%)
1,499 AEP Generating Co........................... 9.81 12/07/22 1,824,175
14,000 Arizona Public Service Company.............. 8.00 02/01/25 14,290,500
10,000 Arkansas Power & Light Company.............. 7.00 10/01/23 9,071,700
5,000 Baltimore Gas & Electric Co................. 7.50 04/15/23 4,914,250
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
UTILITIES - ELECTRIC (CONTINUED)
$ 10,000 BVPS II Funding Corp........................ 8.68 % 06/01/17 $ 9,147,500
6,000 Chugach Electric Company.................... 9.14 03/15/22 6,735,180
5,000 Cincinnati Gas & Electric Company........... 8.50 09/01/22 5,235,400
10,000 Cincinnati Gas & Electric Company........... 7.20 10/01/23 9,515,800
6,000 Citizens Utilities Co....................... 7.45 07/01/35 6,015,780
5,000 Commonwealth Edison Company................. 9.50 05/01/16 5,276,750
10,000 Commonwealth Edison Company................. 8.50 07/15/22 10,448,900
5,000 Commonwealth Edison Company................. 8.375 02/15/23 5,184,950
16,000 Consumer Power Company...................... 7.375 09/15/23 14,988,480
9,841 CTC Beaver Valley Funding Corp.............. 9.00 06/01/17 8,251,777
5,000 CTC Mansfield Funding Corp.................. 10.25 03/30/03 5,100,000
5,000 CTC Mansfield Funding Corp.................. 11.125 09/30/16 5,150,000
10,000 Dayton Power & Light Company................ 8.15 01/15/26 10,601,600
5,000 Detroit Edison Company...................... 7.74 06/01/18 5,043,250
19,830 DQU II Funding Corp......................... 8.70 06/01/16 20,813,171
10,000 Duke Power Company.......................... 8.75 03/01/21 10,435,300
5,000 Duke Power Company.......................... 8.625 03/01/22 5,359,850
9,000 Duke Power Company.......................... 7.00 07/01/33 8,470,350
5,000 Duquesne Lighting Company................... 7.625 04/15/23 4,918,000
5,000 Florida Power & Light Company............... 7.75 02/01/23 5,046,150
5,000 Florida Power & Light Company............... 7.625 06/01/24 4,974,450
15,300 General Telephone & Electric Corp........... 7.83 05/01/23 15,404,346
5,000 GGIB Funding Corp........................... 7.43 01/15/11 4,744,150
10,000 Gulf States Utility Company................. 8.94 01/01/22 10,365,100
5,000 Houston Light & Power Company............... 8.75 03/01/22 5,458,000
5,000 Houston Light & Power Company............... 7.75 03/15/23 5,034,300
10,000 Illinois Power Company...................... 7.50 07/15/25 9,633,300
7,000 Indiantown Cogeneration LP.................. 9.26 12/15/10 8,105,230
8,000 Long Island Lighting Company................ 8.90 07/15/19 7,394,880
5,000 Long Island Lighting Company................ 9.75 05/01/21 5,061,100
5,100 Long Island Lighting Company................ 8.20 03/15/23 4,424,352
10,100 National Cooperative Services Corp.......... 9.375 01/02/11 10,623,079
5,250 National Rural Utilities Finance Corp....... 9.00 09/01/21 5,828,235
3,867 New York State Electric & Gas Corp.......... 9.875 02/01/20 4,128,177
8,912 Niagara Mohawk Power Corp................... 8.77 01/01/18 8,687,774
9,500 Niagara Mohawk Power Corp................... 8.50 07/01/23 9,582,840
4,914 Northeast Utilities......................... 8.58 12/01/06 5,224,279
6,750 Pacific Gas & Electric Company.............. 7.25 03/01/26 6,387,593
5,000 Pacific Gas & Electric Company.............. 7.25 08/01/26 4,736,250
3,000 Pennsylvania Power & Light Company.......... 9.25 10/01/19 3,356,730
2,000 Pennsylvania Power & Light Company.......... 9.375 07/01/21 2,235,040
3,000 Philadelphia Electric Company............... 8.625 06/01/22 3,124,380
5,000 Philadelphia Electric Company............... 7.25 11/01/24 4,657,950
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

TOTAL CORPORATE BONDS
(IDENTIFIED COST $725,383,870)..................................... 756,122,309
-----------------

U.S. GOVERNMENT & AGENCIES OBLIGATIONS (0.9%)
25,000 Federal National Mortgage Association
(Principal Strip)........................... 0.00 10/09/19 4,449,219
1,156 Government National Mortgage Association.... 9.50 06/15/20 1,226,351
5,000 Tennessee Valley Authority.................. 8.625 11/15/29 5,383,250
21,200 Tennessee Valley Authority.................. 0.00 04/15/42 6,093,304
10,000 Tennessee Valley Authority.................. 7.85 06/15/44 10,065,640
-----------------

TOTAL U.S. GOVERNMENT & AGENCIES OBLIGATIONS
(IDENTIFIED COST $23,356,268)...................................... 27,217,764
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

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

PREFERRED STOCKS (1.1%)
TELECOMMUNICATIONS (0.2%)
200,000 GTE Delaware Corp. $2.3125 (Series A)................................ $ 5,425,000
-----------------
U.S. GOVERNMENT AGENCY (0.2%)
280,000 Tennessee Valley Authority 8.00% (Series 95-A)....................... 7,140,000
-----------------
UTILITIES - ELECTRIC (0.7%)
144,500 Arizona Public Service Company $1.8125 (Series W).................... 3,449,937
200,000 Georgia Power Capital LP $2.25 (Series A)............................ 5,475,000
27,965 Gulf States Utilities Company $9.96.................................. 2,852,430
160,000 Long Island Lighting Company 7.95% (Series AA)....................... 3,900,000
45,000 Met-Ed Capital 9.00% (Series A)...................................... 1,158,750
30,000 Public Service Electric & Gas Company 7.52%.......................... 2,895,000
-----------------
19,731,117
-----------------

TOTAL PREFERRED STOCKS
(IDENTIFIED COST $31,795,882)........................................ 32,296,117
-----------------

COMMON STOCKS (72.2%)
NATURAL GAS (8.2%)
345,000 Atlanta Gas Light Company............................................ 11,988,750
410,000 Burlington Resources, Inc............................................ 15,118,750
530,000 Coastal Corp......................................................... 16,098,750
340,000 Consolidated Natural Gas Company..................................... 12,835,000
645,000 EL Paso Natural Gas Company.......................................... 18,382,500
945,000 Enron Corp........................................................... 33,193,125
610,000 ENSERCH Corp......................................................... 10,446,250
315,000 Louisiana Land & Exploration Co. (The)............................... 12,560,625
235,000 New Jersey Resources Corp............................................ 5,434,375
695,000 Panhandle Eastern Pipeline Corp...................................... 16,940,625
420,000 Sonat, Inc........................................................... 12,810,000
765,000 Tenneco, Inc......................................................... 35,190,000
1,190,000 The Williams Companies............................................... 41,501,250
285,000 Washington Gas Light Company......................................... 5,379,375
-----------------
247,879,375
-----------------
TELECOMMUNICATIONS (24.6%)
765,000 Airtouch Communications, Inc.*....................................... 21,802,500
1,270,000 ALLTEL Corp.......................................................... 32,226,250
1,130,000 Ameritech Corp....................................................... 49,720,000
1,040,000 AT&T Corp............................................................ 55,250,000
660,000 BCE, Inc............................................................. 21,202,500
540,000 Bell Atlantic Corp................................................... 30,240,000
485,000 BellSouth Corp....................................................... 30,797,500
305,000 British Telecommunications PLC (ADR) (United Kingdom)................ 19,138,750
230,000 Cable & Wireless PLC (ADR) (United Kingdom).......................... 4,715,000
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
590,000 Century Telephone Enterprises, Inc................................... $ 16,741,250
125,000 Compania de Telefonos de Chile S.A. (ADR) (Chile).................... 10,171,875
830,000 Comsat Corp.......................................................... 16,288,750
880,000 Ericsson (L.M.) Telephone Co. (ADR) (Sweden)......................... 17,600,000
990,000 Frontier Corp........................................................ 23,760,000
1,095,000 GTE Corp............................................................. 37,366,875
1,105,000 Hong Kong Telecommunications, Ltd. (ADR) (Hong Kong)................. 21,961,875
1,565,000 MCI Communications Corp.............................................. 34,234,375
300,000 Motorola, Inc........................................................ 20,137,500
1,235,000 NYNEX Corp........................................................... 49,708,750
745,000 Pacific Telesis Group, Inc........................................... 19,928,750
210,000 Philippine Long Distance Telephone Co................................ 15,067,500
980,000 SBC Communications, Inc.............................................. 46,672,500
920,000 Sprint Corporation................................................... 30,935,000
375,000 Telecommunications Corp. New Zealand, Ltd. (ADR) (New Zealand)....... 22,734,375
340,000 Telefonica de Argentina S.A. (ADR) (Argentina)....................... 8,415,000
670,000 Telefonica Espana S.A. (ADR) (Spain)................................. 25,962,500
505,000 Telefonos de Mexico S.A. Series L (ADR) (Mexico)..................... 14,960,625
755,000 U.S. West, Inc....................................................... 31,426,875
290,000 Vodafone Group PLC (ADR) (United Kingdom)............................ 10,983,750
120,000 WorldCom, Inc.*...................................................... 3,225,000
-----------------
743,375,625
-----------------
UTILITIES - ELECTRIC (39.4%)
1,295,000 Allegheny Power Systems, Inc......................................... 30,432,500
675,000 American Electric Power, Inc......................................... 23,709,375
270,000 Atlantic Energy, Inc................................................. 5,096,250
810,000 Baltimore Gas & Electric Company..................................... 20,250,000
600,000 Boston Edison Company................................................ 15,675,000
270,000 Carolina Power & Light Company....................................... 8,167,500
880,000 Central & South West Corp............................................ 23,100,000
1,600,470 CINergy Corp......................................................... 42,012,338
190,000 CIPSCO, Inc.......................................................... 5,676,250
640,000 CMS Energy Corp...................................................... 15,760,000
740,000 Consolidated Edison Company New York, Inc............................ 21,830,000
275,000 Delmarva Power & Light Company....................................... 5,637,500
1,175,000 Detroit Edison Company............................................... 34,662,500
935,000 Dominion Resources, Inc.............................................. 34,127,500
1,200,000 DPL, Inc............................................................. 26,550,000
555,000 DQE, Inc............................................................. 13,042,500
500,000 Duke Power Company................................................... 20,750,000
410,000 Empresa Nacional de Electricidad S.A. (ADR) (Spain).................. 20,192,500
175,000 Enersis S.A. (ADR) (Chile)........................................... 5,162,500
780,000 Entergy Corp......................................................... 18,817,500
635,000 Florida Progress Corp................................................ 19,843,750
750,000 FPL Group, Inc....................................................... 28,968,750
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC (CONTINUED)
1,050,000 General Public Utilities Corp........................................ $ 31,237,500
635,000 Houston Industries, Inc.............................................. 26,749,375
960,000 Illinova Corp........................................................ 24,360,000
960,000 Kansas City Power & Light Company.................................... 21,960,000
755,000 Long Island Lighting Company......................................... 11,702,500
155,000 MDU Resources Group, Inc............................................. 4,611,250
645,000 Montana Power Company................................................ 14,835,000
880,000 New England Electric System.......................................... 30,360,000
600,000 New York State Electric & Gas Corp................................... 14,025,000
620,000 Niagara Mohawk Power Corp............................................ 9,145,000
860,000 NIPSCO Industries, Inc............................................... 29,240,000
1,350,000 Northeast Utilities.................................................. 30,375,000
305,000 Northern States Power Company, Minnesota............................. 14,068,125
1,115,000 Ohio Edison Company.................................................. 25,226,875
170,000 Oklahoma Gas & Electric Company...................................... 5,971,250
980,000 Pacific Gas & Electric Company....................................... 28,420,000
1,015,000 PacifiCorp........................................................... 19,031,250
930,000 Peco Energy Co....................................................... 25,691,250
950,000 Pinnacle West Capital Corp........................................... 23,275,000
605,000 Portland General Corp................................................ 13,385,625
550,000 Potomac Electric Power Company....................................... 11,825,000
800,000 PP&L Resources, Inc.................................................. 15,500,000
875,000 Public Service Company of Colorado................................... 28,437,500
1,085,000 Public Service Enterprise Group, Inc................................. 30,108,750
305,000 Puget Sound Power & Light Company.................................... 6,976,875
485,000 Rochester Gas & Electric Corp........................................ 10,306,250
1,030,000 San Diego Gas & Electric Company..................................... 21,372,500
770,000 SCANA Corp........................................................... 17,228,750
1,590,000 SCE Corp............................................................. 27,228,750
1,560,000 Southern Company..................................................... 34,905,000
380,000 Southwestern Public Service Company.................................. 11,210,000
425,000 TECO Energy, Inc..................................................... 9,296,875
975,000 Texas Utilities Electric Company..................................... 33,515,625
1,030,000 Unicom Corp.......................................................... 27,423,750
995,000 Union Electric Company............................................... 37,063,750
515,000 Utilicorp United, Inc................................................ 14,484,375
820,000 Washington Water Power Company....................................... 13,120,000
-----------------
1,193,137,963
-----------------

TOTAL COMMON STOCKS
(IDENTIFIED COST $1,867,981,326)..................................... 2,184,392,963
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -----------------------------------------------------------------------------------------
<C> <S> <C>

SHORT-TERM INVESTMENT (0.1%)
REPURCHASE AGREEMENT
$ 2,973 The Bank of New York 6.0% due 07/03/95 (dated 6/30/95;
proceeds $2,974,659; collateralized by $2,948,206 U.S.
Treasury Note 6.625% due 03/31/97 valued at $3,032,635)
(Identified Cost $2,973,172).............................. $ 2,973,172
--------------

TOTAL INVESTMENTS
(IDENTIFIED COST $2,651,490,518) (A).............. 99.3 % 3,003,002,325

OTHER ASSETS IN EXCESS OF LIABILITIES............. 0.7 20,886,065
------ --------------

NET ASSETS........................................ 100.0 % $3,023,888,390
------ --------------
------ --------------

<FN>
- ---------------------
ADR American Depository Receipt.
* Non-income producing security.
(a) The aggregate cost for federal income tax purposes is $2,653,703,025; the
aggregate gross unrealized appreciation is $417,591,772 and the aggregate
gross unrealized depreciation is $68,292,472, resulting in net unrealized
appreciation of $349,299,300.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $2,651,490,518).......................... $3,003,002,325
Receivable for:
Interest................................................ 16,515,330
Dividends............................................... 9,754,308
Investments sold........................................ 5,502,733
Shares of beneficial interest sold...................... 2,619,345
Foreign withholding taxes reclaimed..................... 68,583
Prepaid expenses and other assets........................... 110,970
--------------

TOTAL ASSETS........................................... 3,037,573,594
--------------

LIABILITIES:
Payable for:
Investments purchased................................... 5,497,450
Plan of distribution fee................................ 2,491,284
Dividends to shareholders............................... 1,894,325
Shares of beneficial interest repurchased............... 1,761,633
Investment management fee............................... 1,327,196
Accrued expenses and other payables......................... 713,316
--------------

TOTAL LIABILITIES...................................... 13,685,204
--------------

NET ASSETS:
Paid-in-capital............................................. 2,694,463,904
Net unrealized appreciation................................. 351,511,807
Accumulated undistributed net investment income............. 7,062,710
Accumulated net realized loss............................... (29,150,031)
--------------

NET ASSETS............................................. $3,023,888,390
--------------
--------------

NET ASSET VALUE PER SHARE,
222,914,170 SHARES OUTSTANDING (UNLIMITED SHARES
AUTHORIZED OF $.01 PAR VALUE).............................
$13.57
--------------
--------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)

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

INCOME
Dividends (net of $424,213 foreign withholding tax)......... $ 56,401,180
Interest.................................................... 32,837,380
------------

TOTAL INCOME........................................... 89,238,560
------------

EXPENSES
Plan of distribution fee.................................... 14,550,395
Investment management fee................................... 7,779,246
Transfer agent fees and expenses............................ 1,613,576
Custodian fees.............................................. 89,400
Shareholder reports and notices............................. 79,062
Professional fees........................................... 34,430
Trustees' fees and expenses................................. 13,533
Registration fees........................................... 1,825
Other....................................................... 62,994
------------

TOTAL EXPENSES......................................... 24,224,461
------------

NET INVESTMENT INCOME.................................. 65,014,099
------------

NET REALIZED AND UNREALIZED GAIN:
Net realized gain........................................... 2,225,146
Net change in unrealized appreciation....................... 282,069,842
------------

NET GAIN............................................... 284,294,988
------------

NET INCREASE................................................ $349,309,087
------------
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF CHANGES IN NET ASSETS

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

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income....................................... $ 65,014,099 $ 152,673,449
Net realized gain (loss).................................... 2,225,146 (30,362,030)
Net change in unrealized appreciation....................... 282,069,842 (485,812,725)
------------------ -----------------

NET INCREASE (DECREASE)................................ 349,309,087 (363,501,306)
------------------ -----------------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................................... (64,826,177) (149,286,224)
Net realized gain........................................... -- (4,389,389)
------------------ -----------------

TOTAL.................................................. (64,826,177) (153,675,613)
------------------ -----------------
Net decrease from transactions in shares of beneficial
interest.................................................. (87,585,821) (536,946,220)
------------------ -----------------

TOTAL INCREASE (DECREASE).............................. 196,897,089 (1,054,123,139)
------------------ -----------------

NET ASSETS:
Beginning of period......................................... 2,826,991,301 3,881,114,440
------------------ -----------------

END OF PERIOD
(INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF
$7,062,710 AND $6,874,788, RESPECTIVELY)................ $3,023,888,390 $ 2,826,991,301
------------------ -----------------
------------------ -----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER UTILITIES FUND
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED)

1. ORGANIZATION AND ACCOUNTING POLICIES

Dean Witter Utilities Fund (the "Fund") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as a diversified, open-end
management investment company. The Fund was organized as a Massachusetts
business trust on December 8, 1987 and commenced operations on April 29, 1988.

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; (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, 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 accreted over the life of the respective
securities. Dividend income is recorded on the ex-dividend date. Interest income
is accrued daily.

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.
<PAGE>
DEAN WITTER UTILITIES FUND
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

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 annual rate
of 0.65% to the portion of daily net assets not exceeding $500 million; 0.55% to
the portion of daily net assets exceeding $500 million but not exceeding $1
billion; 0.525% to the portion of daily net assets exceeding $1 billion but not
exceeding $1.5 billion; 0.50% to the portion of daily net assets exceeding $1.5
billion but not exceeding $2.5 billion; 0.475% to the portion of daily net
assets exceeding $2.5 billion but not exceeding $3.5 billion; 0.45% to the
portion of daily net assets exceeding $3.5 billion but not exceeding $5 billion;
and 0.425% to the portion of daily net assets exceeding $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
<PAGE>
DEAN WITTER UTILITIES FUND
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

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 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 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, account executives of Dean Witter Reynolds Inc. ("DWR"), an
affiliate of the Investment Manager and Distributor, and other employees or
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 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 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 June 30,
1995, it received approximately $3,205,000 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 June 30, 1995 aggregated
$139,346,203 and $210,815,611, respectively. Included in the aforementioned are
purchases and sales of U.S. Government securities of $20,050,228 and
$16,385,569, respectively.

For the six months ended June 30, 1995, the Fund incurred $21,250 in brokerage
commissions with DWR for portfolio transactions executed on behalf of the Fund.
<PAGE>
DEAN WITTER UTILITIES FUND
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) CONTINUED

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At June 30, 1995, the Fund had
transfer agent fees and expenses payable of approximately $446,000.

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 June 30,
1995 included in Trustees' fees and expenses in the Statement of Operations
amounted to $3,505. At June 30, 1995, the Fund had an accrued pension liability
of $48,355 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, 1995 DECEMBER 31, 1994
---------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ----------------
<S> <C> <C> <C> <C>
Sold............................................................. 17,132,565 $ 223,684,052 36,630,013 $ 485,880,365
Reinvestment of dividends and distributions...................... 3,922,803 51,747,475 9,807,420 124,559,730
----------- -------------- ----------- ----------------
21,055,368 275,431,527 46,437,433 610,440,095
Repurchased...................................................... (27,894,647) (363,017,348) (87,372,992) (1,147,386,315)
----------- -------------- ----------- ----------------
Net decrease..................................................... (6,839,279) $ (87,585,821) (40,935,559) $ (536,946,220)
----------- -------------- ----------- ----------------
----------- -------------- ----------- ----------------
</TABLE>

6. FEDERAL INCOME TAX STATUS

At December 31, 1994, the Fund had a net capital loss carryover of approximately
$14,555,000 which will be available through December 31, 2002 to offset future
capital gains to the extent provided by regulations. Capital losses incurred
after October 31 ("post-October losses") within the taxable year are deemed to
arise on the first business day of the Funds's next taxable year. The Fund
incurred and will elect to defer net capital losses of approximately $14,608,000
during fiscal 1994. As of December 31, 1994, the Fund temporary book/tax
differences which were primarily attributable to post-October loss deferrals and
capital loss deferrals on wash sales.
<PAGE>
DEAN WITTER UTILITIES FUND
FINANCIAL HIGHLIGHTS

Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:

<TABLE>
<CAPTION>
FOR THE
SIX
MONTHS
ENDED
JUNE 30, FOR THE YEAR ENDED DECEMBER 31
1995 -----------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
- -----------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of
period............................ $ 12.30 $ 14.34 $ 13.37 $ 12.93 $ 11.48 $ 12.22
---------- --------- --------- --------- --------- ---------

Net investment income.............. 0.29 0.63 0.61 0.63 0.65 0.65
Net realized and unrealized gain
(loss)............................ 1.27 (2.04) 1.09 0.47 1.45 (0.71)
---------- --------- --------- --------- --------- ---------

Total from investment operations... 1.56 (1.41) 1.70 1.10 2.10 (0.06)
---------- --------- --------- --------- --------- ---------

Less dividends and distributions
from:
Net investment income........... (0.29) (0.61) (0.61) (0.63) (0.65) (0.65)
Net realized gain............... -- (0.02) (0.12) (0.03) -- (0.03)
---------- --------- --------- --------- --------- ---------

Total dividends and
distributions..................... (0.29) (0.63) (0.73) (0.66) (0.65) (0.68)
---------- --------- --------- --------- --------- ---------

Net asset value, end of period..... $ 13.57 $ 12.30 $ 14.34 $ 13.37 $ 12.93 $ 11.48
---------- --------- --------- --------- --------- ---------
---------- --------- --------- --------- --------- ---------

TOTAL INVESTMENT RETURN+........... 12.76%(1) (9.90)% 12.79% 8.75% 18.89% (0.27)%

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 1.66%(2) 1.64% 1.46% 1.59% 1.59% 1.67%

Net investment income.............. 4.47%(2) 4.67% 4.32% 5.05% 5.58% 5.85%

SUPPLEMENTAL DATA:
Net assets, end of period, in
millions.......................... $3,024 $2,827 $3,881 $2,926 $1,959 $1,369

Portfolio turnover rate............ 5%(1) 11% 16% 14% 13% 13%
<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 ---------------------------
Michael Bozic
Charles A. Fiumefreddo DEAN WITTER
Edwin J. Garn UTILITIES FUND
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder

OFFICERS

Charles A. Fiumefreddo [PICTURE]
Chairman and Chief Executive Officer

Sheldon Curtis
Vice President, Secretary and General Counsel

Edward F. Gaylor
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.

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 SEMIANNUAL REPORT
by an effective prospectus. JUNE 30, 1995