DEAN WITTER STRATEGIST FUND
N-30D, 1995-09-05
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<PAGE>
DEAN WITTER STRATEGIST FUND  TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
                             10048
LETTER TO THE SHAREHOLDERS

DEAR SHAREHOLDER:

Asset allocation mutual funds like Dean Witter Strategist Fund allow
shareholders to participate in the wealth-building opportunities of equity
investments, as well as the income-producing characteristics of bonds. We
believe that the flexibility to alter the Fund's investment landscape based on
historical and projected data makes it an attractive vehicle for investors
seeking long-term compounded growth with lower volatility than all-stock funds.

For the 12 months ended July 31, 1995, the Fund provided shareholders with a
total return of 16.05 percent, versus 26.05 percent for the broad-based Standard
& Poor's Composite Stock Price Index (S&P 500) and 10.13 percent for the Lehman
Brothers Government/Corporate Bond Index. On July 31, 1995 the Fund had total
net assets under management in excess of $877 million. The accompanying chart
illustrates the growth of a $10,000 investment in the Fund from inception on
October 31, 1988, through July 31, 1995, versus the performance of a similar
hypothetical investment in the issues that comprise the S&P 500 and the Lehman
Brothers Government/ Corporate Bond Index.

INVESTOR CONFIDENCE IN THE U.S. MARKETS IMPROVES

During the fiscal year ended July 31, 1995, equity and fixed-income prices rose
sharply as a number of positive events combined to raise investor confidence in
the U.S. markets. Most importantly, the Federal Reserve Board signaled a change
in monetary policy, first by slowing its pattern of interest rate increases and
then by actually lowering the federal-funds rate target on July 6. This marked
the end of nearly two years of restrictive monetary policy. The U.S. economy
slowed in response to the central bank's actions as the desired "soft landing"
appears to have been achieved with only a moderate recessionary scare in the
second quarter. Corporate earnings, buoyed by operating margins at 30-year
highs, continued to grow at rates above expectation, clearly indicating that
U.S. industries were gaining global market share.
<PAGE>
DEAN WITTER STRATEGIST FUND
LETTER TO THE SHAREHOLDERS, CONTINUED

Meanwhile, inflation, both on the producer and consumer levels, remained benign,
with only temporary bumps in specific goods along the way. Fiscal policy also
provided a positive backdrop, especially for the bond market, as Congressional
posturing began in earnest on a budget deficit reduction plan.

Overseas, concerns over the U.S. dollar's weakness--especially versus the
yen--diminished as the central banks in Japan and the United States acted to
stabilize their currencies and fend off a trade war. Other international "hot
spots" (Bosnia's troubling conflict, North Korea's leadership transition,
Mexico's currency crisis, Russia's ongoing power vacuum) continued to command
attention. However, negotiations and/or a lack of direct U.S. involvement
insulated the financial markets from these volatile situations.
                                                    [GRAPHIC]
The Fund shifted its investment mix
twice during the fiscal year, partially
in response to the fundamental backdrop
described above, but also to take some
profits during an unprecedented equity
market rally. The Fund's overall
fixed-income weighting increased from
30 percent of net assets on July 31,
1994 to 40 percent on July 31, 1995,
while the equity portfolio was
decreased from 60 percent of net assets
to 55 percent in order to take some
profits. Thus, on July 31, 1995, the
Fund's asset allocation stood at 55
percent stocks, 40 percent bonds and 5
percent money-market investments.

STRATEGY SPECIFICS
                                                    [GRAPHIC]
The Fund's equity investment strategy
changed as the U.S. economy slowed and
pricing power for a number of basic
materials and consumer products
companies waned. As a result,
industries such as chemicals, steel and
automobiles became less attractive
while financials, technology and
consumer staples appeared to offer
better value.
                                                    [GRAPHIC]
As we enter fiscal 1996, the Fund
continues to be overweighted in a
number of diversified industries:
<PAGE>
DEAN WITTER STRATEGIST FUND
LETTER TO THE SHAREHOLDERS, CONTINUED

financials, including regional and multi-center banks; technology, such as
software and component companies; and consumer staples, specifically
pharmaceuticals and health care providers. Long-term themes which we believe
will continue to fuel portfolio performance include strong global demand for
U.S. computing technology, the sustained growth of U.S. exports around the
world, and a cycle of new pharmaceutical products sparked by heavily funded
research and development budgets by drug companies. In light of these
expectations, companies we have added or maintained in the portfolio include
Intel Corp. and Texas Instruments Inc. (semiconductors), Microsoft Corp.
(software), American President Companies, Ltd. (shipping), Boeing Company
(aircraft), Merck & Co., Inc., Pfizer, Inc. and American Home Products Corp.
(pharmaceuticals), among others.

The bond portfolio shifted from a relatively aggressive underweighted exposure
in U.S. government issues and an overweighting in non-U.S. bonds, to a more
neutral mix (as compared to the Lehman Brothers Government/Corporate Bond
Index). As of July 31, 1995, the portfolio held approximately 51 percent of its
fixed income assets in U.S. government bonds and 49 percent in corporate issues.
Non-U.S. issues were reduced to allow for the build-up in the U.S. government
weighting. The portfolio's fixed-income holdings continued to be concentrated in
the 10- to 15-year maturity range, where attractive yields can still be
obtained, but with less volatility than that seen in the 20- to 30-year sector.
All fixed-income investments continue to be rated above investment grade, as
measured by Standard & Poor's Corp. or Moody's Investors Service, Inc.

LOOKING AHEAD

The outlook for the year ahead appears to be favorable, with the economy
continuing to grow moderately (2 to 4 percent), inflation stabilizing slightly
above current levels (2.5 to 3.5 percent), corporate earnings resuming
double-digit growth and favorable fiscal and monetary polices. The Fund
maintains its nearly fully invested allocation to stocks and bonds.

We appreciate your support of the Dean Witter Strategist Fund and look forward
to continuing to serve your financial needs and objectives.

Very truly yours,

               [SIGNATURE]

CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER STRATEGIST FUND
PORTFOLIO OF INVESTMENTS JULY 31, 1995
<TABLE>
<CAPTION>
 NUMBER OF
  SHARES                                               VALUE
- -----------------------------------------------------------------
<C>          <S>                                  <C>

             COMMON STOCKS (55.0%)
             AEROSPACE & DEFENSE (0.5%)
    92,000   Rockwell International Corp........  $     4,197,500
                                                  ---------------
             AIRCRAFT & AEROSPACE (1.5%)
    74,000   Boeing Company.....................        4,958,000
   200,000   Honeywell, Inc.....................        8,575,000
                                                  ---------------
                                                       13,533,000
                                                  ---------------
             ALUMINUM (1.6%)
   231,200   Reynolds Metals Co.................       14,450,000
                                                  ---------------
             AUTOMOTIVE (1.1%)
   148,000   Ford Motor Co......................        4,273,500
   150,000   Superior Industries International,
             Inc................................        5,250,000
                                                  ---------------
                                                        9,523,500
                                                  ---------------
             BANKS - MONEY CENTER (1.5%)
   120,000   Chemical Banking Corp..............        6,195,000
   110,000   Citicorp...........................        6,861,250
                                                  ---------------
                                                       13,056,250
                                                  ---------------
             BANKS - REGIONAL (3.0%)
   155,000   Bank of Boston Corp................        6,723,125
    50,000   Baybanks, Inc......................        4,075,000
    73,000   Integra Financial Corp.............        3,878,125
   200,000   Norwest Corp.......................        5,650,000
    31,500   Wells Fargo & Co...................        5,744,812
                                                  ---------------
                                                       26,071,062
                                                  ---------------
             BEVERAGES - SOFT DRINKS (0.8%)
   154,000   PepsiCo Inc........................        7,218,750
                                                  ---------------
             BROKERAGE (1.2%)
   100,000   Merrill Lynch & Co., Inc...........        5,550,000
    60,000   Morgan Stanley Group, Inc..........        5,017,500
                                                  ---------------
                                                       10,567,500
                                                  ---------------
             CABLE/CELLULAR (0.5%)
   153,000   Airtouch Communications, Inc.*.....        4,819,500
                                                  ---------------
             CHEMICALS (0.7%)
    70,000   Monsanto Co........................        6,518,750
                                                  ---------------
             CHEMICALS - SPECIALTY (0.4%)
   100,000   Georgia Gulf Corp..................        3,362,500
                                                  ---------------
             COMMUNICATIONS - EQUIPMENT & SOFTWARE (0.8%)
   126,000   Cisco Systems, Inc.*...............        7,008,750
                                                  ---------------

<CAPTION>
 NUMBER OF
  SHARES                                               VALUE
- -----------------------------------------------------------------
<C>          <S>                                  <C>
             COMPUTER SERVICES (1.4%)
   140,000   Diebold, Inc.......................  $     6,475,000
   140,000   General Motors Corp. (Class E).....        6,160,000
                                                  ---------------
                                                       12,635,000
                                                  ---------------
             COMPUTER SOFTWARE (1.3%)
    67,000   Microsoft Corp.*...................        6,055,125
   120,000   Oracle Systems Corp.*..............        5,010,000
                                                  ---------------
                                                       11,065,125
                                                  ---------------
             COMPUTERS - SYSTEMS (2.9%)
   150,000   Apple Computer, Inc................        6,712,500
    60,000   Hewlett-Packard Co.................        4,672,500
    61,000   International Business Machines
             Corp...............................        6,641,375
   260,000   Novell, Inc.*......................        4,680,000
    60,000   Sun Microsystems, Inc.*............        2,880,000
                                                  ---------------
                                                       25,586,375
                                                  ---------------
             CONSUMER PRODUCTS (0.8%)
   256,000   RJR Nabisco Holdings Corp..........        7,072,000
                                                  ---------------
             DRUGS & HEALTHCARE (1.8%)
   190,000   Abbott Laboratories................        7,600,000
   112,000   Johnson & Johnson..................        8,036,000
                                                  ---------------
                                                       15,636,000
                                                  ---------------
             ELECTRICAL EQUIPMENT (1.0%)
    61,000   Emerson Electric Co................        4,315,750
    73,000   General Electric Co................        4,307,000
                                                  ---------------
                                                        8,622,750
                                                  ---------------
             ELECTRICAL HOUSEHOLD APPLIANCES (0.5%)
   270,000   Maytag Corp........................        4,421,250
                                                  ---------------
             ELECTRONICS - DEFENSE (0.6%)
    87,000   Loral Corp.........................        4,872,000
                                                  ---------------
             ELECTRONICS - SEMICONDUCTORS/COMPONENTS (1.7%)
    40,000   Applied Materials, Inc.*...........        4,140,000
    65,000   Intel Corp.........................        4,216,875
    40,000   Texas Instruments Inc..............        6,250,000
                                                  ---------------
                                                       14,606,875
                                                  ---------------
             ENTERTAINMENT (0.4%)
   130,000   Circus Circus Enterprises, Inc.*...        3,867,500
                                                  ---------------
             FINANCIAL SERVICES (1.3%)
   120,000   Beneficial Corp....................        5,685,000
   130,000   Travelers, Inc.....................        6,158,750
                                                  ---------------
                                                       11,843,750
                                                  ---------------
             FOODS (0.8%)
   153,000   Campbell Soup Co...................        7,152,750
                                                  ---------------
</TABLE>

                       SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER STRATEGIST FUND
PORTFOLIO OF INVESTMENTS JULY 31, 1995, CONTINUED
<TABLE>
<CAPTION>
 NUMBER OF
  SHARES                                               VALUE
- -----------------------------------------------------------------
<C>          <S>                                  <C>
             HEALTH CARE - MISCELLANEOUS (1.6%)
   250,000   Coventry Corp.*....................  $     4,000,000
   350,000   Humana, Inc.*......................        6,781,250
   170,000   Mid Atlantic Medical Services,
             Inc.*..............................        3,336,250
                                                  ---------------
                                                       14,117,500
                                                  ---------------
             HOSPITAL MANAGEMENT (1.0%)
   173,000   Columbia/HCA Healthcare Corp.......        8,477,000
                                                  ---------------
             HOUSEHOLD PRODUCTS (1.6%)
    98,000   Colgate-Palmolive Co...............        6,860,000
   150,000   Tambrands, Inc.....................        7,068,750
                                                  ---------------
                                                       13,928,750
                                                  ---------------
             LIFE INSURANCE (0.6%)
   140,000   Providian Corp.....................        5,022,500
                                                  ---------------
             MACHINERY - CONSTRUCTION & MATERIALS (1.1%)
   111,000   Ingersoll-Rand Co..................        4,634,250
   120,000   Parker-Hannifin Corp...............        4,890,000
                                                  ---------------
                                                        9,524,250
                                                  ---------------
             METALS (0.8%)
   112,000   Phelps Dodge Corp..................        7,196,000
                                                  ---------------
             OFFICE EQUIPMENT & SUPPLIES (0.4%)
    38,000   Alco Standard Corp.................        3,092,250
                                                  ---------------
             OIL DRILLING & SERVICES (1.8%)
   310,000   Dresser Industries, Inc............        7,130,000
   130,000   Schlumberger Ltd...................        8,710,000
                                                  ---------------
                                                       15,840,000
                                                  ---------------
             OIL INTEGRATED - INTERNATIONAL (3.9%)
   175,000   Chevron Corp.......................        8,640,625
   120,000   Exxon Corp.........................        8,700,000
    86,000   Mobil Corp.........................        8,406,500
   125,000   Texaco, Inc........................        8,312,500
                                                  ---------------
                                                       34,059,625
                                                  ---------------
             PHARMACEUTICALS (2.8%)
    95,000   American Home Products Corp........        7,505,000
   165,000   Merck & Co., Inc...................        8,518,125
   170,000   Pfizer, Inc........................        8,585,000
                                                  ---------------
                                                       24,608,125
                                                  ---------------
             RAILROAD EQUIPMENT (0.4%)
   116,500   Trinity Industries, Inc............        3,902,750
                                                  ---------------

<CAPTION>
 NUMBER OF
  SHARES                                               VALUE
- -----------------------------------------------------------------
<C>          <S>                                  <C>
             RESTAURANTS (0.5%)
   115,000   McDonald's Corp....................  $     4,441,875
                                                  ---------------
             RETAIL (0.5%)
   171,000   Wal-Mart Stores, Inc...............        4,552,875
                                                  ---------------
             RETAIL - SPECIALTY (2.8%)
   300,000   Bed, Bath & Beyond, Inc.*..........        9,300,000
   100,000   Home Depot, Inc....................        4,387,500
   600,000   Pier 1 Imports, Inc................        5,850,000
   305,000   Price/Costco, Inc.*................        5,451,875
                                                  ---------------
                                                       24,989,375
                                                  ---------------
             RETAIL - SPECIALTY APPAREL (0.5%)
   123,000   Gap, Inc...........................        4,289,625
                                                  ---------------
             SAVINGS & LOAN ASSOCIATIONS (1.7%)
   270,000   California Federal Bank*...........        3,746,250
   115,000   Golden West Financial Corp.........        5,376,250
   350,000   Roosevelt Financial Group, Inc.....        5,381,250
                                                  ---------------
                                                       14,503,750
                                                  ---------------
             SHIPPING (0.7%)
   225,800   American President Companies,
             Ltd................................        6,350,625
                                                  ---------------
             SHOES (1.1%)
    54,000   Nike, Inc. (Class B)...............        4,880,250
   125,000   Reebok International Ltd...........        4,484,375
                                                  ---------------
                                                        9,364,625
                                                  ---------------
             STEEL & IRON (0.8%)
   420,000   Bethlehem Steel Corp.*.............        6,615,000
                                                  ---------------
             TELEPHONE - LONG DISTANCE (0.9%)
   315,000   MCI Communications Corp............        7,520,625
                                                  ---------------
             TEXTILES - APPAREL MANUFACTURERS (0.3%)
   100,000   Liz Claiborne, Inc.................        2,287,500
                                                  ---------------
             TRANSPORTATION (0.5%)
    78,000   Conrail, Inc.......................        4,816,500
                                                  ---------------
             U.S. GOVERNMENT AGENCY (0.6%)
    60,000   Federal National Mortgage
             Association........................        5,617,500
                                                  ---------------

             TOTAL COMMON STOCKS
             (IDENTIFIED COST $401,825,390).....      482,827,062
                                                  ---------------
</TABLE>

                       SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER STRATEGIST FUND
PORTFOLIO OF INVESTMENTS JULY 31, 1995, CONTINUED
<TABLE>
<CAPTION>
 PRINCIPAL
 AMOUNT IN
 THOUSANDS                                             VALUE
- -----------------------------------------------------------------
<C>          <S>                                  <C>

             CORPORATE BONDS (19.7%)
             AUTOMOTIVE FINANCE (0.6%)
 $   5,000   General Motors Acceptance Corp.
             7.25% due 05/15/03.................  $     5,006,250
                                                  ---------------
             BANKS (6.6%)
     9,850   Banco Central Hispano (Cayman
             Islands)
             7.50% due 06/15/05.................        9,667,184
     5,220   Bank of Boston Corp.
             6.875% due 07/15/03................        5,127,554
     4,900   BCO Commercio Exterior (Columbia) -
             144A**
             8.625% due 06/02/00................        4,973,500
     5,000   Central Fidelity Banks, Inc.
             8.15% due 11/15/02.................        5,267,750
     5,000   Household Bank F.S.B.
             6.50% due 07/15/03.................        4,790,600
     5,900   Midland Bank PLC (United Kingdom)
             7.65% due 05/01/25.................        6,218,836
     5,000   NationsBank Corp.
             7.625% due 04/15/05................        5,132,900
     6,000   Shawmut Bank
             8.625% due 02/15/05................        6,544,920
     5,000   Susquehanna Bancshares
             9.00% due 02/01/05.................        5,461,350
     5,000   Swiss Bank Corp.
             7.50% due 07/15/25.................        5,097,250
                                                  ---------------
                                                       58,281,844
                                                  ---------------
             BROKERAGE (0.5%)
     5,000   Paine Webber Group, Inc.
             7.625% due 02/15/14................        4,626,050
                                                  ---------------
             FINANCIAL (2.2%)
     4,950   BHP Finance Ltd. (Australia)
             5.625% due 11/01/00................        4,712,103
     4,900   Commercial Credit Group, Inc.
             7.75% due 03/01/05.................        5,120,500
     2,500   Meditrust
             7.60% due 07/15/01.................        2,499,750
     4,900   Salomon, Inc.
             6.75% due 08/15/03.................        4,532,941
     2,000   United Companies Financial
             7.00% due 07/15/98.................        1,999,280
                                                  ---------------
                                                       18,864,574
                                                  ---------------

<CAPTION>
 PRINCIPAL
 AMOUNT IN
 THOUSANDS                                             VALUE
- -----------------------------------------------------------------
<C>          <S>                                  <C>
             FOREIGN GOVERNMENT AGENCY (1.5%)
 $   9,850   Italy (Republic of)
             6.875% due 09/27/23................  $     8,616,780
     4,950   Province of Ontario (Canada)
             7.00% due 08/04/05.................        4,956,187
                                                  ---------------
                                                       13,572,967
                                                  ---------------
             INDUSTRIALS (5.5%)
     4,900   Aramark Services Co.
             8.15% due 05/01/05.................        5,052,635
     3,000   Joy Technologies Inc.
             10.25% due 09/01/03................        3,315,000
     4,920   News American Holdings, Inc.
             8.25% due 08/10/18.................        4,986,518
     5,000   Placer Dome, Inc. (Canada)
             7.75% due 06/15/15.................        4,823,650
     4,900   Repsol International Finance
             7.00% due 08/01/05.................        4,900,980
     9,950   RJR Nabisco, Inc.
             8.75% due 08/15/05.................        9,957,861
     4,950   TCI Communications, Inc.
             8.75% due 08/01/15.................        4,936,487
     4,900   Time Warner Entertainment Co.
             8.375% due 07/15/33................        4,787,888
     5,000   Time Warner, Inc.
             9.15% due 02/01/23.................        5,138,500
                                                  ---------------
                                                       47,899,519
                                                  ---------------
             RETAIL (0.5%)
     5,000   K Mart Corp.
             7.95% due 02/01/23.................        4,596,300
                                                  ---------------
             TRANSPORTATION (1.0%)
     6,900   United Air Lines, Inc.
             11.21% due 05/01/14................        8,463,678
                                                  ---------------
             UTILITIES - ELECTRIC (1.3%)
     5,000   Big Rivers Electric
             9.50% due 02/15/17.................        5,536,450
     6,000   Pacific Gas Transmission Co.
             6.96% due 08/05/03.................        5,940,000
                                                  ---------------
                                                       11,476,450
                                                  ---------------

             TOTAL CORPORATE BONDS
             (IDENTIFIED COST $171,546,076).....      172,787,632
                                                  ---------------
</TABLE>

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

             RIGHTS (0.0%)
             SAVINGS & LOAN ASSOCIATIONS
    27,000   California Federal Bank (Identified
             Cost $0)*..........................          135,000
                                                  ---------------
</TABLE>

                       SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER STRATEGIST FUND
PORTFOLIO OF INVESTMENTS JULY 31, 1995, CONTINUED
<TABLE>
<CAPTION>
 PRINCIPAL
 AMOUNT IN
 THOUSANDS                                             VALUE
- -----------------------------------------------------------------
<C>          <S>                                  <C>

             U.S. GOVERNMENT & AGENCIES OBLIGATIONS (20.6%)
 $   5,000   Federal Home Loan Banks
             7.78% due 01/30/97.................  $     5,050,000
       695   Federal Home Loan Mortgage Corp.
             8.50% due 07/01/02.................          711,041
       276   Federal Home Loan Mortgage Corp.
             9.00% due 08/01/02.................          284,830
     5,000   Federal National Mortgage
             Association
             5.22% due 07/10/98.................        4,850,000
     3,000   Federal National Mortgage
             Association
             6.40% due 01/13/04.................        2,853,750
    10,000   Private Export Funding Corp.
             7.95% due 11/01/06.................       10,886,700
    10,900   U.S. Treasury Bond
             7.50% due 11/15/24.................       11,765,188
     1,000   U.S. Treasury Note
             7.25% due 11/15/96.................        1,017,656
    20,000   U.S. Treasury Note
             6.50% due 05/15/97.................       20,206,250
    25,000   U.S. Treasury Note
             5.25% due 07/31/98.................       24,468,750
     8,000   U.S. Treasury Note
             5.125% due 11/30/98................        7,770,000
    30,000   U.S. Treasury Note
             6.50% due 04/30/99.................       30,365,625
    26,000   U.S. Treasury Note
             6.875% due 08/31/99................       26,662,188
     6,500   U.S. Treasury Note
             7.875% due 11/15/99................        6,911,328
     3,000   U.S. Treasury Note
             7.75% due 11/30/99.................        3,175,781
    15,050   U.S. Treasury Note
             6.75% due 04/30/00.................       15,386,273
     3,500   U.S. Treasury Note
             7.50% due 11/15/01.................        3,716,016
     5,000   U.S. Treasury Note
             5.75% due 08/15/03.................        4,791,406
                                                  ---------------

             TOTAL U.S. GOVERNMENT & AGENCIES
             OBLIGATIONS
             (IDENTIFIED COST $179,887,230).....      180,872,782
                                                  ---------------

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

             SHORT-TERM INVESTMENTS (3.9%)
             U.S. GOVERNMENT AGENCIES (a) (3.5%)
 $   9,000   Federal Home Loan Banks 5.65% due
             08/02/95...........................  $     8,998,588
    21,400   Federal National Mortgage
             Association 5.70% due 08/09/95.....       21,372,893
                                                  ---------------
             TOTAL U.S. GOVERNMENT AGENCIES
             (AMORTIZED COST $30,371,481).......       30,371,481
                                                  ---------------
             REPURCHASE AGREEMENT (0.4%)
     3,202   The Bank of New York 5.8125% due
             08/01/95 (dated 07/31/95; proceeds
             $3,202,650; collateralized by
             $3,232,343 U.S. Treasury Note 6.50%
             due 09/30/96 valued at $3,328,570)
             (Identified Cost $3,202,088).......        3,202,088
                                                  ---------------
             TOTAL SHORT-TERM INVESTMENTS
             (IDENTIFIED COST $33,573,569)......       33,573,569
                                                  ---------------

TOTAL INVESTMENTS
(IDENTIFIED COST
$786,832,265) (B)...........       99.2%   870,196,045
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES.......        0.8      7,399,281
                                  -----   ------------
NET ASSETS..................      100.0%  $877,595,326
                                  -----   ------------
                                  -----   ------------

<FN>
- ---------------------
 *   Non-income producing security.
**   Resale is restricted to qualified institutional investors.
(a)  Securities were purchased on a discount basis. The rates shown reflect a
     money market equivalent yield.
(b)  The aggregate cost for federal income tax purposes is $787,894,760; the
     aggregate gross unrealized appreciation is $89,658,581 and the aggregate
     gross unrealized depreciation is $7,357,296, resulting in net unrealized
     appreciation of $82,301,285.
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995

<TABLE>
<S>                                                           <C>
ASSETS:
Investments in securities, at value
  (identified cost $786,832,265)............................  $870,196,045
Cash........................................................        75,388
Receivable for:
    Investments sold........................................    13,007,590
    Interest................................................     6,205,761
    Shares of beneficial interest sold......................     2,757,767
    Dividends...............................................       422,055
    Principal paydowns......................................        43,507
Prepaid expenses and other assets...........................        17,198
                                                              ------------

     TOTAL ASSETS...........................................   892,725,311
                                                              ------------

LIABILITIES:
Payable for:
    Investments purchased...................................    13,140,192
    Shares of beneficial interest repurchased...............       727,207
    Plan of distribution fee................................       630,975
    Investment management fee...............................       426,740
Accrued expenses and other payables.........................       204,871
                                                              ------------
     TOTAL LIABILITIES......................................    15,129,985
                                                              ------------

NET ASSETS:
Paid-in-capital.............................................   736,601,490
Net unrealized appreciation.................................    83,363,780
Accumulated undistributed net investment income.............     3,987,969
Accumulated undistributed net realized gain.................    53,642,087
                                                              ------------

     NET ASSETS.............................................  $877,595,326
                                                              ------------
                                                              ------------

NET ASSET VALUE PER SHARE,
  55,289,486 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
  OF $.01 PAR VALUE)........................................
                                                                    $15.87
                                                              ------------
                                                              ------------
</TABLE>

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JULY 31, 1995

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

INCOME
Interest....................................................  $ 22,087,220
Dividends (net of $5,650 foreign withholding tax)...........    10,048,666
                                                              ------------
     TOTAL INCOME...........................................    32,135,886
                                                              ------------

EXPENSES
Plan of distribution fee....................................     7,304,905
Investment management fee...................................     4,679,443
Transfer agent fees and expenses............................       859,726
Shareholder reports and notices.............................        88,308
Custodian fees..............................................        74,297
Professional fees...........................................        47,227
Registration fees...........................................        46,478
Trustees' fees and expenses.................................        28,170
Other.......................................................        25,159
                                                              ------------

     TOTAL EXPENSES.........................................    13,153,713
                                                              ------------

     NET INVESTMENT INCOME..................................    18,982,173
                                                              ------------

NET REALIZED AND UNREALIZED GAIN:
Net realized gain...........................................    56,953,694
Net change in unrealized appreciation.......................    45,494,865
                                                              ------------

     NET GAIN...............................................   102,448,559
                                                              ------------

NET INCREASE................................................  $121,430,732
                                                              ------------
                                                              ------------
</TABLE>

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

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
                                                              FOR THE YEAR   FOR THE YEAR
                                                                 ENDED          ENDED
                                                                JULY 31,       JULY 31,
                                                                  1995           1994
- -----------------------------------------------------------------------------------------
<S>                                                           <C>            <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income.......................................  $ 18,982,173   $ 16,501,766
Net realized gain...........................................    56,953,694     26,073,475
Net change in unrealized appreciation.......................    45,494,865    (15,330,968)
                                                              ------------   ------------

     NET INCREASE...........................................   121,430,732     27,244,273
                                                              ------------   ------------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................   (15,997,877)   (14,241,827)
Net realized gain...........................................   (25,273,043)   (22,860,148)
                                                              ------------   ------------

     TOTAL..................................................   (41,270,920)   (37,101,975)
                                                              ------------   ------------
Net increase (decrease) from transactions in shares of
  beneficial interest.......................................    (8,813,901)    33,273,643
                                                              ------------   ------------

     TOTAL INCREASE.........................................    71,345,911     23,415,941

NET ASSETS:
Beginning of period.........................................   806,249,415    782,833,474
                                                              ------------   ------------

     END OF PERIOD
    (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF
    $3,987,969 AND $1,003,673, RESPECTIVELY)................  $877,595,326   $806,249,415
                                                              ------------   ------------
                                                              ------------   ------------
</TABLE>

                       SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER STRATEGIST FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1995

1. ORGANIZATION AND ACCOUNTING POLICIES

Dean Witter Strategist Fund (the "Fund") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as a non-diversified, open-end
management investment company. The Fund was organized as a Massachusetts
business trust on August 5, 1988 and commenced operations on October 31, 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 STRATEGIST FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1995, 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 following
annual rates to the net assets of the Fund determined at the close of each
business day: 0.60% 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; 0.50% to the portion of daily net assets exceeding $1
billion.

Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.

3. PLAN OF DISTRIBUTION

Shares of the Fund are distributed by Dean Witter Distributors Inc. (the
"Distributor"), an affiliate of the Investment Manager. The Fund has adopted a
Plan of Distribution (the "Plan"), pursuant to Rule 12b-1 under the Act pursuant
to which the Fund pays the Distributor compensation, accrued daily and payable
monthly, at an annual rate of 1.0% of the lesser of: (a) the average daily
aggregate gross sales of the Fund's shares since the implementation of the Plan
on November 8, 1989 (not including reinvestment of dividend or capital gain
distributions) less the average daily aggregate net
<PAGE>
DEAN WITTER STRATEGIST FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1995, CONTINUED

asset value of the Fund's shares redeemed since the Fund's implementation of the
Plan 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
attributable to shares issued, net of related shares redeemed, since
implementation of the Plan. 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 year ended July 31, 1995, it
received approximately $1,775,000 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 year ended July 31, 1995 aggregated
$1,278,393,842 and $1,277,865,740, respectively. Included in the aforementioned
are purchases and sales of U.S. Government securities of $336,249,589 and
$245,143,949, respectively. For the same period, the Fund paid brokerage
commissions of approximately $85,000 to DWR for 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 July 31, 1995, the Fund had
transfer agent fees and expenses payable of approximately $72,000.
<PAGE>
DEAN WITTER STRATEGIST FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1995, CONTINUED

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 year ended July 31, 1995
included in Trustees' fees and expenses in the Statement of Operations amounted
to $7,970. At July 31, 1995, the Fund had an accrued pension liability of
$50,526 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 YEAR
                                                                            FOR THE YEAR ENDED                 ENDED
                                                                               JULY 31, 1995               JULY 31, 1994
                                                                   -------------------------------------  ----------------
                                                                        SHARES             AMOUNT              SHARES
                                                                   ----------------  -------------------  ----------------
<S>                                                                <C>               <C>                  <C>
Sold.............................................................         9,276,510  $       137,319,676        12,833,544
Reinvestment of dividends and distributions......................         2,728,962           38,146,103         2,333,508
                                                                   ----------------  -------------------  ----------------
                                                                         12,005,472          175,465,779        15,167,052
Repurchased......................................................       (12,582,171)        (184,279,680)      (12,951,477)
                                                                   ----------------  -------------------  ----------------
Net increase (decrease)..........................................          (576,699) $        (8,813,901)        2,215,575
                                                                   ----------------  -------------------  ----------------
                                                                   ----------------  -------------------  ----------------

<CAPTION>

                                                                         AMOUNT
                                                                   -------------------
<S>                                                                <C>
Sold.............................................................  $       190,736,225
Reinvestment of dividends and distributions......................           34,489,407
                                                                   -------------------
                                                                           225,225,632
Repurchased......................................................         (191,951,989)
                                                                   -------------------
Net increase (decrease)..........................................  $        33,273,643
                                                                   -------------------
                                                                   -------------------
</TABLE>

6. FEDERAL INCOME TAX STATUS

At July 31, 1995, the Fund had temporary book/tax differences which were
primarily attributable to capital loss deferrals on wash sales and permanent
book/tax differences attributable to dividend redesignations.
<PAGE>
DEAN WITTER STRATEGIST FUND
FINANCIAL HIGHLIGHTS

Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
                                                                    FOR THE YEAR ENDED JULY 31
                                     ----------------------------------------------------------------------------------------
                                         1995           1994           1993           1992           1991           1990
- -----------------------------------------------------------------------------------------------------------------------------

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

Net asset value, beginning of
 period............................     $   14.43      $   14.59      $   14.39      $   13.09      $   11.65      $   11.37
                                           ------         ------         ------         ------         ------         ------

Net investment income..............          0.34           0.30           0.26           0.27           0.27           0.23

Net realized and unrealized gain...          1.86           0.22           0.81           1.27           1.50           0.55
                                           ------         ------         ------         ------         ------         ------

Total from investment operations...          2.20           0.52           1.07           1.54           1.77           0.78
                                           ------         ------         ------         ------         ------         ------

Less dividends and distributions
 from:
   Net investment income...........         (0.29)         (0.26)         (0.31)         (0.24)         (0.26)         (0.29)
   Net realized gain...............         (0.47)         (0.42)         (0.56)       --               (0.07)         (0.21)
                                           ------         ------         ------         ------         ------         ------

Total dividends and
 distributions.....................         (0.76)         (0.68)         (0.87)         (0.24)         (0.33)         (0.50)
                                           ------         ------         ------         ------         ------         ------

Net asset value, end of period.....     $   15.87      $   14.43      $   14.59      $   14.39      $   13.09      $   11.65
                                           ------         ------         ------         ------         ------         ------
                                           ------         ------         ------         ------         ------         ------

TOTAL INVESTMENT RETURN+...........         16.05%          3.53%          7.59%         11.88%         15.67%          7.21%

RATIOS TO AVERAGE NET ASSETS:
Expenses...........................          1.63 %         1.62 %         1.62 %         1.63 %         1.59 %         1.53%
Net investment income..............          2.35 %         2.03 %         1.90 %         2.19 %         2.37 %         2.39%

SUPPLEMENTAL DATA:
Net assets, end of period, in
 thousands.........................       $877,595       $806,249       $782,833       $440,802       $238,432       $195,687

Portfolio turnover rate............           179 %           90 %           98 %           79 %          140 %          101%

<CAPTION>
                                        FOR THE PERIOD
                                           THROUGH
                                        JULY 31, 1989
- ------------------------------------------------------------------------------
<S>                                  <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of
 period............................         $    9.45
                                               ------
Net investment income..............              0.38
Net realized and unrealized gain...              1.84
                                               ------
Total from investment operations...              2.22
                                               ------
Less dividends and distributions
 from:
   Net investment income...........             (0.30)
   Net realized gain...............           --
                                               ------
Total dividends and
 distributions.....................             (0.30)
                                               ------
Net asset value, end of period.....         $   11.37
                                               ------
                                               ------
TOTAL INVESTMENT RETURN+...........               23.76%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses...........................                0.97  %(2)(3)
Net investment income..............                6.00  %(2)(3)
SUPPLEMENTAL DATA:
Net assets, end of period, in
 thousands.........................               $47,921
Portfolio turnover rate............                  70  %(1)
<FN>

- ---------------------
 *   Commencement of operations.
 +   Does not reflect the deduction of sales charge.
(1)  Not annualized.
(2)  Annualized.
(3)  If the Fund had borne all its expenses that were assumed or waived by the
     Investment Manager, the above annualized expense and net investment income
     ratios would have been 1.48% and 5.48%, respectively.
</TABLE>

                       SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER STRATEGIST FUND
REPORT OF INDEPENDENT ACCOUNTANTS

TO THE SHAREHOLDERS AND TRUSTEES
OF DEAN WITTER STRATEGIST FUND

In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Dean Witter Strategist Fund (the
"Fund") at July 31, 1995, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then ended
and the financial highlights for each of the six years in the period then ended
and for the period October 31, 1988 (commencement of operations) through July
31, 1989, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at July
31, 1995 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.

PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
AUGUST 17, 1995

- --------------------------------------------------------------------------------
                      1995 FEDERAL TAX NOTICE (UNAUDITED)

       During  the  year  ended  July  31, 1995,  the  Fund  paid  to its
       shareholders $0.47  per share  from long-term  capital gains.  For
       such  period  26.22%  of  the income  dividend  qualified  for the
       dividends received deduction available to corporations.
<PAGE>


TRUSTEES

Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo                           DEAN WITTER
Edwin J. Garn                                    STRATEGIST FUND
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

Mark A. Bavoso
Vice President

Thomas F. Caloia
Treasurer

TRANSFER AGENT                                       [PHOTOGRAPH]

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



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.


                                  ANNUAL REPORT
                                  JULY 31, 1995


<PAGE>


DEAN WITTER STRATEGIST FUND

                                GROWTH OF $10,000

             DATE                 TOTAL          S&P 500           LEHMAN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
 October 31, 1988             $10,000             $10,000             $10,000
- --------------------------------------------------------------------------------
 July 31, 1989                $12,376             $12,736             $11,061
- --------------------------------------------------------------------------------
 July 31, 1990                $13,267             $13,558             $11,750
- --------------------------------------------------------------------------------
 July 31, 1991                $15,346             $15,290             $12,952
- --------------------------------------------------------------------------------
 July 31, 1992                $17,169             $17,243             $14,978
- --------------------------------------------------------------------------------
 July 31, 1993                $18,472             $18,745             $16,630
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
 July 31, 1994                $19,125             $19,712             $16,608
- --------------------------------------------------------------------------------
 July 31, 1995                $22,195 (3)         $24,847             $18,291
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

                          AVERAGE ANNUAL TOTAL RETURNS

                1 YEAR              FIVE YEARS         LIFE OF FUND
       -----------------------------------------------------------------
       -----------------------------------------------------------------
             16.05%(1)           10.84%(1)          12.55%(1)
       -----------------------------------------------------------------
             11.05%(2)           10.57%(2)          12.55%(2)
       -----------------------------------------------------------------
       -----------------------------------------------------------------

            --------------------------------------------------------
            -------------------------------------------------------
              _____ Fund  _____ S&P 500 (4) _____ Lehman(5)
            -------------------------------------------------------
            -------------------------------------------------------

Past performance is not predictive of future returns.

____________________________________________
(1)    Figure shown assumes reinvestment of all distributions and does not
       reflect the deduction of any sales charges.

(2)    Figure shown assumes reinvestment of all distributions and the deduction
       of the maximum applicable contingent deferred sales charge (CDSC) (1
       year-5%, 5 years-2%, since inception-0%).
       See the Fund's current prospectus for complete details on fees and sales
       charges.

(3)    Closing value assuming a complete redemption on July 31, 1995.

(4)    The Standard and Poors 500 Composite Stock Price Index (S&P 500) is a
       broad-based index, the performance of which is based on the average
       performance of 500 widely held common stocks. The index does not include
       any expenses, fees or charges.

(5)    The Lehman Brothers Government/Corporate Bond Index tracks the
       performance of government and corporate obligations, including U.S.
       government agency and U.S. treasury securities and corporate and yankee
       bonds, with maturities of one to ten years.





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