<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- -----------------------------------------------------------------------------
When Dean Witter Short-Term U.S. Treasury Trust's new fiscal year began on
June 1, 1993, the three-year U.S. Treasury note was yielding 4.62 percent.
Over the course of the next several months, interest rates declined to
20-year lows. Six months later, in November, rates began to rise as signs of
economic strength and heightened inflationary fears became apparent. At the
same time, consumer spending increased as mortgage refinancings generated
increased disposable income.
This scenario induced the Federal Reserve Board to change its monetary
policy by raising the federal-funds rate-the interest rate banks charge each
other for overnight loans-from 3.00 percent to 4.25 percent in four separate
moves starting in early February 1994. This increase represented the first
time in several years the central bank had acted to increase short-term
interest rates. Although these moves were presented as a series of
"preemptive" strikes in a war against potential inflationary pressure, the
markets interpreted this change in policy as the beginning of a trend toward
higher interest rates. The markets reacted immediately to the increase in
interest rates, with both stock and bond prices tumbling. By May 1994,
interest rates on short- and intermediate-term U.S. Treasury securities were
higher by 1.75 to 2.00 percentage points compared to November 1993 levels.
The three-year U.S. Treasury note ended the period under review yielding 6.33
percent.
PERFORMANCE AND PORTFOLIO STRUCTURE
Despite difficult investment conditions, the Fund had a modest investment
return of 0.25 percent for the 12-month period ended May 31, 1994. This
includes income distributions of $0.496118 per share and a change in net
asset value from $10.34 on June 1, 1993 to $9.88 per share on May 31, 1994.
The Fund's distribution rate as of May 31, 1994, was 4.86 percent, and
continues to offer investors an attractive alternative to other short-term
investments, free from state and local taxes in all 50 states and the
District of Columbia. The Fund's 30-day SEC yield at the end of the fiscal
year was 5.28 percent.
DEAN WITTER SHORT TERM U.S TREASURY TRUST
GROWTH OF $10,000
DATE TOTAL LEHMAN 1-3 GOVT INDEX
- -------------------------------------------------------------------------------
August 13, 1991 $10,000 $10,000
May 31, 1992 $10,655 $10,684
May 31,1993 $11,373 $11,413
May 31, 1994 $11,401(2) $11,643
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
- ------------------------------------------------------------
No Load 0.25 (1) 4.80 (1)
- ------------------------------------------------------------
---------------------------------------------------
_____Fund _____Lehman(3)
---------------------------------------------------
Past performance is not predictive of future returns.
___________________
(1) Figure shown assumes reinvestment of all distributions. There is no
sales charge.
(2) Closing value assuming a complete redemption on May 31, 1994.
(3) The Lehman Brothers 1-3 Year Government Bond Index is a sub-index of
the Lehman Brothers Government Bond Index and is comprised of Agency
and Treasury securities with maturities of one to three years.The index
does not include any expenses, fees or charges.
<PAGE>
<PAGE>
The Fund maintains a diversified investment strategy across the maturity
spectrum, out to a maximum of five years. Between June 1993 and October 1993,
the Fund's weighted average maturity was extended from 2 years to an average
of 2.5 years. As the decline in interest rates moderated, the Fund's average
maturity was reduced to a defensive 1.8 years. In concert with rising
interest rates, the Fund's average maturity was gradually extended to a more
normal 2.4 years in early 1994, enabling the Fund to continue to provide a
competitive source of income for shareholders. The accompanying chart
illustrates the growth of a $10,000 investment in the Fund from inception
(August 13, 1991) through the fiscal year ended May 31, 1994, versus the
performance of a hypothetical investment in the securities that comprise the
Lehman Brothers 1-3 Year Government Bond Index.
LOOKING AHEAD
For the balance of 1994, we expect the economy to slow vis-a-vis the rapid
pace of 1993's fourth quarter. This should occur as the 1993 tax hike and
higher interest rates take their toll. The general concern over health-care
reform and its effect on U.S. industry should also contribute to this
scenario. Although the markets have reacted negatively to concerns regarding
inflationary pressure, we believe 1994 will be a year of stable inflation of
approximately three percent. This would enable the Fund to continue to
provide an attractive income stream and a competitive total return.
We appreciate your support of Dean Witter Short-Term U.S. Treasury Trust
and look forward to continuing to serve your investment objectives in the
months and years to come.
Very truly yours,
/s/ Charles A. Fiumefreddo
Charles A. Fiumefreddo
Chairman of the Board
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
PORTFOLIO OF INVESTMENTS May 31, 1994
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT COUPON MATURITY
(IN THOUSANDS) RATE DATE VALUE
- ---------------- -------- ---------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (99.1%)
U.S. TREASURY STRIPS (9.6%)
$10,000 ......... 0.00 % 5/15/96 $ 8,902,663
10,000 ......... 0.00 5/15/97 8,293,505
20,000 ......... 0.00 5/15/97 16,577,512
20,000 ......... 0.00 11/15/97 15,995,206
------------
TOTAL U.S. TREASURY STRIPS
(IDENTIFIED COST $52,133,056) .... 49,768,886
------------
U.S. TREASURY NOTES (88.8%)
5,000 ......... 3.875 2/28/95 4,952,344
5,000 ......... 3.875 4/30/95 4,934,375
17,600 ......... 3.875 10/31/95 17,176,500
20,000 ......... 4.00 1/31/96 19,425,000
5,000 ......... 4.625 2/15/96 4,898,438
30,000 ......... 4.625 2/29/96 29,376,563
4,000 ......... 4.625 8/15/95 3,957,500
10,000 ......... 4.75 9/30/98 9,295,313
20,000 ......... 4.75 10/31/98 18,543,750
20,000 ......... 4.75 2/15/97 19,243,750
53,000 ......... 5.00 1/31/99 49,414,218
5,000 ......... 5.125 2/28/98 4,764,062
5,000 ......... 5.125 3/31/98 4,757,813
20,000 ......... 5.125 6/30/98 18,943,750
20,000 ......... 5.125 11/30/98 18,790,625
10,000 ......... 5.25 7/31/98 9,503,125
5,000 ......... 5.375 5/31/98 4,784,375
30,000 ......... 5.50 2/15/95 30,065,625
25,000 ......... 5.50 7/31/97 24,355,468
10,000 ......... 5.50 9/30/97 9,717,187
10,000 ......... 5.875 5/15/95 10,043,750
20,000 ......... 6.00 11/15/94 20,096,875
40,000 ......... 6.125 12/31/96 39,956,250
10,000 ......... 6.375 6/30/97 10,009,375
25,000 ......... 6.50 11/30/96 25,160,156
5,000 ......... 6.875 10/31/96 5,074,219
40,000 ......... 7.00 9/30/96 40,737,500
------------
TOTAL U.S. TREASURY NOTES
(IDENTIFIED COST $468,853,511) ... 457,977,906
------------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
PORTFOLIO OF INVESTMENTS May 31, 1994 (continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT COUPON MATURITY
(IN THOUSANDS) RATE DATE VALUE
- ---------------- -------- ---------- -------------
<S> <C> <C> <C>
SHORT-TERM INVESTMENT (0.7%)
U.S. TREASURY BILLS (a) (0.7%)
(Identified Cost
$3,594,405)
$ 3,600 ......... 3.73% 6/16/94 $ 3,594,405
-------------
TOTAL INVESTMENTS
(IDENTIFIED COST
$524,580,972)(B) ......... 99.1% 511,341,197
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES ... 0.9 4,675,879
---------- -------------
NET ASSETS ................ 100.0% $516,017,076
========== =============
<FN>
- ---------------
(a) U.S. Treasury bills were purchased on a discount basis. The rate shown
reflects the bond equivalent interest rate.
(b) The aggregate cost of investments for federal income tax purposes is
$524,580,972; the aggregate gross unrealized appreciation is $1,385,173
and the aggregate gross unrealized depreciation is $14,624,948,
resulting in net unrealized depreciation of $13,239,775.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
FINANCIAL STATEMENTS
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
May 31, 1994
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $524,580,972)(Note 1) .. $511,341,197
Cash ...................................... 150,853
Receivable for:
Interest ................................. 5,833,196
Shares of beneficial interest sold ...... 633,128
Prepaid expenses .......................... 113,671
Deferred organizational expenses (Note 1) 60,558
--------------
TOTAL ASSETS ............................ 518,132,603
--------------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased 1,371,377
Dividends to shareholders ................ 343,536
Investment management fee (Note 2) ...... 161,766
Plan of distribution fee (Note 3) ....... 161,766
Accrued expenses .......................... 77,082
--------------
TOTAL LIABILITIES ......................... 2,115,527
--------------
NET ASSETS:
Paid-in-capital ........................... 530,949,155
Accumulated net realized loss ............. (1,864,974)
Net unrealized depreciation on investments (13,239,775)
Accumulated undistributed net investment
income ................................... 172,670
--------------
NET ASSETS ................................ $516,017,076
==============
NET ASSET VALUE PER SHARE, 52,213,696
shares outstanding (unlimited shares
authorized of $.01 par value) ............ $9.88
=====
</TABLE>
STATEMENT OF OPERATIONS
For the year ended May 31, 1994
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
INTEREST INCOME .......................... $ 35,591,097
--------------
EXPENSES
Investment management fee (Note 2) ..... 2,249,631
Plan of distribution fee (Note 3) ...... 2,235,259
Transfer agent fees and expenses ....... 262,732
Registration fees ....................... 175,454
Professional fees ....................... 37,746
Shareholder reports and notices ........ 33,897
Organizational expenses (Note 1) ....... 26,937
Trustees' fees and expenses ............. 21,800
Custodian fees .......................... 20,609
Other ................................... 12,218
--------------
TOTAL EXPENSES ........................... 5,076,283
--------------
NET INVESTMENT INCOME ................. 30,514,814
--------------
NET REALIZED AND UNREALIZED LOSS
ON INVESTMENTS (NOTE 1):
Net realized loss on investments ....... (1,832,563)
Net change in unrealized appreciation on
investments ............................ (26,597,480)
--------------
NET LOSS ON INVESTMENTS .................. (28,430,043)
--------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .............. $ 2,084,771
==============
</TABLE>
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED MAY 31, ENDED MAY 31,
1994 1993
-------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ................................................... $ 30,514,814 $ 29,832,988
Net realized gain (loss) on investments ................................. (1,832,563) 266,090
Net change in unrealized appreciation on investments .................... (26,597,480) 6,464,012
-------------- --------------
Net increase in net assets resulting from operations ................... 2,084,771 36,563,090
-------------- --------------
Dividends and distributions to shareholders from:
Net investment income ................................................... (30,758,353) (29,690,814)
Net realized gain on investments ........................................ (298,412) (679,492)
-------------- --------------
(31,056,765) (30,370,306)
-------------- --------------
Net increase (decrease) from transactions in shares of beneficial
interest (Note 6) ...................................................... (39,217,191) 54,458,749
-------------- --------------
Total increase (decrease) .............................................. (68,189,185) 60,651,533
NET ASSETS:
Beginning of period ...................................................... 584,206,261 523,554,728
-------------- --------------
END OF PERIOD (including undistributed net investment income
of $172,670 and $416,209, respectively) ................................. $516,017,076 $584,206,261
============== ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS
- -----------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES--Dean Witter Short-Term U.S. Treasury
Trust (the "Fund") is registered under the Investment Company Act of 1940, as
amended (the "Act"), as a diversified, open-end management investment
company. It was organized on June 4, 1991 as a Massachusetts business trust
and commenced operations on August 13, 1991.
The following is a summary of significant accounting policies:
A. Valuation of Investments--(1) all portfolio securities for which
over-the-counter market quotations are readily available are valued at the
bid price; (2) when market quotations are not readily available, portfolio
securities are valued at their fair value as determined in good faith under
procedures established by and under the general supervision of the Trustees
(valuation of securities for which market quotations are not readily
available may be based upon current market prices of securities which are
comparable in coupon, rating and maturity or an appropriate matrix utilizing
similar factors); and (3) short-term debt securities with remaining
maturities of 60 days or less to maturity at time of purchase are valued at
amortized cost; other short-term securities are valued on a mark-to-market
basis until such time as they reach a remaining maturity of 60 days,
whereupon they are valued at amortized cost using their value on the 61st
day.
B. Accounting for Investments--Security transactions are accounted for on the
trade date (date the order to buy or sell is executed). In computing net
investment income, the Fund does not amortize premiums or accrue discounts on
fixed income securities in the portfolio, except those original issue
discounts for which amortization is required for federal income tax purposes.
Additionally, with respect to market discount, a portion of any capital gain
realized upon disposition is recharacterized as investment income in
accordance with the provisions of the Internal Revenue Code. Realized gains
and losses on security transactions are determined on the identified cost
method. 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.
D. Dividends and Distributions to Shareholders--The Fund records dividends
and distributions to its shareholders on the ex-dividend 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 that 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 reclassifications.
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 that
they exceed net investment income and net realized capital gains for tax
purposes, they are reported as distributions of paid-in-capital.
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
- -----------------------------------------------------------------------------
E. Organizational Expenses--The Fund has reimbursed the Manager for $135,000
of organizational expenses which have been deferred and are being amortized
by the Fund on the straight-line method over a period of five years from the
commencement of operations.
2. INVESTMENT MANAGEMENT AGREEMENT--Pursuant to an Investment Management
Agreement (the "Agreement") with Dean Witter InterCapital Inc. (the
"Investment Manager"), the Fund pays its Investment Manager a management fee
accrued daily and payable monthly by applying the annual rate of 0.35% to the
net assets of the Fund determined as of the close of each business day.
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. To compensate the Distributor, the Fund adopted a Plan of
Distribution (the "Plan") pursuant to Rule 12b-1 under the Act with the
Distributor whereby the Distributor finances certain activities in connection
with the distribution of shares of the Fund.
Under the Plan, the Distributor bears the expense of all promotional and
distribution related activities on behalf of the Fund, except for expenses
that the Trustees determine to reimburse as described below. The following
activities and services may be provided by the Distributor under the Plan;
(1) compensation to sales representatives of the Distributor and other
broker-dealers; (2) sales incentives and bonuses to sales representatives and
to marketing personnel in connection with promoting sales of the Fund's
shares; (3) expenses incurred in connection with promoting sales of the
Fund's shares; (4) preparing and distributing sales literature; and (5)
providing advertising and promotional activities, including direct mail
solicitation and television, radio, newspaper, magazine and other media
advertisements.
The Fund is authorized to reimburse the Distributor for specific expenses
the Distributor incurs or plans to incur in promoting the distribution of the
Fund's shares. The amount of each monthly reimbursement payment may in no
event exceed an amount equal to a payment at the annual rate of 0.35% of the
Fund's average daily net assets during the month. For the year ended May 31,
1994, the distribution fee accrued was at the annual rate of 0.35%.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES--The cost of
purchases and the proceeds from sales of portfolio securities for the year
ended May 31, 1994, excluding short-term investments, aggregated $302,350,247
and $342,594,676, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At May 31, 1994, the Fund had
transfer agent fees and expenses payable of approximately $25,400.
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
- -----------------------------------------------------------------------------
Bowne & Co., Inc. is an affiliate of the Fund by virtue of a common Fund
Trustee and Director of Bowne & Co. During the year ended May 31, 1994, the
Fund paid Bowne & Co., Inc. $2,527 for printing of shareholder reports.
5. FEDERAL INCOME TAX STATUS--Any net capital losses incurred after October
31 ("post-October losses") within the taxable year are deemed to arise on the
first business day of the Fund's next taxable year. The Fund incurred and
will elect to defer such net capital losses of approximately $1,865,000
during fiscal 1994. As of May 31, 1994, the Fund had temporary book/tax
differences primarily attributable to post-October loss deferrals.
6. SHARES OF BENEFICIAL INTEREST--Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR ENDED MAY 31, 1994 FOR THE YEAR ENDED MAY 31, 1993
------------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Sold ......................... 81,445,102 $ 837,411,660 83,302,728 $ 863,032,328
Reinvestment of dividends and
distributions ............... 2,575,965 26,371,210 2,511,899 26,016,212
-------------- --------------- -------------- ---------------
84,021,067 863,782,870 85,814,627 889,048,540
Repurchased .................. (88,298,619) (903,000,061) (80,582,390) (834,589,791)
-------------- --------------- -------------- ---------------
Net increase (decrease) ..... (4,277,552) $ (39,217,191) 5,232,237 $ 54,458,749
============== =============== ============== ===============
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------
Selected data and ratios for a share of beneficial interest outstanding
throughout each period:
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE YEAR FOR THE YEAR AUGUST 13, 1991*
ENDED MAY 31, ENDED MAY 31, THROUGH MAY 31,
1994 1993 1992
-------------- -------------- ----------------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ................... $ 10.34 $ 10.21 $ 10.00
-------------- -------------- ----------------
Net investment income ................................. 0.49 0.54 0.44
Net realized and unrealized gain (loss) on investments (0.45) 0.13 0.20
-------------- -------------- ----------------
Total from investment operations ....................... 0.04 0.67 0.64
-------------- -------------- ----------------
Less dividends and distributions:
Dividends from net investment income .................. (0.50) (0.53) (0.43)
Distribution from realized gains on investments ...... 0.00 (0.01) 0.00
-------------- -------------- ----------------
Total dividends and distributions ...................... (0.50) (0.54) (0.43)
-------------- -------------- ----------------
Net asset value, end of period ......................... $ 9.88 $ 10.34 $ 10.21
============== ============== ================
TOTAL INVESTMENT RETURN ................................ 0.25% 6.75% 6.55%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) ............... $516,017 $584,206 $523,555
Ratio of expenses to average net assets ................ 0.79% 0.80% 0.79%(2)(3)
Ratio of net investment income to average net assets .. 4.74% 5.18% 5.49%(2)(3)
Portfolio turnover rate ................................ 49% 21% 12%
<FN>
- ---------------
* Date of commencement of operations.
(1) Not annualized.
(2) Annualized.
(3) If the Fund had borne all expenses that were assumed or waived by the
Investment Manager, the above annualized expense ratio would have been
0.81% ($.065 per share) and the above annualized net investment income
ratio would have been 5.47% ($.437 per share).
</TABLE>
- -------------------------------------------------------------------------------
1994 FEDERAL TAX NOTICE (unaudited)
For the year ended May 31, 1994, the Fund paid to shareholders $0.00404
per share from long-term capital gains.
- -------------------------------------------------------------------------------
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER SHORT-TERM U.S. TREASURY TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
- -----------------------------------------------------------------------------
To the Shareholders and Trustees of Dean Witter Short-Term U.S. Treasury
Trust
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
Short-Term U.S. Treasury Trust (the "Fund") at May 31, 1994, 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 two years in the period then ended and for the period August
13, 1991 (commencement of operations) through May 31, 1992, 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 May 31,
1994 by correspondence with the custodian, provide a reasonable basis for the
opinion expressed above.
PRICE WATERHOUSE
1177 Avenue of the Americas
New York, New York
July 5, 1994
<PAGE>
<PAGE>`
TRUSTEES
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. John E. Jeuck
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
Edward R. Telling
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
Rajesh K. Gupta
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
LEGAL COUNSEL
Sheldon Curtis
Two World Trade Center
New York, New York 10048
INDEPENDENT ACCOUNTANTS
Price Waterhouse
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
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.
DEAN WITTER
SHORT-TERM
U.S. TREASURY
TRUST
[LOGO]
ANNUAL REPORT
MAY 31, 1994
<PAGE>
APPENDIX FOR GRAPHIC AND IMAGE MATERIAL
Graphs or images which cannot be reproduced in the ASCII format
required for EDGAR have been omitted in the letter (first page) of the
preceding Annual Report. Pursuant to Rule 304 of Regulation S-T, the
substantive information contained in these graphs or images is conveyed on the
above-mentioned pages of this EDGAR Filing in tabular and/or narrative form.
