<PAGE>
DEAN WITTER RETIREMENT SERIES
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- - -------------------------------------------------------------------------------
At the close of its first full fiscal year on July 31, 1994, Dean Witter
Retirement Series had net assets in excess of $37 million, an increase of more
than 300 percent over 12 months ago, when assets stood at less than $9 million.
The Series offers 11 different portfolios, ranging from money markets to
government securities to various categories of equities and foreign securities.
The Series's fiscal year began with the U.S. economy expanding at an
anemic pace, with much of the world still mired in recession. Interest rates
were still edging downward and by October 1993, had reached levels not seen
in over two decades. By the end of 1993, the U.S. economy was picking up
steam with strong retail sales and housing starts. However, the strength of
the U.S. economy during the fourth quarter of 1993 renewed inflationary
fears. By February 1994, the Federal Reserve Board, in an effort to stamp out
inflation ended five years of accommodative monetary policy with what turned
out to be the first in a series of increases in short-term interest rates.
This shift toward higher interest rates had an immediate negative impact on
both the stock and bond markets, as prices plummeted. By mid-August 1994, the
federal-funds rate--the interest rate banks charge one another for overnight
loans--had increased to 4.75 percent from 3.00 percent in February. This is
reflected in the performance of many of the Series portfolios.
Most economic and monetary indicators now reflect a higher-than-expected
pace of activity. For the past five months, the average of 300,000 new jobs,
coupled with some increases in average hourly wages reflect a strengthening
economic environment. Therefore, we do not believe the Federal Reserve
Board's task of "leaning against the wind" by raising short-term interest
rates is complete. While the economy's immediate growth trends at this stage
of the economic cycle may be somewhat insensitive to the level of short-term
interest rates, eventually the central bank's actions will have a slowing
influence.
The overall performance of the Series was also hampered by the fact that
several portfolios remain relatively small in size. However, as assets continue
to grow we expect performance to more closely match that of the markets.
LIQUID ASSET SERIES
Liquid Asset Series seeks liquidity, preservation of capital and high
current income by investing in corporate and government money-market
instruments. The portfolio does not contain any derivative securities. As of
July 31, 1994, the Series had assets in excess of $1.5 million, with an
average maturity of 41 days and a total investment return of 3.48 percent for
the 12 months ended July 31, 1994. At the end of the fiscal year, 96 percent
of the Series's portfolio was invested in Federal agency obligations, with 7
percent invested in high-quality commercial paper.
As always, the Series will continue to emphasize liquidity and stability
of value while working to keep yields reflective of prevailing monetary
conditions.
U.S. GOVERNMENT MONEY MARKET SERIES
U.S. Government Money Market Series invests primarily in money market
instruments issued and/or guaranteed, as to principal and interest, by the
U.S. government, its agencies or instrumentalities. The portfolio does not
contain any derivative securities. On July 31, 1994, the Series had net
assets totaling $554,808, with an average maturity
<PAGE>
<PAGE>
of 22 days and a total investment return of 3.52 percent for the 12 months
ended July 31, 1994. One hundred percent of the Series' portfolio was
invested in Federal agency obligations such as at the end of the fiscal year.
As always, the Series will continue to emphasize liquidity and stability
of value while working to keep yields reflective of prevailing monetary
conditions.
U.S. GOVERNMENT SECURITIES SERIES
U.S. Government Securities Series invests in a diversified portfolio of
obligations issued and/or guaranteed as to principal and interest by the U.S.
government, its agencies or instrumentalities and with a wide spectrum of
maturities. In a difficult investment climate, the Series declined by a
modest 0.69 percent for the fiscal year ended July 31, 1994. While higher
interest rates have been responsible for reducing the Series's net asset
value, this scenario is beginning to generate attractive yields on longer-term
bonds. As a result, the portfolio's average maturity is gradually being
extended as attractive investment opportunities in mortgage-backed securities
become available. At fiscal year-end, the portfolio's average maturity was a
conservative 4.1 years.
The accompanying chart illustrates the performance of a $10,000 investment
in the Series from inception (January 8, 1993) through the fiscal year ended
July 31, 1994, versus the performance of a similar hypothetical investment in
the Lehman Brothers General U.S. Government Index.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
U.S. Government Securities Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL LEHMAN BROTHERS
GENERAL US GOVT INDEX
- - -------------------------------------------------------------------------------
<S> <C> <C>
January 8, 1993 $10,000 $10,000
July 31, 1993 $10,260 $10,595
July 31, 1994 $10,188 $10,581
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD -0.69%(1) 1.21%(1)
- - -------------------------------------------------------------------------------
____Fund ____Lehman(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The Lehman Brothers General U.S. Government Index is an unmanaged index
of all U.S. Government agency and Treasury securities and is not available for
purchase.
</TABLE>
<PAGE>
INTERMEDIATE INCOME SECURITIES SERIES
Intermediate Income Series invests primarily in intermediate-term,
investment-grade fixed-income securities. Over the last 12 months, interest
rates on intermediate maturity U.S. Treasury securities rose by 1.5 to more
than 2 percentage points, sending bond prices plummeting. This is reflected
in the Series's modest total return of 0.26 percent for the fiscal year ended
July 31, 1994. For the same period, the Lehman Brothers Intermediate Investment
Grade Debt Index produced a total return of 0.04 percent.
The accompanying chart illustrates the performance of a $10,000 investment
in the Series from inception (January 12, 1993) through the fiscal year ended
July 31, 1994, versus the performance of a similar hypothetical investment in
the Lehman Brothers Intermediate Investment Grade Debt Index.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
Intermediate Income Securities Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL LEHMAN INTMEDIATE
INVESTMENT GRADE DEBT INDEX
- - -------------------------------------------------------------------------------
<S> <C> <C>
January 12, 1993 $10,000 $10,000
July 31, 1993 $10,167 $10,720
July 31, 1994 $10,194 $10,725
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD 0.26% (1) 1.25% (1)
- - -------------------------------------------------------------------------------
____Fund ____Lehman(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The Lehman Brothers Intermediate Investment Grade Debt Index is an
unmanaged index of 5 to 10 year investment-grade corporate debt securities and
is not available for purchase.
</TABLE>
On July 31, 1994, nearly 84 percent of the portfolio was invested in U.S.
government securities. New purchases emphasized maturities of less than six
years. Over the past several months the additional yield available on
longer-term securities has declined, providing less incentive to extend
maturities. U.S. Treasury and Agency securities comprised nearly 75 percent
of the new commitments. Corporate positions were established in Eastman Kodak
Co., Grand Metropolitan Investment Corp., United Illuminating Corp., Pacific
Gas & Electric Co. and Bank of China, accounting for the remaining 25 percent
of the portfolio. On July 31, 1994, the Series had an average maturity of
3.88 years and an average coupon of 7.02 percent. The average quality
rating was AA1.
While we believe much of the interest-rate increase for the current economic
cycle has already occurred, as long as the economy remains strong and the
possibility for further increases in interest rates remains likely, we will
maintain our current conservative portfolio strategy. If higher inflation fails
to materialize and economic growth continues to moderate for the remainder of
1994, we will again look to extend maturities.
<PAGE>
AMERICAN VALUE SERIES
American Value Series invests principally in equity issues which represent
industries that at the time of investment are believed to have the most
attractive earnings growth potential. For the fiscal year ended July 31,
1994, the Series declined by a modest 0.6 percent compared to an increase of
5.15 percent for the S&P 500. The Series's performance was affected by a
major market rotation away from growth-driven investments in favor of
value-driven investments. We enter the new fiscal year with an equity
portfolio that we believe is well positioned to take advantage of the next
phase of the economic cycle. The accompanying chart illustrates the growth of
a $10,000 investment in the Series from inception (February 1, 1993) through
the fiscal year ended July 31, 1994, versus the performance of a similar
hypothetical investment in the issues that comprise the S&P 500 Index.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
American Value Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL S&P 500
- - -------------------------------------------------------------------------------
<S> <C> <C>
February 1, 1993 $10,000 $10,000
July 31, 1993 $10,050 $10,271
July 31, 1994 $ 9,990 $10,801
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD -0.59%(1) -0.07%(1)
- - -------------------------------------------------------------------------------
____Fund ____S&P 500(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The 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.
</TABLE>
In retrospect, the Federal Reserve Board's change in monetary policy in
February was the first signal to move into value-oriented stocks. And in May,
when the central bank again raised interest rates, we began to alter
substantially our view of the U.S. and global economies. Consequently, the
portfolio has de-emphasized technology and early-cycle groups, such as housing
and automobiles, in favor of late-cycle industries and defensive groups.
Accelerating worldwide economic growth has led to pronounced improvement in
such late-cycle industries as metals, energy and chemicals. Among defensive
stocks, we have increased the Series's exposure to financial groups, especially
regional banks and insurance, as well as foods, beverages and household
products. These moves were made in an attempt to lower the Series's
price/earnings ratio and combat volatility within the portfolio.
Historically, in the next phase of the economic cycle, groups that tend to
outperform are classic growth stocks, the steady double-digit growth rates of
which look appealing as other sectors slow. As this scenario unfolds, we will
move toward sectors that can do well with flat-to-declining interest rates
and rising price/earnings multiples, such as technology, early cyclicals,
health care and growth retailers.
<PAGE>
CAPITAL GROWTH SERIES
Capital Growth Series utilizes a computerized screening process to select
equities offering the potential for long-term capital growth. For the fiscal
year ended July 31, 1994, the Series produced a total return of 6.57 percent,
outperforming the S&P 500, which returned 5.15 percent. We believe the
Series's outperformance of the broad market index is largely attributable to
the screening process and to investors' renewed focus on high-quality,
consistent growth stocks. Also, a portfolio move in 1993 to expand its universe
in search of greater diversification positioned the Series to better withstand
the market decline during the first half of 1994. The accompanying chart
illustrates the growth of a $10,000 investment in the Series from the inception
(February 2, 1993) through the fiscal year ended July 31, 1994, versus the
performance of a similar hypothetical investment in the issues that comprise
the S&P 500.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
Capital Growth Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL S&P 500
- - -------------------------------------------------------------------------------
<S> <C> <C>
February 2, 1993 $10,000 $10,000
July 31, 1993 $ 8,880 $10,271
July 31, 1994 $9,463 $10,800
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD 6.57%(1) -3.64%(1)
- - -------------------------------------------------------------------------------
____Fund ____S&P 500(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The 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.
</TABLE>
At the end of the fiscal year, the Series had net assets totaling
$214,712. On July 31, 1994, the Series owned 42 equity issues spread among 30
different industry groups.
The screening process dictated the addition of three new stock positions
to the portfolio and the deletion of three holdings since our semiannual
report to shareholders dated January 31, 1994. Added were Coca-Cola, Schering
Plough and Federal National Mortgage. Positions sold were Philip Morris,
Tyson Foods (Class A) and EG&G.
<PAGE>
DIVIDEND GROWTH SERIES
Dividend Growth Series invests primarily in equity issues of companies with
consistent records of paying dividends and the potential for increasing
dividends. For the fiscal year ended July 31, 1994, the Series registered a
total return of 6.13 percent, compared with a total return of 5.15 percent for
the S&P 500. Since inception (January 7, 1993), the Series has provided an
average annual total return of 8.56 percent, versus 7.05 percent for the S&P
500. Net assets were in excess of $12.8 million at the end of the period.
The accompanying chart illustrates the growth of a $10,000 investment in
the Series from inception through the fiscal year ended July 31, 1994, versus
the performance of a similar hypothetical investment in the issues that
comprise the S&P 500.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
Dividend Growth Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL S&P 500
- - -------------------------------------------------------------------------------
<S> <C> <C>
January 7, 1993 $10,000 $10,000
July 31, 1993 $10,711 $10,577
July 31, 1994 $11,368 $11,122
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD 6.13%(1) 8.56%(1)
- - -------------------------------------------------------------------------------
____Fund ____S&P 500(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The 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.
</TABLE>
On July 31, 1994, the Series owned 26 equity issues spread among 23
different industry groups. This screening process led us to add two new
positions--International Business Machines (IBM) and Deere & Co.--to the
portfolio since our last report to shareholders dated January 31, 1994.
<PAGE>
UTILITIES SERIES
Utilities Series seeks to provide current income and long-term growth of
income and capital by investing in stocks and bonds of companies in the public
utilities industry. The fear of competition and loss of monopoly status by the
electric utility companies, combined with a higher interest rate environment
provided the backdrop for the Series's 5.23 percent decline for the fiscal year
ended July 31, 1994. The accompanying chart illustrates the performance of a
$10,000 investment in the Series from inception (January 8, 1993) through the
fiscal year ended July 31, 1994, versus the performance of a similar
hypothetical investment in the issues that comprise the S&P 500.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
Utilities Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL S&P 500
- - -------------------------------------------------------------------------------
<S> <C> <C>
January 8, 1993 $10,000 $10,000
July 31, 1993 $11,498 $10,618
July 31, 1994 $10,896 $11,165
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD -5.23%(1) 5.66%(1)
- - -------------------------------------------------------------------------------
____Fund ____S&P 500(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The 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.
</TABLE>
On July 31, 1994, the Series was 88 percent invested and well diversified
within the utilities spectrum among several sectors, including
telecommunications (37 percent), electric utilities (37 percent) and natural
gas (14 percent). This allocation strategy represents a significant change
compared to a year ago, when telecommunications, electric utilities and
natural gas represented 16 percent, 58 percent and 8 percent of net assets,
respectively. Enhanced diversification is achieved through investment in
selective foreign securities, which accounted for 10 percent of net assets at
the end of the fiscal year. We are confident that these shifts in portfolio
allocation, as well as the greater diversification, will bode well for the
Series over the next several quarters.
<PAGE>
VALUE-ADDED MARKET SERIES
Value-Added Series invests, on an equally weighted basis, in a diversified
portfolio of stocks issued by companies that are represented in the S&P 500.
During the fiscal year ended July 31, 1994, the Series substantially
outperformed the S&P 500: 8.89 percent versus 5.15 percent, respectively.
Since inception on February 1, 1993, the Series's average annual total return
is 6.38 percent, versus 5.30 percent for the S&P 500. On July 31, 1994, the
Series had net assets in excess of $5.1 million.
Unlike the broad-based, capitalization-weighted S&P 500, the Series
equally weights all stock positions, thereby emphasizing the stocks of
small-and mid-sized companies which have historically outperformed
larger-capitalized companies. The Series's strong showing compared to the
market is largely attributable to this structure. By its nature, the Series is
overweighted in the financial and cyclical sectors and underweighted in the
utilities sector.
The accompanying chart illustrates the growth of a $10,000 investment in
the Series from inception through July 31, 1994, versus the performance of a
similar hypothetical investment in the issues that comprise the S&P 500.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
Value-Added Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL S&P 500
- - -------------------------------------------------------------------------------
<S> <C> <C>
February 1, 1993 $10,000 $10,000
July 31, 1993 $10,071 $10,271
July 31, 1994 $10,967 $10,801
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD 8.89%(1) 6.38%(1)
- - -------------------------------------------------------------------------------
____Fund ____S&P 500(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The 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.
</TABLE>
<PAGE>
GLOBAL EQUITY SERIES
Global Equity Series invests in a broad range of securities of both
domestic and foreign companies, governments and international organizations.
In the global economy over the past 12 months, economic prospects have
brightened considerably. During 1993, Japan and almost all of Europe were in
recession while the U.S. and the U.K. were the only Group of Seven
Industrialized Nations (G-7) countries expanding. Interest rates were in a
downward trend in nearly every country and by early 1994 growth prospects
were widely in evidence. However, when the U.S. Federal Reserve Board raised
short-term interest rates in February after several years of decline, global
investor sentiment reversed, and nearly every stock market began a protracted
correction which only seemed to stabilize by mid-year.
Against this uncertain backdrop, the Series provided a total return of
6.54 percent for the fiscal year ended July 31, 1994, compared to 5.15
percent for the S&P 500. On July 31, 1994, the Series had total net assets of
over $2 million. The accompanying chart illustrates the performance of a
$10,000 investment in the Series from inception (January 8, 1993) through the
fiscal year ended July 31, 1994, versus the performance of a similar
hypothetical investment in the issues that comprise the S&P 500.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
Global Equity Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL S&P 500
- - -------------------------------------------------------------------------------
<S> <C> <C>
January 8, 1993 $10,000 $10,000
July 31, 1993 $10,040 $10,618
July 31, 1994 $10,697 $11,165
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD 6.54%(1) 4.42%(1)
- - -------------------------------------------------------------------------------
____Fund ____S&P 500(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The 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.
</TABLE>
With economic recovery now clearly underway in Europe and Japan, 1995 is
shaping up as a year of synchronized global expansion with the brightest
economic outlook in several years. With stock prices now at less-demanding
valuation levels, the equity market outlook also appears promising.
<PAGE>
STRATEGIST SERIES
Strategist Series seeks to maximize total return by actively allocating
its assets among the major asset categories of equity and fixed-income
securities and money-market instruments. For the fiscal year ended July 31,
1994, the Series posted a total return of 0.12 percent, versus 5.15 percent
for the S&P 500 and -0.13 percent for the Lehman Brothers Government/Corporate
Bond Index. During the fiscal year, total net assets in the Series grew from
approximately $551,000 to more than $1.2 million. The accompanying chart
illustrates the performance of a $10,000 investment in the Series from
inception (January 7, 1993) through the fiscal year ended July 31, 1994, versus
the performance of a similar hypothetical investment in the issues that
comprise the S&P 500.
<TABLE>
<CAPTION>
DEAN WITTER RETIREMENT SERIES
Strategist Series
GROWTH OF $10,000
($ IN THOUSANDS)
DATE TOTAL S&P 500
- - -------------------------------------------------------------------------------
<S> <C> <C>
January 7, 1993 $10,000 $10,000
July 31, 1993 $ 9,830 $10,577
July 31, 1994 $ 9,842 $11,122
- - -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR LIFE OF FUND
- - -------------------------------------------------------------------------------
STANDARD 0.12%(1) -1.02%(1)
- - -------------------------------------------------------------------------------
____Fund ____S&P 500(2)
Past performance is not predictive of future returns.
<FN> ________________________________________
(1) Total return figures shown assume reinvestment of all distributions.
(2) The 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.
</TABLE>
During the first quarter of 1994, the Series's asset allocation was shifted
to a more defensive strategy in response to the initial rise in interest rates.
On July 31, 1994, 44 percent of the Series's net assets were allocated to
equities, 21 percent to bonds and 34 percent to cash.
The Series's equity allocation overweights industries which have
historically outperformed the general market during similar economic cycles. At
the close of fiscal 1994, overweighted sectors included consumer services,
consumer staples, financials, and energy. The portfolio also includes a foreign
sector, with a portion of assets diversified among issues from Chile, Mexico
and Japan. The fixed-income portfolio is also well diversified among U.S.
government and corporate issues, with all bonds rated investment grade or
higher.
<PAGE>
LOOKING AHEAD
In the coming months, we expect the U.S. economy to grow within a moderate
band of three to four percent. This level should not disturb either the
Federal Reserve Board or the fixed-income markets. As long as inflation is held
in check, a stable bond market should provide a favorable backdrop for stocks,
where earnings growth is expected to continue at above-average levels.
We appreciate your support of Dean Witter Retirement Series and look forward
to continuing to serve your investment needs.
Very truly yours,
Charles A. Fiumefreddo
Chairman of the Board
- - ------------------------------------------------------------------------------
All performance quotations for the fiscal year ended July 31, 1994, for each
Series, reflect the fact that the Investment Manager absorbed all expenses
relating to their operations (excluding brokerage fees and a portion of the
organizational expenses). Furthermore, the Investment Manager waived its
compensation. Had the Investment Manager not absorbed these fees and
expenses, and waived its compensation, performance quotations would have been
lower.
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--LIQUID ASSET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED YIELD
AMOUNT (IN ON DATE OF
THOUSANDS) DESCRIPTION AND MATURITY DATE PURCHASE VALUE
- - ----------- -------------------------------------------------------- ---------------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCIES (96.6%)
$ 185 Federal Home Loan Banks 8/04/94 ......................... 4.37% $ 184,889
174 Federal Home Loan Mortgage Corp. 8/24/94 to 9/14/94 .... 3.33 to 4.27 173,445
1,120 Federal National Mortgage Association 8/23/94 to 9/27/94 . 4.23 to 4.56 1,113,643
-----------
TOTAL U.S. GOVERNMENT AGENCIES (Amortized Cost $1,471,977) .............. 1,471,977
-----------
COMMERCIAL PAPER (6.5%)
BANKS--COMMERCIAL (3.2%)
50 ABN AMRO H.A. Fin., Inc. 9/16/94 ...................... 4.65 49,693
BROKERAGE (3.3%)
50 Goldman Sachs Group L.P. 9/15/94 ...................... 4.60 49,703
-----------
TOTAL COMMERCIAL PAPER
(AMORTIZED COST $99,396) ................................................. 99,396
-----------
TOTAL INVESTMENTS (AMORTIZED COST $1,571,373) (A)..................... 103.1% 1,571,373
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ....................... (3.1) (47,003)
------ -----------
NET ASSETS............................................................ 100.0% $1,524,370
====== ===========
</TABLE>
- - ---------------
(a) The aggregate cost for federal tax purposes is the same.
DEAN WITTER RETIREMENT SERIES--U.S. GOVERNMENT MONEY MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED YIELD
AMOUNT (IN ON DATE OF
THOUSANDS) DESCRIPTION AND MATURITY DATE PURCHASE VALUE
- - ----------- ------------------------------------- ---------------- ----------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCIES (99.9%)
$ 120 Federal Farm Credit Bank
8/17/94 to 8/23/94 ................. 3.24 to 4.44% $119,674
241 Federal Home Loan Mortgage Corp.
8/01/94 to 8/02/94 ................. 4.05 to 4.27 240,939
195 Federal National Mortgage Association
8/02/94 to 12/06/94 ................ 4.23 to 4.95 193,907
----------
TOTAL U.S. GOVERNMENT AGENCIES
(AMORTIZED COST $554,520) ............................. 554,520
----------
TOTAL INVESTMENTS (AMORTIZED COST $554,520)(A) 99.9% 554,520
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .... 0.1 288
------ ----------
NET ASSETS......................................... 100.0% $554,808
====== ==========
</TABLE>
- - ---------------
(a) The aggregate cost for federal tax purposes is the same.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--U.S. GOVERNMENT SECURITIES SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON
THOUSANDS) RATE MATURITY DATES VALUE
- - ----------- -------- --------------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & OBLIGATIONS (97.8%)
Government National Mortgage Association (32.4%)
$1,019 ....................................... 7.00% 6/15/23-6/15/24 $ 957,206
-----------
U.S. Treasury Strips (38.0%)
100 ......................................... 0.00 8/15/96 88,708
500 ......................................... 0.00 5/15/97 420,041
800 ......................................... 0.00 8/15/98 614,643
-----------
1,123,392
-----------
U.S. Treasury Note (10.1%)
300 .......................................... 4.625 12/31/94 299,672
-----------
U.S. Treasury Bill (a) (17.3%)
510 .......................................... 3.533 8/11/94 509,464
-----------
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS
(IDENTIFIED COST $3,015,790) ............... 2,889,734
-----------
TOTAL INVESTMENTS (IDENTIFIED COST $3,015,790)(B)........ 97.8% 2,889,734
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......... 2.2 64,291
----- -----------
NET ASSETS............................................... 100.0% $2,954,025
===== ===========
</TABLE>
- - ---------------
(a) Treasury bill was 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
$3,015,790; the aggregate gross unrealized appreciation is $868 and the
aggregate gross unrealized depreciation is $126,924, resulting in net
unrealized depreciation of $126,056.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--INTERMEDIATE INCOME SECURITIES SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ----------
<S> <C> <C> <C> <C>
CORPORATE BONDS (15.8%)
BANKS--INTERNATIONAL (3.1%)
$15 Bank of China ...................... 6.75% 3/15/99 $ 14,494
----------
FOOD & BEVERAGE--INTERNATIONAL (2.2%)
10 Grand Metropolitan Investment Corp. . 8.125 8/15/96 10,319
----------
INDUSTRIALS--INTERNATIONAL (1.1%)
5 Rhone Poulenc S.A. ................. 7.75 1/15/02 5,022
----------
PHOTOGRAPHY (2.3%)
10 Eastman Kodak Co. .................. 10.00 6/15/01 10,555
----------
TOBACCO (1.0%)
5 RJR Nabisco, Inc. .................. 8.625 12/01/02 4,631
----------
TRANSPORTATION (1.1%)
5 Ryder Systems, Inc. ................ 9.375 1/15/98 5,092
----------
UTILITIES--ELECTRIC (5.0%)
15 Pacific Gas & Electric Co. ......... 6.25 3/01/04 13,554
10 United Illuminating Corp. .......... 6.20 1/15/99 9,325
----------
22,879
----------
TOTAL CORPORATE BONDS (IDENTIFIED COST $74,133) ......... 72,992
----------
U.S. GOVERNMENT OBLIGATIONS (80.0%)
20 U.S. Treasury Note ................. 4.25 11/30/95 19,647
75 U.S. Treasury Note ................. 7.50 2/29/96 76,875
75 U.S. Treasury Note ................. 7.25 11/15/96 76,770
5 U.S. Treasury Note ................. 6.375 6/30/97 5,018
35 U.S. Treasury Note ................. 6.375 1/15/99 34,645
15 U.S. Treasury Note ................. 6.375 7/15/99 14,791
50 U.S. Treasury Note ................. 7.875 11/15/99 52,469
75 U.S. Treasury Note ................. 6.375 1/15/00 73,676
15 U.S. Treasury Note ................. 6.375 8/15/02 14,401
----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $382,461)................... 368,292
----------
TOTAL INVESTMENTS (IDENTIFIED COST $456,594) (A) ......... 95.8% 441,284
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........... 4.2 19,179
----- ----------
NET ASSETS ................................................ 100.0% $ 460,463
===== ==========
</TABLE>
- - ---------------
(a) The aggregate cost for federal income tax purposes is $456,594; the
aggregate gross unrealized appreciation is $831 and the aggregate gross
unrealized depreciation is $16,141, resulting in net unrealized
depreciation of $15,310.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--AMERICAN VALUE SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
COMMON STOCKS (75.8%)
AUTO RELATED (1.5%)
1,000 General Motors Corp. .................... $ 51,375
3,324 Nissan Motor Co., Ltd. (ADR)* ........... 50,691
---------
102,066
---------
BANKS (4.1%)
2,500 Bank of Boston Corp. .................... 65,937
2,150 Bank of New York Co., Inc. .............. 67,994
2,300 First Bank System ....................... 83,950
1,600 Signet Banking .......................... 64,600
---------
282,481
---------
COMPUTER SOFTWARE (5.4%)
2,700 General Motors (Class E) ................ 95,175
2,000 Microsoft Corp.* ........................ 103,000
3,100 Oracle Systems Corp.* ................... 118,188
1,300 Sybase, Inc.* ........................... 51,025
---------
367,388
---------
CONSUMER PRODUCTS (5.7%)
250 Buenos Aires Embotelladora, S.A. (ADR) . 8,562
3,200 Dial Corp. .............................. 66,000
1,000 Eastman Kodak Co. ....................... 48,375
1,200 Gillette Co. (The) ...................... 83,400
1,300 Procter & Gamble Co. .................... 72,475
2,000 Scott Paper Co. ......................... 115,500
---------
394,312
---------
CYCLICAL COMMODITIES (4.0%)
2,000 Cyprus Amax Minerals .................... 62,500
1,000 Dow Chemical Co. (The) .................. 69,125
900 Monsanto Co. ............................ 69,187
3,300 Praxair, Inc. ........................... 74,250
---------
275,062
---------
DRUGS (2.4%)
1,200 Pfizer, Inc. ............................ 74,400
1,400 Warner-Lambert Co. ...................... 91,000
---------
165,400
---------
ELECTRIC EQUIPMENT (1.5%)
1,980 General Electric Corp. .................. 99,742
---------
ELECTRONICS--SEMICONDUCTORS (5.3%)
1,600 Intel Corp. ............................. 94,400
3,000 LSI Logic* .............................. 81,375
1,800 Maxim Integrated Products, Inc.* ....... 86,850
1,300 Texas Instruments, Inc. ................. 102,213
----------
364,838
---------
<S> <C> <C>
ENERGY (6.4%)
1,800 Amoco Corp. ............................. 107,775
2,000 Burlington Resources, Inc. .............. 78,250
2,600 Chevron Corp. ........................... 115,375
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
3,800 Occidental Petroleum Corp. .............. $ 75,525
1,000 Schlumberger, Ltd. (ADR) ................ 59,000
---------
435,925
---------
ENTERTAINMENT (0.6%)
1,150 Time Warner, Inc. ....................... 42,694
---------
FINANCIAL--MISCELLANEOUS (4.4%)
2,000 First Financial Management Corp. ....... 111,500
2,200 First USA, Inc. ......................... 73,700
1,000 General Re Corp. ........................ 115,625
---------
300,825
---------
FOODS (4.0%)
1,500 CPC International, Inc. ................. 75,750
1,000 International Flavors & Fragrances, Inc. 42,000
5,000 Pet, Inc. ............................... 93,125
800 Quaker Oats Co. (The) ................... 60,400
---------
271,275
---------
HEALTH EQUIPMENT & SERVICES (5.6%)
2,110 Columbia HCA Healthcare Corp. ........... 85,455
2,000 Express Scripts, Inc. (Class A) ........ 56,000
2,300 Merck & Co., Inc. ....................... 68,138
3,000 National Medical Enterprises ............ 51,000
2,700 United Healthcare Corp. ................. 122,850
---------
383,443
---------
HOTELS / MOTELS (3.8%)
4,700 Hospitality Franchise Systems, Inc.* ... 125,725
675 La Quinta Inns, Inc. .................... 19,238
4,200 Marriott International, Inc. ............ 116,550
---------
261,513
---------
INDUSTRIALS (2.7%)
530 Deere & Co. ............................. 37,166
500 Empresas ICA S.A. de C.V. (ADS) ........ 13,187
3,750 Wabash National Corp. ................... 135,000
---------
185,353
---------
MACHINERY (1.4%)
700 Caterpillar, Inc. ....................... 75,863
300 Clark Equipment Co.* .................... 20,625
---------
96,488
---------
MEDIA GROUP (3.8%)
1,400 Capital Cities/ABC ...................... 108,150
3,000 Clear Channel Communications* ........... 138,750
375 Infinity Broadcasting Corp.* ............ 10,688
---------
257,588
---------
METALS (2.8%)
3,100 Alcan Aluminium, Ltd. (ADR) ............. 75,950
4,850 Bethlehem Steel Corp.* .................. 107,913
150 Nucor Corp. ............................. 10,350
---------
194,213
---------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--AMERICAN VALUE SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
POLLUTION CONTROL (1.5%)
3,300 Browning-Ferris Industries, Inc. .... $ 102,300
----------
SEMICONDUCTORS (0.9%)
1,300 Applied Materials, Inc.* ............. 58,175
----------
TELECOMMUNICATIONS (4.4%)
2,100 Ameritech Corp. ...................... 86,100
1,500 AT&T Corp. ........................... 81,938
1,400 BellSouth Corp. ...................... 87,500
1,000 Newbridge Networks Corp.* ............ 41,875
----------
297,413
----------
TOBACCO (0.2%)
500 Empresas La Moderna S.A. de C.V.
(ADR) ................................ 11,812
----------
U.S. GOVERNMENT AGENCIES (3.4%)
1,700 Federal Home Loan Mortgage Corp. .... 101,150
1,500 Federal National Mortgage Association 130,125
----------
231,275
----------
TOTAL COMMON STOCKS
(IDENTIFIED COST $5,110,985) ........ 5,181,581
----------
<CAPTION>
Principal
Amount (in
thousands) Value
- - ------------ -----------
<S> <C>
SHORT-TERM INVESTMENTS (20.8%)
U.S. GOVERNMENT AGENCIES (a) (20.8%)
$400 Federal Home Loan Banks 4.204%
due 8/05/94 .................... $ 399,813
600 Federal Home Loan Mortgage
Corp. 4.051% due 8/01/94........ 600,000
425 Federal Home Loan Mortgage
Corp. 4.155% due 8/01/94........ 425,000
-----------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST $1,424,813) .... 1,424,813
-----------
TOTAL INVESTMENTS
(IDENTIFIED COST $6,535,798) (B) .... 96.6% 6,606,394
CASH AND OTHER ASSETS
IN EXCESS OF LIABILITIES ............. 3.4 234,301
----- -----------
NET ASSETS ............................ 100.0% $6,840,695
===== ===========
</TABLE>
- - ---------------
* Non-income producing security.
ADR American Depository Receipt.
ADS American Depository Shares.
(a) U.S. Government Agencies were purchased on a discount basis. The
interest rates shown have been adjusted to reflect a bond equivalent
yield.
(b) The aggregate cost for federal income tax purposes is $6,545,033; the
aggregate gross unrealized appreciation is $186,337 and the aggregate
gross unrealized depreciation is $124,976, resulting in net unrealized
appreciation of $61,361.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--CAPITAL GROWTH SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
COMMON STOCKS (97.4%)
ADVERTISING (3.0%)
200 Interpublic Group of Cos., Inc. ... $ 6,475
-----------
APPAREL (2.9%)
200 Cintas Corp. ....................... 6,250
-----------
AUTOMOTIVE (1.6%)
100 Genuine Parts ...................... 3,537
-----------
BANKING (7.1%)
110 Banc One Corp. ..................... 3,671
200 Central Fidelity Banks, Inc. ...... 6,450
100 Fifth Third Bancorp. ............... 5,175
-----------
15,296
-----------
BEVERAGES (4.5%)
100 Anheuser-Busch Cos., Inc. .......... 5,225
100 Coca Cola Co. (The) ................ 4,438
-----------
9,663
-----------
BUSINESS SYSTEMS (1.6%)
100 General Motors Corp. (Class E) .... 3,525
-----------
CHEMICALS--SPECIALTY (5.9%)
200 Nalco Chemical ..................... 6,525
200 Sigma-Aldrich, Inc. ................ 6,100
-----------
12,625
-----------
COMPUTER SERVICES (2.4%)
100 Automatic Data Processing, Inc. ... 5,150
-----------
CONSUMER SERVICES (1.8%)
100 Block (H&R), Inc. .................. 3,900
-----------
COSMETICS (2.0%)
100 International Flavors & Fragrances,
Inc. ............................... 4,200
-----------
DISTRIBUTION (2.2%)
200 Sysco Corp. ........................ 4,725
-----------
DRUGS & HEALTHCARE (9.0%)
200 Abbott Laboratories ................ 5,625
103 Block Drugs, Inc. (Class A) ....... 3,116
100 Forest Labs, Inc.* ................. 4,275
100 Schering-Plough Corp. .............. 6,412
-----------
19,428
-----------
ELECTRONICS--SPECIALTY (4.7%)
100 Dionex Corp.* ...................... 3,325
100 Grainger (W.W.), Inc. .............. 6,675
-----------
10,000
-----------
ENTERTAINMENT (2.3%)
200 Circus Circus Enterprise* .......... 4,975
-----------
FOODS (10.1%)
200 ConAgra, Inc. ...................... 6,350
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
200 Smucker (J.M.) Co., (Class A) ..... $ 4,900
100 Tootsie Roll Industries, Inc. ..... 6,250
100 Wrigley, (W.W.), Jr., (Class A) ... 4,100
-----------
21,600
-----------
HOUSEHOLD PRODUCTS (2.5%)
200 Rubbermaid, Inc. ................... 5,475
-----------
INSURANCE (1.5%)
200 Crawford & Co., (Class B) .......... 3,175
-----------
MACHINERY--DIVERSIFIED (2.8%)
150 Thermo Electron Co.* ............... 5,981
-----------
MANUFACTURED HOUSING (2.2%)
250 Clayton Homes, Inc.* ............... 4,656
-----------
MANUFACTURING (2.0%)
233 Federal Signal Corp. ............... 4,311
-----------
MEDICAL EQUIPMENT (2.9%)
200 Stryker Corp. ...................... 6,150
-----------
MEDICAL PRODUCTS & SUPPLIES (1.8%)
400 Biomet, Inc.* ...................... 3,900
-----------
RESTAURANTS (4.1%)
200 International Dairy Queen, Inc.
(Class A)* ......................... 3,250
200 McDonald's Corp. ................... 5,425
-----------
8,675
-----------
RETAIL (2.3%)
200 Wai-Mart Stores, (Class A) ......... 5,000
-----------
RETAIL--DEPARTMENT STORES (3.1%)
200 Dillard Dept. Stores, (Class A) ... 6,700
-----------
RETAIL--DRUG STORES (1.7%)
100 Walgreen Co. ....................... 3,662
-----------
SUPERMARKETS (2.5%)
200 Albertson's, Inc. .................. 5,400
-----------
TOBACCO (2.7%)
200 UST, Inc. .......................... 5,775
-----------
U.S. GOVERNMENT AGENCY (2.0%)
50 Federal National Mortgage
Association ........................ 4,338
-----------
UTILITIES (2.2%)
312 Citizens Utilities Co. of Delaware
(Series A) ......................... 4,602
-----------
TOTAL INVESTMENTS (Identified
Cost $214,004) (a) .................... 97.4% 209,149
CASH AND OTHER ASSETS
IN EXCESS OF LIABILITIES .............. 2.6 5,563
------ ---------
NET ASSETS ............................. 100.0% $214,712
====== =========
</TABLE>
- - ---------------
* Non-income producing security.
(a) The aggregate cost for federal income tax purposes is $214,004; the
aggregate gross unrealized appreciation is $8,932 and the aggregate
gross unrealized depreciation is $13,787, resulting in net unrealized
depreciation of $4,855.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--DIVIDEND GROWTH SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
COMMON STOCKS (97.5%)
AEROSPACE (3.9%)
7,500 Raytheon Co. ....................... $492,187
-----------
ALUMINUM (3.6%)
5,900 Aluminum Co. of America ............ 461,675
-----------
AUTOMOBILES (3.7%)
15,000 Ford Motor Co. ..................... 476,250
-----------
BANKING (3.8%)
7,300 Bankers Trust N.Y. Corp. ........... 489,100
-----------
BEVERAGES (3.7%)
15,600 PepsiCo, Inc. ...................... 475,800
-----------
CHEMICALS (7.4%)
7,900 DuPont (E.I.) deNemours & Co. ..... 469,062
9,375 Eastman Chemical Co. ............... 483,984
-----------
953,046
-----------
COMPUTERS (3.7%)
7,700 International Business Machines
Corp. ............................. 475,475
-----------
CONGLOMERATES (7.6%)
9,300 Minnesota Mining & Manufacturing
Co. ............................... 494,063
10,100 Tenneco, Inc. ...................... 484,800
-----------
978,863
-----------
DRUGS (7.5%)
17,000 Abbott Laboratories ................ 478,125
9,200 Bristol-Myers Squibb Co. ........... 484,150
-----------
962,275
-----------
ELECTRIC--MAJOR (3.8%)
9,600 General Electric Co. ............... 483,600
-----------
FOODS (3.8%)
6,400 Quaker Oats Co. (The) .............. 483,200
-----------
MACHINERY--DIVERSIFIED (3.7%)
6,800 Deere & Co. ........................ 476,850
-----------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
NATURAL GAS (3.8%)
15,000 Enron Corp. ........................ $ 485,625
-----------
OFFICE EQUIPMENT & SUPPLIES (3.7%)
13,400 Pitney Bowes, Inc. ................. 472,350
-----------
OIL--DOMESTIC (3.7%)
7,900 Amoco Corp. ........................ 473,013
-----------
OIL INTEGRATED--INTERNATIONAL (3.8%)
8,250 Exxon Corp. ........................ 490,875
------------
PAPER & FOREST PRODUCTS (3.7%)
11,400 Weyerhaeuser Co. ................... 478,800
-----------
PHOTOGRAPHY (3.7%)
9,800 Eastman Kodak Co. .................. 474,075
-----------
RAILROADS (3.9%)
6,500 CSX Corp. .......................... 504,563
-----------
RETAIL (3.8%)
29,350 K-Mart Corp. ....................... 480,606
-----------
SOAPS & HOUSEHOLD GOODS (3.6%)
4,300 Unilever N.V. NY (ADR) ............. 460,100
-----------
TELEPHONES (3.8%)
15,400 GTE Corp. .......................... 488,950
-----------
UTILITIES--ELECTRIC (3.8%)
13,700 Houston Industries, Inc. ........... 481,213
-----------
TOTAL COMMON STOCKS (IDENTIFIED
COST $12,682,253) ................. 12,498,491
-----------
<CAPTION>
Principal
Amount (in
thousands)
- - ------------
<S> <C>
SHORT-TERM INVESTMENT (0.7%)
U.S. GOVERNMENT AGENCY (a) (0.7%)
$95 Federal Home Loan Mortgage Corp.
4.051% due 8/01/94
(Amortized Cost $95,000) .......... 95,000
----------
TOTAL INVESTMENTS
(IDENTIFIED COST $12,777,253) (B) .... 98.2% 12,593,491
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES ................. 1.8 227,928
------ -----------
NET ASSETS ............................. 100.0% $12,821,419
===== ===========
</TABLE>
- - ---------------
ADR American Depository Receipt.
(a) U.S. Government Agency was purchased on a discount basis. The
interest rate shown has been adjusted to reflect a bond equivalent
yield.
(b) The aggregate cost for federal income tax purposes is
$12,794,443; the aggregate gross unrealized appreciation is
$409,762 and the aggregate gross unrealized depreciation is
$610,714, resulting in net unrealized depreciation of $200,952.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--UTILITIES SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
COMMON STOCKS (87.6%)
ELECTRIC UTILITIES--EQUIPMENT (1.0%)
2,500 Kenetech Corp. ...................... $ 39,965
------------
NATURAL GAS (13.6%)
1,500 Apache Corp. ........................ 38,438
2,500 Enron Corp. ......................... 80,937
2,000 MCN Corp. ........................... 79,750
3,000 Pacific Enterprises ................. 61,500
2,000 Questar Corp. ....................... 66,500
2,500 Sonat, Inc. ......................... 82,813
1,000 Tenneco, Inc. ....................... 48,000
2,000 Williams Cos., Inc. ................. 65,250
-----------
523,188
-----------
TELECOMMUNICATION--LONG DISTANCE (1.4%)
1,000 AT&T Corp. .......................... 54,625
-----------
TELECOMMUNICATIONS (33.0%)
2,500 Airtouch Communications Corp.* ..... 65,000
1,500 BCE, Inc. ........................... 49,500
1,000 BellSouth Corp. ..................... 62,500
3,000 Cable & Wireless PLC (ADR) .......... 59,625
2,000 Century Telephone Enterprises, Inc. 52,000
2,000 Comsat Corp. ........................ 52,250
2,000 GTE Corp. ........................... 63,500
2,500 MCI Communications Corp. ............ 56,562
2,500 Nextel Communications, Inc. (Class A)* 69,688
3,000 Rochester Telephone Corp. ........... 72,375
2,000 Southern New England
Telecommunications Corp. ............ 68,750
1,500 Southwestern Bell Corp. ............. 63,000
2,000 Sprint Corporation .................. 73,250
2,500 Tele Danmark AIS (ADR) .............. 65,000
1,700 Telecommunications Corp. New
Zealand, Ltd. (ADR) ................ 76,925
1,500 Telefonos de Mexico, S.A. Series L
(ADR) .............................. 91,125
2,500 Telephone & Data Systems, Inc. ..... 101,875
2,000 Time Warner, Inc. ................... 74,250
2,000 Vodafone Group, PLC (ADR) ........... 57,250
-----------
1,274,425
-----------
TELECOMMUNICATIONS EQUIPMENT (2.7%)
2,000 Motorola, Inc. ...................... 106,000
-----------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
UTILITIES--ELECTRIC (34.8%)
2,000 Central & South West Corp. .......... $ 45,250
2,500 CMS Energy Corp. .................... 56,562
2,200 Commonwealth Edison Company ......... 52,250
1,500 Detroit Edison Company .............. 39,562
2,500 DPL, Inc. ........................... 50,937
2,000 DQE, Inc. ........................... 60,250
2,000 Eastern Utilities Associates ....... 49,500
2,500 Entergy Corp. ....................... 63,750
2,000 Florida Progress Corp. .............. 56,000
2,000 General Public Utilities Corp. ..... 51,500
3,000 Illinova Corp. ...................... 62,625
2,000 Montana Power Company ............... 46,750
2,000 NIPSCO Industries, Inc. ............. 58,500
2,500 Northeast Utilities ................. 58,437
2,000 Pacific Gas & Electric Company ..... 48,250
3,000 Pacificorp .......................... 53,250
2,500 Peco Energy Co. ..................... 65,313
3,000 Pinnacle West Capital Corp. ......... 52,875
2,000 Potomac Electric Power Company ..... 41,500
3,000 Public Service Company, New Mexico*.. 36,375
3,000 TECO Energy, Inc. ................... 60,375
1,500 Texas Utilities Electric Company ... 49,313
2,000 Union Electric Company .............. 69,000
2,000 Utilicorp United, Inc. .............. 59,500
2,000 Western Resources Corp. ............. 56,250
-----------
1,343,874
-----------
UTILITIES--WATER (1.1%)
3,000 United Water Resources, Inc. ....... 41,250
-----------
TOTAL COMMON STOCKS
(IDENTIFIED COST $3,486,185) ....... 3,383,327
-----------
<CAPTION>
Principal
Amount (in
thousands)
- - ----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (13.3%)
U.S. GOVERNMENT AGENCIES (a) (13.3%)
Federal Home Loan Mortgage Corp.
$ 84 4.0% due 8/01/94 ................... 84,000
Student Loan Market Association
430 4.30% due 8/29/94 .................. 428,562
-----------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST $512,562) .......... 512,562
-----------
TOTAL INVESTMENTS
(Identified Cost $3,998,747) (b) ... 100.9% 3,895,889
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS ................... (0.9) (36,307)
----- -----------
NET ASSETS .......................... 100.0% $3,859,582
===== ===========
</TABLE>
- - ---------------
* Non-income producing security.
ADR American Depository Receipt.
(a) U.S. Government Agencies were purchased on a discount basis. The
interest rates shown have been adjusted to reflect a bond equivalent
yield.
(b) The aggregate cost for federal income tax purposes is $3,998,747; the
aggregate gross unrealized appreciation is $105,302, and the aggregate
gross unrealized depreciation is $208,160, resulting in net unrealized
depreciation of $102,858.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
COMMON STOCKS (94.9%)
AEROSPACE & DEFENSE (1.5%)
200 Boeing Co. ......................... $ 8,925
250 General Dynamics Corp. ............. 10,032
150 Lockheed Corp. ..................... 9,450
200 Martin Marietta Corp. .............. 9,075
79 McDonnell Douglas Corp. ............ 8,927
225 Northrop Corp. ..................... 9,450
150 Raytheon Co. ....................... 9,845
260 Rockwell International Corp. ...... 9,328
---------
75,032
---------
AIR FREIGHT (0.2%)
350 Southwest Airline .................. 9,494
---------
AIRLINES (0.6%)
160 AMR Corp.* ......................... 9,160
200 Delta Air Lines, Inc. .............. 9,626
1,500 USAir Group, Inc.* ................. 9,750
---------
28,536
---------
ALUMINUM (0.6%)
432 Alcan Aluminium, Ltd. .............. 10,585
129 Aluminum Co. of America ............ 10,094
200 Reynolds Metals Co. ................ 10,075
---------
30,754
---------
AUTO PARTS--AFTER MARKET (0.9%)
349 Cooper Tire & Rubber Co. ........... 8,595
300 Echlin, Inc. ....................... 9,525
270 Genuine Parts ...................... 9,551
275 Goodyear Tire & Rubber Co. ......... 9,797
550 SPX Corp. .......................... 9,625
---------
47,093
---------
AUTOMOBILES (0.6%)
175 Chrysler Corp. ..................... 8,422
350 Ford Motor Company ................. 11,113
200 General Motors Corp. ............... 10,275
---------
29,810
---------
BANKS--MONEY CENTER (1.4%)
200 BankAmerica Corp. .................. 9,650
150 Bankers Trust N.Y. Corp. ........... 10,050
265 Chase Manhattan Corp. .............. 9,772
250 Chemical Banking Corp. ............. 9,595
250 Citicorp ........................... 10,313
200 First Chicago Corp. ................ 10,050
160 Morgan (J.P.) & Co., Inc. .......... 10,080
---------
69,510
---------
BANKS--REGIONAL (3.8%)
322 Banc One Corp. ..................... 10,747
380 Bank of Boston Corp. ............... 10,023
221 Barnett Banks of Florida, Inc. .... 9,890
300 Boatmens Bancshares, Inc. .......... 10,275
321 CoreStates Financial Corp. ......... 8,747
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
225 First Fidelity Bancorp. ............ $ 10,520
125 First Interstate Bancorp. .......... 9,390
219 First Union Corp. .................. 9,910
290 Fleet Financial Group, Inc. ....... 10,476
325 Keycorp. ........................... 10,563
170 Mellon Bank Corp. .................. 9,733
200 NationsBank Corp. .................. 11,150
273 NBD Bancorp, Inc. .................. 8,702
352 Norwest Corp. ...................... 9,196
321 PNC Financial Corp. ................ 9,230
425 Shawmut National Corp. ............. 9,030
200 SunTrust Banks, Inc. ............... 9,725
342 US Bancorp. Oregon ................. 9,320
300 Wachovia Corp. ..................... 9,787
65 Wells Fargo & Co. .................. 10,099
---------
196,513
---------
BASIC CYCLICAL COMMODITIES (0.6%)
161 Dow Chemical Co. (The) ............. 11,130
184 duPont (E.I.) deNemours & Co. ..... 10,925
377 Union Carbide Corp. ................ 10,650
---------
32,705
---------
BEVERAGES--ALCOHOLIC (0.8%)
184 Anheuser-Busch Cos., Inc. .......... 9,614
345 Brown-Forman Corp. (Class B) ...... 9,574
500 Coors (Adolph) Co. ................. 10,000
330 Seagram Co., Ltd. .................. 10,148
---------
39,336
---------
BEVERAGES--SOFT DRINKS (0.4%)
200 Coca Cola Co. (The) ................ 8,875
330 PepsiCo, Inc. ...................... 10,065
---------
18,940
---------
BROADCAST MEDIA (0.4%)
140 Capital CIties/ABC ................. 10,815
31 CBS, Inc. .......................... 9,673
---------
20,488
---------
BUILDING MATERIALS (0.6%)
350 Masco Corp. ........................ 9,188
325 Owens-Corning Fiberglass Corp.* ... 10,806
300 Sherwin Williams Co. ............... 9,788
---------
29,782
---------
CHEMICALS (1.3%)
200 Air Products & Chemicals, Inc. .... 9,600
200 Eastman Chemical Co. ............... 10,325
200 Goodrich (B.F.) Co. ................ 9,150
90 Hercules, Inc. ..................... 9,609
129 Monsanto Co. ....................... 9,917
482 Praxair, Inc. ...................... 10,845
150 Rohm & Haas Co. .................... 9,713
---------
69,159
---------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
CHEMICALS--DIVERSIFIED (0.9%)
294 Avery Dennison Corp. ............... $ 9,593
375 Engelhard Corp. .................... 9,188
625 First Mississippi Corp. ............ 9,609
175 FMC Corp.* ......................... 10,281
258 PPG Industries, Inc. ............... 10,095
---------
48,766
---------
CHEMICALS--SPECIALTY (0. 8%)
215 Grace (W.R.) Co. ................... 8,923
175 Great Lakes Chemical Corp. ......... 10,413
125 Morton International, Inc. ......... 10,500
300 Nalco Chemical Co. ................. 9,788
---------
39,624
---------
COMMUNICATIONS--EQUIPMENT/
MANUFACTURERS (1.1%)
250 Andrew Corp.* ...................... 9,689
425 Cisco Systems, Inc.* ............... 8,925
400 DSC Communications Corp.* .......... 9,700
1,400 M/A-Com., Inc.* .................... 10,850
300 Northern Telecom, Ltd. ............. 9,675
275 Scientific-Atlanta, Inc. ........... 9,557
---------
58,396
---------
COMPUTER SOFTWARE (1.9%)
200 Autodesk, Inc. ..................... 10,500
200 Automatic Data Processing, Inc. ... 10,300
375 Ceridian Corp.* .................... 9,610
250 Computer Associates Int'l., Inc. .. 9,720
261 Computer Sciences Corp.* ........... 10,897
275 Lotus Development Corp.* ........... 8,869
200 Microsoft Corporation* ............. 10,300
575 Novell, Inc.* ...................... 9,344
250 Oracle Systems Corp. ............... 9,531
376 Shared Medical Systems Corp. ...... 9,447
---------
98,518
---------
COMPUTERS--SYSTEMS (1.9%)
1,500 Amdahl Corp.* ...................... 10,312
325 Apple Computer, Inc. ............... 10,928
333 COMPAQ Computer Corp.* ............. 10,530
475 Cray Research, Inc.* ............... 9,738
1,250 Data General Corp.* ................ 10,000
475 Digital Equipment Corp.* ........... 9,203
900 Intergraph Corp.* .................. 8,664
450 Sun Microsystems, Inc.* ............ 10,013
800 Tandem Computers, Inc.* ............ 11,000
1,100 Unisys Corp.* ...................... 9,764
---------
100,152
---------
CONGLOMERATES (0.8%)
125 ITT Corp. .......................... 10,720
600 Teledyne, Inc.* .................... 10,350
225 Tenneco, Inc. ...................... 10,800
180 Textron, Inc. ...................... 9,585
---------
41,455
---------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
CONTAINERS--METAL & GLASS (0.4%)
375 Ball Corp. ......................... $ 9,891
290 Crown Cork & Seal, Inc.* ........... 10,368
---------
20,259
---------
CONTAINERS--PAPER (0.6%)
412 Bemis Company, Inc. ................ 10,147
600 Stone Container Corp.* ............. 9,900
173 Temple-Inland, Inc. ................ 8,844
---------
28,891
---------
COSMETICS (0.8%)
424 Alberto-Culver Co. ................. 9,382
175 Avon Products, Inc. ................ 9,909
149 Gillette Co. (The) ................. 10,356
231 International Flavors & Fragrances,
Inc. .............................. 9,702
---------
39,349
---------
DISTRIBUTORS (CONSUMER PRODUCTS) (1.0%)
350 Fleming Cos., Inc. ................. 10,325
100 McKesson Corp. ..................... 9,950
550 National Intergroup, Inc.* ......... 9,900
350 SuperValu, Inc. .................... 10,020
425 Sysco Corp. ........................ 10,041
---------
50,236
---------
ELECTRIC EQUIPMENT (1.5%)
133 AMP, Inc. .......................... 9,943
157 Emerson Electric Co. ............... 9,538
200 General Electric Co. ............... 10,075
149 Grainger (W.W.), Inc. .............. 9,946
304 Honeywell, Inc. .................... 9,576
240 Raychem Corp. ...................... 8,610
157 Thomas & Betts Corp. ............... 9,774
800 Westinghouse Electric Corp. ....... 9,700
---------
77,162
---------
ELECTRONIC COMPONENTS (0.2%)
170 International Business Machines
Corp. ............................. 10,498
---------
ELECTRONICS--DEFENSE (0.6%)
250 E-Systems, Inc. .................... 9,750
675 EG & G, Inc. ....................... 10,378
268 Loral Corp. ........................ 9,983
---------
30,111
---------
ELECTRONICS--INSTRUMENTATION (0.6%)
121 Hewlett-Packard Co. ................ 9,393
350 Perkin-Elmer Corp. ................. 9,844
300 Tektronix, Inc. .................... 9,413
---------
28,650
---------
ELECTRONICS--SEMICONDUCTORS/
COMPONENTS (0.8%)
400 Advanced Micro Devices, Inc.* ..... 10,800
160 Intel Corp. ........................ 9,440
600 National Semiconductor Corp.* ..... 10,125
146 Texas Instruments, Inc. ............ 11,480
---------
41,845
---------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------
ENGINEERING & CONSTRUCTION (0.6%)
200 Fluor Corp. ........................ $ 10,900
226 Foster Wheeler Corp. ............... 9,296
625 Morrison Knudsen Co., Inc. ......... 10,156
---------
30,352
---------
ENTERTAINMENT (0.7%)
1,500 Bally Entertainment Corp.* ......... 10,125
225 Disney (Walt) Co. .................. 9,564
212 King Worid Productions, Inc.* ..... 8,056
275 Time Warner, Inc. .................. 10,209
---------
37,954
---------
FINANCIAL--MISCELLANEOUS (1.3%)
375 American Express Co. ............... 9,939
324 American General Corp. ............. 9,275
275 Dean Witter, Discover & Co. (Note 3) 11,035
411 MBNA Corp. ......................... 9,453
275 Merrill Lynch & Co., Inc. .......... 10,072
200 Salomon, Inc. ...................... 8,625
200 Transamerica Corp. ................. 10,150
---------
68,549
---------
FINANCIAL SERVICES (0.2%)
300 Travelers, Inc. .................... 9,938
---------
FOODS (2.6%)
400 Archer-Daniels-Midland Co. ......... 9,850
800 Borden, Inc. ....................... 9,400
275 Campbell Soup Co. .................. 10,175
350 ConAgra, Inc. ...................... 11,114
189 CPC International, Inc. ............ 9,545
175 General Mills, Inc. ................ 8,728
275 Heinz, (H.J.) Co. .................. 9,075
225 Hershey Foods Corp. ................ 9,534
161 Kellogg Co. ........................ 8,332
500 Pet, Inc. .......................... 9,313
127 Quaker Oats Co. (The) .............. 9,590
275 Ralston-Ralston Purina Group ...... 10,175
450 Sara Lee Corp. ..................... 9,280
200 Wrigley, (WW.), Jr., (Class A) .... 8,200
---------
132,311
---------
GOLD MINING (0.9%)
375 American Barrick Resource Corp. ... 8,392
850 Echo Bay Mines, Ltd. ............... 9,881
500 Homestake Mining Co. ............... 9,375
224 Newmont Mining Corp. ............... 8,848
475 Placer Dome, Inc. .................. 9,857
---------
46,353
---------
HARDWARE & TOOLS (0.6%)
475 Black & Decker Corp. ............... 9,797
270 Snap-On Tools Corp. ................ 9,889
250 Stanley Works ...................... 10,219
---------
29,905
---------
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
HEALTH CARE--MISCELLANEOUS (1.1%)
450 ALZA Corp.* ........................ $ 9,788
200 Amgen, Inc.* ....................... 9,900
700 Beverly Enterprises, Inc.* ......... 8,575
345 Manor Care, Inc. ................... 8,668
275 U.S. HealthCare, Inc. .............. 10,381
225 United Healthcare Corp. ............ 10,238
---------
57,550
---------
HEALTH CARE DIVERSIFIED (1.5%)
300 Abbott Laboratories, Inc. .......... 8,439
400 Allergan, Inc. ..................... 9,650
175 American Cyanamid Co. .............. 10,610
150 American Home Products Corp. ...... 8,606
180 Bristol-Myers Squibb Co. ........... 9,473
200 Johnson & Johnson .................. 9,400
300 Mallinckrodt Group, Inc. ........... 9,150
150 Warner-Lambert Co. ................. 9,750
---------
75,078
---------
HEALTH CARE DRUGS (1.0%)
200 Lilly (Eli) & Co. .................. 9,725
325 Merck & Co., Inc. .................. 9,629
165 Pfizer, Inc. ....................... 10,230
160 Schering-Plough Corp. .............. 10,260
300 Upjohn & Co. ....................... 9,000
---------
48,844
---------
HEAVY DUTY TRUCKS & PARTS (0.9%)
200 Cummins Engine, Inc. ............... 8,026
340 Dana Corp. ......................... 9,775
200 Eaton Corp. ........................ 10,375
700 Navistar International Corp.* ..... 9,100
215 PACCAR, Inc. ....................... 10,750
---------
48,026
---------
HOME BUILDING (0.6%)
350 Centex Corp. ....................... 8,750
700 Kaufman & Broad Home Corp. ......... 10,589
400 Pulte Corp. ........................ 9,100
---------
28,439
---------
HOSPITAL MANAGEMENT (0.6%)
250 Columbia Healthcare Corp. .......... 10,125
750 Community Psychiatric Centers* .... 9,657
674 National Medical Enterprises, Inc.* 11,459
---------
31,241
---------
HOTELS/MOTELS (0.6%)
175 Hilton Hotels Corp. ................ 11,047
350 Marriott International, Inc. ...... 9,713
300 Promus Cos., Inc. .................. 8,700
---------
29,460
---------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.9%)
200 Armstrong World Industries, Inc. .. 9,850
300 Bassett Furniture, Inc. ............ 8,850
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
546 Maytag Corp. ....................... $10,512
200 Whirlpool Corp. .................... 10,175
1,000 Zenith Electronics* ................ 9,125
---------
48,512
---------
HOUSEHOLD PRODUCTS (0.9%)
200 Clorox Co. ......................... 9,950
190 Colgate-Palmolive Co. .............. 10,142
168 Procter & Gamble Co. ............... 9,367
360 Rubbermaid, Inc. ................... 9,855
95 Unilever N.V. (ADR) ................ 10,165
---------
49,479
---------
HOUSEWARES (0.4%)
217 Newell Co. ......................... 9,684
250 Premark International, Inc. ....... 10,469
---------
20,153
---------
INDUSTRIALS (0.2%)
137 United Technologies Corp. .......... 8,254
---------
INSURANCE BROKERS (0.4%)
500 Alexander & Alexander Services,
Inc. .............................. 9,875
111 Marsh & McLennan Cos., Inc. ....... 9,464
---------
19,339
---------
LEISURE TIME/EQUIPMENT (0.6%)
400 Brunswick Corp. .................... 9,550
875 Handleman Co. ...................... 9,079
470 Outboard Marine Corp. .............. 10,575
---------
29,204
---------
LIFE INSURANCE (1.1%)
179 Jefferson Pilot Corp. .............. 9,309
250 Lincoln National Corp. ............. 9,406
325 Providian Corp. .................... 10,034
275 Torchmark Corp. .................... 10,691
200 UNUM Corp. ......................... 9,275
250 US Life Corp. ...................... 9,220
---------
57,935
---------
MACHINE TOOLS (0.4%)
400 Cincinnati Milacron, Inc. .......... 8,650
600 Giddings & Lewis, Inc. ............. 9,900
---------
18,550
---------
MACHINERY--DIVERSIFIED (1.5%)
150 Briggs & Stratton Corp. ............ 10,894
82 Caterpillar, Inc. .................. 8,887
146 Clark Equipment Co.* ............... 10,037
250 Cooper Industries, Inc. ............ 9,375
125 Deere & Co. ........................ 8,766
500 Harnischfeger Industries, Inc. .... 10,313
300 Ingersoll Rand Co. ................. 10,913
275 Varity Corp.* ...................... 10,313
---------
79,498
---------
MANUFACTURED HOUSING (0.4%)
425 Fleetwood Enterprises, Inc. ....... 9,934
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
550 Skyline Corp. ...................... $ 10,314
---------
20,248
---------
MANUFACTURING--DIVERSIFIED INDUSTRIES (2.1%)
400 Crane Co. .......................... 10,250
152 Dover Corp. ........................ 8,950
222 Illinois Tool Works, Inc. .......... 8,908
200 Johnson Controls, Inc. ............. 10,475
184 Millipore Corp. .................... 9,660
200 Nacco Industries, Inc. (Class A) .. 11,050
550 Pall Corp. ......................... 8,664
250 Parker-Hannifin Corp. .............. 10,781
274 Timken Co. ......................... 9,556
250 Trinova Corp. ...................... 9,625
225 Tyco International, Ltd. ........... 9,731
---------
107,650
---------
MEDICAL PRODUCTS & SUPPLIES (1.6%)
425 Bard (C.R.), Inc. .................. 10,253
275 Bausch & Lomb, Inc. ................ 9,866
400 Baxter International, Inc. ......... 10,550
229 Becton, Dickinson & Co. ............ 9,647
1,025 Biomet, Inc.* ...................... 9,994
125 Medtronic, Inc. .................... 11,141
300 St. Jude Medical, Inc. ............. 9,450
450 United States Surgical Corp. ...... 10,013
---------
80,914
---------
METALS--MISCELLANEOUS (0.8%)
350 ASARCO, Inc. ....................... 10,282
300 Cyprus Amax Minerals ............... 9,375
341 Inco, Ltd. ......................... 9,378
175 Phelps Dodge Corp. ................. 10,806
---------
39,841
---------
MISCELLANEOUS (2.6%)
400 Airtouch Communications Corp.* .... 10,400
275 Allied Signal, Inc. ................ 10,520
325 American Greetings Corp. ........... 9,506
309 Corning, Inc. ...................... 9,811
432 Dial Corp. Arizona ................. 8,910
250 General Signal Corp. ............... 9,094
250 Harcourt General, Inc. ............. 8,969
250 Harris Corp. ....................... 10,906
550 Jostens, Inc. ...................... 8,938
175 McCaw Cellular Comm. (Class A)* ... 9,275
200 Minnesota Mining & Manufacturing
Co. ............................... 10,625
300 Pioneer Hi Bred International ..... 9,525
150 TRW, Inc. .......................... 10,463
540 Whitman Corp. ...................... 8,910
---------
135,852
---------
MULTI-LINE INSURANCE (0.5%)
175 Aetna Life & Casualty Co. .......... 9,013
100 American International Group, Inc. 9,425
135 CIGNA Corp. ........................ 9,248
---------
27,686
---------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
OFFICE EQUIPMENT & SUPPLIES (0.7%)
156 Alco Standard ...................... $ 9,497
550 Moore Corp., Ltd. .................. 9,763
250 Pitney Bowes, Inc. ................. 8,813
100 Xerox Corp. ........................ 10,225
---------
38,298
---------
OIL & GAS DRILLING (0.3%)
320 Helmerich & Payne, Inc. ............ 8,920
1,100 Rowan Cos., Inc.* .................. 9,076
---------
17,996
---------
OIL (EXPLORATION & PRODUCTION) (0.8%)
250 Burlington Resources, Inc. ......... 9,782
1,900 Maxus Energy Corp.* ................ 10,450
625 Oryx Energy Co.* ................... 9,610
1,000 Santa Fe Energy Resources* ......... 9,375
---------
39,217
---------
OIL INTEGRATED--DOMESTIC (2.0%)
200 Amerada Hess Corp. ................. 10,400
256 Ashland Oil, Inc. .................. 9,152
100 Atlantic Richfield Co. ............. 10,788
200 Kerr McGee Corp. ................... 10,050
215 Louisiana Land & Exploration Co.
(The).............................. 9,057
475 Occidental Petroleum Corp. ......... 9,441
165 Pennzoil Co. ....................... 8,312
300 Phillips Petroleum Co. ............. 9,825
350 Sun Co. ............................ 9,538
320 Unocal Corp. ....................... 9,280
500 USX-Marathon Group ................. 8,688
---------
104,531
---------
OIL INTEGRATED--INTERNATIONAL (1.2%)
160 Amoco Corp. ........................ 9,580
220 Chevron Corp. ...................... 9,763
175 Exxon Corp. ........................ 10,413
120 Mobil Corp. ........................ 10,065
90 Royal Dutch Petroleum Co. .......... 10,170
150 Texaco, Inc. ....................... 9,525
---------
59,516
---------
OIL WELL EQUIPMENT & SERVICE (1.1%)
500 Baker Hughes, Inc. ................. 10,563
420 Dresser Industries, Inc. ........... 8,874
256 Halliburton Co. .................... 8,704
374 McDermott International, Inc. ..... 9,397
141 Schlumberger, Ltd. ................. 8,319
200 Western Atlas, Inc.* ............... 9,725
---------
55,582
---------
PAPER & FOREST PRODUCTS (2.6%)
351 Boise Cascade Corp. ................ 8,775
251 Champion International Corp. ...... 8,597
400 Federal Paper Board, Inc. .......... 10,000
150 Georgia-Pacific Corp. .............. 9,675
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
143 International Paper Co. ............ $ 10,422
500 James River Corp. of Virginia ..... 9,625
178 Kimberly-Clark Corp. ............... 10,102
325 Louisiana-Pacific Corp. ............ 10,481
200 Mead Corp. ......................... 8,925
250 Potlatch Corp. ..................... 10,031
175 Scott Paper Co. .................... 10,106
191 Union Camp Corp. ................... 9,025
271 Westvaco Corp. ..................... 9,317
250 Weyerhaeuser Co. ................... 10,500
---------
135,581
---------
PERSONAL LOANS (0.4%)
260 Beneficial Corp. ................... 10,335
256 Household International, Inc. ..... 8,769
---------
19,104
---------
PHOTOGRAPHY (0.4%)
200 Eastman Kodak Co. .................. 9,676
300 Polaroid Corp. ..................... 10,350
---------
20,026
---------
POLLUTION CONTROL (0.8%)
360 Browning-Ferris Industries, Inc. .. 11,160
2,100 Rollins Environmental Services,
Inc.* ............................. 10,238
360 WMX Technologies, Inc. ............. 10,485
475 Zurn Industries, Inc. .............. 8,966
---------
40,849
---------
PROPERTY--CASUALTY INSURANCE (1.1%)
122 Chubb Corp. ........................ 9,135
600 Continental Corp. .................. 9,300
85 General Re Corp. ................... 9,829
175 Safeco Corp. ....................... 9,692
240 St. Paul Cos., Inc. ................ 10,260
675 USF&G Corp. ........................ 8,606
---------
56,822
---------
PUBLISHING (0.5%)
160 Dun & Bradstreet Corp. ............. 9,260
140 McGraw-Hill, Inc. .................. 9,730
200 Meredith Corp. ..................... 8,976
---------
27,966
---------
PUBLISHING--NEWSPAPER (1.1%)
325 Dow Jones & Co., Inc. .............. 9,995
170 Gannett Co., Inc. .................. 8,585
161 Knight-Ridder Newspapers, Inc. .... 8,695
383 New York Times Co. (Class A) ...... 9,048
325 Times Mirror Co. (The) ............. 9,709
175 Tribune Co. ........................ 9,144
---------
55,176
---------
RAILROADS (1.1%)
185 Burlington Northern, Inc. .......... 9,620
175 Conrail, Inc. ...................... 9,406
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
130 CSX Corp. .......................... $ 10,092
134 Norfolk Southern Corp. ............. 8,442
500 Santa Fe Pacific Corp. ............. 10,313
160 Union Pacific Corp. ................ 9,440
---------
57,313
---------
RESTAURANTS (0.9%)
400 Luby's Cafeterias, Inc. ............ 9,150
318 McDonald's Corp. ................... 8,626
1,625 Ryan's Family Steak House, Inc.* .. 10,156
725 Shoney's Inc.* ..................... 10,242
625 Wendys International, Inc. ......... 9,609
---------
47,783
---------
RETAIL--DEPARTMENT STORES (1.0%)
275 Dillard Department Stores (Class A) 9,213
250 May Department Stores Co. .......... 9,906
300 Mercantile Stores, Inc. ............ 9,788
236 Nordstrom, Inc. .................... 10,325
200 Penney (J.C.) Co., Inc. ............ 9,900
---------
49,132
---------
RETAIL--DRUG STORES (0.6%)
267 Longs Drug Stores Corp. ............ 9,245
500 Rite Aid Corp. ..................... 10,125
275 Walgreen Co. ....................... 10,073
---------
29,443
---------
RETAIL--FOOD CHAINS (1.3%)
380 Albertson's, Inc. .................. 10,260
400 American Stores Co. ................ 10,350
1,200 Bruno's, Inc. ...................... 9,300
450 Giant Foods, Inc. (Class A) ....... 9,000
450 Great Atlantic & Pacific Tea, Inc. 9,057
400 Kroger Co.* ........................ 10,050
225 Winn-Dixie Stores, Inc. ............ 10,407
---------
68,424
---------
RETAIL--GENERAL MERCHANDISE (0.7%)
125 Dayton-Hudson Corp. ................ 10,314
625 K-Mart Corp. ....................... 10,234
200 Sears, Roebuck & Co. ............... 9,450
350 Wal-Mart Stores, Inc. .............. 8,750
---------
38,748
---------
RETAIL--SPECIALTY (2.0%)
375 Blockbuster Entertainment .......... 9,750
500 Circuit City Stores, Inc. .......... 10,939
250 Home Depot, Inc. ................... 10,250
308 Lowe's Co., Inc. ................... 11,089
250 Melville Corp. ..................... 9,281
361 Pep Boys-Manny, Moe & Jack ......... 10,875
700 Price/Costco, Inc.* ................ 10,500
275 Tandy Corp. ........................ 10,278
250 Toys 'R' Us, Inc.* ................. 8,594
600 Woolworth (F.W.) Co. ............... 9,075
---------
100,631
---------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
RETAIL--SPECIALTY APPAREL (0.8%)
1,000 Charming Shoppes, Inc. ............. $ 9,125
249 Gap, Inc. .......................... 9,588
500 Limited, Inc. ...................... 9,875
525 TJX Companies, Inc. ................ 10,500
----------
39,088
---------
SAVINGS & LOAN ASSOCIATIONS (0.6%)
550 Ahmanson (H.F.) & Co. .............. 10,932
230 Golden West Financial Corp. ....... 9,172
500 Great Western Financial Corp. ..... 9,875
---------
29,979
---------
SHOES (0.9%)
280 Brown Group, Inc. .................. 9,940
1,200 Genesco, Inc.* ..................... 3,900
158 Nike, Inc. (Class B) ............... 9,718
300 Reebok International, Ltd. ......... 10,650
775 Stride Rite Corp. .................. 9,978
---------
44,186
---------
SPECIALITY PRINTING (0.5%)
375 Deluxe Corp. ....................... 9,750
340 Donnelley (R.R.) & Sons Co. ....... 9,989
400 Harland (John H.) Co. .............. 8,200
---------
27,939
---------
SPECIALIZED SERVICES (1.6%)
250 Block (H&R), Inc. .................. 9,750
475 Ecolab, Inc. ....................... 10,450
316 Interpublic Group of Cos., Inc. ... 10,232
2,000 National Educational Corp.* ....... 11,000
374 National Service Industries, Inc. . 10,239
425 Ogden Corp. ........................ 9,456
624 Safety-Kleen Corp. ................. 10,920
375 Service Corp. International ....... 9,891
---------
81,938
---------
STEEL (1.2%)
1,600 Armco, Inc.* ....................... 9,400
475 Bethlehem Steel Corp.* ............. 10,570
275 Inland Steel Industries, Inc.* .... 10,450
146 Nucor Corp. ........................ 10,075
300 USX-U.S. Steel Group ............... 11,250
475 Worthington Industries, Inc. ...... 9,500
---------
61,245
---------
TELECOMMUNICATION--LONG DISTANCE (0.5%)
155 AT&T Corp. ......................... 8,467
425 MCI Communications Corp. ........... 9,616
260 Sprint Corp. ....................... 9,523
---------
27,606
---------
TELECOMMUNICATIONS (0.6%)
575 Comcast Corp. (Class A Special) ... 9,488
200 Motorola, Inc. ..................... 10,600
425 Telecommunications, Inc.* .......... 9,882
---------
29,970
---------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Number of
Shares Value
TEXTILES (1.2%)
1,600 Hartmarx Corp.* ................... $ 9,400
450 Liz Claiborne, Inc. ............... 9,564
700 Oshkosh B' Gosh, Inc. (Class A) .. 9,975
325 Russell Corp. ..................... 9,831
300 Springs Industries, Inc. .......... 10,538
200 V.F. Corp. ........................ 10,250
----------
59,558
----------
TOBACCO (0.5%)
275 American Brands, Inc. ............. 9,385
170 Philip Morris Cos., Inc. .......... 9,350
318 UST, Inc. ......................... 9,183
----------
27,918
----------
TOYS (0.4%)
325 Hasbro, Inc. ...................... 9,832
400 Mattel, Inc. ...................... 11,050
----------
20,882
----------
TRANSPORTATION--MISCELLANEOUS (0.6%)
125 Federal Express Corp.* ............ 8,313
360 Pittston Co. ...................... 10,800
375 Ryder System, Inc. ................ 9,797
----------
28,910
----------
TRUCKERS (0.5%)
400 Consolidated Freightways, Inc.* .. 9,150
142 Roadway Service, Inc. ............. 8,592
550 Yellow Corp. ...................... 10,381
----------
28,123
----------
U.S. GOVERNMENT AGENCIES (0.4%)
175 Federal Home Loan Mortgage Corp. .. 10,412
115 Federal National Mortgage
Association ...................... 9,977
----------
20,389
----------
UTILITIES-- ELECTRIC (4.6%)
300 American Electric Power Co., Inc. 9,150
450 Baltimore Gas & Electric Co. ..... 10,294
425 Carolina Power & Light Co. ........ 11,316
450 Central & South West Corp. ........ 10,181
425 Commonwealth Edison Co. ........... 10,094
350 Consolidated Edison of New York,
Inc. ............................. 10,063
325 Detroit Edison Co. ................ 8,572
250 Dominion Resources, Inc. .......... 9,094
275 Duke Power Co. .................... 10,519
375 Entergy Corp. ..................... 9,563
325 FPL Group, Inc. ................... 10,278
300 Houston Industries, Inc. .......... 10,538
625 Niagara Mohawk Power Corp. ........ 10,313
225 Northern States Power Co. ......... 9,620
475 Ohio Edison Co. ................... 9,025
375 Pacific Gas & Electric Co. ........ 9,047
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
570 Pacificorp. ....................... $ 10,118
325 PECO Energy Co. ................... 8,491
425 PSI Resources, Inc. ............... 9,402
325 Public Service Enterprise Group,
Inc. ............................. 9,019
800 SCE Corp. ......................... 10,800
450 Southern Co. ...................... 8,775
300 Texas Utilities Co. ............... 9,862
300 Union Electric Co. ................ 10,350
----------
234,484
----------
UTILITIES-GAS (2.7%)
333 Coastal Corp. ..................... 10,448
250 Consolidated Natural Gas Co. ..... 9,688
450 Eastern Enterprises ............... 10,350
300 Enron Corp. ....................... 9,713
650 ENSERCH Corp. ..................... 10,238
350 NICOR, Inc. ....................... 8,794
1,600 NorAm Energy Corp. ................ 9,600
575 ONEOK, Inc. ....................... 10,638
475 Pacific Enterprises ............... 9,738
500 Panhandle Eastern Corp. ........... 10,250
400 Peoples Energy Corp. .............. 10,250
280 Sonat, Inc. ....................... 9,275
650 Transco Energy, Inc. .............. 9,831
350 Williams Cos., Inc. ............... 11,420
----------
140,233
----------
UTILITIES--TELEPHONE (1.5%)
250 Ameritech Corp. ................... 10,250
170 Bell Atlantic Corp. ............... 9,626
143 BellSouth Corp. ................... 8,938
334 GTE Corp. ......................... 10,605
250 NYNEX Corp. ....................... 9,625
325 Pacific Telesis Group ............. 10,645
200 Southwestern Bell Corp. ........... 8,400
250 U.S. West, Inc. ................... 10,063
----------
78,152
----------
TOTAL COMMON STOCKS (IDENTIFIED
COST $4,847,117) ................. 4,870,917
----------
<CAPTION>
Principal
Amount (in
thousands)
- - ------------
<S> <C> <C>
SHORT-TERM INVESTMENT (3.5%)
U.S. GOVERNMENT AGENCY (a) (3.5%)
$180 Federal Home Loan Mortgage
Corp. 4.0% due 8/01/94
(Amortized Cost $180,000) ....... 180,000
-----------
TOTAL INVESTMENTS
(IDENTIFIED COST $5,027,117) (B).... 98.4% 5,050,917
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES .............. 1.6 81,674
----- -----------
NET ASSETS .......................... 100.0% $5,132,591
===== ===========
</TABLE>
- - ---------------
* Non-income producing security.
ADR American Depository Receipt.
(a) U.S. Government Agency was purchased on a discount basis. The rate
shown reflects the bond equivalent interest rate.
(b) The aggregate cost for federal income tax purposes is
$5,028,154; the aggregate gross unrealized appreciation is
$312,674 and the aggregate gross unrealized depreciation is
$289,911, resulting in net unrealized appreciation of $22,763.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
COMMON STOCKS (25.4%)
CANADA (2.0%)
AUTO PARTS
200 Magna International, Inc. .......... $ 8,300
-----------
BANKING
300 Bank of Nova Scotia ................ 5,401
-----------
METALS & MINING
200 American Barrick ................... 4,523
-----------
NATURAL GAS
300 Renaissance Energy Ltd.* ........... 6,405
-----------
NATURAL RESOURCES
300 Noranda, Inc. ...................... 5,292
-----------
PAPER & FOREST PRODUCTS
400 International Forest Products* .... 4,053
-----------
TELECOMMUNICATIONS
100 BCE Mobile Communications, Inc.* .. 2,650
100 BCE, Inc. .......................... 3,310
-----------
5,960
-----------
TOTAL CANADA ....................... 39,934
-----------
FRANCE (1.0%)
BANKING
40 Societe Generale ................... 4,398
-----------
MULTI-INDUSTRY
10 Financiere et Industrielle Gaz et
Eaux ............................. 3,966
-----------
OIL RELATED
30 Esso Ste Anonyme Francaise ......... 5,397
-----------
TELECOMMUNICATIONS
60 Television Francaise ............... 5,822
-----------
TOTAL FRANCE ....................... 19,583
-----------
GERMANY (0.9%)
BANKING
20 Commerzbank AG ..................... 4,253
-----------
BUSINESS SERVICES
20 Rosenthal AG ....................... 3,278
-----------
MULTI-INDUSTRY
10 Preussag AG ........................ 2,873
-----------
OFFICE EQUIPMENT
15 Herlitz AG ......................... 3,563
-----------
RETAIL
10 Kaufhof Holding AG ................. 3,075
-----------
TOTAL GERMANY ...................... 17,042
-----------
HONG KONG (1.0%)
BANKING
300 HSBC Holdings PLC .................. 3,611
-----------
CONGLOMERATES
600 Swire Pacific, Ltd. (A Shares) .... 4,932
-----------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
REAL ESTATE
1,000 Realty Development Corp. (Class A) $ 4,531
-----------
TRANSPORTATION
2,300 Cathay Pacific Airways, Ltd. ...... 3,721
-----------
UTILITIES--ELECTRIC
1,300 Hong Kong Electric Holdings ....... 3,938
-----------
TOTAL HONG KONG .................... 20,733
-----------
JAPAN (4.9%)
ELECTRONICS
1,000 Hitachi, Ltd. ...................... 9,656
-----------
FINANCE
1,000 Dai-Ichi Kangyo Bank ............... 19,013
-----------
FOODS & BEVERAGES
1,100 House Food Industrial .............. 23,667
-----------
INSURANCE
1,000 Dai-Tokyo Fire & Marine Insurance
Co., Ltd. .......................... 7,906
-----------
MACHINERY
1,000 Komatsu, Ltd. ...................... 9,587
-----------
MULTI-INDUSTRY
1,000 Furukawa Co., Ltd. ................. 6,515
-----------
RETAIL
1,000 Jusco .............................. 23,316
-----------
TOTAL JAPAN ........................ 99,660
-----------
MEXICO (3.7%)
BANKING
1,500 Banacci (C Shares) ................. 10,227
-----------
BEVERAGES--SOFT DRINKS
400 Coca Cola FEMSA (ADR) .............. 12,100
-----------
BUILDING MATERIALS
1,688 Cementos de Mexico, S.A. (B Shares) 12,900
-----------
CONGLOMERATES
1,500 Grupo Carso A2 NVO* ................ 15,550
-----------
FOODS & BEVERAGES
600 Grupo Modelo (C Shares) ............ 12,087
-----------
TELECOMMUNICATIONS
200 Telefonos de Mexico, S.A (ADR) .... 12,150
-----------
TOTAL MEXICO ....................... 75,014
-----------
NETHERLANDS (1.0%)
BANKING
100 ABN-AMRO Holdings .................. 3,331
-----------
INSURANCE
100 Aegon NV ........................... 5,465
100 Fortis Amev NV ..................... 4,219
-----------
9,684
-----------
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - --------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
PUBLISHING
100 Wolters Kluwer ..................... $ 6,376
-----------
TOTAL NETHERLANDS .................. 19,391
-----------
SWITZERLAND (0.8%)
BANKING
10 Swiss Bank Corp. ................... 3,037
-----------
BUILDING MATERIALS
10 Holderbk Financiere ................ 2,605
-----------
HEALTH & PERSONAL CARE
1 Roche Holdings AG .................. 3,960
-----------
HOUSEHOLD PRODUCTS
4 SMH AG (Registered) ................ 2,170
-----------
INSURANCE
4 Zurich Insurance ................... 3,900
-----------
TOTAL SWITZERLAND .................. 15,672
-----------
UNITED KINGDOM (1.5%)
AUTOMOTIVE
1,000 Rolls Royce PLC .................... 2,932
-----------
BANKING
400 National Westminster Bank .......... 2,695
-----------
BUSINESS SERVICES
800 Reuters Holding PLC ................ 5,698
-----------
FOOD PROCESSING
500 Tate & Lyle PLC .................... 3,269
-----------
FOODS & BEVERAGES
400 Grand Metropolitan PLC ............. 2,523
-----------
MULTI-INDUSTRY
800 Hanson Trust PLC ................... 3,185
-----------
RETAIL
400 Boots Co., PLC ..................... 3,227
1,000 Next PLC ........................... 3,904
-----------
7,131
-----------
RETAIL--MERCHANDISING
1,000 Tesco .............................. 3,544
-----------
TOTAL UNLTED KINGDOM ............... 30,977
-----------
UNITED STATES (8.6%)
AUTOMOTIVE
200 Chrysler Corp. ..................... 9,625
100 General Motors Corp. ............... 5,138
-----------
14,763
-----------
BANKING
200 Citicorp ........................... 8,250
100 First Interstate Bancorp ........... 7,513
-----------
15,763
-----------
BUILDING & CONSTRUCTION
150 Heilig-Meyers ...................... 3,975
-----------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
CHEMICALS
100 Monsanto Co. ....................... $ 7,688
-----------
COMPUTER SOFTWARE
200 Oracle Systems Corp.* .............. 7,625
200 Sybase, Inc.* ...................... 7,850
-----------
15,475
-----------
ELECTRONIC COMPONENTS
200 Maxim Integrated Products, Inc.* .. 9,650
-----------
ELECTRONICS--SEMICONDUCTORS
200 Motorola, Inc. ..................... 10,600
100 Texas Instruments, Inc. ............ 7,863
-----------
18,463
-----------
FINANCE
100 CUC International* ................. 3,012
-----------
FOREST PRODUCTS
100 Georgia Pacific Corp. .............. 6,450
-----------
HEALTH EQUIPMENT & SERVICES
200 United Healthcare Corp. ............ 9,100
-----------
HOSPITAL MANAGEMENT
300 Genesis Health Ventures, Inc.* .... 7,350
-----------
HOTELS
200 Hospitality Franchise Systems,
Inc.* .............................. 5,350
150 Promus Cos., Inc.* ................. 4,350
-----------
9,700
-----------
INSURANCE
75 American International Group, Inc. 7,068
-----------
MACHINERY
100 Caterpillar, Inc. .................. 10,838
-----------
MEDIA GROUP
200 Capital Cities/ABC ................. 15,450
-----------
RAILROAD EQUIPMENT
150 Trinity Industries, Inc. ........... 4,780
-----------
TELECOMMUNICATIONS
200 Newbridge Networks Corp.* .......... 8,375
-----------
TRANSPORTATION--MISCELLANEOUS
100 Federal Express Corp.* ............. 6,650
-----------
TOTAL UNITED STATES ................ 174,550
-----------
TOTAL COMMON STOCKS (IDENTIFIED COST $509,282) 512,556
-----------
<CAPTION>
Principal
Amount (in
thousands)
- - ------------
<S> <C>
SHORT-TERM INVESTMENTS (69.2%)
U.S. GOVERNMENT AGENCIES (a)(69.2%)
$85 Federal Farm Credit Bank 4.411%
due 8/05/94 ................... 84,958
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount (in
thousands) Value
- - ------------ ---------
<S> <C> <C> <C>
$200 Federal Home Loan Banks 4.367% due
8/08/94.......................... $ 199,831
Federal National Mortgage Association
530 4.268% due 8/31/94............... 528,123
Federal National Mortgage Association
590 4.475% due 9/30/94............... 585,613
----------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $1,398,546)..... 1,398,525
----------
TOTAL INVESTMENTS
(IDENTIFIED COST
$1,907,828) (B) ................... 94.6% $1,911,081
CASH AND OTHER ASSETS
IN EXCESS OF LIABILlTlES ........... 5.4 108,944
----- ----------
NET ASSETS .......................... 100.0% $2,020,025
===== ==========
</TABLE>
- - ---------------
* Non-income producing security.
ADR American Depository Receipt.
(a) U.S. Government Agencies were purchased on a discount basis. The
interest rates shown have been adjusted to reflect a bond equivalent
yield.
(b) The aggregate cost for federal income tax purposes is $1,907,828; the
aggregate gross unrealized appreciation is $41,317 and the aggregate
gross unrealized depreciation is $38,064, resulting in net unrealized
appreciation of $3,253.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY SERIES
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- - ------------------------------- ------------ ------------
<S> <C> <C>
Auto Parts ..................... $ 8,300 0.4%
Automotive ..................... 17,695 0.9
Banking ........................ 52,716 2.6
Beverages--Soft Drinks ......... 12,100 0.6
Building & Construction ........ 3,975 0.2
Building Materials ............. 15,505 0.8
Business Services .............. 8,976 0.4
Chemicals ...................... 7,688 0.4
Computer Software .............. 15,475 0.8
Conglomerates .................. 20,482 1.0
Electronic Components .......... 9,650 0.5
Electronics .................... 9,656 0.5
Electronics--Semiconductors ... 18,463 0.9
Finance ........................ 22,025 1.1
Food Processing ................ 3,269 0.2
Foods & Beverages .............. 38,277 1.9
Forest Products ................ 6,450 0.3
Health Equipment & Services ... 9,100 0.4
Health & Personal Care ......... 3,960 0.2
Hospital Management ............ 7,350 0.4
Hotels ......................... 9,700 0.5
Household Products ............. 2,170 0.1
Insurance ...................... 28,558 1.4
Machinery ...................... 20,425 1.0
Media Group .................... 15,450 0.7
Metals & Mining ................ 4,523 0.2
Multi-Industry ................. 16,539 0.8
Natural Gas .................... 6,405 0.3
Natural Resources .............. 5,292 0.3
Office Equipment ............... 3,563 0.2
Oil Related .................... 5,397 0.3
Paper & Forest Products ........ 4,053 0.2
Publishing ..................... 6,376 0.3
Railroad Equipment ............. 4,780 0.2
Real Estate .................... 4,531 0.2
Retail ......................... 33,522 1.7
Retail--Merchandising .......... 3,544 0.2
Telecommunications ............. 32,307 1.6
Transportation ................. 3,721 0.2
Transportation--Miscellaneous .. 6,650 0.3
Utilities--Electric ............ 3,938 0.2
U.S. Government Agencies ...... 1,398,525 69.2
------------ ------------
$1,911,081 94.6%
============ ============
<CAPTION>
SUMMARY OF INVESTMENTS BY TYPE July 31, 1994
- - -----------------------------------------------------------------------------
TYPE OF INVESTMENT
- - -----------------------
<S> <C> <C>
Common Stocks .......... $ 512,556 25.4%
Short-Term Investments 1,398,525 69.2
------------ -------
$1,911,081 94.6%
============ =======
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--STRATEGIST SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
COMMON STOCKS (43.5%)
AIRCRAFT & AEROSPACE (1.3%)
220 Boeing Co. ....................... $ 9,818
105 Lockheed Corp. ................... 6,615
--------
16,433
--------
AIRLINES (0.6%)
130 AMR Corp.-DEL* ................... 7,443
--------
ALUMINUM (1.1%)
240 Alumax Inc.* ..................... 7,380
130 Reynolds Metals Co. .............. 6,549
--------
13,929
--------
AUTOMOBILES (2.1%)
154 Daimler Benz AKT (ADR) ........... 7,854
210 Ford Motor Co. ................... 6,668
110 General Motors Corp. ............. 5,651
420 Nissan Motor Co., Ltd. (ADR)* ... 6,405
--------
26,578
--------
BANKS--MONEY CENTER (0.5%)
180 Chemical Banking Corp. ........... 6,907
--------
BANKS--REGIONAL (0.6%)
50 Wells Fargo & Co. ................ 7,768
--------
BEVERAGES--SOFT DRINKS (0.4%)
180 PepsiCo, Inc. .................... 5,490
---------
BIOTECHNOLOGY (0.6%)
150 Amgen, Inc.* ..................... 7,425
--------
BUILDING & CONSTRUCTION (0.4%)
190 Grupo Tribasa S.A. (ADR)* ........ 5,605
--------
CABLE/CELLULAR (0.4%)
100 Comcast Corp. (Class A Special) . 1,650
200 Comcast Corp. (Class A) .......... 3,225
--------
4,875
--------
CHEMICALS (0.6%)
110 Dow Chemical Co. (The) ........... 7,603
--------
CHEMICALS--SPECIALTY (1.3%)
245 Georgia Gulf Corp.* .............. 8,789
370 Praxair, Inc. .................... 8,325
--------
17,114
--------
COMPUTER SOFTWARE (1.1%)
100 BMC Software Inc.* ............... 4,825
170 Microsoft Corporation* ........... 8,755
--------
13,580
--------
COMPUTER SOFTWARE SERVICES (0.6%)
210 General Motors Corp. (Class E) .. 7,402
--------
COMPUTERS--SYSTEMS (0.9%)
75 Hewlett-Packard Co. .............. 5,822
245 Sun Microsystems, Inc.* .......... 5,451
--------
11,273
--------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
CONSUMER PRODUCTS (0.4%)
880 RJR Nabisco Holdings Corp.* ..... $ 5,390
--------
DRUGS (1. 8%)
250 Abbott Laboratories .............. 7,031
200 Johnson & Johnson ................ 9,400
215 Merck & Co., Inc. ................ 6,369
--------
22,800
--------
ELECTRIC EQUIPMENT (1.5%)
110 Emerson Electric Co. ............. 6,683
130 General Electric Co. ............. 6,549
205 Honeywell, Inc. .................. 6,458
--------
19,690
--------
ELECTRONIC & ELECTRICAL EQUIPMENT (0.6%)
120 Sony Corp. (ADR) ................. 7,110
--------
ELECTRONICS-SEMICONDUCTORS (0.5%)
100 Intel Corp. ...................... 5,900
--------
ENTERTAINMENT (0.5%)
160 Polygram N V (ADR) ............... 6,900
--------
ENTERTAINMENT, GAMING & LODGING (0.7%)
200 Circus Circus Enterprises, Inc.* 4,975
145 Promus Cos., Inc.* ............... 4,205
--------
9,180
--------
FINANCIAL SERVICES (0.4%)
160 Travelers, Inc. .................. 5,300
--------
FOODS (0.4%)
155 Campbell Soup Co. ................ 5,735
--------
HEALTH CARE--MISCELLANEOUS (1.0%)
350 Humana, Inc.* .................... 6,563
165 U.S. Healthcare, Inc. ............ 6,229
--------
12,792
--------
HOME BUILDING (1.3%)
440 Castle & Cooke Homes, Inc.* ..... 4,455
150 Centex Corp. ..................... 3,750
430 Hovnanian Enterprises (Class A)* 3,494
360 Toll Brothers, Inc.* ............. 4,320
--------
16,019
--------
HOUSEHOLD PRODUCTS (0.4%)
105 Colgate-Palmolive Co. ............ 5,603
--------
LIFE INSURANCE (0.6%)
240 Providian Corp. .................. 7,410
--------
MACHINERY--CONSTRUCTION & MATERIALS (0.5%)
180 Ingersoll Rand Co. ............... 6,547
--------
MEDIA GROUP (0.4%)
90 Grupo Televisa, S.A. de CV (GDS) 5,040
--------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--STRATEGIST SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
MEDICAL PRODUCTS & SUPPLIES (0.5%)
280 Lincare Holdings, Inc.* ........... $ 5,950
--------
METALS (0.6%)
125 Phelps Dodge Corp. ................ 7,718
--------
MULTI-LINE INSURANCE (0.7%)
90 American International Group, Inc. 8,483
--------
NATURAL GAS--DISTRIBUTION (1.0%)
290 Pacific Enterprises ............... 5,945
200 Williams Cos., Inc. ............... 6,525
---------
12,470
--------
OIL & GAS PRODUCTS (0.4%)
290 Cabot Oil & Gas Corp. (Class A
Shares) ........................... 5,619
--------
OIL DRILLING & SERVICES (0.6%)
120 Schlumberger, Ltd. (ADR) .......... 7,080
--------
OIL INTEGRATED--DOMESTIC (0.6%)
400 Occidental Petroleum Corp. ........ 7,950
--------
OIL INTEGRATED--INTERNATIONAL (2.2%)
160 Chevron Corp. ..................... 7,100
100 Exxon Corp. ....................... 5,950
90 Mobil Corp. ....................... 7,549
110 Texaco, Inc. ...................... 6,985
--------
27,584
--------
PAPER & FOREST PRODUCTS (0.4%)
160 Louisiana-Pacific Corp. ........... 5,160
--------
POLLUTION CONTROL (1.0%)
230 Browning-Ferris Industries, Inc. . 7,130
230 WMX Technologies, Inc. ............ 6,699
--------
13,829
--------
PUBLISHING (0.4%)
100 News Corp. Ltd. (ADS) ............. 5,150
--------
RAILROADS (0.5%)
80 CSX Corp. ......................... 6,210
--------
RETAIL (0.9%)
120 Penney (J.C.) Co., Inc. ........... 5,940
245 Wal-Mart Stores, Inc. ............. 6,125
--------
12,065
--------
<PAGE>
<PAGE>
<CAPTION>
Number of
Shares Value
---------- --------
<S> <C> <C>
RETAIL--SPECIALTY (1.5%)
150 Gap, Inc. ......................... $ 5,775
220 Lowe's Companies .................. 7,920
770 Pier 1 Imports, Inc. .............. 5,679
--------
19,374
--------
STEEL & IRON (0.7%)
430 National Steel Corp. (Class B)* .. 8,545
--------
TELECOMMUNICATIONS (4.3%)
410 Airtouch Communications* .......... 10,660
130 AT&T Corp. ........................ 7,101
50 Compania de Telefonos de Chile
(ADR) ............................. 4,019
265 MCI Communications Corp. .......... 5,996
175 NYNEX Corp. ....................... 6,738
130 Pacific Telesis Group ............. 4,258
120 Telecommunications Corp.
New Zealand Ltd. (ADR) ........... 5,430
140 Telefonica Espana, S.A. (ADR) .... 5,968
90 Telefonos de Mexico, S.A.
(Series L) (ADR) ................. 5,468
--------
55,638
--------
TELECOMMUNICATIONS EQUIPMENT (0.9%)
200 MFS Communications Co., Inc.* .... 5,850
125 Newbridge Networks Corp.* ......... 5,234
--------
11,084
--------
TOBACCO (0.5%)
110 Philip Morris Cos., Inc. .......... 6,050
--------
TRANSPORTATION (0.4%)
300 Kirby Corp.* ...................... 4,800
--------
TRANSPORTATION--SHIPPING (0.5%)
90 Federal Express Corp.* ............ 5,985
--------
TRUCKERS (0.8%)
160 Roadway Service, Inc. ............. 9,680
--------
U.S. GOVERNMENT AGENCY (0.6%)
85 Federal National Mortgage
Association ...................... 7,374
--------
TOTAL COMMON STOCKS
(IDENTIFIED COST $583,323) ........ 554,639
--------
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES --STRATEGIST SERIES
PORTFOLIO OF INVESTMENTS July 31, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ----------- -----------
<S> <C> <C> <C> <C>
CORPORATE BONDS (6.3%)
AUTOMOTIVE FINANCE (1.3%)
$ 15 Ford Capital BV .............. 9.375 % 5/15/01 $ 16,434
-----------
BROADCAST MEDIA (1.4%)
20 News American Holdings, Inc. . 8.25 8/10/18 18,251
-----------
PAPER & FOREST PRODUCTS (1.6%)
20 Georgia Pacific Corp. ........ 9.125 7/01/22 20,242
-----------
STEEL & IRON (0.7%)
10 Pohang Iron & Steel, Ltd. ... 7.50 8/01/02 9,533
-----------
UTILITIES--ELECTRIC (1.3%)
20 Long Island Lighting Co. .... 6.25 7/15/01 16,664
-----------
TOTAL CORPORATE BONDS (IDENTIFIED COST $83,342) ..... 81,124
-----------
U.S. GOVERNMENT OBLLGATIONS (15.0%)
50 U.S. Treasury Bond ........... 7.125 2/15/23 48,266
75 U.S. Treasury Bond ........... 6.25 8/15/23 64,840
25 U.S. Treasury Note ........... 7.875 11/15/99 26,234
50 U.S. Treasury Note ........... 7.50 5/15/02 51,515
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS (IDENTIFIED COST
$212,187) ............................................ 190,855
-----------
SHORT-TERM INVESTMENTS (33.9%)
U.S. GOVERNMENT AGENCIES (a) (33.9%)
85 Federal Home Loan Mortgage Corp. 4.25% due 8/24/94 ... 84,769
290 Federal Home Loan Mortgage Corp. 4.26% due 8/31/94 .. 288,970
60 Federal National Mortgage Association 4.44% due 9/30/94 59,555
-----------
TOTAL SHORT-TERM INVESTMENTS (AMORTIZED COST $433,294) 433,294
-----------
TOTAL INVESTMENTS (IDENTIFIED COST $1,312,146)(B) 98.7% 1,259,912
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 1.3 16,548
----- -----------
NET ASSETS 100.0% $1,276,460
===== ===========
</TABLE>
- - ---------------
* Non-income producing security.
ADR American Depository Receipt.
ADS American Depository Shares.
GDS Global Depository Shares.
(a) U.S. Government Agencies were purchased on a discount basis.
The rate shown reflects the bond equivalent interest rate.
(b) The aggregate cost for federal income tax purposes is
$1,312,146; the aggregate gross unrealized appreciation is
$35,601 and the aggregate gross unrealized depreciation is
$87,835, resulting in net unrealized depreciation of $52,234.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENT OF ASSETS AND LIABILITIES July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE
U.S. GOVERNMENT U.S. GOVERNMENT INCOME
LIQUID ASSET MONEY MARKET SECURITIES SECURITIES
SERIES SERIES SERIES SERIES
------------ --------------- --------------- --------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value* (Note 1) .... $1,571,373 $554,520 $2,889,734 $441,284
Cash .............................................. 8,887 628 6,057 29,320
Receivable for:
Investments sold (Note 3) ........................ -- -- -- --
Shares of beneficial interest sold ............... 14,924 -- 58,113 6
Dividends ........................................ -- -- -- --
Interest ......................................... -- -- 7,151 6,516
Foreign withholding taxes reclaimed .............. -- -- -- --
Deferred organizational expenses (Note 1) ........ 9,310 9,467 9,377 9,407
Other receivable .................................. -- -- -- 300
------------ --------------- --------------- --------------
TOTAL ASSETS .................................. 1,604,494 564,615 2,970,432 486,833
------------ --------------- --------------- --------------
LIABILITIES:
Payable for:
Investments purchased (Note 3) ................... -- -- -- 14,733
Shares of beneficial interest repurchased ....... 70,814 340 6,143 2,073
Dividends to shareholders ........................ -- -- 887 157
Organizational expenses payable (Note 1) ......... 9,310 9,467 9,377 9,407
------------ --------------- --------------- --------------
TOTAL LIABILITIES ............................. 80,124 9,807 16,407 26,370
------------ --------------- --------------- --------------
NET ASSETS:
Paid-in-capital ................................... 1,524,366 554,808 3,079,198 476,521
Accumulated undistributed net investment income .. 4 -- 887 162
Accumulated undistributed net realized gain (loss) -- -- (4) (910)
Net unrealized appreciation (depreciation) ....... -- -- (126,056) (15,310)
------------ --------------- --------------- --------------
NET ASSETS .................................... $1,524,370 $554,808 $2,954,025 $460,463
============ =============== =============== ==============
*IDENTIFIED COST .................................. $1,571,373 $554,520 $3,015,790 $456,594
============ =============== =============== ==============
SHARES OF BENEFICIAL INTEREST OUTSTANDING ........ 1,524,366 554,808 309,053 48,919
============ =============== =============== ==============
NET ASSET VALUE PER SHARE
(unlimited authorized shares of $.01 par value) . $1.00 $1.00 $9.56 $9.41
============ =============== =============== ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL GLOBAL
AMERICAN GROWTH DIVIDEND UTILITIES VALUE-ADDED EQUITY STRATEGIST
VALUE SERIES SERIES GROWTH SERIES SERIES MARKET SERIES SERIES SERIES
- - ------------ ---------- ------------- ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
$6,606,394 $209,149 $12,593,491 $3,895,889 $5,050,917 $1,911,081 $1,259,912
26,859 7,131 99,313 4,387 835 18,746 9,205
180,347 1,508 45,073 -- 96,754 -- --
154,530 -- 225,315 60,852 52,486 100,128 9,676
6,124 112 20,922 12,266 5,828 333 1,086
-- -- -- -- -- -- 6,689
-- -- -- -- -- 333 29
9,557 9,564 9,370 9,377 9,557 9,377 9,377
-- -- -- -- -- -- --
- - ------------ ---------- ------------- ------------ ------------- ------------ ------------
6,983,811 227,464 12,993,484 3,982,771 5,216,377 2,039,998 1,295,974
- - ------------ ---------- ------------- ------------ ------------- ------------ ------------
97,377 3,188 153,946 107,962 52,168 -- --
36,182 -- 8,749 5,850 22,061 10,596 10,137
-- -- -- -- -- -- --
9,557 9,564 9,370 9,377 9,557 9,377 9,377
- - ------------ ---------- ------------- ------------ ------------- ------------ ------------
143,116 12,752 172,065 123,189 83,786 19,973 19,514
- - ------------ ---------- ------------- ------------ ------------- ------------ ------------
7,120,477 220,444 12,772,188 3,931,350 4,998,958 1,999,660 1,307,350
47,154 1,893 95,171 29,677 67,985 21,656 21,430
(397,532) (2,770) 137,822 1,413 41,848 (4,566) (86)
70,596 (4,855) (183,762) (102,858) 23,800 3,275 (52,234)
- - ------------ ---------- ------------- ------------ ------------- ------------ ------------
$6,840,695 $214,712 $12,821,419 $3,859,582 $5,132,591 $2,020,025 $1,276,460
============ ========== ============= ============ ============= ============ ============
$6,535,798 $214,004 $12,777,253 $3,998,747 $5,027,117 $1,907,828 $1,312,146
============ ========== ============= ============ ============= ============ ============
689,073 22,794 1,163,962 370,476 474,963 189,640 131,252
============ ========== ============= ============ ============= ============ ============
$9.93 $9.42 $11.02 $10.42 $10.81 $10.65 $9.73
============ ========== ============= ============ ============= ============ ============
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENT OF OPERATIONS For the year ended July 31, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE
LIQUID U.S. GOVERNMENT U.S. GOVERNMENT INCOME
ASSET MONEY MARKET SECURITIES SECURITIES
SERIES SERIES SERIES SERIES
---------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME
Interest .................................... $ 42,583 $ 19,117 $ 104,510 $ 16,488
Dividends ................................... -- -- -- --
---------- --------------- --------------- --------------
TOTAL INCOME .............................. 42,583 19,117 104,510 16,488
---------- --------------- --------------- --------------
EXPENSES
Investment management fee (Note 2) ......... 6,107 2,882 15,165 1,745
Transfer agent fees and expenses (Note 3) .. 1,597 815 2,816 478
Shareholder reports and notices ............. 5,109 5,019 5,109 5,075
Professional fees ........................... 21,178 21,178 21,178 17,121
Registration fees ........................... 13,666 13,831 19,995 16,310
Custodian fees .............................. 369 270 2,484 130
Organizational expenses (Note 1) ............ 2,727 2,727 2,727 2,727
Other ....................................... 1,235 1,182 1,320 1,324
---------- --------------- --------------- --------------
Total Expenses before Amounts Waived/
Assumed ................................. 51,988 47,904 70,794 44,910
Less: Amounts Waived/Assumed (Note 2) ...... (51,988) (47,904) (70,794) (44,910)
---------- --------------- --------------- --------------
Total Expenses after Amounts Waived/
Other Expenses Assumed ................... -- -- -- --
---------- --------------- --------------- --------------
NET INVESTMENT INCOME ...................... 42,583 19,117 104,510 16,488
---------- --------------- --------------- --------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
(NOTE 1):
Net realized gain (loss) on:
Investments ................................ -- -- (3) (910)
Foreign exchange transactions .............. -- -- -- --
---------- --------------- --------------- --------------
-- -- (3) (910)
---------- --------------- --------------- --------------
Net change in unrealized appreciation
(depreciation) on:
Investments ................................ -- -- (131,815) (15,055)
Translation of other assets and liabilities
denominated in foreign currencies ........ -- -- -- --
---------- --------------- --------------- --------------
-- -- (131,815) (15,055)
---------- --------------- --------------- --------------
NET GAIN (LOSS) ............................ -- -- (131,818) (15,965)
---------- --------------- --------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................ $ 42,583 $ 19,117 $ (27,308) $ 523
========== =============== =============== ==============
</TABLE>
- - ---------------
* Net of $20, $1,481, $870, $201, $430, $70 in foreign withholding tax,
respectively.
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL DIVIDEND GLOBAL
AMERICAN GROWTH GROWTH UTILITIES VALUE-ADDED EQUITY STRATEGIST
VALUE SERIES SERIES SERIES SERIES MARKET SERIES SERIES SERIES
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 24,980 $ 16 $ 5,024 $ 10,465 $ 11,589 $ 16,304 $ 18,161
22,293* 2,637 231,162* 85,500* 82,410* 6,504* 10,635*
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
47,273 2,653 236,186 95,965 93,999 22,808 28,796
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
23,785 1,488 53,781 17,297 18,501 9,462 7,584
6,831 1,493 8,824 3,088 1,327 3,185 1,917
5,075 5,025 5,075 4,985 4,985 5,073 4,985
16,121 16,227 16,121 17,121 16,121 18,121 17,121
18,893 16,588 20,123 17,184 18,060 17,117 16,773
947 14 460 349 58 196 104
2,727 2,727 2,727 2,727 2,727 2,727 2,727
1,305 1,099 1,460 1,335 6,120 1,223 1,293
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
75,684 44,661 108,571 64,086 67,899 57,104 52,504
(75,684) (44,661) (108,571) (64,086) (67,899) (57,104) (52,504)
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
-- -- -- -- -- -- --
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
47,273 2,653 236,186 95,965 93,999 22,808 28,796
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
(395,854) (2,073) 139,230 1,413 41,849 (4,566) 9,623
-- -- -- -- -- (23) --
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
(395,854) (2,073) 139,230 1,413 41,849 (4,589) 9,623
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
66,521 8,318 (222,761) (204,664) 17,319 5,123 (51,073)
-- -- -- -- -- 22 --
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
66,521 8,318 (222,761) (204,664) 17,319 5,145 (51,073)
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
(329,333) 6,245 (83,531) (203,251) 59,168 556 (41,450)
- - ------------ ---------- ----------- ------------ ------------- ---------- ------------
$(282,060) $ 8,898 $ 152,655 $(107,286) $153,167 $ 23,364 $(12,654)
============ ========== =========== ============ ============= ========== ============
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENT OF CHANGES IN NET ASSETS
- - -----------------------------------------------------------------------------
For the year ended July 31, 1994 and the period ended July 31, 1993
<TABLE>
<CAPTION>
U.S. GOVERNMENT MONEY
LIQUID ASSET SERIES MARKET SERIES
---------------------------- -------------------------
1994 1993 (1) 1994 1993 (2)
------------- ------------- ------------- ----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ............................... $ 42,583 $ 32,878 $ 19,117 $ 506
Net realized gain (loss) ............................ -- 182 -- --
Net change in unrealized appreciation (depreciation) -- -- -- --
------------- ------------- ------------- ----------
Net increase (decrease) in net assets resulting
from operations .................................. 42,583 33,060 19,117 506
------------- ------------- ------------- ----------
Dividends and distributions to shareholders from:
Net investment income ............................... (42,579) (32,878) (19,117) (506)
Net realized gain ................................... -- (182) -- --
------------- ------------- ------------- ----------
Total dividends and distributions ................. (42,579) (33,060) (19,117) (506)
------------- ------------- ------------- ----------
Transactions in shares of beneficial interest:
Net proceeds from sales ............................. 3,665,368 3,988,705 2,044,990 24,839
Reinvestment of dividends and distributions ........ 42,578 33,060 19,120 506
Cost of shares repurchased .......................... (3,264,711) (3,040,634) (1,634,603) (44)
------------- ------------- ------------- ----------
Net increase in net assets from
transactions in shares of beneficial interest ... 443,235 981,131 429,507 25,301
------------- ------------- ------------- ----------
Total increase .................................... 443,239 981,131 429,507 25,301
NET ASSETS:
Beginning of period .................................. 1,081,131 100,000 125,301 100,000
------------- ------------- ------------- ----------
END OF PERIOD ........................................ $ 1,524,370 $ 1,081,131 $ 554,808 $125,301
============= ============= ============= ==========
Undistributed Net Investment Income .................. $ 4 $ -- $ -- $ --
============= ============= ============= ==========
SHARES ISSUED AND REPURCHASED:
Sold ................................................. 3,665,368 3,988,705 2,044,990 24,839
Issued in reinvestment of dividends and distributions 42,578 33,060 19,120 506
Repurchased .......................................... (3,264,711) (3,040,634) (1,634,603) (44)
------------- ------------- ------------- ----------
Net increase ......................................... 443,235 981,131 429,507 25,301
============= ============= ============= ==========
</TABLE>
- - ---------------
Commencement of operations:
(1) December 30, 1992
(2) January 20, 1993
(3) January 8, 1993
(4) January 12, 1993
(5) January 7, 1993
(6) February 1, 1993
(7) February 2, 1993
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES INTERMEDIATE INCOME
SERIES(3) SECURITIES SERIES AMERICAN VALUE SERIES
- - -------------------------- ---------------------- -------------------------
1994 1993 (3) 1994 1993 (4) 1994 1993 (6)
- - ------------ ------------ ---------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C>
$ 104,510 $ 27,481 $ 16,488 $ 2,948 $ 47,273 $ 1,821
(3) -- (910) -- (395,854) 1,962
(131,815) 5,759 (15,055) (255) 66,521 4,075
- - ------------ ------------ ---------- ---------- ------------ -----------
(27,308) 33,240 523 2,693 (282,060) 7,858
- - ------------ ------------ ---------- ---------- ------------ -----------
(103,806) (27,298) (16,354) (2,920) (1,940) --
-- -- -- -- (3,640) --
- - ------------ ------------ ---------- ---------- ------------ -----------
(103,806) (27,298) (16,354) (2,920) (5,580) --
- - ------------ ------------ ---------- ---------- ------------ -----------
1,881,846 1,711,084 342,781 79,271 7,750,006 557,136
94,465 24,035 16,235 2,864 5,505
(646,720) (85,513) (64,630) -- (935,273) (356,897)
- - ------------ ------------ ---------- ---------- ------------ -----------
1,329,591 1,649,606 294,386 82,135 6,820,238 200,239
- - ------------ ------------ ---------- ---------- ------------ -----------
1,198,477 1,655,548 278,555 81,908 6,532,598 208,097
1,755,548 100,000 181,908 100,000 308,097 100,000
- - ------------ ------------ ---------- ---------- ------------ -----------
$2,954,025 $1,755,548 $460,463 $181,908 $6,840,695 $ 308,097
============ ============ ========== ========== ============ ===========
$ 887 $ 183 $ 162 $ 28 $ 47,154 $ 1,821
============ ============ ========== ========== ============ ===========
191,048 170,690 35,727 7,937 749,123 56,269
9,284 2,391 1,683 287 527
(65,859) (8,501) (6,715) -- (91,227) (35,619)
- - ------------ ------------ ---------- ---------- ------------ -----------
134,473 164,580 30,695 8,224 658,423 20,650
============ ============ ========== ========== ============ ===========
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENT OF CHANGES IN NET ASSETS
- - -----------------------------------------------------------------------------
For the year ended July 31, 1994 and the period ended July 31, 1993
<TABLE>
<CAPTION>
CAPITAL GROWTH SERIES DIVIDEND GROWTH SERIES
---------------------- ---------------------------
1994 1993 (7) 1994 1993 (5)
---------- ---------- ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) ........................ $ 2,653 $ (292) $ 236,186 $ 25,278
Net realized gain (loss) ............................ (2,073) (697) 139,230 4,082
Net change in unrealized appreciation
(depreciation) ..................................... 8,318 (13,173) (222,761) 38,999
---------- ---------- ------------- ------------
Net increase (decrease) in net assets resulting
from operations ................................... 8,898 (14,162) 152,655 68,359
---------- ---------- ------------- ------------
Dividends and distributions to shareholders from:
Net investment income ............................... (760) -- (148,288) (18,005)
Net realized gain ................................... -- -- (5,490) --
---------- ---------- ------------- ------------
Total dividends and distributions .................. (760) -- (153,778) (18,005)
---------- ---------- ------------- ------------
Transactions in shares of beneficial interest:
Net proceeds from sales ............................ 83,346 48,774 11,474,602 2,339,105
Reinvestment of dividends and distributions ....... 760 -- 121,365 10,400
Cost of shares repurchased ......................... (12,127) (17) (1,190,364) (82,920)
---------- ---------- ------------- ------------
Net increase in net assets from transactions in
shares of beneficial interest .................... 71,979 48,757 10,405,603 2,266,585
---------- ---------- ------------- ------------
Total increase .................................... 80,117 34,595 10,404,480 2,316,939
NET ASSETS:
Beginning of period .................................. 134,595 100,000 2,416,939 100,000
---------- ---------- ------------- ------------
END OF PERIOD ........................................ $214,712 $134,595 $12,821,419 $2,416,939
========== ========== ============= ============
UNDISTRIBUTED NET INVESTMENT INCOME .................. $ 1,893 $ -- $ 95,171 $ 7,273
========== ========== ============= ============
SHARES ISSUED AND REPURCHASED:
Sold ................................................. 8,842 5,152 1,033,016 224,725
Issued in reinvestment of dividends and distributions 80 -- 11,043 986
Repurchased .......................................... (1,278) (2) (107,999) (7,809)
---------- ---------- ------------- ------------
Net increase ......................................... 7,644 5,150 936,060 217,902
========== ========== ============= ============
</TABLE>
- - ---------------
Commencement of operations:
(1) December 30, 1992
(2) January 20, 1993
(3) January 8, 1993
(4) January 12, 1993
(5) January 7, 1993
(6) February 1, 1993
(7) February 2, 1993
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE-ADDED MARKET
UTILITIES SERIES SERIES GLOBAL EQUITY SERIES STRATEGIST SERIES
- - -------------------------- ------------------------ ------------------------ ------------------------
1994 1993 (3) 1994 1993 (6) 1994 1993 (3) 1994 1993 (5)
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 95,965 $ 17,729 $ 93,999 $ 1,895 $ 22,808 $ 2,471 $ 28,796 $ 3,634
1,413 936 41,849 531 (4,589) -- 9,623 (9,709)
(204,664) 101,806 17,319 6,481 5,145 (1,870) (51,073) (1,161)
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
(107,286) 120,471 153,167 8,907 23,364 601 (12,654) (7,236)
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
(72,772) (11,245) (26,537) (1,372) (3,600) (11,000) --
(936) -- (532) -- -- -- -- --
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
(73,708) (11,245) (27,069) (1,372) (3,600) -- (11,000) --
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
3,572,305 1,125,330 5,098,522 531,581 2,169,351 225,504 1,105,067 460,459
72,501 11,233 26,782 1,372 3,091 -- 10,831 --
(938,613) (11,406) (759,299) -- (494,286) (4,000) (367,178) (1,829)
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
2,706,193 1,125,157 4,366,005 532,953 1,678,156 221,504 748,720 458,630
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
2,525,199 1,234,383 4,492,103 540,488 1,697,920 222,105 725,066 451,394
1,334,383 100,000 640,488 100,000 322,105 100,000 551,394 100,000
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
$3,859,582 $1,334,383 $5,132,591 $640,488 $2,020,025 $322,105 $1,276,460 $551,394
============ ============ ============ ========== ============ ========== ============ ==========
$ 29,677 $ 6,484 $ 67,985 $ 523 $ 21,656 $ 2,471 $ 21,430 $ 3,634
============ ============ ============ ========== ============ ========== ============ ==========
333,775 107,573 480,766 53,703 203,467 22,486 111,898 46,260
6,832 1,039 2,532 140 290 -- 1,082 --
(87,688) (1,055) (72,178) -- (46,206) (397) (37,803) (185)
- - ------------ ------------ ------------ ---------- ------------ ---------- ------------ ----------
252,919 107,557 411,120 53,843 157,551 22,089 75,177 46,075
============ ============ ============ ========== ============ ========== ============ ==========
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS
- - -----------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES--Dean Witter Retirement Series (the
"Fund") is registered under the Investment Company Act of 1940, as amended,
as an open-end management investment company, consisting of eleven separate
Series ("Series"). All of the Series, with the exception of Strategist, are
diversified.
The Fund was organized on May 14, 1992 as a Massachusetts business trust
and each of the Series commenced operations as follows:
<TABLE>
<CAPTION>
COMMENCEMENT OF COMMENCEMENT OF
PORTFOLIO OPERATIONS PORTFOLIO OPERATIONS
- - ----------------------------------- --------------------- ---------------------- --------------------
<S> <C> <C> <C>
Liquid Asset ....................... December 30, 1992 Dividend Growth ....... January 7, 1993
U.S. Government Money Market ...... January 20, 1993 Utilities ............. January 8, 1993
U.S. Government Securities ......... January 8, 1993 Value-Added Market ... February 1, 1993
Intermediate Income Securities .... January 12, 1993 Global Equity ......... January 8, 1993
American Value ..................... February 1, 1993 Strategist ............ January 7, 1993
Capital Growth ..................... February 2, 1993
</TABLE>
The following is a summary of significant accounting policies:
A. Valuation of Investments--Liquid Asset and U.S. Government Money Market:
Securities are valued at amortized cost which approximates market value. All
remaining Series: (1) equity securities listed or traded on the New York or
American Stock Exchange or other domestic or foreign stock exchange are
valued at its latest sale price on that exchange prior to the time when
assets are valued (if there were no sales that day, the security is valued at
the latest bid price; in cases where securities are traded on more than one
exchange, the securities are valued on the exchange designated as the primary
market by the Trustees); (2) all other portfolio securities for which
over-the-counter market quotations are readily available are valued at the
latest available bid price prior to the time of valuation; (3) when market
quotations are not readily available, 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, in determining what it believes is the
fair valuation of the securities valued by such pricing service; and (5)
short-term debt securities having a maturity date of more than sixty days are
valued on a mark-to-market basis, that is, at prices based on market
quotations for securities of a similar type, yield, quality and maturity,
until sixty days prior to maturity and thereafter at amortized cost.
Short-term 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 on the identified cost method.
Dividend income is recorded on the ex-dividend date except for certain
dividends on foreign securities which are recorded as soon as the Fund is
informed after the ex-dividend date. Interest income is accrued daily except
where collection is not expected. In
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS (continued)
- - -----------------------------------------------------------------------------
determining net investment income, Liquid Asset and U.S. Government Money
Market amortizes premiums and discounts; gains and losses realized upon the
sale of such securities are based on their amortized cost. All other Series
do not amortize premiums or accrue discounts on fixed income securities
except original issue discounts which are required for federal income tax
purposes.
C. Foreign Currency Translation--The books and records of Global Equity
are translated into U.S. dollars as follows: (1) the foreign currency market
value of investment securities, other assets and liabilities and forward
contracts are translated at the exchange rates prevailing at the end of the
period; and (2) purchases, sales, income and expenses are translated at the
exchange rate prevailing on the respective dates of such transactions. The
resultant exchange gains and losses are included in the Statement of
Operations. Pursuant to U.S. Federal income tax regulations, certain foreign
exchange gains/losses included in realized and unrealized gain/loss are
included in or are a reduction of ordinary income for federal income tax
purposes. The Series does not isolate that portion of the results of
operations arising as a result of changes in the foreign exchange rates from
the changes in the market prices of the securities.
D. Forward Foreign Currency Exchange Contracts--Global Equity is permitted
to enter into forward foreign currency exchange contracts as a hedge against
fluctuations in foreign exchange rates. Forward contracts are valued daily at
the appropriate exchange rates and any resulting unrealized currency gains or
losses are reflected in the respective Series' accounts. The Series records
realized gains or losses on delivery of the currency.
E. Repurchase Agreements--The Fund's custodian takes possession on behalf
of the Fund of the collateral pledged for investments in repurchase
agreements. It is the policy of the Fund to value the underlying collateral
daily on a mark-to-market basis to determine that the value, including
accrued interest, is at least equal to the repurchase price plus accrued
interest. In the event of default of the obligation to repurchase, the Fund
has the right to liquidate the collateral and apply the proceeds in
satisfaction of the obligation.
F. Federal Income Tax Status--It is the Fund's policy to comply
individually for each Series 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.
G. 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.
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS (continued)
- - -----------------------------------------------------------------------------
H. Expenses--Direct expenses are charged to the respective Series and
general corporate expenses are allocated on the basis of relative net assets.
I. Organizational Expenses--The Fund's Investment Manager paid the
organizational expenses of the Fund in the amount of $150,000 ($13,636
allocated to each of the Series).
2. INVESTMENT MANAGEMENT AGREEMENT--Pursuant to an Investment Management
Agreement, Dean Witter InterCapital Inc. (the "Investment Manager") manages
the Fund's investments. Under the Agreement, the Fund pays its Investment
Manager a monthly management fee, calculated and accrued daily, by applying
the following annual rates to each Series' net assets determined at the close
of each business day: Liquid Asset, U.S. Government Money Market and
Value-Added Market-0.50%; U.S. Government Securities and Intermediate Income
Securities-0.65%; Dividend Growth and Utilities-0.75%; American Value,
Capital Growth and Strategist-0.85%; and Global Equity-1.0%.
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.
The Investment Manager has undertaken to assume all expenses (except for
brokerage fees and a portion of the organizational expenses) for each Series
and waive the compensation provided for in the Agreement until such time as
the pertinent Series has $50 million of net assets or until July 31, 1995.
3. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES--Purchases and
sales/prepayments of portfolio securities, excluding short-term investments
(except for Liquid Asset and U.S. Government Money Market), for the year
ended July 31, 1994 were as follows:
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES OTHER
--------------------------- --------------------------------
SALES/
PURCHASES PREPAYMENTS PURCHASES SALES/MATURITIES
------------ ------------- -------------- ----------------
<S> <C> <C> <C> <C>
Liquid Asset .................. -- -- $128,724,060 $128,256,561
U.S. Government Money Market . -- -- 105,861,108 105,437,985
U.S. Government Securities ... $1,656,760 $651,003 -- --
Intermediate Income Securities 319,074 84,621 88,925 14,238
American Value ................ 226,698 -- 7,950,277 2,961,048
Capital Growth ................ 4,140 -- 88,046 19,491
Dividend Growth ............... -- -- 11,108,420 931,789
Utilities ..................... -- -- 2,584,377 93,608
Value-Added Market ............ -- -- 4,468,329 249,611
Global Equity ................. -- -- 245,158 34,752
Strategist .................... 128,680 -- 639,444 398,375
</TABLE>
Included in the aforementioned Value-Added Market purchases are purchases
of common stock of Dean Witter, Discover & Co., an affiliated issuer, of
$11,035.
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS (continued)
- - -----------------------------------------------------------------------------
For the year ended July 31, 1994, the American Value, Capital Growth,
Dividend Growth, Utilities, Global Equity and Strategist Series incurred
brokerage commissions of $8,855, $117, $11,918, $3,855, $91 and $711,
respectively, with Dean Witter Reynolds Inc. ("DWR"), an affiliate of the
Investment Manager, for portfolio transactions executed on behalf of such
Series.
Included in American Value, Capital Growth, Dividend Growth and Utilities
Series' receivables and payables for investments sold and purchased are
$161,597 and $37,100; $1,508 and $0; $45,073 and $58,978; and $0 and $67,150,
respectively, for unsettled trades with DWR at July 31, 1994.
Dean Witter Trust Company, an affiliate of the Investment Manager, is the
Fund's transfer agent.
4. FEDERAL INCOME TAX STATUS--At July 31, 1994, Capital Growth had
approximate net capital loss carryovers of approximately $1,300 available
through July 31, 2002 to be used to offset future capital gains to the extent
provided by regulations. To the extent that these carryover losses are used
to offset future capital gains, it is probable that the gains so offset will
not be distributed to shareholders.
Capital losses incurred after October 31 ("Post-October losses") within
the taxable year are deemed to arise on the first business day of the Series'
next taxable year. The following Series incurred and will elect to defer net
capital losses during such period in fiscal 1994:
<TABLE>
<CAPTION>
TOTAL
----------
<S> <C>
American Value $390,259
Capital Growth 1,471
Utilities ..... 6,244
Global Equity 4,591
</TABLE>
At July 31, 1994, the primary reason(s) for significant temporary book/tax
differences were as follows:
<TABLE>
<CAPTION>
TEMPORARY DIFFERENCES
---------------------------------------
POST-OCTOBER LOSS DEFERRALS FROM
SERIES CAPITAL LOSSES WASH SALES
- - ------------------- ------------------ -------------------
<S> <C> <C>
American Value ..... o o
Capital Growth ..... o
Dividend Growth ... o
Utilities .......... o
Global Equity ...... o
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL HIGHLIGHTS
- - -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET NET
PERIOD VALUE, INVESTMENT NET REALIZED TOTAL FROM DIVIDENDS DISTRIBUTIONS
ENDED BEGINNING INCOME AND UNREALIZED INVESTMENT TO SHARE- TO SHARE-
JULY 31 OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS HOLDERS HOLDERS
- - --------- ----------- ------------ -------------- ------------ ----------- ---------------
<S> <C> <C> <C> <C> <C> <C>
LIQUID ASSET SERIES (1)
1993 $ 1.00 $ 0.02 -0- $ 0.02 $ (0.02) -0-
1994 1.00 0.03 -0- 0.03 (0.03) -0-
U.S. GOVERNMENT MONEY MARKET SERIES (2)
1993 1.00 -0- -0- -0- -0- -0-
1994 1.00 0.03 -0- 0.03 (0.03) -0-
U.S. GOVERNMENT SECURITIES SERIES (3)
1993 10.00 0.19 $ 0.07 0.26 (0.20) -0-
1994 10.06 0.44 (0.50) (0.06) (0.44) -0-
INTERMEDIATE INCOME SECURITIES SERIES (4)
1993 10.00 0.19 (0.02) 0.17 (0.19) -0-
1994 9.98 0.60 (0.57) 0.60 (0.60) -0-
AMERICAN VALUE SERIES (6)
1993 10.00 0.06 (0.01) 0.05 -0- -0-
1994 10.05 0.03 (0.09) (0.06) (0.02) $ (0.04)
CAPITAL GROWTH SERIES (7)
1993 10.00 (0.02) (1.10) (1.12) -0- -0-
1994 8.88 0.13 0.45 0.58 (0.04) -0-
DIVIDEND GROWTH SERIES (5)
1993 10.00 0.13 0.58 0.71 (0.10) -0-
1994 10.61 0.28 0.37 0.65 (0.23) (0.01)
UTILITIES SERIES (3)
1993 10.00 0.19 1.30 1.49 (0.14) -0-
1994 11.35 0.37 (0.95) (0.58) (0.34) (0.01)
VALUE-ADDED MARKET SERIES (6)
1993 10.00 0.05 0.02 0.07 (0.04) -0-
1994 10.03 0.24 0.65 0.89 (0.11) -0-
GLOBAL EQUITY SERIES (3)
1993 10.00 0.07 (0.03) 0.04 -0- -0-
1994 10.04 0.08 0.58 0.66 (0.05) -0-
STRATEGIST SERIES (5)
1993 10.00 0.06 (0.23) (0.17) -0- -0-
1994 9.83 0.23 (0.21) 0.02 (0.13) -0-
</TABLE>
- - ---------------
Commencement of operations:
(1) December 30, 1992
(2) January 20, 1993
(3) January 8, 1993
(4) January 12, 1993
(5) January 7, 1993
(6) February 1, 1993
(7) February 2, 1993
(a) Not annualized.
(b) Annualized.
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL HIGHLIGHTS (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO
AVERAGE NET ASSETS
------------------------
TOTAL NET ASSETS,
DIVIDENDS NET ASSET TOTAL END OF NET PORTFOLIO
AND VALUE, END INVESTMENT PERIOD INVESTMENT TURNOVER
DISTRIBUTIONS OF PERIOD RETURN (000'S) EXPENSES INCOME (LOSS) RATE
- - -------------- ------------ ---------- --------- ----------- --------------- ---------
<S> <C> <C> <C> <C> <C> <C>
$ (0.02) $ 1.00 1.77 %(a) $ 1,081 0.14%(b)(c) 3.02 %(b)(c) N/A
(0.03) 1.00 3.48 1,524 -0- (d) 3.49 (d) N/A
-0- 1.00 0.42 (a) 125 2.13 (b)(c) 0.83 (b)(c) N/A
(0.03) 1.00 3.52 555 -0- (d) 3.32 (d) N/A
(0.20) 10.06 2.60 (a) 1,756 0.18 (b)(c) 3.66 (b)(c) -0-
(0.44) 9.56 (0.69 ) 2,954 -0- (d) 4.49 (d) 29
(0.19) 9.98 1.67 (a) 182 1.62 (b)(c) 3.50 (b)(c) -0-
(0.60) 9.41 0.26 460 -0- (d) 6.14 (d) 40
-0- 10.05 0.50 (a) 308 0.74 (b)(c) 1.10 (b)(c) 121
(0.06) 9.93 (0.59 ) 6,841 -0- (d) 1.69 (d) 136
-0- 8.88 (11.20 ) (a) 135 1.97 (b)(c) (0.47 ) (b)(c) 2
(0.04) 9.42 6.57 215 -0- (d) 1.52 (d) 11
(0.10) 10.61 7.11 (a) 2,417 0.16 (b)(c) 2.89 (b)(c) 7
(0.24) 11.02 6.13 12,821 -0- (d) 3.29 (d) 13
(0.14) 11.35 14.98 (a) 1,334 0.30 (b)(c) 3.79 (b)(c) 8
(0.35) 10.42 (5.23 ) 3,860 -0- (d) 4.14 (d) 5
(0.04) 10.03 0.71 (a) 640 0.92 (b)(c) 1.42 (b)(c) 1
(0.11) 10.81 8.89 5,133 -0- (d) 2.53 (d) 8
-0- 10.04 0.40 (a) 322 1.00 (b)(c) 1.77 (b)(c) -0-
(0.05) 10.65 6.54 2,020 -0- (d) 2.41 (d) 8
-0- 9.83 (1.70 ) (a) 551 0.64 (b)(c) 1.67 (b)(c) 26
(0.13) 9.72 0.12 1,276 -0- (d) 3.20 (d) 57
</TABLE>
- - ---------------
(c) If the Fund had borne all its expenses that were assumed or waived by the
Investment Manager, the above annualized expense ratio, after application
of the Fund's state expense limitation, and the above annualized net
investment income (loss) ratio would have been 1.30% and 0.53% for the
Liquid Asset Series, 2.50% and (0.95%) for the U.S. Government Money
Market Series, 1.81% and 0.33% for the U.S. Government Securities Series,
2.50% and 1.00% for the Intermediate Income Securities Series, 2.50% and
(.66%) for the American Value Series, 2.50% and (1.01%) for the Capital
Growth Series, 2.50% and 0.61% for the Dividend Growth Series, 2.50% and
1.59% for the Utilities Series, 2.50% and (0.16%) for the Value-Added
Market Series, 2.50% and (0.90%) for the Global Equity Series and 2.50%
and (0.19%) for the Strategist Series.
(d) If the Fund had borne all its expenses that were assumed or waived by the
Investment Manager, the above expense and net investment income ratio to
average net assets, after application of the Fund's expense limitation,
would have been 2.50% and .99% for the Liquid Asset Series, 2.50% and .82%
for the U.S. Government Money Market Series, 2.50% and 1.96% for the U.S.
Government Securities Series, 2.50% and 3.64% for the Intermediate Income
Securities Series, 2.50% and (.81%) for the American Value Series, 2.50%
and (.98%) for the Capital Growth Series, 1.51% and 1.78% for the Dividend
Growth Series, 2.50% and 1.62% for the Utilities Series, 1.82% and .70%
for the Value-Added Market Series, 2.50% and (.09%) for the Global Equity
Series and 2.50% and .70% for the Strategist Series, respectively.
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
REPORT OF INDEPENDENT ACCOUNTANTS
- - -----------------------------------------------------------------------------
To the Shareholders and Trustees of Dean Witter Retirement Series
In our opinion, the accompanying statement of assets and liabilities,
including the portfolios 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 the Liquid Asset
Series, the U.S. Government Money Market Series, the U.S. Government
Securities Series, the Intermediate Income Securities Series, the American
Value Series, the Capital Growth Series, the Dividend Growth Series, the
Utilities Series, the Value-Added Market Series, the Global Equity Series,
and the Strategist Series (constituting Dean Witter Retirement Series,
hereafter referred to as the "Fund") at July 31, 1994 and the results of each
of their operations for the year then ended, the changes in each of their net
assets and the financial highlights for the year then ended and for the
period December 30, 1992 (commencement of operations for the Liquid Asset
Series) or January 7, 1993 (commencement of operations for the Dividend
Growth and Strategist Series) or January 8, 1993 (commencement of operations
for the U.S. Government Securities, Utilities and Global Equity Series) or
January 12, 1993 (commencement of operations for the Intermediate Income
Securities Series) or January 20, 1993 (commencement of operations for the
U.S. Government Money Market Series) or February 1, 1993 (commencement of
operations for the American Value and Value-Added Market Series) or February
2, 1993 (commencement of operations for the Capital Growth Series) through
July 31, 1993, 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 owned at July 31, 1994 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
September 19, 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
Thomas F. Caloia
Treasurer
CUSTODIAN
The Bank of New York
110 Washington Street
New York, New York 10286
TRANSFER AGENT AND DIVIDEND
DISBURSING AGENT
Dean Witter Trust Company
Harborside Financial Center--Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
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, 1994
DEAN WITTER
RETIREMENT SERIES
