<PAGE>
DEAN WITTER RETIREMENT SERIES
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
--------------------------------------------------------------------------------
Interest rates continued to rise through the fall of 1994 as the Federal
Reserve Board maintained its restrictive monetary policy in an effort to slow
economic growth to more moderate levels and stem inflation. Specifically, the
central bank raised interest rates two times during the past six months. On
August 16, 1994, with the economy -- especially the manufacturing sector --
still speeding along, rates were increased 50 basis points (0.50 percentage
points). Despite the August rate rise, growth remained strong into the fourth
quarter of 1994: unemployment was down, sales of new cars and trucks reached a
seven-year high, and housing sales recovered from levels seen in the summer. In
response, on November 15, the central bank made a concerted effort to emphasize
its anti-inflationary objective by hiking rates another 75 basis points. On
February 1, 1995, subsequent to the end of Dean Witter Retirement Series'
semiannual period, rates went up another 50 basis points in an expected move
that marked the seventh increase in 12 months. This move brought the
federal-funds and discount rates to 6.00 percent and 5.25 percent, respectively.
While growth will continue in 1995, the effect of 12 months of rising
interest rates is likely to take its toll. By mid-1995, we expect the economy to
slow vis-a-vis the rapid pace experienced in 1994 and inflation to stabilize in
the 3.00 to 3.50 percent range.
During the Federal Reserve Board's campaign against inflation, short- and
intermediate-term rates rose much more than long-term rates -- for some
maturities, by as much as two or three times. Overall, bonds, stung by steeply
higher interest rates, have experienced their most severe bear market in
decades, with the yield on the 30-year U.S. Treasury bond briefly reaching 8.20
percent during 1994's fourth quarter. Given the Federal Reserve Board's
determination to stay ahead of inflation, a 1995 yield range for the 30-year
bond of 7.25 percent to 8.00 percent seems within reason.
Regrettably, the broader market averages did not tell the whole story of
1994's stock performance. A look at 2800 companies on the American and New York
Stock Exchanges and the National Association of Securities Dealers Automated
Quotations system (NASDAQ) reveals that since February 1994 (when the Federal
Reserve Board initiated its tighter monetary policy), 69 percent of these issues
have exhibited returns of zero or less. What's more, one-half of these stocks
experienced declines of at least 10 percent, while one-third were down more than
20 percent.
Thus far in 1995, as evidenced by the impressive returns posted by the
Standard & Poor's Composite Index of 500 Stocks, the equity market has been much
healthier. Corporations have recorded profits during this period mainly on their
ability to utilize capacity, rather than on price increases. This has been the
case because of aggressive domestic and international competition. Domestic
labor costs have been held in check, although the inability to raise prices has
not curtailed profitability. As the economy expands, however, labor costs may
eventually rise, but international competition will keep price increases
difficult to achieve. As such, corporate profit growth is expected to continue,
albeit at a slower pace.
In Europe, equity markets were undermined throughout the year by very weak
bond markets. The rise in yields, directly attributable to the U.S. market's
turmoil, became a serious negative influence. There were several noteworthy
European markets in 1994. The Italian market performed strongly, ahead of the
election of Silvio Berlusconi and his reformist coalition, but the honeymoon
proved to be brief, as
<PAGE>
was Berlusconi's tenure in office. The Nordic markets also performed well,
primarily on the basis of strong cyclical economic recoveries.
In the Far East, sensitivity to the rising U.S. interest rates triggered
sharp corrections in several markets. Hong Kong and Malaysia were hit
particularly hard, with large, liquid blue-chip stocks subject to selling
pressure. By comparison, Taiwan and Korea held up relatively well, buoyed by
strong economic and corporate data. As the interest rate environment stabilizes,
strong earnings growth should rekindle investor interest in the pacific rim.
Many "emerging" markets, notably those in Latin America and Asia, have
recently experienced turbulence in a ripple effect of the situation in Mexico,
where in late December the new government abruptly devalued the peso and adopted
a free-floating exchange rate versus the U.S. dollar. The persistent concerns of
all world markets throughout 1994 centered around rising short-term interest
rates and very high real long-term bond rates, reflecting a global imbalance
between the supply of and demand for funds.
We believe 1995 will see a convergence of global growth as Europe and Japan
experience their first full year of growth following recessions. Earnings growth
is expected to be quite strong in Europe, especially in cyclical companies.
Earnings in Japan could be quite explosive over the next two years as the
compelling combination of growth without inflation unfolds. Diminishing concerns
regarding rising U.S. interest rates amid the absence of rising inflationary
expectations could reinvigorate the smaller world markets.
LIQUID ASSET SERIES/U.S. GOVERNMENT MONEY MARKET SERIES
As of January 31, 1995, the Liquid Asset Series had net assets in excess of
$3.4 million and an average maturity of 30 days. The portfolio's annualized net
yield for the six-month period ended January 31, 1995 was 5.33 percent. On
January 31, 1995, the Series's daily yield was 5.99 percent. The Series held 61
percent of its assets in first-tier commercial paper, with the remaining 39
percent invested in federal agency obligations. All holdings were due to mature
within three months.
The U.S. Government Money Market Series had net assets of approximately
$669,000 and an average maturity of 42 days on January 31, 1995. The portfolio's
annualized net yield for the six-month period ended January 31, 1995 was 5.13
percent. On January 31, 1995, the Series's daily yield was 5.88 percent.
Approximately 97 percent of the Series was invested in federal agency
obligations, with the remaining 3 percent invested in U.S. Treasury bills. More
than 75 percent of the Series' assets were due to mature in less than three
months.
We believe both Series are well positioned to take advantage of any further
upward interest rate moves; each portfolio has a very high degree of liquidity.
We continue to operate the portfolios in a straightforward, conservative manner
without "structured" notes or "derivative" securities, which fluctuate
excessively when interest rates change.
Both Series continue to serve as very useful investments for liquidity,
preservation of capital and a yield that is reflective of prevailing money-
market conditions.
U.S. GOVERNMENT SECURITIES SERIES
For the six-month period ended January 31, 1995, the U.S. Government
Securities Series produced a total return of 1.45 percent. Net asset value (NAV)
declined slightly during the period from $9.56 per share on July 31, 1994 to
$9.42 per share on January 31, 1995. This performance was reflective of the
higher interest rate environment and difficult investment conditions in general,
despite a relatively conservative portfolio maturity structure.
<PAGE>
On January 31, 1995, the Series had net assets in excess of $3 million. The
Series is well diversified for its size, with approximately one-third of its
investments in each of three categories: U.S. Treasury securities, zero-coupon
U.S. Treasury securities and Government National Mortgage Association
mortgage-backed securities (GNMAs).
As the U.S. economy slows and inflation stabilizes, we believe the Series
will continue to provide not only a competitive level of income, but the
potential for capital appreciation.
INTERMEDIATE INCOME SECURITIES SERIES
During the last six months, intermediate-term U.S. Treasury yields rose by
0.50 to 1.25 percentage points, with shorter-term maturities rising the greater
amount. The yield differential between 2- and 10-year U.S. Treasuries narrowed
from 1.11 to 0.34 percentage points.
Between July 31, 1994 and January 31, 1995, the Intermediate Income
Securities Series produced a total return of 1.12 percent, while intermediate
government and corporate bonds, as measured by the Lehman Brothers Intermediate
Government/Corporate Bond Index (the Index), which tracks bonds maturing in 10
years or less, returned 0.95 percent. More specifically, for the six months
ended January 31, 1995, intermediate U.S. government securities returned 0.98
percent, versus 0.83 percent for intermediate corporate bonds. The Series had
net assets totaling approximately $570,000 on January 31, 1995.
The modest total return posted by the Series over the past six months was
reflective of the extreme rise in interest rates over the period. The Series was
able to outperform the Index because of its greater emphasis on U.S. government
securities, as well as its timely investment of cash reserves -- beginning in
November when interest rates reached their highs -- in corporate bonds with
maturities ranging between 4 and 10 years. As a result, the Series benefited
from a subsequent decline in interest rates as well as the flattening yield
curve. On January 31, 1995, the average maturity and duration were 4 years and
3.22 years, respectively. U.S. government holdings comprised 70 percent of the
invested portion of the portfolio, with corporate bonds representing the
remaining 30 percent. The portfolio was diversified among 20 issues with an
average coupon of 7 percent and an average quality rating of AA2, as measured by
Standard & Poor's Corp.
As the Series has grown, new purchases have emphasized corporate bonds. New
positions have been established in Westpac Banking Corp., Bear Stearns Cos,
Inc., Southern California Edison Co., General Motors Acceptance Corp. and Chase
Manhattan Corp.
Although some further increase in intermediate-term interest rates is
possible during the first half of 1995, yields should stabilize later this year
and perhaps trend lower.
AMERICAN VALUE SERIES
For the six-month period under review, the American Value Series posted a
total return of 3.42 percent, versus 4.12 percent for the Standard & Poor's
Composite Index of 500 Stocks (S&P 500) and 4.58 percent for the NASDAQ
composite. On January 31, 1995, the Series' net assets exceeded $12 million.
The American Value Series did not initially rotate into cyclical issues when
the Federal Reserve Board began tightening monetary policy in February 1994.
This cost the Series significant performance and contributed to its
underperformance of the S&P 500 and NASDAQ Indexes. Rather, we chose to be
conservative and waited to see if the discount rate would also be raised (at
first, the central bank's strategy was to raise the federal-funds rate). When
the discount rate was increased in May 1994, we repositioned the Portfolio half
in cyclicals, to take advantage of robust economic growth, and half in growth
stocks, in anticipation of an economic slowdown. A second portfolio rotation was
initiated in October 1994, when the yield curve went flat, suggesting the
economy was about to enter a slow-
<PAGE>
down phase. At that point, the Series exited cyclicals and went full tilt into
growth stocks. We expect to remain in growth stocks, particularly the consumer
staple, media, health care, interest-rate sensitive and technology areas,
throughout 1995.
Financial crises, such as those seen recently in Orange County, California
and Mexico, historically have occurred near interest rate peaks. As a result,
above-average cash levels maintained by the Series near year-end have since been
redeployed as we now believe any further tightening moves by the Federal Reserve
Board will be more muted. Moreover, recent limited economic data suggest the
central bank's moves may be starting to impact consumer spending.
While 1994 was disappointing for growth funds in general and the Series in
particular, we believe 1995 holds good promise. Growth stocks underperformed in
1994 as companies in these sectors lost their relative earnings advantage;
however, as overall corporate earnings slow from the 20 percent to 25 percent
range to between 5 percent and 10 percent, growth stocks -- with their 15
percent to 25 percent growth rates -- will likely regain their earnings
advantage in 1995. Additionally, as the economy slows, interest rates should
begin receding. Historically, when interest rates decline, price/earnings (P/E)
ratios expand, particularly for growth stocks, which traditionally exhibit
higher P/E ratios because they possess higher long-term growth rates.
CAPITAL GROWTH SERIES
Net assets of the Capital Growth Series totaled slightly less than $283,000
on January 31, 1995. Since inception (February 2, 1993), a rigid proprietary
screening process has been used to determine what stocks would be eligible for
purchase and retention in the portfolio. At the conclusion of the period under
review, the Series owned 43 equity issues spread among 31 industry sectors.
The screening process dictated the addition of four new stock positions to
the portfolio and the deletion of four previously held stocks since the Series's
annual report to shareholders, dated July 31, 1994. Added were Microsoft Corp.,
Brinker International, Barrick Gold Corp. and Sherwin-Williams. Positions sold
were Dillard Dept. Stores (Class A), Block Drugs (Class A), J.M. Smucker and
EG&G Inc.
For the six-month period ended January 31, 1995, the Series posted a total
return of 5.03 percent, compared to a return of 4.12 percent for the Standard &
Poor's Composite Index of 500 Stocks. We believe that the Fund's outperformance
of the broad market index is largely attributable to the screening process and
to a return to favor among investors of high-quality, consistent growth stocks.
DIVIDEND GROWTH SERIES
On January 31, 1995, the Dividend Growth Series had net assets totaling
nearly $24 million. Like the Capital Growth Series, since inception (January 7,
1993), we have used a proprietary screening process to assist us in building the
Series' portfolio of common stocks. As of January 31, 1995, the Series owned 35
equity issues spread among 27 industry sectors.
Over the past six months, the screening process has led us to add one new
position to the portfolio: Sprint Corp. There were no other changes to the
portfolio during the period under review.
The Series registered a total return of 1.72 percent for the six months
ended January 31, 1995; by comparison, the Standard & Poor's Composite Index of
500 Stocks returned 4.12 percent. This underperformance of the broad market
index is attributable largely to the impact of sharply higher interest rates on
the portfolio's interest-rate-sensitive holdings. Going forward, to improve
performance, we plan to decrease emphasis on these types of issues, as well as
on cyclical issues.
UTILITIES SERIES
With much of the threat of competition within the electric utility industry
being reflected in the
<PAGE>
market value of the securities within that sector, combined with a sense of
interest rate stabilization, the Utilities Series responded with a 1.75 percent
total return over the first-half of fiscal year 1995. Over the same period, the
Standard & Poor's Composite Index of 500 Stocks returned 4.12 percent. Since
inception on January 8, 1993, the Series has generated an average annual total
return of 5.13 percent.
On January 31, 1995, the Series was 93 percent invested and remained well
diversified within the utilities spectrum among several sectors, including
electric utilities (39 percent of net assets), telecommunications (38 percent)
and natural gas (15 percent). Following a significant change in allocation
strategy during the final half of fiscal 1994 (ended July 31, 1994) that
deemphasized electric utilities in favor of telecommunications and natural gas,
the asset allocation has remained relatively stable over these most recent six
months. Enhanced diversification is provided by selective foreign securities,
which account for 9 percent of net assets. Industry fundamentals and the outlook
for interest rates should bode well for the Series over the balance of fiscal
1995 and thereafter.
VALUE-ADDED MARKET SERIES
For the six months ended January 31, 1995, the Value-Added Market Series
posted a total return of 2.53 percent, versus 4.12 percent for the Standard &
Poor's Composite Index of 500 Stocks (S&P 500). Since inception on February 1,
1993, the Fund has produced an average annual total return of 6.05 percent,
virtually in line with that of the S&P 500, which had an average annual total
return of 6.06 percent over the same period. On January 31, 1995, the Series had
net assets in excess of $5 million.
The Series's underperformance of the S&P 500 is attributable to its
portfolio structure. Unlike the broad-based, capitalization-weighted index, the
Series equally weights all stock positions. As a result, the stocks of small-
and mid-sized are inherently emphasized. While the stocks of smaller and
mid-sized companies historically outperform their larger counterparts, over the
six-month period under review this was not the case.
Going forward, the Series will continue to invest in substantially all of
the stocks included in the S&P 500.
GLOBAL EQUITY SERIES
The volatility of international markets, particularly emerging markets, was
displayed during the last half of 1994, when markets were generally positive in
the third quarter, but turned decisively negative in the fourth quarter. The
Global Equity Series performed very well in the third quarter of last year (up
2.09 percent), but declined 4.79 percent for the fourth quarter. Total return
for the six months ended January 31, 1995 was -8.64 percent.
Most of the downturn in world markets during the period under review
occurred in the last three months. In November 1994, all world markets were
down; in December, there were declines in key markets represented in the Series,
notably France, Spain, Hong Kong, Singapore and Mexico. In January, all but a
few markets, notably the U.S., continued to decline. A rally in the U.S. and
European bond markets has since occurred, however, and it may well be that
valuation parameters have improved sharply since stock prices are now much more
modest and bond yields, which affect valuations, are lower. Meanwhile, the
earnings outlook for 1995 remains bright.
The Series has been positioned regionally with 29 percent of net assets in
the Americas, 13 percent in Europe and 34 percent in Asia as of January 31,
1995, with the balance in short-term reserves.
For all the negatives of 1994, there is significant positive potential for
the world's markets in 1995, with more moderate valuation levels, rising
earnings and fewer interest rate worries. We believe the Global Equity Series is
well positioned to participate in what is shaping up to be a more
investor-friendly environment in 1995.
<PAGE>
STRATEGIST SERIES
The Strategist Series is a fully flexible mutual fund which can invest in
any combination of stocks, bonds, and/or money-market instruments to achieve its
stated objective of total return. For the six-month period ended January 31,
1995, the Series provided a total return of 2.18 percent. Net asset value rose
from $9.72 per share to $9.75 per share. Dividend distributions totaled $0.18
per share. Total net assets climbed to nearly $5 million, an increase of nearly
400 percent from one year ago.
The Series completed the first half of its fiscal year positioned more
defensively than normal, reflecting our concerns over a continual rising rate
environment and an economy demonstrating sustained growth. At the end of the
period, equities represented 47 percent of total net assets, while fixed-income
investments represented 16 percent and cash and money market instruments
represented 37 percent. We are inclined to view any future economic releases
pointing to a slowdown in the U.S. economy as an opportunity to boost the
Series' long-term bond weighting where, currently, real rates of return are
historically attractive.
The equity portfolio overweights financials (Citicorp, Travelers Inc.),
consumer staples (Abbott Laboratories, Colgate-Palmolive Co.) and technology
issues (Micron Technology, Microsoft Corp.); market-value weights basic
materials (Praxair Inc., Reynolds Metals), energy (Occidental Petroleum, Exxon
Corp.) and consumer cyclicals (AMR Corp., The Limited, Inc.); and underweights
utilities (NYNEX Corp., Pacific Telesis Group) and industrial companies (Boeing
Co., Honeywell, Inc.).
The fixed-income portfolio is currently made up of U.S. government bonds 49
percent of total fixed-income assets and U.S. corporate bonds 4 percent. The
portfolio's average maturity is approximately 12 years and all debt ratings are
in excess of investment grade, as proscribed by our prospectus.
All performance quotations for the six-month period ended January 31, 1995,
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.
We appreciate your support of Dean Witter Retirement Series and look forward
to continuing to serve your investment needs and objectives.
Very truly yours,
[SIG]
Charles A. Fiumefreddo
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER RETIREMENT SERIES--LIQUID ASSET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD ON
AMOUNT (IN DATE OF MATURITY
THOUSANDS) PURCHASE DATE VALUE
------------- ------------- ---------------------- ------------
<C> <S> <C> <C> <C>
COMMERCIAL PAPER (61.1%)
AUTOMOTIVE - FINANCE (13.4%)
$ $140 Chrysler Financial Corp. ............................. 5.99% 02/21/95 $ 139,541
140 Ford Motor Credit Co. ................................ 5.90 02/21/95 139,548
180 General Motors Acceptance Corp........................ 6.27 03/06/95 178,977
------------
458,066
------------
BANKS - COMMERCIAL (12.5%)
140 Abbey National North America Corp. ................... 6.31 02/28/95 139,348
140 Canadian Imperial Holdings, Inc. ..................... 6.12 03/03/95 139,298
150 Toronto-Dominion Holdings (USA), Inc. ................ 6.30 03/06/95 149,146
------------
427,792
------------
BANK HOLDING COMPANIES (9.1%)
175 Chemical Banking Corp. ............................... 6.30 03/31/95 173,252
140 Morgan (J.P.) & Co., Inc. ............................ 6.12 03/01/95 139,343
------------
312,595
------------
FINANCE - CORPORATE (4.4%)
150 Ciesco, L. P. ........................................ 6.17 02/24/95 149,415
------------
FINANCE - DIVERSIFIED (17.6%)
150 American Express Credit Corp. ........................ 5.96 03/13/95 149,017
175 Beneficial Corp. ..................................... 6.33 03/31/95 173,243
140 General Electric Capital Corp. ....................... 5.89 02/21/95 139,549
140 Household Finance Corp. .............................. 6.20 04/24/95 138,055
------------
599,864
------------
OFFICE EQUIPMENT & SUPPLIES (4.1%)
140 International Business Machines Corp. ................ 6.03 02/03/95 139,954
------------
TOTAL COMMERCIAL PAPER (AMORTIZED COST $2,087,686)........................................... 2,087,686
------------
U.S. GOVERNMENT AGENCIES (38.8%)
120 Federal Farm Credit Bank ............................. 5.57 02/07/95 119,889
170 Federal Home Loan Banks .............................. 5.71 02/23/95 169,411
890 Federal National Mortgage Association................. 5.19 to 6.04 02/03/95 to 03/09/95 886,913
150 Tennessee Valley Authority ........................... 5.85 02/07/95 149,854
------------
TOTAL U.S. GOVERNMENT AGENCIES (AMORTIZED COST $1,326,067)................................... 1,326,067
------------
TOTAL INVESTMENTS (AMORTIZED COST $3,413,753) (A)........................ 99.9% 3,413,753
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES........................... 0.1 4,606
---------- -----------
NET ASSETS............................................................... 100.0% $ 3,418,359
---------- -----------
---------- -----------
<FN>
----------------
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS THE SAME.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--U.S. GOVERNMENT MONEY MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD ON
AMOUNT (IN DATE OF MATURITY
THOUSANDS) PURCHASE DATE VALUE
------------- ------------- ---------------------- ----------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATION (2.9%)
$ 20 U.S. Treasury Bill (Amortized Cost $19,287)............. 5.86% 09/21/95 $ 19,287
----------
U.S. GOVERNMENT AGENCIES (96.6%)
270 Federal Farm Credit Bank................................ 5.60 to 6.52 02/06/95 to 06/02/95 267,117
270 Federal Home Loan Banks................................. 5.72 to 5.86 02/01/95 to 03/20/95 269,167
110 Federal National Mortgage Association................... 5.73 02/15/95 109,758
----------
TOTAL U.S. GOVERNMENT AGENCIES
(AMORTIZED COST $646,042).................................................................... 646,042
----------
TOTAL INVESTMENTS (AMORTIZED COST $665,329) (A)............................ 99.5% 665,329
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES............................. 0.5 3,224
---------- ---------
NET ASSETS................................................................. 100.0% $ 668,553
---------- ---------
---------- ---------
<FN>
----------------
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS THE SAME.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--U.S. GOVERNMENT SECURITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
----------- ---------- ---------------------- ------------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & OBLIGATIONS (99.8%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (30.4%)
$ 1,007 ........................................................... 7.00% 06/15/23 to 06/15/24 $ 921,447
------------
U.S. TREASURY STRIPS (37.3%)
100 ........................................................... 0.00 08/15/96 89,995
500 ........................................................... 0.00 05/15/97 424,091
800 ........................................................... 0.00 08/15/98 616,621
------------
1,130,707
------------
U.S. TREASURY BILLS (a) (32.1%)
850 ........................................................... 5.53 05/04/95 837,352
140 ........................................................... 5.83 05/04/95 137,917
------------
975,269
------------
TOTAL INVESTMENTS (IDENTIFIED COST $3,198,787)(B)........................ 99.8% 3,027,423
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES........................... 0.2 4,773
---------- -----------
NET ASSETS............................................................... 100.0% $ 3,032,196
---------- -----------
---------- -----------
<FN>
----------------
(A) TREASURY BILLS WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATES
SHOWN HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST OF INVESTMENTS FOR FEDERAL INCOME TAX PURPOSES IS
$3,198,787; THE AGGREGATE GROSS UNREALIZED APPRECIATION IS $1,526 AND THE
AGGREGATE GROSS UNREALIZED DEPRECIATION IS $172,890, RESULTING IN NET
UNREALIZED DEPRECIATION OF $171,364.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--INTERMEDIATE INCOME SECURITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
--------------- ---------- --------- ----------
<C> <S> <C> <C> <C>
CORPORATE BONDS (28.2%)
AUTOMOTIVE FINANCE (4.4%)
$ 25 General Motors Acceptance Corp............................................ 8.40 % 10/15/99 $ 25,021
----------
BANK HOLDING COMPANIES (2.6%)
15 Chase Manhattan Corp...................................................... 7.50 12/01/97 14,820
----------
BANKS - INTERNATIONAL (6.7%)
15 Bank of China............................................................. 6.75 03/15/99 14,037
25 Westpac Banking Corp...................................................... 7.875 10/15/02 24,183
----------
38,220
----------
BROKERAGE (3.9%)
25 Bear Stearns Cos, Inc..................................................... 6.75 04/15/03 21,992
----------
FOODS & BEVERAGES - INTERNATIONAL (1.8%)
10 Grand Metropolitan Investment Corp........................................ 8.125 08/15/96 10,069
----------
INDUSTRIALS - INTERNATIONAL (0.8%)
5 Rhone-Poulenc S.A......................................................... 7.75 01/15/02 4,841
----------
TOBACCO (1.7%)
10 RJR Nabisco, Inc.......................................................... 8.75 04/15/04 9,423
----------
UTILITIES - ELECTRIC (6.3%)
15 Pacific Gas & Electric Co................................................. 6.25 03/01/04 13,025
25 Southern California Edison Co............................................. 5.60 12/15/98 23,019
----------
36,044
----------
TOTAL CORPORATE BONDS (IDENTIFIED COST $161,298)................................................. 160,430
----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (67.2%)
20 U.S. Treasury Note........................................................ 4.25 11/30/95 19,594
75 U.S. Treasury Note........................................................ 7.50 02/29/96 75,410
75 U.S. Treasury Note........................................................ 7.25 11/15/96 75,047
5 U.S. Treasury Note........................................................ 6.375 06/30/97 4,898
35 U.S. Treasury Note........................................................ 6.375 01/15/99 33,709
25 U.S. Treasury Note........................................................ 6.75 06/30/99 24,312
15 U.S. Treasury Note........................................................ 6.375 07/15/99 14,372
50 U.S. Treasury Note........................................................ 7.875 11/15/99 50,727
75 U.S. Treasury Note........................................................ 6.375 01/15/00 71,473
15 U.S. Treasury Note........................................................ 6.375 08/15/02 13,971
----------
TOTAL U.S. GOVERNMENT OBLIGATIONS (IDENTIFIED COST $407,095)..................................... 383,513
----------
TOTAL INVESTMENTS (IDENTIFIED COST $568,393)(A)............................ 95.4% 543,943
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES............................. 4.6 26,472
---------- ---------
NET ASSETS................................................................. 100.0% $ 570,415
---------- ---------
---------- ---------
<FN>
----------------
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS 568,393; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $1,061 AND THE AGGREGATE GROSS
UNREALIZED DEPRECIATION IS $25,511, RESULTING IN NET UNREALIZED
DEPRECIATION IS $24,450.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--AMERICAN VALUE
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- -------------
<C> <S> <C>
COMMON STOCKS (81.3%)
AIRCRAFT & AEROSPACE (0.5%)
1,500 Boeing Co............................. $ 66,750
-------------
AUTO RELATED (0.2%)
1,724 Nissan Motor Co., Ltd. (ADR).......... 24,352
-------------
BANKS (1.0%)
2,150 Bank of New York Co., Inc............. 64,500
1,800 First Bank System, Inc................ 65,025
-------------
129,525
-------------
BANKS - REGIONAL (1.0%)
850 Wells Fargo & Co...................... 125,056
-------------
BEVERAGES (1.0%)
2,500 Coca Cola Co.......................... 131,250
-------------
BIOTECHNOLOGY (0.3%)
617 Chiron Corp.*......................... 42,110
-------------
CABLE/CELLULAR (3.2%)
3,000 California Microwave, Inc.*........... 87,000
7,500 DSC Communications Corp.*............. 239,062
3,000 General Instrument Corp.*............. 81,750
-------------
407,812
-------------
COMPUTER EQUIPMENT (0.7%)
5,000 EMC Corp.*............................ 93,125
-------------
COMPUTER SERVICES (1.8%)
2,000 Automatic Data Processing, Inc........ 118,500
3,000 General Motors Corp. (Class E)........ 115,875
-------------
234,375
-------------
COMPUTER SOFTWARE (4.6%)
2,500 FTP Software, Inc.*................... 69,375
4,000 Informix Corp.*....................... 128,000
2,000 Microsoft Corp.*...................... 118,500
3,000 Oracle Systems Corp.*................. 127,875
3,000 Peoplesoft, Inc.*..................... 96,750
2,000 Symantec Corp.*....................... 39,000
-------------
579,500
-------------
CONSUMER BUSINESS SERVICES (2.9%)
2,500 Computer Sciences Corp.*.............. 120,313
3,000 First Data Corp....................... 151,125
1,500 First Financial Management Corp....... 92,625
-------------
364,063
-------------
COSMETICS (1.8%)
3,000 International Flavors & Fragrances
Inc................................. 147,750
2,000 Tambrands, Inc........................ 86,750
-------------
234,500
-------------
DRUGS (6.5%)
3,000 Abbott Laboratories................... 106,125
1,500 Lilly (Eli) & Co...................... 98,813
3,200 Merck & Co., Inc...................... 128,800
2,500 Pfizer, Inc........................... 204,375
3,000 Scherer (R.P.) Corp.*................. 134,250
1,000 Schering-Plough Corp.................. 78,500
1,000 Warner-Lambert Co..................... 78,000
-------------
828,863
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- -------------
<C> <S> <C>
ELECTRONIC & ELECTRICAL EQUIPMENT (1.1%)
1,000 AMP, Inc.............................. $ 71,000
1,000 Emerson Electric Co................... 63,000
-------------
134,000
-------------
ELECTRONICS - SEMICONDUCTORS/ COMPONENTS (1.8%)
2,000 Intel Corp............................ 138,250
2,000 Micron Technology, Inc................ 88,250
-------------
226,500
-------------
ELECTRONICS - SPECIALTY (2.4%)
2,000 Altera Corp.*......................... 89,000
3,500 Maxim Integrated Products Inc.*....... 101,500
2,000 Xilinx, Inc.*......................... 115,500
-------------
306,000
-------------
ENERGY (3.2%)
1,000 Burlington Resources, Inc............. 34,500
1,500 Mobil Corp............................ 129,563
1,000 Norsk Hydro A.S. (ADR)................ 39,500
3,800 Occidental Petroleum Corp............. 71,250
800 Royal Dutch Petroleum Co. (ADR)....... 89,500
700 Schlumberger, Ltd..................... 36,925
-------------
401,238
-------------
ENTERTAINMENT (4.1%)
1,600 Broderbund Software, Inc.*............ 73,600
2,000 C U C International, Inc.*............ 69,250
4,900 Macromedia, Inc.*..................... 118,825
1,035 Time Warner, Inc...................... 37,260
3,000 Viacom, Inc. (Class B)*............... 138,375
1,500 Walt Disney Co........................ 76,313
-------------
513,623
-------------
ENTERTAINMENT/GAMING (0.2%)
1,000 Primadonna Resorts, Inc.*............. 21,000
-------------
FINANCIAL - MISCELLANEOUS (4.4%)
1,000 American Express Co................... 31,500
1,500 American International Group, Inc..... 156,188
1,200 Federal National Mortgage
Association......................... 85,800
1,200 General Re Corp....................... 154,950
4,000 Green Tree Financial Corp............. 126,500
-------------
554,938
-------------
FOODS & BEVERAGES (1.5%)
5,000 Archer-Daniels-Midland Co............. 100,625
1,700 C P C International, Inc.............. 92,438
-------------
193,063
-------------
HEALTHCARE PRODUCTS & SERVICES (5.1%)
6,000 Coram Healthcare Corp.*............... 128,250
4,000 Genesis Health Ventures, Inc.*........ 121,000
3,000 Healthsource, Inc.*................... 128,250
3,500 Healthsouth Corp.*.................... 133,000
5,000 Horizon Healthcare Corp.*............. 132,500
-------------
643,000
-------------
HOTELS/MOTELS (2.7%)
2,700 Hospitality Franchise Systems, Inc.*.. 75,600
4,750 La Quinta Inns, Inc................... 93,219
4,200 Marriott International Inc............ 127,050
5,000 Prime Hospitality Corp.*.............. 45,000
-------------
340,869
-------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--AMERICAN VALUE
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- -------------
<C> <S> <C>
HOUSEHOLD PRODUCTS (4.5%)
1,900 Clorox Co............................. $ 111,387
1,500 Gillette Co........................... 115,312
1,500 Procter & Gamble Co................... 97,875
1,800 Scott Paper Co........................ 124,875
5,000 Sunbeam-Oster Co., Inc................ 116,875
-------------
566,324
-------------
MEDIA GROUP (1.6%)
1,000 Capital Cities/ABC, Inc............... 83,000
1,000 Heftel Broadcasting Corp. (Class A)*.. 12,625
1,650 Infinity Broadcasting Corp.*.......... 52,387
6,000 Westwood One, Inc.*................... 58,500
-------------
206,512
-------------
MEDICAL PRODUCTS & SUPPLIES (4.1%)
1,500 Allergan, Inc......................... 43,500
5,000 Humana, Inc.*......................... 114,375
2,000 Johnson & Johnson..................... 116,250
2,500 Medtronic Inc......................... 148,437
2,000 Omnicare, Inc......................... 92,750
-------------
515,312
-------------
POLLUTION CONTROL (1.6%)
4,000 Browning-Ferris Industries, Inc....... 124,000
3,000 WMX Technologies, Inc................. 85,125
-------------
209,125
-------------
RESTAURANTS (0.5%)
2,000 McDonald's Corp....................... 65,250
-------------
RETAIL (1.7%)
4,000 Albertson's, Inc...................... 119,000
3,000 Safeway, Inc.*........................ 96,375
-------------
215,375
-------------
RETAIL - SPECIALTY (3.0%)
500 Corporate Express, Inc.*.............. 12,250
3,000 Home Depot, Inc....................... 140,250
4,200 Officemax, Inc.*...................... 109,200
4,500 Staples, Inc.*........................ 112,500
-------------
374,200
-------------
SEMICONDUCTORS (1.8%)
2,500 KLA Instruments Corp.*................ 124,375
3,000 Ultratech Stepper, Inc.*.............. 109,500
-------------
233,875
-------------
TELECOMMUNICATIONS (6.1%)
2,400 3Com Corp.*........................... 109,800
4,000 Airtouch Communications, Inc.*........ 110,000
2,000 Ascend Communications, Inc.*.......... 102,000
3,500 Cisco Systems, Inc.*.................. 116,813
3,000 Glenayre Technologies, Inc.*.......... 108,750
1,000 Shiva Corp.*.......................... 32,750
1,000 Summa Four, Inc.*..................... 25,000
3,500 Tele-Communications, Inc.*............ 73,937
2,000 Tellabs, Inc.*........................ 99,000
-------------
778,050
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- -------------
<C> <S> <C>
TELECOMMUNICATIONS EQUIPMENT (1.3%)
2,700 Motorola, Inc......................... $ 159,637
-------------
UTILITIES - ELECTRIC (3.1%)
4,000 FPL Group, Inc........................ 146,500
4,000 Kansas City Power & Light Co.......... 95,000
7,000 Southern Co........................... 146,125
-------------
387,625
-------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$10,166,518)........................ 10,306,797
-------------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C>
CONVERTIBLE PREFERRED STOCK (1.2%)
TELECOMMUNICATIONS
2,000 Nokia Corp. (ADR) (Identified Cost
$117,119)*.......................... 146,250
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
-------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATION (6.9%)
$ 900 U.S. Treasury Bond 7.50% due 11/15/24
(Identified Cost $851,203).......... 879,188
-------------
SHORT-TERM INVESTMENTS(A)(12.9%)
COMMERCIAL PAPER (10.4%)
AUTOMOTIVE FINANCE (3.2%)
400 Ford Motor Credit Co. 5.71% due
02/08/95............................ 399,557
-------------
FINANCE - DIVERSIFIED (4.1%)
525 General Electric Capital Corp. 5.96%
due 02/07/95........................ 524,479
-------------
FINANCE - ENERGY (3.1%)
400 Chevron Oil Finance Co. 5.92% due
02/14/95............................ 399,148
-------------
TOTAL COMMERCIAL PAPER (AMORTIZED COST
$1,323,184)......................... 1,323,184
-------------
U.S. GOVERNMENT AGENCY (2.5%)
320 Federal Home Loan Mortgage Corp. 5.45%
due 02/02/95 (Amortized Cost
$319,952)........................... 319,952
-------------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST $1,643,136)......... 1,643,136
-------------
TOTAL INVESTMENTS (IDENTIFIED COST
$12,777,976)(B)................. 102.3% 12,975,371
LIABILITIES IN EXCESS OF CASH AND
OTHER ASSETS.................... (2.3) (294,024)
---------- ------------
NET ASSETS........................ 100.0% $ 12,681,347
---------- ------------
---------- ------------
<FN>
------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
(A) SECURITIES WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATES SHOWN
HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS 12,787,211; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $448,489 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $260,329, RESULTING IN NET UNREALIZED
APPRECIATION OF $188,160.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--CAPITAL GROWTH
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
------------- ----------
<C> <S> <C>
COMMON STOCKS (97.5%)
ADVERTISING (2.4%)
200 Interpublic Group of Companies, Inc...... $ 6,725
----------
APPAREL (2.4%)
200 Cintas Corp.............................. 6,900
----------
AUTO PARTS (2.6%)
200 Genuine Parts Co......................... 7,325
----------
BANKING (6.5%)
210 Banc One Corp............................ 6,195
300 Central Fidelity Banks, Inc.............. 7,275
100 Fifth Third Bancorp...................... 5,025
----------
18,495
----------
BEVERAGES (3.8%)
100 Anheuser-Busch Cos., Inc................. 5,475
100 Coca Cola Co............................. 5,250
----------
10,725
----------
BUILDING MATERIALS (2.4%)
200 Sherwin-Williams Co...................... 6,700
----------
CHEMICALS - SPECIALTY (2.5%)
200 Sigma-Aldrich, Inc....................... 7,050
----------
COMPUTER SERVICES (4.8%)
100 Automatic Data Processing, Inc........... 5,925
200 General Motors Corp. (Class E)........... 7,725
----------
13,650
----------
COMPUTER SOFTWARE (2.1%)
100 Microsoft Corp.*......................... 5,925
----------
CONSUMER SERVICES (2.5%)
200 Block (H&R), Inc......................... 7,150
----------
COSMETICS (1.8%)
100 International Flavors & Fragrances Inc... 4,925
----------
DRUGS (7.0%)
200 Abbott Laboratories...................... 7,075
100 Forest Laboratories, Inc.*............... 4,950
100 Schering-Plough Corp..................... 7,850
----------
19,875
----------
ELECTRICAL EQUIPMENT (2.1%)
100 Grainger (W.W.), Inc..................... 5,963
----------
ELECTRONICS (2.8%)
200 Dionex Corp.*............................ 7,850
----------
ENTERTAINMENT/GAMING (2.8%)
300 Circus Circus Enterprises, Inc.*......... 8,025
----------
FINANCIAL - MISCELLANEOUS (2.5%)
100 Federal National Mortgage Association.... 7,150
----------
FOOD WHOLESALERS (2.9%)
300 Sysco Corp............................... 8,137
----------
<CAPTION>
NUMBER OF
SHARES VALUE
------------- ----------
<C> <S> <C>
FOODS (6.0%)
200 ConAgra, Inc............................. $ 6,175
100 Tootsie Roll Industries, Inc............. 6,375
100 Wrigley, (Wm), Jr., Co. (Class A)........ 4,438
----------
16,988
----------
GOLD MINING (2.1%)
300 Barrick Gold Corp........................ 5,962
----------
HOUSEWARES (2.1%)
200 Rubbermaid, Inc.......................... 6,025
----------
INSURANCE (0.5%)
100 Crawford & Co., (Class B)................ 1,487
----------
MACHINERY - DIVERSIFIED (2.4%)
150 Thermo Electron Corp.*................... 6,713
----------
MANUFACTURED HOUSING (2.3%)
437 Clayton Homes, Inc....................... 6,446
----------
MANUFACTURING (5.1%)
333 Federal Signal Corp...................... 6,618
200 Loral Corp............................... 7,775
----------
14,393
----------
MEDICAL EQUIPMENT (5.5%)
500 Biomet, Inc.*............................ 7,500
200 Stryker Corp............................. 8,000
----------
15,500
----------
RESTAURANTS (6.8%)
350 Brinker International, Inc.*............. 6,169
400 International Dairy Queen, Inc. (Class
A)*.................................... 6,600
200 McDonald's Corp.......................... 6,525
----------
19,294
----------
RETAIL - DEPARTMENT STORES (2.4%)
300 Wal-Mart Stores, Inc. (Class A).......... 6,900
----------
RETAIL - DRUG STORES (1.7%)
100 Walgreen Co.............................. 4,750
----------
RETAIL - FOOD CHAINS (2.1%)
200 Albertson's, Inc......................... 5,950
----------
TOBACCO (2.1%)
200 UST, Inc................................. 5,900
----------
UTILITIES (2.5%)
521 Citizens Utilities Co. of Delaware
(Series A)............................. 6,903
----------
TOTAL INVESTMENTS (IDENTIFIED COST
$263,857)(A)....................... 97.5% 275,781
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES........................ 2.5 7,170
---------- ---------
NET ASSETS........................... 100.0% $ 282,951
---------- ---------
---------- ---------
<FN>
------------------
* NON-INCOME PRODUCING SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $263,857; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $22,553 AND THE AGGREGATE GROSS
UNREALIZED DEPRECIATION IS $10,629, RESULTING IN NET UNREALIZED
APPRECIATION OF $11,924.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- -------------
<C> <S> <C>
COMMON STOCKS (99.0%)
AEROSPACE (2.9%)
10,350 Raytheon Co........................... $ 690,863
-------------
ALUMINUM (2.7%)
8,250 Aluminum Co. of America............... 648,656
-------------
AUTOMOTIVE (5.7%)
15,250 Chrysler Corp......................... 686,250
26,500 Ford Motor Co......................... 669,125
-------------
1,355,375
-------------
BANK HOLDING COMPANIES (2.9%)
14,750 NationsBank Corp...................... 685,875
-------------
BANKING (3.0%)
11,400 Bankers Trust N.Y. Corp............... 713,925
-------------
BEVERAGES (3.0%)
19,700 PepsiCo Inc........................... 726,437
-------------
CHEMICALS (5.5%)
12,550 DuPont (E.I.) de Nemours & Co......... 668,288
13,175 Eastman Chemical Company.............. 655,456
-------------
1,323,744
-------------
COMPUTERS (2.9%)
9,600 International Business Machines
Corp................................ 692,400
-------------
CONGLOMERATES (2.8%)
12,900 Minnesota Mining & Manufacturing Co... 675,638
-------------
DRUGS (6.0%)
20,850 Abbott Laboratories................... 737,569
11,400 Bristol-Myers Squibb Co............... 701,100
-------------
1,438,669
-------------
ELECTRIC - MAJOR (3.9%)
18,200 General Electric Co................... 937,300
-------------
ELECTRONIC & ELECTRICAL EQUIPMENT (2.9%)
20,000 Honeywell, Inc........................ 690,000
-------------
FOODS (5.8%)
21,100 Quaker Oats Company (The)............. 717,400
5,800 Unilever N.V. (ADR)................... 684,400
-------------
1,401,800
-------------
MACHINERY - DIVERSIFIED (2.9%)
9,650 Deere & Co............................ 687,562
-------------
METALS & MINING (2.6%)
11,900 Phelps Dodge Corp..................... 623,262
-------------
NATURAL GAS (5.8%)
23,200 Enron Corp............................ 675,700
16,250 Tenneco Inc........................... 715,000
-------------
1,390,700
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- -------------
<C> <S> <C>
OFFICE EQUIPMENT & SUPPLIES (2.8%)
21,800 Pitney-Bowes, Inc..................... $ 673,075
-------------
OIL - DOMESTIC (2.8%)
11,600 Amoco Corp............................ 672,800
-------------
OIL INTEGRATED - INTERNATIONAL (2.9%)
11,200 Exxon Corp............................ 700,000
-------------
PAPER & FOREST PRODUCTS (2.8%)
17,800 Weyerhaeuser Co....................... 674,175
-------------
PHOTOGRAPHY (2.9%)
14,350 Eastman Kodak Co...................... 703,150
-------------
RAILROADS (2.8%)
9,250 CSX Corp.............................. 662,531
-------------
RETAIL (2.8%)
49,250 K Mart Corp........................... 671,031
-------------
RETAIL - DEPARTMENT STORES (3.0%)
20,500 May Department Stores Co.............. 720,063
-------------
TELECOMMUNICATIONS (5.9%)
13,100 Bell Atlantic Corp.................... 710,675
20,700 GTE Corp.............................. 701,213
500 Sprint Corp........................... 14,250
-------------
1,426,138
-------------
TOBACCO (3.0%)
11,900 Philip Morris Cos., Inc............... 709,537
-------------
UTILITIES - ELECTRIC (6.0%)
18,500 Houston Industries, Inc............... 737,688
27,500 Pacific Gas & Electric Co............. 694,375
-------------
1,432,063
-------------
TOTAL INVESTMENTS (IDENTIFIED COST
$23,982,796)(A)................. 99.0% 23,726,769
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES..................... 1.0 240,301
---------- ------------
NET ASSETS........................ 100.0% $ 23,967,070
---------- ------------
---------- ------------
<FN>
------------------
ADR AMERICAN DEPOSITORY RECEIPT.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $23,999,986; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $647,919 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $921,136, RESULTING IN NET UNREALIZED
DEPRECIATION OF $273,217.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--UTILITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
COMMON STOCKS (92.7%)
ELECTRIC UTILITIES - EQUIPMENT (1.1%)
2,500 Kenetech Corp........................... $ 39,375
------------
NATURAL GAS (15.2%)
2,500 Enron Corp.............................. 72,812
5,000 MCN Corp................................ 88,125
2,500 Pacific Enterprises..................... 56,875
3,500 Panhandle Eastern Corp.................. 73,500
2,500 Questar Corp............................ 66,875
2,500 Sonat, Inc.............................. 67,188
2,000 Tenneco Inc............................. 88,000
2,000 Williams Companies, Inc................. 54,000
------------
567,375
------------
TELECOMMUNICATION EQUIPMENT (4.1%)
2,000 Alcatel Alsthom C.G.E. (ADR)............ 34,750
2,000 Motorola, Inc........................... 118,250
------------
153,000
------------
TELECOMMUNICATIONS (33.3%)
2,500 Airtouch Communications, Inc............ 68,750
3,000 ALLTEL Corp............................. 85,125
2,000 AT&T Corp............................... 99,750
1,500 BellSouth Corp.......................... 88,875
3,000 Cable & Wireless PLC (ADR).............. 52,500
2,000 Century Telephone Enterprises, Inc...... 63,000
2,000 Comsat Corp............................. 39,500
3,000 Frontier Corp........................... 63,000
2,500 GTE Corp................................ 84,688
3,500 MCI Communications Corp................. 63,875
2,000 SBC Communications, Inc................. 85,250
2,000 Southern New England Telecommunications
Corp.................................. 66,500
3,000 Sprint Corporation...................... 85,500
2,000 Tele Danmark AS (ADR)................... 50,000
1,500 Telecommunications Corp. of New Zealand,
Ltd. (ADR)............................ 82,875
2,000 Telephone & Data Systems, Inc........... 87,500
2,500 Vodafone Group PLC (ADR)................ 76,250
------------
1,242,938
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
UTILITIES - ELECTRIC (37.9%)
2,500 Central & South West Corp............... $ 60,937
3,000 CINergy Corp............................ 73,874
3,500 CMS Energy Corp......................... 82,250
2,000 Detroit Edison Co....................... 56,000
3,000 DPL, Inc................................ 64,500
1,500 DQE, Inc................................ 47,625
2,500 Duke Power Co........................... 100,938
3,500 Eastern Utilities Associates............ 80,063
2,000 Florida Progress Corp................... 63,500
2,000 General Public Utilities Corp........... 56,500
3,000 Illinova Corp........................... 67,125
2,500 NIPSCO Industries, Inc.................. 76,250
3,000 Northeast Utilities..................... 71,625
3,000 PacifiCorp.............................. 58,500
2,500 Peco Energy Co.......................... 66,875
3,000 Pinnacle West Capital Corp.............. 62,250
3,500 Public Service Company of New Mexico*... 48,563
3,500 TECO Energy, Inc........................ 76,125
2,500 Unicom Corp............................. 65,000
2,000 Utilicorp United, Inc................... 56,000
2,500 Western Resources Corp.................. 79,688
------------
1,414,188
------------
UTILITIES - WATER (1.1%)
3,000 United Water Resources, Inc............. 40,124
------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$3,454,743)........................... 3,457,000
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
-------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (2.7%)
U.S. GOVERNMENT AGENCIES (A)
$ 50 Federal Farm Credit Bank 5.45% due
02/02/95............................. 49,992
50 Federal National Mortgage Association
5.90% due 02/08/95................... 49,943
------------
TOTAL SHORT-TERM INVESTMENTS (AMORTIZED
COST $99,935)........................ 99,935
------------
TOTAL INVESTMENTS (IDENTIFIED COST
$3,554,678)(B)................... 95.4% 3,556,935
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES...................... 4.6 171,245
---------- -----------
NET ASSETS......................... 100.0% $ 3,728,180
---------- -----------
---------- -----------
<FN>
------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
(A) U.S. GOVERNMENT AGENCIES WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST
RATES SHOWN HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $3,554,678; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $137,508 AND THE AGGREGATE
UNREALIZED DEPRECIATION IS $135,251, RESULTING IN NET UNREALIZED
APPRECIATION OF $2,257.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
COMMON STOCKS (95.1%)
AEROSPACE & DEFENSE (1.7%)
250 Boeing Co............................... $ 11,125
250 General Dynamics Corp................... 10,781
150 Lockheed Corp........................... 10,800
250 Martin Marietta Corp.................... 11,156
237 McDonnell Douglas Corp.................. 11,850
265 Northrop Grumman Corp................... 10,699
150 Raytheon Co............................. 10,013
260 Rockwell International Corp............. 9,783
175 United Technologies Corp................ 11,244
------------
97,451
------------
AIRLINES (0.7%)
200 AMR Corp.*.............................. 11,225
200 Delta Air Lines, Inc.................... 10,800
575 Southwest Airlines Co................... 11,141
1,500 USAir Group, Inc.*...................... 7,875
------------
41,041
------------
ALUMINUM (0.5%)
450 Alcan Aluminium, Ltd.................... 10,856
129 Aluminum Co. of America................. 10,143
200 Reynolds Metals Co...................... 10,000
------------
30,999
------------
AUTO PARTS - AFTER MARKET (0.9%)
400 Cooper Tire & Rubber Co................. 10,400
300 Echlin, Inc............................. 9,900
270 Genuine Parts Co........................ 9,889
275 Goodyear Tire & Rubber Co............... 9,934
650 SPX Corp................................ 10,969
------------
51,092
------------
AUTOMOBILES (0.6%)
250 Chrysler Corp........................... 11,250
425 Ford Motor Co........................... 10,731
285 General Motors Corp..................... 11,044
------------
33,025
------------
BANKS - MONEY CENTER (1.3%)
275 BankAmerica Corp........................ 11,859
175 Bankers Trust N.Y. Corp................. 10,959
325 Chase Manhattan Corp.................... 10,766
300 Chemical Banking Corp................... 11,663
275 Citicorp................................ 11,172
225 First Chicago Corp...................... 10,575
160 Morgan (J.P.) & Co., Inc................ 10,080
------------
77,074
------------
BANKS - REGIONAL (4.0%)
365 Banc One Corp........................... 10,768
380 Bank of Boston Corp..................... 10,640
250 Barnett Banks, Inc...................... 10,688
400 Boatmens Bancshares, Inc................ 12,200
390 Corestates Financial Corp............... 10,481
225 First Fidelity Bancorp.................. 10,631
150 First Interstate Bancorp................ 11,100
250 First Union Corp........................ 10,688
350 Fleet Financial Group, Inc.............. 10,981
425 Keycorp................................. 11,794
300 Mellon Bank Corp........................ 10,500
400 National City Corp...................... 10,600
230 NationsBank Corp........................ 10,695
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
350 NBD Bancorp, Inc........................ $ 10,456
400 Norwest Corp............................ 9,600
425 PNC Bank Corp........................... 9,988
550 Shawmut National Corp................... 11,068
200 SunTrust Banks, Inc..................... 10,375
425 U.S. Bancorp............................ 10,572
300 Wachovia Corp........................... 10,087
75 Wells Fargo & Co........................ 11,034
------------
224,946
------------
BEVERAGES - ALCOHOLIC (0.8%)
184 Anheuser-Busch Cos., Inc................ 10,074
345 Brown-Forman Corp. (Class B)............ 10,522
700 Coors (Adolph) Co....................... 11,550
385 Seagram Co., Ltd........................ 11,069
------------
43,215
------------
BEVERAGES - SOFT DRINKS (0.4%)
200 Coca Cola Co............................ 10,500
300 PepsiCo Inc............................. 11,063
------------
21,563
------------
BROADCAST MEDIA (0.7%)
130 Capital Cities/ABC, Inc................. 10,790
175 CBS, Inc................................ 10,216
700 Comcast Corp. (Class A Special)......... 10,325
500 Tele-Communications, Inc................ 10,562
------------
41,893
------------
BUILDING MATERIALS (0.5%)
425 Masco Corp.............................. 9,934
325 Owens-Corning Fiberglass Corp.*......... 9,994
300 Sherwin-Williams Co..................... 10,050
------------
29,978
------------
CHEMICALS (1.9%)
250 Air Products & Chemicals, Inc........... 11,156
175 Dow Chemical Co......................... 10,915
184 DuPont (E.I.) de Nemours & Co........... 9,798
200 Eastman Chemical Co..................... 9,950
250 Goodrich (B.F.) Co...................... 10,844
270 Hercules, Inc........................... 10,665
150 Monsanto Co............................. 11,025
550 Praxair, Inc............................ 11,069
200 Rohm & Haas Co.......................... 10,850
400 Union Carbide Corp...................... 10,200
------------
106,472
------------
CHEMICALS - DIVERSIFIED (0.9%)
294 Avery Dennison Corp..................... 10,363
425 Engelhard Corp.......................... 10,572
525 First Mississippi Corp.................. 12,075
175 FMC Corp.*.............................. 10,128
300 PPG Industries, Inc..................... 10,538
------------
53,676
------------
CHEMICALS - SPECIALTY (0.9%)
260 Grace (W.R.) & Co....................... 10,075
175 Great Lakes Chemical Corp............... 9,953
375 Morton International, Inc............... 10,500
300 Nalco Chemical Co....................... 10,275
275 Sigma-Aldrich, Inc...................... 9,694
------------
50,497
------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
COMMUNICATIONS - EQUIPMENT/MANUFACTURERS (1.1%)
200 Andrew Corp.*........................... $ 10,600
375 Cisco Systems, Inc.*.................... 12,516
360 DSC Communications Corp.*............... 11,475
1,400 M/A-Com., Inc.*......................... 9,975
300 Northern Telecom, Ltd................... 10,237
500 Scientific-Atlanta, Inc................. 10,063
------------
64,866
------------
COMPUTER SOFTWARE & SERVICES (2.1%)
320 Autodesk, Inc........................... 10,560
190 Automatic Data Processing, Inc.......... 11,257
375 Ceridian Corp.*......................... 11,063
215 Computer Associates Int'l., Inc......... 10,723
250 Computer Sciences Corp.*................ 12,031
200 First Data Corp......................... 10,075
275 Lotus Development Corp.*................ 12,238
175 Microsoft Corp.*........................ 10,369
575 Novell, Inc.*........................... 10,134
250 Oracle Systems Corp.*................... 10,656
376 Shared Medical Systems Corp............. 12,455
------------
121,561
------------
COMPUTERS - SYSTEMS (2.1%)
1,100 Amdahl Corp.*........................... 11,275
250 Apple Computer, Inc..................... 10,094
305 COMPAQ Computer Corp.*.................. 10,904
675 Cray Research, Inc.*.................... 9,956
1,250 Data General Corp.*..................... 9,688
350 Digital Equipment Corp.*................ 11,856
1,200 Intergraph Corp.*....................... 11,850
150 International Business Machines Corp.... 10,819
325 Sun Microsystems, Inc.*................. 10,562
600 Tandem Computers, Inc.*................. 10,725
1,200 Unisys Corp.*........................... 10,800
------------
118,529
------------
CONGLOMERATES (0.7%)
125 ITT Corp................................ 11,188
450 Teledyne, Inc.*......................... 10,294
255 Tenneco Inc............................. 11,220
210 Textron, Inc............................ 10,841
------------
43,543
------------
CONTAINERS - METAL & GLASS (0.4%)
375 Ball Corp............................... 11,437
290 Crown Cork & Seal, Inc.*................ 11,709
------------
23,146
------------
CONTAINERS - PAPER (0.5%)
412 Bemis Company, Inc...................... 10,351
600 Stone Container Corp.*.................. 10,200
225 Temple-Inland, Inc...................... 10,238
------------
30,789
------------
COSMETICS (0.8%)
424 Alberto-Culver Co....................... 11,554
175 Avon Products, Inc...................... 9,997
149 Gillette Co............................. 11,454
231 International Flavors & Fragrances
Inc................................... 11,377
------------
44,382
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
DISTRIBUTORS - CONSUMER PRODUCTS (0.6%)
525 Fleming Cos., Inc....................... $ 10,697
440 SuperValu, Inc.......................... 10,450
425 Sysco Corp.............................. 11,528
------------
32,675
------------
ELECTRICAL EQUIPMENT (1.7%)
150 AMP, Inc................................ 10,650
157 Emerson Electric Co..................... 9,891
200 General Electric Co..................... 10,300
325 General Signal Corp..................... 11,294
190 Grainger (W.W.), Inc.................... 11,329
304 Honeywell, Inc.......................... 10,488
285 Raychem Corp............................ 10,865
157 Thomas & Betts Corp..................... 10,264
800 Westinghouse Electric Corp.............. 11,200
------------
96,281
------------
ELECTRONICS - DEFENSE (0.5%)
250 E-Systems, Inc.......................... 10,219
800 EG & G, Inc............................. 11,200
268 Loral Corp.............................. 10,419
------------
31,838
------------
ELECTRONICS - INSTRUMENTATION (0.6%)
110 Hewlett-Packard Co...................... 11,055
400 Perkin-Elmer Corp....................... 11,000
315 Tektronix, Inc.......................... 10,513
------------
32,568
------------
ELECTRONICS - SEMICONDUCTORS (1.2%)
400 Advanced Micro Devices, Inc.*........... 11,750
160 Intel Corp.............................. 11,060
250 Micron Technology, Inc.................. 11,031
185 Motorola, Inc........................... 10,938
600 National Semiconductor Corp.*........... 10,950
146 Texas Instruments, Inc.................. 10,074
------------
65,803
------------
ENGINEERING & CONSTRUCTION (0.7%)
230 Fluor Corp.............................. 10,637
350 Foster Wheeler Corp..................... 10,369
850 Morrison Knudsen Co., Inc............... 10,625
575 Zurn Industries, Inc.................... 10,494
------------
42,125
------------
ENTERTAINMENT (0.7%)
315 King World Productions, Inc.*........... 10,828
275 Time Warner, Inc........................ 9,900
225 Viacom, Inc.*........................... 10,378
225 Walt Disney Co.......................... 11,447
------------
42,553
------------
FINANCIAL - MISCELLANEOUS (1.9%)
350 American Express Co..................... 11,025
375 American General Corp................... 11,109
275 Dean Witter, Discover & Co. (Note 3).... 10,278
200 Federal Home Loan Mortgage Corp......... 11,200
140 Federal National Mortgage Association... 10,010
411 MBNA Corp............................... 10,480
275 Merrill Lynch & Co. Inc................. 10,072
280 Salomon, Inc............................ 10,850
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
200 Transamerica Corp....................... $ 10,225
300 Travelers, Inc.......................... 11,063
------------
106,312
------------
FOODS (2.6%)
570 Archer-Daniels-Midland Co............... 11,471
275 Campbell Soup Co........................ 11,894
350 ConAgra, Inc............................ 10,806
189 C P C International, Inc................ 10,277
175 General Mills, Inc...................... 9,931
275 Heinz, (H.J.) Co........................ 10,897
225 Hershey Foods Corp...................... 10,997
200 Kellogg Co.............................. 11,000
500 Pet, Inc................................ 12,938
325 Quaker Oats Co.......................... 11,050
250 Ralston-Ralston Purina Group............ 11,250
450 Sara Lee Corp........................... 11,869
225 Wrigley, (Wm.), Jr., Co. (Class A)...... 9,984
------------
144,364
------------
GOLD MINING (1.1%)
525 Barrick Gold Corp....................... 10,434
1,125 Echo Bay Mines, Ltd..................... 10,266
675 Homestake Mining Co..................... 10,378
300 Newmont Mining Corp..................... 10,312
550 Placer Dome, Inc........................ 10,312
1,025 Santa Fe Pacific Gold Corp.............. 10,378
------------
62,080
------------
HARDWARE & TOOLS (0.5%)
440 Black & Decker Corp..................... 10,560
325 Snap-On, Inc............................ 10,278
250 Stanley Works........................... 9,469
------------
30,307
------------
HEALTH CARE - MISCELLANEOUS (1.2%)
550 ALZA Corp.*............................. 12,925
200 Amgen Inc.*............................. 12,725
700 Beverly Enterprises, Inc.*.............. 9,888
345 Manor Care, Inc......................... 10,436
250 U.S. HealthCare, Inc.................... 11,375
250 United Healthcare Corp.................. 12,125
------------
69,474
------------
HEALTH CARE DIVERSIFIED (1.4%)
300 Abbott Laboratories..................... 10,612
400 Allergan, Inc........................... 11,600
150 American Home Products Corp............. 10,519
180 Bristol-Myers Squibb Co................. 11,070
200 Johnson & Johnson....................... 11,625
360 Mallinckrodt Group, Inc................. 10,890
145 Warner-Lambert Co....................... 11,310
------------
77,626
------------
HEALTH CARE DRUGS (1.0%)
175 Lilly (Eli) & Co........................ 11,528
300 Merck & Co., Inc........................ 12,075
150 Pfizer, Inc............................. 12,262
145 Schering-Plough Corp.................... 11,383
300 Upjohn & Co............................. 10,088
------------
57,336
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
HEAVY DUTY TRUCKS & PARTS (1.0%)
250 Cummins Engine Co., Inc................. $ 10,719
475 Dana Corp............................... 10,569
240 Eaton Corp.............................. 11,070
700 Navistar International Corp.*........... 10,762
260 PACCAR, Inc............................. 11,050
------------
54,170
------------
HOME BUILDING (0.6%)
450 Centex Corp............................. 10,238
825 Kaufman & Broad Home Corp............... 10,828
500 Pulte Corp.............................. 10,125
------------
31,191
------------
HOSPITAL MANAGEMENT (0.6%)
250 Columbia/HCA Healthcare Corp............ 10,031
1,025 Community Psychiatric Centers*.......... 12,556
775 National Medical Enterprises, Inc.*..... 11,372
------------
33,959
------------
HOTELS/MOTELS (0.6%)
175 Hilton Hotels Corp...................... 11,769
350 Marriott International Inc.............. 10,587
300 Promus Cos., Inc.*...................... 10,200
------------
32,556
------------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.9%)
250 Armstrong World Industries, Inc......... 11,063
375 Bassett Furniture, Inc.................. 11,063
725 Maytag Corp............................. 10,784
200 Whirlpool Corp.......................... 9,975
1,050 Zenith Electronics*..................... 10,762
------------
53,647
------------
HOUSEHOLD PRODUCTS (1.2%)
200 Clorox Co............................... 11,725
175 Colgate-Palmolive Co.................... 11,003
230 Kimberly-Clark Corp..................... 11,069
168 Procter & Gamble Co..................... 10,962
160 Scott Paper Co.......................... 11,100
90 Unilever N.V. (ADR)..................... 10,620
------------
66,479
------------
HOUSEWARES (0.6%)
500 Newell Co............................... 11,250
250 Premark International, Inc.............. 10,281
360 Rubbermaid, Inc......................... 10,845
------------
32,376
------------
INSURANCE BROKERS (0.4%)
500 Alexander & Alexander Services, Inc..... 10,062
130 Marsh & McLennan Cos., Inc.............. 10,368
------------
20,430
------------
LEISURE TIME (0.8%)
1,500 Bally Entertainment Corp.*.............. 11,625
500 Brunswick Corp.......................... 9,812
1,025 Handleman Co............................ 11,147
470 Outboard Marine Corp.................... 9,870
------------
42,454
------------
LIFE INSURANCE (1.2%)
179 Jefferson-Pilot Corp.................... 9,644
300 Lincoln National Corp................... 10,950
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
325 Providian Corp.......................... $ 11,131
275 Torchmark Corp.......................... 10,725
275 UNUM Corp............................... 12,066
300 USLife Corp............................. 10,612
------------
65,128
------------
MACHINE TOOLS (0.4%)
450 Cincinnati Milacron, Inc................ 10,350
675 Giddings & Lewis, Inc................... 10,800
------------
21,150
------------
MACHINERY - DIVERSIFIED (1.9%)
300 Briggs & Stratton Corp.................. 10,650
200 Caterpillar, Inc........................ 10,300
200 Clark Equipment Co.*.................... 10,725
280 Cooper Industries, Inc.................. 10,710
150 Deere & Co.............................. 10,687
425 Harnischfeger Industries, Inc........... 11,316
335 Ingersoll Rand Co....................... 10,636
225 NACCO Industries, Inc. (Class A)........ 10,997
325 Timken Co............................... 10,603
305 Varity Corp.*........................... 10,370
------------
106,994
------------
MANUFACTURED HOUSING (0.4%)
600 Fleetwood Enterprises, Inc.............. 10,875
625 Skyline Corp............................ 10,859
------------
21,734
------------
MANUFACTURING - CONSUMER & INDUSTRIAL PRODUCTS (0.2%)
350 Silicon Graphics*....................... 10,938
------------
MANUFACTURING - DIVERSIFIED INDUSTRIES (1.9%)
275 AlliedSignal, Inc....................... 9,831
400 Crane Co................................ 10,950
175 Dover Corp.............................. 9,953
275 Illinois Tool Works, Inc................ 11,069
200 Johnson Controls, Inc................... 9,500
225 Millipore Corp.......................... 11,081
550 Pall Corp............................... 10,450
230 Parker-Hannifin Corp.................... 10,839
450 Trinova Corp............................ 10,631
225 Tyco International, Ltd................. 10,885
------------
105,189
------------
MEDICAL PRODUCTS & SUPPLIES (1.6%)
425 Bard (C.R.), Inc........................ 11,634
350 Bausch & Lomb, Inc...................... 10,894
400 Baxter International, Inc............... 11,800
229 Becton, Dickinson & Co.................. 12,022
750 Biomet, Inc.*........................... 11,250
200 Medtronic Inc........................... 11,875
300 St. Jude Medical, Inc................... 11,400
450 United States Surgical Corp............. 10,463
------------
91,338
------------
METALS - MISCELLANEOUS (0.7%)
400 ASARCO, Inc............................. 10,550
400 Cyprus Amax Minerals Co................. 10,750
390 Inco, Ltd............................... 10,481
200 Phelps Dodge Corp....................... 10,475
------------
42,256
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
MISCELLANEOUS (2.1%)
360 Airtouch Communications Corp............ $ 9,900
425 American Greetings Corp................. 11,687
309 Corning, Inc............................ 9,656
432 Dial Corp............................... 9,990
325 Harcourt General, Inc................... 10,847
250 Harris Corp............................. 10,312
550 Jostens, Inc............................ 10,313
200 Minnesota Mining & Manufacturing Co..... 10,475
300 Pioneer Hi-Bred International, Inc...... 10,950
175 TRW, Inc................................ 11,222
675 Whitman Corp............................ 10,969
------------
116,321
------------
MULTI-LINE INSURANCE (0.6%)
225 Aetna Life & Casualty Co................ 11,137
100 American International Group, Inc....... 10,413
160 CIGNA Corp.............................. 10,820
------------
32,370
------------
OFFICE EQUIPMENT & SUPPLIES (0.7%)
156 Alco Standard........................... 10,023
550 Moore Corp., Ltd........................ 9,625
340 Pitney-Bowes, Inc....................... 10,497
100 Xerox Corp.............................. 10,938
------------
41,083
------------
OIL & GAS DRILLING (0.4%)
425 Helmerich & Payne, Inc.................. 10,838
1,800 Rowan Cos., Inc.*....................... 10,350
------------
21,188
------------
OIL - DOMESTIC INTEGRATED (2.1%)
235 Amerada Hess Corp....................... 10,663
350 Ashland Oil, Inc........................ 11,419
100 Atlantic Richfield Co................... 10,650
225 Kerr-McGee Corp......................... 10,659
350 Louisiana Land & Exploration Co......... 11,419
550 Occidental Petroleum Corp............... 10,312
225 Pennzoil Co............................. 10,125
350 Phillips Petroleum Co................... 11,156
335 Sun Co., Inc............................ 9,757
405 Unocal Corp............................. 10,581
650 USX-Marathon Group...................... 10,400
------------
117,141
------------
OIL - EXPLORATION & PRODUCTION (0.7%)
300 Burlington Resources, Inc............... 10,350
2,900 Maxus Energy Corp.*..................... 10,150
1,050 Oryx Energy Co.*........................ 10,894
1,250 Santa Fe Energy Resources*.............. 10,625
------------
42,019
------------
OIL - INTERNATIONAL INTEGRATED (1.1%)
190 Amoco Corp.............................. 11,020
220 Chevron Corp............................ 9,818
175 Exxon Corp.............................. 10,937
120 Mobil Corp.............................. 10,365
90 Royal Dutch Petroleum Co................ 10,069
175 Texaco, Inc............................. 10,784
------------
62,993
------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
OIL WELL EQUIPMENT & SERVICE (1.2%)
600 Baker Hughes, Inc....................... $ 10,575
575 Dresser Industries, Inc................. 11,212
300 Halliburton Co.......................... 10,875
425 McDermott International, Inc............ 10,944
200 Schlumberger, Ltd....................... 10,550
300 Western Atlas, Inc.*.................... 10,988
------------
65,144
------------
PAPER & FOREST PRODUCTS (2.2%)
400 Boise Cascade Corp...................... 10,800
300 Champion International Corp............. 11,475
350 Federal Paper Board, Inc................ 9,800
150 Georgia-Pacific Corp.................... 10,800
143 International Paper Co.................. 10,171
500 James River Corp........................ 10,812
400 Louisiana-Pacific Corp.................. 10,550
200 Mead Corp............................... 9,975
250 Potlatch Corp........................... 9,781
225 Union Camp Corp......................... 10,603
271 Westvaco Corp........................... 9,858
300 Weyerhaeuser Co......................... 11,363
------------
125,988
------------
PERSONAL LOANS (0.4%)
260 Beneficial Corp......................... 10,433
256 Household International, Inc............ 10,400
------------
20,833
------------
PHOTOGRAPHY (0.4%)
200 Eastman Kodak Co........................ 9,800
350 Polaroid Corp........................... 10,719
------------
20,519
------------
POLLUTION CONTROL (0.6%)
360 Browning-Ferris Industries, Inc......... 11,160
2,150 Rollins Environmental Services, Inc.*... 10,481
360 WMX Technologies, Inc................... 10,215
------------
31,856
------------
PROPERTY - CASUALTY INSURANCE (1.2%)
150 Chubb Corp.............................. 12,150
600 Continental Corp........................ 11,550
85 General Re Corp......................... 10,976
210 Safeco Corp............................. 11,025
240 St. Paul Cos., Inc...................... 11,460
675 USF&G Corp.............................. 10,125
------------
67,286
------------
PUBLISHING (0.6%)
225 Dun & Bradstreet Corp................... 11,250
175 McGraw-Hill, Inc........................ 11,375
225 Meredith Corp........................... 10,406
------------
33,031
------------
PUBLISHING - NEWSPAPER (1.1%)
325 Dow Jones & Co., Inc.................... 10,644
210 Gannett Co., Inc........................ 10,684
200 Knight-Ridder Newspapers, Inc........... 10,400
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
500 New York Times Co. (Class A)............ $ 10,937
325 Times Mirror Co......................... 10,522
200 Tribune Co.............................. 10,475
------------
63,662
------------
RAILROADS (1.2%)
225 Burlington Northern, Inc................ 10,687
215 Conrail, Inc............................ 11,503
155 CSX Corp................................ 11,102
175 Norfolk Southern Corp................... 10,850
675 Santa Fe Pacific Corp................... 12,066
225 Union Pacific Corp...................... 11,306
------------
67,514
------------
RESTAURANTS (0.9%)
475 Luby's Cafeterias, Inc.................. 10,687
318 McDonald's Corp......................... 10,375
1,375 Ryan's Family Steak House, Inc.*........ 11,000
925 Shoney's, Inc.*......................... 10,869
625 Wendy's International, Inc.............. 10,078
------------
53,009
------------
RETAIL - DEPARTMENT STORES (1.1%)
400 Dillard Department Stores, Inc. (Class
A).................................... 10,500
325 May Department Stores Co................ 11,415
250 Mercantile Stores, Inc.................. 11,000
275 Nordstrom, Inc.......................... 11,069
260 Penney (J.C.) Co., Inc.................. 10,790
500 Wal-Mart Stores, Inc.................... 11,500
------------
66,274
------------
RETAIL - DRUG STORES (0.6%)
325 Longs Drug Stores Corp.................. 10,644
460 Rite Aid Corp........................... 11,557
250 Walgreen Co............................. 11,875
------------
34,076
------------
RETAIL - FOOD CHAINS (1.3%)
360 Albertson's, Inc........................ 10,710
450 American Stores Co...................... 10,575
1,200 Bruno's, Inc............................ 10,950
450 Giant Foods, Inc. (Class A)............. 10,181
550 Great Atlantic & Pacific Tea, Inc....... 10,244
400 Kroger Co.*............................. 9,450
200 Winn-Dixie Stores, Inc.................. 10,750
------------
72,860
------------
RETAIL - GENERAL MERCHANDISE (0.6%)
165 Dayton-Hudson Corp...................... 11,323
775 K Mart Corp............................. 10,559
250 Sears, Roebuck & Co..................... 11,031
------------
32,913
------------
RETAIL - SPECIALTY (1.7%)
475 Circuit City Stores, Inc................ 10,687
240 Home Depot, Inc......................... 11,220
275 Lowe's Companies, Inc................... 10,106
325 Melville Corp........................... 9,994
340 Pep Boys-Manny, Moe & Jack.............. 11,092
700 Price Enterprises, Inc.*................ 9,625
250 Tandy Corp.............................. 11,063
350 Toys 'R' Us, Inc.*...................... 10,238
675 Woolworth Corp.......................... 10,631
------------
94,656
------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
RETAIL - SPECIALTY APPAREL (0.8%)
1,700 Charming Shoppes, Inc................... $ 10,625
350 Gap Inc................................. 11,375
625 Limited (The), Inc...................... 10,547
800 TJX Companies, Inc...................... 10,700
------------
43,247
------------
SAVINGS & LOAN ASSOCIATIONS (0.6%)
675 Ahmanson (H.F.) & Co.................... 11,053
300 Golden West Financial Corp.............. 11,100
650 Great Western Financial Corp............ 11,375
------------
33,528
------------
SHOES (0.8%)
350 Brown Group, Inc........................ 11,156
158 Nike, Inc. (Class B).................... 11,218
270 Reebok International, Ltd............... 10,260
1,000 Stride Rite Corp........................ 10,875
------------
43,509
------------
SPECIALIZED SERVICES (1.7%)
325 Block (H&R), Inc........................ 11,619
475 Ecolab, Inc............................. 10,569
550 Harland (John H.) Co.................... 11,894
316 Interpublic Group of Cos., Inc.......... 10,625
2,600 National Educational Corp.*............. 10,400
374 National Service Industries, Inc........ 9,677
575 Ogden Corp.............................. 11,069
725 Safety-Kleen Corp....................... 11,419
375 Service Corp. International............. 10,734
------------
98,006
------------
SPECIALTY PRINTING (0.4%)
375 Deluxe Corp............................. 10,031
340 Donnelley (R.R.) & Sons Co.............. 10,285
------------
20,316
------------
STEEL (1.1%)
1,600 Armco, Inc.*............................ 10,200
650 Bethlehem Steel Corp.*.................. 10,156
350 Inland Steel Industries, Inc.*.......... 9,888
200 Nucor Corp.............................. 10,200
325 USX-U.S. Steel Group, Inc............... 10,481
525 Worthington Industries, Inc............. 10,369
------------
61,294
------------
TELECOMMUNICATION - LONG DISTANCE (0.6%)
200 AT&T Corp............................... 9,975
600 MCI Communications Corp................. 10,950
400 Sprint Corp............................. 11,400
------------
32,325
------------
TEXTILES (1.1%)
1,900 Hartmarx Corp.*......................... 10,925
625 Liz Claiborne, Inc...................... 10,391
700 Oshkosh B' Gosh, Inc. (Class A)......... 9,800
360 Russell Corp............................ 10,620
275 Springs Industries, Inc................. 10,003
225 V.F. Corp............................... 10,828
------------
62,567
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
TOBACCO (0.6%)
275 American Brands, Inc.................... $ 10,450
170 Philip Morris Cos., Inc................. 10,136
400 UST, Inc................................ 11,800
------------
32,386
------------
TOYS (0.4%)
360 Hasbro, Inc............................. 10,845
475 Mattel, Inc............................. 9,797
------------
20,642
------------
TRANSPORTATION - MISCELLANEOUS (0.5%)
175 Federal Express Corp.*.................. 10,631
360 Pittston Services Group................. 9,675
500 Ryder System, Inc....................... 10,750
------------
31,056
------------
TRUCKERS (0.6%)
500 Consolidated Freightways, Inc.*......... 10,437
225 Roadway Service, Inc.................... 11,250
550 Yellow Corp............................. 11,688
------------
33,375
------------
UTILITIES - ELECTRIC (4.7%)
300 American Electric Power Co., Inc........ 10,500
450 Baltimore Gas & Electric Co............. 10,913
425 Carolina Power & Light Co............... 12,059
450 Central & South West Corp............... 10,969
434 CINergy Corp............................ 10,687
350 Consolidated Edison of New York, Inc.... 9,887
400 Detroit Edison Co....................... 11,200
300 Dominion Resources, Inc................. 11,438
275 Duke Power Co........................... 11,103
475 Entergy Corp............................ 11,578
325 FPL Group, Inc.......................... 11,903
300 Houston Industries, Inc................. 11,963
700 Niagara Mohawk Power Corp............... 10,850
225 Northern States Power Co................ 10,406
550 Ohio Edison Co.......................... 11,619
450 Pacific Gas & Electric Co............... 11,363
570 PacifiCorp.............................. 11,115
400 PECO Energy Co.......................... 10,700
400 Public Service Enterprise Group, Inc.... 11,550
700 SCEcorp................................. 11,463
525 Southern Co............................. 10,959
300 Texas Utilities Co...................... 10,425
425 Unicom Corp............................. 11,050
300 Union Electric Co....................... 11,138
------------
266,838
------------
UTILITIES - GAS (2.5%)
400 Coastal Corp............................ 10,800
325 Consolidated Natural Gas Co............. 11,212
425 Eastern Enterprises..................... 11,316
375 Enron Corp.............................. 10,922
850 ENSERCH Corp............................ 11,050
500 NICOR, Inc.............................. 11,937
2,000 NorAm Energy Corp....................... 10,750
575 ONEOK, Inc.............................. 10,063
475 Pacific Enterprises..................... 10,806
460 Panhandle Eastern Corp.................. 9,660
400 Peoples Energy Corp..................... 10,550
390 Sonat, Inc.............................. 10,481
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
196 Transco Energy Co....................... $ 3,308
390 Williams Cos., Inc...................... 10,530
------------
143,385
------------
UTILITIES - TELEPHONE (1.7%)
375 ALLTEL Corp............................. 10,641
250 Ameritech Corp.......................... 10,969
200 Bell Atlantic Corp...................... 10,850
200 BellSouth Corp.......................... 11,850
334 GTE Corp................................ 11,314
285 NYNEX Corp.............................. 11,258
365 Pacific Telesis Group................... 11,178
250 SBC Communications, Inc................. 10,656
250 U.S. West, Inc.......................... 9,781
------------
98,497
------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$5,316,759)........................... 5,376,776
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
------------- ------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (11.5%)
U.S. GOVERNMENT AGENCIES (A)
$ 550 Federal Home Loan Banks 5.72% due
2/01/95.............................. $ 550,000
100 Federal National Mortgage Association
5.65% due 2/06/95.................... 99,922
------------
TOTAL SHORT-TERM INVESTMENTS (AMORTIZED
COST $649,922)....................... 649,922
------------
TOTAL INVESTMENTS (IDENTIFIED COST
$5,966,681) (B).................. 106.6% 6,026,698
LIABILITIES IN EXCESS OF CASH AND
OTHER ASSETS..................... (6.6) (371,715)
---------- -----------
NET ASSETS......................... 100.0% $ 5,654,983
---------- -----------
---------- -----------
<FN>
------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
(A) U.S. GOVERNMENT AGENCIES WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST
RATES SHOWN HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $5,967,718; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $402,151 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $343,171, RESULTING IN NET UNREALIZED
APPRECIATION OF $58,980.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
COMMON STOCKS (75.3%)
CANADA (4.5%)
METALS & MINING
1,800 Barrick Gold Corp..................... $ 35,788
3,000 Falconbridge Ltd...................... 46,126
------------
81,914
------------
NATURAL GAS
2,000 Renaissance Energy Ltd.*.............. 35,169
------------
OIL INTEGRATED - INTERNATIONAL
1,800 Suncor, Inc........................... 42,467
------------
TELECOMMUNICATIONS
1,500 BCE Mobile Communications, Inc.*...... 48,777
------------
TOTAL CANADA.......................... 208,327
------------
FINLAND (3.7%)
ELECTRONIC & ELECTRICAL EQUIPMENT
400 Nokia AB (Pref.)...................... 58,799
------------
METALS & MINING
1,900 Outokumpu Oy (A Shares)*.............. 36,167
------------
PAPER & FOREST PRODUCTS
800 Metsa Serla (B Shares)................ 31,980
------------
RETAIL
3,650 Kesko................................. 43,618
------------
TOTAL FINLAND......................... 170,564
------------
FRANCE (0.8%)
FOODS & BEVERAGES
250 LVMH-Moet Hennessy Louis Vuitton...... 39,888
------------
GERMANY (0.9%)
MACHINERY - DIVERSIFIED
150 Mannesmann AG......................... 40,506
------------
HONG KONG (6.1%)
BANKING
3,900 HSBC Holdings PLC..................... 37,800
------------
CONGLOMERATES
15,000 Citic Pacific, Ltd.................... 33,051
100 Swire Pacific, Ltd. (A Shares)........ 544
------------
33,595
------------
REAL ESTATE
16,000 Sun Hung Kai Properties, Ltd.......... 87,878
------------
TELECOMMUNICATIONS
4,900 Hong Kong Telecommunications, Ltd.
(ADR)............................... 86,975
------------
TRANSPORTATION
28,300 Cathay Pacific Airways, Ltd........... 37,853
------------
UTILITIES - ELECTRIC
300 Hong Kong Electric Holdings........... 799
------------
TOTAL HONG KONG....................... 284,900
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
ITALY (1.7%)
AUTOMOTIVE
9,700 Fiat SpA*............................. $ 39,813
------------
TELECOMMUNICATIONS
12,400 Stet SpA.............................. 38,909
------------
TOTAL ITALY........................... 78,722
------------
JAPAN (25.7%)
BUILDING & CONSTRUCTION
3,000 Tohoku Telecom Construction........... 23,990
------------
ELECTRONIC & ELECTRICAL EQUIPMENT
14,000 NEC Corp.............................. 131,795
5,000 Rohm Co., Ltd......................... 180,687
------------
312,482
------------
FINANCIAL SERVICES
5,000 Orix Corp............................. 171,576
------------
FOODS & BEVERAGES
100 House Food Industrial................. 1,903
------------
HEALTH & PERSONAL CARE
8,000 Santen Pharmaceutical Co.............. 215,406
------------
MACHINERY - DIVERSIFIED
26,000 Mitsubishi Heavy Industries, Ltd...... 176,860
------------
MANUFACTURING
10,000 Hitachi Cable......................... 78,955
------------
MULTI-INDUSTRY
25,000 Mitsui & Co........................... 196,123
------------
RETAIL
1,000 Senshukai Co.......................... 19,738
------------
TOTAL JAPAN........................... 1,197,033
------------
MEXICO (2.0%)
BANKING
6,000 Grupo Financiero Banamex - Accival (B
shares)............................. 11,896
------------
BUILDING MATERIALS
5,687 Cementos de Mexico S.A. (B Shares).... 20,934
------------
CONGLOMERATES
3,500 Grupo Carso (A Shares)*............... 19,914
------------
FOODS & BEVERAGES
1,100 Coca Cola Femsa S.A. de C.V. (ADR).... 20,900
------------
PHARMACEUTICALS
1,300 Grupo Casa Autrey S.A. de C.V. (ADR).. 18,200
------------
TOTAL MEXICO.......................... 91,844
------------
NETHERLANDS (1.0%)
PUBLISHING
600 Wolters Kluwer N.V.................... 44,662
------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
SINGAPORE (4.1%)
BANKING
10,000 United Overseas Bank Corp., Ltd....... $ 95,664
------------
MACHINERY - DIVERSIFIED
12,500 Keppel Corp., Ltd..................... 93,772
------------
TOTAL SINGAPORE....................... 189,436
------------
SPAIN (1.3%)
FOODS & BEVERAGES
1,650 Viscofan Envolturas Celulosas S.A..... 23,819
------------
TELECOMMUNICATIONS
2,900 Telefonica de Espana.................. 35,914
------------
TOTAL SPAIN........................... 59,733
------------
SWEDEN (0.9%)
ELECTRONIC & ELECTRICAL EQUIPMENT
750 Ericsson AB (B Shares)................ 40,671
------------
SWITZERLAND (0.7%)
HEALTH & PERSONAL CARE
7 Roche Holdings AG..................... 35,080
------------
UNITED KINGDOM (1.6%)
BUSINESS SERVICES
5,100 Reuters Holdings PLC.................. 35,414
------------
INVESTMENT COMPANIES
8,000 Electra Investment Trust.............. 39,280
------------
TOTAL UNITED KINGDOM.................. 74,694
------------
UNITED STATES (20.3%)
AUTOMOTIVE
200 Chrysler Corp......................... 9,000
100 General Motors Corp................... 3,875
------------
12,875
------------
BANKING
200 Citicorp.............................. 8,125
100 First Interstate Bancorp.............. 7,400
------------
15,525
------------
CHEMICALS
100 Monsanto Co........................... 7,350
------------
COMPUTER SOFTWARE
200 Oracle Systems Corp.*................. 8,525
200 Sybase, Inc.*......................... 8,675
------------
17,200
------------
CONSUMER PRODUCTS
2,000 Duracell International, Inc........... 81,500
------------
ELECTRONIC COMPONENTS
4,500 Analog Devices, Inc.*................. 96,750
400 Maxim Integrated Products Inc.*....... 11,600
------------
108,350
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
ELECTRONICS - SEMICONDUCTORS
2,200 Motorola, Inc......................... $ 130,075
100 Texas Instruments, Inc................ 6,900
------------
136,975
------------
ENTERTAINMENT
20 National Gaming Corp.*................ 190
------------
FINANCE
100 C U C International, Inc.*............ 3,463
------------
FOODS & BEVERAGES
5,000 Archer-Daniels-Midland Co............. 100,625
2,000 Coca Cola Co.......................... 105,000
------------
205,625
------------
FOREST PRODUCTS
100 Georgia-Pacific Corp.................. 7,200
------------
HEALTH EQUIPMENT & SERVICES
200 United Healthcare Corp................ 9,700
------------
HOSPITAL MANAGEMENT
300 Genesis Health Ventures, Inc.*........ 9,075
------------
HOTELS
200 Hospitality Franchise Systems, Inc.*.. 5,600
150 Promus Cos., Inc.*.................... 5,100
------------
10,700
------------
INSURANCE
75 American International Group, Inc..... 7,809
------------
MACHINERY
200 Caterpillar, Inc...................... 10,300
------------
MEDIA GROUP
200 Capital Cities/ABC, Inc............... 16,600
------------
NATURAL GAS
3,000 Public Service Co. of Colorado........ 90,750
------------
OIL INTEGRATED - DOMESTIC
1,000 Mobil Corp............................ 86,375
------------
RAILROAD EQUIPMENT
150 Trinity Industries, Inc............... 4,950
------------
RETAIL
2,000 Home Depot, Inc....................... 93,500
------------
RETAIL - SPECIALTY
150 Heilig-Meyers Co...................... 3,825
------------
TRANSPORTATION - MISCELLANEOUS
100 Federal Express Corp.*................ 6,075
------------
TOTAL UNITED STATES................... 945,912
------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$3,870,199)......................... 3,501,972
------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
----------- ------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (24.1%)
U.S. GOVERNMENT AGENCIES (A)
$ 260 Federal Farm Credit Bank 5.80% due
03/07/95............................ $ 258,568
570 Federal Home Loan Banks 5.72% due
02/01/95............................ 570,000
115 Federal Home Loan Mortgage Corp. 5.57%
due 02/16/95........................ 114,735
100 Federal Home Loan Mortgage Corp. 6.04%
due 02/28/95........................ 99,552
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
----------- ------------
<C> <S> <C>
$ 75 Federal National Mortgage Association
5.61% due 02/10/95.................. $ 74,895
------------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST $1,117,750)......... 1,117,750
------------
TOTAL INVESTMENTS (IDENTIFIED COST
$4,987,949)(B)................... 99.4% 4,619,722
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES...................... 0.6 29,417
---------- -----------
NET ASSETS......................... 100.0% $ 4,649,139
---------- -----------
---------- -----------
<FN>
------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
(A) U.S. GOVERNMENT AGENCIES WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST
RATES SHOWN HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $4,987,949; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $49,320 AND THE AGGREGATE GROSS
UNREALIZED DEPRECIATION IS $417,547, RESULTING IN NET UNREALIZED
DEPRECIATION OF $368,227.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES--GLOBAL EQUITY
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
--------------------------------------------- ------------ ----------
<S> <C> <C>
Automotive................................... $ 52,688 1.1%
Banking...................................... 160,885 3.4
Building & Construction...................... 23,990 0.5
Building Materials........................... 20,934 0.4
Business Services............................ 35,414 0.7
Chemicals.................................... 7,350 0.1
Computer Software............................ 17,200 0.4
Conglomerates................................ 53,509 1.1
Consumer Products............................ 81,500 1.7
Electronic & Electrical Equipment............ 411,952 8.9
Electronic Components........................ 108,350 2.3
Electronics - Semiconductors................. 136,975 2.9
Entertainment................................ 190 0.0
Finance...................................... 3,463 0.1
Financial Services........................... 171,576 3.7
Foods & Beverages............................ 292,135 6.3
Forest Products.............................. 7,200 0.1
Health & Personal Care....................... 250,486 5.4
Health Equipment & Services.................. 9,700 0.2
Hospital Management.......................... 9,075 0.2
Hotels....................................... 10,700 0.2
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
--------------------------------------------- ------------ ----------
<S> <C> <C>
Insurance.................................... $ 7,809 0.1%
Investment Companies......................... 39,280 0.8
Machinery.................................... 10,300 0.2
Machinery - Diversified...................... 311,138 6.7
Manufacturing................................ 78,955 1.7
Media Group.................................. 16,600 0.3
Metals & Mining.............................. 118,081 2.5
Multi - Industry............................. 196,123 4.2
Natural Gas.................................. 125,919 2.7
Oil Integrated - Domestic.................... 86,375 1.8
Oil Integrated - International............... 42,467 0.9
Paper & Forest Products...................... 31,980 0.6
Pharmaceuticals.............................. 18,200 0.4
Publishing................................... 44,662 0.9
Railroad Equipment........................... 4,950 0.1
Real Estate.................................. 87,878 1.9
Retail....................................... 156,856 3.4
Retail - Specialty........................... 3,825 1.0
Telecommunications........................... 210,575 4.5
Transportation............................... 37,853 0.8
Transportation - Miscellaneous............... 6,075 0.1
U.S. Government Agencies..................... 1,117,750 24.1
Utilities - Electric......................... 799 0.0
------------ -----
$ 4,619,722 99.4%
------------ -----
------------ -----
</TABLE>
SUMMARY OF INVESTMENTS BY TYPE
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
---------------------------------------------------------------------------------------- ----------- -------------
<S> <C> <C>
Common Stocks........................................................................... $ 3,501,972 75.3%
Short-Term Investments.................................................................. 1,117,750 24.1
----------- -----
$ 4,619,722 99.4%
----------- -----
----------- -----
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--STRATEGIST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
COMMON STOCKS (46.6%)
AIRCRAFT & AEROSPACE (0.8%)
820 Boeing Co............................... $ 36,490
105 Lockheed Corp........................... 7,560
------------
44,050
------------
AIRLINES (0.8%)
700 AMR Corp. (Del)*........................ 39,287
------------
ALUMINUM (0.7%)
1,200 Alumax Inc.*............................ 30,450
130 Reynolds Metals Co...................... 6,500
------------
36,950
------------
AUTOMOTIVE (2.4%)
1,200 Daimler Benz AG (ADR)................... 55,050
210 Ford Motor Co........................... 5,302
110 General Motors Corp..................... 4,263
3,600 Nissan Motor Co., Ltd. (ADR)............ 50,850
------------
115,465
------------
BANKS - MONEY CENTER (2.0%)
980 Chemical Banking Corp................... 38,097
1,400 Citicorp................................ 56,875
------------
94,972
------------
BANKS - REGIONAL (0.7%)
250 Wells Fargo & Co........................ 36,781
------------
BEVERAGES (0.1%)
180 PepsiCo Inc............................. 6,637
------------
BIOTECHNOLOGY (0.8%)
600 Amgen Inc.*............................. 38,175
------------
BUILDING & CONSTRUCTION (0.0%)
190 Grupo Tribasa S.A. de C.V. (ADR)*....... 2,161
------------
BUILDING MATERIALS (0.2%)
220 Lowe's Companies, Inc................... 8,085
------------
CABLE/CELLULAR (0.6%)
2,100 Comcast Corp. (Class A)................. 30,975
------------
CHEMICALS - SPECIALTY (1.2%)
1,600 Georgia Gulf Corp.*..................... 49,600
370 Praxair, Inc............................ 7,446
------------
57,046
------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE (2.7%)
1,600 MFS Communication Co., Inc.*............ 60,800
1,950 Newbridge Networks Corp.*............... 71,906
------------
132,706
------------
COMPUTER SERVICES (0.2%)
210 General Motors Corp. (Class E).......... 8,111
------------
COMPUTER SOFTWARE (1.9%)
1,400 BMC Software, Inc.*..................... 79,800
170 Microsoft Corp.*........................ 10,073
------------
89,873
------------
COMPUTERS - SYSTEMS (0.9%)
75 Hewlett-Packard Co...................... 7,538
1,100 Sun Microsystems, Inc.*................. 35,750
------------
43,288
------------
CONSUMER PRODUCTS (0.1%)
880 RJR Nabisco Holdings Corp.*............. 5,170
------------
DRUGS (1.0%)
1,150 Abbott Laboratories..................... 40,681
215 Merck & Co., Inc........................ 8,654
------------
49,335
------------
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
ELECTRONIC & ELECTRICAL EQUIPMENT (1.0%)
110 Emerson Electric Co..................... $ 6,930
130 General Electric Co..................... 6,695
205 Honeywell, Inc.......................... 7,072
600 Sony Corp. (ADR)........................ 28,125
------------
48,822
------------
ELECTRONICS - SEMICONDUCTORS/ COMPONENTS (1.8%)
100 Intel Corp.............................. 6,913
1,800 Micron Technology, Inc.................. 79,425
------------
86,338
------------
ENTERTAINMENT (1.4%)
1,400 Polygram N.V. (ADR)..................... 67,200
------------
ENTERTAINMENT/GAMING (1.0%)
1,600 Circus Circus Enterprises, Inc.*........ 42,800
145 Promus Companies, Inc.*................. 4,930
------------
47,730
------------
FINANCIAL - MISCELLANEOUS (1.2%)
785 Federal National Mortgage Association... 56,128
------------
FINANCIAL SERVICES (0.8%)
1,060 Travelers, Inc.......................... 39,088
------------
FOODS (0.8%)
900 Campbell Soup Co........................ 38,925
------------
HEALTH CARE - MISCELLANEOUS (0.8%)
800 U.S. Healthcare, Inc.................... 36,400
------------
HOME BUILDING (0.8%)
1,600 Centex Corp............................. 36,400
------------
HOUSEHOLD PRODUCTS (1.3%)
1,000 Colgate-Palmolive Co.................... 62,875
------------
INSURANCE (0.9%)
400 American International Group, Inc....... 41,650
------------
LIFE INSURANCE (0.2%)
240 Providian Corp.......................... 8,220
------------
MACHINERY - CONSTRUCTION & MATERIALS (0.1%)
180 Ingersoll-Rand Co....................... 5,715
------------
MEDICAL PRODUCTS & SUPPLIES (1.7%)
350 Humana, Inc.*........................... 8,006
200 Johnson & Johnson....................... 11,625
2,400 Lincare Holdings, Inc.*................. 61,800
------------
81,431
------------
OFFICE EQUIPMENT & SUPPLIES (1.3%)
1,000 Alco Standard Corp...................... 64,250
------------
OIL DRILLING & SERVICES (0.7%)
660 Schlumberger, Ltd....................... 34,815
------------
OIL INTEGRATED - DOMESTIC (0.2%)
400 Occidental Petroleum Corp............... 7,500
------------
OIL INTEGRATED - INTERNATIONAL (1.8%)
850 Chevron Corp............................ 37,931
100 Exxon Corp.............................. 6,250
90 Mobil Corp.............................. 7,774
570 Texaco, Inc............................. 35,126
------------
87,081
------------
PAPER & FOREST PRODUCTS (0.1%)
160 Louisiana-Pacific Corp.................. 4,220
------------
POLLUTION CONTROL (1.4%)
1,150 Browning-Ferris Industries, Inc......... 35,650
1,200 WMX Technologies, Inc................... 34,050
------------
69,700
------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES--STRATEGIST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
----------- ------------
<C> <S> <C>
RAILROADS (0.8%)
520 CSX Corp................................ $ 37,245
------------
RETAIL (0.1%)
120 Penney (J.C.) Co., Inc.................. 4,980
------------
RETAIL - DEPARTMENT STORES (0.7%)
1,500 Wal-Mart Stores, Inc.................... 34,500
------------
RETAIL - SPECIALTY (1.5%)
7,500 Pier 1 Imports, Inc..................... 71,250
------------
RETAIL - SPECIALTY APPAREL (1.2%)
150 Gap, Inc................................ 4,875
3,260 Limited (The), Inc...................... 55,013
------------
59,888
------------
TELECOMMUNICATIONS (1.6%)
1,250 Airtouch Communications, Inc............ 34,375
265 MCI Communications Corp................. 4,836
690 Telecommunications Corp. of New Zealand,
Ltd. (ADR)............................ 38,123
------------
77,334
------------
TOBACCO (1.2%)
1,000 Philip Morris Cos., Inc................. 59,625
------------
TRANSPORTATION - MISCELLANEOUS (0.1%)
90 Federal Express Corp.*.................. 5,468
------------
TRUCKERS (1.1%)
1,060 Roadway Services, Inc................... 53,000
------------
UTILITIES - TELEPHONE (1.9%)
380 Compania de Telefonos de Chile S.A.
(ADR)................................. 27,883
175 NYNEX Corp.............................. 6,913
130 Pacific Telesis Group................... 3,982
880 Telefonica Espana, S.A. (ADR)........... 32,450
590 Telefonos de Mexico, S.A. de C.V.
(Series L) (ADR)...................... 20,870
------------
92,098
------------
TOTAL COMMON STOCKS (IDENTIFIED COST
$2,272,137)........................... 2,258,943
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS)
-------------
<C> <S> <C>
CORPORATE BONDS (3.6%)
AUTOMOTIVE FINANCE (0.4%)
$ 15 Ford Capital BV
9.375% due 05/15/01.................. 15,721
------------
BANKS - MONEY CENTER (0.9%)
50 Chemical Banking Corp. 7.00% due
06/01/05............................. 44,722
------------
BROADCAST MEDIA (0.4%)
20 News America Holdings, Inc. 8.25% due
08/10/18............................. 17,780
------------
HOSPITAL MANAGEMENT (1.0%)
50 Columbia/HCA Healthcare Corp. 8.85% due
01/01/07............................. 50,651
------------
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
------------- ------------
<C> <S> <C>
PAPER & FOREST PRODUCTS (0.4%)
$ 20 Georgia-Pacific Corp. 9.125% due
07/01/22............................. $ 20,083
------------
STEEL & IRON (0.2%)
10 Pohang Iron & Steel Co., Ltd. 7.50% due
08/01/02............................. 9,315
------------
UTILITIES - ELECTRIC (0.3%)
20 Long Island Lighting Co. 6.25% due
07/15/01............................. 16,673
------------
TOTAL CORPORATE BONDS (IDENTIFIED COST
$177,009)............................ 174,945
------------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (12.3%)
100 U.S. Treasury Bond
8.125% due 08/15/19.................. 103,625
50 U.S. Treasury Bond
6.25% due 08/15/23................... 41,570
275 U.S. Treasury Note
7.875% due 01/15/98.................. 278,437
100 U.S. Treasury Note
6.375% due 01/15/99.................. 96,188
25 U.S. Treasury Note
7.875% due 11/15/99.................. 25,363
50 U.S. Treasury Note
7.50% due 05/15/02................... 49,867
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $607,383)........... 595,050
------------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C>
SHORT-TERM INVESTMENTS (36.9%)
U.S. GOVERNMENT AGENCIES (A)
575 Federal Home Loan Mortgage Corp. 5.65%
due 02/17/95......................... 573,556
140 Federal Home Loan Mortgage Corp. 5.75%
due 02/27/95......................... 139,419
840 Federal National Mortgage Association
5.93% due 02/10/95................... 838,755
240 Federal National Mortgage Association
5.57% due 02/22/95................... 239,220
------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $1,790,950)......... 1,790,950
------------
TOTAL INVESTMENTS
(IDENTIFIED COST
$4,847,479)(B)................... 99.4% 4,819,888
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES...................... 0.6 29,914
---------- -----------
NET ASSETS......................... 100.0% $ 4,849,802
---------- -----------
---------- -----------
<FN>
------------------
ADR AMERICAN DEPOSITORY RECEIPT.
* NON-INCOME PRODUCING SECURITY.
(A) U.S. GOVERNMENT AGENCIES WERE PURCHASED ON A DISCOUNT BASIS. THE INTEREST
RATES SHOWN HAVE BEEN ADJUSTED TO REFLECT A MONEY MARKET EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $4,847,479; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $130,649 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $158,240, RESULTING IN NET UNREALIZED
DEPRECIATION OF $27,591.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. U.S. INTERMEDIATE
GOVERNMENT GOVERNMENT INCOME
LIQUID ASSET MONEY MARKET SECURITIES SECURITIES
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value *... $ 3,413,753 $ 665,329 $ 3,027,423 $ 543,943
Cash.................................... 5,116 3,277 14,887 17,677
Receivable for:
Investments sold...................... -- -- -- --
Shares of beneficial interest sold.... 5,791 -- 7,483 1,769
Dividends............................. -- -- -- --
Interest.............................. -- -- 5,875 8,849
Foreign withholding taxes reclaimed... -- -- -- --
Deferred organizational expenses........ 7,936 8,093 8,003 8,033
Receivable from investment manager...... 12,279 21,074 32,011 5,840
------------ ------------ ------------ ------------
TOTAL ASSETS.................... 3,444,875 697,773 3,095,682 586,111
------------ ------------ ------------ ------------
LIABILITIES:
Payable for:
Investments purchased................. -- -- -- --
Shares of beneficial interest
repurchased......................... 6,301 53 21,451 1,410
Dividends to shareholders............. -- -- 2,021 413
Accrued expenses and other payables..... 12,279 21,074 32,011 5,840
Organizational expenses payable......... 7,936 8,093 8,003 8,033
------------ ------------ ------------ ------------
TOTAL LIABILITIES............... 26,516 29,220 63,486 15,696
------------ ------------ ------------ ------------
NET ASSETS:
Paid-in-capital......................... 3,418,355 668,553 3,205,436 596,575
Accumulated undistributed net investment
income................................ 4 -- (46 )+ 29
Accumulated undistributed net realized
gain (loss)........................... -- -- (1,830 ) (1,739 )
Net unrealized appreciation
(depreciation)........................ -- -- (171,364 ) (24,450 )
------------ ------------ ------------ ------------
NET ASSETS...................... $ 3,418,359 $ 668,553 $ 3,032,196 $ 570,415
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
*IDENTIFIED COST........................ $ 3,413,753 $ 665,329 $ 3,198,787 $ 568,393
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................... 3,418,355 668,553 321,960 61,909
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
NET ASSET VALUE PER SHARE (unlimited
authorized shares of $.01 par
value)................................ $1.00 $1.00 $9.42 $9.21
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
<FN>
------------------
+ Distributions in excess of net investment income.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AMERICAN CAPITAL DIVIDEND VALUE-ADDED
VALUE GROWTH GROWTH UTILITIES MARKET GLOBAL EQUITY STRATEGIST
------------ ----------- ----------- --------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in
securities, at value
*...................... $ 12,975,371 $ 275,781 $23,726,769 $ 3,556,935 $ 6,026,698 $ 4,619,722 $ 4,819,888
Cash..................... 21,265 7,908 140,295 31,169 21,543 5,705 5,042
Receivable for:
Investments sold....... 113,743 -- 177,453 -- 23,088 -- --
Shares of beneficial
interest sold........ 295,124 316 299,166 129,814 1,955 23,303 11,202
Dividends.............. 10,694 288 42,291 13,845 8,206 3,158 3,151
Interest............... 14,545 -- -- -- -- -- 10,542
Foreign withholding
taxes reclaimed...... -- -- -- -- -- 555 29
Deferred organizational
expenses............... 8,183 8,190 7,996 8,003 8,183 8,003 7,996
Receivable from
investment manager..... 22,833 21,008 37,873 15,550 29,272 19,049 16,130
------------ ----------- ----------- --------------- -------------- ------------- -------------
TOTAL ASSETS..... 13,461,758 313,491 24,431,843 3,755,316 6,118,945 4,679,495 4,873,980
------------ ----------- ----------- --------------- -------------- ------------- -------------
LIABILITIES:
Payable for:
Investments
purchased............ 747,404 1,342 381,673 -- 422,824 -- --
Shares of beneficial
interest
repurchased.......... 1,991 -- 37,231 3,583 3,683 3,304 52
Dividends to
shareholders......... -- -- -- -- -- -- --
Accrued expenses and
other payables......... 22,833 21,008 37,873 15,550 29,272 19,049 16,130
Organizational expenses
payable................ 8,183 8,190 7,996 8,003 8,183 8,003 7,996
------------ ----------- ----------- --------------- -------------- ------------- -------------
TOTAL
LIABILITIES.... 780,411 30,540 464,773 27,136 463,962 30,356 24,178
------------ ----------- ----------- --------------- -------------- ------------- -------------
NET ASSETS:
Paid-in-capital.......... 12,796,661 279,088 24,174,055 3,832,927 5,573,130 5,020,351 4,887,240
Accumulated undistributed
net investment
income................. 24,574 647 52,443 19,350 12,805 7,227 13,980
Accumulated undistributed
net realized gain
(loss)................. (337,283) (8,708) (3,401) (126,354) 9,031 (10,250 ) (23,827)
Net unrealized
appreciation
(depreciation)......... 197,395 11,924 (256,027) 2,257 60,017 (368,189 ) (27,591)
------------ ----------- ----------- --------------- -------------- ------------- -------------
NET ASSETS....... $ 12,681,347 $ 282,951 $23,967,070 $ 3,728,180 $ 5,654,983 $ 4,649,139 $ 4,849,802
------------ ----------- ----------- --------------- -------------- ------------- -------------
------------ ----------- ----------- --------------- -------------- ------------- -------------
*IDENTIFIED COST......... $ 12,777,976 $ 263,857 $23,982,796 $ 3,554,678 $ 5,966,681 $ 4,987,949 $ 4,847,479
------------ ----------- ----------- --------------- -------------- ------------- -------------
------------ ----------- ----------- --------------- -------------- ------------- -------------
SHARES OF BENEFICIAL
INTEREST OUTSTANDING... 1,249,072 28,947 2,199,461 360,429 528,536 483,056 497,251
------------ ----------- ----------- --------------- -------------- ------------- -------------
------------ ----------- ----------- --------------- -------------- ------------- -------------
NET ASSET VALUE PER
SHARE (unlimited
authorized shares of
$.01 par value)........ $10.15 $9.77 $10.90 $10.34 $10.70 $9.62 $9.75
------------ ----------- ----------- --------------- -------------- ------------- -------------
------------ ----------- ----------- --------------- -------------- ------------- -------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1995 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. U.S. INTERMEDIATE
GOVERNMENT GOVERNMENT INCOME
LIQUID ASSET MONEY MARKET SECURITIES SECURITIES
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
NET INVESTMENT INCOME:
INCOME
Interest............................ $ 71,532 $ 16,102 $ 96,314 $ 16,886
Dividends........................... -- -- -- --
------------- ------------- ------------- -------------
TOTAL INCOME.................... 71,532 16,102 96,314 16,886
------------- ------------- ------------- -------------
EXPENSES
Investment management fee........... 6,705 1,569 10,910 1,689
Transfer agent fees and expenses.... 10,495 4,600 7,007 2,894
Shareholder reports and notices..... 2,593 3,312 1,638 178
Professional fees................... 9,070 14,352 7,098 9,956
Registration fees................... 6,333 12,362 8,918 224
Custodian fees...................... 238 368 21 --
Organizational expenses............. 1,374 1,374 1,374 1,374
Other............................... 637 920 1,456 562
------------- ------------- ------------- -------------
Total Expenses before Amounts
Waived/Assumed................ 37,445 38,857 38,422 16,877
Less: Amounts Waived/Assumed........ (37,445 ) (38,857 ) (38,422 ) (16,877 )
------------- ------------- ------------- -------------
Total Expenses after Amounts
Waived/Assumed................ -- -- -- --
------------- ------------- ------------- -------------
NET INVESTMENT INCOME....... 71,532 16,102 96,314 16,886
------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments....................... -- -- (1,826 ) (829 )
Foreign exchange transactions..... -- -- -- --
------------- ------------- ------------- -------------
NET GAIN (LOSS)................. -- -- (1,826 ) (829 )
------------- ------------- ------------- -------------
Net change in unrealized
appreciation (depreciation) on:
Investments....................... -- -- (45,308 ) (9,140 )
Translation of other assets and
liabilities denominated in
foreign currencies.............. -- -- -- --
------------- ------------- ------------- -------------
TOTAL APPRECIATION
(DEPRECIATION)................ -- -- (45,308 ) (9,140 )
------------- ------------- ------------- -------------
NET GAIN (LOSS)................. -- -- (47,134 ) (9,969 )
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS................ $ 71,532 $ 16,102 $ 49,180 $ 6,917
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
<FN>
------------------
* Net of $35, $1,208, $361, $142, $379, $403 in foreign withholding tax,
respectively.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AMERICAN CAPITAL DIVIDEND VALUE-ADDED
VALUE GROWTH GROWTH UTILITIES MARKET GLOBAL EQUITY STRATEGIST
------------- ---------- --------- ------------- --------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME:
INCOME
Interest............. $ 68,579 $ -- $ 9,611 $ 6,470 $ 8,480 $ 28,727 $ 62,585
Dividends............ 49,022* 2,014 328,961* 71,888* 65,060* 8,752* 14,056*
------------- ---------- --------- ------------- --------- ------------- -------------
TOTAL INCOME..... 117,601 2,014 338,572 78,358 73,540 37,479 76,641
------------- ---------- --------- ------------- --------- ------------- -------------
EXPENSES
Investment management
fee.................... 40,706 1,039 71,266 14,049 13,540 15,107 15,803
Transfer agent fees
and expenses........... 17,296 1,129 21,528 12,696 8,777 9,200 10,424
Shareholder reports
and notices............ 2,576 502 2,576 552 972 2,576 736
Professional fees.... 8,148 11,444 8,148 11,044 11,444 9,068 11,412
Registration fees.... 11,649 8,156 13,499 -- 8,211 10,773 2,412
Custodian fees....... 107 3 232 30 14 99 70
Organizational
expenses............... 1,374 1,374 1,374 1,374 1,374 1,374 1,374
Other................ -- 227 -- 1,958 227 -- 570
------------- ---------- --------- ------------- --------- ------------- -------------
Total Expenses
before Amounts
Waived/Assumed... 81,856 23,874 118,623 41,703 44,559 48,197 42,801
Less: Amounts
Waived/Assumed..... (81,856) (23,874) (118,623) (41,703) (44,559) (48,197) (42,801)
------------- ---------- --------- ------------- --------- ------------- -------------
Total Expenses
after Amounts
Waived/Assumed... -- -- -- -- -- -- --
------------- ---------- --------- ------------- --------- ------------- -------------
NET
INVESTMENT
INCOME..... 117,601 2,014 338,572 78,358 73,540 37,479 76,641
------------- ---------- --------- ------------- --------- ------------- -------------
NET REALIZED AND
UNREALIZED GAIN (LOSS):
Net realized gain
(loss) on:
Investments........ 60,249 (5,938) 61,303 (120,110) 25,140 (5,907) (23,741)
Foreign exchange
transactions..... -- -- -- -- -- 223 --
------------- ---------- --------- ------------- --------- ------------- -------------
NET GAIN
(LOSS)......... 60,249 (5,938) 61,303 (120,110) 25,140 (5,684) (23,741)
------------- ---------- --------- ------------- --------- ------------- -------------
Net change in
unrealized
appreciation
(depreciation) on:
Investments........ 126,799 16,779 (72,265) 105,115 36,217 (371,481) 24,643
Translation of
other assets and
liabilities
denominated in
foreign
currencies....... -- -- -- -- -- 17 --
------------- ---------- --------- ------------- --------- ------------- -------------
TOTAL
APPRECIATION
(DEPRECIATION)... 126,799 16,779 (72,265) 105,115 36,217 (371,464) 24,643
------------- ---------- --------- ------------- --------- ------------- -------------
NET GAIN
(LOSS)......... 187,048 10,841 (10,962) (14,995) 61,357 (377,148) 902
------------- ---------- --------- ------------- --------- ------------- -------------
NET INCREASE
(DECREASE)
IN NET
ASSETS
RESULTING
FROM
OPERATIONS... $ 304,649 $ 12,855 $ 327,610 $ 63,363 $134,897 $ (339,669) $ 77,543
------------- ---------- --------- ------------- --------- ------------- -------------
------------- ---------- --------- ------------- --------- ------------- -------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JANUARY 31, 1995 (UNAUDITED) AND FOR THE YEAR ENDED
JULY 31, 1994
<TABLE>
<CAPTION>
U.S. GOVERNMENT MONEY
LIQUID ASSET MARKET
--------------------------- ---------------------------
1995 1994 1995 1994
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............... $ 71,532 $ 42,583 $ 16,102 $ 19,117
Net realized gain (loss)............ -- -- -- --
Net unrealized appreciation
(depreciation).................... -- -- -- --
------------- ------------ ------------- ------------
Net increase (decrease)......... 71,532 42,583 16,102 19,117
------------- ------------ ------------- ------------
Dividends and distributions to
shareholders from:
Net investment income............... (71,532) (42,579) (16,102) (19,117)
Net realized gain................... -- -- -- --
------------- ------------ ------------- ------------
Total........................... (71,532) (42,579) (16,102) (19,117)
------------- ------------ ------------- ------------
Transactions in shares of beneficial
interest:
Net proceeds from sales............. 6,826,895 3,665,368 166,213 2,044,990
Reinvestment of dividends and
distributions..................... 71,532 42,578 16,102 19,120
Cost of shares repurchased.......... (5,004,438) (3,264,711) (68,570) (1,634,603)
------------- ------------ ------------- ------------
Net increase (decrease)......... 1,893,989 443,235 113,745 429,507
------------- ------------ ------------- ------------
Net increase (decrease)......... 1,893,989 443,239 113,745 429,507
NET ASSETS:
Beginning of period................... 1,524,370 1,081,131 554,808 125,301
------------- ------------ ------------- ------------
END OF PERIOD......................... $ 3,418,359 $ 1,524,370 $ 668,553 $ 554,808
------------- ------------ ------------- ------------
------------- ------------ ------------- ------------
Undistributed Net Investment Income... $ 4 $ 4 $ -- $ --
------------- ------------ ------------- ------------
------------- ------------ ------------- ------------
SHARES ISSUED AND REPURCHASED:
Sold.................................. 6,826,895 3,665,368 166,213 2,044,990
Issued in reinvestment of dividends
and distributions................... 71,532 42,578 16,102 19,120
Repurchased........................... (5,004,438) (3,264,711) (68,570) (1,634,603)
------------- ------------ ------------- ------------
Net increase (decrease)......... 1,893,989 443,235 113,745 429,507
------------- ------------ ------------- ------------
------------- ------------ ------------- ------------
<FN>
------------------
+ Distributions in excess of net investment income.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE INCOME
U.S. GOVERNMENT SECURITIES SECURITIES AMERICAN VALUE
--------------------------- --------------------------- --------------------------
1995 1994 1995 1994 1995 1994
------------- ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS:
Operations:
Net investment
income............. $ 96,314 $ 104,510 $ 16,886 $ 16,488 $ 117,601 $ 47,273
Net realized gain
(loss)............. (1,826) (3) (829) (910) 60,249 (395,854)
Net unrealized
appreciation
(depreciation)..... (45,308) (131,815) (9,140) (15,055) 126,799 66,521
------------- ------------ ------------- ------------ ------------ ------------
Net increase
(decrease)..... 49,180 (27,308) 6,917 523 304,649 (282,060)
------------- ------------ ------------- ------------ ------------ ------------
Dividends and
distributions to
shareholders from:
Net investment
income............. (97,247) (103,806) (17,019) (16,354) (140,181) (1,940)
Net realized gain.... -- -- -- -- -- (3,640)
------------- ------------ ------------- ------------ ------------ ------------
Total............ (97,247) (103,806) (17,019) (16,354) (140,181) (5,580)
------------- ------------ ------------- ------------ ------------ ------------
Transactions in shares
of beneficial
interest:
Net proceeds from
sales.............. 1,407,813 1,881,846 151,854 342,781 6,243,229 7,750,006
Reinvestment of
dividends and
distributions...... 90,205 94,465 16,731 16,235 136,829 5,505
Cost of shares
repurchased........ (1,371,780) (646,720) (48,531) (64,630) (703,874) (935,273)
------------- ------------ ------------- ------------ ------------ ------------
Net increase
(decrease)..... 126,238 1,329,591 120,054 294,386 5,676,184 6,820,238
------------- ------------ ------------- ------------ ------------ ------------
Net increase
(decrease)..... 78,171 1,198,477 109,952 278,555 5,840,652 6,532,598
NET ASSETS:
Beginning of period.... 2,954,025 1,755,548 460,463 181,908 6,840,695 308,097
------------- ------------ ------------- ------------ ------------ ------------
END OF PERIOD.......... $ 3,032,196 $ 2,954,025 $ 570,415 $ 460,463 $ 12,681,347 $ 6,840,695
------------- ------------ ------------- ------------ ------------ ------------
------------- ------------ ------------- ------------ ------------ ------------
Undistributed Net
Investment Income...... $ (46)+ $ 887 $ 29 $ 162 $ 24,574 $ 47,154
------------- ------------ ------------- ------------ ------------ ------------
------------- ------------ ------------- ------------ ------------ ------------
SHARES ISSUED AND
REPURCHASED:
Sold................... 150,198 191,048 16,453 35,727 615,333 749,123
Issued in reinvestment
of dividends and
distributions........ 9,621 9,284 1,816 1,683 13,574 527
Repurchased............ (146,912) (65,859) (5,279) (6,715) (68,908) (91,227)
------------- ------------ ------------- ------------ ------------ ------------
Net increase
(decrease)..... 12,907 134,473 12,990 30,695 559,999 658,423
------------- ------------ ------------- ------------ ------------ ------------
------------- ------------ ------------- ------------ ------------ ------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
--------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JANUARY 31, 1995 (UNAUDITED) AND FOR THE YEAR ENDED
JULY 31, 1994
<TABLE>
<CAPTION>
CAPITAL GROWTH DIVIDEND GROWTH
---------------------- -------------------------
1995 1994 1995 1994
----------- --------- ----------- -----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............... $ 2,014 $2,653 $ 338,572 $ 236,186
Net realized gain (loss)............ (5,938) (2,073) 61,303 139,230
Net unrealized appreciation
(depreciation).................... 16,779 8,318 (72,265) (222,761)
----------- --------- ----------- -----------
Net increase (decrease)......... 12,855 8,898 327,610 152,655
----------- --------- ----------- -----------
Dividends and distributions to
shareholders from:
Net investment income............... (3,260) (760) (381,300) (148,288)
Net realized gain................... -- -- (202,526) (5,490)
----------- --------- ----------- -----------
Total........................... (3,260) (760) (583,826) (153,778)
----------- --------- ----------- -----------
Transactions in shares of beneficial
interest:
Net proceeds from sales............. 58,530 83,346 13,726,341 11,474,602
Reinvestment of dividends and
distributions..................... 3,186 760 551,227 121,365
Cost of shares repurchased.......... (3,072) (12,127) (2,875,701) (1,190,364)
----------- --------- ----------- -----------
Net increase (decrease)......... 58,644 71,979 11,401,867 10,405,603
----------- --------- ----------- -----------
Net increase (decrease)......... 68,239 80,117 11,145,651 10,404,480
NET ASSETS:
Beginning of period................... 214,712 134,595 12,821,419 2,416,939
----------- --------- ----------- -----------
END OF PERIOD......................... $ 282,951 2$14,712 $23,967,070 $12,821,419
----------- --------- ----------- -----------
----------- --------- ----------- -----------
Undistributed Net Investment Income... $ 647 $1,893 $ 52,443 $ 95,171
----------- --------- ----------- -----------
----------- --------- ----------- -----------
SHARES ISSUED AND REPURCHASED:
Sold.................................. 6,136 8,842 1,249,659 1,033,016
Issued in reinvestment of dividends
and distributions................... 336 80 51,530 11,043
Repurchased........................... (319) (1,278) (265,690) (107,999)
----------- --------- ----------- -----------
Net increase (decrease)......... 6,153 7,644 1,035,499 936,060
----------- --------- ----------- -----------
----------- --------- ----------- -----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UTILITIES VALUE-ADDED MARKET GLOBAL EQUITY STRATEGIST
------------------------- --------------------------- --------------------------- -------------
1995 1994 1995 1994 1995 1994 1995
------------ ----------- ------------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS:
Operations:
Net investment
income............. $ 78,358 $ 95,965 $ 73,540 $ 93,999 $ 37,479 $ 22,808 $ 76,641
Net realized gain
(loss)............. (120,110) 1,413 25,140 41,849 (5,684) (4,589) (23,741)
Net unrealized
appreciation
(depreciation)..... 105,115 (204,664) 36,217 17,319 (371,464) 5,145 24,643
------------ ----------- ------------- ------------ ------------- ------------ -------------
Net increase
(decrease)..... 63,363 (107,286) 134,897 153,167 (339,669) 23,364 77,543
------------ ----------- ------------- ------------ ------------- ------------ -------------
Dividends and
distributions to
shareholders from:
Net investment
income............. (88,685) (72,772) (128,720) (26,537) (51,908) (3,600) (84,091)
Net realized gain.... (7,657) (936) (57,957) (532) -- -- --
------------ ----------- ------------- ------------ ------------- ------------ -------------
Total............ (96,342) (73,708) (186,677) (27,069) (51,908) (3,600) (84,091)
------------ ----------- ------------- ------------ ------------- ------------ -------------
Transactions in shares
of beneficial
interest:
Net proceeds from
sales.............. 1,261,307 3,572,305 568,485 5,098,522 3,215,342 2,169,351 5,039,921
Reinvestment of
dividends and
distributions...... 94,133 72,501 127,497 26,782 48,704 3,091 83,213
Cost of shares
repurchased........ (1,453,863) (938,613) (121,810) (759,299) (243,355) (494,286) (1,543,244)
------------ ----------- ------------- ------------ ------------- ------------ -------------
Net increase
(decrease)..... (98,423) 2,706,193 574,172 4,366,005 3,020,691 1,678,156 3,579,890
------------ ----------- ------------- ------------ ------------- ------------ -------------
Net increase
(decrease)..... (131,402) 2,525,199 522,392 4,492,103 2,629,114 1,697,920 3,573,342
NET ASSETS:
Beginning of period.... 3,859,582 1,334,383 5,132,591 640,488 2,020,025 322,105 1,276,460
------------ ----------- ------------- ------------ ------------- ------------ -------------
END OF PERIOD.......... $ 3,728,180 $ 3,859,582 $ 5,654,983 $ 5,132,591 $ 4,649,139 $ 2,020,025 $ 4,849,802
------------ ----------- ------------- ------------ ------------- ------------ -------------
------------ ----------- ------------- ------------ ------------- ------------ -------------
Undistributed Net
Investment Income...... $ 19,349 $ 29,677 $ 12,805 $ 67,985 $ 7,227 $ 21,656 $ 13,981
------------ ----------- ------------- ------------ ------------- ------------ -------------
------------ ----------- ------------- ------------ ------------- ------------ -------------
SHARES ISSUED AND
REPURCHASED:
Sold................... 123,317 333,775 52,634 480,766 312,494 203,467 517,196
Issued in reinvestment
of dividends and
distributions........ 9,413 6,832 12,154 2,532 4,870 290 8,650
Repurchased............ (142,777) (87,688) (11,215) (72,178) (23,948) (46,206) (159,847)
------------ ----------- ------------- ------------ ------------- ------------ -------------
Net increase
(decrease)..... (10,047) 252,919 53,573 411,120 293,416 157,551 365,999
------------ ----------- ------------- ------------ ------------- ------------ -------------
------------ ----------- ------------- ------------ ------------- ------------ -------------
<CAPTION>
1994
------------
<S> <C>
INCREASE (DECREASE) IN
NET ASSETS:
Operations:
Net investment
income............. $ 28,796
Net realized gain
(loss)............. 9,623
Net unrealized
appreciation
(depreciation)..... (51,073)
------------
Net increase
(decrease)..... (12,654)
------------
Dividends and
distributions to
shareholders from:
Net investment
income............. (11,000)
Net realized gain.... --
------------
Total............ (11,000)
------------
Transactions in shares
of beneficial
interest:
Net proceeds from
sales.............. 1,105,067
Reinvestment of
dividends and
distributions...... 10,831
Cost of shares
repurchased........ (367,178)
------------
Net increase
(decrease)..... 748,720
------------
Net increase
(decrease)..... 725,066
NET ASSETS:
Beginning of period.... 551,394
------------
END OF PERIOD.......... $ 1,276,460
------------
------------
Undistributed Net
Investment Income...... $ 21,430
------------
------------
SHARES ISSUED AND
REPURCHASED:
Sold................... 111,898
Issued in reinvestment
of dividends and
distributions........ 1,082
Repurchased............ (37,803)
------------
Net increase
(decrease)..... 75,177
------------
------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
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
OPERATIONS
-----------------------
<S> <C>
Liquid Asset................. December 30, 1992
U.S. Government Money
Market...................... January 20, 1993
U.S. Government Securities... January 8, 1993
Intermediate Income
Securities.................. January 12, 1993
<CAPTION>
COMMENCEMENT OF
OPERATIONS
-----------------------
<S> <C>
American Value............... February 1, 1993
Capital Growth............... February 2, 1993
Dividend Growth.............. January 7, 1993
Utilities.................... January 8, 1993
Value-Added Market........... February 1, 1993
Global Equity................ January 8, 1993
Strategist................... January 7, 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) an equity security listed or traded on the New York or
American Stock Exchange or other domestic or foreign stock exchange is
valued at its latest sale price on that exchange prior to the time when
assets are valued (if there were no sales that day, the security is valued
at the latest bid price; 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 at
time of purchase are valued on a mark-to-market basis until sixty days prior
to maturity and thereafter at amortized cost based on their value on the
61st day. Short-term debt securities having a maturity date of sixty days or
less at the time of purchase are valued at amortized cost.
B. ACCOUNTING FOR INVESTMENTS--Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined by the identified cost
method. 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 determining net investment
income, Liquid Asset and U.S. Government Money Market amortizes
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
premiums and discounts on securities owned; gains and losses realized upon
the sale of such securities are based on their amortized cost. Discounts on
securities purchased for all other Series are amortized over the life of the
respective securities. All other Series do not amortize premiums on
securities purchased.
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 rates prevailing on the respective dates of such transactions. The
resultant exchange gains and losses are included in the Statement of
Operations as realized and unrealized gain/loss on foreign exchange
transactions. 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. Global Equity 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 CONTRACTS--Global Equity may enter into forward
foreign currency contracts which are valued daily at the appropriate
exchange rates. The resultant unrealized exchange gains and losses are
included in the Statement of Operations as unrealized foreign currency gain
or loss and in the Statement of Assets and Liabilities as part of the
related foreign currency denominated asset or liability. Global Equity
records realized gains or losses on delivery of the currency or at the time
the forward contract is extinguished (compensated) by entering into a
closing transaction prior to delivery.
E. 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.
F. 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.
G. EXPENSES--Direct expenses are charged to the respective Series and
general Fund expenses are allocated on the basis of relative net assets.
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
H. ORGANIZATION EXPENSES--Dean Witter InterCapital Inc. (the "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, the Fund pays its Investment Manager a management fee, accrued daily
and payable monthly, 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
waived 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/maturities of portfolio securities, excluding short-term investments
(except for Liquid Asset and U.S. Government Money Market), for the six months
ended January 31, 1995 were as follows:
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES OTHER
--------------------------------- --------------------------------------
PURCHASES SALES/PREPAYMENTS PURCHASES SALES/MATURITIES
-------------- ----------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Liquid Asset.......................... -- -- $ 28,526,197 $ 26,755,255
U.S. Government Money Market.......... $ 19,731,708 $ 19,637,000 -- --
U.S. Government Securities............ -- 311,421 -- --
Intermediate Income Securities........ 24,633 5,000 117,571 24,605
American Value........................ 940,453 215,631 14,400,635 9,161,847
Capital Growth........................ 3,840 -- 73,301 21,350
Dividend Growth....................... -- -- 12,888,386 1,649,141
Utilities............................. -- -- 956,241 867,598
Value-Added Market.................... 3,227 -- 648,032 207,767
Global Equity......................... -- -- 3,678,041 311,192
Strategist............................ 295,766 64,270 2,084,944 114,939
</TABLE>
Dean Witter, Discover & Co. is an affiliate of the Fund.
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
For the six months ended January 31, 1995, the following respective
Portfolios incurred brokerage commissions with Dean Witter Reynolds Inc.
("DWR"), an affiliate of the Investment Manager, for portfolio transactions
executed on behalf of such Series.
<TABLE>
<CAPTION>
AMERICAN CAPITAL DIVIDEND GLOBAL
VALUE GROWTH GROWTH UTILITIES EQUITY STRATEGIST
----------- ----------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Commissions...................................... $ 9,830 $ 105 $ 14,830 $ 2,869 $ 1,365 $ 2,314
----------- ----- --------- --------- --------- -----------
----------- ----- --------- --------- --------- -----------
</TABLE>
Included in American Value, Capital Growth and Dividend Growth's payable for
investments purchased for unsettled trades with DWR at January 31, 1995 were
$112,746, $1,343 and $367,425, respectively. For the same period, included in
Dividend Growth's receivable for investments sold for unsettled trades with DWR
was $44,136.
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.
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>
POST-OCTOBER LOSS DEFERRALS
CAPITAL LOSSES FROM WASH SALES
-------------- ------------------
<S> <C> <C>
American Value............................................ - -
Capital Growth............................................ -
Dividend Growth........................................... -
Utilities................................................. -
Global Equity............................................. -
</TABLE>
<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
YEAR VALUE NET NET REALIZED TOTAL FROM TOTAL
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO DISTRIBUTIONS TO DIVIDENDS AND
JULY 31 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
---------- --------- ---------- -------------- ---------- ------------ ---------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
LIQUID ASSET
1993(1) $ 1.00 $ 0.02 $-- $ 0.02 $ (0.02) $-- $ (0.02)
1994 1.00 0.03 -- 0.03 (0.03) -- (0.03)
1995* 1.00 0.03 -- 0.03 (0.03) -- (0.03)
U.S. GOVERNMENT MONEY MARKET
1993(2) 1.00 0.02 -- 0.02 (0.02) -- (0.02)
1994 1.00 0.03 -- 0.03 (0.03) -- (0.03)
1995* 1.00 0.03 -- 0.03 (0.03) -- (0.03)
U.S. GOVERNMENT SECURITIES
1993(3) 10.00 0.19 0.07 0.26 (0.20) -- (0.20)
1994 10.06 0.44 (0.50) (0.06) (0.44) -- (0.44)
1995* 9.56 0.28 (0.14) 0.14 (0.28) -- (0.28)
INTERMEDIATE INCOME SECURITIES
1993(4) 10.00 0.19 (0.02) 0.17 (0.19) -- (0.19)
1994 9.98 0.60 (0.57) 0.03 (0.60) -- (0.60)
1995* 9.41 0.30 (0.20) 0.10 (0.30) -- (0.30)
AMERICAN VALUE
1993(6) 10.00 0.06 (0.01) 0.05 -- -- --
1994 10.05 0.03 (0.09) (0.06) (0.02) (0.04) (0.06)
1995* 9.93 0.07 0.27 0.34 (0.12) -- (0.12)
CAPITAL GROWTH
1993(7) 10.00 (0.02) (1.10) (1.12) -- -- --
1994 8.88 0.13 0.45 0.58 (0.04) -- (0.04)
1995* 9.42 0.06 0.41 0.47 (0.12) -- (0.12)
DIVIDEND GROWTH
1993(5) 10.00 0.13 0.58 0.71 (0.10) -- (0.10)
1994 10.61 0.28 0.37 0.65 (0.23) (0.01) (0.24)
1995* 11.02 0.15 0.04 0.19 (0.21) (0.10) (0.31)
UTILITIES
1993(3) 10.00 0.19 1.30 1.49 (0.14) -- (0.14)
1994 11.35 0.37 (0.95) (0.58) (0.34) (0.01) (0.35)
1995* 10.42 0.20 (0.03) 0.17 (0.23) (0.02) (0.25)
VALUE-ADDED MARKET
1993(6) 10.00 0.05 0.02 0.07 (0.04) -- (0.04)
1994 10.03 0.24 0.65 0.89 (0.11) -- (0.11)
1995* 10.81 0.14 0.13 0.27 (0.26) (0.12) (0.38)
GLOBAL EQUITY
1993(3) 10.00 0.07 (0.03) 0.04 -- -- --
1994 10.04 0.08 0.58 0.66 (0.05) -- (0.05)
1995* 10.65 0.01 (0.93) (0.92) (0.11) -- (0.11)
STRATEGIST
1993(5) 10.00 0.06 (0.23) (0.17) -- -- --
1994 9.83 0.23 (0.21) 0.02 (0.13) -- (0.13)
1995* 9.72 0.04 0.17 0.21 (0.18) -- (0.18)
<FN>
------------
* For the six months ended January 31, 1995 (unaudited).
** After application of the Fund's expense limitation.
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.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE RATIOS TO AVERAGE
NET ASSETS (BEFORE NET ASSETS (AFTER
EXPENSES WERE ASSUMED)** EXPENSES WERE ASSUMED)
------------------------- -------------------------
NET ASSET NET NET
VALUE TOTAL NET ASSETS INVESTMENT INVESTMENT PORTFOLIO
END INVESTMENT END OF INCOME INCOME TURNOVER
OF PERIOD RETURN PERIOD (000'S) EXPENSES (LOSS) EXPENSES (LOSS) RATE
--------- ----------- -------------- ------------ ---------- ------------ ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIQUID ASSET
1993(1) $ 1.00 1.77%(a) $ 1,081 1.30%(b) 0.53%(b) 0.14%(b) 3.02%(b) N/A
1994 1.00 3.48 1,524 2.50 0.99 -- 3.49 N/A
1995* 1.00 2.71 3,418 2.50 2.83 -- 5.33 N/A
U.S. GOVERNMENT MONEY MARKET
1993(2) 1.00 0.42(a) 125 2.50(b) (0.95)(b) 2.13(b) 0.83(b) N/A
1994 1.00 3.52 555 2.50 0.82 -- 3.32 N/A
1995* 1.00 2.64 669 2.50 2.63 -- 5.13 N/A
U.S. GOVERNMENT SECURITIES
1993(3) 10.06 2.60(a) 1,756 1.81(b) 0.33(b) 0.18(b) 3.66(b) --%
1994 9.56 (0.69) 2,954 2.50 1.96 -- 4.49 29(a)
1995* 9.42 1.45 3,032 2.29 3.45 -- 5.74 --
INTERMEDIATE INCOME SECURITIES
1993(4) 9.98 1.67(a) 182 2.50(b) 1.00(b) 1.62(b) 3.50(b) --(a)
1994 9.41 0.26 460 2.50 3.64 -- 6.14 40
1995* 9.21 1.12 570 2.50 4.00 -- 6.50 6
AMERICAN VALUE
1993(6) 10.05 0.50(a) 308 2.50(b) (0.66)(b) 0.74(b) 1.10(b) 121(a)
1994 9.93 (0.59) 6,841 2.50 (0.81) -- 1.69 136
1995* 10.15 3.42 12,681 1.71 0.75 -- 2.46 122
CAPITAL GROWTH
1993(7) 8.88 (11.20)(a) 135 2.50(b) (1.01)(b) 1.97(b) (0.47)(b) 2(a)
1994 9.42 6.57 215 2.50 (0.98) -- 1.52 11
1993* 9.77 5.03 283 2.50 (0.85) -- 1.65 9
DIVIDEND GROWTH
1993(5) 10.61 7.11(a) 2,417 2.50(b) 0.61(b) 0.16(b) 2.89(b) 7(a)
1994 11.02 6.13 12,821 1.51 1.78 -- 3.29 13
1995* 10.90 1.72 23,967 1.25 2.31 -- 3.56 9
UTILITIES
1993(3) 11.35 14.98(a) 1,334 2.50(b) 1.59(b) 0.30(b) 3.79(b) 8(a)
1994 10.42 (5.23) 3,860 2.50 1.62 -- 4.14 5
1995* 10.34 1.75 3,728 2.23 1.95 -- 4.18 25
VALUE-ADDED MARKET
1993(6) 10.03 0.71(a) 640 2.50(b) (0.16)(b) 0.92(b) 1.42(b) 1(a)
1994 10.81 8.89 5,133 1.82 0.70 -- 2.53 8
1995* 10.70 2.53 5,655 1.65 1.07 -- 2.72 4
GLOBAL EQUITY
1993(3) 10.04 0.40(a) 322 2.50(b) (0.90)(b) 1.00(b) 1.77(b) --(a)
1994 10.65 6.54 2,020 2.50 (0.09) -- 2.41 8
1995* 9.62 (8.64) 4,649 2.50 (0.71) -- 2.48 16
STRATEGIST
1993(5) 9.83 (1.70)(a) 551 2.50(b) (0.19)(b) 0.64(b) 1.67(b) 26(a)
1994 9.72 0.12 1,276 2.50 0.70 -- 3.20 57
1995* 9.75 2.18 4,850 2.30 1.82 -- 4.12 9
</TABLE>
<PAGE>
TRUSTEES
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Sheldon Curtis
VICE PRESIDENT, SECRETARY AND GENERAL COUNSEL
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
The financial statements included herein have been taken from the records of the
Fund without examination by the independent accountants and accordingly they do
not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and trustees,
fees, expenses and other pertinent information, please see the prospectus of the
Fund.
This report is not authorized for distribution to prospective investors in the
Fund unless preceded or accompanied by an effective prospectus.
SEMIANNUAL REPORT
JANUARY 31, 1995
DEAN WITTER
RETIREMENT SERIES
