<PAGE>
DEAN WITTER RETIREMENT SERIES TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996
DEAR SHAREHOLDER:
A STRONG PERIOD FOR U.S. FINANCIAL MARKETS
Robust corporate earnings, benign inflation and a steadily advancing bond market
combined to propel stocks higher during the six-month period ended January 31,
1996. The Dow Jones Industrial Average ("DJIA"), the Standard & Poor's 500
Composite Stock Price Index ("S&P 500" Index) and the NASDAQ Index all reached
record highs. Despite a brief detour in mid-December (brought about by anxiety
over budget wrangling in Washington, an economy perceived to be weakening and a
belief that the Federal Reserve Board would not cut interest rates, which it
subsequently did), equities continued to chug along into the new year. Overall,
the DJIA and S&P 500 Index were up nearly 15.99 percent and 14.53 percent during
the six-month period, respectively.
Throughout the past 6 months, interest rates moved downward as economic growth
slowed to a more sustainable level and inflationary fears all but disappeared.
As a result, the Federal Reserve Board eased monetary policy by twice lowering
the federal-funds rate by 25 basis points during the six-month period, first in
mid-December and again in January. Overall, the fixed-income markets in general,
and the U.S. Treasury market in particular, reacted favorably. In all, the yield
on 30-year U.S. Treasury bonds declined from 6.85 percent on July 31, 1995 to
6.03 percent on January 31, 1996. Similarly, two-year U.S. Treasury note yields
declined from 5.87 percent to 4.93 percent during the period.
MIXED RESULTS FOR GLOBAL MARKETS
During the second half of 1995 global influences on Europe's stock markets
became much more benign, as currencies stabilized, bonds rallied and the
interest-rate cycle in the United States shifted. Economic data coming out of
Europe itself, by contrast, began the year strong but steadily deteriorated as
many economies experienced a
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
growth pause that was well entrenched by year-end. The steady rise of the
deutsche mark took its toll on German exporters as well as industrial
conglomerates. Consumers across Europe were apparently unwilling or unable to
boost retail sales, while unemployment in most countries stopped its downward
path. The result was a number of profit warnings from cyclical and economically
sensitive companies toward the end of the year. Certain industries such as pulp,
paper, steel and chemicals got caught in the global economic downturn. European
technology stocks corrected in line with their U.S. counterparts.
A number of Asian currencies came under severe pressure in the early weeks of
1995, forcing local authorities to respond with higher interest rates. By May,
increasing indications that the U.S. interest rate environment was beginning to
improve underpinned a stronger recovery in sentiment across the region, notable
exceptions being Japan, Korea and Taiwan, which remained weak.
The situation began to reverse in July 1995, when the markets were hit by a
reallocation of funds out of the "Tiger" markets of Southeast Asia as investors
returned to Japan. The Japanese market rose sharply in local currency terms
through July, August and September, encouraged by a weaker yen and hopes for a
rescue package for the banking sector. However, the weaker yen wiped out all
gains in U.S.-dollar terms.
The Tiger markets were particularly weak through most of the third and fourth
quarters, with concerns over economic overheating exacerbated by poor current
account data. However, most markets began to recover toward the end of 1995,
with a 25 basis point cut in short-term U.S. interest rates in December
triggering a dramatic resurgence in investor interest in the markets of the
Pacific Basin. Strong cash inflows from the United States and, to a lesser
degree, Europe helped carry the Pacific Basin higher. Japan ended the year on a
positive note, buoyed by a major government stimulus package, a weaker yen and
encouraging economic data.
The Mexican peso devaluation at the end of 1994 continued to affect the emerging
markets of Latin America during 1995. The result was that these markets
underwent a severe test of confidence. The price paid by Mexico was a period of
fiscal and monetary austerity, which resulted in slower growth throughout the
region. The resounding response across Latin America was to not abandon the
long, difficult path toward modernization and development but rather to redouble
efforts to regain confidence by moving forward with free market reforms and
privatization. These policies were rewarded with strong export growth and
investment commitments for the coming years that show significant increases.
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
Led by the U.S. market, global bond yields declined substantially during 1995,
reflecting a worldwide slowdown in economic growth and declining inflation
levels. In Europe, bond markets turned in a mixed performance early in the year,
supported on the one hand by the U.S. bond rally but undermined on the other by
local political and budget issues, especially in Italy. These markets rallied
during the remainder of the year as these issues were addressed in a more
decisive fashion. Also aiding this rally was a lowering of interest rates in
Germany in response to slowing economic growth and improving inflation
prospects.
LIQUID ASSET SERIES AND U.S. GOVERNMENT MONEY MARKET SERIES
As of January 31, 1996, the Liquid Asset Series had assets of approximately $75
million with an average maturity of 58 days. This Series' annualized net yield
for the most recent six-month fiscal period was 5.79 percent and its annualized
yield for January was 5.16 percent. At the end of the reporting period,
approximately 81 percent of the Liquid Asset Series consisted of high quality
commercial paper, with 3 percent invested in short-term bank notes, 13 percent
invested in bankers' acceptances issued by major, financially strong commercial
banks and the remaining 3 percent invested in a U.S. Government agency
obligation. More than 82 percent of the Series' assets were due to mature in
less than three months.
As of January 31, 1996, the U.S. Government Money Market Series had assets of
approximately $16 million with an average maturity of 44 days. This Series'
annualized net yield for the six-month period ended January 31, 1996 was 5.66
percent and its annualized yield for January was 4.97 percent. At the end of the
reporting period, approximately 99 percent of the U.S. Government Money Market
Series consisted of Federal agency obligations with the remaining one percent
invested in U.S. Treasury bills. More than 90 percent of the Series' assets were
due to mature in less than three months.
We continue to operate both Series in a straight-forward, conservative style
without "structured notes" or derivatives which could fluctuate excessively when
interest rates change. Both Series continue to serve as very useful vehicles for
liquidity, preservation of capital and a yield which will reflect prevailing
money market conditions.
U.S. GOVERNMENT SECURITIES SERIES
The U.S. Government Securities Series' performance for the six-month period was
reflective of the sharply lower interest rate environment. For the six months
ended January 31, 1996, the Series produced a total return of 6.27 percent.
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
On January 31, 1996, the Series' net assets were approximately $9.9 million and
its portfolio continues to be well diversified. Approximately 51 percent of the
portfolio was invested in Government National Mortgage Association
mortgage-backed securities (GNMAs) on January 31, 1996, with 25 percent in U.S.
Treasury securities and 24 percent in zero-coupon U.S. Treasury securities.
Throughout the six-month period, the Series' average maturity reflected a
constructive position and was gradually extended as attractive investment
opportunities became available. On January 31, 1996, the Series' average
maturity and average duration (a measure of the portfolio's sensitivity to
changes in interest rates) were approximately 6.2 years and 4.4 years,
respectively.
For the remainder of 1996, we believe that GNMAs continue to offer significant
longer-term value and, in the current investment environment, offer not only an
incremental yield incentive over U.S. Treasury securities of similar maturity
but also the potential for greater total return.
INTERMEDIATE INCOME SECURITIES SERIES
The Intermediate Income Securities Series produced a total return of 5.73
percent for the six-month period ended January 31, 1996, compared to a return of
6.12 percent for the Lehman Brothers Intermediate Government/Corporate Bond
Index. On January 31, 1996, the Series' net assets exceeded $4.6 million.
The Series' positive return during the period under review was reflective of the
overall decline in interest rates. The Series' underperformance relative to the
Index can be attributed to its greater commitment to U.S. Treasury securities
and its periodic holdings in money market securities which varied from 1 percent
to 15 percent during the reporting period and did not participate in the market
rally. Temporary reserves reached their highs from late October to early
November, subsequent to new subscriptions to the Series which were equivalent to
more than 2.5 times the net assets of the Series at the time.
During the period under review, the Series grew in asset size by more than four
times. Given our goal to invest funds as rapidly as possible into the market,
most of these funds were invested in U.S. Treasury securities with the intention
of diversifying into corporates as attractive opportunities became available. On
January 31, 1996, U.S. Treasuries comprised approximately 76 percent of the
portfolio, with corporate bonds accounting for the remaining 24 percent. The
average maturity of the portfolio was 4.94 years and the average duration 3.85
years. The portfolio's average quality rating was AA3.
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
AMERICAN VALUE SERIES
The American Value Series produced a total return of 13.02 percent for the
six-month period ended January 31, 1996 compared to a return of 14.53 percent
for the S&P 500 Index. On January 31, 1996, the Series' net assets exceeded
$32.3 million.
The Series' industry selection focus served the Series well during the period
under review. At the beginning of 1995, we took a top-down look at the year
ahead and concluded that while economic growth would slow, allowing interest
rates to decline, the economy would remain vibrant enough to support investment
and capital spending for most of the year. As a result, the Series was heavily
weighted toward the technology sector during the first three quarters of the
year, with a peak weighting of 40 to 45 percent of net assets. Financials were
also a major theme given our outlook of modest economic growth and consequently
benign inflation and low interest rates. For most of the year, financials
accounted for 20 percent of the portfolio. Both the financial and technology
sectors performed well during this period, thus benefitting the Series.
Beginning in September, evidence began to mount suggesting the economy was
further deteriorating and entering into the latter stages of the economic
expansion. We began to pare back our technology holdings as capital spending
tends to drop off late in the economic cycle. This sector was reduced to under
10 percent by the end of November. On January 31, 1996, holdings in this area
included Cisco Systems, Inc. and Ascend Communications, Inc.
At the same time, the interest rate sensitive portion of the portfolio was
raised to about 30 percent of the Series, as this sector historically has
appreciated in the face of sluggish economic growth and falling interest rates.
Approximately 14 percent of this sector was put into long-term U.S. Treasury
securities, as these investments provide high sensitivity to interest rates with
no credit risk. At this stage of the economic cycle, credit delinquencies tend
to rise and so we reduced exposure to many consumer lenders. Equity holdings in
this area included Traveler's Group, Inc., American International Group, Inc.
and Federal National Mortgage Association. The Series' health care exposure was
also increased (to approximately 27 percent) as this sector has little economic
sensitivity. Among the Series' holdings in this area are Amgen Inc., Medaphis
Corp., SmithKline Beecham PLC and United Healthcare Corp.
On January 31, consumer staples stocks (Kimberly-Clark Corp., Clorox Co. and
Coca-Cola Enterprises, Inc.) represented approximately 7 percent, while
approximately 8 percent of the portfolio was in steady growth consumer/business
services companies (Computer Sciences Corp.) and 8 percent in capital goods
(Boeing Co., Loral Corp., Case Corp. and Monsanto Co.).
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
Going forward, as interest rates decline and investors extend their investment
horizons, we expect the market will rotate to early cycle groups such as auto,
banks, chemicals and papers as well as back into select technology groups, such
as computer hardware and software. We expect to rotate the Series in this
direction as the Federal Reserve further eases monetary policy and after the
market further discounts the lackluster earnings outlook we expect for near
term.
CAPITAL GROWTH SERIES
For the six-month period ended January 31, 1996, the Capital Growth Series
produced a total return of 18.76 percent compared to a return of 14.53 percent
for the S&P 500 Index. During the past few months, investor sentiment has
shifted away from volatile growth stocks toward high-quality, consistent growth
stocks, such as those owned by the Series.
On January 31, 1996, the Series' net assets totaled $1.5 million. The Series
owned 44 equity issues spread among 35 industry groups. Examples of the Series'
holdings on January 31, 1996 were Microsoft Corp., Johnson & Johnson, U.S.
Healthcare, Inc. and Wrigley (Wm.) Jr. Co.
Since the Series' inception, we have utilized a rigid screening process to
determine what stocks would be eligible for purchase and retention in the
Series' portfolio. During the past six months, we have initiated two new
portfolio positions with the purchase of shares in Johnson & Johnson and
Medtronic Inc. We have also liquidated two portfolio positions with the sale of
shares in Rubbermaid, Inc. and Loral Corp.
DIVIDEND GROWTH SERIES
The Dividend Growth Series produced a total return of 14.30 percent for the
six-month period ended January 31, 1996 compared to a return of 14.53 percent
for the S&P 500 Index. The Fund's slight underperformance of the broad market
index was in large part due to the exceptional strength in small capitalization
stocks for much of the period, in particular the technology sector, which afford
little or no current yield.
On January 31, 1996, the Series' net assets totaled approximately $52 million.
The Series owned 33 equity issues spread among 26 different industry groups.
Among the Series' holdings on January 31, 1996 were Abbott Laboratories, General
Electric Co. and PepsiCo Inc.
We continue to use a proprietary screening process to assist us in building the
Series' portfolio of common stocks. During the period under review, our holdings
in Kmart have been liquidated from the portfolio. No new purchases have been
initiated during the reporting period.
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
UTILITIES SERIES
Supported by a widespread strengthening fundamental environment and a favorable
interest rate backdrop, the Utilities Series provided a total return of 13.08
percent for the six-month period ended January 31, 1996.
On January 31, 1996, the Series was 91 percent invested and remained well
diversified within all sectors of the utilities spectrum with 43 percent in
electric utilities, 39 percent in telecommunications and 18 percent in natural
gas. Diversification of the Utilities Series has been greatly enhanced by
employing foreign securities that accounted for 10 percent of net assets on
January 31, 1996, with a focus on the telecommunications sector. With selective
foreign markets presently having attractive valuations, prospects are strong
that this market segment will increase in portfolio allocation over the balance
of the 1996 fiscal year.
Overall, industry fundamentals and the outlook for interest rates augur well for
utility investments in general and the Utilities Series in particular.
VALUE-ADDED MARKET SERIES
For the six months ended January 31, 1996, the Value-Added Market Series
produced a total return of 10.63 percent compared to a return of 14.53 percent
for the S&P 500 Index. On January 31, 1996, the Series' net assets exceeded
$17.4 million.
The Series invests in substantially all of the stocks included in the Standard &
Poor's 500 Index. However, unlike the Index, the Fund equally weights all stock
positions, thereby emphasizing the stocks of small- and medium-capitalization
companies which historically have outperformed larger-capitalization companies.
Although the Series registered strong returns for the last six months, it lagged
the large-capitalization weighted S&P 500. Large-capitalization shares, as well
as stocks in the technology sector, were the market leaders for much of the
reporting period, areas where the Series is under represented.
Looking forward, the expected continued easing of rates by the Federal Reserve
Board should help improve the economy and thus sustain corporate earnings
growth. Profit margins are expected to increase as well with companies
restructuring to reduce labor costs and increase productivity. Also, if the
Federal Reserve continues to lower interest rates, the reduced cost of financing
will be beneficial to smaller firms. Such a scenario bodes well for the equity
markets in 1996.
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
GLOBAL EQUITY SERIES
The six months ended January 31, 1996 marked a period of positive equity market
performance. World equity markets generally rallied in the face of weak economic
indicators. Reported data suggested a slowing of the world economy, as evidenced
by sluggish growth, weak retail sales and continued benign inflation. Global
equity markets, as measured by the Morgan Stanley Capital International World
Index, recorded a 6.38 percent return while Global Equity Series produced a
return of 5.53 percent. Over the six month period, the U.S. remained one of the
world's best performing markets as the financial markets rallied on the notion
of the Federal Reserve's successful engineering of a soft landing.
The Series continues to be broadly diversified with investments in over 20
markets across the globe. The four largest markets of investment were: Japan
(28.8 percent), U.S. (26.9 percent), U.K. (7.2 percent) and Singapore (5.2
percent). No other market accounts for more than 5.0 percent of the Series'
assets.
In the U.S., Boeing Co. (aircraft & aerospace), SunAmerica Inc. (financial
services), McDonald's Corp. (restaurants), Pfizer, Inc. (pharmaceuticals) and
Microsoft Corp. (computer software) represent sectors of emphasis. In Canada,
Barrick Gold Corp. continues to be a core holding. The Latin American portion
contains investments in automotive company Ciadea S.A. (Argentina) and electric
utility CEMIG (Brazil).
The European allocation holds positions in Reuters Holdings PLC (UK, business
services), Carrefour Supermarche (France, retail), SAP AG (Germany, business
services), Banco Bilbao Vizcaya (Spain, banks) and Kalmar Industries AB (Sweden,
machinery).
In Japan, the Series holds positions in Canon, Inc. (electronics), Kao Corp.
(consumer products) and Tostem Corp. (building materials). Elsewhere in the
Pacific Basin, holdings include: Cheung Kong (Holdings) Ltd. (Hong Kong, real
estate), Genting Berhad (Malaysia, entertainment) and Keppel Corp., Ltd.
(Singapore, machinery - diversified).
Prospects continue to appear bright for global equities as the slow economic
recovery continues in the U.S. and Europe, while only just beginning to take
root in Japan. The U.S. Federal Reserve's decision to cut interest rates in
December signals its commitment to ease if soft economic conditions persist.
World markets should continue to respond favorably to any additional reductions
in interest rates.
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
STRATEGIST SERIES
For the six-month period ended January 31, 1996, the Strategist Series produced
a total return of 12.79 percent compared to a return of 14.53 percent for the
S&P 500 Index and a return of 7.74 percent for the Lehman Brothers
Government/Corporate Bond Index. On January 31, 1996, the Series' net assets
exceeded $9.3 million.
Throughout the period, the Series' equity exposure was increased to take
advantage of this continuing bullish trend for long-dated financial assets. On
January 31, 1996, approximately 75 percent of the Series' assets were invested
in stocks, 20 percent in bonds and 5 percent in cash equivalents. It is our view
that, for the near-term future, trends in interest rates, inflation and
investment flows into savings programs should continue to fuel the markets'
advance. While the risk of a correction in the equity market, perhaps tied to
inflation fears or external factors always exists, we believe that the
fundamentals support remaining fully invested in long-dated financial assets.
While industry diversification within the equity portfolio is extensive, the
Series ended the six-month period with a few significant overweights, including
technology (17 percent of net assets), financial services (14 percent), consumer
staples (11 percent) and basic material companies (5 percent). Among the Series'
larger holdings are Hewlett-Packard Co. (computer - systems), Microsoft Corp.
(computer software), BankAmerica Corp. (banks - regional), American
International Group, Inc. (insurance), Campbell Soup Co. (foods), Proctor &
Gamble (household products), Champion International Corp. (forest products,
paper & packaging), Dow Chemical Co. (chemicals) and Carnival Corp.
(entertainment).
The Series' fixed-income portfolio has become more diversified as total assets
have increased. As of January 31, 1996, the Series' held 7 U.S. government bonds
and 15 corporate bonds, a significant increase from six months ago. The bond
portfolio is focused primarily on the 8 to 12 year maturity portion of the yield
curve and, as proscribed by prospectus, all bonds are of investment grade.
LOOKING AHEAD
Of course, the stock market cannot be expected to rise unabated forever.
Following further advancement in 1996 leading up to the presidential election,
it is reasonable to expect some turbulence. A post election surprise could be a
resurgence of inflationary pressure that would inspire another round of Federal
Reserve Board tightening in 1997. The prospect of short-term pain, however, is
probably a year or so off. And, as we learned from 1994, such a correction -- if
it were to occur -- could actually be a buying opportunity for stocks.
<PAGE>
DEAN WITTER RETIREMENT SERIES
LETTER TO THE SHAREHOLDERS JANUARY 31, 1996, CONTINUED
We expect the economy to experience a protracted economic slowdown extending
into the latter part of 1996. Falling interest rates, expanding price/earnings
ratios and modest earnings growth on the order of 5 percent should continue to
drive the broader markets higher. However, we expect the market to narrow, as
fewer companies will be able to sustain their recent growth rates.
Looking overseas, the prospects for the European equity markets are positive,
although the earnings outlook for early 1996 is somewhat clouded by the current
growth pause in the economies. Most European governments are set to lower
interest rates substantially in an effort to restimulate their economies.
Asian-Pacific prospects also appear positive, as we expect regional gross
domestic product growth to remain near 7 percent on average, fueled by strong
domestic consumption, infrastructure spending and trade, especially on an
intraregional basis. Against this backdrop, corporate earnings growth should
average between 16 and 17 percent. While higher interest rates resulted in
downward revisions to earnings in 1995, this trend may stabilize in 1996, with
upward revisions possible later in the year, given a more benign interest-rate
environment.
We appreciate your support of Dean Witter Retirement Series and look forward to
continuing to serve your investment needs.
Very truly yours,
[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER RETIREMENT SERIES - LIQUID ASSET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD ON
AMOUNT IN DATE OF MATURITY
THOUSANDS PURCHASE DATE VALUE
- ---------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMERCIAL PAPER (81.4%)
AUTOMOTIVE - FINANCE (8.4%)
$ 3,000 Ford Motor Credit Co........... 5.31-5.79 % 02/09/96-07/12/96 $ 2,947,807
3,415 General Motors Acceptance
Corp........................... 5.53-5.81 02/02/96-04/04/96 3,388,815
--------------
6,336,622
--------------
BANK HOLDING COMPANIES (20.7%)
1,500 BankAmerica Corp............... 5.46 05/24/96 1,474,905
1,000 Barnett Banks Inc.............. 5.61 02/01/96 1,000,000
4,000 Chemical Banking Corp.......... 5.45 04/15/96 3,955,847
2,000 First Chicago Corp............. 5.69 03/13/96 1,987,290
3,000 Fleet Financial Group, Inc..... 5.63 02/09/96 2,996,266
1,700 NationsBank Corp............... 5.79 02/07/96 1,698,391
2,500 PNC Funding Corp............... 5.60 02/05/96 2,498,453
--------------
15,611,152
--------------
BANKS - COMMERCIAL (9.8%)
3,000 Abbey National North America
Corp........................... 5.43 06/03/96 2,945,675
4,500 Societe Generale N.A., Inc..... 5.45 04/16/96 4,449,656
--------------
7,395,331
--------------
BROKERAGE (7.6%)
4,000 Goldman Sachs Group L.P........ 5.74 03/05/96 3,979,283
1,800 Morgan Stanley Group, Inc...... 5.40 04/26/96 1,777,390
--------------
5,756,673
--------------
FINANCE - CONSUMER (8.4%)
3,000 American Express Credit
Corp........................... 5.27-5.53 06/20/96-07/02/96 2,937,235
2,790 Beneficial Corp................ 5.33 04/23/96 2,756,573
660 Norwest Financial, Inc......... 5.45 03/07/96 656,529
--------------
6,350,337
--------------
FINANCE - CORPORATE (5.8%)
4,300 Ciesco, L.P.................... 5.51 02/29/96 4,281,739
--------------
FINANCE - DIVERSIFIED (4.0%)
3,000 General Electric Capital
Corp........................... 5.49 03/11/96 2,982,353
--------------
INDUSTRIALS (4.0%)
3,000 Raytheon Co.................... 5.58 02/02/96 2,999,535
--------------
OFFICE EQUIPMENT (6.5%)
945 IBM Credit Corp................ 5.45 02/21/96 942,149
4,000 Xerox Credit Corp. ............ 5.50 04/19/96 3,953,200
--------------
4,895,349
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - LIQUID ASSET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD ON
AMOUNT IN DATE OF MATURITY
THOUSANDS PURCHASE DATE VALUE
- ---------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
RETAIL (5.3%)
$ 4,000 Sears Roebuck Acceptance
Corp........................... 5.42 % 04/04/96 $ 3,962,550
--------------
UTILITIES - FINANCE (0.9%)
677 National Rural Utilities
Cooperative Finance Corp....... 5.55 02/16/96 675,443
--------------
TOTAL COMMERCIAL PAPER
(AMORTIZED COST $61,247,084).......................................... 61,247,084
--------------
BANKERS' ACCEPTANCES (12.7%)
1,000 First Bank National Assoc...... 5.73 02/08/96 998,911
2,400 First National Bank of
Boston......................... 5.35-5.36 06/03/96-06/04/96 2,356,842
1,000 First Union National Bank...... 5.64 03/27/96 991,551
3,000 Mellon Bank, N.A............... 5.52-5.82 03/01/96-05/17/96 2,963,644
1,286 PNC Bank, N.A.................. 5.47-5.83 02/07/96-04/15/96 1,280,635
1,000 Seattle First National Bank.... 5.39 04/25/96 987,587
--------------
TOTAL BANKERS' ACCEPTANCES
(AMORTIZED COST $9,579,170)........................................... 9,579,170
--------------
U.S. GOVERNMENT AGENCY (3.6%)
2,750 Federal Home Loan Mortgage
Corp. (Amortized Cost
$2,750,000).................... 5.80 02/01/96 2,750,000
--------------
SHORT-TERM BANK NOTE (2.7%)
2,000 La Salle National Bank
(Amortized Cost $2,000,000).... 5.77 02/14/96 2,000,000
--------------
TOTAL INVESTMENTS
(AMORTIZED COST $75,576,254) (a)................................. 100.4% 75,576,254
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS................... (0.4) (304,809)
----- -----------
NET ASSETS....................................................... 100.0% $75,271,445
----- -----------
----- -----------
<FN>
- ---------------------
(a) Cost is the same for federal income tax purposes.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - U.S. GOVERNMENT MONEY MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL YIELD ON
AMOUNT IN DATE OF MATURITY
THOUSANDS PURCHASE DATE VALUE
- -----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT AGENCIES (99.8%)
$ 5,870 Federal Farm Credit Bank........... 5.13-5.64 % 02/02/96-08/16/96 $ 5,846,163
4,695 Federal Home Loan Banks............ 5.37-5.64 02/01/96-03/11/96 4,677,564
3,625 Federal National Mortgage Assoc.... 5.18-5.45 03/12/96-08/29/96 3,578,010
2,275 Tennessee Valley Authority......... 5.30-5.45 02/13/96-04/25/96 2,265,755
--------------
TOTAL U.S. GOVERNMENT AGENCIES
(AMORTIZED COST $16,367,492)............................................ 16,367,492
--------------
U.S. GOVERNMENT OBLIGATION (0.9%)
150 U.S. Treasury Bill
(Amortized Cost $144,345).......... 5.53 10/17/96 144,345
--------------
TOTAL INVESTMENTS
(AMORTIZED COST $16,511,837) (a)................................... 100.7% 16,511,837
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS..................... (0.7) (120,731)
----- -----------
NET ASSETS......................................................... 100.0% $16,391,106
----- -----------
----- -----------
<FN>
- ---------------------
(a) Cost is the same for federal income tax purposes.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - U.S. GOVERNMENT SECURITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT & AGENCY OBLIGATIONS (98.2%)
Government National Mortgage
Assoc. I (40.0%)
$ 2,936 ................................ 7.00 % 06/15/23-11/15/25 $ 2,974,151
960 ................................ 7.50 01/15/24-06/15/24 988,212
--------------
3,962,363
--------------
1,000 Government National
Mortgage Assoc. II (10.1%) . 7.00 * 1,002,188
--------------
U.S. Treasury Notes (24.6%)
900 ................................ 5.125 12/31/98 901,828
1,500 ................................ 5.75 10/31/00 1,530,703
--------------
2,432,531
--------------
U.S. Treasury Principal Strips
(23.5%)
100 ................................ 0.00 08/15/96 97,380
500 ................................ 0.00 05/15/97 469,353
800 ................................ 0.00 08/15/98 704,962
1,300 ................................ 0.00 02/15/00 1,054,804
--------------
2,326,499
--------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(IDENTIFIED COST $9,561,174)........................................... 9,723,581
--------------
SHORT-TERM INVESTMENTS (11.7%)
U.S. GOVERNMENT OBLIGATION (a) (10.1%)
1,000 U.S. Treasury Bill................ 5.05 02/01/96 1,000,000
--------------
REPURCHASE AGREEMENT (1.6%)
156 The Bank of New York (dated
01/31/96; proceeds $155,730;
collateralized by $165,125 U.S
Treasury Bill 4.94% due 11/14/96
valued at $158,819) (Identified
Cost $155,705).................... 5.75 02/01/96 155,705
--------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $1,155,705)........................................... 1,155,705
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - U.S. GOVERNMENT SECURITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
VALUE
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST $10,716,879) (b)............................... 109.9% $10,879,286
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS.................. (9.9) (982,791)
----- -----------
NET ASSETS...................................................... 100.0% $ 9,896,495
----- -----------
----- -----------
<FN>
- ---------------------
* Security was purchased on a forward commitment basis with an approximate
principal amount and no definite maturity date; the actual principal
amount and maturity date will be determined upon settlement.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $10,716,879; the
aggregate gross unrealized appreciation is $162,407.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - INTERMEDIATE INCOME SECURITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CORPORATE BONDS (23.0%)
AUTOMOBILE - RENTALS (2.1%)
$ 100 Hertz Corp....................................... 6.00 % 01/15/03 $ 99,589
-------------
AUTOMOTIVE (0.5%)
20 Chrysler Corp.................................... 10.40 08/01/99 21,365
-------------
AUTOMOTIVE - FINANCE (0.6%)
25 General Motors Acceptance Corp................... 8.40 10/15/99 27,213
-------------
BANK HOLDING COMPANIES (0.5%)
25 Star Bank N.A.................................... 6.375 03/01/04 25,178
-------------
BANKS - INTERNATIONAL (0.6%)
25 Westpac Banking Corp. (Australia)................ 7.875 10/15/02 27,629
-------------
CABLE & TELECOMMUNICATIONS (1.1%)
50 TCI Communications, Inc.......................... 8.00 08/01/05 53,805
-------------
ELECTRONICS - SEMICONDUCTORS (2.1%)
100 Texas Instruments, Inc........................... 6.125 02/01/06 99,815
-------------
FINANCIAL (0.6%)
25 Salomon, Inc..................................... 7.75 05/15/00 26,216
-------------
FOODS (2.2%)
100 CPC International Inc............................ 6.15 01/15/06 100,785
-------------
FOREIGN GOVERNMENT (1.7%)
25 China International Trust & Investment Corp...... 9.00 10/15/06 28,458
50 State of Israel.................................. 6.375 12/15/05 50,358
-------------
78,816
-------------
HEALTHCARE (0.6%)
25 Columbia/HCA Healthcare Corp..................... 6.87 09/15/03 26,081
-------------
INDUSTRIALS (1.6%)
50 Comdisco, Inc.................................... 6.50 06/15/00 51,165
25 Xerox Corp....................................... 9.20 07/15/99 25,388
-------------
76,553
-------------
LEISURE (1.2%)
50 Royal Caribbean Cruises, Ltd. (Liberia).......... 8.25 04/01/05 54,487
-------------
MANUFACTURING (1.1%)
50 Reebok International Ltd.
(United Kingdom)................................. 6.75 09/15/05 51,374
-------------
RETAIL STORES (2.2%)
100 Sears Roebuck Acceptance Corp.................... 6.75 09/15/05 103,500
-------------
TEXTILES (0.5%)
25 Burlington Industries, Inc....................... 7.25 09/15/05 25,908
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - INTERMEDIATE INCOME SECURITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
TOBACCO (0.6%)
$ 25 RJR Nabisco, Inc................................. 8.75 % 08/15/05 $ 26,105
-------------
TRANSPORTATION (1.1%)
50 Union Pacific Corp............................... 7.375 05/15/01 53,420
-------------
UTILITIES - ELECTRIC (2.1%)
100 Southern California Edison Co.................... 5.875 01/15/01 100,392
-------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $1,051,950)............................................ 1,078,231
-------------
U.S. GOVERNMENT OBLIGATIONS (74.0%)
1,000 U.S. Treasury Note............................... 7.25 11/15/96 1,016,875
5 U.S. Treasury Note............................... 6.375 06/30/97 5,098
1,250 U.S. Treasury Note............................... 7.125 09/30/99 1,331,250
250 U.S. Treasury Note............................... 6.875 03/31/00 265,273
250 U.S. Treasury Note............................... 5.75 08/15/03 253,633
525 U.S. Treasury Note............................... 7.50 02/15/05 594,645
-------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $3,420,225)............................................ 3,466,774
-------------
SHORT-TERM INVESTMENT (4.3%)
REPURCHASE AGREEMENT
201 The Bank of New York (dated 01/31/96; proceeds
$200,967; collateralized by $161,092 U.S.
Treasury Bond 8.125% due 05/01/21 valued at
$204,954)
(Identified Cost $200,935)....................... 5.75 02/01/96 200,935
-------------
TOTAL INVESTMENTS
(IDENTIFIED COST $4,673,110) (a)............................................ 101.3% 4,745,940
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS.............................. (1.3) (62,758)
----- ----------
NET ASSETS.................................................................. 100.0% $4,683,182
----- ----------
----- ----------
<FN>
- ---------------------
(a) The aggregate cost for federal income tax purposes is $4,673,110; the
aggregate gross unrealized appreciation is $73,216 and the aggregate gross
unrealized depreciation is $386, resulting in net unrealized appreciation
of $72,830.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - AMERICAN VALUE
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (84.6%)
AIRCRAFT & AEROSPACE (0.9%)
3,700 Boeing Co............................. $ 287,212
--------------
AGRICULTURE RELATED (1.9%)
3,000 Case Corp............................. 142,125
5,000 IMC Global, Inc....................... 187,500
3,000 Pioneer Hi-Bred International, Inc.... 153,000
2,000 Potash Corp. of Saskatchewan, Inc.
(Canada).............................. 142,500
--------------
625,125
--------------
AUTO RELATED (0.5%)
5,000 Harley-Davidson, Inc.................. 172,500
--------------
BANKS (1.4%)
3,000 Chase Manhattan Corp.................. 207,000
1,500 First Interstate Bancorp.............. 231,375
--------------
438,375
--------------
BANKS - MONEY CENTER (0.6%)
3,000 BankAmerica Corp...................... 202,125
--------------
BASIC CYCLICALS (0.7%)
3,000 Cytec Industries, Inc.*............... 228,750
--------------
BEVERAGES - ALCOHOLIC (0.4%)
2,000 Anheuser-Busch Companies, Inc......... 139,000
--------------
BEVERAGES - SOFT DRINKS (1.1%)
6,000 PepsiCo Inc........................... 357,750
--------------
BIOTECHNOLOGY (4.6%)
5,000 Agouron Pharmaceuticals, Inc.*........ 210,000
4,000 Amgen Inc.*........................... 240,000
6,000 Biochem Pharma, Inc.*................. 262,500
1,000 Biogen Inc.*.......................... 69,875
4,000 Centocor, Inc.*....................... 136,500
1,000 Chiron Corp.*......................... 114,500
4,000 Gilead Sciences, Inc.*................ 142,000
6,000 IDEC Pharmaceuticals Corp.*........... 127,500
5,000 Sequus Pharmaceuticals, Inc.*......... 93,125
3,000 Vertex Pharmaceuticals, Inc.*......... 81,000
--------------
1,477,000
--------------
BROKERAGE (0.5%)
3,000 Merrill Lynch & Co., Inc.............. 170,625
--------------
CAPITAL GOODS (4.3%)
5,500 AlliedSignal, Inc..................... 274,312
3,000 Lockheed Martin Corp.................. 226,125
4,000 Loral Corp............................ 185,000
4,000 Raychem Corp.......................... 267,500
3,500 Sunstrand Corp........................ 241,500
2,000 United Technologies Corp.............. 205,250
--------------
1,399,687
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
CHEMICALS (0.6%)
1,500 Monsanto Co........................... $ 195,375
--------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE (1.2%)
5,000 Bay Networks, Inc.*................... 212,500
2,000 Cisco Systems, Inc.*.................. 166,250
--------------
378,750
--------------
COMMUNICATIONS - SOFTWARE & SERVICES (1.9%)
3,600 America Online, Inc.*................. 161,100
2,000 CKS Group, Inc.*...................... 71,000
3,000 MFS Communication Co., Inc.*.......... 180,000
6,000 WorldCom Inc.*........................ 218,250
--------------
630,350
--------------
COMPUTER SERVICES (0.6%)
5,000 Automatic Data Processing, Inc........ 199,375
--------------
CONSUMER BUSINESS SERVICES (3.6%)
3,000 Computer Sciences Corp.*.............. 228,750
3,171 First Data Corp....................... 224,348
5,000 General Motors Corp. (Class E)........ 277,500
3,000 Reuters Holdings PLC (ADR) (United
Kingdom).............................. 168,000
6,000 Service Corp. International........... 260,250
--------------
1,158,848
--------------
CONSUMER PRODUCTS (5.4%)
5,000 Clorox Co............................. 413,125
11,000 Coca-Cola Enterprises, Inc............ 286,000
3,000 Estee Lauder Companies (Class A)*..... 110,625
2,000 Helene Curtis Industries Inc.......... 116,500
3,000 Interstate Bakeries Corp.............. 63,375
3,000 Kimberly-Clark Corp................... 241,875
4,000 Mondavi (Robert) Corp. (The) (Class
A)*................................... 117,000
2,500 Oakley, Inc.*......................... 91,875
2,000 Unilever NV (ADR) (Netherlands)....... 289,750
--------------
1,730,125
--------------
DRUGS (7.9%)
3,000 American Home Products Corp........... 306,000
4,000 Bristol-Myers Squibb Co............... 354,000
3,000 IDEXX Laboratories, Inc.*............. 150,750
4,000 Lilly (Eli) & Co...................... 230,000
5,000 Merck & Co., Inc...................... 351,250
7,500 Pfizer, Inc........................... 515,625
5,000 Pharmacia & Upjohn, Inc............... 209,375
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - AMERICAN VALUE
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
6,000 SmithKline Beecham PLC (ADR) (United
Kingdom).............................. $ 337,500
2,000 Teva Pharmaceutical Industries Ltd.
(ADR) (Israel)........................ 89,500
--------------
2,544,000
--------------
FINANCIAL - MISCELLANEOUS (5.4%)
4,000 Ahmanson (H.F.) & Co.................. 96,000
10,000 Bear Stearns Companies, Inc........... 230,000
7,000 Countrywide Credit Industries, Inc.... 162,750
3,000 Federal Home Loan Mortgage Corp....... 256,875
10,000 Federal National Mortgage Assoc....... 345,000
6,000 Green Tree Financial Corp............. 177,000
2,000 MGIC Investment Corp.................. 129,000
6,000 Morgan Stanley Group, Inc............. 285,750
2,000 Washington Mutual, Inc................ 60,250
--------------
1,742,625
--------------
FINANCIAL SERVICES (0.8%)
4,000 Travelers Group, Inc.................. 263,000
--------------
FOOD WHOLESALERS (0.6%)
6,000 Sysco Corp............................ 192,000
--------------
HEALTH MAINTENANCE ORGANIZATIONS (3.7%)
5,000 Healthcare Compare Corp.*............. 241,250
4,000 Healthsouth Corp.*.................... 129,000
4,000 Pacificare Health Systems, Inc. (Class
B)*................................... 367,000
3,500 U.S. Healthcare, Inc.................. 169,313
4,500 United Healthcare Corp................ 282,938
--------------
1,189,501
--------------
HEALTHCARE PRODUCTS & SERVICES (3.7%)
6,000 Health Management Associates, Inc.
(Class A)*............................ 180,750
8,000 Healthsource, Inc.*................... 268,000
8,000 Medaphis Corp.*....................... 318,000
3,000 PhyCor, Inc.*......................... 143,250
3,000 Shared Medical Systems Corp........... 169,500
3,000 United Dental Care, Inc.*............. 120,750
--------------
1,200,250
--------------
HOME BUILDING (0.8%)
12,500 Clayton Homes, Inc.................... 250,000
--------------
HOSPITAL MANAGEMENT (0.3%)
2,000 Columbia/HCA Healthcare Corp.......... 111,250
--------------
HOTELS (0.4%)
4,000 Extended Stay America, Inc.*.......... 121,000
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
HOUSING RELATED (0.9%)
2,000 Armstrong World Industries Inc........ $ 117,500
4,000 Oakwood Homes Corp.................... 179,000
--------------
296,500
--------------
INSURANCE (7.3%)
3,000 Ace Ltd............................... 132,375
3,550 American International Group, Inc..... 343,906
2,500 Chubb Corp............................ 259,375
2,500 CIGNA Corp............................ 296,563
2,000 CNA Financial Corp.*.................. 228,500
3,000 Exel, Ltd............................. 206,250
1,500 General Re Corp....................... 229,500
14,000 Prudential Reinsurance Holdings,
Inc................................... 304,500
3,750 SunAmerica Inc........................ 184,688
6,000 Vesta Insurance Group, Inc............ 175,500
--------------
2,361,157
--------------
MANUFACTURING - DIVERSIFIED (1.0%)
6,000 Thermo Electron Corp.................. 327,000
--------------
MEDIA (1.1%)
9,000 Infinity Broadcasting Corp. (Class
A)*................................... 357,750
--------------
MEDIA GROUP (2.0%)
5,000 Emmis Broadcasting Corp. (Class A)*... 187,500
5,000 General Motors Corp. (Class H)........ 285,000
2,500 Walt Disney Co........................ 160,625
--------------
633,125
--------------
MEDICAL SUPPLIES (6.0%)
3,000 Baxter International, Inc............. 136,500
3,000 Becton, Dickinson & Co................ 259,125
5,000 Boston Scientific Corp.*.............. 256,250
7,000 Guidant Corp.......................... 321,125
6,000 Martek Biosciences Corp.*............. 207,000
6,000 Mentor Corp........................... 167,250
6,000 Spine-Tech, Inc.*..................... 157,500
6,000 St. Jude Medical, Inc.*............... 263,250
3,000 Target Therapeutics, Inc.*............ 162,750
--------------
1,930,750
--------------
PHARMACEUTICALS (1.2%)
4,000 Johnson & Johnson..................... 384,000
--------------
RESTAURANTS (0.3%)
2,000 McDonald's Corp....................... 100,500
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - AMERICAN VALUE
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
RETAIL (5.2%)
5,000 Eckerd Corp.*......................... $ 218,125
9,000 General Nutrition Companies, Inc.*.... 195,750
7,500 Gucci Group NV* (Italy)............... 304,688
2,000 Luxottica Group SpA (ADR) (Italy)..... 136,500
3,000 St. John Knits, Inc................... 138,375
4,000 Staples, Inc.*........................ 97,500
4,000 Tiffany & Co.......................... 221,500
7,000 Walgreen Co........................... 244,125
5,000 Wolverine World Wide, Inc............. 126,875
--------------
1,683,438
--------------
SAVINGS & LOAN ASSOCIATIONS (0.7%)
4,000 Golden West Financial Corp............ 207,000
--------------
TECHNOLOGY (1.8%)
3,000 Ascend Communications, Inc.*.......... 116,250
3,000 Cascade Communications Corp.*......... 234,000
5,000 Tellabs, Inc.*........................ 218,750
--------------
569,000
--------------
TELECOMMUNICATIONS (0.8%)
4,000 AT&T Corp............................. 267,500
--------------
TRANSPORTATION (0.6%)
2,500 Burlington Northern Santa Fe Corp..... 204,688
--------------
UTILITIES (1.9%)
3,000 Consolidated Edison Co. of New York,
Inc................................... 101,250
7,000 Portland General Corp................. 208,250
3,000 Scana Corp............................ 82,125
3,000 Southern Co........................... 76,125
3,000 Sprint Corp........................... 129,375
--------------
597,125
--------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $24,234,829)......... 27,324,131
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (14.3%)
$ 2,100 U.S. Treasury Bond
6.875% due 08/15/25................... $ 2,344,125
2,600 U.S. Treasury Note Principal Strip
0.00% due 05/15/18.................... 637,143
2,210 U.S. Treasury Note Principal Strip
0.00% due 08/15/18.................... 533,018
2,335 U.S. Treasury Note Principal Strip
0.00% due 11/15/18.................... 554,433
1,200 U.S. Treasury Note Principal Strip
0.00% due 08/15/19.................... 271,725
1,300 U.S. Treasury Note Principal Strip
0.00% due 11/15/19.................... 289,137
--------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $4,468,101).......... 4,629,581
--------------
SHORT-TERM INVESTMENT (a) (3.7%)
U.S. GOVERNMENT AGENCY
1,200 Federal Home Loan Mortgage Corp. 5.80%
due 02/01/96 (Amortized Cost
$1,200,000)........................... 1,200,000
--------------
TOTAL INVESTMENTS
(IDENTIFIED COST $29,902,930) (b)......... 102.6% 33,153,712
LIABILITIES IN EXCESS OF CASH AND OTHER
ASSETS.................................... (2.6) (837,212)
----- -----------
NET ASSETS................................ 100.0% $32,316,500
----- -----------
----- -----------
<FN>
- ---------------------
ADR American Depository Receipt.
* Non-income producing security.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $29,915,023; the
aggregate gross unrealized appreciation is $3,381,150 and the aggregate
gross unrealized depreciation is $142,461, resulting in net unrealized
appreciation of $3,238,689.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - CAPITAL GROWTH
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (95.2%)
ADVERTISING (2.3%)
800 Interpublic Group of Companies, Inc..... $ 34,000
-------------
APPAREL (2.1%)
700 Cintas Corp.*........................... 32,200
-------------
AUTOMOTIVE - REPLACEMENT PARTS (2.1%)
700 Genuine Parts Co........................ 31,150
-------------
BANKING (2.2%)
700 Fifth Third Bancorp..................... 32,987
-------------
BEVERAGES - ALCOHOLIC (1.8%)
400 Anheuser-Busch Companies, Inc........... 27,800
-------------
BEVERAGES - SOFT DRINKS (2.0%)
400 Coca Cola Co............................ 30,150
-------------
CHEMICALS - SPECIALTY (2.1%)
600 Sigma-Aldrich Corp...................... 31,200
-------------
COMPUTER SERVICES (4.3%)
800 Automatic Data Processing, Inc.......... 31,900
600 General Motors Corp. (Class E).......... 33,300
-------------
65,200
-------------
COMPUTER SOFTWARE (4.7%)
500 Computer Associates International,
Inc..................................... 34,187
400 Microsoft Corp.*........................ 36,950
-------------
71,137
-------------
CONSUMER SERVICES (2.2%)
900 Block (H.&R.), Inc...................... 33,187
-------------
COSMETICS (2.0%)
600 International Flavors & Fragrances
Inc..................................... 30,075
-------------
DRUGS (4.3%)
600 Forest Laboratories, Inc.*.............. 32,400
600 Schering-Plough Corp.................... 32,475
-------------
64,875
-------------
DRUGS & HEALTHCARE (2.2%)
800 Abbott Laboratories..................... 33,800
-------------
ELECTRICAL EQUIPMENT (2.2%)
500 Grainger (W.W.), Inc.................... 33,687
-------------
ELECTRONICS (2.4%)
1,000 Dionex Corp.*........................... 36,500
-------------
ENTERTAINMENT (2.1%)
1,000 Circus Circus Enterprises, Inc.*........ 31,875
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
FINANCIAL - MISCELLANEOUS (2.3%)
1,000 Federal National Mortgage Assoc......... $ 34,500
-------------
FOOD WHOLESALERS (2.1%)
1,000 Sysco Corp.............................. 32,000
-------------
FOODS (6.6%)
700 ConAgra, Inc............................ 32,112
800 Tootsie Roll Industries, Inc............ 31,200
600 Wrigley (Wm.) Jr. Co. (Class A)......... 35,700
-------------
99,012
-------------
GOLD MINING (2.1%)
1,100 Barrick Gold Corp. (Canada)............. 32,312
-------------
HEALTHCARE - MISCELLANEOUS (2.2%)
700 U.S. Healthcare, Inc.................... 33,863
-------------
HOME BUILDING (2.1%)
1,575 Clayton Homes, Inc...................... 31,500
-------------
INSURANCE (2.2%)
350 American International Group, Inc....... 33,906
-------------
MANUFACTURING (2.2%)
1,300 Federal Signal Corp..................... 32,663
-------------
MANUFACTURING - DIVERSIFIED (4.2%)
700 Sherwin-Williams Co..................... 29,488
600 Thermo Electron Corp.*.................. 32,700
-------------
62,188
-------------
MEDICAL EQUIPMENT (4.4%)
1,800 Biomet, Inc.*........................... 33,525
600 Stryker Corp............................ 33,375
-------------
66,900
-------------
MEDICAL PRODUCTS & SUPPLIES (2.3%)
600 Medtronic Inc........................... 34,275
-------------
PHARMACEUTICALS (1.9%)
300 Johnson & Johnson....................... 28,800
-------------
RESTAURANTS (6.7%)
2,500 Brinker International, Inc.*............ 32,188
1,500 International Dairy Queen, Inc. (Class
A)*..................................... 32,625
700 McDonald's Corp......................... 35,175
-------------
99,988
-------------
RETAIL - DEPARTMENT STORES (2.2%)
1,600 Wal-Mart Stores, Inc.................... 32,600
-------------
RETAIL - DRUG STORES (2.3%)
1,000 Walgreen Co............................. 34,875
-------------
RETAIL - FOOD CHAINS (2.0%)
900 Albertson's Inc......................... 30,713
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - CAPITAL GROWTH
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
RETAIL - SPECIALTY (2.1%)
700 Home Depot, Inc......................... $ 32,200
-------------
TOBACCO (2.2%)
1,000 UST, Inc................................ 33,625
-------------
UTILITIES (2.1%)
2,661 Citizens Utilities Co. (Series A)*...... 32,265
-------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $1,235,211)............ 1,438,008
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENT (a) (6.3%)
U.S. GOVERNMENT AGENCY
$ 95 Federal Home Loan Mortgage Corp. 5.80%
due 02/01/96 (Amortized Cost $95,000)... 95,000
-------------
TOTAL INVESTMENTS
(IDENTIFIED COST $1,330,211) (b).............. 101.5% 1,533,008
LIABILITIES IN EXCESS OF CASH AND OTHER
ASSETS........................................ (1.5) (22,091)
----- ----------
NET ASSETS.................................... 100.0% $1,510,917
----- ----------
----- ----------
<FN>
- ---------------------
* Non-income producing security.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $1,331,173; the
aggregate gross unrealized appreciation is $215,297 and the aggregate
gross unrealized depreciation is $13,462, resulting in net unrealized
appreciation of $201,835.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (98.6%)
AEROSPACE (3.0%)
31,400 Raytheon Co........................... $ 1,542,525
--------------
ALUMINUM (3.0%)
27,700 Aluminum Co. of America............... 1,537,350
--------------
AUTOMOTIVE (6.0%)
26,900 Chrysler Corp......................... 1,553,475
52,500 Ford Motor Co......................... 1,555,312
--------------
3,108,787
--------------
BANKS (3.0%)
21,800 NationsBank Corp...................... 1,523,275
--------------
BANKS - MONEY CENTER (3.1%)
23,800 BankAmerica Corp...................... 1,603,525
--------------
BEVERAGES - SOFT DRINKS (3.0%)
26,200 PepsiCo Inc........................... 1,562,175
--------------
CHEMICALS (6.1%)
19,700 Du Pont (E.I.) de Nemours & Co.,
Inc................................... 1,514,437
24,400 Eastman Chemical Co................... 1,613,450
--------------
3,127,887
--------------
COMPUTERS (3.0%)
14,300 International Business Machines
Corp.................................. 1,555,125
--------------
CONGLOMERATES (5.9%)
23,000 Minnesota Mining & Manufacturing
Co.................................... 1,483,500
30,300 Tenneco Inc........................... 1,564,238
--------------
3,047,738
--------------
DRUGS (6.0%)
37,500 Abbott Laboratories................... 1,584,375
17,200 Bristol-Myers Squibb Co............... 1,522,200
--------------
3,106,575
--------------
ELECTRIC - MAJOR (3.0%)
20,300 General Electric Co................... 1,558,025
--------------
FOODS (5.8%)
43,300 Quaker Oats Company (The)............. 1,488,438
10,400 Unilever NV (ADR) (Netherlands)....... 1,506,700
--------------
2,995,138
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MACHINERY - AGRICULTURAL (3.1%)
42,000 Deere & Co............................ $ 1,575,000
--------------
MANUFACTURING - DIVERSIFIED (3.1%)
31,000 Honeywell, Inc........................ 1,577,125
--------------
METALS & MINING (3.0%)
24,300 Phelps Dodge Corp..................... 1,530,900
--------------
NATURAL GAS (3.0%)
41,600 Enron Corp............................ 1,539,200
--------------
OFFICE EQUIPMENT (3.0%)
33,900 Pitney Bowes, Inc..................... 1,533,975
--------------
OIL - DOMESTIC (2.9%)
21,400 Amoco Corp............................ 1,506,025
--------------
OIL INTEGRATED - INTERNATIONAL (2.9%)
18,900 Exxon Corp............................ 1,516,725
--------------
PAPER & FOREST PRODUCTS (3.1%)
35,200 Weyerhaeuser Co....................... 1,623,600
--------------
PHOTOGRAPHY (3.0%)
20,800 Eastman Kodak Co...................... 1,526,200
--------------
RAILROADS (2.9%)
32,500 CSX Corp.............................. 1,507,187
--------------
RETAIL - DEPARTMENT STORES (3.0%)
34,600 May Department Stores Co.............. 1,539,700
--------------
TELEPHONES (5.9%)
22,200 Bell Atlantic Corp.................... 1,529,025
35,400 Sprint Corp........................... 1,526,625
--------------
3,055,650
--------------
TOBACCO (2.9%)
15,900 Philip Morris Companies, Inc.......... 1,478,700
--------------
UTILITIES - ELECTRIC (5.9%)
62,800 Houston Industries, Inc............... 1,507,200
55,700 Pacific Gas & Electric Co............. 1,545,675
--------------
3,052,875
--------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $41,472,128)......... 50,830,987
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - DIVIDEND GROWTH
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (2.1%)
U.S. GOVERNMENT AGENCY (a) (1.7%)
$ 850 Federal Home Loan Mortgage Corp. 5.80%
due 02/01/96.......................... $ 850,000
--------------
REPURCHASE AGREEMENT (0.4%)
225 The Bank of New York 5.75% due
02/01/96 (dated 01/31/96; proceeds
$225,357; collateralized by $180,643
U.S. Treasury Bond 8.125% due 05/15/21
valued at $229,827) (Identified Cost
$225,321)............................. 225,321
--------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $1,075,321).......... 1,075,321
--------------
TOTAL INVESTMENTS
(IDENTIFIED COST $42,547,449) (b)......... 100.7% 51,906,308
LIABILITIES IN EXCESS OF CASH AND OTHER
ASSETS.................................... (0.7) (356,050)
----- -----------
NET ASSETS................................ 100.0% $51,550,258
----- -----------
----- -----------
<FN>
- ---------------------
ADR American Depository Receipt.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $42,619,284; the net
unrealized appreciation is $9,287,024.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - UTILITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY (0.4%)
$ 25 Tennessee Valley Authority
8.00% due 03/31/45
(Identified Cost $25,000)............... $ 27,000
-------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
PREFERRED STOCKS (2.2%)
UTILITIES - ELECTRIC
2,000 Alabama Power Capital $1.84375.......... 50,600
1,000 Connecticut Light & Power Capital
(Series A) $2.325....................... 26,875
1,500 Public Service Electric & Gas Co.
$2.00................................... 39,188
1,000 Virginia Power Capital $2.0125.......... 26,250
-------------
TOTAL PREFERRED STOCKS
(IDENTIFIED COST $137,388).............. 142,913
-------------
COMMON STOCKS (88.0%)
NATURAL GAS (16.2%)
5,000 ENRON Corp.............................. 185,000
5,000 MCN Corp................................ 123,125
5,500 NorAm Energy Corp....................... 48,125
3,000 Pacific Enterprises..................... 83,250
3,500 Panhandle Eastern Corp.................. 101,062
4,000 Questar Corp............................ 130,500
3,500 Sonat, Inc.............................. 120,750
3,000 Southwest Gas Corp...................... 51,000
2,000 Tenneco Inc............................. 103,250
2,000 Williams Companies, Inc................. 94,250
-------------
1,040,312
-------------
TELECOMMUNICATIONS (35.3%)
3,000 Airtouch Communications, Inc.*.......... 84,750
4,000 Alcatel Alsthom (ADR) (France).......... 73,500
4,000 Alltel Corp............................. 125,500
2,000 AT&T Corp............................... 133,750
3,000 BellSouth Corp.......................... 128,625
3,000 Cable & Wireless PLC (ADR) (United
Kingdom)................................ 61,125
2,500 Century Telephone Enterprises, Inc...... 84,687
3,500 Frontier Corp........................... 104,125
3,500 GTE Corp................................ 161,000
4,000 Liberty Media Group (Class A)*.......... 109,500
4,200 MCI Communications Corp................. 119,700
6,000 Midcom Communications Inc.*............. 79,500
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
2,000 SBC Communications, Inc................. $ 113,250
2,500 Southern New England Telecommunications
Corp.................................... 100,000
3,000 Sprint Corp............................. 129,375
2,000 Tele Danmark AS (ADR) (Denmark)......... 55,750
1,500 Telecommunications Corp. of New Zealand
Ltd. (ADR) (New Zealand)................ 104,812
2,000 Telefonica de Espana (ADR) (Spain)...... 88,250
2,000 Telefonos de Mexico S.A. de C.V. (Series
L) (ADR) (Mexico)....................... 67,750
3,000 Telephone & Data Systems, Inc........... 121,875
3,000 Vodafone Group PLC (ADR) (United
Kingdom)................................ 107,250
3,000 WorldCom, Inc.*......................... 109,125
-------------
2,263,199
-------------
UTILITIES - ELECTRIC (36.5%)
3,000 Central & South West Corp............... 82,125
3,000 CINergy Corp............................ 93,375
4,000 CMS Energy Corp......................... 124,500
2,500 Detroit Edison Co....................... 89,688
4,000 DPL, Inc................................ 99,500
4,050 DQE, Inc................................ 125,044
2,500 Duke Power Co........................... 124,375
3,500 Eastern Utilities Assoc................. 83,125
2,000 Enersis S.A. (ADR) (Chile).............. 55,000
3,000 General Public Utilities Corp........... 102,000
4,000 Illinova Corp........................... 119,500
3,500 NIPSCO Industries, Inc.................. 133,438
3,600 Northeast Utilities..................... 85,050
4,000 Northwestern Public Service Co.......... 117,000
3,500 PacifiCorp.............................. 74,375
3,000 PECO Energy Co.......................... 92,250
3,000 Pinnacle West Capital Corp.............. 88,500
3,000 Public Service Company of Colorado...... 108,000
5,000 Public Service Company of New Mexico*... 89,375
3,000 SCE Corp................................ 55,500
4,000 TECO Energy, Inc........................ 104,500
2,800 Unicom Corp............................. 94,150
3,000 Utilicorp United, Inc................... 87,375
3,500 Western Resources, Inc.................. 118,125
-------------
2,345,870
-------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $4,693,011)............ 5,649,381
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - UTILITIES
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ----------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (8.9%)
U.S. GOVERNMENT AGENCY (a) (6.2%)
$ 400 Federal National Mortgage Assoc. 5.40%
due 02/08/96............................ $ 399,580
-------------
REPURCHASE AGREEMENT (2.7%)
170 The Bank of New York 5.75% due 02/01/96
(dated 01/31/96; proceeds $170,348;
collateralized by $41,567 U.S. Treasury
Bill 4.77% due 11/14/96 valued at
$39,980 and $105,125 U.S. Treasury Bond
8.125% due 05/15/21 valued at $133,748)
(Identified Cost $170,321).............. 170,321
-------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $569,901).............. 569,901
-------------
TOTAL INVESTMENTS
(IDENTIFIED COST $5,425,300) (b).............. 99.5% 6,389,195
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES................................... 0.5 29,772
----- ----------
NET ASSETS.................................... 100.0% $6,418,967
----- ----------
----- ----------
<FN>
- ---------------------
ADR American Depository Receipt.
* Non-income producing security.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $5,428,788; the
aggregate gross unrealized appreciation is $967,412 and the aggregate
gross unrealized depreciation is $7,005, resulting in net unrealized
appreciation of $960,407.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (97.5%)
AEROSPACE & DEFENSE (1.5%)
445 Boeing Co............................. $ 34,543
550 General Dynamics Corp................. 32,106
420 Lockheed Martin Corp.................. 31,657
370 McDonnell Douglas Corp................ 32,930
500 Northrop Grumman Corp................. 32,000
680 Raytheon Co........................... 33,405
630 Rockwell International Corp........... 36,934
325 United Technologies Corp.............. 33,353
--------------
266,928
--------------
AIRLINES (0.8%)
450 AMR Corp.*............................ 34,200
450 Delta Air Lines, Inc.................. 30,769
1,425 Southwest Airlines Co................. 37,050
2,400 USAir Group, Inc.*.................... 36,000
--------------
138,019
--------------
ALUMINUM (0.6%)
1,000 Alcan Aluminum Ltd. (Canada).......... 31,875
600 Aluminum Co. of America............... 33,300
600 Reynolds Metals Co.................... 32,100
--------------
97,275
--------------
AUTO PARTS - AFTER MARKET (0.8%)
1,300 Cooper Tire & Rubber Co............... 32,175
900 Echlin, Inc........................... 33,187
710 Genuine Parts Co...................... 31,595
750 Goodyear Tire & Rubber Co............. 35,906
--------------
132,863
--------------
AUTOMOBILES (0.6%)
545 Chrysler Corp......................... 31,474
1,150 Ford Motor Co......................... 34,069
700 General Motors Corp................... 36,837
--------------
102,380
--------------
BANKS - MONEY CENTER (1.3%)
495 BankAmerica Corp...................... 33,351
530 Bankers Trust New York Corp........... 34,384
500 Chase Manhattan Corp.................. 34,500
530 Chemical Banking Corp................. 35,510
405 Citicorp.............................. 29,919
850 First Chicago NBD Corp................ 33,044
400 Morgan (J.P.) & Co., Inc.............. 32,500
--------------
233,208
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BANKS - REGIONAL (4.2%)
900 Banc One Corp......................... $ 34,087
750 Bank of Boston Corp................... 34,312
650 Bank of New York Co., Inc............. 33,312
600 Barnett Banks, Inc.................... 35,100
800 Boatmen's Bancshares, Inc............. 34,200
880 Comerica, Inc.*....................... 34,870
850 Corestates Financial Corp............. 34,000
650 First Bank System, Inc................ 34,125
260 First Interstate Bancorp.............. 40,105
650 First Union Corp...................... 37,619
800 Fleet Financial Group, Inc............ 32,000
865 KeyCorp............................... 31,789
670 Mellon Bank Corp...................... 35,510
1,050 National City Corp.................... 34,256
490 NationsBank Corp...................... 34,239
910 Norwest Corp.......................... 31,281
1,045 PNC Bank Corp......................... 31,350
600 Republic New York Corp................ 34,950
500 SunTrust Banks, Inc................... 34,562
1,075 U.S. Bancorp.......................... 35,072
710 Wachovia Corp......................... 31,772
145 Wells Fargo & Co...................... 34,021
--------------
752,532
--------------
BEVERAGES - ALCOHOLIC (0.8%)
490 Anheuser-Busch Companies, Inc......... 34,055
900 Brown-Forman Corp. (Class B).......... 32,850
1,600 Coors (Adolph) Co..................... 38,000
900 Seagram Co. Ltd. (Canada)............. 32,737
--------------
137,642
--------------
BEVERAGES - SOFT DRINKS (0.4%)
435 Coca Cola Co.......................... 32,788
580 PepsiCo Inc........................... 34,582
--------------
67,370
--------------
BROADCAST MEDIA (0.8%)
290 Capital Cities/ABC, Inc............... 37,301
1,750 Comcast Corp. (Class A)............... 35,000
1,650 Tele-Communications, Inc.*............ 34,650
1,730 U.S. West Media Group*................ 36,546
--------------
143,497
--------------
BUILDING MATERIALS (0.6%)
1,055 Masco Corp............................ 30,859
750 Owens-Corning Fiberglas Corp.*........ 33,937
800 Sherwin-Williams Co................... 33,700
--------------
98,496
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
CHEMICALS (2.0%)
650 Air Products & Chemicals, Inc......... $ 34,694
425 Dow Chemical Co....................... 31,662
445 Du Pont (E.I.) de Nemours & Co.,
Inc................................... 34,209
520 Eastman Chemical Co................... 34,385
470 Goodrich (B.F.) Co.................... 34,604
600 Hercules, Inc......................... 33,150
280 Monsanto Co........................... 36,470
1,080 Praxair, Inc.......................... 36,720
515 Rohm & Haas Co........................ 35,664
760 Union Carbide Corp.................... 32,015
--------------
343,573
--------------
CHEMICALS - DIVERSIFIED (0.8%)
655 Avery Dennison Corp................... 34,961
1,500 Engelhard Corp........................ 34,687
475 FMC Corp.*............................ 34,616
700 PPG Industries, Inc................... 32,725
--------------
136,989
--------------
CHEMICALS - SPECIALTY (0.9%)
550 Grace (W.R.) & Co..................... 33,894
435 Great Lakes Chemical Corp............. 32,462
900 Morton International, Inc............. 33,300
1,100 Nalco Chemical Co..................... 33,687
605 Sigma-Aldrich Corp.................... 31,460
--------------
164,803
--------------
COMMUNICATIONS - EQUIPMENT/MANUFACTURERS (1.6%)
750 3Com Corp.*........................... 34,312
700 Andrew Corp.*......................... 30,800
430 Cabletron Systems, Inc.*.............. 33,164
425 Cisco Systems, Inc.*.................. 35,328
1,250 DSC Communications Corp.*............. 36,250
850 Northern Telecom Ltd. (Canada)........ 38,250
2,400 Scientific-Atlanta, Inc............... 37,800
900 Tellabs, Inc.*........................ 39,375
--------------
285,279
--------------
COMPUTER SOFTWARE & SERVICES (2.0%)
1,150 Autodesk, Inc......................... 34,356
780 Automatic Data Processing, Inc........ 31,102
685 Ceridian Corp.*....................... 30,825
547 Computer Associates International,
Inc................................... 37,401
460 Computer Sciences Corp.*.............. 35,075
445 First Data Corp....................... 31,484
390 Microsoft Corp.*...................... 36,026
2,700 Novell, Inc.*......................... 35,775
700 Oracle Corp.*......................... 33,337
670 Shared Medical Systems Corp........... 37,855
--------------
343,236
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMPUTERS - SYSTEMS (2.5%)
4,200 Amdahl Corp.*......................... $ 30,712
1,100 Apple Computer, Inc................... 30,250
700 COMPAQ Computer Corp.*................ 32,987
1,420 Cray Research, Inc.*.................. 35,500
2,350 Data General Corp.*................... 37,012
500 Digital Equipment Corp.*.............. 36,187
400 Hewlett-Packard Co.................... 33,900
2,000 Intergraph Corp.*..................... 37,000
300 International Business Machines
Corp.................................. 32,625
1,200 Silicon Graphics, Inc.*............... 33,750
850 Sun Microsystems, Inc.*............... 38,994
3,550 Tandem Computers Inc.*................ 33,281
4,350 Unisys Corp.*......................... 32,625
--------------
444,823
--------------
CONGLOMERATES (0.6%)
1,300 Teledyne, Inc......................... 32,500
700 Tenneco Inc........................... 36,137
440 Textron Inc........................... 34,595
--------------
103,232
--------------
CONTAINERS - METAL & GLASS (0.4%)
1,100 Ball Corp............................. 31,212
850 Crown Cork & Seal Co., Inc.*.......... 34,956
--------------
66,168
--------------
CONTAINERS - PAPER (0.6%)
1,130 Bemis Company, Inc.................... 31,922
2,420 Stone Container Corp.................. 35,392
800 Temple-Inland Inc..................... 35,100
--------------
102,414
--------------
COSMETICS (0.8%)
865 Alberto-Culver Co..................... 31,140
420 Avon Products, Inc.................... 33,180
700 Gillette Co........................... 37,537
670 International Flavors & Fragrances
Inc................................... 33,584
--------------
135,441
--------------
DISTRIBUTORS - CONSUMER PRODUCTS (0.6%)
1,700 Fleming Cos., Inc..................... 32,300
1,100 Super Valu Stores, Inc................ 34,100
1,000 Sysco Corp............................ 32,000
--------------
98,400
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT (1.8%)
900 AMP, Inc.............................. $ 35,100
400 Emerson Electric Co................... 33,500
450 General Electric Co................... 34,537
950 General Signal Corp................... 32,062
475 Grainger (W.W.), Inc.................. 32,003
700 Honeywell, Inc........................ 35,612
550 Raychem Corp.......................... 36,781
450 Thomas & Betts Corp................... 35,381
1,850 Westinghouse Electric Corp............ 38,619
--------------
313,595
--------------
ELECTRONICS - DEFENSE (0.4%)
1,480 EG & G, Inc........................... 32,930
800 Loral Corp............................ 37,000
--------------
69,930
--------------
ELECTRONICS - INSTRUMENTATION (0.4%)
760 Perkin-Elmer Corp..................... 35,910
750 Tektronix, Inc........................ 34,312
--------------
70,222
--------------
ELECTRONICS - SEMICONDUCTORS (1.6%)
1,850 Advanced Micro Devices, Inc.*......... 36,769
900 Applied Materials, Inc.*.............. 33,300
600 Intel Corp............................ 33,075
1,250 LSI Logic Corp........................ 35,156
1,000 Micron Technology, Inc................ 34,250
650 Motorola, Inc......................... 34,937
1,850 National Semiconductor Corp.*......... 31,912
700 Texas Instruments Inc................. 32,550
--------------
271,949
--------------
ENGINEERING & CONSTRUCTION (0.6%)
460 Fluor Corp............................ 30,820
840 Foster Wheeler Corp................... 37,065
4,150 Morrison Knudsen Co., Inc.*........... 13,487
1,275 Zurn Industries, Inc.................. 28,528
--------------
109,900
--------------
ENTERTAINMENT (0.8%)
850 King World Productions Inc.*.......... 36,550
800 Time Warner, Inc...................... 33,200
850 Viacom, Inc. (Class B)*............... 34,425
500 Walt Disney Co........................ 32,125
--------------
136,300
--------------
FINANCIAL - MISCELLANEOUS (1.2%)
720 American Express Co................... 33,120
895 American General Corp................. 33,786
430 Federal Home Loan Mortgage Corp....... 36,819
1,120 Federal National Mortgage Assoc....... 38,640
850 MBNA Corp............................. 34,637
450 Transamerica Corp..................... 34,256
--------------
211,258
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FOODS (2.5%)
1,669 Archer-Daniels-Midland Co............. $ 31,711
440 C P C International Inc............... 32,010
585 Campbell Soup Co...................... 37,074
760 ConAgra, Inc.......................... 34,865
600 General Mills, Inc.................... 34,500
997 Heinz (H.J.) Co....................... 34,272
475 Hershey Foods Corp.................... 33,606
410 Kellogg Co............................ 31,416
1,000 Quaker Oats Company (The)............. 34,375
530 Ralston-Ralston Purina Group.......... 34,119
950 Sara Lee Corp......................... 32,062
210 Unilever NV (ADR) (Netherlands)....... 30,424
630 Wrigley (Wm.) Jr. Co. (Class A)....... 37,485
--------------
437,919
--------------
GOLD MINING (1.2%)
1,115 Barrick Gold Corp. (Canada)........... 32,753
2,900 Echo Bay Mines Ltd. (Canada).......... 37,337
1,725 Homestake Mining Co................... 32,559
650 Newmont Mining Corp................... 36,400
1,340 Placer Dome Inc. (Canada)............. 37,687
2,400 Santa Fe Pacific Gold Corp............ 39,300
--------------
216,036
--------------
HARDWARE & TOOLS (0.6%)
1,050 Black & Decker Corp................... 35,569
750 Snap-On, Inc.......................... 32,906
670 Stanley Works......................... 34,505
--------------
102,980
--------------
HEALTHCARE - DIVERSIFIED (1.4%)
775 Abbott Laboratories................... 32,744
980 Allergan, Inc......................... 32,585
340 American Home Products Corp........... 34,680
400 Bristol-Myers Squibb Co............... 35,400
380 Johnson & Johnson..................... 36,480
860 Mallinckrodt Group, Inc............... 34,507
350 Warner-Lambert Co..................... 32,812
--------------
239,208
--------------
HEALTHCARE - DRUGS (1.1%)
690 Lilly (Eli) & Co...................... 39,675
520 Merck & Co., Inc...................... 36,530
550 Pfizer, Inc........................... 37,812
930 Pharmacia & Upjohn, Inc............... 38,944
620 Schering-Plough Corp.................. 33,557
--------------
186,518
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
HEALTHCARE - MISCELLANEOUS (0.8%)
1,350 Alza Corp.*........................... $ 38,137
620 Amgen Inc.*........................... 37,200
2,850 Beverly Enterprises, Inc.*............ 34,200
885 Manor Care, Inc....................... 34,736
--------------
144,273
--------------
HEALTHCARE HMOS (0.6%)
1,230 Humana, Inc.*......................... 33,979
800 U.S. Healthcare, Inc.................. 38,700
610 United Healthcare Corp................ 38,354
--------------
111,033
--------------
HEAVY DUTY TRUCKS & PARTS (1.2%)
900 Cummins Engine Co., Inc............... 34,762
1,100 Dana Corp............................. 36,162
600 Eaton Corp............................ 34,800
1,400 ITT Industries, Inc................... 36,400
3,400 Navistar International Corp.*......... 32,300
700 PACCAR, Inc........................... 31,675
--------------
206,099
--------------
HOME BUILDING (0.6%)
990 Centex Corp........................... 31,927
2,500 Kaufman & Broad Home Corp............. 40,000
1,060 Pulte Corp............................ 34,980
--------------
106,907
--------------
HOSPITAL MANAGEMENT (0.6%)
580 Columbia/HCA Healthcare Corp.......... 32,262
2,700 Community Psychiatric Centers*........ 31,050
1,750 Tenet Healthcare Corp.*............... 37,406
--------------
100,718
--------------
HOTELS/MOTELS (0.8%)
1,170 Harrah's Entertainment, Inc.*......... 32,175
410 Hilton Hotels Corp.................... 31,877
640 ITT Corp.*............................ 35,520
770 Marriot International Inc............. 33,014
--------------
132,586
--------------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.6%)
600 Armstrong World Industries Inc........ 35,250
1,635 Maytag Corp........................... 32,087
650 Whirlpool Corp........................ 35,344
--------------
102,681
--------------
HOUSEHOLD PRODUCTS (0.8%)
400 Clorox Co............................. 33,050
450 Colgate-Palmolive Co.................. 33,300
410 Kimberly-Clark Corp................... 33,056
380 Procter & Gamble Co................... 31,872
--------------
131,278
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
HOUSEWARES (0.6%)
1,250 Newell Co............................. $ 32,969
650 Premark International, Inc............ 33,637
1,150 Rubbermaid, Inc....................... 32,631
--------------
99,237
--------------
INSURANCE BROKERS (0.4%)
1,740 Alexander & Alexander Services,
Inc................................... 33,712
350 Marsh & McLennan Cos., Inc............ 31,850
--------------
65,562
--------------
INVESTMENT BANKING/BROKERAGE (1.0%)
700 Dean Witter, Discover & Co. (Note
3).................................... 37,887
650 Merrill Lynch & Co., Inc.............. 36,969
680 Morgan Stanley Group, Inc............. 32,385
950 Salomon, Inc.......................... 36,219
600 Travelers Group, Inc.................. 39,450
--------------
182,910
--------------
LEISURE TIME (0.8%)
2,500 Bally Entertainment Corp.*............ 33,750
1,505 Brunswick Corp........................ 34,051
5,000 Handleman Co.......................... 31,875
1,650 Outboard Marine Corp.................. 33,000
--------------
132,676
--------------
LIFE INSURANCE (1.2%)
733 Jefferson-Pilot Corp.................. 36,558
640 Lincoln National Corp................. 33,840
725 Providian Corp........................ 31,809
705 Torchmark Corp........................ 33,399
555 UNUM Corp............................. 34,132
1,005 USLIFE Corp........................... 32,286
--------------
202,024
--------------
MACHINE TOOLS (0.4%)
1,450 Cincinnati Milacron, Inc.............. 34,619
2,150 Giddings & Lewis, Inc................. 32,519
--------------
67,138
--------------
MACHINERY - DIVERSIFIED (1.8%)
770 Briggs & Stratton Corp................ 33,784
550 Caterpillar, Inc...................... 35,406
870 Cooper Industries, Inc................ 32,734
990 Deere & Co............................ 37,125
1,000 Harnischfeger Industries, Inc......... 33,875
850 Ingersoll-Rand Co..................... 34,106
650 NACCO Industries, Inc. (Class A)...... 34,206
750 Timken Co............................. 31,031
900 Varity Corp.*......................... 33,300
--------------
305,567
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MANUFACTURED HOUSING (0.2%)
1,320 Fleetwood Enterprises, Inc............ $ 33,660
--------------
MANUFACTURING - DIVERSIFIED (1.9%)
675 AlliedSignal, Inc..................... 33,666
850 Crane Co.............................. 33,681
690 Dover Corp............................ 31,481
550 Illinois Tool Works Inc............... 33,756
475 Johnson Controls, Inc................. 34,319
750 Millipore Corp........................ 32,062
1,110 Pall Corp............................. 29,970
900 Parker-Hannifin Corp.................. 30,712
1,100 Trinova Corp.......................... 33,825
930 Tyco International Ltd................ 32,899
--------------
326,371
--------------
MEDICAL PRODUCTS & SUPPLIES (1.8%)
1,035 Bard (C.R.), Inc...................... 36,225
850 Bausch & Lomb, Inc.................... 33,044
790 Baxter International, Inc............. 35,945
430 Becton, Dickinson & Co................ 37,141
1,900 Biomet, Inc.*......................... 35,387
750 Boston Scientific Corp.*.............. 38,437
580 Medtronic Inc......................... 33,132
780 St. Jude Medical, Inc.*............... 34,222
1,400 United States Surgical Corp........... 33,075
--------------
316,608
--------------
METALS - MISCELLANEOUS (1.2%)
1,150 ASARCO, Inc........................... 36,512
650 Case Corp............................. 30,794
1,300 Cyprus Amax Minerals Co............... 34,450
1,150 Freeport-McMoran Copper & Gold,
Inc................................... 34,069
1,000 Inco Ltd. (Canada).................... 35,000
530 Phelps Dodge Corp..................... 33,390
--------------
204,215
--------------
MISCELLANEOUS (2.1%)
1,200 Airtouch Communications, Inc.*........ 33,900
1,280 American Greetings Corp. (Class A).... 34,560
1,100 Corning, Inc.......................... 34,375
1,170 Dial Corp............................. 36,855
850 Harcourt General, Inc................. 33,150
500 Harris Corp........................... 31,312
1,500 Jostens, Inc.......................... 34,500
500 Minnesota Mining & Manufacturing
Co.................................... 32,250
660 Pioneer Hi-Bred International, Inc.... 33,660
450 TRW, Inc.............................. 38,025
1,405 Whitman Corp.......................... 31,964
--------------
374,551
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MULTI-LINE INSURANCE (0.8%)
435 Aetna Life & Casualty Co.............. $ 32,408
345 American International Group, Inc..... 33,422
315 CIGNA Corp............................ 37,367
690 ITT Hartford Group, Inc.*............. 34,586
--------------
137,783
--------------
OFFICE EQUIPMENT & SUPPLIES (0.8%)
850 Alco Standard Corp.................... 33,363
1,700 Moore Corp. Ltd. (Canada)............. 33,575
670 Pitney Bowes, Inc..................... 30,318
280 Xerox Corp............................ 34,615
--------------
131,871
--------------
OIL & GAS DRILLING (0.4%)
1,150 Helmerich & Payne, Inc................ 36,225
3,500 Rowan Cos., Inc.*..................... 38,063
--------------
74,288
--------------
OIL - DOMESTIC INTEGRATED (2.1%)
610 Amerada Hess Corp..................... 33,626
930 Ashland Oil, Inc...................... 34,178
300 Atlantic Richfield Co................. 34,088
505 Kerr-McGee Corp....................... 31,941
775 Louisiana Land & Exploration Co....... 33,325
1,550 Occidental Petroleum Corp............. 33,325
800 Pennzoil Co........................... 32,500
1,000 Phillips Petroleum Co................. 32,625
1,200 Sun Co., Inc.......................... 32,700
1,140 Unocal Corp........................... 34,058
1,750 USX-Marathon Group.................... 32,813
--------------
365,179
--------------
OIL - EXPLORATION & PRODUCTION (0.6%)
850 Burlington Resources, Inc............. 31,875
2,500 Oryx Energy Co.*...................... 32,813
3,600 Santa Fe Energy Resources, Inc.*...... 34,650
--------------
99,338
--------------
OIL - INTERNATIONAL INTEGRATED (1.1%)
450 Amoco Corp............................ 31,669
650 Chevron Corp.......................... 33,719
450 Exxon Corp............................ 36,113
300 Mobil Corp............................ 33,225
220 Royal Dutch Petroleum Co.
(Netherlands)......................... 30,580
415 Texaco, Inc........................... 33,563
--------------
198,869
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
OIL WELL EQUIPMENT & SERVICE (1.2%)
1,450 Baker Hughes Inc...................... $ 37,519
1,405 Dresser Industries, Inc............... 36,530
720 Halliburton Co........................ 37,170
1,750 McDermott International, Inc.......... 33,906
480 Schlumberger Ltd. (ADR)
(Netherlands Antilles)................ 33,660
650 Western Atlas Inc.*................... 34,775
--------------
213,560
--------------
PAPER & FOREST PRODUCTS (2.5%)
850 Boise Cascade Corp.................... 33,363
800 Champion International Corp........... 35,800
700 Federal Paper Board Co., Inc.......... 37,888
480 Georgia-Pacific Corp.................. 35,220
850 International Paper Co................ 34,744
1,390 James River Corp. of Virginia......... 36,488
1,300 Louisiana-Pacific Corp................ 33,150
600 Mead Corp............................. 33,150
850 Potlatch Corp......................... 34,744
600 Union Camp Corp....................... 30,900
1,150 Westvaco Corp......................... 33,350
660 Weyerhaeuser Co....................... 30,443
550 Willamette Industries, Inc............ 30,525
--------------
439,765
--------------
PERSONAL LOANS (0.4%)
700 Beneficial Corp....................... 34,213
515 Household International, Inc.......... 33,411
--------------
67,624
--------------
PHOTOGRAPHY/IMAGING (0.4%)
480 Eastman Kodak Co...................... 35,220
720 Polaroid Corp......................... 32,310
--------------
67,530
--------------
POLLUTION CONTROL (0.6%)
1,025 Browning-Ferris Industries, Inc....... 30,238
3,100 Laidlaw Inc. (Class B) (Canada)....... 32,550
1,150 WMX Technologies, Inc................. 34,356
--------------
97,144
--------------
PROPERTY - CASUALTY INSURANCE (1.3%)
820 Allstate Corp. (The).................. 35,773
310 Chubb Corp............................ 32,163
220 General Re Corp....................... 33,660
440 Loews Corp............................ 36,355
920 SAFECO Corp........................... 33,005
560 St. Paul Companies, Inc............... 31,920
2,000 USF&G Corp............................ 32,000
--------------
234,876
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
PUBLISHING (0.6%)
495 Dun & Bradstreet Corp................. $ 32,175
345 McGraw-Hill, Inc...................... 30,705
850 Meredith Corp......................... 38,675
--------------
101,555
--------------
PUBLISHING - NEWSPAPER (1.1%)
785 Dow Jones & Co., Inc.................. 30,713
530 Gannett Co., Inc...................... 33,655
500 Knight-Ridder Newspapers, Inc......... 33,188
1,125 New York Times Co. (Class A).......... 32,625
1,045 Times Mirror Co....................... 32,395
550 Tribune Co............................ 34,444
--------------
197,020
--------------
RAILROADS (0.9%)
400 Burlington Northern Santa Fe Corp..... 32,750
425 Conrail, Inc.......................... 30,069
710 CSX Corp.............................. 32,926
430 Norfolk Southern Corp................. 33,916
500 Union Pacific Corp.................... 33,313
--------------
162,974
--------------
RESTAURANTS (1.1%)
2,800 Darden Restaurants, Inc............... 32,200
1,500 Luby's Cafeterias, Inc................ 31,500
730 McDonald's Corp....................... 36,683
4,700 Ryan's Family Steak Houses, Inc.*..... 32,313
3,950 Shoney's Inc.*........................ 32,588
1,700 Wendy's International, Inc............ 35,063
--------------
200,347
--------------
RETAIL - DEPARTMENT STORES (1.2%)
1,200 Dillard Department Stores, Inc. (Class
A).................................... 34,800
1,230 Federated Department Stores, Inc.*.... 33,210
800 May Department Stores Co.............. 35,600
700 Mercantile Stores Co., Inc............ 32,988
800 Nordstrom, Inc........................ 31,100
700 Penney (J.C.) Co., Inc................ 34,300
--------------
201,998
--------------
RETAIL - DRUG STORES (0.6%)
715 Longs Drug Stores Corp................ 32,354
970 Rite Aid Corp......................... 31,161
1,100 Walgreen Co........................... 38,363
--------------
101,878
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
RETAIL - FOOD CHAINS (1.1%)
910 Albertson's Inc....................... $ 31,054
1,300 American Stores Co.................... 33,800
1,000 Giant Food, Inc. (Class A)............ 32,000
1,450 Great Atlantic & Pacific Tea Co.,
Inc................................... 34,075
960 Kroger Co.*........................... 33,360
900 Winn-Dixie Stores, Inc................ 31,613
--------------
195,902
--------------
RETAIL - GENERAL MERCHANDISE (0.7%)
450 Dayton-Hudson Corp.................... 33,638
4,900 Kmart Corp............................ 28,788
820 Sears, Roebuck & Co................... 34,030
1,650 Wal-Mart Stores, Inc.................. 33,619
--------------
130,075
--------------
RETAIL - SPECIALTY (1.7%)
1,185 Circuit City Stores, Inc.............. 30,514
800 Home Depot, Inc....................... 36,800
1,100 Lowe's Companies, Inc................. 34,238
1,150 Melville Corp......................... 32,775
1,250 Pep Boys-Manny Moe & Jack............. 36,250
2,260 Price/Costco, Inc.*................... 35,030
850 Tandy Corp............................ 32,513
1,550 Toys 'R' Us, Inc.*.................... 34,294
2,800 Woolworth Corp.*...................... 31,500
--------------
303,914
--------------
RETAIL - SPECIALTY APPAREL (0.8%)
11,000 Charming Shoppes, Inc................. 29,563
770 Gap, Inc.............................. 36,286
1,950 Limited (The), Inc.................... 32,663
1,850 TJX Companies, Inc.................... 34,919
--------------
133,431
--------------
SAVINGS & LOAN COMPANIES (0.5%)
1,325 Ahmanson (H.F.) & Co.................. 31,800
590 Golden West Financial Corp............ 30,533
1,350 Great Western Financial Corp.......... 32,400
--------------
94,733
--------------
SHOES (0.7%)
2,300 Brown Group Inc....................... 31,625
530 Nike, Inc............................. 36,968
1,180 Reebok International Ltd. (United
Kingdom).............................. 31,860
3,600 Stride Rite Corp...................... 29,700
--------------
130,153
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
SPECIALIZED SERVICES (1.5%)
900 Block (H.&R.), Inc.................... $ 33,188
950 CUC International, Inc.*.............. 35,031
1,015 Ecolab, Inc........................... 30,577
800 Interpublic Group of Companies,
Inc................................... 34,000
1,000 National Service Industries, Inc...... 34,875
1,450 Ogden Corp............................ 33,713
2,150 Safety-Kleen Corp..................... 32,250
785 Service Corp. International........... 34,049
--------------
267,683
--------------
SPECIALTY PRINTING (0.6%)
1,075 Deluxe Corp........................... 31,578
950 Donnelley (R.R.) & Sons Co............ 34,081
1,420 Harland (John H.) Co.................. 31,240
--------------
96,899
--------------
STEEL (1.2%)
5,300 Armco, Inc.*.......................... 29,150
2,200 Bethlehem Steel Corp.*................ 33,275
1,300 Inland Steel Industries, Inc.......... 37,213
650 Nucor Corp............................ 37,781
950 USX-U.S. Steel Group.................. 33,844
1,700 Worthington Industries, Inc........... 35,275
--------------
206,538
--------------
TELECOMMUNICATIONS - LONG DISTANCE (0.6%)
490 AT&T Corp............................. 32,769
1,240 MCI Communications Corp............... 35,340
810 Sprint Corp........................... 34,931
--------------
103,040
--------------
TEXTILES (1.0%)
1,550 Fruit of the Loom, Inc.*.............. 38,944
1,175 Liz Claiborne, Inc.................... 32,753
1,200 Russell Corp.......................... 33,000
800 Springs Industries, Inc............... 32,000
650 VF Corp............................... 32,825
--------------
169,522
--------------
TOBACCO (0.6%)
730 American Brands, Inc.................. 33,306
360 Philip Morris Companies, Inc.......... 33,480
935 UST, Inc.............................. 31,439
--------------
98,225
--------------
TOYS (0.4%)
860 Hasbro Inc............................ 35,690
1,025 Mattel, Inc........................... 33,056
--------------
68,746
--------------
TRANSPORTATION - MISCELLANEOUS (0.4%)
500 Federal Express Corp.*................ 38,063
1,450 Ryder System, Inc..................... 33,894
--------------
71,957
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - VALUE-ADDED MARKET
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
TRUCKERS (0.6%)
900 Caliber System, Inc.*................. $ 34,200
1,275 Consolidated Freightways, Inc......... 29,325
2,750 Yellow Corp........................... 32,656
--------------
96,181
--------------
UTILITIES - ELECTRIC (4.8%)
790 American Electric Power Co., Inc...... 34,958
1,050 Baltimore Gas & Electric Co........... 30,188
915 Carolina Power & Light Co............. 33,855
1,100 Central & South West Corp............. 30,113
970 CINergy Corp.......................... 30,191
910 Consolidated Edison Co. of New York,
Inc................................... 30,713
940 Detroit Edison Co..................... 33,723
730 Dominion Resources, Inc............... 31,299
700 Duke Power Co......................... 34,825
1,120 Entergy Corp.......................... 33,180
695 FPL Group, Inc........................ 32,231
940 General Public Utilities Corp......... 31,960
1,400 Houston Industries, Inc............... 33,600
3,500 Niagara Mohawk Power Corp............. 31,938
650 Northern States Power Co.............. 33,394
1,400 Ohio Edison Co........................ 33,425
1,200 Pacific Gas & Electric Co............. 33,300
1,430 PacifiCorp............................ 30,388
1,100 PECO Energy Co........................ 33,825
1,320 PP&L Resources, Inc................... 33,990
1,100 Public Service Enterprise Group,
Inc................................... 34,375
1,630 SCE Corp.............................. 30,155
1,300 Southern Co........................... 32,988
820 Texas Utilities Co.................... 33,518
1,005 Unicom Corp........................... 33,793
780 Union Electric Co..................... 33,248
--------------
849,173
--------------
UTILITIES - NATURAL GAS (2.6%)
890 Coastal Corp.......................... 33,709
760 Columbia Gas System, Inc.*............ 32,965
715 Consolidated Natural Gas Co........... 32,175
895 Eastern Enterprises................... 30,878
900 Enron Corp............................ 33,300
2,250 ENSERCH Corp.......................... 32,906
1,250 NICOR, Inc............................ 34,063
4,200 NorAm Energy Corp..................... 36,750
1,600 ONEOK, Inc............................ 33,400
1,125 Pacific Enterprises................... 31,219
1,100 Panhandle Eastern Corp................ 31,763
1,005 Peoples Energy Corp................... 32,788
990 Sonat, Inc............................ 34,155
770 Williams Cos., Inc.................... 36,286
--------------
466,357
--------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
UTILITIES - TELEPHONE (1.8%)
1,055 Alltel Corp........................... $ 33,101
590 Ameritech Corp........................ 35,474
490 Bell Atlantic Corp.................... 33,749
860 BellSouth Corp........................ 36,873
790 GTE Corp.............................. 36,340
680 NYNEX Corp............................ 36,465
1,150 Pacific Telesis Group................. 33,925
570 SBC Communications, Inc............... 32,276
950 U.S. West Communications Group........ 33,369
--------------
311,572
--------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $14,559,079)......... 16,994,177
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (7.6%)
U.S. GOVERNMENT AGENCY (a) (4.0%)
$ 700 Federal Home Loan Mortgage Corp. 5.35%
due 02/26/96.......................... 697,399
--------------
REPURCHASE AGREEMENT (3.6%)
625 The Bank of New York 5.75% due
02/01/96 (dated 01/31/96; proceeds
$626,050; collateralized by $311,212
U.S. Treasury Bond 8.125% due 05/15/21
valued at $395,948 and $320,564 U.S.
Treasury Principal Strip due 05/15/01
valued at $242,521) (Identified Cost
$625,950)............................. 625,950
--------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $1,323,349).......... 1,323,349
--------------
TOTAL INVESTMENTS
(IDENTIFIED COST $15,882,428) (b)......... 105.1% 18,317,526
LIABILITIES IN EXCESS OF CASH AND OTHER
ASSETS.................................... (5.1) (884,084)
----- -----------
NET ASSETS................................ 100.0% $17,433,442
----- -----------
----- -----------
<FN>
- ---------------------
ADR American Depository Receipt.
* Non-income producing security.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $15,883,465; the
aggregate gross unrealized appreciation is $2,845,342 and the aggregate
gross unrealized depreciation is $411,281, resulting in net unrealized
appreciation of $2,434,061.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS (93.8%)
ARGENTINA (0.3%)
AUTOMOTIVE
2,000 Ciadea S.A.*........................... $ 10,501
-------------
TELECOMMUNICATIONS
400 Telefonica de Argentina S.A. (ADR)..... 12,800
-------------
TOTAL ARGENTINA........................ 23,301
-------------
BRAZIL (0.6%)
METALS & MINING
700 Usinas Siderurgicas de Minas Gerais
(Pref.) - 144A**....................... 8,050
-------------
SUPERMARKETS
2,000 Companhia Brasileiras de Distribuicao
(ADR)* - 144A**........................ 20,500
-------------
TELECOMMUNICATIONS
300 Telecommunicacoes Brasileiras S.A.
(ADR).................................. 16,725
-------------
UTILITIES
600 Companhia Energetica de Minas Gerais
S.A. (Pref.) (ADR)* - 144A**........... 14,700
-------------
TOTAL BRAZIL........................... 59,975
-------------
CANADA (0.5%)
METALS & MINING
1,500 Barrick Gold Corp...................... 43,957
-------------
CHILE (1.2%)
BANKS
2,000 Banco de A. Edwards (ADR)*............. 41,750
-------------
CONGLOMERATES
1,000 Madeco S.A. (ADR)...................... 27,000
-------------
FOODS & BEVERAGES
500 Embotelladora Andina S.A. (ADR)........ 17,375
-------------
TELECOMMUNICATIONS
250 Compania de Telecommunicaciones de
Chile S.A. (ADR)....................... 20,031
-------------
TOTAL CHILE............................ 106,156
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FRANCE (3.0%)
BANKING
350 Credit Local de France................. $ 29,475
300 Societe Generale de Paris.............. 35,252
-------------
64,727
-------------
BUILDING & CONSTRUCTION
200 Bouygues S.A........................... 20,250
-------------
BUILDING MATERIALS
200 Compagnie de Saint-Gobain.............. 25,029
-------------
BUSINESS SERVICES
200 Compagnie Generale des Eaux............ 21,229
-------------
FOODS & BEVERAGES
160 LVMH Moet-Hennessy Louis Vuitton....... 35,691
-------------
MACHINERY - DIVERSIFIED
30 Sidel S.A.............................. 8,989
-------------
PHARMACEUTICALS
550 Sanofi S.A............................. 36,515
-------------
RETAIL
50 Carrefour Supermarche.................. 32,177
180 Castorama Dubois Investissement........ 31,656
-------------
63,833
-------------
TOTAL FRANCE........................... 276,263
-------------
GERMANY (1.9%)
AUTOMOTIVE
60 Volkswagen AG.......................... 21,857
-------------
BUSINESS SERVICES
300 SAP AG (Pref.)......................... 45,850
-------------
MANUFACTURING - DIVERSIFIED
150 Mannesmann AG (ADR).................... 52,024
-------------
PHARMACEUTICALS
100 Gehe AG................................ 50,127
-------------
TOTAL GERMANY.......................... 169,858
-------------
HONG KONG (4.8%)
BANKING
6,000 Hang Seng Bank Ltd..................... 58,007
3,140 HSBC Holdings PLC...................... 51,983
-------------
109,990
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
CONGLOMERATES
10,000 Hutchison Whampoa, Ltd................. $ 64,992
6,500 Swire Pacific Ltd. (Class A)........... 56,747
-------------
121,739
-------------
HOTELS
44,000 Harbour Centre Development............. 57,762
-------------
REAL ESTATE
10,000 Cheung Kong (Holdings) Ltd............. 74,369
6,000 Sun Hung Kai Properties Ltd............ 57,037
-------------
131,406
-------------
TRANSPORTATION
10,300 Cathay Pacific Airways................. 19,117
-------------
TOTAL HONG KONG........................ 440,014
-------------
INDONESIA (0.5%)
TELECOMMUNICATIONS
1,100 PT Indosat (ADR)....................... 44,550
-------------
ITALY (1.5%)
CONSUMER PRODUCTS
1,000 De Rigo SpA (ADR)*..................... 25,000
-------------
OIL & GAS
1,500 Ente Nazionale Idrocarburi SpA
(ADR)*................................. 55,875
-------------
TELECOMMUNICATIONS
17,000 Stet Societa' Finanziaria Telefonica
SpA.................................... 53,490
-------------
TOTAL ITALY............................ 134,365
-------------
JAPAN (28.8%)
AUTOMOTIVE
7,000 Mitsubishi Motors Corp................. 56,251
-------------
BANKING
6,000 Asahi Bank, Ltd........................ 71,763
3,000 Sanwa Bank, Ltd........................ 56,625
3,000 Sumitomo Bank.......................... 57,466
3,000 Sumitomo Trust & Banking............... 40,367
-------------
226,221
-------------
BUILDING & CONSTRUCTION
6,000 Nishimatsu Construction Co............. 69,520
5,000 Sekisui House Ltd...................... 63,540
-------------
133,060
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BUILDING MATERIALS
2,000 Tostem Corp............................ $ 65,782
-------------
BUSINESS SERVICES
3,000 Dai Nippon Printing Co. Ltd............ 51,299
1,000 Secom Co............................... 65,035
-------------
116,334
-------------
CHEMICALS
8,000 Asahi Chemical Industrial Co. Ltd...... 58,083
6,000 Kaneka Corp............................ 38,909
6,000 Nippon Shokubai K.K. Co................ 63,914
3,000 Shin-Etsu Chemical Co.................. 60,550
-------------
221,456
-------------
CONSUMER PRODUCTS
4,000 Kao Corp............................... 50,458
-------------
ELECTRONICS
3,000 Canon, Inc............................. 56,625
7,000 Hitachi, Ltd........................... 52,327
5,000 NEC Corp............................... 60,737
-------------
169,689
-------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
1,000 Kyocera Corp........................... 70,922
1,000 Rohm Co., Ltd.......................... 55,317
2,000 Ryoyo Electro Corp..................... 47,094
-------------
173,333
-------------
FINANCIAL SERVICES
2,000 New Japan Securities*.................. 13,007
3,000 Nomura Securities Co., Ltd............. 65,035
1,000 Orix Corp.............................. 42,048
1,000 Promise Co., Ltd....................... 45,132
-------------
165,222
-------------
FOOD PROCESSING
1,000 Stamina Foods.......................... 12,521
-------------
HEALTH & PERSONAL CARE
3,000 Yamanouchi Pharmaceutical Co........... 65,596
-------------
INSURANCE
3,000 Dai-Tokyo Fire & Marine Insurance Co.
Ltd.................................... 21,445
5,000 Tokio Marine & Fire Insurance Co....... 62,605
-------------
84,050
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
INTERNATIONAL TRADE
5,000 Mitsubishi Corp........................ $ 61,671
9,000 Mitsui & Co............................ 78,126
-------------
139,797
-------------
MACHINE TOOLS
5,000 Asahi Diamond Industries Co. Ltd....... 69,146
-------------
MACHINERY
1,000 Fanuc, Ltd............................. 43,637
7,000 Komatsu Ltd............................ 58,998
2,000 Minebea Co., Ltd....................... 17,361
8,000 Mitsubishi Heavy Industries, Ltd....... 63,465
1,000 Nippon Thompson Co..................... 9,055
-------------
192,516
-------------
MANUFACTURING
1,000 Nippon Electric Glass Co., Ltd......... 18,315
-------------
METALS & MINING
18,000 Nippon Steel Co........................ 61,895
-------------
PHARMACEUTICALS
4,000 Eisai Co. Ltd.......................... 72,136
-------------
REAL ESTATE
1,000 Cesar Co............................... 8,270
8,000 Sumitomo Realty & Development.......... 55,167
-------------
63,437
-------------
RETAIL
1,000 Ito-Yokado Co. Ltd..................... 56,906
4,000 Izumiya Co. Ltd........................ 65,782
1,000 Xebio Co. Ltd.......................... 34,106
-------------
156,794
-------------
TELECOMMUNICATIONS
7 Nippon Telegraph & Telephone Corp...... 52,981
-------------
TEXTILES - APPAREL
3,000 Kuraray Co. Ltd........................ 31,677
4,000 Tokyo Style............................ 64,287
-------------
95,964
-------------
TRANSPORTATION
12 East Japan Railway Co.................. 59,653
6,000 Yamato Transport Co. Ltd............... 68,959
-------------
128,612
-------------
UTILITIES
2,000 Kyushu Electric Power.................. 45,786
-------------
TOTAL JAPAN............................ 2,637,352
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MALAYSIA (3.4%)
BANKING
11,000 DCB Holdings Berhad.................... $ 32,442
4,000 Malayan Banking Berhad................. 35,782
17,000 Public Bank Berhad..................... 41,172
-------------
109,396
-------------
BUILDING & CONSTRUCTION
5,000 United Engineers Malaysia Berhad....... 32,422
-------------
ENTERTAINMENT
5,000 Genting Berhad......................... 45,313
-------------
MACHINERY
6,000 UMW Holdings Berhad.................... 18,047
-------------
NATURAL GAS
5,000 Petronas Gas Berhad.................... 18,750
-------------
TELECOMMUNICATIONS
12,000 Technology Resources Industries
Berhad*................................ 36,797
-------------
TOBACCO
15,000 RJ Reynolds Berhad..................... 35,449
-------------
UTILITIES
5,000 Tenaga Nasional Berhad................. 18,555
-------------
TOTAL MALAYSIA......................... 314,729
-------------
MEXICO (0.8%)
BANKING
10,000 Grupo Financiero Banamex Accival S.A.
de C.V. (B Shares)..................... 19,701
300 Grupo Financiero Banamex Accival S.A.
de C.V. (Series L)..................... 567
-------------
20,268
-------------
BUILDING MATERIALS
2,000 Apasco S.A. de C.V..................... 10,489
1,087 Cementos de Mexico S.A. (B Shares)..... 4,483
-------------
14,972
-------------
METALS & MINING
2,200 Tubos de Acero de Mexico S.A. de C.V.
(ADR)*................................. 17,875
-------------
RETAIL
15,000 Cifra S.A. de C.V. (C Shares).......... 18,995
-------------
TOTAL MEXICO........................... 72,110
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
NETHERLANDS (2.2%)
BUILDING & CONSTRUCTION
400 Hunter Douglas NV...................... $ 19,551
-------------
FINANCIAL SERVICES
350 Internationale Nederlanden Groep NV.... 22,816
-------------
INSURANCE
500 Aegon NV............................... 20,510
-------------
LEISURE
700 Randstad Holdings NV................... 32,114
-------------
PUBLISHING
900 Elsevier NV............................ 12,522
200 Wegener NV............................. 22,369
500 Wolters Kluwer NV...................... 49,026
-------------
83,917
-------------
RETAIL
500 Koninklijke Ahold NV................... 20,570
-------------
TOTAL NETHERLANDS...................... 199,478
-------------
NORWAY (0.6%)
CONSUMER SERVICES
500 Orkla Borregaard AS (A Shares)......... 23,419
-------------
MULTI-LINE INSURANCE
3,500 UNI Storebrand AS (A Shares)*.......... 19,296
-------------
OIL & GAS
1,500 Saga Petroleum AS (B Shares)........... 16,470
-------------
TOTAL NORWAY........................... 59,185
-------------
PHILIPPINES (0.2%)
UTILITIES
300 Philippine Long Distance Telephone Co.
(ADR).................................. 19,350
-------------
SINGAPORE (5.2%)
BANKING
4,500 Development Bank of Singapore, Ltd..... 63,720
5,000 United Overseas Bank, Ltd.............. 53,892
-------------
117,612
-------------
FOODS & BEVERAGES
4,000 Fraser & Neave Ltd..................... 55,795
-------------
MACHINERY - DIVERSIFIED
5,000 Keppel Corp., Ltd...................... 46,848
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
PUBLISHING
4,000 Singapore Press Holdings Ltd........... $ 77,774
-------------
REAL ESTATE
17,000 DBS Land Ltd........................... 67,066
9,000 Singapore Land Ltd..................... 68,475
-------------
135,541
-------------
TRANSPORTATION
4,000 Singapore Airlines Ltd................. 41,987
-------------
TOTAL SINGAPORE........................ 475,557
-------------
SOUTH KOREA (0.1%)
ELECTRONICS
200 Samsung Electronics Co. (GDS)* -
144A**................................. 11,450
-------------
SPAIN (1.9%)
BANKS
1,100 Banco Bilbao Vizcaya................... 40,323
-------------
OIL - FOREIGN
1,500 Repsol S.A............................. 52,313
-------------
TELECOMMUNICATIONS
1,000 Telefonica de Espana (ADR)............. 44,125
-------------
UTILITIES
700 Empresa Nacional de Electricidad S.A.
(ADR).................................. 38,532
-------------
TOTAL SPAIN............................ 175,293
-------------
SWEDEN (1.5%)
AUTOMOTIVE
700 Autoliv AB............................. 33,967
1,000 Volvo AB (Series "B" Free)............. 18,774
-------------
52,741
-------------
MACHINERY
2,300 Kalmar Industries AB................... 37,201
-------------
TELECOMMUNICATIONS
2,250 Ericsson (L.M.) Telephone Co. AB
(Series "B" Free)...................... 45,328
-------------
TOTAL SWEDEN........................... 135,270
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
SWITZERLAND (0.6%)
PHARMACEUTICALS
30 Ciba-Geigy AG.......................... $ 24,954
30 Sandoz AG (Series B)................... 26,215
-------------
TOTAL SWITZERLAND...................... 51,169
-------------
UNITED KINGDOM (7.2%)
AEROSPACE & DEFENSE
2,416 British Aerospace PLC.................. 32,616
2,900 Smiths Industries PLC.................. 28,651
-------------
61,267
-------------
AUTO PARTS
6,038 BBA Group PLC.......................... 27,247
-------------
BANKING
2,900 National Westminster Bank PLC.......... 29,089
-------------
BEVERAGES
1,500 Bass PLC............................... 16,939
3,400 Guinness PLC........................... 23,490
-------------
40,429
-------------
BROADCAST MEDIA
3,600 Flextech PLC*.......................... 24,273
9,200 General Cable PLC*..................... 24,339
-------------
48,612
-------------
BUILDING & CONSTRUCTION
5,571 Blue Circle Industries PLC............. 29,056
-------------
BUSINESS SERVICES
3,000 Reuters Holdings PLC................... 28,164
-------------
CHEMICALS
8,000 Albright & Wilson PLC.................. 20,077
-------------
CONSUMER PRODUCTS
2,000 Vendome Luxury Group PLC (Units)++..... 17,084
-------------
FOOD PROCESSING
4,600 Associated British Foods PLC........... 26,287
-------------
INSURANCE
2,643 General Accident PLC................... 25,972
5,173 Prudential Corp. PLC................... 33,706
5,100 Royal Insurance Holdings PLC........... 29,761
-------------
89,439
-------------
LEISURE
2,600 Granada Group PLC...................... 28,183
5,000 Tomkins PLC............................ 20,825
-------------
49,008
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
METALS & MINING
2,400 Antofagasta Holdings PLC............... $ 12,517
-------------
OIL
5,300 British Petroleum Co. PLC.............. 42,385
-------------
PHARMACEUTICALS
4,300 Medeva PLC............................. 14,919
-------------
RETAIL
3,000 Boots Co. PLC.......................... 28,255
4,300 Next PLC............................... 29,773
-------------
58,028
-------------
TELECOMMUNICATIONS
4,000 British Telecommunications PLC......... 21,588
-------------
TRANSPORTATION
2,800 British Airways PLC.................... 22,435
-------------
UTILITIES
3,000 Thames Water PLC....................... 24,661
-------------
TOTAL UNITED KINGDOM................... 662,292
-------------
UNITED STATES (26.9%)
AIRCRAFT & AEROSPACE
1,000 Boeing Co.............................. 77,625
-------------
ALUMINUM
1,600 Aluminum Co. of America................ 88,800
-------------
BEVERAGES - SOFT DRINKS
1,700 PepsiCo Inc............................ 101,362
-------------
COMPUTER SOFTWARE
3,600 Informix Corp.*........................ 119,700
1,100 Microsoft Corp.*....................... 101,612
2,800 Peoplesoft, Inc.*...................... 133,000
-------------
354,312
-------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
1,400 Intel Corp............................. 77,175
2,200 Motorola, Inc.......................... 118,250
-------------
195,425
-------------
FINANCIAL SERVICES
4,000 Federal National Mortgage Assoc........ 138,000
2,250 SunAmerica Inc......................... 110,813
-------------
248,813
-------------
HARDWARE & TOOLS
2,500 Black & Decker Corp.................... 84,688
-------------
HEALTH EQUIPMENT & SERVICES
2,000 Columbia/HCA Healthcare Corp........... 111,250
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - GLOBAL EQUITY
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
HOUSEHOLD PRODUCTS
1,300 Procter & Gamble Co.................... $ 109,038
-------------
INSURANCE
1,162 American International Group, Inc...... 112,569
-------------
MANUFACTURING
3,000 Loral Corp............................. 138,750
-------------
MEDIA
2,550 Infinity Broadcasting Corp. (Class
A)*.................................... 101,362
-------------
MEDICAL PRODUCTS & SUPPLIES
2,000 Medtronic Inc.......................... 114,250
-------------
OIL INTEGRATED - INTERNATIONAL
1,000 Mobil Corp............................. 110,750
-------------
PHARMACEUTICALS
1,100 Johnson & Johnson...................... 105,600
1,800 Pfizer, Inc............................ 123,750
-------------
229,350
-------------
RESTAURANTS
2,000 McDonald's Corp........................ 100,500
-------------
TELECOMMUNICATIONS
1,700 DSC Communications Corp.*.............. 49,300
-------------
TOBACCO
7,000 Dimon, Inc............................. 131,250
-------------
TOTAL UNITED STATES.................... 2,459,394
-------------
VENEZUELA (0.1%)
METALS & MINING
3,000 Siderurgica Venezolana Sivens (ADR).... 5,790
-------------
TOTAL COMMON AND PREFERRED STOCKS
(IDENTIFIED COST $7,594,194)........... 8,576,858
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (6.1%)
U.S. GOVERNMENT AGENCY (a) (4.6%)
$ 425 Federal Home Loan Banks
5.39% due 02/02/96..................... 424,936
-------------
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (1.5%)
$ 138 The Bank of New York 5.75% due 02/01/96
(dated 01/31/96; proceeds $138,494;
collateralized by $146,850 U.S.
Treasury Principal Strip due 11/14/96
valued at $141,241) (Identified Cost
$138,472).............................. $ 138,472
-------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $563,408)............. 563,408
-------------
TOTAL INVESTMENTS
(IDENTIFIED COST $8,157,602) (b)........... 99.9% 9,140,266
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES................................ 0.1 5,175
----- ----------
NET ASSETS................................. 100.0% $9,145,441
----- ----------
----- ----------
<FN>
- ---------------------
ADR American Depository Receipt.
GDS Global Depository Shares.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
++ Consists of one or more class of securities traded together as a unit;
generally stocks with attached warrants.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $8,157,602; the
aggregate gross unrealized appreciation is $1,120,958 and the aggregate
gross unrealized depreciation is $138,294, resulting in net unrealized
appreciation of $982,664.
</TABLE>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JANUARY 31, 1996:
<TABLE>
<CAPTION>
IN
CONTRACTS TO EXCHANGE DELIVERY UNREALIZED
RECEIVE FOR DATE DEPRECIATION
--------------------------------------------------------------------
<S> <C> <C> <C>
Y 7,745,296 $ 72,535 02/02/96 $ (163)
$ 7,721 L 5,140 02/02/96 (49)
-----
Total unrealized depreciation ............. $ (212)
-----
-----
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - GLOBAL EQUITY
SUMMARY OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------
<S> <C> <C>
Aerospace & Defense..................... $ 61,267 0.7%
Aircraft & Aerospace.................... 77,625 0.8
Aluminum................................ 88,800 1.0
Auto Parts.............................. 27,247 0.3
Automotive.............................. 141,350 1.6
Banking................................. 677,303 7.4
Banks................................... 82,073 0.9
Beverages............................... 40,429 0.4
Beverages - Soft Drinks................. 101,362 1.1
Broadcast Media......................... 48,612 0.5
Building & Construction................. 234,339 2.6
Building Materials...................... 105,783 1.2
Business Services....................... 211,577 2.3
Chemicals............................... 241,533 2.6
Computer Software....................... 354,312 3.9
Conglomerates........................... 148,739 1.6
Consumer Products....................... 92,542 1.0
Consumer Services....................... 23,419 0.3
Electronics............................. 181,139 2.1
Electronics - Semiconductors/
Components............................ 368,758 4.0
Entertainment........................... 45,313 0.5
Financial Services...................... 436,851 4.8
Food Processing......................... 38,808 0.4
Foods & Beverages....................... 108,861 1.2
Hardware & Tools........................ 84,688 0.9
Health & Personal Care.................. 65,596 0.7
Health Equipment & Services............. 111,250 1.2
Hotels.................................. 57,762 0.6
Household Products...................... 109,038 1.2
Insurance............................... 306,568 3.4
International Trade..................... 139,797 1.5
Leisure................................. 81,122 0.9
Machine Tools........................... 69,146 0.8
Machinery............................... 247,764 2.7
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------
<S> <C> <C>
Machinery - Diversified................. $ 55,836 0.6%
Manufacturing........................... 157,065 1.7
Manufacturing - Diversified............. 52,024 0.6
Media................................... 101,362 1.1
Medical Products & Supplies............. 114,250 1.2
Metals & Mining......................... 150,084 1.6
Multi-Line Insurance.................... 19,296 0.2
Natural Gas............................. 18,750 0.2
Oil..................................... 42,385 0.5
Oil & Gas............................... 72,345 0.8
Oil - Foreign........................... 52,313 0.6
Oil Integrated - International.......... 110,750 1.2
Pharmaceuticals......................... 454,216 5.0
Publishing.............................. 161,691 1.8
Real Estate............................. 330,384 3.6
Repurchase Agreement.................... 138,472 1.5
Restaurants............................. 100,500 1.1
Retail.................................. 318,220 3.5
Supermarkets............................ 20,500 0.2
Telecommunications...................... 397,716 4.3
Textiles - Apparel...................... 95,964 1.0
Tobacco................................. 166,699 1.8
Transportation.......................... 212,151 2.3
U.S. Government Agency.................. 424,936 4.6
Utilities............................... 161,584 1.8
------------ ---
$ 9,140,266 99.9%
------------ ---
------------ ---
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------
<S> <C> <C>
Common Stocks........................... $ 8,508,258 93.0%
Preferred Stocks........................ 68,600 0.8
Short-Term Investments.................. 563,408 6.1
------------ ---
$ 9,140,266 99.9%
------------ ---
------------ ---
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - STRATEGIST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (80.6%)
AEROSPACE & DEFENSE (1.0%)
1,905 Honeywell, Inc......................... $ 96,917
-------------
ALUMINUM (0.9%)
1,600 Aluminum Co. of America................ 88,800
-------------
AUTOMOTIVE (2.2%)
3,500 Ford Motor Co.......................... 103,688
2,000 General Motors Corp.................... 105,250
-------------
208,938
-------------
BANKS - MONEY CENTER (1.2%)
1,500 Citicorp............................... 110,812
-------------
BANKS - REGIONAL (2.6%)
1,800 BankAmerica Corp....................... 121,275
500 Wells Fargo & Co....................... 117,312
-------------
238,587
-------------
BEVERAGES - SOFT DRINKS (1.3%)
2,000 PepsiCo Inc............................ 119,250
-------------
BIOTECHNOLOGY (1.3%)
1,100 Chiron Corp.*.......................... 125,950
-------------
BROKERAGE (1.1%)
1,800 Merrill Lynch & Co., Inc............... 102,375
-------------
CHEMICALS (2.0%)
1,250 Dow Chemical Co........................ 93,125
750 Monsanto Co............................ 97,687
-------------
190,812
-------------
CHEMICALS - SPECIALTY (0.9%)
2,600 Georgia Gulf Corp...................... 82,875
-------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE (2.1%)
2,250 Bay Networks, Inc.*.................... 95,625
1,260 Cisco Systems, Inc.*................... 104,737
-------------
200,362
-------------
COMPUTER EQUIPMENT (1.2%)
1,900 Seagate Technology, Inc.*.............. 112,575
-------------
COMPUTER SERVICES (2.4%)
1,900 Diebold, Inc........................... 106,162
2,210 General Motors Corp. (Class E)......... 122,655
-------------
228,817
-------------
COMPUTER SOFTWARE (1.9%)
1,600 Broderbund Software, Inc.*............. 76,800
1,100 Microsoft Corp.*....................... 101,612
-------------
178,412
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMPUTERS - SYSTEMS (4.4%)
1,200 Hewlett-Packard Co..................... $ 101,700
1,100 International Business Machines
Corp................................... 119,625
3,000 Silicon Graphics, Inc.*................ 84,375
2,200 Sun Microsystems, Inc.*................ 100,925
-------------
406,625
-------------
DRUGS & HEALTHCARE (3.8%)
2,700 Abbott Laboratories.................... 114,075
1,200 American Home Products Corp............ 122,400
1,300 Johnson & Johnson...................... 124,800
-------------
361,275
-------------
ELECTRICAL EQUIPMENT (3.3%)
1,110 Emerson Electric Co.................... 92,963
1,230 General Electric Co.................... 94,402
1,900 Sony Corp. (ADR) (Japan)............... 117,800
-------------
305,165
-------------
ENTERTAINMENT (8.2%)
20,000 Carnival Corp. (Class A)............... 540,000
7,000 Circus Circus Enterprises, Inc.*....... 223,125
-------------
763,125
-------------
FINANCIAL - MISCELLANEOUS (2.8%)
1,500 Federal Home Loan Mortgage Corp........ 128,438
3,880 Federal National Mortgage Assoc........ 133,860
-------------
262,298
-------------
FINANCIAL SERVICES (1.3%)
1,800 Travelers Group, Inc................... 118,350
-------------
FOODS (2.5%)
2,000 Campbell Soup Co....................... 126,750
1,900 General Mills, Inc..................... 109,250
-------------
236,000
-------------
FOREST PRODUCTS, PAPER & PACKAGING (1.0%)
2,100 Champion International Corp............ 93,975
-------------
HEALTHCARE - MISCELLANEOUS (3.6%)
4,600 Humana, Inc.*.......................... 127,075
4,400 U.S. Healthcare, Inc................... 212,850
-------------
339,925
-------------
HOUSEHOLD PRODUCTS (2.3%)
1,300 Procter & Gamble Co.................... 109,038
2,200 Tambrands, Inc......................... 108,075
-------------
217,113
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - STRATEGIST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
INSURANCE (2.6%)
1,400 Aetna Life & Casualty Co............... $ 104,300
1,500 American International Group, Inc...... 145,313
-------------
249,613
-------------
MULTI-LINE INSURANCE (1.3%)
1,000 CIGNA Corp............................. 118,625
-------------
NATURAL GAS (1.4%)
2,700 Williams Companies, Inc................ 127,238
-------------
OIL DRILLING & SERVICES (1.3%)
1,750 Schlumberger Ltd. (Netherlands
Antilles).............................. 122,719
-------------
OIL INTEGRATED - INTERNATIONAL (4.9%)
2,070 Chevron Corp........................... 107,381
1,400 Exxon Corp............................. 112,350
1,000 Mobil Corp............................. 110,750
1,500 Texaco, Inc............................ 121,313
-------------
451,794
-------------
RAILROADS (1.1%)
1,400 Conrail, Inc........................... 99,050
-------------
RETAIL - DEPARTMENT STORES (1.1%)
1,400 Dayton-Hudson Corp..................... 104,650
-------------
RETAIL - SPECIALTY (2.3%)
2,300 Home Depot, Inc........................ 105,800
9,500 Pier 1 Imports, Inc.................... 111,625
-------------
217,425
-------------
RETAIL - SPECIALTY APPAREL (1.1%)
2,200 Gap, Inc............................... 103,675
-------------
SAVINGS & LOAN ASSOCIATIONS (2.3%)
7,000 California Federal Bank*............... 109,375
2,100 Golden West Financial Corp............. 108,675
-------------
218,050
-------------
SHOES (1.1%)
1,500 Nike, Inc. (Class B)................... 104,625
-------------
STEEL & IRON (1.1%)
3,500 Inland Steel Industries, Inc........... 100,188
-------------
TEXTILES - APPAREL MANUFACTURERS (1.0%)
3,500 Liz Claiborne, Inc..................... 97,563
-------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -------------------------------------------------------------------
<C> <S> <C>
TOBACCO (2.7%)
7,000 Dimon, Inc............................. $ 131,250
1,300 Philip Morris Companies, Inc........... 120,900
-------------
252,150
-------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $6,654,365)........... 7,556,698
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (8.1%)
AUTOMOTIVE - FINANCE (0.2%)
$ 15 Ford Capital BV
9.375% due 05/15/01 (Netherlands)...... 17,319
-------------
BANKS (1.2%)
50 First Nationwide Bank
10.00% due 10/01/06.................... 60,338
50 Midland Bank PLC
7.65% due 05/01/25
(United Kingdom)....................... 55,725
-------------
116,063
-------------
BROADCAST MEDIA (0.6%)
50 Time Warner Entertainment Co. 8.375%
due 07/15/33........................... 53,006
-------------
BROKERAGE (0.6%)
50 Lehman Brothers Holdings, Inc. 8.80%
due 03/01/15........................... 57,428
-------------
FINANCIAL (0.6%)
50 RHG Finance Corp.
8.875% due 10/01/05.................... 52,596
-------------
FOREIGN GOVERNMENT (1.7%)
100 Italy (Republic of)
6.875% due 09/27/23.................... 97,360
50 Province of Quebec
8.625% due 12/01/26 (Canada)........... 58,959
-------------
156,319
-------------
HOTELS (0.5%)
50 La Quinta Motor Inns, Inc.
7.40% due 09/15/05..................... 51,451
-------------
INDUSTRIALS (0.6%)
50 Brascan Ltd.
7.375% due 10/01/02 (Canada)........... 51,617
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES - STRATEGIST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
NATURAL GAS (0.7%)
$ 50 Occidental Petroleum Corp. 11.125% due
08/01/10............................... $ 69,806
-------------
STEEL & IRON (0.1%)
10 Pohang Iron & Steel Co., Ltd. 7.50% due
08/01/02
(South Korea).......................... 10,662
-------------
TOBACCO (0.6%)
50 RJR Nabisco, Inc.
8.75% due 08/15/05..................... 52,210
-------------
UTILITIES - ELECTRIC (0.7%)
20 Long Island Lighting Co.
6.25% due 07/15/01..................... 19,211
50 Niagara Mohawk Power Corp. 9.25% due
10/01/01............................... 50,954
-------------
70,165
-------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $726,523)............. 758,642
-------------
U.S. GOVERNMENT OBLIGATIONS (8.2%)
150 U.S. Treasury Bond
7.625% due 02/15/25.................... 181,641
175 U.S. Treasury Note
6.50% due 05/15/97..................... 178,336
50 U.S. Treasury Note
6.375% due 01/15/99.................... 51,781
160 U.S. Treasury Note
6.875% due 08/31/99.................... 168,825
25 U.S. Treasury Note
7.875% due 11/15/99.................... 27,297
50 U.S. Treasury Note
5.75% due 08/15/03..................... 50,726
100 U.S. Treasury Note
7.50% due 02/15/05..................... 113,266
-------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $752,918)............. 771,872
-------------
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (4.0%)
U.S. GOVERNMENT AGENCY (a) (2.1%)
$ 195 Federal Farm Credit Bank
5.37% due 02/08/96..................... $ 194,796
-------------
REPURCHASE AGREEMENT (1.9%)
181 The Bank of New York 5.75% due 02/01/96
(dated 01/31/96; proceeds $180,801;
collateralized by $144,927 U.S.
Treasury Bond 8.125% due 05/15/21
valued at $184,387) (Identified Cost
$180,772).............................. 180,772
-------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $375,568)............. 375,568
-------------
TOTAL INVESTMENTS
(IDENTIFIED COST $8,509,374) (b)........... 100.9% 9,462,780
LIABILITIES IN EXCESS OF CASH AND OTHER
ASSETS..................................... (0.9) (81,669)
----- ----------
NET ASSETS................................. 100.0% $9,381,111
----- ----------
----- ----------
<FN>
- ---------------------
ADR American Depository Receipt.
* Non-income producing security.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $8,510,140; the
aggregate gross unrealized appreciation is $1,045,388 and the aggregate
gross unrealized depreciation is $92,748, resulting in net unrealized
appreciation of $952,640.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 1996 (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*.... $ 75,576,254 $ 16,511,837 $ 10,879,286 $ 4,745,940
Cash.................................... 4,921 2,960 2,254 335
Receivable for:
Investments sold.................... -- -- -- 51,958
Shares of beneficial interest
sold.............................. 2,614 -- 38,119 2,576
Dividends........................... -- -- -- --
Interest............................ 34,299 -- 52,741 92,523
Foreign withholding taxes
reclaimed......................... -- -- -- --
Prepaid expenses and other assets....... 17,837 3,492 2,370 594
Deferred organizational expenses........ 5,209 5,364 5,277 5,306
Receivable from affiliate............... -- 9,507 5,580 9,008
------------ -------------- -------------- --------------
TOTAL ASSETS....................... 75,641,134 16,533,160 10,985,627 4,908,240
------------ -------------- -------------- --------------
LIABILITIES:
Payable for:
Investments purchased............... -- -- 1,004,594 205,507
Shares of beneficial interest
repurchased....................... 326,783 116,830 62,700 --
Dividends........................... -- -- 2,677 1,264
Investment management fee........... 5,942 -- -- --
Accrued expenses and other payables..... 31,523 19,628 13,667 12,780
Organizational expenses payable......... 5,441 5,596 5,494 5,507
------------ -------------- -------------- --------------
TOTAL LIABILITIES.................. 369,689 142,054 1,089,132 225,058
------------ -------------- -------------- --------------
NET ASSETS:
Paid-in-capital......................... 75,271,371 16,391,101 9,735,880 4,610,026
Accumulated undistributed net investment
income................................ 74 5 25 664
Accumulated undistributed net realized
gain (accumulated net realized
loss)................................. -- -- (1,817) (338 )
Net unrealized appreciation............. -- -- 162,407 72,830
------------ -------------- -------------- --------------
NET ASSETS......................... $ 75,271,445 $ 16,391,106 $ 9,896,495 $ 4,683,182
------------ -------------- -------------- --------------
------------ -------------- -------------- --------------
*IDENTIFIED COST................... $ 75,576,254 $ 16,511,837 $ 10,716,879 $ 4,673,110
------------ -------------- -------------- --------------
------------ -------------- -------------- --------------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................ 75,271,371 16,391,101 987,214 475,398
------------ -------------- -------------- --------------
------------ -------------- -------------- --------------
NET ASSET VALUE PER SHARE
(UNLIMITED AUTHORIZED SHARES OF $.01
PAR VALUE).............................. $1.00 $1.00 $10.02 $9.85
------------ -------------- -------------- --------------
------------ -------------- -------------- --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
AMERICAN CAPITAL DIVIDEND VALUE-ADDED GLOBAL
VALUE GROWTH GROWTH UTILITIES MARKET EQUITY STRATEGIST
<S> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities, at value*... $33,153,712 $1,533,008 $51,906,308 $ 6,389,195 $18,317,526 $9,140,266 $9,462,780
Cash................................... 48,051 4,907 4,467 4,631 1,016 1,987 2,582
Receivable for:
Investments sold................... 172,244 -- -- -- 198,612 7,770 --
Shares of beneficial interest
sold............................. 66,644 2,795 91,859 19,149 29,855 89,520 14,861
Dividends.......................... 16,669 1,015 82,735 17,697 17,959 6,309 7,408
Interest........................... 66,695 -- 36 -- 100 22 36,731
Foreign withholding taxes
reclaimed........................ 184 -- -- -- -- 3,090 144
Prepaid expenses and other assets...... 6,632 1,067 10,959 1,917 4,094 3,386 1,427
Deferred organizational expenses....... 5,456 5,456 5,270 5,278 5,456 5,277 5,270
Receivable from affiliate.............. -- 7,865 -- 6,105 4,477 7,443 6,641
----------- ---------- ----------- ----------- ----------- ---------- ----------
TOTAL ASSETS...................... 33,536,287 1,556,113 52,101,634 6,443,972 18,579,095 9,265,070 9,537,844
----------- ---------- ----------- ----------- ----------- ---------- ----------
LIABILITIES:
Payable for:
Investments purchased.............. 1,088,388 30,335 310,285 -- 1,052,734 72,372 --
Shares of beneficial interest
repurchased...................... 88,247 -- 181,079 8,382 71,062 25,634 138,169
Dividends.......................... -- -- -- -- -- -- --
Investment management fee.......... 14,294 -- 24,431 -- -- -- --
Accrued expenses and other payables.... 23,171 9,188 30,080 11,114 16,184 16,114 13,063
Organizational expenses payable........ 5,687 5,673 5,501 5,509 5,673 5,509 5,501
----------- ---------- ----------- ----------- ----------- ---------- ----------
TOTAL LIABILITIES................. 1,219,787 45,196 551,376 25,005 1,145,653 119,629 156,733
----------- ---------- ----------- ----------- ----------- ---------- ----------
NET ASSETS:
Paid-in-capital........................ 27,161,517 1,292,231 42,061,990 5,562,531 14,908,002 8,272,773 7,980,807
Accumulated undistributed net
investment income.................... 41,641 127 104,495 15,246 17,880 693 33,146
Accumulated undistributed net realized
gain (accumulated net realized
loss)................................ 1,862,574 15,762 24,914 (122,705) 72,462 (110,511) 413,752
Net unrealized appreciation............ 3,250,768 202,797 9,358,859 963,895 2,435,098 982,486 953,406
----------- ---------- ----------- ----------- ----------- ---------- ----------
NET ASSETS........................ $32,316,500 $1,510,917 $51,550,258 $ 6,418,967 $17,433,442 $9,145,441 $9,381,111
----------- ---------- ----------- ----------- ----------- ---------- ----------
----------- ---------- ----------- ----------- ----------- ---------- ----------
*IDENTIFIED COST.................. $29,902,930 $1,330,211 $42,547,449 $ 5,425,300 $15,882,428 $8,157,602 $8,509,374
----------- ---------- ----------- ----------- ----------- ---------- ----------
----------- ---------- ----------- ----------- ----------- ---------- ----------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING....................... 2,401,421 115,608 3,560,592 517,862 1,257,781 788,736 772,003
----------- ---------- ----------- ----------- ----------- ---------- ----------
----------- ---------- ----------- ----------- ----------- ---------- ----------
NET ASSET VALUE PER SHARE
(UNLIMITED AUTHORIZED SHARES OF $.01
PAR VALUE)............................. $13.46 $13.07 $14.48 $12.40 $13.86 $11.60 $12.15
----------- ---------- ----------- ----------- ----------- ---------- ----------
----------- ---------- ----------- ----------- ----------- ---------- ----------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS, CONTINUED
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1996 (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................................ $ 2,132,522 $ 489,228 $ 214,807 $ 92,334
Dividends............................... -- -- -- --
Dividends from affiliate (Note 3)....... -- -- -- --
------------- ------------- ------------- -------------
TOTAL INCOME....................... 2,132,522 489,228 214,807 92,334
------------- ------------- ------------- -------------
EXPENSES
Investment management fees.............. 180,576 42,300 23,467 9,384
Transfer agent fees and expenses........ 12,984 2,944 8,872 2,626
Shareholder reports and notices......... 5,614 1,799 4,194 865
Professional fees....................... 9,091 10,313 7,874 7,598
Trustees' fees and expenses............. 544 328 970 97
Registration fees....................... 18,030 7,766 5,655 4,064
Custodian fees.......................... 658 383 84 28
Organizational expenses................. 1,374 1,374 1,374 1,374
Other................................... 981 1,056 1,251 1,687
------------- ------------- ------------- -------------
TOTAL EXPENSES BEFORE AMOUNTS
WAIVED/ REIMBURSED................. 229,852 68,263 53,741 27,723
LESS: AMOUNTS WAIVED/REIMBURSED.... (194,014) (57,939 ) (45,548 ) (23,538 )
------------- ------------- ------------- -------------
TOTAL EXPENSES AFTER AMOUNTS
WAIVED/ REIMBURSED................. 35,838 10,324 8,193 4,185
------------- ------------- ------------- -------------
NET INVESTMENT INCOME.............. 2,096,684 478,904 206,614 88,149
------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments......................... -- -- 7 1,429
Foreign exchange transactions....... -- -- -- --
------------- ------------- ------------- -------------
TOTAL GAIN (LOSS).................. -- -- 7 1,429
------------- ------------- ------------- -------------
Net change in unrealized
appreciation/depreciation on:
Investments......................... -- -- 240,263 75,832
Translation of forward foreign
currency contracts, other assets
and liabilities denominated in
foreign currencies................ -- -- -- --
------------- ------------- ------------- -------------
TOTAL APPRECIATION
(DEPRECIATION)..................... -- -- 240,263 75,832
------------- ------------- ------------- -------------
NET GAIN........................... -- -- 240,270 77,261
------------- ------------- ------------- -------------
NET INCREASE............................ $ 2,096,684 $ 478,904 $ 446,884 $ 165,410
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
<FN>
- ------------------
* Net of $173, $6, $1,334, $1,800, $486 and $2,357 foreign withholding tax,
respectively.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS, CONTINUED
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
AMERICAN CAPITAL DIVIDEND VALUE-ADDED GLOBAL
VALUE GROWTH GROWTH UTILITIES MARKET EQUITY STRATEGIST
<S> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME:
INCOME
Interest............................... $ 123,484 $ 95 $ 14,867 $ 16,577 $ 21,261 $ 11,083 $ 111,950
Dividends.............................. 107,214* 5,616* 646,858* 95,832* 167,644* 32,683* 41,830
Dividends from affiliate (Note 3)...... -- -- -- -- 168 -- --
----------- -------- ----------- ----------- ------------ --------- -----------
TOTAL INCOME...................... 230,698 5,711 661,725 112,409 189,073 43,766 153,780
----------- -------- ----------- ----------- ------------ --------- -----------
EXPENSES
Investment management fees............. 116,065 3,770 157,526 21,980 38,534 38,901 35,130
Transfer agent fees and expenses....... 22,826 1,740 27,104 6,398 8,146 12,523 14,884
Shareholder reports and notices........ 7,616 92 13,751 4,835 4,731 2,864 5,469
Professional fees...................... 11,980 7,604 8,199 9,144 7,632 6,124 9,745
Trustees' fees and expenses............ 154 -- 212 96 4 123 144
Registration fees...................... 5,757 2,070 6,329 2,456 2,148 2,763 2,955
Custodian fees......................... 107 6 139 97 172 217 343
Organizational expenses................ 1,374 1,374 1,374 1,374 1,374 1,374 1,374
Other.................................. 1,130 1,067 1,161 1,065 1,116 1,226 1,821
----------- -------- ----------- ----------- ------------ --------- -----------
TOTAL EXPENSES BEFORE AMOUNTS
WAIVED/ REIMBURSED................ 167,009 17,723 215,795 47,445 63,857 66,115 71,865
LESS: AMOUNTS WAIVED/REIMBURSED... (128,572) (16,589) (160,441) (42,218) (51,933 ) (58,425) (64,198)
----------- -------- ----------- ----------- ------------ --------- -----------
TOTAL EXPENSES AFTER AMOUNTS
WAIVED/ REIMBURSED................ 38,437 1,134 55,354 5,227 11,924 7,690 7,667
----------- -------- ----------- ----------- ------------ --------- -----------
NET INVESTMENT INCOME............. 192,261 4,577 606,371 107,182 177,149 36,076 146,113
----------- -------- ----------- ----------- ------------ --------- -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) on:
Investments........................ 3,543,916 22,911 519,700 (5,291) 111,515 (39,474) 508,777
Foreign exchange transactions...... -- -- -- -- -- (54) --
----------- -------- ----------- ----------- ------------ --------- -----------
TOTAL GAIN (LOSS)................. 3,543,916 22,911 519,700 (5,291) 111,515 (39,528) 508,777
----------- -------- ----------- ----------- ------------ --------- -----------
Net change in unrealized
appreciation/depreciation on:
Investments........................ (313,728) 140,450 4,759,761 616,939 1,313,401 458,721 350,507
Translation of forward foreign
currency contracts, other assets
and liabilities denominated in
foreign currencies............... (14) -- -- -- -- (325) --
----------- -------- ----------- ----------- ------------ --------- -----------
TOTAL APPRECIATION
(DEPRECIATION).................... (313,742) 140,450 4,759,761 616,939 1,313,401 458,396 350,507
----------- -------- ----------- ----------- ------------ --------- -----------
NET GAIN.......................... 3,230,174 163,361 5,279,461 611,648 1,424,916 418,868 859,284
----------- -------- ----------- ----------- ------------ --------- -----------
NET INCREASE........................... $ 3,422,435 $167,938 $ 5,885,832 $ 718,830 $ 1,602,065 $ 454,944 $ 1,005,397
----------- -------- ----------- ----------- ------------ --------- -----------
----------- -------- ----------- ----------- ------------ --------- -----------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS, CONTINUED
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S. GOVERNMENT
LIQUID ASSET MONEY MARKET
---------------------------- ----------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JAN. 31, 1996 ENDED JAN. 31, 1996 ENDED
(UNAUDITED) JULY 31, 1995 (UNAUDITED) JULY 31, 1995
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income................... $ 2,096,684 $ 518,526 $ 478,904 $ 83,800
Net realized gain (loss)................ -- -- -- --
Net change in unrealized
appreciation/depreciation............. -- -- -- --
------------- ------------- ------------- -------------
NET INCREASE....................... 2,096,684 518,526 478,904 83,800
------------- ------------- ------------- -------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income................... (2,096,639) (518,501) (478,904) (83,795)
Net realized gain....................... -- -- -- --
------------- ------------- ------------- -------------
TOTAL.............................. (2,096,639) (518,501) (478,904) (83,795)
------------- ------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales................. 135,288,443 51,847,905 24,032,434 11,309,909
Reinvestment of dividends and
distributions......................... 2,096,639 518,501 478,904 83,795
Cost of shares repurchased.............. (97,744,855) (18,259,628) (18,815,046) (1,253,703)
------------- ------------- ------------- -------------
NET INCREASE....................... 39,640,227 34,106,778 5,696,292 10,140,001
------------- ------------- ------------- -------------
TOTAL INCREASE..................... 39,640,272 34,106,803 5,696,292 10,140,006
NET ASSETS:
Beginning of period..................... 35,631,173 1,524,370 10,694,814 554,808
------------- ------------- ------------- -------------
END OF PERIOD...................... $ 75,271,445 $ 35,631,173 $ 16,391,106 $ 10,694,814
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
UNDISTRIBUTED NET INVESTMENT INCOME..... $ 74 $ 29 $ 5 $ 5
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
SHARES ISSUED AND REPURCHASED:
Sold.................................... 135,288,443 51,847,905 24,032,434 11,309,909
Issued in reinvestment of dividends and
distributions......................... 2,096,639 518,501 478,904 83,795
Repurchased............................. (97,744,855) (18,259,628) (18,815,046) (1,253,703)
------------- ------------- ------------- -------------
NET INCREASE............................ 39,640,227 34,106,778 5,696,292 10,140,001
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS, CONTINUED
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE
U.S. GOVERNMENT SECURITIES INCOME SECURITIES
----------------------------- -----------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JAN. 31, 1996 ENDED JAN. 31, 1996 ENDED
(UNAUDITED) JULY 31, 1995 (UNAUDITED) JULY 31, 1995
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income.................. $ 206,614 $ 199,657 $ 88,149 $ 40,524
Net realized gain (loss)............... 7 (1,820) 1,429 3,997
Net change in unrealized
appreciation/depreciation............ 240,263 48,200 75,832 12,308
------------- ------------- ------------- -------------
NET INCREASE...................... 446,884 246,037 165,410 56,829
------------- ------------- ------------- -------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income.................. (206,589) (200,544) (87,911) (40,260)
Net realized gain...................... -- -- (4,854) --
------------- ------------- ------------- -------------
TOTAL............................. (206,589) (200,544) (92,765) (40,260)
------------- ------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales................ 6,091,842 2,981,288 3,838,075 601,204
Reinvestment of dividends and
distributions........................ 205,927 190,802 89,486 39,011
Cost of shares repurchased............. (850,394) (1,962,783) (310,803) (123,468)
------------- ------------- ------------- -------------
NET INCREASE...................... 5,447,375 1,209,307 3,616,758 516,747
------------- ------------- ------------- -------------
TOTAL INCREASE.................... 5,687,670 1,254,800 3,689,403 533,316
NET ASSETS:
Beginning of period.................... 4,208,825 2,954,025 993,779 460,463
------------- ------------- ------------- -------------
END OF PERIOD..................... $ 9,896,495 $ 4,208,825 $ 4,683,182 $ 993,779
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
UNDISTRIBUTED NET INVESTMENT INCOME.... $ 25 $ -- $ 664 $ 426
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
SHARES ISSUED AND REPURCHASED:
Sold................................... 619,189 312,897 394,752 63,283
Issued in reinvestment of dividends and
distributions........................ 20,836 20,021 9,159 4,153
Repurchased............................ (86,289) (208,493) (31,748) (13,120)
------------- ------------- ------------- -------------
NET INCREASE........................... 553,736 124,425 372,163 54,316
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
<CAPTION>
AMERICAN VALUE CAPITAL GROWTH
----------------------------- -----------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS FOR THE YEAR
JAN. 31, 1996 ENDED JAN. 31, 1996 ENDED
(UNAUDITED) JULY 31, 1995 (UNAUDITED) JULY 31, 1995
<S> <C> <C> <C> <C>
- ---------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income.................. $ 192,261 $ 240,274 $ 4,577 $ 5,040
Net realized gain (loss)............... 3,543,916 1,027,331 22,911 924
Net change in unrealized
appreciation/depreciation............ (313,742) 3,493,914 140,450 67,202
------------- ------------- ------------- -------------
NET INCREASE...................... 3,422,435 4,761,519 167,938 73,166
------------- ------------- ------------- -------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income.................. (299,827) (138,219) (8,123) (3,260)
Net realized gain...................... (2,309,181) (1,962) (5,303) --
------------- ------------- ------------- -------------
TOTAL............................. (2,609,008) (140,181) (13,426) (3,260)
------------- ------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales................ 8,725,146 13,053,502 736,092 419,996
Reinvestment of dividends and
distributions........................ 2,602,758 136,829 13,426 3,185
Cost of shares repurchased............. (2,406,318) (2,070,877) (70,619) (30,293)
------------- ------------- ------------- -------------
NET INCREASE...................... 8,921,586 11,119,454 678,899 392,888
------------- ------------- ------------- -------------
TOTAL INCREASE.................... 9,735,013 15,740,792 833,411 462,794
NET ASSETS:
Beginning of period.................... 22,581,487 6,840,695 677,506 214,712
------------- ------------- ------------- -------------
END OF PERIOD..................... $ 32,316,500 $ 22,581,487 $ 1,510,917 $ 677,506
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
UNDISTRIBUTED NET INVESTMENT INCOME.... $ 41,641 $ 149,207 $ 127 $ 3,673
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
SHARES ISSUED AND REPURCHASED:
Sold................................... 649,358 1,204,547 59,990 40,391
Issued in reinvestment of dividends and
distributions........................ 203,340 13,574 1,087 335
Repurchased............................ (174,431) (184,040) (6,134) (2,856)
------------- ------------- ------------- -------------
NET INCREASE........................... 678,267 1,034,081 54,943 37,870
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS, CONTINUED
STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED
<TABLE>
<CAPTION>
DIVIDEND GROWTH UTILITIES
---------------------------------- -------------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JAN. 31, 1996 ENDED JAN. 31, 1996 ENDED
(UNAUDITED) JULY 31, 1995 (UNAUDITED) JULY 31, 1995
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income................... $ 606,371 $ 832,540 $ 107,182 $ 178,226
Net realized gain (loss)................ 519,700 160,385 (5,291) (111,170)
Net change in unrealized
appreciation/depreciation............. 4,759,761 4,782,860 616,939 449,814
-------------- ----------------- -------------- --------------
NET INCREASE....................... 5,885,832 5,775,785 718,830 516,870
-------------- ----------------- -------------- --------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income................... (806,641) (622,946) (151,175) (148,664)
Net realized gain....................... (590,467) (202,526) -- (7,657)
-------------- ----------------- -------------- --------------
TOTAL.............................. (1,397,108) (825,472) (151,175) (156,321)
-------------- ----------------- -------------- --------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales................. 13,816,928 22,705,910 1,289,864 2,925,355
Reinvestment of dividends and
distributions......................... 1,390,073 787,071 148,872 153,082
Cost of shares repurchased.............. (3,549,488) (5,860,692) (967,244) (1,918,748)
-------------- ----------------- -------------- --------------
NET INCREASE....................... 11,657,513 17,632,289 471,492 1,159,689
-------------- ----------------- -------------- --------------
TOTAL INCREASE..................... 16,146,237 22,582,602 1,039,147 1,520,238
NET ASSETS:
Beginning of period..................... 35,404,021 12,821,419 5,379,820 3,859,582
-------------- ----------------- -------------- --------------
END OF PERIOD...................... $ 51,550,258 $ 35,404,021 $ 6,418,967 $ 5,379,820
-------------- ----------------- -------------- --------------
-------------- ----------------- -------------- --------------
UNDISTRIBUTED NET INVESTMENT INCOME..... $ 104,495 $ 304,765 $ 15,246 $ 59,239
-------------- ----------------- -------------- --------------
-------------- ----------------- -------------- --------------
SHARES ISSUED AND REPURCHASED:
Sold.................................... 1,013,108 1,985,940 109,276 279,150
Issued in reinvestment of dividends and
distributions......................... 101,279 70,952 12,475 14,928
Repurchased............................. (259,818) (514,831) (82,012) (186,431)
-------------- ----------------- -------------- --------------
NET INCREASE............................ 854,569 1,542,061 39,739 107,647
-------------- ----------------- -------------- --------------
-------------- ----------------- -------------- --------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL STATEMENTS, CONTINUED
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
VALUE-ADDED MARKET GLOBAL EQUITY STRATEGIST
-------------------------- -------------------------- --------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR MONTHS ENDED FOR THE YEAR
JAN. 31, ENDED JAN. 31, ENDED JAN. 31, ENDED
1996 JULY 31, 1996 JULY 31, 1996 JULY 31,
(UNAUDITED) 1995 (UNAUDITED) 1995 (UNAUDITED) 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income.................. $ 177,149 $ 158,945 $ 36,076 $ 121,191 $ 146,113 $ 194,436
Net realized gain (loss)............... 111,515 55,495 (39,528) (65,955) 508,777 64,346
Net change in unrealized
appreciation/depreciation............ 1,313,401 1,097,897 458,396 520,815 350,507 655,133
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE...................... 1,602,065 1,312,337 454,944 576,051 1,005,397 913,915
------------ ------------ ------------ ------------ ------------ ------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income.................. (257,479) (128,720) (126,784) (51,908) (244,742) (84,091)
Net realized gain...................... (78,439) (57,957) -- -- (159,285) --
------------ ------------ ------------ ------------ ------------ ------------
TOTAL............................. (335,918) (186,677) (126,784) (51,908) (404,027) (84,091)
------------ ------------ ------------ ------------ ------------ ------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales................ 2,781,955 8,377,903 2,446,485 5,661,746 2,440,945 6,668,052
Reinvestment of dividends and
distributions........................ 329,833 185,438 121,869 48,705 403,090 83,213
Cost of shares repurchased............. (1,024,482) (741,603) (1,037,378) (968,314) (822,986) (2,098,857)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE...................... 2,087,306 7,821,738 1,530,976 4,742,137 2,021,049 4,652,408
------------ ------------ ------------ ------------ ------------ ------------
TOTAL INCREASE.................... 3,353,453 8,947,398 1,859,136 5,266,280 2,622,419 5,482,232
NET ASSETS:
Beginning of period.................... 14,079,989 5,132,591 7,286,305 2,020,025 6,758,692 1,276,460
------------ ------------ ------------ ------------ ------------ ------------
END OF PERIOD..................... $17,433,442 $ 14,079,989 $ 9,145,441 $ 7,286,305 $ 9,381,111 $ 6,758,692
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
UNDISTRIBUTED NET INVESTMENT INCOME.... $ 17,880 $ 98,210 $ 693 $ 91,401 $ 33,146 $ 131,775
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
SHARES ISSUED AND REPURCHASED:
Sold................................... 210,629 672,727 218,120 551,389 208,130 671,204
Issued in reinvestment of dividends and
distributions........................ 24,706 17,678 10,862 4,871 34,364 8,650
Repurchased............................ (77,634) (65,288) (92,819) (93,327) (69,786) (211,811)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE........................... 157,701 625,117 136,163 462,933 172,708 468,043
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1996 (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 COMMENCEMENT
OF OPERATIONS OF OPERATIONS
-------------------- --------------------
<S> <C> <C> <C>
Liquid Asset....................... December 30, 1992 Dividend Growth.................... January 7, 1993
U.S. Government Money Market....... January 20, 1993 Utilities.......................... January 8, 1993
U.S. Government Securities......... January 8, 1993 Value-Added Market................. February 1, 1993
Intermediate Income Securities..... January 12, 1993 Global Equity...................... January 8, 1993
American Value..................... February 1, 1993 Strategist......................... January 7, 1993
Capital Growth..................... February 2, 1993
</TABLE>
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- Liquid Asset and U.S. Government Money Market:
Securities are valued at amortized cost which approximates market value. All
remaining Series: (1) an equity security listed or traded on the New York,
American 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 portfolio securities may be valued by an outside pricing service
approved by the Trustees. The pricing service utilizes a matrix system
incorporating security quality, maturity and coupon as the evaluation model
parameters, and/or research and evaluations by its staff, including review of
broker-dealer market price quotations, if available, in determining what it
believes is the fair valuation of the 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.
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
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 and distributions are 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. Liquid Asset and U.S. Government Money
Market amortizes premiums and accretes discounts on securities owned; gains and
losses realized upon the sale of such securities are based on their amortized
cost. Discounts for all other Series are accreted over the life of the
respective securities.
C. FOREIGN CURRENCY TRANSLATION -- The books and records of American Value and
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. American Value and Global
Equity do 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 -- American Value and 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. American Value and Global Equity record 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
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
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 or equally among
the Series.
H. ORGANIZATIONAL 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 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 had undertaken to reimburse the Fund for all expenses
(except for any brokerage fees and a portion of the organizational expenses) and
waive the compensation (the "management fee") provided for in the Agreement
until December 31, 1995. At December 31, 1995,
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
included in the Statements of Assets and Liabilities, are receivables from an
affiliate which represent expense reimbursements due to the Fund. For the period
January 1, 1996 through July 31, 1997, the Investment Manager will continue to
waive the management fee and reimburse expenses to the extent they exceed 1.00%
of daily net assets of each Series.
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, 1996 were as follows:
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES OTHER
-------------------------- --------------------------
SALES/ SALES/
PURCHASES PREPAYMENTS PURCHASES MATURITIES
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Liquid Asset................................. $ 66,225,000 $ 66,415,000 $617,718,686 $577,594,514
U.S. Government Money Market................. 709,768,145 704,446,159 -- --
U.S. Government Securities................... 5,358,372 62,301 -- --
Intermediate Income Securities............... 5,630,166 2,801,242 858,110 167,734
American Value............................... 6,111,265 2,463,373 35,872,399 32,777,181
Capital Growth............................... -- -- 729,102 116,461
Dividend Growth.............................. -- -- 13,028,613 2,637,055
Utilities.................................... -- -- 905,975 386,647
Value-Added Market........................... -- -- 2,649,904 544,321
Global Equity................................ -- -- 5,604,808 4,395,003
Strategist................................... 709,859 1,631,264 7,534,824 4,615,569
</TABLE>
Included in the aforementioned purchases of portfolio securities of Value-Added
Market are common stock purchases of Dean Witter Discover & Co., an affiliate of
the Investment Manager, of $8,843.
For the six months ended January 31, 1996, the following respective Series
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......... $ 27,563 $ 840 $ 13,420 $ 1,110 $ 765 $ 5,838
--------- --------- --------- --------- --------- -----------
--------- --------- --------- --------- --------- -----------
</TABLE>
Included in American Value, Capital Growth and Dividend Growth's payable for
investments purchased for unsettled trades with DWR at January 31, 1996 were
$816,263, $25,318 and $310,285, respectively. For the same period, American
Value's receivable for investments sold of $172,244 was for unsettled trades
with DWR.
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
Dean Witter Trust Company, an affiliate of the Investment Manager, is the Fund's
transfer agent. At January 31, 1996, the following Series had approximate
transfer agent fees and expenses payable:
<TABLE>
<CAPTION>
INTERMEDIATE
LIQUID U.S. GOVERNMENT U.S. GOVERNMENT INCOME AMERICAN
ASSET MONEY MARKET SECURITIES SECURITIES VALUE
- -------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
$ 4,000 $ 300 $ 2,500 $ 700 $ 4,300
------ ----- ------ ----- ------
------ ----- ------ ----- ------
</TABLE>
<TABLE>
<CAPTION>
CAPITAL DIVIDEND VALUE-ADDED GLOBAL
GROWTH GROWTH UTILITIES MARKET EQUITY STRATEGIST
------------------------------ -------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C> <C>
$ 200 $ 5,000 $ 800 $ 3,600 $ 2,100 $ 2,700
----- ------ ----- ------ ------ ------
----- ------ ----- ------ ------ ------
</TABLE>
4. FEDERAL INCOME TAX STATUS
At July 31, 1995, the following Series had approximate net capital loss
carryovers which may be used to offset future capital gains to the extent
provided by regulations:
<TABLE>
<CAPTION>
AVAILABLE THROUGH
JULY 31
-----------------
2002 2003
------ ------
<S> <C> <C>
Capital Growth.............................................................................................. $ 900 $--
Utilities................................................................................................... -- 62,800
Global Equity............................................................................................... -- 3,500
</TABLE>
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 1995:
<TABLE>
<CAPTION>
INTERMEDIATE
U.S. GOVERNMENT INCOME DIVIDEND GLOBAL
SECURITIES SECURITIES GROWTH UTILITIES EQUITY STRATEGIST
- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C> <C>
$ 1,820 $ 1,767 $ 80,314 $ 51,163 $ 67,520 $ 14,734
------ ------ ------- ------- ------- -------
------ ------ ------- ------- ------- -------
</TABLE>
At July 31, 1995, the primary reason(s) for temporary book/tax differences were
as follows:
<TABLE>
<CAPTION>
POST-OCTOBER CAPITAL LOSS DEFERRALS FROM
CAPITAL LOSSES WASH SALES
------------------------------ ------------------------------
<S> <C> <C>
U.S. Government Securities........................ -
Intermediate Income Securities.................... -
American Value.................................... -
Capital Growth.................................... -
Dividend Growth................................... - -
Utilities......................................... - -
Value-Added Market................................ -
Global Equity..................................... -
Strategist........................................ - -
</TABLE>
<PAGE>
DEAN WITTER RETIREMENT SERIES
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1996 (UNAUDITED) CONTINUED
5. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS
American Value and Global Equity may enter into forward currency contracts
("forward contracts") to facilitate settlement of foreign currency denominated
portfolio transactions. Global Equity is also permitted to write covered call
options on securities and certain foreign currencies to hedge against a decline
in the value of a security or the underlying currency of such security.
At January 31, 1996, Global Equity had outstanding forward contracts to
facilitate settlement of foreign currency denominated portfolio transactions.
Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. American Value and Global
Equity bear the risk of an unfavorable change in foreign exchange rates
underlying the forward contracts. Risks may also arise upon entering into these
contracts from the potential inability of the counterparties to meet the terms
of their contracts.
<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 DISTRIBUTIONS TOTAL DIVIDENDS
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO TO 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 0.06 -- 0.06 (0.06) -- (0.06)
1996* 1.00 0.03 -- 0.03 (0.03) -- (0.03)
U.S. GOVERNMENT MONEY MARKET
1993(2) 1.00 -- + -- -- -- -- --
1994 1.00 0.03 -- 0.03 (0.03) -- (0.03)
1995 1.00 0.06 -- 0.06 (0.06) -- (0.06)
1996* 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 0.56 0.15 0.71 (0.56) -- (0.56)
1996* 9.71 0.29 0.31 0.60 (0.29) -- (0.29)
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 0.61 0.22 0.83 (0.61) -- (0.61)
1996* 9.63 0.31 0.23 0.54 (0.31) (0.01) (0.32)
AMERICAN VALUE
1993(5) 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 0.14 3.15 3.29 (0.12) -- (0.12)
1996* 13.10 0.12 1.52 1.64 (0.15) (1.13) (1.28)
CAPITAL GROWTH
1993(6) 10.00 (0.02) (1.10) (1.12) -- -- --
1994 8.88 0.13 0.45 0.58 (0.04) -- (0.04)
1995 9.42 0.10 1.77 1.87 (0.12) -- (0.12)
1996* 11.17 0.05 2.03 2.08 (0.11) (0.07) (0.18)
</TABLE>
<TABLE>
<C> <S>
- ---------------------
* For the six months ended January 31, 1996 (unaudited).
** After application of the Fund's state expense limitation.
+ Includes dividends from net investment income of $0.004 per share.
Commencement of operations:
(1) December 30, 1992.
(2) January 20, 1993.
(3) January 8, 1993.
(4) January 12, 1993.
(5) February 1, 1993.
(6) February 2, 1993.
(a) Not annualized.
(b) Annualized.
(c) Restated.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET RATIOS TO AVERAGE NET
ASSETS ASSETS
(BEFORE EXPENSES WERE (AFTER EXPENSES WERE
ASSUMED)** ASSUMED)
----------------------- -----------------------
NET ASSETS NET NET
NET ASSET TOTAL END OF INVESTMENT INVESTMENT PORTFOLIO
VALUE END INVESTMENT PERIOD INCOME INCOME TURNOVER
OF PERIOD RETURN (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 5.90 35,631 1.16 4.96 -- 6.12 N/A
1996* 1.00 2.95 (a) 75,271 0.63 (b) 5.25 (b) 0.10 (b) 5.79 (b) 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 5.86 10,695 2.50 3.62 -- 6.12 N/A
1996* 1.00 2.89 (a) 16,391 0.81 (b) 4.98 (b) 0.12 (b) 5.66 (b) 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 -- 4.46 (c) 29%
1995 9.71 7.72 4,209 2.36 3.49 -- 5.85 14
1996* 10.02 6.27 (a) 9,896 0.75 (b) 2.24 (b) 0.11 (b) 2.88 (b) 1 (a)
INTERMEDIATE INCOME SECURITIES
1993(4) 9.98 1.67 (a) 182 2.50 (b) 1.00 (b) 1.62 (b) 3.50 (b) --
1994 9.41 0.26 460 2.50 3.64 -- 6.14 40
1995 9.63 9.22 994 2.50 4.08 -- 6.58 37
1996* 9.85 5.73 (a) 4,683 1.92 (b) 4.46 (b) 0.29 (b) 6.09 (b) 109 (a)
AMERICAN VALUE
1993(5) 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 13.10 33.48 22,581 1.42 0.39 -- 1.81 234
1996* 13.46 13.02 (a) 32,317 1.22 (b) 0.47 (b) 0.28 (b) 1.41 (b) 133
CAPITAL GROWTH
1993(6) 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
1995 11.17 20.08 678 2.50 (1.07) -- 1.43 20
1996* 13.07 18.76 (a) 1,511 2.50 (b) (2.70) (b) 0.25 (b) 1.03 (b) 13 (a)
</TABLE>
<TABLE>
<C> <S>
- ---------------------
* For the six months ended January 31, 1996 (unaudited).
** After application of the Fund's state expense limitation.
+ Includes dividends from net investment income of $0.004 per share.
(1) December 30, 1992.
(2) January 20, 1993.
(3) January 8, 1993.
(4) January 12, 1993.
(5) February 1, 1993.
(6) February 2, 1993.
(a) Not annualized.
(b) Annualized.
(c) Restated.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER RETIREMENT SERIES
FINANCIAL HIGHLIGHTS, CONTINUED
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 DISTRIBUTIONS TOTAL DIVIDENDS
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO TO AND
JULY 31 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
DIVIDEND GROWTH
1993(2) $ 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 0.34 2.13 2.47 (0.31) (0.10) (0.41)
1996* 13.08 0.17 1.68 1.85 (0.26) (0.19) (0.45)
UTILITIES
1993(1) 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 0.42 0.80 1.22 (0.37) (0.02) (0.39)
1996* 11.25 0.22 1.24 1.46 (0.31) -- (0.31)
VALUE-ADDED MARKET
1993(3) 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 0.21 2.16 2.37 (0.26) (0.12) (0.38)
1996* 12.80 0.18 1.17 1.35 (0.22) (0.07) (0.29)
GLOBAL EQUITY
1993(1) 10.00 0.07 (0.03) 0.04 -- -- --
1994 10.04 0.08 0.58 0.66 (0.05) -- (0.05)
1995 10.65 0.14 0.49 0.63 (0.11) -- (0.11)
1996* 11.17 0.04 0.57 0.61 (0.18) -- (0.18)
STRATEGIST
1993(2) 10.00 0.06 (0.23) (0.17) -- -- --
1994 9.83 0.23 (0.20) 0.03 (0.13) -- (0.13)
1995 9.73 0.24 1.49 1.73 (0.18) -- (0.18)
1996* 11.28 0.16 1.27 1.43 (0.34) (0.22) (0.56)
</TABLE>
<TABLE>
<C> <S>
- ---------------------
* For the six months ended January 31, 1996 (unaudited).
** After application of the Fund's state expense limitation.
Commencement of operations:
(1) January 8, 1993.
(2) January 7, 1993.
(3) February 1, 1993.
(a) Not annualized.
(b) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET
ASSETS
(BEFORE EXPENSES WERE RATIOS TO AVERAGE NET
ASSETS
(AFTER EXPENSES WERE
ASSUMED)**
----------------------- ASSUMED)
NET ASSETS NET -----------------------
NET ASSET TOTAL END OF INVESTMENT NET PORTFOLIO
VALUE END INVESTMENT PERIOD INCOME INVESTMENT TURNOVER
OF PERIOD RETURN (000'S) EXPENSES (LOSS) EXPENSES INCOME RATE
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DIVIDEND GROWTH
1993(2) $ 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 13.08 23.07 35,404 1.14 2.34 -- 3.48 29
1996* 14.48 14.30 (a) 51,550 1.02 (b) 2.12 (b) 0.26 (b) 2.88 (b) 6 (a)
UTILITIES
1993(1) 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 11.25 12.16 5,380 1.91 2.41 -- 4.32 24
1996* 12.40 13.08 (a) 6,419 1.61 (b) 2.22 (b) 0.18 (b) 3.65 (b) 7 (a)
VALUE-ADDED MARKET
1993(3) 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 12.80 22.65 14,080 1.22 1.33 -- 2.55 7
1996* 13.86 10.63 (a) 17,433 0.83 (b) 1.62 (b) 0.15 (b) 2.29 (b) 4 (a)
GLOBAL EQUITY
1993(1) 10.04 0.40 (a) 322 0.50 (b) (0.90) (b) 1.00 (b) 1.77 (b) --
1994 10.65 6.54 2,020 2.50 (0.09) -- 2.41 8
1995 11.17 6.08 7,286 2.25 0.48 -- 2.73 55
1996* 11.60 5.53 (a) 9,145 1.69 (b) (0.57) (b) 0.20 (b) 0.92 (b) 59 (a)
STRATEGIST
1993(2) 9.83 (1.70) (a) 551 2.50 (b) (0.19) (b) 0.64 (b) 1.67 (b) 26 (a)
1994 9.73 0.12 1,276 2.50 0.70 -- 3.20 57
1995 11.28 18.21 6,759 2.14 1.97 -- 4.11 115
1996* 12.15 12.79 (a) 9,381 1.73 (b) 1.99 (b) 0.19 (b) 3.53 (b) 85 (a)
</TABLE>
<TABLE>
<C> <S>
- ---------------------
* For the six months ended January 31, 1996 (unaudited).
** After application of the Fund's state expense limitation.
(1) January 8, 1993.
(2) January 7, 1993.
(3) February 1, 1993.
(a) Not annualized.
(b) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
(This page left blank intentionally.)
<PAGE>
TRUSTEES
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
90 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, 1996
DEAN WITTER
RETIREMENT SERIES
