<PAGE> 1
DEAN WITTER LIQUID ASSET FUND INC.
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
As of February 28, 1994, Dean Witter Liquid Asset Fund Inc. had assets in excess
of $8.1 billion and an average maturity of 66 days. The Fund's annualized yield
for the six-month period ended February 28, 1994 was 2.66 percent.
UPWARD MOVING YIELDS
The first five months of the period under review were characterized by
stability. February, however, brought a significant departure from this trend,
as yields began to move upward. For example, in late January, one-year U.S.
Treasury bills were yielding 3.35 percent. By early March yields had reached
4.05 percent, a 70 basis point (0.70 percent) move. Yields on shorter-term
money-market instruments rose by a more modest 25 to 35 basis points following
the Federal Reserve Board's increase of the federal funds rate (the rate banks
charge each other for overnight loans) from 3.00 percent to 3.25 percent -- an
attempt to stay one step ahead of potential inflationary pressures.
PORTFOLIO COMPOSITION
On February 28, 1994, approximately 81 percent of the portfolio was invested in
top quality commercial paper, 17 percent in U.S. Treasury and federal agency
obligations, 2 percent in short-term bank notes and 1 percent in negotiable
certificates of deposit and bankers' acceptances of major depository
institutions. More than 75 percent of the Fund's assets mature in less than
three months. Therefore, the portfolio is well positioned to take advantage of
any further upward interest rate movements.
While commercial paper was the Fund's largest category of investment as of
February 28, 1994, the portfolio was well diversified by industry and issuer.
Each issuer is carefully selected from top quality candidates and is reviewed on
a continuous basis. At the conclusion of the period under review, no one
commercial paper issuer's obligation exceeded 4.7 percent of the Fund's total
assets. Federal agency discount notes another significant component of the
portfolio at the end of the period. These extremely liquid securities were
consisted of obligations of the Federal National Mortgage Association, the
Federal Home Loan Banks and the Federal Farm Credit Bank.
THE OUTLOOK
Most economic and monetary indicators currently reflect a higher-than-expected
pace of activity. We believe that the Federal Reserve Board may take additional
steps to raise short-term interest rates. Consequently, we have slightly reduced
the Fund's average life and will closely monitor the pace of economic activity
to determine whether further shortening of the portfolio's average life is
warranted.
We appreciate your support of Dean Witter Liquid Asset Fund Inc. and look
forward to continuing to serve your investment needs and objectives.
Very truly yours,
Charles A. Fiumefreddo
Chairman of the Board
<PAGE> 2
DEAN WITTER LIQUID ASSET FUND INC.
PORTFOLIO OF INVESTMENTS February 28, 1994 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Annualized
Principal Description Yield on
Amount (in and Date of
thousands) Maturity Date Purchase Value
- ---------- ------------------------ -------------- --------------
<C> <S> <C> <C>
CERTIFICATE OF DEPOSIT (0.6%)
COMMERCIAL BANK
$ 50,000 NBD Bank N.A.
3/28/94................. 3.42%
(AMORTIZED COST $50,000,000)........... $ 50,000,000
--------------
SHORT-TERM BANK NOTES (1.8%)
50,000 The Bank of New York
6/30/94................. 3.41 50,000,000
100,000 NationsBank of N.C. N.A.
5/05/94 to 5/11/94...... 3.16 to 3.17 100,000,000
--------------
TOTAL SHORT-TERM BANK NOTES
(AMORTIZED COST $150,000,000).......... 150,000,000
--------------
BANKERS' ACCEPTANCE (1.0%)
COMMERCIAL BANK
78,000 Republic National Bank of New York
3/25/94 to 5/12/94...... 3.12 to 3.23
(AMORTIZED COST $77,681,333)........... 77,681,333
--------------
COMMERCIAL PAPER (81.1%)
AUTOMOTIVE: FINANCE (3.9%)
75,000 Daimler -- Benz N.
America Corp.
4/27/94................. 3.11 74,633,063
240,000 Ford Motor Credit Co.
3/11/94 to 7/11/94...... 3.08 to 3.30 239,326,227
--------------
313,959,290
--------------
BANKS COMMERCIAL (13.1%)
130,000 ABN AMRO N.A. Fin. Inc.
4/12/94 to 5/02/94...... 3.12 to 3.52 129,436,570
130,000 Barclays U.S. Funding
Corp.
3/18/94 to 4/21/94...... 3.07 to 3.15 129,630,000
100,000 Canadian Imperial Hold-
ings Inc.
3/31/94 to 4/06/94...... 3.11 to 3.28 99,710,917
50,000 CommerzBank U.S.
Finance Inc.
7/15/94................. 3.43 49,363,444
355,000 National Australia FD (Del)
3/30/94 to 4/26/94...... 3.12 to 3.36 353,447,281
50,000 Societe Generale N.A. Inc.
7/15/94................. 3.27 49,391,778
250,000 Toronto-Dominion
Holdings (USA) Inc.
3/08/94 to 6/14/94...... 3.18 to 3.43 249,286,492
--------------
1,060,266,482
--------------
BANK HOLDING COMPANIES (14.0%)
105,000 BankAmerica Corp.
6/30/94 to 8/16/94...... 3.28 to 3.69 103,513,974
<CAPTION>
Annualized
Principal Description Yield on
Amount (in and Date of
thousands) Maturity Date Purchase Value
- ---------- ------------------------ -------------- --------------
<C> <S> <C> <C>
$370,000 Bankers Trust N.Y. Corp.
3/30/94 to 8/15/94...... 3.08 to 3.68% $ 367,832,613
12,000 Corestates Capital Corp.
4/18/94................. 3.47 11,944,800
230,000 J.P. Morgan & Company, Inc.
3/03/94 to 3/14/94...... 3.06 to 3.16 229,837,181
175,000 NationsBank Corp.
3/28/94 to 5/20/94...... 3.09 to 3.53 174,093,694
20,000 PNC Funding Corp.
5/05/94................. 3.15 19,887,333
190,000 Republic New York Corp.
4/14/94 to 5/10/94...... 3.16 to 3.26 188,993,472
45,000 Wachovia Corp.
6/17/94................. 3.30 44,561,250
--------------
1,140,664,317
--------------
BROKERAGE (7.6%)
345,000 Goldman Sachs Group L.P.
3/03/94 to 4/25/94...... 3.09 to 3.42 344,495,608
275,000 Morgan Stanley Group Inc.
3/04/94 to 5/06/94...... 3.12 to 3.44 274,068,923
--------------
618,564,531
--------------
CANADIAN GOVERNMENT &
AGENCIES (2.7%)
150,000 Canadian Wheat Board
3/09/94 to 6/30/94...... 3.31 to 3.38 149,571,989
20,000 Province of British
Columbia
5/20/94................. 3.40 19,851,111
50,000 Province of Ontario
4/05/94................. 3.26 49,842,986
--------------
219,266,086
--------------
CHEMICALS (1.2%)
100,000 Monsanto Co.
7/12/94 to 7/19/94...... 3.29 to 3.30 98,770,625
--------------
DRUGS (0.6%)
50,000 Lilly, (Eli) & Co.
5/18/94................. 3.15 49,662,000
--------------
FINANCE: EQUIPMENT (2.6%)
215,000 Deere (John) Cap Corp.
3/15/94 to 5/11/94...... 3.20 to 3.50 214,224,242
--------------
FINANCE: CORPORATE (3.4%)
80,000 Ciesco, L.P.
4/08/94 to 4/13/94...... 3.40 79,687,450
150,000 Corporate Asset Funding
Co. Inc.
3/02/94 to 4/21/94...... 3.17 to 3.52 149,612,970
45,000 Matterhorn Capital Corp.
3/10/94................. 3.38 44,962,088
--------------
274,262,508
--------------
</TABLE>
<PAGE> 3
DEAN WITTER LIQUID ASSET FUND INC.
PORTFOLIO OF INVESTMENTS February 28, 1994 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Annualized
Principal Description Yield on
Amount (in and Date of
thousands) Maturity Date Purchase Value
- ---------- ------------------------ -------------- --------------
<C> <S> <C> <C>
FINANCE: DIVERSIFIED (20.8%)
$167,000 American Express Credit
Corp.
4/11/94 to 5/16/94...... 3.12 to 3.34% $ 166,164,139
50,000 American General Finance
Corp.
3/15/94................. 3.10 49,940,111
90,000 Associates Corp. of
North America
5/09/94................. 3.23 89,448,000
155,000 Avco Financial Services, Inc.
3/04/94 to 4/11/94...... 3.24 to 3.45 154,645,625
375,000 CIT Group Holdings, Inc.
3/01/94 to 5/09/94...... 3.19 to 3.46 373,928,978
30,000 Commercial Credit Co.
4/25/94................. 3.49 29,840,959
362,000 General Electric Capital
Corp.
3/08/94 to 9/02/94...... 3.29 to 3.51 359,881,939
125,000 Heller Financial Inc.
3/11/94 to 3/30/94...... 3.34 to 3.48 124,714,536
85,000 Household Finance Corp.
4/07/94 to 4/27/94...... 3.25 to 3.44 84,645,002
260,000 ITT Financial Corp.
3/01/94 to 4/06/94...... 3.08 to 3.42 259,709,050
--------------
1,692,918,339
--------------
FINANCE: ENERGY (0.4%)
30,000 Chevron Oil Finance Co.
3/04/94................. 3.41 29,991,500
--------------
FOODS AND BEVERAGES (3.9%)
50,000 Anheuser-Busch Cos., Inc.
6/30/94................. 3.38 49,445,417
85,000 Coca-Cola Co.
3/21/94 to 4/15/94...... 3.18 to 3.24 84,697,792
40,000 General Mills, Inc.
3/22/94 to 4/12/94...... 3.07 to 3.11 39,892,317
145,000 Pepsico, Inc.
3/07/94 to 4/28/94...... 3.06 to 3.36 144,610,458
--------------
318,645,984
--------------
HEALTHCARE: DIVERSIFIED (0.6%)
25,000 Abbott Laboratories
4/26/94................. 3.52 24,863,889
20,000 Merck & Co., Inc.
3/09/94................. 3.44 19,984,711
--------------
44,848,600
--------------
INDUSTRIALS (0.3%)
25,000 Intel Corp.
3/25/94................. 3.25 24,946,333
--------------
<CAPTION>
Annualized
Principal Description Yield on
Amount (in and Date of
thousands) Maturity Date Purchase Value
- ---------- ------------------------ -------------- --------------
<C> <S> <C> <C>
OFFICE EQUIPMENT (0.6%)
$ 50,000 Hewlett Packard Co.
3/18/94................. 3.34% $ 49,921,375
--------------
RETAIL (1.4%)
25,000 Melville Corp.
3/25/94................. 3.36 24,944,166
89,000 Penney (JC) Funding
Corp.
3/04/94 to 4/18/94...... 3.07 to 3.44 88,797,765
--------------
113,741,931
--------------
TELEPHONE (4.0%)
320,000 American Telephone &
Telegraph Co.
3/22/94 to 6/22/94...... 3.07 to 3.54 318,762,553
--------------
TOTAL COMMERCIAL PAPER
(AMORTIZED COST $6,583,416,696).......... 6,583,416,696
--------------
U.S. GOVERNMENT AGENCIES
& OBLIGATION (16.8%)
65,000 Federal Farm Credit Bank
7/01/94 to 7/08/94...... 3.37 to 3.49 64,241,238
135,000 Federal Home Loan Banks
7/06/94 to 12/08/94..... 3.27 to 3.65 132,242,245
1,092,500 Federal National
Mortgage Association
3/02/94 to 10/26/94..... 3.24 to 3.56 1,077,074,229
90,000 U.S. Treasury Bills
7/28/94 to 12/15/94..... 3.34 to 3.61 88,067,351
--------------
TOTAL U.S. GOVERNMENT AGENCIES
& OBLIGATION
(AMORTIZED COST $1,361,625,063)........ 1,361,625,063
--------------
REPURCHASE AGREEMENT (0.1%)
10,900 The Bank of New York
3/01/94................. 3.38
(dated 2/28/94; proceeds $10,901,375;
collateralized by $10,957,986 U.S.
Treasury Note 5.50% due 2/15/95 valued
at $11,118,360)
(amortized cost $10,900,353)........... 10,900,353
--------------
TOTAL INVESTMENTS (AMORTIZED
COST $8,233,623,445)(A)............. 101.4% 8,233,623,445
LIABILITIES IN EXCESS OF CASH AND
OTHER ASSETS...................... (1.4) (112,448,014)
---- ------------
NET ASSETS.......................... 100.0% $8,121,175,431
---- ------------
---- ------------
</TABLE>
- ---------------
(a) The aggregate cost for federal income tax purposes is the same.
See Notes to Financial Statements
<PAGE> 4
DEAN WITTER LIQUID ASSET FUND INC.
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1994 (unaudited)
- -----------------------------------------
ASSETS:
Investments in securities, at value
(amortized cost $8,233,623,445) (Note
1)..................................... $8,233,623,445
Cash..................................... 90,000
Receivable for:
Interest............................... 587,744
Shares of capital stock sold........... 31,108
Prepaid expenses......................... 613,977
--------------
TOTAL ASSETS..................... 8,234,946,274
--------------
LIABILITIES:
Payable for:
Shares of capital stock repurchased.... 105,339,995
Investment management fee (Note 2)..... 1,768,255
Plan of distribution fee (Note 3)...... 617,165
Accrued expenses (Note 4)................ 6,045,428
--------------
TOTAL LIABILITIES................ 113,770,843
--------------
NET ASSETS:
Paid-in-capital.......................... 8,121,167,907
Accumulated undistributed net
investment income...................... 7,524
--------------
NET ASSETS....................... $8,121,175,431
--------------
--------------
NET ASSET VALUE PER SHARE, 8,121,167,907
shares outstanding (25,000,000,000
shares authorized of $.01 par value)... $1.00
-----
-----
STATEMENT OF OPERATIONS For the six months
ended February 28, 1994 (unaudited)
- -----------------------------------------
INVESTMENT INCOME:
INTEREST................................ $132,500,515
------------
EXPENSES
Transfer agent fees and expenses
(Note 4)............................. 12,666,914
Investment management fee (Note 2)..... 11,370,377
Plan of distribution fee (Note 3)...... 3,592,013
Registration fees...................... 345,971
Shareholder reports and notices........ 267,355
Custodian fees......................... 170,406
Professional fees...................... 31,873
Directors' fees and expenses (Note
4)................................... 16,344
Other.................................. 17,282
------------
TOTAL EXPENSES....................... 28,478,535
------------
NET INVESTMENT INCOME AND NET
INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS.................. $104,021,980
------------
------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
six months ended For the
February 28, 1994 year ended
(unaudited) August 31, 1993
----------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income and net increase in net assets resulting from
operations............................................................. $ 104,021,980 $ 231,563,039
Dividends to shareholders from net investment income....................... (104,027,766) (231,564,437)
Net increase/decrease from transactions in shares of capital stock (Note
5)....................................................................... 162,355,213 (1,254,708,139)
----------------- ----------------
Total increase/decrease.............................................. 162,349,427 (1,254,709,537)
NET ASSETS:
Beginning of period........................................................ 7,958,826,004 9,213,535,541
----------------- ----------------
END OF PERIOD (including undistributed net investment income of $7,524
and $13,310, respectively)............................................... $ 8,121,175,431 $7,958,826,004
----------------- ----------------
----------------- ----------------
</TABLE>
See Notes to Financial Statements
<PAGE> 5
DEAN WITTER LIQUID ASSET FUND INC.
NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter Liquid Asset Fund Inc.
(the "Fund") is registered under the Investment Company Act of 1940, as amended
(the "Act"), as a diversified, open-end management investment company and was
incorporated in Maryland on September 3, 1974. The Fund commenced operations on
September 22, 1975.
The following is a summary of significant accounting policies:
A. Valuation of Investments -- Portfolio securities are valued at amortized
cost, which approximates market value.
B. Accounting for Investments -- Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). In computing
net investment income, the Fund amortizes premiums and discounts on
securities owned. Realized gains and losses on security transactions are
determined on the identified cost method.
C. Federal Income Tax Status -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to its
shareholders. Accordingly, no federal income tax provision is required.
D. Dividends to Shareholders -- The Fund records dividends to its
shareholders on the record date.
E. Repurchase Agreements -- The Fund's custodian takes possession on behalf
of the Fund of the collateral pledged for investments in repurchase
agreements. It is the policy of the Fund to value the underlying collateral
daily on a mark-to-market basis to determine that the value, including
accrued interest, is at least equal to the repurchase price plus accrued
interest. In the event of default of the obligation to repurchase, the Fund
has the right to liquidate the collateral and apply the proceeds in
satisfaction of the obligation.
2. INVESTMENT MANAGEMENT AGREEMENT -- Pursuant to an Investment Management
Agreement (the "Agreement") with Dean Witter InterCapital Inc. (the "Investment
Manager"), the Fund pays the Investment Manager monthly compensation calculated
daily by applying the following annual rates to the net assets of the Fund
determined as of the close of each business day: 0.50% of the portion of the
daily net assets not exceeding $500 million; 0.425% of the portion of the daily
net assets exceeding $500 million but not exceeding $750 million; 0.375% of the
portion of the daily net assets exceeding $750 million but not exceeding $1
billion; 0.35% of the portion of the daily net assets exceeding $1 billion but
not exceeding $1.35 billion; 0.325% of the portion of the daily net assets
exceeding $1.35 billion but not exceeding $1.75 billion; 0.30% of the portion of
the daily net assets exceeding $1.75 billion but not exceeding $2.15 billion;
0.275% of the portion of the daily net assets exceeding $2.15 billion but not
exceeding $2.5 billion; 0.25% of the portion of the daily net assets exceeding
$2.5 billion but not exceeding $15 billion; 0.249% of the portion of the daily
net assets exceeding $15 billion but not exceeding $17.5 billion; and 0.248% of
the portion of the daily net assets exceeding $17.5 billion. Under the terms of
the Agreement, in addition to managing the Fund's investments, the Investment
Manager maintains certain of the Fund's books and records and furnishes office
space and 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.
<PAGE> 6
DEAN WITTER LIQUID ASSET FUND INC.
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
3. PLAN OF DISTRIBUTION -- Dean Witter Distributors Inc. (the "Distributor"),
an affiliate of the Investment Manager, is the distributor of the Fund's shares
and, in accordance with a Plan of Distribution (the "Plan") pursuant to Rule
12b-1 under the Act, finances certain expenses in connection therewith.
Under the Plan, the Distributor bears the expense of all promotional and
distribution related activities on behalf of the Fund, except for expenses that
the Directors determine to reimburse, as described below. The following
activities and services may be provided by the Distributor under the Plan: (1)
compensation to and expenses of Dean Witter Reynolds Inc.'s, an affiliate of the
Investment Manager, and other Selected Broker-Dealers' account executives and
other employees, including overhead and telephone expenses; (2) sales incentives
and bonuses to sales representatives and to marketing personnel in connection
with promoting sales of the Fund's shares; (3) expenses incurred in connection
with promoting sales of the Fund's shares; (4) preparing and distributing sales
literature; and (5) providing advertising and promotional activities, including
direct mail solicitation and television, radio, newspaper, magazine and other
media advertisements.
The Fund is authorized to reimburse the Distributor for specific expenses
the Distributor incurs or plans to incur in promoting the distribution of the
Fund's shares. The amount of each monthly reimbursement payment may in no event
exceed an amount equal to a payment at the annual rate of .15% of the Fund's
average daily net assets during the month. For the six months ended February 28,
1994, the distribution fee established by the Directors and accrued was at the
annual rate of .10%.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and the proceeds from sales/maturities of portfolio securities for the
six months ended February 28, 1994 aggregated $16,246,588,129 and
$16,182,308,446, respectively.
On April 1, 1991, the Fund established an unfunded noncontributory defined
benefit pension plan covering all independent Directors of the Fund who will
have served as an independent Director for at least five years at the time of
retirement. Benefits under this Plan are based on years of service and
compensation during the last five years of service. Aggregate pension cost for
the six months ended February 28, 1994, included in Directors' fees and expenses
in the Statement of Operations, amounted to $4,760. At February 28, 1994, the
Fund had an accrued pension liability of $39,981 which is included in accrued
expenses in the Statement of Assets and Liabilities.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At February 28, 1994, the Fund had
transfer agent fees and expenses payable of approximately $4,675,000.
5. CAPITAL STOCK -- Transactions in shares of capital stock, at $1.00 per
share, were as follows:
<TABLE>
<CAPTION>
For the six For the
months ended year ended
February 28, 1994 August 31, 1993
----------------- ----------------
<S> <C> <C>
Shares sold........................................... 13,250,816,766 25,551,349,057
Shares issued in reinvestment of dividends............ 103,675,624 230,783,932
----------------- ----------------
13,354,492,390 25,782,132,989
Shares repurchased.................................... (13,192,137,177 ) (27,036,841,128)
----------------- ----------------
Net increase/decrease................................. 162,355,213 (1,254,708,139)
----------------- ----------------
----------------- ----------------
</TABLE>
<PAGE> 7
DEAN WITTER LIQUID ASSET FUND INC.
FINANCIAL HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
Selected data and ratios for a share of capital stock outstanding throughout
each period:
<TABLE>
<CAPTION>
For the six For the year ended August 31,
months ended ---------------------------------------------
February 28, 1994 1993 1992 1991 1990 1989
----------------- ------ ------ ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning
of period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------ ------ ------- ------- -------
Net investment income........... 0.013 0.027 0.040 0.064 0.079 0.086
Less dividends from net
investment income............ (0.013) (0.027) (0.040) (0.064) (0.079) (0.086)
-------- ------ ------ ------- ------- -------
Net asset value, end of
period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------ ------ ------- ------- -------
-------- ------ ------ ------- ------- -------
TOTAL INVESTMENT RETURN........... 1.32%(1) 2.72% 4.10% 6.61% 8.27% 8.96%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in millions)................ $ 8,121 $7,959 $9,214 $10,811 $11,902 $10,734
Ratio of expenses to average net
assets....................... 0.72%(2) 0.69% 0.67% 0.62% 0.56% 0.56%
Ratio of net investment income
to average net assets........ 2.62%(2) 2.67% 4.03% 6.41% 7.91% 8.66%
</TABLE>
- ---------------
(1) Not annualized.
(2) Annualized.
See Notes to Financial Statements
<PAGE> 8
BOARD OF DIRECTORS
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. John E. Jeuck
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
Edward R. Telling
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
Jonathan R. Page
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
LEGAL COUNSEL
Sheldon Curtis
Two World Trade Center
New York, New York 10048
INDEPENDENT ACCOUNTANTS
Price Waterhouse
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
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.
DEAN
WITTER
LIQUID
ASSET
FUND
Semi Annual Report
February 28, 1994
