DEAN WITTER INFORMATIOON FUND, N-30D, 1996-04-30

DEAN WITTER INFORMATIOON FUND
N-30D, 1996-04-30

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<PAGE>

DEAN WITTER INFORMATION FUND
Two World Trade Center, New York, New York 10048
LETTER TO THE SHAREHOLDERS March 31, 1996

DEAR SHAREHOLDER:

This is the first letter to shareholders of Dean Witter Information Fund. The
Fund, which seeks to provide long-term capital appreciation, targets
companies that the portfolio managers believe are best positioned to
capitalize on the growth potential within the various sectors of the
communications and information industries. These companies offer a strong
combination of leading-edge technology, proven management and strategic
relationships and alliances.

The Fund commenced operations on November 28, 1995 with nearly $105 million
in net assets. From the Fund's inception through March 31, 1996, the equity
market registered a positive return. Over this brief period, the inflows of
cash to mutual funds continued to be very positive, inflation remained
nonthreatening to equity valuations and for most of the period interest rates
were a positive influence. At the conclusion of the first quarter of 1996, it
is expected that the U.S. economy will continue to show moderate growth,
inflation will remain benign and interest rates should not prove to be a
detrimental factor for the balance of the year.

PERFORMANCE REVIEW

Over the course of the Fund's first few months of operations, the portfolio
managers were active but cautious investors. The principal activity of
the portfolio managers over this time period was to establish initial equity
positions and work the cash balances down to acceptable levels. As of March
31, 1996, cash represented less than 1 percent of the roughly
$207 million in net assets.

From its inception through March 31, 1996, the Fund produced a total return
of 6.77 percent. The Standard & Poor's 500 Composite Stock Price Index (S&P
500) had a slightly higher total return of 7.44 percent. The Fund's slight
underperformance versus the S&P 500 is attributable to the portfolio's
relatively high cash position during the initial investment phase. The
fixed-income market's end-of-quarter sell-off was also a short-term drag on
the Fund's performance.

<PAGE>

DEAN WITTER INFORMATION FUND
LETTER TO THE SHAREHOLDERS March 31, 1996, continued

THE PORTFOLIO

On March 31, 1996, the Fund's assets were allocated primarily among the
following four sectors: telecommunications operating companies; electronics;
media/entertainment and telecommunications equipment. The Fund's overweighted
positions in telecommunications operating companies and media/entertainment
companies reflect the prospective positive impact that passage of The
Telecommunications Act of 1996 is expected to have on these sectors. However,
it is anticipated that over the course of 1996, additional commitments will be
made to the electronics and telecommunications equipment areas, which may lead
to greater portfolio weightings in these sectors. Additionally, the Fund has
diversified approximately 16 percent of its total net assets to foreign
securities representing 12 countries, including several American Depositary
Receipts, which are receipts held in U.S. banks for shares of foreign issuers.

LOOKING AHEAD

We believe that the fundamentals underpinning the information and
communications industries remain quite robust. The advent of new technologies
such as cable modems and interactive television, as well as infrastructure
spending by telephone companies, is expected to spur capital spending, which
would significantly benefit the telecommunications equipment industry.
Electronics stocks are expected to continue to exhibit long-term strength as
this area expands as a component of U.S. gross national product. Ongoing joint
ventures, mergers and alliances worldwide should keep investors focused on
telecommunications operating companies. Lastly, continued consolidation within
the broadcasting industry and an industrywide desire to own programming (also
referred to as "content") should enable media/entertainment stocks to maintain
their above-average performance.

We appreciate your support of Dean Witter Information Fund and look forward
to continuing to serve your investment needs.

Very truly yours,

/s/ Charles A. Fiumefreddo
- --------------------------------
CHARLES A. FIUMEFREDDO
Chairman of the Board

<PAGE>

DEAN WITTER INFORMATION FUND
PORTFOLIO OF INVESTMENTS March 31, 1996

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ---------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (93.4%)
Advertising (2.7%)
51,000 Heritage Media Corp. (Class A)* ................................ $ 1,829,625
32,000 Interpublic Group of Companies, Inc. ........................... 1,512,000
50,000 Omnicom Group, Inc. ............................................ 2,250,000
--------------
5,591,625
--------------
Broadcasting (12.5%)
72,000 American Radio Systems Corp.* .................................. 2,394,000
10,000 BET Holdings, Inc. (Class A)* .................................. 278,750
75,000 Citicasters, Inc. .............................................. 2,193,750
38,000 Clear Channel Communications, Inc.* ............................ 2,147,000
59,000 Emmis Broadcasting Corp. (Class A)* ............................ 2,256,750
60,000 Evergreen Media Corp. (Class A)* ............................... 2,145,000
30,000 Globalstar Telecommunications Ltd.* (Bermuda) .................. 1,522,500
48,500 Infinity Broadcasting Corp. (Class A)* ......................... 2,103,687
55,000 Lin Television Corp.* .......................................... 1,938,750
70,000 National Media Corp.* .......................................... 1,155,000
65,000 PanAmSat Corp.* ................................................ 1,982,500
100,000 Paxson Communications Corp.* ................................... 1,562,500
25,000 Silver King Communications, Inc.* .............................. 775,000
1,875 United States Satellite Broadcasting Company, Inc. (Class A)* .. 60,937
85,000 Westwood One, Inc.* ............................................ 1,561,875
65,000 Young Broadcasting, Inc.* ...................................... 1,917,500
--------------
25,995,499
--------------
Business Services (1.2%)
42,000 Computer Horizons Corp. ........................................ 1,585,500
18,000 Micros Systems, Inc.* .......................................... 441,000
14,000 Zebra Technologies Corp. (Class A)* ............................ 364,000
--------------
2,390,500
--------------
Cable Television (6.4%)
34,000 British Sky Broadcasting Group PLC (ADR) (United Kingdom) ...... 1,364,250
33,000 Cablevision Systems Corp. (Class A)* ........................... 1,897,500
102,000 Comcast Corp. (Class A) ........................................ 1,797,750
92,000 Cox Communications, Inc. (Class A)* ............................ 2,012,500
115,000 Lodgenet Entertainment Corp.* .................................. 1,437,500
91,000 Tele-Communications, Inc.* ..................................... $ 1,683,500
330,000 Telewest PLC* (United Kingdom) ................................. 720,450
89,300 U.S. West Media Group* ......................................... 1,841,812
20,000 United Video Satellite Group, Inc. (Class A)* .................. 420,000
--------------
13,175,262
--------------
Commercial Services (3.1%) .....................................
60,000 Bell & Howell Co.* ............................................. 1,965,000
4,000 CKS Group, Inc.* ............................................... 101,000
18,000 Gartner Group, Inc. (Class A)* ................................. 1,098,000
1,400 IntelliQuest Information Group, Inc.* .......................... 38,500
1,000 META Group, Inc.* .............................................. 27,250
30,000 Saville Systems Ireland PLC (ADR)* ............................. 558,750
20,000 Sitel Corp.* ................................................... 900,000
40,000 Verifone, Inc.* ................................................ 1,680,000
--------------
6,368,500
--------------
Computer Software (7.8%) .......................................
15,400 Adobe Systems, Inc. ............................................ 494,725
50,000 Borland International, Inc.* ................................... 893,750
57,000 Geoworks* ...................................................... 1,695,750
30,000 Hummingbird Communications Ltd.* (Canada) ...................... 1,117,500
18,000 Intuit, Inc.* .................................................. 805,500
42,500 Macromedia, Inc.* .............................................. 1,816,875
25,000 McAfee Associates, Inc.* ....................................... 1,368,750
58,000 MetaTools, Inc.* ............................................... 1,073,000
11,000 Netscape Communications Corp.* ................................. 456,500
44,000 Open Text Corp.* ............................................... 610,500
20,000 Oracle Systems Corp.* .......................................... 937,500
3,400 Prism Solutions, Inc.* ......................................... 90,100
2,250 Raptor Systems, Inc.* .......................................... 66,937
5,100 Red Brick Systems, Inc.* ....................................... 216,750
15,000 Security Dynamics Technologies, Inc.* .......................... 787,500
30,000 Softkey International, Inc.* ................................... 600,000
25,000 Spyglass, Inc.* ................................................ 540,625
12,700 SQA, Inc.* ..................................................... 346,075
10,000 Sterling Software, Inc.* ....................................... 705,000
31,000 Synopsis, Inc.* ................................................ 984,250
20,000 UUNET Technologies, Inc.* ...................................... 510,000
--------------
16,117,587
--------------

Conglomerates (2.0%)
36,100 ITT Corp.* ..................................................... 2,166,000
100,000 Westinghouse Electric Corp. .................................... 1,925,000
--------------
4,091,000
--------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>

DEAN WITTER INFORMATION FUND
PORTFOLIO OF INVESTMENTS March 31, 1996, continued
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ---------------------------------------------------------------------------------------------
<C> <S> <C>
Consumer Services (1.7%)
50,000 CUC International, Inc.* ....................................... $ 1,462,500
1,100 First USA Paymentech, Inc.* .................................... 38,775
51,500 Primark Corp.* ................................................. 1,905,500
6,800 Sterling Commerce, Inc.* ....................................... 209,100
--------------
3,615,875
--------------
Electronic Components (1.2%)
11,000 C-Cube Microsystems, Inc.* ..................................... 566,500
32,000 DSP Communications, Inc.* ...................................... 800,000
55,000 Zoran Corp.* ................................................... 1,155,000
--------------
2,521,500
Electronics - Semiconductors (0.8%)
10,000 Altera Corp.* .................................................. 557,500
39,700 LSI Logic Corp.* ............................................... 1,061,975
--------------
1,619,475
--------------
Entertainment (3.8%)
15,000 All American Communications, Inc. (Class B)* ................... 131,250
65,500 AMC Entertainment, Inc. ........................................ 1,588,375
38,000 America Online, Inc.* .......................................... 2,132,750
97,500 Carlton Communications PLC (United Kingdom) .................... 677,282
30,000 Cinar Films, Inc. (Class B)* (Canada) .......................... 435,000
60,000 Gaylord Entertainment Co. (Class A) ............................ 1,620,000
25,500 GT Interactive Software Corp.* ................................. 267,750
20,200 Imax Corp.* (Canada) ........................................... 638,825
43,700 Mindspring Enterprises, Inc.* .................................. 344,137
--------------
7,835,369
--------------
Gaming (3.3%)
104,000 Casino Data Systems* ........................................... 1,742,000
58,000 Circus Circus Enterprises, Inc.* ............................... 1,950,250
50,000 MGM Grand, Inc.* ............................................... 1,918,750
48,700 Scientific Games Holding Corp.* ................................ 1,290,550
--------------
6,901,550
--------------
Hotels/Motels (0.5%)
10,000 Hilton Hotels Corp. ............................................ 940,000
--------------
Precision Instruments (0.2%)
10,000 Coherent, Inc.* ................................................ 423,750
--------------
Specialty Printing (0.8%) ......................................
83,000 World Color Press, Inc.* ....................................... 1,577,000
7,500 Xeikon NV (ADR)* (Belgium) ..................................... 145,312
--------------
1,722,312
--------------
Telecommunication Equipment (14.9%)
14,000 ACT Networks, Inc.* ............................................ $ 309,750
30,000 Adtran, Inc.* .................................................. 1,372,500
20,000 Allen Group, Inc. .............................................. 387,500
48,000 Andrew Corp.* .................................................. 1,836,000
45,500 ANTEC Corp.* ................................................... 705,250
28,000 Ascend Communications, Inc.* ................................... 1,508,500
35,300 Aspect Telecommunications Corp.* ............................... 1,614,975
37,500 Bay Networks, Inc.* ............................................ 1,153,125
30,000 Brite Voice Systems, Inc.* ..................................... 555,000
13,000 Cabletron Systems, Inc.* ....................................... 861,250
70,000 Ericsson (L.M.) Telephone Co. AB (Series "B" Free) (Sweden) .... 1,538,807
11,600 FORE Systems, Inc.* ............................................ 827,950
61,500 General Instrument Corp.* ...................................... 1,683,563
10,000 Geotek Communications, Inc.* ................................... 101,250
34,100 Glenayre Technologies, Inc.* ................................... 1,304,325
45,000 Harmonic Lightwaves, Inc.* ..................................... 618,750
48,000 Madge Networks NV* (Netherlands) ............................... 1,914,000
23,000 NetStar, Inc.* ................................................. 362,250
11,000 Network General Corp.* ......................................... 434,500
22,000 Newbridge Networks Corp.* ...................................... 1,237,500
21,000 Nokia AB (Series K) (Finland) .................................. 730,210
14,000 Northern Telecom Ltd. (Canada) ................................. 668,371
4,400 Objective Systems Integrators, Inc.* ........................... 200,200
23,200 Pairgain Technologies, Inc.* ................................... 1,493,500
30,900 Picturetel Corp.* .............................................. 950,175
62,500 Scientific-Atlanta, Inc. ....................................... 1,109,375
36,200 Stratacom, Inc.* ............................................... 1,321,300
30,000 TCSI Corp.* .................................................... 862,500
25,000 Tellabs, Inc.* ................................................. 1,206,250
14,400 U.S. Robotics Corp.* ........................................... 1,864,800
4,000 Westell Technologies, Inc. (A Shares)* ......................... 148,000
2,000 Xylan Corp.* ................................................... 103,500

--------------
30,984,926
--------------
Telecommunications (9.7%)
65,000 Alltel Corp.* .................................................. 2,015,000
38,800 Arch Communications Group, Inc.* ............................... 897,250
45,000 Century Telephone Enterprises, Inc. ............................ 1,428,750
14,300 Compania de Telecommunicaciones de Chile S.A. (ADR) (Chile) .... 1,211,925
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- --------------------------------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (A) (7.7%)
U.S. GOVERNMENT AGENCIES
$11,000 Federal Home Loan Mortgage Corp. 5.30% due 04/01/96 ............ 11,000,000
5,000 Federal National Mortgage Assoc. 5.37% due 04/03/96 ............ 4,998,508
-------------
TOTAL SHORT-TERM INVESTMENTS
(Amortized Cost $15,998,508) ................................... 15,998,508
-------------
</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST $196,718,956) (B) 101.1% 209,575,423
LIABILITIES IN EXCESS OF CASH AND
OTHER ASSETS ...................... (1.1) (2,254,440)
-------- --------------
NET ASSETS ........................ 100.0% $207,320,983
======== ==============

</TABLE>

- ------------
ADR American Depository Receipt.
* Non-income producing security.
(a) Securities were purchased on a discount basis. The interest rates
shown have been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $196,796,081;
the aggregate gross unrealized appreciation is $20,597,187 and the
aggregate gross unrealized depreciation is $7,817,845, resulting
in net unrealized appreciation of $12,779,342.

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>

DEAN WITTER INFORMATION FUND
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1996

<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value (identified cost $196,718,956) ... $209,575,423
Cash .................................................................. 575,657
Receivable for:
Shares of beneficial interest sold .................................. 1,506,249
Dividends ........................................................... 136,615
Deferred organizational expenses ...................................... 167,116
Prepaid expenses and other assets ..................................... 16,229
--------------
TOTAL ASSETS ....................................................... 211,977,289
--------------
LIABILITIES:
Payable for:
Investments purchased ............................................... 3,935,520
Plan of distribution fee ............................................ 160,215
Investment management fee ........................................... 125,192
Shares of beneficial interest repurchased ........................... 36,775
Organizational expenses ............................................. 179,390
Accrued expenses ...................................................... 219,214
--------------
TOTAL LIABILITIES .................................................. 4,656,306
--------------
NET ASSETS:
Paid-in-capital ....................................................... 196,707,954
Net unrealized appreciation ........................................... 12,856,537
Net realized loss ..................................................... (2,243,508)
--------------
NET ASSETS .......................................................... $207,320,983
==============
NET ASSET VALUE PER SHARE,
19,429,265 shares outstanding (unlimited shares authorized of $.01
par value) ........................................................... $10.67
==============

</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>

DEAN WITTER INFORMATION FUND
FINANCIAL STATEMENTS, continued

STATEMENT OF OPERATIONS
FOR THE PERIOD NOVEMBER 28, 1995* THROUGH MARCH 31, 1996

<TABLE>
<CAPTION>
<S> <C>
NET INVESTMENT INCOME:
Income
Interest ........................................................... $ 593,597
Dividends (net of $7,852 foreign withholding tax) .................. 381,471
-------------
TOTAL INCOME ..................................................... 975,068
-------------
Expenses
Plan of distribution fee ........................................... 530,783
Investment management fee .......................................... 405,308
Transfer agent fees and expenses ................................... 95,993
Professional fees .................................................. 73,244
Registration fees .................................................. 68,211
Custodian fees ..................................................... 44,170
Shareholder reports and notices .................................... 14,554
Organizational expenses ............................................ 12,274
Trustees' fees and expenses ........................................ 2,040
Other .............................................................. 2,594
-------------
TOTAL EXPENSES ................................................... 1,249,171
-------------
NET INVESTMENT LOSS .............................................. (274,103)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments ...................................................... (2,243,428)
Foreign exchange transactions .................................... (80)
-------------
TOTAL LOSS ....................................................... (2,243,508)
-------------
Net unrealized appreciation on:
Investments ...................................................... 12,856,467
Translation of other assets and liabilities denominated in
foreign currencies .............................................. 70
-------------
TOTAL APPRECIATION ............................................... 12,856,537
-------------
NET GAIN ......................................................... 10,613,029
-------------
NET INCREASE ....................................................... $10,338,926
=============
</TABLE>

- ------------
* Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>

DEAN WITTER INFORMATION FUND
FINANCIAL STATEMENTS, continued

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE PERIOD
NOVEMBER 28, 1995*
THROUGH MARCH 31,
1996
- -------------------------------------------------------------- ------------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment loss ........................................... $ (274,103)
Net realized loss ............................................. (2,243,508)
Net unrealized appreciation ................................... 12,856,537
------------------
NET INCREASE ................................................ 10,338,926
Dividends in excess of net investment income .................. (92,429)
Net increase from transactions in shares of beneficial
interest ..................................................... 196,974,486
------------------
TOTAL INCREASE .............................................. 207,220,983
NET ASSETS:
Beginning of period ........................................... 100,000
------------------
END OF PERIOD ............................................... $207,320,983
==================
</TABLE>

- ------------
* Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>

DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS March 31, 1996
1. Organization And Accounting Policies

Dean Witter Information Fund (the "Fund") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as a diversified, open-end
management investment company. The Fund's investment objective is long-term
capital appreciation. The Fund seeks to achieve its investment objective by
investing primarily in common stocks and securities convertible into common
stocks of domestic and foreign companies which are involved in the
communications and information industry.

The Fund was organized as a Massachusetts business trust on December 8, 1994
and had no other operations other than those relating to organizational
matters and the issuance of 10,000 shares of beneficial interest for $100,000
to Dean Witter InterCapital Inc. (the "Investment Manager") to effect the
Fund's initial capitalization. The Fund commenced operations on November 28,
1995.

The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures. Actual results could differ
from those estimates. The following is a summary of significant accounting
policies:

A. VALUATION OF INVESTMENTS -- (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, including circumstances under which it is determined by
the Investment Manager that sale or bid prices are not reflective of a
security's market value, 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; and (4) short-term debt securities
having a maturity date of more than sixty days at time of purchase are valued
on a mark-to-market basis until sixty days prior to maturity and thereafter
at amortized cost based on their value on the 61st day. Short-term debt
securities having a maturity date of sixty days or less at the time of
purchase are valued at amortized cost.

B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined by the identified cost
method. Dividend income and other distributions are recorded on the
ex-dividend date

<PAGE>

DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS March 31, 1996, continued

except for certain dividends on foreign securities which are recorded as soon
as the Fund is informed after the ex-dividend date. Discounts are accreted
over the life of the respective securities. Interest income is accrued daily.

C. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in 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. The Fund does
not isolate that portion of the results of operations arising as a result of
changes in the foreign exchange rates from the changes in the market prices
of the securities.

D. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward
foreign currency contracts which are valued daily at the appropriate exchange
rates. The resultant unrealized exchange gains and losses are included in the
Statement of Operations as unrealized foreign currency gain or loss and in
the Statement of Assets and Liabilities as part of the related foreign
currency denominated asset or liability. The Fund records realized gains or
losses on delivery of the currency or at the time the forward contract is
extinguished (compensated) by entering into a closing transaction prior to
delivery.

E. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply 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 ex-dividend date. The amount of
dividends and distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent 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

<PAGE>

DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS March 31, 1996, continued

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. ORGANIZATIONAL EXPENSES -- The Investment Manager paid the organizational
expenses of the Fund in the amount of approximately $179,000 which will be
reimbursed for the full amount thereof. Such expenses have been deferred and
are being amortized on the straight-line method over a period not to exceed
five years from commencement of operations.

2. INVESTMENT MANAGEMENT AGREEMENT

Pursuant to an Investment Management Agreement, the Fund pays a management
fee, accrued daily and payable monthly, by applying the annual rate of 0.75%
to the net assets of the Fund determined as of the close of each business
day.

Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities,
equipment, clerical, bookkeeping and certain legal services and pays the
salaries of all personnel, including officers of the Fund who are employees
of the Investment Manager. The Investment Manager also bears the cost of
telephone services, heat, light, power and other utilities provided to the
Fund.

3. PLAN OF DISTRIBUTION

Shares of the Fund are distributed by Dean Witter Distributors Inc. (the
"Distributor"), an affiliate of the Investment Manager. The Fund has adopted
a Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act
pursuant to which the Fund pays the Distributor compensation, accrued daily
and payable monthly, at an annual rate of 1.0% of the lesser of: (a) the
average daily aggregate gross sales of the Fund's shares since the Fund's
inception (not including reinvestment of dividend or capital gain
distributions) less the average daily aggregate net asset value of the Fund's
shares redeemed since the Fund's inception upon which a contingent deferred
sales charge has been imposed or upon which such charge has been waived; or
(b) the Fund's average daily net assets. Amounts paid under the Plan are paid
to the Distributor to compensate it for the services provided and the
expenses borne by it and others in the distribution of the Fund's shares,
including the payment of commissions for sales of the Fund's shares and
incentive compensation to, and expenses of, the account executives of Dean
Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, and other employees or selected broker-dealers who engage in or
support distribution of the Fund's shares or who service shareholder
accounts, including overhead and telephone expenses, printing and
distribution of prospectuses and

<PAGE>

DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS March 31, 1996, continued

reports used in connection with the offering of the Fund's shares to other
than current shareholders and preparation, printing and distribution of sales
literature and advertising materials. In addition, the Distributor may be
compensated under the Plan for its opportunity costs in advancing such
amounts, which compensation would be in the form of a carrying charge on any
unreimbursed expenses incurred by the Distributor.

Provided that the Plan continues in effect, any cumulative expenses incurred
but not yet recovered may be recovered through future distribution fees from
the Fund and contingent deferred sales charges from the Fund's shareholders.

The Distributor has informed the Fund that for the period ended March 31,
1996, it received approximately $66,500 in contingent deferred sales charges
from certain redemptions of the Fund's shares.

4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES

The cost of purchases and proceeds from sales of portfolio securities,
excluding short-term investments, for the period ended March 31, 1996
aggregated $192,736,673 and $9,772,797, respectively.

For the period ended March 31, 1996, the Fund incurred brokerage commissions
of $49,550 with DWR for portfolio transactions executed on behalf of the
Fund. At March 31, 1996 the Fund's payable for investments purchased included
unsettled trades with DWR of $539,488.

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1996, the Fund had
transfer agent fees and expenses payable of approximately $23,000.

5. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:

<TABLE>
<CAPTION>
FOR THE PERIOD
NOVEMBER 28, 1995*
THROUGH MARCH 31, 1996
----------------------------
SHARES AMOUNT
------------ --------------
<S> <C> <C>
Sold ...................... 19,923,449 $202,231,632
Reinvestment of dividends 8,519 85,362
------------ --------------
19,931,968 202,316,994
Repurchased ............... (512,703) (5,342,508)
------------ --------------
Net increase .............. 19,419,265 $196,974,486
============ ==============
</TABLE>

- ------------
* Commencement of operations.

<PAGE>

DEAN WITTER INFORMATION FUND
NOTES TO FINANCIAL STATEMENTS March 31, 1996, continued

6. FEDERAL INCOME TAX STATUS

Capital losses incurred after October 31 within the taxable year
("post-October" losses) are deemed to arise on the first business day of the
Fund's next taxable year. The Fund incurred and will elect to defer net
capital losses of approximately $2,166,000 during fiscal 1996.

At March 31, 1996, the Fund had temporary book/tax differences primarily
attributable to post-October losses and permanent book/tax differences
primarily attributable to a net operating loss. To reflect reclassifications
arising from permanent book/tax differences for the period ended March 31,
1996, paid-in-capital was charged and net investment loss was credited
$366,532.

7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS

The Fund may enter into forward foreign currency contracts ("forward
contracts") to facilitate settlement of foreign currency denominated
portfolio transactions or to manage foreign currency exposure associated with
foreign currency denominated securities.

Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk
of an unfavorable change in the 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 INFORMATION FUND
FINANCIAL HIGHLIGHTS

Selected ratios and per share data for a share of beneficial interest
outstanding throughout the period:

<TABLE>
<CAPTION>
FOR THE PERIOD
NOVEMBER 28, 1995*
THROUGH MARCH 31,
1996
- ------------------------------------------------- ------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ............. $ 10.00
------------------
Net investment loss .............................. (0.01)
Net realized and unrealized gain ................. 0.69
------------------
Total from investment operations ................. 0.68
Less dividends in excess of net investment income (0.01)
------------------
Net asset value, end of period ................... $ 10.67
==================
TOTAL INVESTMENT RETURN + ........................ 6.77%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses ......................................... 2.31%(2)
Net investment loss .............................. (0.51)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands ......... $207,321
Portfolio turnover rate .......................... 8%(1)
Average commission rate paid ..................... $ 0.0496
</TABLE>

- ------------
* Commencement of operations.
+ Does not reflect the deduction of sales charge.
(1) Not annualized.
(2) Annualized.

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>

DEAN WITTER INFORMATION FUND
REPORT OF INDEPENDENT ACCOUNTANTS

TO THE SHAREHOLDERS AND TRUSTEES
OF DEAN WITTER INFORMATION FUND

In our opinion, the accompanying statement of assets and liabilities,
including the portfolio of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Dean Witter
Information Fund (the "Fund") at March 31, 1996, and the results of its
operations, the changes in its net assets and the financial highlights for
the period November 28, 1995 (commencement of operations) through March 31,
1996, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit of these financial statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit, which included
confirmation of securities at March 31, 1996 by correspondence with the
custodian and brokers, provides a reasonable basis for the opinion
expressed above.

PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
April 15, 1996

<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

Edward Gaylor
Vice President

Peter Hermann
Vice President

Jayne Stevlingson
Vice President

Thomas F. Caloia
Treasurer

TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311

INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036

INVESTMENT MANAGER
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048

This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Fund.

This report is not authorized for distribution to prospective investors in
the Fund unless preceded or accompanied by an effective prospectus.

DEAN WITTER
INFORMATION FUND

ANNUAL REPORT
MARCH 31, 1996