<PAGE> 1
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST Two World Trade Center,
New York, New York 10048
LETTER TO THE SHAREHOLDERS August 31, 1997
DEAR SHAREHOLDER:
In December 1996 Federal Reserve Board Chairman Alan Greenspan hinted that a
preemptive move against rising pressure on prices might be necessary to ensure
that inflation remained under control. Surprisingly, the economy started 1997
with employment expanding, personal income climbing and consumer confidence
rising. However, concerns regarding a possible interest-rate increase still
permeated the bond markets during January and February.
As anticipated, on March 25, 1997, the Federal Reserve Board voted to raise the
federal-funds rate, by 25 basis points. Although this move initially sent stocks
and bonds lower, many economists applauded the Fed Reserve Board's action. This
decision was viewed as a preemptive strike against an increase in inflation to
prolong the current economic expansion. It first appeared that the Federal
Reserve was poised for a number of further rate increases. But a slight cooling
of economic data, subdued inflation during the second quarter and progress
towards a balanced budget agreement prevented a quick succession of tightening
moves. As a result, interest rates declined.
Interest rates on intermediate-term Treasuries were highly volatile over the
past six months, with five-year Treasury yields ranging between 5.9 percent and
6.9 percent. At the end of the period, the five-year Treasury note was yielding
6.2 percent, compared to 6.4 percent six months earlier.
PERFORMANCE AND PORTFOLIO STRUCTURE
For the six-month period ended August 31, 1997, Dean Witter Intermediate Term
U.S. Treasury Trust registered a total return of 3.59 percent. This figure
includes income distributions of slightly more than $0.28 per share and a change
in net asset value from $9.71 on February 28, 1997, to $9.77 per share on August
31, 1997. During the same period, Lipper Analytical Services, Inc. Intermediate
U.S. Treasury Funds Average (Lipper Average) posted a total return of 3.64
percent.
<PAGE> 2
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
LETTER TO THE SHAREHOLDERS August 31, 1997, continued
The Fund maintains a diversified investment strategy across the maturity
spectrum. The Fund's current average maturity of 6.5 years reflects a
constructive position in the context of a low-inflation environment.
Accordingly, as attractive investment opportunities become available the average
maturity may be extended gradually. On August 31, 1997, the Fund's duration was
approximately 4.5 years. (Duration is a measure of the portfolio's sensitivity
to changes in interest rates.) Because the Fund's income is derived mainly from
U.S. Treasury securities, it continues to offer investors an attractive
alternative to other intermediate-term investments.
LOOKING AHEAD
For the balance of 1997, we expect the U.S. economy to moderate from its current
strong pace. Although the current inflation environment remains favorable,
members of the Federal Reserve continue to voice concerns regarding the strength
of the economy and employment. The Federal Reserve Board is likely to look for
sustained confirmation of a strong economy and rising inflationary pressure
before taking any further action on interest rates.
We appreciate your support of Dean Witter Intermediate Term U.S. Treasury Trust
and look forward to continuing to serve your investment needs and objectives.
Very truly yours,
/S/ CHARLES A. FIUMEFREDDO
CHARLES A. FIUMEFREDDO
Chairman of the Board
<PAGE> 3
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
RESULTS OF SPECIAL MEETING (unaudited)
On May 21, 1997, a special meeting of the Fund's shareholders was held for the
purpose of voting on four separate matters, the results of which were as
follows:
(1) APPROVAL OF A NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND DEAN
WITTER INTERCAPITAL INC. IN CONNECTION WITH THE PROPOSED MERGER OF MORGAN
STANLEY GROUP INC. WITH DEAN WITTER, DISCOVER & CO.:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
---------------------------------------------------------------------------- -------------
<S> <C>
For......................................................................... 96,901
Against..................................................................... 6,228
Abstain..................................................................... 3,374
</TABLE>
(2) ELECTION OF TRUSTEES:
<TABLE>
<S> <C>
Michael Bozic
For...................... 105,916
Withheld................. 587
Charles A. Fiumefreddo
For...................... 105,916
Withheld................. 587
Edwin J. Garn
For...................... 105,916
Withheld................. 587
John R. Haire
For...................... 105,916
Withheld................. 587
Wayne E. Hedien
For...................... 105,916
Withheld................. 587
Dr. Manuel H. Johnson
For...................... 105,916
Withheld................. 587
Michael E. Nugent
For...................... 105,916
Withheld................. 587
Philip J. Purcell
For...................... 105,916
Withheld................. 587
John L. Schroeder
For...................... 105,916
Withheld................. 587
</TABLE>
(3) APPROVAL OF NEW INVESTMENT POLICY WITH RESPECT TO INVESTMENTS IN CERTAIN
OTHER INVESTMENT COMPANIES:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
---------------------------------------------------------------------------- -------------
<S> <C>
For......................................................................... 93,763
Against..................................................................... 7,289
Abstain..................................................................... 5,451
</TABLE>
(4) RATIFICATION OF THE SELECTION OF PRICE WATERHOUSE LLP AS THE FUND'S
INDEPENDENT ACCOUNTANTS:
<TABLE>
<CAPTION>
VOTE NO. OF SHARES
---------------------------------------------------------------------------- -------------
<S> <C>
For......................................................................... 105,698
Against..................................................................... 582
Abstain..................................................................... 223
</TABLE>
<PAGE> 4
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
PORTFOLIO OF INVESTMENTS August 31, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL DESCRIPTION
AMOUNT IN AND COUPON
THOUSANDS MATURITY DATE RATE VALUE
- -----------------------------------------------------------------------------------------
<C> <S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (93.2%)
U.S. Treasury Notes (89.7%)
$ 300 08/15/00.......................................... 6.00% $ 299,340
195 10/31/00.......................................... 5.75 192,995
250 03/31/01.......................................... 6.375 251,633
900 06/30/01.......................................... 6.625 913,302
250 08/31/01.......................................... 6.50 252,725
290 12/31/01.......................................... 6.125 289,072
50 02/28/02.......................................... 6.25 50,048
990 03/31/02.......................................... 6.625 1,005,315
110 04/30/02.......................................... 6.625 111,718
250 05/31/02.......................................... 6.50 252,665
400 07/31/02.......................................... 6.00 396,508
355 02/15/03.......................................... 6.25 355,046
560 08/15/03.......................................... 5.75 545,513
170 02/15/04.......................................... 5.875 166,282
85 08/15/05.......................................... 6.50 85,640
170 11/15/05.......................................... 5.875 164,541
50 05/15/06.......................................... 6.875 51,534
100 10/15/06.......................................... 6.50 100,617
245 02/15/07.......................................... 6.25 242,523
880 05/15/07.......................................... 6.625 895,189
200 08/15/07.......................................... 6.125 196,868
------------
6,819,074
------------
U.S. Treasury Strips (3.5%)
195 11/15/02.......................................... 0.00 141,775
195 02/15/05.......................................... 0.00 121,620
------------
263,395
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Identified Cost $7,039,710)................................ 7,082,469
------------
SHORT-TERM INVESTMENT (3.9%)
REPURCHASE AGREEMENT
297 The Bank of New York due 09/02/97 (dated 08/29/97;
proceeds $297,116) (a)
(Identified Cost $296,943)....................... 5.25 296,943
------------
TOTAL INVESTMENTS (Identified Cost $7,336,653)
(b).............................................. 97.1% 7,379,412
OTHER ASSETS IN EXCESS OF LIABILITIES............. 2.9 224,074
----- ------------
NET ASSETS........................................ 100.0% $7,603,486
===== ============
</TABLE>
- ---------------------
(a) Collateralized by $292,324 U.S. Treasury Note 6.625% due 05/15/07 valued at
$302,882.
(b) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $74,661 and the
aggregate gross unrealized depreciation is $31,902, resulting in net
unrealized appreciation of $42,759.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 5
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
August 31, 1997 (unaudited)
ASSETS:
Investments in securities, at value
(identified cost $7,336,653)............. $ 7,379,412
Receivable for:
Shares of beneficial interest sold.... 100,000
Interest.............................. 90,662
Receivable from affiliate................. 23,462
Deferred organizational expenses.......... 110,705
Prepaid expenses.......................... 44,915
------------
TOTAL ASSETS.......................... 7,749,156
------------
LIABILITIES:
Payable for:
Dividends to shareholders............. 5,352
Shares of beneficial interest
repurchased.......................... 4,729
Plan of distribution fee.............. 2,295
Accrued expenses and other payables....... 22,589
Organizational expenses................... 110,705
------------
TOTAL LIABILITIES..................... 145,670
------------
NET ASSETS............................ $ 7,603,486
============
COMPOSITION OF NET ASSETS:
Paid-in-capital........................... $ 7,630,786
Net unrealized appreciation............... 42,759
Accumulated net realized loss............. (70,059)
------------
NET ASSETS............................ $ 7,603,486
============
NET ASSET VALUE PER SHARE,
777,977 shares outstanding (unlimited
shares authorized of $.01 par value)..... $9.77
STATEMENT OF OPERATIONS
For the six months ended August 31, 1997 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME........................... $ 182,077
------------
EXPENSES
Professional fees......................... 28,445
Organizational expenses................... 18,148
Shareholder reports and notices........... 13,409
Registration fees......................... 13,344
Investment management fee................. 10,472
Plan of distribution fee.................. 10,472
Trustees' fees and expenses............... 6,302
Transfer agent fees and expenses.......... 1,033
Other..................................... 3,987
------------
TOTAL EXPENSES........................ 105,612
Less: amounts waived/reimbursed........... (95,140)
------------
NET EXPENSES.......................... 10,472
------------
NET INVESTMENT INCOME................. 171,605
------------
NET REALIZED AND UNREALIZED GAIN:
Net realized gain......................... 19,016
Net change in unrealized depreciation..... 90,749
------------
NET GAIN.............................. 109,765
------------
NET INCREASE.............................. $ 281,370
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 6
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX
MONTHS ENDED FOR THE YEAR
AUGUST 31, ENDED
1997 FEBRUARY 28, 1997
- -------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income................................ $ 171,605 $ 146,163
Net realized gain (loss)............................. 19,016 (89,075)
Net change in unrealized depreciation................ 90,749 (6,941)
---------- ----------
NET INCREASE..................................... 281,370 50,147
---------- ----------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income................................ (171,605) (146,163)
Net realized gain.................................... -- (759)
---------- ----------
TOTAL............................................ (171,605) (146,922)
---------- ----------
Net increase (decrease) from transactions in shares
of beneficial interest.............................. 5,502,151 (2,348,227)
---------- ----------
NET INCREASE (DECREASE).......................... 5,611,916 (2,445,002)
NET ASSETS:
Beginning of period.................................. 1,991,570 4,436,572
---------- ----------
END OF PERIOD.................................... $7,603,486 $ 1,991,570
========== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 7
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS August 31, 1997 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Dean Witter Intermediate Term U.S. Treasury Trust (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 current income and preservation of principal. The Fund seeks to
achieve its objective by investing in U.S. Treasury securities backed by the
full faith and credit of the U.S. Government. The Fund was organized as a
Massachusetts business trust on February 9, 1995 and commenced operations on
September 27, 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) all 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; (2) when market
quotations are not readily available, including circumstances under which it is
determined by Dean Witter InterCapital Inc. (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
(valuation of debt securities for which market quotations are not readily
available may be based upon current market prices of securities which are
comparable in coupon, rating and maturity or an appropriate matrix utilizing
similar factors); and (3) 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.
Discounts are accreted over the life of the respective securities. Interest
income is accrued daily.
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.
<PAGE> 8
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS August 31, 1997 (unaudited) continued
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends and
distributions to its shareholders on the record date. The amount of dividends
and distributions from net investment income and net realized capital gains are
determined in accordance with federal income tax regulations which may differ
from generally accepted accounting principles. These "book/tax" differences are
either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and distributions which
exceed net investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as dividends in excess
of net investment income or distributions in excess of net realized capital
gains. To the extent they exceed net investment income and net realized capital
gains for tax purposes, they are reported as distributions of paid-in-capital.
E. ORGANIZATIONAL EXPENSES -- The Investment Manager paid the organizational
expenses of the Fund in the amount of approximately $180,000, of which
approximately $110,705 will be reimbursed. The balance will be absorbed by the
Investment Manager. Such expenses have been deferred and are being amortized on
the straight-line method over a period not to exceed five years from the
commencement of operations.
2. INVESTMENT MANAGEMENT AGREEMENT
Pursuant to an Investment Management Agreement, the Fund pays the Investment
Manager a management fee, accrued daily and payable monthly, by applying the
annual rate of 0.35% to the Fund's net assets determined at 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.
The Investment Manager has undertaken to reimburse all operating expenses
(except plan of distribution fees) and waive the compensation provided for in
its Investment Management Agreement until February 28, 1998. At August 31, 1997,
included in the Statement of Assets and Liabilities, was a receivable from an
affiliate which represents expense reimbursements due to the Fund.
<PAGE> 9
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS August 31, 1997 (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 Trustees determine to reimburse, as described below. The following
activities and services may be provided by the Distributor, account executives
of Dean Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, its affiliates and other selected broker-dealers under the Plan:
(1) compensation to, and expenses of, account executives of DWR 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 0.35% of the Fund's average
daily net assets. Expenses incurred by the Distributor pursuant to the Plan in
any fiscal year will not be reimbursed by the Fund through payments accrued in
any subsequent fiscal year. For the six months ended August 31, 1997, the
distribution fee was accrued at the annual rate of 0.35%.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The costs of purchases and proceeds from sales of portfolio securities,
excluding short-term investments, for the six months ended August 31, 1997 were
$9,245,595 and $4,175,691, respectively.
Dean Witter Trust FSB, an affiliate of the Investment Manager and Distributor,
is the Fund's transfer agent. At August 31, 1997, the Fund had transfer agent
fees and expenses payable of approximately $40.
<PAGE> 10
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS August 31, 1997 (unaudited) continued
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
AUGUST 31, 1997 FEBRUARY 28, 1997
------------------------ ------------------------
(unaudited)
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Sold............................................................... 811,955 $ 7,842,219 145,947 $ 1,418,741
Reinvestment of dividends.......................................... 4,727 46,051 7,200 69,866
-------- ----------- -------- -----------
816,682 7,888,270 153,147 1,488,607
Repurchased........................................................ (243,725) (2,386,119) (395,509) (3,836,834)
-------- ----------- -------- -----------
Net increase (decrease)............................................ 572,957 $ 5,502,151 (242,362) $(2,348,227)
======== =========== ======== ===========
</TABLE>
6. FEDERAL INCOME TAX STATUS
At February 28, 1997, the Fund had a net capital carryover of approximately
$87,000 which will be available through February 28, 2005.
Capital losses incurred after October 31 ("post-October losses") within the
taxable year 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 $2,000 during fiscal 1997.
As of February 28, 1997, the Fund had temporary book/tax differences primarily
attributable to post-October losses.
<PAGE> 11
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED FOR THE YEAR SEPTEMBER 27, 1995*
AUGUST 31, ENDED THROUGH
1997 FEBRUARY 28, 1997 FEBRUARY 29, 1996
- --------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period............................. $ 9.71 $ 9.92 $10.00
------- ------ ------
Net investment income............................................ 0.28 0.53 0.21
Net realized and unrealized gain (loss).......................... 0.06 (0.21) (0.08)
------- ------ ------
Total from investment operations................................. 0.34 0.32 0.13
------- ------ ------
Less dividends from net investment income........................ (0.28) (0.53)++ (0.21)
------- ------ ------
Net asset value, end of period................................... $ 9.77 $ 9.71 $9.92
======= ====== ======
TOTAL INVESTMENT RETURN+......................................... 3.59%(1) 3.42% 1.23%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses......................................................... 0.35%(2)(3) 0.33%(3) 0.32%(2)(3)
Net investment income............................................ 5.74%(2)(3) 5.41%(3) 5.05%(2)(3)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands.......................... $7,603 $1,992 $4,437
Portfolio turnover rate.......................................... 80%(1) 42% 20%(1)
</TABLE>
- ---------------------
* Commencement of operations.
+ Calculated based on the net asset value as of the last business day of the
period.
++ Includes distributions from capital gains of $0.003.
(1) Not annualized.
(2) Annualized.
(3) If the Fund had borne all of its expenses that were reimbursed or waived by
the Investment Manager, the annualized expense and net investment income
(loss) ratios would have been 3.53% and 2.56%, respectively, for the six
months ended August 31, 1997; 7.07% and (1.33%), respectively, for the year
ended February 28, 1997 and 2.82% and 2.55%, respectively, after application
of the Fund's state expense limitation, for the period ended February 29,
1996.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 12
TRUSTEES
- -----------------------------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Wayne E. Hedien
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
- -----------------------------------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
Rajesh K. Gupta
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
- -----------------------------------------------------
Dean Witter Trust FSB
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 proceded or accompanied by an effective prospectus.
DEAN WITTER
INTERMEDIATE TERM
U.S. TREASURY TRUST
Semiannual Report
August 31, 1997
