<PAGE>
DEAN WITTER INTERMEDIATE TERM Two World Trade Center,
U.S. TREASURY TRUST New York, New York 10048
LETTER TO THE SHAREHOLDERS February 28, 1998
DEAR SHAREHOLDER:
During the twelve months ended February 28, 1998, the economy exhibited
healthy growth and declining inflation. The Federal Reserve Board expressed
concern over the possibility of a resurgence in inflation due to the
continued strength of the economy and employment growth, but when this did
not materialize, rates were left unchanged.
Interest rates on intermediate-term U.S. Treasuries during the twelve months
ended February 28, 1998 were highly volatile, with yields on five-year U.S.
Treasuries ranging from 5.21 percent to 6.86 percent. At
the end of the period, the five-year U.S. Treasury note was yielding
5.59 percent, compared to 6.39 percent twelve months earlier.
PERFORMANCE AND PORTFOLIO STRUCTURE
The Fund's performance for the twelve month period ended February 28, 1998
was enhanced by the generally lower interest rate environment. For this
period the Fund's total return was 9.33 percent. This included income
dividends of $0.57 per share and an increase in net asset value from $9.71 to
$10.02 per share. During the same period, the Lipper Intermediate U.S.
Treasury Funds Average (Lipper Average) and the Lehman Brothers Intermediate
U.S. Treasury Index (Lehman Index) posted returns of 9.35 percent and 8.43
percent, respectively. The accompanying chart illustrates the growth of a
hypothetical $10,000 investment in the Fund from its inception on September
27, 1995 through February 28, 1998, versus a similar investment in the issues
that comprise the Lehman Index and the Lipper Average.
The Fund maintains a diversified investment strategy in U.S. Treasury bills,
notes and bonds across the maturity spectrum, with the ability to extend
maturity to a maximum of eight years. At present, in light of the Federal
Reserve's neutrality, we have adjusted the Fund's weighted average maturity
to approximately 6.5 years, to reflect a more constructive position.
Accordingly, as attractive investment opportunities become available the
average maturity may be adjusted.
<PAGE>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
LETTER TO THE SHAREHOLDERS February 28, 1998, continued
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
GROWTH OF $10,000
($ in Thousands)
Date Total Lehman(3) Lipper(4)
September 27, 1995 $10,000 $10,000 $10,000
February 29, 1996 $10,123 $10,315 $10,277
February 28, 1997 $10,469 $10,805 $10,670
February 28, 1998 $11,446(2) $11,716 $11,667
Average Annual Total Returns
1 year Life of Fund
9.33%(1) 5.73%(1)
Past performance is not predictive of future returns
- --------------------------
(1) Figure shown assumes reinvestment of all distributions. There is no sales
charge.
(2) Closing value assuming a complete redemption on February 28, 1998.
(3) The Lehman Brothers Intermediate U.S. Treasury Index measures the
performance of all U.S. Treasury securities with maturities ranging between
1 and 10 years. The performance of the Index does not include any expenses,
fees or charges. The Index is unmanaged and should not be considered an
investment.
(4) The Lipper U.S. Treasury Funds Average tacks the performance of all funds
which invest at least 65% of their assets in U.S. Treasury Bills, Notes and
Bonds with dollar-weighted average maturities of 5 to 10 years, as reported
by Lipper Analytical Services, Inc.
MARKET OVERVIEW
As the summer of 1997 came to a close, the turmoil in the Southeast Asian
financial markets brought an investor flight to quality in U.S. Treasuries
and the U.S. dollar. Should the crisis in Southeast Asia continue through
1998, we believe that the deflationary trend of the Southeast Asian economies
could prove beneficial to declining inflation in the United States.
We believe that the Federal Reserve is unlikely to raise interest rates for
the first half of 1998 and that the U.S. economy should maintain a healthy
pace for the remainder of the year. However, should inordinately strong
economic growth give rise to inflationary pressures, we feel the Federal
Reserve may need to reassess its current monetary policy.
We believe the Fund, whose income is substantially free from state and local
taxes in all 50 states and the District of Columbia, continues to offer
investors an attractive alternative to other intermediate-term investments.
We appreciate your support of Dean Witter Intermediate Term U.S. Treasury
Trust 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 INTERMEDIATE TERM U.S. TREASURY TRUST
PORTFOLIO OF INVESTMENTS February 28, 1998
<TABLE>
<CAPTION>
PRINCIPAL DESCRIPTION
AMOUNT IN AND COUPON
THOUSANDS MATURITY DATE RATE VALUE
- ----------- ---------------------------------- -------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (97.2%)
U.S. Treasury Notes (89.1%)
$ 790 06/30/01 .......................... 6.625% $ 814,245
750 08/31/01 .......................... 6.50 771,143
990 03/31/02 .......................... 6.625 1,025,392
60 04/30/02 .......................... 6.625 62,204
250 05/31/02 .......................... 6.50 258,150
75 07/31/02 .......................... 6.00 76,094
260 08/31/02 .......................... 6.25 266,289
50 10/31/02 .......................... 5.75 50,244
100 11/30/02 .......................... 5.75 100,485
640 01/31/03 .......................... 5.50 637,107
355 02/15/03 .......................... 6.25 364,507
110 08/15/03 .......................... 5.75 110,648
620 02/15/04 .......................... 5.875 629,213
150 05/15/05 .......................... 6.50 157,323
45 08/15/05 .......................... 6.50 47,230
50 05/15/06 .......................... 6.875 53,786
150 10/15/06 .......................... 6.50 157,959
830 05/15/07 .......................... 6.625 884,307
1,260 08/15/07 .......................... 6.125 1,299,539
-----------
7,765,865
-----------
U.S. Treasury Strips (8.1%)
425 05/15/03 .......................... 0.00 317,088
175 02/15/04 .......................... 0.00 125,393
395 02/15/05 .......................... 0.00 267,008
-----------
709,489
-----------
TOTAL INVESTMENTS
(Identified Cost $8,294,664)(a) .. 97.2% 8,475,354
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES 2.8 241,158
-------- ------------
NET ASSETS ........................ 100.0% $8,716,512
======== ============
<FN>
- ------------
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$189,169 and the aggregate gross unrealized depreciation is
$8,479, resulting in net unrealized appreciation of $180,690.
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1998
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $8,294,664)............ $8,475,354
Cash .................................... 84,780
Receivable for:
Interest............................... 108,864
Shares of beneficial interest sold .... 25,000
Receivable from affiliate................ 41,539
Deferred organizational expenses ........ 92,853
Prepaid expenses ........................ 20,027
------------
TOTAL ASSETS .......................... 8,848,417
------------
LIABILITIES:
Payable for:
Dividends to shareholders ............. 3,950
Plan of distribution fee............... 2,448
Organizational expenses.................. 92,853
Accrued expenses and other payables ..... 32,654
------------
TOTAL LIABILITIES ..................... 131,905
------------
NET ASSETS ............................ $8,716,512
============
COMPOSITION OF NET ASSETS:
Paid-in-capital ......................... $8,565,085
Net unrealized appreciation ............. 180,690
Accumulated undistributed net investment
income.................................. 2,335
Accumulated net realized loss............ (31,598)
------------
NET ASSETS ............................ $8,716,512
============
NET ASSET VALUE PER SHARE,
869,868 shares outstanding (unlimited
shares authorized of $.01 par value) .. $ 10.02
============
</TABLE>
STATEMENT OF OPERATIONS
For the year ended February 28, 1998
<TABLE>
<CAPTION>
<S> <C>
NET INVESTMENT INCOME:
INTEREST INCOME ....................... $ 404,636
-----------
EXPENSES
Professional fees...................... 45,410
Organizational expenses................ 36,000
Shareholder reports and notices ....... 29,859
Registration fees...................... 29,708
Investment management fee ............. 23,496
Plan of distribution fee............... 22,778
Trustees' fees and expenses ........... 12,723
Custodian fees......................... 7,016
Transfer agent fees and expenses ..... 2,244
Other.................................. 2,122
-----------
TOTAL EXPENSES ...................... 211,356
Less: amounts waived/reimbursed ...... (188,578)
-----------
NET EXPENSES ........................ 22,778
-----------
NET INVESTMENT INCOME ............... 381,858
-----------
NET REALIZED AND UNREALIZED GAIN:
Net realized gain ..................... 57,477
Net change in unrealized depreciation 228,680
-----------
NET GAIN ............................ 286,157
-----------
NET INCREASE .......................... $ 668,015
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
FEBRUARY 28, 1998 FEBRUARY 28, 1997
- ------------------------------------------------------ ----------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income ................................. $ 381,858 $ 146,163
Net realized gain (loss)............................... 57,477 (89,075)
Net change in unrealized depreciation.................. 228,680 (6,941)
----------------- -----------------
NET INCREASE ........................................ 668,015 50,147
----------------- -----------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................. (381,858) (146,163)
Net realized gain...................................... -- (759)
----------------- -----------------
TOTAL ............................................... (381,858) (146,922)
----------------- -----------------
Net increase (decrease) from transactions in shares of
beneficial interest................................... 6,438,785 (2,348,227)
----------------- -----------------
NET INCREASE (DECREASE) ............................. 6,724,942 (2,445,002)
NET ASSETS:
Beginning of period ................................... 1,991,570 4,436,572
----------------- -----------------
END OF PERIOD
(Including undistributed net investment income of
$2,335 and $0, respectively)......................... $8,716,512 $ 1,991,570
================= =================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS February 28, 1998
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>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS February 28, 1998, 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 $93,000 will be reimbursed. The balance has been 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 December 31, 1998. At February 28,
1998, included in the Statement of Assets and Liabilities was a receivable
from an affiliate which represents expense reimbursements due to the Fund.
<PAGE>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS February 28, 1998, 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 year ended
February 28, 1998, the distribution fee was accrued at the annual rate of
0.34%.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The costs of purchases and proceeds from sales of portfolio securities,
excluding short-term investments, for the year ended February 28, 1998 were
$14,508,825 and $8,236,006, respectively.
Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At February 28, 1998, the Fund had
transfer agent fees and expenses payable of approximately $24.
<PAGE>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS February 28, 1998, continued
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
FEBRUARY 28, 1998 FEBRUARY 28, 1997
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Sold ........................................ 1,372,375 $13,448,633 145,947 $ 1,418,741
Reinvestment of dividends and distributions.. 12,187 120,495 7,200 69,866
----------- ------------- ----------- -------------
1,384,562 13,569,128 153,147 1,488,607
Repurchased ................................. (719,714) (7,130,343) (395,509) (3,836,834)
----------- ------------- ----------- -------------
Net increase (decrease) ..................... 664,848 $ 6,438,785 (242,362) $(2,348,227)
=========== ============= =========== =============
</TABLE>
6. FEDERAL INCOME TAX STATUS
During the year ended February 28, 1998, the Fund utilized approximately
$56,000 of its net capital loss carryover. At February 28, 1998, the Fund had
a net capital loss carryover of approximately $31,000 which will be available
through February 28, 2005 to offset future capital gains to the extent
provided by regulations.
Capital losses incurred after October 31 ("post-October losses") within the
taxable year are deemed to arise on the first business day of the Fund's next
taxable year. The Fund incurred and will elect to defer net capital losses of
approximately $400 during fiscal 1998.
As of February 28, 1998, the Fund had temporary book/tax differences
primarily attributable to post-October losses and dividends payable and
permanent book/tax differences attributable to nondeductible expenses. To
reflect reclassifications arising from the permanent differences,
paid-in-capital was charged and undistributed net investment income was
credited $2,335.
<PAGE>
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 PERIOD
FOR THE YEAR FOR THE YEAR SEPTEMBER 27, 1995*
ENDED ENDED THROUGH
FEBRUARY 28, 1998 FEBRUARY 28, 1997 FEBRUARY 29, 1996
- ------------------------------------------ ----------------- ----------------- -------------------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ..... $ 9.71 $ 9.92 $10.00
----------------- ----------------- -------------------
Net investment income ..................... 0.57 0.53 0.21
Net realized and unrealized gain (loss) .. 0.31 (0.21) (0.08)
----------------- ----------------- -------------------
Total from investment operations .......... 0.88 0.32 0.13
----------------- ----------------- -------------------
Less dividends from net investment income (0.57) (0.53)++ (0.21)
----------------- ----------------- -------------------
Net asset value, end of period ............ $10.02 $ 9.71 $ 9.92
================= ================= ===================
TOTAL INVESTMENT RETURN+ .................. 9.33% 3.42% 1.23%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses .................................. 0.34%(3) 0.33%(3) 0.32%(2)(3)
Net investment income ..................... 5.69%(3) 5.41%(3) 5.05%(2)(3)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands ... $8,717 $1,992 $4,437
Portfolio turnover rate ................... 129% 42% 20%(1)
<FN>
- ------------
* 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 annual expense and net investment
income (loss) ratios would have been 3.15% and 2.88%, respectively, for
the year ended February 28, 1998, 7.07% and (1.33)%, respectively, for
the year ended February 28, 1997 and the annualized expense and net
investment income ratios would have been 2.82% and 2.55%, respectively,
after application of the Fund's state expense limitation, for the
period ended February 29, 1996.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND TRUSTEES
OF DEAN WITTER INTERMEDIATE TERM U.S. TREASURY TRUST
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
Intermediate Term U.S. Treasury Trust (the "Fund") at February 28, 1998, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended and the financial
highlights for each of the two years in the period then ended and for the
period September 27, 1995 (commencement of operations) through February 29,
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 audits. We conducted our audits 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 audits, which included
confirmation of securities at February 28, 1998 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
April 13, 1998
<PAGE>
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
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 for prospective investors in
the Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER
INTERMEDIATE TERM
U.S. TREASURY TRUST
ANNUAL REPORT
FEBRUARY 28, 1998
