<PAGE>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- -----------------------------------------------------------------------------
Strong economic growth and a shift in Federal Reserve Board monetary
policy during the first half of 1994 resulted in the sharpest increase in
interest rates in more than six years. At the beginning of the year, most
economic indicators were pointing toward a vigorous recovery. Concerns over
potential inflationary pressure developed as the job market approached full
employment and commodity prices remained volatile. The Federal Reserve Board
responded by tightening monetary policy. Between February and May, the
central bank raised the federal-funds rate --the interest rate banks charge
each other for overnight loans --from 3.00 percent to 4.25 percent in four
separate moves. In May, the discount rate --the interest rate the Federal
Reserve charges member banks for loans --was increased by 50 basis points to
3.50 percent.
Long-term municipal bond yields, as measured by The Bond Buyer Revenue
Bond Index,* were little changed between October and January. However, in
February and March the Index yield rose 89 basis points from 5.50 percent to
6.39 percent. During April, May and June the municipal market began to show
signs of stability, despite 15 to 20 basis point yield changes each month. At
the end of June the Index yielded 6.56 percent.
The municipal market is also influenced by unique supply and demand
conditions. New-issue underwriting totaled a record $290 billion in 1993. The
pace of new-issue activity over the first half of 1994, however, slowed 40
percent to a projected annual rate of $180 billion. By way of comparison,
bond maturities and calls for redemptions will reduce municipal debt
outstanding by approximately $190 billion. This imbalance helped municipal
securities outperform their U.S. Treasury counterparts during the second
quarter.
PERFORMANCE
For the six-month period ended June 30, 1994, Dean Witter Tax-Exempt
Securities Trust paid shareholders tax-free income dividends totaling $0.35
per share and capital gains distributions totaling $0.026 per share. The
Fund's total return for this period was -4.92 percent and is a result of the
portfolio's decline in value. On June 30, 1994 the Fund's per share net asset
value was $11.43. Since inception (March 27, 1980) the Fund has provided
shareholders with an attractive average annual total return of 10 percent. On
June 30, 1994, the Fund had net assets in excess of $1.4 billion.
PORTFOLIO STRUCTURE
The net short-term investment position at the end of June was 4.3 percent.
Refunded bonds with escrows set to be called within 10 years comprised
another 18 percent of the portfolio. Long-term investments were diversified
among 13 specific municipal sectors and 126 credits. The three largest
sectors in the portfolio were transportation facilities, electric and
hospital revenue bonds, comprising 39 percent of net assets. New York,
California, Massachusetts, Florida and Texas are the five largest states of
issuance among the 35 states represented in the portfolio. The average
maturity and call protection of the Fund's long-term holdings were 18 years
and 7 years, respectively. Bonds subject to the alternative minimum tax (AMT)
comprised approximately 12 percent of net assets. The credit quality ratings
of the long-term portfolio are summarized below:
<TABLE>
<CAPTION>
<S> <C>
Moody's or Standard & Poor's Rating Percent
- -------------------------------------- -----------
Aaa or AAA ............................ 29
Aa or AA .............................. 27
A or A ................................ 32
Baa or BBB ............................ 7
Not rated ............................. 5
</TABLE>
<PAGE>
LOOKING AHEAD
A continuation of low new-issue supply coupled with significant bond calls
and maturities should help support municipal bond values, as well as sustain
investor demand for municipal securities. However, the overall direction of
interest rates will primarily be determined by the strength of the economy,
the trend of inflation and the Federal Reserve Board's response to economic
conditions. The level of interest rates and bond redemption activity are the
key factors expected to influence the Fund's future results.
We appreciate your support of Dean Witter Tax-Exempt Securities Trust and
look forward to serving your future investment needs.
Very truly yours,
/s/ Charles A. Fiumefreddo
Charles A. Fiumefreddo
Chairman of the Board
- ---------------
* The Bond Buyer Revenue Bond Index is an arithmetic average of the yields of
25 selected municipal revenue bonds with 30-year maturities. Ratings of
these bonds range from Aa1 to Baa1, as measured by Moody's and AA+ to A-,
as measured by Standard & Poor's.
<PAGE>
<PAGE>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ------------ --------- ---------- ---------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS (94.6%)
GENERAL OBLIGATION (6.2%)
$10,000 Birmingham, Alabama, Cap Impr & Refg Ser 1985 (Crossover Refunded) ..... 9.80 % 10/ 1/10 $10,893,400
North Slope Borough, Alaska,
3,500 Refg 1990 Ser I (MBIA Insured) ......................................... 0.00 6/30/99 2,665,740
3,900 Ser 1992 A (MBIA Insured) .............................................. 0.00 6/30/03 2,310,945
5,000 Ser 1992 A Conv (MBIA Insured) ......................................... 5.90 6/30/03 5,082,450
4,000 Connecticut, College Savings 1989 Ser A ................................. 0.00 7/ 1/08 1,722,080
5,000 Florida Board of Education, Cap Outlay, Ser 1989 A Refg ................. 5.00 6/ 1/24 4,066,400
Massachusetts,
20,000 Fiscal Recovery 1990 Ser A ............................................. 7.25 6/ 1/96 21,086,000
1,500 Refg 1992 Ser B ........................................................ 6.50 8/ 1/08 1,563,270
11,500 Refg 1993 Ser A ........................................................ 5.50 2/ 1/11 10,549,870
4,000 Clark County, Nevada, Transportation Ser 1992 A (AMBAC Insured) ........ 6.50 6/ 1/17 4,105,880
New York City, New York,
12,000 1990 Ser D ............................................................. 6.00 8/ 1/07 11,640,000
10,000 1990 Ser D ............................................................. 6.00 8/ 1/08 9,676,600
5,165 Roanoke, Virginia, Pub Impr dtd 1/1/94 .................................. 5.25 8/ 1/24 4,461,734
- ------- ------------
95,565 89,824,369
- ------- ------------
EDUCATIONAL FACILITIES REVENUE (5.9%)
10,000 FSU Financial Assistance Inc, Florida, Impr & Refg Ser 1994 ............ 5.25 10/ 1/15 8,528,700
10,000 Maryland Health & Higher Educational Facilities Authority,
The Johns Hopkins University Ser 1985 (Prerefunded) .................... 9.25 7/ 1/15 10,720,700
850 University of Maryland, 1989 Refg Ser A ................................. 7.20 10/ 1/09 922,547
7,000 Massachusetts Health & Educational Facilities Authority,
Boston University Linked RIBS & SAVRS .................................. 6.66 10/ 1/31 7,222,950
20,000 New Hampshire Higher Educational & Health Facilities Authority,
Dartmouth College Ser 1993 ............................................. 5.375 6/ 1/23 17,290,200
2,000 New Jersey Economic Development Authority, The Seeing Eye Inc 1991 ..... 7.30 4/ 1/11 2,063,500
11,000 New York State, City University--John Jay College COPs .................. 7.25 8/15/07 11,592,020
New York State Dormitory Authority, State University
5,000 Ser 1989 B ............................................................. 0.00 5/15/02 3,086,550
21,000 Ser 1990 B ............................................................. 7.00 5/15/16 21,939,120
2,000 Pennsylvania Higher Educational Facilities Authority, University of
Pennsylvania Ser 1987 .................................................. 6.625 1/ 1/17 2,012,080
- ------- ------------
88,850 85,378,367
- ------- ------------
ELECTRIC REVENUE (13.1%)
Southern California Public Power Authority, Mead --Adelanto
20,000 1994 Ser A Linked Inverse Floaters & ACES (AMBAC Insured) ............ 5.01 7/ 1/15 17,135,000
5,000 1994 Ser A (AMBAC Insured) ............................................. 4.875 7/ 1/20 4,002,700
Municipal Electric Authority of Georgia,
10,000 Power Ser K (Prerefunded) .............................................. 6.50 1/ 1/07 10,150,100
10,000 Fifth Crossover Ser .................................................... 6.50 1/ 1/17 10,202,400
Nebraska Public Power District, Power
7,000 Ser 1993 ............................................................... 6.125 1/ 1/15 6,774,040
25,000 1993 Ser C ............................................................. 5.00 1/ 1/17 20,855,750
15,000 New York State Power Authority, Gen Purpose Ser CC ...................... 5.25 1/ 1/18 12,852,900
5,000 North Carolina Municipal Power Agency #1, Catawba Ser 1988 ............. 6.00 1/ 1/15 4,773,300
Puerto Rico Electric Power Authority, Power
6,000 Ser N .................................................................. 5.00 7/ 1/12 5,104,020
20,000 Ser O .................................................................. 0.00 7/ 1/17 4,540,400
6,000 Austin, Texas, Combined Utilities Refg Ser 1993 A ....................... 5.75 11/15/13 5,513,820
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ------------ --------- ---------- ---------------
<S> <C> <C> <C> <C>
Intermountain Power Agency, Utah,
$ 25,000 Refg 1985 Ser H GAINS (Prerefunded) .................................... 0.00 % 7/ 1/12 $ 20,251,750
15,000 Refg 1985 Ser H ........................................................ 6.00 7/ 1/21 13,979,250
5,000 Refg 1985 Ser I ........................................................ 6.00 7/ 1/21 4,659,750
8,000 Refg 1993 Ser A ........................................................ 5.00 7/ 1/23 6,469,040
8,000 Lewis County Public Utility District #1, Washington, Cowlitz Falls Hydro
Refg Ser 1993 .......................................................... 5.50 1/ 1/13 7,257,840
10,000 Snohomish County Public Utilities District #1, Washington, 1993 Ser
(FGIC Insured) ......................................................... 6.00 1/ 1/18 9,333,500
16,000 Washington Public Power Supply System, Proj #2 Refg Ser 1994 A ......... 6.00 7/ 1/07 15,744,960
9,900 Wisconsin Public Power Inc, Refg Ser 1993 A (AMBAC Insured) ............ 5.25 7/ 1/21 8,378,568
- -------- ------------
225,900 187,979,088
- -------- ------------
HOSPITAL REVENUE (12.1%)
3,000 Baxter County, Arkansas, Baxter County Regional Hospital Inc Impr & Refg
Ser 1992 ............................................................... 7.50 9/ 1/21 3,107,400
12,500 California Health Facilities Financing Authority, Kaiser Permanente Ser
1985 ................................................................... 5.55 8/15/25 10,759,000
10,000 University of California, UCLA Medical Center Ser 1986 (Prerefunded) 6.90 12/ 1/16 10,721,000
6,000 Connecticut Health & Educational Facilities Authority, Yale --New Haven
Hospital Ser F (MBIA Insured) .......................................... 7.10 7/ 1/25 6,459,960
10,000 Alachua County Health Facilities Authority, Florida, Shands Hospital at
the University of Florida Ser 1985 (Prerefunded) ....................... 8.00 12/ 1/15 10,397,300
8,350 Altamonte Springs Health Facilities Authority, Florida, Adventist Health/
Sunbelt Inc Ser 1984 (MBIA Insured) (Prerefunded)....................... 7.90 10/ 1/14 9,036,871
3,500 Maine Health & Higher Educational Facilities Authority, Maine Medical
Center Ser 1986 (Prerefunded) .......................................... 7.375 10/ 1/13 3,770,760
Massachusetts Health & Educational Facilities Authority,
8,000 Brigham & Women's Hospital Ser B (Prerefunded) ......................... 7.125 7/ 1/07 8,417,440
1,500 Malden Hospital --FHA Insured Mtge Ser A ............................... 5.00 8/ 1/16 1,234,980
15,000 New England Medical Center Ser G (MBIA Insured) ........................ 5.375 7/ 1/24 12,942,750
2,570 New Ulm, Minnesota, Health Central Refg 1985 Ser C (Prerefunded) ....... 10.00 10/ 1/14 2,825,921
Rochester, Minnesota, Mayo Foundation/Mayo Medical Center
7,000 Ser 1992 I ............................................................. 5.75 11/15/21 6,423,480
3,700 Ser 1992 F ............................................................. 6.25 11/15/21 3,670,844
18,000 Missouri Health & Educational Facilities Authority, Barnes-Jewish Inc/
Christian Health Services Ser 1993 A ................................... 5.25 5/15/14 15,507,720
6,000 New York State Medical Care Facilities Finance Agency,
Presbyterian Hospital --FHA Insured Mtge 1994 Ser A Refg .............. 5.25 8/15/14 5,224,800
12,000 Charlotte-Mecklenburg County Hospital Authority, North Carolina,
Ser 1992 ............................................................... 6.00 1/ 1/22 11,352,960
4,000 Cuyahoga County, Ohio, The Cleveland Clinic Foundation Refg Ser 1988 A . 8.00 12/ 1/15 4,373,120
6,250 Philadelphia Hospital & Higher Education Facilities Authority,
Pennsylvania, Temple University Hospital 1993 Ser A .................... 6.625 11/15/23 5,848,625
9,000 North Central Texas Health Facilities Development Corporation,
University Medical Center Inc Ser 1987 ................................. 7.75 4/ 1/17 9,227,340
5,000 Salt Lake City, Utah, IHC Hospital Inc Ser of 1983 (ETM) ................ 5.00 6/ 1/15 4,341,300
Fairfax County Industrial Development Authority, Virginia,
14,000 Fairfax Hospital System Inc/Inova Health Ser 1991 C RITES
(Prerefunded) ......................................................... 10.527+ 8/29/23 16,835,000
7,500 Inova Health System Foundation Refg Ser 1993 A ......................... 5.25 8/15/19 6,313,650
5,000 University of Virginia, Refg Ser E ...................................... 6.00 6/ 1/13 4,755,750
- -------- ------------
177,870 173,547,971
- -------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ------------ --------- ---------- ---------------
<S> <C> <C> <C> <C>
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (8.8%)
$ 15,000 Jefferson County, Kentucky, Louisville Gas & Electric Co 1993 Ser B .... 5.625% 8/15/19 $ 13,712,100
4,000 Maryland Industrial Development Financing Authority, Medical Waste
Assocs LP 1989 Ser (AMT)(a) ............................................ 8.75 11/15/10 1,200,000
7,000 Becker, Minnesota, Northern States Power Co Ser A 1989 .................. 6.80 4/ 1/07 7,270,830
18,000 Claiborne County, Mississippi, Middle South Energy Inc Ser C ........... 9.875 12/ 1/14 20,721,420
10,500 Clark County, Nevada, Nevada Power Co Ser 1992 A (AMT) (FGIC Insured) .. 6.70 6/ 1/22 10,720,185
10,000 Washoe County, Nevada, Sierra Pacific Power Co Ser 1987 (AMBAC Insured) 6.30 12/ 1/14 9,931,100
3,000 Pennsylvania Industrial Development Authority, Ser A 1991 (Prerefunded) 7.00 1/ 1/11 3,336,720
8,000 Alliance Airport Authority, Texas, AMR Corp Ser 1990 (AMT) ............. 7.50 12/ 1/29 7,862,800
6,000 Brazos River Authority, Texas, Texas Utilities Electric Co
Collateralized Ser 1988 A (AMT) ........................................ 9.25 3/ 1/18 6,720,960
12,000 Grapevine Industrial Development Corporation, Texas, American Airlines
Inc Ser 1985 ........................................................... 9.25 12/ 1/12 12,796,920
Matagorda County Navigational District #1, Texas, Central Power & Light
Co
7,000 Collateralized Ser 1984 A .............................................. 7.50 12/15/14 7,506,940
10,000 Ser 1986 (AMT) ......................................................... 7.875 12/ 1/16 10,748,300
4,000 Putnam County, West Virginia, Appalachian Power Co Ser C ................ 6.60 7/ 1/19 3,918,480
10,000 Weston, Wisconsin, Wisconsin Public Service Corp Refg Ser 1993 A ....... 6.90 2/ 1/13 10,605,900
- -------- ------------
124,500 127,052,655
- -------- ------------
MORTGAGE REVENUE --MULTI-FAMILY (1.8%)
Massachusetts Housing Finance Agency,
4,875 GNMA-Backed Ser 1985 A ................................................. 9.125 12/ 1/20 5,151,461
4,800 Hsg Dev 1986 Ser A (AMT) ............................................... 7.75 12/ 1/19 4,952,736
7,000 Michigan Housing Development Authority, Rental Ser A (Bifurcated FSA
Insured) ............................................................... 6.50 4/ 1/23 6,900,460
New York City Housing Development Corporation, New York,
4,682 Ruppert Proj--FHA Insured Sec 223F ..................................... 6.50 11/15/18 4,467,677
4,544 Stevenson Commons Proj --FHA Insured Sec 223F .......................... 6.50 5/15/18 4,336,620
- -------- ------------
25,901 25,808,954
- -------- ------------
MORTGAGE REVENUE --SINGLE FAMILY (5.3%)
4,065 California Housing Finance Agency, Home Cap Apprec 1983 Ser B .......... 0.00 8/ 1/15 454,182
13,100 Illinois Housing Development Authority, Residential Ser C-1 & C-2 Linked
RIBS & SAVRS (AMT) ..................................................... 6.733 2/ 1/18 13,091,616
9,600 Nebraska Investment Finance Authority, GNMA-Backed 1990 Ser 1 & 2 Linked
RIBS & SAVRS ........................................................... 7.631 9/10/30 9,995,424
4,010 North Carolina Housing Finance Agency, Ser Q (AMT) ...................... 8.00 3/ 1/18 4,095,854
7,700 Ohio Housing Finance Agency, GNMA-Backed 1990 Ser A-1 & 2 Linked RIBS &
SAVRS (AMT) ............................................................ 6.903 3/ 1/31 7,710,934
Pennsylvania Housing Finance Agency,
8,000 Ser 1993-37A ........................................................... 5.45 10/ 1/17 6,904,560
10,000 Ser 1991-31 B & C Linked RIBS & SAVRS (AMT) ............................ 7.00 10/ 1/23 10,113,500
Tennessee Housing Development Agency, Mortgage Finance
4,000 1993 Ser A ............................................................. 5.90 7/ 1/18 3,674,000
12,700 1993 Ser A ............................................................. 5.95 7/ 1/28 11,476,101
9,200 Wisconsin Housing & Economic Development Authority, Home Ownership 1991
Ser 2 & 3 Linked RIBS & SAVRS (AMT) .................................... 6.955 10/ 1/22 9,352,260
- -------- ------------
82,375 76,868,431
- -------- ------------
NURSING & HEALTH RELATED FACILITIES REVENUE (0.2%)
4,000 Maine Health & Higher Educational Facilities Authority, Ser 1992 B (FSA
Insured) ............................................................... 5.50 7/ 1/22 3,459,680
- -------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ------------ --------- ---------- ---------------
<S> <C> <C> <C> <C>
PUBLIC FACILITIES REVENUE (6.5%)
Los Angeles Convention & Exhibition Center Authority, California,
$ 9,000 Ser 1985 (Prerefunded) ................................................. 5.375% 8/15/18 $10,865,875
12,500 1993 Refg Ser A (MBIA Insured) ......................................... 9.00 12/ 1/20 11,546,460
7,000 Palm Beach County, Florida, Criminal Justice Ser 1990 (FGIC Insured) ... 6.00 6/ 1/13 6,829,550
10,000 Metropolitan Pier & Exposition Authority, Illinois, McCormick Place Ser
1992 A ................................................................. 6.50 6/15/27 9,813,200
3,000 Maine Municipal Bond Bank, 1988 Ser B (Prerefunded) ..................... 7.85 11/ 1/18 3,400,680
10,000 Michigan Building Authority, 1993 Refg Ser I (AMBAC Insured) ........... 5.30 10/ 1/16 8,778,300
6,000 Saint Louis Industrial Development Authority, Missouri, Kiel Center Refg
Ser 1992 (AMT) ......................................................... 7.75 12/ 1/13 6,172,020
14,000 New York State Dormitory Authority, Suffolk County Judicial Ser 1986
(ETM) .................................................................. 7.375 7/ 1/16 16,183,300
Ohio Building Authority, Correctional
5,000 1985 Ser C BIGS ........................................................ 0.00 10/ 1/05 5,476,300
10,000 1986 Ser A (Prerefunded) ............................................... 7.35 8/ 1/06 11,165,300
2,000 Refg 1986 Ser B ........................................................ 7.12 9/ 1/09 2,107,260
- ------- ------------
88,500 92,338,245
- ------- ------------
RESOURCE RECOVERY REVENUE (6.5%)
Connecticut Resources Recovery Authority,
9,000 American REF-FUEL Co of Southeastern Connecticut 1988 Ser A (AMT) ...... 8.00 11/15/15 9,843,570
4,950 Bridgeport RESCO Ser A ................................................. 7.625 1/ 1/09 5,261,207
7,060 Broward County, Florida, SES Broward County South Ser 1984 ............. 7.95 12/ 1/08 7,606,443
8,500 Savannah Resource Recovery Development Authority, Georgia, Savannah
Energy Systems Co Ser 1992 ............................................. 6.30 12/ 1/06 8,601,575
13,050 Northeast Maryland Waste Disposal Authority, Montgomery County
Ser 1993 A (AMT) ....................................................... 6.30 7/ 1/16 12,367,485
3,000 Greater Detroit Resource Recovery Authority, Michigan, Ser C ........... 9.25 12/13/08 3,202,650
9,000 Mercer County Improvement Authority, New Jersey, Refg Ser A 1992 (AMT)
(FGIC Insured) ......................................................... 6.70 4/ 1/13 9,364,500
9,000 Union County Utilities Authority, New Jersey, 1991 Ser A (AMT) ......... 7.20 6/15/14 9,263,430
10,000 Hempstead Industrial Development Agency, New York, 1985 American
REF-FUEL Co of Hempstead ............................................... 7.40 12/ 1/10 10,403,100
7,030 New York State Environmental Facilities Corporation, Huntington
1989 Ser A (AMT) ....................................................... 7.50 10/ 1/12 7,131,584
5,000 Onondaga County Resource Recovery Agency, New York, 1992 Ser
(AMT) .................................................................. 6.875 5/ 1/06 5,054,450
5,000 Fairfax County Economic Development Authority, Virginia, Ogden Martin
Systems of Fairfax Inc Ser 1988 A (AMT) ................................ 7.75 2/ 1/11 5,437,100
- ------- ------------
90,590 93,537,094
- ------- ------------
TRANSPORTATION FACILITIES REVENUE (13.4%)
10,000 San Francisco Bay Area Rapid Transit District, California, Sales Tax Ser
1985 (Prerefunded) ..................................................... 9.00 7/ 1/11 10,795,700
Mid-Bay Bridge Authority, Florida,
8,965 Sr Lien Crossover Refg Ser 1993 A ...................................... 6.00 10/ 1/13 8,666,376
2,500 Jr Lien Advance Refg Ser 1993 D ........................................ 6.125 10/ 1/22 2,318,450
2,500 Ser 1991 A (Crossover Refunded) ........................................ 6.875 10/ 1/22 2,748,300
10,000 Atlanta, Georgia, Airport Ser 1990 (AMT) ................................ 6.25 1/ 1/21 9,649,200
8,100 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Refg
Ser K .................................................................. 7.25 7/ 1/10 8,703,207
5,000 Hawaii, Airports Second Ser 1991 (AMT) .................................. 7.00 7/ 1/18 5,147,750
5,000 Chicago, Illinois, Chicago --O'Hare Intl Airport Refg 1993 Ser A ....... 5.00 1/ 1/16 4,137,650
Kentucky Turnpike Authority,
5,135 Economic Development Road Revitalization Ser 1990 (Prerefunded))........ 7.25 5/15/10 5,726,860
30,000 Resource Recovery Road Refg 1987 Ser A ................................. 5.00 7/ 1/08 26,948,400
- ------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ------------ --------- ---------- ---------------
<S> <C> <C> <C> <C>
$ 2,255 Massachusetts Port Authority, Refg Ser 1985 B ........................... 9.375% 7/ 1/15 $ 2,405,859
New Jersey Highway Authority, Sr Parkway
11,000 Refg Ser 1992 .......................................................... 6.25 1/ 1/14 11,031,130
10,000 1986 Ser (Prerefunded) ................................................. 7.125 1/ 1/14 10,611,000
630 1989 Ser ............................................................... 6.00 1/ 1/19 607,314
Albuquerque, New Mexico, Gross Receipts Tax--Airport Supported
7,000 Sub Lien Ser 12/84 ..................................................... 8.25 7/ 1/14 7,441,770
7,000 Sub Lien Ser 12/84 ..................................................... 8.25 7/ 1/14 7,452,480
10,000 Port Authority of New York & New Jersey, Cons 53rd Ser** ................ 8.70 7/15/20 10,695,300
7,000 Ohio Turnpike Commission, 1994 Ser A .................................... 5.75 2/15/24 6,346,970
Pennsylvania Turnpike Commission,
5,000 Ser L of 1991 (MBIA Insured) ........................................... 6.00 6/ 1/15 4,820,950
15,000 Ser A of 1986 .......................................................... 6.00 12/ 1/17 14,034,750
6,000 Ser K of 1989 (Prerefunded) ............................................ 7.50 12/ 1/19 6,783,660
15,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ............. 5.50 7/ 1/15 13,580,550
4,000 Virginia Transportation Board, US Route 58 Corridor Ser 1993 B ......... 5.625 5/15/13 3,687,440
9,000 Port of Seattle, Washington, Ser 1992 B (AMT) ........................... 6.00 11/ 1/17 8,421,300
- -------- ------------
196,085 192,762,366
- -------- ------------
WATER & SEWER REVENUE (11.9%)
10,000 Birmingham Water Works & Sewer Board, Alabama, Ser 1994 ................. 5.50 1/ 1/20 8,904,400
Phoenix Civic Improvement Corporation, Arizona,
10,000 Jr Lien Water Ser 1994 ................................................. 5.45 7/ 1/19 8,811,500
3,000 Wastewater Refg Ser 1993 ............................................... 4.75 7/ 1/23 2,268,300
10,000 California Department of Water Resources, Central Valley Refg Ser L .... 5.50 12/ 1/23 8,730,400
5,000 Central Coast Water Authority, California, Ser 1992 (AMBAC Insured) .... 6.60 10/ 1/22 5,100,050
19,750 East Bay Municipal Utility District, California, Water Refg Ser 1993
(MBIA Insured) ......................................................... 5.00 6/ 1/21 16,069,587
7,500 South Central Connecticut Regional Water Authority, 1986 Ser
(Prerefunded) .......................................................... 7.125 8/ 1/12 8,038,125
10,000 Atlanta, Georgia, Water & Sewer Ser 1985 (Prerefunded) .................. 9.50 1/ 1/08 10,492,900
4,750 Baltimore, Maryland, Water Refg Ser 1990-A (MBIA Insured)
(Prerefunded) .......................................................... 6.50 7/ 1/20 5,085,065
Boston Water & Sewer Commission, Massachusetts,
6,000 Ser A 1984 (Prerefunded) ............................................... 7.00 1/ 1/11 6,222,180
2,315 Ser A 1986 ............................................................. 7.875 11/ 1/13 2,512,794
1,440 Ser A 1986 (Prerefunded) ............................................... 7.875 11/ 1/13 1,572,782
Massachusetts Water Resources Authority,
10,000 Refg 1992 Ser B ........................................................ 5.50 11/ 1/15 8,801,100
14,250 1993 Ser C ............................................................. 5.25 12/ 1/15 12,308,153
4,000 Detroit, Michigan, Sewage Refg Ser 1993-A (FGIC Insured) ................ 5.70 7/ 1/13 3,753,040
8,500 Albuquerque, New Mexico, Joint Water & Sewer 1986 Ser A ................. 6.00 7/ 1/15 8,868,985
New York City Municipal Water Finance Authority, New York,
8,500 1994 Ser B ............................................................. 5.30 6/15/06 8,186,435
3,700 1991 Ser C (Prerefunded) ............................................... 7.375 6/15/13 4,203,681
10,000 1993 Ser A ............................................................. 6.00 6/15/17 9,498,600
10,000 Philadelphia, Pennsylvania, Water & Wastewater Ser 1993
(Capital Guaranty Insured) ............................................. 5.50 6/15/15 8,968,800
10,000 Fairfax County, Virginia, Sewer Ser A (AMBAC Insured) (Prerefunded))..... 7.00 11/15/16 11,055,100
10,000 Richmond, Virginia, Public Utilities Ser A (Prerefunded) ................ 8.00 1/15/18 11,161,400
- -------- ------------
178,705 170,613,377
- -------- ------------
OTHER REVENUE (2.9%)
3,500 Denver, Colorado, Excise Tax Ser 1985 A ................................. 5.00 11/ 1/08 3,141,425
New York Local Government Assistance Corporation,
9,000 Ser 1994 A ............................................................. 5.375 4/ 1/14 7,954,560
11,000 Ser 1993 C Refg ........................................................ 5.50 4/ 1/17 9,796,710
8,000 Ser 1991 D (Prerefunded) ............................................... 7.00 4/ 1/18 8,961,440
- -------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ------------ --------- ---------- ---------------
<S> <C> <C> <C> <C>
$ 11,000 New York State Dormitory Authority, The Metropolitan Museum of Art
Ser 1987 (Prerefunded) ................................................. 7.625% 7/ 1/15 $ 11,727,870
- ---------- --------------
42,500 41,582,005
- ---------- --------------
1,421,341 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,328,494,866) .................. 1,360,752,602
- ---------- --------------
SHORT-TERM MUNICIPAL OBLIGATIONS (4.3%)
12,500 Orange County, California, Irvine Co Apts Issue 1 of 1985 TECP ......... 2.80* 7/21/94 12,500,000
17,400 Volusia County Health Facilities Authority, Florida, Pooled Hospital
(FGIC Insured)(Tender 7/6/94) .......................................... 2.85* 11/ 1/15 17,400,000
17,500 Illinois Health Facilities Authority, Elmhurst Memorial Hospital Ser
1993 B (Tender 7/1/94) ................................................. 3.15* 5/ 1/11 17,500,000
14,500 Gulf Coast Waste Disposal Authority, Texas, Amoco Oil Co Ser 1992
(Tender 7/1/94) ........................................................ 3.30* 10/ 1/17 14,500,000
- ---------- --------------
61,900 TOTAL SHORT-TERM MUNICIPAL OBLIGATIONS (IDENTIFIED COST $61,900,000) ... 61,900,000
- ---------- --------------
$1,483,241 TOTAL INVESTMENTS (IDENTIFIED COST $1,390,394,866) (B) .................. 98.9% 1,422,652,602
==========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 1.1 15,815,960
------ --------------
NET ASSETS .............................................................. 100.0% $1,438,468,562
====== ==============
<FN>
- ---------------
ACES --Auction Rate Securities.
AMT --Alternative Minimum Tax.
BIGs --Bond Income Growth Security.
COPs --Certificates of Participation.
ETM --Escrowed to Maturity.
GAINS --Growth and Income Securities.
RIBS --Residual Interest Bonds.
RITES --Residual Interest Tax Exempt Security.
SAVRS --Selected Auction Variable Rates Securities.
TECP --Tax-exempt Commercial Paper.
+ Current coupon rate for residual interest bonds. This rate resets
periodically as the auction rate on the related short-term securities
fluctuates.
* Variable or floating rate securities. Coupon rate shown reflects current
rate.
** Tax-exempt in New York and New Jersey.
(a) Bond in default.
(b) The aggregate cost for federal income tax purposes is $1,390,394,866;
the aggregate gross unrealized appreciation is $82,649,307 and the
aggregate gross unrealized depreciation is $50,391,571, resulting in
net unrealized appreciation of $32,257,736.
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<PAGE>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
PORTFOLIO OF INVESTMENTS June 30, 1994 (unaudited) (continued)
- -----------------------------------------------------------------------------
<CAPTION>
GEOGRAPHIC SUMMARY OF INVESTMENTS
Based on Market Value as a Percent of Net Assets
June 30, 1994 (unaudited)
- -----------------------------------------------------------------------------
<S> <C> <S> <C> <S> <C>
Alabama ...... 1.4% Maryland ....... 2.1% Ohio ........... 2.6%
Alaska ....... 0.7 Massachusetts .. 7.4 Pennsylvania .. 4.4
Arkansas ..... 0.2 Michigan ....... 1.6 Puerto Rico ... 1.6
Arizona ...... 0.8 Minnesota ...... 1.4 Tennessee ...... 1.1
California .. 8.3 Mississippi ... 1.4 Texas .......... 5.2
Colorado ..... 0.2 Missouri ....... 1.5 Utah ........... 3.5
Connecticut . 2.2 Nebraska ....... 2.6 Virginia ....... 4.4
Florida ...... 5.4 Nevada ......... 1.7 Washington ..... 2.8
Georgia ...... 4.0 New Hampshire .. 1.2 West Virginia . 0.3
Hawaii ....... 0.4 New Jersey ..... 3.0 Wisconsin ...... 2.0
Illinois ..... 3.1 New Mexico ..... 1.7 Joint Exemption. 0.7
Kentucky ..... 3.2 New York ...... 12.7 ------
Maine ........ 0.7 North Carolina. 1.4 Total .......... 98.9%
- ------- ======
</TABLE>
<PAGE>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
FINANCIAL STATEMENTS
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1994 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $1,390,394,866) (Note 1) $1,422,652,602
Cash ...................................... 1,386,987
Receivable for:
Interest ................................. 25,260,611
Investments sold ......................... 20,017,446
Shares of beneficial interest sold ...... 504,164
Prepaid expenses and other assets ........ 97,035
--------------
TOTAL ASSETS ........................... 1,469,918,845
--------------
LIABILITIES:
Payable for:
Investments purchased .................... 30,000,000
Shares of beneficial interest repurchased 344,668
Investment management fee (Note 2) ...... 499,280
Dividends to shareholders ................. 473,269
Accrued expenses (Note 3) ................. 133,066
--------------
TOTAL LIABILITIES ...................... 31,450,283
--------------
NET ASSETS:
Paid-in-capital ........................... 1,400,101,923
Accumulated undistributed net realized
gain ..................................... 6,108,903
Net unrealized appreciation on investments 32,257,736
--------------
NET ASSETS ............................. $1,438,468,562
==============
NET ASSET VALUE PER SHARE, 125,840,615
shares outstanding (unlimited authorized
shares of $.01 par value) ................ $11.43
==============
MAXIMUM OFFERING PRICE PER SHARE (net
asset value plus 4.17% of net asset
value)* .................................. $11.91
==============
</TABLE>
- ---------------
*On sales of $25,000 or more the offering price is
reduced.
STATEMENT OF OPERATIONS
For the six months ended June 30, 1994 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
INTEREST INCOME ....................... $ 48,353,119
--------------
EXPENSES
Investment management fee (Note 2) .. 3,087,320
Transfer agent fees and expenses .... 279,725
Registration fees .................... 42,699
Shareholder reports and notices ..... 33,739
Professional fees .................... 17,542
Trustees' fees and expenses (Note 3) 13,712
Other ................................ 16,997
--------------
TOTAL EXPENSES ...................... 3,491,734
--------------
NET INVESTMENT INCOME .............. 44,861,385
--------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS--NET (Note 1):
Net realized gain on investments .... 6,142,759
Net change in unrealized appreciation
on investments ...................... (128,256,095)
--------------
NET LOSS ON INVESTMENTS ............. (122,113,336)
--------------
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS ......... $ (77,251,951)
==============
</TABLE>
<PAGE>
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR
JUNE 30, 1994 ENDED
(UNAUDITED) DECEMBER 31, 1993
---------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ........................................... $ 44,861,385 $ 91,474,661
Net realized gain on investments ................................ 6,142,759 8,324,995
Net change in unrealized appreciation on investments ........... (128,256,095) 54,678,906
--------------- ---------------
Net increase (decrease) in net assets resulting from operations (77,251,951) 154,478,562
--------------- ---------------
Dividends and distributions to shareholders from:
Net investment income ........................................... (44,861,385) (91,474,661)
Net realized gain on investments ................................ (3,275,754) (701,643)
--------------- ---------------
Total dividends and distributions .............................. (48,137,139) (92,176,304)
Net increase (decrease) from transactions in shares of
beneficial interest (Note 4) .................................... (18,128,394) 196,214,972
--------------- ---------------
Total increase (decrease) ...................................... (143,517,484) 258,517,230
NET ASSETS:
Beginning of period .............................................. 1,581,986,046 1,323,468,816
--------------- ---------------
END OF PERIOD .................................................... $1,438,468,562 $1,581,986,046
=============== ===============
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited)
- -----------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES --Dean Witter Tax-Exempt Securities
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 was organized as a Massachusetts business trust on April
30, 1987 and commenced operations on March 27, 1980.
The following is a summary of significant accounting policies:
A. Valuation of Investments --Portfolio securities are valued for the
Fund by an outside independent pricing service approved by the Trustees.
The pricing service has informed the Fund that in valuing the Fund's
portfolio securities, it uses both a computerized grid matrix of
tax-exempt securities and evaluations by its staff, in each case based
on information concerning market transactions and quotations from
dealers which reflect the bid side of the market each day. The Fund's
portfolio securities are thus valued by reference to a combination of
transactions and quotations for the same or other securities believed to
be comparable in quality, coupon, maturity, type of issue, call
provisions, trading characteristics and other features deemed to be
relevant.
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 on the
identified cost method. In computing net investment income, the Fund
amortizes premiums and original issue discounts. With respect to market
discount on bonds purchased after April 30, 1993, a portion of any
capital gain realized upon disposition may be recharacterized as taxable
investment income. Interest income is accrued daily except where
collection is not expected.
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 and nontaxable
income to its shareholders. Accordingly, no federal income tax is
required.
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.
2. TRANSACTIONS WITH INVESTMENT MANAGER --Pursuant to an Investment
Management Agreement with Dean Witter InterCapital Inc. (the "Investment
Manager"), the Fund pays its Investment Manager a monthly management fee,
calculated and accrued daily, by applying the annual rate of 0.50% to the
portion of daily net assets not exceeding $500 million; 0.425% of the portion
of daily net assets exceeding $500 million but not exceeding $750 million;
0.375% of the portion of daily net assets exceeding $750 million but not
exceeding $1 billion; 0.35% of the portion of daily net assets exceeding $1
billion but not exceeding $1.25 billion; and 0.325% of the portion of daily
net assets exceeding $1.25 billion.
<PAGE>
<PAGE>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- -----------------------------------------------------------------------------
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.
Shares of the Fund are distributed by Dean Witter Distributors Inc. (the
"Distributor"), an affiliate of the Investment Manager. The Distributor has
informed the Fund that for the six months ended June 30, 1994, it received
approximately $1,841,000 in commissions from the sale of the Fund's shares of
beneficial interest. Such commissions are not an expense of the Fund; they
are deducted from the proceeds of the shares of beneficial interest.
3. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES --The cost of
purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended June 30, 1994 aggregated
$198,093,646 and $218,421,555, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At June 30, 1994, the Fund had
transfer agent fees and expenses payable of approximately $49,000.
On April 1, 1991, the Fund established an unfunded noncontributory defined
benefit pension plan covering all Trustees of the Fund who will have served
as an independent Trustee for at least five years at the time of retirement.
Benefits under this plan are based on years of service and compensation
during the last five years of service. Aggregate pension costs for the six
months ended June 30, 1994, included in Trustees' fees and expenses in the
Statement of Operations amounted to $4,047. At June 30, 1994, the Fund had an
accrued pension liability of $43,059 which is included in accrued expenses in
the Statement of Assets and Liabilities.
4. SHARES OF BENEFICIAL INTEREST --Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
JUNE 30, 1994 DECEMBER 31, 1993
------------------------------ -------------------------------
SHARES AMOUNT SHARES AMOUNT
------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Sold ......................... 5,652,953 $ 65,596,678 22,369,075 $ 273,876,016
Reinvestment of dividends and
distributions ............... 2,113,597 27,228,004 4,269,905 52,363,197
---------- ------------- ----------- -------------
7,766,550 92,824,682 26,638,980 326,239,213
Repurchased .................. (9,399,873) (110,953,076) (10,610,367) (130,024,241)
---------- ------------- ----------- -------------
Net increase (decrease) ..... (1,633,323) $ (18,128,394) 16,028,613 $ 196,214,972
========== ============= =========== =============
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER TAX-EXEMPT SECURITIES TRUST
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 1994 --------------------------------------------------------------------
(UNAUDITED) 1993 1992 1991 1990 1989
--------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $12.41 $11.88 $11.65 $11.09 $11.28 $10.96
-------- -------- -------- -------- -------- --------
Net investment income ............... 0.35 0.77 0.79 0.80 0.80 0.81
Net realized and unrealized gain
(loss) on investments .............. (0.95) 0.54 0.23 0.56 (0.18) 0.32
-------- -------- -------- -------- -------- --------
Total from investment operations .... (0.60) 1.31 1.02 1.36 0.62 1.13
-------- -------- -------- -------- -------- --------
Less dividends and distributions:
Dividends from net investment
income ............................. (0.35) (0.77) (0.79) (0.80) (0.81) (0.81)
Distributions from net realized gain
on investments ..................... (0.03) (0.01) -0- -0- -0- -0-
-------- -------- -------- -------- -------- --------
Total dividends and distributions ... (0.38) (0.78) (0.79) (0.80) (0.81) (0.81)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ...... $11.43 $12.41 $11.88 $11.65 $11.09 $11.28
======== ======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN+ .............. (4.92)%(1) 11.23% 9.09% 12.71% 5.86% 10.61%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) ...................... $1,438,469 $1,581,986 $1,323,469 $1,144,716 $1,010,355 $1,033,250
Ratios of expenses to average
net assets .......................... 0.47%(2) 0.47% 0.49% 0.51% 0.51% 0.51%
Ratio of net investment income to
average net assets .................. 5.98%(2) 6.23% 6.74% 7.05% 7.25% 7.31%
Portfolio turnover rate .............. 14 % 13 % 4 % 10 % 19 % 13 %
<FN>
- ---------------
+ Does not reflect the deduction of sales load.
(1) Not annualized.
(2) Annualized.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
TRUSTEES
- ---------------
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. John E. Jeuck
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
Edward R. Telling
OFFICERS
- ---------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
James F. Willison
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
- --------------
Dean Witter Trust Company
Harborside Financial Center --Plaza Two
Jersey City, New Jersey 07311
LEGAL COUNSEL
- -------------
Sheldon Curtis
Two World Trade Center
New York, New York 10048
INDEPENDENT ACCOUNTANTS
- ------------------------
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
- ------------------
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein have been taken from the records of
the Fund without examination by the independent accountants and accordingly
they do not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Fund.
This report is not authorized for distribution to prospective investors in
the Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER
TAX-EXEMPT
SECURITIES
TRUST
SEMIANNUAL REPORT
JUNE 30, 1994
