<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
Two World Trade Center,
New York, New York 10048
LETTER TO THE SHAREHOLDERS MAY 31, 1996
DEAR SHAREHOLDER:
During the first six months of Dean Witter Hawaii Municipal Trust's current
fiscal year, interest rates initially declined, but reversed direction in
February and began to move higher. Last year's favorable bond market
environment was created by proposals to achieve a balanced federal budget
within five to seven years and by continued easing of Federal Reserve Board
monetary policy. However, budget negotiations reached a political impasse
early in 1996 and federal offices were partially closed. This had an adverse
impact on bonds. Concerns also developed about an increase in the pace of the
economic recovery, which was marked by strong job growth in March and rising
commodity prices. The bond market reacted to these developments by pushing
yields sharply higher.
MUNICIPAL MARKET CONDITIONS
Long-term municipal revenue bond yields as tracked by The Bond Buyer Revenue
Bond Index * moved from 5.78 percent in November 1995 to a low of 5.63
percent in January 1996. Interest rates subsequently began to rise in
mid-February on signs of stronger economic growth and renewed inflationary
fears. The Index yield reached 6.17 percent in May. Yields on one-year
municipal notes declined from 3.59 percent to 3.73 percent over the past six
months. The yield curve pickup by extending maturities from 1 to 30 years was
244 basis points in May.
The risk of flat-tax legislation caused the ratio of Revenue Bond Index
yields to 30-year U.S. Treasury bond yields to rise from 85 to 94 percent
between March and September 1995. However, as the prospects of a flat tax
faded, the ratio improved to 89 percent by the end of May 1996. A declining
ratio means that municipal bond prices have outperformed U.S.
- ------------
* The Bond Buyer Revenue Index is an arithmetic average of the yields of 25
selected municipal revenue bonds with 30-year maturities. Credit ratings
of these bonds range from Aa1 to Baa1 by Moody's Investors Service, Inc.,
and AA+ to A- by Standard & Poor's Corp.
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
LETTER TO THE SHAREHOLDERS May 31, 1996, continued
Treasury prices. Over the previous eight-year period prior to the flat-tax
debate, long-term municipal yields averaged 89 percent of U.S. Treasury
yields.
Municipal underwriting activity was fueled by the trend of lower interest
rates in 1995. During the first five months of 1996, new issue volume
increased 39 percent versus the same period a year ago. Despite a resurgence
in underwriting, dealers have continued to announce their withdrawal from the
municipal business.
PERFORMANCE
Dean Witter Hawaii Municipal Trust's total return for the six-month period
ended May 31, 1996 was -1.09 percent. The Fund's net asset value declined
from $9.91 to $9.56 per share and tax-free dividends of $0.25 per share were
paid.
DEAN WITTER HAWAII MUNICIPAL TRUST
(The chart below represents information which appears as a graphic
printed report for the Five Largest Sectors as of May 31, 1996.)
MUNICIPAL SECTORS PERCENT
----------------- -------
Mortgages 23%
General Obligation 19%
Hospital 16%
Industrial Development/Pollution
Control (IDR/PCR) 15%
Water & Sewer 14%
Other 13%
PORTFOLIO STRUCTURE
The Fund's net assets have grown to $2 million. Initially,
the Fund invested in several out-of-state municipal issuers
whose bonds were exempt from Hawaii income tax in
order to meet diversification requirements. As municipal
bonds became available from Hawaii issuers, the in-state
mix of bonds increased. Hawaii issues represented 74 percent of net assets on
May 31, 1996.
Credit quality has been stressed with 95 percent of the
portfolio rated single "A" or better. Approximately half of
these holdings were insured by triple "A" rated bond
insurance companies. The Fund's average maturity and
call protection were 23 and 9 years, respectively.
LOOKING AHEAD
Tax-reduction proposals may receive additional publicity.
However, the balance between the supply of new issues
and demand created by maturities and calls for redemption should remain
positive for the municipal market. Long-term municipal securities currently
yield 89 percent of the yield on U.S. Treasury securities and may be expected
to move in tandem with the Treasury market.
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
LETTER TO THE SHAREHOLDERS May 31, 1996, continued
We appreciate your ongoing support of Dean Witter Hawaii Municipal 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 HAWAII MUNICIPAL TRUST
PORTFOLIO OFINVESTMENTS May 31, 1996 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ---------- ------------
<C> <S> <C> <C> <C>
HAWAII TAX-EXEMPT MUNICIPAL BONDS + (97.4%)
General Obligation (18.6%)
Hawaii,
$ 100 1993 Ser CH ................................................... 6.00 % 11/01/10 $ 103,715
100 1996 Ser CL ................................................... 5.25 03/01/15 92,784
Honolulu,
40 1993 Ser C .................................................... 4.875 09/01/11 36,436
50 1995 Ser A (MBIA) ............................................. 5.375 11/01/11 48,296
100 Kauai County, Refg 1992 Ser C (AMBAC) .......................... 5.15 08/01/00 101,603
- ----------- ------------
390 382,834
- ----------- ------------
Educational Facilities Revenue (4.0%)
90 University of Puerto Rico, Ser M (MBIA) ........................ 5.25 06/01/25 82,386
- ----------- ------------
Hospital Revenue (16.1%)
Hawaii Department of Budget & Finance,
200 Kapiolani Health Care Ser 1996 ................................ 6.25 07/01/21 201,166
50 Queens Medical Center Refg Ser 1989 (FGIC) .................... 7.00 07/01/08 53,039
75 Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority, Hospital
Auxilio Mutuo
1995 Ser A (MBIA) ............................................ 6.25 07/01/24 77,099
- ----------- ------------
325 331,304
- ----------- ------------
Industrial Development/Pollution Control Revenue (14.6%)
Hawaii Department of Budget & Finance,
100 Hawaiian Electric Co Ser 1995 A (AMT) (MBIA) .................. 6.60 01/01/25 104,023
100 Hawaiian Electric Co Ser 1996 A (AMT) (MBIA) .................. 6.20 05/01/26 99,053
100 Puerto Rico Ports Authority, American Airlines Inc 1996 Ser A
(AMT) ......................................................... 6.25 06/01/26 97,880
- ----------- ------------
300 300,956
- ----------- ------------
Mortgage Revenue - Multi-Family (11.8%)
Hawaii Housing Finance & Development Corporation,
100 Affordable Rental 1995 Ser A .................................. 6.10 07/01/30 97,066
150 University of Hawaii Faculty Ser 1995 (AMBAC) ................. 5.65 10/01/16 145,407
- ----------- ------------
250 242,473
- ----------- ------------
Mortgage Revenue - Single Family (11.6%)
200 Hawaii Housing Finance & Development Corporation, Purchase
1994 Ser B (MBIA) ............................................ 5.90 07/01/27 197,714
40 Puerto Rico Housing Bank & Finance Agency, GNMA/FNMA
Collateralized Portfolio I (AMT) ............................. 6.10 10/01/15 40,027
- ----------- ------------
240 237,741
- ----------- ------------
Transportation Facilities Revenue (6.9%)
50 Hawaii Department of Transportation, Highway Ser A ............. 5.00 07/01/11 45,918
100 Puerto Rico Highway & Transportation Authority, Refg Ser V ..... 5.75 07/01/18 94,966
- ----------- ------------
150 140,884
- ----------- ------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
PORTFOLIO OFINVESTMENTS May 31, 1996 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ---------- ------------
Water & Sewer Revenue (13.8%)
$ 200 Honolulu, Board of Water Supply Ser 1996 ....................... 5.80% 07/01/16 $ 197,422
100 Puerto Rico Aqueduct & Sewer Authority, Refg Ser 1995 .......... 5.00 07/01/19 86,245
- ----------- ------------
300 283,667
- ----------- ------------
$2,045 TOTAL HAWAII TAX-EXEMPT MUNICIPAL BONDS (Identified Cost $2,026,401) (a) 97.4% 2,002,245
===========
OTHER ASSETS IN EXCESS OF LIABILITIES ................................... 2.6 54,417
------------
NET ASSETS .............................................................. 100.0% $2,056,662
============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
+ Puerto Rico exemption represents 23.3% of net assets.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$3,746 and the aggregate gross unrealized depreciation was
$27,902, resulting in net unrealized depreciation of $24,156.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $2,026,401) ............................................. $2,002,245
Receivable for:
Investments sold ........................................................ 97,880
Interest ................................................................ 34,094
Receivable from affiliate ................................................. 30,202
Deferred organizational expenses .......................................... 48,519
Prepaid expenses .......................................................... 160
------------
TOTAL ASSETS ............................................................ 2,213,100
------------
LIABILITIES:
Payable for:
Dividends to shareholders ............................................... 650
Plan of distribution fee ................................................ 373
Payable to bank ........................................................... 76,291
Organizational expenses ................................................... 48,519
Accrued expenses .......................................................... 30,605
------------
TOTAL LIABILITIES ....................................................... 156,438
------------
NET ASSETS:
Paid-in-capital ........................................................... 2,096,122
Net unrealized depreciation ............................................... (24,156)
Accumulated undistributed net investment income ........................... 86
Accumulated net realized loss ............................................. (15,390)
------------
NET ASSETS .............................................................. $2,056,662
============
NET ASSET VALUE PER SHARE,
215,173 shares outstanding (unlimited shares authorized of $.01 par
value) ................................................................... $9.56
============
MAXIMUM OFFERING PRICE PER SHARE,
(net asset value plus 3.09% of net asset value)* ......................... $9.86
============
</TABLE>
- ------------
* On sales of $100,000 or more, the offering price is reduced.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
NET INVESTMENT INCOME:
INTEREST INCOME .......................... $ 51,170
----------
EXPENSES
Professional fees ........................ 27,309
Shareholder reports and notices .......... 20,609
Organizational expenses .................. 6,013
Investment management fee ................ 3,471
Plan of distribution fee ................. 1,855
Registration fees ........................ 1,766
Transfer agent fees and expenses ........ 750
Custodian fees ........................... 271
Other .................................... 2,353
----------
TOTAL EXPENSES BEFORE EXPENSE OFFSET
AND
AMOUNTS WAIVED/REIMBURSED ............... 64,397
LESS: AMOUNTS WAIVED/REIMBURSED ....... (62,273)
LESS: EXPENSE OFFSET ................... (269)
----------
TOTAL EXPENSES AFTER EXPENSE OFFSET AND
AMOUNTS WAIVED/REIMBURSED ............... 1,855
----------
NET INVESTMENT INCOME .................. 49,315
----------
NET REALIZED AND UNREALIZED LOSS:
Net realized loss ........................ (15,775)
Net change in unrealized appreciation ... (59,408)
----------
NET LOSS ............................... (75,183)
----------
NET DECREASE ............................. $(25,868)
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX JUNE 16, 1995*
MONTHS ENDED THROUGH NOVEMBER
MAY 31, 1996 30, 1995
- ----------------------------------------------------- -------------- -----------------
<S> <C> <C>
(unaudited)
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income ................................ $ 49,315 $ 22,031
Net realized gain (loss) ............................. (15,775) 385
Net change in unrealized appreciation ................ (59,408) 35,252
-------------- ----------------
NET INCREASE (DECREASE) ............................ (25,868) 57,668
Dividends from net investment income ................. (49,229) (22,031)
Net increase from transactions in shares of
beneficial interest ................................. 621,591 1,374,524
-------------- ----------------
TOTAL INCREASE ..................................... 546,494 1,410,161
NET ASSETS:
Beginning of period .................................. 1,510,168 100,007
-------------- ----------------
END OF PERIOD
(Including undistributed net investment income of
$86 and $0, respectively) ........................... $2,056,662 $1,510,168
============== ================
</TABLE>
- ------------
* Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Dean Witter Hawaii Municipal Trust (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a non-diversified,
open-end management investment company. The Fund was organized as a
Massachusetts business trust on March 14, 1995 and had no operations other
than those relating to organizational matters and the issuance of 10,310
shares of beneficial interest for $100,007 to Dean Witter InterCapital Inc.
(the "Investment Manager") to effect the Fund's initial capitalization. The
Fund commenced operations on June 16, 1995.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- Portfolio securities are valued by an outside
independent pricing service approved by the Trustees. The pricing service has
informed the Fund that in valuing the portfolio securities, it uses both a
computerized 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 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. 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 and premiums are amortized 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 and nontaxable income to its
shareholders. Accordingly, no federal income tax provision 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
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited) continued
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 $60,000 which will be
reimbursed for the full amount thereof, exclusive of amounts assumed of
$11,481. 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, calculated daily and payable monthly, by applying
the annual rate of 0.35% to the Fund's average daily net assets.
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 assume all operating expenses
(except brokerage and 12b-1 fees) and waive the compensation provided for in
its Investment Management Agreement until such time as the Fund has $50
million of net assets or until December 16, 1996, whichever occurs first.
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
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited) continued
following activities and services may be provided by the Distributor, Dean
Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, its affiliates and other dealers who have entered into selected
dealer agreements with the Distributor under the Plan: (1) compensation to,
and expenses of, account executives of DWR, other employees and selected
broker-dealers, 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) preparation,
printing 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 0.20% of the
Fund's average daily net assets during the month. 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 May 31, 1996, the distribution fee was accrued at the annual
rate of 0.19%.
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 May 31, 1996, it received
approximately $30,000 in commissions from the sale of shares of the Fund's
beneficial interest.
4. 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 May 31, 1996
aggregated $1,509,502 and $823,434, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At May 31, 1996, the Fund had
transfer agent fees and expenses payable of approximately $500.
<PAGE>
DEAN WITTER HAWAII MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited) continued
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX JUNE 16, 1995*
MONTHS ENDED THROUGH
MAY 31, 1996 NOVEMBER 30, 1995
------------------------ -----------------------
(UNAUDITED)
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
---------- ------------ --------- ------------
Sold....................... 114,523 $1,123,590 141,805 $1,371,598
Reinvestment of dividends.. 3,145 30,745 1,510 14,596
---------- ------------ --------- ------------
117,668 1,154,335 143,315 1,386,194
Repurchased................ (54,916) (532,744) (1,204) (11,670)
---------- ------------ --------- ------------
Net increase............... 62,752 $ 621,591 142,111 $1,374,524
========== ============ ========= ============
</TABLE>
- ------------
* Commencement of operations.
<PAGE>
DEAN WITTER HAWAII MUNICIPAL 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 SIX JUNE 16, 1995*
MONTHS ENDED THROUGH NOVEMBER
MAY 31, 1996 30, 1995
- ----------------------------------------------------------------- -------------- -----------------
(UNAUDITED)
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ............................. $9.91 $9.70
-------------- -------------
Net investment income ............................................ 0.25 0.19
Net realized and unrealized gain (loss) .......................... (0.35) 0.21
-------------- -------------
Total from investment operations ................................. (0.10) 0.40
Less dividends from net investment income ........................ (0.25) (0.19)
-------------- -------------
Net asset value, end of period ................................... $9.56 $9.91
============== =============
TOTAL INVESTMENT RETURN+ ......................................... (1.09)%(1) 4.21%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses before expense offset and after amounts
waived/reimbursed ............................................... 0.19%(2)(4) 0.20%(2)(3)
Net investment income ............................................ 4.97%(2) 4.69%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands .......................... $2,057 $1,510
Portfolio turnover rate .......................................... 45%(1) 14%(1)
</TABLE>
- ------------
* Commencement of operations.
+ Does not reflect the deduction of sales load.
(1) Not annualized.
(2) Annualized.
(3) If the Investment Manager had not reimbursed all expenses and waived
the management fee, the annualized ratio of expense, after application
of the Fund's state expense limitation, would have been 2.70% after
expense offset, which reflects 0.10% effect for custody
cash credits.
(4) If the Investment Manager had not reimbursed all expenses and waived
the management fee, the annualized ratio of expense, after application
of the Fund's state expense limitation, would have been 2.70% after
expense offset, which reflects 0.02% effect for custody
cash credits.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
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
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
HAWAII MUNICIPAL
TRUST
SEMIANNUAL REPORT
MAY 31, 1996
