<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- - -----------------------------------------------------------------------------
When DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST began its new fiscal
year on December 1, 1993, most economic indicators were pointing toward a
vigorous recovery. Shortly after the beginning of the year, additional
concerns surfaced regarding increased inflation. The Federal Reserve Board
responded by tightening monetary policy. Between February and April, the
central bank raised the federal-funds rate -- the interest rates that banks
charge each other for over night loans -- from 3.00 percent to 4.25 percent
in four separate moves. In May, the discount rate -- the interest rate the
Federal Reserve Board charges member banks for loans -- was also 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 in December and January. However, in
February and March the Index rose 89 basis points to 6.39 percent. Yields had
reached levels not seen in over a year. Despite 15 to 20 basis point yield
swings during both April and May, the municipal market began to show signs of
stability. The Index closed the period at 6.41 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 in 1994 has slowed to an annual rate of $200
billion. By way of comparison, approximately $200 billion will leave the
market, as bonds mature or are called for redemption. Municipal issuance for
the first five months of 1994 totaled $73 billion, 38 percent below the level
for the comparable period of last year. The 10 states that comprise the
Multi-State Municipal Series Trust issued nearly half of the total volume
thus far in 1994. A continuation of low new-issue supply coupled with
significant bond calls and maturities should sustain investor demand for
municipals. 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 Fund's average short-term investment position gradually increased to
eight percent of net assets as the portfolios adapted to the change in market
direction. The Fund's weighted average maturity ranged from 19 to 22 years.
Call protection was maintained at eight years on average. New purchases
continued to be of investment grade with ratings of "A" or better, as
measured by Moody's Investors Service, Inc. or Standard & Poor's Corp. Credit
quality remained "AA," except for Massachusetts ("A1" or "A+") and New York
("A").
For your convenience, we have summarized details regarding the various
Series on the following pages. Here you will find information on credit
quality, maturity, call protection, distributions, performance and tax-free
and taxable yields for each portfolio.
Please note that the Massachusetts, Michigan, Minnesota, New York and Ohio
Series will continue to have expenses in excess of 50 basis points of daily
net assets absorbed by Dean Witter InterCapital Inc. through June 30, 1995.
We appreciate your ongoing support of DEAN WITTER MULTI-STATE MUNICIPAL
SERIES TRUST and look forward to continuing to serve your investment needs.
Very truly yours,
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 by Moody's and AA+ to A- by S&P.
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
------------- -------------- ------------- -----------------
<S> <C> <C> <C> <C>
Credit Ratings(1)
Aaa or AAA .................... 41% 29% 59% 33%
Aa or AA ...................... 35% 29% 12% 11%
A or A ........................ 17% 30% 16% 47%
Baa or BBB .................... 7% 12% 13% 9%
Average Weighted
Maturity ...................... 21 Years 22 Years 20 Years 19 Years
Call Protection ............... 8 Years 8 Years 8 Years 8 Years
Duration ...................... 9 Years 10 Years 9 Years 10 Years
Net Asset Value
November 30, 1993 ............. $10.72 $11.00 $10.93 $11.08
May 31, 1994 .................. $10.14 $10.14 $10.38 $10.33
Distributions(2) ............... $0.290492 $0.427885 $0.284015 $0.388600
Total Return(3)
6 Months ended 5/31/94 ...... (2.78)% (4.09)% (2.50)% (3.39)%
12 Months ended 5/31/94 ...... 1.26 % 0.20 % 1.99 % 1.63 %
Tax Free Yield(4) .............. 5.02 % 5.56 % 5.26 % 5.13 %
Taxable Equivalent Yield(5) ... 8.43 % 10.34 % 8.22 % 9.11 %
<FN>
- - ---------------
(1) Represents Moody's or Standard & Poor's ratings of the credit quality of
the long-term bonds. Non-rated issues are deemed investment grade by the
Investment Manager.
(2) Includes all income dividends and capital gain distributions, if any,
paid by each Fund Series for the six months ended May 31, 1994.
(3) Total return figures represent the change in the Fund's total value for
each period measured, taking into account the change in price plus
compounded, reinvested dividends.
(4) Yields were calculated for the 30-day period ended May 31, 1994
following the SEC yield formula.
(5) Assumes top federal and state income tax brackets, if any, and includes
the effect of fully deducting state taxes on your federal return.
</TABLE>
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK PENNSYLVANIA
SERIES SERIES SERIES SERIES OHIO SERIES SERIES
------------- ------------- -------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
45% 23% 41% 10% 41% 46%
40% 27% 17% 20% 21% 26%
11% 41% 25% 49% 30% 16%
4% 9% 17% 21% 8% 12%
22 Years 21 Years 21 Years 21 Years 21 Years 20 Years
8 Years 8 Years 8 Years 8 Years 8 Years 8 Years
10 Years 10 Years 10 Years 10 Years 10 Years 10 Years
$11.05 $10.78 $10.94 $11.03 $10.97 $11.01
$10.24 $10.10 $10.23 $10.28 $10.23 $10.29
$0.464551 $0.354877 $0.356351 $0.350743 $0.392980 $0.342228
(3.29)% (3.12)% (3.32)% (3.74)% (3.31)% (3.54)%
1.61 % 1.84 % 0.74 % 0.45 % 1.59 % 1.05 %
5.39 % 5.27 % 5.41 % 5.34 % 5.31 % 5.34 %
9.35 % 9.00 % 9.09 % 7.36 % 9.50 % 8.58 %
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
------------- -------------- ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value (identified cost
$54,720,528, $128,213,112, $79,284,235, $17,613,782,
$20,883,593, $11,500,738, $50,333,477, $14,658,345,
$24,425,700, and $51,770,553, respectively) (Note 1) .......... $54,912,442 $125,838,163 $80,193,771 $17,451,353
Cash ............................................................ 159,503 257,864 334,485 148,777
Receivable for:
Interest ....................................................... 1,248,027 2,235,535 1,189,051 370,615
Investments sold ............................................... -- -- -- --
Shares of beneficial interest sold ............................. 104,725 665,973 181,224 79,390
Deferred organizational expenses (Note 1) ....................... -- 5,370 5,370 5,370
Prepaid expenses ................................................ 12,709 9,660 8,546 2,326
------------- -------------- ------------- ---------------
TOTAL ASSETS ................................................. 56,437,406 129,012,565 81,912,447 18,057,831
------------- -------------- ------------- ---------------
LIABILITIES:
Payable for shares of beneficial interest repurchased .......... 5,651 18,392 60,142 10,000
Dividends to shareholders ....................................... 39,837 97,300 54,012 12,945
Investment management fee payable (Note 2) ...................... 17,198 38,989 25,031 --
Plan of distribution fee payable (Note 3) ....................... 7,370 16,710 10,728 2,335
Accrued expenses (Note 4) ....................................... 20,434 26,332 25,573 17,244
------------- -------------- ------------- ---------------
TOTAL LIABILITIES ............................................ 90,490 197,723 175,486 42,524
------------- -------------- ------------- ---------------
NET ASSETS:
Paid-in-capital ................................................. 55,968,519 130,562,207 80,938,077 18,149,039
Accumulated undistributed net realized gain (loss) on
investments .................................................... 186,483 627,584 (110,652) 28,697
Net unrealized appreciation (depreciation) on investments ...... 191,914 (2,374,949) 909,536 (162,429)
------------- -------------- ------------- ---------------
NET ASSETS ................................................... $56,346,916 $128,814,842 $81,736,961 $18,015,307
============= ============== ============= ===============
SHARES OF BENEFICIAL INTEREST OUTSTANDING ....................... 5,558,318 12,703,718 7,874,467 1,743,713
------------- -------------- ------------- ---------------
NET ASSET VALUE PER SHARE (unlimited authorized shares of $.01
par value) ..................................................... $10.14 $10.14 $10.38 $10.33
============= ============== ============= ===========
MAXMIUM OFFERING PRICE PER SHARE (net asset value plus 4.17% of
net asset value)* .............................................. $10.56 $10.56 $10.81 $10.76
============= ============== ============= ===========
<FN>
- - ---------------
* On sales of $25,000 or more the offering price is reduced.
</TABLE>
<PAGE>
STATEMENT OF OPERATIONS For the six months ended May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
-------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME .................................... $ 1,741,909 $ 4,157,264 $ 2,503,231 $ 533,137
-------------- -------------- -------------- ---------------
EXPENSES
Investment management fee (Note 2) ................ 103,628 239,163 149,106 31,938
Plan of distribution fee (Note 3) ................. 38,792 99,711 59,756 12,687
Professional fees ................................. 12,614 12,879 13,802 12,320
Transfer agent fees and expenses .................. 12,432 20,295 17,466 4,250
Registration fees ................................. 1,342 1,523 3,864 3,909
Shareholder reports and notices ................... 1,222 9,759 5,653 1,181
Trustees' fees and expenses (Note 4) .............. 1,745 4,298 2,717 767
Organizational expenses (Note 1) .................. -- 1,676 1,676 1,676
Other ............................................. 4,869 7,702 5,927 3,549
-------------- -------------- -------------- ---------------
TOTAL EXPENSES BEFORE FEES WAIVED/ASSUMED ........ 176,644 397,006 259,967 72,277
Less: Expenses Waived/Assumed by Investment Manager
(Note 2) ..................................... (5,185) (9,875) (8,240) (26,652)
-------------- -------------- -------------- ---------------
TOTAL EXPENSES AFTER FEES WAIVED/ASSUMED ......... 171,459 387,131 251,727 45,625
-------------- -------------- -------------- ---------------
NET INVESTMENT INCOME ........................... 1,570,450 3,770,133 2,251,504 487,512
-------------- -------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (Note 1):
Net realized gain (loss) on investments ........... 186,464 629,571 26,028 28,697
Net change in unrealized appreciation on
investments ..................................... (3,495,761) (10,252,250) (4,527,655) (1,141,588)
-------------- -------------- -------------- ---------------
NET LOSS ON INVESTMENTS .......................... (3,309,297) (9,622,679) (4,501,627) (1,112,891)
-------------- -------------- -------------- ---------------
NET DECREASE IN NET ASSETS RESULTING FROM
OPERATIONS ...................................... $(1,738,847) $(5,852,546) $(2,250,123) $ (625,379)
============== ============== ============== ===============
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES SERIES
------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$20,737,390 $11,373,636 $49,975,892 $14,408,105 $24,187,555 $51,358,833
215,729 419,056 111,231 561,953 646,126 107,845
334,651 185,348 1,004,743 253,850 399,136 799,644
-- -- -- 30,746 -- --
69,299 55,686 56,457 -- 1,065,738 92,278
5,370 5,370 5,370 5,370 5,370 5,370
1,568 1,359 3,938 4,162 3,148 2,656
------------- ------------- ------------- ------------- ------------- --------------
21,364,007 12,040,455 51,157,631 15,264,186 26,307,073 52,366,626
------------- ------------- ------------- ------------- ------------- --------------
-- -- 76,912 163,780 -- 11,618
16,160 8,688 38,369 11,007 19,145 42,349
2,435 -- 15,625 -- 2,915 15,878
2,771 1,544 6,696 1,985 3,391 6,805
17,259 15,501 18,436 16,767 19,357 25,421
------------- ------------- ------------- ------------- ------------- --------------
38,625 25,733 156,038 193,539 44,808 102,071
------------- ------------- ------------- ------------- ------------- --------------
21,442,802 12,153,829 51,354,522 15,187,436 26,545,589 52,571,579
28,783 (12,005) 4,656 133,451 (45,179) 104,696
(146,203) (127,102) (357,585) (250,240) (238,145) (411,720)
------------- ------------- ------------- ------------- ------------- --------------
$21,325,382 $12,014,722 $51,001,593 $15,070,647 $26,262,265 $52,264,555
============= ============= ============= ============= ============= ==============
2,083,050 1,189,770 4,986,035 1,466,504 2,566,118 5,080,765
------------- ------------- ------------- ------------- ------------- --------------
$10.24 $10.10 $10.23 $10.28 $10.23 $10.29
============= ============= ============= ============= ============= ==============
$10.67 $10.52 $10.66 $10.71 $10.66 $10.72
============= ============= ============= ============= ============= ==============
</TABLE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES SERIES
------------- ------------ -------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$ 641,863 $ 341,181 $ 1,598,631 $ 479,801 $ 736,605 $ 1,592,334
------------- ------------ -------------- ------------- ------------- --------------
38,519 20,596 94,530 27,337 45,110 93,941
15,559 8,221 38,451 10,899 17,997 39,154
12,123 11,950 12,292 12,403 12,446 13,801
6,957 3,255 12,156 3,554 5,843 13,998
2,848 3,208 3,004 3,926 2,627 4,377
1,431 798 3,409 912 2,200 4,903
688 344 1,659 478 782 1,658
1,676 1,676 1,676 1,676 1,676 1,676
3,655 3,805 5,116 3,703 4,187 6,314
------------- ------------ -------------- ------------- ------------- --------------
83,456 53,853 172,293 64,888 92,868 179,822
(28,429) (24,430) (6,823) (25,835) (28,425) (8,358)
------------- ------------ -------------- ------------- ------------- --------------
55,027 29,423 165,470 39,053 64,443 171,464
------------- ------------ -------------- ------------- ------------- --------------
586,836 311,758 1,433,161 440,748 672,162 1,420,870
------------- ------------ -------------- ------------- ------------- --------------
28,783 (12,481) 4,648 133,451 (73,505) 104,696
(1,379,719) (684,245) (3,307,326) (1,177,020) (1,533,827) (3,501,511)
------------- ------------ -------------- ------------- ------------- --------------
(1,350,936) (696,726) (3,302,678) (1,043,569) (1,607,332) (3,396,815)
------------- ------------ -------------- ------------- ------------- --------------
$ (764,100) $(384,968) $(1,869,517) $ (602,821) $ (935,170) $(1,975,945)
============= ============ ============== ============= ============= ==============
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
- - -----------------------------------------------------------------------------
For the six months ended May 31, 1994 (unaudited) and for the
year ended November 30, 1993
<TABLE>
<CAPTION>
ARIZONA SERIES CALIFORNIA SERIES
---------------------------- ------------------------------
1994 1993 1994 1993
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ......................... $ 1,570,450 $ 2,722,937 $ 3,770,133 $ 6,666,613
Net realized gain (loss) on investments ....... 186,464 65,305 629,571 1,828,533
Net change in unrealized appreciation on
investments ................................. (3,495,761) 2,294,142 (10,252,250) 5,043,740
------------- ------------- -------------- --------------
Net increase (decrease) in net assets
resulting from operations .................. (1,738,847) 5,082,384 (5,852,546) 13,538,886
------------- ------------- -------------- --------------
Dividends and distributions to shareholders
from:
Net investment income ......................... (1,570,450) (2,722,937) (3,770,133) (6,666,613)
Net realized gain on investments .............. (65,291) (67,643) (1,748,963) -0-
------------- ------------- -------------- --------------
Total dividends and distributions ............ (1,635,741) (2,790,580) (5,519,096) (6,666,613)
------------- ------------- -------------- --------------
Transactions in shares of beneficial interest:
Net proceeds from sales ....................... 5,406,644 22,564,062 11,385,909 48,338,423
Reinvestment of dividends and distributions ... 867,853 1,500,480 3,254,357 3,677,922
Cost of shares repurchased .................... (6,430,200) (5,291,203) (13,762,274) (15,184,188)
------------- ------------- -------------- --------------
Net increase (decrease) from transactions
in shares of beneficial interest ........... (155,703) 18,773,339 877,992 36,832,157
------------- ------------- -------------- --------------
Total increase (decrease) .................... (3,530,291) 21,065,143 (10,493,650) 43,704,430
------------- ------------- -------------- --------------
NET ASSETS:
Beginning of period ............................ 59,877,207 38,812,064 139,308,492 95,604,062
------------- ------------- -------------- --------------
End of period .................................. $56,346,916 $59,877,207 $128,814,842 $139,308,492
============= ============= ============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME ............ -0- -0- -0- -0-
============= ============= ============== ==============
SHARES ISSUED AND REPURCHASED
Sold .......................................... 506,707 2,131,173 1,059,152 4,447,920
Issued in reinvestment of dividends and
distributions ............................... 82,512 137,235 302,166 337,857
Repurchased ................................... (614,113) (497,023) (1,318,775) (1,386,260)
------------- ------------- -------------- --------------
Net increase (decrease) ...................... (24,894) 1,771,385 42,543 3,399,517
============= ============= ============== ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
FLORIDA SERIES MASSACHUSETTS SERIES MICHIGAN SERIES
----------------------------- ---------------------------- ----------------------------
1994 1993 1994 1993 1994 1993
------------- -------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 2,251,504 $ 3,864,162 $ 487,512 $ 811,547 $ 586,836 $ 1,041,459
26,028 (90,829) 28,697 170,860 28,783 372,036
(4,527,655) 3,872,974 (1,141,588) 702,398 (1,379,719) 668,110
------------- -------------- ------------- ------------- ------------- -------------
(2,250,123) 7,646,307 (625,379) 1,684,805 (764,100) 2,081,605
------------- -------------- ------------- ------------- ------------- -------------
(2,251,504) (3,864,162) (487,512) (811,547) (586,836) (1,041,459)
-0- -0- (167,917) -0- (363,656) -0-
------------- -------------- ------------- ------------- ------------- -------------
(2,251,504) (3,864,162) (655,429) (811,547) (950,492) (1,041,459)
------------- -------------- ------------- ------------- ------------- -------------
10,016,127 38,837,248 1,770,025 7,996,169 2,144,912 9,813,691
756,275 1,348,313 395,506 483,311 570,486 532,420
(9,027,929) (11,033,570) (1,212,996) (1,122,022) (1,758,851) (3,112,259)
------------- -------------- ------------- ------------- ------------- -------------
1,744,473 29,151,991 952,535 7,357,458 956,547 7,233,852
------------- -------------- ------------- ------------- ------------- -------------
(2,757,154) 32,934,136 (328,273) 8,230,716 (758,045) 8,273,998
------------- -------------- ------------- ------------- ------------- -------------
84,494,115 51,559,979 18,343,580 10,112,864 22,083,427 13,809,429
------------- -------------- ------------- ------------- ------------- -------------
$81,736,961 $ 84,494,115 $18,015,307 $18,343,580 $21,325,382 $22,083,427
============= ============== ============= ============= ============= =============
-0- -0- -0- -0- -0- -0-
============= ============== ============= ============= ============= =============
924,304 3,630,055 173,427 738,427 221,872 905,219
70,493 124,856 26,031 44,231 29,563 48,831
(853,545) (1,030,156) (111,615) (103,229) (166,187) (282,640)
------------- -------------- ------------- ------------- ------------- -------------
141,252 2,724,755 87,843 679,429 85,248 671,410
============= ============== ============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
- - -----------------------------------------------------------------------------
For the six months ended May 31, 1994 (unaudited) and for the
year ended November 30, 1993
<TABLE>
<CAPTION>
MINNESOTA SERIES NEW JERSEY SERIES
---------------------------- ----------------------------
1994 1993 1994 1993
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ......................... $ 311,758 $ 477,218 $ 1,433,161 $ 2,457,868
Net realized gain (loss) on investments ....... (12,481) 83,885 4,648 387,875
Net change in unrealized appreciation on
investments ................................. (684,245) 405,648 (3,307,326) 1,901,754
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations .................. (384,968) 966,751 (1,869,517) 4,747,497
------------- ------------- ------------- -------------
Dividends and distributions to shareholders
from:
Net investment income ......................... (311,758) (477,218) (1,433,161) (2,457,868)
Net realized gain on investments .............. (83,885) -0- (387,878) (102,249)
------------- ------------- ------------- -------------
Total dividends and distributions ............ (395,643) (477,218) (1,821,039) (2,560,117)
------------- ------------- ------------- -------------
Transactions in shares of beneficial interest:
Net proceeds from sales ....................... 1,410,945 5,407,008 5,111,957 24,886,881
Reinvestment of dividends and distributions ... 256,367 299,804 1,092,004 1,515,250
Cost of shares repurchased .................... (409,870) (1,078,183) (6,010,786) (6,213,958)
------------- ------------- ------------- -------------
Net increase from transactions in shares
of beneficial interest ..................... 1,257,442 4,628,629 193,175 20,188,173
------------- ------------- ------------- -------------
Total increase (decrease) .................... 476,831 5,118,162 (3,497,381) 22,375,553
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period ............................ 11,537,891 6,419,729 54,498,974 32,123,421
------------- ------------- ------------- -------------
End of period .................................. $12,014,722 $11,537,891 $51,001,593 $54,498,974
============= ============= ============= =============
UNDISTRIBUTED NET INVESTMENT INCOME ............ -0- -0- -0- -0-
============= ============= ============= =============
SHARES ISSUED AND REPURCHASED
Sold .......................................... 134,574 508,636 473,328 2,304,312
Issued in reinvestment of dividends and
distributions ............................... 24,339 28,188 101,782 139,917
Repurchased ................................... (39,558) (101,542) (569,960) (568,527)
------------- ------------- ------------- -------------
Net increase ................................. 119,355 435,282 5,150 1,875,702
============= ============= ============= =============
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW YORK SERIES OHIO SERIES PENNSYLVANIA SERIES
---------------------------- ---------------------------- ----------------------------
1994 1993 1994 1993 1994 1993
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 440,748 $ 756,167 $ 672,162 $ 1,053,017 $ 1,420,870 $ 2,391,963
133,451 113,747 (73,505) 284,378 104,696 309,721
(1,177,020) 644,644 (1,533,827) 899,509 (3,501,511) 2,036,444
------------- ------------- ------------- ------------- ------------- -------------
(602,821) 1,514,558 (935,170) 2,236,904 (1,975,945) 4,738,128
------------- ------------- ------------- ------------- ------------- -------------
(440,748) (756,167) (672,162) (1,053,017) (1,420,870) (2,391,963)
(66,664) -0- (259,067) -0- (292,250) -0-
------------- ------------- ------------- ------------- ------------- -------------
(507,412) (756,167) (931,229) (1,053,017) (1,713,120) (2,391,963)
------------- ------------- ------------- ------------- ------------- -------------
1,809,948 6,741,928 8,377,136 13,971,307 4,632,402 25,600,361
268,820 394,629 437,918 683,533 962,715 1,286,285
(1,852,491) (1,544,324) (5,535,501) (4,675,125) (3,019,080) (7,364,381)
------------- ------------- ------------- ------------- ------------- -------------
226,277 5,592,233 3,279,553 9,979,715 2,576,037 19,522,265
------------- ------------- ------------- ------------- ------------- -------------
(883,956) 6,350,624 1,413,154 11,163,602 (1,113,028) 21,868,430
------------- ------------- ------------- ------------- ------------- -------------
15,954,603 9,603,979 24,849,111 13,685,509 53,377,583 31,509,153
------------- ------------- ------------- ------------- ------------- -------------
$15,070,647 $15,954,603 $26,262,265 $24,849,111 $52,264,555 $53,377,583
============= ============= ============= ============= ============= =============
-0- -0- -0- -0- -0- -0-
============= ============= ============= ============= ============= =============
170,840 622,018 789,082 1,294,674 426,879 2,354,473
21,302 36,119 41,213 63,065 89,478 118,104
(172,060) (140,708) (528,518) (427,972) (284,203) (671,934)
------------- ------------- ------------- ------------- ------------- -------------
20,082 517,429 301,777 929,767 232,154 1,800,643
============= ============= ============= ============= ============= =============
</TABLE>
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited)
- - -----------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter Multi-State Municipal
Series 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, organized on October 29, 1990, as a Massachusetts business trust,
is comprised of ten separate Series (the "Series") and commenced operations
as follows:
<TABLE>
<CAPTION>
COMMENCEMENT OF
SERIES OPERATIONS
- - ------------------ --------------------
<S> <C>
Arizona ........... April 30, 1991
California ........ January 15, 1991
Florida ........... January 15, 1991
Massachusetts ..... January 15, 1991
Michigan .......... January 15, 1991
Minnesota ......... January 15, 1991
New Jersey ........ January 15, 1991
New York .......... January 15, 1991
Ohio .............. January 15, 1991
Pennsylvania ...... January 15, 1991
</TABLE>
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 Fund's
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. Interest income is accrued daily. In determining net investment
income, the Fund amortizes premiums and accrues original issue discounts.
Additionally with respect to market discount on bonds purchased after April
30, 1993, a portion of any capital gain realized upon disposition is
recharacterized as taxable investment income.
C. Federal Income Tax Status -- It is the Fund's policy to comply
individually for each Series 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 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
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- - -----------------------------------------------------------------------------
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 Fund's Investment Manager paid the
organizational expenses of the Fund of approximately $204,000 of which the
Fund has agreed to bear and reimburse the Investment Manager for $150,000 of
such costs ($16,667 for each of the initial Series excluding the Arizona
Series). The Fund has deferred and is amortizing such reimbursed expenses by
the straight-line method over a period not to exceed five years from the
commencement of operations.
2. TRANSACTIONS WITH THE INVESTMENT MANAGER -- Pursuant to an Investment
Management Agreement (the "Agreement") with Dean Witter InterCapital Inc.
(the "Investment Manager"), each Series of the Fund pays its Investment
Manager a management fee, calculated and accrued daily and payable monthly,
by applying the annual rate of 0.35% to the daily net assets of each Series.
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 office space and 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 undertook to assume all expenses (except for 12b-1
fees and brokerage fees) that exceed 0.50% of the daily net assets with
respect to each Series of the Fund through December 31, 1993 and with respect
to Massachusetts, Michigan, Minnesota, New York and Ohio Series for the
period January 1, 1994 through June 30, 1995.
The management fees waived and other expenses assumed by the Investment
Manager for the period ended May 31, 1994 were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Management Fees $5,185 $9,875 $8,240 $26,652 $28,429
Other Expenses -0- -0- -0- -0- -0-
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- --------- --------------
<S> <C> <C> <C> <C> <C>
Management Fees $20,596 $6,823 $25,835 $28,425 $8,358
Other Expenses $ 3,834 -0- -0- -0- -0-
</TABLE>
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, Dean Witter
Reynolds Inc. ("DWR"), an affiliate of the Distributor, its affiliates and
other dealers who have entered into selected dealer agreements with the
Distributor ("Selected Broker-Dealers") under the Plan: (1) compensation to
and expenses of DWR's and other Selected Broker-Dealers' account executives
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.
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- - -----------------------------------------------------------------------------
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 0.15% of the
Fund's average daily net assets during the month. For the six months ended
May 31, 1994, the distribution fees were accrued at the following annual
rates:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
ANNUAL RATE .. 0.13% 0.15% 0.14% 0.14% 0.14%
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ------- --------------
<S> <C> <C> <C> <C> <C>
ANNUAL RATE .. 0.14% 0.14% 0.14% 0.14% 0.15%
</TABLE>
For the same period, the Distributor has informed the Fund that it
received 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 sales of the shares of beneficial interest and the
amounts were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
---------- ------------ ---------- --------------- ----------
<S> <C> <C> <C> <C> <C>
COMMISSIONS .. $164,423 $334,370 $304,795 $60,626 $76,791
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ---------- --------------
<S> <C> <C> <C> <C> <C>
COMMISSIONS .. $47,808 $186,227 $64,783 $121,177 $161,901
</TABLE>
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and the proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended May 31, 1994 were as
follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------ ------------- ------------ --------------- ------------
<S> <C> <C> <C> <C> <C>
Purchases . $5,843,716 $ 7,241,560 $2,405,840 $1,085,490 $1,456,170
Sales ...... $8,042,012 $15,184,042 $6,690,437 $2,023,827 $ 660,465
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------ ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
Purchases . $1,017,265 $2,356,500 $1,434,181 $4,359,550 $8,183,450
Sales ...... $ 349,845 $3,213,917 $2,625,869 $1,510,296 $4,065,867
</TABLE>
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. For the six months ended May 31,
1994, each of the Series had transfer agent fees and expenses payable as
follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees
and Expenses
Payable ........... $2,658 $3,074 $4,406 $977 $506
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ------ --------------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees
and Expenses
Payable ........... $502 $120 $703 $753 $2,878
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- - -----------------------------------------------------------------------------
Effective January 1, 1994, the Fund adopted 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 May 31, 1994, included in Trustees' fees and
expenses in the Statement of Operations and the accrued pension liability
included in accrued expenses in the Statement of Assets and Liabilities for
each of the respective Series were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Aggregate Pension
Costs ........... $610 $1,404 $876 $189 $226
Accrued Pension
Liability ....... $606 $1,395 $870 $189 $226
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ------ --------------
<S> <C> <C> <C> <C> <C>
Aggregate Pension
Costs ........... $123 $551 $161 $270 $553
Accrued Pension
Liability ....... $123 $548 $161 $270 $550
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- - -----------------------------------------------------------------------------
5. FEDERAL INCOME TAX STATUS -- At November 30, 1993, the following Series
had approximate net capital loss carryovers which may be used to offset
future capital gains to the extent provided by regulations:
<TABLE>
<CAPTION>
AVAILABLE THROUGH NOVEMBER 30, 1999 2000 2001 TOTAL
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
FLORIDA ....................... $8,400 $28,800 $94,000 $131,200
</TABLE>
Capital losses incurred after October 31 within the taxable year are
deemed to arise on the first business day of the Fund's next taxable year.
The Florida Series incurred and will elect to defer a net capital loss of
approximately $5,400 during fiscal 1993. To the extent that this net capital
loss carryover is used to offset future capital gains, it is probable that
the gains so offset will not be distributed to shareholders. For the six
months ended May 31, 1994, the Florida Series had net capital gains of
approximately $26,000.
At November 30, 1993, the primary reason for significant temporary
book/tax differences for each of the respective Series was dividends payable.
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (unaudited)
- - -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
ARIZONA SERIES
--------------------------------------------------
1994*** 1993 1992 1991**
------------ --------- --------- ----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period .... $ 10.72 $ 10.18 $ 9.77 $ 9.60
------------ --------- --------- ----------
Net investment income ................. 0.28 0.58 0.64 0.36
Net realized and unrealized gain (loss)
on investments ....................... (0.57) 0.56 0.41 0.17
------------ --------- --------- ----------
Total from investment operations ........ (0.29) 1.14 1.05 0.53
------------ --------- --------- ----------
Less dividends and distributions:
Dividends from net investment income .. (0.28) (0.58) (0.64) (0.36)
Distributions from net realized gain on
investments .......................... (0.01) (0.02) -0- -0-
------------ --------- --------- ----------
Total dividends and distributions ....... (0.29) (0.60) (0.64) (0.36)
------------ --------- --------- ----------
Net asset value, end of period .......... $ 10.14 $ 10.72 $ 10.18 $ 9.77
============ ========= ========= ==========
TOTAL INVESTMENT RETURN+ .................. (2.78)%(1) 11.42% 11.08% 5.66%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) ......................... $56,347 $59,877 $38,812 $20,733
Ratios to average net assets: (3)
Total expenses ........................ 0.58%(2) 0.48% 0.15% 0.15%(2)
Net investment income ................. 5.30%(2) 5.40% 6.33% 6.32%(2)
Portfolio turnover rate ................. 10% 5% 15% 8%
<FN>
- - ---------------
* January 15, 1991 (commencement of operations) through November 30, 1991.
** April 30, 1991 (commencement of operations) through November 30, 1991.
*** December 1, 1993 through May 31, 1994.
+ Does not reflect the deduction of sales load.
(1) Not annualized.
(2) Annualized.
(3) If the Fund had borne all its expenses that were assumed or waived by
the Investment Manager, the above ratios to average net assets, after
application of the Fund's expense limitation, would have been:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Total expenses ....... 0.60%(2) 0.65% 0.74% 1.43%(2)
Net investment income. 5.29%(2) 5.22% 5.74% 5.04%(2)
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
CALIFORNIA SERIES FLORIDA SERIES
- - ------------------------------------------------ -----------------------------------------------
1994*** 1993 1992 1991* 1994*** 1993 1992 1991*
- - ------------ ---------- --------- ----------- ------------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$11.00 $ 10.32 $ 9.99 $ 9.60 $ 10.93 $ 10.29 $ 9.88 $ 9.60
- - ------------ ---------- --------- ----------- ------------ --------- --------- ----------
0.29 0.61 0.67 0.60 0.28 0.59 0.64 0.55
(0.72) 0.68 0.34 0.39 (0.55) 0.64 0.41 0.28
- - ------------ ---------- --------- ----------- ------------ --------- --------- ----------
(0.43) 1.29 1.01 0.99 (0.27) 1.23 1.05 0.83
- - ------------ ---------- --------- ----------- ------------ --------- --------- ----------
(0.29) (0.61) (0.67) (0.60) (0.28) (0.59) (0.64) (0.55)
(0.14) -0- (0.01) -0- -0- -0- -0- -0-
- - ------------ ---------- --------- ----------- ------------ --------- --------- ----------
(0.43) (0.61) (0.68) (0.60) (0.28) (0.59) (0.64) (0.55)
- - ------------ ---------- --------- ----------- ------------ --------- --------- ----------
$10.14 $ 11.00 $ 10.32 $ 9.99 $ 10.38 $ 10.93 $ 10.29 $ 9.88
============ ========== ========= =========== ============ ========= ========= ==========
(4.09)%(1) 12.77% 10.23% 10.29%(1) (2.50)%(1) 12.20% 10.92% 8.84%(1)
$128,815 $139,308 $95,604 $41,568 $81,737 $84,494 $51,560 $17,719
0.57%(2) 0.48% 0.15% 0.15%(2) 0.59%(2) 0.48% 0.15% 0.15%(2)
5.52%(2) 5.57% 6.36% 6.53%(2) 5.29%(2) 5.39% 6.19% 6.45%(2)
5% 11% 5% 24% 3% 3% 6% 10%
0.58%(2) 0.60% 0.67% 0.97%(2) 0.61%(2) 0.63% 0.73% 1.27%(2)
5.50%(2) 5.45% 5.84% 5.71%(2) 5.27%(2) 5.23% 5.62% 5.33%(2)
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (unaudited) (continued)
- - -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
MASSACHUSETTS SERIES
------------------------------------------------
1994*** 1993 1992 1991*
------------ --------- ---------- ---------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period .... $ 11.08 $ 10.36 $ 9.98 $ 9.60
------------ --------- --------- ----------
Net investment income ................. 0.29 0.60 0.66 0.54
Net realized and unrealized gain (loss)
on investments ....................... (0.65) 0.72 0.42 0.38
------------ --------- --------- ----------
Total from investment operations ........ (0.36) 1.32 1.08 0.92
------------ --------- --------- ----------
Less dividends and distributions:
Dividends from net investment income .. (0.29) (0.60) (0.66) (0.54)
Distributions from net realized gain on
investments .......................... (0.10) -0- (0.04) -0-
------------ --------- --------- ----------
Total dividends and distributions ....... (0.39) (0.60) (0.70) (0.54)
------------ --------- --------- ----------
Net asset value, end of period .......... $ 10.33 $ 11.08 $ 10.36 $ 9.98
============ ========= ========= ==========
TOTAL INVESTMENT RETURN+ .................. (3.39)%(1) 13.06% 11.19% 9.87%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period ...............
(in thousands) ......................... $18,015 $18,344 $10,113 $3,205
Ratios to average net assets: (3)
Total expenses ........................ 0.50%(2) 0.48% 0.14% 0.15%(2)
Net investment income ................. 5.34%(2) 5.47% 6.26% 6.50%(2)
Portfolio turnover rate ................. 6% 12% 10% 40%
<FN>
- - ---------------
* January 15, 1991 (commencement of operations) through November 30, 1991.
*** December 1, 1993 through May 31, 1994.
+ Does not reflect the deduction of sales load.
(1) Not annualized.
(2) Annualized.
(3) If the Fund had borne all its expenses that were assumed or waived by
the Investment Manager, the above ratios to average net assets, after
application of the Fund's expense limitation, would have been:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Total expenses .......0.79%(2) 0.84% 1.25% 2.50%(2)
Net investment income 5.05%(2) 5.10% 5.16% 4.08%(2)
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN SERIES MINNESOTA SERIES
------------------------------------------------ ------------------------------------------------
1994*** 1993 1992 1991* 1994*** 1993 1992 1991*
------------ --------- --------- ---------- ------------ --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 11.05 $ 10.41 $ 9.96 $ 9.60 $ 10.78 $ 10.11 $ 9.79 $ 9.60
------------ --------- --------- ---------- ------------ --------- -------- ----------
0.28 0.61 0.65 0.54 0.28 0.58 0.63 0.51
(0.63) 0.64 0.46 0.36 (0.60) 0.67 0.32 0.19
------------ --------- --------- ---------- ------------ --------- -------- ----------
(0.35) 1.25 1.11 0.90 (0.32) 1.25 0.95 0.70
------------ --------- --------- ---------- ------------ --------- -------- ----------
(0.28) (0.61) (0.65) (0.54) (0.28) (0.58) (0.63) (0.51)
(0.18) -0- (0.01) -0- (0.08) -0- -0- -0-
------------ --------- --------- ---------- ------------ --------- -------- ----------
(0.46) (0.61) (0.66) (0.54) (0.36) (0.58) (0.63) (0.51)
------------ --------- --------- ---------- ------------ --------- -------- ----------
$ 10.24 $ 11.05 $ 10.41 $ 9.96 $ 10.10 $ 10.78 $ 10.11 $ 9.79
============ ========= ========= ========== ============ ========= ======== ==========
(3.29)%(1) 12.28% 11.78% 9.54%(1) (3.12)%(1) 12.64% 9.91% 7.42%(1)
$21,325 $22,083 $13,809 $6,630 $12,015 $11,538 $ 6,420 $ 3,131
0.50%(2) 0.48% 0.14% 0.15%(2) 0.50%(2) 0.48% 0.14% 0.15%(2)
5.33%(2) 5.53% 6.28% 6.54%(2) 5.30%(2) 5.39% 6.16% 6.04%(2)
3% 15% 9% 46% 3% 8% 23% 4%
0.76%(2) 0.80% 1.01% 1.73%(2) 0.92%(2) 1.04% 1.46% 2.50%(2)
5.07%(2) 5.20% 5.42% 4.96%(2) 4.88%(2) 4.83% 4.85% 2.87%(2)
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (unaudited) (continued)
- - -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NEW JERSEY SERIES
-------------------------------------------------
1994*** 1993 1992 1991*
------------ --------- --------- ----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period .... $ 10.94 $ 10.35 $ 9.95 $ 9.60
------------ --------- --------- ----------
Net investment income ................. 0.28 0.60 0.66 0.55
Net realized and unrealized gain (loss)
on investments ....................... (0.63) 0.62 0.44 0.35
------------ --------- --------- ----------
Total from investment operations ........ (0.35) 1.22 1.10 0.90
------------ --------- --------- ----------
Less dividends and distributions:
Dividends from net investment income .. (0.28) (0.60) (0.66) (0.55)
Distributions from net realized gain on
investments .......................... (0.08) (0.03) (0.04) -0-
------------ --------- --------- ----------
Total dividends and distributions ....... (0.36) (0.63) (0.70) (0.55)
------------ --------- --------- ----------
Net asset value, end of period .......... $ 10.23 $ 10.94 $ 10.35 $ 9.95
============ ========= ========= ==========
TOTAL INVESTMENT RETURN+ .................. (3.32)%(1) 12.03% 11.34% 9.59%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period ...............
(in thousands) ......................... $51,002 $54,499 $32,123 $15,812
Ratios to average net assets: (3)
Total expenses ........................ 0.61%(2) 0.48% 0.15% 0.15%(2)
Net investment income ................. 5.31%(2) 5.41% 6.36% 6.43%(2)
Portfolio turnover rate ................. 5% 7% 19% 36%
<FN>
- - ---------------
* January 15, 1991 (commencement of operations) through November 30, 1991.
*** December 1, 1993 through May 31, 1994.
+ Does not reflect the deduction of sales load.
(1) Not annualized.
(2) Annualized.
(3) If the Fund had borne all its expenses that were assumed or waived by
the Investment Manager, the above ratios to average net assets, after
application of the Fund's expense limitation, would have been:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Total expenses ....... 0.64%(2) 0.69% 0.79% 1.21%(2)
Net investment income. 5.28%(2) 5.20% 5.71% 5.36%(2)
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW YORK SERIES OHIO SERIES
- - ------------------------------------------------- -------------------------------------------------
1994*** 1993 1992 1991* 1994*** 1993 1992 1991*
- - ------------ --------- -------- ----------- ------------ --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 11.03 $ 10.34 $ 10.06 $ 9.60 $ 10.97 $ 10.25 $ 9.85 $ 9.60
- - ------------ --------- -------- ----------- ------------ --------- --------- ----------
0.30 0.62 0.68 0.54 0.28 0.60 0.66 0.53
(0.70) 0.69 0.34 0.46 (0.63) 0.72 0.41 0.25
- - ------------ --------- -------- ----------- ------------ --------- --------- ----------
(0.40) 1.31 1.02 1.00 (0.35) 1.32 1.07 0.78
- - ------------ --------- -------- ----------- ------------ --------- --------- ----------
(0.30) (0.62) (0.68) (0.54) (0.28) (0.60) (0.66) (0.53)
(0.05) -0- (0.06) -0- (0.11) -0- (0.01) -0-
- - ------------ --------- -------- ----------- ------------ --------- --------- ----------
(0.35) (0.62) (0.74) (0.54) (0.39) (0.60) (0.67) (0.53)
- - ------------ --------- -------- ----------- ------------ --------- --------- ----------
$ 10.28 $ 11.03 $ 10.34 $ 10.06 $ 10.23 $ 10.97 $ 10.25 $ 9.85
============ ========= ======== =========== ============ ========= ========= ==========
(3.74)%(1) 12.91% 10.35% 10.73%(1) (3.31)%(1) 13.19% 11.12% 8.35%(1)
$15,071 $15,955 $9,604 $3,976 $26,262 $24,849 $13,686 $6,267
0.50%(2) 0.48% 0.15% 0.15%(2) 0.50%(2) 0.48% 0.15% 0.15%(2)
5.64%(2) 5.61% 6.45% 6.44%(2) 5.22%(2) 5.45% 6.41% 6.38%(2)
10% 11% 21% 51% 6% 20% 23% 22%
0.83%(2) 0.88% 1.23% 2.22%(2) 0.72%(2) 0.78% 1.01% 2.04%(2)
5.31%(2) 5.21% 5.37% 4.37%(2) 4.99%(2) 5.14% 5.56% 4.48%(2)
</TABLE>
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (unaudited) (continued)
- - -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
PENNSYLVANIA SERIES
--------------------------------------------------
1994*** 1993 1992 1991*
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE: Net
asset value, beginning of period ....... $ 11.01 $ 10.34 $ 9.90 $ 9.60
------------ --------- --------- ----------
Net investment income .................. 0.28 0.61 0.66 0.53
Net realized and unrealized gain (loss)
on investments ........................ (0.66) 0.67 0.44 0.30
------------ --------- --------- ----------
Total from investment operations ....... (0.38) 1.28 1.10 0.83
------------ --------- --------- ----------
Less dividends and distributions:
Dividends from net investment income .. (0.28) (0.61) (0.66) (0.53)
Distributions from net realized gain
on investments ........................ (0.06) -0- -0- -0-
------------ --------- --------- ----------
Total dividends and distributions ...... (0.34) (0.61) (0.66) (0.53)
------------ --------- --------- ----------
Net asset value, end of period .......... $ 10.29 $ 11.01 $ 10.34 $ 9.90
============ ========= ========= ==========
TOTAL INVESTMENT RETURN+ ................. (3.54)%(1) 12.64% 11.47% 8.77%(1)
RATIOS/SUPPLEMENTAL DATA: Net assets, end
of period (in thousands) ................ $52,265 $53,378 $31,509 $12,147
Ratios to average net assets: (3)
Total expenses ......................... 0.64%(2) 0.48% 0.15% 0.15%(2)
Net investment income .................. 5.29%(2) 5.54% 6.31% 6.46%(2)
Portfolio turnover rate ................. 8% 5% 3% 12%
<FN>
- - ---------------
* January 15, 1991 (commencement of operations) through November 30, 1991.
*** December 1, 1993 through May 31, 1994.
+ Does not reflect the deduction of sales load.
(1) Not annualized.
(2) Annualized.
(3) If the Fund had borne all its expenses that were assumed or waived by
the Investment Manager, the above ratios to average net assets, after
application of the Fund's expense limitation, would have been:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Total expenses ....... 0.67%(2) 0.68% 0.81% 1.54%(2)
Net investment income. 5.26%(2) 5.33% 5.65% 5.07%(2)
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- ARIZONA SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
ARIZONA EXEMPT MUNICIPAL BONDS (92.0%)
GENERAL OBLIGATION (7.1%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC Insured) ......................7.00 % 7/ 1/12 $ 216,428
Phoenix,
1,250 Refg Ser 1993 A .........................................................5.25 7/ 1/12 1,138,313
1,550 Refg Ser 1992 ...........................................................6.375 7/ 1/13 1,618,417
1,000 Tucson Unified School District #1, Impr 1989 Ser D 1992 (FGIC Insured) ..6.10 7/ 1/11 1,010,420
- - ----------- ------------
4,000 3,983,578
- - ----------- ------------
EDUCATIONAL FACILITIES REVENUE (5.3%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A ...........5.50 7/ 1/19 912,630
1,000 Price-Elliot Research Park Inc, Arizona State University Ser 1991 (MBIA
Insured) ................................................................7.00 7/ 1/21 1,050,590
1,000 University of Arizona, Telecommunications Ser 1991 COPs ..................6.50 7/15/12 1,034,360
- - ----------- ------------
3,000 2,997,580
- - ----------- ------------
ELECTRIC REVENUE (5.5%)
725 Arizona Power Authority, Hoover Uprating Refg 1993 Ser (MBIA Insured) ...5.25 10/ 1/17 640,567
Salt River Project Agricultural Improvement & Power District,
1,000 Refg Ser C ..............................................................6.25 1/ 1/27 994,400
1,500 1991 Ser A ..............................................................6.00 1/ 1/31 1,439,970
- - ----------- ------------
3,225 3,074,937
- - ----------- ------------
HOSPITAL REVENUE (9.2%)
Arizona Health Facilities Authority,
1,150 Phoenix Baptist Hospital & Medical Center Ser 1992 (MBIA Insured) ......6.25 9/ 1/11 1,169,216
700 Phoenix Memorial Hospital Refg Ser 1991 .................................8.20 6/ 1/21 747,782
300 Voluntary Hospital Federation Pooled 1985 Ser B (FGIC Insured) .........7.25 10/ 1/13 324,753
2,000 Maricopa County Industrial Development Authority, Catholic Healthcare
West 1992 Ser A (MBIA Insured) ..........................................5.75 7/ 1/11 1,948,980
1,100 Pima County Industrial Development Authority, Health Care Corp 1993 Ser
(MBIA Insured) ..........................................................5.25 7/ 1/13 990,770
- - ----------- ------------
5,250 5,181,501
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (9.9%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge Corp .....5.45 6/ 1/09 930,200
2,000 Mohave County Industrial Development Authority, Citizens Utilities Co Ser
1993 (AMT) ..............................................................5.80 11/15/28 1,916,740
1,000 Navajo County Pollution Control Corporation, Public Service Co Ser 1993 A
(AMBAC Insured) .........................................................5.50 8/15/28 897,080
1,700 Santa Cruz County Industrial Development Authority, Citizens Utilities Co
Ser 1991 (AMT) ..........................................................7.15 2/ 1/23 1,812,268
- - ----------- ------------
5,700 5,556,288
- - ----------- ------------
MORTGAGE REVENUE -- MULTI-FAMILY (1.8%)
985 Pima County Industrial Development Authority, Rancho Mirage Ser 1992
- - ----------- (AMT) (Asset Guaranty Insured) ..........................................7.05 4/ 1/22 1,042,110
------------
MORTGAGE REVENUE -- SINGLE FAMILY (2.4%)
Maricopa County Industrial Development Authority,
665 1991 Ser A ..............................................................7.375 8/ 1/05 685,209
675 1991 Ser A ..............................................................7.50 8/ 1/12 694,251
- - ----------- ------------
1,340 1,379,460
- - ----------- ------------
PUBLIC FACILITIES REVENUE (3.2%)
Arizona,
500 Refg Ser 1992 B COPs (AMBAC Insured) ....................................6.25 9/ 1/10 510,940
500 Ser 1991 COPs (FSA Insured) .............................................6.25 9/ 1/11 508,355
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A ..7.90 7/ 1/07 772,128
- - ----------- ------------
1,700 1,791,423
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- ARIZONA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
TRANSPORTATION FACILITIES REVENUE (19.9%)
Arizona Transportation Board,
$ 1,500 Sub Highway Ser 1991 A (Prerefunded) ....................................6.50 % 7/ 1/11 $ 1,634,700
1,000 Sub Highway Ser 1992 B (Prerefunded) ....................................6.50 7/ 1/11 1,091,380
Phoenix, Street & Highway
2,000 User Refg Ser 1993 ......................................................5.125 7/ 1/11 1,789,840
1,000 User Ser 1992 ...........................................................6.25 7/ 1/11 1,065,160
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise Tax Ser
1989 (AMT) ..............................................................7.80 7/ 1/11 2,174,400
800 Scottsdale, Street & Highway User Refg Ser 1993 ..........................5.50 7/ 1/07 783,888
1,000 Tucson, Street & Highway User Sr Lien Refg Ser 1993 ......................5.50 7/ 1/09 946,020
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ..............5.25 7/ 1/21 1,705,740
- - ----------- ------------
11,300 11,191,128
- - ----------- ------------
WATER & SEWER REVENUE (27.7%)
1,000 Arizona Wastewater Management Authority, Wastewater Treatment Financial
Assistance Ser 1992 A (AMBAC Insured) ...................................5.95 7/ 1/12 995,540
Central Arizona Water Conservation District,
5 Ser 1991 B ..............................................................6.50 11/ 1/11 5,106
1,495 Ser 1991 B (Prerefunded) ................................................6.50 11/ 1/11 1,627,577
Chandler, Water & Sewer
750 Refg Ser 1991 (FGIC Insured) ............................................7.00 7/ 1/12 816,180
1,000 Refg Ser 1992 (FGIC Insured) ............................................6.25 7/ 1/13 1,017,870
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC Insured) .................6.50 7/ 1/22 1,031,190
1,000 Phoenix, Water Refg Ser 1993 .............................................5.50 7/ 1/22 903,670
Phoenix Civic Improvement Corporation, Wastewater
1,000 Refg Ser 1993 ...........................................................5.00 7/ 1/18 833,430
2,000 Jr Lien Ser 1994 ........................................................5.45 7/ 1/19 1,807,900
2,000 Refg Ser 1993 ...........................................................4.75 7/ 1/23 1,562,420
500 Pima County, Sewer Refg Ser 1991 (FGIC Insured) ..........................6.75 7/ 1/15 531,470
2,200 Tuscon, Water Refg Ser 1991 ..............................................6.50 7/ 1/16 2,268,244
2,000 Puerto Rico Aqueduct & Sewer Authority, 1988 A ...........................7.90 7/ 1/07 2,213,840
- - ----------- ------------
15,950 15,614,437
- - ----------- ------------
52,450 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $51,620,528) 51,812,442
- - ----------- ------------
SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS (5.5%)
1,000 Maricopa County Industrial Development Authority, Samaritan Health Ser
B-2 (MBIA Insured) (Tender 6/1/94) ......................................3.00* 12/ 1/08 1,000,000
2,100 Phoenix, Ser 1994-1 (Tender 6/1/94) ......................................3.00* 6/ 1/18 2,100,000
- - ----------- ------------
3,100 TOTAL SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST
$3,100,000) ............................................................. 3,100,000
- - ----------- ------------
$55,550 TOTAL INVESTMENTS (IDENTIFIED COST $54,720,528)(A) ....................... 97.5% 54,912,442
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.5 1,434,474
----- ------------
NET ASSETS ............................................................... 100.0% $56,346,916
===== ============
<FN>
- - ---------------
* Variable or floating rate security. Coupon rate shown reflects current
rate.
(a) The aggregate cost for federal income tax purposes is $54,720,528; the
aggregate gross unrealized appreciation is $1,639,994 and the gross
unrealized depreciation is $1,448,080, resulting in net unrealized
appreciation of $191,914.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- CALIFORNIA SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
CALIFORNIA EXEMPT MUNICIPAL BONDS (92.2%)
GENERAL OBLIGATION (4.3%)
$ 2,000 California, Various Purpose (FSA Insured) ..............................5.50 % 4/ 1/19 $ 1,800,260
Mojave Water Agency,
1,100 Impr Dist M Morongo Basin Pipeline Ser 1992 ...........................6.60 9/ 1/13 1,096,282
2,700 Impr Dist M Morongo Basin Pipeline Ser 1992 ...........................6.60 9/ 1/22 2,619,027
- - ----------- -------------
5,800 5,515,569
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (15.1%)
California Educational Facilities Authority,
4,500 Carnegie Institution of Washington 1993 Ser A .........................5.60 10/ 1/23 4,069,530
3,700 Claremont Colleges Ser 1992 ...........................................6.375 5/ 1/22 3,645,166
2,000 Loyola Marymount University Refg Ser 1992 .............................6.00 10/ 1/14 1,935,960
2,000 University of San Francisco Ser 1992 ..................................6.40 10/ 1/17 1,973,540
2,500 University of Southern California Ser 1993 B ..........................5.80 10/ 1/15 2,393,650
2,000 California Public Works Board, California State University 1992 Ser A...6.70 10/ 1/17 2,034,020
4,000 University of California, Multiple Purpose Refg 1993 Ser C (AMBAC
Insured) ..............................................................5.125 9/ 1/18 3,414,920
- - ----------- -------------
20,700 19,466,786
- - ----------- -------------
ELECTRIC REVENUE (9.3%)
2,000 Kings River Conservation District, Pine Power Ser D ....................6.00 1/ 1/17 1,942,120
3,000 Los Angeles Department of Water & Power, Refg Issue of 1993 ...........5.375 9/ 1/23 2,595,270
1,750 Northern California Power Agency, Geothermal #3 1993 Refg Ser 3 .......5.85 7/ 1/10 1,686,353
4,300 Southern California Public Power Authority, Mead -- Phoenix Inverse
Floaters (AMBAC Insured) ..............................................7.27+ 7/ 1/15 3,198,125
2,090 Multiple Proj 1989 Ser ................................................6.00 7/ 1/18 1,975,656
500 Turlock Irrigation District, 1991 Cap Impr COPs ........................7.30 1/ 1/11 528,730
- - ----------- -------------
13,640 11,926,254
- - ----------- -------------
HOSPITAL REVENUE (14.0%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A .........................6.50 12/ 1/11 961,670
California Health Facilities Financing Authority,
3,000 Catholic Health Corp Ser 1992 (MBIA Insured) ..........................6.00 7/ 1/13 2,957,940
3,150 Downey Community Hospital Ser 1993 ....................................5.75 5/15/15 2,796,066
2,000 Kaiser Permanente 1983 Ser ............................................5.45 10/ 1/13 1,784,620
4,500 Scripps Memorial Hospitals Ser 1992 A (MBIA Insured) ..................6.375 10/ 1/22 4,538,430
California Statewide Communities Development Authority,
2,000 Cedars Sinai Medical Center Ser 1992 COPs .............................6.50 8/ 1/12 2,036,140
1,000 Sutter Health Obligated Group COPs (AMBAC Insured) ....................6.125 8/15/22 986,000
2,000 Duarte, City of Hope National Medical Center COPs ......................6.00 4/ 1/08 1,930,620
- - ----------- -------------
18,650 17,991,486
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (3.2%)
California Pollution Control Financing Authority,
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT) ............................6.625 6/ 1/09 1,009,080
1,000 Southern California Edison Co 1988 Ser A (AMT) ........................6.90 9/ 1/06 1,044,420
1,000 Southern California Edison Co 1992 Ser B (AMT) ........................6.40 12/ 1/24 992,030
1,050 San Diego, San Diego Gas & Electric 1986 Ser B (AMT) ...................7.375 12/ 1/21 1,115,247
- - ----------- -------------
4,050 4,160,777
- - ----------- -------------
MORTGAGE REVENUE--MULTI-FAMILY (2.0%)
California Housing Finance Agency,
2,000 Rental II 1992 Ser B ..................................................6.70 8/ 1/15 2,023,240
500 1991 Ser A (AMT) (MBIA Insured) .......................................7.20 2/ 1/26 515,130
- - ----------- -------------
2,500 2,538,370
- - ----------- -------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- CALIFORNIA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--SINGLE FAMILY (2.6%)
California Housing Finance Agency,
$ 490 Home 1991 Ser B (AMT) .................................................7.55 % 8/ 1/20 $ 495,812
1,130 Home 1991 C (AMT) (MBIA Insured) ......................................7.00 8/ 1/23 1,168,318
Southern California Home Financing Authority,
145 GNMA & FNMA-Backed 1991 Issue A (AMT) .................................7.35 9/ 1/24 149,982
1,500 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C .................................................................6.85 10/15/23 1,538,355
- - ----------- -------------
3,265 3,352,467
- - ----------- -------------
PUBLIC FACILITIES REVENUE (6.9%)
1,000 Los Angeles County, 1991 Master Refg COPs RIBS .........................9.934+ 5/ 1/15 1,007,500
2,000 Nevada County, Western Nevada County Solid Waste Management 1991 ......7.50 6/ 1/21 2,039,240
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C .......6.375 9/ 1/13 2,004,580
2,700 Torrance, Police Facility Refg 1991 COPs ...............................6.80 7/ 1/12 2,747,277
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A 7.90 7/ 1/07 1,103,040
- - ----------- -------------
8,700 8,901,637
- - ----------- -------------
TAX ALLOCATION (4.1%)
1,000 Industry Urban-Development Agency, Transportation-Distribution Ind
Redev Proj #3 1992 Refg ...............................................6.90 11/ 1/16 1,037,070
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A .............7.50 10/ 1/26 1,037,850
3,000 Rosemead Redevelopment Agency, Proj #1 Ser 1993 A ......................5.50 10/ 1/18 2,642,100
500 Victorville Redevelopment Agency, Bear Valley Road Ser 1991
(Prerefunded) .........................................................7.50 11/ 1/16 575,485
- - ----------- -------------
5,500 5,292,505
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (11.4%)
4,000 Los Angeles County Metropolitan Transportation Authority, Sales Tax
Refg Ser 1993-A (MBIA Insured) ........................................5.625 7/ 1/18 3,681,240
2,000 Los Angeles County Transportation Commission, Sales Tax Ser 1991-B ....6.50 7/ 1/13 2,042,420
1,000 Orange County, Airport Refg Ser 1993 (AMT) (MBIA Insured) .............5.50 7/ 1/18 892,960
1,000 San Diego County Regional Transportation Commission, Sales Tax 1991 Ser
A (ETM) ...............................................................6.00 4/ 1/08 1,033,190
1,000 San Francisco Airports Commission, San Francisco Intl Airport Second
Ser Refg Issue 4 (MBIA Insured) .......................................6.00 5/ 1/20 971,790
1,000 San Francisco Bay Area Rapid Transit District, Sales Tax Ser 1991 (FGIC
Insured) ..............................................................6.60 7/ 1/12 1,031,580
2,500 Santa Clara Transit District, Sales Tax 1991 Ser A .....................6.25 6/ 1/21 2,471,075
3,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ............5.25 7/ 1/21 2,558,610
- - ----------- -------------
15,500 14,682,865
- - ----------- -------------
WATER & SEWER REVENUE (18.7%)
1,000 Alameda County Water District, 1992 COPs (MBIA Insured) ................6.20 6/ 1/13 1,005,130
California Department of Water Resources,
1,000 Central Valley Ser J-2 ................................................6.00 12/ 1/20 971,600
2,000 Central Valley Ser K ..................................................6.00 12/ 1/21 1,929,620
2,000 Central Coast Water Authority, Ser 1992 (AMBAC Insured) ................6.50 10/ 1/14 2,045,060
1,000 Contra Costa Water Authority, Water 1992 Ser E (AMBAC Insured) ........6.25 10/ 1/12 1,028,580
3,000 East Bay Municipal Utility District, Water Refg Ser 1992 ..............6.00 6/ 1/20 2,893,020
3,250 Los Angeles County Sanitation Districts Financing Authority, 1993 Ser A 5.25 10/ 1/10 2,972,840
Los Angeles, Wastewater
2,000 Refg Ser 1993-A (MBIA Insured) ........................................5.70 6/ 1/20 1,861,940
1,000 1991 Ser C ............................................................7.10 6/ 1/18 1,051,060
2,000 San Diego County Water Authority, Ser 1991-B COPs CARS (MBIA Insured) .9.220+ 4/ 8/21 1,977,500
2,000 San Francisco Public Utilities Commission, Water 1992 Refg Ser A ......6.00 11/ 1/15 1,955,100
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- CALIFORNIA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
$ 2,000 West Basin Municipal Water District, Reclamation Ser 1991 COPs
(Prerefunded) .........................................................7.00 % 8/ 1/11 $ 2,228,020
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .....................7.90 7/ 1/07 2,213,840
- - ----------- -------------
24,250 24,133,310
- - ----------- -------------
OTHER REVENUE (0.6%)
750 Rancho-Santa Margarita Community Facilities District #86-2,
- - ----------- Ser A of 1990 .........................................................7.65 8/15/17 776,137
-------------
123,305 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $121,113,112) ................... 118,738,163
- - ----------- -------------
SHORT-TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS (5.5%)
2,500 California Statewide Communities Development Authority, House Ear
Institute 1993 Ser A COPs (Tender 6/1/94) .............................3.00* 12/ 1/18 2,500,000
2,600 Newport Beach, Hoag Memorial Hospital Presbyterian Ser 1992 (Tender
6/1/94) ...............................................................3.25* 10/ 1/22 2,600,000
2,000 Sacramento County, Administration Center & Courthouse Ser 1990 COPs
(Tender 6/1/94) .......................................................2.65* 6/ 1/20 2,000,000
- - ----------- -------------
7,100 TOTAL SHORT TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED
COST $7,100,000) ...................................................... 7,100,000
- - ----------- -------------
$130,405 TOTAL INVESTMENTS (IDENTIFIED COST $128,213,112) (A) ................... 97.7% 125,838,163
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ......................... 2.3 2,976,679
----- -------------
NET ASSETS ............................................................. 100.0% $128,814,842
===== =============
<FN>
- - ---------------
+ 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.
(a) The aggregate cost for federal income tax purposes is $128,213,112;
the aggregate gross unrealized appreciation is $2,182,436, and the
aggregate gross unrealized depreciation is $4,557,385, resulting in net
unrealized depreciation of $2,374,949.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE--MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- FLORIDA SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
FLORIDA EXEMPT MUNICIPAL BONDS (91.0%)
GENERAL OBLIGATION (3.8%)
$ 200 Florida Board of Education, Cap Outlay Ser 1989 A Refg ......................7.25 % 6/ 1/23 $ 222,425
2,000 Guam, Ser 1993 A ............................................................5.375 11/15/13 1,767,560
1,000 Puerto Rico, Pub Impr Ser 1991 (Prerefunded) ................................7.30 7/ 1/20 1,137,160
- - ----------- ------------
3,200 3,127,145
- - ----------- ------------
ELECTRIC REVENUE (11.4%)
500 Jacksonville Beach, Utility Ser 1991 (MBIA Insured) (Prerefunded) ..........6.75 10/ 1/20 555,260
2,500 Jacksonville Electric Authority, St Johns River Power Park Issue Ser 7 .....5.50 10/ 1/14 2,329,050
Orlando Utilities Commission,
1,000 Refg Ser 1993 A ............................................................5.25 10/ 1/14 898,410
1,900 Ser 1991 A (Prerefunded) ...................................................6.50 10/ 1/20 2,081,241
2,000 Ser 1993 ...................................................................5.125 10/ 1/19 1,731,440
2,000 Puerto Rico Electric Power Authority, Power Ser O ...........................5.00 7/ 1/12 1,733,280
- - ----------- ------------
9,900 9,328,681
- - ----------- ------------
HOSPITAL REVENUE (16.9%)
285 Altamonte Springs Health Facilities Authority, Adventist Health/Sunbelt Inc
Ser 1984 (MBIA Insured) (Prerefunded) ......................................7.90 10/ 1/14 311,148
500 Cape Canaveral Hospital District, Ser 1991 COPs (AMBAC Insured) ............6.875 1/ 1/21 523,515
2,500 Dade County, Jackson Memorial Hospital Ser 1993 (MBIA Insured) .............5.625 6/ 1/13 2,360,750
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie Lee Insured) ..6.60 2/ 1/21 1,027,910
2,000 Jacksonville Health Facilities Authority, Daughters of Charity/St Vincent's
Medical Center Inc Ser 1993 A ..............................................5.00 11/15/15 1,698,340
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC Insured) .................6.12 11/15/22 1,004,170
2,000 Orange County Health Facilities Authority, Orlando Regional Healthcare Ser
1993 A (MBIA Insured) ......................................................6.00 11/ 1/24 1,983,280
140 Palm Beach County Health Facilities Authority, JFK Medical Center Inc Ser
1988 .......................................................................8.875 12/ 1/18 153,171
1,000 Polk County Industrial Development Authority, United Haven Hospital 1985 Ser
2 (MBIA Insured) ...........................................................6.25 9/ 1/15 1,016,840
1,000 South Broward Hospital District, Ser 1991 B & C Special Linked RIBS & SAVRS
(AMBAC Insured) ............................................................6.46 5/13/21 1,030,470
1,000 Tallahassee, Tallahassee Memorial Regional Medical Center Inc Refg Ser 1992
B (MBIA Insured) ...........................................................6.00 12/ 1/15 997,590
2,000 Tampa, Florida, Allegany Health System, St Mary's Hospital Ser 1993 (MBIA
Insured) ...................................................................5.00 12/ 1/12 1,766,080
- - ----------- ------------
14,425 13,873,264
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.6%)
Citrus County, Florida Power Corp
1,000 Refg Ser 1992 B ............................................................6.35 2/ 1/22 1,005,090
2,000 Refg Ser 1992 A ............................................................6.625 1/ 1/27 2,056,220
St Lucie County, Florida Power & Light Co
490 Ser 1991 (AMT) .............................................................7.15 2/ 1/23 513,765
1,000 Ser 1992 (AMT) .............................................................6.70 5/ 1/27 1,020,950
- - ----------- ------------
4,490 4,596,025
- - ----------- ------------
MORTGAGE REVENUE -- SINGLE FAMILY (5.3%)
1,015 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA Insured) ....7.00 3/ 1/13 1,055,478
80 Broward County Housing Finance Authority, GNMA & FNMA Collateralized 1991
Ser A (AMT) ................................................................7.35 3/ 1/23 82,909
200 Dade County Housing Finance Authority, GNMA & FNMA Collateralized 1991 Ser B
(AMT) ......................................................................7.25 9/ 1/23 206,100
690 Florida Housing Finance Agency, GNMA Collaterized 1990 Ser G-1 (AMT) .......7.90 3/ 1/22 716,517
110 Orange County Housing Finance Authority, GNMA Collaterized 1991 Ser A (AMT) 7.375 9/ 1/24 113,178
105 Puerto Rico Housing & Finance Agency, Subsidy Prepayment (Prerefunded) .....7.25 12/ 1/06 109,954
2,000 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed Ser C ...6.85 10/15/23 2,051,140
- - ----------- ------------
4,200 4,335,276
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE--MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- FLORIDA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
NURSING & HEALTH RELATED FACILITIES REVENUE (1.3%)
$ 1,000 Hillsborough County Industrial Authority, Allegany Health/John Knox Village
- - ----------- of Tampa Bay Inc Ser 1992 (MBIA Insured) ...................................6.375% 12/ 1/12 $ 1,022,500
------------
PUBLIC FACILITIES REVENUE (7.2%)
1,500 Brevard County School Board, Florida School Boards Association Inc Ser 1992
A COPs (AMBAC Insured) .....................................................6.50 7/ 1/12 1,552,575
1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC Insured) ........6.15 10/ 1/20 1,005,200
1,000 Palm Beach County, Criminal Justice Refg Ser 1993 (FGIC Insured) ...........5.375 6/ 1/08 969,860
2,150 St Lucie County, Sales Tax Ser 1992 (FGIC Insured) (Prerefunded) ...........6.50 10/ 1/22 2,361,818
- - ----------- ------------
5,650 5,889,453
- - ----------- ------------
RESOURCE RECOVERY REVENUE (3.6%)
Broward County,
1,070 Broward Waste Energy Co North Ser 1984 .....................................7.95 12/ 1/08 1,167,017
690 SES Broward Co LP South Ser 1984 ...........................................7.95 12/ 1/08 752,562
1,000 Lee County, Solid Waste Ser 1991 A (AMT) (MBIA Insured) .....................6.50 10/ 1/13 1,033,050
- - ----------- ------------
2,760 2,952,629
- - ----------- ------------
TRANSPORTATION FACILITIES REVENUE (21.9%)
Dade County, Aviation,
400 Ser U (AMT) ................................................................6.75 10/ 1/06 422,312
1,000 1992 Ser B (MBIA Insured) ..................................................6.60 10/ 1/22 1,037,010
Mid-Bay Bridge Authority,
5,000 Sr Lien Crossover Refg Ser 1993 A ..........................................6.10 10/ 1/22 4,861,650
500 Ser 1991 A (ETM) ...........................................................6.875 10/ 1/22 569,375
Greater Orlando Aviation Authority,
1,000 Florida Department of Transportation, Turnpike Ser 1991 A (AMBAC Insured) ..6.25 7/ 1/20 1,010,160
750 Ser 1992 A (AMT) (FGIC Insured) ............................................6.50 10/ 1/12 768,623
275 Ser 1988 (AMT) .............................................................8.375 10/ 1/16 310,569
1,000 Ser 1993 A (AMT) (AMBAC Insured) ...........................................5.50 10/ 1/18 910,220
1,250 Hillsborough County Aviation Authority, Tampa Intl Airport Refg Ser 1993 B .
(FGIC Insured) .............................................................5.60 10/ 1/19 1,165,200
1,500 Lee County, Refg Ser 1991 (AMBAC Insured) ...................................6.00 10/ 1/17 1,486,815
1,500 Osceola County, Osceola Parkway (MBIA Insured) ..............................6.10 4/ 1/17 1,503,120
Volusia County, Daytona Beach Regional Airport ..............................
235 Ser 1991 (AMT) (MBIA Insured) ..............................................7.00 10/ 1/21 255,126
65 Ser 1991 (AMT) (MBIA Insured) (Prerefunded) ................................7.00 10/ 1/21 70,566
500 Puerto Rico Highway Authority, Ser Q ........................................6.00 7/ 1/20 477,795
Puerto Rico Highway & Transportation Authority,
2,000 Refg Ser X .................................................................5.25 7/ 1/21 1,705,740
1,200 Ser S (Prerefunded) ........................................................6.50 7/ 1/22 1,318,008
- - ----------- ------------
18,175 17,872,289
- - ----------- ------------
WATER & SEWER REVENUE (10.4%)
500 Boynton Beach, Utility Ser 1992 (FGIC Insured) ..............................6.25 11/ 1/12 509,930
1,425 Charlotte County, Utility Refg Ser 1993 (FGIC Insured) ......................5.25 10/ 1/21 1,252,746
1,000 Key West, Sewer Refg Ser 1993 (FGIC Insured) ................................5.70 10/ 1/20 947,790
1,000 Orange County, Water Utilities Ser 1992 (AMBAC Insured) .....................6.25 10/ 1/17 1,008,650
500 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC Insured) ..................6.625 5/ 1/15 515,445
2,000 Tampa, Water & Sewer Ser 1992 A (FGIC Insured) ..............................6.00 10/ 1/17 1,982,420
2,030 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ..........................7.90 7/ 1/07 2,247,048
- - ----------- ------------
8,455 8,464,029
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE--MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- FLORIDA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
OTHER REVENUE (3.6%)
$ 1,000 Homestead, Hurricane Andrew Special Insurance Assessment Ser 1993 (MBIA
Insured) ...................................................................5.25 % 3/ 1/03 $ 1,001,300
2,000 Orlando, Cap Impr Refg Ser 1992 .............................................6.00 10/ 1/22 1,931,180
- - ----------- ------------
3,000 2,932,480
- - ----------- ------------
75,255 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $73,484,235) ......................... 74,393,771
- - ----------- ------------
SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS (7.1%)
2,000 Dade County, Water & Sewer Ser 1994 (FGIC) Insured (Tender 6/1/94) .........2.85* 10/ 5/22 2,000,000
1,000 Gulf Breeze, Local Government Ser 1985 B (Tender 6/2/94) ....................2.65* 12/ 1/15 1,000,000
2,800 Sarasota County Health Facilities Authority, Venice Hospital (Tender 6/1/94) 2.75* 12/ 1/15 2,800,000
- - ----------- ------------
5,800 TOTAL SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST
$5,800,000) ................................................................ 5,800,000
- - ----------- ------------
$81,055 TOTAL INVESTMENTS (IDENTIFIED COST $79,284,235) (a) ......................... 98.1% 80,193,771
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .............................. 1.9 1,543,190
----- ------------
NET ASSETS .................................................................. 100.0% $81,736,961
===== ============
<FN>
- - ---------------
* Variable or floating rate security. Coupon rate shown reflects current
rate.
(a) The aggregate cost for federal income tax purposes is $79,284,235; the
aggregate gross unrealized appreciation is $2,393,850 and the aggregate
gross unrealized depreciation is $1,484,314, resulting in net
unrealized appreciation of $909,536.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- MASSACHUSETTS SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
MASSACHUSETTS EXEMPT MUNICIPAL BONDS (86.3%)
GENERAL OBLIGATION (9.0%)
Massachusetts,
$ 500 Refg 1992 Ser B .....................................................6.50 % 8/ 1/08 $ 527,990
1,000 Refg 1993 Ser A .....................................................5.50 2/ 1/11 930,740
150 Nantucket, 1991 ......................................................6.80 12/ 1/11 161,403
- - ----------- ------------
1,650 1,620,133
- - ----------- ------------
EDUCATIONAL FACILITIES REVENUE (22.2%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E ...............................................6.80 11/ 1/21 104,731
1,000 Boston College Ser K ................................................5.25 6/ 1/18 870,930
400 Boston University Ser L RIBS&SAVRS (MBIA Insured) ...................6.518 10/ 1/31 410,836
150 Community College Ser A (Connie Lee Insured) ........................6.60 10/ 1/22 153,589
400 Suffolk University Ser B (Connie Lee Insured) .......................6.25 7/ 1/12 405,340
500 University of Massachusetts Foundation Inc/Medical School Research
Ser A (Connie Lee Insured) .........................................6.00 7/ 1/23 480,070
150 Worcester Polytechnic Institute Refg Ser E ..........................6.625 9/ 1/17 154,533
Massachusetts Industrial Finance Agency,
1,000 Brooks School Ser 1993 ..............................................5.90 7/ 1/13 961,230
150 Holy Cross College Ser 1992 .........................................6.45 1/ 1/12 154,304
300 Mount Holyoke College Refg Ser 1992 A (MBIA Insured) ................6.30 7/ 1/13 304,953
- - ----------- ------------
4,150 4,000,516
- - ----------- ------------
ELECTRIC REVENUE (2.8%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply
1992 Ser C ..........................................................6.625 7/ 1/18 509,150
- - ----------- ------------
HOSPITAL REVENUE (15.7%)
500 Boston, Boston City Hospital-FHA Insured Mtge Refg Ser B ............5.75 2/15/13 467,890
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B ....................................7.25 7/ 1/13 104,727
500 Dana-Farber Cancer Institute Ser F (FGIC Insured) ...................6.00 12/ 1/15 489,950
500 Lahey Clinic Medical Center Ser B (MBIA Insured) ....................5.625 7/ 1/15 466,945
1,000 Massachusetts General Hospital Ser F (MBIA Insured) .................6.00 7/ 1/15 980,030
200 McLean Hospital Ser C (FGIC Insured) ................................6.625 7/ 1/15 206,588
100 New England Deaconess Hospital Ser C ................................7.20 4/ 1/22 105,184
- - ----------- ------------
2,900 2,821,314
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.2%)
1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
Refg 1993 Ser .......................................................5.875 8/ 1/08 939,940
- - ----------- ------------
MORTGAGE REVENUE--MULTI-FAMILY (1.1%)
200 Massachusetts Housing Finance Agency, Hsg Dev 1986 Ser A (AMT) ......7.75 12/ 1/19 206,570
- - ----------- ------------
MORTGAGE REVENUE--SINGLE FAMILY (3.6%)
Massachusetts Housing Finance Agency,
435 Ser 21 (AMT) ........................................................6.30 6/ 1/25 415,651
220 Ser 21 (AMT) ........................................................7.125 6/ 1/25 224,479
- - ----------- ------------
655 640,130
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- MASSACHUSETTS SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
STUDENT LOAN REVENUE (3.4%)
$ 195 Massachusetts Educational Facilities Authority, Education Loan Issue
D Ser 1991(AMT)(MBIA Insured) .......................................7.25 % 1/ 1/09 $ 203,188
400 New England Education Loan Marketing Corporation, 1992 Sub Issue H
(AMT) ...............................................................6.90 11/ 1/09 414,216
- - ----------- ------------
595 617,404
- - ----------- ------------
TRANSPORTATION FACILITIES REVENUE (15.1%)
300 Guam, Highway 1992 Ser A (Capital Guaranty Insured) ..................6.30 5/ 1/12 310,029
300 Massachusetts, Highway Impr 1992 Ser A ...............................6.00 6/ 1/13 297,300
Massachusetts Port Authority,
500 Ser 1992-B ..........................................................6.00 7/ 1/13 494,375
100 Ser A 1990 (AMT) (FGIC Insured) .....................................7.50 7/ 1/20 109,261
250 Massachusetts Turnpike Authority, 1993 Ser A .........................5.00 1/ 1/13 217,653
500 Woods Hole, Martha's Vineyard & Nantucket Steamship Authority, 1994
Ser A ...............................................................5.125 3/ 1/12 444,550
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ..........5.25 7/ 1/21 852,870
- - ----------- ------------
2,950 2,726,038
- - ----------- ------------
WATER & SEWER REVENUE (8.2%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A .......................5.75 11/ 1/13 479,660
500 Massachusetts Water Resources Authority, Ser A 1990 (Prerefunded) ...6.50 12/ 1/19 547,730
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ...................7.90 7/ 1/07 442,768
- - ----------- ------------
1,400 1,470,158
- - ----------- ------------
16,000 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $15,713,782) 15,551,353
- - ----------- ------------
SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL
OBLIGATIONS (10.6%)
400 Massachusetts, Dedicated Income Tax Ser 1990 B (Tender 6/1/94) ......2.80* 12/ 1/97 400,000
Massachusetts Health & Educational Facilities Authority,
800 Capital Asset Ser B (MBIA Insured) (Tender 6/1/94) ..................2.95* 7/ 1/05 800,000
700 Williams College Ser E (Tender 6/1/94) ..............................3.05* 8/ 1/14 700,000
- - ----------- ------------
1,900 TOTAL SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL
OBLIGATIONS (IDENTIFIED COST $1,900,000) ............................. 1,900,000
- - ----------- ------------
$17,900 TOTAL INVESTMENTS (IDENTIFIED COST $17,613,782)(A) ................... 96.9% 17,451,353
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ....................... 3.1 563,954
----- ------------
NET ASSETS ........................................................... 100.0% $18,015,307
====== ============
<FN>
- - ---------------
* Variable or floating rate securities. Coupon rate shown reflects current
rate.
(a) The aggregate cost for federal income tax purposes is $17,613,782; the
aggregate gross unrealized appreciation is $331,934 and the aggregate
gross unrealized depreciation is $494,363, resulting in net unrealized
depreciation of $162,429.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- MICHIGAN SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
MICHIGAN EXEMPT MUNICIPAL BONDS (89.7%)
GENERAL OBLIGATION (5.0%)
$ 500 Kentwood Public Schools, 1992 Bldg & Site Refg ......................6.40 % 5/ 1/15 $ 505,810
600 River Rouge School District, Bldg & Unltd Tax 1993 (FSA Insured) ...5.625 5/ 1/22 554,436
- - ----------- ------------
1,100 1,060,246
- - ----------- ------------
EDUCATIONAL FACILITIES REVENUE (13.5%)
Central Michigan University,
1,000 Refg Ser 1993 (MBIA Insured) .......................................5.50 10/ 1/10 951,300
300 Refg Ser 1992 (MBIA Insured) .......................................5.50 10/ 1/15 276,636
1,000 Michigan State University, Ser 1992 A ...............................6.00 8/15/16 986,600
500 Wayne State University, Ser 1993 (AMBAC Insured) ....................5.50 11/15/18 456,210
200 Western Michigan University, Ser 1991 B (AMBAC Insured) ............6.50 7/15/21 204,670
- - ----------- ------------
3,000 2,875,416
- - ----------- ------------
ELECTRIC REVENUE (11.4%)
2,000 Michigan Public Power Agency, Belle River 1993 A ....................5.25 1/ 1/18 1,754,840
500 Wyandotte, Electric Refg 1992 (MBIA Insured) ........................6.25 10/ 1/17 502,210
200 Puerto Rico Electric Power Authority, Power Ser O ...................5.00 7/ 1/12 173,328
- - ----------- ------------
2,700 2,430,378
- - ----------- ------------
HOSPITAL REVENUE (16.8%)
1,000 Kent Hospital Finance Authority, Butterworth Hospital
Refg Ser 1993 A ....................................................5.38 1/15/19 860,480
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A ......................7.50 8/15/11 324,933
100 Henry Ford Continuing Care Corp, Ser 1991 ..........................6.75 7/ 1/11 103,488
500 Henry Ford Health System Refg Ser 1992 A ...........................5.75 9/ 1/17 456,955
1,000 Oakwood Hospital Oblig Group Refg Ser 1993 A (FGIC Insured) .......5.625 11/ 1/18 918,670
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital Ser
1991 D .............................................................6.75 1/ 1/20 512,040
400 University of Michigan, Ser 1990 ....................................6.375 12/ 1/24 397,072
- - ----------- ------------
3,800 3,573,638
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.5%)
200 Michigan Strategic Fund, Ford Motor Co Refg Ser 1991 A .............7.10 2/ 1/06 218,596
Monroe County, Detroit Edison Co
200 Proj #1 (AMT) (FGIC Insured) .......................................7.65 9/ 1/20 221,492
500 Monroe & Fermi Plants Collateralized Ser 1-1992 (AMT) (MBIA
Insured) ...........................................................6.875 9/ 1/22 524,095
- - ----------- ------------
900 964,183
- - ----------- ------------
MORTGAGE REVENUE -- MULTI-FAMILY (9.0%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A ..................................................6.60 4/ 1/12 504,785
1,000 1992 Ser A (FSA Insured) ...........................................6.50 4/ 1/23 994,720
400 Ser 1990 A (AMT) ...................................................7.70 4/ 1/23 417,372
- - ----------- ------------
1,900 1,916,877
- - ----------- ------------
NURSING & HEALTH RELATED FACILITIES REVENUE (5.7%)
1,200 University of Michigan, Medical Service Plan Ser 1991 ...............6.50 12/ 1/21 1,225,536
- - ----------- ------------
PUBLIC FACILITIES REVENUE (7.0%)
1,500 Michigan Building Authority, Refg Ser I .............................6.25 10/ 1/20 1,492,155
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- MICHIGAN SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
RESOURCE RECOVERY REVENUE (2.2%)
$ 300 Detroit Economic Development Corporation, Ser A 1991 (AMT) (FSA
Insured) ...........................................................6.875 % 5/ 1/09 $ 317,052
150 Greater Detroit Resource Recovery Authority, Ser A ..................9.25 12/13/08 160,068
- - ----------- ------------
450 477,120
- - ----------- ------------
TRANSPORTATION REVENUE (5.0%)
250 Michigan, Trunk Line Rfg Ser 1992 A
Refg Ser 1992 A ....................................................5.75 10/1/12 238,012
Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
400 Ser 1993 C (MBIA Insured) .........................................5.25 12/1/13 359,424
200 Ser 1991 A (MBIA Insured) (Prerefunded) ...........................6.75 12/1/19 222,432
250 Ser 1991 B (AMT) (MBIA Insured) ...................................6.75 12/1/21 259,033
- - ----------- ------------
1,100 1,078,901
- - ----------- ------------
WATER & SEWER REVENUE (9.6%)
Detroit,
500 Sewage Disposal Ser 1991 (FGIC Insured) ............................6.625 7/1/21 515,605
500 Sewage Refg Ser 1993 A INFLOS (FGIC Insured) .......................8.145+ 7/1/23 425,000
200 Water Supply Rfg Ser 1992 INFLOS (FGIC Insured) ....................9.495+ 7/1/22 202,750
300 Water Supply Rfg Ser 1992 INFLOS (FGIC Insured) (Prerefunded) .....9.495+ 7/1/22 346,125
500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ..................7.90 7/1/07 553,460
- - ----------- ------------
2,000 2,042,940
- - ----------- ------------
19,650 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $19,283,593) ................. 19,137,390
- - ----------- ------------
SHORT-TERM MICHIGAN EXEMPT MUNICIPAL OBLIGATIONS (7.5%)
600 Delta County, Michigan Economic Development Corp Mead-Escanaba Paper
Ser E (Tender 6/1/94) ..............................................3.15* 12/1/23 600,000
1,000 University of Michigan Hospital, Ser 1992 A (Tender 6/1/94) ........3.00* 12/1/19 1,000,000
- - ----------- ------------
1,600 TOTAL SHORT-TERM MICHIGAN EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED
COST $1,600,000) ................................................... 1,600,000
- - ----------- ------------
$21,250 TOTAL INVESTMENTS (IDENTIFIED COST $20,883,593)(A) .................. 97.2% 20,737,390
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ...................... 2.8 587,992
------ ------------
NET ASSETS .......................................................... 100.0% $21,325,382
====== ============
<FN>
- - --------------
+ 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.
(a) The aggregate cost for federal income tax purposes is $20,883,593; the
aggregate gross unrealized appreciation is $453,916 and the aggregate
gross unrealized depreciation is $600,119, resulting in net unrealized
depreciation of $146,203.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- MINNESOTA SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
MINNESOTA EXEMPT MUNICIPAL BONDS (87.2%)
GENERAL OBLIGATION (6.7%)
$ 100 Little Falls Independent School District #482, Ser 1991 (AMBAC
Insured) .............................................................6.80 % 2/ 1/10 $ 106,735
100 Minneapolis, Sales Tax Refg Ser 1992 ..................................6.25 4/ 1/12 104,468
300 Minneapolis Board of Estimate & Taxation ..............................5.90 12/ 1/13 296,916
100 South Washington Independent School District #833, Ser 1991 A
(FGIC Insured) .......................................................6.875 6/ 1/09 108,235
200 Puerto Rico, Pub Impr Ser 1991 ........................................6.00 7/ 1/14 194,308
- - ----------- -------------
800 810,662
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (12.2%)
Minnesota Higher Education Facilities Authority,
200 Hamline University Ser Three-K .......................................6.60 6/ 1/09 204,730
250 St Marys College Ser Three-Q .........................................6.15 10/ 1/23 242,387
100 University of St Thomas Ser Three-C (Prerefunded) ....................7.10 9/ 1/10 111,138
250 University of St Thomas Refg Ser Three-R2 ............................5.60 9/ 1/14 237,495
200 Northfield, St Olaf College 1992 ......................................6.40 10/ 1/21 206,696
500 University of Minnesota, Ser 1993 A INFLOS ............................6.173+ 8/15/03 463,750
- - ----------- -------------
1,500 1,466,196
- - ----------- -------------
ELECTRIC REVENUE (5.7%)
300 Northern Municipal Power Agency, Refg Ser 1989 A ......................5.00 1/ 1/21 255,093
500 Southern Minnesota Municipal Power Agency, Ser 1993 B .................5.00 1/ 1/13 433,815
- - ----------- -------------
800 688,908
- - ----------- -------------
HOSPITAL REVENUE (19.9%)
500 Breckenridge, Catholic Health Corp Ser 1993 ...........................5.25 11/15/13 437,515
200 Duluth Economic Development Authority, Saint Lukes Hospital Refg
Ser 1992 B(Connie Lee Insured) .......................................6.40 5/ 1/18 202,768
100 Minneapolis, Lifespan Inc/Children's Medical Center Ser 1990 C .......7.00 12/ 1/20 104,229
500 Robbinsdale, North Memorial Medical Center Ser 1993-A (AMBAC Insured) 5.45 5/15/13 464,290
Rochester, Mayo Foundation/Mayo Medical Center
250 Ser 1992 I ...........................................................5.75 11/15/21 235,238
200 Ser 1992 D ...........................................................6.25 11/15/21 200,752
St Paul Housing & Redevelopment Authority,
300 Health East Refg Ser 1993-A ..........................................6.625 11/ 1/17 285,456
500 St Paul-Ramsey Medical Center Ser 1993 (AMBAC Insured) ..............5.55 5/15/23 463,450
- - ----------- -------------
2,550 2,393,698
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (11.7%)
500 Anoka County, United Power Assoc Ser 1987 A (NRU-CFC Gtd) (AMT) ......6.95 12/ 1/08 527,020
690 Bass Brook, Minnesota Power & Light Co Refg Ser 1992 ..................6.00 7/ 1/22 656,321
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3(AMT) ...................8.25 12/ 1/11 111,054
100 Ltd Tax Supported Common Bond Fund Ser 1991-1(AMT) ...................8.00 12/ 1/16 109,220
- - ----------- -------------
1,390 1,403,615
- - ----------- -------------
MORTGAGE REVENUE -- MULTI-FAMILY (5.1%)
300 Burnsville, Summit Park Apts FHA Insured Refg Ser 1993 ................6.00 7/ 1/33 273,693
50 Minneapolis, Riverplace Ser 1987 A ....................................7.10 1/ 1/20 51,126
200 Minneapolis Housing Finance Agency, Ser 1992 A ........................6.95 8/ 1/17 205,066
75 Saint Cloud, Northway A&B Ser 1990 ....................................7.50 12/ 1/18 76,890
- - ----------- -------------
625 606,775
- - ----------- -------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- MINNESOTA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -- SINGLE FAMILY (9.4%)
$ 100 Dakota & Washington Counties Housing & Redevelopment Authority,
GNMA-Backed Ser 1988 (AMT) ...........................................8.375% 9/ 1/21 $ 128,738
200 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed Phase IX
Ser 1991(AMT) ........................................................7.25 8/ 1/21 207,144
Minnesota Housing Finance Agency,
115 Ser 1990 D (AMT) .....................................................8.00 1/ 1/23 118,434
475 Ser 1992 C-1 (AMT) ...................................................6.75 7/ 1/23 477,090
200 Ser 1992 H (AMT) .....................................................6.50 1/ 1/26 196,302
- - ----------- -------------
1,090 1,127,708
- - ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (4.3%)
500 Minneapolis & Saint Paul Housing & Redevelopment Authority,
- - ----------- Group Health Plan Inc Ser 1992 .......................................6.75 12/ 1/13 512,080
-------------
PUBLIC FACILITIES REVENUE (9.5%)
300 Hennepin County, Ser 1991 COPs ........................................6.80 5/15/17 318,306
Saint Paul Housing & Redevelopment Authority,
400 Civic Center Ser 1993 ................................................5.45 11/ 1/13 370,624
500 Civic Center .........................................................5.55 11/ 1/23 456,875
- - ----------- -------------
1,200 1,145,805
- - ----------- -------------
TRANSPORTATION REVENUE (0.9%)
100 Minneapolis-St Paul Metropolitan Airports Commission, Ser 8 (AMT) ....6.60 1/ 1/11 104,472
- - ----------- -------------
WATER & SEWER REVENUE (1.8%)
Minnesota Public Facilities Authority,
100 Water Pollution Control Ser 1991 A ...................................6.95 3/ 1/13 107,578
100 Water Pollution Control Ser 1992 A ...................................6.50 3/ 1/14 106,139
- - ----------- -------------
200 213,717
- - ----------- -------------
10,755 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $10,600,738) ................... 10,473,636
- - ----------- -------------
SHORT-TERM MINNESOTA EXEMPT MUNICIPAL
OBLIGATIONS (7.5%)
500 Beltrami County, Environmental Northwood Panelboard (Tender 6/1/94) ..3.15* 12/ 1/21 500,000
400 Minneapolis Community Development Agency, Riverplace Pinnacle Apts
(Tender 6/1/94) ......................................................3.05* 2/ 1/12 400,000
- - ----------- -------------
900 TOTAL SHORT-TERM MINNESOTA EXEMPT MUNICIPAL OBLIGATIONS
- - -----------
(IDENTIFIED COST $900,000) ........................................... 900,000
-------------
$11,655 TOTAL INVESTMENTS (IDENTIFIED COST $11,500,738)(a) .................... 94.7% 11,373,636
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................ 5.3 641,086
------ -------------
NET ASSETS ............................................................ 100.0% $12,014,722
====== =============
<FN>
- - --------------
+ 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.
(a) The aggregate cost for federal income tax purposes is $11,500,738; the
aggregate gross unrealized appreciation is $228,204 and the aggregate
gross unrealized depreciation is $355,306, resulting in net
depreciation of $127,102.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- NEW JERSEY SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
NEW JERSEY EXEMPT MUNICIPAL BONDS (94.3%)
GENERAL OBLIGATION (6.2%)
$3,000 Guam, 1993 Ser A .........................................................5.375 % 11/15/13 $ 2,651,340
500 Essex County, JY Ser 1991 (FSA Insured) ..................................6.50 12/ 1/11 521,510
- - ----------- -------------
3,500 3,172,850
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (3.1%)
500 New Jersey Economic Development Authority, The Seeing Eye Inc 1991 ......7.30 4/ 1/11 519,690
500 Rutgers, The State University Refg Ser R .................................6.50 5/ 1/13 526,080
500 University of Medicine & Dentistry of New Jersey, Refg Ser D ............6.50 12/ 1/04 536,230
- - ----------- -------------
1,500 1,582,000
- - ----------- -------------
ELECTRIC REVENUE (3.4%)
2,000 Puerto Rico Electric Power Authority, Power Ser O ........................5.00 7/ 1/12 1,733,280
- - -----------
HOSPITAL REVENUE (14.0%)
New Jersey Health Care Facilities Financing Authority,
1,000 Allegany Health System Ser 1993 (MBIA Insured) ..........................5.125 7/ 1/13 888,300
1,000 Atlantic City Medical Center Ser C ......................................6.80 7/ 1/11 1,034,550
500 Cathedral Health Services Inc -- FHA Insured Mtges Ser A ................7.25 2/15/21 536,155
1,000 Chilton Memorial Hospital Ser D .........................................5.00 7/ 1/13 847,910
1,000 Columbus Hospital Ser A .................................................7.50 7/ 1/08 1,010,370
500 Pascack Valley Hospital Assn Ser 1991 ...................................6.90 7/ 1/21 516,975
500 Robert Wood Johnson University Hospital Ser B (MBIA Insured) ...........6.625 7/ 1/16 517,710
1,000 Somerset Medical Center Ser A (FGIC Insured) ............................5.10 7/ 1/14 882,400
1,000 Underwood-Memorial Hospital Ser B (AMBAC Insured) .......................5.70 7/ 1/23 930,410
- - ----------- -------------
7,500 7,164,780
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (13.3%)
500 Middlesex County Pollution Control Financing Authority, Amerada Hess
Corp Refg Ser 1992 ......................................................6.875 12/ 1/22 511,050
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT) ....................................7.10 11/ 1/31 498,000
1,000 BP Oil Inc Ser 1982 .....................................................6.55 10/ 1/12 1,034,360
500 Hackensack Water Co Ser C (AMT) .........................................7.00 10/ 1/17 527,225
300 Jersey Central Power & Light Co 1985 Ser ................................7.10 7/ 1/15 316,839
Salem County Pollution Control Financing Authority,
2,100 E I du Pont de Nemours & Co 1992 Ser A (AMT) ............................6.125 7/15/22 2,054,346
2,000 Public Service Electric & Gas Co 1993 Ser A (MBIA Insured) .............5.70 5/ 1/28 1,822,260
- - ----------- -------------
6,900 6,764,080
- - ----------- -------------
MORTGAGE REVENUE -- MULTI-FAMILY (3.0%)
New Jersey Housing & Mortgage Finance Agency,
1,000 Presidential Plaza at Newport -- FHA Insured Mtges Refg 1991 Ser 1 .....7.00 5/ 1/30 1,036,190
500 Rental 1991 Ser A (AMT) .................................................7.25 11/ 1/22 514,830
- - ----------- -------------
1,500 1,551,020
- - ----------- -------------
MORTGAGE REVENUE -- SINGLE FAMILY (1.3%)
New Jersey Housing & Mortgage Finance Agency, Home Buyer Ser E
170 (AMT) (MBIA Insured) ....................................................7.65 10/ 1/16 175,515
500 Puerto Rico Housing Finance Corporation, Portfolio Two GNMA-Backed
Ser E RIBS (AMT) ........................................................9.535+ 8/ 4/25 500,000
- - ----------- -------------
670 675,515
- - ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (2.0%)
990 New Jersey Health Care Facilities Financing Authority, Spectrum For
- - ----------- Living-FHA Insured Mortgage Refg Ser B ..................................6.50 2/ 1/22 1,009,037
---------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- NEW JERSEY SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (8.4%)
$ 1,000 Atlantic County Utilities Authority, Solid Waste Ser 1992 ................7.125% 3/ 1/16 $ 947,120
New Jersey Sports & Exposition Authority
1,000 Convention Ctr Luxury Tax 1992 Ser A (MBIA Insured) .....................6.00 7/ 1/12 1,005,180
2,000 State Contract 1993 Ser A ...............................................5.50 9/ 1/23 1,834,440
500 Passaic County Utilities Authority, Solid Waste Ser 1991 A ..............7.00 11/15/07 501,230
- - ----------- -------------
4,500 4,287,970
- - ----------- -------------
RESOURCE RECOVERY REVENUE (8.0%)
1,000 Mercer County Improvement Authority, Solid Waste Refg Ser A of 1992
(AMT) (FGIC Insured) ....................................................6.70 4/ 1/13 1,058,170
2,000 Union County Utilities Authority, 1991 Ser A (AMT) .......................7.20 6/15/14 2,064,760
900 Warren County Pollution Control Financing Authority, Warren Energy
Resource Co Ltd Partnership Ser 1984 (MBIA Insured) .....................6.60 12/ 1/07 961,128
- - ----------- -------------
3,900 4,084,058
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (11.6%)
1,000 Delaware River & Bay Authority, Ser 1993 (MBIA Insured) ..................5.00 1/ 1/17 867,140
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser ...................6.25 1/ 1/14 1,519,275
1,000 New Jersey Turnpike Authority, Ser C .....................................5.75 1/ 1/11 969,810
3,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ..............5.25 7/ 1/21 2,558,610
- - ----------- -------------
6,500 5,914,835
- - ----------- -------------
WATER & SEWER REVENUE (19.9%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993 ..............5.75 5/ 1/17 947,590
1,000 Lacey Municipal Utilities Authority, Ser 1993 A (MBIA Insured) ..........5.50 12/ 1/19 928,970
500 North Jersey District Supply Commissions, Wanaque North Ser 1991 B
(MBIA Insured) ..........................................................6.25 11/15/17 507,815
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser (MBIA Insured) 6.00 7/15/13 1,007,180
Passaic Valley Sewerage Commissioners,
2,000 Ser D (AMBAC Insured) ...................................................5.75 12/ 1/13 1,945,180
1,000 Refg Ser 1992 D (AMBAC Insured) .........................................5.80 12/ 1/18 970,740
Passaic Valley Water Commission,
210 1992 Ser A (FGIC Insured) ...............................................6.40 12/15/22 215,328
1,790 1992 Ser A (FGIC Insured) (Prerefunded) .................................6.40 12/15/22 1,953,284
1,500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .......................7.90 7/ 1/07 1,660,380
- - ----------- -------------
10,000 10,136,467
- - ----------- -------------
49,460 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $48,433,477) 48,075,892
- - ----------- -------------
SHORT-TERM NEW JERSEY EXEMPT MUNICIPAL
OBLIGATIONS (3.7%)
1,200 New Jersey Economic Development Authority, El Dorado Terminal
Ser 1984 A (Tender 6/1/94) ..............................................2.90* 5/ 1/01 1,200,000
700 New Jersey Economic Development Authority, Toys R US Inc
- - ----------- (Tender 6/1/94) .........................................................2.85* 4/ 1/19 700,000
-------------
1,900 TOTAL SHORT-TERM NEW JERSEY EXEMPT MUNICIPAL 1,900,000
-------------
OBLIGATIONS (IDENTIFIED COST $1,900,000) ................................
- - -----------
$51,360 TOTAL INVESTMENTS (IDENTIFIED COST $50,333,477) (a) ...................... 98.0% 49,975,892
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.0 1,025,701
------ -------------
NET ASSETS ............................................................... 100.0% $51,001,593
====== =============
<FN>
- - -------------
+ 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 security. Coupon rate shown reflects current
rate.
(a) The aggregate cost for federal income tax purposes is $50,333,477; the
aggregate gross unrealized appreciation is $1,249,219 and the gross
unrealized depreciation is $1,606,804, resulting in net unrealized
depreciation of $357,585.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- NEW YORK SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- ------------
<C> <S> <C> <C> <C>
NEW YORK EXEMPT MUNICIPAL BONDS (86.3%)
GENERAL OBLIGATION (2.6%)
$ 100 New York City, 1990 Ser D ............................................. 6.00 % 8/1/06 $ 97,798
300 Puerto Rico, Pub Impr Refg Ser 1992 A ................................. 6.00 7/1/14 291,462
- - ----------- ------------
400 389,260
- - ----------- ------------
EDUCATIONAL FACILITIES REVENUE (16.2%)
New York State Dormitory Authority,
400 Manhattan College Ser 1992 .......................................... 6.50 7/1/19 406,168
1,000 State University Ser 1993 A ......................................... 5.25 5/15/15 873,470
100 State University Ser 1990 ........................................... 7.00 5/15/16 104,895
345 University of Rochester Ser 1987 .................................... 6.50 7/1/09 358,979
500 University of Rochester Ser 1993 A .................................. 5.625 7/1/12 466,910
200 Upstate Community Colleges Ser 1991 A (Prerefunded) ................. 7.30 7/1/21 227,644
- - ----------- ------------
2,545 2,438,066
- - ----------- ------------
ELECTRIC REVENUE (4.0%)
500 New York State Power Authority, General Purpose Ser CC ................ 5.25 1/1/18 438,710
200 Puerto Rico Electric Power Authority, Power Ser O ..................... 5.00 7/1/12 173,328
- - ----------- ------------
700 612,038
- - ----------- ------------
HOSPITAL REVENUE (2.9%)
New York State Medical Care Facilities Finance Agency, Insured
Hospital & Nursing Home -- FHA Insured Mortgage
250 1993 Ser B ........................................................... 5.50 2/15/22 225,423
200 1992 Ser A ........................................................... 6.70 8/15/23 204,420
- - ----------- ------------
450 429,843
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (13.6%)
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B Special Linked RIBS & SAVRS
(AMT) ............................................................... 6.81 7/01/26 1,034,570
500 Consolidated Edison Co of New York Ser 1991 A (AMT) ................ 6.00 3/15/28 467,190
300 Long Island Lighting Co 1990 Ser A (AMT) ........................... 7.15 6/1/20 298,242
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA Insured) ...... 6.50 5/15/32 255,498
- - ----------- ------------
2,050 2,055,500
- - ----------- ------------
NURSING & HEALTH RELATED FACILITIES REVENUE (1.6%)
220 New York State Medical Care Facilities Finance Agency, Mental Health
1991 Ser D .......................................................... 7.40 2/15/18 238,555
- - ----------- ------------
MORTGAGE REVENUE -- SINGLE FAMILY (7.4%)
New York State Mortgage Agency,
500 Home Owners Ser 27 .................................................. 6.90 4/1/15 512,490
100 Home Owners Ser UU (AMT) ............................................ 7.75 10/ 1/23 106,360
500 Puerto Rico Housing Finance Corporation, Portfolio Two GNMA-Backed Ser
E (AMT) RIBS ........................................................10.255+ 8/4/25 500,000
- - ----------- ------------
1,100 1,118,850
- - ----------- ------------
PUBLIC FACILITIES REVENUE (5.3%)
350 New York City Cultural Resources Trust, The Museum of Modern Art Refg
Ser 1993 A .......................................................... 5.40 1/ 1/12 328,804
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A ...... 6.00 7/ 1/26 474,150
- - ----------- ------------
850 802,954
- - ----------- ------------
RESOURCE RECOVERY REVENUE (3.5%)
500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992 ........... 6.65 4/1/05 522,720
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- NEW YORK SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- ------------
<C> <S> <C> <C> <C>
TAX ALLOCATION REVENUE (4.0%)
$ 700 Grand Central District Management Association Inc, Cap Impr Refg Ser
1994 ................................................................5.25 % 1/1/22 $ 604,372
- - ----------- ------------
TRANSPORTATION FACILITIES REVENUE (8.5%)
500 Triborough Bridge & Tunnel Authority, Gen Pur Ser 1993 B .............5.00 1/1/20 425,755
1,000 Puerto Rico Highway & Transportation Authority Refg Ser X ............5.25 7/1/21 852,870
- - ----------- ------------
1,500 1,278,625
- - ----------- ------------
WATER & SEWER REVENUE (13.2%)
New York City Municipal Water Finance Authority,
1,000 1993 Ser A ..........................................................6.00 6/15/17 969,640
600 1994 Ser B ..........................................................5.375 6/15/07 571,074
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ....................7.90 7/1/07 442,768
- - ----------- ------------
2,000 1,983,482
- - ----------- ------------
OTHER REVENUE (3.5%)
500 New York Local Government Assistance Corporation, Ser 1991 C .........7.00 4/1/10 533,840
- - ----------- ------------
13,515 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $13,258,345) ................... 13,008,105
- - ----------- ------------
SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATIONS (9.3%)
700 New York City Cultural Resources Trust, Solomon R Guggenheim
Foundation Ser 1990 B (Tender 6/1/94) ...............................3.00* 12/1/15 700,000
700 Port Authority of New York & New Jersey, Series 2 (Tender 6/1/94) ....3.00* 5/1/19 700,000
- - ----------- ------------
1,400 TOTAL SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED
COST $1,400,000) .................................................... 1,400,000
- - ----------- ------------
$14,915 TOTAL INVESTMENTS (IDENTIFIED COST $14,658,345) (a) ................... 95.6% 14,408,105
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................ 4.4 662,542
------ ------------
NET ASSETS ............................................................ 100.0% $15,070,647
====== ============
<FN>
- - --------------
+ Current coupon rate for residual interest bonds. This rate resets
periodically as the auction on the related short-term securities
fluctuates.
* Variable or floating rate security. Coupon rate shown reflects current
rate.
(a) The aggregate cost for federal income tax purposes is $14,658,345; the
aggregate gross unrealized appreciation is $209,420 and the aggregate
gross unrealized depreciation is $459,660, resulting in net unrealized
depreciation of $250,240.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- OHIO SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
OHIO EXEMPT MUNICIPAL BONDS (88.3%)
GENERAL OBLIGATION (6.2%)
$ 300 Bedford School District, Ser 1993 .........................................6.25 % 12/1/13 $ 300,681
500 Columbus School District, Renovation & Impr Ser 1992 (FGIC Insured)
(Prerefunded) ............................................................6.65 12/1/12 555,390
180 Euclid, Ser 1991 ..........................................................6.625 12/1/11 188,717
100 Euclid City School District, School Impr Ser 1991 .........................7.10 12/1/11 109,117
100 Gahanna, Ser A ............................................................7.00 6/1/12 108,343
250 Hilliard City School District, School Impr Refg Ser 1992 (FGIC Insured) ..6.55 12/1/05 272,820
100 South Euclid, Unltd Tax Recreational ......................................7.00 12/1/11 109,477
- - ----------- ------------
1,530 1,644,545
- - ----------- ------------
EDUCATIONAL FACILITIES REVENUE (18.0%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University, Ser 1992 ................................6.00 10/1/22 493,905
1,000 John Carroll University Refg .............................................5.30 11/15/14 891,110
1,000 Oberlin College, Ser 1993 ................................................5.375 10/1/15 907,400
University of Cincinnati,
1,000 General Receipts Ser R7 ..................................................5.20 6/ 1/10 918,430
500 General Receipts Ser G ...................................................7.00 6/ 1/11 536,535
1,000 University of Toledo, Ser 1992 A (FGIC Insured) ...........................5.90 6/1/20 974,080
- - ----------- ------------
5,000 4,721,460
- - ----------- ------------
ELECTRIC REVENUE (5.0%)
500 Hamilton Refg 1992 Ser A (FGIC Insured) ..................................6.00 10/15/12 505,335
500 Ohio Municipal Electric Generation Agency Joint Venture 5, Belleville
Hydro 1993 Certificates (AMBAC Insured) ..................................5.375 2/15/13 462,985
400 Puerto Rico Electric Power Authority, Power Ser O .........................5.00 7/ 1/12 346,656
- - ----------- ------------
1,400 1,314,976
- - ----------- ------------
HOSPITAL REVENUE (21.0%)
Akron Bath & Copley Joint Township Hospital District,
500 General Medical Center Ser 1993 (AMBAC Insured) ..........................5.50 1/1/21 455,250
1,000 Summa Health Ser 1992 A ..................................................6.25 11/15/07 1,012,200
1,000 Clermont County, Mercy Health Ser 1991 Special MLDS .......................6.593 10/5/21 1,041,210
490 Cuyahoga County, Meridia Health Ser 1990 ..................................7.25 8/15/19 516,994
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A .........................................7.00 1/ 1/09 504,897
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992 .............6.875 7/1/15 488,820
200 Saint Francis-Saint George Hospital/Franciscan Sisters of the Poor Health
Systems Inc Ser 1985 ....................................................9.375 7/1/15 212,488
Lucas County,
100 Flower Memorial Hospital Ser A ...........................................8.125 12/ 1/11 109,451
1,000 Toledo Hospital Impr & Refg Ser 1993 (MBIA Insured) ......................5.00 11/15/22 840,460
300 Middleburg Heights, Southwest General Hospital Ser 1991 ...................7.20 8/15/19 323,226
- - ----------- ------------
5,565 5,504,996
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (3.9%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A .........................6.90 5/ 1/10 412,708
Ohio Economic Development Authority,
500 Dayton Power & Light Co Collateralized Refg 1992 Ser A ...................6.40 8/15/27 498,570
100 Superior Forge & Steel Corp Ser 1991-3 (AMT) .............................7.625 6/ 1/11 104,869
- - ----------- ------------
1,000 1,016,147
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- OHIO SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -- SINGLE FAMILY (3.0%)
$ 800 Ohio Housing Finance Agency, GNMA-Backed 1990 Ser A-1&2
- - -----------
Special Linked RIBS & SAVRS (AMT) ........................................6.761% 3/24/31 $ 801,128
------------
PUBLIC FACILITIES REVENUE (7.0%)
Ohio Building Authority,
1,000 1993 Ser A ...............................................................5.50 10/1/12 930,050
1,000 Workers' Compensation/William Green Building 1993 Ser A ..................5.125 4/1/10 902,740
- - ----------- ------------
2,000 1,832,790
- - ----------- ------------
TRANSPORTATION FACILITIES REVENUE (8.4%)
400 Guam, Highway 1992 Ser A (Capital Guaranty Insured) .......................6.30 5/1/12 413,372
1,000 Ohio Turnpike Commission, 1994 Ser A ......................................5.75 2/15/24 945,610
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ................5.25 7/1/21 852,870
- - ----------- ------------
2,400 2,211,852
- - ----------- ------------
WATER & SEWER REVENUE (15.8%)
1000 Clermont County, Sewer Refg (AMBAC Insured) ...............................5.20 12/1/21 877,120
Cleveland, Waterworks
300 Ser F 1992 B (AMBAC Insured) .............................................6.25 1/1/16 305,166
500 Refg Ser G 1993 (MBIA Insured) ...........................................5.50 1/1/21 461,975
300 Columbus, Sewerage Refg Ser 1992 ..........................................6.25 6/1/08 308,298
500 Hamilton! Water 1991 Ser A (MBIA Insured) .................................6.30 10/15/21 508,440
1,000 Montgomery County, Water Ser 1992 (FGIC Insured) ..........................6.25 11/15/17 1,014,510
600 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ........................7.90 7/1/07 664,152
- - ----------- ------------
4,200 4,139,661
- - ----------- ------------
23,895 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $23,425,700) 23,187,555
- - ----------- ------------
SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATION (3.8%)
1,000 Columbus, Sewer Ser 1986 B (Tender 6/1/94) ................................2.85* 6/1/11 1,000,000
- - ----------- ------------
(Identified Cost $1,000,000)
$24,895 TOTAL INVESTMENTS (IDENTIFIED COST $24,425,700) (A) ....................... 92.1% 24,187,555
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................ 7.9 2,074,710
------ ------------
NET ASSETS ................................................................ 100.0% $26,262,265
====== ============
<FN>
- - --------------
* Variable or floating rate security. Coupon rate shown reflects current
rate.
(a) The aggregate cost for federal income tax purposes is $24,425,700; the
aggregate gross unrealized appreciation is $489,672 and the aggregate
gross unrealized depreciation is $727,817, resulting in net unrealized
depreciation of $238,145.
</TABLE>
See Notes to Financial Statements
<PAGE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- PENNSYLVANIA SERIES May 31, 1994 (unaudited)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- ------------
<S> <C> <C> <C> <C>
PENNSYLVANIA EXEMPT MUNICIPAL BONDS (94.5%)
GENERAL OBLIGATION (7.4%)
$ 2,000 Berks County, Second Ser 1992 (FGIC Insured) ..............................5.75 % 11/15/12 $ 1,935,920
300 McKeesport Area School District, Refg Ser 1991 ............................5.00 4/1/13 257,613
1,000 Reading, Ser of 1992 (AMBAC Insured) (Prerefunded) ........................6.50 11/15/12 1,087,980
600 Puerto Rico, Pub Impr Refg Ser 1992 A .....................................6.00 7/1/14 582,924
- - ----------- ------------
3,900 3,864,437
- - ----------- ------------
EDUCATIONAL FACILITIES REVENUE (23.9%)
1,000 Delaware County Authorty, Villanova University Ser 1993 (MBIA Insured) ...5.50 8/1/23 902,290
1,000 Northeastern Pennsylvania Hospital & Education Authority, Kings College
Ser B 1993 ...............................................................6.00 7/15/11 955,650
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B .................................6.00 11/1/22 695,242
200 Hahneman University Ser of 1989 (MBIA Insured) ...........................7.20 7/1/19 218,388
500 Medical College of Pennsylvania 1991 Ser A ...............................7.25 3/1/11 523,290
500 Temple University First Ser 1991 (MBIA Insured) ..........................6.50 4/1/21 511,050
1,000 Thomas Jefferson University 1992 Ser A ...................................6.625 8/15/09 1,048,610
1,000 Thomas Jefferson University 1993 Ser A ...................................5.30 11/1/15 882,180
Pennsylvania State University,
1,750 Ser 1991 (Prerefunded) ...................................................6.75 7/1/10 1,938,738
1,000 Second Refg Ser 1992 .....................................................5.50 8/15/16 912,720
1,000 Ser B 1992 ...............................................................5.50 8/15/16 912,720
1,000 Swarthmore Borough Authority, Swarthmore College Ser 1992 .................6.00 9/15/20 983,650
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA Insured) ...................6.125 6/1/21 1,985,620
- - ----------- ------------
12,700 12,470,148
- - ----------- ------------
ELECTRIC REVENUE (1.7%)
1,000 Puerto Rico Electric Power Authority, Power Ser O .........................5.00 7/1/12 866,640
- - ----------- ------------
HOSPITAL REVENUE (20.7%)
Allegheny County Hospital Development Authority,
200 Mercy Hospital of Pittsburgh Ser 1991 (AMBAC Insured) ....................6.75 4/1/21 206,548
1,000 Ohio Valley General Hospital Refg Ser 1993 ...............................5.87 4/1/11 902,240
1,000 Presbyterian University Health System Inc Ser 1992 B (MBIA Insured) .....6.00 11/1/12 991,130
1,000 Berks County Municipal Authority, Reading Hospital & Medical Center (MBIA
Insured) .................................................................5.50 10/1/08 976,670
500 Chester County Health & Education Facilities Authority, Bryn Mawr
Rehabilitation Hospital Refg Ser 1992 (Prerefunded) ......................6.75 7/1/14 553,745
3,000 Doylestown Hospital Authority, Doylestown Hospital 1993 Ser B (AMBAC
Insured) .................................................................5.00 7/1/23 2,493,060
100 Erie County Hospital Authority, Hamot Medical Center 1991 Ser A (AMBAC
Insured) .................................................................7.10 2/15/10 107,332
Philadelphia Hospital & Higher Education Facilities Authority,
1,750 Chestnut Hill Hospital Ser of 1992 .......................................6.375 11/15/11 1,727,268
1,000 Temple University Hospital 1993 Ser A ....................................6.50 11/15/08 992,550
2,000 The Children's Hospital Ser A of 1993 ....................................5.375 2/15/14 1,767,940
100 Scranton -- Lackawanna Health & Welfare Authority, Mercy Health
Ser 1989 B (MBIA Insured) ................................................6.90 1/1/23 104,544
- - ----------- ------------
11,650 10,823,207
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- PENNSYLVANIA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- ------------
<C> <S> <C> <C> <C>
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (3.7%)
$ 500 Lehigh County Industrial Development Authority, Strawbridge & Clothier
Refg Ser of 1991 ......................................................... 7.20 % 12/15/01 $ 544,465
Montgomery County Industrial Development Authority,
150 Philadelphia Electric Co 1991 Ser A (AMT) ................................ 7.60 4/1/21 156,134
1,000 Philadelphia Electric Co Refg 1991 Ser B (MBIA Insured) .................. 6.70 12/1/21 1,033,320
200 Pennsylvania Industrial Development Authority, Ser A 1991 (Prerefunded) .. 7.00 1/1/11 223,364
- - ----------- ------------
1,850 1,957,283
- - ----------- ------------
MORTGAGE REVENUE -- MULTI-FAMILY (1.0%)
Pennsylvania Housing Finance Agency,
100 Moderate Rehab Sec 8 Assisted Issue B .................................... 9.00 8/1/01 105,729
500 Ser 1992-35 D RIBS (AMT) ................................................. 8.769+ 4/1/25 428,750
- - ----------- ------------
600 534,479
- - ----------- ------------
MORTGAGE REVENUE -- SINGLE FAMILY (10.2%)
145 Allegheny County Residential Finance Authority, GNMA-Backed
1991 Ser Q (AMT) ......................................................... 7.40 12/1/22 150,390
Pennsylvania Housing Finance Agency,
2,000 Ser 1993-37A ............................................................. 5.45 10/1/17 1,747,120
170 Ser 1990-28 (AMT) ........................................................ 7.65 10/1/23 177,307
2,000 Ser 1991-31 B&C Special Linked RIBS & SAVRS (AMT) ........................ 6.858 10/1/23 2,032,520
160 Pittsburgh Urban Development Authority, 1991 Ser A (AMT) .................. 7.40 4/ 1/24 164,994
1,000 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed Ser C . 6.85 10/15/23 1,025,570
- - ----------- ------------
5,475 5,297,901
- - ----------- ------------
RESOURCE RECOVERY REVENUE (2.6%)
300 Cambria County Industrial Development Authority, Cambria Cogen Co Ser 1989
F-1 (AMT) ................................................................ 7.75 9/1/19 318,014
1,000 Montgomery County Industrial Development Authority, Ser 1989 ............. 7.50 1/1/12 1,056,150
- - ----------- ------------
1,300 1,374,164
- - ----------- ------------
STUDENT LOAN REVENUE (2.9%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT) (AMBAC Insured) ......................................... 6.05 1/1/19 967,660
500 1991 Ser B RIBS (AMT) (AMBAC Insured) ....................................10.192+ 9/3/26 532,500
- - ----------- ------------
1,500 1,500,160
- - ----------- ------------
TRANSPORTATION FACILITIES REVENUE (9.2%)
1,000 Guam, Highway 1992 Ser A (Capital Guaranty Insured) ....................... 6.30 5/1/12 1,033,430
500 Allegheny County, Greater Pittsburgh Intl Airport Ser 1992 (AMT) (FSA
Insured) ................................................................. 6.625 1/1/22 512,600
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC Insured) ........... 6.00 12/1/12 1,995,540
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC Insured) ........... 5.875 12/1/12 981,750
300 Puerto Rico Highway Authority, Ser Q ...................................... 6.00 7/1/20 286,677
- - ----------- ------------
4,800 4,809,997
- - ----------- ------------
WATER & SEWER REVENUE (8.3%)
Bethlehem Authority, Northampton & Lehigh Counties
1,000 Refg Ser of 1994 (MBIA Insured) .......................................... 4.875 11/15/14 841,410
2,500 Refg Ser of 1994 (MBIA Insured) .......................................... 5.30 11/15/17 2,218,000
150 Warrington Township Municipal Authority, Ser 1991 (FGIC Insured) ......... 7.10 12/1/21 161,627
1,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ........................ 7.90 7/1/07 1,106,920
- - ----------- ------------
4,650 4,327,957
- - ----------- ------------
<PAGE>
<PAGE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS -- PENNSYLVANIA SERIES May 31, 1994 (unaudited) (continued)
- - -----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- ------------
<C> <S> <C> <C> <C>
OTHER REVENUE (2.9%)
$ 1,500 Pennsylvania Finance Authority, Municipal Cap Impr Refg Ser 1993 .........6.60 % 11/1/09 $ 1,532,460
- - ----------- ------------
50,925 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $49,770,553) ....................... 49,358,833
- - ----------- ------------
SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL OBLIGATION (3.8%)
2,000 Delaware County Industrial Development Authority, United Parcel Service
Inc Ser 1985 (Tender 6/1/94) (Identified Cost $2,000,000) ................2.85* 12/1/15 2,000,000
- - ----------- ------------
$52,925 TOTAL INVESTMENTS (IDENTIFIED COST $51,770,553) (A) ....................... 98.3% 51,358,833
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................ 1.7 905,722
------ ------------
NET ASSETS ................................................................ 100.0% $52,264,555
====== ============
<FN>
- - ----------------
+ 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 security. Coupon rate shown reflects current
rate.
(a) The aggregate cost for federal income tax purpose is $51,770,553; the
aggregate gross unrealized appreciation is $1,214,841 and the gross
unrealized depreciation in $1,626,561, resulting in net unrealized
depreciation of $411,720.
</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
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
MULTI-STATE
MUNICIPAL
SERIES TRUST
Semiannual Report
May 31, 1994
