DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
===============================================================================
We are pleased to present the third annual report on the operations of
Dean Witter Multi-State Municipal Series Trust for the fiscal year ended
November 30, 1993.
MARKET CONDITIONS
For much of the period under review, long-term interest rates were near
their lowest levels in almost 20 years. The passage and signing of the Clinton
administration's Revenue Reconciliation Act during the summer made higher
marginal income tax rates a reality and strengthened demand for tax-exempt
bonds. Over the past 12 months, municipal bond yields, as measured by The Bond
Buyer Revenue Bond Index, fell 77 basis points from 6.48 percent to 5.71
percent.
Municipal issuers continued to take advantage of lower interest rates
by refunding older, higher-coupon debt at an unprecedented pace. A new record
for underwriting volume has already been set this year. The total of $261
billion issued during the first 11 months of 1993 surpassed the previous high
of $235 billion for all of 1992. Refundings accounted for two-thirds of total
new-issue sales. Underwriting backed by insurance represented 37 percent of the
new-issue market. The 10 states that comprise the Multi-State Municipal Series
Trust issued nearly half of the total volume.
INVESTMENT STRATEGY
New investments in each portfolio of the Fund have been focused on the
20-year maturity range, since the yield curve flattens beyond 20 years. This
has resulted in weighted average portfolio maturities which are up to four
years shorter than at the end of fiscal year 1992. As of November 30, 1993 the
average maturities of the various portfolios ranged between 19 and 23 years.
Call protection, however, has been maintained at an average of 8 years. The
Fund continued to meet its investment objective during the fiscal year by
providing shareholders with a high level of current income exempt from both
federal and specific state income taxes consistent with preservation of
capital. The strategy of the portfolios was to remain fully invested with a
preference for investment grade issues rated "A" or better. Income dividends
have been sustained by consistently investing cash inflows in long-term
maturities.
The charts that follow illustrate the growth of a $10,000 investment in
each Series from inception (January 15, 1991 for all Series except Arizona,
which commenced operations on April 30, 1991) through the fiscal year ended
November 30, 1993 versus the performance of a similar investment in the Lehman
Brothers Municipal Bond Index.
Please note that the Investment Manager of the Fund continued to waive
management fees and assume expenses to the extent that they exceeded 50 basis
points (0.50 percent) of daily net assets through calendar year-end 1993. This
expense limitation allowed each Series to maintain a competitive yield in the
marketplace. However, on January 1, 1994 the five larger Series--Arizona,
California, Florida, New Jersey and Pennsylvania--began paying all of their
expenses. The impact is expected to be a modest 15 to 20 basis point (0.15
percent to 0.20 percent) decline in yield. The five smaller Series--
Massachusetts, Michigan, Minnesota, New York and Ohio--will continue to have
expenses in excess of 50 basis points of daily net assets absorbed by Dean
Witter InterCapital Inc. through June 30, 1994.
For your convenience, we have summarized details about the various
Series portfolios on the following pages. Here you may review the credit
quality, maturity, call protection, distributions, performance and tax-free and
taxable equivalent yields of each portfolio.
We appreciate your 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
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: ARIZONA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
April 30, 1991 $ 9,600 $10,000
November 30, 1991 $10,144 $10,594
November 30, 1992 $11,267 $11,657
November 30, 1993 $12,554 (3) $12,949
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 11.42 (1) 10.93 (1)
Standard (-FESC) 6.96 (2) 9.19 (2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: CALIFORNIA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,505 $10,833
November 30, 1992 $11,580 $11,920
November 30, 1993 $13,058(3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 12.77 (1) 11.60 (1)
Standard (-FESC) 8.26 (2) 10.03 (2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: FLORIDA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,424 $10,833
November 30, 1992 $11,562 $11,920
November 30, 1993 $12,973(3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 12.20(1) 11.13(1)
Standard (-FESC) 7.71(2) 9.56(2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: NEW JERSEY SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,483 $10,833
November 30, 1992 $11,671 $11,920
November 30, 1993 $13,076(3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 12.03 (1) 11.49(1)
Standard (-FESC) 7.55 (2) 9.92(2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: NEW YORK SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,592 $10,833
November 30, 1992 $11,688 $11,920
November 30, 1993 $13,197(3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 12.91 (1) 11.84 (1)
Standard (-FESC) 8.39 (2) 10.27 (2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MASSACHUSETTS SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,480 $10,833
November 30, 1992 $11,652 $11,920
November 30, 1993 $13,173 (3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 13.06(1) 11.89(1)
Standard (-FESC) 8.53(2) 10.31(2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MICHIGAN SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,474 $10,833
November 30, 1992 $11,707 $11,920
November 30, 1993 $13,144 (3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 12.28 (1) 11.71 (1)
Standard (-FESC) 7.79 (2) 10.13 (2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MINNESOTA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,278 $10,833
November 30, 1992 $11,296 $11,920
November 30, 1993 $12,724 (3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 12.64(1) 10.42(1)
Standard (-FESC) 8.13(2) 8.87(2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: OHIO SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,372 $10,833
November 30, 1992 $11,525 $11,920
November 30, 1993 $13,046(3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 13.19(1) 11.37(1)
Standard (-FESC) 8.66(2) 9.80(2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: PENNSYLVANIA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
===============================================================================
January 31, 1991 $ 9,600 $10,000
November 30, 1991 $10,400 $10,833
November 30, 1992 $11,593 $11,920
November 30, 1993 $13,058 (3) $13,241
===============================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===============================================================================
Non-Standard 12.64 (1) 11.45 (1)
Standard (-FESC) 8.13 (2) 9.88 (2)
===============================================================================
Past performance is not predictive of future returns.
________________________________________
____Fund ____Lehman (4)
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1993.
(4) The Lehman Brothers Municipal Bond Index is a broad-based,
unmanaged, measurement of the performance for the long-term,
investment-grade municipal bond market.
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY November 30, 1993
===================================================================================================================================
<CAPTION>
Arizona California Florida Massachusetts
Series Series Series Series
------- ---------- -------- --------------
<S> <C> <C> <C> <C>
Credit Ratings(1)
Aaa or AAA................ 32% 29% 55% 31%
Aa or AA.................. 39% 27% 13% 10%
A or A.................... 21% 32% 20% 43%
Baa or BBB................ 8% 12% 12% 16%
Average Weighted
Maturity.................. 22 Years 23 Years 23 Years 22 Years
Call Protection........... 8 Years 8 Years 8 Years 9 Years
Net Asset Value
November 30, 1992......... $10.18 $10.32 $10.29 $10.36
November 30, 1993......... $10.72 $11.00 $10.93 $11.08
Distributions(2)........... $0.595015 $0.611527 $0.588719 $0.604343
Total Return(3)
6 Months ended 11/30/93.. 4.15% 4.47% 4.60% 5.20%
12 Months ended 11/30/93.. 11.42% 12.77% 12.20% 13.06%
Tax Free Yield(4).......... 4.41% 4.81% 4.54% 4.77%
Taxable Equivalent Yield(5) 7.41% 8.44% 7.09% 8.47%
<FN>
- ------------
(1) Represents Moody's and Standard & Poor's ratings of the credit quality of the long-term bonds owned by the Fund.
(2) Includes all income dividends and capital gain distributions, if any, paid by each Fund Series for the year ended November 30,
1993.
(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 November 30, 1993, 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>
<TABLE>
===================================================================================================================================
<CAPTION>
Michigan Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series Series
-------- --------- ---------- -------- ------- ------------
<C> <C> <C> <C> <C> <C>
47% 26% 38% 8% 41% 42%
34% 29% 18% 21% 15% 22%
13% 36% 28% 40% 34% 18%
6% 9% 16% 31% 10% 18%
22 Years 22 Years 23 Years 23 Years 20 Years 19 Years
8 Years 8 Years 8 Years 8 Years 9 Years 8 Years
$10.41 $10.11 $10.35 $10.34 $10.25 $10.34
$11.05 $10.78 $10.94 $11.03 $10.97 $11.01
$0.609358 $0.580560 $0.627246 $0.618636 $0.602303 $0.609355
5.06% 5.13% 4.20% 4.35% 5.07% 4.76%
12.28% 12.64% 12.03% 12.91% 13.19% 12.64%
4.56% 4.46% 4.73% 4.90% 4.55% 4.67%
7.47% 7.62% 7.95% 8.44% 7.69% 7.51%
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES November 30, 1993
===================================================================================================================================
<CAPTION>
Arizona California Florida Massachusetts
Series Series Series Series
------- ---------- ----------- --------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value (identified
cost $54,641,241, $128,415,319, $79,344,229,
$16,722,399, $20,160,251, $10,444,999,
$50,179,763, $14,617,135, $22,851,340, and
$48,144,174, respectively) (Note 1).................. $58,328,916 $136,292,620 $84,781,420 $17,701,558
Cash.................................................. 304,187 206,353 462,078 100,029
Receivables for:
Interest............................................. 1,259,929 2,436,345 1,290,308 385,686
Investments sold..................................... -- -- 85,000 65,000
Shares of beneficial interest sold................... 66,948 638,745 133,998 119,963
Deferred organizational expenses (Note 1)............. -- 7,046 7,046 7,046
Prepaid expenses...................................... 967 2,286 1,685 566
----------- ------------ ----------- -----------
TOTAL ASSETS...................................... 59,960,947 139,583,395 86,761,535 18,379,848
----------- ------------ ----------- -----------
LIABILITIES:
Payables for:
Investments purchased................................ -- -- 2,138,434 --
Shares of beneficial interest repurchased............ -- 103,179 21,100 --
Dividends to shareholders (Note 6).................... 34,301 82,434 48,660 10,586
Investment management fee payable (Note 2)............ 12,109 32,720 15,117 --
Plan of distribution fee payable (Note 3)............. 7,847 18,098 11,122 2,386
Accrued expenses (Note 4)............................. 29,483 38,472 32,987 23,296
----------- ------------ ----------- -----------
TOTAL LIABILITIES................................. 83,740 274,903 2,267,420 36,268
----------- ------------ ----------- -----------
NET ASSETS:
Paid in capital....................................... 56,124,222 129,684,215 79,193,604 17,196,504
Accumulated undistributed realized gain (loss)
on investments--net................................. 65,310 1,746,976 (136,680) 167,917
Unrealized appreciation on investments--net........... 3,687,675 7,877,301 5,437,191 979,159
----------- ------------ ----------- -----------
NET ASSETS........................................ $59,877,207 $139,308,492 $84,494,115 $18,343,580
=========== ============ =========== ===========
SHARES OF BENEFICIAL INTEREST OUTSTANDING............. 5,583,212 12,661,175 7,733,215 1,655,870
----------- ----------- ---------- -----------
NET ASSET VALUE PER SHARE (unlimited authorized
shares of $.01 par value)............................ $10.72 $11.00 $10.93 $11.08
====== ====== ====== ======
MAXIMUM OFFERING PRICE PER SHARE (net asset value
plus 4.17% of net asset value)*...................... $11.17 $11.46 $11.39 $11.54
====== ====== ====== ======
<FN>
* On sales of $25,000 or more, the offering price is reduced.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS For the year ended November 30, 1993
<CAPTION> Arizona California Florida Massachusetts
Series Series Series Series
------- ---------- ------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME..................................... $ 2,963,436 $ 7,236,390 $ 4,206,911 $ 882,562
----------- ------------ ----------- ----------
EXPENSES
Investment management fee (Note 2)................. 94,559 284,875 147,221 2,458
Plan of distribution fee (Note 3).................. 70,686 174,478 105,940 21,891
Professional fees.................................. 26,759 30,115 27,255 23,238
Transfer agent fees and expenses (Note 4).......... 17,757 29,445 23,024 5,264
Registration fees.................................. 13,270 15,696 13,802 7,394
Shareholder reports and notices.................... 7,381 5,262 9,225 2,242
Trustees' fees and expenses........................ 2,863 6,310 3,520 731
Organizational expenses (Note 1)................... -- 3,076 3,076 3,076
Other.............................................. 7,224 20,520 9,686 4,721
----------- ------------ ----------- ----------
TOTAL EXPENSES................................. 240,499 569,777 342,749 71,015
----------- ------------ ----------- ----------
INVESTMENT INCOME--NET..................... 2,722,937 6,666,613 3,864,162 811,547
----------- ------------ ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS--NET (NOTE 1):
Realized gain (loss) on investments--net........... 65,305 1,828,533 (90,829) 170,860
Change in unrealized appreciation on
investments--net................................. 2,294,142 5,043,740 3,872,974 702,398
----------- ------------ ----------- ----------
NET GAIN ON INVESTMENTS........................... 2,359,447 6,872,273 3,782,145 873,258
----------- ------------ ----------- ----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS................................ $ 5,082,384 $ 13,538,886 $ 7,646,307 $1,684,805
=========== ============ =========== ==========
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
===================================================================================================================================
<CAPTION>
Michigan Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series Series
------- ------- ------- ------- ------- -------
<C> <C> <C> <C> <C> <C>
$21,393,767 $11,002,142 $53,129,504 $15,543,915 $24,147,022 $51,233,965
310,637 314,361 78,234 145,821 126,609 1,124,792
315,170 198,120 1,014,253 245,357 370,817 810,898
-- -- -- -- -- 100,000
106,226 47,824 347,598 124,751 241,379 198,442
7,046 7,046 7,046 7,046 7,046 7,046
666 716 1,195 378 476 1,596
---------- ---------- ---------- ---------- ---------- ----------
22,133,512 11,570,209 54,577,830 16,067,268 24,893,349 53,476,739
---------- ---------- ---------- ---------- ---------- ----------
-- -- -- -- -- --
8,629 3,540 105 77,331 -- 25,182
12,388 6,225 31,553 9,628 13,596 30,487
1,959 -- 9,209 1,873 3,345 6,580
2,866 1,483 7,144 2,082 3,173 6,952
24,243 21,070 30,845 21,751 24,124 29,955
---------- ---------- ---------- ---------- ---------- ----------
50,085 32,318 78,856 112,665 44,238 99,156
---------- ---------- ---------- ---------- ---------- ----------
20,486,255 10,896,387 51,161,347 14,961,159 23,266,036 49,995,542
363,656 84,361 387,886 66,664 287,393 292,250
1,233,516 557,143 2,949,741 926,780 1,295,682 3,089,791
---------- ---------- ---------- ---------- ---------- ----------
$22,083,427 $11,537,891 $54,498,974 $15,954,603 $24,849,111 $53,377,583
=========== =========== =========== =========== =========== ===========
1,997,802 1,070,415 4,980,885 1,446,422 2,264,341 4,848,611
---------- ---------- ---------- ---------- ---------- ----------
$11.05 $10.78 $10.94 $11.03 $10.97 $11.01
====== ====== ====== ====== ====== ======
$11.51 $11.23 $11.40 $11.49 $11.43 $11.47
====== ====== ====== ====== ====== ======
<FN>
* On sales of $25,000 or more the offering price is reduced.
</TABLE>
<TABLE>
===================================================================================================================================
<CAPTION>
Michigan Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series Series
------- ------- ------- -------- -------- --------
<C> <C> <C> <C> <C> <C>
$ 1,131,352 $ 519,716 $ 2,675,488 $ 820,598 $ 1,145,379 $ 2,598,246
---------- ---------- ---------- ---------- ---------- ----------
9,191 -- 72,074 2,933 13,156 69,372
27,507 12,828 67,391 19,811 28,529 64,199
24,170 19,851 26,553 19,851 23,318 24,762
9,529 2,729 18,650 4,701 7,996 17,007
5,971 1,423 13,195 8,563 6,099 10,565
3,850 360 7,539 1,857 3,360 6,889
930 207 2,262 441 963 1,538
3,076 3,076 3,076 3,076 3,076 3,076
5,669 2,024 6,880 3,198 5,865 8,875
---------- ---------- ---------- ---------- ---------- ----------
89,893 42,498 217,620 64,431 92,362 206,283
---------- ---------- ---------- ---------- ---------- ----------
1,041,459 477,218 2,457,868 756,167 1,053,017 2,391,963
---------- ---------- ---------- ---------- ---------- ----------
372,036 83,885 387,875 113,747 284,378 309,721
668,110 405,648 1,901,754 644,644 899,509 2,036,444
---------- ---------- ---------- ---------- ---------- ----------
1,040,146 489,533 2,289,629 758,391 1,183,887 2,346,165
---------- ---------- ---------- ---------- ---------- ----------
$ 2,081,605 $ 966,751 $ 4,747,497 $ 1,514,558 $ 2,236,904 $ 4,738,128
=========== =========== =========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
===================================================================================================================================
For the years ended November 30, 1993 and
November 30, 1992
<CAPTION>
Arizona Series California Series
---------------------- -------------------
1993 1992 1993 1992
---- ---- ---- ----
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Investment income--net................................ $ 2,722,937 $ 1,865,163 $ 6,666,613 $ 4,375,558
Realized gain (loss) on investments--net.............. 65,305 71,180 1,828,533 (79,570)
Change in unrealized appreciation on investments--net. 2,294,142 1,090,031 5,043,740 2,059,499
---------- ---------- ----------- -----------
Net increase in net assets resulting from operations 5,082,384 3,026,374 13,538,886 6,355,487
---------- ---------- ----------- -----------
Dividends and distributions to shareholders from:
Investment income--net................................ (2,722,937) (1,868,798) (6,666,613) (4,382,945)
Realized gain on investments--net..................... (67,643) -- -- (27,205)
---------- ---------- ----------- -----------
Total dividends and distributions................... (2,790,580) (1,868,798) (6,666,613) (4,410,150)
---------- ---------- ----------- -----------
Transactions in shares of beneficial interest:
Net proceeds from sales............................... 22,564,062 19,123,663 48,338,423 56,338,666
Reinvestment of dividends and distributions........... 1,500,480 1,016,483 3,677,922 2,474,060
Cost of shares repurchased............................ (5,291,203) (3,219,050) (15,184,188) (6,722,432)
---------- ---------- ----------- -----------
Transactions in shares of beneficial interest--
net increase....................................... 18,773,339 16,921,096 36,832,157 52,090,294
---------- ---------- ----------- -----------
Total increase...................................... 21,065,143 18,078,672 43,704,430 54,035,631
---------- ---------- ----------- -----------
NET ASSETS:
Beginning of period.................................... 38,812,064 20,733,392 95,604,062 41,568,431
---------- ---------- ----------- -----------
END OF PERIOD.......................................... $59,877,207 $38,812,064 $139,308,492 $95,604,062
========== =========== ============ ===========
SHARES ISSUED AND REPURCHASED:
Sold.................................................. 2,131,173 1,908,567 4,447,920 5,513,866
Issued in reinvestment of dividends and distributions. 137,235 101,454 337,857 242,165
Repurchased........................................... (497,023) (320,926) (1,386,260) (654,530)
---------- ---------- ----------- -----------
Net increase........................................ 1,771,385 1,689,095 3,399,517 5,101,501
========== ========== =========== ===========
</TABLE>
See Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS FOR ALL SERIES
===============================================================================
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 an open-end, non-diversified management
investment company, consisting of ten separate Series ("the Series"): the
Arizona Series, the California Series, the Florida Series, the Massachusetts
Series, the Michigan Series, the Minnesota Series, the New Jersey Series, the
New York Series, the Ohio Series, and the Pennsylvania Series. The Fund was
organized as a Massachusetts business trust on October 29, 1990 and the
California, Florida, Massachusetts, Michigan, Minnesota, New Jersey, New York,
Ohio, and the Pennsylvania Series commenced operations on January 15, 1991. The
Arizona Series commenced operations on April 30, 1991.
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
<PAGE>
<TABLE>
===================================================================================================================================
<CAPTION>
Florida Series Massachusetts Series Michigan Series
---------------------- ---------------------- ----------------------
1993 1992 1993 1992 1993 1992
------- ------- ------- ------- ------- -------
<C> <C> <C> <C> <C> <C>
$ 3,864,162 $ 2,155,503 $ 811,547 $ 384,990 $ 1,041,459 $ 610,450
(90,829) (37,489) 170,860 (2,943) 372,036 (8,380)
3,872,974 1,293,565 702,398 216,710 668,110 419,849
----------- ---------- ----------- ---------- ---------- -----------
7,646,307 3,411,579 1,684,805 598,757 2,081,605 1,021,919
----------- ---------- ----------- ---------- ---------- -----------
(3,864,162) (2,158,548) (811,547) (385,581) (1,041,459) (611,615)
-- -- -- (14,602) -- (8,082)
----------- ---------- ----------- ---------- ---------- -----------
(3,864,162) (2,158,548) (811,547) (400,183) (1,041,459) (619,697)
----------- ---------- ----------- ---------- ---------- -----------
38,837,248 35,975,459 7,996,169 7,048,499 9,813,691 7,809,480
1,348,313 731,958 483,311 250,321 532,420 295,858
(11,033,570) (4,119,034) (1,122,022) (589,729) (3,112,259) (1,328,547)
----------- ---------- ----------- ---------- ---------- -----------
29,151,991 32,588,383 7,357,458 6,709,091 7,233,852 6,776,791
----------- ---------- ----------- ---------- ---------- -----------
32,934,136 33,841,414 8,230,716 6,907,665 8,273,998 7,179,013
----------- ---------- ----------- ---------- ---------- -----------
51,559,979 17,718,565 10,112,864 3,205,199 13,809,429 6,630,416
----------- ---------- ----------- ---------- ---------- -----------
$84,494,115 $51,559,979 $18,343,580 $10,112,864 $22,083,427 $13,809,429
=========== =========== =========== =========== =========== ===========
3,630,055 3,543,192 738,427 689,760 905,219 760,964
124,856 72,019 44,231 23,355 48,831 28,851
(1,030,156) (399,341) (103,229) (57,677) (282,640) (129,404)
----------- ---------- ----------- ---------- ---------- -----------
2,724,755 3,215,870 679,429 655,438 671,410 660,411
=========== ========== =========== ========== ========== ===========
</TABLE>
NOTES TO FINANCIAL STATEMENTS FOR ALL SERIES (continued)
===============================================================================
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). In computing net
investment income, the Fund amortizes premiums and 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. Realized gains and losses on
security transactions are determined on the identified cost method. Interest
income is accrued daily.
C. Federal Income Tax Status--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable and non-taxable income to its
shareholders. Accordingly, no federal income tax provision is required.
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
===================================================================================================================================
For the years ended November 30, 1993 and
November 30, 1992
<CAPTION>
Minnesota Series New Jersey Series
---------------------- -------------------
1993 1992 1993 1992
---- ---- ---- ----
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Investment income--net................................ $ 477,218 $ 277,806 $ 2,457,868 $ 1,501,389
Realized gain (loss) on investments--net.............. 83,885 8,427 387,875 102,268
Change in unrealized appreciation on investments--net. 405,648 115,125 1,901,754 796,267
---------- ---------- ---------- -----------
Net increase in net assets resulting from operations 966,751 401,358 4,747,497 2,399,924
---------- ---------- ---------- -----------
Dividends and distributions to shareholders from:
Investment income--net................................ (477,218) (278,328) (2,457,868) (1,504,213)
Realized gain on investments--net..................... -- -- (102,249) (89,848)
---------- ---------- ---------- -----------
Total dividends and distributions................... (477,218) (278,328) (2,560,117) (1,594,061)
---------- ---------- ---------- -----------
Transactions in shares of beneficial interest:
Net proceeds from sales............................... 5,407,008 3,551,230 24,886,881 17,286,675
Reinvestment of dividends and distributions........... 299,804 165,995 1,515,250 966,585
Cost of shares repurchased............................ (1,078,183) (552,022) (6,213,958) (2,748,154)
---------- ---------- ---------- -----------
Transactions in shares of beneficial interest--
net increase....................................... 4,628,629 3,165,203 20,188,173 15,505,106
---------- ---------- ---------- -----------
Total increase..................................... 5,118,162 3,288,233 22,375,553 16,310,969
---------- ---------- ---------- -----------
NET ASSETS:
Beginning of period.................................... 6,419,729 3,131,496 32,123,421 15,812,452
---------- ---------- ---------- -----------
END OF PERIOD.......................................... $11,537,891 $ 6,419,729 $54,498,974 $32,123,421
=========== =========== =========== ===========
SHARES ISSUED AND REPURCHASED:
Sold.................................................. 508,636 353,446 2,304,312 1,697,205
Issued in reinvestment of dividends and distributions. 28,188 16,561 139,917 88,618
Repurchased........................................... (101,542) (54,608) (568,527) (269,489)
---------- ---------- ---------- -----------
Net increase........................................ 435,282 315,399 1,875,702 1,516,334
========== ========== ========== ===========
</TABLE>
See Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS FOR ALL SERIES (continued)
===============================================================================
D. Dividends and Distributions to Shareholders--The Fund records dividends and
distributions to its shareholders on the record date.
E. Organizational Expenses--The Fund's Investment Manager paid the
organizational expenses of the Fund in the amount of approximately $204,000.
The Fund has agreed to bear and reimburse the Investment Manager for $150,000
of these costs ($16,667 for each of the initial Series excluding the Arizona
Series). The Fund deferred and is amortizing the reimbursed expenses on the
straight-line method over a period not to exceed five years from the
commencement of operations.
2. TRANSACTIONS WITH INVESTMENT MANAGER--Pursuant to an Investment Management
Agreement (the "Agreement") with Dean Witter InterCapital Inc., formerly the
InterCapital Division of Dean Witter Reynolds 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.
<PAGE>
<TABLE>
===================================================================================================================================
<CAPTION>
New York Series Ohio Series Pennsylvania Series
---------------------- ---------------------- ----------------------
1993 1992 1993 1992 1993 1992
------- ------- ------- ------- ------- -------
<C> <C> <C> <C> <C> <C>
$ 756,167 $ 418,004 $ 1,053,017 $ 633,410 $ 2,391,963 $ 1,355,146
113,747 (47,083) 284,378 3,015 309,721 (15,290)
644,644 192,396 899,509 318,479 2,036,444 858,528
---------- ---------- ---------- ---------- ---------- ----------
1,514,558 563,317 2,236,904 954,904 4,738,128 2,198,384
---------- ---------- ---------- ---------- ---------- ----------
(756,167) (418,722) (1,053,017) (634,538) (2,391,963) (1,357,326)
-- (23,787) -- (4,032) -- --
---------- ---------- ---------- ---------- ---------- ----------
(756,167) (442,509) (1,053,017) (638,570) (2,391,963) (1,357,326)
---------- ---------- ---------- ---------- ---------- ----------
6,741,928 6,507,902 13,971,307 7,552,377 25,600,361 19,173,879
394,629 265,044 683,533 396,046 1,286,285 691,104
(1,544,324) (1,265,977) (4,675,125) (845,948) (7,364,381) (1,344,329)
---------- ---------- ---------- ---------- ---------- ----------
5,592,233 5,506,969 9,979,715 7,102,475 19,522,265 18,520,654
---------- ---------- ---------- ---------- ---------- ----------
6,350,624 5,627,777 11,163,602 7,418,809 21,868,430 19,361,712
---------- ---------- ---------- ---------- ---------- ----------
9,603,979 3,976,202 13,685,509 6,266,700 31,509,153 12,147,441
---------- ---------- ---------- ---------- ---------- ----------
$15,954,603 $ 9,603,979 $24,849,111 $13,685,509 $53,377,583 $31,509,153
=========== =========== =========== =========== =========== ===========
622,018 631,300 1,294,674 743,193 2,354,473 1,884,162
36,119 25,806 63,065 39,027 118,104 67,732
(140,708) (123,330) (427,972) (83,685) (671,934) (131,553)
---------- ---------- ---------- ---------- ---------- ----------
517,429 533,776 929,767 698,535 1,800,643 1,820,341
=========== =========== =========== =========== =========== ===========
</TABLE>
NOTES TO FINANCIAL STATEMENTS FOR ALL SERIES (continued)
===============================================================================
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes 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 assumed all Fund expenses (except the 12b-1 fees
and brokerage fees) and waived the compensation provided for in its Management
Agreement with respect to each Series of the Fund through December 31, 1992.
The Investment Manager has also undertaken to waive management fees and to
assume any expenses exceeding 0.50% of the daily net assets with respect to the
Arizona Series, the California Series, the Florida Series, the New Jersey
Series and the Pennsylvania Series for the period January 1, 1993 through
December 31, 1993 and with respect to the Massachusetts Series, the Michigan
Series, the Minnesota Series, the New York Series and the Ohio Series for the
period January 1, 1993 through June 30, 1994.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS FOR ALL SERIES (continued)
===============================================================================
The management fees waived and the other expenses assumed by the
Investment Manager for the year ended November 30, 1993 were as follows:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan
Series Series Series Series Series
-------- --------- -------- ------------- -------
<S> <C> <C> <C> <C> <C>
Management Fees...$81,993 $134,315 $103,830 $49,513 $56,740
Other Expenses....$ 6,841 $ 10,037 $ 8,143 $ 4,242 $ 4,836
Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series
-------- --------- -------- ------ -----------
<S> <C> <C> <C> <C> <C>
Management Fees... $30,975 $87,079 $44,232 $54,473 $81,805
Other Expenses.... $18,920 $ 7,149 $ 9,812 $ 4,607 $ 6,610
</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.
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 .15 of 1% of
the Fund's average daily net assets during the month. For the year ended
November 30, 1993, the distribution fees accrued were at the annual rate as
follows:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan
Series Series Series Series Series
-------- --------- -------- ------------- --------
<S> <C> <C> <C> <C> <C>
Annual Rate....... 0.14% 0.15% 0.15% 0.15% 0.15%
<CAPTION>
Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series
-------- --------- -------- ------ -----------
<S> <C> <C> <C> <C> <C>
Annual Rate....... 0.14% 0.15% 0.15% 0.15% 0.15%
</TABLE>
<PAGE>
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
Series Series Series Series Series
-------- --------- -------- ------------- --------
<S> <C> <C> <C> <C> <C>
Commissions...... $737,748 $1,335,014 $1,295,560 $270,260 $355,681
<CAPTION>
Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series
-------- --------- -------- ------ -----------
<S> <C> <C> <C> <C> <C>
Commissions...... $178,126 $825,942 $222,390 $383,062 $718,320
</TABLE>
4. SECURITY TRANSACTIONS--The cost of purchases and the proceeds from sales of
portfolio securities for the year ended November 30, 1993, excluding short-term
investments, were as follows:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan
Series Series Series Series Series
-------- --------- -------- ------------- --------
<S> <C> <C> <C> <C> <C>
Purchases.......$20,765,987 $48,878,537 $31,874,503 $8,694,153 $8,875,793
Sales...........$ 2,256,790 $13,208,257 $ 2,240,015 $1,776,912 $2,588,376
<CAPTION>
Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series
-------- --------- -------- ------ -----------
<S> <C> <C> <C> <C> <C>
Purchases....... $4,433,154 $21,555,305 $6,907,142 $10,897,586 $18,176,353
Sales........... $ 714,652 $ 3,059,385 $1,341,220 $ 3,314,031 $ 2,133,604
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS FOR ALL SERIES (continued)
===============================================================================
Dean Witter Trust Company ("DWTC"), an affiliate of the Investment
Manager and the Distributor, is the Fund's transfer agent. During the year
ended November 30, 1993, transfer agent fees and expenses incurred and payable
were as follows:
<TABLE>
<CAPTION>
Transfer Agent Arizona California Florida Massachusetts Michigan
Fees and Expenses Series Series Series Series Series
- -------------------------- ---------- -------- ------------- --------
<S> <C> <C> <C> <C> <C>
Incurred..........$17,757 $29,445 $23,024 $5,264 $9,529
Payable...........$ 2,935 $ 4,645 $ 3,823 $ 781 $1,472
<CAPTION>
Transfer Agent Minnesota New Jersey New York Ohio Pennsylvania
Fees and Expenses Series Series Series Series Series
- ------------------ --------- ---------- -------- ------ ------------
<S> <C> <C> <C> <C> <C>
Incurred.......... $2,729 $18,650 $4,701 $7,996 $17,007
Payable........... $ 799 $ 2,625 $ 802 $1,231 $ 2,571
</TABLE>
5. FEDERAL INCOME TAX STATUS--At November 30, 1993, the Florida Series had net
capital loss carryovers of approximately $131,200 of which $8,400 will be
available through November 30, 1999, $28,800 will be available through November
30, 2000 and $94,000 will be available through November 30, 2001 to offset
future capital gains to the extent provided by regulations. During the year
ended November 30, 1993, the California Series, the Massachusetts Series, the
Michigan Series, the New York Series and the Pennsylvania Series utilized all
of their carryover losses of $66,900, $2,900, $8,400, $47,100 and $17,500,
respectively. 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 elected 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.
6. DIVIDENDS AND DISTRIBUTIONS--On a daily basis the Fund declares, on behalf
of each Series, dividends from its net investment income. Such dividends are
payable monthly. Net realized capital gains, if any, from all ten portfolios
are distributed at least annually.
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
1993 FEDERAL TAX NOTICE
During the year ended November 30, 1993, the Fund paid to shareholders dividends per share from net investment income, as follows:
<CAPTION>
Arizona California Florida Massachusetts Michigan
Series Series Series Series Series
-------- ---------- -------- ------------- --------
<C> <C> <C> <C> <C>
$.577665 $.611527 $.588719 $.604343 $.609358
<CAPTION>
Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series
-------- --------- -------- ------ -----------
<C> <C> <C> <C> <C>
$.580560 $.595256 $.618636 $.602303 $.609355
<FN>
All of the Fund's dividends from net investment income were exempt interest dividends, excludable from gross income for Federal
income tax purposes.
For the same period, the Arizona Series and the New Jersey Series paid to shareholders $.00745 and $.01455 per share, respectively,
from long-term capital gains.
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS
===================================================================================================================================
Selected data and ratios for a share of beneficial interest outstanding throughout each period for their respective years ended
November 30:
<CAPTION>
Arizona Series California Series
------------------------------------- --------------------------------------
1993 1992 1991** 1993 1992 1991*
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning
of period....................... $10.18 $ 9.77 $ 9.60 $10.32 $ 9.99 $ 9.60
------- ------- ------- ------- ------- -------
Investment income--net............. 0.58 0.64 0.36 0.61 0.67 0.60
Realized and unrealized gain
on investments.................. 0.56 0.41 0.17 0.68 0.34 0.39
------- ------- ------- ------- ------- -------
Total from investment operations.. 1.14 1.05 0.53 1.29 1.01 0.99
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment
income......................... (0.58) (0.64) (0.36) (0.61) (0.67) (0.60)
Distributions from net realized
gain on investments............ (0.02) -0- -0- -0- (0.01) -0-
------- ------- ------- ------- ------- -------
Total dividends and distributions. (0.60) (0.64) (0.36) (0.61) (0.68) (0.60)
------- ------- ------- ------- ------- -------
Net asset value, end of period.. $10.72 $10.18 $ 9.77 $11.00 $10.32 $ 9.99
======= ====== ====== ====== ====== =======
TOTAL INVESTMENT RETURN+........... 11.42% 11.08% 5.66%(1) 12.77% 10.23% 10.29%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands)................... $59,877 $38,812 $20,733 $139,308 $95,604 $41,568
Ratios to average net assets: (3)
Total expenses.................. 0.48% 0.15% 0.15%(2) 0.48% 0.15% 0.15%(2)
Investment income--net.......... 5.40% 6.33% 6.32%(2) 5.57% 6.36% 6.53%(2)
Portfolio turnover rate........... 5% 15% 8% 11% 5% 24%
<FN>
- ------------
* January 15, 1991 (commencement of operations) through November 30, 1991.
** April 30, 1991 (commencement of operations) through November 30, 1991.
+ 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> <C> <C>
Total expenses..................... 0.65% 0.74% 1.43%(2) 0.60% 0.67% 0.97%(2)
Investment income--net............. 5.22% 5.74% 5.04%(2) 5.45% 5.84% 5.71%(2)
</TABLE>
<PAGE>
<TABLE>
===============================================================================
<CAPTION>
Florida Series Massachusetts Series Michigan Series
--------------------------- --------------------------- ------------------------------
1993 1992 1991* 1993 1992 1991* 1993 1992 1991*
------ ------ ------ ------ ------ ------ ------ ------ ------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$10.29 $ 9.88 $ 9.60 $10.36 $ 9.98 $ 9.60 $10.41 $ 9.96 $ 9.60
------ ------ ------ ------ ------ ------ ------ ------ ------
0.59 0.64 0.55 0.60 0.66 0.54 0.61 0.65 0.54
0.64 0.41 0.28 0.72 0.42 0.38 0.64 0.46 0.36
------ ------ ------ ------ ------ ------ ------ ------ ------
1.23 1.05 0.83 1.32 1.08 0.92 1.25 1.11 0.90
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.59) (0.64) (0.55) (0.60) (0.66) (0.54) (0.61) (0.65) (0.54)
-0- -0- -0- -0- (0.04) -0- -0- (0.01) -0-
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.59) (0.64) (0.55) (0.60) (0.70) (0.54) (0.61) (0.66) (0.54)
------ ------ ------ ------ ------ ------ ------ ------ -------
$10.93 $10.29 $ 9.88 $11.08 $10.36 $ 9.98 $11.05 $10.41 $ 9.96
====== ====== ====== ====== ====== ====== ====== ====== ======
12.20% 10.92% 8.84%(1) 13.06% 11.19% 9.87%(1) 12.28% 11.78% 9.54%(1)
$84,494 $51,560 $17,719 $18,344 $10,113 $3,205 $22,083 $13,809 $6,630
0.48% 0.15% 0.15%(2) 0.48% 0.14% 0.15%(2) 0.48% 0.14% 0.15%(2)
5.39% 6.19% 6.45%(2) 5.47% 6.26% 6.50%(2) 5.53% 6.28% 6.54%(2)
3% 6% 10% 12% 10% 40% 15% 9% 46%
0.63% 0.73% 1.27%(2) 0.84% 1.25% 2.57%(2) 0.80% 1.01% 1.73%(2)
5.23% 5.62% 5.33%(2) 5.10% 5.16% 4.08%(2) 5.20% 5.42% 4.96%(2)
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)
===================================================================================================================================
Selected data and ratios for a share of beneficial interest outstanding throughout each period for their respective years ended
November 30:
<CAPTION>
Minnesota Series New Jersey Series
------------------------------------- --------------------------------------
1993 1992 1991* 1993 1992 1991*
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $10.11 $ 9.79 $ 9.60 $10.35 $ 9.95 $ 9.60
------ ------ ------ ------ ------ ------
Investment income--net............. 0.58 0.63 0.51 0.60 0.66 0.55
Realized and unrealized gain on
investments....................... 0.67 0.32 0.19 0.62 0.44 0.35
------ ------ ------ ------ ------ ------
Total from investment operations.... 1.25 0.95 0.70 1.22 1.10 0.90
------ ------ ------ ------ ------ ------
Less dividends and distributions:
Dividends from net investment
income........................... (0.58) (0.63) (0.51) (0.60) (0.66) (0.55)
Distributions from net realized
gain on investments.............. -0- -0- -0- (0.03) (0.04) -0-
------ ------ ------ ------ ------ ------
Total dividends and distributions.. (0.58) (0.63) (0.51) (0.63) (0.70) (0.55)
------ ------ ------ ------ ------ ------
Net asset value, end of period..... $10.78 $10.11 $ 9.79 $10.94 $10.35 $ 9.95
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN +............ 12.64% 9.91% 7.42%(1) 12.03% 11.34% 9.59%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands)..................... $11,538 $6,420 $3,131 $54,499 $32,123 $15,812
Ratios to average net assets: (3)
Total expenses..................... 0.48% 0.14% 0.15%(2) 0.48% 0.15% 0.15%(2)
Investment income--net............. 5.39% 6.16% 6.04%(2) 5.41% 6.36% 6.43%(2)
Portfolio turnover rate............. 8% 23% 4% 7% 19% 36%
<FN>
- ----------
* January 15, 1991 (commencement of operations) through November 30, 1991.
+ 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>
<S> <C> <C> <C> <C> <C> <C>
Total expenses..................... 1.04% 1.46% 2.65%(2) 0.69% 0.79% 1.21%(2)
Investment income--net............. 4.83% 4.85% 2.87%(2) 5.20% 5.71% 5.36%(2)
</TABLE>
<PAGE>
<TABLE>
===================================================================================================================================
<CAPTION>
New York Series Ohio Series Pennsylvania Series
----------------------------- --------------------------- ------------------------------
1993 1992 1991* 1993 1992 1991* 1993 1992 1991*
------ ------ ------ ------ ------ ------ ------ ------ ------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$10.34 $10.06 $ 9.60 $10.25 $ 9.85 $ 9.60 $10.34 $ 9.90 $ 9.60
------ ------ ------ ------ ------ ------ ------ ------ ------
0.62 0.68 0.54 0.60 0.66 0.53 0.61 0.66 0.53
0.69 0.34 0.46 0.72 0.41 0.25 0.67 0.44 0.30
------ ------ ------ ------ ------ ------ ------ ------ ------
1.31 1.02 1.00 1.32 1.07 0.78 1.28 1.10 0.83
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.62) (0.68) (0.54) (0.60) (0.66) (0.53) (0.61) (0.66) (0.53)
-0- (0.06) -0- -0- (0.01) -0- -0- -0- -0-
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.62) (0.74) (0.54) (0.60) (0.67) (0.53) (0.61) (0.66) (0.53)
------ ------ ------ ------ ------ ------ ------ ------ ------
$11.03 $10.34 $10.06 $10.97 $10.25 $ 9.85 $11.01 $10.34 $ 9.90
====== ====== ====== ====== ====== ====== ====== ====== ======
12.91% 10.35% 10.73%(1) 13.19% 11.12% 8.35%(1) 12.64% 11.47% 8.77%(1)
$15,955 $9,604 $3,976 $24,849 $13,686 $6,267 $53,378 $31,509 $12,147
0.48% 0.15% 0.15%(2) 0.48% 0.15% 0.15%(2) 0.48% 0.15% 0.15%(2)
5.61% 6.45% 6.44%(2) 5.45% 6.41% 6.38%(2) 5.54% 6.31% 6.46%(2)
11% 21% 51% 20% 23% 22% 5% 3% 12%
0.88% 1.23% 2.22%(2) 0.78% 1.01% 2.04%(2) 0.68% 0.81% 1.54%(2)
5.21% 5.37% 4.37%(2) 5.14% 5.56% 4.48%(2) 5.33% 5.65% 5.07%(2)
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--ARIZONA SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- --------- -----
<C> <S> <C> <C> <C>
ARIZONA EXEMPT MUNICIPAL BONDS (95.7%)
GENERAL OBLIGATION (7.0%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC Insured)............. 7.00 % 7/ 1/12 $ 227,854
Phoenix,
1,250 Refg Ser 1993 A................................................ 5.25 7/ 1/12 1,219,513
1,550 Refg Ser 1992.................................................. 6.375 7/ 1/13 1,680,959
1,000 Tucson Unified School District #1, Impr 1989 Ser D 1992
(FGIC Insured).................................................. 6.10 7/ 1/11 1,059,120
- ------- ----------
4,000 4,187,446
- ------- ----------
EDUCATIONAL FACILITIES REVENUE (6.9%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A... 5.50 7/ 1/19 989,100
1,000 Price-Elliot Research Park Inc, Arizona State University
Ser 1991 (MBIA Insured)........................................ 7.00 7/ 1/21 1,150,330
University of Arizona,
800 Ser 1990 B (Prerefunded)....................................... 6.90 6/ 1/16 919,184
1,000 Telecommunications Ser 1991 COPs............................... 6.50 7/15/12 1,085,420
- ------- ----------
3,800 4,144,034
- ------- ----------
ELECTRIC REVENUE (9.9%)
725 Arizona Power Authority, Hoover Uprating Refg 1993
Ser (MBIA Insured)............................................. 5.25 10/ 1/17 698,225
1,500 Central Arizona Water Conservation District, Ser B 1991......... 6.50 11/ 1/11 1,621,785
Salt River Project Agricultural Improvement & Power District,
1,000 1992 Ser D..................................................... 6.25 1/ 1/27 1,058,990
2,500 1991 Ser A..................................................... 6.00 1/ 1/31 2,553,250
- ------- ----------
5,725 5,932,250
- ------- ----------
HOSPITAL REVENUE (9.1%)
Arizona Health Facilities Authority,
1,150 Phoenix Baptist Hospital & Medical Center Ser 1992 (MBIA Insured) 6.25 9/ 1/11 1,234,962
700 Phoenix Memorial Hospital Refg Ser 1991........................ 8.20 6/ 1/21 786,058
600 Samaritan Health System Refg Ser 1993 (MBIA Insured)........... 5.625 12/ 1/15 603,378
300 Voluntary Hospital Federation Pooled 1985 Ser B (FGIC Insured). 7.25 10/ 1/13 340,746
2,000 Maricopa County Industrial Development Authority, Catholic
Healthcare West 1992 Ser A (MBIA Insured)...................... 5.75 7/ 1/11 2,042,820
400 University Medical Center Corporation, Ser 1991 (MBIA Insured)
(Prerefunded).................................................. 6.875 7/ 1/21 465,328
- ------- ----------
5,150 5,473,292
- ------- ----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (13.1%)
500 Douglas Industrial Development Authority, Kmart Corp
Refg Ser 1993.................................................. 6.50 7/ 1/08 530,005
2,000 Mohave County Industrial Development Authority, Citizens
Utilities Co 1993 Ser B (AMT)................................. 5.80 11/15/28 1,999,920
2,000 Navajo County Pollution Control Corporation, Arizona Public
Service Co Ser 1993 A (AMBAC Insured).......................... 5.50 8/15/28 1,984,460
1,700 Santa Cruz County Industrial Development Authority, Citizens
Utilities Co Ser 1991 (AMT).................................... 7.15 2/ 1/23 1,884,297
Puerto Rico Industrial, Medical & Environmental Pollution
Control Facilities Financing Authority,
800 American Airlines Inc 1985 Ser A.............................. 8.75 12/ 1/25 867,784
500 Baxter Travenol Labs Inc 1983 Ser A........................... 8.00 9/ 1/12 582,220
- ------- ----------
7,500 7,848,686
- ------- ----------
MORTGAGE REVENUE--MULTI-FAMILY (1.8%)
995 Pima County Industrial Development Authority, Rancho Mirage
Ser 1992 (AMT) (Asset Guaranty Insured)....................... 7.05 4/ 1/22 1,083,357
- ------- ----------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--ARIZONA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------ -------- -----
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--SINGLE FAMILY (3.8%)
Maricopa County Industrial Development Authority,
$ 765 1991 Ser A......................................................... 7.375% 8/ 1/05 $ 818,060
760 1991 Ser A......................................................... 7.50 8/ 1/12 817,205
625 Puerto Rico Housing Bank & Finance Agency, Subsidy Prepayment
(Prerefunded)..................................................... 7.25 12/ 1/06 669,763
- ------- ----------
2,150 2,305,028
- ------- ----------
PUBLIC FACILITIES REVENUE (3.2%)
Arizona,
500 Refg Ser 1992 B COPs (AMBAC Insured).............................. 6.25 9/ 1/10 536,801
500 Ser 1991 COPs (FSA Insured)....................................... 6.25 9/ 1/11 538,915
700 Puerto Rico Infrastructure Financing Authority, Special Tax
Ser 1988 A........................................................ 7.90 7/ 1/07 803,649
- ------- ----------
1,700 1,879,365
- ------- ----------
TRANSPORTATION FACILITIES REVENUE (19.6%)
Arizona Transportation Board,
1,500 Sub Highway Ser 1991 A............................................ 6.50 7/ 1/11 1,623,345
1,000 Sub Highway Ser 1992 B............................................ 6.50 7/ 1/11 1,089,250
Phoenix, Street & Highway
2,000 User Refg Ser 1993................................................ 5.125 7/ 1/11 1,931,340
1,000 User Ser 1992..................................................... 6.25 7/ 1/11 1,129,290
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise Tax
Ser 1989 (AMT).................................................... 7.80 7/ 1/11 2,255,280
800 Scottsdale, Street & Highway User Refg Ser 1993.................... 5.50 7/ 1/07 825,496
1,000 Tucson, Street & Highway User Sr Lien Refg Ser 1993................ 5.50 7/ 1/09 1,011,050
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X......... 5.25 7/ 1/21 1,859,760
- ------- ----------
11,300 11,724,811
- ------- ----------
WATER & SEWER REVENUE (21.3%)
1,000 Arizona Wastewater Management Authority, Wastewater Treatment
Financial Assistance Ser 1992 A (AMBAC Insured)................... 5.95 7/ 1/12 1,034,060
Chandler, Water & Sewer
750 Refg Ser 1991 (FGIC Insured)...................................... 7.00 7/ 1/12 854,452
1,000 Refg Ser 1992 (FGIC Insured)...................................... 6.25 7/ 1/13 1,069,880
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC Insured)........... 6.50 7/ 1/22 1,093,430
1,000 Phoenix, Water Refg Ser 1993....................................... 5.50 7/ 1/22 981,560
1,000 Phoenix Civic Improvement Corporation, Wastewater Refg Ser 1993.... 5.00 7/ 1/18 910,420
500 Pima County, Sewer Refg Ser 1991 (FGIC Insured).................... 6.75 7/ 1/15 550,760
Tucson, Water
2,200 Refg Ser 1991..................................................... 6.50 7/ 1/16 2,378,200
1,000 Refg Ser 1989 A................................................... 5.75 7/ 1/18 1,021,410
500 1984 Ser C 1989 (Prerefunded)..................................... 6.90 7/ 1/19 560,335
2,000 Puerto Rico Aqueduct & Sewer Authority, 1988 A..................... 7.90 7/ 1/07 2,296,140
- ------- ----------
11,950 12,750,647
- ------- ----------
54,270 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $53,641,241)................ 57,328,916
- ------- ----------
SHORT-TERM ARIZONA EXEMPT MUNICIPAL
OBLIGATION (1.7%)
1,000 Maricopa County Industrial Development Authority,
Samaritan Health Ser B-2 (MBIA Insured)
(Tender 12/1/93) (Identified Cost $1,000,000)..................... 1.90* 12/ 1/08 1,000,000
- ------- -----------
$55,270 TOTAL INVESTMENTS (IDENTIFIED COST $54,641,241)(A)................. 97.4% 58,328,916
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES..................... 2.6 1,548,291
------ -----------
NET ASSETS......................................................... 100.0% $59,877,207
====== ===========
<FN>
- ------------
* Variable or floating rate security. Coupon rate shown reflects current rate.
(a) The aggregate cost for federal income tax purposes is $54,641,241; the aggregate gross unrealized appreciation is $3,802,843
and the aggregate gross unrealized depreciation is $115,168, resulting in net unrealized appreciation of $3,687,675.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--CALIFORNIA SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
CALIFORNIA EXEMPT MUNICIPAL BONDS (97.8%)
GENERAL OBLIGATION (4.3%)
$ 2,000 California, Var Pur (FSA Insured).................................. 5.50 % 4/ 1/19 $ 1,964,960
Mojave Water Agency,
1,100 Impr Dist M Morongo Basin Pipeline Ser 1992....................... 6.60 9/ 1/13 1,155,099
2,700 Impr Dist M Morongo Basin Pipeline Ser 1992....................... 6.60 9/ 1/22 2,818,125
- -------- -----------
5,800 5,938,184
- -------- -----------
EDUCATIONAL FACILITIES REVENUE (15.0%)
California Educational Facilities Authority,
4,500 Carnegie Institution of Washington 1993 Ser A..................... 5.60 10/ 1/23 4,397,535
3,700 Claremont Colleges Ser 1992....................................... 6.375 5/ 1/22 3,867,314
2,000 Loyola Marymount University Refg Ser 1992......................... 6.00 10/ 1/14 2,032,260
2,000 University of San Francisco Ser 1992 ............................. 6.40 10/ 1/17 2,096,960
2,500 University of Southern California Ser 1993 B...................... 5.80 10/ 1/15 2,536,125
2,000 California Public Works Board, California State
University 1992 Ser A............................................ 6.70 10/ 1/17 2,151,440
4,000 University of California, Multiple Pur Refg 1993
Ser C (AMBAC Insured)............................................ 5.125 9/ 1/18 3,762,080
- -------- -----------
20,700 20,843,714
- -------- -----------
ELECTRIC REVENUE (9.1%)
2,000 Kings River Conservation District, Pine Power Ser D................ 6.00 1/ 1/17 2,054,800
2,000 Los Angeles Department of Water & Power, Third Issue of 1991....... 6.625 10/ 1/31 2,256,440
1,750 Northern California Power Agency, Geothermal #3 1993
Refg Ser 3........................................................ 5.85 7/ 1/10 1,808,240
5,000 Southern California Public Power Authority, Multiple Proj 1989 Ser. 6.00 7/ 1/18 5,061,900
500 Turlock Irrigation District, 1991 Cap Impr COPs.................... 7.30 1/ 1/11 549,775
1,000 Puerto Rico Electric Power Authority, Power Ser O.................. 5.00 7/ 1/12 938,880
- -------- -----------
12,250 12,670,035
- -------- -----------
HOSPITAL REVENUE (14.5%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A..................... 6.50 12/ 1/11 1,022,050
California Health Facilities Financing Authority,
3,000 Catholic Health Corp Ser 1992 (MBIA Insured)...................... 6.00 7/ 1/13 3,141,030
3,150 Downey Community Hospital Ser 1993................................ 5.75 5/15/15 3,066,651
2,000 Kaiser Permanente 1983 Ser........................................ 5.45 10/ 1/13 1,922,500
1,000 Kaiser Permanente 1991 Ser A...................................... 6.25 3/ 1/21 1,040,460
4,500 Scripps Memorial Hospitals Ser 1992 A (MBIA Insured) ............. 6.375 10/ 1/22 4,821,525
California Statewide Communities Development Authority,
2,000 Cedars Sinai Medical Center Ser 1992 COPs ........................ 6.50 8/ 1/12 2,213,980
1,000 Sutter Health Obligated Group COPs (AMBAC Insured)................ 6.125 8/15/22 1,049,960
2,000 Duarte, City of Hope National Medical Center COPs ................. 6.00 4/ 1/08 1,997,900
- -------- -----------
19,650 20,276,056
- -------- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.0%)
California Pollution Control Financing Authority,
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT)........................ 6.625 6/ 1/09 1,080,540
1,000 Southern California Edison Co 1988 Ser A (AMT).................... 6.90 9/ 1/06 1,094,170
1,000 Southern California Edison Co 1992 Ser B (AMT).................... 6.40 12/ 1/24 1,060,820
1,050 San Diego, San Diego Gas & Electric 1986 Ser B (AMT)............... 7.375 12/ 1/21 1,164,807
Puerto Rico Industrial, Medical & Environmental Pollution Control
Facilities Financing Authority,
500 American Airlines Inc 1985 Ser A................................. 8.75 12/ 1/25 542,365
500 Baxter Travenol Labs Inc 1983 Ser A.............................. 8.00 9/ 1/12 582,220
- -------- -----------
5,050 5,524,922
- -------- -----------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--CALIFORNIA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--MULTI-FAMILY (1.9%)
California Housing Finance Agency,
$ 2,000 Rental II 1992 Ser B.............................................. 6.70 % 8/ 1/15 $ 2,102,460
500 1991 Ser A (AMT) (MBIA Insured)................................... 7.20 2/ 1/26 540,490
- -------- -----------
2,500 2,642,950
- -------- -----------
MORTGAGE REVENUE--SINGLE FAMILY (3.9%)
California Housing Finance Agency,
785 Home 1991 Ser B (AMT)............................................. 7.55 8/ 1/20 811,596
1,130 Home 1991 C (AMT) (MBIA Insured).................................. 7.00 8/ 1/23 1,215,846
1,000 Oakland Housing Finance Agency, Ser D-3 (AMT)...................... 7.10 1/ 1/24 1,060,500
530 Sacramento County, GNMA/FNMA-Backed Issue A of 1991 (AMT).......... 7.25 10/ 1/23 573,683
195 Southern California Home Financing Authority,
GNMA & FNMA-Backed 1991 Issue A (AMT)............................. 7.35 9/ 1/24 213,655
1,500 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C................................................. 6.85 10/15/23 1,605,240
- -------- -----------
5,140 5,480,520
- -------- -----------
PUBLIC FACILITIES REVENUE (7.5%)
1,000 Los Angeles County, 1991 Master Refg COPs RIBS..................... 10.446+ 5/ 1/15 1,123,750
1,000 Modesto, Community Center Refg 1993 Ser A COPs (AMBAC Insured)..... 5.60 11/ 1/14 1,021,040
2,000 Nevada County, Western Nevada County Solid Waste
Management 1991................................................... 7.50 6/ 1/21 2,216,300
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C.... 6.375 9/ 1/13 2,095,140
2,700 Torrance, Police Facility Refg 1991 COPs........................... 6.80 7/ 1/12 2,906,469
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax
Ser 1988 A........................................................ 7.90 7/ 1/07 1,148,070
- -------- -----------
9,700 10,510,769
- -------- -----------
TAX ALLOCATION (4.0%)
1,000 Industry Urban--Development Agency, Transportation--Distribution
Ind Redev Proj #3 1992 Refg....................................... 6.90 11/ 1/16 1,086,190
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A.......... 7.50 10/ 1/26 1,121,190
3,000 Rosemead Redevelopment Agency, Proj #1 Ser 1993 A.................. 5.50 10/ 1/18 2,829,390
500 Victorville Redevelopment Agency, Bear Valley Road Ser 1991........ 7.50 11/ 1/16 560,360
- -------- -----------
5,500 5,597,130
- -------- -----------
TRANSPORTATION FACILITIES REVENUE (13.4%)
4,000 Los Angeles County Metropolitan Transportation Authority,
Sales Tax Refg Ser 1993-A (MBIA Insured).......................... 5.625 7/ 1/18 3,991,840
2,000 Los Angeles County Transportation Commission, Sales Tax
Ser 1991-B........................................................ 6.50 7/ 1/13 2,162,000
1,000 Orange County, Airport Refg Ser 1993 (AMT) (MBIA Insured).......... 5.50 7/ 1/18 974,940
1,000 San Diego County Transportation, Sales Tax 1991 Ser A.............. 6.00 4/ 1/08 1,043,450
1,000 San Francisco Airports Commission, San Francisco Int'l Airport
Second Ser Refg Issue 4 (MBIA Insured)............................ 6.00 5/ 1/20 1,041,920
1,000 San Francisco Bay Area Rapid Transit District, Sales Tax Ser 1991
(FGIC Insured).................................................... 6.60 7/ 1/12 1,091,750
750 San Jose, Airport Ser of 1993 (AMT) (FGIC Insured)................. 5.70 3/ 1/18 753,623
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--CALIFORNIA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
$ 2,500 Santa Clara Transit District, Sales Tax 1991 Ser A................. 6.25 % 6/ 1/21 $ 2,588,650
Puerto Rico Highway & Transportation Authority,
3,000 Refg Ser X........................................................ 5.25 7/ 1/21 2,789,640
2,000 Ser S (Prerefunded)............................................... 6.50 7/ 1/22 2,279,580
- -------- ------------
18,250 18,717,393
- -------- ------------
WATER & SEWER REVENUE (19.6%)
1,000 Alameda County Water District, 1992 COPs (MBIA Insured)............ 6.20 6/ 1/13 1,062,660
California Department of Water Resources,
1,000 Central Valley Ser J-2............................................ 6.00 12/ 1/20 1,021,600
2,000 Central Valley Ser K.............................................. 6.00 12/ 1/21 2,043,720
2,000 Central Coast Water Authority, Ser 1992 (AMBAC Insured)............ 6.50 10/ 1/14 2,176,260
1,000 Contra Costa Water Authority, Water 1992 Ser E
(AMBAC Insured)................................................... 6.25 10/ 1/12 1,100,870
3,000 East Bay Municipal Utility District, Water Refg Ser 1992........... 6.00 6/ 1/20 3,072,750
500 Eastern Municipal Water District, 1991 COPs........................ 6.00 7/ 1/23 507,975
Los Angeles, Wastewater
2,000 Refg Ser 1993-A (MBIA Insured).................................... 5.70 6/ 1/20 2,012,560
1,000 1991 Ser C........................................................ 7.10 6/ 1/18 1,113,130
3,250 Los Angeles County Sanitation Districts Financing Authority,
1993 Ser A........................................................ 5.25 10/ 1/10 3,168,197
2,000 San Diego County Water Authority, Ser 1991-B COPs CARs
(MBIA Insured).................................................... 9.67+ 4/ 8/21 2,315,000
2,000 San Francisco Public Utilities Commission, Water 1992 Refg Ser A... 6.00 11/ 1/15 2,055,440
1,000 United Water Conservation District, 1993 COPs (FSA Insured)........ 5.80 5/ 1/13 1,014,530
2,000 West Basin Municipal Water District, Reclamation Ser 1991 COPs
(Prerefunded)..................................................... 7.00 8/ 1/11 2,319,920
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................. 7.90 7/ 1/07 2,296,140
- -------- ------------
25,750 27,280,752
- -------- ------------
OTHER REVENUE (0.6%)
750 Rancho-Santa Margarita Community Facilities District #86-2,
Ser A of 1990..................................................... 7.65 8/15/17 810,195
- -------- ------------
$131,040 TOTAL INVESTMENTS (IDENTIFIED COST $128,415,319) (A)............... 97.8% 136,292,620
========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES..................... 2.2 3,015,872
------ ------------
NET ASSETS......................................................... 100.0% $139,308,492
====== ============
<FN>
- ------------
+ Current coupon rate for residual interest bonds. This rate resets periodically as the auction rate on the related short-term
securities fluctuates.
(a) The aggregate cost for federal income tax purposes is $128,415,319; the aggregate gross unrealized appreciation is $8,304,586
and the aggregate gross unrealized depreciation is $427,285 resulting in net unrealized appreciation of $7,877,301.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--FLORIDA SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
FLORIDA EXEMPT MUNICIPAL BONDS (98.4%)
GENERAL OBLIGATION (4.2%)
$ 200 Broward County, Refg Ser 1986 (Prerefunded)...................... 7.875 % 1/ 1/12 $ 224,676
200 Florida Board of Education, Cap Outlay Refg Ser 1989 A........... 7.25 6/ 1/23 228,700
2,000 Guam, Ser 1993 A................................................. 5.375 11/15/13 1,913,840
1,000 Puerto Rico, Pub Impr Ser 1991 (Prerefunded)..................... 7.30 7/ 1/20 1,179,210
- ------- ----------
3,400 3,546,426
- ------- ----------
ELECTRIC REVENUE (12.3%)
500 Jacksonville Beach, Utility Ser 1991 (MBIA Insured) (Prerefunded) 6.75 10/ 1/20 576,660
2,500 Jacksonville Electric Authority, St Johns River Power Park
Issue 2 Ser 7.................................................. 5.50 10/ 1/14 2,484,450
Orlando Utilities Commission,
1,000 Refg Ser 1993 A................................................. 5.25 10/ 1/14 967,920
2,250 Ser 1993........................................................ 5.125 10/ 1/19 2,096,055
1,900 Ser 1991 A...................................................... 6.50 10/ 1/20 2,060,113
300 Ser 1989 C (Prerefunded)........................................ 7.00 10/ 1/23 346,071
2,000 Puerto Rico Electric Power Authority, Power Ser O................ 5.00 7/ 1/12 1,877,760
- ------- ----------
10,450 10,409,029
- ------- ----------
HOSPITAL REVENUE (16.1%)
285 Altamonte Springs Health Facilities Authority, Adventist
Health/Sunbelt Inc Ser 1984 (MBIA Insured)..................... 7.90 10/ 1/14 319,183
500 Cape Canaveral Hospital District, Ser 1991 COPs (AMBAC Insured).. 6.875 1/ 1/21 554,765
2,500 Dade County, Jackson Memorial Hospital Ser 1993 (MBIA Insured)... 5.625 6/ 1/13 2,530,625
1,000 Jacksonville, University Medical Center Inc Ser 1992
(Connie Lee Insured)........................................... 6.60 2/ 1/21 1,094,040
2,500 Jacksonville Health Facilities Authority, Daughters of
Charity/St Vincent's Medical Center Inc Ser 1993 A............... 5.00 11/15/15 2,288,100
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC Insured)...... 6.125 11/15/22 1,058,500
750 Miami Beach Health Facilities Authority, Mount Sinai
Medical Center Refg Ser 1992 (Capital Guaranty Insured)........ 6.125 11/15/14 793,875
2,000 Orange County Health Facilities Authority, Orlando Regional
Healthcare Ser 1993 A (MBIA Insured)........................... 6.00 11/ 1/24 2,096,220
140 Palm Beach County Health Facilities Authority, JFK Medical
Center Inc Ser 1988............................................ 8.875 12/ 1/18 158,542
1,000 Polk County Industrial Development Authority, United Haven
Hospital 1985 Ser 2 (MBIA Insured)............................. 6.25 9/ 1/15 1,071,340
500 South Broward Hospital District, Ser 1991 C RIBS (AMBAC Insured). 10.302+ 5/13/21 591,250
1,000 Tallahassee, Tallahassee Memorial Regional Medical Center Inc
Refg Ser 1992 B (MBIA Insured).................................. 6.00 12/ 1/15 1,048,430
- ------- ----------
13,175 13,604,870
- ------- ----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (8.4%)
Citrus County, Florida Power Corp
2,000 Refg Ser 1992 B................................................. 6.35 2/ 1/22 2,152,380
2,000 Refg Ser 1992 A................................................. 6.625 1/ 1/27 2,184,660
St Lucie County, Florida Power & Light Co
490 Ser 1991 (AMT).................................................. 7.15 2/ 1/23 537,829
1,000 Ser 1992 (AMT).................................................. 6.70 5/ 1/27 1,079,320
Puerto Rico Industrial, Medical & Environmental Pollution
Control Facilities Financing Authority,
500 American Airlines Inc 1985 Ser A............................... 8.75 12/ 1/25 542,365
500 Baxter Travenol Labs Inc 1983 Ser A............................ 8.00 9/ 1/12 582,220
- ------- ----------
6,490 7,078,774
- ------- ----------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--FLORIDA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--SINGLE FAMILY (5.6%)
$ 1,205 Brevard County Housing Finance Authority, Refg Ser 1991 B
(FSA Insured)..................................................... 7.00 % 3/ 1/13 $ 1,300,159
80 Broward County Housing Finance Authority, GNMA & FNMA
Collateralized 1991 Ser A (AMT)................................... 7.35 3/ 1/23 86,033
200 Dade County Housing Finance Authority, GNMA & FNMA
Collateralized 1991 Ser B (AMT).................................. 7.25 9/ 1/23 215,390
700 Florida Housing Finance Agency, GNMA Collateralized 1990
Ser G-1 (AMT)................................................... 7.90 3/ 1/22 768,719
110 Orange County Housing Finance Authority, GNMA Collateralized
1991 Ser A (AMT).................................................. 7.375 9/ 1/24 117,615
105 Puerto Rico Housing & Finance Agency, Subsidy Prepayment
(Prerefunded)..................................................... 7.25 12/ 1/06 112,520
2,000 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C............................................................. 6.85 10/15/23 2,140,320
- ------- ----------
4,400 4,740,756
- ------- ----------
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 1,079,400
----------
PUBLIC FACILITIES REVENUE (7.8%)
1,500 Brevard County School Board, Florida School Boards Association Inc
Ser 1992 A COPs (AMBAC Insured)................................... 6.50 7/ 1/12 1,638,660
1,000 Miami Sports & Eibition Authority, Refg Ser 1992 A (FGIC Insured).. 6.15 10/ 1/20 1,059,980
500 Orange County, Solid Waste Ser 1992 (FGIC Insured)................. 6.375 10/ 1/17 537,850
1,000 Palm Beach County, Criminal Justice Refg Ser 1993 (FGIC Insured)... 5.375 6/ 1/08 1,022,770
2,150 St Lucie County, Sales Tax Ser 1992 (FGIC Insured)................. 6.50 10/ 1/22 2,352,229
- ------- ----------
6,150 6,611,489
- ------- ----------
RESOURCE RECOVERY REVENUE (3.6%)
Broward County,
690 SES Broward Co LP South Ser 1984.................................. 7.95 12/ 1/08 782,763
1,070 Broward Waste Energy Co North Ser 1984............................ 7.95 12/ 1/08 1,213,851
1,000 Lee County, Solid Waste Ser 1991 A (AMT) (MBIA Insured)............ 6.50 10/ 1/13 1,085,950
- ------- ----------
2,760 3,082,564
- ------- ----------
TRANSPORTATION FACILITIES REVENUE (24.8%)
Dade County, Aviation,
400 Ser U (AMT)....................................................... 6.75 10/ 1/06 430,984
1,000 1992 Ser B (MBIA Insured)......................................... 6.60 10/ 1/22 1,097,310
Mid-Bay Bridge Authority,
5,000 Sr Lien Crossover Refg Ser 1993 A................................. 6.10 10/ 1/22 5,113,700
500 Ser 1991 A (ETM).................................................. 6.875 10/ 1/22 605,455
Florida Department of Transportation, Turnpike
1,000 Ser 1991 A (AMBAC Insured)........................................ 6.25 7/ 1/20 1,052,270
1,000 Ser 1992 A (FGIC Insured) (Prerefunded)........................... 6.35 7/ 1/22 1,101,101
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--FLORIDA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
Greater Orlando Aviation Authority,
$ 750 Ser 1992 A (AMT) (FGIC Insured)................................... 6.50 % 10/ 1/12 $ 824,452
275 Ser 1988 A (AMT).................................................. 8.375 10/ 1/16 319,120
2,000 Ser 1993 A (AMT) (AMBAC Insured).................................. 5.50 10/ 1/18 1,975,820
1,250 Hillsborough County Aviation Authority, Tampa Intl Airport Refg
Ser 1993 B (FGIC Insured)......................................... 5.60 10/ 1/19 1,253,100
1,500 Lee County, Refg Ser 1991 (AMBAC Insured).......................... 6.00 10/ 1/17 1,556,745
1,500 Osceola County, Osceola Parkway (MBIA Insured)..................... 6.10 4/ 1/17 1,580,985
300 Volusia County, Daytona Beach Regional Airport Ser 1991 (AMT)
(MBIA Insured).................................................... 7.00 10/ 1/21 340,128
500 Puerto Rico Highway Authority, Ser Q............................... 6.00 7/ 1/20 505,370
Puerto Rico Highway & Transportation Authority,
2,000 Refg Ser X........................................................ 5.25 7/ 1/21 1,859,760
1,200 Ser S (Prerefunded)............................................... 6.50 7/ 1/22 1,367,748
- ------- -----------
20,175 20,984,048
- ------- -----------
WATER & SEWER REVENUE (10.6%)
500 Boynton Beach, Utility Ser 1992 (FGIC Insured)..................... 6.25 11/ 1/12 537,675
1,425 Charlotte County, Utility Refg Ser 1993 (FGIC Insured)............. 5.25 10/ 1/21 1,372,432
1,000 Key West, Sewer Refg Ser 1993 (FGIC Insured)....................... 5.70 10/ 1/20 1,011,920
1,000 Orange County, Water Utilities Ser 1992 (AMBAC Insured)............ 6.25 10/ 1/17 1,065,740
500 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC Insured)......... 6.625 5/ 1/15 541,555
2,000 Tampa, Water & Sewer Ser 1992 A (FGIC Insured)..................... 6.00 10/ 1/17 2,095,740
2,030 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................. 7.90 7/ 1/07 2,330,582
- ------- -----------
8,455 8,955,644
- ------- -----------
OTHER REVENUE (3.7%)
1,000 Homestead, Hurricane Andrew Special Insurance Assessment
Ser 1993 (MBIA Insured)........................................... 5.25 3/ 1/03 1,027,200
2,000 Orlando, Cap Impr Refg Ser 1992.................................... 6.00 10/ 1/22 2,061,220
- ------- -----------
3,000 3,088,420
- ------- -----------
79,455 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $77,744,229)................ 83,181,420
- ------- -----------
SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATION (1.9%)
1,600 Sarasota County Health Authority, Venice Hospital (Tender 12/1/93). 2.00* 12/ 1/15
(Identified Cost $1,600,000)...................................... 1,600,000
- ------- -----------
$81,055 TOTAL INVESTMENTS (IDENTIFIED COST $79,344,229) (A)................ 100.3% 84,781,420
=======
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS..................... (0.3) (287,305)
------- -----------
NET ASSETS......................................................... 100.0% $84,494,115
======= ===========
<FN>
- ------------
+ Current coupon rate for residual interest bonds. This rate resets periodically as the auction rate on the related short-term
security fluctuates.
* Variable or floating rate security. Coupon rate shown reflects current rate.
(a) The aggregate cost for federal income tax purposes is $79,344,229; the aggregate gross unrealized appreciation is $5,631,750
and the aggregate gross unrealized depreciation is $194,559, resulting in net unrealized appreciation of $5,437,191.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--MASSACHUSETTS SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MASSACHUSETTS EXEMPT MUNICIPAL BONDS (96.0%)
GENERAL OBLIGATION (9.4%)
Massachusetts,
$ 500 Refg 1992 Ser B................................................... 6.50 % 8/ 1/08 $ 553,040
1,000 Refg 1992 Ser A................................................... 5.50 2/ 1/11 1,001,560
150 Nantucket, 1991.................................................... 6.80 12/ 1/11 165,354
- ------- ----------
1,650 1,719,954
- ------- ----------
EDUCATIONAL FACILITIES REVENUE (24.6%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E............................................. 6.80 11/ 1/21 110,844
1,000 Boston College Ser K.............................................. 5.25 6/ 1/18 942,220
200 Boston University Ser L RIBS (MBIA Insured)....................... 10.308+ 10/ 1/31 238,250
150 Community College Ser A (Connie Lee Insured)...................... 6.60 10/ 1/22 164,652
200 Stonehill College Ser E (MBIA Insured)............................ 6.60 7/ 1/20 219,996
400 Suffolk University Ser B (Connie Lee Insured)..................... 6.25 7/ 1/12 426,780
500 University of Massachusetts Foundation Inc/Medical School
Research Ser A (Connie Lee Insured)............................. 6.00 7/ 1/23 516,985
150 Worcester Polytechnic Institute Refg Ser E........................ 6.625 9/ 1/17 165,881
Massachusetts Industrial Finance Agency,
200 Babson College Ser 1992 A (MBIA Insured).......................... 6.50 10/ 1/22 218,962
1,000 Brooks School Ser 1993............................................ 5.90 7/ 1/13 1,029,550
150 Holy Cross College Ser 1992....................................... 6.45 1/ 1/12 158,177
300 Mount Holyoke College Refg Ser 1992 A (MBIA Insured).............. 6.30 7/ 1/13 322,068
- ------- ----------
4,350 4,514,365
- ------- ----------
ELECTRIC REVENUE (2.9%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply
1992 Ser C........................................................ 6.625 7/ 1/18 535,110
- ------- ----------
HOSPITAL REVENUE (17.7%)
500 Boston, Boston City Hospital--FHA Insured Mtge Refg Ser B.......... 5.75 2/15/13 495,360
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B.................................. 7.25 7/ 1/13 111,591
500 Dana-Farber Cancer Institute Ser F (FGIC Insured)................. 6.00 12/ 1/15 524,885
500 Lahey Clinic Medical Center Ser B (MBIA Insured).................. 5.625 7/ 1/15 501,445
1,000 Massachusetts General Hospital Ser F (MBIA Insured)............... 6.00 7/ 1/15 1,048,480
200 McLean Hospital Ser C (FGIC Insured).............................. 6.625 7/ 1/15 220,338
100 New England Deaconess Hospital Ser C.............................. 7.20 4/ 1/22 111,481
200 New England Medical Center Hospitals Ser F (FGIC Insured)......... 6.625 7/ 1/25 220,338
- ------- ----------
3,100 3,233,918
- ------- ----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.5%)
1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
Refg 1993 Ser..................................................... 5.875 8/ 1/08 1,007,030
- ------- ----------
MORTGAGE REVENUE--MULTI-FAMILY (2.3%)
Massachusetts Housing Finance Agency,
200 Hsg Dev 1986 Ser A (AMT).......................................... 7.75 12/ 1/19 210,914
200 Residential Dev 1992 Ser F FNMA Collateralized.................... 6.30 11/15/24 210,170
- ------- ----------
400 421,084
- ------- ----------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--MASSACHUSETTS SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--SINGLE FAMILY (3.7%)
Massachusetts Housing Finance Agency,
$ 435 Ser 21 (AMT)...................................................... 6.30 % 6/ 1/25 $ 446,419
220 Ser 21 (AMT)...................................................... 7.125 6/ 1/25 236,236
- ------- ----------
655 682,655
- ------- ----------
RESOURCE RECOVERY (4.8%)
Massachusetts Industrial Finance Agency,
300 Massachusetts REFUSE TECH Inc Refg Ser 1993 A...................... 6.30 7/ 1/05 318,228
500 SEMASS Inc Ser 1991 A.............................................. 9.00 7/ 1/15 565,345
- ------- ----------
800 883,573
- ------- ----------
STUDENT LOAN REVENUE (3.5%)
200 Massachusetts Educational Facilities Authority, Education
Loan Issue D Ser 1991 (AMT) (MBIA Insured)........................ 7.25 1/ 1/09 215,070
400 New England Education Loan Marketing Corporation, 1992 Sub Issue H
(AMT)............................................................. 6.90 11/ 1/09 434,839
- ------- ----------
600 649,909
- ------- ----------
TRANSPORTATION FACILITIES REVENUE (13.3%)
300 Guam, Highway 1992 Ser A (Capital Guaranty Insured)................ 6.30 5/ 1/12 322,767
300 Massachusetts, Highway Impr 1992 Ser A............................. 6.00 6/ 1/13 311,931
Massachusetts Port Authority,
500 Ser 1992-B........................................................ 6.00 7/ 1/13 524,240
100 Ser A 1990 (AMT) (FGIC Insured)................................... 7.50 7/ 1/20 115,809
250 Massachusetts Turnpike Authority, 1993 Ser A....................... 5.00 1/ 1/13 234,765
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X......... 5.25 7/ 1/21 929,880
- ------- ----------
2,450 2,439,392
- ------- ----------
WATER & SEWER REVENUE (8.3%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A..................... 5.75 11/ 1/13 518,065
500 Massachusetts Water Resources Authority, Ser A 1990................ 6.50 12/ 1/19 537,275
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................. 7.90 7/ 1/07 459,228
- ------- ----------
1,400 1,514,568
- ------- ----------
16,905 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $16,622,399)................ 17,601,558
- ------- ----------
SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL
OBLIGATION (0.5%)
100 Massachusetts Health & Educational Facilities Authority,
Williams College Ser E (Tender 12/1/93)(Identified Cost $100,000) 1.90* 8/ 1/14 100,000
- -------
----------
$17,005 TOTAL INVESTMENTS (IDENTIFIED COST $16,722,399) (A)................ 96.5% 17,701,558
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES..................... 3.5 642,022
------ -----------
NET ASSETS......................................................... 100.0% $18,343,580
====== ===========
<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 security. Coupon rate shown reflects current rate.
(a) The aggregate cost for federal income tax purposes is $16,722,399; the aggregate gross unrealized appreciation is $997,045 and
the aggregate gross unrealized depreciation is $17,886, resulting in net unrealized appreciation of $979,159.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--MICHIGAN SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MICHIGAN EXEMPT MUNICIPAL BONDS (89.2%)
GENERAL OBLIGATION (5.2%)
$ 500 Kentwood Public Schools, 1992 Bldg & Site Refg..................... 6.40 % 5/ 1/15 $ 536,940
600 River Rouge School District, Bldg & Unltd Tax 1993 (FSA Insured)... 5.625 5/ 1/22 602,022
- ------- ---------
1,100 1,138,962
- ------- ---------
EDUCATIONAL FACILITIES REVENUE (13.8%)
Central Michigan University,
300 Refg Ser 1992 (MBIA Insured)...................................... 5.50 10/ 1/15 299,595
1,000 Refg Ser 1993 (MBIA Insured)...................................... 5.50 10/ 1/10 997,740
1,000 Michigan State University, Ser 1992 A.............................. 6.00 8/15/16 1,041,600
500 Wayne State University, Ser 1993 (AMBAC Insured)................... 5.50 11/15/18 492,645
200 Western Michigan University, Ser 1991 B (AMBAC Insured)............ 6.50 7/15/21 217,694
- ------- ---------
3,000 3,049,274
- ------- ---------
ELECTRIC REVENUE (5.4%)
500 Michigan Public Power Agency, Belle River 1993 A................... 5.25 1/ 1/18 475,080
500 Wyandotte, Electric Refg 1992 (MBIA Insured)....................... 6.25 10/ 1/17 533,205
200 Puerto Rico Electric Power Authority, Power Ser O.................. 5.00 7/ 1/12 187,776
- ------- ---------
1,200 1,196,061
- ------- ---------
HOSPITAL REVENUE (17.5%)
1,000 Kent Hospital Finance Authority, Butterworth Hospital Refg
Ser 1993 A....................................................... 5.375 1/15/19 949,120
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A..................... 7.50 8/15/11 343,644
100 Henry Ford Continuing Care Corp Ser 1991.......................... 6.75 7/ 1/11 109,052
500 Henry Ford Health System Refg Ser 1992 A.......................... 5.75 9/ 1/17 505,940
1,000 Oakwood Hospital Oblig Group Refg Ser 1993 A (FGIC Insured)....... 5.625 11/ 1/18 996,620
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1991 D....................................................... 6.75 1/ 1/20 549,550
400 University of Michigan, Ser 1990................................... 6.375 12/ 1/24 415,176
- ------- ---------
3,800 3,869,102
- ------- ---------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (7.7%)
200 Michigan Strategic Fund, Ford Motor Co Refg Ser 1991 A............. 7.10 2/ 1/06 229,634
Monroe County,
200 Detroit Edison Co Proj #1 (AMT) (FGIC Insured)..................... 7.65 9/ 1/20 233,528
500 Detroit Edison Co Monroe & Fermi Plants Collateralized Ser 1-1992
(AMT) (MBIA Insured)............................................. 6.875 9/ 1/22 552,675
Puerto Rico Industrial, Medical & Environmental Pollution Control
Facilities Financing Authority,
300 American Airlines Inc 1985 Ser A................................. 8.75 12/ 1/25 325,419
300 Baxter Travenol Labs Inc 1983 Ser A.............................. 8.00 9/ 1/12 349,332
- ------- ---------
1,500 1,690,588
- ------- ---------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--MICHIGAN SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--MULTI-FAMILY (9.1%)
Michigan Housing Development Authority,
$ 500 Rental Ser 1992 A................................................. 6.60 % 4/ 1/12 $ 523,190
1,000 1992 Ser A (FSA Insured).......................................... 6.50 4/ 1/23 1,051,510
400 Ser 1990 A (AMT).................................................. 7.70 4/ 1/23 430,176
- ------- ----------
1,900 2,004,876
- ------- ----------
NURSING & HEALTH RELATED FACILITIES REVENUE (5.8%)
1,200 University of Michigan, Medical Service Plan Ser 1991.............. 6.50 12/ 1/21 1,288,512
- ------- ----------
PUBLIC FACILITIES REVENUE (7.2%)
1,500 Michigan Building Authority, Refg Ser.............................. 6.25 10/ 1/20 1,586,775
- ------- ----------
RESOURCE RECOVERY REVENUE (2.2%)
300 Detroit Economic Development Corporation, Ser A 1991 (AMT)
(FSA Insured)..................................................... 6.875 5/ 1/09 330,195
150 Greater Detroit Resource Recovery Authority, Ser A................. 9.25 12/13/08 164,839
- ------- ----------
450 495,034
- ------- ----------
TRANSPORTATION REVENUE (5.1%)
250 Michigan, Trunk Line Refg Ser 1992 A............................... 5.75 10/ 1/12 254,128
Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
200 Ser 1991 A (MBIA Insured)......................................... 6.75 12/ 1/19 219,966
250 Ser 1991 B (AMT) (MBIA Insured)................................... 6.75 12/ 1/21 273,250
400 Ser 1993 C (MBIA Insured)......................................... 5.25 12/ 1/13 385,604
- ------- ----------
1,100 1,132,948
- ------- ----------
WATER & SEWER REVENUE (10.2%)
Detroit,
500 Sewage Disposal Ser 1991 (FGIC Insured).......................... 6.625 7/ 1/21 546,975
500 Sewage Refg Ser 1993 A INFLOS (FGIC Insured)..................... 8.480+ 7/ 1/23 506,875
500 Water Supply Refg Ser 1992 INFLOS (FGIC Insured)................. 9.830+ 7/ 1/22 613,750
500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................ 7.90 7/ 1/07 574,035
- ------- ----------
2,000 2,241,635
- ------- ----------
18,750 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $18,460,251)............... 19,693,767
- ------- ----------
SHORT-TERM MICHIGAN EXEMPT MUNICIPAL
OBLIGATIONS (7.7%)
700 Grand Rapids, Water Supply Impr Ser 1993 (FGIC Insured)
(Tender 12/1/93).................................................. 2.10* 1/ 1/20 700,000
1,000 University of Michigan, Hospital Ser 1992 A (Tender 12/1/93)....... 1.90* 12/ 1/19 1,000,000
- ------- ----------
1,700 TOTAL SHORT-TERM MICHIGAN EXEMPT MUNICIPAL
OBLIGATIONS (IDENTIFIED COST $1,700,000).......................... 1,700,000
- ------- ----------
$20,450 TOTAL INVESTMENTS (IDENTIFIED COST $20,160,251)(A)................. 96.9% 21,393,767
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES..................... 3.1 689,660
------ ----------
NET ASSETS......................................................... 100.0% $22,083,427
====== ===========
<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 $20,160,251; the aggregate gross unrealized appreciation is $1,278,236
and the aggregate gross unrealized depreciation is $44,720, resulting in net unrealized appreciation of $1,233,516.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--MINNESOTA SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MINNESOTA EXEMPT MUNICIPAL BONDS (91.0%)
GENERAL OBLIGATION (7.3%)
$ 100 Little Falls Independent School District #482, Ser 1991
(AMBAC Insured)................................................... 6.80 % 2/ 1/10 $ 109,865
100 Minneapolis, Sales Tax Refg Ser 1992............................... 6.25 4/ 1/12 107,393
300 Minneapolis Board of Estimate & Taxation........................... 5.90 12/ 1/13 309,933
100 South Washington Independent School District #833, Ser 1991 A
(FGIC Insured).................................................... 6.875 6/ 1/09 111,945
200 Puerto Rico, Pub Impr Ser 1991..................................... 6.00 7/ 1/14 204,864
- ------- ---------
800 844,000
- ------- ---------
EDUCATIONAL FACILITIES REVENUE (13.6%)
Minnesota Higher Education Facilities Authority,
200 Hamline University Ser Three-K.................................... 6.60 6/ 1/09 213,662
250 St Marys College Ser Three-Q...................................... 6.15 10/ 1/23 257,825
100 University of St Thomas Ser Three-C (Prerefunded)................. 7.10 9/ 1/10 110,917
250 University of St Thomas Refg Ser Three-R2......................... 5.60 9/ 1/14 253,632
200 Northfield, St Olaf College Ser 1992............................... 6.40 10/ 1/21 218,458
500 University of Minnesota, Ser 1993 A INFLOS......................... 6.477+ 8/15/03 509,375
- ------- ---------
1,500 1,563,869
- ------- ---------
ELECTRIC REVENUE (6.5%)
300 Northern Municipal Power Agency, Refg Ser 1989 A................... 5.00 1/ 1/21 279,783
500 Southern Minnesota Municipal Power Agency, Ser 1993 B.............. 5.00 1/ 1/13 471,780
- ------- ---------
800 751,563
- ------- ---------
HOSPITAL REVENUE (22.3%)
500 Breckenridge, Catholic Health Corp Ser 1993........................ 5.25 11/15/13 473,365
200 Duluth Economic Development Authority, Saint Lukes Hospital Refg
Ser 1992 B (Connie Lee Insured)................................... 6.40 5/ 1/18 215,600
100 Minneapolis, Lifespan Inc/Children's Medical Center Ser 1990 C..... 7.00 12/ 1/20 110,386
500 Robbinsdale, North Memorial Medical Center Ser 1993-A
(AMBAC Insured)................................................... 5.45 5/15/13 499,390
Rochester, Mayo Foundation/Mayo Medical Center
250 Ser 1992 I........................................................ 5.75 11/15/21 253,440
200 Ser 1992 F........................................................ 6.25 11/15/21 210,868
Saint Paul Housing & Redevelopment Authority,
300 Health East Refg Ser 1993-A....................................... 6.625 11/ 1/17 309,843
500 St Paul-Ramsey Medical Center Ser 1993 (AMBAC Insured)............ 5.55 5/15/23 499,980
- ------- ---------
2,550 2,572,872
- ------- ---------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (11.1%)
500 Anoka County, United Power Assoc Ser 1987 A (NRU-CFC Gtd) (AMT).... 6.95 12/ 1/08 545,640
500 Bass Brook, Minnesota Power & Light Co Refg Ser 1992............... 6.00 7/ 1/22 510,565
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3 (AMT)............... 8.25 12/ 1/11 114,143
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT)............... 8.00 12/ 1/16 113,466
- ------- ---------
1,200 1,283,814
- ------- ---------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--MINNESOTA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--MULTI-FAMILY (5.6%)
$ 300 Burnsville, Summit Park Apts FHA Insured Refg Ser 1993............. 6.00 % 7/ 1/33 $ 304,230
50 Minneapolis, Riverplace Ser 1987 A................................. 7.10 1/ 1/20 52,532
200 Minneapolis Housing Finance Agency, Ser 1992 A..................... 6.95 8/ 1/17 209,476
75 Saint Cloud, Northway A&B Ser 1990................................. 7.50 12/ 1/18 78,852
- ------- ----------
625 645,090
- ------- ----------
MORTGAGE REVENUE--SINGLE FAMILY (10.7%)
100 Dakota & Washington Counties Housing & Redevelopment Authority,
GNMA-Backed Ser 1988 (AMT)........................................ 8.375 9/ 1/21 144,036
200 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed
Phase IX Ser 1991 (AMT)........................................... 7.25 8/ 1/21 215,778
Minnesota Housing Finance Agency,
130 Ser 1990 D (AMT).................................................. 8.00 1/ 1/23 142,808
500 Ser 1992 C-1 (AMT)................................................ 6.75 7/ 1/23 527,935
200 Ser 1992 H (AMT).................................................. 6.50 1/ 1/26 206,200
- ------- ----------
1,130 1,236,757
- ------- ----------
NURSING & HEALTH RELATED FACILITIES REVENUE (4.7%)
500 Minneapolis & Saint Paul Housing & Redevelopment Authority,
Group Health Plan Inc Ser 1992.................................... 6.75 12/ 1/13 545,930
- ------- ----------
PUBLIC FACILITIES REVENUE (6.4%)
300 Hennepin County, Ser 1991 COPs..................................... 6.80 5/15/17 328,287
400 Saint Paul Housing & Redevelopment Authority, Civic Center Ser 1993 5.45 11/ 1/13 399,493
- ------- ----------
700 727,780
- ------- ----------
TRANSPORTATION REVENUE (0.9%)
100 Minneapolis-St Paul Metropolitan Airports Commission, Ser 8 (AMT).. 6.60 1/ 1/11 108,317
- ------- ----------
WATER & SEWER REVENUE (1.9%)
Minnesota Public Facilities Authority,
100 Water Pollution Control Ser 1991 A................................ 6.95 3/ 1/13 112,996
100 Water Pollution Control Ser 1992 A................................ 6.50 3/ 1/14 109,154
- ------- ----------
200 222,150
- ------- ----------
10,105 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $9,944,999)................. 10,502,142
- ------- ----------
SHORT-TERM MINNESOTA EXEMPT MUNICIPAL
OBLIGATION (4.3%)
500 Beltrami County, Environmental Northwood Panelboard
(Tender 12/1/93) (Identified Cost $500,000)....................... 1.90 * 12/ 1/21 500,000
- ------- ----------
$10,605 TOTAL INVESTMENTS (IDENTIFIED COST $10,444,999)(A)................. 95.3% 11,002,142
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES..................... 4.7 535,749
------ -----------
NET ASSETS......................................................... 100.0% $11,537,891
====== ===========
<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 $10,444,999; the aggregate gross unrealized appreciation is $589,615 and
the aggregate gross unrealized depreciation is $32,472, resulting in net appreciation of $557,143.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--NEW JERSEY SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
NEW JERSEY EXEMPT MUNICIPAL BONDS (95.8%)
GENERAL OBLIGATION (6.3%)
$ 500 Essex County, FY Ser 1991 (FSA Insured)............................ 6.50 % 12/ 1/11 $ 545,080
3,000 Guam, 1993 Ser A................................................... 5.375 11/15/13 2,870,760
- ------- ---------
3,500 3,415,840
- ------- ---------
EDUCATIONAL FACILITIES REVENUE (3.0%)
500 New Jersey Economic Development Authority, The Seeing Eye Inc 1991. 7.30 4/ 1/11 541,435
500 Rutgers, The State University Refg Ser R........................... 6.50 5/ 1/13 545,660
500 University of Medicine & Dentistry of New Jersey, Refg Ser D....... 6.50 12/ 1/04 553,600
- ------- ---------
1,500 1,640,695
- ------- ---------
ELECTRIC REVENUE (3.4%)
2,000 Puerto Rico Electric Power Authority, Power Ser O.................. 5.00 7/ 1/12 1,877,760
- ------- ---------
HOSPITAL REVENUE (10.5%)
New Jersey Health Care Facilities Financing Authority,
1,000 Atlantic City Medical Center Ser C................................ 6.80 7/ 1/11 1,099,060
500 Cathedral Health Services Inc Ser A FHA Insured Mtges............. 7.25 2/15/21 553,150
1,000 Chilton Memorial Hospital Ser D................................... 5.00 7/ 1/13 914,680
1,000 Columbus Hospital Ser A........................................... 7.50 7/ 1/08 1,031,580
500 Pascack Valley Hospital Assn Ser 1991............................. 6.90 7/ 1/21 546,595
500 Robert Wood Johnson University Hospital Ser B (MBIA Insured)...... 6.625 7/ 1/16 548,290
1,000 Underwood-Memorial Hospital Ser B (AMBAC Insured)................. 5.70 7/ 1/23 1,015,200
- ------- ---------
5,500 5,708,555
- ------- ---------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (14.3%)
500 Middlesex County Pollution Control Financing Authority,
Amerada Hess Corp Refg Ser 1992................................... 6.875 12/ 1/22 531,135
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT).............................. 7.10 11/ 1/31 541,155
1,000 BP Oil Ser 1982................................................... 6.55 10/ 1/12 1,065,520
500 Hackensack Water Co Ser C (AMT)................................... 7.00 10/ 1/17 542,265
300 Jersey Central Power & Light Co 1985 Ser.......................... 7.10 7/ 1/15 333,402
500 New Jersey Natural Gas Co, Ser 1991 B (AMT)....................... 7.25 3/ 1/21 548,040
Salem County Pollution Control Financing Authority,
2,100 E I du Pont de Nemours & Co 1992 Ser A (AMT)...................... 6.125 7/15/22 2,195,781
2,000 Public Service Electric & Gas Co 1993 Ser A (MBIA Insured)........ 5.70 5/ 1/28 2,033,460
- ------- ---------
7,400 7,790,758
- ------- ---------
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 1,098,710
500 Rental 1991 Ser A (AMT)........................................... 7.25 11/ 1/22 523,560
- ------- ---------
1,500 1,622,270
- ------- ---------
MORTGAGE REVENUE--SINGLE FAMILY (1.3%)
New Jersey Housing & Mortgage Finance Agency, Home Buyer Ser E
170 (AMT) (MBIA Insured).............................................. 7.65 10/ 1/16 176,146
500 Puerto Rico Housing Finance Corporation, Portfolio Two GNMA-Backed
Ser E RIBS (AMT)................................................. 10.255+ 8/ 4/25 548,750
- ------- ----------
670 724,896
- ------- ----------
NURSING & HEALTH RELATED FACILITIES REVENUE (2.0%)
1,000 New Jersey Health Care Facilities Financing Authority, Spectrum For
- ------- Living--FHA Insured Mortgage Refg Ser B........................... 6.50 2/ 1/22 1,069,380
---------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--NEW JERSEY SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (10.9%)
$ 1,000 Atlantic County Utilities Authority, Solid Waste Ser 1992.......... 7.125% 3/ 1/16 $1,074,770
500 Essex County Improvement Authority, Irvington Township School
District Ser 1992 (FSA Insured).................................. 6.625 10/ 1/17 556,265
750 Monmouth County Improvement Authority, Millstone Township Board
of Education Ser 1993............................................. 5.55 2/15/18 751,170
New Jersey Sports & Exposition Authority,
1,000 Convention Ctr Luxury Tax 1992 Ser A (MBIA Insured)............... 6.00 7/ 1/12 1,057,760
2,000 State Contract 1993 Ser A......................................... 5.50 9/ 1/23 1,991,080
500 Passaic County Utilities Authority, Solid Waste Ser 1991 A......... 7.00 11/15/07 536,385
- ------- ---------
5,750 5,967,430
- ------- ---------
RESOURCE RECOVERY REVENUE (9.9%)
1,000 Mercer County Improvement Authority, Solid Waste Refg Ser A of 1992
(AMT) (FGIC Insured).............................................. 6.70 4/ 1/13 1,106,900
3,000 Union County Utilities Authority, 1991 Ser A (AMT)................. 7.20 6/15/14 3,292,980
900 Warren County Pollution Control Financing Authority, Warren Energy
Resource Co Ltd Partnership Ser 1984 (MBIA Insured)............... 6.60 12/ 1/07 1,013,490
- ------- ----------
4,900 5,413,370
- ------- ----------
TRANSPORTATION FACILITIES REVENUE (11.7%)
1,000 Delaware River & Bay Authority, Ser 1993 (MBIA Insured)............ 5.00 1/ 1/17 957,700
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser............. 6.25 1/ 1/14 1,596,855
1,000 New Jersey Turnpike Authority, Ser C............................... 5.75 1/ 1/11 1,018,560
3,000 Puerto Rico Highway & Transportation Authority, Refg Ser X......... 5.25 7/ 1/21 2,789,640
- ------- ----------
6,500 6,362,755
- ------- ----------
WATER & SEWER REVENUE (19.5%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993......... 5.75 5/ 1/17 1,013,240
1,000 Lacey Municipal Utilities Authority, Ser 1993 A (MBIA Insured)..... 5.50 12/ 1/19 1,005,220
500 North Jersey District Supply Commission, Wanaque North Ser 1991 B
(MBIA Insured).................................................... 6.25 11/15/17 536,770
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser
(MBIA Insured)................................................... 6.00 7/15/13 1,068,150
Passaic Valley Sewerage Commissioners,
2,000 Ser D (AMBAC Insured)............................................. 5.75 12/ 1/13 2,067,560
1,000 Refg Ser 1992 D (AMBAC Insured)................................... 5.80 12/ 1/18 1,027,830
2,000 Passaic Valley Water Commission, 1992 Ser A (FGIC Insured)......... 6.40 12/15/22 2,194,920
1,500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................. 7.90 7/ 1/07 1,722,105
- ------- ----------
10,000 10,635,795
- ------- ----------
50,220 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $49,279,763)................ 52,229,504
- ------- ----------
SHORT-TERM NEW JERSEY EXEMPT MUNICIPAL
OBLIGATION (1.7%)
900 Union County Industrial Pollution Control Financing Authority,
Exxon (Tender 12/1/93) (Identified Cost $900,000)................ 1.80 * 10/ 1/24 900,000
- ------- ----------
$51,120 TOTAL INVESTMENTS (IDENTIFIED COST $50,179,763)(A)................. 97.5% 53,129,504
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .................... 2.5 1,369,470
------ ----------
NET ASSETS......................................................... 100.0% $54,498,974
====== ===========
<FN>
- ------------
+ Coupon rate for residual interest bonds. This rate resets periodically as the auction rate on the related short-term
securities fluctuate.
* Variable or floating rate security. Coupon rate shown reflects current rate.
(a) The aggregate cost for federal income tax purposes is $50,179,763; the aggregate gross unrealized appreciation is $3,150,214
and the gross unrealized depreciation is $200,473, resulting in net unrealized appreciation of $2,949,741.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--NEW YORK SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
NEW YORK EXEMPT MUNICIPAL BONDS (95.5%)
GENERAL OBLIGATION (2.5%)
$ 100 New York City, 1990 Ser D.......................................... 6.00 % 8/ 1/06 $ 100,281
300 Puerto Rico, Pub Impr Refg Ser 1992 A.............................. 6.00 7/ 1/14 307,296
- ------- ---------
400 407,577
- ------- ---------
EDUCATIONAL FACILITIES REVENUE (16.2%)
New York State Dormitory Authority,
400 Manhattan College Ser 1992 A...................................... 6.50 7/ 1/19 433,088
1,000 State University Ser 1993 A....................................... 5.25 5/15/15 937,590
100 State University Ser 1990......................................... 7.00 5/15/16 110,966
345 University of Rochester Ser 1987.................................. 6.50 7/ 1/09 373,121
500 University of Rochester Ser 1993 A................................ 5.625 7/ 1/12 503,990
200 Upstate Community Colleges Ser 1991 A............................. 7.30 7/ 1/21 226,858
- ------- ---------
2,545 2,585,613
- ------- ---------
ELECTRIC REVENUE (4.9%)
New York State Power Authority,
500 Gen Pur Ser CC.................................................... 5.25 1/ 1/18 482,500
100 Gen Pur Ser AA.................................................... 6.25 1/ 1/23 105,820
200 Puerto Rico Electric Power Authority, Power Ser O.................. 5.00 7/ 1/12 187,776
- ------- ---------
800 776,096
- ------- ---------
HOSPITAL REVENUE (1.4%)
200 New York State Medical Care Facilities Finance Agency, Insured
- ------- Hospital & Nursing Home--FHA Insured Mortgage 1992 Ser A........... 6.70 8/15/23 219,484
---------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (13.0%)
New York State Energy Research & Development Authority,
500 Brooklyn Union Gas Co 1991 Ser B (AMT) RIBS....................... 10.953+ 7/15/26 629,375
100 Consolidated Edison Co of New York Ser 1991 A (AMT)............... 7.50 1/ 1/26 114,108
500 Consolidated Edison Co of New York Ser 1991 A (AMT)............... 6.00 3/15/28 506,900
300 Long Island Lighting Co 1990 Ser A (AMT).......................... 7.15 6/ 1/20 324,216
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA Insured)..... 6.50 5/15/32 272,098
Puerto Rico Industrial, Medical & Environmental Pollution
Control Facilities Financing Authority,
100 American Airlines Inc 1985 Ser A................................. 8.75 12/ 1/25 108,473
100 Baxter Travenol Labs Inc 1983 Ser A.............................. 8.00 9/ 1/12 116,444
- ------- ---------
1,850 2,071,614
- ------- ---------
MORTGAGE REVENUE--SINGLE FAMILY (7.4%)
New York State Mortgage Agency,
500 Home Owners Ser 27 ............................................... 6.90 4/ 1/15 528,700
100 Home Owners Ser UU (AMT).......................................... 7.75 10/ 1/23 111,167
500 Puerto Rico Housing Finance Corporation, Portfolio Two
GNMA-Backed Ser E (AMT) RIBS.................................... 10.255+ 8/ 4/25 548,750
- ------- ---------
1,100 1,188,617
- ------- ---------
NURSING & HEALTH RELATED FACILITIES REVENUE (2.5%)
New York State Medical Care Facilities Finance Agency,
100 Mental Health 1991 Ser A.......................................... 7.75 8/15/11 115,748
250 Mental Health 1991 Ser D.......................................... 7.40 2/15/18 287,442
- ------- ---------
350 403,190
- ------- ---------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--NEW YORK SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (6.1%)
$ 350 New York City Cultural Resources Trust, The Museum of Modern Art
Refg Ser 1993 A................................................... 5.40 % 1/ 1/12 $ 352,884
95 New York State Urban Development Corporation, Correctional Ser 1... 7.75 1/ 1/14 108,401
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A.... 6.00 7/ 1/26 510,005
- ------- -----------
945 971,290
- ------- -----------
RESOURCE RECOVERY REVENUE (13.6%)
100 Hempstead Industrial Development Agency, 1985 American REF-FUEL
Co of Hempstead................................................... 7.40 12/ 1/10 108,704
655 New York State Environmental Facilities Corporation, Huntington
1989 Ser A (AMT).................................................. 7.50 10/ 1/12 715,365
500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992......... 6.50 4/ 1/05 538,135
750 Onondaga County Resource Recovery Agency, Ser 1992 (AMT)........... 7.00 5/ 1/15 808,628
- ------- -----------
2,005 2,170,832
- ------- -----------
TRANSPORTATION FACILITIES REVENUE (10.7%)
200 Port Authority of New York & New Jersey, Cons 76 Ser (AMT)......... 6.50 11/ 1/26 215,190
500 Triborough Bridge & Tunnel Authority, Gen Pur Ser 1993 B........... 5.00 1/ 1/20 462,500
100 Puerto Rico Highway Authority, Ser Q............................... 6.00 7/ 1/20 101,074
1,000 Puerto Rico Highway & Transportation Authority Refg Ser X.......... 5.25 7/ 1/21 929,880
- ------- -----------
1,800 1,708,644
- ------- -----------
WATER & SEWER REVENUE (13.0%)
New York City Municipal Water Finance Authority,
600 1994 Ser B........................................................ 5.375 6/15/07 594,006
1,000 1993 Ser A........................................................ 6.00 6/15/17 1,013,990
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................. 7.90 7/ 1/07 459,228
- ------- -----------
2,000 2,067,224
- ------- -----------
OTHER REVENUE (4.2%)
New York Local Government Assistance Corporation,
500 Ser 1991 C........................................................ 7.00 4/ 1/10 561,445
100 Ser 1991 A........................................................ 7.00 4/ 1/16 112,289
- ------- -----------
600 673,734
- ------- -----------
14,595 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $14,317,135)................ 15,243,915
- ------- -----------
SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATION (1.9%)
300 New York State Environmental Facilities Corporation, OFS Equity of
- ------- Huntington Inc Ser 1989 (AMT) (Tender 12/1/93)
(Identified Cost $300,000)........................................ 2.00* 12/ 1/24 300,000
-----------
$14,895 TOTAL INVESTMENTS (IDENTIFIED COST $14,617,135) (A)................ 97.4 % 15,543,915
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES..................... 2.6 410,688
----- -----------
NET ASSETS......................................................... 100.0 % $15,954,603
===== ===========
<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 $14,617,135; the aggregate gross unrealized appreciation is $953,532 and
the aggregate gross unrealized depreciation is $26,752, resulting in net unrealized appreciation of $926,780.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--OHIO SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
OHIO EXEMPT MUNICIPAL BONDS (88.3%)
GENERAL OBLIGATION (6.9%)
$ 300 Bedford School District, Ser 1993.................................. 6.25 % 12/ 1/13 $ 314,847
500 Columbus School District, Renovation & Impr Ser 1992
(FGIC Insured) (Prerefunded).................................... 6.65 12/ 1/12 579,890
180 Euclid, Ser 1991................................................... 6.625 12/ 1/11 198,878
100 Euclid City School District, School Impr Ser 1991.................. 7.10 12/ 1/11 114,130
100 Gahanna, Ser A..................................................... 7.00 6/ 1/12 111,563
250 Hilliard City School District, School Impr Refg Ser 1992
(FGIC Insured)................................................... 6.55 12/ 1/05 283,205
100 South Euclid, Unltd Tax Recreational............................... 7.00 12/ 1/11 114,333
- ------- ----------
1,530 1,716,846
- ------- ----------
EDUCATIONAL FACILITIES REVENUE (16.3%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University, Ser 1992........................ 6.00 10/ 1/22 513,580
1,000 Oberlin College Ser 1993......................................... 5.375 10/ 1/15 970,540
University of Cincinnati,
1,000 General Receipts Ser R7.......................................... 5.20 6/ 1/10 968,780
500 General Receipts Ser G........................................... 7.00 6/ 1/11 560,465
1,000 University of Toledo, Ser 1992 A (FGIC Insured)................... 5.90 6/ 1/20 1,034,360
- ------- ----------
4,000 4,047,725
- ------- ----------
ELECTRIC REVENUE (5.6%)
500 Hamilton, Refg 1992 Ser A (FGIC Insured).......................... 6.00 10/15/12 531,155
500 Ohio Municipal Electric Generation Agency Joint Venture 5,
Belleville Hydro 1993 Certificates (AMBAC Insured).............. 5.375 2/15/13 494,345
400 Puerto Rico Electric Power Authority, Power Ser O................. 5.00 7/ 1/12 375,552
- ------- ----------
1,400 1,401,052
- ------- ----------
HOSPITAL REVENUE (23.2%)
Akron Bath & Copley Joint Township Hospital District,
500 General Medical Center Ser 1993 (AMBAC Insured)................... 5.50 1/ 1/21 495,100
1,000 Summa Health Ser 1992 A........................................... 6.25 11/15/07 1,055,180
Clermont County,
400 Mercy Health Ser 1993 B (AMBAC Insured)........................... 6.00 9/ 1/19 423,140
500 Mercy Health Ser 1991 A MVRICs RIBs (AMBAC Insured)............... 10.591+ 10/ 5/21 606,250
490 Cuyahoga County, Meridia Health Ser 1990........................... 7.25 8/15/19 546,365
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A.................................. 7.00 1/ 1/09 516,966
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992....... 6.875 7/ 1/15 526,265
200 Saint Francis-Saint George Hospital/Franciscan Sisters of the Poor
Health Systems Inc Ser 1985...................................... 9.375 7/ 1/15 212,722
Lucas County,
100 Flower Memorial................................................... 8.125 12/ 1/11 116,473
1,000 Toledo Hospital Impr & Refg Ser 1993 (MBIA Insured)............... 5.00 11/15/22 933,430
300 Middleburg Heights, Southwest General Hospital Ser 1991............ 7.20 8/15/19 337,830
- ------- ----------
5,465 5,769,721
- ------- ----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (6.1%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A.................. 6.90 5/ 1/10 431,424
Ohio Economic Development Authority,
500 Dayton Power & Light Co Collateralized Refg 1992 Ser A............ 6.40 8/15/27 525,660
100 Super Forge & Steel Corp Ser 1991-3 (AMT)......................... 7.625 6/ 1/11 107,710
Puerto Rico Industrial, Medical & Environmental Pollution
Control Facilities Financing Authority,
200 American Airlines Inc 1985 Ser A................................. 8.75 12/ 1/25 216,946
200 Travenol Labs Inc 1983 Ser A..................................... 8.00 9/ 1/12 232,888
- ------- ----------
1,400 1,514,628
- ------- ----------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--OHIO SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
MORTGAGE REVENUE--SINGLE FAMILY (1.8%)
Ohio Housing Finance Agency,
$ 400 GNMA-Backed 1991 Ser A-2 (AMT) RIBS............................... 10.937+% 3/24/31 $ 450,000
- ------- ----------
PUBLIC FACILITIES REVENUE (7.9%)
Ohio Building Authority,
1,000 1993 Ser A........................................................ 5.50 10/ 1/12 1,000,000
1,000 Workers' Compensation/William Green Building 1993 Ser A........... 5.125 4/ 1/10 961,920
- ------- ----------
2,000 1,961,920
- ------- ----------
TRANSPORTATION FACILITIES REVENUE (5.5%)
400 Guam, Highway 1992 Ser A (Capital Guaranty Insured)................ 6.30 5/ 1/12 430,356
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X......... 5.25 7/ 1/21 929,880
- ------- ----------
1,400 1,360,236
- ------- ----------
WATER & SEWER REVENUE (15.0%)
Cleveland, Waterworks,
300 Ser F 1992 B (AMBAC Insured)...................................... 6.25 1/ 1/16 320,091
500 Refg Ser G 1993 (MBIA Insured).................................... 5.50 1/ 1/21 508,830
300 Columbus, Sewerage Refg Ser 1992................................... 6.25 6/ 1/08 321,978
500 Hamilton!, Water 1991 Ser A (MBIA Insured)......................... 6.30 10/15/21 539,615
1,250 Montgomery County, Water Ser 1992 (FGIC Insured)................... 6.25 11/15/17 1,345,538
600 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................. 7.90 7/ 1/07 688,842
- ------- ----------
3,450 3,724,894
- ------- ----------
21,045 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $20,651,340)................ 21,947,022
- ------- ----------
SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS (8.9%)
600 Cuyahoga County, Ohio University Hospitals of Cleveland Ser 1985
(Tender 12/1/93).................................................. 2.00* 1/ 1/16 600,000
700 Hamilton County, Health System Franciscan Sisters of The Poor
Health Systems Inc Ser 1987 A (Tender 12/1/93).................... 2.00* 3/ 1/17 700,000
900 Ohio Air Quality Development Authority, Mead Corp 1986 Ser A
(Tender 12/1/93).................................................. 1.80* 10/ 1/01 900,000
- ------- ----------
2,200 TOTAL SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $2,200,000)...................................... 2,200,000
- ------- ----------
$23,245 TOTAL INVESTMENTS (IDENTIFIED COST $22,851,340) (A)................ 97.2 % 24,147,022
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .................... 2.8 702,089
------ -----------
NET ASSETS......................................................... 100.0 % $24,849,111
====== ===========
<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 securities. Coupon rate shown reflects current rate.
(a) The aggregate cost for federal income tax purposes is $22,851,340; the aggregate gross unrealized appreciation is $1,351,076
and the aggregate gross unrealized depreciation is $55,394, resulting in net unrealized appreciation of $1,295,682.
See Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--PENNSYLVANIA SERIES November 30, 1993
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
PENNSYLVANIA EXEMPT MUNICIPAL BONDS (91.1%)
GENERAL OBLIGATION (8.0%)
$ 2,000 Berks County, Second Ser 1992 (FGIC Insured)....................... 5.75 % 11/15/12 $ 2,027,860
200 Lycoming County, Ser B of 1991 (FGIC Insured) (Prerefunded)........ 6.85 8/15/16 227,240
300 McKeesport Area School District, Refg Ser 1991..................... 5.00 4/ 1/13 279,216
1,000 Reading, Ser of 1992 (AMBAC Insured) (Prerefunded)................. 6.50 11/15/12 1,135,040
600 Puerto Rico, Pub Impr Refg-Ser 1992 A.............................. 6.00 7/ 1/14 614,592
- ------- ----------
4,100 4,283,948
- ------- ----------
EDUCATIONAL FACILITIES REVENUE (24.7%)
1,000 Delaware County Authority, Villanova University Ser 1993
(MBIA Insured).................................................... 5.50 8/ 1/23 992,680
1,000 Northeastern Pennsylvania Hospital & Education Authority,
Kings College Ser B 1993.......................................... 6.00 7/15/11 999,900
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B.......................... 6.00 11/ 1/22 737,317
200 Hahneman University Ser of 1989 (MBIA Insured).................... 7.20 7/ 1/19 227,492
500 Medical College of Pennsylvania 1991 Ser A........................ 7.25 3/ 1/11 543,375
500 Temple University First Ser 1991 (MBIA (Insured).................. 6.50 4/ 1/21 543,475
1,000 Thomas Jefferson University 1992 Ser A............................ 6.625 8/15/09 1,101,820
1,000 Thomas Jefferson University 1993 Ser A............................ 5.30 11/ 1/15 959,290
Pennsylvania State University,
1,000 Second Refg Ser 1992.............................................. 5.50 8/15/16 983,990
1,750 Ser 1991 (Prerefunded)............................................ 6.75 7/ 1/10 2,015,790
1,000 Ser B 1992........................................................ 5.50 8/15/16 983,990
1,000 Swarthmore Borough Authority, Swarthmore College Ser 1992.......... 6.00 9/15/20 1,027,070
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA Insured)............ 6.125 6/ 1/21 2,108,500
- ------- ----------
12,700 13,224,689
- ------- ----------
ELECTRIC REVENUE (1.8%)
1,000 Puerto Rico Electric Power Authority, Power Ser O.................. 5.00 7/ 1/12 938,880
- ------- ----------
HOSPITAL REVENUE (16.5%)
Allegheny County Hospital Development Authority,
200 Mercy Hospital of Pittsburgh Ser 1991 (AMBAC Insured)............. 6.75 4/ 1/21 219,884
1,000 Ohio Valley General Hospital Refg Ser 1993........................ 5.87 4/ 1/11 999,900
1,000 Presbyterian University Health System Inc Ser 1992 B
(MBIA Insured)................................................... 6.00 11/ 1/12 1,041,410
1,000 Berks County Municipal Authority, Reading Hospital & Medical Center
(MBIA Insured).................................................... 5.50 10/ 1/08 1,028,580
500 Chester County Health & Education Facilities Authority, Bryn Mawr
Rehabilitation Hospital Refg Ser 1992............................. 6.75 7/ 1/14 535,920
100 Erie County Hospital Authority, Hamot Medical Center 1991 Ser A
(AMBAC Insured)................................................... 7.10 2/15/10 115,020
Philadelphia Hospital & Higher Education Facilities Authority,
1,750 Chestnut Hill Hospital Ser of 1992................................ 6.375 11/15/11 1,819,178
1,000 Temple University Hospital 1993 Ser A............................. 6.50 11/15/08 1,033,860
2,000 The Children's Hospital of Philadelphia Ser A of 1993............. 5.375 2/15/14 1,899,400
100 Scranton-Lackawanna Health & Welfare Authority, Mercy Health
Ser 1989 B (MBIA Insured)......................................... 6.90 1/ 1/23 109,789
- ------- ----------
8,650 8,802,941
- ------- ----------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--PENNSYLVANIA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.9%)
$ 500 Lehigh County Industrial Development Authority, Strawbridge &
Clothier Refg Ser of 1991........................................ 7.20 % 12/15/01 $ 561,780
Montgomery County Industrial Development Authority,
150 Philadelphia Electric Co 1991 Ser A (AMT)......................... 7.60 4/ 1/21 167,710
1,000 Philadelphia Electric Co Refg 1991 Ser B (MBIA Insured)........... 6.70 12/ 1/21 1,107,660
200 Pennsylvania Industrial Development Authority, Ser A 1991.......... 7.00 1/ 1/11 219,858
Puerto Rico Industrial, Medical & Environmental Pollution
Control Facilities Financing Authority,
500 American Airlines Inc 1985 Ser A................................. 8.75 12/ 1/25 542,365
500 Baxter Travenol Labs Ser A....................................... 8.00 9/ 1/12 582,220
- ------- ----------
2,850 3,181,593
- ------- ----------
MORTGAGE REVENUE--MULTI-FAMILY (1.2%)
Pennsylvania Housing Finance Agency,
100 Moderate Rehab Sec 8 Assisted Issue B............................. 9.00 8/ 1/01 106,692
500 Ser 1992-35 D RIBS (AMT).......................................... 9.175+ 4/ 1/25 520,000
- ------- ----------
600 626,692
- ------- ----------
MORTGAGE REVENUE--SINGLE FAMILY (9.7%)
145 Allegheny County Residential Finance Authority, GNMA-Backed
1991 Ser Q (AMT).................................................. 7.40 12/ 1/22 158,336
Pennsylvania Housing Finance Agency,
2,000 Ser 1993-37 A..................................................... 5.45 10/ 1/17 1,940,140
170 Ser 1990-28 (AMT)................................................. 7.65 10/ 1/23 182,825
1,000 Ser 1991-31 C RIBS (AMT).......................................... 11.030+ 10/ 3/23 1,130,000
200 Pittsburgh Urban Development Authority, 1991 Ser A (AMT)........... 7.40 4/ 1/24 211,992
440 Puerto Rico Housing Bank & Finance Agency, Subsidy Prepayment
(Prerefunded)..................................................... 7.25 12/ 1/06 471,512
1,000 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C............................................................. 6.85 10/15/23 1,070,160
- ------- ----------
4,955 5,164,965
- ------- ----------
PUBLIC FACILITIES REVENUE (1.7%)
800 Northumberland County Authority, Ser of 1991 (MBIA Insured)
(Prerefunded)..................................................... 6.25 10/15/09 888,000
- ------- ----------
RESOURCE RECOVERY (2.7%)
300 Cambria County Industrial Development Authority, Cambria Cogen Co
Ser 1989 F-1 (AMT)................................................ 7.75 9/ 1/19 323,400
1,000 Montgomery County Industrial Development Authority, Ser 1989....... 7.50 1/ 1/12 1,099,400
- ------- ----------
1,300 1,422,800
- ------- ----------
STUDENT LOAN REVENUE (3.0%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT) (AMBAC Insured).................................. 6.05 1/ 1/19 1,031,880
500 1991 Ser B RIBS (AMT) (AMBAC Insured)............................. 10.535+ 9/ 3/26 566,250
- ------- ----------
1,500 1,598,130
- ------- ----------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS--PENNSYLVANIA SERIES November 30, 1993 (continued)
===================================================================================================================================
<CAPTION>
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ---------- ------- -------- -----
<C> <S> <C> <C> <C>
TRANSPORTATION FACILITIES REVENUE (9.5%)
$ 1,000 Guam, Highway, 1992 Ser A (Capital Guaranty Insured)............... 6.30 % 5/ 1/12 $ 1,075,890
500 Allegheny County, Greater Pittsburgh Int'l Airport Ser 1992 (AMT)
(FSA Insured)..................................................... 6.625 1/ 1/22 539,455
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC Insured)..... 6.00 12/ 1/12 2,101,960
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC Insured)..... 5.875 12/ 1/12 1,033,970
300 Puerto Rico Highway Authority, Ser Q............................... 6.00 7/ 1/20 303,222
- ------- ----------
4,800 5,054,497
- ------- ----------
WATER & SEWER REVENUE (3.4%)
500 Harrisburg Authority, Refg Ser B-3 of 1993 CARS (FGIC Insured)..... 8.820+ 6/18/15 526,250
150 Warrington Township Municipal Authority, Ser 1991 (FGIC Insured)... 7.10 12/ 1/21 169,055
1,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................. 7.90 7/ 1/07 1,148,070
- ------- ----------
1,650 1,843,375
- ------- ----------
OTHER REVENUE (3.0%)
1,500 Pennsylvania Finance Authority, Municipal Cap Impr Refg Ser 1993... 6.60 11/ 1/09 1,603,455
- ------- ----------
46,405 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $45,544,174)................ 48,633,965
- ------- ----------
SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL
OBLIGATIONS (4.9%)
400 Delaware County Industrial Development Authority, United Parcel
Service Ser 1985 (Tender 12/1/93)................................ 1.80* 12/ 1/15 400,000
2,200 Schuylkill County Industrial Development Authority, Northeastern
Power Co Ser 1985 (Tender 12/1/93)................................ 1.85* 12/ 1/11 2,200,000
- ------- -----------
2,600 TOTAL SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL
OBLIGATIONS (IDENTIFIED COST $2,600,000).......................... 2,600,000
- ------- -----------
$49,005 TOTAL INVESTMENTS (IDENTIFIED COST $48,144,174) (A)................ 96.0% 51,233,965
=======
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES..................... 4.0 2,143,618
------ -----------
NET ASSETS......................................................... 100.0% $53,377,583
====== ===========
<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 $48,144,174; the aggregate gross unrealized appreciation is $3,188,784
and the aggregate gross unrealized depreciation is $98,993, resulting in net unrealized appreciation of $3,089,791.
See Notes to Financial Statements
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
===============================================================================
To the Shareholders and Trustees of Dean Witter Multi-State Municipal Series
Trust
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of the Arizona Series,
the California Series, the Florida Series, the Massachusetts Series, the
Michigan Series, the Minnesota Series, the New Jersey Series, the New York
Series, the Ohio Series and the Pennsylvania Series (constituting the Dean
Witter Multi-State Municipal Series Trust (the "Fund")) at November 30, 1993,
and the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period
then ended and the financial highlights for each of the two years in the period
then ended and for the period January 15, 1991 (commencement of operations for
all Series except the Arizona Series) and April 30, 1991 (commencement of
operations for the Arizona Series) through November 30, 1993, in conformity
with generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities owned at November 30,
1993 by correspondence with the custodian and a broker, provide a reasonable
basis for the opinion expressed above.
PRICE WATERHOUSE
New York, New York
January 14, 1994
<PAGE>
TRUSTEES
- ---------------------------------------------
Jack F. Bennett
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. John E. Jeuck
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Albert T. Sommers
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 2
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
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
(LOGO)
ANNUAL REPORT
NOVEMBER 30, 1993
<PAGE>
APPENDIX FOR GRAPHIC AND IMAGE MATERIAL
In the typeset Annual Report, immediately following the first page (the Letter
to Shareholders), appears a series of ten performance graphs for each of the
states of Arizona, California, Florida, Massachusetts, Michigan, Minnesota, New
Jersey, New York, Ohio and Pennsylvania.
For the purposes of this EDGAR filing, these graphs--which are not
ASCII-compatible--have been supplanted with data points and narrative
which fairly and accurately disclose the material content of the omitted
graphics.
