<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
Fixed-income market conditions have improved steadily since late last year.
Bonds began to rally in November on signs of slower economic growth in the wake
of progressive tightening of monetary policy by the Federal Reserve Board. This
move toward lower long-term interest rates reversed the trend of most of 1994
when rapidly rising rates created a severe bear market in bonds.
Long-term municipal bond yields, as tracked by THE BOND BUYER Revenue Bond
Index*, dropped from a high of 7.37 percent in November to 6.00 percent at the
end of May. This 137 basis point decline in yield corresponded to a 13 percent
price increase for municipal bonds with 30-year maturities. Short-term yields
have remained basically unchanged over the past six months. Thus, the yield
spread or difference between long- and short-term municipal bond interest rates
narrowed as long rates declined.
The seasonal demand pattern for municipals in December more than offset the
uncertainty caused by the Orange County, California bankruptcy filing. During a
period of scarce supply, the market anticipated cash inflows in January from the
reinvestment of coupons and the proceeds from bond calls and maturities.
Tax-exempt bonds outperformed U.S. Treasury bonds through February. The
ratio of the Revenue Bond Index yield to the 30-year U.S. Treasury bond yield
fell from a high of 92 percent in November to 84 percent by the end of February.
A declining ratio means that municipal bond prices have been stronger than U.S.
Treasury prices. Tax reform proposals advancing the flat tax concept were
partially responsible for municipals underperforming Treasuries from March
through May. By the end of May, the Revenue Bond Index/Treasury bond yield ratio
had again risen to 91 percent.
The pace of new-issue underwriting over the first five months of 1995 was 36
percent below the same period last year. With bond maturities and calls for
redemption estimated to exceed new issues coming to market this year, the
outstanding supply of municipal securities is expected to decline. This scarcity
of municipal issues should strengthen market conditions.
Dean Witter Multi-State Municipal Series Trust continued to meet its
investment objective by providing shareholders with a high level of current
income exempt from both federal and specific state income taxes, consistent with
preservation of capital. Cash and short-term investment positions averaged 5
percent at the end of May. An additional 3.5 percent of average net assets was
held in refunded bonds escrowed to call dates within 10 years. The Fund's
weighted average maturity ranged from 18 to 22 years. Call protection was
maintained at 7.5 years on average. New purchases continued to be of investment
grade with quality ratings of "A" or better, as measured by Moody's Investors
Service, Inc. or Standard & Poor's Corp. Overall average credit quality remained
"AA," with the exception of Massachusetts and New York, which have average
credit ratings of "A."
- ------------
* THE BOND BUYER Revenue Bond Index is an arithmetic average of the yields of 25
selected municipal revenue bonds with 30-year maturities. Credit ratings of
these bonds range from Aa1 to Baa1 by Moody's and AA+ to A- by Standard &
Poor's.
<PAGE>
For your convenience, we have summarized details regarding the various
individual state Series on the following pages. Here you will find information
on credit quality, maturity, call protection, distributions, performance and
tax-free and taxable equivalent yields for each portfolio. Please note that the
Massachusetts, Michigan, Minnesota, New York and Ohio Series will continue to
have expenses in excess of 50 basis points of daily net assets absorbed by the
Investment Manager through December 31, 1995.
We appreciate your ongoing support of Dean Witter Multi-State Municipal
Series Trust and look forward to continuing to serve your investment needs.
Very truly yours,
[LOGO]
Charles A. Fiumefreddo
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Credit Ratings (1)
Aaa or AAA............................ 44% 34% 64% 37%
Aa or AA.............................. 31 26 13 11
A or A................................ 22 30 14 46
Baa or BBB............................ 3 10 9 6
Ba or BB.............................. -- -- -- --
Non Rated............................. -- -- -- --
Average Weighted
Maturity.............................. 18 Years 20 Years 20 Years 18 Years
Call Protection....................... 7 9 7 8
Net Asset Value
November 30, 1994..................... $ 9.42 $ 9.38 $ 9.60 $ 9.60
May 31, 1995.......................... $10.45 $10.51 $10.69 $10.74
Distributions (2)....................... $0.270 $0.276 $0.282 $0.285
Total Return (3)
6 Months ended 5/31/95............... 13.89% 15.13% 14.36% 14.94%
12 Months ended 5/31/95............... 8.76% 9.05% 8.74% 9.80%
Tax Free Yield (4)...................... 4.84% 5.19% 5.00% 5.07%
Taxable Equivalent Yield (5)............ 8.61% 9.65% 9.05% 9.54%
<FN>
- ----------------
(1) REPRESENTS THE HIGHER OF MOODY'S AND/OR STANDARD & POOR'S RATINGS OF THE
CREDIT QUALITY OF THE LONG-TERM BONDS.
(2) INCLUDES ALL TAX FREE INCOME DIVIDENDS.
(3) TOTAL RETURN FIGURES REPRESENT THE CHANGE IN THE FUND'S TOTAL VALUE FOR
EACH PERIOD MEASURED, TAKING INTO ACCOUNT THE CHANGE IN PRICE PLUS
COMPOUNDED, REINVESTED DIVIDENDS.
(4) YIELDS WERE CALCULATED FOR THE 30-DAY PERIOD ENDED MAY 31, 1995
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 THE FEDERAL RETURN.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES SERIES
------------ ----------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Credit Ratings (1)
Aaa or AAA........................... 46% 25% 43% 27% 38% 49%
Aa or AA............................. 38 31 18 18 23 24
A or A............................... 15 37 25 45 32 19
Baa or BBB........................... 1 7 7 10 5 8
Ba or BB............................. -- -- 4 -- -- --
Non Rated............................ -- -- 3 -- 2 --
Average Weighted
Maturity............................. 21 Years 20 Years 20 Years 22 Years 19 Years 19 Years
Call Protection...................... 7 7 7 9 7 8
Net Asset Value
November 30, 1994.................... $ 9.46 $ 9.28 $ 9.47 $ 9.46 $ 9.42 $ 9.56
May 31, 1995......................... $10.58 $10.39 $10.56 $10.62 $10.55 $10.65
Distributions (2)...................... $0.282 $0.271 $0.278 $0.277 $0.280 $0.272
Total Return (3)
6 Months ended 5/31/95.............. 14.92% 14.98% 14.55% 15.30% 15.08% 14.35%
12 Months ended 5/31/95.............. 9.24% 8.70% 9.06% 9.04% 9.08% 9.25%
Tax Free Yield (4)..................... 5.21% 5.06% 5.13% 5.21% 5.07% 5.03%
Taxable Equivalent Yield (5)........... 9.02% 9.16% 9.09% 9.81% 9.07% 8.57%
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
ARIZONA EXEMPT MUNICIPAL BONDS (92.5%)
GENERAL OBLIGATION (9.6%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC)........................... 7.00 % 07/01/12 $ 221,126
Phoenix,
1,250 Refg Ser 1993 A..................................................... 5.25 07/01/12 1,218,300
1,550 Refg Ser 1992....................................................... 6.375 07/01/13 1,642,442
750 Tucson, Refg Ser 1995 (FGIC).......................................... 5.50 07/01/12 756,548
1,000 Tucson Unified School District #1, Impr 1989 Ser D 1992 (FGIC)........ 6.10 07/01/11 1,040,930
-------------
- -----------
4,879,346
4,750
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (6.2%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A......... 5.50 07/01/19 975,180
1,000 Price-Elliott Research Park Inc, Arizona State University Ser
1991 (MBIA)......................................................... 7.00 07/01/21 1,101,920
1,000 University of Arizona, Telecommunications Ser 1991 COPs............... 6.50 07/15/12 1,070,910
-------------
- -----------
3,148,010
3,000
-------------
- -----------
ELECTRIC REVENUE (3.4%)
725 Arizona Power Authority, Hoover Uprating Refg 1993 Ser (MBIA)......... 5.25 10/01/17 696,392
1,000 Salt River Project Agricultural Improvement & Power District,
Refg 1992 Ser D..................................................... 6.25 01/01/27 1,029,340
-------------
- -----------
1,725,732
1,725
-------------
- -----------
HOSPITAL REVENUE (10.0%)
Arizona Health Facilities Authority,
1,150 Phoenix Baptist Hospital & Medical Center Inc. & Medical
Environments Inc Ser 1992 (MBIA).................................. 6.25 09/01/11 1,209,593
700 Phoenix Memorial Hospital Refg Ser 1991............................. 8.20 06/01/21 746,984
2,000 Maricopa County Industrial Development Authority, Catholic Healthcare
West 1992 Ser A (MBIA).............................................. 5.75 07/01/11 2,036,700
1,100 Pima County Industrial Development Authority, Carondelet Health Care
Corp Ser 1993 (MBIA)................................................ 5.25 07/01/13 1,068,672
-------------
- -----------
5,061,949
4,950
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (9.3%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge Corp
Refg 1994........................................................... 5.45 06/01/09 972,330
2,000 Mohave County Industrial Development Authority, Citizens Utilities Co
1993 Ser B (AMT).................................................... 5.80 11/15/28 1,939,660
1,700 Santa Cruz County Industrial Development Authority, Citizens Utilities
Co Ser 1991 (AMT)................................................... 7.15 02/01/23 1,794,826
-------------
- -----------
4,706,816
4,700
-------------
- -----------
MORTGAGE REVENUE - MULTI-FAMILY (2.1%)
980 Pima County Industrial Development Authority, Rancho Mirage Ser 1992
(AMT) (AGRC)........................................................ 7.05 04/01/22 1,065,524
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (2.2%)
Maricopa County Industrial Development Authority,
510 1991 Ser A.......................................................... 7.375 08/01/05 548,352
515 1991 Ser A.......................................................... 7.50 08/01/12 550,411
-------------
- -----------
1,098,763
1,025
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (3.6%)
Arizona,
$ 500 Refg Ser 1992 B COPs (AMBAC)........................................ 6.25 % 09/01/10 $ 532,070
500 Ser 1991 COPs (FSA)................................................. 6.25 09/01/11 525,910
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988
A................................................................... 7.90 07/01/07 777,231
-------------
- -----------
1,835,211
1,700
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (15.5%)
Phoenix, Street & Highway
2,000 User Refg Ser 1993.................................................. 5.125 07/01/11 1,889,900
1,000 User Ser 1992....................................................... 6.25 07/01/11 1,051,950
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise Tax Ser
1989 (AMT).......................................................... 7.80 07/01/11 2,167,600
800 Scottsdale, Street & Highway User Refg Ser 1993....................... 5.50 07/01/07 812,672
1,000 Tucson, Street & Highway User Sr Lien Refg Ser 1993................... 5.50 07/01/09 994,140
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X............ 5.25 07/01/21 916,430
-------------
- -----------
7,832,692
7,800
-------------
- -----------
WATER & SEWER REVENUE (24.0%)
1,000 Arizona Wastewater Management Authority, Wastewater Treatment
Financial Assistance Ser 1992 A (AMBAC)............................. 5.95 07/01/12 1,024,600
Chandler, Water & Sewer
750 Refg Ser 1991 (FGIC)................................................ 7.00 07/01/12 829,643
1,000 Refg Ser 1992 (FGIC)................................................ 6.25 07/01/13 1,053,000
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC)...................... 6.50 07/01/22 1,080,520
Phoenix Civic Improvement Corporation, Wastewater
2,000 Refg Ser 1993....................................................... 4.75 07/01/23 1,679,020
2,000 Jr Lien Ser 1994.................................................... 5.45 07/01/19 1,927,200
2,200 Tucson, Water Refg Ser 1991........................................... 6.50 07/01/16 2,309,692
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A.................... 7.90 07/01/07 2,228,020
-------------
- -----------
12,131,695
11,950
-------------
- -----------
REFUNDED (6.6%)
1,500 Arizona Transportation Board, Sub Highway Ser 1991 A.................. 6.50 07/01/11 1,666,755
1,495 Central Arizona Water Conservative District, Ser 1991 B............... 6.50 11/01/11 1,655,234
-------------
- -----------
3,321,989
2,995
-------------
- -----------
45,575 TOTAL ARIZONA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $44,957,196)........................... 46,807,727
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS (5.5%)
<C> <S> <C> <C> <C>
$ 1,400 Maricopa County Industrial Development Authority, Samaritan Health Ser
1985 B-2 (MBIA) (Demand 06/01/95)................................... 4.10*% 12/01/08 $ 1,400,000
1,400 Phoenix, Ser 1994-1 (Demand 06/01/95)................................. 4.50* 06/01/18 1,400,000
-------------
- -----------
TOTAL SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS
2,800 (IDENTIFIED COST $2,800,000)...............................................................
2,800,000
-------------
- -----------
$ 48,375 TOTAL INVESTMENTS (IDENTIFIED COST $47,757,196) (A)..................... 98.0% 49,607,727
- -----------
- -----------
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES.......................... 2.0 1,016,837
---------- ------------
NET ASSETS.............................................................. 100.0% $ 50,624,564
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
COPS CERTIFICATES OF PARTICIPATION.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $47,757,196; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $2,214,599 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $364,068, RESULTING IN NET UNREALIZED
APPRECIATION OF $1,850,531.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
AGRC ASSET GUARANTY REINSURANCE COMPANY.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
FSA FINANCIAL SECURITY ASSURANCE INC.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- ---------------
<C> <S> <C> <C> <C>
CALIFORNIA EXEMPT MUNICIPAL BONDS (94.4%)
GENERAL OBLIGATION (4.8%)
$ 2,000 California, Various Purpose dtd 04/01/93 (FSA)....................... 5.50 % 04/01/19 $ 1,942,940
Mojave Water Agency,
1,100 Impr Dist M Morongo Basin Pipeline Ser 1992........................ 6.60 09/01/13 1,128,831
2,700 Impr Dist M Morongo Basin Pipeline Ser 1992........................ 6.60 09/01/22 2,746,791
---------------
- -----------
5,818,562
5,800
---------------
- -----------
EDUCATIONAL FACILITIES REVENUE (16.1%)
California Educational Facilities Authority,
4,500 Carnegie Institution of Washington 1993 Ser A...................... 5.60 10/01/23 4,302,855
3,000 Claremont Colleges Ser 1992........................................ 6.375 05/01/22 3,050,700
2,000 Loyola Marymount University Refg Ser 1992.......................... 6.00 10/01/14 1,990,740
2,000 University of San Francisco Ser 1992............................... 6.40 10/01/17 2,057,760
2,500 University of Southern California Ser 1993 B....................... 5.80 10/01/15 2,487,950
2,000 California Public Works Board, California State University
1992 Ser A......................................................... 6.70 10/01/17 2,106,000
3,000 University of California, Multiple Purpose Refg 1993 Ser C (AMBAC)... 5.125 09/01/18 2,760,870
725 University of Puerto Rico, Ser M (MBIA).............................. 5.25 06/01/25 688,315
---------------
- -----------
19,445,190
19,725
---------------
- -----------
ELECTRIC REVENUE (13.9%)
2,000 Kings River Conservation District, Pine Power Ser D.................. 0.00 01/01/17 2,014,360
3,000 Los Angeles Department of Water & Power, Refg Issue of 1993.......... 5.375 09/01/23 2,815,680
1,750 Northern California Power Agency, Geothermal #3
1993 Refg Ser 3.................................................... 5.85 07/01/10 1,751,628
Southern California Public Power Authority,
8,600 Mead - Phoenix (AMBAC)............................................. 5.15 07/01/15 8,038,506
2,090 Multiple Proj 1989 Ser............................................. 6.00 07/01/18 2,092,571
---------------
- -----------
16,712,745
17,440
---------------
- -----------
HOSPITAL REVENUE (13.3%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A....................... 6.50 12/01/11 989,040
California Health Facilities Financing Authority,
3,000 Catholic Health Corp Ser 1992 (MBIA)............................... 6.00 07/01/13 3,050,190
3,150 Downey Community Hospital Ser 1993................................. 5.75 05/15/15 2,975,080
2,000 Kaiser Permanente 1983 Ser......................................... 5.45 10/01/13 1,905,180
3,000 Scripps Memorial Hospitals Ser 1992 A (MBIA)....................... 6.375 10/01/22 3,129,270
2,000 California Statewide Communities Development Authority, Cedars Sinai
Medical Center Ser 1992 COPs....................................... 6.50 08/01/12 2,095,060
2,000 Duarte, City of Hope National Medical Center COPs.................... 6.00 04/01/08 1,957,820
---------------
- -----------
16,101,640
16,150
---------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (1.8%)
California Pollution Control Financing Authority,
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT)......................... 6.625 06/01/09 1,040,160
1,000 Southern California Edison Co 1988 Ser A (AMT)..................... 6.90 09/01/06 1,059,980
---------------
- -----------
2,100,140
2,000
---------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- ---------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE - MULTI-FAMILY (1.7%)
$ 2,000 California Housing Finance Agency, Rental II 1992 Ser B.............. 6.70 % 08/01/15 $ 2,067,500
---------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (1.9%)
690 California Housing Finance Agency, Home 1991 Ser C
(AMT) (MBIA)....................................................... 7.00 08/01/23 724,148
1,500 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C.................................................. 6.85 10/15/23 1,576,665
---------------
- -----------
2,300,813
2,190
---------------
- -----------
PUBLIC FACILITIES REVENUE (8.3%)
2,000 Los Angeles County, 1991 Master Refg COPs............................ 6.708 05/01/15 2,059,040
2,000 Nevada County, Western Nevada County Solid Waste Mgmt 1991........... 7.50 06/01/21 2,008,320
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C...... 6.375 09/01/13 2,033,680
2,700 Torrance, Police Facility Refg 1991 COPs............................. 6.80 07/01/12 2,838,321
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax
Ser 1988 A......................................................... 7.90 07/01/07 1,110,330
---------------
- -----------
10,049,691
9,700
---------------
- -----------
TAX ALLOCATION (4.0%)
1,000 Industry Urban-Development Agency, Transportation-Distribution Ind
Redev Proj #3 1992 Refg............................................ 6.90 11/01/16 1,058,910
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A............ 7.50 10/01/26 1,070,370
3,000 Rosemead Redevelopment Agency, Proj #1 Ser 1993 A.................... 5.50 10/01/18 2,708,310
---------------
- -----------
4,837,590
5,000
---------------
- -----------
TRANSPORTATION FACILITIES REVENUE (7.1%)
2,000 Los Angeles County Transportation Commission, Sales Tax
Ser 1991-B......................................................... 6.50 07/01/13 2,085,260
2,000 San Diego County Regional Transportation Commission, Sales Tax 1994
Ser A (FGIC)....................................................... 4.75 04/01/08 1,863,060
1,000 San Francisco Airports Commission, San Francisco Intl Airport Second
Ser Refg Issue 4 (MBIA)............................................ 6.00 05/01/20 1,015,610
1,000 San Francisco Bay Area Rapid Transit District,
Sales Tax Ser 1991 (FGIC).......................................... 6.60 07/01/12 1,068,930
2,500 Santa Clara Transit District, Sales Tax 1991 Ser A................... 6.25 06/01/21 2,540,575
---------------
- -----------
8,573,435
8,500
---------------
- -----------
WATER & SEWER REVENUE (20.6%)
1,000 Alameda County Water District, 1992 COPs (MBIA)...................... 6.20 06/01/13 1,034,360
California Department of Water Resources,
1,000 Central Valley Ser J-2............................................. 6.00 12/01/20 1,006,580
2,000 Central Valley Ser K............................................... 6.00 12/01/21 2,014,540
2,000 Central Coast Water Authority, Ser 1992 (AMBAC)...................... 6.50 10/01/14 2,138,280
1,000 Contra Costa Water Authority, Water 1992 Ser E (AMBAC)............... 6.25 10/01/12 1,083,020
3,000 East Bay Municipal Utility District, Water Refg Ser 1992............. 6.00 06/01/20 3,022,770
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY VALUE
THOUSANDS) RATE DATE -
- ----------- ---------- ---------
<C> <S> <C> <C> <C>
Los Angeles, Wastewater
$ 1,000 1991 Ser C......................................................... 7.10 % 06/01/18 $ 1,083,730
2,000 Refg Ser 1993-A (MBIA)............................................. 5.70 06/01/20 1,981,560
3,250 Los Angeles County Sanitation Districts Financing Authority,
1993 Ser A......................................................... 5.25 10/01/10 3,111,127
4,000 San Diego County Water Authority, Ser 1991-B COPs (MBIA)............. 6.30 04/08/21 4,161,160
2,000 San Francisco Public Utilities Commission, Water 1992 Refg Ser A..... 6.00 11/01/15 2,017,720
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................... 7.90 07/01/07 2,228,020
---------------
- -----------
24,882,867
24,250
---------------
- -----------
REFUNDED (0.9%)
1,000 San Diego County Regional Transportation Commission,
Sales Tax 1991 Ser A (ETM)......................................... 6.00 04/01/08 1,054,940
---------------
- -----------
TOTAL CALIFORNIA EXEMPT MUNICIPAL BONDS
113,755 (IDENTIFIED COST $111,814,206)............................................................ 113,945,113
---------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS (5.1%)
3,600 California Health Facilities Financing Authority, Sutter Health Ser
1990 B (Demand 06/01/95)........................................... 4.20* 03/01/20 3,600,000
2,600 Newport Beach, Hoag Memorial Hospital Presbyterian Ser 1992 (Demand
06/01/95).......................................................... 4.20* 10/01/22 2,600,000
---------------
- -----------
TOTAL SHORT-TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST $6,200,000).......
6,200 6,200,000
---------------
- -----------
$ 119,955 TOTAL INVESTMENTS (IDENTIFIED COST $118,014,206) (A)................... 99.5% 120,145,113
- -----------
- -----------
OTHER ASSETS IN EXCESS OF LIABILITIES.................................. 0.5 537,968
---------- -------------
NET ASSETS............................................................. 100.0% $ 120,683,081
---------- -------------
---------- -------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
COPS CERTIFICATES OF PARTICIPATION.
ETM ESCROWED TO MATURITY.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $118,014,206; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $3,742,894 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $1,611,987, RESULTING IN NET UNREALIZED
APPRECIATION OF $2,130,907.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
FSA FINANCIAL SECURITY ASSURANCE INC.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
FLORIDA EXEMPT MUNICIPAL BONDS (98.6%)
GENERAL OBLIGATION (2.5%)
$ 2,000 Guam, Ser 1993 A...................................................... 5.375% 11/15/13 $ 1,817,980
-------------
- -----------
ELECTRIC REVENUE (9.6%)
2,500 Jacksonville Electric Authority, St Johns River Power Park Issue 2
Ser 7............................................................... 5.50 10/01/14 2,435,925
Orlando Utilities Commission,
1,000 Refg Ser 1993 A..................................................... 5.25 10/01/14 947,600
2,000 Ser 1993............................................................ 5.125 10/01/19 1,837,160
2,000 Puerto Rico Electric Power Authority, Power Ser O..................... 5.00 07/01/12 1,827,860
-------------
- -----------
7,048,545
7,500
-------------
- -----------
HOSPITAL REVENUE (19.7%)
500 Cape Canaveral Hospital District, Ser 1991 COPs (AMBAC)............... 6.875 01/01/21 546,600
2,500 Dade County, Jackson Memorial Hospital Ser 1993 (MBIA)................ 5.625 06/01/13 2,495,750
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie Lee)..... 6.60 02/01/21 1,056,580
2,000 Jacksonville Health Facilities Authority, Daughters of Charity/
St Vincent's Medical Center Inc Ser 1993 A.......................... 5.00 11/15/15 1,793,160
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC)................... 6.125 11/15/22 1,018,990
Orange County Health Facilities Authority,
2,000 Adventist Health/Sunbelt Ser 1995 (AMBAC)........................... 5.25 11/15/20 1,862,040
1,500 Orlando Regional Healthcare Ser 1993 A (MBIA)....................... 6.00 11/01/24 1,513,320
125 Palm Beach County Health Facilities Authority,
JFK Medical Center Inc Ser 1988..................................... 8.875 12/01/18 138,400
1,000 Polk County Industrial Development Authority, United Haven Hospital
1985 Ser 2 (MBIA)................................................... 6.25 09/01/15 1,042,940
1,000 South Broward Hospital District, Ser 1991 B & C (AMBAC)............... 6.611 05/01/21 1,057,230
2,000 Tampa, Allegany Health/St Mary's Hospital Ser 1993 (MBIA)............. 5.00 12/01/12 1,865,060
-------------
- -----------
14,390,070
14,625
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.7%)
Citrus County, Florida Power Corp
1,000 Refg Ser 1992 B..................................................... 6.35 02/01/22 1,037,850
2,000 Refg Ser 1992 A..................................................... 6.625 01/01/27 2,103,320
1,000 St Lucie County, Florida Power & Light Co Ser 1992 (AMT).............. 6.70 05/01/27 1,037,940
-------------
- -----------
4,179,110
4,000
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (4.9%)
815 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA)....... 7.00 03/01/13 867,331
585 Florida Housing Finance Agency, GNMA Collateral
1990 Ser G-1 (AMT).................................................. 7.90 03/01/22 630,302
2,000 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C................................................... 6.85 10/15/23 2,102,220
-------------
- -----------
3,599,853
3,400
-------------
- -----------
NURSING & HEALTH RELATED FACILITIES REVENUE (1.4%)
1,000 Hillsborough County Industrial Authority, Allegeny Health/John Knox
Village of Tampa Bay Inc Ser 1992 (MBIA)............................ 6.375 12/01/12 1,056,690
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (5.0%)
$ 1,500 Brevard County School Board, Florida School Boards Assn Inc Ser 1992 A
COPs (AMBAC)........................................................ 6.50 % 07/01/12 $ 1,612,710
1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC)........... 6.15 10/01/20 1,024,120
1,000 Palm Beach County, Criminal Justice Refg Ser 1993 (FGIC).............. 5.375 06/01/08 1,006,040
-------------
- -----------
3,642,870
3,500
-------------
- -----------
RESOURCE RECOVERY REVENUE (4.0%)
Broward County,
1,040 Broward Waste Energy Co North Ser 1984.............................. 7.95 12/01/08 1,151,176
670 SES Broward Co LP South Ser 1984.................................... 7.95 12/01/08 741,623
1,000 Lee County, Solid Waste Ser 1991 A (AMT) (MBIA)....................... 6.50 10/01/13 1,062,610
-------------
- -----------
2,955,409
2,710
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (19.7%)
Dade County, Aviation
400 1991 Ser U (AMT).................................................... 6.75 10/01/06 435,104
1,000 1992 Ser B (AMT) (MBIA)............................................. 6.60 10/01/22 1,060,630
5,000 Mid-Bay Bridge Authority, Sr Lien Crossover Refg Ser 1993 A........... 6.10 10/01/22 4,806,950
1,000 Florida Department of Transportation, Turnpike Ser 1991 A (AMBAC)..... 6.25 07/01/20 1,028,390
Greater Orlando Aviation Authority,
750 Ser 1992 A (AMT) (FGIC)............................................. 6.50 10/01/12 804,683
1,000 Ser 1993 A (AMT) (AMBAC)............................................ 5.50 10/01/18 970,500
1,250 Hillsborough County Aviation Authority, Tampa Intl Airport Refg Ser
1993 B (FGIC)....................................................... 5.60 10/01/19 1,233,525
Lee County,
1,500 Refg Ser 1991 (AMBAC)............................................... 6.00 10/01/17 1,526,685
1,000 Ser 1995 (MBIA)..................................................... 5.75 10/01/22 998,540
1,500 Osceola County, Osceola Parkway (MBIA)................................ 6.10 04/01/17 1,531,650
-------------
- -----------
14,396,657
14,400
-------------
- -----------
WATER & SEWER REVENUE (11.9%)
500 Boynton Beach, Utility Ser 1992 (FGIC)................................ 6.25 11/01/12 527,245
1,425 Charlotte County, Utility Refg Ser 1993 (FGIC)........................ 5.25 10/01/21 1,345,371
1,000 Key West, Sewer Refg Ser 1993 (FGIC).................................. 5.70 10/01/20 995,910
1,000 Orange County, Water Utilities Ser 1992 (AMBAC)....................... 6.25 10/01/17 1,037,660
500 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC).................... 6.625 05/01/15 532,385
2,000 Tampa, Water & Sewer Ser 1992 A (FGIC)................................ 6.00 10/01/17 2,044,240
2,030 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A.................... 7.90 07/01/07 2,261,440
-------------
- -----------
8,744,251
8,455
-------------
- -----------
OTHER REVENUE (4.2%)
1,000 Homestead, Hurricane Andrew Special Insurance Assessment Ser 1993
(MBIA).............................................................. 5.25 03/01/03 1,039,250
2,000 Orlando, Cap Impr Refg Ser 1992....................................... 6.00 10/01/22 2,020,660
-------------
- -----------
3,059,910
3,000
-------------
- -----------
REFUNDED (10.0%)
275 Altamonte Springs Health Facilities Authority, Adventist
Health/Sunbelt Ser 1984 (MBIA)...................................... 7.90 10/01/14 293,824
1,900 Orlando Utilities Commision, Ser 1991 A............................... 6.50 10/01/20 2,124,808
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
$ 2,150 St Lucie County, Sales Tax Ser 1992 (FGIC)............................ 6.50 % 10/01/22 $ 2,426,684
1,000 Puerto Rico, Pub Impr Ser 1991........................................ 7.30 07/01/20 1,144,380
1,200 Puerto Rico Highway & Transportation Authority, Ser S................. 6.50 07/01/22 1,350,288
-------------
- -----------
7,339,984
6,525
-------------
- -----------
71,115 TOTAL FLORIDA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $69,386,537)........................... 72,231,329
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS (2.3%)
1,100 Dade County Health Facilities Authority, Miami Childrens Hospital Ser
1990 (Demand 06/01/95).............................................. 4.20* 01/02/00 1,100,000
600 Pinnellas County Health Facilities Authority, Pooled Ser 1985 (Demand
06/01/95)........................................................... 4.30* 12/01/15 600,000
-------------
- -----------
TOTAL SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS
1,700 (IDENTIFIED COST $1,700,000)...............................................................
1,700,000
-------------
- -----------
$ 72,815 TOTAL INVESTMENTS (IDENTIFIED COST $71,086,537) (A)..................... 100.9% 73,931,329
- -----------
- -----------
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS.......................... (0.9) (642,084)
---------- ------------
NET ASSETS.............................................................. 100.0% $ 73,289,245
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
COPS CERTIFICATES OF PARTICIPATION.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $71,086,537; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $3,411,808 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $567,016, RESULTING IN NET UNREALIZED
APPRECIATION OF $2,844,792.
BOND INSURANCE:
- --------------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
CONNIE LEE CONNIE LEE INSURANCE COMPANY.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
FSA FINANCIAL SECURITY ASSURANCE INC.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
MASSACHUSETTS EXEMPT MUNICIPAL BONDS (90.8%)
GENERAL OBLIGATION (9.8%)
Massachusetts,
$ 500 Refg 1992 Ser B..................................................... 6.50 % 08/01/08 $ 548,335
1,000 Refg 1993 Ser A..................................................... 5.50 02/01/11 974,320
150 Nantucket, 1991....................................................... 6.80 12/01/11 162,046
-------------
- -----------
1,684,701
1,650
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (24.4%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E............................................... 6.80 11/01/21 107,175
1,000 Boston College Ser K................................................ 5.25 06/01/18 940,270
400 Boston University Ser K & L (MBIA).................................. 6.66 10/01/31 422,132
150 Community College Ser A (Connie Lee)................................ 6.60 10/01/22 158,541
400 Suffolk University Ser B (Connie Lee)............................... 6.25 07/01/12 414,260
500 University of Massachusetts Foundation Inc/Medical School Research
Ser A (Connie Lee)................................................ 6.00 07/01/23 503,095
150 Worcester Polytechnic Institute Refg Ser E.......................... 6.625 09/01/17 158,745
Massachusetts Industrial Finance Agency,
1,000 Brooks School Ser 1993................................................ 5.90 07/01/13 1,017,420
150 Holy Cross College Ser 1992........................................... 6.45 01/01/12 158,588
300 Mount Holyoke College Refg Ser 1992 A (MBIA).......................... 6.30 07/01/13 312,693
-------------
- -----------
4,192,919
4,150
-------------
- -----------
ELECTRIC REVENUE (3.0%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply 1992
Ser C............................................................... 6.625 07/01/18 520,895
-------------
- -----------
HOSPITAL REVENUE (14.0%)
500 Boston, Boston City Hospital - FHA Insured Mtge Refg Ser B............ 5.75 02/15/13 486,955
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B...................................... 7.25 07/01/13 105,292
500 Lahey Clinic Medical Center Ser B (MBIA).............................. 5.625 07/01/15 490,830
1,000 Massachusetts General Hospital Ser F (MBIA)........................... 6.00 07/01/15 1,018,090
200 McLean Hospital Ser C (FGIC).......................................... 6.625 07/01/15 213,548
100 New England Deaconess Hospital Ser C.................................. 7.20 04/01/22 105,360
-------------
- -----------
2,420,075
2,400
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.6%)
1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
Refg Ser 1993....................................................... 5.875 08/01/08 964,830
-------------
- -----------
MORTGAGE REVENUE - MULTI-FAMILY (3.0%)
500 Massachusetts Housing Finance Agency, Rental 1994 Ser A
(AMT) (AMBAC)....................................................... 6.60 07/01/14 521,940
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (3.8%)
Massachusetts Housing Finance Agency,
435 Ser 21 (AMT)........................................................ 6.30 06/01/25 430,654
220 Ser 21 (AMT)........................................................ 7.125 06/01/25 232,945
-------------
- -----------
663,599
655
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
STUDENT LOAN REVENUE (3.5%)
$ 165 Massachusetts Educational Facilities Authority, Education Loan Issue D
Ser 1991 (AMT) (MBIA)............................................... 7.25 % 01/01/09 $ 179,240
400 New England Education Loan Marketing Corporation,
1992 Sub Issue H (AMT).............................................. 6.90 11/01/09 426,796
-------------
- -----------
606,036
565
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (12.1%)
300 Guam, Highway 1992 Ser A (CGIC)....................................... 6.30 05/01/12 312,426
Massachusetts Port Authority,
500 Ser 1992-B............................................................ 6.00 07/01/13 509,045
100 Ser A 1990 (AMT) (FGIC)............................................... 7.50 07/01/20 110,373
250 Massachusetts Turnpike Authority, 1993 Ser A.......................... 5.00 01/01/13 231,495
500 Woods Hole, Martha's Vineyard & Nantucket Steamship Authority, 1994
Ser A............................................................... 5.125 03/01/12 464,095
500 Puerto Rico Highway & Transportation Authority, Refg Ser X............ 5.25 07/01/21 458,215
-------------
- -----------
2,085,649
2,150
-------------
- -----------
WATER & SEWER REVENUE (8.4%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A........................ 5.75 11/01/13 502,225
500 Massachusetts Water Pollution Abatement Trust, Pool Ser 2 (WI)........ 5.70 02/01/12 503,770
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A.................... 7.90 07/01/07 445,604
-------------
- -----------
1,451,599
1,400
-------------
- -----------
REFUNDED (3.2%)
500 Massachusetts Water Resources Authority, Ser A 1990................... 6.50 12/01/19 558,495
-------------
- -----------
TOTAL MASSACHUSETTS EXEMPT MUNICIPAL BONDS
15,470 (IDENTIFIED COST $15,241,886)..............................................................
15,670,738
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL OBLIGATIONS (9.9%)
700 Massachusetts, UPDATES - Ser D (Demand 06/01/95)...................... 4.15* 06/01/95 700,000
Massachusetts Health & Educational Facilities Authority,
500 Cap Asset Ser B (MBIA) (Demand 06/01/95).............................. 4.00* 07/01/05 500,000
500 Harvard University Ser 1985 I (Demand 06/08/95)....................... 3.50* 02/01/16 500,000
-------------
- -----------
TOTAL SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST $1,700,000).....
1,700 1,700,000
-------------
- -----------
$ 17,170 TOTAL INVESTMENTS (IDENTIFIED COST $16,941,886) (A)..................... 100.7% 17,370,738
- -----------
- -----------
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS.......................... (0.7) (123,076)
---------- ------------
NET ASSETS.............................................................. 100.0% $ 17,247,662
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
WI SECURITY PURCHASED ON A WHEN ISSUED BASIS.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $16,941,886;
THE AGGREGATE GROSS UNREALIZED APPRECIATION IS $555,346 AND THE
AGGREGATE GROSS UNREALIZED DEPRECIATION IS $126,494, RESULTING IN
NET UNREALIZED APPRECIATION OF $428,852.
BOND INSURANCE:
- --------------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
CGIC CAPITAL GUARANTY INSURANCE COMPANY.
CONNIE LEE CONNIE LEE INSURANCE COMPANY.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
MICHIGAN EXEMPT MUNICIPAL BONDS (96.9%)
GENERAL OBLIGATION (7.1%)
$ 500 Kentwood Public Schools, 1992 Bldg & Site Refg....................... 6.40 % 05/01/15 $ 525,240
1,000 Mona Shores Public Schools, 1995 Building & Site (FGIC) (WI)......... 5.80 05/01/17 998,710
-------------
- -----------
1,523,950
1,500
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (12.6%)
1,000 Central Michigan University, Refg Ser 1993 (MBIA).................... 5.50 10/01/10 992,760
1,000 Michigan State University, Ser 1992 A................................ 6.00 08/15/16 1,018,990
500 Wayne State University, Ser 1993 (AMBAC)............................. 5.50 11/15/18 489,025
200 Western Michigan University, Ser 1991 B (AMBAC)...................... 6.50 07/15/21 211,604
-------------
- -----------
2,712,379
2,700
-------------
- -----------
ELECTRIC REVENUE (12.0%)
2,000 Michigan Public Power Agency, Belle River 1993 A..................... 5.25 01/01/18 1,869,500
500 Wyandotte, Electric Refg 1992 (MBIA)................................. 6.25 10/01/17 517,815
200 Puerto Rico Electric Power Authority, Power Ser O.................... 5.00 07/01/12 182,786
-------------
- -----------
2,570,101
2,700
-------------
- -----------
HOSPITAL REVENUE (16.8%)
1,000 Kent Hospital Finance Authority, Butterworth Hospital Refg
Ser 1993 A......................................................... 5.375 01/15/19 896,020
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A...................... 7.50 08/15/11 327,642
500 Henry Ford Health System Refg Ser 1992 A........................... 5.75 09/01/17 486,490
1,000 Oakwood Hospital Oblig Group Refg Ser 1993 A (FGIC)................ 5.625 11/01/18 968,350
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital Ser
1991 D............................................................. 6.75 01/01/20 523,785
400 University of Michigan, Ser 1990..................................... 6.375 12/01/24 406,752
-------------
- -----------
3,609,039
3,700
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.6%)
200 Michigan Strategic Fund, Ford Motor Co Refg Ser 1991 A............... 7.10 02/01/06 219,610
Monroe County, Detroit Edison Co
500 Monroe & Fermi Plants Collateralized Ser 1-1992 (AMT) (MBIA)....... 6.875 09/01/22 538,925
200 Proj #1 (AMT) (FGIC)............................................... 7.65 09/01/20 224,906
-------------
- -----------
983,441
900
-------------
- -----------
MORTGAGE REVENUE - MULTI-FAMILY (9.2%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A.................................................. 6.60 04/01/12 517,535
1,000 1992 Ser A (FSA)................................................... 6.50 04/01/23 1,031,620
400 Ser 1990 A (AMT)................................................... 7.70 04/01/23 428,252
-------------
- -----------
1,977,407
1,900
-------------
- -----------
NURSING & HEALTH RELATED FACILITIES REVENUE (6.4%)
100 Michigan Hospital Financing Authority,
Henry Ford Continuing Care Corp Ser 1991........................... 6.75 07/01/11 106,255
1,200 University of Michigan, Medical Service Plan Ser 1991................ 6.50 12/01/21 1,263,132
-------------
- -----------
1,369,387
1,300
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (7.1%)
$ 1,500 Michigan Building Authority Revenue, Refg Ser I...................... 6.25 % 10/01/20 $ 1,520,220
-------------
- -----------
RESOURCE RECOVERY REVENUE (2.2%)
300 Detroit Economic Development Corporation, Ser 1991 A (AMT) (FSA)..... 6.875 05/01/09 325,728
150 Greater Detroit Resource Recovery Authority, Ser A................... 9.25 12/13/08 156,870
-------------
- -----------
482,598
450
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (4.2%)
250 Michigan, Trunk Line Refg Ser 1992 A................................. 5.75 10/01/12 250,125
Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
400 Ser 1993 C (MBIA).................................................. 5.25 12/01/13 380,020
250 Ser 1991 B (AMT) (MBIA)............................................ 6.75 12/01/21 266,800
-------------
- -----------
896,945
900
-------------
- -----------
WATER & SEWER REVENUE (11.6%)
Detroit,
500 Sewage Disposal Ser 1991 (FGIC).................................... 6.625 07/01/21 533,600
1,000 Sewage Refg Ser 1993 A (FGIC)...................................... 5.70 07/01/23 983,450
400 Water Supply Refg Ser 1992 (FGIC).................................. 6.375 07/01/22 414,024
500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A................... 7.90 07/01/07 557,005
-------------
- -----------
2,488,079
2,400
-------------
- -----------
REFUNDED (3.1%)
600 Detroit, Water Supply Refg Ser 1992 (FGIC)........................... 6.375 07/01/22 664,626
-------------
- -----------
20,550 TOTAL MICHIGAN EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $20,224,487)......................... 20,798,172
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM MICHIGAN EXEMPT MUNICIPAL OBLIGATIONS (6.1%)
700 Delta County Economic Development Corporation, Mead-Escanaba Paper Co
1985 Ser E (Demand 06/01/95)....................................... 3.75* 12/01/23 700,000
600 University of Michigan, Hospital Ser 1992 A (Demand 06/01/95)........ 3.60* 12/01/19 600,000
-------------
- -----------
TOTAL SHORT-TERM MICHIGAN EXEMPT MUNICIPAL OBLIGATIONS
1,300 (IDENTIFIED COST $1,300,000)..............................................................
1,300,000
-------------
- -----------
$ 21,850 TOTAL INVESTMENTS (IDENTIFIED COST $21,524,487) (A).................... 103.0% 22,098,172
- -----------
- -----------
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS......................... (3.0) (643,004)
---------- ------------
NET ASSETS............................................................. 100.0% $ 21,455,168
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
WI SECURITY PURCHASED ON A WHEN ISSUED BASIS.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $21,524,487; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $762,096 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $188,411, RESULTING IN NET UNREALIZED
APPRECIATION OF $573,685.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
FSA FINANCIAL SECURITY ASSURANCE INC.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
MINNESOTA EXEMPT MUNICIPAL BONDS (90.8%)
GENERAL OBLIGATION (3.7%)
Minneapolis,
$ 100 Sales Tax Refg Ser 1992............................................. 6.25 % 04/01/12 $ 105,470
300 Dtd 08/15/92........................................................ 5.90 12/01/13 303,618
-------------
- -----------
409,088
400
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (14.9%)
Minnesota Higher Education Facilities Authority,
200 Hamline University Ser Three-K...................................... 6.60 06/01/09 209,682
200 Northfield, St Olaf College 1992.................................... 6.40 10/01/21 209,416
1,000 University of Minnesota, Ser 1993 A................................. 4.80 08/15/03 984,650
250 University of St Thomas Refg Ser Three-R2........................... 5.60 09/01/14 245,072
-------------
- -----------
1,648,820
1,650
-------------
- -----------
ELECTRIC REVENUE (6.6%)
300 Northern Municipal Power Agency, Refg Ser 1989 A...................... 5.00 01/01/21 268,185
500 Southern Minnesota Municipal Power Agency, Ser 1993 B................. 5.00 01/01/13 460,895
-------------
- -----------
729,080
800
-------------
- -----------
HOSPITAL REVENUE (19.7%)
500 Breckenridge, Catholic Health Corp Ser 1993........................... 5.25 11/15/13 456,910
500 Robbinsdale, North Memorial Medical Center Ser 1993 A (AMBAC)......... 5.45 05/15/13 489,345
Rochester, Mayo Foundation/Mayo Medical Center
250 Ser 1992 I.......................................................... 5.75 11/15/21 246,315
200 Ser 1992 F.......................................................... 6.25 11/15/21 205,156
Saint Paul Housing & Redevelopment Authority,
300 Health East Refg Ser 1993-A......................................... 6.625 11/01/17 291,960
500 St Paul-Ramsey Medical Center Ser 1993 (AMBAC)...................... 5.55 05/15/23 486,155
-------------
- -----------
2,175,841
2,250
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (11.4%)
500 Anoka County, United Power Assoc Ser 1987 A
NRU-CFC Gtd (AMT)................................................... 6.95 12/01/08 533,970
500 Bass Brook, Minnesota Power & Light Co Refg Ser 1992.................. 6.00 07/01/22 497,975
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3....................... 8.25 12/01/11 115,082
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT)................. 8.00 12/01/16 112,115
-------------
- -----------
1,259,142
1,200
-------------
- -----------
MORTGAGE REVENUE - MULTI-FAMILY (4.6%)
300 Burnsville, Summit Park Apts - FHA Insured Refg Ser 1993.............. 6.00 07/01/33 291,675
200 Minneapolis Housing Finance Agency, Ser 1992 A........................ 6.95 08/01/17 210,876
-------------
- -----------
502,551
500
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (10.3%)
100 Dakota & Washington Counties Housing & Redevelopment Authority,
GNMA-Backed Ser 1988 (AMT).......................................... 8.375 09/01/21 135,328
180 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed Phase IX Ser
1991 (AMT).......................................................... 7.25 08/01/21 191,119
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
Minnesota Housing Finance Agency,
$ 105 Ser 1990 D (AMT).................................................... 8.00 % 01/01/23 $ 110,585
475 Ser 1992 C-1 (AMT).................................................. 6.75 07/01/23 493,278
200 Ser 1992 H (AMT).................................................... 6.50 01/01/26 203,260
-------------
- -----------
1,133,570
1,060
-------------
- -----------
NURSING & HEALTH RELATED FACILITIES REVENUE (4.8%)
500 Minneapolis & Saint Paul Housing & Redevelopment Authority, Group
Health Plan Inc Ser 1992............................................ 6.75 12/01/13 525,010
-------------
- -----------
PUBLIC FACILITIES REVENUE (10.8%)
300 Hennepin County, Ser 1991 COPs........................................ 6.80 05/15/17 323,058
Saint Paul Housing & Redevelopment Authority,
400 Civic Center Ser 1993............................................... 5.45 11/01/13 387,332
500 Civic Center Ser 1993............................................... 5.55 11/01/23 482,665
-------------
- -----------
1,193,055
1,200
-------------
- -----------
WATER & SEWER REVENUE (2.0%)
Minnesota Public Facilities Authority,
100 Water Pollution Control Ser 1991 A.................................. 6.95 03/01/13 109,610
100 Water Pollution Control Ser 1992 A.................................. 6.50 03/01/14 107,598
-------------
- -----------
217,208
200
-------------
- -----------
REFUNDED (2.0%)
100 Little Falls Independent School District #482, Ser 1991 (AMBAC)....... 6.80 02/01/10 107,832
100 South Washington Independent School District #833,
Ser 1991 A (FGIC)................................................... 6.875 06/01/09 110,485
-------------
- -----------
218,317
200
-------------
- -----------
9,960 TOTAL MINNESOTA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $9,817,322).......................... 10,011,682
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM MINNESOTA EXEMPT MUNICIPAL OBLIGATIONS (5.4%)
100 Beltrami County, Northwood Panelboard Co Ser 1991 (Demand 06/01/95)... 4.10* 12/01/21 100,000
500 Mankato, Northern States Power Co Ser 1985 (Demand 06/01/95).......... 3.75* 03/01/11 500,000
-------------
- -----------
TOTAL SHORT-TERM MINNESOTA EXEMPT MUNICIPAL OBLIGATIONS
600 (IDENTIFIED COST $600,000).................................................................
600,000
-------------
- -----------
$ 10,560 TOTAL INVESTMENTS (IDENTIFIED COST $10,417,322) (A)..................... 96.2% 10,611,682
- -----------
- -----------
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES.......................... 3.8 415,381
---------- ------------
NET ASSETS.............................................................. 100.0% $ 11,027,063
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
COPS CERTIFICATES OF PARTICIPATION.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $10,417,322; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $320,895 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $126,535, RESULTING IN NET UNREALIZED
APPRECIATION OF $194,360.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
NEW JERSEY EXEMPT+ MUNICIPAL BONDS (98.4%)
GENERAL OBLIGATION (6.7%)
$ 3,000 Guam, Ser 1993 A...................................................... 5.375% 11/15/13 $ 2,726,970
500 Essex County, Ser 1991 (FSA).......................................... 6.50 12/01/11 536,190
-------------
- -----------
3,263,160
3,500
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (7.5%)
New Jersey Economic Development Authority,
2,000 Educational Testing Service Ser 1995 A (MBIA) (WI).................. 5.90 05/15/15 2,006,740
500 The Seeing Eye Inc 1991............................................. 7.30 04/01/11 514,615
500 Rutgers, The State University Refg Ser R.............................. 6.50 05/01/13 537,385
500 University of Medicine & Dentistry of New Jersey, Refg Ser D.......... 6.50 12/01/04 543,780
-------------
- -----------
3,602,520
3,500
-------------
- -----------
ELECTRIC REVENUE (3.8%)
2,000 Puerto Rico Electric Power Authority, Power Ser O..................... 5.00 07/01/12 1,827,860
-------------
- -----------
HOSPITAL REVENUE (13.5%)
New Jersey Health Care Facilities Financing Authority,
1,000 Allegany Health System Ser 1993 (MBIA).............................. 5.125 07/01/13 958,410
1,000 Atlantic City Medical Center Ser C.................................. 6.80 07/01/11 1,051,040
500 Cathedral Health Services Inc - FHA Insured Mtges Ser A............. 7.25 02/15/21 539,410
1,000 Columbus Hospital Ser A............................................. 7.50 07/01/08 1,018,040
460 Pascack Valley Hospital Assn Ser 1991............................... 6.90 07/01/21 480,198
500 Robert Wood Johnson University Hospital Ser B (MBIA)................ 6.625 07/01/16 535,380
1,000 Somerset Medical Center Ser A (FGIC)................................ 5.10 07/01/14 949,640
1,000 Underwood-Memorial Hospital Ser B (AMBAC)........................... 5.70 07/01/23 991,620
-------------
- -----------
6,523,738
6,460
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (10.4%)
500 Middlesex County Pollution Control Financing Authority,
Amerada Hess Corp Refg Ser 1992..................................... 6.875 12/01/22 514,560
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT)................................ 7.10 11/01/31 516,230
1,000 BP Oil Inc Ser 1982................................................. 6.55 10/01/12 1,034,360
500 Hackensack Water Co Ser C (AMT)..................................... 7.00 10/01/17 517,925
300 Jersey Central Power & Light Co 1985 Ser............................ 7.10 07/01/15 318,123
2,100 Salem County Pollution Control Financing Authority,
E I du Pont de Nemours & Co 1992 Ser A (AMT)........................ 6.125 07/15/22 2,109,240
-------------
- -----------
5,010,438
4,900
-------------
- -----------
MORTGAGE REVENUE - MULTI-FAMILY (3.3%)
New Jersey Housing & Mortgage Finance Agency,
1,000 Presidential Plaza at Newport - FHA Insured Mtges Refg 1991 Ser 1... 7.00 05/01/30 1,051,790
500 Rental 1991 Ser A (AMT)............................................. 7.25 11/01/22 526,040
-------------
- -----------
1,577,830
1,500
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (2.1%)
1,000 Puerto Rico Housing Finance Corporation, Portfolio Two
GNMA-Backed Ser E (AMT)............................................. 6.562 08/04/25 999,980
-------------
- -----------
NURSING & HEALTH RELATED FACILITIES REVENUE (2.1%)
975 New Jersey Health Care Facilities Financing Authority,
Spectrum For Living - FHA Insured Mortgage Refg Ser B............... 6.50 02/01/22 1,004,045
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (6.1%)
$ 1,000 Atlantic County Utilities Authority, Solid Waste Ser 1992............. 7.125% 03/01/16 $ 991,820
2,000 New Jersey Sports & Exposition Authority, State Contract
1993 Ser A.......................................................... 5.50 09/01/23 1,941,220
-------------
- -----------
2,933,040
3,000
-------------
- -----------
RESOURCE RECOVERY REVENUE (8.6%)
1,000 Mercer County Improvement Authority, Refg Ser A 1992
(AMT) (FGIC)........................................................ 6.70 04/01/13 1,058,600
2,000 Union County Utilities Authority, 1991 Ser A (AMT).................... 7.20 06/15/14 2,086,140
900 Warren County Pollution Control Financing Authority, Warren Energy
Resource Co Ltd Partnership Ser 1984 (MBIA)......................... 6.60 12/01/07 998,001
-------------
- -----------
4,142,741
3,900
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (14.1%)
1,000 Delaware River & Bay Authority, Ser 1993 (MBIA)....................... 5.00 01/01/17 920,630
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser................ 6.25 01/01/14 1,556,325
1,000 New Jersey Turnpike Authority, Ser C.................................. 5.75 01/01/11 1,008,000
1,500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT) (FGIC)... 5.75 05/01/15 1,485,885
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X............ 5.25 07/01/21 1,832,860
-------------
- -----------
6,803,700
7,000
-------------
- -----------
WATER & SEWER REVENUE (16.0%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993............ 5.75 05/01/17 997,460
1,000 Lacey Municipal Utilities Authority, Ser 1993 A (MBIA)................ 5.50 12/01/19 993,330
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser (MBIA)..... 6.00 07/15/13 1,037,550
Passaic Valley Sewerage Commissioners,
2,000 Ser 1992 D (AMBAC).................................................. 5.75 12/01/13 2,030,700
1,000 Refg Ser 1992 D (AMBAC)............................................. 5.80 12/01/18 1,012,360
1,500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A.................... 7.90 07/01/07 1,671,015
-------------
- -----------
7,742,415
7,500
-------------
- -----------
REFUNDED (4.2%)
1,790 Passaic Valley Water Commission, 1992 Ser A (FGIC).................... 6.40 12/15/22 2,006,501
-------------
- -----------
47,025 TOTAL NEW JERSEY EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $46,102,313)........................ 47,437,968
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM NEW JERSEY EXEMPT MUNICIPAL OBLIGATION (0.8%)
400 New Jersey Economic Development Authority, Toys R US Inc
(Demand 06/01/95) (Identified Cost $400,000)........................ 3.75* 04/01/19 400,000
-------------
- -----------
$ 47,425 TOTAL INVESTMENTS (IDENTIFIED COST $46,502,313) (A)..................... 99.2% 47,837,968
- -----------
- -----------
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES.......................... 0.8 386,554
---------- ------------
NET ASSETS.............................................................. 100.0% $ 48,224,522
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
WI SECURITY PURCHASED ON A WHEN ISSUED BASIS.
+ PUERTO RICO EXEMPTION REPRESENTS 13.1% OF NET ASSETS.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $46,502,313; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $1,780,726 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $445,071, RESULTING IN NET UNREALIZED
APPRECIATION OF $1,335,655.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
FSA FINANCIAL SECURITY ASSURANCE INC.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
NEW YORK EXEMPT+ MUNICIPAL BONDS (95.2%)
GENERAL OBLIGATION (9.3%)
New York City,
$ 100 1990 Ser D.......................................................... 6.00 % 08/01/06 $ 99,908
500 1995 Ser D (MBIA)................................................... 6.20 02/01/07 542,365
500 New York State, Refg Ser 1995 B....................................... 5.70 08/15/13 497,150
300 Puerto Rico, Pub Impr Refg Ser 1992 A................................. 6.00 07/01/14 302,064
-------------
- -----------
1,441,487
1,400
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (16.3%)
350 New York City Cultural Resources Trust, The Museum of Modern Art
Refg Ser 1993 A..................................................... 5.40 01/01/12 345,082
New York State Dormitory Authority,
400 Manhattan College Ser 1992.......................................... 6.50 07/01/19 418,952
1,000 State University Ser 1993 A......................................... 5.25 05/15/15 914,470
345 University of Rochester Ser 1987.................................... 6.50 07/01/09 358,683
500 University of Rochester Ser 1993 A.................................. 5.625 07/01/12 487,915
-------------
- -----------
2,525,102
2,595
-------------
- -----------
ELECTRIC REVENUE (4.2%)
500 New York State Power Authority, Gen Purpose Ser CC.................... 5.25 01/01/18 469,175
200 Puerto Rico Electric Power Authority, Power Ser O..................... 5.00 07/01/12 182,786
-------------
- -----------
651,961
700
-------------
- -----------
HOSPITAL REVENUE (6.3%)
New York State Medical Care Facilities Finance Agency,
Insured Hospital & Nursing Home - FHA Insured Mortgage
250 1993 Ser B........................................................ 5.50 02/15/22 236,290
200 1992 Ser A........................................................ 6.70 08/15/23 209,768
500 Hospital - FHA Insured Mortgage 1994 Ser A (AMBAC).................. 6.50 08/15/29 539,100
-------------
- -----------
985,158
950
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (11.8%)
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B (AMT).......................... 6.952 07/01/26 1,080,530
500 Consolidated Edison Co of New York Ser 1991 A (AMT)................. 6.00 03/15/28 492,890
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA)............... 6.50 05/15/32 261,193
-------------
- -----------
1,834,613
1,750
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (10.5%)
New York State Mortgage Agency,
500 Home Owners Ser 27.................................................. 6.90 10/01/15 529,400
100 Home Owners Ser UU (AMT)............................................ 7.75 10/01/23 107,184
1,000 Puerto Rico Housing Finance Corporation, Portfolio Two
GNMA-Backed Ser D & E (AMT)......................................... 6.562 08/04/25 999,980
-------------
- -----------
1,636,564
1,600
-------------
- -----------
RESOURCE RECOVERY REVENUE (3.4%)
500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992............ 6.65 04/01/05 526,100
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
TAX ALLOCATION (4.0%)
$ 700 Grand Central District Management Association Inc, Cap Impr
Refg Ser 1994....................................................... 5.25 % 01/01/22 $ 628,915
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (9.4%)
500 New York State Thruway Authority, Ser C (FGIC)........................ 6.00 01/01/25 509,585
500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT) (FGIC)... 5.75 05/01/15 495,295
500 Triborough Bridge & Tunnel Authority, Gen Purpose Ser 1993 B.......... 5.00 01/01/20 458,310
-------------
- -----------
1,463,190
1,500
-------------
- -----------
WATER & SEWER REVENUE (13.2%)
New York City Municipal Water Finance Authority,
600 1994 Ser B.......................................................... 5.375 06/15/07 596,562
1,000 1993 Ser A.......................................................... 6.00 06/15/17 1,002,030
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A.................... 7.90 07/01/07 445,604
-------------
- -----------
2,044,196
2,000
-------------
- -----------
OTHER REVENUE (6.8%)
500 New York Local Government Assistance Corporation, Ser 1991 C.......... 7.00 04/01/10 550,835
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A....... 6.00 07/01/26 501,835
-------------
- -----------
1,052,670
1,000
-------------
- -----------
14,695 TOTAL NEW YORK EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $14,427,781).......................... 14,789,956
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATIONS (2.6%)
200 New York City Cultural Resources Trust, Solomon R Guggenheim
Foundation Ser 1990 B (Demand 06/01/95)............................. 4.40* 12/01/15 200,000
200 New York State Dormitory Authority, Cornell University 1990 Ser B
(Demand 06/01/95)................................................... 4.40* 07/01/25 200,000
-------------
- -----------
TOTAL SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATIONS
400 (IDENTIFIED COST $400,000).................................................................
400,000
-------------
- -----------
$ 15,095 TOTAL INVESTMENTS (IDENTIFIED COST $14,827,781) (A)..................... 97.8% 15,189,956
- -----------
- -----------
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES.......................... 2.2 341,205
---------- ------------
NET ASSETS.............................................................. 100.0% $ 15,531,161
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
+ PUERTO RICO EXEMPTION REPRESENTS 12.4% OF NET ASSETS.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $14,827,781; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $498,360 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $136,185, RESULTING IN NET UNREALIZED
APPRECIATION OF $362,175.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
OHIO EXEMPT MUNICIPAL BONDS (91.9%)
GENERAL OBLIGATION (4.5%)
$ 300 Bedford School District, Ser 1993..................................... 6.25 % 12/01/13 $ 316,701
180 Euclid, Ser 1991...................................................... 6.625 12/01/11 194,603
100 Euclid City School District, School Impr Ser 1991..................... 7.10 12/01/11 109,996
250 Hilliard City School District, School Impr Refg Ser 1992 (FGIC)....... 6.55 12/01/05 278,328
100 South Euclid, Unltd Tax Recreational.................................. 7.00 12/01/11 109,455
-------------
- -----------
1,009,083
930
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (22.2%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University Ser 1992............................ 6.00 10/01/22 506,715
1,000 John Carroll University Refg........................................ 5.30 11/15/14 937,660
1,000 Oberlin College Ser 1993............................................ 5.375 10/01/15 955,290
University of Cincinnati,
1,000 General Receipts Ser R7............................................. 5.20 06/01/10 972,590
500 General Receipts Ser G.............................................. 7.00 06/01/11 547,275
1,000 University of Toledo, Ser 1992 A (FGIC)............................... 5.90 06/01/20 1,013,040
-------------
- -----------
4,932,570
5,000
-------------
- -----------
ELECTRIC REVENUE (6.2%)
500 Hamilton!, Refg 1992 Ser A (FGIC)..................................... 6.00 10/15/12 514,390
500 Ohio Municipal Electric Generation Agency Joint Venture 5, Belleville
Hydro 1993 Certificates (AMBAC)..................................... 5.375 02/15/13 491,825
400 Puerto Rico Electric Power Authority, Power Ser O..................... 5.00 07/01/12 365,572
-------------
- -----------
1,371,787
1,400
-------------
- -----------
HOSPITAL REVENUE (18.2%)
1,000 Akron Bath & Copley Joint Township Hospital District, Summa Health Ser
1992 A.............................................................. 6.25 11/15/07 1,036,790
1,000 Clermont County, Mercy Health Ser 1991................................ 6.733 10/05/21 1,070,550
490 Cuyahoga County, Meridia Health Ser 1990.............................. 7.25 08/15/19 521,919
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A.................................... 7.00 01/01/09 496,503
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992......... 6.875 07/01/15 496,460
100 Lucas County, Flower Memorial Ser 1991................................ 8.125 12/01/11 107,673
300 Middleburg Heights, Ohio, Southwest General Hospital Ser 1991......... 7.20 08/15/19 320,931
-------------
- -----------
4,050,826
3,865
-------------
- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.7%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A..................... 6.90 05/01/10 418,932
100 Ohio Economic Development Authority, Superior Forge & Steel Corp Ser
1991-3 (AMT)........................................................ 7.625 06/01/11 105,152
500 Ohio Water Development Authority, Dayton Power & Light Co
Collateralized Refg 1992 Ser A...................................... 6.40 08/15/27 516,425
-------------
- -----------
1,040,509
1,000
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (3.8%)
800 Ohio Housing Finance Agency, GNMA-Backed 1990 Ser A-1 & 2 (AMT)....... 6.903 03/01/31 832,608
-------------
- -----------
<PAGE>
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
PUBLIC FACILITIES REVENUE (8.7%)
Ohio Building Authority,
$ 1,000 Workers' Compensation/William Green Building 1993 Ser A............. 5.125% 04/01/10 $ 949,580
1,000 1993 Ser A.......................................................... 5.50 10/01/12 982,380
-------------
- -----------
1,931,960
2,000
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (4.5%)
1,000 Ohio Turnpike Commission, 1994 Ser A.................................. 5.75 02/15/24 1,002,270
-------------
- -----------
WATER & SEWER REVENUE (16.5%)
1,000 Clermont County, Sewer Refg (AMBAC)................................... 5.20 12/01/21 939,830
1,000 Montgomery County, Water Ser 1992 (FGIC).............................. 6.25 11/15/17 1,046,430
1,000 Ohio Water Development Authority, Water Pollution Ser 1995 (MBIA)..... 5.60 06/01/10 998,990
600 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A.................... 7.90 07/01/07 668,406
-------------
- -----------
3,653,656
3,600
-------------
- -----------
REFUNDED (2.6%)
500 Columbus School District, Renovation & Impr Ser 1992 (FGIC)........... 6.65 12/01/12 567,065
-------------
- -----------
20,095 TOTAL OHIO EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $19,839,041).............................. 20,392,334
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS (8.1%)
1,000 Columbus, Unltd Tax Ser 1995-1 (Demand 06/01/95)...................... 3.85* 06/01/16 1,000,000
400 Cuyahoga County, University Hospitals of Cleveland Ser 1985 (Demand
06/01/95)........................................................... 4.30* 01/01/16 400,000
400 Ohio Water Development Authority, Mead Corp 1986 Ser B
(Demand 06/01/95)................................................... 4.15* 11/01/15 400,000
-------------
- -----------
TOTAL SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS
1,800 (IDENTIFIED COST $1,800,000)...............................................................
1,800,000
-------------
- -----------
$ 21,895 TOTAL INVESTMENTS (IDENTIFIED COST $21,639,041) (A)..................... 100.0% 22,192,334
- -----------
- -----------
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES.......................... 0.0 2,803
---------- ------------
NET ASSETS.............................................................. 100.0% $ 22,195,137
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $21,639,041; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $709,155 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $155,862, RESULTING IN NET UNREALIZED
APPRECIATION OF $553,293.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
PENNSYLVANIA EXEMPT MUNICIPAL BONDS (92.2%)
GENERAL OBLIGATION (5.5%)
$ 2,000 Berks County, Second Ser 1992 (FGIC).................................. 5.75 % 11/15/12 $ 2,022,860
300 McKeesport Area School District, Refg Ser 1991........................ 5.00 04/01/13 276,021
600 Puerto Rico, Pub Impr Refg Ser 1992 A................................. 6.00 07/01/14 604,128
-------------
- -----------
2,903,009
2,900
-------------
- -----------
EDUCATIONAL FACILITIES REVENUE (22.7%)
2,000 Delaware County Authority, Villanova University Ser 1995 (AMBAC)...... 5.80 08/01/25 2,005,000
1,000 Northeastern Pennsylvania Hospital & Education Authority, Kings
College Ser B 1993.................................................. 6.00 07/15/11 1,025,850
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B............................ 6.00 11/01/22 737,573
500 Medical College of Pennsylvania 1991 Ser A.......................... 7.25 03/01/11 539,355
500 Temple University First Ser 1991 (MBIA)............................. 6.50 04/01/21 527,365
1,000 Thomas Jefferson University 1992 Ser A.............................. 6.625 08/15/09 1,069,140
1,000 Thomas Jefferson University 1993 Ser A.............................. 5.30 11/01/15 947,420
Pennsylvania State University,
1,000 Second Refg Ser 1992................................................ 5.50 08/15/16 975,460
1,000 Ser B 1992.......................................................... 5.50 08/15/16 975,460
1,000 Swarthmore Borough Authority, Swathmore College Ser 1992.............. 6.00 09/15/20 1,024,190
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA)....................... 6.125 06/01/21 2,047,900
-------------
- -----------
11,874,713
11,750
-------------
- -----------
ELECTRIC REVENUE (1.7%)
1,000 Puerto Rico Electric Power Authority, Power Ser O..................... 5.00 07/01/12 913,930
-------------
- -----------
HOSPITAL REVENUE (14.6%)
Allegheny County Hospital Development Authority,
1,000 Ohio Valley General Hospital Refg Ser 1993.......................... 5.875 04/01/11 937,720
1,000 Presbyterian University Health System Inc Ser 1992 B (MBIA)......... 6.00 11/01/12 1,017,200
1,000 Berks County Municipal Authority, Reading Hospital & Medical Center
Ser of 1993 (MBIA).................................................. 5.50 10/01/08 1,007,440
Philadelphia Hospitals & Higher Educational Facilities Authority,
1,750 Chestnut Hill Hospital Ser of 1992.................................. 6.375 11/15/11 1,785,385
1,000 Temple University Hospital 1993 Ser A............................... 6.50 11/15/08 1,040,050
2,000 The Children's Hospital of Philadelphia Ser A of 1993............... 5.375 02/15/14 1,875,320
-------------
- -----------
7,663,115
7,750
-------------
- -----------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (3.1%)
$ 500 Lehigh County Industrial Development Authority, Strawbridge & Clothier
Refg Ser of 1991.................................................... 7.20 % 12/15/01 $ 548,150
Montgomery County Industrial Development Authority, Philadelphia
1,000 Electric Co Refg 1991 Ser B (MBIA).................................. 6.70 12/01/21 1,077,760
-------------
- -----------
1,625,910
1,500
-------------
- -----------
MORTGAGE REVENUE - MULTI-FAMILY (2.1%)
Pennsylvania Housing Finance Agency,
100 Moderate Rehab Sec 8 Assisted Issue B............................... 9.00 08/01/01 103,500
1,000 Ser 1992-35 D (AMT)................................................. 6.20 04/01/25 995,850
-------------
- -----------
1,099,350
1,100
-------------
- -----------
MORTGAGE REVENUE - SINGLE FAMILY (9.5%)
Pennsylvania Housing Finance Agency,
2,000 Ser 1993-37 A....................................................... 5.45 10/01/17 1,853,840
2,000 Ser 1991-31 C (AMT)................................................. 7.00 10/01/23 2,098,560
1,000 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C................................................... 6.85 10/15/23 1,051,110
-------------
- -----------
5,003,510
5,000
-------------
- -----------
RESOURCE RECOVERY REVENUE (2.7%)
300 Cambria County Industrial Development Authority, Cambria Cogen Co Ser
1989 F-1 (AMT)...................................................... 7.75 09/01/19 318,441
1,000 Montgomery County Industrial Development Authority, Ser 1989.......... 7.50 01/01/12 1,077,010
-------------
- -----------
1,395,451
1,300
-------------
- -----------
STUDENT LOAN REVENUE (3.9%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT) (AMBAC)............................................ 6.05 01/01/19 1,005,180
1,000 1991 B (AMT) (AMBAC)................................................ 6.854 09/01/26 1,054,700
-------------
- -----------
2,059,880
2,000
-------------
- -----------
TRANSPORTATION FACILITIES REVENUE (9.4%)
1,000 Guam, Highway 1992 Ser A (CGIC)....................................... 6.30 05/01/12 1,041,420
500 Allegheny County, Greater Pittsburgh
Intl Airport Ser 1992 (AMT) (FSA)................................... 6.625 01/01/22 526,520
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC)................ 6.00 12/01/12 2,049,440
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC)................ 5.875 12/01/12 1,014,880
300 Puerto Rico Highway Authority, Ser Q.................................. 6.00 07/01/20 300,759
-------------
- -----------
4,933,019
4,800
-------------
- -----------
WATER & SEWER REVENUE (10.7%)
Bethlehem Authority, Northampton & Lehigh Counties
1,000 Refg Ser of 1994 (MBIA)............................................. 4.875 11/15/14 896,130
1,500 Refg Ser of 1994 (MBIA)............................................. 5.30 11/15/17 1,433,610
2,000 Philadelphia, Water & Wastewater Ser 1995 (MBIA)...................... 6.25 08/01/11 2,156,860
1,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A.................... 7.90 07/01/07 1,114,010
-------------
- -----------
5,600,610
5,500
-------------
- -----------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS MAY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------- --------- -------------
<C> <S> <C> <C> <C>
OTHER REVENUE (3.1%)
$ 1,500 Pennsylvania Finance Authority, Cap Impr Refg Ser 1993................ 6.60 % 11/01/09 $ 1,606,080
-------------
- -----------
REFUNDED (3.2%)
500 Chester County Health & Education Facilities Authority, Bryn Mawr
Rehabilitation Hospital Refg Ser 1992............................... 6.75 07/01/14 568,335
1,000 Reading, Ser of 1992 (AMBAC).......................................... 6.50 11/15/12 1,110,090
-------------
- -----------
1,678,425
1,500
-------------
- -----------
47,600 TOTAL PENNSYLVANIA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $46,798,257)...................... 48,357,002
-------------
- -----------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C> <C> <C>
SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL OBLIGATIONS (6.5%)
800 Delaware County Industrial Development Authority, UPS Ser 1985 (Demand
06/01/95)........................................................... 4.15* 12/01/15 800,000
500 Schuylkill County Industrial Development Authority, Northeastern Power
Co Ser 1985 (Demand 06/01/95)....................................... 4.10* 12/01/11 500,000
2,100 University of Pittsburgh, 1989 Ser A (Demand 06/01/95)................ 3.80* 01/01/19 2,100,000
-------------
- -----------
TOTAL SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST $3,400,000)......
3,400 3,400,000
-------------
- -----------
$ 51,000 TOTAL INVESTMENTS (IDENTIFIED COST $50,198,257) (A)..................... 98.7% 51,757,002
- -----------
- -----------
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES.......................... 1.3 687,560
---------- ------------
NET ASSETS.............................................................. 100.0% $ 52,444,562
---------- ------------
---------- ------------
<FN>
- ----------------
AMT ALTERNATIVE MINIMUM TAX.
* CURRENT COUPON OF VARIABLE RATE SECURITY.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $50,198,257; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $1,946,385 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $387,640, RESULTING IN NET UNREALIZED
APPRECIATION OF $1,558,745.
BOND INSURANCE:
- -------------------------------------------------------------------------------
AMBAC AMBAC INDEMNITY CORPORATION.
CGIC CAPITAL GUARANTY INSURANCE COMPANY.
FGIC FINANCIAL GUARANTY INSURANCE COMPANY.
FSA FINANCIAL SECURITY ASSURANCE INC.
MBIA MUNICIPAL BOND INVESTORS ASSURANCE COMPANY.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value*.... $ 49,607,727 $120,145,113 $ 73,931,329 $17,370,738
Cash.................................... 30,974 -- 47,455 28,238
Receivable for:
Investments sold...................... -- -- -- 20,000
Interest.............................. 1,053,319 1,899,049 1,040,443 338,659
Shares of beneficial interest sold.... 4,369 760,380 183,007 5,907
Deferred organizational expenses........ -- 2,008 2,008 2,008
Prepaid expenses and other assets....... 4,468 15,425 13,245 6,129
Receivable from Investment Manager...... -- -- -- 967
------------ ------------ ------------ ------------
TOTAL ASSETS.................... 50,700,857 122,821,975 75,217,487 17,772,646
------------ ------------ ------------ ------------
LIABILITIES:
Payable for:
Investments purchased................. -- 1,869,300 1,826,708 497,030
Shares of beneficial interest
repurchased......................... -- 45,067 -- --
Dividends to shareholders............. 35,832 87,453 52,696 12,373
Plan of distribution fee.............. 6,759 15,992 9,780 2,286
Investment management fee............. 15,772 37,314 22,819 646
Accrued expenses and other payables..... 17,930 83,768 16,239 12,649
------------ ------------ ------------ ------------
TOTAL LIABILITIES............... 76,293 2,138,894 1,928,242 524,984
------------ ------------ ------------ ------------
NET ASSETS:
Paid-in-capital......................... 49,076,035 118,689,967 70,632,226 16,850,386
Accumulated net realized losses......... (302,002) (137,793) (187,773) (31,576 )
Net unrealized appreciation............. 1,850,531 2,130,907 2,844,792 428,852
------------ ------------ ------------ ------------
NET ASSETS...................... $ 50,624,564 $120,683,081 $ 73,289,245 $17,247,662
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
*IDENTIFIED COST........................ $ 47,757,196 $118,014,206 $ 71,086,537 $16,941,886
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................... 4,846,619 11,480,061 6,853,022 1,605,297
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
NET ASSET VALUE PER SHARE (unlimited
authorized shares of $.01 par
value)................................ $10.45 $10.51 $10.69 $10.74
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
MAXIMUM OFFERING PRICE PER SHARE (net
asset value plus 4.17% of net asset
value)**.............................. $10.89 $10.95 $11.14 $11.19
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
<FN>
- ------------------
** ON SALES OF $25,000 OR MORE, THE OFFERING PRICE IS REDUCED.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------ ----------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value*... $ 22,098,172 $10,611,682 $ 47,837,968 $ 15,189,956 $ 22,192,334 $51,757,002
Cash................................... 72,381 175,937 34,658 31,501 682,520 72,530
Receivable for:
Investments sold..................... -- -- 1,479,162 -- -- --
Interest............................. 321,184 161,323 921,431 245,118 324,068 664,380
Shares of beneficial interest sold... 2,350 106,275 46,379 77,802 10,630 26,201
Deferred organizational expenses....... 2,008 2,008 2,008 2,008 2,008 2,008
Prepaid expenses and other assets...... 4,996 2,238 9,569 5,692 5,984 5,890
Receivable from Investment Manager..... 7,022 2,292 -- -- 1,225 --
------------ ----------- ------------ ------------ ------------ -----------
TOTAL ASSETS................... 22,508,113 11,061,755 50,331,175 15,552,077 23,218,769 52,528,011
------------ ----------- ------------ ------------ ------------ -----------
LIABILITIES:
Payable for:
Investments purchased................ 991,426 -- 1,991,253 -- 994,667 --
Shares of beneficial interest
repurchased........................ 32,763 14,806 44,113 -- -- 8,317
Dividends to shareholders............ 15,938 7,814 35,211 11,414 15,131 37,379
Plan of distribution fee............. 2,883 1,453 6,475 2,067 2,976 6,984
Investment management fee............ 3,009 -- 15,109 276 1,717 16,295
Accrued expenses and other payables.... 6,926 10,619 14,492 7,159 9,141 14,474
------------ ----------- ------------ ------------ ------------ -----------
TOTAL LIABILITIES.............. 1,052,945 34,692 2,106,653 20,916 1,023,632 83,449
------------ ----------- ------------ ------------ ------------ -----------
NET ASSETS:
Paid-in-capital........................ 20,905,730 10,905,800 47,209,110 15,175,829 21,939,270 51,074,824
Accumulated net realized losses........ (24,247) (73,097) (320,243) (6,843) (297,426) (189,007 )
Net unrealized appreciation............ 573,685 194,360 1,335,655 362,175 553,293 1,558,745
------------ ----------- ------------ ------------ ------------ -----------
NET ASSETS..................... $ 21,455,168 $11,027,063 $ 48,224,522 $ 15,531,161 $ 22,195,137 $52,444,562
------------ ----------- ------------ ------------ ------------ -----------
------------ ----------- ------------ ------------ ------------ -----------
*IDENTIFIED COST....................... $ 21,524,487 $10,417,322 $ 46,502,313 $ 14,827,781 $ 21,639,041 $50,198,257
------------ ----------- ------------ ------------ ------------ -----------
------------ ----------- ------------ ------------ ------------ -----------
SHARES OF BENEFICIAL INTEREST
OUTSTANDING.......................... 2,027,776 1,061,733 4,566,708 1,461,931 2,103,951 4,922,189
------------ ----------- ------------ ------------ ------------ -----------
------------ ----------- ------------ ------------ ------------ -----------
NET ASSET VALUE PER SHARE (unlimited
authorized shares of $.01 par
value)............................... $10.58 $10.39 $10.56 $10.62 $10.55 $10.65
------------ ----------- ------------ ------------ ------------ -----------
------------ ----------- ------------ ------------ ------------ -----------
MAXIMUM OFFERING PRICE PER SHARE (net
asset value plus 4.17% of net asset
value)**............................. $11.02 $10.82 $11.00 $11.06 $10.99 $11.09
------------ ----------- ------------ ------------ ------------ -----------
------------ ----------- ------------ ------------ ------------ -----------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME....................... $ 1,484,923 $ 3,580,628 $ 2,207,546 $ 483,335
------------- ------------- ------------- -------------
EXPENSES
Investment management fee........... 85,527 203,059 126,910 28,023
Plan of distribution fee............ 33,640 82,813 48,752 11,237
Professional fees................... 14,708 13,951 16,085 12,615
Transfer agent fees and expenses.... 10,738 18,032 13,716 4,421
Shareholder reports and notices..... 4,937 9,584 6,174 1,502
Trustees' fees and expenses......... 2,209 4,641 3,083 441
Registration fees................... 6,966 3,258 1,888 1,565
Organizational expenses............. -- 1,676 1,676 1,676
Other............................... 6,866 6,710 6,099 4,627
------------- ------------- ------------- -------------
TOTAL EXPENSES BEFORE AMOUNTS
WAIVED/ASSUMED................ 165,591 343,724 224,383 66,107
LESS: AMOUNTS WAIVED/ASSUMED.... -- -- -- (26,073 )
------------- ------------- ------------- -------------
TOTAL EXPENSES AFTER AMOUNTS
WAIVED/ASSUMED................ 165,591 343,724 224,383 40,034
------------- ------------- ------------- -------------
NET INVESTMENT INCOME........... 1,319,332 3,236,904 1,983,163 443,301
------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)............ 75,232 (60,904) 187,133 12,263
Net change in unrealized
depreciation...................... 4,949,384 13,246,678 7,672,525 1,784,123
------------- ------------- ------------- -------------
NET GAIN........................ 5,024,616 13,185,774 7,859,658 1,796,386
------------- ------------- ------------- -------------
NET INCREASE.................... $ 6,343,948 $ 16,422,678 $ 9,842,821 $ 2,239,687
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------ --------- ------------ ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME...................... $ 631,968 $ 311,795 $ 1,453,984 $ 451,044 $ 651,582 $1,511,353
------------ --------- ------------ ------------- ------------- ---------
EXPENSES
Investment management fee.......... 36,350 18,295 82,333 26,357 37,619 88,195
Plan of distribution fee........... 12,859 7,053 30,393 10,305 14,643 35,729
Professional fees.................. 8,800 13,982 13,722 10,426 12,457 13,765
Transfer agent fees and expenses... 6,397 2,915 11,945 3,018 5,653 11,830
Shareholder reports and notices.... 2,062 1,228 4,291 1,289 1,984 3,374
Trustees' fees and expenses........ 743 484 1,937 535 867 1,789
Registration fees.................. 658 1,918 2,015 3,117 1,825 2,860
Organizational expenses............ 1,676 1,676 1,676 1,676 1,676 1,676
Other.............................. 3,457 3,905 4,949 3,172 4,308 7,590
------------ --------- ------------ ------------- ------------- ---------
TOTAL EXPENSES BEFORE AMOUNTS
WAIVED/ASSUMED............... 73,002 51,456 153,261 59,895 81,032 166,808
LESS: AMOUNTS WAIVED/ASSUMED... (21,073) (25,320) -- (22,242) (27,291) --
------------ --------- ------------ ------------- ------------- ---------
TOTAL EXPENSES AFTER AMOUNTS
WAIVED/ASSUMED............... 51,929 26,136 153,261 37,653 53,741 166,808
------------ --------- ------------ ------------- ------------- ---------
NET INVESTMENT INCOME.......... 580,039 285,659 1,300,723 413,391 597,841 1,344,545
------------ --------- ------------ ------------- ------------- ---------
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss)........... -- (134) (69,155 ) 8,537 33,740 (104,623)
Net change in unrealized
depreciation..................... 2,313,353 1,168,053 5,187,045 1,732,229 2,382,934 5,497,050
------------ --------- ------------ ------------- ------------- ---------
NET GAIN....................... 2,313,353 1,167,919 5,117,890 1,740,766 2,416,674 5,392,427
------------ --------- ------------ ------------- ------------- ---------
NET INCREASE................... $ 2,893,392 $1,453,578 $ 6,418,613 $ 2,154,157 $ 3,014,515 $6,736,972
------------ --------- ------------ ------------- ------------- ---------
------------ --------- ------------ ------------- ------------- ---------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED) AND
FOR THE YEAR ENDED NOVEMBER 30, 1994
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA
--------------------------- ---------------------------
1995 1994 1995 1994
----------- -------------- ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............... $ 1,319,332 $ 3,019,123 $ 3,236,904 $ 7,310,665
Net realized gain (loss)............ 75,232 (377,211) (60,904) (76,890)
Net change in unrealized
appreciation/ depreciation........ 4,949,384 (6,786,528) 13,246,678 (18,993,072)
----------- -------------- ------------- ------------
Net increase (decrease)......... 6,343,948 (4,144,616) 16,422,678 (11,759,297)
----------- -------------- ------------- ------------
Dividends and distributions to
shareholders from:
Net investment income............... (1,319,332) (3,019,123) (3,236,904) (7,310,665)
Net realized gain................... -- (65,333) -- (1,746,975)
----------- -------------- ------------- ------------
Total........................... (1,319,332) (3,084,456) (3,236,904) (9,057,640)
----------- -------------- ------------- ------------
Transactions in shares of beneficial
interest:
Net proceeds from sales............. 2,941,103 8,302,316 5,564,420 18,530,482
Reinvestment of dividends and
distributions..................... 667,982 1,628,501 1,620,671 5,154,881
Cost of shares repurchased.......... (5,637,492) (14,950,597) (12,137,842) (29,726,860)
----------- -------------- ------------- ------------
Net increase (decrease)......... (2,028,407) (5,019,780) (4,952,751) (6,041,497)
----------- -------------- ------------- ------------
Total increase (decrease)....... 2,996,209 (12,248,852) 8,233,023 (26,858,434)
NET ASSETS:
Beginning of period................... 47,628,355 59,877,207 112,450,058 139,308,492
----------- -------------- ------------- ------------
END OF PERIOD......................... $50,624,564 $ 47,628,355 $ 120,683,081 $112,450,058
----------- -------------- ------------- ------------
----------- -------------- ------------- ------------
SHARES ISSUED AND REPURCHASED:
Sold.................................. 293,393 795,764 551,748 1,777,153
Reinvestment of dividends and
distributions....................... 66,291 159,652 160,983 495,104
Repurchased........................... (567,302) (1,484,391) (1,221,496) (2,944,606)
----------- -------------- ------------- ------------
Net increase (decrease)............... (207,618) (528,975) (508,765) (672,349)
----------- -------------- ------------- ------------
----------- -------------- ------------- ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FLORIDA MASSACHUSETTS MICHIGAN
--------------------------- --------------------------- --------------------------
1995 1994 1995 1994 1995 1994
------------- ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income.............. $ 1,983,163 $ 4,381,929 $ 443,301 $ 956,943 $ 580,039 $ 1,174,848
Net realized gain (loss)........... 187,133 (238,226) 12,263 (43,840) -- (24,247)
Net change in unrealized
appreciation/ depreciation....... 7,672,525 (10,264,924) 1,784,123 (2,334,430) 2,313,353 (2,973,184)
------------- ------------ ------------- ------------ ------------ ------------
Net increase (decrease)........ 9,842,821 (6,121,221) 2,239,687 (1,421,327) 2,893,392 (1,822,583)
------------- ------------ ------------- ------------ ------------ ------------
Dividends and distributions to
shareholders from:
Net investment income.............. (1,983,163) (4,381,929) (443,301) (956,943) (580,039) (1,174,848)
Net realized gain.................. -- -- -- (167,916) -- (363,656)
------------- ------------ ------------- ------------ ------------ ------------
Total.......................... (1,983,163) (4,381,929) (443,301) (1,124,859) (580,039) (1,538,504)
------------- ------------ ------------- ------------ ------------ ------------
Transactions in shares of beneficial
interest:
Net proceeds from sales............ 5,013,343 16,449,296 1,119,479 2,842,908 911,103 3,330,753
Reinvestment of dividends and
distributions.................... 695,405 1,503,336 245,104 662,124 317,101 892,827
Cost of shares repurchased......... (11,736,767) (20,485,991) (1,420,075) (3,795,658) (1,917,384) (3,114,925)
------------- ------------ ------------- ------------ ------------ ------------
Net increase (decrease)........ (6,028,019) (2,533,359) (55,492) (290,626) (689,180) 1,108,655
------------- ------------ ------------- ------------ ------------ ------------
Total increase (decrease)...... 1,831,639 (13,036,509) 1,740,894 (2,836,812) 1,624,173 (2,252,432)
NET ASSETS:
Beginning of period.................. 71,457,606 84,494,115 15,506,768 18,343,580 19,830,995 22,083,427
------------- ------------ ------------- ------------ ------------ ------------
END OF PERIOD........................ $ 73,289,245 $ 71,457,606 $ 17,247,662 $ 15,506,768 $ 21,455,168 $ 19,830,995
------------- ------------ ------------- ------------ ------------ ------------
------------- ------------ ------------- ------------ ------------ ------------
SHARES ISSUED AND REPURCHASED:
Sold................................. 487,968 1,560,132 107,540 267,619 90,128 315,764
Reinvestment of dividends and
distributions...................... 67,490 144,781 23,686 62,943 31,116 85,272
Repurchased.......................... (1,146,898) (1,993,666) (141,217) (371,144) (189,795) (302,511)
------------- ------------ ------------- ------------ ------------ ------------
Net increase (decrease).............. (591,440) (288,753) (9,991) (40,582) (68,551) 98,525
------------- ------------ ------------- ------------ ------------ ------------
------------- ------------ ------------- ------------ ------------ ------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED) AND
FOR THE YEAR ENDED NOVEMBER 30, 1994
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY
--------------------------- ---------------------------
1995 1994 1995 1994
----------- -------------- ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............... $ 285,659 $ 624,565 $ 1,300,723 $ 2,786,488
Net realized gain (loss)............ (134 ) (73,439) (69,155) (251,096)
Net change in unrealized
appreciation/ depreciation........ 1,168,053 (1,530,836) 5,187,045 (6,801,131)
----------- -------------- ------------- ------------
Net increase (decrease)......... 1,453,578 (979,710) 6,418,613 (4,265,739)
----------- -------------- ------------- ------------
Dividends and distributions to
shareholders from:
Net investment income............... (285,659 ) (624,565) (1,300,723) (2,786,488)
Net realized gain................... -- (83,885) -- (387,878)
----------- -------------- ------------- ------------
Total........................... (285,659 ) (708,450) (1,300,723) (3,174,366)
----------- -------------- ------------- ------------
Transactions in shares of beneficial
interest:
Net proceeds from sales............. 675,951 1,972,261 1,933,059 8,465,825
Reinvestment of dividends and
distributions..................... 158,751 450,744 706,827 1,869,538
Cost of shares repurchased.......... (768,409 ) (2,479,885) (5,030,509) (11,896,977)
----------- -------------- ------------- ------------
Net increase (decrease)......... 66,293 (56,880) (2,390,623) (1,561,614)
----------- -------------- ------------- ------------
Total increase (decrease)....... 1,234,212 (1,745,040) 2,727,267 (9,001,719)
NET ASSETS:
Beginning of period................... 9,792,851 11,537,891 45,497,255 54,498,974
----------- -------------- ------------- ------------
END OF PERIOD......................... $11,027,063 $ 9,792,851 $ 48,224,522 $ 45,497,255
----------- -------------- ------------- ------------
----------- -------------- ------------- ------------
SHARES ISSUED AND REPURCHASED:
Sold.................................. 67,176 191,155 191,431 806,053
Reinvestment of dividends and
distributions....................... 15,917 44,176 69,664 180,172
Repurchased........................... (76,275 ) (250,831) (501,262) (1,160,235)
----------- -------------- ------------- ------------
Net increase (decrease)............... 6,818 (15,500) (240,167) (174,010)
----------- -------------- ------------- ------------
----------- -------------- ------------- ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW YORK OHIO PENNSYLVANIA
--------------------------- --------------------------- -----------------------
1995 1994 1995 1994 1995 1994
------------- ------------ ------------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income.............. $ 413,391 $ 851,906 $ 597,841 $ 1,332,217 $1,344,545 $2,825,018
Net realized gain (loss)........... 8,537 (15,381) 33,740 (334,182) (104,623) (84,384)
Net change in unrealized
appreciation/ depreciation....... 1,732,229 (2,296,834) 2,382,934 (3,125,323) 5,497,050 (7,028,096)
------------- ------------ ------------- ------------ ---------- ----------
Net increase (decrease)........ 2,154,157 (1,460,309) 3,014,515 (2,127,288) 6,736,972 (4,287,462)
------------- ------------ ------------- ------------ ---------- ----------
Dividends and distributions to
shareholders from:
Net investment income.............. (413,391) (851,906) (597,841) (1,332,217) (1,344,545) (2,825,018)
Net realized gain.................. -- (66,663) -- (284,377) -- (292,250)
------------- ------------ ------------- ------------ ---------- ----------
Total.......................... (413,391) (918,569) (597,841) (1,616,594) (1,344,545) (3,117,268)
------------- ------------ ------------- ------------ ---------- ----------
Transactions in shares of beneficial
interest:
Net proceeds from sales............ 921,302 3,239,727 1,241,435 10,906,004 4,799,867 8,825,758
Reinvestment of dividends and
distributions.................... 213,565 494,616 364,085 1,085,139 687,537 1,724,222
Cost of shares repurchased......... (1,866,395) (2,788,145) (2,519,718) (12,403,711) (5,992,525) (8,965,577)
------------- ------------ ------------- ------------ ---------- ----------
Net increase (decrease)........ (731,528) 946,198 (914,198) (412,568) (505,121) 1,584,403
------------- ------------ ------------- ------------ ---------- ----------
Total increase (decrease)...... 1,009,238 (1,432,680) 1,502,476 (4,156,450) 4,887,306 (5,820,327)
NET ASSETS:
Beginning of period.................. 14,521,923 15,954,603 20,692,661 24,849,111 47,557,256 53,377,583
------------- ------------ ------------- ------------ ---------- ----------
END OF PERIOD........................ $ 15,531,161 $ 14,521,923 $ 22,195,137 $ 20,692,661 $52,444,562 $47,557,256
------------- ------------ ------------- ------------ ---------- ----------
------------- ------------ ------------- ------------ ---------- ----------
SHARES ISSUED AND REPURCHASED:
Sold................................. 91,457 307,576 123,529 1,040,504 471,464 840,565
Reinvestment of dividends and
distributions...................... 20,988 47,552 35,852 104,330 66,995 165,631
Repurchased.......................... (185,489) (266,575) (251,505) (1,213,100) (588,897) (882,180)
------------- ------------ ------------- ------------ ---------- ----------
Net increase (decrease).............. (73,044) 88,553 (92,124) (68,266) (50,438) 124,016
------------- ------------ ------------- ------------ ---------- ----------
------------- ------------ ------------- ------------ ---------- ----------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter Multi-State Municipal
Series Trust (the "Fund") is registered under the Investment Company Act of
1940, as amended (the "Act"), as a non-diversified, open-end management
investment company.
The Fund, organized on October 29, 1990, as a Massachusetts business trust,
is comprised of ten separate Series (the "Series") and commenced operations as
follows:
<TABLE>
<CAPTION>
COMMENCEMENT
SERIES OF OPERATIONS
- -------------------------------- --------------------
<S> <C>
Arizona......................... April 30, 1991
California...................... January 15, 1991
Florida......................... January 15, 1991
Massachusetts................... January 15, 1991
Michigan........................ January 15, 1991
<CAPTION>
COMMENCEMENT
SERIES OF OPERATIONS
- -------------------------------- --------------------
<S> <C>
Minnesota....................... January 15, 1991
New Jersey...................... January 15, 1991
New York........................ January 15, 1991
Ohio............................ January 15, 1991
Pennsylvania.................... January 15, 1991
</TABLE>
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- Portfolio securities are valued for the Fund
by an outside independent pricing service approved by the Fund's Trustees.
The pricing service has informed the Fund that in valuing the Fund's
portfolio securities, it uses both a computerized matrix of tax-exempt
securities and evaluations by its staff, in each case based on information
concerning market transactions and quotations from dealers which reflect the
bid side of the market each day. The Fund's portfolio securities are thus
valued by reference to a combination of transactions and quotations for the
same or other securities believed to be comparable in quality, coupon,
maturity, type of issue, call provisions, trading characteristics and other
features deemed to be relevant. Short-term debt securities having a maturity
date of more than sixty days at time of purchase are valued on a
mark-to-market basis until sixty days prior to maturity and thereafter at
amortized cost based on their value on the 61st day. Short-term debt
securities having a maturity date of sixty days or less at the time of
purchase are valued at amortized cost.
B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined by the identified cost
method. The Fund amortizes premiums and accretes discounts on securities
purchased over the life of the respective securities. Interest income is
accrued daily.
C. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply
individually for each Series with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of
its taxable and nontaxable income to its shareholders. Accordingly, no
federal income tax provision is required.
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends
and distributions to its shareholders on the record date. The amount of
dividends and distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the capital accounts based on their federal
tax-basis treatment; temporary differences do not require reclassification.
Dividends and distributions which exceed net investment income and net
realized capital gains for financial
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
reporting purposes but not for tax purposes are reported as dividends in
excess of net investment income or distributions in excess of net realized
capital gains. To the extent they exceed net investment income and net
realized capital gains for tax purposes, they are reported as distributions
of paid-in-capital.
E. ORGANIZATIONAL EXPENSES -- Dean Witter InterCapital Inc. (the "Investment
Manager") paid the organizational expenses of the Fund of approximately
$204,000 of which $150,000 of such costs ($16,667 for each of the initial
Series excluding the Arizona Series) have been reimbursed. Such expenses
have been deferred and are being amortized by the straight-line method over
a period not to exceed five years from the commencement of operations.
F. EXPENSES -- Direct expenses are charged to the respective Series and
general corporate expenses are allocated on the basis of relative net
assets.
2. TRANSACTIONS WITH THE INVESTMENT MANAGER -- Pursuant to an Investment
Management Agreement, each Series of the Fund pays its Investment Manager a
management fee, accrued daily and payable monthly, by applying the annual rate
of 0.35% to the daily net assets of each Series determined as of the close of
each business day.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes 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 has undertaken to waive management fees and assume
all expenses that exceeded 0.50% of the daily net assets with respect to
Massachusetts, Michigan, Minnesota, New York and Ohio Series through December
31, 1995.
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 with the
distribution of shares of the Fund.
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 determined to reimburse, as described below. The following
activities and services may be provided by the Distributor, under the Plan: (1)
compensation to, and expenses of, account executives of Dean Witter Reynolds
Inc., an affiliate of the Investment Manager and Distributor, and other selected
broker-dealers; (2) sales incentives and bonuses to sales representatives and to
marketing personnel in connection with promoting sales of the Fund's shares; (3)
expenses incurred in connection with promoting sales of the Fund's shares; (4)
preparing and distributing sales literature; and (5) providing advertising and
promotional activities, including direct mail solicitation and television,
radio, newspaper, magazine and other media advertisements.
The Fund is authorized to reimburse the Distributor for specific expenses
the Distributor incurs or plans to incur in promoting the distribution of the
Fund's shares. The amount of each monthly reimbursement payment may in no event
exceed an amount equal to a payment at the annual rate of 0.15% of the Fund's
average daily net assets during the month. Expenses incurred by the Distributor
pursuant to the
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
Plan in any fiscal year will not be reimbursed by the Fund through payments
accrued in any subsequent fiscal year. For the six months ended May 31, 1995,
the distribution fees were accrued at the following annual rates:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------- --------------- ------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C>
Annual Rate...................... 0.14% 0.14% 0.13% 0.14% 0.12%
--- --- --- --- ---
--- --- --- --- ---
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------- --------------- ------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C>
Annual Rate...................... 0.13% 0.13% 0.14% 0.14% 0.14%
--- --- --- --- ---
--- --- --- --- ---
</TABLE>
For the six months ended May 31, 1995, 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 for the
amounts as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
----------- ----------- ----------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Commissions...................... $ 76,298 $ 88,739 $ 145,364 $ 32,271 $ 32,961
----------- ----------- ----------- --------------- -------------
----------- ----------- ----------- --------------- -------------
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ----------- ----------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Commissions...................... $ 19,011 $ 65,538 $ 14,744 $ 39,147 $ 88,185
----------- ----------- ----------- --------------- -------------
----------- ----------- ----------- --------------- -------------
</TABLE>
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and proceeds from the sales of portfolio securities, excluding
short-term investments, for the six months ended May 31, 1995 were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
---------- ----------- ---------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Purchases........................ $ 714,375 $2,530,863 $2,767,260 $ 494,655 $1,287,720
---------- ----------- ---------- -------------- ------------
---------- ----------- ---------- -------------- ------------
Sales............................ $1,104,310 $1,340,390 $2,616,490 $ 813,403 $ --
---------- ----------- ---------- -------------- ------------
---------- ----------- ---------- -------------- ------------
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
---------- ----------- ---------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Purchases........................ $ -- $3,421,255 $2,416,240 $ 990,000 $ 4,086,900
---------- ----------- ---------- -------------- ------------
---------- ----------- ---------- -------------- ------------
Sales............................ $ 30,000 $1,951,860 $ 506,776 $ 1,823,560 $ 2,253,990
---------- ----------- ---------- -------------- ------------
---------- ----------- ---------- -------------- ------------
</TABLE>
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. For the six months ended May 31,
1995, each of the Series had transfer agent fees and expenses payable as
follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN MINNESOTA NEW JERSEY NEW YORK
----------- ----------- --------- --------------- ----------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Transfer Agent Fees
and Expenses
Payable.......... $ 2,772 $ 3,197 $ 2,709 $ 2,075 $ 1,384 $ 504 $ 2,109 $ 566
----------- ----------- --------- ------- ----------- ----- ------------- -----
----------- ----------- --------- ------- ----------- ----- ------------- -----
<CAPTION>
OHIO PENNSYLVANIA
--------- -------------
<S> <C> <C>
Transfer Agent Fees
and Expenses
Payable.......... $ 1,029 $ 2,787
--------- -------------
--------- -------------
</TABLE>
The Fund adopted an unfunded noncontributory defined benefit pension plan
covering all Trustees of the Fund who will have served as independent Trustees
for at least five years at the time of retirement. Benefits under this plan are
based on years of service and compensation during the last five years of
service. Aggregate pension costs for the six months ended May 31, 1995 included
in Trustees' fees and
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
expenses in the Statement of Operations and the accrued pension liability
included in accrued expenses in the Statement of Assets and Liabilities for each
of the respective Series were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN MINNESOTA NEW JERSEY NEW YORK
----------- ----------- --------- ----------------- ----------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Aggregate Pension
Costs........... $ 706 $ 1,662 $ 1,072 $ 229 $ 291 $ 150 $ 692 $ 218
----------- ----------- --------- ----- ----- ----- ------------- -----
----------- ----------- --------- ----- ----- ----- ------------- -----
Accrued Pension
Liability....... $ 2,258 $ 4,646 $ 2,974 $ 645 $ 817 $ 441 $ 1,901 $ 606
----------- ----------- --------- ----- ----- ----- ------------- -----
----------- ----------- --------- ----- ----- ----- ------------- -----
<CAPTION>
OHIO PENNSYLVANIA
--------- -------------
<S> <C> <C>
Aggregate Pension
Costs........... $ 306 $ 699
--------- -------------
--------- -------------
Accrued Pension
Liability....... $ 855 $ 1,950
--------- -------------
--------- -------------
</TABLE>
5. FEDERAL INCOME TAX STATUS -- At November 30, 1994, the following Series had
an approximate net capital loss carryover which may be used to offset future
capital gains to the extent provided by regulations as follows:
<TABLE>
<CAPTION>
AVAILABLE THROUGH NOVEMBER 30, 1999 2000 2001 2002 TOTAL
- ------------------------------------------------------ --------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Arizona............................................... -- -- -- $ 377,200 $ 377,200
California............................................ -- -- -- 76,900 76,900
Florida............................................... $ 8,400 $ 28,800 $ 94,000 243,700 374,900
Massachusetts......................................... -- -- -- 43,800 43,800
Michigan.............................................. -- -- -- 24,200 24,200
Minnesota............................................. -- -- -- 32,000 32,000
New Jersey............................................ -- -- -- 207,100 207,100
New York.............................................. -- -- -- 13,800 13,800
Ohio.................................................. -- -- -- 300,100 300,100
Pennsylvania.......................................... -- -- -- 74,600 74,600
</TABLE>
Capital losses incurred after October 31 ("post-October" losses) within the
taxable year are deemed to arise on the first business day of the Funds' next
taxable year. The following Series incurred and will elect to defer net capital
losses during fiscal 1994:
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ----------- ----------- ----------- --------- -------------
<S> <C> <C> <C> <C>
$ 41,430 $ 43,957 $ 1,575 $ 34,090 $ 9,803
- ----------- ----------- ----------- --------- -------------
- ----------- ----------- ----------- --------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET
YEAR VALUE NET NET REALIZED TOTAL FROM DISTRIBUTIONS TOTAL
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO TO DIVIDENDS AND
NOVEMBER 30 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- ------------------------ ---------- ---------- --------------- ---------- ------------ ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Arizona Series
1991(b) $ 9.60 $0.36 $ 0.17 $ 0.53 $ (0.36) $-- $(0.36)
1992 9.77 0.64 0.41 1.05 (0.64) -- (0.64)
1993 10.18 0.58 0.56 1.14 (0.58) (0.02) (0.60)
1994 10.72 0.55 (1.29) (0.74) (0.55) (0.01) (0.56)
1995(c) 9.42 0.27 1.03 1.30 (0.27) -- (0.27)
California Series
1991(a) 9.60 0.60 0.39 0.99 (0.60) -- (0.60)
1992 9.99 0.67 0.34 1.01 (0.67) (0.01) (0.68)
1993 10.32 0.61 0.68 1.29 (0.61) -- (0.61)
1994 11.00 0.58 (1.48) (0.90) (0.58) (0.14) (0.72)
1995(c) 9.38 0.28 1.13 1.41 (0.28) -- (0.28)
Florida Series
1991(a) 9.60 0.55 0.28 0.83 (0.55) -- (0.55)
1992 9.88 0.64 0.41 1.05 (0.64) -- (0.64)
1993 10.29 0.59 0.64 1.23 (0.59) -- (0.59)
1994 10.93 0.56 (1.33) (0.77) (0.56) -- (0.56)
1995(c) 9.60 0.28 1.09 1.37 (0.28) -- (0.28)
Massachusetts Series
1991(a) 9.60 0.54 0.38 0.92 (0.54) -- (0.54)
1992 9.98 0.66 0.42 1.08 (0.66) (0.04) (0.70)
1993 10.36 0.60 0.72 1.32 (0.60) -- (0.60)
1994 11.08 0.56 (1.38) (0.82) (0.56) (0.10) (0.66)
1995(c) 9.60 0.28 1.14 1.42 (0.28) -- (0.28)
Michigan Series
1991(a) 9.60 0.54 0.36 0.90 (0.54) -- (0.54)
1992 9.96 0.65 0.46 1.11 (0.65) (0.01) (0.66)
1993 10.41 0.61 0.64 1.25 (0.61) -- (0.61)
1994 11.05 0.56 (1.41) (0.85) (0.56) (0.18) (0.74)
1995(c) 9.46 0.28 1.12 1.40 (0.28) -- (0.28)
- ------------
(A) JANUARY 15, 1991 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 1991.
(B) APRIL 30, 1991 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 1991.
(C) FOR THE SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED).
* AFTER APPLICATION OF THE FUND'S EXPENSE LIMITATION.
+ DOES NOT REFLECT THE DEDUCTION OF SALES LOAD.
(1) NOT ANNUALIZED.
(2) ANNUALIZED.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET RATIOS TO AVERAGE NET
ASSETS ASSETS
(AFTER EXPENSES WERE (BEFORE EXPENSES WERE
ASSUMED) ASSUMED)*
NET ASSETS -------------------------- ------------------------
NET ASSET TOTAL END OF NET NET PORTFOLIO
VALUE END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
YEAR ENDED NOVEMBER 30 PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
- ---------------------- -------------- ---------- ---------- -------------- ---------- ---------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona Series
1991(b) $ 9.77 5.66%(1) $ 20,733 0.15%(2) 6.32%(2) 1.43%(2) 5.04%(2) 8%(1)
1992 10.18 11.08 38,812 0.15 6.33 0.74 5.74 15
1993 10.72 11.42 59,877 0.48 5.40 0.65 5.22 5
1994 9.42 (7.16) 47,628 0.62 5.33 0.63 5.32 11
1995(c) 10.45 13.89(1) 50,625 0.68(2) 5.40(2) 0.68(2) 5.40(2) 2(1)
California Series
1991(a) 9.99 10.29(1) 41,568 0.15(2) 6.53(2) 0.97(2) 5.71(2) 24(1)
1992 10.32 10.23 95,604 0.15 6.36 0.67 5.84 5
1993 11.00 12.77 139,308 0.48 5.57 0.60 5.45 11
1994 9.38 (8.65) 112,450 0.58 5.59 0.59 5.58 12
1995(c) 10.51 15.13(1) 120,683 0.59(2) 5.58(2) 0.59(2) 5.58(2) 1(1)
Florida Series
1991(a) 9.88 8.84(1) 17,719 0.15(2) 6.45(2) 1.27(2) 5.33(2) 10(1)
1992 10.29 10.92 51,560 0.15 6.19 0.73 5.62 6
1993 10.93 12.20 84,494 0.48 5.39 0.63 5.23 3
1994 9.60 (7.29) 71,458 0.61 5.34 0.62 5.33 3
1995(c) 10.69 14.36(1) 73,289 0.62(2) 5.47(2) 0.62(2) 5.47(2) 4(1)
Massachusetts Series
1991(a) 9.98 9.87(1) 3,205 0.15(2) 6.50(2) 2.50(2) 4.08(2) 40(1)
1992 10.36 11.19 10,113 0.14 6.26 1.25 5.16 10
1993 11.08 13.06 18,344 0.48 5.47 0.84 5.10 12
1994 9.60 (7.71) 15,507 0.50 5.35 0.78 5.07 10
1995(c) 10.74 14.94(1) 17,248 0.50(2) 5.54(2) 0.83(2) 5.21(2) 3(1)
Michigan Series
1991(a) 9.96 9.54(1) 6,630 0.15(2) 6.54(2) 1.73(2) 4.96(2) 46(1)
1992 10.41 11.78 13,809 0.14 6.28 1.01 5.42 9
1993 11.05 12.28 22,083 0.48 5.53 0.80 5.20 15
1994 9.46 (8.07) 19,831 0.50 5.44 0.75 5.19 9
1995(c) 10.58 14.92(1) 21,455 0.50(2) 5.58(2) 0.70(2) 5.38(2) -- (1)
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET
YEAR VALUE NET NET REALIZED TOTAL FROM DISTRIBUTIONS TOTAL
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO TO DIVIDENDS AND
NOVEMBER 30 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- ------------------------ ---------- ---------- --------------- ---------- ------------ ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Minnesota Series
1991(a) $ 9.60 $0.51 $ 0.19 $ 0.70 $ (0.51) $-- $(0.51)
1992 9.79 0.63 0.32 0.95 (0.63) -- (0.63)
1993 10.11 0.58 0.67 1.25 (0.58) -- (0.58)
1994 10.78 0.55 (1.42) (0.87) (0.55) (0.08) (0.63)
1995(c) 9.28 0.27 1.11 1.38 (0.27) -- (0.27)
New Jersey Series
1991(a) 9.60 0.55 0.35 0.90 (0.55) -- (0.55)
1992 9.95 0.66 0.44 1.10 (0.66) (0.04) (0.70)
1993 10.35 0.60 0.62 1.22 (0.60) (0.03) (0.63)
1994 10.94 0.55 (1.39) (0.84) (0.55) (0.08) (0.63)
1995(c) 9.47 0.28 1.09 1.37 (0.28) -- (0.28)
New York Series
1991(a) 9.60 0.54 0.46 1.00 (0.54) -- (0.54)
1992 10.06 0.68 0.34 1.02 (0.68) (0.06) (0.74)
1993 10.34 0.62 0.69 1.31 (0.62) -- (0.62)
1994 11.03 0.57 (1.52) (0.95) (0.57) (0.05) (0.62)
1995(c) 9.46 0.28 1.16 1.44 (0.28) -- (0.28)
Ohio Series
1991(a) 9.60 0.53 0.25 0.78 (0.53) -- (0.53)
1992 9.85 0.66 0.41 1.07 (0.66) (0.01) (0.67)
1993 10.25 0.60 0.72 1.32 (0.60) -- (0.60)
1994 10.97 0.55 (1.43) (0.88) (0.55) (0.12) (0.67)
1995(c) 9.42 0.28 1.13 1.41 (0.28) -- (0.28)
Pennsylvania Series
1991(a) 9.60 0.53 0.30 0.83 (0.53) -- (0.53)
1992 9.90 0.66 0.44 1.10 (0.66) -- (0.66)
1993 10.34 0.61 0.67 1.28 (0.61) -- (0.61)
1994 11.01 0.56 (1.39) (0.83) (0.56) (0.06) (0.62)
1995(c) 9.56 0.27 1.09 1.36 (0.27) -- (0.27)
- ------------
(A) JANUARY 15, 1991 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 1991.
(C) FOR THE SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED).
* AFTER APPLICATION OF THE FUND'S EXPENSE LIMITATION.
+ DOES NOT REFLECT THE DEDUCTION OF SALES LOAD.
(1) NOT ANNUALIZED.
(2) ANNUALIZED.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET RATIOS TO AVERAGE NET
ASSETS ASSETS
(AFTER EXPENSES WERE (BEFORE EXPENSES WERE
ASSUMED) ASSUMED)*
NET ASSETS -------------------------- ------------------------
NET ASSET TOTAL END OF NET NET PORTFOLIO
VALUE END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
YEAR ENDED NOVEMBER 30 PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
- ---------------------- -------------- ---------- ---------- -------------- ---------- ---------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Minnesota Series
1991(a) $9.79 7.42%(1) $ 3,131 0.15%(2) 6.04%(2) 2.50%(2) 2.87%(2) 4%(1)
1992 10.11 9.91 6,420 0.14 6.16 1.46 4.85 23
1993 10.78 12.64 11,538 0.48 5.39 1.04 4.83 8
1994 9.28 (8.42) 9,793 0.50 5.41 0.91 5.00 14
1995(c) 10.39 14.98(1) 11,027 0.50(2) 5.47(2) 0.98(2) 4.98(2) -- (1)
New Jersey Series
1991(a) 9.95 9.59(1) 15,812 0.15(2) 6.43(2) 1.21(2) 5.36(2) 36(1)
1992 10.35 11.34 32,123 0.15 6.36 0.79 5.71 19
1993 10.94 12.03 54,499 0.48 5.41 0.69 5.20 7
1994 9.47 (7.96) 45,497 0.64 5.38 0.65 5.37 6
1995(c) 10.56 14.55(1) 48,225 0.65(2) 5.53(2) 0.65(2) 5.53(2) 4(1)
New York Series
1991(a) 10.06 10.73(1) 3,976 0.15(2) 6.44(2) 2.22(2) 4.37(2) 51(1)
1992 10.34 10.35 9,604 0.15 6.45 1.23 5.37 21
1993 11.03 12.91 15,955 0.48 5.61 0.88 5.21 11
1994 9.46 (8.96) 14,522 0.50 5.48 0.82 5.16 14
1995(c) 10.62 15.30(1) 15,531 0.50(2) 5.44(2) 0.79(2) 5.15(2) 4(1)
Ohio Series
1991(a) 9.85 8.35(1) 6,267 0.15(2) 6.38(2) 2.04(2) 4.48(2) 22(1)
1992 10.25 11.12 13,686 0.15 6.41 1.01 5.56 23
1993 10.97 13.19 24,849 0.48 5.45 0.78 5.14 20
1994 9.42 (8.34) 20,693 0.50 5.31 0.71 5.10 18
1995(c) 10.55 15.08(1) 22,195 0.50(2) 5.56(2) 0.75(2) 5.31(2) 5(1)
Pennsylvania Series
1991(a) 9.90 8.77(1) 12,147 0.15(2) 6.46(2) 1.54(2) 5.07(2) 12(1)
1992 10.34 11.47 31,509 0.15 6.31 0.81 5.65 3
1993 11.01 12.64 53,378 0.48 5.54 0.68 5.33 5
1994 9.56 (7.84) 47,557 0.64 5.37 0.66 5.35 19
1995(c) 10.65 14.35(1) 52,445 0.66(2) 5.34(2) 0.66(2) 5.34(2) 5(1)
</TABLE>
<PAGE>
TRUSTEES
- ---------------------------------------
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo DEAN WITTER
Edwin J. Garn MULTI-STATE
John R. Haire MUNICIPAL
Dr. Manuel H. Johnson SERIES TRUST
Paul Kolton
Michael E. Nugent
Philip J. Purcell [LOGO]
John L. Schroeder
OFFICERS
- ---------------------------------------
Charles A. Fiumefreddo
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Sheldon Curtis
VICE PRESIDENT, SECRETARY AND GENERAL COUNSEL
James F. Willison
VICE PRESIDENT
Thomas F. Caloia
TREASURER
TRANSFER AGENT
- ---------------------------------------
Dean Witter Trust Company
Harborside Financial Center -- Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
- ---------------------------------------
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
- ---------------------------------------
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein
have been taken from the records of the
Fund without examination by the independent
accountants and accordingly they do not
express an opinion thereon.
This report is submitted for the general
information of shareholders of the Fund.
For more detailed information about the
Fund, its officers and trustees, fees,
expenses and other pertinent information,
please see the prospectus of the Fund.
This report is not authorized for
distribution to prospective investors in
the Fund unless preceded or accompanied
by an effective prospectus.
SEMIANNUAL REPORT
MAY 31, 1995
