<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- - -----------------------------------------------------------------------------
Strong economic growth in the fourth quarter of 1993 and a shift in
Federal Reserve Board monetary policy in February of 1994 led to the sharpest
increase in interest rates in more than six years. At the beginning of the
year, concerns regarding inflation developed as the economy approached full
employment and commodity prices moved upward. The Federal Reserve Board
responded by tightening monetary policy. Since early February, the central
bank has raised the federal-funds rate--the interest rate banks charge each
other for overnight loans--250 basis points from 3.00% to 5.50% in six
separate moves through November. Between May and November, the discount
rate--the interest rate the Federal Reserve charges member banks for
loans--increased 175 basis points to 4.75%.
In February and March, yields, as measured by The Bond Buyer Revenue Bond
Index,* jumped 89 basis points from 5.50% to 6.39% in response to the Federal
Reserve Board's initial tightening and subsequent municipal bond selling
pressure. Despite 15 to 20 basis point swings in April and May, a semblance
of stability returned to the market between June and August. After Labor Day,
however, continued economic growth, aggressive tax-loss selling, heavy
mutual-fund redemptions and excessive dealer inventory led to further
municipal market deterioration. Over the 12-month period ended November 30,
1994, Revenue Bond Index yields rose from 5.71% to 7.18%. This total yield
increase of 147 basis points was equivalent to a 17% price decline for a
municipal bond with a 30-year maturity. Half of the price decline occurred
between September and November.
The municipal market was also influenced by supply and demand conditions.
New-issue underwriting totaled a record $290 billion in 1993. The pace of
new-issue activity through November 1994, however, slowed 43%. The estimated
issuance for 1994 is $160 billion. By way of comparison, bond maturities and
calls for redemption are expected to reach $190 billion this year, resulting
in a reduction in the amount of municipal debt outstanding. This scarcity
would normally be expected to improve the relative performance of municipal
bonds under a stable-to-improving market environment.
INVESTMENT STRATEGY
The investment objective of providing shareholders with a high level of
current income exempt from both federal and specific state income taxes
consistent with preservation of capital remained the primary consideration in
portfolio activity. However, the dramatic rise in interest rates since
February 1994 caused the Series' portfolios to become more defensive. The
short-term investment positions were increased from an average of 3% to 10%
by the end of November. The Series' weighted average maturities ranged from
19 to 21 years. Call protection was 8 years on average. Average credit
quality ratings were double A, except for Massachusetts and New York which
were single A.
For your convenience, we have summarized details regarding the various
Series on the following pages. Here you will find information on credit
quality, maturity, call protection, distributions, performance and tax-free
and taxable yields for each portfolio.
The charts that follow illustrate the growth of a $10,000 investment in
each Series from inception (January 15, 1991 for all Series except Arizona,
which commenced operations on April 30, 1991) through the fiscal year ended
November 30, 1994, versus the performance of a similar investment in the
Lehman Brothers Municipal Bond Index.
Please note that the Massachusetts, Michigan, Minnesota, New York and Ohio
Series will continue to have expenses (except for 12b-1 fees) in excess of 50
basis points of daily net assets absorbed by Dean Witter InterCapital Inc.
through December 31, 1995.
On December 6, 1994 Orange County, California filed for protection under
federal bankruptcy law as the result of market losses in its pooled
investment fund. None of the California Series' holdings have been identified
as participants in the Orange County pool.
We appreciate your ongoing support of Dean Witter Multi-State Municipal
Series Trust and look forward to continuing to serve your investment needs.
Very truly yours,
Charles A. Fiumefreddo
Chairman of the Board
- - ------------
*The Bond Buyer Revenue Bond Index is an arithmetic average of the yields of
25 selected municipal revenue bonds with 30-year maturities. Credit ratings
of these bonds range from Aa1 to Baa1 by Moody's and AA+ to A-by Standard &
Poor's.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: ARIZONA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
April 30, 1991 $ 9,600 $10,000
November 30, 1991 $10,144 $10,594
November 30, 1992 $11,267 $11,657
November 30, 1993 $12,554 $12,949
November 30, 1994 $11,655 (3) $12,269
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-7.16 (1) 5.56 (1)
-10.87 (2) 4.36 (2)
_____Fund _____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the
deduction of the maximum applicable front-end sales charge (4%). See
the Fund's current prospectus for complete details on fees and sales
charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: CALIFORNIA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,588 $10,833
November 30, 1992 $11,671 $11,920
November 30, 1993 $13,161 $13,241
November 30, 1994 $12,023(3) $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-8.65 (1) 5.98 (1)
-12.31 (2) 4.87 (2)
_____Fund _____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: FLORIDA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,448 $10,833
November 30, 1992 $11,589 $11,920
November 30, 1993 $13,002 $13,241
November 30, 1994 $12,055 $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-7.29 (1) 6.05 (1)
-10.99 (2) 4.94 (2)
_____Fund _____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: NEW JERSEY SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,521 $10,833
November 30, 1992 $11,714 $11,920
November 30, 1993 $13,123 $13,241
November 30, 1994 $12,079 (3) $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
- 7.96 (1) 6.11 (1)
-11.64 (2) 5.00 (2)
____Fund ____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete details
on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: NEW YORK SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,630 $10,833
November 30, 1992 $11,730 $11,920
November 30, 1993 $13,244 $13,241
November 30, 1994 $12,058 (3) $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-8.96 (1) 6.06 (1)
-12.60 (2) 4.95 (2)
____Fund ____Lehman (4)
Past performance is not predictive of future returns.
____________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete details
on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MASSACHUSETTS SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,548 $10,833
November 30, 1992 $11,727 $11,920
November 30, 1993 $13,259 $13,241
November 30, 1994 $12,237 (3) $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
- 7.71(1) 6.46(1)
-11.40(2) 5.35(2)
_____Fund _____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete
details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MICHIGAN SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,516 $10,833
November 30, 1992 $11,754 $11,920
November 30, 1993 $13,197 $13,241
November 30, 1994 $12,132 (3) $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-8.07 (1) 6.23 (1)
-11.75 (2) 5.12 (2)
____Fund ____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete details
on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MINNESOTA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,312 $10,833
November 30, 1992 $11,334 $11,920
November 30, 1993 $12,767 $13,241
November 30, 1994 $11,692 $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-8.42 (1) 5.22 (1)
-12.08 (2) 4.12 (2)
____Fund ____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete details
on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: OHIO SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,401 $10,833
November 30, 1992 $11,558 $11,920
November 30, 1993 $13,083 $13,241
November 30, 1994 $11,991 (3) $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-8.34 (1) 5.91 (1)
-12.01 (2) 4.80 (2)
____Fund ____Lehman (4)
Past performance is not predictive of future returns.
_______________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete details
on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: PENNSYLVANIA SERIES
GROWTH OF $10,000
($ IN THOUSANDS)
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
January 15, 1991 $ 9,600 $10,000
November 30, 1991 $10,442 $10,833
November 30, 1992 $11,640 $11,920
November 30, 1993 $13,111 $13,241
November 30, 1994 $12,083 (3) $12,546
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
-7.84 (1) 6.12 (1)
-11.53 (2) 5.01 (2)
____Fund ____Lehman (4)
Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable front-end
sales charge (4%). See the Fund's current prospectus for complete details
on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1994.
(4) The Lehman Brothers Municipal Bond Index is a broad-based, unmanaged,
measurement of the performance for the long-term, investment-grade
municipal bond market.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
------------- -------------- ------------- -----------------
<S> <C> <C> <C> <C>
Credit Ratings(1)
Aaa or AAA .................... 42% 32% 60% 36%
Aa or AA ...................... 35% 27% 13% 13%
A or A ........................ 20% 31% 17% 45%
Baa or BBB .................... 3% 10% 10% 6%
Average Weighted
Maturity ...................... 19 Years 21 Years 20 Years 19 Years
Call Protection ............... 7 Years 9 Years 7 Years 9 Years
Duration ...................... 10 Years 12 Years 11 Years 11 Years
Net Asset Value
November 30, 1993 ............. $10.72 $11.00 $10.93 $11.08
November 30, 1994 ............. $ 9.42 $ 9.38 $ 9.60 $ 9.60
Distributions(2) ............... $0.558380 $0.712322 $0.559761 $0.661892
Total Return(3)
6 Months ended 11/30/94 ..... (4.51)% (4.76)% (4.91)% (4.47)%
12 Months ended 11/30/94 ..... (7.16)% (8.65)% (7.29)% (7.71)%
Tax Free Yield(4) .............. 5.50 % 5.83 % 5.60 % 5.75 %
Taxable Equivalent Yield(5) ... 9.78 % 10.84 % 9.27 % 10.82%
</TABLE>
- - ----------
(1) Represents Moody's and Standard & Poor's ratings of the credit quality of
the long-term bonds owned by the Fund.
(2) Includes all income dividends and capital gain distributions, if any,
paid by each Fund Series for the year ended November 30, 1994.
(3) Total return figures represent the change in the Fund's total value for
each period measured, taking into account the change in price plus
compounded, reinvested dividends.
(4) Yields were calculated for the 30-day period ended November 30, 1994,
following the SEC yield formula.
(5) Assumes top federal and state income tax brackets, if any, and includes
the effect of fully deducting state taxes on your federal return.
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK PENNSYLVANIA
SERIES SERIES SERIES SERIES OHIO SERIES SERIES
------------- ------------- -------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
42% 22% 41% 15% 38% 46%
41% 34% 18% 21% 23% 25%
16% 36% 26% 49% 34% 19%
1% 8% 15% 15% 5% 10%
21 Years 21 Years 20 Years 19 Years 20 Years 19 Years
7 Years 8 Years 7 Years 9 Years 8 Years 8 Years
12 Years 11 Years 11 Years 11 Years 11 Years 11 Years
$11.05 $10.78 $10.94 $11.03 $10.97 $11.01
$ 9.46 $ 9.28 $ 9.47 $ 9.46 $ 9.42 $ 9.56
$0.743871 $0.629922 $0.633502 $0.619679 $0.676251 $0.618238
(4.94)% (5.46)% (4.80)% (5.42)% (5.21)% (4.46)%
(8.07)% (8.42)% (7.96)% (8.96)% (8.34)% (7.84)%
5.76 % 5.99 % 5.70 % 5.52 % 5.80 % 5.69 %
9.98 % 10.84 % 10.10 % 10.39 % 10.38 % 9.69 %
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
------------- -------------- ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value* (Note 1) .............. $44,379,741 $107,461,452 $68,718,498 $15,092,476
Cash ....................................................... -- 37,003 322,591 50,499
Receivable for:
Investments sold ......................................... 2,323,939 3,336,032 1,375,722 65,187
Shares of beneficial interest sold ....................... 1,067 45,728 164,034 27,921
Interest ................................................. 1,062,283 1,978,302 1,107,019 355,527
Deferred organizational expenses (Note 1) .................. -- 3,684 3,684 3,684
Prepaid expenses and other assets .......................... 3,736 4,196 2,429 2,742
------------- -------------- ------------- ---------------
TOTAL ASSETS ............................................. 47,770,766 112,866,397 71,693,977 15,598,036
------------- -------------- ------------- ---------------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased ................. 69,940 301,121 153,349 57,805
Dividends to shareholders ................................. 17,406 34,954 22,783 5,016
Investment management fee (Note 2) ........................ 14,014 32,462 20,553 2,570
Plan of distribution fee (Note 3) ......................... 6,006 13,912 8,809 1,942
Accrued expenses and other liabilities (Note 4) ........... 35,045 33,890 30,877 23,935
------------- -------------- ------------- ---------------
TOTAL LIABILITIES ........................................ 142,411 416,339 236,371 91,268
------------- -------------- ------------- ---------------
NET ASSETS:
Paid-in-capital ............................................ 51,104,442 123,642,718 76,660,245 16,905,878
Net unrealized depreciation on investments ................. (3,098,853) (11,115,771) (4,827,733) (1,355,271)
Accumulated net realized loss on investments ............... (377,234) (76,889) (374,906) (43,839)
------------- -------------- ------------- ---------------
Net Assets ............................................... $47,628,355 $112,450,058 $71,457,606 $15,506,768
============= ============== ============= ===============
* Identified Cost .......................................... $47,478,594 $118,577,223 $73,546,231 $16,447,747
============= ============== ============= ===============
Shares of Beneficial Interest Outstanding .................. 5,054,237 11,988,826 7,444,462 1,615,288
============= ============== ============= ===============
Net Asset Value Per Share (unlimited authorized shares of
$.01 par value) ........................................... $9.42 $9.38 $9.60 $9.60
============= ============== ============= ===========
Maximum Offering Price Per Share (net asset value plus
4.17% of net asset value)** ............................... $9.81 $9.77 $10.00 $10.00
============= ============== ============= ===========
</TABLE>
- - ----------
**On sales of $25,000 or more, the offering price is reduced.
See Notes to Financial Statements
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK PENNSYLVANIA
SERIES SERIES SERIES SERIES OHIO SERIES SERIES
------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$18,997,268 $ 9,072,737 $43,644,799 $13,940,255 $19,609,270 $45,025,053
297,107 12,488 78,314 66,994 226,243 114,931
211,434 590,525 825,064 315,389 659,885 1,533,531
28,710 7,113 81,150 -- 5,685 306,973
332,488 165,495 924,084 224,028 333,226 702,353
3,684 3,684 3,684 3,684 3,684 3,684
2,296 641 2,129 2,158 2,022 1,145
------------- ------------- ------------- ------------- ------------- --------------
19,872,987 9,852,683 45,559,224 14,552,508 20,840,015 47,687,670
------------- ------------- ------------- ------------- ------------- --------------
5,214 34,920 2,000 -- 113,040 64,845
6,399 3,305 14,492 4,485 6,765 19,095
3,734 -- 13,036 1,847 1,771 13,678
2,425 1,215 5,587 1,787 2,568 5,862
24,220 20,392 26,854 22,466 23,210 26,934
------------- ------------- ------------- ------------- ------------- --------------
41,992 59,832 61,969 30,585 147,354 130,414
------------- ------------- ------------- ------------- ------------- --------------
21,594,910 10,839,507 49,599,733 15,907,357 22,853,468 51,579,945
(1,739,668) (973,693) (3,851,390) (1,370,054) (1,829,641) (3,938,305)
(24,247) (72,963) (251,088) (15,380) (331,166) (84,384)
------------- ------------- ------------- ------------- ------------- --------------
$19,830,995 $ 9,792,851 $45,497,255 $14,521,923 $20,692,661 $47,557,256
============= ============= ============= ============= ============= ==============
$20,736,936 $10,046,430 $47,496,189 $15,310,309 $21,438,911 $48,963,358
============= ============= ============= ============= ============= ==============
2,096,327 1,054,915 4,806,875 1,534,975 2,196,075 4,972,627
============= ============= ============= ============= ============= ==============
$9.46 $9.28 $9.47 $9.46 $9.42 $9.56
============= ============= ============= ============= ============= ==============
$9.85 $9.67 $9.86 $9.85 $9.81 $9.96
============= ============= ============= ============= ============= ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF OPERATIONS
- - -----------------------------------------------------------------------------
For the year ended November 30, 1994
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
-------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME ....................................... $ 3,370,010 $ 8,066,513 $ 4,878,755 $ 1,046,417
-------------- --------------- -------------- ---------------
EXPENSES
Investment management fee (Note 2) ................... 198,139 457,543 287,107 62,634
Plan of distribution fee (Note 3) .................... 79,297 193,303 118,900 25,842
Professional fees .................................... 28,880 29,757 27,691 25,176
Transfer agent fees and expenses (Note 4) ........... 22,359 38,953 30,613 7,814
Registration fees .................................... 7,350 4,138 7,857 5,145
Shareholder reports and notices ...................... 6,833 16,603 11,096 2,277
Trustees' fees and expenses (Note 4) ................. 3,966 8,858 5,579 1,186
Organizational expenses (Note 1) ..................... -- 3,362 3,362 3,362
Other ................................................ 9,248 13,206 12,860 6,220
-------------- --------------- -------------- ---------------
TOTAL EXPENSES BEFORE AMOUNTS WAIVED/ASSUMED ....... 356,072 765,723 505,065 139,656
Less: Amounts Waived/Assumed (Note 2) ................ (5,185) (9,875) (8,239) (50,182)
-------------- --------------- -------------- ---------------
TOTAL EXPENSES AFTER AMOUNTS WAIVED/ASSUMED ........ 350,887 755,848 496,826 89,474
-------------- --------------- -------------- ---------------
NET INVESTMENT INCOME ............................... 3,019,123 7,310,665 4,381,929 956,943
-------------- --------------- -------------- ---------------
NET REALIZED AND UNREALIZED LOSS (Note 1):
Net realized loss on investments ...................... (377,211) (76,890) (238,226) (43,840)
Net change in unrealized appreciation on investments . (6,786,528) (18,993,072) (10,264,924) (2,334,430)
-------------- --------------- -------------- ---------------
NET LOSS ON INVESTMENTS ............................. (7,163,739) (19,069,962) (10,503,150) (2,378,270)
-------------- --------------- -------------- ---------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(4,144,616) $(11,759,297) $ (6,121,221) $(1,421,327)
============== =============== ============== ===============
</TABLE>
See Notes to Financial Statements
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES SERIES
-------------- ------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
$ 1,282,804 $ 682,250 $ 3,116,547 $ 929,628 $ 1,457,587 $ 3,161,328
-------------- ------------- -------------- -------------- -------------- --------------
75,569 40,379 181,438 54,392 87,759 184,131
31,438 16,700 75,697 22,495 36,275 77,808
24,700 23,745 25,343 23,686 24,067 28,334
13,942 6,353 26,815 6,772 11,597 25,272
2,873 3,372 5,956 7,230 3,565 5,713
2,475 1,361 5,851 2,007 2,913 6,266
1,445 621 3,483 1,043 1,616 3,470
3,362 3,362 3,362 3,362 3,362 3,362
6,184 9,340 8,937 6,162 7,810 10,312
-------------- ------------- -------------- -------------- -------------- --------------
161,988 105,233 336,882 127,149 178,964 344,668
(54,032) (47,548) (6,823) (49,427) (53,594) (8,358)
-------------- ------------- -------------- -------------- -------------- --------------
107,956 57,685 330,059 77,722 125,370 336,310
-------------- ------------- -------------- -------------- -------------- --------------
1,174,848 624,565 2,786,488 851,906 1,332,217 2,825,018
-------------- ------------- -------------- -------------- -------------- --------------
(24,247) (73,439) (251,096) (15,381) (334,182) (84,384)
(2,973,184) (1,530,836) (6,801,131) (2,296,834) (3,125,323) (7,028,096)
-------------- ------------- -------------- -------------- -------------- --------------
(2,997,431) (1,604,275) (7,052,227) (2,312,215) (3,459,505) (7,112,480)
-------------- ------------- -------------- -------------- -------------- --------------
$(1,822,583) $ (979,710) $(4,265,739) $(1,460,309) $(2,127,288) $(4,287,462)
============== ============= ============== ============== ============== ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
- - -----------------------------------------------------------------------------
For the years ended November 30
<TABLE>
<CAPTION>
ARIZONA SERIES CALIFORNIA SERIES
----------------------------- ------------------------------
1994 1993 1994 1993
-------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ........................ $ 3,019,123 $ 2,722,937 $ 7,310,665 $ 6,666,613
Net realized gain (loss) on investments ...... (377,211) 65,305 (76,890) 1,828,533
Net change in unrealized appreciation on
investments ................................. (6,786,528) 2,294,142 (18,993,072) 5,043,740
-------------- ------------- -------------- --------------
Net increase (decrease) in assets resulting
from operations ............................ (4,144,616) 5,082,384 (11,759,297) 13,538,886
-------------- ------------- -------------- --------------
Dividends and distributions to shareholders
from:
Net investment income ........................ (3,019,123) (2,722,937) (7,310,665) (6,666,613)
Net realized gain on investments ............. (65,333) (67,643) (1,746,975) --
-------------- ------------- -------------- --------------
Total dividends and distributions ........... (3,084,456) (2,790,580) (9,057,640) (6,666,613)
-------------- ------------- -------------- --------------
Transactions in shares of beneficial
interest:
Net proceeds from sales ...................... 8,302,316 22,564,062 18,530,482 48,338,423
Reinvestment of dividends and distributions .. 1,628,501 1,500,480 5,154,881 3,677,922
Cost of shares repurchased ................... (14,950,597) (5,291,203) (29,726,860) (15,184,188)
-------------- ------------- -------------- --------------
Net increase (decrease) in net assets from
transactions in shares of beneficial
interest .................................... (5,019,780) 18,773,339 (6,041,497) 36,832,157
-------------- ------------- -------------- --------------
Total increase (decrease) ................... (12,248,852) 21,065,143 (26,858,434) 43,704,430
-------------- ------------- -------------- --------------
NET ASSETS:
Beginning of period ............................ 59,877,207 38,812,064 139,308,492 95,604,062
-------------- ------------- -------------- --------------
END OF PERIOD .................................. $ 47,628,355 $59,877,207 $112,450,058 $139,308,492
============== ============= ============== ==============
SHARES ISSUED AND REPURCHASED:
Sold ........................................... 795,764 2,131,173 1,777,153 4,447,920
Issued in reinvestment of dividends and
distributions ................................ 159,652 137,235 495,104 337,857
Repurchased .................................... (1,484,391) (497,023) (2,944,606) (1,386,260)
-------------- ------------- -------------- --------------
Net increase (decrease) ....................... (528,975) 1,771,385 (672,349) 3,399,517
============== ============= ============== ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
FLORIDA SERIES MASSACHUSETTS SERIES MICHIGAN SERIES
------------------------------ ---------------------------- ----------------------------
1994 1993 1994 1993 1994 1993
-------------- -------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 4,381,929 $ 3,864,162 $ 956,943 $ 811,547 $ 1,174,848 $ 1,041,459
(238,226) (90,829) (43,840) 170,860 (24,247) 372,036
(10,264,924) 3,872,974 (2,334,430) 702,398 (2,973,184) 668,110
-------------- -------------- ------------- ------------- ------------- -------------
(6,121,221) 7,646,307 (1,421,327) 1,684,805 (1,822,583) 2,081,605
-------------- -------------- ------------- ------------- ------------- -------------
(4,381,929) (3,864,162) (956,943) (811,547) (1,174,848) (1,041,459)
-- -- (167,916) -- (363,656) --
-------------- -------------- ------------- ------------- ------------- -------------
(4,381,929) (3,864,162) (1,124,859) (811,547) (1,538,504) (1,041,459)
-------------- -------------- ------------- ------------- ------------- -------------
16,449,296 38,837,248 2,842,908 7,996,169 3,330,753 9,813,691
1,503,336 1,348,313 662,124 483,311 892,827 532,420
(20,485,991) (11,033,570) (3,795,658) (1,122,022) (3,114,925) (3,112,259)
-------------- -------------- ------------- ------------- ------------- -------------
(2,533,359) 29,151,991 (290,626) 7,357,458 1,108,655 7,233,852
-------------- -------------- ------------- ------------- ------------- -------------
(13,036,509) 32,934,136 (2,836,812) 8,230,716 (2,252,432) 8,273,998
-------------- -------------- ------------- ------------- ------------- -------------
84,494,115 51,559,979 18,343,580 10,112,864 22,083,427 13,809,429
-------------- -------------- ------------- ------------- ------------- -------------
$ 71,457,606 $ 84,494,115 $15,506,768 $18,343,580 $19,830,995 $22,083,427
============== ============== ============= ============= ============= =============
1,560,132 3,630,055 267,619 738,427 315,764 905,219
144,781 124,856 62,943 44,231 85,272 48,831
(1,993,666) (1,030,156) (371,144) (103,229) (302,511) (282,640)
-------------- -------------- ------------- ------------- ------------- -------------
(288,753) 2,724,755 (40,582) 679,429 98,525 671,410
============== ============== ============= ============= ============= =============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
- - -----------------------------------------------------------------------------
For the years ended November 30
<TABLE>
<CAPTION>
MINNESOTA SERIES NEW JERSEY SERIES
---------------------------- -----------------------------
1994 1993 1994 1993
------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ........................ $ 624,565 $ 477,218 $ 2,786,488 $ 2,457,868
Net realized gain (loss) on investments ...... (73,439) 83,885 (251,096) 387,875
Net change in unrealized appreciation on
investments ................................. (1,530,836) 405,648 (6,801,131) 1,901,754
------------- ------------- -------------- -------------
Net increase (decrease) in assets resulting
from operations ............................ (979,710) 966,751 (4,265,739) 4,747,497
------------- ------------- -------------- -------------
Dividends and distributions to shareholders
from:
Net investment income ........................ (624,565) (477,218) (2,786,488) (2,457,868)
Net realized gain on investments ............. (83,885) -- (387,878) (102,249)
------------- ------------- -------------- -------------
Total dividends and distributions ........... (708,450) (477,218) (3,174,366) (2,560,117)
------------- ------------- -------------- -------------
Transactions in shares of beneficial
interest:
Net proceeds from sales ...................... 1,972,261 5,407,008 8,465,825 24,886,881
Reinvestment of dividends and distributions .. 450,744 299,804 1,869,538 1,515,250
Cost of shares repurchased ................... (2,479,885) (1,078,183) (11,896,977) (6,213,958)
------------- ------------- -------------- -------------
Net increase (decrease) in net assets from
transactions in shares of beneficial
interest .................................... (56,880) 4,628,629 (1,561,614) 20,188,173
------------- ------------- -------------- -------------
Total increase (decrease) ................... (1,745,040) 5,118,162 (9,001,719) 22,375,553
------------- ------------- -------------- -------------
NET ASSETS:
Beginning of period ............................ 11,537,891 6,419,729 54,498,974 32,123,421
------------- ------------- -------------- -------------
END OF PERIOD .................................. $ 9,792,851 $11,537,891 $ 45,497,255 $54,498,974
============= ============= ============== =============
SHARES ISSUED AND REPURCHASED:
Sold ........................................... 191,155 508,636 806,053 2,304,312
Issued in reinvestment of dividends and
distributions ................................ 44,176 28,188 180,172 139,917
Repurchased .................................... (250,831) (101,542) (1,160,235) (568,527)
------------- ------------- -------------- -------------
Net increase (decrease) ....................... (15,500) 435,282 (174,010) 1,875,702
============= ============= ============== =============
</TABLE>
See Notes to Financial Statements
<PAGE>
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW YORK SERIES OHIO SERIES PENNSYLVANIA SERIES
---------------------------- ----------------------------- ----------------------------
1994 1993 1994 1993 1994 1993
------------- ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 851,906 $ 756,167 $ 1,332,217 $ 1,053,017 $ 2,825,018 $ 2,391,963
(15,381) 113,747 (334,182) 284,378 (84,384) 309,721
(2,296,834) 644,644 (3,125,323) 899,509 (7,028,096) 2,036,444
------------- ------------- -------------- ------------- ------------- -------------
(1,460,309) 1,514,558 (2,127,288) 2,236,904 (4,287,462) 4,738,128
------------- ------------- -------------- ------------- ------------- -------------
(851,906) (756,167) (1,332,217) (1,053,017) (2,825,018) (2,391,963)
(66,663) -- (284,377) -- (292,250) --
------------- ------------- -------------- ------------- ------------- -------------
(918,569) (756,167) (1,616,594) (1,053,017) (3,117,268) (2,391,963)
------------- ------------- -------------- ------------- ------------- -------------
3,239,727 6,741,928 10,906,004 13,971,307 8,825,758 25,600,361
494,616 394,629 1,085,139 683,533 1,724,222 1,286,285
(2,788,145) (1,544,324) (12,403,711) (4,675,125) (8,965,577) (7,364,381)
------------- ------------- -------------- ------------- ------------- -------------
946,198 5,592,233 (412,568) 9,979,715 1,584,403 19,522,265
------------- ------------- -------------- ------------- ------------- -------------
(1,432,680) 6,350,624 (4,156,450) 11,163,602 (5,820,327) 21,868,430
------------- ------------- -------------- ------------- ------------- -------------
15,954,603 9,603,979 24,849,111 13,685,509 53,377,583 31,509,153
------------- ------------- -------------- ------------- ------------- -------------
$14,521,923 $15,954,603 $ 20,692,661 $24,849,111 $47,557,256 $53,377,583
============= ============= ============== ============= ============= =============
307,576 622,018 1,040,504 1,294,674 840,565 2,354,473
47,552 36,119 104,330 63,065 165,631 118,104
(266,575) (140,708) (1,213,100) (427,972) (882,180) (671,934)
------------- ------------- -------------- ------------- ------------- -------------
88,553 517,429 (68,266) 929,767 124,016 1,800,643
============= ============= ============== ============= ============= =============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANICAL STATEMENTS
- - -----------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES --Dean Witter Multi-State Municipal
Series Trust (the "Fund") is registered under the Investment Company Act of
1940, as amended (the "Act"), as a non-diversified, open-end management
investment company.
The Fund, organized on October 29, 1990 as a Massachusetts business trust, is
comprised of ten separate Series (the "Series") and commenced operations as
follows:
<TABLE>
<CAPTION>
COMMENCEMENT OF
SERIES OPERATIONS
- - ------------------ --------------------
<S> <C>
Arizona ........... April 30, 1991
California ........ January 15, 1991
Florida ........... January 15, 1991
Massachusetts ..... January 15, 1991
Michigan .......... January 15, 1991
Minnesota ......... January 15, 1991
New Jersey ........ January 15, 1991
New York .......... January 15, 1991
Ohio .............. January 15, 1991
Pennsylvania ...... January 15, 1991
</TABLE>
The following is a summary of significant accounting policies:
A. Valuation of Investments --Portfolio securities are valued for the Fund by
an outside independent pricing service approved by the Fund's Trustees. The
pricing service has informed the Fund that in valuing the Fund's portfolio
securities each day, it uses both a computerized matrix of tax-exempt
securities and evaluations by its staff, in each case based on available
information concerning market transactions and quotations from dealers which
reflect the bid side of the market. 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 on the identified cost
method. Interest income is accrued daily. Premiums and discounts on
securities are amortized over the life of the respective securities.
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
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
- - -----------------------------------------------------------------------------
federal tax-basis treatment; temporary differences do not require
reclassification. Dividends and distributions which exceed net investment
income and net realized capital gains for financial reporting purposes but
not for tax purposes are reported as dividends in excess of net investment
income or distributions in excess of net realized capital gains. To the
extent they exceed net investment income and net realized capital gains for
tax purposes, they are reported as distributions of paid-in-capital.
E. Organizational Expenses --Dean Witter InterCapital Inc. (the "Investment
Manager") paid the organizational expenses of the Fund of approximately
$204,000 of which the Fund has agreed to bear and reimburse the Investment
Manager for $150,000 of such costs ($16,667 for each of the initial Series
excluding the Arizona Series). Such reimbursed 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 had undertaken to waive management fees and assume
all expenses that exceeded 0.50% of the daily net assets with respect to each
Series of the Fund through December 31, 1993 and with respect to
Massachusetts, Michigan, Minnesota, New York and Ohio has undertaken to
extend such expense limitation for the period January 1, 1994 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 affilate 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.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
- - -----------------------------------------------------------------------------
The Fund is authorized to reimburse the Distributor for specific expenses
the Distributor incurs or plans to incur in promoting the distribution of the
Fund's shares. The amount of each monthly reimbursement payment may in no
event exceed an amount equal to a payment at the annual rate of 0.15% of the
Fund's average daily net assets during the month. Expenses incurred by the
Distributor pursuant to the Plan in any fiscal year will not be reimbursed by
the Fund through payments accrued in any subsequent fiscal year. For the year
ended November 30, 1994, the distribution fees were accrued at the following
annual rates:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
SERIES SERIES SERIES SERIES SERIES
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Annual Rate .. 0.14% 0.14% 0.14% 0.14% 0.15%
--------- ------------ --------- --------------- ----------
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES
----------- ------------ ---------- -------- --------------
<S> <C> <C> <C> <C> <C>
Annual Rate .. 0.14% 0.15% 0.14% 0.14% 0.15%
----------- ------------ ---------- -------- --------------
</TABLE>
For the same period, the Distributor has informed the Fund that it
received commissions from the sale of the Fund's shares of beneficial
interest. Such commissions are not an expense of the Fund; they are deducted
from the proceeds of the sales of the shares of beneficial interest, and the
amounts were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES MICHIGAN SERIES
------------- -------------- ------------ ----------------- ----------------
<S> <C> <C> <C> <C> <C>
Commissions ..... $248,859 $503,199 $498,882 $ 97,405 $119,134
------------- -------------- ------------ ----------------- ----------------
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
Minnesota New Jersey New York Pennsylvania
Series Series Series Ohio Series Series
------------- -------------- ------------ ----------------- ----------------
<S> <C> <C> <C> <C> <C>
Commissions ..... $ 68,773 $288,332 $107,806 $188,053 $252,579
------------- -------------- ------------ ----------------- ----------------
</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 year ended November 30, 1994 were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
SERIES SERIES SERIES SERIES SERIES
------------ ------------- ------------ --------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases . $ 5,843,716 $14,541,560 $ 2,405,840 $1,585,490 $2,156,170
------------ ------------- ------------ --------------- --------------
Sales ..... 13,814,643 32,222,558 10,866,163 2,618,363 1,654,104
------------ ------------- ------------ --------------- --------------
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
Minnesota New Jersey New York Pennsylvania
Series Series Series Ohio Series Series
------------ ------------- ------------ --------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases . $ 1,517,265 $ 2,856,500 $ 1,934,181 $4,359,550 $9,183,450
------------ ------------- ------------ --------------- --------------
Sales ...... 1,544,070 7,201,847 3,724,705 4,037,235 9,591,023
------------ ------------- ------------ --------------- --------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
- - -----------------------------------------------------------------------------
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At November 30, 1994, each of the
Series had transfer agent fees and expenses payable as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees
and Expenses
Payable ........... $2,289 $3,748 $2,483 $1,153 $1,442
--------- ------------ --------- --------------- ----------
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- -------- --------------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees
and Expenses
Payable ........... $650 $2,729 $854 $1,256 $2,747
----------- ------------ ---------- -------- --------------
</TABLE>
Effective January 1, 1994, the Fund adopted an unfunded noncontributory
defined benefit pension plan covering all Trustees of the Fund who will have
served as 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 year ended November 30, 1994, included in Trustees' fees and expenses
in the Statement of Operations and the accrued pension liability included in
accrued expenses in the Statement of Assets and Liabilities for each of the
respective Series were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Aggregate Pension
Costs ........... $1,296 $3,075 $1,960 $422 $534
--------- ------------ --------- --------------- ----------
Accrued Pension
Liability ....... 1,284 3,048 1,943 422 534
--------- ------------ --------- --------------- ----------
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ------ --------------
<S> <C> <C> <C> <C> <C>
Aggregate Pension
Costs ........... $296 $1,245 $394 $565 $1,292
----------- ------------ ---------- ------ --------------
Accrued Pension
Liability ....... 296 1,234 394 561 1,281
----------- ------------ ---------- ------ --------------
</TABLE>
5. FEDERAL INCOME TAX STATUS --At November 30, 1994, the following Series had
approximate net capital loss carryovers which may be used to offset future
capital gains to the extent provided by regulations:
<TABLE>
<CAPTION>
AVAILABLE THROUGH NOVEMBER 30, 1999 2000 2001 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
VALUE NET NET REALIZED TOTAL FROM
PERIOD ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO DISTRIBUTIONS
NOVEMBER 30 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS TO SHAREHOLDERS
- - ----------------- ----------- ------------ -------------- ------------ -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Arizona Series
1991** $ 9.60 $0.36 $ 0.17 $ 0.53 $(0.36) --
1992 9.77 0.64 0.41 1.05 (0.64) --
1993 10.18 0.58 0.56 1.14 (0.58) $(0.02)
1994 10.72 0.55 (1.29) (0.74) (0.55) (0.01)
California Series
1991* 9.60 0.60 0.39 0.99 (0.60) --
1992 9.99 0.67 0.34 1.01 (0.67) (0.01)
1993 10.32 0.61 0.68 1.29 (0.61) --
1994 11.00 0.58 (1.48) (0.90) (0.58) (0.14)
Florida Series
1991* 9.60 0.55 0.28 0.83 (0.55) --
1992 9.88 0.64 0.41 1.05 (0.64) --
1993 10.29 0.59 0.64 1.23 (0.59) --
1994 10.93 0.56 (1.33) (0.77) (0.56) --
Massachusetts Series
1991* 9.60 0.54 0.38 0.92 (0.54) --
1992 9.98 0.66 0.42 1.08 (0.66) (0.04)
1993 10.36 0.60 0.72 1.32 (0.60) --
1994 11.08 0.56 (1.38) (0.82) (0.56) (0.10)
Michigan Series
1991* 9.60 0.54 0.36 0.90 (0.54) --
1992 9.96 0.65 0.46 1.11 (0.65) (0.01)
1993 10.41 0.61 0.64 1.25 (0.61) --
1994 11.05 0.56 (1.41) (0.85) (0.56) (0.18)
<FN>
- - ----------
* January 15, 1991 (commencement of operations) to November 30, 1991.
** April 30, 1991 (commencement of operations) to November 30, 1991.
*** 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 (AFTER EXPENSES ASSETS (BEFORE EXPENSES
WERE ASSUMED) WERE ASSUMED)***
------------------------ ------------------------
NET
ASSET NET ASSETS
TOTAL DIVIDENDS VALUE TOTAL AT END OF NET NET PORTFOLIO
AND END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
DISTRIBUTIONS PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
--------------- -------- ------------ ----------- ---------- ------------ ---------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$(0.36) $ 9.77 5.66%(1) $ 20,733 0.15%(2) 6.32%(2) 1.43%(2) 5.04%(2) 8%(1)
(0.64) 10.18 11.08 38,812 0.15 6.33 0.74 5.74 15
(0.60) 10.72 11.42 59,877 0.48 5.40 0.65 5.22 5
(0.56) 9.42 (7.16) 47,628 0.62 5.33 0.63 5.32 11
(0.60) 9.99 10.29 (1) 41,568 0.15 (2) 6.53 (2) 0.97 (2) 5.71 (2) 24 (1)
(0.68) 10.32 10.23 95,604 0.15 6.36 0.67 5.84 5
(0.61) 11.00 12.77 139,308 0.48 5.57 0.60 5.45 11
(0.72) 9.38 (8.65) 112,450 0.58 5.59 0.59 5.58 12
(0.55) 9.88 8.84 (1) 17,719 0.15 (2) 6.45 (2) 1.27 (2) 5.33 (2) 10 (1)
(0.64) 10.29 10.92 51,560 0.15 6.19 0.73 5.62 6
(0.59) 10.93 12.20 84,494 0.48 5.39 0.63 5.23 3
(0.56) 9.60 (7.29) 71,458 0.61 5.34 0.62 5.33 3
(0.54) 9.98 9.87 (1) 3,205 0.15 (2) 6.50 (2) 2.50 (2) 4.08 (2) 40 (1)
(0.70) 10.36 11.19 10,113 0.14 6.26 1.25 5.16 10
(0.60) 11.08 13.06 18,344 0.48 5.47 0.84 5.10 12
(0.66) 9.60 (7.71) 15,507 0.50 5.35 0.78 5.07 10
(0.54) 9.96 9.54 (1) 6,630 0.15 (2) 6.54 (2) 1.73 (2) 4.96 (2) 46 (1)
(0.66) 10.41 11.78 13,809 0.14 6.28 1.01 5.42 9
(0.61) 11.05 12.28 22,083 0.48 5.53 0.80 5.20 15
(0.74) 9.46 (8.07) 19,831 0.50 5.44 0.75 5.19 9
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)
- - -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET
VALUE NET NET REALIZED TOTAL FROM
PERIOD ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO DISTRIBUTIONS
NOVEMBER 30 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS TO SHAREHOLDERS
- - ------------------- ----------- ------------ -------------- ------------ -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Minnesota Series
1991* $ 9.60 $0.51 $ 0.19 $ 0.70 $(0.51) --
1992 9.79 0.63 0.32 0.95 (0.63) --
1993 10.11 0.58 0.67 1.25 (0.58) --
1994 10.78 0.55 (1.42) (0.87) (0.55) $(0.08)
New Jersey Series
1991* 9.60 0.55 0.35 0.90 (0.55) --
1992 9.95 0.66 0.44 1.10 (0.66) (0.04)
1993 10.35 0.60 0.62 1.22 (0.60) (0.03)
1994 10.94 0.55 (1.39) (0.84) (0.55) (0.08)
New York Series
1991* 9.60 0.54 0.46 1.00 (0.54) --
1992 10.06 0.68 0.34 1.02 (0.68) (0.06)
1993 10.34 0.62 0.69 1.31 (0.62) --
1994 11.03 0.57 (1.52) (0.95) (0.57) (0.05)
Ohio Series
1991* 9.60 0.53 0.25 0.78 (0.53) --
1992 9.85 0.66 0.41 1.07 (0.66) (0.01)
1993 10.25 0.60 0.72 1.32 (0.60) --
1994 10.97 0.55 (1.43) (0.88) (0.55) (0.12)
Pennsylvania Series
1991* 9.60 0.53 0.30 0.83 (0.53) --
1992 9.90 0.66 0.44 1.10 (0.66) --
1993 10.34 0.61 0.67 1.28 (0.61) --
1994 11.01 0.56 (1.39) (0.83) (0.56) (0.06)
<FN>
- - ----------
* January 15, 1991 (commencement of operations) to November 30, 1991.
*** 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 (AFTER EXPENSES ASSETS (BEFORE EXPENSES
WERE ASSUMED) WERE ASSUMED)***
------------------------ ------------------------
NET
ASSET NET ASSETS
TOTAL DIVIDENDS VALUE TOTAL AT END OF NET NET PORTFOLIO
AND END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
DISTRIBUTIONS PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
--------------- -------- ------------ ----------- ---------- ------------ ---------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$(0.51) $ 9.79 7.42%(1) $ 3,131 0.15%(2) 6.04%(2) 2.65%(2) 2.87%(2) 4%(1)
(0.63) 10.11 9.91 6,420 0.14 6.16 1.46 4.85 23
(0.58) 10.78 12.64 11,538 0.48 5.39 1.04 4.83 8
(0.63) 9.28 (8.42) 9,793 0.50 5.41 0.91 5.00 14
(0.55) 9.95 9.59 (1) 15,812 0.15 (2) 6.43 (2) 1.21 (2) 5.36 (2) 36 (1)
(0.70) 10.35 11.34 32,123 0.15 6.36 0.79 5.71 19
(0.63) 10.94 12.03 54,499 0.48 5.41 0.69 5.20 7
(0.63) 9.47 (7.96) 45,497 0.64 5.38 0.65 5.37 6
(0.54) 10.06 10.73 (1) 3,976 0.15 (2) 6.44 (2) 2.22 (2) 4.37 (2) 51 (1)
(0.74) 10.34 10.35 9,604 0.15 6.45 1.23 5.37 21
(0.62) 11.03 12.91 15,955 0.48 5.61 0.88 5.21 11
(0.62) 9.46 (8.96) 14,522 0.50 5.48 0.82 5.16 14
(0.53) 9.85 8.35 (1) 6,267 0.15 (2) 6.38 (2) 2.04 (2) 4.48 (2) 22 (1)
(0.67) 10.25 11.12 13,686 0.15 6.41 1.01 5.56 23
(0.60) 10.97 13.19 24,849 0.48 5.45 0.78 5.14 20
(0.67) 9.42 (8.34) 20,693 0.50 5.31 0.71 5.10 18
(0.53) 9.90 8.77 (1) 12,147 0.15 (2) 6.46 (2) 1.54 (2) 5.07 (2) 12 (1)
(0.66) 10.34 11.47 31,509 0.15 6.31 0.81 5.65 3
(0.61) 11.01 12.64 53,378 0.48 5.54 0.68 5.33 5
(0.62) 9.56 (7.84) 47,557 0.64 5.37 0.66 5.35 19
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --ARIZONA SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
ARIZONA EXEMPT MUNICIPAL BONDS (88.6%)
GENERAL OBLIGATION (7.7%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC Insured) ............ 7.00 % 7/ 1/12 $ 203,980
Phoenix,
1,250 Refg Ser 1993 A ................................................ 5.25 7/ 1/12 1,036,113
1,550 Refg Ser 1992 .................................................. 6.375 7/ 1/13 1,507,980
1,000 Tucson Unified School District #1, Impr 1989 Ser D 1992 (FGIC
Insured) ........................................................ 6.10 7/ 1/11 930,930
- - ----------- -------------
4,000 3,679,003
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (5.9%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A .. 5.50 7/ 1/19 822,100
1,000 Price-Elliot Research Park Inc, Arizona State University Ser
1991 (MBIA Insured) ............................................. 7.00 7/ 1/21 1,004,380
1,000 University of Arizona, Telecommunications Ser 1991 COPs ........ 6.50 7/15/12 957,500
- - ----------- -------------
3,000 2,783,980
- - ----------- -------------
ELECTRIC REVENUE (5.0%)
725 Arizona Power Authority, Hoover Uprating Refg 1993 Ser (MBIA
Insured) ........................................................ 5.25 10/ 1/17 575,788
Salt River Project Agricultural Improvement & Power District,
1,000 Refg 1992 Ser D ................................................ 6.25 1/ 1/27 911,620
1,000 1991 Ser A ..................................................... 6.00 1/ 1/31 864,360
- - ----------- -------------
2,725 2,351,768
- - ----------- -------------
HOSPITAL REVENUE (9.4%)
Arizona Health Facilities Authority,
1,150 Phoenix Baptist Hospital & Medical Center Inc & Medical
Environments Inc Ser 1992 (MBIA Insured) ....................... 6.25 9/ 1/11 1,090,453
700 Phoenix Memorial Hospital Refg Ser 1991 ........................ 8.20 6/ 1/21 703,486
2,000 Maricopa County Industrial Development Authority, Catholic
Healthcare West 1992 Ser A (MBIA Insured) ....................... 5.75 7/ 1/11 1,758,580
1,100 Pima County Industrial Development Authority, Carondelet Health
Care Corp Ser 1993 (MBIA Insured) ............................... 5.25 7/ 1/13 898,524
- - ----------- -------------
4,950 4,451,043
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (8.8%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge
Corp Refg 1994 .................................................. 5.45 6/ 1/09 857,740
2,000 Mohave County Industrial Development Authority, Citizens
Utilities Co 1993 Ser B (AMT) ................................... 5.80 11/15/28 1,641,940
1,700 Santa Cruz County Industrial Development Authority, Citizens
Utilities Co Ser 1991 (AMT) ..................................... 7.15 2/ 1/23 1,703,094
- - ----------- -------------
4,700 4,202,774
- - ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (2.0%)
985 Pima County Industrial Development Authority, Rancho Mirage Ser
1992 (AMT) (Asset Guaranty Insured) ............................. 7.05 4/ 1/22 962,699
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --ARIZONA SERIES November 30, 1994 (continued)
- - ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -SINGLE FAMILY (2.4%)
Maricopa County Industrial Development Authority,
$ 560 1991 Ser A ..................................................... 7.375% 8/ 1/05 $ 567,235
570 1991 Ser A ..................................................... 7.50 8/ 1/12 573,870
- - ----------- -------------
1,130 1,141,105
- - ----------- -------------
PUBLIC FACILITIES REVENUE (3.5%)
Arizona,
500 Refg Ser 1992 B COPs (AMBAC Insured) ........................... 6.25 9/ 1/10 477,770
500 Ser 1991 COPs (FSA Insured) .................................... 6.25 9/ 1/11 472,685
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1988 A .......................................................... 7.90 7/ 1/07 731,927
- - ----------- -------------
1,700 1,682,382
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (18.0%)
1,500 Arizona Transportation Board, Sub Highway Ser 1991 A
(Prerefunded) ................................................... 6.50 7/ 1/11 1,562,085
Phoenix, Street & Highway
2,000 User Refg Ser 1993 ............................................. 5.125 7/ 1/11 1,611,740
1,000 User Ser 1992 .................................................. 6.25 7/ 1/11 958,150
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise
Tax Ser 1989 (AMT) .............................................. 7.80 7/ 1/11 2,095,660
800 Scottsdale, Street & Highway User Refg Ser 1993 ................. 5.50 7/ 1/07 719,176
1,000 Tucson, Street & Highway User Sr Lien Refg Ser 1993 ............ 5.50 7/ 1/09 864,190
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ..... 5.25 7/ 1/21 772,330
- - ----------- -------------
9,300 8,583,331
- - ----------- -------------
WATER AND SEWER REVENUE (25.9%)
1,000 Arizona Wastewater Management Authority, Wastewater Treatment
Financial Assistance Ser 1992 A (AMBAC Insured) ................. 5.95 7/ 1/12 903,050
1,495 Central Arizona Water Conservation District, Ser 1991 B
(Prerefunded) ................................................... 6.50 11/ 1/11 1,565,295
Chandler, Water & Sewer
750 Refg Ser 1991 (FGIC Insured) ................................... 7.00 7/ 1/12 765,427
1,000 Refg Ser 1992 (FGIC Insured) ................................... 6.25 7/ 1/13 943,370
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC Insured) ....... 6.50 7/ 1/22 956,790
Phoenix Civic Improvement Corporation, Wastewater
2,000 Refg Ser 1993 .................................................. 4.75 7/ 1/23 1,394,800
2,000 Jr Lien Ser 1994 ............................................... 5.45 7/ 1/19 1,616,700
2,200 Tucson, Water Refg Ser 1991 ..................................... 6.50 7/ 1/16 2,094,664
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .............. 7.90 7/ 1/07 2,101,560
- - ----------- -------------
13,445 12,341,656
- - ----------- -------------
45,935 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $45,278,594) ........................ 42,179,741
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --ARIZONA SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS (4.6%)
$ 800 Maricopa County Industrial Development Authority, Samaritan
Health Ser 1985B 2 (MBIA Insured) (Tender 12/1/94) .............. 3.50 %* 12/ 1/08 $ 800,000
1,400 Phoenix, Ser 1994-1 (Tender 12/1/94) ............................ 3.50 * 6/ 1/18 1,400,000
- - ----------- -------------
2,200 TOTAL SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST
$2,200,000) ................................................................ 2,200,000
- - ----------- -------------
$48,135 TOTAL INVESTMENTS (IDENTIFIED COST $47,478,594) (A) ........................ 93.2% 44,379,741
===========
OTHER ASSETS IN EXCESS OF LIABILITIES ...................................... 6.8 3,248,614
-------------
NET ASSETS ................................................................. 100.0% $47,628,355
========== =============
<FN>
- - ----------
* Variable or floating rate securities. Coupon rate shown reflects current
rate.
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
(a) The aggregate cost for federal income tax purposes is $47,478,594; the
aggregate gross unrealized appreciation is $246,195 and the gross
unrealized depreciation is $3,345,048, resulting in net unrealized
depreciation of $3,098,853.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --CALIFORNIA SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
CALIFORNIA EXEMPT MUNICIPAL BONDS (88.6%)
GENERAL OBLIGATION (4.5%)
$2,000 California, Various Purpose dtd 4/1/93 (FSA Insured) ........ 5.50 % 4/ 1/19 $ 1,637,520
Mojave Water Agency,
1,100 Impr Dist M Morongo Basin Pipeline Ser 1992 ................. 6.60 9/ 1/13 1,011,340
2,700 Impr Dist M Morongo Basin Pipeline Ser 1992 ................. 6.60 9/ 1/22 2,386,314
- - ----------- -------------
5,800 5,035,174
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (15.3%)
California Educational Facilities Authority,
4,500 Carnegie Institution of Washington 1993 Ser A ............... 5.60 10/ 1/23 3,648,015
3,000 Claremont Colleges Ser 1992 ................................. 6.375 5/ 1/22 2,718,630
2,000 Loyola Marymount University Refg Ser 1992 ................... 6.00 10/ 1/14 1,775,280
2,000 University of San Francisco Ser 1992 ........................ 6.40 10/ 1/17 1,836,300
2,500 University of Southern California Ser 1993 B ................ 5.80 10/ 1/15 2,163,525
2,000 California Public Works Board, California State University
1992 Ser A ................................................... 6.70 10/ 1/17 1,899,140
4,000 University of California, Multiple Purpose Refg 1993 Ser C
(AMBAC Insured) .............................................. 5.125 9/ 1/18 3,121,760
- - ----------- -------------
20,000 17,162,650
- - ----------- -------------
ELECTRIC REVENUE (12.7%)
2,000 Kings River Conservation District, Pine Power Ser D ......... 6.00 1/ 1/17 1,766,440
3,000 Los Angeles Department of Water & Power, Refg Issue of 1993 . 5.375 9/ 1/23 2,361,210
1,750 Northern California Power Agency, Geothermal #3 1993 Refg Ser
3 ............................................................ 5.85 7/ 1/10 1,556,188
Southern California Public Power Authority,
8,600 Mead -Phoenix (AMBAC Insured) ............................... 5.01 7/ 1/15 6,807,846
2,090 Multiple Proj 1989 Ser ...................................... 6.00 7/ 1/18 1,828,499
- - ----------- -------------
17,440 14,320,183
- - ----------- -------------
HOSPITAL REVENUE (12.6%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A ............... 6.50 12/ 1/11 882,960
California Health Facilities Financing Authority,
3,000 Catholic Health Corp Ser 1992 (MBIA Insured) ................ 6.00 7/ 1/13 2,733,960
3,150 Downey Community Hospital Ser 1993 .......................... 5.75 5/15/15 2,533,136
2,000 Kaiser Permanente 1983 Ser .................................. 5.45 10/ 1/13 1,645,480
3,000 Scripps Memorial Hospitals Ser 1992 A (MBIA Insured) ....... 6.375 10/ 1/22 2,774,640
2,000 California Statewide Communities Development Authority,
Cedars Sinai Medical Center Ser 1992 COPs .................... 6.50 8/ 1/12 1,879,960
2,000 Duarte, City of Hope National Medical Center COPs ........... 6.00 4/ 1/08 1,730,620
- - ----------- -------------
16,150 14,180,756
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (1.8%)
California Pollution Control Financing Authority,
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT) .................. 6.625 6/ 1/09 958,280
1,000 Southern California Edison Co 1988 Ser A (AMT) .............. 6.90 9/ 1/06 1,009,640
- - ----------- -------------
2,000 1,967,920
- - ----------- -------------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --CALIFORNIA SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------------------------------------------
<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 % 8/ 1/15 $ 1,880,780
- - ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (2.3%)
1,130 California Housing Finance Agency, Home 1991 Ser C (AMT)
(MBIA Insured) ............................................... 7.00 8/ 1/23 1,085,410
1,500 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C ............................................ 6.85 10/15/23 1,448,700
- - ----------- -------------
2,630 2,534,110
- - ----------- -------------
PUBLIC FACILITIES REVENUE (8.2%)
2,000 Los Angeles County, 1991 Master Refg COPs .................... 6.708 5/ 1/15 1,881,560
2,000 Nevada County, Western Nevada County Solid Waste Management
1991 ......................................................... 7.50 6/ 1/21 1,794,440
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser
C ............................................................ 6.375 9/ 1/13 1,852,600
2,700 Torrance, Police Facility Refg 1991 COPs ..................... 6.80 7/ 1/12 2,608,605
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax
Ser 1988 A ................................................... 7.90 7/ 1/07 1,045,610
- - ----------- -------------
9,700 9,182,815
- - ----------- -------------
TAX ALLOCATION (3.9%)
1,000 Industry Urban-Development Agency,
Transportation-Distribution Ind Redev Proj #3 1992 Refg ..... 6.90 11/ 1/16 962,830
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A ... 7.50 10/ 1/26 992,640
3,000 Rosemead Redevelopment Agency, Proj #1 Ser 1993 A ........... 5.50 10/ 1/18 2,405,250
- - ----------- -------------
5,000 4,360,720
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (6.2%)
2,000 Los Angeles County Transportation Commission, Sales Tax Ser
1991-B ....................................................... 6.50 7/ 1/13 1,880,920
1,000 San Diego County Regional Transportation Commission, Sales
Tax 1991 Ser A (ETM) ......................................... 6.00 4/ 1/08 961,770
1,000 San Francisco Airports Commission, San Francisco Intl Airport
Second Ser Refg Issue 4 (MBIA Insured) ....................... 6.00 5/ 1/20 882,980
1,000 San Francisco Bay Area Rapid Transit District, Sales Tax Ser
1991 (FGIC Insured) .......................................... 6.60 7/ 1/12 976,580
2,500 Santa Clara Transit District, Sales Tax 1991 Ser A .......... 6.25 6/ 1/21 2,258,750
- - ----------- -------------
7,500 6,961,000
- - ----------- -------------
WATER & SEWER REVENUE (19.4%)
1,000 Alameda County Water District, 1992 COPs (MBIA Insured) ..... 6.20 6/ 1/13 931,390
California Department of Water Resources,
1,000 Central Valley Ser J-2 ...................................... 6.00 12/ 1/20 874,570
2,000 Central Valley Ser K ........................................ 6.00 12/ 1/21 1,745,820
2,000 Central Coast Water Authority, Ser 1992 (AMBAC Insured) ..... 6.50 10/ 1/14 1,928,600
1,000 Contra Costa Water Authority, Water 1992 Ser E (AMBAC
Insured) ..................................................... 6.25 10/ 1/12 945,500
3,000 East Bay Municipal Utility District, Water Refg Ser 1992 .... 6.00 6/ 1/20 2,619,960
3,250 Los Angeles County Sanitation Districts Financing Authority,
1993 Ser A ................................................... 5.25 10/ 1/10 2,732,405
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --CALIFORNIA SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
Los Angeles, Wastewater
$ 2,000 Refg Ser 1993-A (MBIA Insured) .............................. 5.70 % 6/ 1/20 $ 1,690,700
1,000 1991 Ser C .................................................. 7.10 6/ 1/18 993,220
4,000 San Diego County Water Authority, Ser 1991-B COPs
(MBIA Insured) .............................................. 6.30 4/ 8/21 3,633,760
2,000 San Francisco Public Utilities Commission, Water 1992
Refg Ser A .................................................. 6.00 11/ 1/15 1,777,860
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .......... 7.90 7/ 1/07 2,101,559
- - ----------- -------------
24,250 21,975,344
- - ----------- -------------
112,470 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $110,677,223) ................... 99,561,452
- - ----------- -------------
SHORT-TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS (7.0%)
4,900 Irvine Assessment District No 89-10 (Tender 12/1/94) ........ 3.35* 9/ 2/15 4,900,000
3,000 Newport Beach, Hoag Memorial Hospital Presbyterian Ser 1992
(Tender 12/1/94) ............................................ 3.55* 10/ 1/22 3,000,000
- - ----------- -------------
7,900 TOTAL SHORT TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED
COST $7,900,000) ....................................................... 7,900,000
- - ----------- -------------
$120,370 TOTAL INVESTMENTS (Identified Cost $118,577,223) (a) ................... 95.6% 107,461,452
==========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 4.4 4,988,606
-------- -------------
NET ASSETS ............................................................... 100.0% $112,450,058
======== =============
<FN>
- - ----------
* Variable or floating rate securities. Coupon rate shown reflects current
rate.
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
(a) The aggregate cost for federal income tax purposes is $118,577,223;
the aggregate gross unrealized appreciation is $67,997 and the
aggregate gross unrealized depreciation is $11,183,768, resulting in
net unrealized depreciation of $11,115,771.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --FLORIDA SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
FLORIDA EXEMPT MUNICIPAL BONDS (89.9%)
GENERAL OBLIGATION (3.8%)
$2,000 Guam, Ser 1993 A ................................................ 5.375% 11/15/13 $ 1,597,520
1,000 Puerto Rico, Pub Impr Ser 1991 (Prerefunded)+ ................... 7.30 7/ 1/20 1,089,660
- - ----------- ------------
3,000 2,687,180
- - ----------- ------------
ELECTRIC REVENUE (11.3%)
2,500 Jacksonville Electric Authority, St Johns River Power Park Issue
2 Ser 7 ......................................................... 5.50 10/ 1/14 2,105,575
Orlando Utilities Commission,
1,000 Refg Ser 1993 A ................................................ 5.25 10/ 1/14 816,510
2,000 Ser 1993 ....................................................... 5.125 10/ 1/19 1,553,340
1,900 Ser 1991 A (Prerefunded) ....................................... 6.50 10/ 1/20 1,989,775
2,000 Puerto Rico Electric Power Authority, Power Ser O+ .............. 5.00 7/ 1/12 1,585,140
- - ----------- ------------
9,400 8,050,340
- - ----------- ------------
HOSPITAL REVENUE (17.6%)
275 Altamonte Springs Health Facilities Authority, Adventist
Health/Sunbelt Inc Ser 1984 (MBIA Insured) (Prerefunded) ....... 7.90 10/ 1/14 293,516
500 Cape Canaveral Hospital District, Ser 1991 COPs (AMBAC Insured) 6.875 1/ 1/21 501,025
2,500 Dade County, Jackson Memorial Hospital Ser 1993 (MBIA Insured) . 5.625 6/ 1/13 2,160,300
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie Lee
Insured) ........................................................ 6.60 2/ 1/21 946,450
2,000 Jacksonville Health Facilities Authority, Daughters of Charity/
St Vincent's Medical Center Inc Ser 1993 A ...................... 5.00 11/15/15 1,508,240
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC Insured) .... 6.125 11/15/22 903,350
2,000 Orange County Health Facilities Authority, Orlando Regional
Healthcare Ser 1993 A (MBIA Insured) ............................ 6.00 11/ 1/24 1,770,960
125 Palm Beach County Health Facilities Authority, JFK Medical
Center Inc Ser 1988 ............................................. 8.875 12/ 1/18 131,560
1,000 Polk County Industrial Development Authority, United Haven
Hospital 1985 Ser 2 (MBIA Insured) .............................. 6.25 9/ 1/15 933,910
1,000 South Broward Hospital District, Ser 1991 B & C (AMBAC Insured) 6.611 5/ 1/21 946,740
1,000 Tallahassee, Tallahassee Memorial Regional Medical Center Inc
Refg Ser 1992 B (MBIA Insured) .................................. 6.00 12/ 1/15 905,030
2,000 Tampa, Allegany Health System, St Mary's Hospital Ser 1993 (MBIA
Insured) ........................................................ 5.00 12/ 1/12 1,606,340
- - ----------- ------------
14,400 12,607,421
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.2%)
Citrus County, Florida Power Corp
1,000 Refg Ser 1992 B ................................................ 6.35 2/ 1/22 916,820
2,000 Refg Ser 1992 A ................................................ 6.625 1/ 1/27 1,894,720
St Lucie County, Florida Power & Light Co
1,000 Ser 1992 (AMT) ................................................. 6.70 5/ 1/27 924,600
- - ----------- ------------
4,000 3,736,140
- - ----------- ------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --FLORIDA SERIES November 30, 1994 (continued)
- - ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -SINGLE FAMILY (4.8%)
$ 875 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA
Insured) ........................................................ 7.00 % 3/ 1/13 $ 868,630
615 Florida Housing Finance Agency, GNMA Collaterized 1990 Ser G-1
(AMT) ........................................................... 7.90 3/ 1/22 629,877
2,000 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C+ .............................................. 6.85 10/15/23 1,931,600
- - ----------- ------------
3,490 3,430,107
- - ----------- ------------
NURSING & HEALTH RELATED FACILITIES REVENUE (1.3%)
1,000 Hillsborough County Industrial Authority, Allegany Health/John
Knox Village of Tampa Bay Inc Ser 1992 (MBIA Insured) .......... 6.375 12/ 1/12 953,260
- - ----------- ------------
PUBLIC FACILITIES REVENUE (7.7%)
1,500 Brevard County School Board, Florida School Boards Association
Inc Ser 1992 A COPs (AMBAC Insured) ............................. 6.50 7/ 1/12 1,469,160
1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC
Insured) ........................................................ 6.15 10/ 1/20 912,810
1,000 Palm Beach County, Criminal Justice Refg Ser 1993 (FGIC Insured) 5.375 6/ 1/08 871,390
2,150 St Lucie County, Sales Tax Ser 1992 (FGIC Insured) (Prerefunded) 6.50 10/ 1/22 2,245,998
- - ----------- ------------
5,650 5,499,358
- - ----------- ------------
RESOURCE RECOVERY REVENUE (3.9%)
Broward County,
670 Broward Waste Energy Co North Ser 1984 ......................... 7.95 12/ 1/08 711,011
1,040 SES Broward Co LP South Ser 1984 ............................... 7.95 12/ 1/08 1,103,658
1,000 Lee County, Solid Waste Ser 1991 A (AMT) (MBIA Insured) ........ 6.50 10/ 1/13 959,060
- - ----------- ------------
2,710 2,773,729
- - ----------- ------------
TRANSPORTATION FACILITIES REVENUE (19.6%)
Dade County, Aviation,
400 Ser U (AMT) .................................................... 6.75 10/ 1/06 404,820
1,000 1992 Ser B (MBIA Insured) ...................................... 6.60 10/ 1/22 952,310
Mid-Bay Bridge Authority,
5,000 Sr Lien Crossover Refg Ser 1993 A .............................. 6.10 10/ 1/22 4,166,100
500 Ser 1991 A (Crossover ETM) ..................................... 6.875 10/ 1/22 509,000
1,000 Florida Department of Transportation, Turnpike Ser 1991 A (AMBAC
Insured) ........................................................ 6.25 7/ 1/20 925,140
Greater Orlando Aviation Authority
750 Ser 1992 A (AMT) (FGIC Insured) ................................ 6.50 10/ 1/12 724,598
1,000 Ser 1993 A (AMT) (AMBAC Insured) ............................... 5.50 10/ 1/18 830,180
1,250 Hillsborough County Aviation Authority, Tampa Intl Airport Refg
Ser 1993 B (FGIC Insured) ....................................... 5.60 10/ 1/19 1,055,425
1,500 Lee County, Refg Ser 1991 (AMBAC Insured) ....................... 6.00 10/ 1/17 1,353,660
1,500 Osceola County, Osceola Parkway (MBIA Insured) .................. 6.10 4/ 1/17 1,372,080
500 Puerto Rico Highway Authority, Ser Q+ ........................... 6.00 7/ 1/20 434,960
1,200 Puerto Rico Highway & Transportation Authority, Ser S
(Prerefunded)+ .................................................. 6.50 7/ 1/22 1,253,520
- - ----------- ------------
15,600 13,981,793
- - ----------- ------------
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --FLORIDA SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------------------------------------------
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
WATER & SEWER REVENUE (10.9%)
$ 500 Boynton Beach, Utility Ser 1992 (FGIC Insured) .................. 6.25 % 11/ 1/12 $ 474,690
1,425 Charlotte County, Utility Refg Ser 1993 (FGIC Insured) ......... 5.25 10/ 1/21 1,127,688
1,000 Key West, Sewer Refg Ser 1993 (FGIC Insured) .................... 5.70 10/ 1/20 858,780
1,000 Orange County, Water Utilities Ser 1992 (AMBAC Insured) ........ 6.25 10/ 1/17 927,850
500 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC Insured) ..... 6.625 5/ 1/15 491,460
2,000 Tampa, Water & Sewer Ser 1992 A (FGIC Insured) .................. 6.00 10/ 1/17 1,804,880
2,030 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A+ ............ 7.90 7/ 1/07 2,133,082
- - ----------- ------------
8,455 7,818,430
- - ----------- ------------
OTHER REVENUE (3.8%)
1,000 Homestead, Hurricane Andrew Special Insurance Assessment Ser
1993 (MBIA Insured) ............................................. 5.25 3/ 1/03 935,560
2,000 Orlando, Cap Impr Refg Ser 1992 ................................. 6.00 10/ 1/22 1,745,180
- - ----------- ------------
3,000 2,680,740
- - ----------- ------------
70,705 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $69,046,231) ....................... 64,218,498
- - ----------- ------------
SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS (6.3%)
2,300 Dade County, Health Facilities Authority, Miami Children
Hospital Ser 1990 (Tender 12/1/94) .............................. 3.55 * 1/ 2/00 2,300,000
2,200 Sarasota County Health Facilities Authority, Venice Hospital Ser
1992 (Tender 12/1/94) ........................................... 3.65 * 12/ 1/22 2,200,000
- - ----------- ------------
4,500 TOTAL SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST
$4,500,000) ............................................................... 4,500,000
- - ----------- ------------
$75,205 TOTAL INVESTMENTS (Identified Cost $73,546,231) (a) ......................... 96.2% 68,718,498
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................. 3.8 2,739,108
-------- ------------
NET ASSETS .................................................................. 100.0% $71,457,606
======== ============
<FN>
- - ----------
* Variable or floating rate securities. Coupon rate shown reflects current
rate.
+ Investment in Puerto Rico represents 11.79% of net assets.
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
(a) The aggregate cost for federal income tax purposes is $73,546,231; the
aggregate gross unrealized appreciation is $582,604 and the aggregate
gross unrealized depreciation is $5,410,337, resulting in net
unrealized depreciation of $4,827,733.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --MASSACHUSETTS SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
MASSACHUSETTS EXEMPT MUNICIPAL BONDS (91.5%)
GENERAL OBLIGATION (9.7%)
Massachusetts,
$ 500 Refg 1992 Ser B ............................................. 6.50 % 8/ 1/08 $ 497,255
1,000 Refg 1993 Ser A ............................................. 5.50 2/ 1/11 853,450
150 Nantucket, 1991 .............................................. 6.80 12/ 1/11 147,480
- - ----------- -------------
1,650 1,498,185
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (23.5%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E ....................................... 6.80 11/ 1/21 97,111
1,000 Boston College Ser K ........................................ 5.25 6/ 1/18 791,900
400 Boston University Ser L (MBIA Insured) ...................... 6.66 10/ 1/31 374,596
150 Community College Ser A (Connie Lee Insured) ................ 6.60 10/ 1/22 139,226
400 Suffolk University Ser B (Connie Lee Insured) ............... 6.25 7/ 1/12 365,744
500 University of Massachusetts Foundation Inc/Medical School
Research Ser A (Connie Lee Insured) ......................... 6.00 7/ 1/23 428,720
150 Worcester Polytechnic Institute Refg Ser E .................. 6.625 9/ 1/17 140,871
Massachusetts Industrial Finance Agency,
1,000 Brooks School Ser 1993 ...................................... 5.90 7/ 1/13 884,620
150 Holy Cross College Ser 1992 ................................. 6.45 1/ 1/12 142,410
300 Mount Holyoke College Refg Ser 1992 A (MBIA Insured) ....... 6.30 7/ 1/13 281,580
- - ----------- -------------
4,150 3,646,778
- - ----------- -------------
ELECTRIC REVENUE (3.1%)
500 Massachusetts Municipal Wholesale Electric Company, Power
Supply 1992 Ser C ............................................ 6.625 7/ 1/18 475,145
- - ----------- -------------
HOSPITAL REVENUE (16.6%)
500 Boston, Boston City Hospital-FHA Insured Mtge Refg Ser B .... 5.75 2/15/13 436,155
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B ............................ 7.25 7/ 1/13 97,994
500 Dana-Farber Cancer Institute Ser F (FGIC Insured) .......... 6.00 12/ 1/15 443,905
500 Lahey Clinic Medical Center Ser B (MBIA Insured) ........... 5.625 7/ 1/15 421,740
1,000 Massachusetts General Hospital Ser F (MBIA Insured) ........ 6.00 7/ 1/15 889,730
200 McLean Hospital Ser C (FGIC Insured) ........................ 6.625 7/ 1/15 192,286
100 New England Deaconess Hospital Ser C ........................ 7.20 4/ 1/22 94,639
- - ----------- -------------
2,900 2,576,449
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.6%)
1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
Refg 1993 Ser ................................................ 5.875 8/ 1/08 868,560
- - ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (3.0%)
500 Massachusetts Housing Finance Agency, Rental 1994 Ser A (AMT)
(AMBAC Insured) .............................................. 6.60 7/ 1/14 467,720
- - ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (3.8%)
Massachusetts Housing Finance Agency,
435 Ser 21 (AMT) ................................................ 6.30 6/ 1/25 375,057
220 Ser 21 (AMT) ................................................ 7.125 6/ 1/25 214,007
- - ----------- -------------
655 589,064
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --MASSACHUSETTS SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
STUDENT LOAN REVENUE (3.8%)
$ 195 Massachusetts Educational Facilities Authority, Education
Loan Issue D Ser 1991 (AMT) (MBIA Insured) ................... 7.25 % 1/ 1/09 $ 197,952
400 New England Education Loan Marketing Corporation, 1992 Sub
Issue H (AMT) ................................................ 6.90 11/ 1/09 399,596
- - ----------- -------------
595 597,548
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (13.5%)
300 Guam, Highway 1992 Ser A (Capital Guaranty Insured) ......... 6.30 5/ 1/12 288,048
300 Massachusetts, Highway Impr 1992 Ser A ....................... 6.00 6/ 1/13 268,851
Massachusetts Port Authority,
500 Ser 1992-B .................................................. 6.00 7/ 1/13 451,295
100 Ser A 1990 (AMT) (FGIC Insured) ............................. 7.50 7/ 1/20 102,128
250 Massachusetts Turnpike Authority, 1993 Ser A ................. 5.00 1/ 1/13 198,918
500 Woods Hole, Martha's Vineyard & Nantucket Steamship
Authority, 1994 Ser A ........................................ 5.125 3/ 1/12 399,210
500 Puerto Rico Highway & Transportation Authority, Refg Ser X .. 5.25 7/ 1/21 386,165
- - ----------- -------------
2,450 2,094,615
- - ----------- -------------
WATER & SEWER REVENUE (8.9%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A ............... 5.75 11/ 1/13 433,560
500 Massachusetts Water Resources Authority, Ser A 1990 ......... 6.50 12/ 1/19 524,540
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .......... 7.90 7/ 1/07 420,312
- - ----------- -------------
1,400 1,378,412
- - ----------- -------------
15,800 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $15,547,747) .................... 14,192,476
- - ----------- -------------
SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL OBLIGATIONS (5.8%)
Massachusetts Health & Educational Facilities Authority,
200 Capital Asset Ser B (MBIA Insured) (Tender 12/1/94) ........ 3.35* 7/ 1/05 200,000
700 Williams College Ser E (Tender 12/1/94) ..................... 3.30* 8/ 1/14 700,000
- - ----------- -------------
900 TOTAL SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED
COST $900,000) ......................................................... 900,000
- - ----------- -------------
$16,700 TOTAL INVESTMENTS (Identified Cost $16,447,747)(a) ....................... 97.3% 15,092,476
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 2.7 414,292
-------- ------------
NET ASSETS ............................................................... 100.0% $15,506,768
======== ============
<FN>
- - ----------
* Variable or floating rate securities. Coupon rate shown reflects current
rate.
AMT Alternative Minimum Tax.
(a) The aggregate cost for federal income tax purposes is $16,447,747; the
aggregate gross unrealized appreciation is $58,736 and the aggregate
gross unrealized depreciation is $1,414,007, resulting in net
unrealized depreciation of $1,355,271.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --MICHIGAN SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
MICHIGAN EXEMPT MUNICIPAL BONDS (86.7%)
GENERAL OBLIGATION (2.4%)
$ 500 Kentwood Public Schools, 1992 Bldg & Site Refg ............. 6.40 % 5/ 1/15 $ 473,840
- - ----------- ------------
EDUCATIONAL FACILITIES REVENUE (11.9%)
1,000 Central Michigan University, Refg Ser 1993 (MBIA Insured) . 5.50 10/ 1/10 862,830
1,000 Michigan State University, Ser 1992 A ...................... 6.00 8/15/16 890,110
500 Wayne State University, Ser 1993 (AMBAC Insured) .......... 5.50 11/15/18 413,945
200 Western Michigan University, Ser 1991 B (AMBAC Insured) ... 6.50 7/15/21 190,522
- - ----------- ------------
2,700 2,357,407
- - ----------- ------------
ELECTRIC REVENUE (11.1%)
2,000 Michigan Public Power Agency, Belle River 1993 A .......... 5.25 1/ 1/18 1,578,080
500 Wyandotte, Electric Refg 1992 (MBIA Insured) ............... 6.25 10/ 1/17 463,385
200 Puerto Rico Electric Power Authority, Power Ser O ......... 5.00 7/ 1/12 158,514
- - ----------- ------------
2,700 2,199,979
- - ----------- ------------
HOSPITAL REVENUE (16.5%)
1,000 Kent Hospital Finance Authority, Butterworth Hospital Refg
Ser 1993 A ................................................. 5.375 1/15/19 784,850
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A ............. 7.50 8/15/11 305,505
100 Henry Ford Continuing Care Corp Ser 1991 .................. 6.75 7/ 1/11 97,274
500 Henry Ford Health System Refg Ser 1992 A .................. 5.75 9/ 1/17 410,260
1,000 Oakwood Hospital Oblig Group Refg Ser 1993 A (FGIC
Insured) ................................................... 5.625 11/ 1/18 832,330
500 Royal Oak Hospital Finance Authority, William Beaumont
Hospital Ser 1991 D ........................................ 6.75 1/ 1/20 480,155
400 University of Michigan, Ser 1990 ........................... 6.375 12/ 1/24 352,580
- - ----------- ------------
3,800 3,262,954
- - ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.5%)
200 Michigan Strategic Fund, Ford Motor Co Refg Ser 1991 A .... 7.10 2/ 1/06 204,772
Monroe County, Detroit Edison Co
200 Proj #1 (AMT) (FGIC Insured) .............................. 7.65 9/ 1/20 206,078
500 Monroe & Fermi Plants Collateralized Ser 1-1992 (AMT)
(MBIA Insured) ............................................ 6.875 9/ 1/22 486,955
- - ----------- ------------
900 897,805
- - ----------- ------------
MORTGAGE REVENUE -MULTI-FAMILY (9.0%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A ......................................... 6.60 4/ 1/12 470,960
1,000 Ser 1992 A (FSA Insured) .................................. 6.50 4/ 1/23 904,640
400 Ser 1990 A (AMT) .......................................... 7.70 4/ 1/23 405,564
- - ----------- ------------
1,900 1,781,164
- - ----------- ------------
NURSING & HEALTH RELATED FACILITIES REVENUE (5.7%)
1,200 University of Michigan, Medical Service Plan Ser 1991 ..... 6.50 12/ 1/21 1,122,156
- - ----------- ------------
PUBLIC FACILITIES REVENUE (6.8%)
1,500 Michigan Building Authority Revenue, Refg Ser I ........... 6.25 10/ 1/20 1,353,105
- - ----------- ------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --MICHIGAN SERIES November 30, 1994 (continued)
- - ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- ------------
<C> <S> <C> <C> <C>
RESOURCE RECOVERY REVENUE (2.3%)
$ 300 Detroit Economic Development Corporation, Ser A 1991 (AMT)
(FSA Insured) .............................................. 6.875 % 5/ 1/09 $ 301,206
150 Greater Detroit Resource Recovery Authority, Ser A ........ 9.25 12/13/08 156,945
- - ----------- ------------
450 458,151
- - ----------- ------------
TRANSPORTATION FACILITIES REVENUE (3.9%)
250 Michigan, Trunk Line Rfg Ser 1992 A ........................ 5.75 10/ 1/12 219,338
Wayne County, Detroit Metropolitan Wayne County Airport Sub
Lien
400 Ser 1993 C (MBIA Insured) ................................. 5.25 12/ 1/13 325,960
250 Ser 1991 B (AMT) (MBIA Insured) ........................... 6.75 12/ 1/21 238,682
- - ----------- ------------
900 783,980
- - ----------- ------------
WATER & SEWER REVENUE (12.6%)
Detroit,
500 Sewage Disposal Ser 1991 (FGIC Insured) ................... 6.625 7/ 1/21 480,960
1,000 Sewage Refg Ser 1993 A (FGIC Insured) ..................... 5.70 7/ 1/23 825,440
400 Water Supply Rfg Ser 1992 (FGIC Insured) .................. 6.375 7/ 1/22 363,312
300 Water Supply Rfg Ser 1992 INFLOS (FGIC Insured)
(Prerefunded) ............................................. 8.999+ 7/ 1/22 311,625
500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ........ 7.90 7/ 1/07 525,390
- - ----------- ------------
2,700 2,506,727
- - ----------- ------------
19,250 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $18,936,936) .................. 17,197,268
- - ----------- ------------
SHORT-TERM MICHIGAN EXEMPT MUNICIPAL OBLIGATIONS (9.1%)
900 Delta County Economic Development Corporation,
Mead-Escanaba Paper Co 1985 Ser E (Tender 12/1/94) ........ 3.55* 12/ 1/23 900,000
900 University of Michigan, Hospital Ser 1992 A (Tender
12/1/94) ................................................... 3.50* 12/ 1/19 900,000
- - ----------- ------------
1,800 TOTAL SHORT-TERM MICHIGAN EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED
COST $1,800,000) ..................................................... 1,800,000
- - ----------- ------------
$21,050 TOTAL INVESTMENTS (Identified Cost $20,736,936) (a) .................... 95.8% 18,997,268
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................ 4.2 833,727
-------- ------------
NET ASSETS ............................................................. 100.0% $19,830,995
======== ============
<FN>
- - ---------------
* Variable or floating rate securities. Coupon rate shown reflects current
rate.
+ Current coupon rate for residual interest bonds. This rate resets
periodically as the auction rate on the related short-term securities
fluctuates.
AMT Alternative Minimum Tax.
INFLOS Inverse Floating Rate Securities.
(a) The aggregate cost for federal income tax purposes is $20,736,936;
the aggregate gross unrealized appreciation is $41,532, and the
aggregate gross unrealized depreciation is $1,781,200, resulting in
net unrealized depreciation of $1,739,668.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --MINNESOTA SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -----------
<C> <S> <C> <C> <C>
MINNESOTA EXEMPT MUNICIPAL BONDS (90.6%)
GENERAL OBLIGATION (5.9%)
$ 100 Little Falls Independent School District #482, Ser 1991
(AMBAC Insured) ........................................... 6.80 % 2/ 1/10 $ 104,095
Minneapolis,
100 Sales Tax Refg Ser 1992 .................................. 6.25 4/ 1/12 96,606
300 Dtd 8/15/92 .............................................. 5.90 12/ 1/13 266,760
100 South Washington Independent School District #833, Ser
1991 A (FGIC Insured) ..................................... 6.875 6/ 1/09 105,050
- - ----------- -----------
600 572,511
- - ----------- -----------
EDUCATIONAL FACILITIES REVENUE (15.1%)
200 Minnesota Higher Education Facilities Authority, Hamline
University Ser Three-K .................................... 6.60 6/ 1/09 193,488
250 University of St Thomas Refg Ser Three-R2 ................ 5.60 9/ 1/14 211,165
200 Northfield, St Olaf College 1992 .......................... 6.40 10/ 1/21 183,510
1,000 University of Minnesota, Ser 1993 A ....................... 4.80 8/15/03 891,450
- - ----------- -----------
1,650 1,479,613
- - ----------- -----------
ELECTRIC REVENUE (6.3%)
300 Northern Municipal Power Agency, Refg Ser 1989 A ......... 5.00 1/ 1/21 224,769
500 Southern Minnesota Municipal Power Agency, Ser 1993 B .... 5.00 1/ 1/13 392,880
- - ----------- -----------
800 617,649
- - ----------- -----------
HOSPITAL REVENUE (19.1%)
500 Breckenridge, Catholic Health Corp Ser 1993 ............... 5.25 11/15/13 393,050
500 Robbinsdale, North Memorial Medical Center Ser 1993A
(AMBAC Insured) ........................................... 5.45 5/15/13 419,445
Rochester, Mayo Foundation/Mayo Medical Center
250 Ser 1992 I ............................................... 5.75 11/15/21 210,223
200 Ser 1992 F ............................................... 6.25 11/15/21 180,802
300 St Paul Housing & Redevelopment Authority, Health East
Refg Ser 1993-A ........................................... 6.625 11/ 1/17 258,624
500 St Paul-Ramsey Medical Center Ser 1993 (AMBAC Insured) .. 5.55 5/15/23 404,520
- - ----------- -----------
2,250 1,866,664
- - ----------- -----------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (11.6%)
500 Anoka County, United Power Assoc Ser 1987 A (NRU-CFC Gtd)
(AMT) ..................................................... 6.95 12/ 1/08 503,095
500 Bass Brook, Minnesota Power & Light Co Refg Ser 1992 ..... 6.00 7/ 1/22 425,315
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3 ........... 8.25 12/ 1/11 107,005
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT) ..... 8.00 12/ 1/16 103,958
- - ----------- -----------
1,200 1,139,373
- - ----------- -----------
MORTGAGE REVENUE -MULTI-FAMILY (4.5%)
300 Burnsville, Summit Park Apts FHA Insured Refg Ser 1993 ... 6.00 7/ 1/33 249,249
200 Minneapolis Housing Finance Agency, Ser 1992 A ........... 6.95 8/ 1/17 193,126
- - ----------- -----------
500 442,375
- - ----------- -----------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --MINNESOTA SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -----------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -SINGLE FAMILY (10.8%)
$ 100 Dakota & Washington Counties Housing & Redevelopment
Authority, GNMA-Backed Ser 1988 (AMT) ..................... 8.375% 9/ 1/21 $ 117,877
200 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed
Phase IX Ser 1991 (AMT) ................................... 7.25 8/ 1/21 196,272
Minnesota Housing Finance Agency,
115 Ser 1990 D (AMT) ......................................... 8.00 1/ 1/23 116,004
475 Ser 1992 C-1 (AMT) ....................................... 6.75 7/ 1/23 441,631
200 Ser 1992 H (AMT) ......................................... 6.50 1/ 1/26 179,528
- - ----------- -----------
1,090 1,051,312
- - ----------- -----------
NURSING & HEALTH RELATED FACILITIES REVENUE (4.8%)
500 Minneapolis & Saint Paul Housing & Redevelopment
Authority, Group Health Plan Inc Ser 1992 ................. 6.75 12/ 1/13 472,460
- - ----------- -----------
PUBLIC FACILITIES REVENUE (10.5%)
300 Hennepin County, Ser 1991 COPs ............................ 6.80 5/15/17 298,956
Saint Paul Housing & Redevelopment Authority,
400 Civic Center Ser 1993 .................................... 5.45 11/ 1/13 330,940
500 Civic Center Ser 1993 .................................... 5.55 11/ 1/23 401,725
- - ----------- -----------
1,200 1,031,621
- - ----------- -----------
WATER & SEWER REVENUE (2.0%)
Minnesota Public Facilities Authority,
100 Water Pollution Control Ser 1991 A ....................... 6.95 3/ 1/13 101,740
100 Water Pollution Control Ser 1992 A ....................... 6.50 3/ 1/14 97,419
- - ----------- -----------
200 199,159
- - ----------- -----------
9,990 TOTAL MUNICIPAL BONDS (Identified Cost $9,846,430) .................. 8,872,737
- - ----------- -----------
SHORT-TERM MINNESOTA EXEMPT MUNICIPAL OBLIGATION (2.0%)
200 Beltrami County, Northwood Panelboard Co Ser 1991 (Tender
12/1/94) (Identified Cost $200,000) ....................... 3.55* 12/ 1/21 200,000
- - ----------- -----------
$10,190 TOTAL INVESTMENTS (Identified Cost $10,046,430) (a) .................... 92.6% 9,072,737
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................ 7.4 720,114
-------- -----------
NET ASSETS .............................................................. 100.0% $9,792,851
======== ===========
<FN>
- - ----------
* Variable or floating rate security. Coupon rate shown reflects current
rate.
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
(a) The aggregate cost for federal income tax purposes is $10,046,430; the
aggregate gross unrealized appreciation is $37,920 and the aggregate
gross unrealized depreciation is $1,011,613, resulting in net
unrealized depreciation of $973,693.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --NEW JERSEY SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
NEW JERSEY EXEMPT MUNICIPAL BONDS (89.8%)
GENERAL OBLIGATIONS (6.3%)
$ 3,000 Guam, 1993 Ser A .............................................. 5.375% 11/15/13 $ 2,396,280
500 Essex County, FY Ser 1991 (FSA Insured) ....................... 6.50 12/ 1/11 493,420
- - ----------- -------------
3,500 2,889,700
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (3.3%)
500 New Jersey Economic Development Authority, The Seeing Eye Inc
1991 .......................................................... 7.30 4/ 1/11 481,500
500 Rutgers, The State University Refg Ser R ...................... 6.50 5/ 1/13 491,025
500 University of Medicine & Dentistry of New Jersey, Refg Ser D . 6.50 12/ 1/04 508,160
- - ----------- -------------
1,500 1,480,685
- - ----------- -------------
ELECTRIC REVENUE (3.5%)
2,000 Puerto Rico Electric Power Authority, Power Ser O+ ........... 5.00 7/ 1/12 1,585,140
- - ----------- -------------
HOSPITAL REVENUE (12.7%)
New Jersey Health Care Facilities Financing Authority,
1,000 Allegany Health System Ser 1993 (MBIA Insured) ............... 5.125 7/ 1/13 810,200
1,000 Atlantic City Medical Center Ser C ........................... 6.80 7/ 1/11 964,340
500 Cathedral Health Services Inc -FHA Insured Mtges Ser A ...... 7.25 2/15/21 496,435
1,000 Columbus Hospital Ser A ...................................... 7.50 7/ 1/08 965,310
460 Pascack Valley Hospital Assn Ser 1991 ........................ 6.90 7/ 1/21 423,420
500 Robert Wood Johnson University Hospital Ser B (MBIA Insured) 6.625 7/ 1/16 484,095
1,000 Somerset Medical Center Ser A (FGIC Insured) ................. 5.10 7/ 1/14 804,490
1,000 Underwood-Memorial Hospital Ser B (AMBAC Insured) ........... 5.70 7/ 1/23 838,040
- - ----------- -------------
6,460 5,786,330
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (13.5%)
500 Middlesex County Pollution Control Financing Authority,
Amerada Hess Corp Refg Ser 1992 ............................. 6.875 12/ 1/22 454,465
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT) ......................... 7.10 11/ 1/31 461,115
1,000 BP Oil Inc Ser 1982 .......................................... 6.55 10/ 1/12 966,260
500 Hackensack Water Co Ser C (AMT) .............................. 7.00 10/ 1/17 490,995
300 Jersey Central Power & Light Co 1985 Ser ..................... 7.10 7/ 1/15 285,978
Salem County Pollution Control Financing Authority,
2,100 E I du Pont de Nemours & Co 1992 Ser A (AMT) ................. 6.125 7/15/22 1,851,045
2,000 Public Service Electric & Gas Co 1993 Ser A (MBIA Insured) .. 5.70 5/ 1/28 1,641,640
- - ----------- -------------
6,900 6,151,498
- - ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (3.2%)
New Jersey Housing & Mortgage Finance Agency,
1,000 Presidential Plaza at Newport -FHA Insured Mtges Refg 1991
Ser 1 ......................................................... 7.00 5/ 1/30 989,570
500 Rental 1991 Ser A (AMT) ...................................... 7.25 11/ 1/22 486,555
- - ----------- -------------
1,500 1,476,125
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --NEW JERSEY SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -SINGLE FAMILY (2.0%)
$ 1,000 Puerto Rico Housing Finance Corporation, Portfolio Two
GNMA-Backed Ser E (AMT)+ ...................................... 6.562% 8/ 4/25 $ 890,000
- - ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (2.0%)
985 New Jersey Health Care Facilities Financing Authority,
Spectrum For Living-FHA Insured Mortgage Refg Ser B .......... 6.50 2/ 1/22 902,024
- - ----------- -------------
PUBLIC FACILITIES REVENUE (5.6%)
1,000 Atlantic County Utilities Authority, Solid Waste Ser 1992 .... 7.125 3/ 1/16 933,240
2,000 New Jersey Sports & Exposition Authority, State Contract 1993
Ser A ......................................................... 5.50 9/ 1/23 1,620,020
- - ----------- -------------
3,000 2,553,260
- - ----------- -------------
RESOURCE RECOVERY REVENUE (8.4%)
1,000 Mercer County Improvement Authority, Solid Waste Refg Ser A of
1992 (AMT) (FGIC Insured) ..................................... 6.70 4/ 1/13 980,260
2,000 Union County Utilities Authority, 1991 Ser A (AMT) ........... 7.20 6/15/14 1,928,940
900 Warren County Pollution Control Financing Authority, Warren
Energy Resource Co Ltd Partnership Ser 1984 (MBIA Insured) ... 6.60 12/ 1/07 909,819
- - ----------- -------------
3,900 3,819,019
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (10.2%)
1,000 Delaware River & Bay Authority, Ser 1993 (MBIA Insured) ...... 5.00 1/ 1/17 775,800
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser ....... 6.25 1/ 1/14 1,415,475
1,000 New Jersey Turnpike Authority, Ser C .......................... 5.75 1/ 1/11 891,450
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X+ .. 5.25 7/ 1/21 1,544,660
- - ----------- -------------
5,500 4,627,385
- - ----------- -------------
WATER & SEWER REVENUE (19.1%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993 ... 5.75 5/ 1/17 851,560
1,000 Lacey Municipal Utilities Authority, Ser 1993 A (MBIA Insured) 5.50 12/ 1/19 829,160
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser
(MBIA Insured) ................................................ 6.00 7/15/13 922,050
Passaic Valley Sewerage Commissioners,
2,000 Ser 1992 D (AMBAC Insured) ................................... 5.75 12/ 1/13 1,777,820
1,000 Refg Ser 1992 D (AMBAC Insured) .............................. 5.80 12/ 1/18 871,860
1,790 Passaic Valley Water Commission, 1992 Ser A (FGIC Insured)
(Prerefunded) ................................................. 6.40 12/15/22 1,855,013
1,500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A+ .......... 7.90 7/ 1/07 1,576,170
- - ----------- -------------
9,290 8,683,633
- - ----------- -------------
45,535 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $44,696,189) ...................... 40,844,799
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --NEW JERSEY SERIES November 30, 1994 (continued)
- - ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
SHORT-TERM NEW JERSEY EXEMPT MUNICIPAL OBLIGATIONS (6.1%)
New Jersey Economic Development Authority, El Dorado
$ 1,800 Terminal Ser 1984 A (Tender 12/1/94) ......................... 3.40 %* 5/ 1/01 $ 1,800,000
1,000 Toys R US Inc (Tender 12/1/94) ............................... 3.35 * 4/ 1/19 1,000,000
- - ----------- -------------
2,800 TOTAL SHORT-TERM NEW JERSEY EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST
$2,800,000) .............................................................. 2,800,000
- - ----------- -------------
$48,335 TOTAL INVESTMENTS (Identified Cost $47,496,189) (a) ........................ 95.9% 43,644,799
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................ 4.1 1,852,456
-------- ------------
NET ASSETS ................................................................. 100.0% $45,497,255
======== ============
<FN>
- - ----------
* Variable or floating rate securities. Coupon rate shown reflects
current rate.
+ Investment in Puerto Rico represents 12.30% of net assets.
AMT Alternative Minimum Tax.
(a) The aggregate cost for federal income tax purposes is $47,496,189;
the aggregate gross unrealized appreciation is $155,242 and the gross
unrealized depreciation is $4,006,632, resulting in net unrealized
depreciation of $3,851,390.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --NEW YORK SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
NEW YORK EXEMPT MUNICIPAL BONDS (76.7%)
GENERAL OBLIGATION (2.5%)
$ 100 New York City, 1990 Ser D ..................................... 6.00 % 8/ 1/06 $ 91,358
300 Puerto Rico, Pub Impr Refg Ser 1992 A+ ........................ 6.00 7/ 1/14 266,505
- - ----------- -------------
400 357,863
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (14.6%)
New York State Dormitory Authority,
400 Manhattan College Ser 1992 ................................... 6.50 7/ 1/19 373,556
1,000 State University Ser 1993 A .................................. 5.25 5/15/15 780,370
345 University of Rochester Ser 1987 ............................. 6.50 7/ 1/09 333,018
500 University of Rochester Ser 1993 A ........................... 5.625 7/ 1/12 421,675
200 Upstate Community Colleges Ser 1991 A (Prerefunded) ......... 7.30 7/ 1/21 218,268
- - ----------- -------------
2,445 2,126,887
- - ----------- -------------
ELECTRIC REVENUE (3.8%)
500 New York State Power Authority, General Purpose Ser CC ....... 5.25 1/ 1/18 391,930
200 Puerto Rico Electric Power Authority, Power Ser O+ ........... 5.00 7/ 1/12 158,514
- - ----------- -------------
700 550,444
- - ----------- -------------
HOSPITAL REVENUE (2.6%)
New York State Medical Care Facilities Finance Agency, Insured
Hospital & Nursing Home -FHA Insured Mortgage
250 1993 Ser B ................................................... 5.50 2/15/22 196,598
200 1992 Ser A ................................................... 6.70 8/15/23 187,674
- - ----------- -------------
450 384,272
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (12.6%)
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B (AMT) ................... 6.952 7/ 1/26 923,700
500 Consolidated Edison Co of New York Ser 1991 A (AMT) ......... 6.00 3/15/28 408,550
300 Long Island Lighting Co 1990 Ser A (AMT) ..................... 7.15 6/ 1/20 270,642
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA
Insured) ...................................................... 6.50 5/15/32 231,940
- - ----------- -------------
2,050 1,834,832
- - ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (10.2%)
New York State Mortgage Agency,
500 Home Owners Ser 27 ........................................... 6.90 4/ 1/15 483,525
100 Home Owners Ser UU (AMT) ..................................... 7.75 10/ 1/23 101,697
1,000 Puerto Rico Housing Finance Corporation, Portfolio Two
GNMA-Backed Ser E (AMT)+ ...................................... 6.562 8/ 4/25 890,000
- - ----------- -------------
1,600 1,475,222
- - ----------- -------------
PUBLIC FACILITIES REVENUE (5.0%)
350 New York City Cultural Resources Trust, The Museum of Modern
Art Refg Ser 1993 A ........................................... 5.40 1/ 1/12 302,806
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser
A ............................................................. 6.00 7/ 1/26 421,770
- - ----------- -------------
850 724,576
- - ----------- -------------
RESOURCE RECOVERY REVENUE (3.4%)
500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992 ... 6.65 4/ 1/05 490,085
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --NEW YORK SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
TAX ALLOCATION (3.6%)
$ 700 Grand Central District Management Association Inc, Cap Impr
Refg Ser 1994 ................................................. 5.25 % 1/ 1/22 $ 526,617
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (2.6%)
500 Triborough Bridge & Tunnel Authority, Gen Pur Ser 1993 B ..... 5.00 1/ 1/20 374,950
- - ----------- -------------
WATER & SEWER REVENUE (12.3%)
New York City Municipal Water Finance Authority,
600 1994 Ser B ................................................... 5.375 6/15/07 510,960
1,000 1993 Ser A ................................................... 6.00 6/15/17 860,180
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A+ .......... 7.90 7/ 1/07 420,312
- - ----------- -------------
2,000 1,791,452
- - ----------- -------------
OTHER REVENUE (3.5%)
500 New York Local Government Assistance Corporation, Ser 1991 C . 7.00 4/ 1/10 503,055
- - ----------- -------------
12,695 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $12,510,309) ..................... 11,140,255
- - ----------- -------------
SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATIONS (19.3%)
700 New York City Cultural Resources Trust, Solomon R Guggenheim
Foundation Ser 1990 B (Tender 12/1/94) ........................ 3.40* 12/ 1/15 700,000
New York State Dormitory Authority,
700 Cornell University 1990 Ser B (Tender 12/1/94) ............... 3.40* 7/ 1/25 700,000
700 Oxford University Press Inc Ser 1993 (Tender 12/1/94) ....... 3.40* 7/ 1/23 700,000
700 Port Authority of New York & New Jersey, Ser 2 (Tender
12/1/94) ...................................................... 3.40* 5/ 1/19 700,000
- - ----------- -------------
2,800 TOTAL SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST
$2,800,000) ............................................................. 2,800,000
- - ----------- -------------
$15,495 TOTAL INVESTMENTS (Identified Cost $15,310,309) (a) ....................... 96.0% 13,940,255
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 4.0 581,668
-------- ------------
NET ASSETS ................................................................ 100.0% $14,521,923
======== ============
<FN>
- - ----------
* Variable or floating rate security. Coupon rate shown reflects current
rate.
+ Investment in Puerto Rico represents 11.95% of net assets.
AMT Alternative Minimum Tax.
(a) The aggregate cost for federal income tax purposes is $15,310,309;
the aggregate gross unrealized appreciation is $26,856 and the
aggregate gross unrealized depreciation is $1,396,910, resulting in
net unrealized depreciation of $1,370,054.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --OHIO SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
OHIO EXEMPT MUNICIPAL BONDS (90.9%)
GENERAL OBLIGATION (7.5%)
$ 300 Bedford School District, Ser 1993 .......................... 6.25 % 12/ 1/13 $ 277,140
500 Columbus School District, Renovation & Impr Ser 1992 (FGIC
Insured) (Prerefunded) ..................................... 6.65 12/ 1/12 527,955
180 Euclid, Ser 1991 ........................................... 6.625 12/ 1/11 177,386
100 Euclid City School District, School Impr Ser 1991 ......... 7.10 12/ 1/11 101,490
100 Gahanna, Ser A (Prerefunded) ............................... 7.00 6/ 1/12 107,127
250 Hilliard City School District, School Impr Refg Ser 1992
(FGIC Insured) ............................................. 6.55 12/ 1/05 255,503
100 South Euclid, Unltd Tax Recreational ....................... 7.00 12/ 1/11 100,994
- - ----------- -------------
1,530 1,547,595
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (20.7%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University Ser 1992 .................. 6.00 10/ 1/22 441,800
1,000 John Carroll University Refg .............................. 5.30 11/15/14 802,180
1,000 Oberlin College Ser 1993 .................................. 5.375 10/ 1/15 825,950
University of Cincinnati,
1,000 General Receipts Ser R7 ................................... 5.20 6/ 1/10 843,890
500 General Receipts Ser G .................................... 7.00 6/ 1/11 507,340
1,000 University of Toledo, Ser 1992 A (FGIC Insured) ........... 5.90 6/ 1/20 873,220
- - ----------- -------------
5,000 4,294,380
- - ----------- -------------
ELECTRIC REVENUE (5.8%)
500 Hamilton! Refg 1992 Ser A (FGIC Insured) ................... 6.00 10/15/12 457,965
500 Ohio Municipal Electric Generation Agency Joint Venture 5,
Belleville Hydro 1993 Certificates (AMBAC Insured) ........ 5.375 2/15/13 422,480
400 Puerto Rico Electric Power Authority, Power Ser O ......... 5.00 7/ 1/12 317,028
- - ----------- -------------
1,400 1,197,473
- - ----------- -------------
HOSPITAL REVENUE (21.6%)
1,000 Akron Bath & Copley Joint Township Hospital District, Summa
Health Ser 1992 A .......................................... 6.25 11/15/07 959,720
1,000 Clermont County, Mercy Health Ser 1991 ..................... 6.733 10/ 5/21 950,050
490 Cuyahoga County, Meridia Health Ser 1990 ................... 7.25 8/15/19 486,580
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A .......................... 7.00 1/ 1/09 476,620
500 Franciscan Sisters of the Poor/Providence Hospital Ser
1992 ....................................................... 6.875 7/ 1/15 439,530
Lucas County,
100 Flower Memorial Hospital Ser A ............................ 8.125 12/ 1/11 100,600
1,000 Toledo Hospital Impr & Refg Ser 1993 (MBIA Insured) ...... 5.00 11/15/22 751,080
300 Middleburg Heights, Southwest General Hospital Ser 1991 ... 7.20 8/15/19 299,607
- - ----------- -------------
4,865 4,463,787
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.5%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A ......... 6.90 5/ 1/10 383,520
100 Ohio Economic Development Authority, Superior Forge & Steel
Corp Ser 1991-3 (AMT) ...................................... 7.625 6/ 1/11 98,389
500 Ohio Water Development Authority, Dayton Power & Light Co
Collateralized Refg 1992 Ser A ............................. 6.40 8/15/27 447,580
- - ----------- -------------
1,000 929,489
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --OHIO SERIES November 30, 1994 (continued)
- - ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -SINGLE FAMILY (3.7%) .....................
$ 800 Ohio Housing Finance Agency, GNMA-Backed 1990 Ser A-1 & 2
(AMT) ...................................................... 6.903% 3/ 1/31 $ 764,480
- - ----------- -------------
PUBLIC FACILITIES REVENUE (8.0%)
Ohio Building Authority,
1,000 1993 Ser A ................................................ 5.50 10/ 1/12 845,720
1,000 Workers' Compensation/William Green Building 1993 Ser A .. 5.125 4/ 1/10 816,330
- - ----------- -------------
2,000 1,662,050
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (4.1%)
1,000 Ohio Turnpike Commission, 1994 Ser A ....................... 5.75 2/15/24 841,990
- - ----------- -------------
WATER & SEWER REVENUE (15.0%)
1,000 Clermont County, Sewer Refg (AMBAC Insured) ................ 5.20 12/ 1/21 782,960
300 Columbus, Sewerage Refg Ser 1992 ........................... 6.25 6/ 1/08 289,928
500 Hamilton! Water 1991 Ser A (MBIA Insured) .................. 6.30 10/15/21 469,280
1,000 Montgomery County, Water Ser 1992 (FGIC Insured) .......... 6.25 11/15/17 5,390
600 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ........ 7.90 7/ 1/07 630,468
- - ----------- -------------
3,400 3,108,026
- - ----------- -------------
20,995 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $20,638,911 ) ................. 18,809,270
- - ----------- -------------
SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS (3.9%)
300 Ohio Water Development Authority, Mead Corp 1986 Ser B
(Tender 12/1/94) ........................................... 3.45* 11/ 1/15 300,000
500 Cuyahoga County, University Hospitals of Cleveland Ser 1985
(Tender 12/1/94) ........................................... 3.65* 1/ 1/16 500,000
- - ----------- -------------
800 TOTAL SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED COST
$800,000) ............................................................ 800,000
- - ----------- -------------
$21,795 TOTAL INVESTMENTS (Identified Cost $21,438,911) (a) .................... 94.8% 19,609,270
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................ 5.2 1,083,391
-------- ------------
NET ASSETS ............................................................. 100.0% $20,692,661
======== ============
<FN>
- - ----------
* Variable or floating rate securities. Coupon rate shown reflects
current rate.
AMT Alternative Minimum Tax.
(a) The aggregate cost for federal income tax purposes is $21,438,911;
the aggregate gross unrealized appreciation is $54,645, and the
aggregate gross unrealized depreciation is $1,884,286, resulting in
net unrealized depreciation of $1,829,641.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --PENNSYLVANIA SERIES November 30, 1994
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- ---------- ---------- -------------
<C> <S> <C> <C> <C>
PENNSYLVANIA EXEMPT MUNICIPAL BONDS (86.5%)
GENERAL OBLIGATION (7.5%)
$ 2,000 Berks County, Second Ser 1992 (FGIC Insured) ................. 5.75 % 11/15/12 $ 1,776,440
300 McKeesport Area School District, Refg Ser 1991 ............... 5.00 4/ 1/13 235,152
1,000 Reading, Ser of 1992 (AMBAC Insured) (Prerefunded) .......... 6.50 11/15/12 1,033,790
600 Puerto Rico, Pub Impr Refg Ser 1992 A ........................ 6.00 7/ 1/14 533,010
- - ----------- -------------
3,900 3,578,392
- - ----------- -------------
EDUCATIONAL FACILITIES REVENUE (19.9%)
1,000 Delaware County Authority, Villanova University Ser 1993
(MBIA Insured) ............................................... 5.50 8/ 1/23 807,080
1,000 Northeastern Pennsylvania Hospital & Education Authority,
Kings College Ser B 1993 ..................................... 6.00 7/15/11 876,750
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B .................... 6.00 11/ 1/22 627,465
500 Medical College of Pennsylvania 1991 Ser A .................. 7.25 3/ 1/11 501,455
500 Temple University First Ser 1991 (MBIA Insured) ............ 6.50 4/ 1/21 473,495
1,000 Thomas Jefferson University 1992 Ser A ...................... 6.625 8/15/09 988,320
1,000 Thomas Jefferson University 1993 Ser A ...................... 5.30 11/ 1/15 812,770
Pennsylvania State University,
1,000 Second Refg Ser 1992 ........................................ 5.50 8/15/16 830,800
1,000 Ser B 1992 .................................................. 5.50 8/15/16 836,640
1,000 Swarthmore Borough Authority, Swarthmore College Ser 1992 ... 6.00 9/15/20 888,820
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA Insured) ..... 6.125 6/ 1/21 1,801,400
- - ----------- -------------
10,750 9,444,995
- - ----------- -------------
ELECTRIC REVENUE (1.7%)
1,000 Puerto Rico Electric Power Authority, Power Ser 0 ........... 5.00 7/ 1/12 792,570
- - ----------- -------------
HOSPITAL REVENUE (17.6%)
Allegheny County Hospital Development Authority,
1,000 Ohio Valley General Hospital Refg Ser 1993 .................. 5.875 4/ 1/11 834,270
1,000 Presbyterian University Health System Inc Ser 1992 B (MBIA
Insured) ..................................................... 6.00 11/ 1/12 916,800
1,000 Berks County Municipal Authority, Reading Hospital & Medical
Center (MBIA Insured) ........................................ 5.50 10/ 1/08 882,870
500 Chester County Health & Education Facilities Authority, Bryn
Mawr Rehabilitation Hospital Refg Ser 1992 (Prerefunded) .... 6.75 7/ 1/14 529,875
1,500 Doylestown Hospital Authority, Doylestown Hospital 1993 Ser B
(AMBAC Insured) .............................................. 5.00 7/ 1/23 1,102,245
Philadelphia Hospital & Higher Education Facilities
Authority,
1,750 Chestnut Hill Hospital Ser of 1992 .......................... 6.375 11/15/11 1,597,068
1,000 Temple University Hospital 1993 Ser A ....................... 6.50 11/15/08 915,130
2,000 The Children's Hospital of Philadelphia Ser A of 1993 ...... 5.375 2/15/14 1,603,640
- - ----------- -------------
9,750 8,381,898
- - ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (3.1%)
500 Lehigh County Industrial Development Authority, Strawbridge &
Clothier Refg Ser of 1991 .................................... 7.20 12/15/01 523,520
Montgomery County Industrial Development Authority,
1,000 Philadelphia Electric Co Refg 1991 Ser B (MBIA Insured) .... 6.70 12/ 1/21 960,310
- - ----------- -------------
1,500 1,483,830
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --PENNSYLVANIA SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- ---------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE -MULTI-FAMILY (2.0%)
Pennsylvania Housing Finance Agency,
$ 100 Moderate Rehab Sec 8 Assisted Issue B ....................... 9.00 % 8/ 1/01 $ 103,854
1,000 Ser 1992-35 D (AMT) ......................................... 6.06 4/ 1/25 832,820
- - ----------- -------------
1,100 936,674
- - ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (9.3%)
Pennsylvania Housing Finance Agency,
2,000 Ser 1993-37 A ............................................... 5.45 10/ 1/17 1,604,620
2,000 Ser 1991-31 C (AMT) ......................................... 7.00 10/ 1/23 1,873,440
1,000 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C ............................................ 6.85 10/15/23 965,800
- - ----------- -------------
5,000 4,443,860
- - ----------- -------------
RESOURCE RECOVERY (2.8%) .....................................
300 Cambria County Industrial Development Authority, Cambria
Cogen Co Ser 1989 F-1 (AMT) .................................. 7.75 9/ 1/19 308,058
1,000 Montgomery County Industrial Development Authority, Ser 1989 7.50 1/ 1/12 1,001,690
- - ----------- -------------
1,300 1,309,748
- - ----------- -------------
STUDENT LOAN REVENUE (3.9%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT) (AMBAC Insured) ............................ 6.05 1/ 1/19 882,700
1,000 1991 Ser B (AMT) (AMBAC Insured) ............................ 6.854 9/ 1/26 950,430
- - ----------- -------------
2,000 1,833,130
- - ----------- -------------
TRANSPORTATION FACILITIES REVENUE (9.3%)
1,000 Guam, Highway 1992 Ser A (Capital Guaranty Insured) ......... 6.30 5/ 1/12 960,160
500 Allegheny County, Greater Pittsburgh Intl Airport Ser 1992
(AMT) (FSA Insured) .......................................... 6.625 1/ 1/22 469,850
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC
Insured) ..................................................... 6.00 12/ 1/12 1,841,100
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC
Insured) ..................................................... 5.875 12/ 1/12 900,950
300 Puerto Rico Highway Authority, Ser Q ......................... 6.00 7/ 1/20 260,976
- - ----------- -------------
4,800 4,433,036
- - ----------- -------------
WATER & SEWER REVENUE (6.3%)
Bethlehem Authority, Northampton & Lehigh Counties
1,000 Refg Ser of 1994 (MBIA Insured) ............................. 4.875 11/15/14 770,610
1,500 Refg Ser of 1994 (MBIA Insured) ............................. 5.30 11/15/17 1,194,870
1,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .......... 7.90 7/ 1/07 1,050,780
- - ----------- -------------
3,500 3,016,260
- - ----------- -------------
OTHER REVENUE (3.1%)
1,500 Pennsylvania Finance Authority, Muni Cap Impr Refg Ser 1993 . 6.60 11/ 1/09 1,470,660
- - ----------- -------------
46,100 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $45,063,358) ...................... 41,125,053
- - ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO OF INVESTMENTS --PENNSYLVANIA SERIES November 30, 1994 (continued)
- - -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- - ----------- ---------- ---------- -------------
<C> <S> <C> <C> <C>
SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL OBLIGATIONS (8.2%)
$ 1,800 Schuylkill Cnty Industrial Development Authority,
Northeastern Power Co Ser 1985 (Tender 12/1/94) .............. 3.50 %* 12/ 1/11 $ 1,800,000
2,100 University of Pittsburgh, Cap Proj 1989 Ser A (Tender
12/1/94) ..................................................... 3.525 * 1/ 1/19 2,100,000
- - ----------- -------------
3,900 TOTAL SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL OBLIGATIONS (IDENTIFIED
COST $3,900,000) ......................................................... 3,900,000
- - ----------- -------------
$50,000 TOTAL INVESTMENTS (Identified Cost $48,963,358) (a) ........................ 94.7% 45,025,053
=========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................ 5.3 2,532,203
-------- ------------
NET ASSETS ................................................................. 100.0% $47,557,256
======== ============
<FN>
- - ----------
* Variable or floating rate securities. Coupon rate shown reflects
current rate.
AMT Alternative Minimum Tax.
(a) The aggregate cost for federal income tax purpose is $48,963,358; the
aggregate gross unrealized appreciation is $149,749 and the gross
unrealized depreciation is $4,088,054, resulting in net unrealized
depreciation of $3,938,305.
</TABLE>
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
- - -----------------------------------------------------------------------------
To the Shareholders and Trustees of Dean Witter Multi-State Municipal Series
Trust
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of the Arizona
Series, the California Series, the Florida Series, the Massachusetts Series,
the Michigan Series, the Minnesota Series, the New Jersey Series, the New
York Series, the Ohio Series and the Pennsylvania Series (constituting the
Dean Witter Multi-State Municipal Series Trust, hereafter referred to as the
"Fund") at November 30, 1994, the results of each of their operations for the
year then ended, the changes in each of their net assets for each of the two
years in the period then ended and the financial highlights for each of the
three years in the period then ended and for the period January 15, 1991
(commencement of operations for all Series except the Arizona Series) and
April 30, 1991 (commencement of operations for the Arizona Series) through
November 30, 1991, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our audits,
which included confirmation of securities owned at November 30, 1994 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
PRICE WATERHOUSE LLP
New York, New York
January 13, 1995
1994 FEDERAL INCOME TAX NOTICE (unaudited)
During the year ended November 30, 1994, the Fund paid to shareholders
dividends per share from net investment income as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- - ---------- ------------ ---------- --------------- ---------- ----------- ------------ ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$.546730 $.576309 $.559761 $.560443 $.563926 $.552558 $.557291 $.572666 $.553790 $.559057
</TABLE>
All of the Fund's dividends from net investment income were exempt interest
dividends, excludable from gross income for Federal income tax purposes.
For the same period, the Fund paid to shareholders long-term capital gains
per share as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA MASSACHUSETTS MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- - ---------- ------------ --------------- ---------- ----------- ------------ ---------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$.011650 $.104152 $.095349 $.179945 $.077364 $.076211 $.047013 $.116042 $.059181
</TABLE>
<PAGE>
TRUSTEES
- - -------------------------------
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
- - -----------------------------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
James F. Willison
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
- - -----------------------------------------------
Dean Witter Trust Company
Harborside Financial Center -Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
- - -----------------------------------------------
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
- - -----------------------------------------------
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Fund.
This report is not authorized for distribution to prospective investors in
the Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER
MULTI-STATE
MUNICIPAL
SERIES TRUST
ANNUAL REPORT
NOVEMBER 30, 1994
APPENDIX FOR GRAPHIC AND IMAGE MATERIAL
Ten charts which cannot be reproduced in the ASCII format required for
EDGAR have been omitted in the "Shareholder Letter" of the preceding Annual
Report. Pursuant to Rule 304 of Regulation S-T, the substantive information
contained in these charts is conveyed at the above-mentioned point of this
EDGAR Filing in tabular and narrative form.
