<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- -----------------------------------------------------------------------------
Bonds have rallied significantly since last year. Progressive tightening
of monetary policy by the Federal Reserve Board over the 12 months through
February 1995 led to slower economic growth and caused bonds to advance. The
trend toward lower long-term interest rates was aided in July and December
when the Federal Reserve Board reduced the fed funds rate banks charge each
other for overnight loans.
MUNICIPAL MARKET CONDITIONS
Long-term municipal bond yields declined from a high of 7.37 percent in
November 1994 to 5.78 percent at the end of November 1995, as tracked by The
Bond Buyer Revenue Bond Index*. This 159 basis point decline in yield
corresponded to a 12 percent price increase for a callable bond with a
30-year maturity. Similarly, yields on 1-year municipal notes moved from 4.51
percent to 3.59 percent. The yield pickup for extending maturity from 1-to-30
years was 219 basis points in November 1995.
Tax-exempt bonds began the year by outperforming U.S. Treasury bonds. The
ratio of the Revenue Bond Index yields to the 30-year U.S. Treasury bond
yield moved from 89 percent in December 1994 to 84 percent by the end of
February 1995. A declining ratio means that municipal bond prices have been
stronger than U.S. Treasury prices. In the spring the municipal market began
to discount the risk of comprehensive changes in the tax code created by
flat-tax rhetoric from Washington. This caused municipals to weaken on a
relative basis. The yield ratio reached a high of 95 percent during the
summer. Over the past 10 years, long municipal yields have averaged 89
percent of U.S. Treasury yields.
The municipal market continued to experience consolidation in 1995.
Municipal underwriting in the first 11 months of the year was down 12 percent
from the same period in 1994. This change followed a 44 percent drop in
volume for all of 1994. The effects of lower volume and diminished new issue
profitability were also apparent in the decision by several major dealers to
withdraw from the municipal business.
TAX REFORM
Flat-tax advocates have generated increased publicity for their proposals
and have influenced the municipal market since early 1995. Most of the
discussion on proposed tax-reform measures is based on theoretical concepts,
containing broad assumptions and lacking specific details. Basically, the
various plans raise questions about the fairness of changing from a
progressive tax structure. Low flat-tax rate plans call for the elimination
of deductions of mortgage interest, charitable contributions, property taxes,
and state and local income taxes. Should politicians make tax reform a
central issue in the 1996 elections, media coverage will expand from the
financial page to the front page. If that happens, municipal bonds could come
under further pressure. For example, when major tax reform turmoil occurred
in 1986, municipal yields briefly exceeded taxable yields.
- ------------
*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 Investors Service, Inc., and
AA+ to A- by Standard & Poor's Corp.
<PAGE>
In addition to the market risk associated with the flat-tax proposals,
municipal credits would also be negatively affected. If mortgage interest and
property tax deductions were eliminated, municipalities would experience a
decline in their property tax base. The loss of state and local income tax
deductions would increase the relative economic disadvantage that high tax
states already face. The flat-tax represents an attempt to shift tax
accountability from the federal to local governments. Taxpayer recognition of
the extent of change under consideration may impede the passage of
comprehensive tax reform.
PORTFOLIO STRUCTURE
The investment objective of a high level of current income exempt from
both federal and state income taxes consistent with preservation of capital
remained the primary consideration in portfolio activity. New investments in
each portfolio of Dean Witter Multi-State Municipal Series Trust have been
focused on investment grade issues rated "A" or better by Moody's Investor
Service, Inc. or Standard & Poor's Corp. Overall average credit quality was
double "A" with the exception of Massachusetts and New York which averaged
single "A." As of November 30, 1995 the Series' average maturities ranged
from 19 to 22 years. Call protection was 7.5 years on average.
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, 1995 versus the performance of similar hypothetical investments
in the issues that comprise the Lehman Brothers Municipal Bond Index.
For your convenience, we have summarized details regarding the various
individual state Series on the following pages. Here you will find
information on credit quality, maturity, call protection, distributions,
performance and tax-free and taxable equivalent yields for each portfolio.
Please note that the Massachusetts, Michigan, Minnesota, New York and Ohio
Series will continue to have operating expenses in excess of 50 basis points
of daily net assets absorbed by the Investment Manager through December 31,
1996.
LOOKING AHEAD
The slower pace of economic activity in 1995 and the Federal Reserve
Board's latest interest rate moves have improved bond-market expectations.
The decreasing supply of new issues, combined with significant maturities and
calls for redemptions, should continue to be positive for the municipal
market. However, tax-reduction proposals are likely to continue to receive
publicity and may cloud the outlook for tax-exempt bonds. With long-term
municipal securities yielding more than 90 percent of the yield on U.S.
Treasuries, the market has already begun the process of discounting the risk
that a flat-tax might eventually become law.
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,
/s/ Charles A. Fiumefreddo
Charles A. Fiumefreddo
Chairman of the Board
(This page has been left blank intentionally.)
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: ARIZONA SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION>
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,269
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $13,894 (3) $14,587
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
===========================================================
19.21 (1) 8.40 (1)
- -----------------------------------------------------------
14.45 (2) 7.44 (2)
===========================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: CALIFORNIA SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION> LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,546
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,445(3) $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
======================================================================
20.15 (1) 8.75 (1)
- ----------------------------------------------------------------------
15.35 (2) 7.84 (2)
======================================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: FLORIDA SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION> LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,410 $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
=========================================================================
19.54 (1) 8.69 (1)
- -------------------------------------------------------------------------
14.76 (2) 7.78 (2)
=========================================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MASSACHUSETTS SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION> LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,546
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,755 (3) $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
========================================================
20.58 (1) 9.22 (1)
- --------------------------------------------------------
15.76 (2) 8.31 (2)
========================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MICHIGAN SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION>
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,546
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,642 (3) $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
========================================================
20.69 (1) 9.05 (1)
- --------------------------------------------------------
15.86 (2) 8.14 (2)
========================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: MINNESOTA SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION>
LEHMAN BROTHERS
MUNI BOND
DATE TOTAL INDEX
==========================================================================================================================
<S> <C> <C>
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
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,100 $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
=============================================================
20.60 (1) 8.21 (1)
- -------------------------------------------------------------
15.77 (2) 7.31 (2)
=============================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: NEW JERSEY SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION>
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,546
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,446 (3) $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
========================================================
19.60 (1) 8.75 (1)
- --------------------------------------------------------
14.81 (2) 7.84 (2)
========================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: NEW YORK SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION>
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,546
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,638(3) $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
========================================================
21.40 (1) 9.04 (1)
- --------------------------------------------------------
16.54 (2) 8.13 (2)
========================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: OHIO SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION>
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,546
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,512 (3) $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
=========================================================================
21.02 (1) 8.85 (1)
- -------------------------------------------------------------------------
16.18 (2) 7.94 (2)
=========================================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ---------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST: PENNSYLVANIA SERIES
GROWTH OF $10,000
<TABLE>
<CAPTION>
LEHMAN BROTHERS
DATE TOTAL MUNI BOND
INDEX
==========================================================================================================================
<S> <C> <C>
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 $12,546
- --------------------------------------------------------------------------------------------------------------------------
November 30, 1995 $14,458 (3) $14,916
==========================================================================================================================
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
=============================================================
19.65 (1) 8.77 (1)
- -------------------------------------------------------------
14.86 (2) 7.86 (2)
=============================================================
==============================================
Fund Lehman (4)
==============================================
Past performance is not predictive of future returns.
<FN>
- ----------------------------------------
(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, 1995.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum
credit rating of Baa or BBB, as rated by Moody's Investors Service,
Inc. or Standard & Poor's Corp., respectively. The Index does not
include any expenses, fees or charges. The Index is unmanaged and
should not be considered an investment.
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY November 30, 1995 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
------------ -------------- ------------ -----------------
<S> <C> <C> <C> <C>
CREDIT RATINGS (1):
AAA OR AAA ..................... 48% 31% 66% 34%
AA OR AA ....................... 26% 25% 15% 12%
A OR A ......................... 23% 32% 14% 48%
BAA OR BBB ..................... 3% 12% 5% 6%
BA OR BB ....................... -- -- -- --
NON-RATED ...................... -- -- -- --
AVERAGE WEIGHTED:
MATURITY ....................... 19 YEARS 21 YEARS 21 YEARS 19 YEARS
CALL PROTECTION ................ 7 YEARS 8 YEARS 7 YEARS 8 YEARS
PER SHARE NET ASSET VALUE:
NOVEMBER 30, 1994 .............. $9.42 $9.38 $9.60 $9.60
NOVEMBER 30, 1995 .............. $10.65 $10.67 $10.88 $10.97
DIVIDENDS (2) ................... $0.54 $0.56 $0.56 $0.57
TOTAL RETURN 12 MONTHS
ENDED 11/30/95 (3) ............. 19.21% 20.15% 19.54% 20.58%
TAX-FREE YIELD (4) .............. 4.57% 5.02% 4.59% 4.86%
TAXABLE EQUIVALENT YIELD (5) ... 8.01% 9.34% 7.60% 9.14%
</TABLE>
- ---------------
(1) Represents Moody's or Standard & Poor's ratings of the credit quality
of the long-term bonds owned by each Series.
(2) Includes all income dividends and capital gains distributions, if any,
paid by each Series for the 12 months ended November 30, 1995.
(3) Total return figures represent the change in each Series' total value
for each period measured, taking into account the change in NAV plus
compounded, reinvested dividends.
(4) Yields were calculated for the 30-day period ended November 30, 1995
following the SEC yield formula (based on adjusted net asset value).
(5) Assumes the top federal income tax rate and the top effective state
income tax rate, 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
- ------------ ------------- -------------- ------------ ------------ ----------------
<C> <C> <C> <C> <C> <C>
57% 22% 45% 28% 43% 54%
33% 36% 17% 16% 22% 23%
9% 35% 25% 45% 30% 16%
1% 7% 8% 11% 4% 7%
-- -- 2% -- -- --
-- -- 3% -- 1% --
22 Years 20 Years 19 Years 22 Years 20 Years 20 Years
7 Years 7 Years 7 Years 9 Years 7 Years 8 Years
$ 9.46 $ 9.28 $ 9.47 $ 9.46 $ 9.42 $ 9.56
$10.81 $10.61 $10.73 $10.88 $10.80 $10.85
$ 0.57 $ 0.54 $ 0.56 $ 0.56 $ 0.56 $ 0.55
20.69% 20.60% 19.60% 21.40% 21.02% 19.65%
4.87% 4.79% 4.85% 4.91% 4.85% 4.79%
8.43% 8.67% 8.58% 8.75% 8.68% 8.16%
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
ARIZONA EXEMPT MUNICIPAL BONDS+ (96.9%)
GENERAL OBLIGATION (11.9%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC) .............................. 7.00 % 07/01/12 $ 223,588
1,000 Paradise Valley Unified School District #69, Ser B 1995 (MBIA) (WI) ..... 5.25 07/01/15 998,740
Phoenix,
1,250 Refg Ser 1993 A ......................................................... 5.25 07/01/12 1,251,800
1,550 Refg Ser 1992 ........................................................... 6.375 07/01/13 1,658,143
750 Tucson, Refg Ser 1995 (FGIC) ............................................. 5.50 07/01/12 763,478
1,000 Tucson Unified School District #1, Impr 1989 Ser D 1992 (FGIC) .......... 6.10 07/01/11 1,066,630
- ----------- -------------
5,750 5,962,379
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (6.4%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A ........... 5.50 07/01/19 986,940
1,000 Price-Elliott Research Park Inc, Arizona State University Ser 1991 (MBIA) 7.00 07/01/21 1,125,640
1,000 University of Arizona, Telecommunications Ser 1991 COPs .................. 6.50 07/15/12 1,089,760
- ----------- -------------
3,000 3,202,340
- ----------- -------------
ELECTRIC REVENUE (4.5%)
725 Arizona Power Authority, Hoover Uprating Refg 1993 Ser (MBIA) ........... 5.25 10/01/17 719,359
1,000 Salt River Agricultural Improvement & Power District, Refg 1992 Ser D ... 6.25 01/01/27 1,051,700
500 Puerto Rico Electric Power Authority, Power Ser X ........................ 6.00 07/01/15 512,135
- ----------- -------------
2,225 2,283,194
- ----------- -------------
HOSPITAL REVENUE (10.2%)
Arizona Health Facilities Authority,
1,150 Phoenix Baptist Hospital & Medical Center Inc & Medical
Environments Inc Ser 1992 (MBIA) ....................................... 6.25 09/01/11 1,232,191
700 Phoenix Memorial Hospital Refg Ser 1991 ................................. 8.20 06/01/21 755,881
2,000 Maricopa County Industrial Development Authority, Catholic Healthcare
West 1992 Ser A (MBIA) ................................................... 5.75 07/01/11 2,055,780
1,100 Pima County Industrial Development Authority, Carondelet Health Care
Corp Ser 1993 (MBIA) ..................................................... 5.25 07/01/13 1,094,951
- ----------- -------------
4,950 5,138,803
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL (9.6%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge Corp
Refg 1994 ..................................................................... 5.45 06/01/09 1,012,520
2,000 Mohave County Industrial Development Authority, Citizens Utilities Co
1993 Ser B (AMT) ......................................................... 5.80 11/15/28 2,010,060
1,700 Santa Cruz County Industrial Development Authority, Citizens Utilities Co
1991 (AMT) ............................................................... 7.15 02/01/23 1,810,755
- ----------- -------------
4,700 4,833,335
- ----------- -------------
MORTGAGE REVENUE - MULTI-FAMILY (2.1%)
980 Pima County Industrial Development Authority, Rancho Mirage Ser 1992
(AMT) (AGRC) ............................................................. 7.05 04/01/22 1,041,995
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS COUPON MATURITY
RATE DATE VALUE
- ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE - SINGLE FAMILY (2.0%)
Maricopa County Industrial Development Authority,
$ 470 1991 Ser A .............................................................. 7.375% 08/01/05 $ 508,991
450 1991 Ser A .............................................................. 7.50 08/01/12 483,917
- ----------- -------------
920 992,908
- ----------- -------------
PUBLIC FACILITIES REVENUE (6.7%)
Arizona,
500 Refg Ser 1992 B COPs (AMBAC) ............................................ 6.25 09/01/10 540,765
500 Ser 1991 COPs (FSA) ..................................................... 6.25 09/01/11 537,350
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A .. 7.90 07/01/07 783,832
1,500 Puerto Rico Public Buildings Authority, Govt Facs Ser A (AMBAC) ......... 5.50 07/01/21 1,493,790
- ----------- -------------
3,200 3,355,737
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (14.2%)
Phoenix, Street & Highway
2,000 User Refg Ser 1993 ...................................................... 5.125 07/01/11 1,961,020
1,000 User Ser 1992 ........................................................... 6.25 07/01/11 1,090,740
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise Tax Ser
1989 (AMT) .............................................................. 7.80 07/01/11 2,149,280
1,000 Tucson, Street & Highway User Sr Lien Refg Ser 1993 ...................... 5.50 07/01/09 1,019,350
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X .............. 5.25 07/01/21 944,880
- ----------- -------------
7,000 7,165,270
- ----------- -------------
WATER & SEWER REVENUE (23.8%)
1,000 Arizona Wastewater Management Authority, Wastewater Treatment
Financial Assistance Ser 1992 A (AMBAC) ............................................ 5.95 07/01/12
1,048,540
Chandler, Water & Sewer
750 Refg Ser 1991 (FGIC) .................................................... 7.00 07/01/12 838,455
1,000 Refg Ser 1992 (FGIC) .................................................... 6.25 07/01/13 1,076,200
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC) ......................... 6.50 07/01/22 1,109,430
Phoenix Civic Improvement Corporation, Wastewater
2,000 Refg Ser 1993 ........................................................... 4.75 07/01/23 1,793,440
1,500 Jr Lien Ser 1994 ........................................................ 5.45 07/01/19 1,488,120
2,200 Tucson, Water Refg Ser 1991 .............................................. 6.50 07/01/16 2,374,481
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ....................... 7.90 07/01/07 2,223,220
- ----------- -------------
11,450 11,951,886
- ----------- -------------
REFUNDED (5.5%)
1,500 Arizona Transportation Board, Sub Highway Ser 1991 A ..................... 6.50 07/01/11 1,676,040
1,000 Central Arizona Water Conservative District, Ser 1991 B .................. 6.50 11/01/11 1,116,030
- ----------- -------------
2,500 2,792,070
- ----------- -------------
46,675 TOTAL ARIZONA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $45,958,891) .............................. 48,719,917
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- --------- ---------- -------------
<C> <S> <C> <C> <C>
SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS (3.0%)
$ 500 Maricopa County Industrial Development Authority, Samaritan Health
Ser 1985 B-2 (MBIA) (Demand 12/01/95) ........................................ 3.80* % 12/01/08 $ 500,000
1,000 Pinal County Industrial Development Authority, New Mont Mining Corp
Ser 1984 (Demand 12/01/95) ................................................... 3.70* 12/01/09 1,000,000
- ----------- -------------
1,500 TOTAL SHORT-TERM ARIZONA EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $1,500,000) .................................................................... 1,500,000
- ----------- -------------
$48,175 TOTAL INVESTMENTS (IDENTIFIED COST $47,458,891) (A) ................................. 99.9% 50,219,917
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ...................................... 0.1 70,575
------- -------------
NET ASSETS .......................................................................... 100.0% $50,290,492
------- -------------
------- -------------
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
WI Security purchased on a when issued basis.
+ Puerto Rico exemption represents 11.8% of net assets.
* Current coupon rate of variable rate security.
(a) The aggregate cost for federal income tax purposes is $47,458,891;
the aggregate gross unrealized appreciation is $2,773,561 and the
aggregate gross unrealized depreciation is $12,535, resulting in net
unrealized appreciation of $2,761,026.
Bond Insurance:
- ---------------
AGRC Asset Guaranty Reinsurance Company.
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- --------------
<S> <C> <C> <C> <C>
CALIFORNIA EXEMPT MUNICIPAL BONDS (95.3%)
GENERAL OBLIGATION (5.0%)
$ 2,000 California, Various Purpose dtd 04/01/93 (FSA) ........................... 5.50 % 04/01/19 $ 1,968,840
Mojave Water Agency,
1,100 Impr Dist M Morongo Basin Pipeline Ser 1992 ............................. 6.60 09/01/13 1,141,899
2,700 Impr Dist M Morongo Basin Pipeline Ser 1992 ............................. 6.60 09/01/22 2,774,979
- ----------- --------------
5,800 5,885,718
- ----------- --------------
EDUCATIONAL FACILITIES REVENUE (17.1%)
California Educational Facilities Authority,
4,500 Carnegie Institution of Washington 1993 Ser A ........................... 5.60 10/01/23 4,424,850
4,000 Claremont Colleges Ser 1992 ............................................. 6.375 05/01/22 4,124,400
2,000 Loyola Marymount University Refg Ser 1992 ............................... 6.00 10/01/14 2,006,620
2,000 University of San Francisco Ser 1992 .................................... 6.40 10/01/17 2,063,720
2,500 University of Southern California Ser 1993 B ............................ 5.80 10/01/15 2,514,650
2,000 California Public Works Board, California State University 1992 Ser A ... 6.70 10/01/17 2,138,560
3,000 University of California, Multiple Purpose Refg 1993 Ser C (AMBAC) ...... 5.125 09/01/18 2,869,710
- ----------- --------------
20,000 20,142,510
- ----------- --------------
ELECTRIC REVENUE (13.2%)
2,000 Kings River Conservation District, Pine Power Ser D ...................... 6.00 01/01/17 2,037,960
3,000 Los Angeles Department of Water & Power, Refg Issue of 1993 ............. 5.375 09/01/23 2,888,880
1,750 Northern California Power Agency, Geothermal #3 1993 Refg Ser 3 ......... 5.85 07/01/10 1,826,895
Southern California Public Power Authority,
7,000 Mead - Phoenix (AMBAC) .................................................. 5.15 07/01/15 6,748,910
2,090 Multiple Proj 1989 Ser .................................................. 6.00 07/01/18 2,096,500
- ----------- --------------
15,840 15,599,145
- ----------- --------------
HOSPITAL REVENUE (13.2%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A ........................... 6.50 12/01/11 1,014,950
California Health Facilities Financing Authority,
2,000 Catholic Health Corp Ser 1992 (MBIA) .................................... 6.00 07/01/13 2,068,980
3,150 Downey Community Hospital Ser 1993 ...................................... 5.75 05/15/15 3,063,721
2,000 Kaiser Permanente 1983 Ser .............................................. 5.45 10/01/13 1,950,860
3,000 Scripps Memorial Hospitals Ser 1992 A (MBIA) ............................ 6.375 10/01/22 3,192,270
2,000 California Statewide Communities Development Authority,
Cedars Sinai Medical Center Ser 1992 COPs ............................... 6.50 08/01/12 2,198,720
2,000 Duarte, City of Hope National Medical Center COPs ........................ 6.00 04/01/08 2,022,600
- ----------- --------------
15,150 15,512,101
- ----------- --------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (1.8%)
California Pollution Control Financing Authority,
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT) .............................. 6.625 06/01/09 1,056,820
1,000 Southern California Edison Co 1988 Ser A (AMT) .......................... 6.90 09/01/06 1,074,030
- ----------- --------------
2,000 2,130,850
- ----------- --------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- --------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE - MULTI-FAMILY (1.8%)
$ 2,000 California Housing Finance Agency, Rental II 1992 Ser B .................. 6.70 % 08/01/15 $ 2,067,420
- ----------- --------------
MORTGAGE REVENUE - SINGLE FAMILY (1.5%)
690 California Housing Finance Agency, Home 1991 Ser C (AMT) (MBIA) ......... 7.00 08/01/23 728,957
975 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed Ser C 6.85 10/15/23 1,026,246
- ----------- --------------
1,665 1,755,203
- ----------- --------------
PUBLIC FACILITIES REVENUE (8.5%)
2,000 Los Angeles County, 1991 Master Refg COPs ................................ 6.708 05/01/15 1,936,660
2,000 Nevada County, Western Nevada County Solid Waste Mgmt 1991 .............. 7.50 06/01/21 2,055,260
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C ......... 6.375 09/01/13 2,063,220
2,700 Torrance, Police Refg 1991 COPs .......................................... 6.80 07/01/12 2,889,054
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A .. 7.90 07/01/07 1,119,760
- ----------- --------------
9,700 10,063,954
- ----------- --------------
TAX ALLOCATION (4.2%)
1,000 Industry Urban-Development Agency, Transportation-Distribution-
Industrial Redev Proj #3 1992 Refg ...................................... 6.90 11/01/16 1,067,190
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A ................ 7.50 10/01/26 1,085,960
3,000 Rosemead Redevelopment Agency, Proj #1 Ser 1993 A ........................ 5.50 10/01/18 2,734,800
- ----------- --------------
5,000 4,887,950
- ----------- --------------
TRANSPORTATION FACILITIES REVENUE (7.7%)
2,000 Los Angeles County Transportation Commission, Sales Tax Ser 1991-B ...... 6.50 07/01/13 2,123,840
2,000 San Diego County Regional Transportation Commission, Sales Tax
1994 Ser A (FGIC) ....................................................... 4.75 04/01/08 1,932,800
San Francisco Bay Area Rapid Transit District, Sales Tax
1,000 Ser 1991 (FGIC) ......................................................... 6.60 07/01/12 1,092,270
1,850 Ser 1995 (FGIC) ......................................................... 5.50 07/01/20 1,840,029
2,000 Santa Clara Transit District, Sales Tax 1991 Ser A ....................... 6.25 06/01/21 2,048,160
- ----------- --------------
8,850 9,037,099
- ----------- --------------
WATER & SEWER REVENUE (20.4%)
1,000 Alameda County Water District, 1992 COPs (MBIA) .......................... 6.20 06/01/13 1,056,390
California Department of Water Resources,
1,000 Central Valley Ser J-2 .................................................. 6.00 12/01/20 1,020,010
2,000 Central Valley Ser K .................................................... 6.00 12/01/21 2,044,560
2,000 Central Coast Water Authority, Ser 1992 (AMBAC) .......................... 6.50 10/01/14 2,165,120
1,000 Contra Costa Water Authority, Water 1992 Ser E (AMBAC) ................... 6.25 10/01/12 1,111,980
3,000 East Bay Municipal Utility District, Water Refg Ser 1992 ................. 6.00 06/01/20 3,078,270
Los Angeles, Wastewater
1,000 1991 Ser C .............................................................. 7.10 06/01/18 1,100,850
2,000 Refg Ser 1993-A (MBIA) .................................................. 5.70 06/01/20 2,007,280
2,000 Los Angeles County Sanitation Districts Financing Authority, 1993 Ser A . 5.25 10/01/10 1,977,520
4,000 San Diego County Water Authority, Ser 1991-B COPs (MBIA) ................. 6.30 04/08/21 4,196,560
2,000 San Francisco Public Utilities Commission, Water 1992 Refg Ser A ........ 6.00 11/01/15 2,037,240
2,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ....................... 7.90 07/01/07 2,223,220
- ----------- --------------
23,000 24,019,000
- ----------- --------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- --------------
<C> <S> <C> <C> <C>
REFUNDED (0.9%)
$ 1,000 San Diego County Regional Transportation Commission, Sales Tax,
1991 Ser A (ETM) ........................................................ 6.00 % 04/01/08 $ 1,069,830
- ----------- --------------
110,005 TOTAL CALIFORNIA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $108,137,119) ......................... 112,170,780
- ----------- --------------
SHORT-TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS (3.2%)
200 California Health Facilities Financing Authority, Sutter Health Ser 1990 B
(Demand 12/01/95) ....................................................... 3.70* 03/01/20 200,000
3,600 Newport Beach, Hoag Memorial Hospital Presbyterian Ser 1992
(Demand 12/01/95) ....................................................... 3.80* 10/01/22 3,600,000
- ----------- --------------
3,800 TOTAL SHORT-TERM CALIFORNIA EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $3,800,000) ................................................................... 3,800,000
- ----------- --------------
$113,805 TOTAL INVESTMENTS (IDENTIFIED COST $111,937,119) (A) ............................... 98.5% 115,970,780
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ..................................... 1.5 1,798,664
---------- --------------
--------------
NET ASSETS ......................................................................... 100.0 % $117,769,444
=========== ==============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is $111,937,119;
the aggregate gross unrealized appreciation is $4,814,261 and the
aggregate gross unrealized depreciation is $780,600, resulting in
net unrealized appreciation of $4,033,661.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
FLORIDA EXEMPT MUNICIPAL BONDS (89.1%)
ELECTRIC REVENUE (9.8%)
$ 2,500 Jacksonville Electric Authority, St Johns River Power Park Issue 2 Ser 7 . 5.50 % 10/01/14 $ 2.496,875
Orlando Utilities Commission,
1,000 Refg Ser 1993 A ......................................................... 5.25 10/01/14 978,860
2,000 Ser 1993 ................................................................ 5.125 10/01/19 1,913,680
2,000 Puerto Rico Electric Power Authority, Power Ser O ........................ 5.00 07/01/12 1,867,260
- ----------- -------------
7,500 7,256,675
- ----------- -------------
HOSPITAL REVENUE (18.5%)
500 Cape Canaveral Hospital District, Ser 1991 COPs (AMBAC) .................. 6.875 01/01/21 544,915
2,500 Dade County, Jackson Memorial Hospital Ser 1993 (MBIA) ................... 5.625 06/01/13 2,557,225
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie Lee) ....... 6.60 02/01/21 1,071,650
1,000 Jacksonville Health Facilities Authority, Daughters of Charity/
St Vincent's Medical Center Inc Ser 1993 A .............................. 5.00 11/15/15 920,520
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC) ...................... 6.125 11/15/22 1,043,710
Orange County Health Facilities Authority,
2,000 Adventist Health/Sunbelt Ser 1995 (AMBAC) ............................... 5.25 11/15/20 1,943,080
1,500 Orlando Regional Healthcare Ser 1993 A (MBIA) ........................... 6.00 11/01/24 1,549,035
1,000 Polk County Industrial Development Authority, United Haven Hospital
1985 Ser 2 (MBIA) ....................................................... 6.25 09/01/15 1,061,350
1,000 South Broward Hospital District, Ser 1991 B & C (AMBAC) .................. 6.611 05/01/21 1,064,740
2,000 Tampa, Allegany Health/St Mary's Hospital Ser 1993 (MBIA) ................ 5.00 12/01/12 1,924,640
- ----------- -------------
13,500 13,680,865
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.7%)
Citrus County, Florida Power Corp
1,000 Refg Ser 1992 B ......................................................... 6.35 02/01/22 1,059,240
2,000 Refg Ser 1992 A ......................................................... 6.625 01/01/27 2,140,440
1,000 St Lucie County, Florida Power & Light Co Ser 1992 (AMT) ................. 6.70 05/01/27 1,055,820
- ----------- -------------
4,000 4,255,500
- ----------- -------------
MORTGAGE REVENUE - SINGLE FAMILY (3.7%)
745 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA) ......... 7.00 03/01/13 797,320
580 Florida Housing Finance Agency, GNMA Collateral 1990 Ser G-1 (AMT) ...... 7.90 03/01/22 622,056
1,250 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed Ser C 6.85 10/15/23 1,315,700
- ----------- -------------
2,575 2,735,076
- ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (1.5%)
1,000 Hillsborough County Industrial Authority, Allegany Health/John Knox
- ----------- Village of Tampa Bay Inc Ser 1992 (MBIA) ................................ 6.375 12/01/12 1,075,690
-------------
PUBLIC FACILITIES REVENUE (5.0%)
1,500 Brevard County School Board, Florida School Boards Assn Inc
Ser 1992 A COPs (AMBAC) ................................................. 6.50 07/01/12 1,641,210
1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC) ............. 6.15 10/01/20 1,050,630
1,000 Puerto Rico Public Buildings Authority, Ser A (AMBAC) .................... 5.50 07/01/21 995,860
- ----------- -------------
3,500 3,687,700
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
RESOURCE RECOVERY REVENUE (4.0%)
Broward County,
$ 1,035 Broward Waste Energy Co North Ser 1984 .................................. 7.95 % 12/01/08 $ 1,171,630
650 SES Broward Co LP South Ser 1984 ........................................ 7.95 12/01/08 735,807
1,000 Lee County, Solid Waste Ser 1991 A (AMT) (MBIA) .......................... 6.50 10/01/13 1,077,350
- ----------- -------------
2,685 2,984,787
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (15.8%)
Dade County, Aviation
400 1991 Ser U (AMT) ........................................................ 6.75 10/01/06 430,844
1,000 1992 Ser B (AMT) (MBIA) ................................................. 6.60 10/01/22 1,076,280
1,000 Florida Department of Transportation, Turnpike Ser 1991 A (AMBAC) ....... 6.25 07/01/20 1,045,360
Greater Orlando Aviation Authority,
750 Ser 1992 A (AMT) (FGIC) ................................................. 6.50 10/01/12 810,578
1,000 Ser 1993 A (AMT) (AMBAC) ................................................ 5.50 10/01/18 982,060
1,250 Hillsborough County Aviation Authority, Tampa Intl Airport
Refg Ser 1993B (FGIC) ................................................... 5.60 10/01/19 1,252,700
1,500 Lee County, Refg Ser 1991 (AMBAC) ........................................ 6.00 10/01/17 1,542,150
3,000 Mid-Bay Bridge Authority, Sr Lien Crossover Refg Ser 1993 A ............. 6.10 10/01/22 3,021,750
1,500 Osceola County, Osceola Parkway (MBIA) ................................... 6.10 04/01/17 1,565,505
- ----------- -------------
11,400 11,727,227
- ----------- -------------
WATER & SEWER REVENUE (14.7%)
500 Boynton Beach, Utility Ser 1992 (FGIC) ................................... 6.25 11/01/12 539,290
1,425 Charlotte County, Utility Refg Ser 1993 (FGIC) ........................... 5.25 10/01/21 1,387,551
2,000 Dade County, Water & Sewer Ser 1995 (FGIC) ............................... 5.50 10/01/25 1,979,580
1,000 Key West, Sewer Refg Ser 1993 (FGIC) ..................................... 5.70 10/01/20 1,008,150
1,000 Orange County, Water Utilities Ser 1992 (AMBAC) .......................... 6.25 10/01/17 1,061,880
500 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC) ....................... 6.625 05/01/15 539,080
2,000 Tampa, Water & Sewer Ser 1992 A (FGIC) ................................... 6.00 10/01/17 2,078,080
2,030 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ....................... 7.90 07/01/07 2,256,568
- ----------- -------------
10,455 10,850,179
- ----------- -------------
OTHER REVENUE (4.2%)
1,000 Homestead, Hurricane Andrew Special Insurance Assessment Ser 1993 (MBIA) 5.25 03/01/03 1,045,900
2,000 Orlando, Cap Impr Refg Ser 1992 .......................................... 6.00 10/01/22 2,050,000
- ----------- -------------
3,000 3,095,900
- ----------- -------------
REFUNDED (6.2%)
1,900 Orlando Utilities Commision, Ser 1991 A .................................. 6.50 10/01/20 2,145,347
2,150 St Lucie County, Sales Tax Ser 1992 (FGIC) ............................... 6.50 10/01/22 2,455,451
- ----------- -------------
4,050 4,600,798
- ----------- -------------
63,665 TOTAL FLORIDA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $61,922,214) ............................. 65,950,397
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS (9.0%)
$ 2,600 Dade County Health Facilities Authority, Miami Childrens Hospital Ser
1990 (Demand 12/01/95) ................................................... 4.00*% 01/02/00 $ 2,600,000
3,200 Dade County Industrial Development Authority, Florida Power & Light Co
Ser 1993 (Demand 12/01/95) ............................................... 3.65* 06/01/21 3,200,000
900 Jacksonville Health Facilities Authority, Baptist Medical Center Ser 1993
(MBIA) (Demand 12/01/95) ................................................. 3.85* 06/01/08 900,000
- ----------- -------------
6,700 TOTAL SHORT-TERM FLORIDA EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $6,700,000) ................................................................... 6,700,000
- ----------- -------------
$70,365 TOTAL INVESTMENTS (IDENTIFIED COST $68,622,214) (A) ................................ 98.1% 72,650,397
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ..................................... 1.9 1,407,664
----- -------------
NET ASSETS ......................................................................... 100.0% $74,058,061
===== ============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is
$68,622,214; the aggregate gross unrealized appreciation is
$4,063,486 and the aggregate gross unrealized depreciation is
$35,303, resulting in net unrealized appreciation of $4,028,183.
Bond Insurance:
---------------
AMBAC AMBAC Indemnity Corporation.
Connie Lee Connie Lee Insurance Company.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST --MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
MASSACHUSETTS EXEMPT MUNICIPAL BONDS (91.3%)
GENERAL OBLIGATION (10.3%)
Massachusetts,
$ 500 Refg 1992 Ser B ............................................... 6.50 % 08/01/08 $ 567,200
1,000 Refg 1993 Ser A ............................................... 5.50 02/01/11 1,010,680
150 Nantucket, 1991 ................................................ 6.80 12/01/11 165,507
- ----------- -------------
1,650 1,743,387
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (25.2%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E ......................................... 6.80 11/01/21 109,426
1,000 Boston College Ser K .......................................... 5.25 06/01/18 974,240
400 Boston University Ser K & L (MBIA) ............................ 6.66 10/01/31 430,720
150 Community College Ser A (Connie Lee) .......................... 6.60 10/01/22 160,113
400 Suffolk University Ser B (Connie Lee) ......................... 6.25 07/01/12 417,232
500 University of Massachusetts Foundation Inc/Medical School
Research Ser A (Connie Lee) ................................... 6.00 07/01/23 509,705
150 Worcester Polytechnic Institute Refg Ser E .................... 6.625 09/01/17 163,161
Massachusetts Industrial Finance Agency,
1,000 Brooks School Ser 1993 ........................................ 5.90 07/01/13 1,030,190
150 Holy Cross College Ser 1992 ................................... 6.45 01/01/12 161,128
300 Mount Holyoke College Refg Ser 1992 A (MBIA) .................. 6.30 07/01/13 318,909
- ----------- -------------
4,150 4,274,824
- ----------- -------------
ELECTRIC REVENUE (6.2%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply
1992 Ser C .................................................... 6.625 07/01/18 531,375
500 Puerto Rico Electric Power Authority, Power Ser X .............. 6.00 07/01/15 512,135
- ----------- -------------
1,000 1,043,510
- ----------- -------------
HOSPITAL REVENUE (14.6%)
500 Boston, Boston City Hospital - FHA Insured Mtge Refg Ser B .... 5.75 02/15/13 501,330
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B .............................. 7.25 07/01/13 106,945
500 Lahey Clinic Medical Center Ser B (MBIA) ...................... 5.625 07/01/15 500,890
1,000 Massachusetts General Hospital Ser F (MBIA) ................... 6.00 07/01/15 1,037,560
200 McLean Hospital Ser C (FGIC) .................................. 6.625 07/01/15 217,510
100 New England Deaconess Hospital Ser C .......................... 7.20 04/01/22 107,190
- ----------- -------------
2,400 2,471,425
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (5.9%)
1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
- ----------- Refg Ser 1993 ................................................. 5.875 08/01/08 999,370
-------------
MORTGAGE REVENUE - MULTI-FAMILY (3.1%)
500 Massachusetts Housing Finance Agency, Rental 1994 Ser A
- ----------- (AMT) (AMBAC) ................................................. 6.60 07/01/14 520,835
-------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE - SINGLE FAMILY (3.9%)
Massachusetts Housing Finance Agency,
$ 435 Ser 21 (AMT) .................................................. 6.30 % 06/01/25 $ 437,553
220 Ser 21 (AMT) .................................................. 7.125 06/01/25 232,846
- ----------- -------------
655 670,399
- ----------- -------------
STUDENT LOAN REVENUE (3.6%)
165 Massachusetts Educational Facilities Authority, Education Loan
Issue D Ser 1991 (AMT) (MBIA) ................................. 7.25 01/01/09 178,776
400 New England Education Loan Marketing Corporation,
1992 Sub Issue H (AMT) ........................................ 6.90 11/01/09 431,264
- ----------- -------------
565 610,040
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (9.8%)
300 Guam, Highway 1992 Ser A (CGIC) ................................ 6.30 05/01/12 319,938
Massachusetts Port Authority,
500 Ser 1992-B .................................................... 6.00 07/01/13 521,430
100 Ser A 1990 (AMT) (FGIC) ....................................... 7.50 07/01/20 112,159
250 Massachusetts Turnpike Authority, 1993 Ser A ................... 5.00 01/01/13 240,268
500 Puerto Rico Highway & Transportation Authority, Refg Ser X .... 5.25 07/01/21 472,440
- ----------- -------------
1,650 1,666,235
- ----------- -------------
WATER & SEWER REVENUE (8.7%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A ................. 5.75 11/01/13 517,810
500 Massachusetts Water Pollution Abatement Trust, Pool Ser 2 ..... 5.70 02/01/12 515,805
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ............ 7.90 07/01/07 444,644
- ----------- -------------
1,400 1,478,259
- ----------- -------------
14,970 TOTAL MASSACHUSETTS EXEMPT MUNICIPAL BONDS
- ----------- (IDENTIFIED COST $14,762,486) ....................................................... 15,478,284
-------------
SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL OBLIGATIONS (6.8%)
650 Massachusetts, Dedicated Income Tax Ser 1990 B (Demand 12/01/95) 3.75* 12/01/97 650,000
500 Massachusetts Port Authority, Refg Ser 1995 A (Demand 12/01/95) 3.60* 07/01/15 500,000
- ----------- -------------
1,150 TOTAL SHORT-TERM MASSACHUSETTS EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (IDENTIFIED COST $1,150,000) ........................................................ 1,150,000
-------------
$16,120 TOTAL INVESTMENTS (IDENTIFIED COST $15,912,486) (A) ...................... 98.1% 16,628,284
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 1.9 326,179
----- -------------
NET ASSETS ............................................................... 100.0% $16,954,463
===== =============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is
$15,912,486; the aggregate gross unrealized appreciation is
$717,881 and the aggregate gross unrealized depreciation is
$2,083, resulting in net unrealized appreciation of $715,798.
Bond Insurance:
---------------
AMBAC AMBAC Indemnity Corporation.
CGIC Capital Guaranty Insurance Company.
Connie Lee Connie Lee Insurance Company.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
MICHIGAN EXEMPT MUNICIPAL BONDS (94.9%)
GENERAL OBLIGATION (19.5%)
$1,000 Chelsea School District, 1995 Bldg & Site (FGIC) ............... 5.875 % 05/01/25 $1,025,400
1,650 Holly Area School District, 1995 Bldg & Site (FGIC) ........... 5.375 05/01/13 1,652,013
500 Kentwood Public Schools, 1992 Bldg & Site Refg ................. 6.40 05/01/15 532,050
1,000 Mona Shores Public Schools, 1995 Bldg & Site (FGIC) ........... 5.80 05/01/17 1,020,880
- ----------- -------------
4,150 4,230,343
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (14.1%)
1,000 Central Michigan University, Refg Ser 1993 (MBIA) .............. 5.50 10/01/10 1,019,540
1,000 Michigan State University, Ser 1992 A .......................... 6.00 08/15/16 1,032,740
1,000 Oakland University Board of Trustees, Ser 1995 (MBIA) ......... 5.75 05/15/26 1,008,320
- ----------- -------------
3,000 3,060,600
- ----------- -------------
ELECTRIC REVENUE (9.1%)
1,500 Michigan Public Power Agency, Belle River 1993 A ............... 5.25 01/01/18 1,444,890
500 Wyandotte, Electric Refg 1992 (MBIA) ........................... 6.25 10/01/17 530,950
- ----------- -------------
2,000 1,975,840
- ----------- -------------
HOSPITAL REVENUE (10.5%)
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A ................. 7.50 08/15/11 331,554
1,000 Oakwood Hospital Oblig Group Refg Ser 1993 A (FGIC) .......... 5.625 11/01/18 999,310
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1991 D .................................................... 6.75 01/01/20 532,435
400 University of Michigan, Ser 1990 ............................... 6.375 12/01/24 411,960
- ----------- -------------
2,200 2,275,259
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (2.5%)
500 Monroe County, Detroit Edison Co Monroe & Fermi Plants
- ----------- Collateralized Ser 1-1992 (AMT) (MBIA) ......................... 6.875 09/01/22 547,000
-------------
MORTGAGE REVENUE - MULTI-FAMILY (9.2%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A ............................................. 6.60 04/01/12 520,985
1,000 1992 Ser A (FSA) .............................................. 6.50 04/01/23 1,032,420
400 Ser 1990 A (AMT) .............................................. 7.70 04/01/23 428,860
- ----------- -------------
1,900 1,982,265
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
NURSING & HEALTH RELATED FACILITIES REVENUE (6.0%)
$ 1,200 University of Michigan, Medical Service Plan Ser 1991 ......... 6.50 12/01/21 $ 1,291,392
- ----------- -------------
PUBLIC FACILITIES REVENUE (7.2%)
1,500 Michigan Building Authority, Refg Ser I ........................ 6.25 10/01/20 1,566,825
- ----------- -------------
RESOURCE RECOVERY REVENUE (0.7%)
150 Greater Detroit Resource Recovery Authority, Ser A ............ 9.25 12/13/08 154,932
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (1.3%)
250 Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
- ----------- Ser 1991 B (AMT) (MBIA) ....................................... 6.75 12/01/21 270,873
-------------
WATER & SEWER REVENUE (11.7%)
Detroit,
500 Sewage Ser 1991 (FGIC) ........................................ 6.625 07/01/21 563,715
1,000 Sewage Refg Ser 1993 A (FGIC) ................................. 5.70 07/01/23 1,002,880
400 Water Refg Ser 1992 (FGIC) .................................... 6.375 07/01/22 421,692
500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ............ 7.90 07/01/07 555,805
- ----------- -------------
2,400 2,544,092
- ----------- -------------
REFUNDED (3.1%)
600 Detroit, Water Refg Ser 1992 (FGIC) ............................ 6.375 07/01/22 673,422
- ----------- -------------
19,850 TOTAL MICHIGAN EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $19,554,242) ................. 20,572,843
- ----------- -------------
SHORT-TERM MICHIGAN EXEMPT MUNICIPAL OBLIGATION (3.7%)
800 Delta County Economic Development Corporation, Mead-Escanaba
Paper Co 1985 Ser E (Demand 12/01/95) (Identified Cost
$800,000) ..................................................... 3.90* 12/01/23 800,000
- ----------- -------------
$20,650 TOTAL INVESTMENTS (IDENTIFIED COST $20,354,242) (A) ...................... 98.6% 21,372,843
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 1.4 299,775
----- -------------
NET ASSETS ............................................................... 100.0% $21,672,618
===== =============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is $20,354,242;
the aggregate gross and net unrealized appreciation is $1,018,601.
Bond Insurance:
- ---------------
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
MINNESOTA EXEMPT MUNICIPAL BONDS (92.2%)
GENERAL OBLIGATION (3.7%)
Minneapolis,
$ 100 Sales Tax Refg Ser 1992 ........................................... 6.25 % 04/01/12 $ 107,549
300 Dtd 08/15/92 ...................................................... 5.90 12/01/13 310,593
- ----------- -------------
400 418,142
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (15.1%)
Minnesota Higher Education Facilities Authority,
200 Hamline University Ser Three-K .................................... 6.60 06/01/09 213,352
200 Northfield St Olaf College 1992 ................................... 6.40 10/01/21 211,156
1,000 University of Minnesota Ser 1993 A ................................ 4.80 08/15/03 1,016,660
250 University of St Thomas Refg Ser Three-R2 ......................... 5.60 09/01/14 250,535
- ----------- -------------
1,650 1,691,703
- ----------- -------------
ELECTRIC REVENUE (6.7%)
300 Northern Municipal Power Agency, Refg Ser 1989 A ................... 5.00 01/01/21 276,264
500 Southern Minnesota Municipal Power Agency, Ser 1993 B ............. 5.00 01/01/13 479,995
- ----------- -------------
800 756,259
- ----------- -------------
HOSPITAL REVENUE (19.9%)
500 Breckenridge, Catholic Health Corp Ser 1993 ........................ 5.25 11/15/13 477,060
500 Robbinsdale, North Memorial Medical Center Ser 1993 A (AMBAC) ..... 5.45 05/15/13 503,290
Rochester, Mayo Foundation/Mayo Medical Center
250 Ser 1992 I ........................................................ 5.75 11/15/21 252,010
200 Ser 1992 F ........................................................ 6.25 11/15/21 210,060
Saint Paul Housing & Redevelopment Authority,
300 Health East Refg Ser 1993-A ....................................... 6.625 11/01/17 303,564
500 St Paul-Ramsey Medical Center Ser 1993 (AMBAC) .................... 5.55 05/15/23 496,500
- ----------- -------------
2,250 2,242,484
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (11.3%)
500 Anoka County, United Power Assoc Ser 1987 A NRU-CFC Gtd (AMT) ..... 6.95 12/01/08 538,065
500 Bass Brook, Minnesota Power & Light Co Refg Ser 1992 ............... 6.00 07/01/22 501,300
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3 ..................... 8.25 12/01/11 117,421
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT) ............... 8.00 12/01/16 114,688
- ----------- -------------
1,200 1,271,474
- ----------- -------------
MORTGAGE REVENUE - MULTI-FAMILY (4.5%)
300 Burnsville, Summit Park Apts - FHA Insured Refg Ser 1993 .......... 6.00 07/01/33 298,206
200 Minneapolis Housing Finance Agency, Ser 1992 A ..................... 6.95 08/01/17 212,372
- ----------- -------------
500 510,578
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
MORTGAGE REVENUE - SINGLE FAMILY (10.0%)
$ 100 Dakota & Washington Counties Housing & Redevelopment Authority,
GNMA-Backed Ser 1988 (AMT) ......................................... 8.375% 09/01/21 $ 140,770
175 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed
Phase IX Ser 1991 (AMT) ............................................ 7.25 08/01/21 186,905
Minnesota Housing Finance Agency,
100 Ser 1990 D (AMT) .................................................. 8.00 01/01/23 106,191
465 Ser 1992 C-1 (AMT) ................................................ 6.75 07/01/23 483,186
200 Ser 1992 H (AMT) .................................................. 6.50 01/01/26 204,384
- ----------- -------------
1,040 1,121,436
- ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (4.8%)
500 Minneapolis & Saint Paul Housing & Redevelopment Authority, Group
- ----------- Health Plan Inc Ser 1992 ........................................... 6.75 12/01/13 535,480
-------------
PUBLIC FACILITIES REVENUE (14.2%)
300 Hennepin County, Ser 1991 COPs ..................................... 6.80 05/15/17 328,977
Saint Paul Housing & Redevelopment Authority,
400 Civic Center Ser 1993 ............................................. 5.45 11/01/13 401,804
500 Civic Center Ser 1993 ............................................. 5.55 11/01/23 500,730
Saint Paul Independent School District #625,
175 Ser 1995 COPs ..................................................... 5.45 02/01/11 177,254
175 Ser 1995 COPs ..................................................... 5.50 02/01/12 177,249
- ----------- -------------
1,550 1,586,014
- ----------- -------------
WATER & SEWER REVENUE (2.0%)
Minnesota Public Facilities Authority,
100 Water Pollution Control Ser 1991 A ................................ 6.95 03/01/13 111,082
100 Water Pollution Control Ser 1992 A ................................ 6.50 03/01/14 109,146
- ----------- -------------
200 220,228
- ----------- -------------
10,090 TOTAL MINNESOTA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $9,936,996) ...................... 10,353,798
- ----------- -------------
SHORT-TERM MINNESOTA EXEMPT MUNICIPAL OBLIGATIONS (6.2%)
200 Beltrami County, Northwood Panelboard Co Ser 1991 (Demand 12/01/95) 3.80* 12/01/21 200,000
500 Mankato, Northern States Power Co Ser 1985 (Demand 12/01/95) ...... 3.75* 03/01/11 500,000
- ----------- -------------
700 TOTAL SHORT-TERM MINNESOTA EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $700,000) .............................................................. 700,000
- ----------- -------------
$10,790 TOTAL INVESTMENTS (Identified Cost $10,636,996) (a) ............................. 98.4% 11,053,798
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ................................... 1.6 175,886
-------- ------------
NET ASSETS ........................................................................ 100.0% $11,229,684
======== ============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is $10,636,996;
the aggregate gross unrealized appreciation is $440,559 and the
aggregate gross unrealized depreciation is $23,757, resulting in
net unrealized appreciation of $416,802.
Bond Insurance:
---------------
AMBAC AMBAC Indemnity Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
NEW JERSEY EXEMPT MUNICIPAL BONDS (101.8%)
GENERAL OBLIGATION (6.0%)
$2,500 Guam, 1993 Ser A ........................................................ 5.375% 11/15/13 $2,301,225
500 Essex County, Ser 1991 (FSA) ............................................ 6.50 12/01/11 544,910
- ----------- -------------
3,000 2,846,135
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (7.7%)
New Jersey Economic Development Authority,
2,000 Educational Testing Service Ser 1995 A (MBIA) .......................... 5.90 05/15/15 2,074,180
500 The Seeing Eye Inc 1991 ................................................ 7.30 04/01/11 520,915
500 Rutgers, The State University Refg Ser R ................................ 6.50 05/01/13 542,545
500 University of Medicine & Dentistry of New Jersey, Refg Ser D ........... 6.50 12/01/04 551,400
- ----------- -------------
3,500 3,689,040
- ----------- -------------
ELECTRIC REVENUE (3.9%)
2,000 Puerto Rico Electric Power Authority, Power Ser O ....................... 5.00 07/01/12 1,867,260
- ----------- -------------
HOSPITAL REVENUE (11.7%)
New Jersey Health Care Facilities Financing Authority,
1,000 Allegany Health System Ser 1993 (MBIA) ................................. 5.125 07/01/13 973,400
1,000 Atlantic City Medical Center Ser C ..................................... 6.80 07/01/11 1,075,740
500 Cathedral Health Services Inc - FHA Insured Mtges Ser A ................ 7.25 02/15/21 523,055
1,000 Columbus Hospital Ser A ................................................ 7.50 07/01/08 1,034,290
460 Pascack Valley Hospital Assn Ser 1991 .................................. 6.90 07/01/21 488,355
500 Robert Wood Johnson University Hospital Ser B (MBIA) ................... 6.625 07/01/16 548,280
1,000 Somerset Medical Center Ser A (FGIC) ................................... 5.10 07/01/14 966,170
- ----------- -------------
5,460 5,609,290
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (10.6%)
500 Middlesex County Pollution Control Financing Authority,
Amerada Hess Corp Refg Ser 1992 ......................................... 6.875 12/01/22 522,315
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT) ................................... 7.10 11/01/31 535,370
1,000 BP Oil Ser 1982 ........................................................ 6.55 10/01/12 1,043,960
500 Hackensack Water Co Ser C (AMT) ........................................ 7.00 10/01/17 517,055
300 Jersey Central Power & Light Co 1985 Ser ............................... 7.10 07/01/15 321,024
2,100 Salem County Pollution Control Financing Authority,
E I du Pont de Nemours & Co 1992 Ser A (AMT) ........................... 6.125 07/15/22 2,149,916
- ----------- -------------
4,900 5,089,640
- ----------- -------------
MORTGAGE REVENUE - MULTI-FAMILY (7.6%)
New Jersey Housing & Mortgage Finance Agency,
2,000 1995 Ser A (AMBAC) ..................................................... 6.00 11/01/14 2,039,640
1,000 Presidential Plaza at Newport - FHA Insured Mtges Refg 1991 Ser 1 ..... 7.00 05/01/30 1,057,720
500 Rental 1991 Ser A (AMT) ................................................ 7.25 11/01/22 528,380
- ----------- -------------
3,500 3,625,740
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
NURSING & HEALTH RELATED FACILITIES REVENUE (2.1%)
$ 970 New Jersey Health Care Facilities Financing Authority,
- ----------- Spectrum For Living - FHA Insured Mtges Refg Ser B ..................... 6.50% 02/01/22 $ 1,021,051
-------------
PUBLIC FACILITIES REVENUE (6.3%)
1,000 Atlantic County Utilities Authority, Solid Waste Ser 1992 .............. 7.125 03/01/16 1,036,070
2,000 New Jersey Sports & Exposition Authority, State Contract 1993 Ser A .... 5.50 09/01/23 1,994,160
- ----------- -------------
3,000 3,030,230
- ----------- -------------
RESOURCE RECOVERY REVENUE (8.8%)
1,000 Mercer County Improvement Authority, Refg Ser A 1992 (AMT) (FGIC) ...... 6.70 04/01/13 1,053,320
2,000 Union County Utilities Authority, 1991 Ser A (AMT) ...................... 7.20 06/15/14 2,128,280
900 Warren County Pollution Control Financing Authority, Warren Energy
Resource Co Ltd Partnership Ser 1984 (MBIA) ............................ 6.60 12/01/07 1,018,656
- ----------- -------------
3,900 4,200,256
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (18.7%)
1,000 Delaware River & Bay Authority, Ser 1993 (MBIA) ......................... 5.00 01/01/17 960,910
2,000 Delaware River Port Authority, Ser 1995 (FGIC) (WI) ..................... 5.50 01/01/26 1,979,860
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser .................. 6.25 01/01/14 1,577,550
1,000 New Jersey Turnpike Authority, Ser C .................................... 5.75 01/01/11 1,018,000
1,500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT) (FGIC) .... 5.75 05/01/15 1,508,655
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ............. 5.25 07/01/21 1,889,760
- ----------- -------------
9,000 8,934,735
- ----------- -------------
WATER & SEWER REVENUE (14.2%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993 ............. 5.75 05/01/17 1,007,910
1,000 Lacey Municipal Utilities Authority, Ser 1993 A (MBIA) .................. 5.50 12/01/19 1,000,760
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser (MBIA) ...... 6.00 07/15/13 1,056,810
2,000 Passaic Valley Sewerage Commissioners, Ser 1992 D (AMBAC) .............. 5.75 12/01/13 2,072,460
1,500 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ...................... 7.90 07/01/07 1,667,415
- ----------- -------------
6,500 6,805,355
- ----------- -------------
REFUNDED (4.2%)
1,790 Passaic Valley Water Commission, 1992 Ser A (FGIC) ...................... 6.40 12/15/22 2,031,077
- ----------- -------------
47,520 TOTAL NEW JERSEY EXEMPT MUNICIPAL BONDS
- ----------- (IDENTIFIED COST $46,597,495) ................................................................ 48,749,809
-------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
SHORT-TERM NEW JERSEY EXEMPT MUNICIPAL OBLIGATION (0.2%)
$ 100 Union County Industrial Pollution Control Financing Authority, Exxon Corp
(Demand 12/01/95) (Identified Cost $100,000) ....................... 3.60*% 07/01/33 $ 100,000
- ----------- -------------
47,620 TOTAL INVESTMENTS (IDENTIFIED COST $46,697,495) (A) ............................ 102.0% 48,849,809
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ................................. (2.0) (961,207)
----- -------------
NET ASSETS ..................................................................... 100.0% $47,888,602
===== =============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
+ Puerto Rico exemption represents 11.3% of net assets.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is $46,697,495;
the aggregate gross unrealized appreciation is
$2,384,854 and the aggregate gross unrealized depreciation is
$232,540, resulting in net unrealized appreciation of
$2,152,314.
Bond Insurance:
---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
NEW YORK EXEMPT MUNICIPAL BONDS (95.3%)
GENERAL OBLIGATION (9.6%)
$ 500 New York City, 1995 Ser D (MBIA) ........................................ 6.20% 02/01/07 $ 555,820
500 New York State, Refg Ser 1995 B ........................................ 5.70 08/15/13 514,595
300 Puerto Rico, Pub Impr Refg Ser 1992 A .................................. 6.00 07/01/14 305,823
- ----------- -------------
1,300 1,376,238
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (18.0%)
350 New York City Cultural Resources Trust, The Museum of Modern Art
Refg Ser 1993 A ....................................................... 5.40 01/01/12 352,730
New York State Dormitory Authority,
400 Manhattan College Ser 1992 ............................................ 6.50 07/01/19 422,576
1,000 State University Ser 1993 A ........................................... 5.25 05/15/15 950,850
345 University of Rochester Ser 1987 ...................................... 6.50 07/01/09 360,453
500 University of Rochester Ser 1993 A .................................... 5.625 07/01/12 503,210
- ----------- -------------
2,595 2,589,819
- ----------- -------------
ELECTRIC REVENUE (6.2%)
500 New York State Power Authority, Gen Purpose Ser CC ..................... 5.25 01/01/18 485,350
400 Puerto Rico Electric Power Authority, Power Ser X ...................... 6.00 07/01/15 409,708
- ----------- -------------
900 895,058
- ----------- -------------
HOSPITAL REVENUE (5.2%)
New York State Medical Care Facilities Finance Agency,
200 Insured Hospital & Nursing Home - FHA Insured Mtge 1992 Ser A ........ 6.70 08/15/23 213,556
500 Hospital - FHA Insured Mtge 1994 Ser A (AMBAC) ........................ 6.50 08/15/29 537,165
- ----------- -------------
700 750,721
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (16.7%)
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B (AMT) ............................ 6.952 07/01/26 1,109,300
500 Consolidated Edison Co of New York Ser 1991 A (AMT) ................... 6.00 03/15/28 505,265
500 New York State Electric & Gas Corp 1987 Ser A (AMT) (MBIA) ........... 6.15 07/01/26 520,585
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA) ................. 6.50 05/15/32 266,200
- ----------- -------------
2,250 2,401,350
- ----------- -------------
MORTGAGE REVENUE - SINGLE FAMILY (4.4%)
New York State Mortgage Agency,
500 Home Owners Ser 27 .................................................... 6.90 04/01/15 537,380
95 Home Owners Ser UU (AMT) .............................................. 7.75 10/01/23 101,932
- ----------- -------------
595 639,312
- ----------- -------------
RESOURCE RECOVERY REVENUE (3.7%)
500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992 ............ 6.65 04/01/05 529,150
- ----------- -------------
TAX ALLOCATION (3.2%)
500 Grand Central District Management Association Inc, Cap Impr
- ----------- Refg Ser 1994 ......................................................... 5.25 01/01/22 467,045
-------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
TRANSPORTATION FACILITIES REVENUE (14.3%)
$ 550 Buffalo & Fort Erie Public Bridge Authority, Toll Bridge Ser 1995 (MBIA) 5.75 % 01/01/25 $560,813
500 New York State Thruway Authority, Ser C (FGIC) ......................... 6.00 01/01/25 520,515
500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT) (FGIC) ... 5.75 05/01/15 502,885
500 Triborough Bridge & Tunnel Authority, Gen Purpose Ser 1993 B .......... 5.00 01/01/20 473,845
- ----------- -------------
2,050 2,058,058
- ----------- -------------
WATER & SEWER REVENUE (6.6%)
500 New York City Municipal Water Finance Authority, 1993 Ser A ........... 6.00 06/15/17 504,635
400 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A ..................... 7.90 07/01/07 444,644
- ----------- -------------
900 949,279
- ----------- -------------
OTHER REVENUE (7.4%)
500 New York Local Government Assistance Corporation, Ser 1991 C .......... 7.00 04/01/10 559,715
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A ....... 6.00 07/01/26 504,685
- ----------- -------------
1,000 1,064,400
- ----------- -------------
13,290 TOTAL NEW YORK EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $13,040,682) .......................... 13,720,430
- ----------- -------------
SHORT-TERM NEW YORK EXEMPT MUNICIPAL OBLIGATION (2.8%)
400 Port Authority of New York & New Jersey, Ser 2 (Demand 12/01/95)
- ----------- (Identified Cost $400,000) ............................................. 3.35* 05/01/19 400,000
-------------
$13,690 TOTAL INVESTMENTS (IDENTIFIED COST $13,440,682) (A) .............................. 98.1% 14,120,430
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ................................... 1.9 267,759
----- -------------
NET ASSETS ....................................................................... 100.0% $14,388,189
===== =============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is $13,440,682;
the aggregate gross unrealized appreciation is $712,093 and the
aggregate gross unrealized depreciation is $32,345, resulting in net
unrealized appreciation of $679,748.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
OHIO EXEMPT MUNICIPAL BONDS (94.9%)
GENERAL OBLIGATION (8.8%)
$ 300 Bedford School District, Ser 1993 .................................... 6.25 % 12/01/13 $ 316,026
1,000 Delaware City School District, Construction & Impr (FGIC) .......... 5.75 12/01/20 1,014,660
180 Euclid, Ser 1991 .................................................... 6.625 12/01/11 196,214
100 Euclid City School District, Impr Ser 1991 .......................... 7.10 12/01/11 111,985
250 Hilliard City School District, Impr Refg Ser 1992 (FGIC) ........... 6.55 12/01/05 284,433
100 South Euclid, Unltd Tax Recreational ................................ 7.00 12/01/11 111,472
- ----------- -------------
1,930 2,034,790
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (22.0%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University Ser 1992 ........................... 6.00 10/01/22 513,745
1,000 John Carroll University Refg ....................................... 5.30 11/15/14 987,030
1,000 Oberlin College Ser 1993 ........................................... 5.375 10/01/15 998,110
University of Cincinnati,
1,000 General Receipts Ser R7 ............................................ 5.20 06/01/10 991,960
500 General Receipts Ser G ............................................. 7.00 06/01/11 562,940
1,000 University of Toledo, Ser 1992 A (FGIC) ............................. 5.90 06/01/20 1,024,540
- ----------- -------------
5,000 5,078,325
- ----------- -------------
ELECTRIC REVENUE (4.5%)
500 Hamilton!, Refg 1992 Ser A (FGIC) ................................... 6.00 10/15/12 527,025
500 Ohio Municipal Electric Generation Agency Joint Venture 5,
Belleville Hydro 1993 COPs (AMBAC) ................................. 5.375 02/15/13 501,215
- ----------- -------------
1,000 1,028,240
- ----------- -------------
HOSPITAL REVENUE (18.3%)
1,000 Akron Bath & Copley Joint Township Hospital District, Summa Health
Ser 1992 A ......................................................... 6.25 11/15/07 1,068,500
1,000 Clermont County, Mercy Health Ser 1991 .............................. 6.733 10/05/21 1,090,570
670 Cuyahoga County, Meridia Health Ser 1990 ............................ 7.25 08/15/19 721,409
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A ................................... 7.00 01/01/09 493,330
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992 ....... 6.875 07/01/15 511,820
300 Middleburg Heights, Southwest General Hospital Ser 1991 ............ 7.20 08/15/19 345,825
- ----------- -------------
3,945 4,231,454
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.1%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A ................... 6.90 05/01/10 425,400
500 Ohio Water Development Authority, Dayton Power & Light Co
Collateralized Refg 1992 Ser A ..................................... 6.40 08/15/27 525,810
- ----------- -------------
900 951,210
- ----------- -------------
MORTGAGE REVENUE - SINGLE FAMILY (3.6%)
800 Ohio Housing Finance Agency, GNMA-Backed 1990 Ser A-1 & 2 (AMT) .... 6.903 03/01/31 837,056
- ----------- -------------
PUBLIC FACILITIES REVENUE (8.6%)
Ohio Building Authority,
1,000 Workers' Compensation/William Green Building 1993 Ser A ........... 5.125 04/01/10 984,480
1,000 1993 Ser A ......................................................... 5.50 10/01/12 1,005,350
- ----------- -------------
2,000 1,989,830
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
TRANSPORTATION FACILITIES REVENUE (4.4%)
$ 1,000 Ohio Turnpike Commission, 1994 Ser A ................................ 5.75 % 02/15/24 $ 1,014,550
- ----------- -------------
WATER & SEWER REVENUE (20.6%)
1,000 Clermont County, Sewer Refg Ser 1993 (AMBAC) ........................ 5.20 12/01/21 972,230
1,000 Montgomery County, Water Ser 1992 (FGIC) ............................ 6.25 11/15/17 1,065,560
1,000 Northeast Ohio Regional Sewer District, Wastewater Impr Refg
Ser 1995 (AMBAC) .................................................... 5.60 11/15/13 1,024,510
1,000 Ohio Water Development Authority, Water Pollution Ser 1995 (MBIA) .. 5.60 06/01/10 1,032,550
600 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .................. 7.90 07/01/07 666,966
- ----------- -------------
4,600 4,761,816
- ----------- -------------
21,175 TOTAL OHIO EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $20,961,700) ........................... 21,927,271
- ----------- -------------
SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS (3.5%)
500 Cuyahoga County, University Hospitals of Cleveland Ser 1985
(Demand 12/01/95) .................................................. 3.80* 01/01/16 500,000
300 Ohio Air Quality Development Authority, Mead Corp 1986 Ser A
- -----------
(Demand 12/01/95) .................................................. 3.80* 10/01/01 300,000
-------------
800 TOTAL SHORT-TERM OHIO EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $800,000) ............................................................... 800,000
- ----------- -------------
$ 21,975 TOTAL INVESTMENTS (IDENTIFIED COST $21,761,700) (A) ........................... 98.4% 22,727,271
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ................................ 1.6 376,433
----- -------------
NET ASSETS .................................................................... 100.0% $23,103,704
===== =============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is $21,761,700;
the aggregate gross unrealized appreciation is $987,007 and the
aggregate gross unrealized depreciation is $21,436, resulting in net
unrealized appreciation of $965,571.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
PENNSYLVANIA EXEMPT MUNICIPAL BONDS+ (98.6%)
GENERAL OBLIGATION (4.9%)
$ 2,000 Berks County, Second Ser 1992 (FGIC) .................................. 5.75 % 11/15/12 $ 2,050,580
600 Puerto Rico, Pub Impr Refg Ser 1992 A ................................. 6.00 07/01/14 611,646
- ----------- -------------
2,600 2,662,226
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (22.4%)
2,000 Delaware County Authority, Villanova University Ser 1995 (AMBAC) ..... 5.80 08/01/25 2,037,180
1,000 Northeastern Pennsylvania Hospital & Education Authority, Kings
College Ser B 1993 ................................................... 6.00 07/15/11 1,006,450
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B ............................. 6.00 11/01/22 738,150
500 Medical College of Pennsylvania 1991 Ser A ........................... 7.25 03/01/11 548,595
500 Temple University First Ser 1991 (MBIA) .............................. 6.50 04/01/21 535,575
1,000 Thomas Jefferson University 1992 Ser A ............................... 6.625 08/15/09 1,096,890
1,000 Thomas Jefferson University 1993 Ser A ............................... 5.30 11/01/15 979,480
Pennsylvania State University,
1,000 Second Refg Ser 1992 ................................................. 5.50 08/15/16 999,910
1,000 Ser B 1992 ........................................................... 5.50 08/15/16 999,910
1,000 Swarthmore Borough Authority, Swarthmore College Ser 1992 ............ 6.00 09/15/20 1,030,870
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA) ....................... 6.125 06/01/21 2,085,360
- ----------- -------------
11,750 12,058,370
- ----------- -------------
ELECTRIC REVENUE (1.7%)
1,000 Puerto Rico Electric Power Authority, Power Ser O ..................... 5.00 07/01/12 933,630
- ----------- -------------
HOSPITAL REVENUE (17.4%)
Allegheny County Hospital Development Authority,
1,000 Ohio Valley General Hospital Refg Ser 1993 ........................... 5.875 04/01/11 996,410
1,000 Presbyterian University Health System Inc Ser 1992 B (MBIA) ......... 6.00 11/01/12 1,038,390
1,000 Berks County Municipal Authority, Reading Hospital & Medical Center
Ser of 1993 (MBIA) .................................................... 5.50 10/01/08 1,036,310
1,500 Lehigh County General Purpose Authority, Lehigh Valley Hospital
Ser B 1995 (MBIA) ..................................................... 5.625 07/01/25 1,498,845
Philadelphia Hospitals & Higher Educational Facilities Authority,
1,750 Chestnut Hill Hospital Ser of 1992 ................................... 6.375 11/15/11 1,809,605
1,000 Temple University Hospital 1993 Ser A ................................ 6.50 11/15/08 1,072,560
2,000 The Children's Hospital of Philadelphia Ser A of 1993 ................ 5.375 02/15/14 1,939,980
- ----------- -------------
9,250 9,392,100
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (3.1%)
500 Lehigh County Industrial Development Authority, Strawbridge & Clothier
Refg Ser of 1991 ..................................................... 7.20 12/15/01 545,855
1,000 Montgomery County Industrial Development Authority, Philadelphia
Electric Co Refg 1991 Ser B (MBIA) ................................... 6.70 12/01/21 1,094,450
- ----------- -------------
1,500 1,640,305
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (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,
$ 75 Moderate Rehab Sec 8 Assisted Issue B ................................ 9.00 % 08/01/01 $ 77,085
1,000 Ser 1992-35 D (AMT) .................................................. 6.20 04/01/25 1,006,470
- ----------- -------------
1,075 1,083,555
- ----------- -------------
MORTGAGE REVENUE - SINGLE FAMILY (8.7%)
Pennsylvania Housing Finance Agency,
2,000 Ser 1993-37 A ........................................................ 5.45 10/01/17 1,901,900
2,000 Ser 1991-31 C (AMT) .................................................. 7.00 10/01/23 2,099,020
655 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C ................................................................ 6.85 10/15/23 689,427
- ----------- -------------
4,655 4,690,347
- ----------- -------------
PUBLIC FACILITIES REVENUE (3.7%)
2,000 Puerto Rico Public Buildings Authority, Govt Facs Ser A (AMBAC) ...... 5.50 07/01/21 1,991,720
- ----------- -------------
RESOURCE RECOVERY REVENUE (2.6%)
300 Cambria County Industrial Development Authority, Cambria Cogen Co
Ser 1989 F-1 (AMT) ................................................... 7.75 09/01/19 320,937
1,000 Montgomery County Industrial Development Authority, Ser 1989 ......... 7.50 01/01/12 1,090,900
- ----------- -------------
1,300 1,411,837
- ----------- -------------
STUDENT LOAN REVENUE (3.9%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT) (AMBAC) ............................................. 6.05 01/01/19 1,028,490
1,000 1991 Ser B (AMT) (AMBAC) ............................................. 6.854 09/01/26 1,068,660
- ----------- -------------
2,000 2,097,150
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (12.4%)
1,000 Guam, Highway 1992 Ser A (CGIC) ....................................... 6.30 05/01/12 1,066,460
500 Allegheny County, Greater Pittsburgh Intl Airport Ser 1992 (AMT) (FSA) 6.625 01/01/22 531,930
2,000 Delaware River Port Authority, Ser 1995 (FGIC) (WI) ................... 5.50 01/01/26 1,979,860
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC) ................ 6.00 12/01/12 2,089,020
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC) ................ 5.875 12/01/12 1,040,020
- ----------- -------------
6,500 6,707,290
- ----------- -------------
WATER & SEWER REVENUE (10.7%)
Bethlehem Authority, Northampton & Lehigh Counties
1,000 Refg Ser of 1994 (MBIA) .............................................. 4.875 11/15/14 940,420
1,500 Refg Ser of 1994 (MBIA) .............................................. 5.30 11/15/17 1,480,800
2,000 Philadelphia, Water & Wastewater Ser 1995 (MBIA) ...................... 6.25 08/01/11 2,225,280
1,000 Puerto Rico Aqueduct & Sewer Authority, Ser 1988 A .................... 7.90 07/01/07 1,111,610
- ----------- -------------
5,500 5,758,110
- ----------- -------------
OTHER REVENUE (3.0%)
1,500 Pennsylvania Finance Authority, Cap Impr Refg Ser 1993 ................ 6.60 11/01/09 1,624,215
- ----------- -------------
REFUNDED (2.1%)
1,000 Reading, Ser of 1992 (AMBAC) .......................................... 6.50 11/15/12 1,124,680
- ----------- -------------
51,630 TOTAL PENNSYLVANIA EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $50,808,379) ..................... 53,175,535
- ----------- -------------
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1995 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------- -------- ---------- -------------
<C> <S> <C> <C> <C>
SHORT-TERM PENNSYLVANIA EXEMPT MUNICIPAL OBLIGATION (3.7%)
$ 2,000 Pennsylvania Higher Educational Facilities Authority, Temple University
- ----------- Ser 1984-1 (Demand 12/01/95) (Identified Cost $2,000,000) ........... 3.70*% 10/01/09 $ 2,000,000
-------------
$53,630 TOTAL INVESTMENTS (IDENTIFIED COST $52,808,379) (A) ............................. 102.3% 55,175,535
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS .................................. (2.3) (1,240,483)
----- -------------
NET ASSETS ...................................................................... 100.0% $53,935,052
===== =============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
+ Puerto Rico exemption represents 13.6% of net assets.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes is $52,808,379;
the aggregate gross unrealized appreciation is $2,499,074 and the
aggregate gross unrealized depreciation is $131,918, resulting in
net unrealized appreciation of $2,367,156.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
CGIC Capital Guaranty Insurance Company.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
(This page has been left blank intentionally)
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
------------- -------------- ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value* .................... $50,219,917 $115,970,780 $72,650,397 $16,628,284
Cash .................................................... 47,400 30,719 129,808 15,894
Receivable for:
Investments sold ....................................... -- -- 25,000 --
Shares of beneficial interest sold ..................... 19,230 85,126 403,178 30,076
Interest ............................................... 1,068,225 1,871,159 957,466 325,667
Deferred organizational expenses ........................ -- 414 414 414
Prepaid expenses ........................................ 6,312 6,415 5,330 6,108
Receivable from affiliate ............................... -- -- -- --
------------- -------------- ------------- ---------------
TOTAL ASSETS ........................................ 51,361,084 117,964,613 74,171,593 17,006,443
------------- -------------- ------------- ---------------
LIABILITIES:
Payable for:
Investments purchased .................................. 969,368 -- -- --
Shares of beneficial interest repurchased .............. 32,025 78,803 33,424 22,320
Dividends to shareholders .............................. 17,333 34,663 20,138 4,740
Plan of distribution fee ............................... 6,155 14,318 9,002 2,080
Investment management fee .............................. 14,363 33,409 21,004 439
Accrued expenses ........................................ 31,348 33,976 29,964 22,401
------------- -------------- ------------- ---------------
TOTAL LIABILITIES ................................... 1,070,592 195,169 113,532 51,980
------------- -------------- ------------- ---------------
NET ASSETS:
Paid-in-capital ......................................... 47,770,249 114,059,754 70,107,236 16,203,386
Undistributed net realized gain (accumulated net
realized loss) ......................................... (240,783) (323,971) (77,358) 35,279
Net unrealized appreciation ............................. 2,761,026 4,033,661 4,028,183 715,798
------------- -------------- ------------- ---------------
NET ASSETS .......................................... $50,290,492 $117,769,444 $74,058,061 $16,954,463
============= ============== ============= ===============
*IDENTIFIED COST ........................................ $47,458,891 $111,937,119 $68,622,214 $15,912,486
============= ============== ============= ===============
SHARES OF BENEFICIAL INTEREST OUTSTANDING ............... 4,722,228 11,033,281 6,804,211 1,544,881
============= ============== ============= ===============
NET ASSET VALUE PER SHARE (unlimited authorized shares
of $.01 par value) ..................................... $10.65 $10.67 $10.88 $10.97
MAXIMUM OFFERING PRICE PER SHARE (net asset value plus ====== ====== ====== ======
4.17% of net asset value)** ............................ $11.09 $11.11 $11.33 $11.43
====== ====== ====== ======
</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 OHIO PENNSYLVANIA
- ------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$21,372,843 $11,053,798 $48,849,809 $14,120,430 $22,727,271 $55,175,535
48,372 32,706 114,728 96,050 30,709 128,448
-- -- -- -- -- --
5,790 -- 57,201 -- 29,663 53,847
274,726 158,973 897,776 228,046 347,572 767,979
414 414 414 414 414 414
1,619 1,336 4,254 2,177 1,463 4,865
1,115 8,371 -- 2,867 -- --
- ------------- ------------- ------------- ------------- ------------- --------------
21,704,879 11,255,598 49,924,182 14,449,984 23,137,092 56,131,088
- ------------- ------------- ------------- ------------- ------------- --------------
-- -- 1,970,750 -- -- 1,970,750
-- -- 4,976 34,000 -- 160,319
6,229 3,210 12,846 4,096 6,502 15,075
2,633 1,377 5,858 1,759 2,810 6,566
-- -- 13,669 -- 668 15,322
23,399 21,327 27,481 21,940 23,408 28,004
- ------------- ------------- ------------- ------------- ------------- --------------
32,261 25,914 2,035,580 61,795 33,388 2,196,036
- ------------- ------------- ------------- ------------- ------------- --------------
20,667,238 10,868,738 46,112,385 13,714,794 22,307,801 51,593,009
(13,221) (55,856) (376,097) (6,353) (169,668) (25,113)
1,018,601 416,802 2,152,314 679,748 965,571 2,367,156
- ------------- ------------- ------------- ------------- ------------- --------------
$21,672,618 $11,229,684 $47,888,602 $14,388,189 $23,103,704 $53,935,052
============= ============= ============= ============= ============= ==============
$20,354,242 $10,636,996 $46,697,495 $13,440,682 $21,761,700 $52,808,379
============= ============= ============= ============= ============= ==============
2,004,183 1,058,331 4,462,168 1,323,049 2,138,912 4,969,645
============= ============= ============= ============= ============= ==============
$10.81 $10.61 $10.73 $10.88 $10.80 $10.85
====== ====== ====== ====== ====== ======
$11.26 $11.05 $11.18 $11.33 $11.25 $11.30
====== ====== ====== ====== ====== ======
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF OPERATIONS For the year ended November 30, 1995
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
------------ ------------- ------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME ........................... $2,953,928 $ 7,062,096 $ 4,327,597 $ 969,532
------------ ------------- ------------- ---------------
EXPENSES
Investment management fee ................ 173,132 405,705 253,653 57,633
Plan of distribution fee ................. 71,184 169,661 103,070 23,927
Professional fees ........................ 25,882 29,702 32,958 22,501
Transfer agent fees and expenses ........ 18,835 33,426 26,042 6,381
Shareholder reports and notices .......... 9,698 20,633 13,319 3,309
Trustees' fees and expenses .............. 4,386 8,907 5,697 900
Registration fees ........................ 6,989 6,551 4,721 3,102
Organizational expenses .................. -- 3,270 3,270 3,270
Custodian fees ........................... 3,129 5,903 4,313 1,628
Other .................................... 9,642 12,921 11,961 7,843
------------ ------------- ------------- ---------------
Total Expenses before Expense Offset
and Amounts Waived/Assumed ............ 322,877 696,679 459,004 130,494
Less: Amounts Waived/Assumed ........... -- -- -- (46,545)
Less: Expense Offset ................... (3,110) (5,855) (4,278) (1,614)
------------ ------------- ------------- ---------------
Total Expenses after Expense Offset and
Amounts Waived/Assumed ................ 319,767 690,824 454,726 82,335
------------ ------------- ------------- ---------------
Net Investment Income .................. 2,634,161 6,371,272 3,872,871 887,197
------------ ------------- ------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) ................. 136,451 (247,082) 297,548 79,118
Net change in unrealized depreciation ... 5,859,879 15,149,432 8,855,916 2,071,069
------------ ------------- ------------- ---------------
Net Gain ............................... 5,996,330 14,902,350 9,153,464 2,150,187
------------ ------------- ------------- ---------------
Net Increase ........................... $8,630,491 $21,273,622 $13,026,335 $3,037,384
============ ============= ============= ===============
</TABLE>
See Notes to Financial Statements
<PAGE>
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ------------ ------------ ------------ ------------ ------------ --------------
<C> <C> <C> <C> <C> <C>
$1,250,066 $ 630,143 $2,880,366 $ 882,337 $1,301,193 $3,036,426
- ------------ ------------ ------------ ------------ ------------ --------------
73,104 37,712 165,599 52,047 76,895 178,837
28,610 15,374 66,078 21,315 31,476 74,576
24,968 29,473 26,722 24,979 28,306 27,102
12,062 5,620 23,322 5,983 10,788 22,125
5,248 2,681 11,107 3,117 5,084 9,535
1,459 704 3,488 1,080 1,572 3,562
2,653 3,549 4,882 7,101 2,398 3,882
3,270 3,270 3,270 3,270 3,270 3,270
1,798 1,367 2,936 1,718 1,771 3,543
6,667 6,299 9,646 5,810 8,126 9,941
- ------------ ------------ ------------ ------------ ------------ --------------
159,839 106,049 317,050 126,420 169,686 336,373
(53,630) (50,815) -- (50,364) (58,094) --
(1,785) (1,359) (2,914) (1,704) (1,749) (3,521)
- ------------ ------------ ------------ ------------ ------------ --------------
104,424 53,875 314,136 74,352 109,843 332,852
- ------------ ------------ ------------ ------------ ------------ --------------
1,145,642 576,268 2,566,230 807,985 1,191,350 2,703,574
- ------------ ------------ ------------ ------------ ------------ --------------
11,026 17,107 (125,009) 9,027 161,498 59,271
2,758,269 1,390,495 6,003,704 2,049,802 2,795,212 6,305,461
- ------------ ------------ ------------ ------------ ------------ --------------
2,769,295 1,407,602 5,878,695 2,058,829 2,956,710 6,364,732
- ------------ ------------ ------------ ------------ ------------ --------------
$3,914,937 $1,983,870 $8,444,925 $2,866,814 $4,148,060 $9,068,306
============ ============ ============ ============ ============ ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------
For the year ended November 30,
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA
----------------------------- ------------------------------
1995 1994 1995 1994
------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ........................ $ 2,634,161 $ 3,019,123 $ 6,371,272 $ 7,310,665
Net realized gain (loss) ..................... 136,451 (377,211) (247,082) (76,890)
Net change in unrealized appreciation/
depreciation ................................ 5,859,879 (6,786,528) 15,149,432 (18,993,072)
------------- -------------- -------------- --------------
Net increase (decrease) .................... 8,630,491 (4,144,616) 21,273,622 (11,759,297)
------------- -------------- -------------- --------------
Dividends and distributions from:
Net investment income ........................ (2,634,161) (3,019,123) (6,371,272) (7,310,665)
Net realized gain ............................ -- (65,333) -- (1,746,975)
------------- -------------- -------------- --------------
Total ...................................... (2,634,161) (3,084,456) (6,371,272) (9,057,640)
------------- -------------- -------------- --------------
Transactions in shares of beneficial interest:
Net proceeds from sales ...................... 5,174,717 8,302,316 9,740,664 18,530,482
Reinvestment of dividends and distributions 1,334,340 1,628,501 3,199,688 5,154,881
Cost of shares repurchased ................... (9,843,250) (14,950,597) (22,523,316) (29,726,860)
------------- -------------- -------------- --------------
Net increase (decrease) .................... (3,334,193) (5,019,780) (9,582,964) (6,041,497)
------------- -------------- -------------- --------------
Total increase (decrease) .................. 2,662,137 (12,248,852) 5,319,386 (26,858,434)
NET ASSETS:
Beginning of period ........................... 47,628,355 59,877,207 112,450,058 139,308,492
------------- -------------- -------------- --------------
END OF PERIOD ................................. $50,290,492 $ 47,628,355 $117,769,444 $112,450,058
============= ============== ============== ==============
SHARES ISSUED AND REPURCHASED:
Sold .......................................... 508,816 795,764 954,040 1,777,153
Reinvestment of dividends and distributions .. 130,488 159,652 313,444 495,104
Repurchased ................................... (971,313) (1,484,391) (2,223,029) (2,944,606)
------------- -------------- -------------- --------------
Net increase (decrease) ....................... (332,009) (528,975) (955,545) (672,349)
============= ============== ============== ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
FLORIDA MASSACHUSETTS MICHIGAN
- ------------------------------ ---------------------------- ----------------------------
1995 1994 1995 1994 1995 1994
- -------------- -------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 3,872,871 $ 4,381,929 $ 887,197 $ 956,943 $ 1,145,642 $ 1,174,848
297,548 (238,226) 79,118 (43,840) 11,026 (24,247)
8,855,916 (10,264,924) 2,071,069 (2,334,430) 2,758,269 (2,973,184)
- -------------- -------------- ------------- ------------- ------------- -------------
13,026,335 (6,121,221) 3,037,384 (1,421,327) 3,914,937 (1,822,583)
- -------------- -------------- ------------- ------------- ------------- -------------
(3,872,871) (4,381,929) (887,197) (956,943) (1,145,642) (1,174,848)
-- -- -- (167,916) -- (363,656)
- -------------- -------------- ------------- ------------- ------------- -------------
(3,872,871) (4,381,929) (887,197) (1,124,859) (1,145,642) (1,538,504)
- -------------- -------------- ------------- ------------- ------------- -------------
10,874,113 16,449,296 2,298,582 2,842,908 2,130,223 3,330,753
1,388,435 1,503,336 499,293 662,124 653,136 892,827
(18,815,557) (20,485,991) (3,500,367) (3,795,658) (3,711,031) (3,114,925)
- -------------- -------------- ------------- ------------- ------------- -------------
(6,553,009) (2,533,359) (702,492) (290,626) (927,672) 1,108,655
- -------------- -------------- ------------- ------------- ------------- -------------
2,600,455 (13,036,509) 1,447,695 (2,836,812) 1,841,623 (2,252,432)
71,457,606 84,494,115 15,506,768 18,343,580 19,830,995 22,083,427
- -------------- -------------- ------------- ------------- ------------- -------------
$ 74,058,061 $ 71,457,606 $16,954,463 $15,506,768 $21,672,618 $19,830,995
============== ============== ============= ============= ============= =============
1,040,055 1,560,132 217,640 267,619 205,926 315,764
132,818 144,781 47,460 62,943 63,129 85,272
(1,813,124) (1,993,666) (335,507) (371,144) (361,199) (302,511)
- -------------- -------------- ------------- ------------- ------------- -------------
(640,251) (288,753) (70,407) (40,582) (92,144) 98,525
============== ============== ============= ============= ============= =============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
- -----------------------------------------------------------------------------
For the year ended November 30,
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY
---------------------------- -----------------------------
1995 1994 1995 1994
------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ........................ $ 576,268 $ 624,565 $ 2,566,230 $ 2,786,488
Net realized gain (loss) ..................... 17,107 (73,439) (125,009) (251,096)
Net change in unrealized appreciation/
depreciation ................................ 1,390,495 (1,530,836) 6,003,704 (6,801,131)
------------- ------------- ------------- --------------
Net increase (decrease) .................... 1,983,870 (979,710) 8,444,925 (4,265,739)
------------- ------------- ------------- --------------
Dividends and distributions from:
Net investment income ........................ (576,268) (624,565) (2,566,230) (2,786,488)
Net realized gain ............................ -- (83,885) -- (387,878)
------------- ------------- ------------- --------------
Total ...................................... (576,268) (708,450) (2,566,230) (3,174,366)
------------- ------------- ------------- --------------
Transactions in shares of beneficial interest:
Net proceeds from sales ...................... 1,489,363 1,972,261 3,969,557 8,465,825
Reinvestment of dividends and distributions 319,206 450,744 1,419,332 1,869,538
Cost of shares repurchased ................... (1,779,338) (2,479,885) (8,876,237) (11,896,977)
------------- ------------- ------------- --------------
Net increase (decrease) .................... 29,231 (56,880) (3,487,348) (1,561,614)
------------- ------------- ------------- --------------
Total increase (decrease) .................. 1,436,833 (1,745,040) 2,391,347 (9,001,719)
NET ASSETS:
Beginning of period ........................... 9,792,851 11,537,891 45,497,255 54,498,974
------------- ------------- ------------- --------------
END OF PERIOD ................................. $11,229,684 $ 9,792,851 $47,888,602 $ 45,497,255
============= ============= ============= ==============
SHARES ISSUED AND REPURCHASED:
Sold .......................................... 145,931 191,155 385,163 806,053
Reinvestment of dividends and distributions .. 31,444 44,176 137,676 180,172
Repurchased ................................... (173,959) (250,831) (867,546) (1,160,235)
------------- ------------- ------------- --------------
Net increase (decrease) ....................... 3,416 (15,500) (344,707) (174,010)
============= ============= ============= ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW YORK OHIO PENNSYLVANIA
- ---------------------------- ----------------------------- -----------------------------
1995 1994 1995 1994 1995 1994
- ------------- ------------- ------------- -------------- -------------- -------------
<C> <C> <C> <C> <C> <C>
$ 807,985 $ 851,906 $ 1,191,350 $ 1,332,217 $ 2,703,574 $ 2,825,018
9,027 (15,381) 161,498 (334,182) 59,271 (84,384)
2,049,802 (2,296,834) 2,795,212 (3,125,323) 6,305,461 (7,028,096)
- ------------- ------------- ------------- -------------- -------------- -------------
2,866,814 (1,460,309) 4,148,060 (2,127,288) 9,068,306 (4,287,462)
- ------------- ------------- ------------- -------------- -------------- -------------
(807,985) (851,906) (1,191,350) (1,332,217) (2,703,574) (2,825,018)
-- (66,663) -- (284,377) -- (292,250)
- ------------- ------------- ------------- -------------- -------------- -------------
(807,985) (918,569) (1,191,350) (1,616,594) (2,703,574) (3,117,268)
- ------------- ------------- ------------- -------------- -------------- -------------
1,474,331 3,239,727 2,891,735 10,906,004 8,975,484 8,825,758
426,508 494,616 733,649 1,085,139 1,417,646 1,724,222
(4,093,402) (2,788,145) (4,171,051) (12,403,711) (10,380,066) (8,965,577)
- ------------- ------------- ------------- -------------- -------------- -------------
(2,192,563) 946,198 (545,667) (412,568) 13,064 1,584,403
- ------------- ------------- ------------- -------------- -------------- -------------
(133,734) (1,432,680) 2,411,043 (4,156,450) 6,377,796 (5,820,327)
14,521,923 15,954,603 20,692,661 24,849,111 47,557,256 53,377,583
- ------------- ------------- ------------- -------------- -------------- -------------
$14,388,189 $14,521,923 $23,103,704 $ 20,692,661 $ 53,935,052 $47,557,256
============= ============= ============= ============== ============== =============
144,006 307,576 279,961 1,040,504 864,290 840,565
41,174 47,552 71,040 104,330 136,142 165,631
(397,106) (266,575) (408,164) (1,213,100) (1,003,414) (882,180)
- ------------- ------------- ------------- -------------- -------------- -------------
(211,926) 88,553 (57,163) (68,266) (2,982) 124,016
============= ============= ============= ============== ============== =============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1995
- -----------------------------------------------------------------------------
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
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 Trustees.
The pricing service has informed the Fund that in valuing the Fund's
portfolio securities, it uses both a computerized matrix of tax-exempt
securities and evaluations by its staff, in each case based on information
concerning market transactions and quotations from dealers which reflect
the bid side of the market each day. The Fund's portfolio securities are
thus valued by reference to a combination of transactions and quotations
for the same or other securities believed to be comparable in quality,
coupon, maturity, type of issue, call provisions, trading characteristics
and other features deemed to be relevant. Short-term debt securities
having a maturity date of more than sixty days at time of purchase are
valued on a mark-to-market basis until sixty days prior to maturity and
thereafter at amortized cost based on their value on the 61st day.
Short-term debt securities having a maturity date of sixty days or less at
the time of purchase are valued at amortized cost.
B. Accounting for Investments -- Security transactions are accounted for
on the trade date (date the order to buy or sell is executed). Realized
gains and losses on security transactions are determined by the identified
cost method. Discounts are accreted and premiums are amortized over the
life of the respective securities. Interest income is accrued daily.
C. Federal Income Tax Status -- It is the Fund's policy to comply
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
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1995 (continued)
- ----------------------------------------------------------------------------
are permanent in nature, such amounts are reclassified within the capital
accounts based on their federal tax-basis treatment; temporary differences
do not require reclassification. Dividends and distributions which exceed
net investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as dividends in
excess of net investment income or distributions in excess of net realized
capital gains. To the extent they exceed net investment income and net
realized capital gains for tax purposes, they are reported as
distributions of paid-in-capital.
E. Organizational Expenses -- Dean Witter InterCapital Inc. (the
"Investment Manager") paid the organizational expenses of the Fund of
approximately $204,000 of which $150,000 of such expenses ($16,667 for
each of the initial Series excluding the Arizona Series) have been
reimbursed. Such expenses have been deferred and are being amortized by
the straight-line method over a period not to exceed five years from the
commencement of operations.
F. Expenses -- Direct expenses are charged to the respective Series and
general corporate expenses are allocated on the basis of relative net
assets.
2. INVESTMENT MANAGEMENT AGREEMENT -- Pursuant to an Investment Management
Agreement, each Series of the Fund pays a management fee, accrued daily and
payable monthly, by applying the annual rate of 0.35% to the daily net assets
of each Series determined as of the close of each business day.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes office space and facilities, equipment, clerical,
bookkeeping and certain legal services, and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services,
heat, light, power and other utilities provided to the Fund.
The Investment Manager has undertaken to waive management fees and assume
all expenses that exceeded 0.50% of the daily net assets with respect to the
Massachusetts, Michigan, Minnesota, New York and Ohio Series through December
31, 1996.
3. PLAN OF DISTRIBUTION -- Dean Witter Distributors Inc. (the "Distributor"),
an affiliate of the Investment Manager, is the distributor of the Fund's
shares and, in accordance with a Plan of Distribution (the "Plan") pursuant
to Rule 12b-1 under the Act, finances certain expenses in connection with the
distribution of shares of the Fund.
Under the Plan, the Distributor bears the expense of all promotional and
distribution related activities on behalf of the Fund, except for expenses
that the Trustees determined to reimburse, as described below. The following
activities and services may be provided by the Distributor, under the Plan:
(1) compensation to, and expenses of, account executives of Dean Witter
Reynolds Inc., an affiliate of the Investment Manager and Distributor, and
other employees and 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 November 30, 1995 (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 each
Series' 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, 1995, the distribution fees were accrued at the following
annual rates:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Annual Rate .. 0.14% 0.15% 0.14% 0.15% 0.14%
========= ============ ========= =============== ==========
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ------- --------------
Annual Rate .. 0.14% 0.14% 0.14% 0.14% 0.15%
=========== ============ ========== ======= ==============
</TABLE>
For the year ended November 30, 1995, the Distributor has informed the
Fund that it received commissions from the sale of the Fund's shares of
beneficial interest as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
---------- ------------ ---------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Commissions .. $151,686 $232,508 $339,410 $ 67,383 $ 73,140
========== ============ ========== =============== ==========
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ---------- --------------
Commissions .. $ 44,990 $134,215 $ 33,259 $101,471 $163,267
=========== ============ ========== ========== ==============
</TABLE>
Such commissions are not an expense of the Fund; they are deducted from
the proceeds of the sale of the shares of beneficial interest.
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, 1995 were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------ ------------ ------------- --------------- ------------
<S> <C> <C> <C> <C> <C>
Purchases .. $4,087,350 $5,263,943 $ 5,626,070 $ 983,280 $4,821,475
============ ============ ============= =============== ============
Sales ....... $3,530,510 $7,575,150 $13,054,950 $1,848,853 $4,214,327
============ ============ ============= =============== ============
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------ ------------ ------------- --------------- ------------
Purchases .. $ 338,208 $8,343,725 $ 3,827,578 $ 4,083,983 $9,437,480
============ ============ ============= =============== ============
Sales ....... $ 266,889 $6,330,500 $ 3,305,198 $ 3,921,235 $3,762,321
============ ============ ============= =============== ============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1995 (continued)
- -----------------------------------------------------------------------------
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At November 30, 1995, 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 ........... $1,777 $2,020 $2,322 $810 $1,065
========= ============ ========= =============== ==========
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ------ --------------
Transfer Agent Fees
and Expenses
Payable ........... $480 $2,050 $539 $954 $2,352
=========== ============ ========== ====== ==============
</TABLE>
The Fund has 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,
1995 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 ........... $1,416 $3,332 $2,156 $460 $ 584
========= ============ ========= =============== ==========
Accrued Pension
Liability ....... $2,649 $6,253 $4,017 $872 $1,101
========= ============ ========= =============== ==========
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- -------- --------------
Aggregate Pension
Costs ........... $296 $1,382 $434 $ 613 $1,402
=========== ============ ========== ======== ==============
Accrued Pension
Liability ....... $584 $2,565 $816 $1,150 $2,626
=========== ============ ========== ======== ==============
</TABLE>
5. FEDERAL INCOME TAX STATUS -- At November 30, 1995, the following Series
had an approximate net capital loss carryover which may be used to offset
future capital gains to the extent provided by regulations:
<TABLE>
<CAPTION>
AVAILABLE THROUGH NOVEMBER 30, 2002 2003 TOTAL
- ------------------------------ ---------- ---------- ----------
<S> <C> <C> <C>
Arizona ...................... $240,800 -- $240,800
California ................... 76,900 $247,100 324,000
Florida ...................... 75,800 -- 75,800
Massachusetts ................ -- -- --
Michigan ..................... 13,200 -- 13,200
Minnesota .................... 32,000 24,300 56,300
New Jersey ................... 207,100 169,000 376,100
New York ..................... 6,300 -- 6,300
Ohio ......................... 172,700 -- 172,700
Pennsylvania ................. 25,100 -- 25,100
</TABLE>
During the year ended November 30, 1995, the following Series had utilized
capital loss carryovers of approximately:
<TABLE>
<CAPTION>
ARIZONA FLORIDA MASSACHUSETTS MICHIGAN NEW YORK OHIO PENNSYLVANIA
- ----------- ---------- --------------- ---------- ---------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
$136,400 $299,100 $43,800 $11,000 $7,500 $127,400 $49,500
=========== ========== =============== ========== ========== ========== ==============
</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 Fund's
next taxable year. The Florida Series incurred and will elect to defer net
capital losses during fiscal 1995 of $1,600.
Dean Witter Multi-State Municipal Series Trust
Financial Highlights
- -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET
YEAR VALUE NET NET REALIZED TOTAL FROM TOTAL DIVIDENDS
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO DISTRIBUTIONS TO AND
NOVEMBER 30, OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
----------- ------------ -------------- ------------ -------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Arizona Series
1991(b) $ 9.60 $0.36 $ 0.17 $ 0.53 $(0.36) $ -- $(0.36)
1992 9.77 0.64 0.41 1.05 (0.64) -- (0.64)
1993 10.18 0.58 0.56 1.14 (0.58) (0.02) (0.60)
1994 10.72 0.55 (1.29) (0.74) (0.55) (0.01) (0.56)
1995 9.42 0.54 1.23 1.77 (0.54) -- (0.54)
California Series
1991(a) 9.60 0.60 0.39 0.99 (0.60) -- (0.60)
1992 9.99 0.67 0.34 1.01 (0.67) (0.01) (0.68)
1993 10.32 0.61 0.68 1.29 (0.61) -- (0.61)
1994 11.00 0.58 (1.48) (0.90) (0.58) (0.14) (0.72)
1995 9.38 0.56 1.29 1.85 (0.56) -- (0.56)
Florida Series
1991(a) 9.60 0.55 0.28 0.83 (0.55) -- (0.55)
1992 9.88 0.64 0.41 1.05 (0.64) -- (0.64)
1993 10.29 0.59 0.64 1.23 (0.59) -- (0.59)
1994 10.93 0.56 (1.33) (0.77) (0.56) -- (0.56)
1995 9.60 0.56 1.28 1.84 (0.56) -- (0.56)
Massachusetts Series
1991(a) 9.60 0.54 0.38 0.92 (0.54) -- (0.54)
1992 9.98 0.66 0.42 1.08 (0.66) (0.04) (0.70)
1993 10.36 0.60 0.72 1.32 (0.60) -- (0.60)
1994 11.08 0.56 (1.38) (0.82) (0.56) (0.10) (0.66)
1995 9.60 0.57 1.37 1.94 (0.57) -- (0.57)
Michigan Series
1991(a) 9.60 0.54 0.36 0.90 (0.54) -- (0.54)
1992 9.96 0.65 0.46 1.11 (0.65) (0.01) (0.66)
1993 10.41 0.61 0.64 1.25 (0.61) -- (0.61)
1994 11.05 0.56 (1.41) (0.85) (0.56) (0.18) (0.74)
1995 9.46 0.57 1.35 1.92 (0.57) -- (0.57)
</TABLE>
- ---------------
(a) January 15, 1991 (commencement of operations) to November 30, 1991.
(b) 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.
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 ASSETS
NET ASSET TOTAL END OF NET NET PORTFOLIO
VALUE END INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
OF PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
- ----------- ---------- ---------- ---------- -------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$9.77 5.66%(1) $ 20,733 0.15%(2) 6.32%(2) 1.43%(2) 5.04%(2) 8%(1)
10.18 11.08 38,812 0.15 6.33 0.74 5.74 15
10.72 11.42 59,877 0.48 5.40 0.65 5.22 5
9.42 (7.16) 47,628 0.62 5.33 0.63 5.32 11
10.65 19.21 50,290 0.65 (3) 5.33 0.65 5.33 6
9.99 10.29 (1) 41,568 0.15 (2) 6.53 (2) 0.97 (2) 5.71 (2) 24 (1)
10.32 10.23 95,604 0.15 6.36 0.67 5.84 5
11.00 12.77 139,308 0.48 5.57 0.60 5.45 11
9.38 (8.65) 112,450 0.58 5.59 0.59 5.58 12
10.67 20.15 117,769 0.60 (3) 5.50 0.60 5.50 5
9.88 8.84 (1) 17,719 0.15 (2) 6.45 (2) 1.27 (2) 5.33 (2) 10 (1)
10.29 10.92 51,560 0.15 6.19 0.73 5.62 6
10.93 12.20 84,494 0.48 5.39 0.63 5.23 3
9.60 (7.29) 71,458 0.61 5.34 0.62 5.33 3
10.88 19.54 74,058 0.63 (3) 5.34 0.63 5.34 8
9.98 9.87 (1) 3,205 0.15 (2) 6.50 (2) 2.50 (2) 4.08 (2) 40 (1)
10.36 11.19 10,113 0.14 6.26 1.25 5.16 10
11.08 13.06 18,344 0.48 5.47 0.84 5.10 12
9.60 (7.71) 15,507 0.50 5.35 0.78 5.07 10
10.97 20.58 16,954 0.50 (3)++ 5.39 0.79 5.11 7
9.96 9.54 (1) 6,630 0.15 (2) 6.54 (2) 1.73 (2) 4.96 (2) 46 (1)
10.41 11.78 13,809 0.14 6.28 1.01 5.42 9
11.05 12.28 22,083 0.48 5.53 0.80 5.20 15
9.46 (8.07) 19,831 0.50 5.44 0.75 5.19 9
10.81 20.69 21,673 0.50 (3)++ 5.49 0.77 5.23 22
</TABLE>
- ---------------
(3) The above expense ratios reflect the effect for gross-up of custody
cash credits for the Arizona, California, Florida, Massachusetts and
Michigan Series of 0.01%, 0.01%, 0.01%, 0.01% and 0.01%,
respectively.
++ After application of the Investment Manager's voluntary waiver.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET
YEAR VALUE NET NET REALIZED TOTAL FROM TOTAL DIVIDENDS
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO DISTRIBUTIONS TO AND
NOVEMBER 30, OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- ------------ ----------- ------------ -------------- ------------ -------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Minnesota Series
1991(a) $ 9.60 $0.51 $ 0.19 $ 0.70 $(0.51) $ -- $(0.51)
1992 9.79 0.63 0.32 0.95 (0.63) -- (0.63)
1993 10.11 0.58 0.67 1.25 (0.58) -- (0.58)
1994 10.78 0.55 (1.42) (0.87) (0.55) (0.08) (0.63)
1995 9.28 0.54 1.33 1.87 (0.54) -- (0.54)
New Jersey Series
1991(a) 9.60 0.55 0.35 0.90 (0.55) -- (0.55)
1992 9.95 0.66 0.44 1.10 (0.66) (0.04) (0.70)
1993 10.35 0.60 0.62 1.22 (0.60) (0.03) (0.63)
1994 10.94 0.55 (1.39) (0.84) (0.55) (0.08) (0.63)
1995 9.47 0.56 1.26 1.82 (0.56) -- (0.56)
New York Series
1991(a) 9.60 0.54 0.46 1.00 (0.54) -- (0.54)
1992 10.06 0.68 0.34 1.02 (0.68) (0.06) (0.74)
1993 10.34 0.62 0.69 1.31 (0.62) -- (0.62)
1994 11.03 0.57 (1.52) (0.95) (0.57) (0.05) (0.62)
1995 9.46 0.56 1.42 1.98 (0.56) -- (0.56)
Ohio Series
1991(a) 9.60 0.53 0.25 0.78 (0.53) -- (0.53)
1992 9.85 0.66 0.41 1.07 (0.66) (0.01) (0.67)
1993 10.25 0.60 0.72 1.32 (0.60) -- (0.60)
1994 10.97 0.55 (1.43) (0.88) (0.55) (0.12) (0.67)
1995 9.42 0.56 1.38 1.94 (0.56) -- (0.56)
Pennsylvania Series
1991(a) 9.60 0.53 0.30 0.83 (0.53) -- (0.53)
1992 9.90 0.66 0.44 1.10 (0.66) -- (0.66)
1993 10.34 0.61 0.67 1.28 (0.61) -- (0.61)
1994 11.01 0.56 (1.39) (0.83) (0.56) (0.06) (0.62)
1995 9.56 0.55 1.29 1.84 (0.55) -- (0.55)
</TABLE>
- ------------
(a) 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.
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 ASSETS
NET ASSET TOTAL END OF NET NET PORTFOLIO
VALUE END INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
OF PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
- ----------- ---------- ---------- ---------- -------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.79 $ 7.42 (1) $ 3,131 0.15%(2) 6.04%(2) 2.50%(2) 2.87%(2) 4%(1)
10.11 9.91 6,420 0.14 6.16 1.46 4.85 23
10.78 12.64 11,538 0.48 5.39 1.04 4.83 8
9.28 (8.42) 9,793 0.50 5.41 0.91 5.00 14
10.61 20.60 11,230 0.50 (4)++ 5.35 0.98 4.88 3
9.95 9.59 (1) 15,812 0.15 (2) 6.43 (2) 1.21 (2) 5.36 (2) 36 (1)
10.35 11.34 32,123 0.15 6.36 0.79 5.71 19
10.94 12.03 54,499 0.48 5.41 0.69 5.20 7
9.47 (7.96) 45,497 0.64 5.38 0.65 5.37 6
10.73 19.60 47,889 0.67 (4) 5.42 0.67 5.42 14
10.06 10.73 (1) 3,976 0.15 (2) 6.44 (2) 2.22 (2) 4.37 (2) 51 (1)
10.34 10.35 9,604 0.15 6.45 1.23 5.37 21
11.03 12.91 15,955 0.48 5.61 0.88 5.21 11
9.46 (8.96) 14,522 0.50 5.48 0.82 5.16 14
10.88 21.40 14,388 0.50 (4)++ 5.43 0.85 5.09 24
9.85 8.35 (1) 6,267 0.15 (2) 6.38 (2) 2.04 (2) 4.48 (2) 22 (1)
10.25 11.12 13,686 0.15 6.41 1.01 5.56 23
10.97 13.19 24,849 0.48 5.45 0.78 5.14 20
9.42 (8.34) 20,693 0.50 5.31 0.71 5.10 18
10.80 21.02 23,104 0.50 (4)++ 5.42 0.77 5.16 19
9.90 8.77 (1) 12,147 0.15 (2) 6.46 (2) 1.54 (2) 5.07 (2) 12 (1)
10.34 11.47 31,509 0.15 6.31 0.81 5.65 3
11.01 12.64 53,378 0.48 5.54 0.68 5.33 5
9.56 (7.84) 47,557 0.64 5.37 0.66 5.35 19
10.85 19.65 53,935 0.66 (4) 5.29 0.66 5.29 8
</TABLE>
- ---------------
(4) The above expense ratios reflect the effect for gross-up of custody
cash credits for the Minnesota, New Jersey, New York, Ohio and
Pennsylvania Series of 0.01%, 0.01%, 0.01%, 0.01% and 0.01%,
respectively.
++ After application of the Investment Manager's voluntary waiver.
<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, 1995, 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
four 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 at November 30, 1995 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
January 9, 1996
1995 FEDERAL INCOME TAX NOTICE (unaudited)
During the year ended November 30, 1995, 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>
$0.54 $0.56 $0.56 $0.57 $0.57 $0.54 $0.56 $0.56 $0.56 $0.55
</TABLE>
All of the Fund's dividends from net investment income were exempt interest
dividends, excludable from gross income for Federal income tax purposes.
<PAGE>
(This page has been left blank intentionally)
<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, 1995
