<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- -----------------------------------------------------------------------------
During the first six months of Dean Witter Multi-State Municipal Series
Trust's current fiscal year, interest rates initially declined, but reversed
direction in February and began to move higher. Last year's favorable bond
market environment was created by proposals to achieve a balanced federal
budget within five to seven years and by continued easing of Federal Reserve
Board monetary policy. However, budget negotiations reached a political
impasse early in 1996 and federal offices were partially closed. This had an
adverse impact on bonds. Concerns also developed about an increase in the
pace of the economic recovery, which was marked by unexpectedly strong job
growth and rising commodity prices. The bond market reacted to these
developments by pushing yields sharply higher.
MUNICIPAL MARKET CONDITIONS
Long-term municipal revenue bond yields as tracked by The Bond Buyer
Revenue Bond Index * moved from 5.78 percent in November 1995 to a low of
5.63 percent in January 1996. Interest rates subsequently began to rise in
mid-February on signs of stronger economic growth and renewed inflationary
fears. The Index yield reached 6.17 percent in May. Yields on one-year
municipal notes increased slightly from 3.59 percent to 3.73 percent over the
past six months. The yield curve pickup by extending maturities from 1 to 30
years was 244 basis points in May.
The risk of flat-tax legislation had caused the ratio of Revenue Bond
Index yields to 30-year U.S. Treasury bond yields to rise from 85 to 94
percent between March and September 1995. However, as the prospects of a flat
tax faded, the ratio improved to 89 percent by the end of May. A declining
ratio means that municipal bond prices have outperformed U.S. Treasury
prices. Over the previous eight-year period prior to the flat-tax debate,
long-term municipal yields averaged 89 percent of U.S. Treasury yields.
Municipal underwriting activity was fueled by the trend of lower interest
rates in 1995. During the first five months of 1996, new issue volume
increased 39 percent versus the same period a year ago. Despite a resurgence
in underwriting, dealers have continued to withdraw from the municipal
business.
PORTFOLIO STRUCTURE
The Multi-State Municipal Series continued to meet its investment
objective of a high level of current income exempt from both federal and
state income taxes consistent with preservation of capital. As interest rates
began to rise over the course of the period the portfolios increased their
cash and short-term investment positions. The average cash position moved
from 4 percent of net assets in November 1995 to 7 percent of net assets by
May 31, 1996. New investments in the Series' focused on high quality issues.
On average, over 65 percent of the bonds held were rated triple "A" or double
"A" by Moody's Investor Service Inc. and/or Standard & Poor's Corp. The
average maturity was maintained at 20 years. Average call protection improved
from 7.5 to 8 years.
- ------------
* 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>
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. Please note that the
Massachusetts, Michigan, Minnesota, New York and Ohio Series will continue to
have operating expenses in excess of 50 basis points (0.50 percent) of daily
net assets absorbed by the Investment Manager through December 31, 1996.
LOOKING AHEAD
Tax-reduction proposals may receive additional publicity. However, the
balance between the supply of new issues and demand created by maturities and
calls for redemption should remain positive for the municipal market.
Long-term municipal securities currently yield 89 percent of the yield on
U.S. Treasury securities and may be expected to move in tandem with the
Treasury market.
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
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
------------ -------------- ------------ -----------------
<S> <C> <C> <C> <C>
Credit Ratings (1):
Aaa or AAA ..................... 42% 38% 62% 42%
Aa or AA ....................... 32 23 19 9
A or A ......................... 22 29 12 43
Baa or BBB ..................... 4 10 2 6
Ba or BB ....................... -- -- -- --
Non-Rated ...................... -- -- 5 --
Average Weighted:
Maturity ....................... 18 Years 20 Years 20 Years 20 Years
Call Protection ................ 7 Years 8 Years 8 Years 8 Years
Per Share Net Asset Value:
November 30, 1995 .............. $10.65 $10.67 $10.88 $10.97
May 31, 1996 ................... $10.25 $10.37 $10.46 $10.56
Distributions (2) ............... $0.27 $0.28 $0.28 $0.30
Total Return (3):
6 months ended 5/31/96 ......... (1.24)% (0.20)% (1.36)% (0.97)%
12 months ended 5/31/96 ........ 3.37 % 4.15 % 3.10 % 3.89 %
Tax-Free Yield (4) .............. 4.76 % 5.16 % 4.95 % 5.15 %
Taxable Equivalent Yield (5) ... 8.35 % 9.60 % 8.20 % 9.69 %
</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 six months ended May 31, 1996.
(3) Total return figures represent the change in the 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 May 31, 1996
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 OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES SERIES
- ------------ ------------- -------------- ------------ ------------ ---------------
<S> <C> <C> <C> <C> <C>
58% 23% 45% 31% 56% 54%
35 44 19 17 18 24
7 20 19 41 22 14
-- 13 12 11 4 8
-- -- 2 -- -- --
-- -- 3 -- -- --
22 Years 19 Years 20 Years 22 Years 21 Years 20 Years
7 Years 8 Years 8 Years 9 Years 9 Years 9 Years
$10.81 $10.61 $10.73 $10.88 $10.80 $10.85
$10.44 $10.29 $10.32 $10.46 $10.41 $10.48
$0.28 $0.28 $0.28 $0.28 $0.28 $0.28
(0.83)% (0.44)% (1.26)% (1.29)% (1.07)% (0.89)%
4.15 % 4.42 % 3.09 % 3.93 % 4.03 % 3.71 %
5.27 % 5.05 % 5.07 % 5.17 % 5.20 % 5.06 %
9.13 % 9.14 % 8.97 % 9.22 % 9.31 % 8.62 %
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- --------- ----------- -------------
<S> <C> <C> <C> <C>
ARIZONA TAX-EXEMPT MUNICIPAL BONDS (89.6%)
GENERAL OBLIGATION (11.9%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC) .......................... 7.00% 07/01/12 $ 217,242
1,000 Paradise Valley Unified School District #69, Ser B 1995 (MBIA) ...... 5.25 07/01/15 926,100
Phoenix,
1,000 Refg Ser 1993 A ..................................................... 5.25 07/01/12 956,010
1,550 Refg Ser 1992 ....................................................... 6.375 07/01/13 1,618,959
750 Tucson, Refg Ser 1995 (FGIC) ......................................... 5.50 07/01/12 736,620
1,000 Tucson Unified School District #1, 1989 Ser D 1992 (FGIC) ........... 6.10 07/01/11 1,032,090
- ----------- -------------
5,500 5,487,021
- ----------- -------------
EDUCATIONAL FACILITES REVENUE (6.2%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A ....... 5.50 07/01/19 926,150
1,000 Arizona State University, Research Park Refg Ser 1995 (MBIA) ........ 5.00 07/01/21 878,150
1,000 University of Arizona, Telecommunications Ser 1991 COPs ............. 6.50 07/15/12 1,065,390
- ----------- -------------
3,000 2,869,690
- ----------- -------------
ELECTRIC REVENUE (2.2%)
1,000 Salt River Agricultural Improvement & Power District, Refg 1992 Ser D 6.25 01/01/27 1,013,770
- ----------- -------------
HOSPITAL REVENUE (10.8%)
Arizona Health Facilities Authority,
1,150 Phoenix Baptist Hospital & Medical Center Inc & Medical
Environments Inc Ser 1992 (MBIA) ................................... 6.25 09/01/11 1,189,077
700 Phoenix Memorial Hospital Refg Ser 1991 ............................. 8.20 06/01/21 750,568
2,000 Maricopa County Industrial Development Authority, Catholic Healthcare
West 1992 Ser A (MBIA) .............................................. 5.75 07/01/11 1,993,900
1,100 Pima County Industrial Development Authority, Carondelet Health Care
Corp Ser 1993 (MBIA) ................................................ 5.25 07/01/13 1,039,467
- ----------- -------------
4,950 4,973,012
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (10.1%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge Corp
Refg 1994 ........................................................... 5.45 06/01/09 965,170
2,000 Mohave County Industrial Development Authority, Citizens Utilities Co
1993 Ser B (AMT) .................................................... 5.80 11/15/28 1,936,940
1,700 Santa Cruz County Industrial Development Authority, Citizens Utilities
Co 1991 Ser (AMT) ................................................... 7.15 02/01/23 1,781,719
- ----------- -------------
4,700 4,683,829
- ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (2.2%)
970 Pima County Industrial Development Authority, Rancho Mirage Ser 1992
(AMT) (AGRC) ........................................................ 7.05 04/01/22 1,010,672
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- --------- ----------- -------------
MORTGAGE REVENUE - SINGLE FAMILY (1.9%)
Maricopa County Industrial Development Authority,
$ 415 1991 Ser A .......................................................... 7.375% 08/01/05 $ 437,452
400 1991 Ser A .......................................................... 7.50 08/01/12 417,692
- ----------- -------------
815 855,144
- ----------- -------------
PUBLIC FACILITIES REVENUE (3.9%)
Arizona,
500 Refg Ser 1992 B COPs (AMBAC) ........................................ 6.25 09/01/10 519,510
500 Ser 1991 COPs (FSA) ................................................. 6.25 09/01/11 519,095
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A 7.90 07/01/07 757,939
- ----------- -------------
1,700 1,796,544
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (17.2%)
Phoenix,
2,000 Street & Highway User Refg Ser 1993 ................................. 5.125 07/01/11 1,869,400
1,000 Street & Highway User Ser 1992 ...................................... 6.25 07/01/11 1,043,540
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise Tax
Ser 1989 (AMT) ...................................................... 7.80 07/01/11 2,102,440
Tuscon,
1,000 Street & Highway User Sr Lien Refg Ser 1993 ......................... 5.50 07/01/09 988,930
1,000 Street & Highway User Sr Lien Refg Ser 1996 (MBIA) .................. 6.00 07/01/10 1,038,560
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X .......... 5.25 07/01/21 881,000
- ----------- -------------
8,000 7,923,870
- ----------- -------------
WATER & SEWER REVENUE (17.3%)
1,000 Arizona Wastewater Management Authority, Wastewater Ser 1992 A
(AMBAC) ............................................................. 5.95 07/01/12 1,018,940
Chandler,
750 Water & Sewer Refg Ser 1991 (FGIC) .................................. 7.00 07/01/12 814,658
1,000 Water & Sewer Refg Ser 1992 (FGIC) .................................. 6.25 07/01/13 1,035,170
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC) ..................... 6.50 07/01/22 1,045,630
Phoenix Civic Improvement Corporation,
1,000 Wastewater Refg Ser 1993 ............................................ 4.75 07/01/23 816,440
1,000 Wastewater Jr Lien Ser 1994 ......................................... 5.45 07/01/19 918,850
2,200 Tucson, Water Refg Ser 1991 .......................................... 6.50 07/01/16 2,323,552
- ----------- -------------
7,950 7,973,240
- ----------- -------------
REFUNDED (5.9%)
1,500 Arizona Transportation Board, Sub Highway Ser 1991 A ................. 6.50 07/01/01++ 1,631,415
1,000 Central Arizona Water Conservation District, Ser 1991 B ............. 6.50 05/01/01++ 1,088,540
- ----------- -------------
2,500 2,719,955
- ----------- -------------
41,085 TOTAL ARIZONA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $40,581,674) ....................... 41,306,747
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- --------- ----------- -------------
SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATIONS (8.2%)
$ 1,800 Maricopa County, Arizona Public Service Co Palo Verde 1994 Ser C
(Demand 06/03/96) ................................................... 3.60* % 05/01/29 $ 1,800,000
2,000 Pinal County Industrial Development Authority, Newmont Mining Corp
Ser 1984 (Demand 06/03/96) .......................................... 3.80* 12/01/09 2,000,000
- ----------- -------------
3,800 TOTAL SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $3,800,000) ................................................................ 3,800,000
- ----------- -------------
$44,885 TOTAL INVESTMENTS (IDENTIFIED COST $44,381,674) (A) ............................. 97.8% 45,106,747
======== CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .................................. 2.2 1,001,974
------ -------------
NET ASSETS ...................................................................... 100.0% $46,108,721
====== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$1,350,726 and the aggregate gross unrealized depreciation was
$625,653, resulting in net unrealized appreciation of $725,073.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ----------------------------------------------------------------------- -------- ----------- --------------
<S> <C> <C> <C> <C>
CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS (92.2%)
GENERAL OBLIGATION (4.2%)
$ 2,000 California, Various Purpose dtd 04/01/93 (FSA) ......................... 5.50% 04/01/19 $ 1,869,300
3,000 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline
Refg Ser 1996 (FGIC) .................................................. 5.80 09/01/22 2,920,860
- ----------- --------------
5,000 4,790,160
- ----------- --------------
EDUCATIONAL FACILITIES REVENUE (11.8%)
California Educational Facilities Authority,
3,000 Carnegie Institution of Washington 1993 Ser A ......................... 5.60 10/01/23 2,782,650
4,000 Claremont Colleges Ser 1992 ........................................... 6.375 05/01/22 4,028,120
2,000 Loyola Marymount University Refg Ser 1992 ............................. 6.00 10/01/14 1,935,100
2,500 University of Southern California Ser 1993 B .......................... 5.80 10/01/15 2,409,800
2,000 California Public Works Board, California State University 1992 Ser A . 6.70 10/01/17 2,095,880
- ----------- --------------
13,500 13,251,550
- ----------- --------------
ELECTRIC REVENUE (11.4%)
2,000 Kings River Conservation District, Pine Flat Power Ser D .............. 6.00 01/01/17 1,955,980
3,000 Los Angeles Department of Water & Power, Refg Issue of 1993 ........... 5.375 09/01/23 2,705,160
1,750 Northern California Power Agency, Geothermal #3 1993 Refg Ser 3 ....... 5.85 07/01/10 1,766,642
7,000 Southern California Public Power Authority, Mead -Phoenix (AMBAC) ..... 5.15 07/01/15 6,388,480
- ----------- --------------
13,750 12,816,262
- ----------- --------------
HOSPITAL REVENUE (13.2%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A ......................... 6.50 12/01/11 987,530
California Health Facilities Financing Authority,
2,000 Catholic Health Corp Ser 1992 (MBIA) .................................. 6.00 07/01/13 2,003,680
3,150 Downey Community Hospital Ser 1993 .................................... 5.75 05/15/15 2,930,161
2,000 Kaiser Permanente 1983 Ser ............................................ 5.45 10/01/13 1,861,920
3,000 Scripps Memorial Hospitals Ser 1992 A (MBIA) .......................... 6.375 10/01/22 3,070,650
2,000 California Statewide Communities Development Authority,
Cedars Sinai Medical Center Ser 1992 COPs ............................. 6.50 08/01/12 2,120,300
2,000 Duarte, City of Hope National Medical Center COPs ...................... 6.00 04/01/08 1,953,520
- ----------- --------------
15,150 14,927,761
- ----------- --------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (1.8%)
California Pollution Control Financing Authority,
1,000 Atlantic Richfield Co Ser 1996 A ...................................... 5.00 04/01/08 963,250
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT) ............................ 6.625 06/01/09 1,049,800
- ----------- --------------
2,000 2,013,050
- ----------- --------------
MORTGAGE REVENUE -MULTI-FAMILY (1.8%)
2,000 California Housing Finance Agency, Rental II 1992 Ser B ................ 6.70 08/01/15 2,050,240
- ----------- --------------
MORTGAGE REVENUE -SINGLE FAMILY (1.5%)
690 California Housing Finance Agency, Home 1991 Ser C (AMT) (MBIA) ....... 7.00 08/01/23 715,116
975 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C ................................................................. 6.85 10/15/23 1,008,404
- ----------- --------------
1,665 1,723,520
- ----------- --------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ----------------------------------------------------------------------- -------- ----------- --------------
PUBLIC FACILITIES REVENUE (8.9%)
$ 2,000 Los Angeles County, 1991 Master Refg COPs .............................. 6.708% 05/01/15 $ 2,016,280
2,000 Nevada County, Western Nevada County Solid Waste Mgmt 1991 COPs ....... 7.50 06/01/21 2,010,560
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C ....... 6.375 09/01/13 2,021,120
2,700 Torrance, Refg 1991 COPs ............................................... 6.80 07/01/12 2,850,039
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A 7.90 07/01/07 1,082,770
- ----------- --------------
9,700 9,980,769
- ----------- --------------
TAX ALLOCATION (4.2%)
1,000 Industry Urban-Development Agency, Transportation-Distribution-
Industrial Redev Proj #3 1992 Refg .................................... 6.90 11/01/16 1,044,030
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A ............. 7.50 10/01/26 1,068,360
3,000 Rosemead Redevelopment Agency, Proj #1 Ser 1993 A ...................... 5.50 10/01/18 2,613,810
- ----------- --------------
5,000 4,726,200
- ----------- --------------
TRANSPORTATION FACILITIES REVENUE (9.4%)
2,000 California Maritime Infrastructure Authority, San Diego Unified Port
District-Lindbergh Field Ser 1995 (AMT) (AMBAC) ....................... 5.25 11/01/15 1,818,560
2,000 Los Angeles County Transportation Commission, Sales Tax Ser 1991-B .... 6.50 07/01/13 2,081,440
2,000 San Diego County Regional Transportation Commission, Sales Tax
1994 Ser A (FGIC) ..................................................... 4.75 04/01/08 1,854,200
San Francisco Bay Area Rapid Transit District,
1,000 Sales Tax Ser 1991 (FGIC) ............................................. 6.60 07/01/12 1,064,700
1,850 Sales Tax Ser 1995 (FGIC) ............................................. 5.50 07/01/20 1,730,620
2,000 Santa Clara Transit District, Sales Tax 1991 Ser A ..................... 6.25 06/01/21 2,000,780
- ----------- --------------
10,850 10,550,300
- ----------- --------------
WATER & SEWER REVENUE (18.5%)
1,000 Alameda County Water District, 1992 COPs (MBIA) ........................ 6.20 06/01/13 1,015,860
California Department of Water Resources,
1,000 Central Valley Ser J-2 ................................................ 6.00 12/01/20 987,370
2,000 Central Valley Ser K .................................................. 6.00 12/01/21 1,954,080
2,000 Central Coast Water Authority, Ser 1992 (AMBAC) ........................ 6.50 10/01/14 2,087,260
1,000 Contra Costa Water Authority, 1992 Ser E (AMBAC) ....................... 6.25 10/01/12 1,062,250
3,000 East Bay Municipal Utility District, Water Refg Ser 1992 .............. 6.00 06/01/20 2,958,720
Los Angeles,
1,000 Wastewater 1991 Ser C ................................................. 7.10 06/01/18 1,068,150
2,000 Wastewater Refg Ser 1993-A (MBIA) ..................................... 5.70 06/01/20 1,916,860
4,000 San Diego County Water Authority, Ser 1991-B COPs (MBIA) .............. 6.30 04/08/21 4,090,520
2,000 San Francisco Public Utilities Commission, Water 1992 Refg Ser A ...... 6.00 11/01/15 1,981,780
2,000 Santa Rosa, Wastewater Refg 1996 Ser A (FGIC) .......................... 4.75 09/01/16 1,700,680
- ----------- --------------
21,000 20,823,530
- ----------- --------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ----------------------------------------------------------------------- -------- ----------- --------------
REFUNDED (5.5%)
$ 2,000 California Educational Facilities Authority, University of San Francisco
Ser 1992 .............................................................. 6.40% 10/01/02++ $ 2,208,220
2,700 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline Ser 1992 ...... 6.60 09/01/02++ 2,991,600
1,000 San Diego County Regional Transportation Commission, Sales Tax
1991 Ser A (ETM) ...................................................... 6.00 04/01/08 1,041,210
- ----------- --------------
5,700 6,241,030
- ----------- --------------
105,315 TOTAL CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $103,507,137) ................... 103,894,372
- ----------- --------------
SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS (6.3%)
3,600 California Pollution Control Financing Authority, Southern California
Edison Co Ser 1986 B (Demand 06/03/96) ................................ 3.80* 02/28/08 3,600,000
3,500 Newport Beach, Hoag Memorial Hospital Presbyterian Ser 1992
(Demand 06/03/96) ..................................................... 3.60* 10/01/22 3,500,000
- ----------- --------------
7,100 TOTAL SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $7,100,000) ................................................................. 7,100,000
- ----------- --------------
$112,415 TOTAL INVESTMENTS (IDENTIFIED COST $110,607,137) (A) ............................. 98.5% 110,994,372
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ................................... 1.5 1,715,318
--------------
NET ASSETS ....................................................................... 100.0% $112,709,690
==============
</TABLE>
- -----------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$2,796,920 and the aggregate gross unrealized depreciation was
$2,409,685, resulting in net unrealized appreciation of $387,235.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
FLORIDA TAX-EXEMPT MUNICIPAL BONDS (92.3%)
GENERAL OBLIGATION (5.1%)
$1,750 Florida Board of Education, Cap Outlay Refg Ser 1992 A .................. 6.40% 06/01/19 $1,819,895
2,000 Reedy Creek Improvement District, Ser 1995 C (AMBAC) .................... 5.00 06/01/19 1,752,240
- ----------- -------------
3,750 3,572,135
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (2.1%)
1,500 Volusia County Educational Facilities Authority, Embry-Riddle
- ----------- Aeronautical University Ser 1996 A ..................................... 6.125 10/15/16 1,471,665
-------------
ELECTRIC REVENUE (11.7%)
1,500 Gainesville, Utilities 1996 Ser A ....................................... 5.20 10/01/22 1,345,680
2,500 Jacksonville Electric Authority, St Johns River Power Park Issue 2 Ser 7. 5.50 10/01/14 2,364,575
Orlando Utilities Commission,
1,000 Refg Ser 1993 A ........................................................ 5.25 10/01/14 918,240
2,000 Ser 1993 ............................................................... 5.125 10/01/19 1,754,320
2,000 Puerto Rico Electric Power Authority, Power Ser O ....................... 5.00 07/01/12 1,768,960
- ----------- -------------
9,000 8,151,775
- ----------- -------------
HOSPITAL REVENUE (10.6%)
1,000 Alachua County Health Facilities Authority, Shands Teaching Hospital &
Clinics Ser 1996 A (MBIA) .............................................. 6.25 12/01/11 1,061,420
500 Cape Canaveral Hospital District, Cape Canaveral Hospital Ser 1991 COPs
(AMBAC) ................................................................ 6.875 01/01/21 533,190
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie Lee) ...... 6.60 02/01/21 1,045,070
1,000 Jacksonville Health Facilities Authority, Daughters of Charity/
St Vincent's Medical Center Inc Ser 1993 A ............................. 5.00 11/15/15 887,120
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC) ..................... 6.125 11/15/22 1,009,480
2,000 Orange County Health Facilities Authority, Adventist Health/Sunbelt
Ser 1995 (AMBAC) ....................................................... 5.25 11/15/20 1,804,100
1,000 Polk County Industrial Development Authority, United Haven Hospital 1985
Ser 2 (MBIA) ............................................................ 6.25 09/01/15 1,023,130
- ----------- -------------
7,500 7,363,510
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (6.0%)
Citrus County,
1,000 Florida Power Corp Refg Ser 1992 B ..................................... 6.35 02/01/22 1,022,430
2,000 Florida Power Corp Refg Ser 1992 A ..................................... 6.625 01/01/27 2,085,020
1,000 St Lucie County, Florida Power & Light Co Ser 1992 (AMT) ................ 6.70 05/01/27 1,045,460
- ----------- -------------
4,000 4,152,910
- ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (3.8%)
705 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA) ........ 7.00 03/01/13 739,538
555 Florida Housing Finance Agency, GNMA Collateral 1990 Ser G-1 (AMT) ..... 7.90 03/01/22 584,137
1,250 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed Ser C 6.85 10/15/23 1,292,825
- ----------- -------------
2,510 2,616,500
- ----------- -------------
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 1,035,800
-------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
PUBLIC FACILITIES REVENUE (4.3%)
$ 1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC) ............ 6.15% 10/01/20 $ 1,015,520
2,000 Orlando, Cap Impr Refg Ser 1992 ......................................... 6.00 10/01/22 1,971,180
- ----------- -------------
3,000 2,986,700
- ----------- -------------
RESOURCE RECOVERY REVENUE (3.1%)
1,035 Broward County, Broward Waste Energy Co North Ser 1984 .................. 7.95 12/01/08 1,139,721
1,000 Lee County, Solid Waste Ser 1991 A (AMT) (MBIA) ......................... 6.50 10/01/13 1,031,600
- ----------- -------------
2,035 2,171,321
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (19.4%)
Dade County
1,000 Aviation 1992 Ser B (AMT) (MBIA) ....................................... 6.60 10/01/22 1,045,460
2,000 Seaport Refg Ser 1996 (MBIA) ........................................... 5.125 10/01/16 1,806,700
1,000 Seaport Refg Ser 1996 (MBIA) ........................................... 5.125 10/01/26 878,350
1,000 Florida Department of Transportation, Turnpike Ser 1991 A (AMBAC) ...... 6.25 07/01/20 1,010,750
Greater Orlando Aviation Authority,
750 Ser 1992 A (AMT) (FGIC) ................................................ 6.50 10/01/12 776,715
1,000 Ser 1993 A (AMT) (AMBAC) ............................................... 5.50 10/01/18 929,550
1,250 Hillsborough County Aviation Authority, Tampa Int'l Airport
Refg Ser 1993 B (FGIC) ................................................. 5.60 10/01/19 1,190,538
1,500 Lee County, Refg Ser 1991 (AMBAC) ....................................... 6.00 10/01/17 1,501,890
3,000 Mid-Bay Bridge Authority, Sr Lien Crossover Refg Ser 1993 A ............ 6.10 10/01/22 2,900,610
1,500 Osceola County, Osceola Parkway (MBIA) .................................. 6.10 04/01/17 1,515,645
- ----------- -------------
14,000 13,556,208
- ----------- -------------
WATER & SEWER REVENUE (10.7%)
500 Boynton Beach, Utility Ser 1992 (FGIC) .................................. 6.25 11/01/12 519,845
2,000 Dade County, Water & Sewer Ser 1995 (FGIC) .............................. 5.50 10/01/25 1,873,020
1,000 Key West, Sewer Refg Ser 1993 (FGIC) .................................... 5.70 10/01/20 964,250
1,000 Orange County, Water Utilities Ser 1992 (AMBAC) ......................... 6.25 10/01/17 1,022,230
500 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC) ...................... 6.625 05/01/15 525,690
1,000 Tampa, Water & Sewer Ser 1995 (FGIC) .................................... 5.125 10/01/17 904,310
2,000 Puerto Rico Aqueduct & Sewer Authority, Refg Ser 1995 ................... 5.00 07/01/19 1,724,900
- ----------- -------------
8,000 7,534,245
- ----------- -------------
REFUNDED (14.0%)
1,500 Brevard County School Board, Florida School Boards Assn Inc
Ser 1992 A COPs (AMBAC) ................................................ 6.50 07/01/02++ 1,654,725
1,000 Homestead, Hurricane Andrew Special Insurance Assessment Ser 1993 (MBIA)
(ETM) .................................................................. 5.25 03/01/03 1,018,680
1,900 Orlando Utilities Commission, Ser 1991 A ................................ 6.50 10/01/01++ 2,080,690
1,000 South Broward Hospital District, Ser 1991 B & C (AMBAC) ................. 6.611 05/01/01++ 1,095,490
2,150 St Lucie County, Sales Tax Ser 1992 (FGIC) .............................. 6.50 10/01/02++ 2,378,008
1,440 Tampa, Water & Sewer Ser 1992 A (FGIC) .................................. 6.00 10/01/02++ 1,543,968
- ----------- -------------
8,990 9,771,561
- ----------- -------------
65,285 TOTAL FLORIDA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $63,493,991) ......................... 64,384,330
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS (6.5%)
$ 2,900 Dade County Health Facilities Authority, Miami Childrens Hospital Ser
1990 (Demand 06/03/96) ................................................. 3.80*% 09/01/20 $ 2,900,000
700 Dade County Industrial Development Authority, Florida Power & Light Co
Ser 1993 (Demand 06/03/96) ............................................. 3.85* 06/01/21 700,000
900 Jacksonville Health Facilities Authority, Baptist Medical Center Ser
1993 (MBIA) (Demand 06/03/96) .......................................... 3.65* 06/01/08 900,000
- ----------- -------------
4,500 TOTAL SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- -----------
(IDENTIFIED COST $4,500,000) .................................................................. 4,500,000
-------------
$69,785 TOTAL INVESTMENTS (IDENTIFIED COST $67,993,991) (A) ............................... 98.8% 68,884,330
========== OTHER ASSETS IN EXCESS OF LIABILITIES ............................................. 1.2 859,281
----- -------------
NET ASSETS ........................................................................ 100.0% $69,743,611
===== =============
</TABLE>
- -----------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$2,112,416 and the aggregate gross unrealized depreciation was
$1,222,077, resulting in net unrealized appreciation of $890,339.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS (92.3%)
GENERAL OBLIGATION (10.6%)
Massachusetts,
$ 500 Refg 1992 Ser B ................................................... 6.50% 08/01/08 $ 549,010
1,000 Refg 1993 Ser A ................................................... 5.50 02/01/11 976,330
150 Nantucket, 1991 .................................................... 6.80 12/01/11 163,164
- ----------- -------------
1,650 1,688,504
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (29.5%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E ............................................. 6.80 11/01/21 107,650
1,000 Boston College Ser K .............................................. 5.25 06/01/18 909,050
400 Boston University Ser K & L (MBIA) ................................ 6.66 10/01/31 417,820
150 Community College Ser A (Connie Lee) .............................. 6.60 10/01/22 156,920
400 Suffolk University Ser B (Connie Lee) ............................. 6.25 07/01/12 408,100
300 Suffolk University Ser C (Connie Lee) ............................. 5.75 07/01/26 280,902
500 University of Massachusetts Foundation Inc/Medical School
Research Ser A (Connie Lee) ...................................... 6.00 07/01/23 488,205
150 Worcester Polytechnic Institute Refg Ser E ........................ 6.625 09/01/17 157,905
Massachusetts Industrial Finance Agency,
1,000 Brooks School Ser 1993 ............................................ 5.90 07/01/13 996,750
500 Holy Cross College 1996 (MBIA) .................................... 5.50 03/01/16 475,685
300 Mount Holyoke College Refg Ser 1992 A (MBIA) ...................... 6.30 07/01/13 310,353
- ----------- -------------
4,800 4,709,340
- ----------- -------------
ELECTRIC REVENUE (6.4%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply
1992 Ser C ........................................................ 6.625 07/01/18 528,270
500 Puerto Rico Electric Power Authority, Power Ser X .................. 6.00 07/01/15 491,610
- ----------- -------------
1,000 1,019,880
- ----------- -------------
HOSPITAL REVENUE (14.8%)
500 Boston, Boston City Hospital -FHA Insured Mtge Refg Ser B ......... 5.75 02/15/13 485,850
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B .................................. 7.25 07/01/13 105,821
500 Lahey Clinic Medical Center Ser B (MBIA) .......................... 5.625 07/01/15 476,110
1,000 Massachusetts General Hospital Ser F (MBIA) ....................... 6.00 07/01/15 986,540
200 McLean Hospital Ser C (FGIC) ...................................... 6.625 07/01/15 209,858
100 New England Deaconess Hospital Ser C .............................. 7.20 04/01/22 106,375
- ----------- -------------
2,400 2,370,554
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (6.0%)
1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co Refg Ser
1993 .............................................................. 5.875 08/01/08 957,200
- ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (3.2%)
500 Massachusetts Housing Finance Agency, Rental 1994 Ser A
- ----------- (AMT) (AMBAC) ..................................................... 6.60 07/01/14 513,665
-------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (4.1%)
Massachusetts Housing Finance Agency,
$ 435 Ser 21 (AMT) ...................................................... 6.30 % 06/01/25 $ 432,704
220 Ser 21 (AMT) ...................................................... 7.125 06/01/25 228,195
- ----------- -------------
655 660,899
- ----------- -------------
STUDENT LOAN REVENUE (3.7%)
150 Massachusetts Educational Facilities Authority, Education Loan
Issue D Ser 1991 (AMT) (MBIA) ..................................... 7.25 01/01/09 159,756
400 New England Education Loan Marketing Corporation, 1992 Sub Issue H
(AMT) ............................................................. 6.90 11/01/09 429,384
- ----------- -------------
550 589,140
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (1.4%)
250 Massachusetts Turnpike Authority, 1993 Ser A ....................... 5.00 01/01/13 225,900
- ----------- -------------
WATER & SEWER REVENUE (11.6%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A ..................... 5.75 11/01/13 497,255
500 Massachusetts Water Pollution Abatement Trust, Pool Ser 2 ......... 5.70 02/01/12 497,905
1,000 Massachusetts Water Resources Authority, 1995 Ser B (MBIA) ........ 5.00 12/01/25 863,700
- ----------- -------------
2,000 1,858,860
- ----------- -------------
REFUNDED (1.0%)
150 Massachusetts Industrial Finance Agency, Holy Cross College Ser
1992 .............................................................. 6.45 01/01/02++ 163,596
- ----------- -------------
14,955 TOTAL MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS
(IDENTIFIED COST $14,679,473) ............................................................ 14,757,538
- ----------- -------------
SHORT-TERM MASSACHUSETTS TAX-EXEMPT MUNICIPAL OBLIGATIONS (5.6%)
700 Massachusetts Industrial Finance Agency, New England Power Co 1992
Ser (Demand 06/03/96) ............................................. 3.65* 10/01/22 700,000
200 Massachusetts Port Authority, Refg Ser 1995 A (Demand 06/03/96) ... 3.60* 07/01/15 200,000
- ----------- -------------
900 TOTAL SHORT-TERM MASSACHUSETTS TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (IDENTIFIED COST $900,000) ............................................................... 900,000
-------------
$15,855 TOTAL INVESTMENTS (IDENTIFIED COST $15,579,473) (A) .......................... 97.9% 15,657,538
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................... 2.1 329,396
----- -------------
NET ASSETS ................................................................... 100.0% $15,986,934
=============
</TABLE>
- ----------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$339,982 and the aggregate gross unrealized depreciation was
$261,917, resulting in net unrealized appreciation of $78,065.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
MICHIGAN TAX-EXEMPT MUNICIPAL BONDS (91.6%)
GENERAL OBLIGATION (17.0%)
$1,000 Chelsea School District, 1995 Bldg & Site (FGIC) ............... 5.875% 05/01/25 $ 980,190
1,000 Holly Area School District, 1995 Bldg & Site (FGIC) ........... 5.375 05/01/13 958,680
500 Kentwood Public Schools, 1992 Bldg & Site Refg ................. 6.40 05/01/15 517,515
1,000 Mona Shores Public Schools, 1995 Bldg & Site (FGIC) ........... 5.80 05/01/17 977,450
- ----------- -------------
3,500 3,433,835
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (14.6%)
1,000 Central Michigan University, Refg Ser 1993 (MBIA) .............. 5.50 10/01/10 988,210
1,000 Michigan State University, Ser 1992 A .......................... 6.00 08/15/16 988,370
1,000 Oakland University, Board of Trustees Ser 1995 (MBIA) ......... 5.75 05/15/26 966,740
- ----------- -------------
3,000 2,943,320
- ----------- -------------
ELECTRIC REVENUE (9.2%)
1,500 Michigan Public Power Agency, Belle River 1993 A ............... 5.25 01/01/18 1,341,435
500 Wyandotte, Electric Refg 1992 (MBIA) ........................... 6.25 10/01/17 508,710
- ----------- -------------
2,000 1,850,145
- ----------- -------------
HOSPITAL REVENUE (10.9%)
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A ................. 7.50 08/15/11 324,378
1,000 Oakwood Hospital Oblig Group Refg Ser 1993 A (FGIC) .......... 5.625 11/01/18 945,820
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1991 D .................................................... 6.75 01/01/20 524,265
400 University of Michigan, Ser 1990 ............................... 6.375 12/01/24 405,684
- ----------- -------------
2,200 2,200,147
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (2.6%)
500 Monroe County, Detroit Edison Co Monroe & Fermi Plants
- ----------- Collateralized Ser 1-1992 (AMT) (MBIA) ........................ 6.875 09/01/22 529,080
-------------
MORTGAGE REVENUE -MULTI-FAMILY (9.7%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A ............................................. 6.60 04/01/12 514,120
1,000 1992 Ser A (FSA) .............................................. 6.50 04/01/23 1,018,540
400 Ser 1990 A (AMT) .............................................. 7.70 04/01/23 422,936
- ----------- -------------
1,900 1,955,596
- ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (6.2%)
1,200 University of Michigan, Medical Service Plan Ser 1991 ......... 6.50 12/01/21 1,245,336
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
PUBLIC FACILITIES REVENUE (7.5%)
$ 1,500 Michigan Building Authority, Refg Ser I ........................ 6.25% 10/01/20 $ 1,513,875
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (1.3%)
250 Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
- ----------- Ser 1991 B (AMT) (MBIA) ....................................... 6.75 12/01/21 260,885
-------------
WATER & SEWER REVENUE (6.7%)
Detroit,
1,000 Sewage Refg Ser 1993 A (FGIC) ................................. 5.70 07/01/23 946,000
400 Water Refg Ser 1992 (FGIC) .................................... 6.375 07/01/22 408,440
- ----------- -------------
1,400 1,354,440
- ----------- -------------
REFUNDED (5.9%)
Detroit,
500 Sewage Ser 1991 (FGIC) ........................................ 6.625 07/01/01++ 548,800
600 Water Refg Ser 1992 (FGIC) .................................... 6.375 07/01/02++ 654,582
- ----------- -------------
1,100 1,203,382
- ----------- -------------
18,550 TOTAL MICHIGAN TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $18,247,134) .............. 18,490,041
- ----------- -------------
SHORT-TERM MICHIGAN TAX-EXEMPT MUNICIPAL OBLIGATIONS (6.4%)
800 Delta County Economic Development Corporation, Mead-Esconaba
Paper 1985 Ser E (Demand 06/03/96) ............................ 3.60* 12/01/23 800,000
500 University of Michigan, Medical Service Plan 1995 Ser A
(Demand 06/03/96) ............................................. 3.70* 12/01/27 500,000
- ----------- -------------
1,300 TOTAL SHORT-TERM MICHIGAN TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $1,300,000) ......................................................... 1,300,000
- -----------
$19,850 TOTAL INVESTMENTS (IDENTIFIED COST $19,547,134) (A) ...................... 98.0% 19,790,041
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.0 405,086
----- -------------
NET ASSETS ............................................................... 100.0% $20,195,127
</TABLE>
- --------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$487,632 and the aggregate gross unrealized depreciation was
$244,725, resulting in net unrealized appreciation of $242,907.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------------------------------------------------------------- -------- ----------- -------------
<S> <C> <C> <C> <C>
MINNESOTA TAX-EXEMPT MUNICIPAL BONDS (90.7%)
GENERAL OBLIGATION (4.0%)
Minneapolis,
$ 100 Sales Tax Refg Ser 1992 ...................................... 6.25% 04/01/12 $ 104,196
300 Dtd 08/15/92 ................................................. 5.90 12/01/13 301,638
- ----------- -------------
400 405,834
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (16.1%)
Minnesota Higher Education Facilities Authority,
200 Hamline University Ser Three-K ............................... 6.60 06/01/09 208,318
200 Northfield St Olaf College 1992 .............................. 6.40 10/01/21 207,286
1,000 University of Minnesota Ser 1993 A ........................... 4.80 08/15/03 992,730
250 University of St Thomas Refg Ser Three-R2 .................... 5.60 09/01/14 239,775
- ----------- -------------
1,650 1,648,109
- ----------- -------------
ELECTRIC REVENUE (4.4%)
500 Southern Minnesota Municipal Power Agency, Ser 1993 B ........ 5.00 01/01/13 450,825
- ----------- -------------
HOSPITAL REVENUE (21.0%)
500 Breckenridge, Catholic Health Corp Ser 1993 ................... 5.25 11/15/13 462,810
500 Robbinsdale, North Memorial Medical Center Ser 1993 A (AMBAC) 5.45 05/15/13 480,320
Rochester,
250 Mayo Foundation/Mayo Medical Center Ser 1992 I ............... 5.75 11/15/21 239,688
200 Mayo Foundation/Mayo Medical Center Ser 1992 F ............... 6.25 11/15/21 202,478
Saint Paul Housing & Redevelopment Authority,
300 Health East Refg Ser 1993-A .................................. 6.625 11/01/17 293,769
500 St Paul-Ramsey Medical Center Ser 1993 (AMBAC) ............... 5.55 05/15/23 468,205
- ----------- -------------
2,250 2,147,270
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (12.1%)
500 Anoka County, United Power Assoc Ser 1987 A NRU-CFC Gtd (AMT) 6.95 12/01/08 529,655
500 Bass Brook, Minnesota Power & Light Co Refg Ser 1992 ......... 6.00 07/01/22 476,585
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3 ................ 8.25 12/01/11 114,384
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT) ......... 8.00 12/01/16 112,299
- ----------- -------------
1,200 1,232,923
- ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (4.9%)
300 Burnsville, Summit Park Apts -FHA Insured Refg Ser 1993 ...... 6.00 07/01/33 290,466
200 Minneapolis Housing Finance Agency, Ser 1992 A ................ 6.95 08/01/17 209,268
- ----------- -------------
500 499,734
- ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (9.3%)
170 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed
Phase IX Ser 1991 (AMT) ...................................... 7.25 08/01/21 176,521
Minnesota Housing Finance Agency,
100 Ser 1990 D (AMT) ............................................. 8.00 01/01/23 104,872
455 Ser 1992 C-1 (AMT) ........................................... 6.75 07/01/23 464,455
200 Ser 1992 H (AMT) ............................................. 6.50 01/01/26 202,342
- ----------- -------------
925 948,190
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------------------------------------------------------------- -------- ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (5.2%)
$ 500 Minneapolis & Saint Paul Housing & Redevelopment Authority,
- -----------
Group Health Plan Inc Ser 1992 ............................... 6.75% 12/01/13 $ 532,210
-------------
PUBLIC FACILITIES REVENUE (6.5%)
300 Hennepin County, Ser 1991 COPs ................................ 6.80 05/15/17 321,654
Saint Paul Independent School District #625,
175 Ser 1995 COPs ................................................ 5.45 02/01/11 171,731
175 Ser 1995 COPs ................................................ 5.50 02/01/12 171,745
- ----------- -------------
650 665,130
- ----------- -------------
WATER & SEWER REVENUE (1.1%)
100 Minnesota Public Facilities Authority, Water Pollution Control
Ser 1991 A ................................................... 6.95 03/01/13 110,856
- ----------- -------------
REFUNDED (6.1%)
100 Dakota & Washington Counties Housing & Redevelopment
Authority, GNMA-Backed Ser 1988 (AMT) (ETM) ................... 8.375 09/01/21 126,796
100 Minnesota Public Facilities Authority, Water Pollution Control
Ser 1992 A ................................................... 6.50 03/01/01++ 105,778
400 Saint Paul Housing & Redevelopment Authority, Civic Center
Ser 1993 (ETM) ............................................... 5.45 11/01/13 388,940
- ----------- -------------
600 621,514
- ----------- -------------
9,275 TOTAL MINNESOTA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $9,179,399) ............. 9,262,595
- -----------
SHORT-TERM MINNESOTA TAX-EXEMPT MUNICIPAL OBLIGATIONS (6.8%)
500 Beltrami County, Northwood Panelboard Co Ser 1991 (Demand
06/03/96) .................................................... 3.60* 12/01/21 500,000
200 Minneapolis & St Paul Housing & Redevelopment Authority,
Children's Health Care Ser 1995 B (Demand 06/03/96) ......... 3.75* 08/15/25 200,000
- ----------- -------------
700 TOTAL SHORT-TERM MINNESOTA EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $700,000) .......................................................... 700,000
- ----------- -------------
$9,975 TOTAL INVESTMENTS (IDENTIFIED COST $9,879,399) (A) ...................... 97.5% 9,962,595
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 2.5 254,870
----- -------------
NET ASSETS .............................................................. 100.0% $10,217,465
===== =============
</TABLE>
- ---------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$236,255 and the aggregate gross unrealized depreciation was
$153,059, resulting in net unrealized appreciation of $83,196.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS (90.1%)
General Obligation (5.1%)
$2,000 Guam, 1993 Ser A ................................................... 5.375% 11/15/13 $1,761,420
500 Essex County, Ser 1991 (FSA) ....................................... 6.50 12/01/11 523,535
- ----------- -------------
2,500 2,284,955
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (6.7%)
New Jersey Economic Development Authority,
2,000 Educational Testing Service Ser 1995 A (MBIA) ..................... 5.90 05/15/15 1,973,020
500 The Seeing Eye Inc 1991 ........................................... 7.30 04/01/11 510,005
500 Rutgers, The State University Refg Ser R ........................... 6.50 05/01/13 525,495
- ----------- -------------
3,000 3,008,520
- ----------- -------------
Electric Revenue (3.9%)
2,000 Puerto Rico Electric Power Authority, Power Ser O .................. 5.00 07/01/12 1,768,960
- ----------- -------------
HOSPITAL REVENUE (12.1%)
New Jersey Health Care Facilities Financing Authority,
1,000 Allegany Health System Ser 1993 (MBIA) ............................. 5.125 07/01/13 917,340
1,000 Atlantic City Medical Center Ser C ................................ 6.80 07/01/11 1,055,160
500 Cathedral Health Services Inc -FHA Insured Mtges Ser A ........... 7.25 02/15/21 517,860
1,000 Columbus Hospital Ser A ........................................... 7.50 07/01/08 1,014,670
460 Pascack Valley Hospital Assn Ser 1991 ............................. 6.90 07/01/21 466,896
500 Robert Wood Johnson University Hospital Ser B (MBIA) ............. 6.625 07/01/16 526,020
1,000 Somerset Medical Center Ser A (FGIC) .............................. 5.10 07/01/14 909,660
- ----------- -------------
5,460 5,407,606
- ----------- -------------
Industrial Development/Pollution Control Revenue (11.9%)
500 Middlesex County Pollution Control Financing Authority, Amerada Hess
Corp Refg Ser 1992 ................................................ 6.875 12/01/22 513,080
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT) .............................. 7.10 11/01/31 523,225
1,000 BP Oil Inc Ser 1982 ............................................... 6.55 10/01/12 1,028,200
1,000 Elizabethtown Water Co 1995 Ser (AMT) (MBIA) ...................... 5.60 12/01/25 931,060
500 Hackensack Water Co Ser C (AMT) ................................... 7.00 10/01/17 512,270
300 Jersey Central Power & Light Co 1985 Ser .......................... 7.10 07/01/15 308,154
1,500 Salem County Pollution Control Financing Authority,
E I du Pont de Nemours & Co 1992 Ser A (AMT) ...................... 6.125 07/15/22 1,491,165
- ----------- -------------
5,300 5,307,154
- ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (8.0%)
New Jersey Housing & Mortgage Finance Agency,
2,000 1995 Ser A (AMBAC) ................................................ 6.00 11/01/14 1,999,880
1,000 Presidential Plaza at Newport -FHA Insured Mtges Refg 1991 Ser 1 . 7.00 05/01/30 1,037,900
500 Rental 1991 Ser A (AMT) ........................................... 7.25 11/01/22 521,150
- ----------- -------------
3,500 3,558,930
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
Nursing & Health Related Facilities Revenue (2.2%)
$ 965 New Jersey Health Care Facilities Financing Authority,
- ----------- Spectrum For Living -FHA Insured Mortgage Refg Ser B ............. 6.50% 02/01/22 $ 971,504
-------------
PUBLIC FACILITIES REVENUE (6.4%)
1,000 Atlantic County Utilities Authority, Solid Waste Ser 1992 ......... 7.125 03/01/16 975,570
2,000 New Jersey Sports & Exposition Authority, State Contract 1993 Ser A 5.50 09/01/23 1,868,940
- ----------- -------------
3,000 2,844,510
- ----------- -------------
Resource Recovery Revenue (6.7%)
1,000 Mercer County Improvement Authority, Refg Ser A 1992 (AMT) (FGIC) . 6.70 04/01/13 1,015,680
1,000 Union County Utilities Authority, 1991 Ser A (AMT) ................. 7.20 06/15/14 1,017,060
900 Warren County Pollution Control Financing Authority, Warren Energy
Resource Co Ltd Partnership Ser 1984 (MBIA) ....................... 6.60 12/01/07 974,375
- ----------- -------------
2,900 3,007,115
- ----------- -------------
Transportation Facilities Revenue (17.0%)
2,000 Delaware River Port Authority, New Jersey & Pennsylvania, Ser 1995
(FGIC) ............................................................ 5.50 01/01/26 1,875,320
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser ............ 6.25 01/01/14 1,547,340
1,000 New Jersey Turnpike Authority, Ser C ............................... 5.75 01/01/11 964,580
1,500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT) (FGIC) 5.75 05/01/15 1,446,345
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ........ 5.25 07/01/21 1,762,000
- ----------- -------------
8,000 7,595,585
- ----------- -------------
Water & Sewer Revenue (8.9%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993 ........ 5.75 05/01/17 952,090
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser (MBIA) . 6.00 07/15/13 1,021,030
2,000 Passaic Valley Sewerage Commissioners, Ser 1992 D (AMBAC) ......... 5.75 12/01/13 2,001,340
- ----------- -------------
4,000 3,974,460
- ----------- -------------
Refunded (1.2%)
500 University of Medicine & Dentistry of New Jersey, Refg Ser D ...... 6.50 12/01/01++ 548,365
- ----------- -------------
41,125 TOTAL NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $40,164,807) ................ 40,277,664
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- -------------
SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.8%)
New Jersey Economic Development Authority,
$ 700 New Jersey Natural Gas Co Ser 1995 A (AMT) (AMBAC)
(Demand 06/03/96) ................................................. 3.40*% 08/01/30 $ 700,000
800 Toys "R" Us Inc (Demand 06/03/96) ................................. 3.00* 04/01/19 800,000
2,000 Union County Industrial Pollution Control Financing Authority,
Exxon Corp Ser 1994 (Demand 06/03/96) .............................. 2.85* 07/01/33 2,000,000
- ----------- -------------
3,500 TOTAL SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $3,500,000) ............................................................. 3,500,000
- ----------- -------------
$44,625 TOTAL INVESTMENTS (IDENTIFIED COST $43,664,807) (A) .......................... 97.9% 43,777,664
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................... 2.1 956,902
----- -------------
NET ASSETS ................................................................... 100.0% $44,734,566
===== =============
</TABLE>
- ----------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$907,501 and the aggregate gross unrealized depreciation was
$794,644, resulting in net unrealized appreciation of $112,857.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ----------------------------------------------------------------------- -------- ---------- -------------
<S> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT MUNICIPAL BONDS (91.5%)
GENERAL OBLIGATION (9.8%)
$ 500 New York City, 1995 Ser D (MBIA) ....................................... 6.20% 02/01/07 $ 535,840
500 New York State, Refg Ser 1995 B ........................................ 5.70 08/15/13 491,885
300 Puerto Rico, Pub Impr Refg Ser 1992 A .................................. 6.00 07/01/14 298,020
- ----------- -------------
1,300 1,325,745
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (19.4%)
500 Hempstead Industrial Development Agency, Hofstra University
Ser 1996 (MBIA) ....................................................... 5.80 07/01/15 491,485
New York State Dormitory Authority,
400 Manhattan College Ser 1992 ............................................ 6.50 07/01/19 408,784
1,000 State University Ser 1993 A ........................................... 5.25 05/15/15 885,740
345 University of Rochester Ser 1987 ...................................... 6.50 07/01/09 356,616
500 University of Rochester Ser 1993 A .................................... 5.625 07/01/12 485,965
- ----------- -------------
2,745 2,628,590
- ----------- -------------
ELECTRIC REVENUE (6.3%)
500 New York State Power Authority, Gen Purpose Ser CC ..................... 5.25 01/01/18 453,800
400 Puerto Rico Electric Power Authority, Power Ser X ...................... 6.00 07/01/15 393,288
- ----------- -------------
900 847,088
- ----------- -------------
HOSPITAL REVENUE (5.4%)
New York State Medical Care Facilities Finance Agency,
500 Hospital - FHA Insured Mtge 1994 Ser A (AMBAC) ........................ 6.50 08/15/29 521,205
200 Insured Hospital & Nursing Home -FHA Insured Mtge 1992 Ser A ......... 6.70 08/15/23 206,332
- ----------- -------------
700 727,537
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (13.4%)
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B (AMT) ............................ 6.952 07/01/26 1,062,230
500 New York State Electric & Gas Corp 1987 Ser A (AMT) (MBIA) ........... 6.15 07/01/26 494,560
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA) ................. 6.50 05/15/32 257,013
- ----------- -------------
1,750 1,813,803
- ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (4.6%)
New York State Mortgage Agency,
500 Home Owners Ser 27 .................................................... 6.90 04/01/15 525,830
95 Home Owners Ser UU (AMT) .............................................. 7.75 10/01/23 99,749
- ----------- -------------
595 625,579
- ----------- -------------
RESOURCE RECOVERY REVENUE (3.8%)
500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992 ............ 6.65 04/01/05 518,165
- ----------- -------------
TAX ALLOCATION (3.2%)
500 Grand Central District Management Association Inc, Cap Impr
Refg Ser 1994 .......................................................... 5.25 01/01/22 435,395
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ----------------------------------------------------------------------- -------- ---------- -------------
TRANSPORTATION FACILITIES REVENUE (14.4%)
$ 550 Buffalo & Fort Erie Public Bridge Authority, Toll Bridge Ser 1995
(MBIA) ................................................................ 5.75% 01/01/25 $ 530,552
500 New York State Thruway Authority, Ser C (FGIC) ......................... 6.00 01/01/25 491,915
500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT) (FGIC) ... 5.75 05/01/15 482,115
500 Triborough Bridge & Tunnel Authority, Gen Purpose Ser 1993 B .......... 5.00 01/01/20 439,595
- ----------- -------------
2,050 1,944,177
- ----------- -------------
WATER & SEWER REVENUE (3.6%)
500 New York City Municipal Water Finance Authority, 1993 Ser A ........... 6.00 06/15/17 487,745
- ----------- -------------
OTHER REVENUE (7.6%)
500 New York Local Government Assistance Corporation, Ser 1991 C .......... 7.00 04/01/10 546,010
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A ....... 6.00 07/01/26 483,110
- ----------- -------------
1,000 1,029,120
- ----------- -------------
12,540 TOTAL NEW YORK TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $12,280,155) ...................... 12,382,944
- ----------- -------------
SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS (6.6%)
400 New York State Dormitory Authority, Oxford University Press Inc
(Demand 06/03/96) ..................................................... 3.55* 07/01/23 400,000
500 Port Authority of New York & New Jersey, Ser 2 (Demand 06/03/96) ...... 3.60* 05/01/19 500,000
- ----------- -------------
900 TOTAL SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $900,000) .................................................................. 900,000
- ----------- -------------
$13,440 TOTAL INVESTMENTS (IDENTIFIED COST $13,180,155) (A) .............................. 98.1% 13,282,944
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ................................... 1.9 255,077
----- -------------
NET ASSETS ....................................................................... 100.0% $13,538,021
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$301,438 and the aggregate gross unrealized depreciation was
$198,649, resulting in net unrealized appreciation of $102,789.
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 May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
<S> <C> <C> <C> <C>
OHIO TAX-EXEMPT MUNICIPAL BONDS (92.8%)
GENERAL OBLIGATION (8.5%)
$ 300 Bedford School District, Ser 1993 ................................ 6.25% 12/01/13 $ 304,140
1,000 Delaware City School District, Construction & Impr (FGIC) ....... 5.75 12/01/20 976,900
180 Euclid, Ser 1991 ................................................. 6.625 12/01/11 191,513
250 Hilliard City School District, Impr Refg Ser 1992 (FGIC) ........ 6.55 12/01/05 275,247
100 South Euclid, Unltd Tax Recreational ............................. 7.00 12/01/11 107,976
- ----------- -------------
1,830 1,855,776
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (17.7%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University Ser 1992 ........................ 6.00 10/01/22 492,795
1,000 John Carroll University Refg .................................... 5.30 11/15/14 933,050
1,000 Oberlin College Ser 1993 ........................................ 5.375 10/01/15 945,350
500 University of Cincinnati, General Receipts Ser G ................. 7.00 06/01/11 543,460
1,000 University of Toledo, Ser 1992 A (FGIC) .......................... 5.90 06/01/20 981,140
- ----------- -------------
4,000 3,895,795
- ----------- -------------
ELECTRIC REVENUE (2.4%)
500 Hamilton!, Refg 1992 Ser A (FGIC) ................................ 6.00 10/15/12 511,505
- ----------- -------------
HOSPITAL REVENUE (21.5%)
1,000 Akron Bath & Copley Joint Township Hospital District, Summa Health
Ser 1992 A ...................................................... 6.25 11/15/07 1,018,340
1,000 Clermont County, Mercy Health Ser 1991 ........................... 6.733 10/05/21 1,060,130
670 Cuyahoga County, Meridia Health Ser 1990 ......................... 7.25 08/15/19 718,066
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A ................................ 7.00 01/01/09 488,291
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992 .... 6.875 07/01/15 504,425
1,000 Muskingum County, Bethesda Care System Refg & Impr Ser 1996
(Connie Lee) .................................................... 5.40 12/01/16 936,470
- ----------- -------------
4,645 4,725,722
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.2%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A ................ 6.90 05/01/10 415,712
500 Ohio Water Development Authority, Dayton Power & Light Co
Collateralized Refg 1992 Ser A .................................. 6.40 08/15/27 513,730
- ----------- -------------
900 929,442
- ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (3.7%)
800 Ohio Housing Finance Agency, GNMA-Backed 1990 Ser A-1 & 2 (AMT) .. 6.903 03/01/31 818,736
- ----------- -------------
PUBLIC FACILITIES REVENUE (4.3%)
1,000 Ohio Building Authority, Adult Correctional Building 1996 Ser A . 5.50 04/01/16 952,390
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (4.4%)
1,000 Ohio Turnpike Commission, 1994 Ser A ............................. 5.75 02/15/24 959,820
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- -------------
WATER & SEWER REVENUE (26.1%)
$ 1,000 Clermont County, Sewer Refg Ser 1993 (AMBAC) ..................... 5.20% 12/01/21 $ 903,420
1,000 Cleveland, Water Works Impr & Refg Ser H 1996 (MBIA) ............ 5.75 01/01/16 979,250
1,000 Montgomery County, Water Ser 1992 (FGIC) ......................... 6.25 11/15/17 1,023,670
1,000 Northeast Ohio Regional Sewer District, Wastewater Impr Refg
Ser 1995 (AMBAC) ................................................ 5.60 11/15/13 978,200
1,000 Ohio Water Development Authority, Water Pollution Ser 1995 (MBIA) 5.60 06/01/10 995,210
1,000 Puerto Rico Aqueduct & Sewer Authority, Refg Ser 1995 ........... 5.00 07/01/19 862,450
- ----------- -------------
6,000 5,742,200
- ----------- -------------
20,675 TOTAL OHIO TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $20,356,433) .................... 20,391,386
- ----------- -------------
SHORT-TERM OHIO TAX-EXEMPT MUNICIPAL OBLIGATION (5.0%)
1,100 Ohio Air Quality Development Authority, Mead Corp 1986 Ser A
(Demand 06/03/96) (Identified Cost $1,100,000) .................. 3.60* 10/01/01 1,100,000
- ----------- -------------
$21,775 TOTAL INVESTMENTS (IDENTIFIED COST $21,456,433) (A) ........................ 97.8% 21,491,386
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............................. 2.2 487,025
----- -------------
NET ASSETS ................................................................. 100.0% $21,978,411
===== =============
</TABLE>
- ------------------
AMT Alternative Minimum Tax.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$368,603 and the aggregate gross unrealized depreciation was
$333,650, resulting in net unrealized appreciation of $34,953.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
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 -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ---------- ------------
<S> <C> <C> <C> <C>
PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS (91.2%)
GENERAL OBLIGATION (5.3%)
$ 2,000 Berks County, Second Ser 1992 (FGIC) .............................. 5.75% 11/15/12 $ 1,997,820
600 Puerto Rico, Pub Impr Refg Ser 1992 A ............................. 6.00 07/01/14 596,040
- ----------- ------------
2,600 2,593,860
- ----------- ------------
EDUCATIONAL FACILITIES REVENUE (21.7%)
2,000 Delaware County Authority, Villanova University Ser 1995 (AMBAC) . 5.80 08/01/25 1,942,360
1,000 Northeastern Pennsylvania Hospital & Education Authority, Kings
College Ser B 1993 ................................................ 6.00 07/15/11 939,420
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B ......................... 6.00 11/01/22 693,067
500 Medical College of Pennsylvania 1991 Ser A ....................... 7.25 03/01/11 520,710
500 Temple University First Ser 1991 (MBIA) .......................... 6.50 04/01/21 518,040
1,000 Thomas Jefferson University 1992 Ser A ........................... 6.625 08/15/09 1,073,190
Pennsylvania State University,
1,000 Second Refg Ser 1992 ............................................. 5.50 08/15/16 954,180
1,000 Ser B 1992 ....................................................... 5.50 08/15/16 954,180
1,000 Swarthmore Borough Authority, Swarthmore College Ser 1992 ........ 6.00 09/15/20 970,070
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA) ................... 6.125 06/01/21 2,016,960
- ----------- ------------
10,750 10,582,177
- ----------- ------------
HOSPITAL REVENUE (15.5%)
Allegheny County Hospital Development Authority,
1,000 Ohio Valley General Hospital Refg Ser 1993 ....................... 5.875 04/01/11 933,760
1,000 Presbyterian University Health System Inc Ser 1992 B (MBIA) ..... 6.00 11/01/12 1,009,800
1,000 Berks County Municipal Authority, Reading Hospital & Medical
Center Ser of 1993 (MBIA) ........................................ 5.50 10/01/08 1,004,370
Philadelphia Hospitals & Higher Educational Facilities Authority,
1,750 Chestnut Hill Hospital Ser of 1992 ............................... 6.375 11/15/11 1,752,765
1,000 Temple University Hospital 1993 Ser A ............................ 6.50 11/15/08 1,022,240
2,000 The Children's Hospital of Philadelphia Ser A of 1993 ........... 5.375 02/15/14 1,852,300
- ----------- ------------
7,750 7,575,235
- ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (2.2%)
1,000 Montgomery County Industrial Development Authority, Philadelphia
- ----------- Electric Co Refg 1991 Ser B (MBIA) ............................... 6.70 12/01/21 1,064,100
------------
MORTGAGE REVENUE - MULTI-FAMILY (2.1%)
Pennsylvania Housing Finance Agency,
75 Moderate Rehab Sec 8 Assisted Issue B ............................ 9.00 08/01/01 76,394
1,000 Ser 1992-35 D (AMT) .............................................. 6.20 04/01/25 969,890
- ----------- ------------
1,075 1,046,284
- ----------- ------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- -------- ----------- ------------
MORTGAGE REVENUE - SINGLE FAMILY (9.4%)
Pennsylvania Housing Finance Agency,
$2,000 Ser 1993-37 A ........................................................ 5.45% 10/01/17 $ 1,854,840
2,000 Ser 1991-31 C (AMT) .................................................. 7.00 10/01/23 2,057,280
655 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C ................................................................ 6.85 10/15/23 677,440
- ----------- ------------
4,655 4,589,560
- ----------- ------------
PUBLIC FACILITIES REVENUE (3.9%)
2,000 Puerto Rico Public Buildings Authority, Ser A (AMBAC) ................. 5.50 07/01/21 1,905,880
- ----------- ------------
RESOURCE RECOVERY REVENUE (2.8%)
300 Cambria County Industrial Development Authority, Cambria Cogen Co Ser
1989 F-1 (AMT) ....................................................... 7.75 09/01/19 314,439
1,000 Montgomery County Industrial Development Authority, Ser 1989 ......... 7.50 01/01/12 1,058,710
- ----------- ------------
1,300 1,373,149
- ----------- ------------
STUDENT LOAN REVENUE (4.2%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT) (AMBAC) ............................................. 6.05 01/01/19 984,220
1,000 1991 Ser B (AMT) (AMBAC) ............................................. 6.854 09/01/26 1,048,310
- ----------- ------------
2,000 2,032,530
- ----------- ------------
TRANSPORTATION FACILITIES REVENUE (13.2%)
1,000 Guam, Highway 1992 Ser A (FSA) ........................................ 6.30 05/01/12 1,035,170
500 Allegheny County, Greater Pittsburgh Int'l Airport Ser 1992 (AMT) (FSA) 6.625 01/01/22 516,020
2,000 Delaware River Port Authority, Ser 1995 (FGIC) ........................ 5.50 01/01/26 1,875,320
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC) ................ 6.00 12/01/12 2,037,280
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC) ................ 5.875 12/01/12 1,008,310
- ----------- ------------
6,500 6,472,100
- ----------- ------------
WATER & SEWER REVENUE (4.4%)
2,000 Philadelphia, Water & Wastewater Ser 1995 (MBIA) ...................... 6.25 08/01/11 2,125,180
- ----------- ------------
OTHER REVENUE (3.2%)
1,500 Pennsylvania Finance Authority, Cap Impr Refg Ser 1993 ................ 6.60 11/01/09 1,581,585
- ----------- ------------
Refunded (3.3%)
500 Lehigh County Industrial Development Authority, Strawbridge & Clothier
Refg Ser of 1991 (ETM) ............................................... 7.20 12/15/01 534,715
1,000 Reading, Ser of 1992 (AMBAC) .......................................... 6.50 11/15/02++ 1,089,340
- ----------- ------------
1,500 1,624,055
- ----------- ------------
44,630 TOTAL PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $44,070,762) ................. 44,565,695
- ----------- ------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1996 (unaudited) (continued)
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- --------- ---------- ------------
SHORT-TERM PENNSYLVANIA TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.2%)
$ 1,500 Delaware County Industrial Development Authority, United Parcel
Service of America Inc Ser 1985 (Demand 06/03/96) .................. 3.60* % 12/01/15 $ 1,500,000
2,000 Pennsylvania Higher Educational Facilities Authority, Carnegie
Mellon Univ Ser D (Demand 06/03/96) ................................. 3.65* 11/01/30 2,000,000
- ----------- ------------
3,500 TOTAL SHORT-TERM PENNSYLVANIA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- -----------
(IDENTIFIED COST $3,500,000) .............................................................. 3,500,000
------------
$48,130 TOTAL INVESTMENTS (IDENTIFIED COST $47,570,762) (A) ............................ 98.4% 48,065,695
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ................................. 1.6 788,986
----- ------------
NET ASSETS ..................................................................... 100.0% $48,854,681
===== ============
</TABLE>
- --------------------
AMT Alternative Minimum Tax.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation was
$1,027,478 and the aggregate gross unrealized depreciation was
$532,545, resulting in net unrealized appreciation of $494,933.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Corporation.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
------------- -------------- ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value* .................... $45,106,747 $110,994,372 $68,884,330 $15,657,538
Cash .................................................... 146,376 69,931 -- 71,448
Receivable for:
Investments sold ....................................... -- -- -- 5,000
Shares of beneficial interest sold ..................... 134 5,871 70,005 --
Interest ............................................... 957,603 1,730,679 934,784 322,439
Prepaid expenses ........................................ 14,188 15,391 12,183 7,835
Receivable from affiliate ............................... -- -- -- 1,124
------------- -------------- ------------- ---------------
TOTAL ASSETS ........................................ 46,225,048 112,816,244 69,901,302 16,065,384
------------- -------------- ------------- ---------------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased .............. 60,461 2,000 33,587 60,000
Dividends to shareholders .............................. 12,969 32,786 19,899 4,660
Plan of distribution fee ............................... 5,893 14,473 8,902 2,034
Investment management fee .............................. 13,750 33,771 20,771 --
Payable to bank ......................................... -- -- 54,540 --
Accrued expenses ........................................ 23,254 23,524 19,992 11,756
------------- -------------- ------------- ---------------
TOTAL LIABILITIES ................................... 116,327 106,554 157,691 78,450
------------- -------------- ------------- ---------------
NET ASSETS:
Paid-in-capital ......................................... 45,443,923 112,447,165 68,700,244 15,860,606
Undistributed net realized gain (accumulated net
realized loss) ......................................... (60,275) (124,710) 153,028 48,263
Net unrealized appreciation ............................. 725,073 387,235 890,339 78,065
------------- -------------- ------------- ---------------
NET ASSETS .......................................... $46,108,721 $112,709,690 $69,743,611 $15,986,934
============= ============== ============= ===============
*IDENTIFIED COST ........................................ $44,381,674 $110,607,137 $67,993,991 $15,579,473
============= ============== ============= ===============
SHARES OF BENEFICIAL INTEREST OUTSTANDING ............... 4,499,288 10,873,858 6,669,867 1,513,255
============= ============== ============= ===============
NET ASSET VALUE PER SHARE (unlimited authorized shares
of $.01 par value) ..................................... $10.25 $10.37 $10.46 $10.56
====== ====== ====== ======
MAXIMUM OFFERING PRICE PER SHARE (net asset value plus
4.17% of net asset value)** ............................ $10.68 $10.80 $10.90 $11.00
====== ====== ====== ======
</TABLE>
- --------------
** On sales of $25,000 or more, the offering price is reduced.
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$19,790,041 $ 9,962,595 $43,777,664 $13,282,944 $21,491,386 $48,065,695
143,060 118,798 39,151 36,519 175,960 75,261
-- -- -- -- -- --
38,519 -- 188,026 18,142 -- 33,509
241,371 150,069 770,459 215,111 343,020 726,937
2,675 2,045 9,251 3,537 3,238 6,671
2,048 3,460 -- 902 840 --
- ------------- ------------- ------------- ------------- ------------- --------------
20,217,714 10,236,967 44,784,551 13,557,155 22,014,444 48,908,073
- ------------- ------------- ------------- ------------- ------------- --------------
-- -- -- -- 10,125 --
5,895 2,920 12,781 3,996 6,481 14,041
2,582 1,306 5,683 1,737 2,814 6,253
1,301 -- 13,259 -- 1,483 14,590
-- -- -- -- -- --
12,809 15,276 18,262 13,401 15,130 18,508
- ------------- ------------- ------------- ------------- ------------- --------------
22,587 19,502 49,985 19,134 36,033 53,392
- ------------- ------------- ------------- ------------- ------------- --------------
19,938,397 10,191,783 44,793,686 13,421,292 22,034,470 48,304,377
13,823 (57,514) (171,977) 13,940 (91,012) 55,371
242,907 83,196 112,857 102,789 34,953 494,933
- ------------- ------------- ------------- ------------- ------------- --------------
$20,195,127 $10,217,465 $44,734,566 $13,538,021 $21,978,411 $48,854,681
============= ============= ============= ============= ============= ==============
$19,547,134 $ 9,879,399 $43,664,807 $13,180,155 $21,456,433 $47,570,762
============= ============= ============= ============= ============= ==============
1,935,232 992,941 4,334,351 1,294,866 2,111,918 4,663,814
============= ============= ============= ============= ============= ==============
$10.44 $10.29 $10.32 $10.46 $10.41 $10.48
------ ------ ------ ------ ------ ------
$10.88 $10.72 $10.75 $10.90 $10.84 $10.92
====== ====== ====== ====== ====== ======
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENTS OF OPERATIONS For the six months ended May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME ........................ $ 1,412,812 $ 3,451,655 $ 2,086,194 $ 470,554
------------- ------------- -------------- ---------------
EXPENSES
Investment management fee ............. 85,267 204,643 126,871 28,688
Plan of distribution fee .............. 32,884 85,167 50,700 11,722
Professional fees ..................... 13,795 16,030 15,242 13,344
Transfer agent fees and expenses ..... 10,053 18,519 13,597 3,650
Shareholder reports and notices ...... 4,618 10,105 5,948 1,851
Trustees' fees and expenses ........... 1,940 3,218 1,975 416
Registration fees ..................... 5,128 1,985 3,173 2,663
Custodian fees ........................ 1,763 2,840 2,062 735
Organizational expenses ............... -- 414 414 414
Other ................................. 5,700 6,686 5,979 3,722
------------- ------------- -------------- ---------------
TOTAL EXPENSES BEFORE EXPENSE OFFSET
AND AMOUNTS WAIVED/REIMBURSED ...... 161,148 349,607 225,961 67,205
LESS: AMOUNTS WAIVED/REIMBURSED .... -- -- -- (25,492)
LESS: EXPENSE OFFSET ................ (1,753) (2,821) (2,043) (729)
------------- ------------- -------------- ---------------
TOTAL EXPENSES AFTER EXPENSE OFFSET
AND AMOUNTS WAIVED/REIMBURSED ...... 159,395 346,786 223,918 40,984
------------- ------------- -------------- ---------------
NET INVESTMENT INCOME ............... 1,253,417 3,104,869 1,862,276 429,570
------------- ------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) .............. 180,508 199,261 230,386 48,264
Net change in unrealized appreciation (2,035,953) (3,646,426) (3,137,844) (637,733)
------------- ------------- -------------- ---------------
NET LOSS ............................ (1,855,445) (3,447,165) (2,907,458) (589,469)
------------- ------------- -------------- ---------------
NET DECREASE ........................ $ (602,028) $ (342,296) $(1,045,182) $(159,899)
============= ============= ============== ===============
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ------------ ----------- ------------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
$ 611,575 $ 311,700 $ 1,383,619 $ 407,134 $ 649,052 $ 1,483,017
- ------------ ----------- ------------- ------------ ------------ --------------
36,910 19,057 81,861 24,807 39,854 89,298
14,736 7,175 30,440 8,501 16,080 37,098
14,402 17,845 14,538 14,366 17,367 13,844
6,419 2,804 12,701 3,053 5,831 11,187
2,229 2,108 4,104 2,713 2,798 6,421
640 248 1,440 407 739 1,703
2,170 1,815 2,256 3,949 1,482 2,703
757 415 1,349 647 941 2,766
414 414 414 414 414 414
3,167 3,875 5,003 3,669 3,879 5,878
- ------------ ----------- ------------- ------------ ------------ --------------
81,844 55,756 154,106 62,526 89,385 171,312
(28,338) (29,127) -- (28,542) (31,519) --
(749) (415) (1,339) (640) (931) (2,758)
- ------------ ----------- ------------- ------------ ------------ --------------
52,757 26,214 152,767 33,344 56,935 168,554
- ------------ ----------- ------------- ------------ ------------ --------------
558,818 285,486 1,230,852 373,790 592,117 1,314,463
- ------------ ----------- ------------- ------------ ------------ --------------
27,044 (1,658) 204,120 20,293 78,656 80,484
(775,694) (333,606) (2,039,457) (576,959) (930,618) (1,872,223)
- ------------ ----------- ------------- ------------ ------------ --------------
(748,650) (335,264) (1,835,337) (556,666) (851,962) (1,791,739)
- ------------ ----------- ------------- ------------ ------------ --------------
$(189,832) $ (49,778) $ (604,485) $(182,876) $(259,845) $ (477,276)
============ =========== ============= ============ ============ ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------
For the six months ended May 31, 1996 (unaudited) and
for the year ended November 30, 1995
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA
---------------------------- ------------------------------
1996 1995 1996 1995
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ........................ $ 1,253,417 $ 2,634,161 $ 3,104,869 $ 6,371,272
Net realized gain (loss) ..................... 180,508 136,451 199,261 (247,082)
Net change in unrealized appreciation/
depreciation ................................ (2,035,953) 5,859,879 (3,646,426) 15,149,432
------------- ------------- -------------- --------------
Net increase (decrease) .................... (602,028) 8,630,491 (342,296) 21,273,622
------------- ------------- -------------- --------------
Dividends and distributions from:
Net investment income ........................ (1,253,417) (2,634,161) (3,104,869) (6,371,272)
Net realized gain ............................ -- -- -- --
------------- ------------- -------------- --------------
Total ...................................... (1,253,417) (2,634,161) (3,104,869) (6,371,272)
------------- ------------- -------------- --------------
Transactions in shares of beneficial interest:
Net proceeds from sales ...................... 2,460,108 5,174,717 5,913,481 9,740,664
Reinvestment of dividends and distributions .. 615,394 1,334,340 1,515,636 3,199,688
Cost of shares repurchased ................... (5,401,828) (9,843,250) (9,041,706) (22,523,316)
------------- ------------- -------------- --------------
Net increase (decrease) .................... (2,326,326) (3,334,193) (1,612,589) (9,582,964)
------------- ------------- -------------- --------------
Total increase (decrease) .................. (4,181,771) 2,662,137 (5,059,754) 5,319,386
NET ASSETS:
Beginning of period ........................... 50,290,492 47,628,355 117,769,444 112,450,058
------------- ------------- -------------- --------------
END OF PERIOD ................................. $46,108,721 $50,290,492 $112,709,690 $117,769,444
============= ============= ============== ==============
SHARES ISSUED AND REPURCHASED:
Sold .......................................... 232,888 508,816 557,697 954,040
Reinvestment of dividends and distributions .. 58,577 130,488 143,223 313,444
Repurchased ................................... (514,405) (971,313) (860,343) (2,223,029)
------------- ------------- -------------- --------------
Net increase (decrease) ....................... (222,940) (332,009) (159,423) (955,545)
============= ============= ============== ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
FLORIDA MASSACHUSETTS MICHIGAN
- ----------------------------- ---------------------------- ----------------------------
1996 1995 1996 1995 1996 1995
- ------------- -------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 1,862,276 $ 3,872,871 $ 429,570 $ 887,197 $ 558,818 $ 1,145,642
230,386 297,548 48,264 79,118 27,044 11,026
(3,137,844) 8,855,916 (637,733) 2,071,069 (775,694) 2,758,269
- ------------- -------------- ------------- ------------- ------------- -------------
(1,045,182) 13,026,335 (159,899) 3,037,384 (189,832) 3,914,937
- ------------- -------------- ------------- ------------- ------------- -------------
(1,862,276) (3,872,871) (429,570) (887,197) (558,818) (1,145,642)
-- -- (35,280) -- -- --
- ------------- -------------- ------------- ------------- ------------- -------------
(1,862,276) (3,872,871) (464,850) (887,197) (558,818) (1,145,642)
- ------------- -------------- ------------- ------------- ------------- -------------
5,738,937 10,874,113 915,627 2,298,582 1,239,761 2,130,223
673,762 1,388,435 247,550 499,293 328,099 653,136
(7,819,691) (18,815,557) (1,505,957) (3,500,367) (2,296,701) (3,711,031)
- ------------- -------------- ------------- ------------- ------------- -------------
(1,406,992) (6,553,009) (342,780) (702,492) (728,841) (927,672)
- ------------- -------------- ------------- ------------- ------------- -------------
(4,314,450) 2,600,455 (967,529) 1,447,695 (1,477,491) 1,841,623
74,058,061 71,457,606 16,954,463 15,506,768 21,672,618 19,830,995
- ------------- -------------- ------------- ------------- ------------- -------------
$69,743,611 $ 74,058,061 $15,986,934 $16,954,463 $20,195,127 $21,672,618
============= ============== ============= ============= ============= =============
532,327 1,040,055 84,366 217,640 116,262 205,926
62,679 132,818 22,893 47,460 30,688 63,129
(729,350) (1,813,124) (138,885) (335,507) (215,901) (361,199)
- ------------- -------------- ------------- ------------- ------------- -------------
(134,344) (640,251) (31,626) (70,407) (68,951) (92,144)
============= ============== ============= ============= ============= =============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- -----------------------------------------------------------------------------
For the six months ended May 31, 1996 (unaudited) and
for the year ended November 30, 1995
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY
---------------------------- ----------------------------
1996 1995 1996 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ....................... $ 285,486 $ 576,268 $ 1,230,852 $ 2,566,230
Net realized gain (loss) .................... (1,658) 17,107 204,120 (125,009)
Net change in unrealized appreciation/
depreciation ............................... (333,606) 1,390,495 (2,039,457) 6,003,704
------------- ------------- ------------- -------------
Net increase (decrease) ................... (49,778) 1,983,870 (604,485) 8,444,925
------------- ------------- ------------- -------------
Dividends and distributions from:
Net investment income ....................... (285,486) (576,268) (1,230,852) (2,566,230)
Net realized gain ........................... -- -- -- --
------------- ------------- ------------- -------------
Total ..................................... (285,486) (576,268) (1,230,852) (2,566,230)
------------- ------------- ------------- -------------
Transactions in shares of beneficial interest:
Net proceeds from sales ..................... 289,392 1,489,363 2,553,624 3,969,557
Reinvestment of dividends and
distributions .............................. 175,667 319,206 692,838 1,419,332
Cost of shares repurchased .................. (1,142,014) (1,779,338) (4,565,161) (8,876,237)
------------- ------------- ------------- -------------
Net increase (decrease) ................... (676,955) 29,231 (1,318,699) (3,487,348)
------------- ------------- ------------- -------------
Total increase (decrease) ................. (1,012,219) 1,436,833 (3,154,036) 2,391,347
NET ASSETS:
Beginning of period .......................... 11,229,684 9,792,851 47,888,602 45,497,255
------------- ------------- ------------- -------------
END OF PERIOD ................................ $10,217,465 $11,229,684 $44,734,566 $47,888,602
============= ============= ============= =============
SHARES ISSUED AND REPURCHASED:
Sold ......................................... 27,427 145,931 240,917 385,163
Reinvestment of dividends and distributions . 16,753 31,444 65,546 137,676
Repurchased .................................. (109,570) (173,959) (434,280) (867,546)
------------- ------------- ------------- -------------
Net increase (decrease) ...................... (65,390) 3,416 (127,817) (344,707)
============= ============= ============= =============
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
NEW YORK OHIO PENNSYLVANIA
- ---------------------------- ---------------------------- -----------------------------
1996 1995 1996 1995 1996 1995
- ------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$ 373,790 $ 807,985 $ 592,117 $ 1,191,350 $ 1,314,463 $ 2,703,574
20,293 9,027 78,656 161,498 80,484 59,271
(576,959) 2,049,802 (930,618) 2,795,212 (1,872,223) 6,305,461
- ------------- ------------- ------------- ------------- ------------- --------------
(182,876) 2,866,814 (259,845) 4,148,060 (477,276) 9,068,306
- ------------- ------------- ------------- ------------- ------------- --------------
(373,790) (807,985) (592,117) (1,191,350) (1,314,463) (2,703,574)
-- -- -- -- -- --
- ------------- ------------- ------------- ------------- ------------- --------------
(373,790) (807,985) (592,117) (1,191,350) (1,314,463) (2,703,574)
- ------------- ------------- ------------- ------------- ------------- --------------
805,297 1,474,331 1,675,021 2,891,735 1,809,409 8,975,484
195,219 426,508 357,795 733,649 703,911 1,417,646
(1,294,018) (4,093,402) (2,306,147) (4,171,051) (5,801,952) (10,380,066)
- ------------- ------------- ------------- ------------- ------------- --------------
(293,502) (2,192,563) (273,331) (545,667) (3,288,632) 13,064
- ------------- ------------- ------------- ------------- ------------- --------------
(850,168) (133,734) (1,125,293) 2,411,043 (5,080,371) 6,377,796
14,388,189 14,521,923 23,103,704 20,692,661 53,935,052 47,557,256
- ------------- ------------- ------------- ------------- ------------- --------------
$13,538,021 $14,388,189 $21,978,411 $23,103,704 $48,854,681 $ 53,935,052
============= ============= ============= ============= ============= ==============
74,538 144,006 157,213 279,961 168,907 864,290
18,162 41,174 33,542 71,040 65,649 136,142
(120,883) (397,106) (217,749) (408,164) (540,387) (1,003,414)
- ------------- ------------- ------------- ------------- ------------- --------------
(28,183) (211,926) (26,994) (57,163) (305,831) (2,982)
============= ============= ============= ============= ============= ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited)
- -----------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter Multi-State Municipal
Series Trust (the "Fund") is registered under the Investment Company Act of
1940, as amended (the "Act"), as a non-diversified, open-end management
investment company.
The Fund, organized on October 29, 1990, as a Massachusetts business trust,
is comprised of ten separate Series (the "Series"). Each of the Series
commenced operations on January 15, 1991, with the exception of the Arizona
Series which commenced operations on April 30, 1991.
The following is a summary of significant accounting policies:
A. Valuation of Investments -- Portfolio securities are valued by an
outside independent pricing service approved by the Fund's Trustees. The
pricing service has informed the Fund that in valuing the 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 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 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.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited) (continued)
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 were amortized by the
straight-line method over a period not to exceed five years from the
commencement of operations. Such expenses were fully amortized as of
January 16, 1996.
F. Expenses -- Direct expenses are charged to the respective Series and
general corporate expenses are allocated on the basis of relative net
assets or equally among the Series.
2. INVESTMENT MANAGEMENT AGREEMENT -- Pursuant to an Investment Management
Agreement, each Series of the Fund pays the Investment Manager a management
fee, accrued daily and payable monthly, by applying the annual rate of 0.35%
to the daily net assets of each Series determined as of the close of each
business day.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes office space and facilities, equipment, clerical,
bookkeeping and certain legal services, and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services,
heat, light, power and other utilities provided to the Fund.
The Investment Manager has undertaken to waive management fees and assume
all expenses that exceeded 0.50% of the daily net assets with respect to the
Massachusetts, Michigan, Minnesota, New York and Ohio Series through December
31, 1996. At May 31, 1996, included in the Statements of Assets and
Liabilities are receivables from an affiliate which represent expense
reimbursements due to the Fund.
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 May 31, 1996 (unaudited) (continued)
The Fund is authorized to reimburse the Distributor for specific expenses
the Distributor incurs or plans to incur in promoting the distribution of the
Fund's shares. The amount of each monthly reimbursement payment may in no
event exceed an amount equal to a payment at the annual rate of 0.15% of the
Fund's average daily net assets during the month. 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 six
months ended May 31, 1996, the distribution fees were accrued at the
following annual rates:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Annual Rate .. 0.13% 0.15% 0.14% 0.14% 0.14%
========= ============ ========= =============== ==========
</TABLE>
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- ------- --------------
<S> <C> <C> <C> <C> <C>
Annual Rate .. 0.13% 0.13% 0.12% 0.14% 0.15%
=========== ============ ========== ======= ==============
</TABLE>
For the six months ended May 31, 1996, 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 .. $77,195 $168,320 $200,310 $26,581 $37,765
========= ============ ========== =============== ==========
</TABLE>
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
----------- ------------ ---------- --------- --------------
<S> <C> <C> <C> <C> <C>
Commissions .. $10,058 $84,274 $23,159 $58,548 $57,362
=========== ============ ========== ========= ==============
</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 six months ended May 31, 1996 were as
follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------ ------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases .. $3,312,183 $11,498,320 $13,512,060 $1,702,771 $ --
============ ============= ============= =============== ==============
Sales ....... $8,869,834 $16,346,535 $12,179,955 $1,836,714 $1,335,725
============ ============= ============= =============== ==============
Minnesota New Jersey New York Ohio Pennsylvania
------------ ------------- ------------- --------------- --------------
Purchases .. $ -- $ 997,500 $ 488,635 $4,413,970 $ --
============ ============= ============= =============== ==============
Sales ....... $ 757,050 $ 7,644,544 $ 1,271,293 $5,098,703 $6,821,875
============ ============= ============= =============== ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited) (continued)
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. For the six months ended May 31,
1996, each of the Series had transfer agent fees and expenses payable as
follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------- -------------- ------------ ----------------- ----------------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees and
Expenses Payable .......... $2,732 $3,756 $2,864 $1,003 $1,321
============= ============== ============ ================= ================
Minnesota New Jersey New York Ohio Pennsylvania
------------- -------------- ------------ ----------------- ----------------
Transfer Agent Fees and
Expenses Payable .......... $ 468 $2,973 $ 565 $1,326 $2,686
============= ============== ============ ================= ================
</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 six months ended May 31,
1996 included in Trustees' fees and expenses in the Statements of Operations
and the accrued pension liability included in accrued expenses in the
Statements 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 ...... $ 420 $1,242 $ 603 $ 206 $ 254
============= ============== ============ ================= ================
Minnesota New Jersey New York Ohio Pennsylvania
------------- -------------- ------------ ----------------- ----------------
$ 113 $ 390 $ 98 $ 329 $ 632
============= ============== ============ ================= ================
Arizona California Florida Massachusetts Michigan
------------- -------------- ------------ ----------------- ----------------
Accrued Pension Liability .... $3,021 $7,384 $4,550 $1,064 $1,327
============= ============== ============ ================= ================
Minnesota New Jersey New York Ohio Pennsylvania
------------- -------------- ------------ ----------------- ----------------
$ 688 $2,910 $ 902 $1,457 $3,210
============= ============== ============ ================= ================
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1996 (unaudited) (continued)
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 Funds'
next taxable year. The Florida Series incurred and will elect to defer net
capital losses during fiscal 1995 of $1,600.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET TOTAL
YEAR VALUE NET NET REALIZED TOTAL FROM 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(a) $ 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)
1996* 10.65 0.27 (0.40) (0.13) (0.27) -- (0.27)
California Series
1991(b) 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)
1996* 10.67 0.28 (0.30) (0.02) (0.28) -- (0.28)
Florida Series
1991(b) 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)
1996* 10.88 0.28 (0.42) (0.14) (0.28) -- (0.28)
Massachusetts Series
1991(b) 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)
1996* 10.97 0.28 (0.39) (0.11) (0.28) (0.02) (0.30)
Michigan Series
1991(b) 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)
1996* 10.81 0.28 (0.37) (0.09) (0.28) -- (0.28)
</TABLE>
- ----------------
(a) April 30, 1991 (commencement of operations) to November 30, 1991.
(b) January 15, 1991 (commencement of operations) to November 30, 1991.
* For the six months ended May 31, 1996 (unaudited).
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
(AFTER EXPENSES WERE ASSUMED (BEFORE EXPENSES WERE ASSUMED)++
NET ASSET NET ASSETS ----------------------------- ----------------------------
VALUE TOTAL END OF NET NET PORTFOLIO
END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
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
10.25 (1.24)(1) 46,109 0.66 (2)(3) 5.15 (2) 0.66 (2) 5.15 (2) 7 (1)
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
10.37 (0.20)(1) 112,710 0.60 (2)(3) 5.31 (2) 0.60 (2) 5.31 (2) 10 (1)
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
10.46 (1.36)(1) 69,744 0.62 (2)(3) 5.14 (2) 0.62 (2) 5.14 (2) 18 (1)
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
10.56 (0.97)(1) 15,987 0.50 (2)(3)++ 5.24 (2) 0.82 (2) 4.92 (2) 11 (1)
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
10.44 (0.83)(1) 20,195 0.50 (2)(3)++ 5.30 (2) 0.78 (2) 5.03 (2) -- (1)
</TABLE>
- -----------------
+ Does not reflect the deduction of sales load. Calculated based on the
net asset value as of the last business day of the period.
++ After application of the Fund's expense limitation.
(1) Not annualized.
(2) Annualized.
(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 (continued)
- -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET TOTAL
YEAR VALUE NET NET REALIZED TOTAL FROM 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(b) $ 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)
1996* 10.61 0.28 (0.32) (0.04) (0.28) -- (0.28)
New Jersey Series
1991(b) 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)
1996* 10.73 0.28 (0.41) (0.13) (0.28) -- (0.28)
New York Series
1991(b) 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)
1996* 10.88 0.28 (0.42) (0.14) (0.28) -- (0.28)
Ohio Series
1991(b) 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)
1996* 10.80 0.28 (0.39) (0.11) (0.28) -- (0.28)
Pennsylvania Series
1991(b) 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)
1996* 10.85 0.28 (0.37) (0.09) (0.28) -- (0.28)
</TABLE>
- ------------------
(b) January 15, 1991 (commencement of operations) to November 30, 1991.
* For the six months ended May 31, 1996 (unaudited).
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
(AFTER EXPENSES WERE ASSUMED (BEFORE EXPENSES WERE ASSUMED)++
NET ASSET NET ASSETS ----------------------------- ----------------------------
VALUE TOTAL END OF NET NET PORTFOLIO
END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
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
10.29 (0.44)(1) 10,217 0.48(2)(4)++ 5.24(2) 1.02(2) 4.71(2) -- (1)
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
10.32 (1.26)(1) 44,735 0.66(2)(4) 5.26(2) 0.66(2) 5.26(2) 2(1)
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
10.46 (1.29)(1) 13,538 0.47(2)(4)++ 5.27(2) 0.88(2) 4.87(2) 4(1)
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
10.41 (1.07)(1) 21,978 0.50(2)(4)++ 5.20(2) 0.78(2) 4.92(2) 21(1)
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
10.48 (0.89)(1) 48,855 0.67(2)(4) 5.15(2) 0.67(2) 5.15(2) -- (1)
</TABLE>
- -----------------
+ Does not reflect the deduction of sales load. Calculated based on the
net asset value as of the last business day of the period.
++ After application of the Fund's expense limitation.
(1) Not annualized.
(2) Annualized.
(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>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
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
The financial statements included herein have been taken from the records of
the Fund without examination by the independent accountants and accordingly
they do not express an opinion thereon.
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Fund.
This report is not authorized for distribution to prospective investors in
the Fund unless preceded or accompanied by an effective prospectus.
Dean Witter
Multi-State Municipal
Series Trust
Semiannual Report
May 31, 1996
