<PAGE>
Registration File No.: 33-37562
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
LETTER TO THE SHAREHOLDERS May 31, 1997
Two World Trade Center, New York, New York 10048
DEAR SHAREHOLDER:
We are pleased to present the semiannual report on the operations of Dean
Witter Multi-State Municipal Series Trust for the six-month period ended May
31, 1997.
A consumer-led acceleration in economic activity which developed in the
fourth quarter of 1996 continued into the first quarter of 1997. This
contributed to rising interest rates between December and April. On
March 25, 1997, the Federal Reserve Board raised the federal-funds rate
25 basis points to 5.50 percent in a preemptive move against a possible
acceleration in the rate of inflation. The fixed-income markets recognized
that additional rate hikes were possible, but rallied when the Fed left
short-term interest rates unchanged at its May meeting.
MUNICIPAL MARKET CONDITIONS
Municipal yields followed the trend of Treasury yields, but were less
volatile. Long-term insured revenue bond yields rose from 5.45 percent at
SELL BUY YIELD
DATE YIELD YIELD RATIO
- -----------------------------------------
5/97 5.58 6.91 .8081
4/97 5.74 6.96 .8251
3/97 5.83 7.10 .8216
2/97 5.53 6.80 .8129
1/97 5.63 6.79 .8293
12/96 5.56 6.64 .8372
11/96 5.45 6.35 .8583
10/96 5.60 6.64 .8431
9/96 5.71 6.92 .8248
8/96 5.82 7.12 .8176
7/96 5.77 6.97 .8278
6/96 5.86 6.87 .8529
5/96 5.99 6.99 .8571
4/96 5.94 6.91 .8601
3/96 5.89 6.67 .8835
2/96 5.55 6.47 .8577
1/96 5.42 6.03 .8989
12/95 5.49 5.95 .9230
11/95 5.61 6.13 .9151
10/95 5.79 6.33 .9150
9/95 5.97 6.50 .9184
8/95 5.98 6.65 .8997
7/95 5.99 6.85 .8750
6/95 6.00 6.62 .9066
5/95 5.84 6.65 .8784
4/95 6.05 7.34 .8245
3/95 6.07 7.43 .8167
2/95 6.12 7.44 .8222
1/95 6.42 7.70 .8340
12/94 6.65 7.88 .8438
11/94 6.99 8.00 .8738
10/94 6.66 7.97 .8356
9/94 6.42 7.82 .8212
8/94 6.17 7.45 .8280
7/94 6.15 7.40 .8314
6/94 6.31 7.61 .8293
5/94 6.23 7.43 .8387
4/94 6.24 7.31 .8540
3/94 6.19 7.09 .8728
2/94 5.64 6.66 .8468
1/94 5.29 6.24 .8481
12/93 5.45 6.35 .8586
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
LETTER TO THE SHAREHOLDERS, continued
the end of November 1996 to a high of 5.85 percent in mid-April 1997 before
ending May at 5.60 percent. Similarly, yields on one-year municipal notes
moved from 3.60 to 3.90 percent over the past six months. The yield curve
pick-up by extending maturity from 1 to 30 years was 170 basis points.
The ratio of 30-year insured revenue bond yields to 30-year U.S. Treasury
yields declined from 86 percent at the end of November 1996 to 81 percent in
May 1997. A declining ratio means that municipals have outperformed
Treasuries, but have become relatively more expensive. The annual range of
the ratio has averaged from 80 to 92 percent over the past three years.
New-issue municipal volume was down 5 percent during the first five months of
1997. However, underwriting volume for the full year is expected to exceed
bond maturities and redemptions.
PORTFOLIO STRUCTURE
In response to market conditions, the average cash and short-term investment
position of Dean Witter Multi-State Municipal Series Trust was increased to a
range of 8 to 10 percent of net assets during the period. An additional 6
percent of average net assets were held in refunded bonds escrowed to call
dates within 10 years. The Fund's weighted average maturities ranged from 16
to 19 years. Call protection was
6 years on average. Overall average credit quality remained double "A". The
investment objective of a high level of current income exempt from both
Federal and State income taxes consistent with preservation of capital
remained the primary consideration in portfolio activity.
For your convenience, we have summarized details regarding the various State
series on the following pages. Here you will find information on credit
quality, maturity, call protection, distributions and performance.
LOOKING AHEAD
Since the election year collapse of flat-tax proposals, municipal bonds have
improved relative to U.S. Treasury securities. Although tax-free yields are
currently somewhat expensive when compared to their historical relationship
with Treasury yields, the long-term benefits of tax-exempt income remain
intact.
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
RESULTS OF SPECIAL MEETING (unaudited)
* * *
On May 21, 1997, a special meeting of the Fund's shareholders was held for
the purpose of voting on four separate matters, the results of which were as
follows:
(1) FOR EACH SERIES, APPROVAL OF A NEW INVESTMENT MANAGEMENT AGREEMENT
BETWEEN THE FUND AND DEAN WITTER INTERCAPITAL INC. IN CONNECTION WITH THE
MERGER OF MORGAN STANLEY GROUP INC. WITH DEAN WITTER, DISCOVER & CO.:
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN
- ------ --- ------- -------
<S> <C> <C> <C>
Arizona ........ 2,823,039 47,507 163,147
California ..... 6,148,355 93,689 476,412
Florida......... 4,280,460 25,290 258,218
Massachusetts .. 784,696 7,842 80,666
Michigan ....... 944,579 46,617 106,539
Minnesota ...... 564,071 993 42,003
New Jersey ..... 2,175,687 44,631 95,803
New York ....... 674,200 2,027 39,546
Ohio ........... 1,210,636 53,166 72,495
Pennsylvania ... 2,640,828 43,365 78,992
</TABLE>
(2) ELECTION OF TRUSTEES:
<TABLE>
<CAPTION>
TRUSTEES FOR WITHHELD
- -------- --- --------
<S> <C> <C>
Michael Bozic .......... 23,043,186 982,313
Charles A. Fiumefreddo 23,013,220 1,012,279
Edwin J. Garn .......... 23,018,951 1,006,548
John R. Haire .......... 22,993,265 1,032,234
Wayne E. Hedien ........ 23,044,508 980,991
Dr. Manuel H. Johnson . 23,044,103 981,396
Michael E. Nugent ...... 23,050,349 975,150
Philip J. Purcell ...... 23,050,349 975,150
John L. Schroeder ...... 23,047,648 977,851
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
RESULTS OF SPECIAL MEETING (unaudited) continued
(3) FOR EACH SERIES, APPROVAL OF A NEW INVESTMENT POLICY WITH RESPECT TO
INVESTMENTS IN CERTAIN OTHER INVESTMENT COMPANIES:
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN
- ------ --- ------- -------
<S> <C> <C> <C>
Arizona ....... 2,743,171 76,198 214,324
California .... 5,947,560 236,963 533,933
Florida ....... 4,080,897 85,549 397,522
Massachusetts 763,867 22,770 86,567
Michigan ...... 891,180 59,967 146,588
Minnesota ..... 529,424 3,704 73,939
New Jersey .... 2,092,874 73,077 150,170
New York....... 622,360 25,606 67,807
Ohio .......... 1,152,980 63,532 119,785
Pennsylvania . 2,565,784 75,318 122,083
</TABLE>
(4) RATIFICATION OF PRICE WATERHOUSE LLP AS INDEPENDENT ACCOUNTANTS:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
--- ------- -------
<S> <C> <C>
22,631,001 186,003 1,208,495
</TABLE>
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY May 31, 1997 (unaudited)
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Credit Ratings (1): ..............................
Aaa or AAA........................................ 41% 46% 68% 46%
Aa or AA.......................................... 36 23 14 10
A or A............................................ 19 21 7 28
Baa or BBB........................................ 4 10 6 16
Ba or BB.......................................... -- -- -- --
Non-Rated (2) .................................... -- -- 5 --
Long-Term Portfolio Distribution by Call Date
1997............................................ 5% -- -- --
1998............................................ 2 3% -- --
1999............................................ -- 1 6% --
2000............................................ 5 2 1 4%
2001............................................ 19 19 21 11
2002............................................ 34 35 38 22
2003............................................ 9 15 11 30
2004............................................ 10 -- -- 4
2005............................................ 5 -- 9 11
2006............................................ 2 8 11 6
2007+........................................... 9 17 3 12
Average Weighted (3):
Maturity........................................ 16 Years 17 Years 17 Years 17 Years
Call Protection................................. 5 Years 7 Years 5 Years 6 Years
Per Share Net Asset Value:
November 30, 1996............................... $10.59 $10.81 $10.86 $10.92
May 31, 1997.................................... $10.45 $10.66 $10.72 $10.81
Dividends (4)..................................... $ 0.27 $ 0.27 $ 0.27 $ 0.26
Total Return (5):
6 months ended 5/31/97 ......................... 1.14% 1.19% 1.26 % 1.48%
12 months ended 5/31/97 ........................ 7.16% 8.25% 7.82 % 7.68%
</TABLE>
- --------------
(1) Represents Moody's or Standard & Poor's ratings of the credit quality
of the long-term bonds owned by each Series.
(2) Unrated at time of purchase; deemed by Investment Manager to be
comparable to investment grade securities.
(3) Includes short-term securities.
(4) Includes all income dividends paid by each Series for the six months
ended May 31, 1997.
(5) Total return figures represent the change in each Series' total value
for each period measured, taking into account the change in NAV plus
compounded, reinvested dividends.
<PAGE>
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK MICHIGAN OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES SERIES SERIES
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
61% 26% 46% 41% 61% 65% 58%
32 40 23 13 32 15 23
7 21 12 30 7 15 16
-- 13 16 16 -- 5 2
-- -- -- -- -- -- --
-- -- 3 -- -- -- 1
-- -- 3% -- -- 3% --
-- -- -- -- -- -- --
-- -- 5 -- -- -- 3%
2% 7% -- -- 2% 4 --
28 11 18 6% 28 15 15
34 32 27 19 34 31 45
10 33 18 15 10 4 16
-- 4 3 4 -- 3 --
20 6 17 22 20 18 5
6 -- 8 21 6 5 5
-- 7 1 13 -- 17 11
19 Years 17 Years 18 Years 19 Years 19 Years 17 Years 17 Years
5 Years 6 Years 5 Years 7 Years 5 Years 6 Years 6 Years
$10.78 $10.60 $10.70 $10.90 $10.78 $10.77 $10.85
$10.68 $10.51 $10.62 $10.77 $10.68 $10.68 $10.72
$ 0.27 $ 0.25 $ 0.27 $ 0.26 $ 0.27 $ 0.26 $ 0.27
1.60 % 1.55 % 1.95 % 1.38 % 1.60 % 1.66% 1.37%
7.66% 7.31% 8.34% 8.31% 7.66% 7.95% 7.67%
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ARIZONA TAX-EXEMPT MUNICIPAL BONDS (90.4%)
General Obligation (12.1%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC) ..................... 7.00% 07/01/12 $ 216,550
1,000 Paradise Valley Unified School District #69, Ser B 1995 (MBIA) . 5.25 07/01/15 972,650
Phoenix,
500 Refg Ser 1993 A ................................................ 5.25 07/01/12 494,845
1,550 Refg Ser 1992 .................................................. 6.375 07/01/13 1,670,884
750 Tucson, Refg Ser 1995 (FGIC) .................................... 5.50 07/01/12 758,062
1,000 Tucson Unified School District #1, 1989 Ser D 1992 (FGIC) ....... 6.10 07/01/11 1,047,900
- ----------- -------------
5,000 5,160,891
- ----------- -------------
Educational Facilities Revenue (4.9%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A ... 5.50 07/01/19 991,110
1,000 University of Arizona, Telecommunications Ser 1991 COPs ......... 6.50 07/15/12 1,091,560
- ----------- -------------
2,000 2,082,670
- ----------- -------------
Electric Revenue (2.5%)
1,000 Salt River Agricultural Improvement & Power District, Refg 1992
Ser D ......................................................... 6.25 01/01/27 1,045,970
- ----------- -------------
Hospital Revenue (9.1%)
700 Arizona Health Facilities Authority, Phoenix Memorial Hospital
Refg Ser 1991 .................................................. 8.20 06/01/21 756,966
2,000 Maricopa County Industrial Development Authority, Catholic
Healthcare West 1992 Ser A (MBIA) .............................. 5.75 07/01/11 2,037,120
1,100 Pima County Industrial Development Authority, Carondelet Health
Care Corp Ser 1993 (MBIA) ...................................... 5.25 07/01/13 1,082,356
- ----------- -------------
3,800 3,876,442
- ----------- -------------
Industrial Development/Pollution Control Revenue (8.8%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge
Corp Refg 1994 ................................................ 5.45 06/01/09 1,004,940
1,000 Mohave County Industrial Development Authority, Citizens
Utilities Co 1993 Ser B (AMT) .................................. 5.80 11/15/28 985,040
1,700 Santa Cruz County Industrial Development Authority, Citizens
Utilities Co Ser 1991 (AMT) .................................... 7.15 02/01/23 1,783,283
- ----------- -------------
3,700 3,773,263
- ----------- -------------
Mortgage Revenue-Multi-Family (2.3%)
955 Pima County Industrial Development Authority, Rancho Mirage Ser
1992 (AMT)(AGRC) ............................................... 7.05 04/01/22 1,000,105
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Public Facilities Revenue (4.2%)
Arizona,
$ 500 Refg Ser 1992 B COPs (AMBAC) .................................... 6.25% 09/01/10 $ 533,355
500 Ser 1991 COPs (FSA) ............................................ 6.25 09/01/11 527,400
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1988 A ........................................................ 7.90 07/01/07 741,335
- ----------- -------------
1,700 1,802,090
- ----------- -------------
Transportation Facilities Revenue (14.1%)
1,000 Phoenix, Street & Highway User Refg Ser 1993 ................... 5.125 07/01/11 964,470
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise
Tax Ser 1989 (AMT) ............................................. 7.80 07/01/11 2,046,060
Tucson,
1,000 Street & Highway User Sr Lien Refg Ser 1993 .................... 5.50 07/01/09 1,016,910
1,000 Street & Highway User Sr Lien Refg Ser 1996 (MBIA) ............. 6.00 07/01/10 1,072,260
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ...... 5.25 07/01/21 926,600
- ----------- -------------
6,000 6,026,300
- ----------- -------------
Water & Sewer Revenue (19.1%)
1,000 Arizona Wastewater Management Authority, Ser 1992 A (AMBAC) ..... 5.95 07/01/12 1,035,780
Chandler,
750 Water & Sewer Refg Ser 1991 (FGIC) ............................. 7.00 07/01/12 812,063
1,000 Water & Sewer Refg Ser 1992 (FGIC) ............................. 6.25 07/01/13 1,057,880
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC) ................ 6.50 07/01/22 1,081,890
Phoenix Civic Improvement Corporation,
1,000 Wastewater Refg Ser 1993 ....................................... 4.75 07/01/23 856,080
1,000 Wastewater Jr Lien Ser 1994 .................................... 5.45 07/01/19 983,560
2,200 Tucson, Water Refg Ser 1991 ..................................... 6.50 07/01/16 2,353,912
- ----------- -------------
7,950 8,181,165
- ----------- -------------
Other Revenue (1.6%)
700 Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority, Teachers
Retirement 1996 Ser B ......................................... 5.50 07/01/16 695,877
- ----------- -------------
Refunded (11.7%)
1,150 Arizona Health Facilities Authority, Phoenix Baptist Hospital &
Medical Center Inc & Medical Environments Inc Ser 1992
(MBIA)(ETM) .................................................... 6.25 09/01/11 1,224,704
1,500 Arizona Transportation Board, Sub Highway Ser 1991 A ............ 6.50 07/01/01++ 1,628,940
1,000 Central Arizona Water Conservation District, Ser 1991 B ......... 6.50 05/01/01++ 1,086,380
1,000 Phoenix, Street & Highway User Ser 1992 ........................ 6.25 07/01/02++ 1,079,950
- ----------- -------------
4,650 5,019,974
- ----------- -------------
37,455 TOTAL ARIZONA TAX-EXEMPT MUNICIPAL BONDS
(Identified Cost $37,017,960) ................................... 38,664,747
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.2%)
$ 1,000 Maricopa County, Arizona Public Service Co 1994 Ser C (Demand
06/02/97) ...................................................... 4.00*% 05/01/29 $1,000,000
2,100 Pinal County Industrial Development Authority, Newmont Mining
Corp Ser 1984 (Demand 06/02/97) ................................ 4.10* 12/01/09 2,100,000
- ----------- -------------
3,100 TOTAL SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Identified Cost $3,100,000) ..................................................... 3,100,000
- ----------- -------------
$40,555 TOTAL INVESTMENTS
========= (Identified Cost $40,117,960)(a) ........................................ 97.6% 41,764,747
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.4 1,021,219
----- -------------
NET ASSETS ............................................................... 100.0% $42,785,966
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$1,766,840 and the aggregate gross unrealized depreciation is
$120,053, resulting in net unrealized appreciation of $1,646,787.
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, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS (90.0%)
General Obligation (4.7%)
$ 2,000 California, Various Purpose 04/01/93 (FSA) ...................... 5.50 % 04/01/19 $ 1,930,860
3,000 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline Refg
Ser 1996 (FGIC) ................................................ 5.80 09/01/22 3,016,920
- ----------- --------------
5,000 4,947,780
- ----------- --------------
Educational Facilities Revenue (13.0%)
California Educational Facilities Authority,
3,000 Carnegie Institution of Washington 1993 Ser A .................. 5.60 10/01/23 2,927,130
4,000 Claremont Colleges Ser 1992 ................................... 6.375 05/01/22 4,159,320
2,000 Loyola Marymount University Refg Ser 1992 ...................... 6.00 10/01/14 2,021,820
2,500 University of Southern California Ser 1993 B ................... 5.80 10/01/15 2,504,675
2,000 University of Southern California Refg Ser 1996 ................ 4.35 10/01/19 2,012,560
- ----------- --------------
13,500 13,625,505
- ----------- --------------
Electric Revenue (11.0%)
2,000 Kings River Conservation District, Pine Flat Power Ser D ........ 6.00 01/01/17 2,018,740
2,000 Los Angeles Department of Water & Power, Refg Issue of 1993
(Secondary AMBAC) ............................................. 5.375 09/01/23 1,896,240
1,000 Sacramento Municipal Utility District, Refg 1993 Ser D (MBIA) .. 5.625 11/15/15 982,520
7,000 Southern California Public Power Authority, Mead-Phoenix
(AMBAC) ........................................................ 5.15 07/01/15 6,614,090
- ----------- --------------
12,000 11,511,590
- ----------- --------------
Hospital Revenue (12.0%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A .................. 6.50 12/01/11 1,025,790
California Health Facilities Financing Authority,
2,000 Catholic Health Corp Ser 1992 (MBIA) ........................... 6.00 07/01/13 2,061,460
3,000 Scripps Memorial Hospitals Ser 1992 A (MBIA) ................... 6.375 10/01/22 3,160,140
2,000 California Statewide Communities Development Authority, Cedar
Sinai Medical Center Ser 1992 COPs ............................. 6.50 08/01/12 2,201,600
Duarte,
2,000 City of Hope National Medical Center Ser 1993 COPs ............. 6.00 04/01/08 2,038,580
2,000 City of Hope National Medical Center Ser 1993 COPs ............. 6.125 04/01/13 2,018,480
- ----------- --------------
12,000 12,506,050
- ----------- --------------
Industrial Development/Pollution Control Revenue (2.5%)
California Pollution Control Financing Authority,
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT) ..................... 6.625 06/01/09 1,061,200
1,500 San Diego Gas and Electric Co 1996 Ser A ....................... 5.90 06/01/14 1,543,455
- ----------- --------------
2,500 2,604,655
- ----------- --------------
Mortgage Revenue-Multi-Family (2.0%)
2,000 California Housing Finance Agency, Rental II 1992 Ser B ......... 6.70 08/01/15 2,085,120
- ----------- --------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------
Mortgage Revenue-Single Family (4.7%)
$ 690 California Housing Finance Agency, Home 1991 Ser C (AMT)(MBIA) . 7.00 % 08/01/23 $ 718,939
3,000 California Rural Home Finance Authority, 1997 Ser A ............. 6.25 09/01/29 3,247,980
935 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C .............................................. 6.85 10/15/23 977,926
- ----------- --------------
4,625 4,944,845
- ----------- --------------
Public Facilities Revenue (7.8%)
2,000 Los Angeles County, 1991 Master Refg COPs ....................... 6.708 05/01/15 2,059,420
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C 6.375 09/01/13 2,085,960
2,700 Torrance, Refg 1991 COPs ........................................ 6.80 07/01/12 2,897,721
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1988 A ........................................................ 7.90 07/01/07 1,059,050
- ----------- --------------
7,700 8,102,151
- ----------- --------------
Tax Allocation (2.1%)
1,000 Industry Urban-Development Agency,
Transportation-Distribution-Industrial Redev Proj #3 1992 Refg . 6.90 11/01/16 1,069,570
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A ....... 7.50 10/01/26 1,081,050
- ----------- --------------
2,000 2,150,620
- ----------- --------------
Transportation Facilities Revenue (5.0%)
2,000 Los Angeles County Transportation Commission, Sales Tax Ser
1991-B ........................................................ 6.50 07/01/13 2,119,320
1,000 San Francisco Bay Area Rapid Transit District, Sales Tax Ser
1991 (FGIC) ................................................... 6.60 07/01/12 1,080,170
2,000 Santa Clara Transit District, Sales Tax 1991 Ser A .............. 6.25 06/01/21 2,026,260
- ----------- --------------
5,000 5,225,750
- ----------- --------------
Water & Sewer Revenue (14.9%)
1,000 Alameda County Water District, 1992 COPs (MBIA) ................. 6.20 06/01/13 1,041,490
California Department of Water Resources,
1,000 Central Valley Ser J-2 ......................................... 6.00 12/01/20 1,015,880
2,000 Central Valley Ser K ........................................... 6.00 12/01/21 2,035,480
1,000 Contra Costa Water Authority, 1992 Ser E (AMBAC) ................ 6.25 10/01/12 1,104,350
3,000 East Bay Municipal Utility District, Water Refg Ser 1992 ........ 6.00 06/01/20 3,046,170
1,000 Los Angeles, Wastewater 1991 Ser C .............................. 7.10 06/01/18 1,065,970
4,000 San Diego County Water Authority, Ser 1991-B COPs (MBIA) ........ 6.30 04/08/21 4,199,360
2,000 San Francisco Public Utilities Commission, Water 1992 Refg Ser A 6.00 11/01/15 2,048,080
- ----------- --------------
15,000 15,556,780
- ----------- --------------
Refunded (10.3%)
2,000 California Educational Facilities Authority, University of San
Francisco Ser 1992 ............................................. 6.40 10/01/02++ 2,207,880
2,000 California Public Works Board, California State University 1992
Ser A ......................................................... 6.70 10/01/02++ 2,236,040
2,000 Central Coast Water Authority, Ser 1992 (AMBAC) ................. 6.50 10/01/02++ 2,217,260
2,700 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline Ser 1992 6.60 09/01/02++ 3,002,454
1,000 San Diego County Regional Transportation Commission Sales Tax
1991 Ser A (ETM) ............................................... 6.00 04/01/08 1,045,980
- ----------- --------------
9,700 10,709,614
- ----------- --------------
91,025 TOTAL CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS
(Identified Cost $89,787,720) ...................................................... 93,970,460
- ----------- --------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------
SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS (8.4%)
$ 600 California Pollution Control Financing Authority, Shell Oil Co
Ser 1991 A (Demand 06/02/97) ................................... 3.75*% 10/01/08 $ 600,000
4,000 California Statewide Communities Development Authority, House
Ear Institute Ser 1993 A COPs (Demand 06/02/97) ................ 3.85* 12/01/18 4,000,000
4,200 Newport Beach, Hoag Memorial Hospital/ Presbyterian Ser 1992
(Demand 06/02/97) .............................................. 3.95* 10/01/22 4,200,000
- ----------- --------------
8,800 TOTAL SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Identified Cost $8,800,000) ...................................................... 8,800,000
- ----------- --------------
$ 99,825 TOTAL INVESTMENTS
(Identified Cost $98,587,720)(a) ......................................... 98.4% 102,770,460
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 1.6 1,687,219
----- --------------
NET ASSETS ............................................................... 100.0% $104,457,679
===== ==============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$4,629,165 and the aggregate gross unrealized depreciation is
$446,425, resulting in net unrealized appreciation of $4,182,740.
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, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FLORIDA TAX-EXEMPT MUNICIPAL BONDS (90.2%)
General Obligation (3.8%)
$1,500 Florida Board of Education, Capital Outlay Refg Ser 1992 A ...... 6.40 % 06/01/19 $ 1,595,445
1,000 Reedy Creek Improvement District, Ser 1995 C (AMBAC) ............ 5.00 06/01/19 919,900
- ----------- -------------
2,500 2,515,345
- ----------- -------------
Educational Facilities Revenue (2.3%)
1,500 Volusia County Educational Facilities Authority, Embry-Riddle
Aeronautical University Ser 1996 A ............................ 6.125 10/15/16 1,528,800
- ----------- -------------
Electric Revenue (8.7%)
2,000 Jacksonville Electric Authority, St Johns River Power Park Issue
2 Ser 7 ....................................................... 5.50 10/01/14 1,977,820
Orlando Utilities Commission,
1,000 Refg Ser 1993 A ................................................ 5.25 10/01/14 971,120
1,000 Ser 1993 ...................................................... 5.125 10/01/19 928,980
2,000 Puerto Rico Electric Power Authority, Power Ser O ............... 5.00 07/01/12 1,871,020
- ----------- -------------
6,000 5,748,940
- ----------- -------------
Hospital Revenue (11.6%)
1,000 Alachua County Health Facilities Authority, Shands Teaching
Hospital & Clinics Ser 1996 A (MBIA) ........................... 6.25 12/01/11 1,092,110
500 Cape Canaveral Hospital District, Cape Canaveral Hospital Ser
1991 COPs (AMBAC) .............................................. 6.875 01/01/21 536,900
1,000 Hillsborough County Industrial Authority, Allegany Health/John
Knox Village of Tampa Bay Inc Ser 1992 (MBIA) .................. 6.375 12/01/12 1,059,610
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie
Lee) .......................................................... 6.60 02/01/21 1,066,150
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC) ............. 6.125 11/15/22 1,026,720
2,000 Orange County Health Facilities Authority, Adventist
Health/Sunbelt Ser 1995 (AMBAC) ................................ 5.25 11/15/20 1,884,300
980 Polk County Industrial Development Authority, United Haven
Hospital 1985 Ser 2 (MBIA) ..................................... 6.25 09/01/15 1,030,117
- ----------- -------------
7,480 7,695,907
- ----------- -------------
Industrial Development/Pollution Control Revenue (8.7%)
Citrus County,
1,000 Florida Power Corp Refg Ser 1992 B ............................. 6.35 02/01/22 1,045,490
2,000 Florida Power Corp Refg Ser 1992 A ............................. 6.625 01/01/27 2,146,800
1,500 St Johns County Industrial Development Authority, Professional
Golf Hall of Fame Ser 1996 (MBIA) .............................. 5.80 09/01/16 1,524,180
1,000 St Lucie County, Florida Power & Light Co Ser 1992 (AMT) ........ 6.70 05/01/27 1,068,910
- ----------- -------------
5,500 5,785,380
- ----------- -------------
Mortgage Revenue-Single Family (3.3%)
580 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA) . 7.00 03/01/13 610,108
255 Florida Housing Finance Agency, GNMA Collateral 1990 Ser G-1
(AMT) ......................................................... 7.90 03/01/22 267,941
1,230 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C .............................................. 6.85 10/15/23 1,286,469
- ----------- -------------
2,065 2,164,518
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
Public Facilities Revenue (4.6%)
$1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC) ..... 6.15 % 10/01/20 $1,036,880
2,000 Orlando, Capital Improvement Refg Ser 1992 ...................... 6.00 10/01/22 2,038,800
- ----------- -------------
3,000 3,075,680
- ----------- -------------
Resource Recovery Revenue (3.2%)
1,000 Broward County, Broward Waste Energy Co North Ser 1984 .......... 7.95 12/01/08 1,089,150
1,000 Lee County, Solid Waste Ser 1991 A (AMT)(MBIA) .................. 6.50 10/01/13 1,060,200
- ----------- -------------
2,000 2,149,350
- ----------- -------------
Transportation Facilities Revenue (18.6%)
Dade County,
1,000 Aviation 1992 Ser B (AMT)(MBIA) ................................ 6.60 10/01/22 1,068,510
500 Seaport Refg Ser 1996 (MBIA) ................................... 5.125 10/01/16 476,095
1,000 Seaport Refg Ser 1996 (MBIA) ................................... 5.125 10/01/26 933,240
1,000 Florida Department of Transportation, Turnpike Ser 1991 A
(AMBAC) ....................................................... 6.25 07/01/20 1,030,740
Greater Orlando Aviation Authority,
750 Ser 1992 A (AMT)(FGIC) ......................................... 6.50 10/01/12 799,388
1,000 Ser 1993 A (AMT)(AMBAC) ........................................ 5.50 10/01/18 944,780
1,000 Hillsborough County Aviation Authority, Tampa Int'l Airport Refg
Ser 1993 B (FGIC) .............................................. 5.60 10/01/19 979,950
1,500 Lee County, Refg Ser 1991 (AMBAC) ............................... 6.00 10/01/17 1,529,025
3,000 Mid-Bay Bridge Authority, Sr Lien Crossover Refg Ser 1993 A ..... 6.10 10/01/22 3,015,240
1,500 Osceola County, Osceola Parkway (MBIA) .......................... 6.10 04/01/17 1,553,160
- ----------- -------------
12,250 12,330,128
- ----------- -------------
Water & Sewer Revenue (9.3%)
2,000 Dade County, Water & Sewer Ser 1995 (FGIC) ...................... 5.50 10/01/25 1,946,660
1,000 Orange County, Water Utilities Ser 1992 (AMBAC) ................. 6.25 10/01/17 1,050,290
200 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC) .............. 6.625 05/01/15 210,560
2,000 Sunrise, Utility Ser 1996 A (AMBAC) ............................. 5.75 10/01/21 2,002,900
1,000 Tampa, Water & Sewer Ser 1995 (FGIC) ............................ 5.125 10/01/17 946,170
- ----------- -------------
6,200 6,156,580
- ----------- -------------
Refunded (16.1%)
500 Boynton Beach, Utility Ser 1992 (FGIC)(ETM) ..................... 6.25 11/01/12 549,035
1,500 Brevard County School Board, Florida School Boards Assn Inc Ser
1992 A COPs (AMBAC) ............................................ 6.50 07/01/02++ 1,650,945
1,000 Homestead, Hurricane Andrew Special Insurance Assessment Ser
1993 (MBIA)(ETM) ............................................... 5.25 03/01/03 1,029,400
1,900 Orlando Utilities Commission, Ser 1991 A ....................... 6.50 10/01/01++ 2,076,225
300 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC) .............. 6.625 05/01/99++ 318,981
1,000 South Broward Hospital District, Ser 1991 B & C (AMBAC) ......... 6.611 05/01/01++ 1,092,400
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
$2,150 St Lucie County, Sales Tax Ser 1992 (FGIC) ...................... 6.50% 10/01/02++ $2,373,837
1,440 Tampa, Water & Sewer Ser 1992 A (FGIC) .......................... 6.00 10/01/02++ 1,544,918
- ----------- -------------
9,790 10,635,741
- ----------- -------------
58,285 TOTAL FLORIDA TAX-EXEMPT MUNICIPAL BONDS
(Identified Cost $56,830,693) ...................................................... 59,786,369
- ----------- -------------
SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS (8.3%)
2,700 Dade County Health Facilities Authority, Miami Childrens
Hospital Ser 1990 (Demand 06/02/97) ............................ 4.10* 09/01/20 2,700,000
2,800 Jacksonville Health Facilities Authority, Baptist Medical Center
Ser 1993 (MBIA)(Demand 06/02/97) ............................... 4.05* 06/01/08 2,800,000
- ----------- -------------
5,500 TOTAL SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Identified Cost $5,500,000) ....................................................... 5,500,000
- ----------- -------------
$63,785 TOTAL INVESTMENTS
===========
(Identified Cost $62,330,693)(a) ......................................... 98.5% 65,286,369
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 1.5 1,001,223
----- -------------
NET ASSETS ............................................................... 100.0% $66,287,592
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$3,074,156 and the aggregate gross unrealized depreciation is
$118,480, resulting in net unrealized appreciation of
$2,955,676.
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, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS (89.2%)
General Obligation (8.4%)
Massachusetts,
$ 500 Refg 1992 Ser B ................................................ 6.50 % 08/01/08 $ 559,910
500 Refg 1993 Ser A ................................................ 5.50 02/01/11 500,890
150 Nantucket, 1991 ................................................ 6.80 12/01/11 163,231
- ----------- -------------
1,150 1,224,031
- ----------- -------------
Educational Facilities Revenue (25.3%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E .......................................... 6.80 11/01/21 107,999
1,000 Boston College Ser K ........................................... 5.25 06/01/18 946,470
400 Boston University Ser K & L (MBIA) ............................. 6.66 10/01/31 425,844
150 Community College Ser A (Connie Lee) ........................... 6.60 10/01/22 160,492
400 Suffolk University Ser B (Connie Lee) ......................... 6.25 07/01/12 420,016
300 Suffolk University Ser C (Connie Lee) .......................... 5.75 07/01/26 295,401
500 University of Massachusetts Foundation Inc/Medical School
Research Ser A (Connie Lee) .................................... 6.00 07/01/23 504,845
Massachusetts Industrial Finance Agency,
500 Holy Cross College 1996 (MBIA) ................................ 5.50 03/01/16 493,050
300 Mount Holyoke College Refg Ser 1992 A (MBIA) ................... 6.30 07/01/13 316,212
- ----------- -------------
3,650 3,670,329
- ----------- -------------
Electric Revenue (7.1%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply
1992 Ser C ..................................................... 6.625 07/01/18 527,815
500 Puerto Rico Electric Power Authority, Power Ser X ............... 6.00 07/01/15 507,905
- ----------- -------------
1,000 1,035,720
- ----------- -------------
Hospital Revenue (16.9%)
500 Boston, Boston City Hospital-FHA Insured Mtge Refg Ser B ........ 5.75 02/15/13 497,905
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B ............................... 7.25 07/01/13 108,766
500 Lahey Clinic Medical Center Ser B (MBIA) ....................... 5.625 07/01/15 496,890
1,000 Massachusetts General Hospital Ser F (MBIA) .................... 6.00 07/01/15 1,022,410
200 McLean Hospital Ser C (FGIC) ................................... 6.625 07/01/15 215,570
100 New England Deaconess Hospital Ser C ........................... 7.20 04/01/22 107,927
- ----------- -------------
2,400 2,449,468
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Industrial Development/Pollution Control Revenue (6.8%)
$ 1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
Refg Ser 1993 .................................................. 5.875% 08/01/08 $ 983,770
- ----------- -------------
Mortgage Revenue-Multi-Family (3.6%)
500 Massachusetts Housing Finance Agency, Rental 1994 Ser A
(AMT)(AMBAC) ................................................... 6.60 07/01/14 518,265
- ----------- -------------
Mortgage Revenue-Single Family (4.6%)
Massachusetts Housing Finance Agency,
435 Ser 21 (AMT) ................................................... 6.30 06/01/25 439,159
220 Ser 21 (AMT) ................................................... 7.125 06/01/25 232,723
- ----------- -------------
655 671,882
- ----------- -------------
Student Loan Revenue (4.0%)
140 Massachusetts Educational Facilities Authority, Education Loan
Issue D Ser A 1991 (AMT)(MBIA) ................................. 7.25 01/01/09 148,488
400 New England Education Loan Marketing Corporation, 1992 Sub Issue
H (AMT) ........................................................ 6.90 11/01/09 437,056
- ----------- -------------
540 585,544
- ----------- -------------
Water & Sewer Revenue (10.2%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A .................. 5.75 11/01/13 519,425
500 Massachusetts Water Pollution Abatement Trust, Pool Ser 2 ....... 5.70 02/01/12 510,010
500 Massachusetts Water Resources Authority, 1995 Ser B (MBIA) ...... 5.00 12/01/25 453,575
- ----------- -------------
1,500 1,483,010
- ----------- -------------
Refunded (2.3%)
150 Massachusetts Health & Educational Facilities Authority,
Worcester Polytechnic Institute Refg Ser E ..................... 6.625 09/01/02++ 165,788
150 Massachusetts Industrial Finance Agency, Holy Cross College Ser
1992 ........................................................... 6.45 01/01/02++ 163,263
- ----------- -------------
300 329,051
- ----------- -------------
12,695 TOTAL MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS
- -----------
(Identified Cost $12,438,946) ...................................................... 12,951,070
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
SHORT-TERM MASSACHUSETTS TAX-EXEMPT MUNICIPAL OBLIGATIONS (8.3%)
$600 Massachusetts, Dedicated Income Tax Ser 1990 B (Demand
06/02/97) ...................................................... 4.00*% 12/01/97 $600,000
600 Massachusetts Industries Financing Agency, New England Power Co
1992 Ser (Demand 06/02/97) ..................................... 4.05* 10/01/22 600,000
- ----------- -------------
1,200 TOTAL SHORT-TERM MASSACHUSETTS TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Identified Cost $1,200,000) ....................................................... 1,200,000
- ----------- -------------
$13,895 TOTAL INVESTMENTS
===========
(Identified Cost $13,638,946)(a) ......................................... 97.5% 14,151,070
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 2.5 368,605
----- -------------
NET ASSETS ............................................................... 100.0% $14,519,675
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$554,298 and the aggregate gross unrealized depreciation is
$42,174, resulting in net unrealized appreciation of $512,124.
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, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MICHIGAN TAX-EXEMPT MUNICIPAL BONDS (89.8%)
General Obligation (16.0%)
$ 900 Chelsea School District, 1995 Bldg & Site (FGIC) ................ 5.875% 05/01/25 $ 907,713
800 Holly Area School District, 1995 Bldg & Site (FGIC) ............ 5.375 05/01/13 792,792
500 Kentwood Public Schools, 1992 Bldg & Site Refg .................. 6.40 05/01/15 529,705
900 Mona Shores Public Schools, 1995 Bldg & Site (FGIC) ............ 5.80 05/01/17 910,764
- ----------- -------------
3,100 3,140,974
- ----------- -------------
Educational Facilities Revenue (13.9%)
800 Central Michigan University, Refg Ser 1993 (AMBAC) .............. 5.50 10/01/10 808,104
1,000 Michigan State University, Ser 1992 A .......................... 6.00 08/15/16 1,026,340
900 Oakland University, Board of Trustees Ser 1995 (MBIA) .......... 5.75 05/15/26 901,323
- ----------- -------------
2,700 2,735,767
- ----------- -------------
Electric Revenue (6.5%)
800 Michigan Public Power Agency, Belle River 1993 A ................ 5.25 01/01/18 748,752
500 Wyandotte, Electric Refg 1992 (MBIA) ............................ 6.25 10/01/17 523,570
- ----------- -------------
1,300 1,272,322
- ----------- -------------
Hospital Revenue (8.7%)
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A .................. 7.50 08/15/11 329,505
1,000 Mercy Health Services Oblig Group 1996 Ser R (AMBAC) .......... 5.375 08/15/16 962,260
400 University of Michigan, Ser 1990 ................................ 6.375 12/01/24 411,268
- ----------- -------------
1,700 1,703,033
- ----------- -------------
Industrial Development/Pollution Control Revenue (2.8%)
500 Monroe County, Detroit Edison Co Collateralized Ser 1-1992 (AMT)
(MBIA) ......................................................... 6.875 09/01/22 540,605
- ----------- -------------
Mortgage Revenue-Multi-Family (10.1%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A .............................................. 6.60 04/01/12 521,395
1,000 1992 Ser A (FSA) ............................................... 6.50 04/01/23 1,035,210
400 Ser 1990 A (AMT) ............................................... 7.70 04/01/23 428,328
- ----------- -------------
1,900 1,984,933
- ----------- -------------
Nursing & Health Related Facilities Revenue (6.5%)
1,200 University of Michigan, Medical Service Plan Ser 1991 .......... 6.50 12/01/21 1,274,988
- ----------- -------------
Public Facilities (7.9%)
1,500 Michigan Building Authority, Refg Ser I ......................... 6.25 10/01/20 1,544,820
- ----------- -------------
Transportation Facilities Revenue (1.4%)
250 Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
Ser 1991 B (AMT)(MBIA) ......................................... 6.75 12/01/21 267,575
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Water & Sewer Revenue (7.1%)
Detroit,
$1,000 Sewage Refg Ser 1993 A (FGIC) .................................. 5.70 % 07/01/23 $972,200
400 Water Supply Refg Ser 1992 (FGIC) .............................. 6.375 07/01/22 421,700
- ----------- -------------
1,400 1,393,900
- ----------- -------------
Refunded (8.9%)
Detroit,
500 Sewage Disposal Ser 1991 (FGIC) ................................ 6.625 07/01/01++ 546,390
600 Water Supply Refg Ser 1992 (FGIC) .............................. 6.375 07/01/02++ 656,646
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1991 D ..................................................... 6.75 01/01/01++ 544,330
- ----------- -------------
1,600 1,747,366
- ----------- -------------
17,150 TOTAL MICHIGAN TAX-EXEMPT MUNICIPAL BONDS
- -----------
(Identified Cost $16,860,465) ........................................................ 17,606,283
-------------
SHORT-TERM MICHIGAN TAX-EXEMPT OBLIGATIONS (8.1%)
800 Delta County Economic Development Corporation, Mead-Escanaba
Paper Corp 1985 Ser E (Demand 06/02/97) ........................ 4.00 * 12/01/23 800,000
800 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1996 J (Demand 06/02/97) ................................... 4.00 * 01/01/03 800,000
- ----------- -------------
1,600 TOTAL SHORT-TERM MICHIGAN TAX-EXEMPT OBLIGATIONS
- -----------
(Identified Cost $1,600,000) ......................................................... 1,600,000
-------------
$18,750 TOTAL INVESTMENTS
===========
(Identified Cost $18,460,465) ............................................ 97.9% 19,206,283
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.1 410,546
----- -------------
NET ASSETS .............................................................. 100.0% $19,616,829
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$782,499 and the aggregate gross unrealized depreciation is
$36,681, resulting in net unrealized appreciation of $745,818.
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 -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (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 (4.6%)
Minneapolis,
$ 100 Sales Tax Refg Ser 1992 ........................................ 6.25 % 04/01/12 $ 107,056
300 Dtd 8/15/92 .................................................... 5.90 12/01/13 306,315
- ----------- ------------
400 413,371
- ----------- ------------
Educational Facilities Revenue (13.4%)
Minnesota Higher Education Facilities Authority,
200 Northfield St Olaf College 1992 ................................ 6.40 10/01/21 212,214
1,000 University of Minnesota Ser 1993 A ............................. 4.80 08/15/03 992,530
- ----------- ------------
1,200 1,204,744
- ----------- ------------
Electric Revenue (9.8%)
400 Southern Minnesota Municipal Power Agency, Ser 1993 B ........... 5.00 01/01/13 370,536
500 Western Minnesota Municipal Power Agency, Refg 1996 Ser A
(AMBAC) ....................................................... 5.50 01/01/12 504,365
- ----------- ------------
900 874,901
- ----------- ------------
Hospital Revenue (12.4%)
400 Robbinsdale, North Memorial Medical Center Ser 1993 A (AMBAC) .. 5.45 05/15/13 397,632
Rochester,
200 Mayo Foundation/Mayo Medical Center Ser 1992 I ................ 5.75 11/15/21 199,472
200 Mayo Foundation/Mayo Medical Center Ser 1992 F ................. 6.25 11/15/21 210,192
300 Saint Paul Housing & Redevelopment Authority, Health East Refg
Ser 1993-A ..................................................... 6.625 11/01/17 308,601
- ----------- ------------
1,100 1,115,897
- ----------- ------------
Industrial Development/Pollution Control Revenue (14.1%)
500 Anoka County, United Power Assoc Ser 1987 A (NRU-CFC Gtd)(AMT) . 6.95 12/01/08 536,715
500 Bass Brook, Minnesota Power & Light Co Refg Ser 1992 ............ 6.00 07/01/22 503,435
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3 .................. 8.25 12/01/11 114,735
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT) ............ 8.00 12/01/16 113,477
- ----------- ------------
1,200 1,268,362
- ----------- ------------
Mortgage Revenue-Multi-Family (5.7%)
300 Burnsville, Summit Park Apts-FHA Insured Refg Ser 1993 .......... 6.00 07/01/33 300,552
200 Minnesota Housing Finance Agency, Ser 1992 A .................... 6.95 08/01/17 210,072
- ----------- ------------
500 510,624
- ----------- ------------
Mortgage Revenue-Single Family (10.3%)
160 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed Phase
IX Ser 1991 (AMT) .............................................. 7.25 08/01/21 167,817
Minnesota Housing Finance Agency,
90 Ser 1990 D (AMT) ............................................... 8.00 01/01/23 94,530
440 Ser 1992 C-1 (AMT) ............................................. 6.75 07/01/23 455,783
200 Ser 1992 H (AMT) ............................................... 6.50 01/01/26 204,666
- ----------- ------------
890 922,796
- ----------- ------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------
Nursing & Health Related Facilities Revenue (6.0%)
$ 500 Minneapolis & Saint Paul Housing & Redevelopment Authority,
Group Health Plan Inc Ser 1992 ................................. 6.75 % 12/01/13 $540,965
- ----------- ------------
Public Facilities Revenue (3.6%)
300 Hennepin County, Ser 1991 COPs .................................. 6.80 05/15/17 324,066
- ----------- ------------
Water & Sewer Revenue (1.2%)
100 Minnesota Public Facilities Authority, Water Pollution Control
Ser 1991 A ..................................................... 6.95 03/01/13 110,093
- ----------- ------------
Refunded (9.6%)
100 Dakota & Washington Counties Housing & Redevelopment Authority,
GNMA-Backed Ser 1988 (AMT)(ETM) ................................ 8.375 09/01/21 134,418
200 Minnesota Higher Education Facilities Authority, Hamline
University Ser Three-K ......................................... 6.60 06/01/02++ 216,860
100 Minnesota Public Facilities Authority, Water Pollution Control
Ser 1992 A ..................................................... 6.50 03/01/01++ 108,335
400 Saint Paul Housing & Redevelopment Authority, Civic Center
Ser 1993 (ETM) ................................................. 5.45 11/01/13 398,948
- ----------- ------------
800 858,561
- ----------- ------------
7,890 TOTAL MINNESOTA TAX-EXEMPT MUNICIPAL BONDS
- -----------
(Identified Cost $7,819,174) ......................................................... 8,144,380
------------
SHORT-TERM MINNESOTA TAX-EXEMPT MUNICIPAL OBLIGATIONS (6.7%)
200 Beltrami County, Northwood Panelboard Co Ser 1991 (Demand
06/02/97) ...................................................... 4.00 * 12/01/21 200,000
400 Minneapolis & St Paul Housing & Redevelopment Authority,
Children's Health Care Ser 1995 B (Demand 06/02/97) ............ 4.00 * 08/15/25 400,000
- ----------- ------------
600 TOTAL SHORT-TERM MINNESOTA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Identified Cost $600,000) ........................................................... 600,000
- ----------- ------------
$8,490 TOTAL INVESTMENTS
===========
(Identified Cost $8,419,174)(a) .......................................... 97.4% 8,744,380
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.6 229,215
----- ------------
NET ASSETS ............................................................... 100.0% $8,973,595
===== ============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$352,488 and the aggregate gross unrealized depreciation is
$27,282, resulting in net unrealized appreciation of $325,206.
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, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS (87.0%)
General Obligation (2.2%)
$1,000 Guam, 1993 Ser A ................................................ 5.375% 11/15/13 $ 933,190
- ----------- -------------
Educational Facilities Revenue (9.6%)
New Jersey Economic Development Authority,
2,000 Educational Testing Service Ser 1995 A (MBIA) .................. 5.90 05/15/15 2,061,900
1,000 The Lawrenceville School Ser A 1996 ............................ 5.75 07/01/16 1,010,560
500 The Seeing Eye Inc 1991 ........................................ 7.30 04/01/11 527,110
500 Rutgers, The State University Refg Ser R ........................ 6.50 05/01/13 535,185
- ----------- -------------
4,000 4,134,755
- ----------- -------------
Electric Revenue (4.3%)
2,000 Puerto Rico Electric Power Authority, Power Ser O ............... 5.00 07/01/12 1,871,020
- ----------- -------------
Hospital Revenue (12.9%)
New Jersey Health Care Facilities Financing Authority,
1,000 Allegany Health System Ser 1993 (MBIA) ......................... 5.125 07/01/13 962,320
1,000 Atlantic City Medical Center Ser C ............................. 6.80 07/01/11 1,071,650
500 Cathedral Health Services Inc-FHA Insured Mtges Ser A .......... 7.25 02/15/21 531,045
1,000 Columbus Hospital Ser A ........................................ 7.50 07/01/08 1,057,820
460 Pascack Valley Hospital Assn Ser 1991 .......................... 6.90 07/01/21 478,634
465 Robert Wood Johnson University Hospital Ser B (MBIA) ........... 6.625 07/01/16 499,117
1,000 Somerset Medical Center Ser A (FGIC) ........................... 5.10 07/01/14 951,750
- ----------- -------------
5,425 5,552,336
- ----------- -------------
Industrial Development/Pollution Control Revenue (11.4%)
500 Middlesex County Pollution Control Financing Authority, Amerada
Hess Corp Refg Ser 1992 ........................................ 6.875 12/01/22 528,965
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT) ........................... 7.10 11/01/31 534,370
1,000 BP Oil Ser 1982 ................................................ 6.55 10/01/12 1,035,970
1,000 Elizabethtown Water Co 1995 Ser (AMT)(MBIA) .................... 5.60 12/01/25 968,220
300 Jersey Central Power & Light Co 1985 Ser ....................... 7.10 07/01/15 320,376
1,500 Salem County Pollution Control Financing Authority, E I du Pont
de Nemours & Co 1992 Ser A (AMT) ............................... 6.125 07/15/22 1,531,590
- ----------- -------------
4,800 4,919,491
- ----------- -------------
Mortgage Revenue-Multi-Family (8.4%)
New Jersey Housing & Mortgage Finance Agency,
2,000 1995 Ser A (AMBAC) ............................................. 6.00 11/01/14 2,038,800
1,000 Presidential Plaza at Newport-FHA Insured Mtges Refg 1991
Ser 1 .......................................................... 7.00 05/01/30 1,071,370
500 Rental 1991 Ser A (AMT) ........................................ 7.25 11/01/22 523,885
- ----------- -------------
3,500 3,634,055
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Nursing & Health Related Facilities Revenue (2.3%)
$ 940 New Jersey Health Care Facilities Financing Authority, Spectrum
For Living-FHA Insured Mortgage Refg Ser B ..................... 6.50% 02/01/22 $ 983,654
- ----------- -------------
Public Facilities Revenue (4.5%)
2,000 New Jersey Sports & Exposition Authority, State Contract 1993
Ser A .......................................................... 5.50 09/01/23 1,935,100
- ----------- -------------
Resource Recovery Revenue (2.3%)
900 Warren County Pollution Control Financing Authority, Warren
Energy Resource Co Ltd Partnership Ser 1984 (MBIA) ............. 6.60 12/01/07 989,100
- ----------- -------------
Transportation Facilities Revenue (18.4%)
2,000 Delaware River Port Authority, Ser 1995 (FGIC) .................. 5.50 01/01/26 1,957,600
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser .......... 6.25 01/01/14 1,592,220
1,000 New Jersey Turnpike Authority, Ser C ............................ 5.75 01/01/11 1,004,430
1,500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT)
(FGIC) ......................................................... 5.75 05/01/15 1,512,330
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ...... 5.25 07/01/21 1,853,200
- ----------- -------------
8,000 7,919,780
- ----------- -------------
Water & Sewer Revenue (9.4%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993 ...... 5.75 05/01/17 996,420
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser
(MBIA) ......................................................... 6.00 07/15/13 1,040,970
2,000 Passaic Valley Sewerage Commissioners, Ser 1992 D (AMBAC) ....... 5.75 12/01/13 2,029,160
- ----------- -------------
4,000 4,066,550
- ----------- -------------
Refunded (1.3%)
500 University of Medicine & Dentistry of New Jersey, Refg Ser D .... 6.50 12/01/01++ 547,030
- ----------- -------------
37,065 TOTAL NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS
- -----------
(Identified Cost $36,133,238) ....................................................... 37,486,061
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS (8.8%)
New Jersey Economic Development Authority,
$ 400 New Jersey Natural Gas Co Ser 1995 A (AMT) (AMBAC)
(Demand 06/02/97) ............................................. 3.80*% 08/01/30 $400,000
1,300 Toys "R" Us (Demand 06/02/97) .................................. 3.75* 04/01/19 1,300,000
2,100 Union County Industrial Pollution Control Financing Authority,
Exxon Corp (Demand 06/02/97) ................................... 3.55* 07/01/33 2,100,000
- ----------- -------------
3,800 TOTAL SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS
- -----------
(Identified Cost $3,800,000) ......................................................... 3,800,000
-------------
$40,865 TOTAL INVESTMENTS
===========
(Identified Cost $39,933,238)(a) ......................................... 95.8% 41,286,061
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 4.2 1,821,180
----- -------------
NET ASSETS ............................................................... 100.0% $43,107,241
===== =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$1,562,651 and the aggregate gross unrealized depreciation is
$209,828, resulting in net unrealized appreciation of $1,352,823.
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 -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT MUNICIPAL BONDS (90.7%)
General Obligation (10.6%)
$ 500 New York City, 1995 Ser D (MBIA) ................................ 6.20 % 02/01/07 $ 540,735
500 New York State, Refg Ser 1995 B ................................. 5.70 08/15/13 505,740
300 Puerto Rico, Pub Impr Refg Ser 1992 A ........................... 6.00 07/01/14 304,644
- ----------- -------------
1,300 1,351,119
- ----------- -------------
Educational Facilities Revenue (21.0%)
500 Hempstead Industrial Development Agency, Hofstra University Ser
1996 (MBIA) .................................................... 5.80 07/01/15 511,300
New York State Dormitory Authority,
300 Cooper Union Ser 1996 (AMBAC) .................................. 5.375 07/01/16 292,473
400 Manhattan College Ser 1992 (AGRC) ............................. 6.50 07/01/19 422,708
1,000 State University Ser 1993 A .................................... 5.25 05/15/15 942,300
500 University of Rochester Ser 1993 A ............................. 5.625 07/01/12 501,420
- ----------- -------------
2,700 2,670,201
- ----------- -------------
Electric Revenue (4.7%)
200 New York State Power Authority, Gen Purpose Ser CC .............. 5.25 01/01/18 188,934
400 Puerto Rico Electric Power Authority, Power Ser X ............... 6.00 07/01/15 406,324
- ----------- -------------
600 595,258
- ----------- -------------
Hospital Revenue (5.9%)
New York State Medical Care Facilities Finance Agency,
500 Hospital-FHA Insured Mtge 1994 Ser A (AMBAC) ................... 6.50 08/15/29 535,615
200 Insured Hospital & Nursing Home-FHA Insured Mtge 1992 Ser A .... 6.70 08/15/23 211,062
- ----------- -------------
700 746,677
- ----------- -------------
Industrial Development/Pollution Control Revenue (14.7%)
500 New York City Industrial Development Agency, Japan Airlines Co
1991 (AMT)(FSA) ................................................ 6.00 11/01/15 514,550
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B (AMT) ..................... 6.952 07/01/26 1,095,900
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA) .......... 6.50 05/15/32 261,933
- ----------- -------------
1,750 1,872,383
- ----------- -------------
Mortgage Revenue-Single Family (5.0%)
New York State Mortgage Agency,
500 Home Owners Ser 27 ............................................. 6.90 04/01/15 536,575
95 Home Owners Ser UU (AMT) ....................................... 7.75 10/01/23 100,349
- ----------- -------------
595 636,924
- ----------- -------------
Public Facilities Revenue (4.0%)
New York City Cultural Resources Trust, The New York Botanical
Garden
500 Ser 1996 (MBIA) ................................................ 5.75 07/01/16 504,160
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Resource Recovery Revenue (4.2%)
$ 500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992 ...... 6.65% 04/01/05 $ 529,960
- ----------- -------------
Transportation Facilities Revenue (8.4%)
550 Buffalo & Fort Erie Public Bridge Authority, Toll Bridge Ser
1995 (MBIA) .................................................... 5.75 01/01/25 550,770
500 New York State Thruway Authority, Ser C (FGIC) .................. 6.00 01/01/25 513,905
- ----------- -------------
1,050 1,064,675
- ----------- -------------
Water & Sewer Revenue (4.0%)
500 New York City Municipal Water Finance Authority, 1993 Ser A ..... 6.00 06/15/17 504,835
- ----------- -------------
Other Revenue (3.9%)
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A . 6.00 07/01/26 500,920
- ----------- -------------
Refunded (4.3%)
500 New York Local Government Assistance Corporation, Ser 1991 C .... 7.00 04/01/01++ 552,355
- ----------- -------------
11,195 TOTAL NEW YORK TAX-EXEMPT MUNICIPAL BONDS
- -----------
(Identified Cost $10,982,700) ........................................................ 11,529,467
-------------
SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.1%)
200 New York City Municipal Water Finance Authority, 1994 Ser C
(FGIC)(Demand 06/02/97) ........................................ 4.05* 06/15/23 200,000
500 Port Authority of New York & New Jersey, Ser 2 (Demand
06/02/97) ...................................................... 4.00* 05/01/19 500,000
200 Syracuse Industrial Development Agency, Syracuse
University/Eggers Hall
Ser 1993 (Demand 06/02/97) ..................................... 3.90* 03/01/23 200,000
- ----------- -------------
900 TOTAL SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Identified Cost $900,000) ........................................................... 900,000
- ----------- -------------
$12,095 TOTAL INVESTMENTS
(Identified Cost $11,882,700)(a) ......................................... 97.8% 12,429,467
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.2 278,447
----- -------------
NET ASSETS ............................................................... 100.0% $12,707,914
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$558,362 and the aggregate gross unrealized depreciation is
$11,595, resulting in net unrealized appreciation of $546,767.
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 -- OHIO SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OHIO TAX-EXEMPT MUNICIPAL BONDS (90.2%)
General Obligation (14.9%)
$ 300 Bedford School District, Ser 1993 .............................. 6.25 % 12/01/13 $ 315,750
1,000 Delaware City School District, Constr & Impr (FGIC) ............. 5.75 12/01/20 1,008,740
180 Euclid, Ser 1991 ................................................ 6.625 12/01/11 195,993
250 Hilliard City School District, Impr Refg Ser 1992 (FGIC) ........ 6.55 12/01/05 278,515
1,000 North Olmsted, Various Purpose Impr Ltd Tax Ser 1996 (AMBAC) ... 6.20 12/01/11 1,092,410
100 South Euclid, Unltd Tax Recreational ............................ 7.00 12/01/11 109,322
- ----------- -------------
2,830 3,000,730
- ----------- -------------
Educational Facilities Revenue (12.6%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University Ser 1992 ....................... 6.00 10/01/22 503,485
500 Oberlin College Ser 1993 ....................................... 5.375 10/01/15 487,725
500 University of Cincinnati, General Receipts Ser G ................ 7.00 06/01/11 547,515
1,000 University of Toledo, Ser 1992 A (FGIC) ......................... 5.90 06/01/20 1,015,730
- ----------- -------------
2,500 2,554,455
- ----------- -------------
Electric Revenue (2.6%)
500 Hamilton!, Refg 1992 Ser A (FGIC) ............................... 6.00 10/15/12 519,865
- ----------- -------------
Hospital Revenue (18.6%)
1,000 Akron Bath & Copley Joint Township Hospital District, Summa
Health Ser 1992 A ............................................. 6.25 11/15/07 1,030,560
670 Cuyahoga County, Meridia Health Ser 1990 ........................ 7.25 08/15/19 717,081
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A ............................... 7.00 01/01/09 485,378
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992 .... 6.875 07/01/15 520,475
1,000 Lorain County, Catholic Healthcare Partners Ser 1997 B (MBIA) ... 5.625 09/01/15 1,006,510
- ----------- -------------
3,645 3,760,004
- ----------- -------------
Industrial Development/Pollution Control Revenue (4.7%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A ............... 6.90 05/01/10 422,548
500 Ohio Water Development Authority, Dayton Power & Light Co
Collateralized Refg 1992 Ser A ................................. 6.40 08/15/27 523,465
- ----------- -------------
900 946,013
- ----------- -------------
Mortgage Revenue-Single Family (8.6%)
Ohio Housing Finance Agency,
700 GNMA-Backed 1990 Ser A-1 & 2 (AMT) ............................. 6.903 03/24/31 729,099
1,000 Residential 1996 Ser B-2 (AMT) ................................. 6.10 09/01/28 1,002,380
- ----------- -------------
1,700 1,731,479
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Transportation Facilities Revenue (2.5%)
$ 500 Ohio Turnpike Commission, 1994 Ser A ............................ 5.75 % 02/15/24 $ 496,575
- ----------- -------------
Water & Sewer Revenue (20.3%)
1,000 Cleveland, Water Works Impr & Refg Ser H 1996 (MBIA) ............ 5.75 01/01/16 1,009,420
1,000 Montgomery County, Water Ser 1992 (FGIC) ........................ 6.25 11/15/17 1,057,870
1,000 Northeast Ohio Regional Sewer District, Wastewater Impr Refg Ser
1995 (AMBAC) ................................................... 5.60 11/15/13 1,014,200
1,000 Ohio Water Development Authority, Water Pollution Ser 1995
(MBIA) ......................................................... 5.60 06/01/10 1,023,060
- ----------- -------------
4,000 4,104,550
- ----------- -------------
Refunded (5.4%)
1,000 Clermont County, Mercy Health Ser 1991 .......................... 6.733 09/25/01++ 1,097,920
- ----------- -------------
17,575 TOTAL OHIO TAX-EXEMPT MUNICIPAL BONDS
- -----------
(Identified Cost $17,501,145) ....................................................... 18,211,591
-------------
SHORT-TERM OHIO TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.4%)
900 Ohio Air Quality Development Authority, Mead Corp 1986 Ser A
(Demand 06/02/97) .............................................. 3.95 * 10/01/01 900,000
600 Ohio Water Quality Development Authority, Mead Corp Refg 1986
Ser B (Demand 06/02/97) ........................................ 3.95 * 11/01/15 600,000
- ----------- -------------
1,500 TOTAL SHORT-TERM OHIO TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Identified Cost $1,500,000) ........................................................ 1,500,000
- ----------- -------------
$19,075 TOTAL INVESTMENTS
===========
(Identified Cost $19,001,145)(a) ......................................... 97.6% 19,711,591
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.4 491,246
----- -------------
NET ASSETS .............................................................. 100.0% $20,202,837
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$713,889 and the aggregate gross unrealized depreciation is
$3,443, resulting in net unrealized appreciation of $710,446.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS (88.7%)
General Obligation (6.0%)
$2,000 Berks County, Second Ser 1992 (FGIC) ............................ 5.75 % 11/15/12 $2,024,180
600 Puerto Rico, Pub Impr Refg Ser 1992 A ........................... 6.00 07/01/14 609,288
- ----------- -------------
2,600 2,633,468
- ----------- -------------
Educational Facilities Revenue (21.4%)
2,000 Delaware County Authority, Villanova University Ser 1995
(AMBAC) ........................................................ 5.80 08/01/25 2,010,500
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B ....................... 6.00 11/01/22 730,882
500 Temple University First Ser 1991 (MBIA) ........................ 6.50 04/01/21 535,750
1,000 Thomas Jefferson University 1992 Ser A ......................... 6.625 08/15/09 1,084,270
Pennsylvania State University,
1,000 Second Refg Ser 1992 ........................................... 5.50 08/15/16 976,740
1,000 Ser B 1992 ..................................................... 5.50 08/15/16 976,740
1,000 Swarthmore Borough Authority, Swarthmore College Ser 1992 ....... 6.00 09/15/20 1,019,800
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA) ................. 6.125 06/01/21 2,058,980
- ----------- -------------
9,250 9,393,662
- ----------- -------------
Hospital Revenue (15.7%)
1,000 Allegheny County Hospital Development Authority, Presbyterian
University Health System Inc Ser 1992 B (MBIA) ................. 6.00 11/01/12 1,030,070
1,000 Berks County Municipal Authority, Reading Hospital & Medical
Center Ser of 1993 (MBIA) ...................................... 5.50 10/01/08 1,028,830
Philadelphia Hospitals & Higher Educational Facilities
Authority,
1,750 Chestnut Hill Hospital Ser of 1992 ............................. 6.375 11/15/11 1,799,507
1,000 Temple University Hospital 1993 Ser A .......................... 6.50 11/15/08 1,069,210
2,000 The Children's Hospital of Philadelphia Ser A of 1993 .......... 5.375 02/15/14 1,953,520
- ----------- -------------
6,750 6,881,137
- ----------- -------------
Industrial Development/Pollution Control Revenue (2.5%)
1,000 Montgomery County Industrial Development Authority, Philadelphia
Electric Co Refg 1991 Ser B (MBIA) ............................. 6.70 12/01/21 1,082,960
- ----------- -------------
Mortgage Revenue-Multi-Family (2.4%)
Pennsylvania Housing Finance Agency,
60 Moderate Rehab Sec 8 Assisted Issue B .......................... 9.00 08/01/01 60,907
1,000 Ser 1992-35 D (AMT) ............................................ 6.20 04/01/25 1,003,110
- ----------- -------------
1,060 1,064,017
- ----------- -------------
Mortgage Revenue-Single Family (6.3%)
2,000 Pennsylvania Housing Finance Agency, Ser 1991-31 C (AMT) ........ 7.00 10/01/23 2,084,560
635 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C .............................................. 6.85 10/15/23 664,153
- ----------- -------------
2,635 2,748,713
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Resource Recovery Revenue (2.4%)
$1,000 Montgomery County Industrial Development Authority, Ser 1989 .... 7.50 % 01/01/12 $1,073,900
- ----------- -------------
Student Loan Revenue (4.7%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT)(AMBAC) ........................................ 6.05 01/01/19 1,010,750
1,000 1991 Ser B (AMT)(AMBAC) ........................................ 6.854 09/01/26 1,058,580
- ----------- -------------
2,000 2,069,330
- ----------- -------------
Transportation Facilities Revenue (15.1%)
1,000 Guam, Highway 1992 Ser A (FSA) .................................. 6.30 05/01/12 1,051,340
500 Allegheny County, Greater Pittsburgh Int'l Airport Ser 1992
(AMT) (FSA) ................................................... 6.625 01/01/22 526,190
2,000 Delaware River Port Authority, Ser 1995 (FGIC) .................. 5.50 01/01/26 1,957,600
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC) .......... 6.00 12/01/12 2,071,980
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC) .......... 5.875 12/01/12 1,024,340
- ----------- -------------
6,500 6,631,450
- ----------- -------------
Water & Sewer Revenue (5.0%)
2,000 Philadelphia, Water & Wastewater Ser 1995 (MBIA) ................ 6.25 08/01/11 2,191,660
- ----------- -------------
Other Revenue (3.7%)
1,500 Pennsylvania Finance Authority, Cap Impr Refg Ser 1993 .......... 6.60 11/01/09 1,612,695
- ----------- -------------
Refunded (3.5%)
440 Lehigh County Industrial Development Authority, Strawbridge &
Clothier Refg Ser of 1991 (ETM) ................................ 7.20 12/15/01 467,474
1,000 Reading, Ser of 1992 (AMBAC) .................................... 6.50 11/15/02++ 1,089,260
- ----------- -------------
1,440 1,556,734
- ----------- -------------
37,735 TOTAL PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS
(Identified Cost $37,303,573) ........................................................ 38,939,726
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS May 31, 1997 (unaudited) continued
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
SHORT-TERM PENNSYLVANIA TAX-EXEMPT MUNICIPAL OBLIGATIONS (9.4%)
$ 2,000 Delaware County Industrial Development Authority, United Parcel
Service of America Inc Ser 1985 (Demand 06/02/97) .............. 3.60*% 12/01/15 $2,000,000
2,100 Philadelphia Hospitals & Higher Education Facilities Authority,
the Children's Hospital of Philadelphia 1996 Ser A (Demand
06/02/97) ..................................................... 3.45* 03/01/27 2,100,000
- ----------- -------------
4,100 TOTAL SHORT-TERM PENNSYLVANIA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- -----------
(Identified Cost $4,100,000) ......................................................... 4,100,000
-------------
$41,835 TOTAL INVESTMENTS
===========
(Identified Cost $41,403,573)(a) ......................................... 98.1% 43,039,726
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 1.9 853,960
----- -------------
NET ASSETS ............................................................... 100.0% $43,893,686
===== =============
</TABLE>
- --------------
AMT Alternative Minimum Tax.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$1,641,820 and the aggregate gross unrealized depreciation is
$5,667, resulting in net unrealized appreciation of $1,636,153.
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
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
May 31, 1997 (unaudited)
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value* ............... $41,764,747 $102,770,460 $65,286,369 $14,151,070
Cash ............................................... 151,162 258,070 196,842 124,232
Receivable for:
Interest .......................................... 892,147 1,534,610 831,100 278,096
Investments sold .................................. -- -- -- --
Shares of beneficial interest sold ................ 41,985 -- 34,343 857
Prepaid expenses ................................... 9,161 3,311 5,523 4,470
----------- ------------ ----------- -----------
TOTAL ASSETS ...................................... 42,859,202 104,566,451 66,354,177 14,558,725
----------- ------------ ----------- -----------
LIABILITIES:
Payable for:
Shares of beneficial interest repurchased ........ 25,000 8,249 -- 18,000
Dividends to shareholders ......................... 11,900 29,142 18,337 3,800
Plan of distribution fee .......................... 5,471 13,283 8,467 1,848
Investment management fee ......................... 12,765 30,994 19,757 4,311
Accrued expenses ................................... 18,100 27,104 20,024 11,091
----------- ------------ ----------- -----------
TOTAL LIABILITIES ................................. 73,236 108,772 66,585 39,050
----------- ------------ ----------- -----------
NET ASSETS:
Paid-in-capital .................................... 41,249,773 101,058,869 63,526,164 14,035,711
Accumulated undistributed net investment income ... 5,939 14,570 9,162 1,899
Accumulated undistributed net realized gain (loss) (116,533) (798,500) (203,410) (30,059)
Net unrealized appreciation ........................ 1,646,787 4,182,740 2,955,676 512,124
----------- ------------ ----------- -----------
NET ASSETS ........................................ $42,785,966 $104,457,679 $66,287,592 $14,519,675
=========== ============ =========== ===========
*IDENTIFIED COST .................................. $40,117,960 $ 98,587,720 $62,330,693 $13,638,946
=========== ============ =========== ===========
SHARES OF BENEFICIAL INTEREST OUTSTANDING ........ 4,096,131 9,798,721 6,185,418 1,342,816
=========== ============ =========== ===========
NET ASSET VALUE PER SHARE
(unlimited authorized shares of $.01 par value) .. $10.45 $10.66 $10.72 $10.81
====== ====== ====== ======
MAXIMUM OFFERING PRICE PER SHARE
(net asset value plus 4.17% of net asset value)** $10.89 $11.10 $11.17 $11.26
====== ====== ====== ======
</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 MICHIGAN OHIO PENNSYLVANIA
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$19,206,283 $8,744,380 $41,286,061 $12,429,467 $19,206,283 $19,711,591 $43,039,726
195,662 90,145 120,183 103,730 195,662 196,867 290,674
227,600 147,425 693,312 190,676 227,600 303,979 594,930
-- 5,155 1,016,958 -- -- -- --
11,320 -- 35,685 1,049 11,320 13,282 9,597
2,260 4,038 4,338 4,542 2,260 2,420 5,676
----------- ---------- ----------- ----------- ----------- ----------- -----------
19,643,125 8,991,143 43,156,537 12,729,464 19,643,125 20,228,139 43,940,603
----------- ---------- ----------- ----------- ----------- ----------- -----------
23 596 1,044 1,000 23 -- --
5,272 2,267 11,891 3,380 5,272 5,315 12,135
2,510 1,151 5,470 1,618 2,510 2,568 5,564
5,856 2,686 12,764 3,776 5,856 5,993 12,982
12,635 10,848 18,127 11,776 12,635 11,426 16,236
----------- ---------- ----------- ----------- ----------- ----------- -----------
26,296 17,548 49,296 21,550 26,296 25,302 46,917
----------- ---------- ----------- ----------- ----------- ----------- -----------
18,882,584 8,734,978 41,890,503 12,185,661 18,882,584 19,718,210 42,223,237
2,635 1,133 6,142 1,687 2,635 2,656 6,049
(14,208) (87,722) (142,227) (26,201) (14,208) (228,475) 28,247
745,818 325,206 1,352,823 546,767 745,818 710,446 1,636,153
----------- ---------- ----------- ----------- ----------- ----------- -----------
$19,616,829 $8,973,595 $43,107,241 $12,707,914 $19,616,829 $20,202,837 $43,893,686
=========== ========== =========== =========== =========== =========== ===========
$18,460,465 $8,419,174 $39,933,238 $11,882,700 $18,460,465 $19,001,145 $41,403,573
=========== ========== =========== =========== =========== =========== ===========
1,835,990 853,951 4,059,091 1,179,947 1,835,990 1,891,606 4,092,831
=========== ========== =========== =========== =========== =========== ===========
$10.68 $10.51 $10.62 $10.77 $10.68 $10.68 $10.72
====== ====== ====== ====== ====== ====== ======
$11.13 $10.95 $11.06 $11.22 $11.13 $11.13 $11.17
====== ====== ====== ====== ====== ====== ======
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF OPERATIONS
For the six months ended May 31, 1997 (unaudited)
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET INVESTMENT INCOME:
INTEREST INCOME ........................ $1,277,184 $ 3,103,283 $1,936,969 $ 433,180
---------- ----------- ---------- ---------
EXPENSES
Investment management fees ............. 77,743 189,262 119,114 26,592
Plan of distribution fees .............. 31,052 79,526 48,641 10,538
Professional fees ...................... 14,158 13,623 13,516 12,557
Transfer agent fees and expenses ...... 7,913 14,996 12,289 2,971
Shareholder reports and notices ....... 4,452 11,605 6,832 1,210
Trustees' fees and expenses ............ 1,081 2,288 1,574 541
Registration fees ...................... 2,656 1,678 2,216 2,948
Custodian fees ......................... 1,323 2,772 1,867 664
Other .................................. 3,852 5,477 4,557 2,820
---------- ----------- ---------- ---------
TOTAL EXPENSES ....................... 144,230 321,227 210,606 60,841
LESS: AMOUNTS WAIVED/REIMBURSED ..... -- -- -- (3,031)
LESS: EXPENSE OFFSET ................ (1,320) (2,767) (1,854) (664)
---------- ----------- ---------- ---------
NET EXPENSES ......................... 142,910 318,460 208,752 57,146
---------- ----------- ---------- ---------
NET INVESTMENT INCOME ................ 1,134,274 2,784,823 1,728,217 376,034
---------- ----------- ---------- ---------
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss) ............... (109,867) (285,715) (115,118) (23,384)
Net change in unrealized appreciation . (519,448) (1,264,055) (856,302) (144,442)
---------- ----------- ---------- ---------
NET LOSS ............................. (629,315) (1,549,770) (971,420) (167,826)
---------- ----------- ---------- ---------
NET INCREASE ........................... $ 504,959 $ 1,235,053 $ 756,797 $ 208,208
========== =========== ========== =========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK MICHIGAN OHIO PENNSYLVANIA
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 575,157 $262,909 $1,263,049 $ 376,192 $ 575,157 $ 584,666 $1,290,458
--------- -------- ---------- --------- --------- --------- ----------
35,232 16,348 76,066 23,050 35,232 36,177 78,592
14,456 6,725 29,663 9,643 14,456 13,583 31,730
13,632 14,141 13,625 12,815 13,632 13,823 13,654
5,331 2,168 10,759 2,457 5,331 4,263 9,527
1,211 605 4,496 1,170 1,211 1,827 3,296
527 141 1,005 256 527 479 1,243
617 814 1,453 2,481 617 1,152 418
817 390 1,286 653 817 767 1,352
1,797 2,434 4,604 2,436 1,797 3,539 3,732
--------- -------- ---------- --------- --------- --------- ----------
73,620 43,766 142,957 54,961 73,620 75,610 143,544
(3,955) (2,651) -- (3,265) (3,955) (2,904) --
(817) (390) (1,283) (646) (817) (767) (1,349)
--------- -------- ---------- --------- --------- --------- ----------
68,848 40,725 141,674 51,050 68,848 71,939 142,195
--------- -------- ---------- --------- --------- --------- ----------
506,309 222,184 1,121,375 325,142 506,309 512,727 1,148,263
--------- -------- ---------- --------- --------- --------- ----------
(5,824) (8,860) 13,689 (2,111) (5,824) (73,369) (70,375)
(181,479) (76,952) (340,273) (167,116) (181,479) (117,915) (494,249)
--------- -------- ---------- --------- --------- --------- ----------
(187,303) (85,812) (326,584) (169,227) (187,303) (191,284) (564,624)
--------- -------- ---------- --------- --------- --------- ----------
$ 319,006 $136,372 $ 794,791 $ 155,915 $ 319,006 $ 321,443 $ 583,639
========= ======== ========== ========= ========= ========= ==========
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA
-------------------------------- --------------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
MAY 31, 1997 NOVEMBER 30, 1996 MAY 31, 1997 NOVEMBER 30, 1996
- ---------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income ........................ $ 1,134,274 $ 2,428,863 $ 2,784,823 $ 6,053,758
Net realized gain (loss) ..................... (109,867) 234,117 (285,715) (188,814)
Net change in unrealized appreciation ....... (519,448) (594,791) (1,264,055) 1,413,134
----------- ----------- ------------ ------------
NET INCREASE ............................... 504,959 2,068,189 1,235,053 7,278,078
----------- ----------- ------------ ------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income ........................ (1,134,642) (2,422,556) (2,786,206) (6,037,805)
Net realized gain ............................ -- -- -- --
----------- ----------- ------------ ------------
TOTAL ...................................... (1,134,642) (2,422,556) (2,786,206) (6,037,805)
----------- ----------- ------------ ------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales ...................... 999,120 4,009,521 3,834,565 10,738,339
Reinvestment of dividends and distributions . 571,419 1,192,120 1,315,381 2,920,191
Cost of shares repurchased ................... (4,403,107) (8,889,549) (13,000,168) (18,809,193)
----------- ----------- ------------ ------------
NET DECREASE ............................... (2,832,568) (3,687,908) (7,850,222) (5,150,663)
----------- ----------- ------------ ------------
TOTAL DECREASE ............................. (3,462,251) (4,042,275) (9,401,375) (3,910,390)
NET ASSETS:
Beginning of period .......................... 46,248,217 50,290,492 113,859,054 117,769,444
----------- ----------- ------------ ------------
END OF PERIOD .............................. $42,785,966 $46,248,217 $104,457,679 $113,859,054
=========== =========== ============ ============
UNDISTRIBUTED NET INVESTMENT INCOME ......... $ 5,939 $ 6,307 $ 14,570 $ 15,953
=========== =========== ============ ============
SHARES ISSUED AND REPURCHASED:
Sold ......................................... 95,731 382,246 359,633 1,015,703
Reinvestment of dividends and distributions . 54,850 114,076 123,684 276,280
Repurchased .................................. (422,728) (850,272) (1,220,568) (1,789,292)
----------- ----------- ------------ ------------
NET DECREASE ............................... (272,147) (353,950) (737,251) (497,309)
=========== =========== ============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
FLORIDA MASSACHUSETTS MICHIGAN
- -------------------------------- -------------------------------- --------------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
MAY 31, 1997 NOVEMBER 30, 1996 MAY 31, 1997 NOVEMBER 30, 1996 MAY 31, 1997 NOVEMBER 30, 1996
- -------------- ----------------- -------------- ----------------- -------------- -----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
$ 1,728,217 $ 3,657,627 $ 376,034 $ 846,815 $ 506,309 $ 1,095,779
(115,118) (10,934) (23,384) (6,674) (5,824) 4,837
(856,302) (216,205) (144,442) (59,232) (181,479) (91,304)
----------- ------------ ----------- ----------- ----------- -----------
756,797 3,430,488 208,208 780,909 319,006 1,009,312
----------- ------------ ----------- ----------- ----------- -----------
(1,728,778) (3,647,904) (376,346) (844,604) (505,482) (1,093,971)
-- -- -- (35,280) -- --
----------- ------------ ----------- ----------- ----------- -----------
(1,728,778) (3,647,904) (376,346) (879,884) (505,482) (1,093,971)
----------- ------------ ----------- ----------- ----------- -----------
5,788,571 9,196,793 457,467 1,641,760 636,445 2,833,619
610,057 1,309,984 219,060 488,781 279,869 628,246
(9,680,801) (13,805,676) (2,009,674) (2,965,069) (1,976,120) (4,186,713)
----------- ------------ ----------- ----------- ----------- -----------
(3,282,173) (3,298,899) (1,333,147) (834,528) (1,059,806) (724,848)
----------- ------------ ----------- ----------- ----------- -----------
(4,254,154) (3,516,315) (1,501,285) (933,503) (1,246,282) (809,507)
70,541,746 74,058,061 16,020,960 16,954,463 20,863,111 21,672,618
----------- ------------ ----------- ----------- ----------- -----------
$66,287,592 $ 70,541,746 $14,519,675 $16,020,960 $19,616,829 $20,863,111
=========== ============ =========== =========== =========== ===========
$ 9,162 $ 9,723 $ 1,899 $ 2,211 $ 2,635 $ 1,808
=========== ============ =========== =========== =========== ===========
541,143 858,505 42,519 152,246 59,749 267,388
57,160 122,498 20,380 45,436 26,305 59,047
(905,488) (1,292,611) (187,283) (275,364) (185,845) (394,837)
----------- ------------ ----------- ----------- ----------- -----------
(307,185) (311,608) (124,384) (77,682) (99,791) (68,402)
=========== ============ =========== =========== =========== ===========
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF CHANGES IN NET ASSETS, continued
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY
-------------------------------- --------------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED
MAY 31, 1997 NOVEMBER 30, 1996 MAY 31, 1997 NOVEMBER 30, 1996
- ---------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income......................... $ 222,184 $ 547,067 $ 1,121,375 $ 2,395,464
Net realized gain (loss) ..................... (8,860) (23,006) 13,689 220,181
Net change in unrealized appreciation ....... (76,952) (14,644) (340,273) (459,218)
----------- ----------- ----------- -----------
NET INCREASE ............................... 136,372 509,417 794,791 2,156,427
----------- ----------- ----------- -----------
Dividends from net investment income ........ (222,398) (545,720) (1,121,526) (2,389,171)
----------- ----------- ----------- -----------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales ...................... 54,034 559,751 2,002,741 4,426,421
Reinvestment of dividends .................... 125,297 329,304 631,739 1,341,520
Cost of shares repurchased ................... (1,042,599) (2,159,547) (4,029,777) (8,594,526)
----------- ----------- ----------- -----------
NET DECREASE ............................... (863,268) (1,270,492) (1,395,297) (2,826,585)
----------- ----------- ----------- -----------
TOTAL DECREASE ............................. (949,294) (1,306,795) (1,722,032) (3,059,329)
NET ASSETS:
Beginning of period .......................... 9,922,889 11,229,684 44,829,273 47,888,602
----------- ----------- ----------- -----------
END OF PERIOD .............................. $ 8,973,595 $ 9,922,889 $43,107,241 $44,829,273
=========== =========== =========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME ......... $ 1,133 $ 1,347 $ 6,142 $ 6,293
=========== =========== =========== ===========
SHARES ISSUED AND REPURCHASED:
Sold ......................................... 5,137 53,608 189,607 419,871
Reinvestment of dividends .................... 11,957 31,517 59,843 127,384
Repurchased .................................. (99,284) (207,315) (381,640) (818,142)
----------- ----------- ----------- -----------
NET DECREASE ............................... (82,190) (122,190) (132,190) (270,887)
=========== =========== =========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
NEW YORK OHIO PENNSYLVANIA
- -------------------------------- -------------------------------- --------------------------------
FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED MONTHS ENDED ENDED MONTHS ENDED ENDED
MAY 31, 1997 NOVEMBER 30, 1996 MAY 31, 1997 NOVEMBER 30, 1996 MAY 31, 1997 NOVEMBER 30, 1996
- -------------- ----------------- -------------- ----------------- -------------- -----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
$ 325,142 $ 734,594 $ 512,727 $ 1,150,244 $ 1,148,263 $ 2,563,671
(2,111) (17,737) (73,369) 14,562 (70,375) 123,735
(167,116) 34,135 (117,915) (137,210) (494,249) (236,754)
----------- ----------- ----------- ----------- ----------- ------------
155,915 750,992 321,443 1,027,596 583,639 2,450,652
----------- ----------- ----------- ----------- ----------- ------------
(325,390) (732,659) (512,896) (1,147,419) (1,148,713) (2,557,172)
----------- ----------- ----------- ----------- ----------- ------------
291,250 1,812,721 1,252,672 2,846,349 1,568,949 3,426,864
168,655 377,028 302,684 684,898 606,940 1,356,713
(1,602,607) (2,576,180) (2,368,533) (5,307,661) (4,772,503) (11,556,735)
----------- ----------- ----------- ----------- ----------- ------------
(1,142,702) (386,431) (813,177) (1,776,414) (2,596,614) (6,773,158)
----------- ----------- ----------- ----------- ----------- ------------
(1,312,177) (368,098) (1,004,630) (1,896,237) (3,161,688) (6,879,678)
14,020,091 14,388,189 21,207,467 23,103,704 47,055,374 53,935,052
----------- ----------- ----------- ----------- ----------- ------------
$12,707,914 $14,020,091 $20,202,837 $21,207,467 $43,893,686 $ 47,055,374
=========== =========== =========== =========== =========== ============
$ 1,687 $ 1,935 $ 2,656 $ 2,825 $ 6,049 $ 6,499
=========== =========== =========== =========== =========== ============
27,169 169,476 117,482 267,942 146,598 321,119
15,734 35,233 28,470 64,506 56,846 127,040
(149,624) (241,090) (222,793) (502,913) (446,540) (1,081,877)
----------- ----------- ----------- ----------- ----------- ------------
(106,721) (36,381) (76,841) (170,465) (243,096) (633,718)
=========== =========== =========== =========== =========== ============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1997 (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 investment
objective of each Series is to provide a high level of current income exempt
from both Federal and the designated state income taxes consistent with
preservation of capital.
The Fund, organized on October 29, 1990, as a Massachusetts business trust,
is comprised of ten separate Series (the "Series"): the Arizona Series, the
California Series, the Florida Series, the Massachusetts Series, the Michigan
Series, the Minnesota Series, the New Jersey Series, the New York Series, the
Ohio Series and the Pennsylvania Series. 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 preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures. Actual results could differ
from those estimates.
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.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1997 (unaudited) continued
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.
E. EXPENSES -- Direct expenses are charged to the respective Series and
general Fund 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, Dean Witter InterCapital Inc. (the "Investment Manager")
maintains certain of the Fund's books and records and furnishes office space
and facilities, equipment, clerical, bookkeeping and certain legal services,
and pays the salaries of all personnel, including officers of the Fund who
are employees of the Investment Manager. The Investment Manager also bears
the cost of telephone services, heat, light, power and other utilities
provided to the Fund.
The Investment Manager had undertaken to waive management fees and assume all
expenses that exceeded 0.50% of the daily net assets with respect to the
Massachusetts, Michigan, Minnesota, New York and Ohio Series through December
31, 1996.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1997 (unaudited) continued
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 expenses of certain activities and services provided by
Dean Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, and others who engage in or support distribution of the Fund's
shares or who service shareholder accounts, including overhead and telephone
expenses incurred in connection with the distribution of the Fund's shares,
are reimbursed.
Reimbursements for these expenses will be made in monthly payments by the
Fund to the Distributor, which will 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, 1997,
the distribution fees were accrued at the following annual rates:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------- ---------- ------- ------------- --------
<S> <C> <C> <C> <C> <C>
Annual Rate ..... 0.14% 0.15% 0.14% 0.14% 0.14%
==== ==== ==== ==== ====
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
--------- ---------- -------- ---- ------------
<S> <C> <C> <C> <C> <C>
0.14% 0.14% 0.15% 0.13% 0.14%
==== ==== ==== ==== ====
</TABLE>
For the six months ended May 31, 1997, 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 .. $32,441 $108,826 $156,694 $15,532 $25,009
======= ======== ======== ======= =======
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
--------- ---------- -------- ---- ------------
<S> <C> <C> <C> <C> <C>
$1,769 $65,163 $6,159 $38,336 $50,960
====== ======= ====== ======= =======
</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.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1997 (unaudited) continued
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, 1997 were
as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------- ---------- ------- ------------- --------
<S> <C> <C> <C> <C> <C>
Purchases .. $ -- $6,081,280 $ -- $ -- $ --
========== =========== ========== ========== ==========
Sales ...... $3,320,110 $18,955,852 $4,455,945 $1,234,198 $ 873,463
========== =========== ========== ========== ==========
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
--------- ---------- -------- ---- ------------
<S> <C> <C> <C> <C> <C>
Purchases .. $ -- $ -- $ -- $977,570 $ --
========= ========== ========== ========== ==========
Sales ...... $ 497,607 $3,999,175 $1,829,050 $1,944,515 $2,879,070
========= ========== ========== ========== ==========
</TABLE>
The Fund has an unfunded noncontributory defined benefit pension plan
covering all independent 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, 1997 included in Trustees' fees and expenses in the
Statement of Operations and the accrued pension liability included in accrued
expenses in the Statement of Assets and Liabilities for each of the
respective Series were as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------- ---------- ------- ------------- --------
<S> <C> <C> <C> <C> <C>
Aggregate Pension Costs ...... $ 313 $ 766 $ 478 $ 69 $ 125
====== ====== ====== ====== ======
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
--------- ---------- -------- ---- ------------
<S> <C> <C> <C> <C> <C>
$ 61 $ 308 $ 81 $ 148 $ 313
====== ====== ====== ====== ======
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------- ---------- ------- ------------- --------
<S> <C> <C> <C> <C> <C>
Accrued Pension Liability .... $3,417 $8,363 $5,157 $1,167 $1,495
====== ====== ====== ====== ======
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
--------- ---------- -------- ---- ------------
<S> <C> <C> <C> <C> <C>
$ 773 $3,299 $1,012 $1,649 $3,618
====== ====== ====== ====== ======
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS May 31, 1997 (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,
1997, each of the Series had transfer agent fees and expenses payable as
follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------- ---------- ------- ------------- --------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees and Expenses Payable .... $1,551 $2,271 $2,586 $ 500 $ 983
====== ====== ====== ====== ======
<CAPTION>
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
--------- ---------- -------- ---- ------------
<S> <C> <C> <C> <C> <C>
$ 245 $1,850 $ 516 $1,325 $1,913
====== ====== ====== ====== ======
</TABLE>
5. FEDERAL INCOME TAX STATUS
At November 30, 1996, the following Series had an approximate net capital
loss carryover to offset future capital gains to the extent provided by
regulations:
<TABLE>
<CAPTION>
AVAILABLE THROUGH NOVEMBER 30, 2002 2003 2004 TOTAL
- ------------------------------ ---- ---- ---- -----
<S> <C> <C> <C> <C>
Arizona ...................... $ 6,700 -- -- $ 6,700
California ................... 76,900 $247,100 $52,900 376,900
Florida ...................... 35,000 -- -- 35,000
Massachusetts ................ -- -- 6,700 6,700
Michigan ..................... 8,400 -- -- 8,400
Minnesota .................... 32,000 24,300 20,300 76,600
New Jersey ................... -- 155,900 -- 155,900
New York ..................... 6,300 -- 17,700 24,000
Ohio ......................... 158,100 -- -- 158,100
</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 California, Florida and Minnesota Series incurred and will
elect to defer net capital losses during fiscal 1996 of $135,900, $53,300 and
$2,700, respectively.
<PAGE>
(This page has been left blank intentionally.)
<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 NET TOTAL
YEAR VALUE NET REALIZED TOTAL FROM DISTRIBUTIONS DIVIDENDS
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO TO AND
NOVEMBER 30 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ARIZONA SERIES
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 0.54 (0.06) 0.48 (0.54) -- (0.54)
1997* 10.59 0.27 (0.14) 0.13 (0.27) -- (0.27)
CALIFORNIA SERIES
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 0.56 0.14 0.70 (0.56) -- (0.56)
1997* 10.81 0.27 (0.15) 0.12 (0.27) -- (0.27)
FLORIDA SERIES
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 0.55 (0.02) 0.53 (0.55) -- (0.55)
1997* 10.86 0.27 (0.14) 0.13 (0.27) -- (0.27)
MASSACHUSETTS SERIES
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 0.57 (0.03) 0.54 (0.57) (0.02) (0.59)
1997* 10.92 0.26 (0.11) 0.15 (0.26) -- (0.26)
MICHIGAN SERIES
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 0.56 (0.03) 0.53 (0.56) -- (0.56)
1997* 10.78 0.27 (0.10) 0.17 (0.27) -- (0.27)
</TABLE>
- --------------
* For the six months ended May 31, 1997.
+ Does not reflect the deduction of sales load. Calculated based on the
net asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
(3) Does not reflect the effect of expense offsets of 0.01%.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET RATIOS TO AVERAGE NET
ASSETS ASSETS
(AFTER EXPENSES WERE (BEFORE EXPENSES WERE
ASSUMED) ASSUMED)
-------------------------- -----------------------
NET 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>
$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
10.59 4.63 46,248 0.65 (3) 5.12 0.65 5.12 9
10.45 1.14 (1) 42,786 0.65 (2)(3) 5.11 (2) 0.65 (2) 5.11 (2) --
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
10.81 6.76 113,859 0.59 5.28 0.59 5.28 19
10.66 1.19 (1) 104,458 0.59 (2) 5.15 (2) 0.59 (2) 5.15 (2) 6 (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
10.86 5.03 70,542 0.62 (3) 5.13 0.62 5.13 25
10.72 1.26 (1) 66,288 0.62 (2)(3) 5.08 (2) 0.62 (2) 5.08 (2) --
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
10.92 5.07 16,021 0.50 (3) 5.23 0.82 4.91 11
10.81 1.48 (1) 14,520 0.75 (2)(3) 4.95 (2) 0.80 (2) 4.90 (2) --
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 5.22 22
10.78 5.09 20,863 0.50 (3) 5.27 0.76 5.01 5
10.68 1.60 (1) 19,617 0.69 (2)(3) 5.03 (2) 0.73 (2) 4.99 (2) --
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS, continued
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET NET TOTAL
YEAR VALUE NET REALIZED TOTAL FROM DISTRIBUTIONS DIVIDENDS
ENDED BEGINNING INVESTMENT AND UNREALIZED INVESTMENT DIVIDENDS TO TO AND
NOVEMBER 30 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- ------------- ----------- ------------ -------------- ------------ -------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
MINNESOTA SERIES
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 0.54 (0.01) 0.53 (0.54) -- (0.54)
1997* 10.60 0.25 (0.09) 0.16 (0.25) -- (0.25)
NEW JERSEY SERIES
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 0.55 (0.03) 0.52 (0.55) -- (0.55)
1997* 10.70 0.27 (0.08) 0.19 (0.27) -- (0.27)
NEW YORK SERIES
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 0.56 0.02 0.58 (0.56) -- (0.56)
1997* 10.90 0.26 (0.13) 0.13 (0.26) -- (0.26)
OHIO SERIES
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 0.55 (0.03) 0.52 (0.55) -- (0.55)
1997* 10.77 0.26 (0.09) 0.17 (0.26) -- (0.26)
PENNSYLVANIA SERIES
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 0.55 -- 0.55 (0.55) -- (0.55)
1997* 10.85 0.27 (0.13) 0.14 (0.27) -- (0.27)
</TABLE>
- --------------
* For the six months ended May 31, 1997.
+ Does not reflect the deduction of sales load. Calculated based on the
net asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
(3) Does not reflect the effect of expense offsets of 0.01%.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET RATIOS TO AVERAGE NET
ASSETS ASSETS
(AFTER EXPENSES WERE (BEFORE EXPENSES WERE
ASSUMED) ASSUMED)
-------------------------- -----------------------
NET 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>
$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 (3) 5.35 0.98 4.88 3
10.60 5.21 9,923 0.50 (3) 5.21 0.96 4.75 5
10.51 1.55 (1) 8,974 0.88 (2)(3) 4.76 (2) 0.94 (2) 4.70 (2) --
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 (3) 5.42 0.67 5.42 14
10.70 4.93 44,829 0.66 (3) 5.23 0.66 5.23 5
10.62 1.95 (1) 43,107 0.66 (2)(3) 5.16 (2) 0.66 (2) 5.16 (2) --
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 (3) 5.43 0.85 5.09 24
10.90 5.46 14,020 0.50 (3) 5.25 0.84 4.91 22
10.77 1.38 (1) 12,708 0.79 (2)(3) 4.94 (2) 0.84 (2) 4.89 (2) --
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 (3) 5.42 0.77 5.16 19
10.77 5.04 21,207 0.50 (3) 5.23 0.75 4.98 32
10.68 1.66 (1) 20,203 0.70 (2) 4.96 (2) 0.73 (2) 4.93 (2) 5 (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 (3) 5.29 0.66 5.29 8
10.85 5.27 47,055 0.65 (3) 5.17 0.65 5.17 --
10.72 1.37 (1) 43,894 0.64 (2)(3) 5.11 (2) 0.64 (2) 5.11 (2) --
</TABLE>
<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
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Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
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, 1997
