<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
- -----------------------------------------------------------------------------
We are pleased to present the annual report on the operations of Dean
Witter Multi-State Series Trust for the November 30, 1996 fiscal year.
Stronger economic growth and the potential threat of rising inflation
shifted the tone of the fixed-income markets from bullish to bearish early in
1996. This change in market psychology was confirmed in March by a
surprisingly large increase in payroll employment. The rise in interest rates
between February and July may be attributed to market weakness on the days
that strong monthly employment figures were reported. The bond market
sporadically pushed long-term yields higher, in anticipation of a possible
increase in the federal-funds rate by the Federal Reserve Board. However, as
employment growth and overall economic activity slowed during the summer, the
central bank left monetary policy unchanged. As a result, the fixed-income
markets regained an optimistic outlook and rallied from September through
November to lower yields last seen at the beginning of the year.
MUNICIPAL MARKET CONDITIONS
Between February and July 1996, 30-year insured revenue bond yields rose
75 basis points from 5.40 percent to reach 6.15 percent in April and again in
mid-June. Subsequently, demand for municipal bonds improved and followed the
trend of Treasuries to lower rates. By the end of November, insured bond
yields stood at 5.50 percent. In November, the yield curve pickup for
extending maturities from 1 to 30 years was 190 basis points.
The ratio of insured revenue bond yields to 30-year U.S. Treasury yields
moved from 92 percent to 86 percent for the calendar year to date. A
declining ratio means that municipal bond prices outperformed U.S. Treasury
prices. The relative improvement in municipals occurred as flat-tax proposals
failed to gain public support.
The municipal market also benefited from steady demand. In addition to
regular maturities and calls for redemption this year, it has been estimated
that investors also faced the retirement of over $60 billion in debt that had
been previously refinanced. On the supply side, new issues increased 13
percent to $160 billion for the first 11 months of 1996.
PORTFOLIO STRUCTURE
Over the course of the fiscal year ended November 30, 1996, the average
cash and short-term investment position of Dean Witter Multi-State Municipal
Series Trust was increased to 7 percent of net assets. 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 17
to 20 years. Call protection was 6.5 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.
<PAGE>
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, performance and tax-free
and taxable equivalent yields.
LOOKING AHEAD
The balance between the supply of new issues and demand created by
maturities is expected to remain positive for the municipal market. Long-term
insured municipal securities currently yield 86 percent of the yield on U.S.
Treasury securities and may be expected to move in tandem with the Treasury
market. Although municipal performance relative to Treasuries has improved,
tax-exempt investments could again be affected by market uncertainty if new
tax-reduction proposals resurface.
We appreciate your ongoing support of Dean Witter Multi-State 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>
(This page has been left blank intentionally.)
<PAGE>
ARIZONA
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IGT: "ARIZ"
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CALIFORNIA
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FLORIDA
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NEW JERSEY
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IGT: "NJ"
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NEW YORK
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IGT: "NY"
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MASSACHUSETTS
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IGT: "MASS"
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MICHIGAN
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IGT: "MICH"
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MINNESOTA
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IGT: "MINN"
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OHIO
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PENNSYLVANIA
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<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY November 30, 1996
- -----------------------------------------------------------------------------
Arizona California Florida Massachusetts
Series Series Series Series
------------ -------------- ------------ -----------------
<S> <C> <C> <C> <C>
Credit Ratings (1):
Aaa or AAA ..................... 44% 42% 69% 42%
Aa or AA ....................... 35 24 14 9
A or A ......................... 17 24 7 35
Baa or BBB ..................... 4 10 5 14
Ba or BB ....................... -- -- -- --
Non-Rated (2) .................. -- -- 5 --
Average Weighted (3):
Maturity ....................... 17 Years 17 Years 19 Years 17 Years
Call Protection ................ 6 Years 7 Years 6 Years 7 Years
Per Share Net Asset Value:
November 30, 1995 .............. $10.65 $10.67 $10.88 $10.97
November 30, 1996 .............. $10.59 $10.81 $10.86 $10.92
Distributions (4) ............... $0.54 $0.56 $0.55 $0.59
Total Return
Year Ended 11/30/96 (5) ........ 4.63% 6.76% 5.03% 5.07%
Tax-Free Yield (6) .............. 4.35% 4.70% 4.56% 4.75%
Taxable Equivalent Yield (7) ... 7.63% 8.74% 7.55% 8.94%
</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 and capital gains distributions, if any,
paid by each Series for the year ended November 30, 1996.
(5) Total return figures represent the change in each Series' total value
for each period measured, taking into account the change in NAV plus
reinvested dividends.
(6) Yields were calculated for the 30-day period ended November 30, 1996,
following the SEC yield formula (based on adjusted net asset value).
(7) Assumes the top federal income tax rate and the top effective state
income tax rate, if any, and includes the effect of fully deducting
state taxes and the phasing out of the benefit of personal exemptions
claimed.
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Michigan Minnesota New Jersey New York Ohio Pennsylvania
Series Series Series Series Series Series
- -------------- -------------- -------------- ------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
62% 26% 45% 43% 62% 56%
31 38 21 13 19 24
7 22 12 30 14 15
-- 14 17 14 5 4
-- -- 2 -- -- --
-- -- 3 -- -- 1
18 Years 17 Years 19 Years 20 Years 18 Years 18 Years
6 Years 6 Years 6 Years 8 Years 6 Years 6 Years
$10.81 $10.61 $10.73 $10.88 $10.80 $10.85
$10.78 $10.60 $10.70 $10.90 $10.77 $10.85
$0.56 $0.54 $0.55 $0.56 $0.55 $0.55
5.09% 5.21% 4.93% 5.46% 5.04% 5.27%
4.84% 4.62% 4.77% 4.88% 4.90% 4.71%
8.38% 8.36% 8.44% 8.82% 8.72% 8.02%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
ARIZONA TAX-EXEMPT MUNICIPAL BONDS (92.1%)
GENERAL OBLIGATION (12.4%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC) ............................. 7.00 % 07/01/12 $ 221,792
1,000 Paradise Valley Unified School District #69, Ser B 1995 (MBIA) ......... 5.25 07/01/15 999,950
Phoenix,
1,000 Refg Ser 1993 A ........................................................ 5.25 07/01/12 1,002,690
1,550 Refg Ser 1992 .......................................................... 6.375 07/01/13 1,669,149
750 Tucson, Refg Ser 1995 (FGIC) ............................................ 5.50 07/01/12 763,822
1,000 Tucson Unified School District #1, 1989 Ser D 1992 (FGIC) .............. 6.10 07/01/11 1,061,190
- ----------- -------------
5,500 5,718,593
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (6.6%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A .......... 5.50 07/01/19 993,550
1,000 Arizona State University, Research Park Refg Ser 1995 (MBIA) ........... 5.00 07/01/21 955,020
1,000 University of Arizona, Telecommunications Ser 1991 COPs ................. 6.50 07/15/12 1,095,620
- ----------- -------------
3,000 3,044,190
- ----------- -------------
ELECTRIC REVENUE (2.3%)
1,000 Salt River Agricultural Improvement & Power District, Refg 1992 Ser D .. 6.25 01/01/27 1,052,460
- ----------- -------------
HOSPITAL REVENUE (8.4%)
700 Arizona Health Facilities Authority, Phoenix Memorial Hospital Refg
Ser 1991 ............................................................... 8.20 06/01/21 760,480
2,000 Maricopa County Industrial Development Authority, Catholic Healthcare
West 1992 Ser A (MBIA) ................................................. 5.75 07/01/11 2,050,500
1,100 Pima County Industrial Development Authority, Carondelet Health Care
Corp Ser 1993 (MBIA) .................................................... 5.25 07/01/13 1,095,127
- ----------- -------------
3,800 3,906,107
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (10.4%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge Corp
Refg 1994 .............................................................. 5.45 06/01/09 1,014,810
2,000 Mohave County Industrial Development Authority, Citizens Utilities Co
1993 Ser B (AMT) ....................................................... 5.80 11/15/28 2,028,500
1,700 Santa Cruz County Industrial Development Authority, Citizens Utilities
Co Ser 1991 (AMT) ...................................................... 7.15 02/01/23 1,794,010
- ----------- -------------
4,700 4,837,320
- ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (2.2%)
970 Pima County Industrial Development Authority, Rancho Mirage Ser 1992
- ----------- (AMT) (AGRC) ........................................................... 7.05 04/01/22 1,023,175
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- ---------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
PUBLIC FACILITIES REVENUE (3.9%)
Arizona,
$ 500 Refg Ser 1992 B COPs (AMBAC) ........................................... 6.25 % 09/01/10 $ 539,450
500 Ser 1991 COPs (FSA) .................................................... 6.25 09/01/11 532,710
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A . 7.90 07/01/07 754,278
- ----------- -------------
1,700 1,826,438
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (17.8%)
Phoenix,
2,000 Street & Highway User Refg Ser 1993 .................................... 5.125 07/01/11 1,974,440
1,000 Street & Highway User Ser 1992 ......................................... 6.25 07/01/11 1,113,560
2,000 Phoenix Civic Improvement Corporation, Airport Terminal Excise Tax
Ser 1989 (AMT) ......................................................... 7.80 07/01/11 2,081,920
Tucson,
1,000 Street & Highway User Sr Lien Refg Ser 1993 ............................ 5.50 07/01/09 1,021,910
1,000 Street & Highway User Sr Lien Refg Ser 1996 (MBIA) ..................... 6.00 07/01/10 1,085,350
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ............. 5.25 07/01/21 944,600
- ----------- -------------
8,000 8,221,780
- ----------- -------------
WATER & SEWER REVENUE (18.0%)
1,000 Arizona Wastewater Management Authority, Wastewater Ser 1992 A (AMBAC) . 5.95 07/01/12 1,047,630
Chandler,
750 Water & Sewer Refg Ser 1991 (FGIC) ..................................... 7.00 07/01/12 831,390
1,000 Water & Sewer Refg Ser 1992 (FGIC) ..................................... 6.25 07/01/13 1,072,880
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC) ........................ 6.50 07/01/22 1,103,920
Phoenix Civic Improvement Corporation,
1,000 Wastewater Refg Ser 1993 ............................................... 4.75 07/01/23 873,770
1,000 Wastewater Jr Lien Ser 1994 ............................................ 5.45 07/01/19 985,890
2,200 Tucson, Water Refg Ser 1991 ............................................. 6.50 07/01/16 2,368,784
- ----------- -------------
7,950 8,284,264
- ----------- -------------
OTHER REVENUE (1.5%)
700 Puerto Rico Industrial, Tourist, Educational, Medical & Environmental
- ----------- Control Facilities Financing Authority, Teachers Retirement 1996 Ser B.. 5.50 07/01/16 702,940
-------------
REFUNDED (8.6%)
Arizona Health Facilities Authority, Phoenix Baptist Hospital & Medical
1,150 Center Inc & Medical Environments Inc Ser 1992 (MBIA) (ETM) ........... 6.25 09/01/11 1,239,539
1,500 Arizona Transportation Board, Sub Highway Ser 1991 A .................... 6.50 07/01/01++ 1,656,525
1,000 Central Arizona Water Conservation District, Ser 1991 B ................. 6.50 05/01/01++ 1,103,840
- ----------- -------------
3,650 3,999,904
- ----------- -------------
40,970 TOTAL ARIZONA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $40,450,936) ......................... 42,617,171
- ----------- -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- ---------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATIONS (5.2%)
$ 300 Maricopa County, Arizona Public Service Co Palo Verde 1994 Ser C (Demand
12/02/96) .............................................................. 4.00*% 05/01/29 $ 300,000
2,100 Pinal County Industrial Development Authority, Newmont Mining Corp
Ser 1984 (Demand 12/02/96) ............................................. 4.00* 12/01/09 2,100,000
- ----------- -------------
2,400 TOTAL SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $2,400,000) .................................................................. 2,400,000
- ----------- -------------
$43,370 TOTAL INVESTMENTS (IDENTIFIED COST $42,850,936) (a) ............................... 97.3% 45,017,171
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .................................... 2.7 1,231,046
----- -------------
NET ASSETS ........................................................................ 100.0% $46,248,217
===== =============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$2,192,864 and the aggregate gross unrealized depreciation is
$26,629, resulting in net unrealized appreciation of $2,166,235.
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>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- --------------
<S> <C> <C> <C> <C>
CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS (95.2%)
GENERAL OBLIGATION (4.4%)
$ 2,000 California, Various Purpose 04/01/93 (FSA) ............................... 5.50 % 04/01/19 $ 1,962,020
3,000 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline
Refg Ser 1996 (FGIC) ..................................................... 5.80 09/01/22 3,066,450
- ----------- --------------
5,000 5,028,470
- ----------- --------------
EDUCATIONAL FACILITIES REVENUE (12.1%)
California Educational Facilities Authority,
3,000 Carnegie Institution of Washington 1993 Ser A ........................... 5.60 10/01/23 2,966,880
4,000 Claremont Colleges Ser 1992 ............................................. 6.375 05/01/22 4,198,320
2,000 Loyola Marymount University Refg Ser 1992 ............................... 6.00 10/01/14 2,028,260
2,500 University of Southern California Ser 1993 B ............................ 5.80 10/01/15 2,525,600
2,000 University of Southern California Refg Ser 1996 ......................... 4.35 10/01/19 2,016,260
- ----------- --------------
13,500 13,735,320
- ----------- --------------
ELECTRIC REVENUE (11.0%)
2,000 Kings River Conservation District, Pine Flat Power Ser D ................. 6.00 01/01/17 2,029,360
2,000 Los Angeles Department of Water & Power, Refg Issue of 1993 ............. 5.375 09/01/23 1,921,720
1,750 Northern California Power Agency, Geothermal #3 1993 Refg Ser A ......... 5.85 07/01/10 1,849,260
7,000 Southern California Public Power Authority, Mead - Phoenix (AMBAC) ....... 5.15 07/01/15 6,740,440
- ----------- --------------
12,750 12,540,780
- ----------- --------------
HOSPITAL REVENUE (11.1%)
1,000 Berkeley, Alta Bates Medical Center Refg Ser A ........................... 6.50 12/01/11 1,024,270
California Health Facilities Financing Authority, ........................
2,000 Catholic Health Corp Ser 1992 (MBIA) .................................... 6.00 07/01/13 2,076,320
3,000 Scripps Memorial Hospitals Ser 1992 A (MBIA) ............................ 6.375 10/01/22 3,254,550
2,000 California Statewide Communities Development Authority,
Cedar Sinai Medical Center Ser 1992 COPs ................................. 6.50 08/01/12 2,221,460
Duarte,
2,000 City of Hope National Medical Center Ser 1993 COPs ...................... 6.00 04/01/08 2,021,760
2,000 City of Hope National Medical Center Ser 1993 COPs ...................... 6.125 04/01/13 2,010,560
- ----------- --------------
12,000 12,608,920
- ----------- --------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (3.2%)
California Pollution Control Financing Authority,
1,000 Atlantic Richfield Co Ser 1996 A ........................................ 5.00 04/01/08 988,010
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT) .............................. 6.625 06/01/09 1,068,240
1,500 San Diego Gas and Electric Co 1996 Ser A ................................ 5.90 06/01/14 1,589,490
- ----------- --------------
3,500 3,645,740
- ----------- --------------
MORTGAGE REVENUE - MULTI-FAMILY (1.8%)
2,000 California Housing Finance Agency, Rental II 1992 Ser B .................. 6.70 08/01/15 2,082,360
- ----------- --------------
MORTGAGE REVENUE - SINGLE FAMILY (1.5%)
690 California Housing Finance Agency, Home 1991 Ser C (AMT) (MBIA) ......... 7.00 08/01/23 725,970
935 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C ................................................................... 6.85 10/15/23 979,618
- ----------- --------------
1,625 1,705,588
- ----------- --------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- -----------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- --------------
<S> <C> <C> <C> <C>
PUBLIC FACILITIES REVENUE (9.0%)
$ 2,000 Los Angeles County, 1991 Master Refg COPs ................................ 6.708% 05/01/15 $ 2,066,760
2,000 Nevada County, Western Nevada County Solid Waste Mgmt 1991 COPs ......... 7.50 06/01/21 2,066,260
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C ......... 6.375 09/01/13 2,099,720
2,700 Torrance, Refg 1991 COPs ................................................. 6.80 07/01/12 2,921,454
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser 1988 A .. 7.90 07/01/07 1,077,540
- ----------- --------------
9,700 10,231,734
- ----------- --------------
TAX ALLOCATION (4.4%)
1,000 Industry Urban-Development Agency, Transportation-Distribution-
Industrial Redev Proj #3 1992 Refg ....................................... 6.90 11/01/16 1,076,790
1,000 Riverside County Redevelopment Agency, Proj #4 1991 Ser A ................ 7.50 10/01/26 1,089,870
3,000 Rosemead Redevelopment Agency, Proj #1 Ser 1993 A ........................ 5.50 10/01/18 2,825,790
- ----------- --------------
5,000 4,992,450
- ----------- --------------
TRANSPORTATION FACILITIES REVENUE (9.7%)
2,000 California Maritime Infrastructure Authority, San Diego Unified Port
District-Lindbergh Field Ser 1995 (AMT) (AMBAC) .......................... 5.25 11/01/15 1,943,860
2,000 Los Angeles County Transportation Commission, Sales Tax Ser 1991-B ...... 6.50 07/01/13 2,129,660
2,000 San Diego County Regional Transportation Commission, Sales Tax
1994 Ser A (FGIC) ....................................................... 4.75 04/01/08 1,958,680
San Francisco Bay Area Rapid Transit District,
1,000 Sales Tax Ser 1991 (FGIC) ............................................... 6.60 07/01/12 1,098,070
1,850 Sales Tax Ser 1995 (FGIC) ............................................... 5.50 07/01/20 1,833,017
2,000 Santa Clara Transit District, Sales Tax 1991 Ser A ....................... 6.25 06/01/21 2,053,260
- ----------- --------------
10,850 11,016,547
- ----------- --------------
WATER & SEWER REVENUE (15.5%)
1,000 Alameda County Water District, 1992 COPs (MBIA) .......................... 6.20 06/01/13 1,052,790
1,000 California Department of Water Resources, Central Valley Ser J-2 ........ 6.00 12/01/20 1,019,650
2,000 Central Coast Water Authority, Refg Ser 1996 A (AMBAC) ................... 5.00 10/01/13 1,937,900
1,000 Contra Costa Water Authority, 1992 Ser E (AMBAC) ......................... 6.25 10/01/12 1,120,360
3,000 East Bay Municipal Utility District, Water Refg Ser 1992 ................. 6.00 06/01/20 3,089,370
1,000 Los Angeles, Wastewater 1991 Ser C ....................................... 7.10 06/01/18 1,078,100
2,100 Metropolitan Water District of Southern California, Water 1996 Ser C (WI) 5.25 07/01/15 2,072,910
4,000 San Diego County Water Authority, Ser 1991-B COPs (MBIA) ................. 6.30 04/08/21 4,257,800
2,000 San Francisco Public Utilities Commission, Water 1992 Refg Ser A ........ 6.00 11/01/15 2,063,100
- ----------- --------------
17,100 17,691,980
- ----------- --------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- -----------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- --------------
<S> <C> <C> <C> <C>
REFUNDED (11.5%)
$ 2,000 California Department of Water Resources, Central Valley Ser K .......... 6.00% 06/01/02++ $ 2,185,760
2,000 California Educational Facilities Authority, University of San Francisco
Ser 1992 ................................................................ 6.40 10/01/02++ 2,251,440
2,000 California Public Works Board, California State University 1992 Ser A ... 6.70 10/01/02++ 2,273,460
2,000 Central Coast Water Authority, Ser 1992 (AMBAC) .......................... 6.50 10/01/02++ 2,261,680
2,700 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline Ser 1992 ........ 6.60 09/01/02++ 3,062,529
1,000 San Diego County Regional Transportation Commission Sales Tax 1991 Ser A
(ETM) ................................................................... 6.00 04/01/08 1,063,570
- ----------- --------------
11,700 13,098,439
- ----------- --------------
104,725 TOTAL CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $102,931,533) ...................... 108,378,328
- ----------- --------------
SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS (4.9%)
California Pollution Control Financing Authority,
2,900 Southern California Edison Co Ser 1986 B (Demand 12/02/96) ............. 4.25* 02/28/08 2,900,000
2,700 Pacific Gas & Electric Co Ser 1996 F (Demand 12/02/96) .................. 4.00* 11/01/26 2,700,000
- ----------- --------------
5,600 TOTAL SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (IDENTIFIED COST $5,600,000) ................................................................... 5,600,000
--------------
$110,325 TOTAL INVESTMENTS (IDENTIFIED COST $108,531,533) (a) ............................... 100.1% 113,978,328
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ..................................... (0.1) (119,274)
----- --------------
NET ASSETS ......................................................................... 100.0% $113,859,054
===== ==============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to Maturity.
WI Security purchased on a when issued basis.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$5,906,335 and the aggregate gross unrealized depreciation is
$459,540, resulting in net unrealized appreciation of $5,446,795.
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>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
FLORIDA TAX-EXEMPT MUNICIPAL BONDS (92.4%)
GENERAL OBLIGATION (5.4%)
$ 1,750 Florida Board of Education, Cap Outlay Refg Ser 1992 A ................... 6.40 % 06/01/19 $ 1,875,615
2,000 Reedy Creek Improvement District, Ser 1995 C (AMBAC) ..................... 5.00 06/01/19 1,896,500
- ----------- -------------
3,750 3,772,115
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (2.2%)
1,500 Volusia County Educational Facilities Authority, Embry-Riddle
- ----------- Aeronautical University Ser 1996 A ....................................... 6.125 10/15/16 1,542,615
-------------
ELECTRIC REVENUE (8.9%)
2,500 Jacksonville Electric Authority, St Johns River Power Park Issue 2 Ser 7.. 5.50 10/01/14 2,505,450
Orlando Utilities Commission,
1,000 Refg Ser 1993 A ......................................................... 5.25 10/01/14 982,880
1,000 Ser 1993 ................................................................ 5.125 10/01/19 944,050
2,000 Puerto Rico Electric Power Authority, Power Ser O ........................ 5.00 07/01/12 1,868,320
- ----------- -------------
6,500 6,300,700
- ----------- -------------
HOSPITAL REVENUE (9.6%)
1,000 Alachua County Health Facilities Authority, Shands Teaching Hospital &
Clinics Ser 1996 A (MBIA) ............................................... 6.25 12/01/11 1,106,250
500 Cape Canaveral Hospital District, Cape Canaveral Hospital Ser 1991
COPs (AMBAC) ............................................................ 6.875 01/01/21 549,055
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie Lee) ....... 6.60 02/01/21 1,093,770
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC) ...................... 6.125 11/15/22 1,039,830
2,000 Orange County Health Facilities Authority, Adventist Health/Sunbelt
Ser 1995 (AMBAC) ........................................................ 5.25 11/15/20 1,949,400
980 Polk County Industrial Development Authority, United Haven Hospital 1985
Ser 2 (MBIA) ............................................................ 6.25 09/01/15 1,047,277
- ----------- -------------
6,480 6,785,582
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (8.2%)
Citrus County,
1,000 Florida Power Corp Refg Ser 1992 B ...................................... 6.35 02/01/22 1,049,720
2,000 Florida Power Corp Refg Ser 1992 A ...................................... 6.625 01/01/27 2,146,460
1,500 St Johns County Industrial Development Authority, Professional Golf
Hall of Fame Ser 1996 (MBIA) ............................................ 5.80 09/01/16 1,540,935
1,000 St Lucie County, Florida Power & Light Co Ser 1992 (AMT) ................. 6.70 05/01/27 1,070,550
- ----------- -------------
5,500 5,807,665
- ----------- -------------
MORTGAGE REVENUE -SINGLE FAMILY (3.3%)
630 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA) ......... 7.00 03/01/13 668,392
365 Florida Housing Finance Agency, GNMA Collateral 1990 Ser G-1 (AMT) ...... 7.90 03/01/22 386,057
1,230 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C ................................................................... 6.85 10/15/23 1,288,696
- ----------- -------------
2,225 2,343,145
- ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (1.5%)
1,000 Hillsborough County Industrial Authority, Allegany Health/John Knox
- ----------- Village of Tampa Bay Inc Ser 1992 (MBIA) ................................ 6.375 12/01/12 1,072,620
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- ---------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
PUBLIC FACILITIES REVENUE (4.4%)
$ 1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC) ............. 6.15 % 10/01/20 $ 1,048,630
2,000 Orlando, Cap Impr Refg Ser 1992 .......................................... 6.00 10/01/22 2,049,320
- ----------- -------------
3,000 3,097,950
- ----------- -------------
RESOURCE RECOVERY REVENUE (3.1%)
1,000 Broward County, Broward Waste Energy Co North Ser 1984 ................... 7.95 12/01/08 1,105,160
1,000 Lee County, Solid Waste Ser 1991 A (AMT) (MBIA) .......................... 6.50 10/01/13 1,071,830
- ----------- -------------
2,000 2,176,990
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (20.1%)
Dade County,
1,000 Aviation 1992 Ser B (AMT) (MBIA) ........................................ 6.60 10/01/22 1,086,040
2,000 Seaport Refg Ser 1996 (MBIA) ............................................ 5.125 10/01/16 1,940,500
1,000 Seaport Refg Ser 1996 (MBIA) ............................................ 5.125 10/01/26 956,530
1,000 Florida Department of Transportation, Turnpike Ser 1991 A (AMBAC) ....... 6.25 07/01/20 1,046,890
Greater Orlando Aviation Authority,
750 Ser 1992 A (AMT) (FGIC) ................................................. 6.50 10/01/12 813,165
1,000 Ser 1993 A (AMT) (AMBAC) ................................................ 5.50 10/01/18 966,630
1,250 Hillsborough County Aviation Authority, Tampa Int'l Airport
Refg Ser 1993 B (FGIC) .................................................. 5.60 10/01/19 1,237,187
1,500 Lee County, Refg Ser 1991 (AMBAC) ........................................ 6.00 10/01/17 1,542,240
3,000 Mid-Bay Bridge Authority, Sr Lien Crossover Refg Ser 1993 A ............. 6.10 10/01/22 3,040,590
1,500 Osceola County, Osceola Parkway (MBIA) ................................... 6.10 04/01/17 1,569,270
- ----------- -------------
14,000 14,199,042
- ----------- -------------
WATER & SEWER REVENUE (10.8%)
2,000 Dade County, Water & Sewer Ser 1995 (FGIC) ............................... 5.50 10/01/25 1,985,540
1,000 Key West, Sewer Refg Ser 1993 (FGIC) ..................................... 5.70 10/01/20 1,010,980
1,000 Orange County, Water Utilities Ser 1992 (AMBAC) .......................... 6.25 10/01/17 1,067,880
500 Port St Lucie, Stormwater Utility Ser 1991 (AMBAC) ....................... 6.625 05/01/15 533,915
2,000 Sunrise, Utility Ser 1996 A (AMBAC) ...................................... 5.75 10/01/21 2,040,240
1,000 Tampa, Water & Sewer Ser 1995 (FGIC) ..................................... 5.125 10/01/17 969,420
- ----------- -------------
7,500 7,607,975
- ----------- -------------
REFUNDED (14.9%)
500 Boynton Beach, Utility Ser 1992 (FGIC) (ETM) ............................. 6.25 11/01/12 554,625
1,500 Brevard County School Board, Florida School Boards Assn Inc
Ser 1992 A COPs (AMBAC) ................................................. 6.50 07/01/02++ 1,682,790
1,000 Homestead, Hurricane Andrew Special Insurance Assessment Ser 1993 (MBIA)
(ETM) ................................................................... 5.25 03/01/03 1,045,420
1,900 Orlando Utilities Commission, Ser 1991 A ................................. 6.50 10/01/01++ 2,116,961
1,000 South Broward Hospital District, Ser 1991 B & C (AMBAC) .................. 6.611 05/01/01++ 1,105,460
2,150 St Lucie County, Sales Tax Ser 1992 (FGIC) ............................... 6.50 10/01/02++ 2,420,577
1,440 Tampa, Water & Sewer Ser 1992 A (FGIC) ................................... 6.00 10/01/02++ 1,572,466
- ----------- -------------
9,490 10,498,299
- ----------- -------------
62,945 TOTAL FLORIDA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $61,392,720) .......................... 65,204,698
- ----------- -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- ---------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C>
SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS (6.0%)
$ 900 Dade County Health Facilities Authority, Miami Childrens Hospital
Ser 1990 (Demand 12/02/96) .............................................. 4.20*% 09/01/20 $ 900,000
3,300 Jacksonville Health Facilities Authority, Baptist Medical Center Ser 1993
(MBIA) (Demand 12/02/96) ................................................ 4.05* 06/01/08 3,300,000
- ----------- -------------
4,200 TOTAL SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $4,200,000) ................................................................... 4,200,000
- ----------- -------------
$67,145 TOTAL INVESTMENTS (IDENTIFIED COST $65,592,720) (a) ................................ 98.4% 69,404,698
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ..................................... 1.6 1,137,048
----- -------------
NET ASSETS ......................................................................... 100.0% $70,541,746
===== =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
COPs Certificate of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$3,857,709, and the aggregate gross unrealized depreciation is
$45,731, resulting in net unrealized appreciation of $3,811,978.
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>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS (89.6%)
GENERAL OBLIGATION (10.8%)
Massachusetts,
$ 500 Refg 1992 Ser B ..................................................... 6.50 % 08/01/08 $ 563,310
1,000 Refg 1993 Ser A ..................................................... 5.50 02/01/11 1,009,080
150 Nantucket, 1991 ...................................................... 6.80 12/01/11 164,379
- ----------- -------------
1,650 1,736,769
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (27.4%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E ............................................... 6.80 11/01/21 108,555
1,000 Boston College Ser K ................................................ 5.25 06/01/18 971,150
400 Boston University Ser K & L (MBIA) .................................. 6.66 10/01/31 429,780
150 Community College Ser A (Connie Lee) ................................ 6.60 10/01/22 163,540
400 Suffolk University Ser B (Connie Lee) ............................... 6.25 07/01/12 424,752
300 Suffolk University Ser C (Connie Lee) ............................... 5.75 07/01/26 302,508
500 University of Massachusetts Foundation Inc/Medical School Research
Ser A (Connie Lee) .................................................. 6.00 07/01/23 507,570
150 Worcester Polytechnic Institute Refg Ser E .......................... 6.625 09/01/17 162,186
Massachusetts Industrial Finance Agency,
500 Brooks School Ser 1993 .............................................. 5.90 07/01/13 509,065
500 Holy Cross College 1996 (MBIA) ...................................... 5.50 03/01/16 498,775
300 Mount Holyoke College Refg Ser 1992 A (MBIA) ........................ 6.30 07/01/13 320,328
- ----------- -------------
4,300 4,398,209
- ----------- -------------
ELECTRIC REVENUE (6.5%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply
1992 Ser C .......................................................... 6.625 07/01/18 534,605
500 Puerto Rico Electric Power Authority, Power Ser X .................... 6.00 07/01/15 511,770
- ----------- -------------
1,000 1,046,375
- ----------- -------------
HOSPITAL REVENUE (15.5%)
500 Boston, Boston City Hospital -FHA Insured Mtge Refg Ser B ........... 5.75 02/15/13 502,120
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B .................................... 7.25 07/01/13 108,565
500 Lahey Clinic Medical Center Ser B (MBIA) ............................ 5.625 07/01/15 499,115
1,000 Massachusetts General Hospital Ser F (AMBAC) ........................ 6.00 07/01/15 1,037,960
200 McLean Hospital Ser C (FGIC) ........................................ 6.625 07/01/15 220,040
100 New England Deaconess Hospital Ser C ................................ 7.20 04/01/22 109,066
- ----------- -------------
2,400 2,476,866
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (6.2%)
1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
- ----------- Refg Ser 1993 ........................................................ 5.875 08/01/08 984,740
-------------
MORTGAGE REVENUE -MULTI-FAMILY (3.3%)
500 Massachusetts Housing Finance Agency, Rental 1994 Ser A
- ----------- (AMT) (AMBAC) ........................................................ 6.60 07/01/14 519,750
-------------
MORTGAGE REVENUE -SINGLE FAMILY (4.2%)
Massachusetts Housing Finance Agency,
435 Ser 21 (AMT) ........................................................ 6.30 06/01/25 442,003
220 Ser 21 (AMT) ........................................................ 7.125 06/01/25 234,337
- ----------- -------------
655 676,340
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- ------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
STUDENT LOAN REVENUE (3.8%)
$ 150 Massachusetts Educational Facilities Authority, Education Loan
Issue D Ser A 1991 (AMT) (MBIA) ...................................... 7.25% 01/01/09 $ 163,793
400 New England Education Loan Marketing Corporation,
1992 Sub Issue H (AMT) ............................................... 6.90 11/01/09 439,600
- ----------- -------------
550 603,393
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (1.5%)
250 Massachusetts Turnpike Authority, 1993 Ser A ......................... 5.00 01/01/13 239,328
- ----------- -------------
WATER & SEWER REVENUE (9.4%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A ....................... 5.75 11/01/13 518,100
500 Massachusetts Water Pollution Abatement Trust, Pool Ser 2 ........... 5.70 02/01/12 514,260
500 Massachusetts Water Resources Authority, 1995 Ser B (MBIA) .......... 5.00 12/01/25 469,465
- ----------- -------------
1,500 1,501,825
- ----------- -------------
REFUNDED (1.0%)
150 Massachusetts Industrial Finance Agency, Holy Cross College Ser 1992 6.45 01/01/02++ 166,064
- ----------- -------------
13,955 TOTAL MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS
- ----------- (IDENTIFIED COST $13,693,093) .............................................................. 14,349,659
-------------
SHORT-TERM MASSACHUSETTS TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.5%)
500 Massachusetts Health & Educational Facilities Authority, Capital Asset
Ser E (Demand 12/02/96) ............................................. 4.05* 01/01/35 500,000
700 Massachusetts Industries Financing Agency, New England Power Co
1992 Ser (Demand 12/02/96) .......................................... 3.90* 10/01/22 700,000
- ----------- -------------
1,200 TOTAL SHORT-TERM MASSACHUSETTS TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (IDENTIFIED COST $1,200,000) ............................................................... 1,200,000
-------------
$15,155 TOTAL INVESTMENTS (IDENTIFIED COST $14,893,093) (a) ............................ 97.1% 15,549,659
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ................................. 2.9 471,301
----- -------------
NET ASSETS ..................................................................... 100.0% $16,020,960
===== =============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$682,861 and the aggregate gross unrealized depreciation is
$26,295, resulting in net unrealized appreciation of $656,566.
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>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
MICHIGAN TAX-EXEMPT MUNICIPAL BONDS (89.5%)
GENERAL OBLIGATION (17.2%)
$ 1,000 Chelsea School District, 1995 Bldg & Site (FGIC) ............... 5.875% 05/01/25 $ 1,023,550
1,000 Holly Area School District, 1995 Bldg & Site (FGIC) ........... 5.375 05/01/13 995,100
500 Kentwood Public Schools, 1992 Bldg & Site Refg ................. 6.40 05/01/15 529,590
1,000 Mona Shores Public Schools, 1995 Bldg & Site (FGIC) ........... 5.80 05/01/17 1,029,420
- ----------- -------------
3,500 3,577,660
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (14.7%)
1,000 Central Michigan University, Refg Ser 1993 (MBIA) .............. 5.50 10/01/10 1,014,540
1,000 Michigan State University, Ser 1992 A .......................... 6.00 08/15/16 1,026,560
1,000 Oakland University, Board of Trustees Ser 1995 (MBIA) ......... 5.75 05/15/26 1,015,680
- ----------- -------------
3,000 3,056,780
- ----------- -------------
ELECTRIC REVENUE (7.1%)
1,000 Michigan Public Power Agency, Belle River 1993 A ............... 5.25 01/01/18 958,140
500 Wyandotte, Electric Refg 1992 (MBIA) ........................... 6.25 10/01/17 529,120
- ----------- -------------
1,500 1,487,260
- ----------- -------------
HOSPITAL REVENUE (8.3%)
Michigan Hospital Finance Authority,
300 Detroit Medical Center Oblig Group Ser 1991 A ................. 7.50 08/15/11 331,854
1,000 Mercy Health Services Oblig Group 1996 Ser (AMBAC) (WI) ...... 5.375 08/15/16 979,100
400 University of Michigan, Ser 1990 ............................... 6.375 12/01/24 412,140
- ----------- -------------
1,700 1,723,094
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (2.6%)
500 Monroe County, Detroit Edison Co Monroe & Fermi Plants
- ----------- Collateralized Ser 1-1992 (AMT) (MBIA) ........................ 6.875 09/01/22 548,850
-------------
MORTGAGE REVENUE - MULTI-FAMILY (9.5%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A ............................................. 6.60 04/01/12 518,490
1,000 1992 Ser A (FSA) .............................................. 6.50 04/01/23 1,034,590
400 Ser 1990 A (AMT) .............................................. 7.70 04/01/23 426,092
- ----------- -------------
1,900 1,979,172
- ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (6.1%)
1,200 University of Michigan, Medical Service Plan Ser 1991 ......... 6.50 12/01/21 1,279,968
- ----------- -------------
PUBLIC FACILITIES REVENUE (7.5%)
1,500 Michigan Building Authority, Refg Ser I ........................ 6.25 10/01/20 1,565,880
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (1.3%)
250 Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
- ----------- Ser 1991 B (AMT) (MBIA) ....................................... 6.75 12/01/21 270,637
-------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
WATER & SEWER REVENUE (6.7%)
Detroit,
$ 1,000 Sewage Refg Ser 1993 A (FGIC) ................................. 5.70% 07/01/23 $ 983,820
400 Water Supply Refg Ser 1992 (FGIC) ............................. 6.375 07/01/22 419,404
- ----------- -------------
1,400 1,403,224
- ----------- -------------
REFUNDED (8.5%)
Detroit,
500 Sewage Disposal Ser 1991 (FGIC) ............................... 6.625 07/01/01++ 556,260
600 Water Supply Refg Ser 1992 (FGIC) ............................. 6.375 07/01/02++ 662,070
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1991 D .................................................... 6.75 01/01/01++ 553,665
- ----------- -------------
1,600 1,771,995
- ----------- -------------
18,050 TOTAL MICHIGAN TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $17,737,223) .............. 18,664,520
- ----------- -------------
SHORT-TERM MICHIGAN TAX-EMEMPT MUNICIPAL OBLIGATIONS (12.9%)
900 Delta County Economic Development Corporation, Mead-Escanaba
Paper Corp 1985 Ser E (Demand 12/02/96) ....................... 4.00* 12/01/23 900,000
900 University Michigan, Medical Service Plan 1995 Ser A
(Demand 12/02/96) ............................................. 4.15* 12/01/27 900,000
900 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1996 J (Demand 12/02/96) .................................. 4.00* 01/01/03 900,000
- ----------- -------------
2,700 TOTAL SHORT-TERM MICHIGAN TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (IDENTIFIED COST $2,700,000) ......................................................... 2,700,000
-------------
$20,750 TOTAL INVESTMENTS (IDENTIFIED COST $20,437,223) (a) ...................... 102.4% 21,364,520
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ........................... (2.4) (501,409)
----- -------------
NET ASSETS ............................................................... 100.0% $20,863,111
===== =============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$943,497, and the aggregate gross unrealized depreciation is
$16,200, resulting in net unrealized appreciation of $927,297.
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>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- ------------
<S> <C> <C> <C> <C>
MINNESOTA TAX-EXEMPT MUNICIPAL BONDS (87.9%)
GENERAL OBLIGATION (4.2%)
Minneapolis,
$ 100 Sales Tax Refg Ser 1992 .......................................... 6.25 % 04/01/12 $ 107,127
300 Dtd 8/15/92 ...................................................... 5.90 12/01/13 308,628
- ----------- ------------
400 415,755
- ----------- ------------
EDUCATIONAL FACILITIES REVENUE (14.9%)
Minnesota Higher Education Facilities Authority,
200 Northfield St Olaf College 1992 .................................. 6.40 10/01/21 213,416
1,000 University of Minnesota Ser 1993 A ............................... 4.80 08/15/03 1,011,930
250 University of St Thomas Refg Ser Three-R2 ........................ 5.60 09/01/14 250,663
- ----------- ------------
1,450 1,476,009
- ----------- ------------
ELECTRIC REVENUE (9.8%)
500 Southern Minnesota Municipal Power Agency, Ser 1993 B ............ 5.00 01/01/13 472,485
500 Western Minnesota Municipal Power Agency, Refg 1996 Ser A (AMBAC) 5.50 01/01/12 505,770
- ----------- ------------
1,000 978,255
- ----------- ------------
HOSPITAL REVENUE (12.8%)
500 Robbinsdale, North Memorial Medical Center Ser 1993 A (AMBAC) .... 5.45 05/15/13 499,770
Rochester,
250 Mayo Foundation/Mayo Medical Center Ser 1992 I ................... 5.75 11/15/21 252,215
200 Mayo Foundation/Mayo Medical Center Ser 1992 F ................... 6.25 11/15/21 211,142
300 Saint Paul Housing & Redevelopment Authority, Health East Refg
Ser 1993-A ....................................................... 6.625 11/01/17 307,587
- ----------- ------------
1,250 1,270,714
- ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (12.8%)
500 Anoka County, United Power Assoc Ser 1987 A NRU-CFC Gtd (AMT) .... 6.95 12/01/08 539,895
500 Bass Brook, Minnesota Power & Light Co Refg Ser 1992 ............. 6.00 07/01/22 503,690
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3 .................... 8.25 12/01/11 116,378
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT) ............. 8.00 12/01/16 114,559
- ----------- ------------
1,200 1,274,522
- ----------- ------------
MORTGAGE REVENUE -- MULTI-FAMILY (5.2%)
300 Burnsville, Summit Park Apts -- FHA Insured Refg Ser 1993 ........ 6.00 07/01/33 302,583
200 Minneapolis Housing Finance Agency, Ser 1992 A .................... 6.95 08/01/17 211,636
- ----------- ------------
500 514,219
- ----------- ------------
MORTGAGE REVENUE -- SINGLE FAMILY (9.5%)
165 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed
Phase IX Ser 1991 (AMT) .......................................... 7.25 08/01/21 173,778
Minnesota Housing Finance Agency,
95 Ser 1990 D (AMT) ................................................. 8.00 01/01/23 100,377
445 Ser 1992 C-1 (AMT) ............................................... 6.75 07/01/23 461,785
200 Ser 1992 H (AMT) ................................................. 6.50 01/01/26 204,906
- ----------- ------------
905 940,846
- ----------- ------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- --------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- ------------
NURSING & HEALTH RELATED FACILITIES REVENUE (5.5%)
$ 500 Minneapolis & Saint Paul Housing & Redevelopment Authority,
Group Health Plan Inc Ser 1992 ................................... 6.75 % 12/01/13 $ 547,155
- ----------- ------------
PUBLIC FACILITIES REVENUE (3.3%)
300 Hennepin County, Ser 1991 COPs .................................... 6.80 05/15/17 327,444
- ----------- ------------
WATER & SEWER REVENUE (1.1%)
100 Minnesota Public Facilities Authority, Water Pollution Control
Ser 1991 A ....................................................... 6.95 03/01/13 111,990
- ----------- ------------
REFUNDED (8.8%)
100 Dakota & Washington Counties Housing & Redevelopment Authority,
GNMA-Backed Ser 1988 (AMT) (ETM) ................................. 8.375 09/01/21 136,913
200 Minnesota Higher Education Facilities Authority, Hamline University
Ser Three-K ...................................................... 6.60 06/01/02++ 220,956
100 Minnesota Public Facilities Authority, Water Pollution Control
Ser 1992 A ....................................................... 6.50 03/01/01++ 108,730
400 Saint Paul Housing & Redevelopment Authority, Civic Center
Ser 1993 (ETM) ................................................... 5.45 11/01/13 403,552
- ----------- ------------
800 870,151
- ----------- ------------
8,405 TOTAL MINNESOTA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $8,324,902) ................. 8,727,060
- ----------- ------------
SHORT-TERM MINNESOTA TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.1%)
300 Beltrami County, Northwood Panelboard Co Ser 1991
(Demand 12/02/96) ................................................ 4.10* 12/01/21 300,000
400 Minneapolis & St Paul Housing & Redevelopment Authority,
Children's Health Care Ser 1995 B (Demand 12/02/96) .............. 4.10* 08/15/25 400,000
- ----------- ------------
700 TOTAL SHORT-TERM MINNESOTA TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $700,000) .............................................................. 700,000
- ----------- ------------
$9,105 TOTAL INVESTMENTS (IDENTIFIED COST $9,024,902) (a) .......................... 95.0% 9,427,060
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .............................. 5.0 495,829
----- ------------
NET ASSETS .................................................................. 100.0% $9,922,889
===== ============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
COPs Cerificates of Participation.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$417,368 and the aggregate gross unrealized depreciation is
$15,210, resulting in net unrealized appreciation of $402,158.
Bond Insurance:
- --------------
AMBAC AMBAC Indemnity Corporation.
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- --------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS (93.2%)
GENERAL OBLIGATION (5.4%)
$ 2,000 Guam, 1993 Ser A .................................................. 5.375% 11/15/13 $ 1,888,360
500 Essex County, Ser 1991 (FSA) ...................................... 6.50 12/01/11 547,435
- ----------- -------------
2,500 2,435,795
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (9.3%)
New Jersey Economic Development Authority,
2,000 Educational Testing Service Ser 1995 A (MBIA) .................... 5.90 05/15/15 2,075,840
1,000 The Lawrenceville School Ser A 1996 .............................. 5.75 07/01/16 1,021,160
500 The Seeing Eye Inc 1991 .......................................... 7.30 04/01/11 526,485
500 Rutgers, The State University Refg Ser R .......................... 6.50 05/01/13 541,375
- ----------- -------------
4,000 4,164,860
- ----------- -------------
ELECTRIC REVENUE (4.2%)
2,000 Puerto Rico Electric Power Authority, Power Ser O ................. 5.00 07/01/12 1,868,320
- ----------- -------------
HOSPITAL REVENUE (12.4%)
New Jersey Health Care Facilities Financing Authority,
1,000 Allegany Health System Ser 1993 (MBIA) ........................... 5.125 07/01/13 972,090
1,000 Atlantic City Medical Center Ser C ............................... 6.80 07/01/11 1,084,580
500 Cathedral Health Services Inc - FHA Insured Mtges Ser A ......... 7.25 02/15/21 528,390
1,000 Columbus Hospital Ser A .......................................... 7.50 07/01/08 1,043,590
460 Pascack Valley Hospital Assn Ser 1991 ............................ 6.90 07/01/21 478,175
465 Robert Wood Johnson University Hospital Ser B (MBIA) ............ 6.625 07/01/16 507,840
1,000 Somerset Medical Center Ser A (FGIC) ............................. 5.10 07/01/14 965,060
- ----------- -------------
5,425 5,579,725
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (12.2%)
500 Middlesex County Pollution Control Financing Authority, Amerada
Hess Corp Refg Ser 1992 .......................................... 6.875 12/01/22 526,095
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT) ............................. 7.10 11/01/31 537,720
1,000 BP Oil Ser 1982 .................................................. 6.55 10/01/12 1,038,490
1,000 Elizabethtown Water Co 1995 Ser (AMT) (MBIA) ..................... 5.60 12/01/25 988,690
500 Hackensack Water Co Ser C (AMT) .................................. 7.00 10/01/17 511,450
300 Jersey Central Power & Light Co 1985 Ser ......................... 7.10 07/01/15 319,236
1,500 Salem County Pollution Control Financing Authority,
E I du Pont de Nemours & Co 1992 Ser A (AMT) ..................... 6.125 07/15/22 1,539,060
- ----------- -------------
5,300 5,460,741
- ----------- -------------
MORTGAGE REVENUE -MULTI-FAMILY (8.2%)
New Jersey Housing & Mortgage Finance Agency,
2,000 1995 Ser A (AMBAC) ............................................... 6.00 11/01/14 2,054,460
1,000 Presidential Plaza at Newport - FHA Insured Mtges Refg 1991 Ser 1. 7.00 05/01/30 1,074,690
500 Rental 1991 Ser A (AMT) .......................................... 7.25 11/01/22 526,620
- ----------- -------------
3,500 3,655,770
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- --------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
NURSING & HEALTH RELATED FACILITIES REVENUE (2.2%)
$ 955 New Jersey Health Care Facilities Financing Authority,
- ----------- Spectrum For Living -FHA Insured Mortgage Refg Ser B ............ 6.50% 02/01/22 $ 988,597
-------------
PUBLIC FACILITIES REVENUE (6.6%)
1,000 Atlantic County Utilities Authority, Solid Waste Ser 1992 ........ 7.125 03/01/16 1,006,190
2,000 New Jersey Sports & Exposition Authority, State Contract 1993 Ser A 5.50 09/01/23 1,969,520
- ----------- -------------
3,000 2,975,710
- ----------- -------------
RESOURCE RECOVERY REVENUE (4.5%)
1,000 Mercer County Improvement Authority, Refg Ser A 1992 (AMT) (FGIC).. 6.70 04/01/13 1,006,720
900 Warren County Pollution Control Financing Authority, Warren Energy
Resource Co Ltd Partnership Ser 1984 (MBIA) ...................... 6.60 12/01/07 1,005,201
- ----------- -------------
1,900 2,011,921
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (17.8%)
2,000 Delaware River Port Authority, Ser 1995 (FGIC) .................... 5.50 01/01/26 1,985,540
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser ........... 6.25 01/01/14 1,586,850
1,000 New Jersey Turnpike Authority, Ser C .............................. 5.75 01/01/11 1,009,710
1,500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT)(FGIC). 5.75 05/01/15 1,519,875
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ....... 5.25 07/01/21 1,889,200
- ----------- -------------
8,000 7,991,175
- ----------- -------------
WATER & SEWER REVENUE (9.2%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993 ....... 5.75 05/01/17 1,006,540
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser (MBIA).. 6.00 07/15/13 1,051,430
2,000 Passaic Valley Sewerage Commissioners, Ser 1992 D (AMBAC) ........ 5.75 12/01/13 2,051,540
- ----------- -------------
4,000 4,109,510
- ----------- -------------
REFUNDED (1.2%)
500 University of Medicine & Dentistry of New Jersey, Refg Ser D ..... 6.50 12/01/01++ 557,385
- ----------- -------------
41,080 TOTAL NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $40,106,413) ............... 41,799,509
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- --------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS (4.7%)
$ 1,100 New Jersey Economic Development Authority,
Toys "R" Us (Demand 12/02/96) .................................... 3.85*% 04/01/19 $ 1,100,000
1,000 Union County Industrial Pollution Control Financing Authority,
Exxon Corp (Demand 12/02/96) ..................................... 4.00* 07/01/33 1,000,000
- ----------- -------------
2,100 TOTAL SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $2,100,000) ............................................................ 2,100,000
- ----------- -------------
$43,180 TOTAL INVESTMENTS (IDENTIFIED COST $42,206,413) (a) ......................... 97.9% 43,899,509
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .............................. 2.1 929,764
----- -------------
NET ASSETS .................................................................. 100.0% $44,829,273
===== =============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$1,831,677 and the aggregate gross unrealized depreciation is
$138,581, resulting in net unrealized appreciation of $1,693,096.
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>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT MUNICIPAL BONDS (96.5%)
GENERAL OBLIGATION (9.7%)
$ 500 New York City, 1995 Ser D (MBIA) ....................................... 6.20 % 02/01/07 $ 545,675
500 New York State, Refg Ser 1995 B ........................................ 5.70 08/15/13 511,135
300 Puerto Rico, Pub Impr Refg Ser 1992 A .................................. 6.00 07/01/14 306,576
- ----------- -------------
1,300 1,363,386
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (26.9%)
500 Hempstead Industrial Development Agency, Hofstra University
Ser 1996 (MBIA) ....................................................... 5.80 07/01/15 513,565
New York State Dormitory Authority,
1,380 Cooper Union Ser 1996 (AMBAC) (WI) .................................... 5.375 07/01/16 1,361,025
400 Manhattan College Ser 1992 ............................................ 6.50 07/01/19 429,108
1,000 State University Ser 1993 A ........................................... 5.25 05/15/15 960,020
500 University of Rochester Ser 1993 A .................................... 5.625 07/01/12 507,625
- ----------- -------------
3,780 3,771,343
- ----------- -------------
ELECTRIC REVENUE (6.3%)
500 New York State Power Authority, Gen Purpose Ser CC ..................... 5.25 01/01/18 479,665
400 Puerto Rico Electric Power Authority, Power Ser X ...................... 6.00 07/01/15 409,416
- ----------- -------------
900 889,081
- ----------- -------------
HOSPITAL REVENUE (5.4%)
New York State Medical Care Facilities Finance Agency,
500 Hospital - FHA Insured Mtge 1994 Ser A (AMBAC) ........................ 6.50 08/15/29 547,390
200 Insured Hospital & Nursing Home - FHA Insured Mtge 1992 Ser A ........ 6.70 08/15/23 213,624
- ----------- -------------
700 761,014
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (13.5%)
500 New York City Industrial Development Agency, Japan Airlines Co
1991 (AMT) (FSA) ...................................................... 6.00 11/01/15 512,390
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B (AMT) ............................ 6.952 07/01/26 1,113,180
250 Rochester Gas & Electric Corp Ser 1992 B (AMT) (MBIA) ................. 6.50 05/15/32 268,555
- ----------- -------------
1,750 1,894,125
- ----------- -------------
MORTGAGE REVENUE - SINGLE FAMILY (4.5%)
New York State Mortgage Agency,
500 Home Owners Ser 27 .................................................... 6.90 04/01/15 532,260
95 Home Owners Ser UU (AMT) .............................................. 7.75 10/01/23 100,558
- ----------- -------------
595 632,818
- ----------- -------------
PUBLIC FACILITIES REVENUE (3.7%)
500 New York City Cultural Resources Trust, The New York Botanical Garden
- ----------- Ser 1996 (MBIA) ....................................................... 5.75 07/01/16 510,305
-------------
RESOURCE RECOVERY REVENUE (3.8%)
500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992 ............ 6.65 04/01/05 533,520
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- --------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (11.3%)
$ 550 Buffalo & Fort Erie Public Bridge Authority, Toll Bridge Ser 1995 (MBIA) 5.75% 01/01/25 $ 558,382
500 New York State Thruway Authority, Ser C (FGIC) ......................... 6.00 01/01/25 523,470
500 Port Authority of New York & New Jersey, Cons 99th Ser (AMT) (FGIC) ... 5.75 05/01/15 506,625
- ----------- -------------
1,550 1,588,477
- ----------- -------------
WATER & SEWER REVENUE (3.7%)
500 New York City Municipal Water Finance Authority, 1993 Ser A ........... 6.00 06/15/17 511,535
- ----------- -------------
OTHER REVENUE (3.7%)
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A ....... 6.00 07/01/26 507,335
- ----------- -------------
REFUNDED (4.0%)
500 New York Local Government Assistance Corporation, Ser 1991 C .......... 7.00 04/01/01++ 562,890
- ----------- -------------
13,075 TOTAL NEW YORK TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $12,811,946) ....................... 13,525,829
- ----------- -------------
SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS (5.7%)
300 New York State Energy Research & Development Authority, New York
State Electric & Gas Corp Ser 1994 C (Demand 12/02/96) ................ 3.80* 06/01/29 300,000
500 Port Authority of New York & New Jersey, Ser 2 (Demand 12/02/96) ...... 4.10* 05/01/19 500,000
- ----------- -------------
800 TOTAL SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS
(IDENTIFIED COST $800,000) ................................................................... 800,000
- ----------- -------------
$13,875 TOTAL INVESTMENTS (IDENTIFIED COST $13,611,946) (a) .............................. 102.2 % 14,325,829
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ................................... (2.2) (305,738)
----- -------------
NET ASSETS ....................................................................... 100.0 % $14,020,091
===== =============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$724,828 and the aggregate gross unrealized depreciation is
$10,945, resulting in net unrealized appreciation of $713,883.
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>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
<S> <C> <C> <C> <C>
OHIO TAX-EXEMPT MUNICIPAL BONDS (91.3%)
GENERAL OBLIGATION (14.3%)
$ 300 Bedford School District, Ser 1993 ................................ 6.25 % 12/01/13 $ 317,595
1,000 Delaware City School District, Ohio, Construction & Impr (FGIC) . 5.75 12/01/20 1,019,810
180 Euclid, Ser 1991 ................................................. 6.625 12/01/11 194,872
250 Hilliard City School District, Impr Refg Ser 1992 (FGIC) ........ 6.55 12/01/05 283,247
1,000 North Olmsted, Various Purpose Impr Ltd Tax Ser 1996 (AMBAC) (WI). 6.20 12/01/11 1,113,260
100 South Euclid, Unltd Tax Recreational ............................. 7.00 12/01/11 109,948
- ----------- -------------
2,830 3,038,732
- ----------- -------------
EDUCATIONAL FACILITIES REVENUE (14.5%)
Ohio Higher Educational Facility Commission,
500 Case Western Reserve University Ser 1992 ........................ 6.00 10/01/22 509,965
1,000 Oberlin College Ser 1993 ........................................ 5.375 10/01/15 986,520
500 University of Cincinnati, General Receipts Ser G ................. 7.00 06/01/11 554,965
1,000 University of Toledo, Ser 1992 A (FGIC) .......................... 5.90 06/01/20 1,024,970
- ----------- -------------
3,000 3,076,420
- ----------- -------------
ELECTRIC REVENUE (2.5%)
500 Hamilton!, Refg 1992 Ser A (FGIC) ................................ 6.00 10/15/12 524,895
- ----------- -------------
HOSPITAL REVENUE (13.1%)
1,000 Akron Bath & Copley Joint Township Hospital District, Summa Health
Ser 1992 A ...................................................... 6.25 11/15/07 1,042,570
670 Cuyahoga County, Meridia Health Ser 1990 ......................... 7.25 08/15/19 728,478
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A ................................ 7.00 01/01/09 485,251
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992 .... 6.875 07/01/15 519,535
- ----------- -------------
2,645 2,775,834
- ----------- -------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (4.5%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A ................ 6.90 05/01/10 425,872
500 Ohio Water Development Authority, Dayton Power & Light Co
Collateralized Refg 1992 Ser A .................................. 6.40 08/15/27 527,985
- ----------- -------------
900 953,857
- ----------- -------------
MORTGAGE REVENUE - SINGLE FAMILY (8.5%)
Ohio Housing Finance Agency,
750 GNMA-Backed 1990 Ser A-1 & 2 (AMT) .............................. 6.903 03/24/31 787,433
1,000 Residential 1996 Ser B-2 (AMT) .................................. 6.10 09/01/28 1,008,480
- ----------- -------------
1,750 1,795,913
- ----------- -------------
TRANSPORTATION FACILITIES REVENUE (4.7%)
1,000 Ohio Turnpike Commission, 1994 Ser A ............................. 5.75 02/15/24 1,007,010
- ----------- -------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- -------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- -------------
WATER & SEWER REVENUE (24.1%)
$ 1,000 Clermont County, Sewer Refg Ser 1993 (AMBAC) ..................... 5.20 % 12/01/21 $ 971,400
1,000 Cleveland, Water Works Impr & Refg Ser H 1996 (MBIA) ............ 5.75 01/01/16 1,024,670
1,000 Montgomery County, Water Ser 1992 (FGIC) ......................... 6.25 11/15/17 1,073,260
1,000 Northeast Ohio Regional Sewer District, Wastewater Impr Refg
Ser 1995 (AMBAC) ................................................ 5.60 11/15/13 1,019,510
1,000 Ohio Water Development Authority, Water Pollution Ser 1995 (MBIA). 5.60 06/01/10 1,027,010
- ----------- -------------
5,000 5,115,850
- ----------- -------------
REFUNDED (5.1%)
1,000 Clermont County, Mercy Health Ser 1991 ........................... 6.733 09/25/01++ 1,083,890
- ----------- -------------
18,625 TOTAL OHIO TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $18,544,040) ..................... 19,372,401
- ----------- -------------
SHORT-TERM OHIO TAX-EXEMPT MUNICIPAL OBLIGATIONS (11.8%)
Ohio Air Quality Development Authority,
900 Mead Corp 1986 Ser A (Demand 12/02/96) .......................... 3.90* 10/01/01 900,000
900 Sohio Air-British Petroleum Co Ser 1995 (Demand 12/02/96) ...... 4.00* 11/01/22 900,000
700 Ohio Water Quality Development Authority,
Mead Corp Refg 1986 Ser B (Demand 12/02/96) ..................... 3.90* 11/01/15 700,000
- ----------- -------------
2,500 TOTAL SHORT-TERM OHIO TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (IDENTIFIED COST $2,500,000) ........................................................... 2,500,000
-------------
$21,125 TOTAL INVESTMENTS (IDENTIFIED COST $21,044,040) (a) ........................ 103.1% 21,872,401
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ............................. (3.1) (664,934)
----- -------------
NET ASSETS ................................................................. 100.0% $21,207,467
===== =============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$843,163 and the aggregate gross unrealized depreciation is
$14,802, resulting in net unrealized appreciation of $828,361.
Bond Insurance:
- --------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996
- ------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- ------------
<S> <C> <C> <C> <C>
PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS (90.1%)
GENERAL OBLIGATION (5.6%)
$ 2,000 Berks County, Second Ser 1992 (FGIC) .................................. 5.75 % 11/15/12 $ 2,038,280
600 Puerto Rico, Pub Impr Refg Ser 1992 A ................................. 6.00 07/01/14 613,152
- ----------- ------------
2,600 2,651,432
- ----------- ------------
EDUCATIONAL FACILITIES REVENUE (22.4%)
2,000 Delaware County Authority, Villanova University Ser 1995 (AMBAC) ..... 5.80 08/01/25 2,039,680
1,000 Northeastern Pennsylvania Hospital & Education Authority, Kings
College Ser B 1993 ................................................... 6.00 07/15/11 976,170
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B ............................. 6.00 11/01/22 750,983
500 Temple University First Ser 1991 (MBIA) .............................. 6.50 04/01/21 544,120
1,000 Thomas Jefferson University 1992 Ser A ............................... 6.625 08/15/09 1,096,950
Pennsylvania State University,
1,000 Second Refg Ser 1992 ................................................. 5.50 08/15/16 999,910
1,000 Ser B 1992 ........................................................... 5.50 08/15/16 999,910
1,000 Swarthmore Borough Authority, Swarthmore College Ser 1992 ............ 6.00 09/15/20 1,026,790
2,000 University of Pittsburgh, Cap 1992 Ser A (MBIA) ....................... 6.125 06/01/21 2,089,760
- ----------- ------------
10,250 10,524,273
- ----------- ------------
HOSPITAL REVENUE (14.7%)
1,000 Allegheny County Hospital Development Authority, Presbyterian
University Health System Inc Ser 1992 B (MBIA) ....................... 6.00 11/01/12 1,042,790
1,000 Berks County Municipal Authority, Reading Hospital & Medical Center
Ser of 1993 (MBIA) ................................................... 5.50 10/01/08 1,042,380
Philadelphia Hospitals & Higher Educational Facilities Authority,
1,750 Chestnut Hill Hospital Ser of 1992 ................................... 6.375 11/15/11 1,805,510
1,000 Temple University Hospital 1993 Ser A ................................ 6.50 11/15/08 1,065,080
2,000 The Children's Hospital of Philadelphia Ser A of 1993 ................ 5.375 02/15/14 1,983,200
- ----------- ------------
6,750 6,938,960
- ----------- ------------
INDUSTRIAL DEVELOPMENT/POLLUTION CONTROL REVENUE (2.4%)
1,000 Montgomery County Industrial Development Authority, Philadelphia
- ----------- Electric Co Refg 1991 Ser B (MBIA) ................................... 6.70 12/01/21 1,111,250
------------
MORTGAGE REVENUE -MULTI-FAMILY (2.3%)
Pennsylvania Housing Finance Agency,
60 Moderate Rehab Sec 8 Assisted Issue B ................................ 9.00 08/01/01 61,081
1,000 Ser 1992-35 D (AMT) .................................................. 6.20 04/01/25 1,010,720
- ----------- ------------
1,060 1,071,801
- ----------- ------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- ------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- ------------
MORTGAGE REVENUE -SINGLE FAMILY (8.0%)
Pennsylvania Housing Finance Agency,
$ 1,000 Ser 1993-37 A ........................................................ 5.45 % 10/01/17 $ 974,410
2,000 Ser 1991-31 C (AMT) .................................................. 7.00 10/01/23 2,111,580
635 Puerto Rico Housing Finance Corporation, Portfolio One GNMA-Backed
Ser C ................................................................ 6.85 10/15/23 665,302
- ----------- ------------
3,635 3,751,292
- ----------- ------------
PUBLIC FACILITIES REVENUE (2.1%)
1,000 Puerto Rico Public Buildings Authority, Ser A (AMBAC) ................. 5.50 07/01/21 1,002,330
- ----------- ------------
RESOURCE RECOVERY REVENUE (2.3%)
1,000 Montgomery County Industrial Development Authority, Ser 1989 ......... 7.50 01/01/12 1,078,660
- ----------- ------------
STUDENT LOAN REVENUE (4.5%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT) (AMBAC) ............................................. 6.05 01/01/19 1,022,090
1,000 1991 Ser B (AMT) (AMBAC) ............................................. 6.854 09/01/26 1,075,100
- ----------- ------------
2,000 2,097,190
- ----------- ------------
TRANSPORTATION FACILITIES REVENUE (14.3%)
1,000 Guam, Highway 1992 Ser A (FSA) ........................................ 6.30 05/01/12 1,063,810
500 Allegheny County, Greater Pittsburgh Int'l Airport Ser 1992 (AMT)(FSA). 6.625 01/01/22 535,920
2,000 Delaware River Port Authority, Ser 1995 (FGIC) ........................ 5.50 01/01/26 1,985,540
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC) ................ 6.00 12/01/12 2,098,340
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC) ................ 5.875 12/01/12 1,039,100
- ----------- ------------
6,500 6,722,710
- ----------- ------------
WATER & SEWER REVENUE (4.7%)
2,000 Philadelphia, Water & Wastewater Ser 1995 (MBIA) ...................... 6.25 08/01/11 2,226,600
- ----------- ------------
OTHER REVENUE (3.4%)
1,500 Pennsylvania Finance Authority, Cap Impr Refg Ser 1993 ................ 6.60 11/01/09 1,618,050
- ----------- ------------
REFUNDED (3.4%)
440 Lehigh County Industrial Development Authority, Strawbridge & Clothier
Refg Ser of 1991 (ETM) ............................................... 7.20 12/15/01 477,638
1,000 Reading, Ser of 1992 (AMBAC) .......................................... 6.50 11/15/02++ 1,108,490
- ----------- ------------
1,440 1,586,128
- ----------- ------------
40,735 TOTAL PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS (IDENTIFIED COST $40,250,274) ................. 42,380,676
- ----------- ------------
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1996 (continued)
- ------------------------------------------------------------------------------------------------------------------------
Principal
Amount (in Coupon Maturity
thousands) Rate Date Value
- ----------- -------- ----------- ------------
SHORT-TERM PENNSYLVANIA TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.8%)
$ 2,000 Delaware County Industrial Development Authority, United Parcel
Service of America Inc Ser 1985 (Demand 12/02/96) .................... 3.90*% 12/01/15 $ 2,000,000
1,700 Philadelphia Hospitals & Higher Education Facilities Authority,
Children's Hospital of Philadelphia 1996 Ser A (Demand 12/02/96) ..... 4.00* 03/01/27 1,700,000
- ----------- ------------
3,700 TOTAL SHORT-TERM PENNSYLVANIA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (IDENTIFIED COST $3,700,000) ................................................................ 3,700,000
------------
$44,435 TOTAL INVESTMENTS (IDENTIFIED COST $43,950,274) (a) ............................. 97.9% 46,080,676
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .................................. 2.1 974,698
----- ------------
NET ASSETS ...................................................................... 100.0% $47,055,374
===== ============
</TABLE>
- ----------
AMT Alternative Minimum Tax.
ETM Escrowed to Maturity.
++ Prerefunded to call date shown.
* Current coupon of variable rate security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized
appreciation is $2,167,848 and the aggregate gross unrealized
depreciation is $37,446, resulting in net
unrealized appreciation of $2,130,402.
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>
(This page has been left blank intentionally.)
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES November 30, 1996
- -----------------------------------------------------------------------
Arizona California Florida Massachusetts
------------- -------------- ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value* .................... $45,017,171 $113,978,328 $69,404,698 $15,549,659
Cash .................................................... 224,681 302,842 248,831 190,760
Receivable for:
Investments sold ....................................... -- -- 35,000 --
Shares of beneficial interest sold ..................... 92,185 56,863 103,176 3,264
Interest ............................................... 973,961 1,715,360 890,131 303,506
Prepaid expenses ........................................ 6,923 7,454 6,011 4,180
Receivable from affiliate ............................... -- -- -- 2,175
------------- -------------- ------------- ---------------
TOTAL ASSETS ........................................ 46,314,921 116,060,847 70,687,847 16,053,544
------------- -------------- ------------- ---------------
LIABILITIES:
Payable for:
Investment purchased ................................... -- 2,073,370 -- --
Shares of beneficial interest repurchased .............. -- -- 58,637 --
Dividends to shareholders .............................. 18,907 47,859 29,211 6,635
Plan of distribution fee ............................... 5,682 13,936 8,645 1,974
Investment management fee .............................. 13,258 32,518 20,171 1,744
Accrued expenses ........................................ 28,857 34,110 29,437 22,231
------------- -------------- ------------- ---------------
TOTAL LIABILITIES ................................... 66,704 2,201,793 146,101 32,584
------------- -------------- ------------- ---------------
NET ASSETS:
Paid-in-capital ......................................... 44,082,341 108,909,091 66,808,337 15,368,858
Accumulated undistributed net investment income ........ 6,307 15,953 9,723 2,211
Accumulated undistributed net realized gain (loss) ..... (6,666) (512,785) (88,292) (6,675)
Net unrealized appreciation ............................. 2,166,235 5,446,795 3,811,978 656,566
------------- -------------- ------------- ---------------
NET ASSETS .......................................... $46,248,217 $113,859,054 $70,541,746 $16,020,960
============= ============== ============= ===============
*IDENTIFIED COST ........................................ $42,850,936 $108,531,533 $65,592,720 $14,893,093
============= ============== ============= ===============
SHARES OF BENEFICIAL INTEREST OUTSTANDING ............... 4,368,278 10,535,972 6,492,603 1,467,200
============= ============== ============= ===============
NET ASSET VALUE PER SHARE (unlimited authorized shares
of $.01 par value) ..................................... $10.59 $10.81 $10.86 $10.92
====== ====== ====== ======
MAXIMUM OFFERING PRICE PER SHARE (net asset value plus
4.17% of net asset value)** ............................ $11.03 $11.26 $11.31 $11.38
====== ====== ====== ======
</TABLE>
- ----------
** On sales of $25,000 or more, the offering price is reduced.
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Michigan Minnesota New Jersey New York Ohio Pennsylvania
- ------------- ------------ ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$21,364,520 $9,427,060 $43,899,509 $14,325,829 $21,872,401 $46,080,676
178,109 376,477 211,880 393,273 133,949 306,548
-- -- -- 483,626 -- 60,000
94,272 -- 33,766 -- 30,218 31,316
236,699 145,728 744,457 203,593 302,150 656,816
2,658 1,156 3,610 2,449 2,687 5,611
-- -- -- -- -- --
- ------------- ------------ ------------- ------------- ------------- --------------
21,876,258 9,950,421 44,893,222 15,408,770 22,341,405 47,140,967
- ------------- ------------ ------------- ------------- ------------- --------------
963,467 -- -- 1,357,712 1,095,552 --
10,250 80 -- -- -- 19,477
8,696 4,044 18,922 5,794 8,719 19,477
2,541 1,219 5,519 1,726 2,599 5,753
3,753 270 12,879 1,144 4,058 13,423
24,440 21,919 26,629 22,303 23,010 27,463
- ------------- ------------ ------------- ------------- ------------- --------------
1,013,147 27,532 63,949 1,388,679 1,133,938 85,593
- ------------- ------------ ------------- ------------- ------------- --------------
19,942,390 9,598,246 43,285,800 13,328,363 20,531,387 44,819,851
1,808 1,347 6,293 1,935 2,825 6,499
(8,384) (78,862) (155,916) (24,090) (155,106) 98,622
927,297 402,158 1,693,096 713,883 828,361 2,130,402
- ------------- ------------ ------------- ------------- ------------- --------------
$20,863,111 $9,922,889 $44,829,273 $14,020,091 $21,207,467 $47,055,374
============= ============ ============= ============= ============= ==============
$20,437,223 $9,024,902 $42,206,413 $13,611,946 $21,044,040 $43,950,274
============= ============ ============= ============= ============= ==============
1,935,781 936,141 4,191,281 1,286,668 1,968,447 4,335,927
============= ============ ============= ============= ============= ==============
$10.78 $10.60 $10.70 $10.90 $10.77 $10.85
====== ====== ====== ====== ====== ======
$11.23 $11.04 $11.15 $11.35 $11.22 $11.30
====== ====== ====== ====== ====== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF OPERATIONS For the year ended November 30, 1996
- ---------------------------------------------------------------------------------------------------
Arizona California Florida Massachusetts
------------ ------------ ------------ ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME ........................ $2,733,780 $6,729,367 $4,095,716 $927,653
------------ ------------ ------------ ---------------
EXPENSES
Investment management fee ............. 165,968 401,258 249,499 56,700
Plan of distribution fee .............. 67,470 169,430 103,255 23,727
Professional fees ..................... 26,772 28,945 27,791 27,515
Transfer agent fees and expenses ..... 16,577 32,283 24,075 6,104
Shareholder reports and notices ...... 9,105 20,991 12,354 3,031
Trustees' fees and expenses ........... 3,659 5,962 3,378 711
Registration fees ..................... 6,385 3,752 6,382 7,407
Custodian fees ........................ 3,477 5,461 3,914 1,179
Organizational expenses ............... -- 414 414 414
Other ................................. 8,967 12,545 10,912 5,498
------------ ------------ ------------ ---------------
TOTAL EXPENSES BEFORE EXPENSE OFFSET
AND AMOUNTS WAIVED/REIMBURSED ..... 308,380 681,041 441,974 132,286
LESS: AMOUNTS WAIVED/REIMBURSED .... -- -- -- (50,275)
LESS: EXPENSE OFFSET ................ (3,463) (5,432) (3,885) (1,173)
------------ ------------ ------------ ---------------
TOTAL EXPENSES AFTER EXPENSE OFFSET
AND AMOUNTS WAIVED/REIMBURSED ..... 304,917 675,609 438,089 80,838
------------ ------------ ------------ ---------------
NET INVESTMENT INCOME ............... 2,428,863 6,053,758 3,657,627 846,815
------------ ------------ ------------ ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) .............. 234,117 (188,814) (10,934) (6,674)
Net change in unrealized appreciation (594,791) 1,413,134 (216,205) (59,232)
------------ ------------ ------------ ---------------
NET GAIN (LOSS) ..................... (360,674) 1,224,320 (227,139) (65,906)
------------ ------------ ------------ ---------------
NET INCREASE ........................ $2,068,189 $7,278,078 $3,430,488 $780,909
============ ============ ============ ===============
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
Michigan Minnesota New Jersey New York Ohio Pennsylvania
- ------------ ----------- ------------ ---------- ------------ --------------
<S> <C> <C> <C> <C> <C>
$1,199,802 $599,203 $2,696,547 $803,800 $1,259,436 $2,881,560
- ------------ ----------- ------------ ---------- ------------ --------------
72,796 36,759 160,350 48,928 76,978 173,524
30,115 14,761 64,078 18,838 31,989 73,195
27,075 30,504 28,922 26,301 28,131 27,400
11,493 5,259 21,752 5,812 10,082 19,980
4,523 2,109 7,361 2,664 3,680 8,387
1,070 429 2,275 683 1,286 3,018
2,743 2,628 6,402 5,830 2,432 2,821
1,419 880 2,647 1,211 1,738 4,693
414 414 414 414 414 414
6,277 6,892 9,509 6,189 7,132 9,138
- ------------ ----------- ------------ ---------- ------------ --------------
157,925 100,635 303,710 116,870 163,862 322,570
(52,490) (47,620) -- (46,461) (52,949) --
(1,412) (879) (2,627) (1,203) (1,721) (4,681)
- ------------ ----------- ------------ ---------- ------------ --------------
104,023 52,136 301,083 69,206 109,192 317,889
- ------------ ----------- ------------ ---------- ------------ --------------
1,095,779 547,067 2,395,464 734,594 1,150,244 2,563,671
- ------------ ----------- ------------ ---------- ------------ --------------
4,837 (23,006) 220,181 (17,737) 14,562 123,735
(91,304) (14,644) (459,218) 34,135 (137,210) (236,754)
- ------------ ----------- ------------ ---------- ------------ --------------
(86,467) (37,650) (239,037) 16,398 (122,648) (113,019)
- ------------ ----------- ------------ ---------- ------------ --------------
$1,009,312 $509,417 $2,156,427 $750,992 $1,027,596 $2,450,652
============ =========== ============ ========== ============ ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------------------------------------
For the year ended November 30,
Arizona California
---------------------------- ------------------------------
1996 1995 1996 1995
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ....................... $ 2,428,863 $ 2,634,161 $ 6,053,758 $ 6,371,272
Net realized gain (loss) .................... 234,117 136,451 (188,814) (247,082)
Net change in unrealized appreciation/
depreciation ............................... (594,791) 5,859,879 1,413,134 15,149,432
------------- ------------- -------------- --------------
Net increase .............................. 2,068,189 8,630,491 7,278,078 21,273,622
------------- ------------- -------------- --------------
Dividends and distributions from:
Net investment income ....................... (2,422,556) (2,634,161) (6,037,805) (6,371,272)
Net realized gain ........................... -- -- -- --
------------- ------------- -------------- --------------
Total ..................................... (2,422,556) (2,634,161) (6,037,805) (6,371,272)
------------- ------------- -------------- --------------
Transactions in shares of beneficial
interest:
Net proceeds from sales ..................... 4,009,521 5,174,717 10,738,339 9,740,664
Reinvestment of dividends and
distributions .............................. 1,192,120 1,334,340 2,920,191 3,199,688
Cost of shares repurchased .................. (8,889,549) (9,843,250) (18,809,193) (22,523,316)
------------- ------------- -------------- --------------
Net decrease .............................. (3,687,908) (3,334,193) (5,150,663) (9,582,964)
------------- ------------- -------------- --------------
Total increase (decrease) ................. (4,042,275) 2,662,137 (3,910,390) 5,319,386
NET ASSETS:
Beginning of period .......................... 50,290,492 47,628,355 117,769,444 112,450,058
------------- ------------- -------------- --------------
END OF PERIOD ................................ $46,248,217 $50,290,492 $113,859,054 $117,769,444
============= ============= ============== ==============
Undistributed net investment income ......... $ 6,307 $ -- $ 15,953 $ --
============= ============= ============== ==============
SHARES ISSUED AND REPURCHASED:
Sold ......................................... 382,246 508,816 1,015,703 954,040
Reinvestment of dividends and distributions . 114,076 130,488 276,280 313,444
Repurchased .................................. (850,272) (971,313) (1,789,292) (2,223,029)
------------- ------------- -------------- --------------
Net decrease ................................. (353,950) (332,009) (497,309) (955,545)
============= ============= ============== ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Florida Massachusetts Michigan
- ------------------------------ ---------------------------- ----------------------------
1996 1995 1996 1995 1996 1995
- -------------- -------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 3,657,627 $ 3,872,871 $ 846,815 $ 887,197 $ 1,095,779 $ 1,145,642
(10,934) 297,548 (6,674) 79,118 4,837 11,026
(216,205) 8,855,916 (59,232) 2,071,069 (91,304) 2,758,269
- -------------- -------------- ------------- ------------- ------------- -------------
3,430,488 13,026,335 780,909 3,037,384 1,009,312 3,914,937
- -------------- -------------- ------------- ------------- ------------- -------------
(3,647,904) (3,872,871) (844,604) (887,197) (1,093,971) (1,145,642)
-- -- (35,280) -- -- --
- -------------- -------------- ------------- ------------- ------------- -------------
(3,647,904) (3,872,871) (879,884) (887,197) (1,093,971) (1,145,642)
- -------------- -------------- ------------- ------------- ------------- -------------
9,196,793 10,874,113 1,641,760 2,298,582 2,833,619 2,130,223
1,309,984 1,388,435 488,781 499,293 628,246 653,136
(13,805,676) (18,815,557) (2,965,069) (3,500,367) (4,186,713) (3,711,031)
- -------------- -------------- ------------- ------------- ------------- -------------
(3,298,899) (6,553,009) (834,528) (702,492) (724,848) (927,672)
- -------------- -------------- ------------- ------------- ------------- -------------
(3,516,315) 2,600,455 (933,503) 1,447,695 (809,507) 1,841,623
74,058,061 71,457,606 16,954,463 15,506,768 21,672,618 19,830,995
- -------------- -------------- ------------- ------------- ------------- -------------
$ 70,541,746 $ 74,058,061 $16,020,960 $16,954,463 $20,863,111 $21,672,618
============== ============== ============= ============= ============= =============
$ 9,723 $ -- $ 2,211 $ -- $ 1,808 $ --
============== ============== ============= ============= ============= =============
858,505 1,040,055 152,246 217,640 267,388 205,926
122,498 132,818 45,436 47,460 59,047 63,129
(1,292,611) (1,813,124) (275,364) (335,507) (394,837) (361,199)
- -------------- -------------- ------------- ------------- ------------- -------------
(311,608) (640,251) (77,682) (70,407) (68,402) (92,144)
============== ============== ============= ============= ============= =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
- ----------------------------------------------------------------------------------------------------------
For the year ended November 30,
Minnesota New Jersey
---------------------------- ----------------------------
1996 1995 1996 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ....................... $ 547,067 $ 576,268 $ 2,395,464 $ 2,566,230
Net realized gain (loss) .................... (23,006) 17,107 220,181 (125,009)
Net change in unrealized appreciation/
depreciation ............................... (14,644) 1,390,495 (459,218) 6,003,704
------------- ------------- ------------- -------------
Net increase .............................. 509,417 1,983,870 2,156,427 8,444,925
------------- ------------- ------------- -------------
Dividends from net investment income ........ (545,720) (576,268) (2,389,171) (2,566,230)
------------- ------------- ------------- -------------
Transactions in shares of beneficial
interest:
Net proceeds from sales ..................... 559,751 1,489,363 4,426,421 3,969,557
Reinvestment of dividends ................... 329,304 319,206 1,341,520 1,419,332
Cost of shares repurchased .................. (2,159,547) (1,779,338) (8,594,526) (8,876,237)
------------- ------------- ------------- -------------
Net increase (decrease) ................... (1,270,492) 29,231 (2,826,585) (3,487,348)
------------- ------------- ------------- -------------
Total increase (decrease) ................. (1,306,795) 1,436,833 (3,059,329) 2,391,347
NET ASSETS:
Beginning of period .......................... 11,229,684 9,792,851 47,888,602 45,497,255
------------- ------------- ------------- -------------
END OF PERIOD ................................ $ 9,922,889 $11,229,684 $44,829,273 $47,888,602
============= ============= ============= =============
Undistributed net investment income ......... $ 1,347 $ -- $ 6,293 $ --
============= ============= ============= =============
SHARES ISSUED AND REPURCHASED:
Sold ......................................... 53,608 145,931 419,871 385,163
Reinvestment of dividends .................... 31,517 31,444 127,384 137,676
Repurchased .................................. (207,315) (173,959) (818,142) (867,546)
------------- ------------- ------------- -------------
Net increase (decrease) ...................... (122,190) 3,416 (270,887) (344,707)
============= ============= ============= =============
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
New York Ohio Pennsylvania
- ---------------------------- ---------------------------- ------------------------------
1996 1995 1996 1995 1996 1995
- ------------- ------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
$ 734,594 $ 807,985 $ 1,150,244 $ 1,191,350 $ 2,563,671 $ 2,703,574
(17,737) 9,027 14,562 161,498 123,735 59,271
34,135 2,049,802 (137,210) 2,795,212 (236,754) 6,305,461
- ------------- ------------- ------------- ------------- -------------- --------------
750,992 2,866,814 1,027,596 4,148,060 2,450,652 9,068,306
- ------------- ------------- ------------- ------------- -------------- --------------
(732,659) (807,985) (1,147,419) (1,191,350) (2,557,172) (2,703,574)
- ------------- ------------- ------------- ------------- -------------- --------------
1,812,721 1,474,331 2,846,349 2,891,735 3,426,864 8,975,484
377,028 426,508 684,898 733,649 1,356,713 1,417,646
(2,576,180) (4,093,402) (5,307,661) (4,171,051) (11,556,735) (10,380,066)
- ------------- ------------- ------------- ------------- -------------- --------------
(386,431) (2,192,563) (1,776,414) (545,667) (6,773,158) 13,064
- ------------- ------------- ------------- ------------- -------------- --------------
(368,098) (133,734) (1,896,237) 2,411,043 (6,879,678) 6,377,796
14,388,189 14,521,923 23,103,704 20,692,661 53,935,052 47,557,256
- ------------- ------------- ------------- ------------- -------------- --------------
$14,020,091 $14,388,189 $21,207,467 $23,103,704 $ 47,055,374 $ 53,935,052
============= ============= ============= ============= ============== ==============
$ 1,935 $ -- $ 2,825 $ -- $ 6,499 $ --
============= ============= ============= ============= ============== ==============
169,476 144,006 267,942 279,961 321,119 864,290
35,233 41,174 64,506 71,040 127,040 136,142
(241,090) (397,106) (502,913) (408,164) (1,081,877) (1,003,414)
- ------------- ------------- ------------- ------------- -------------- --------------
(36,381) (211,926) (170,465) (57,163) (633,718) (2,982)
============= ============= ============= ============= ============== ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1996
- -----------------------------------------------------------------------------
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.
C. Federal Income Tax Status -- It is the Fund's policy to comply
individually for each Series with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of
its taxable and nontaxable income to its shareholders. Accordingly, no
federal income tax provision is required.
D. Dividends and Distributions to Shareholders -- The Fund records
dividends and distributions to its shareholders on the record date. The
amount of dividends and distributions from net investment income and net
realized capital gains are determined in accordance with federal income
tax regulations which may differ from generally accepted accounting
principles. These "book/tax" differences are either considered temporary
or permanent in nature. To the extent these differences
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1996 (continued)
- -----------------------------------------------------------------------------
are permanent in nature, such amounts are reclassified within the capital
accounts based on their federal tax-basis treatment; temporary differences
do not require reclassification. Dividends and distributions which exceed
net investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as dividends in
excess of net investment income or distributions in excess of net realized
capital gains. To the extent they exceed net investment income and net
realized capital gains for tax purposes, they are reported as
distributions of paid-in-capital.
E. Organizational Expenses -- Dean Witter InterCapital Inc. (the
"Investment Manager") paid the organizational expenses of the Fund of
approximately $204,000 of which $150,000 of such expenses ($16,667 for
each of the initial Series excluding the Arizona Series) have been
reimbursed. Such expenses were deferred and fully amortized as of January
14, 1996.
F. Expenses -- Direct expenses are charged to the respective Series and
general corporate expenses are allocated on the basis of relative net
assets or equally among the Series.
2. INVESTMENT MANAGEMENT AGREEMENT -- Pursuant to an Investment Management
Agreement, each Series of the Fund pays the Investment Manager a management
fee, accrued daily and payable monthly, by applying the annual rate of 0.35%
to the daily net assets of each Series determined as of the close of each
business day.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes office space and facilities, equipment, clerical,
bookkeeping and certain legal services, and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services,
heat, light, power and other utilities provided to the Fund.
The Investment Manager has undertaken to waive management fees and assume
all expenses that exceeded 0.50% of the daily net assets with respect to the
Massachusetts, Michigan, Minnesota, New York and Ohio Series through December
31, 1996.
3. PLAN OF DISTRIBUTION -- Dean Witter Distributors Inc. (the "Distributor"),
an affiliate of the Investment Manager, is the distributor of the Fund's
shares and, in accordance with a Plan of Distribution (the "Plan") pursuant
to Rule 12b-1 under the Act, finances certain expenses in connection with the
distribution of shares of the Fund.
Under the Plan, the Distributor bears the expense of all promotional and
distribution related activities on behalf of the Fund, except for expenses
that the Trustees determined to reimburse, as described below. The following
activities and services may be provided by the Distributor, under the Plan:
(1) compensation to, and expenses of, account executives of Dean Witter
Reynolds Inc., an affiliate of the Investment Manager and Distributor, other
employees and selected broker-dealers; (2) sales incentives and bonuses to
sales representatives and to marketing personnel in connection with promoting
sales of the Fund's shares; (3) expenses incurred in connection with
promoting sales of the Fund's shares; (4) preparing and distributing sales
literature; and (5) providing advertising and promotional activities,
including direct mail solicitation and television, radio, newspaper, magazine
and other media advertisements.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1996 (continued)
- -----------------------------------------------------------------------------
The Fund is authorized to reimburse the Distributor for specific expenses
the Distributor incurs or plans to incur in promoting the distribution of the
Fund's shares. The amount of each monthly reimbursement payment may in no
event exceed an amount equal to a payment at the annual rate of 0.15% of the
Fund's average daily net assets during the month. Expenses incurred by the
Distributor pursuant to the Plan in any fiscal year will not be reimbursed by
the Fund through payments accrued in any subsequent fiscal year. For the year
ended November 30, 1996, the distribution fees were accrued at the following
annual rates:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Annual Rate .. 0.14% 0.15% 0.14% 0.15% 0.14%
========= ============ ========= =============== ==========
Minnesota New Jersey New York Ohio Pennsylvania
--------- ------------ ---------- ------- ------------
0.14% 0.14% 0.13% 0.15% 0.15%
========= ============ ========== ======= ============
</TABLE>
For the year ended November 30, 1996, the Distributor has informed the
Fund that it received commissions from the sale of the Fund's shares of
beneficial interest as follows:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan
---------- ------------ ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Commissions .. $116,515 $315,934 $312,204 $50,734 $91,586
========== ============ ========== ============= ==========
Minnesota New Jersey New York Ohio Pennsylvania
--------- ------------ ---------- -------- ------------
$18,380 $155,149 $55,204 $97,602 $111,349
========= ============ ========== ======== ============
</TABLE>
Such commissions are not an expense of the Fund; they are deducted from
the proceeds of the sale of the shares of beneficial interest.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and proceeds from the sales of portfolio securities, excluding
short-term investments, for the year ended November 30, 1996 were as follows:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan
------------ ------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases .. $4,007,948 $20,941,999 $16,969,560 $1,702,771 $ 958,540
============ ============= ============= =============== ==============
Sales ....... $9,747,084 $25,996,179 $17,507,031 $2,771,374 $ 2,784,225
============ ============= ============= =============== ==============
Minnesota New Jersey New York Ohio Pennsylvania
------------ ------------- ------------- --------------- --------------
Purchases .. $ 489,860 $ 1,974,240 $ 2,830,012 $6,506,250 $ --
============ ============= ============= =============== ==============
Sales ....... $2,080,886 $ 8,707,625 $ 3,044,837 $8,939,973 $10,689,070
============ ============= ============= =============== ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1996 (continued)
- -----------------------------------------------------------------------------
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. For the year ended November 30,
1996, each of the Series had transfer agent fees and expenses payable as
follows:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan
--------- ------------ --------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees
and Expenses
Payable ........... $1,514 $2,388 $1,933 $521 $1,069
========= ============ ========= =============== ==========
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
Minnesota New Jersey New York Ohio Pennsylvania
----------- ------------ ---------- ------ --------------
<S> <C> <C> <C> <C> <C>
Transfer Agent Fees
and Expenses
Payable ........... $506 $1,749 $672 $814 $2,035
=========== ============ ========== ====== ==============
</TABLE>
The Fund has an unfunded noncontributory defined benefit pension plan
covering all Trustees of the Fund who will have served as independent
Trustees for at least five years at the time of retirement. Benefits under
this plan are based on years of service and compensation during the last five
years of service. Aggregate pension costs for the year ended November 30,
1996 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 ........... $ 667 $1,846 $ 976 $ 290 $ 362
========= ============ ========= =============== ==========
Accrued Pension
Liability ....... $3,186 $7,792 $4,801 $1,124 $1,403
========= ============ ========= =============== ==========
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
Minnesota New Jersey New York Ohio Pennsylvania
----------- ------------ ---------- -------- --------------
<S> <C> <C> <C> <C> <C>
Aggregate Pension
Costs ........... $170 $ 627 $171 $ 447 $ 894
=========== ============ ========== ======== ==============
Accrued Pension
Liability ....... $729 $3,069 $953 $1,538 $3,388
=========== ============ ========== ======== ==============
</TABLE>
<PAGE>
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>
During the year ended November 30, 1996, the following Series utilized
capital loss carryovers of approximately:
<TABLE>
<CAPTION>
Arizona Florida Michigan New Jersey Ohio Pennsylvania
- ---------- --------- ---------- ------------ --------- --------------
<S> <C> <C> <C> <C> <C>
$234,000 $40,800 $4,800 $220,200 $14,600 $25,100
========== ========= ========== ============ ========= ==============
</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 Fund's
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>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
Net Asset Total
Year Value Net Net Realized Total from Dividends
Ended Beginning Investment and Unrealized Investment Dividends to Distributions to and
November 30, of Period Income Gain (Loss) Operations Shareholders Shareholders Distributions
- ----------------- ----------- ------------ -------------- ------------ -------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Arizona Series
1991(b) $ 9.60 $0.36 $ 0.17 $ 0.53 $(0.36) $ -- $(0.36)
1992 9.77 0.64 0.41 1.05 (0.64) -- (0.64)
1993 10.18 0.58 0.56 1.14 (0.58) (0.02) (0.60)
1994 10.72 0.55 (1.29) (0.74) (0.55) (0.01) (0.56)
1995 9.42 0.54 1.23 1.77 (0.54) -- (0.54)
1996 10.65 0.54 (0.06) 0.48 (0.54) -- (0.54)
California Series
1991(a) 9.60 0.60 0.39 0.99 (0.60) -- (0.60)
1992 9.99 0.67 0.34 1.01 (0.67) (0.01) (0.68)
1993 10.32 0.61 0.68 1.29 (0.61) -- (0.61)
1994 11.00 0.58 (1.48) (0.90) (0.58) (0.14) (0.72)
1995 9.38 0.56 1.29 1.85 (0.56) -- (0.56)
1996 10.67 0.56 0.14 0.70 (0.56) -- (0.56)
Florida Series
1991(a) 9.60 0.55 0.28 0.83 (0.55) -- (0.55)
1992 9.88 0.64 0.41 1.05 (0.64) -- (0.64)
1993 10.29 0.59 0.64 1.23 (0.59) -- (0.59)
1994 10.93 0.56 (1.33) (0.77) (0.56) -- (0.56)
1995 9.60 0.56 1.28 1.84 (0.56) -- (0.56)
1996 10.88 0.55 (0.02) 0.53 (0.55) -- (0.55)
Massachusetts Series
1991(a) 9.60 0.54 0.38 0.92 (0.54) -- (0.54)
1992 9.98 0.66 0.42 1.08 (0.66) (0.04) (0.70)
1993 10.36 0.60 0.72 1.32 (0.60) -- (0.60)
1994 11.08 0.56 (1.38) (0.82) (0.56) (0.10) (0.66)
1995 9.60 0.57 1.37 1.94 (0.57) -- (0.57)
1996 10.97 0.57 (0.03) 0.54 (0.57) (0.02) (0.59)
Michigan Series
1991(a) 9.60 0.54 0.36 0.90 (0.54) -- (0.54)
1992 9.96 0.65 0.46 1.11 (0.65) (0.01) (0.66)
1993 10.41 0.61 0.64 1.25 (0.61) -- (0.61)
1994 11.05 0.56 (1.41) (0.85) (0.56) (0.18) (0.74)
1995 9.46 0.57 1.35 1.92 (0.57) -- (0.57)
1996 10.81 0.56 (0.03) 0.53 (0.56) -- (0.56)
</TABLE>
- ----------
(a) January 15, 1991 (commencement of operations) to November 30, 1991.
(b) April 30, 1991 (commencement of operations) to November 30, 1991.
See Notes to Financial Statements
<PAGE>
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios to Average Net Assets Ratios to Average Net Assets
(After Expenses Were Assumed) (Before Expenses Were Assumed)*
----------------------------- ------------------------------
Net Asset Net Assets
Value Total End of Net Net Portfolio
End Of Investment Period Investment Investment Turnover
Period Return++ (000's) Expenses Income Expenses Income Rate
------ -------- ------- -------- ------ -------- --------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.77 5.66%(1) $ 20,733 0.15%(2) 6.32%(2) 1.43%(2) 5.04%(2) 8%(1)
10.18 11.08 38,812 0.15 6.33 0.74 5.74 15
10.72 11.42 59,877 0.48 5.40 0.65 5.22 5
9.42 (7.16) 47,628 0.62 5.33 0.63 5.32 11
10.65 19.21 50,290 0.65 (3) 5.33 0.65 5.33 6
10.59 4.63 46,248 0.65 (3) 5.12 0.65 5.12 9
9.99 10.29 (1) 41,568 0.15 (2) 6.53 (2) 0.97 (2) 5.71 (2) 24 (1)
10.32 10.23 95,604 0.15 6.36 0.67 5.84 5
11.00 12.77 139,308 0.48 5.57 0.60 5.45 11
9.38 (8.65) 112,450 0.58 5.59 0.59 5.58 12
10.67 20.15 117,769 0.60 (3) 5.50 0.60 5.50 5
10.81 6.76 113,859 0.59 5.28 0.59 5.28 19
9.88 8.84 (1) 17,719 0.15 (2) 6.45 (2) 1.27 (2) 5.33 (2) 10 (1)
10.29 10.92 51,560 0.15 6.19 0.73 5.62 6
10.93 12.20 84,494 0.48 5.39 0.63 5.23 3
9.60 (7.29) 71,458 0.61 5.34 0.62 5.33 3
10.88 19.54 74,058 0.63 (3) 5.34 0.63 5.34 8
10.86 5.03 70,542 0.62 (3) 5.13 0.62 5.13 25
9.98 9.87 (1) 3,205 0.15 (2) 6.50 (2) 2.50 (2) 4.08 (2) 40 (1)
10.36 11.19 10,113 0.14 6.26 1.25 5.16 10
11.08 13.06 18,344 0.48 5.47 0.84 5.10 12
9.60 (7.71) 15,507 0.50 5.35 0.78 5.07 10
10.97 20.58 16,954 0.50 (3) 5.39 0.79 5.11 7
10.92 5.07 16,021 0.50 (3) 5.23 0.82 4.91 11
9.96 9.54 (1) 6,630 0.15 (2) 6.54 (2) 1.73 (2) 4.96 (2) 46 (1)
10.41 11.78 13,809 0.14 6.28 1.01 5.42 9
11.05 12.28 22,083 0.48 5.53 0.80 5.20 15
9.46 (8.07) 19,831 0.50 5.44 0.75 5.19 9
10.81 20.69 21,673 0.50 (3) 5.49 0.77 5.22 22
10.78 5.09 20,863 0.50 (3) 5.27 0.76 5.01 5
</TABLE>
- ----------
* After application of the Fund's expense limitation.
++ 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) The above ratios do not reflect the effect of expense offsets of
0.01%.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)
- -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
Net Asset Total
Year Value Net Net Realized Total from Dividends
Ended Beginning Investment and Unrealized Investment Dividends to Distributions to and
November 30, of Period Income Gain (Loss) Operations Shareholders Shareholders Distributions
- ---------------- ----------- ------------ -------------- ------------ -------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Minnesota Series
1991(a) $ 9.60 $0.51 $ 0.19 $ 0.70 $(0.51) $ -- $(0.51)
1992 9.79 0.63 0.32 0.95 (0.63) -- (0.63)
1993 10.11 0.58 0.67 1.25 (0.58) -- (0.58)
1994 10.78 0.55 (1.42) (0.87) (0.55) (0.08) (0.63)
1995 9.28 0.54 1.33 1.87 (0.54) -- (0.54)
1996 10.61 0.54 (0.01) 0.53 (0.54) -- (0.54)
New Jersey Series
1991(a) 9.60 0.55 0.35 0.90 (0.55) -- (0.55)
1992 9.95 0.66 0.44 1.10 (0.66) (0.04) (0.70)
1993 10.35 0.60 0.62 1.22 (0.60) (0.03) (0.63)
1994 10.94 0.55 (1.39) (0.84) (0.55) (0.08) (0.63)
1995 9.47 0.56 1.26 1.82 (0.56) -- (0.56)
1996 10.73 0.55 (0.03) 0.52 (0.55) -- (0.55)
New York Series
1991(a) 9.60 0.54 0.46 1.00 (0.54) -- (0.54)
1992 10.06 0.68 0.34 1.02 (0.68) (0.06) (0.74)
1993 10.34 0.62 0.69 1.31 (0.62) -- (0.62)
1994 11.03 0.57 (1.52) (0.95) (0.57) (0.05) (0.62)
1995 9.46 0.56 1.42 1.98 (0.56) -- (0.56)
1996 10.88 0.56 0.02 0.58 (0.56) -- (0.56)
Ohio Series
1991(a) 9.60 0.53 0.25 0.78 (0.53) -- (0.53)
1992 9.85 0.66 0.41 1.07 (0.66) (0.01) (0.67)
1993 10.25 0.60 0.72 1.32 (0.60) -- (0.60)
1994 10.97 0.55 (1.43) (0.88) (0.55) (0.12) (0.67)
1995 9.42 0.56 1.38 1.94 (0.56) -- (0.56)
1996 10.80 0.55 (0.03) 0.52 (0.55) -- (0.55)
Pennsylvania Series
1991(a) 9.60 0.53 0.30 0.83 (0.53) -- (0.53)
1992 9.90 0.66 0.44 1.10 (0.66) -- (0.66)
1993 10.34 0.61 0.67 1.28 (0.61) -- (0.61)
1994 11.01 0.56 (1.39) (0.83) (0.56) (0.06) (0.62)
1995 9.56 0.55 1.29 1.84 (0.55) -- (0.55)
1996 10.85 0.55 -- 0.55 (0.55) -- (0.55)
</TABLE>
- ----------
(a) January 15, 1991 (commencement of operations) to November 30, 1991.
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
(After Expenses Were Assumed) (Before Expenses Were Assumed)*
----------------------------- ------------------------------
Net Asset Net Assets
Value Total End of Net Net Portfolio
End of Investment Period Investment Investment Turnover
Period Return++ (000's) Expenses Income Expenses Income Rate
------ -------- ------- -------- ------ -------- --------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.79 $ 7.42(1) $ 3,131 0.15 %(2) 6.04 %(2) 2.50 %(2) 2.87 %(2) 4%(1)
10.11 9.91 6,420 0.14 6.16 1.46 4.85 23
10.78 12.64 11,538 0.48 5.39 1.04 4.83 8
9.28 (8.42) 9,793 0.50 5.41 0.91 5.00 14
10.61 20.60 11,230 0.50(4) 5.35 0.98 4.88 3
10.60 5.21 9,923 0.50(4) 5.21 0.96 4.75 5
9.95 9.59(1) 15,812 0.15(2) 6.43(2) 1.21(2) 5.36(2) 36 (1)
10.35 11.34 32,123 0.15 6.36 0.79 5.71 19
10.94 12.03 54,499 0.48 5.41 0.69 5.20 7
9.47 (7.96) 45,497 0.64 5.38 0.65 5.37 6
10.73 19.60 47,889 0.67(4) 5.42 0.67 5.42 14
10.70 4.93 44,829 0.66(4) 5.23 0.66 5.23 5
10.06 10.73(1) 3,976 0.15(2) 6.44(2) 2.22(2) 4.37(2) 51 (1)
10.34 10.35 9,604 0.15 6.45 1.23 5.37 21
11.03 12.91 15,955 0.48 5.61 0.88 5.21 11
9.46 (8.96) 14,522 0.50 5.48 0.82 5.16 14
10.88 21.40 14,388 0.50(4) 5.43 0.85 5.09 24
10.90 5.46 14,020 0.50(4) 5.25 0.84 4.91 22
9.85 8.35(1) 6,267 0.15(2) 6.38(2) 2.04(2) 4.48(2) 22 (1)
10.25 11.12 13,686 0.15 6.41 1.01 5.56 23
10.97 13.19 24,849 0.48 5.45 0.78 5.14 20
9.42 (8.34) 20,693 0.50 5.31 0.71 5.10 18
10.80 21.02 23,104 0.50(4) 5.42 0.77 5.16 19
10.77 5.04 21,207 0.50(4) 5.23 0.75 4.98 32
9.90 8.77(1) 12,147 0.15(2) 6.46(2) 1.54(2) 5.07(2) 12 (1)
10.34 11.47 31,509 0.15 6.31 0.81 5.65 3
11.01 12.64 53,378 0.48 5.54 0.68 5.33 5
9.56 (7.84) 47,557 0.64 5.37 0.66 5.35 19
10.85 19.65 53,935 0.66(4) 5.29 0.66 5.29 8
10.85 5.27 47,055 0.65(4) 5.17 0.65 5.17 --
</TABLE>
- ----------
* After application of the Fund's expense limitation.
++ 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.
(4) The above ratios do not reflect the effect of expense offsets of
0.01%.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
- -----------------------------------------------------------------------------
To the Shareholders and Trustees of Dean Witter Multi-State Municipal Series
Trust
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of the Arizona
Series, the California Series, the Florida Series, the Massachusetts Series,
the Michigan Series, the Minnesota Series, the New Jersey Series, the New
York Series, the Ohio Series, and the Pennsylvania Series (constituting the
Dean Witter Multi-State Municipal Series Trust, hereafter referred to as the
"Fund") at November 30, 1996, the results of each of their operations for the
year then ended, the changes in each of their net assets for each of the two
years in the period then ended and the financial highlights for each of the
five years in the period then ended and for the period January 15, 1991
(commencement of operations for all Series except the Arizona Series) and
April 30, 1991 (commencement of operations for the Arizona Series) through
November 30, 1991, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our audits,
which included confirmation of securities at November 30, 1996 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
January 15, 1997
- ------------------------------------------------------------------------------
1996 FEDERAL INCOME TAX NOTICE (UNAUDITED)
During the year ended November 30, 1996, the Fund paid to shareholders
dividends per share from net investment income as follows:
<TABLE>
<CAPTION>
Arizona California Florida Massachusetts Michigan Minnesota New Jersey New York Ohio Pennsylvania
- ------- ---------- ------- ------------- -------- --------- ---------- -------- ----- ------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$0.54 $0.56 $0.55 $0.57 $0.56 $0.54 $0.55 $0.56 $0.55 $0.55
</TABLE>
All of the Fund's dividends from net investment income were exempt interest
dividends, excludable from gross income for Federal income tax purposes.
For the same period, the Massachusetts Series paid to shareholders long-term
capital gains of $0.02 per share.
- ------------------------------------------------------------------------------
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
TRUSTEES
- ---------------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
- ---------------------------------------
Charles A. Fiumefreddo
Chairman and Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
James F. Willison
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
- ---------------------------------------
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
- ---------------------------------------
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
- ---------------------------------------
Dean Witter InterCapital Inc.
Two World Trade ACenter
New York, New York 10048
This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fune, its officers and trustees,
fees, expenses and other pertinent information, please see the prospectus of
the Fund.
This report is not authorized for distriabution to prospectuve investors in
the Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER
MULTI-STATE MUNICIPAL
SERIES TRUST
ANNUAL REPORT
NOVEMBER 30, 1996
