<PAGE>
DEAN WITTER MULTI-STATE
MUNICIPAL SERIES TRUST Two World Trade Center, New York, New York 10048
LETTER TO THE SHAREHOLDERS November 30, 1997
DEAR SHAREHOLDER:
We are pleased to present the annual report on the operations of
Dean Witter Multi-State Municipal Series Trust for the fiscal year ended
November 30, 1997.
Stimulated by a resurgence of consumer spending in late 1996, the economy
grew at a rapid pace in the first quarter of 1997. This prompted the Federal
Reserve Board to tighten its monetary policy in March in a preemptive move
against a possible increase in the rate of inflation. Economic growth slowed
in the second quarter and the bond market rallied. In addition to more
moderate economic growth, low inflation and stable monetary policy, the bond
rally through July was supported by a shrinking federal budget deficit and a
stronger dollar. However, by August the bond market softened on fears that
stronger employment conditions might prompt the Federal Reserve Board to
tighten further. Yields resumed their decline in October and November. The
spreading Asian currency crisis created turmoil in the international markets
and precipitated "flight-to-quality" demand for U.S. Treasuries.
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE PURPOSE OF EDGAR
FILING.]
BOND YIELDS 1994-1997
Date AAA Ins Tsy % Relationship
---- ------- --- --------------
12/31/93 5.40 6.34 85.17%
1/31/94 6.40 6.24 86.54%
2/28/94 5.80 6.66 87.09%
3/31/94 6.40 7.09 90.27%
4/29/94 6.35 7.32 86.76%
5/31/94 6.25 7.43 84.12%
6/30/94 6.50 7.61 85.41%
7/28/94 6.25 7.39 84.57%
8/31/94 6.30 7.45 84.56%
9/30/94 6.55 7.81 83.87%
10/31/94 6.75 7.96 84.80%
11/30/94 7.00 8.00 87.80%
12/30/94 6.75 7.88 86.66%
1/31/95 6.40 7.70 83.12%
2/28/95 6.15 7.44 82.66%
3/31/95 6.15 7.43 82.77%
4/28/95 6.20 7.34 84.47%
5/31/95 5.80 6.66 87.09%
6/30/95 6.10 6.62 92.15%
7/31/95 6.10 6.86 88.92%
8/31/95 6.00 6.66 90.09%
9/29/95 5.95 6.48 91.82%
10/31/95 5.75 6.33 90.84%
11/30/95 5.50 6.14 89.58%
12/29/95 5.35 5.94 90.07%
1/31/96 5.40 6.03 89.55%
2/29/96 5.80 6.46 86.89%
3/29/96 5.85 6.66 87.84%
4/30/96 5.95 6.89 86.36%
5/31/96 6.06 6.99 86.55%
6/28/96 6.90 6.89 85.63%
7/31/96 5.85 6.97 83.83%
8/30/96 5.90 7.11 82.98%
9/30/96 5.70 6.93 82.25%
10/31/96 5.65 6.64 85.09%
11/29/96 5.60 6.35 86.61%
12/31/96 5.60 6.63 84.46%
1/31/97 5.70 6.79 83.95%
2/28/97 5.65 6.80 83.09%
3/31/97 5.90 7.10 83.10%
4/30/97 5.75 6.94 82.85%
5/30/97 5.65 6.91 81.77%
6/30/97 5.60 6.78 82.60%
7/30/97 5.30 6.30 84.00%
8/31/97 5.50 6.61 83.00%
9/30/97 5.40 6.40 84.40%
10/31/97 5.35 6.15 86.90%
11/30/97 5.30 6.05 87.60%
12/31/97 5.15 5.92 86.90%
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
LETTER TO THE SHAREHOLDERS November 30, 1997, continued
MUNICIPAL MARKET CONDITIONS
Municipal yields followed the trend of Treasury yields but with less
volatility. Long-term insured revenue index yields increased from 5.60
percent to 5.90 percent between November 1996 and March 1997. The bond rally
over the past seven months pushed 30-year yields down to 5.30 percent by the
end of November 1997. Yields on 1-year notes moved from 3.60 percent to 3.80
percent over the period. Consequently, the yield pickup for extending
maturities from 1 to 30 years narrowed from 200 basis points to 150 basis
points.
The ratio of 30-year insured revenue bond yields to 30-year U.S. Treasury
yields rose from 83 percent at the end of March 1997 to 88 percent in
November. A rising ratio means that municipals have underperformed Treasuries
and have become relatively more attractive. Over the past four years, this
ratio has annually ranged from an average low of 83 percent to an average
high of 90 percent.
New-issue underwriting volume was slightly ahead in the first half of 1997.
The decline in interest rates led to a surge in refunding activity in the
third quarter. As a result, new-issue municipal volume was up 17 percent
during the first 11 months of 1997. Refundings accounted for one-quarter of
total volume.
PORTFOLIO STRUCTURE
The average cash and short-term investment position of Dean Witter
Multi-State Municipal Series Trust was 5 percent of net assets at the end of
the fiscal year. An additional 9 percent of average net assets were held in
refunded bonds escrowed to call dates within 10 years. Weighted average
maturities ranged from 15 to 19 years. Call protection was 6 years on
average. Overall average credit quality was double "A" or better. The
investment objective of a high level of current income exempt from both
federal and state income taxes consistent with preservation of capital
remained the primary consideration in portfolio activity.
For your convenience, we have summarized details regarding the various States
series on the following pages. Here you will find information on credit
quality, maturity, call protection, distributions and performance. The
accompanying charts illustrate the growth of a $10,000 investment in each
Series from inception through the fiscal year ended November 30, 1997, versus
similar hypothetical investments in the issues that comprise the Lehman
Brothers Municipal Bond Index and the funds that comprise the relevant Lipper
Analytical Services, Inc. Municipal Debt Funds Index.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
LETTER TO THE SHAREHOLDERS November 30, 1997, continued
LOOKING AHEAD
So far this year, long-term municipal bonds have followed the trend of
Treasuries toward lower yields. The recent enactment of the Taxpayer Relief
Act of 1997 preserved the traditional tax-exempt benefits of municipal bond
income.
We appreciate your ongoing support of Dean Witter Multi-State Municipal
Series Trust and look forward to continuing to serve your investment needs.
Very truly yours,
/s/ Charles A. Fiumefreddo
CHARLES A. FIUMEFREDDO
Chairman of the Board
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
LETTER TO THE SHAREHOLDERS November 30, 1997, continued
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE PURPOSE OF EDGAR
FILING.]
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - ARIZONA SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
-------------------------------------------------------------
April 30, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,144 $10,594 $10,573
November 30, 1992 $11,267 $11,657 $11,703
November 30, 1993 $12,554 $12,949 $13,061
November 30, 1994 $11,655 $12,269 $12,160
November 30, 1995 $13,894 $14,587 $14,533
November 30, 1996 $14,538 $15,445 $15,242
November 30, 1997 $15,358(3) $16,552 $16,236
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
5.64%(1) 6.39%(1) 7.39%(1)
1.42%(2) 5.53%(2) 6.73%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper AZ Municipal Debt Funds Average tracks the performance of the
funds that limit assets to those securities which are exempt from taxation
in AZ state (double tax exempt) or a specified city in AZ (triple
tax-exempt) as reported by Lipper Analytical Services.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - CALIFORNIA SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,588 $10,833 $10,784
November 30, 1992 $11,671 $11,919 $11,772
November 30, 1993 $13,161 $13,241 $13,186
November 30, 1994 $12,023 $12,545 $12,256
November 30, 1995 $14,445 $14,916 $14,583
November 30, 1996 $15,422 $15,793 $15,393
November 30, 1997 $16,433(3) $16,925 $16,433
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
6.55%(1) 7.08%(1) 8.13%(1)
2.29%(2) 6.21%(2) 7.49%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper CA Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper CA Municipal Debt Funds objective. The Index, which is adjusted
for capital gains distributions and income dividends, is unmanaged and
should not be considered an investment. There are currently 30 funds
represented in this Index.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - FLORIDA SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,448 $10,833 $10,841
November 30, 1992 $11,589 $11,919 $11,957
November 30, 1993 $13,002 $13,241 $13,418
November 30, 1994 $12,055 $12,545 $12,336
November 30, 1995 $14,410 $14,916 $14,790
November 30, 1996 $15,135 $15,793 $15,491
November 30, 1997 $16,059(3) $16,925 $16,493
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
6.10%(1) 6.74%(1) 7.77%(1)
1.86%(2) 5.87%(2) 7.13%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper FL Municipal Debt Funds Average tracks the performance of the
funds that limit assets to those securities which are exempt from taxation
in FL state (double tax exempt) or a specified city in FL (triple
tax-exempt) as reported by Lipper Analytical Services.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - NEW JERSEY SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,521 $10,833 $10,811
November 30, 1992 $11,714 $11,919 $11,868
November 30, 1993 $13,123 $13,241 $13,270
November 30, 1994 $12,079 $12,545 $12,411
November 30, 1995 $14,446 $14,916 $14,623
November 30, 1996 $15,158 $15,793 $15,280
November 30, 1997 $16,218(3) $16,925 $16,245
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
6.99%(1) 6.72%(1) 7.93%(1)
2.71%(2) 5.86%(2) 7.29%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper NJ Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper NJ Municipal Debt Funds objective. The Index, which is adjusted
for capital gains distributions and income dividends, is unmanaged and
should not be considered an investment. There are currently 10 funds
represented in this Index.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - NEW YORK SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,630 $10,833 $10,979
November 30, 1992 $11,730 $11,919 $12,144
November 30, 1993 $13,244 $13,241 $13,578
November 30, 1994 $12,058 $12,545 $12,495
November 30, 1995 $14,638 $14,916 $14,887
November 30, 1996 $15,437 $15,793 $15,545
November 30, 1997 $16,527(3) $16,925 $16,549
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
7.06%(1) 7.10%(1) 8.22%(1)
2.78%(2) 6.23%(2) 7.58%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper NY Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper NY Municipal Debt Funds objective. The Index, which is adjusted for
capital gains distributions and income dividends, is unmanaged and should
not be considered an investment. There are currently 10 funds represented
in this Index.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - MASSACHUSETTS SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,548 $10,833 $10,857
November 30, 1992 $11,727 $11,919 $11,985
November 30, 1993 $13,259 $13,241 $13,394
November 30, 1994 $12,237 $12,545 $12,574
November 30, 1995 $14,755 $14,916 $14,861
November 30, 1996 $15,503 $15,793 $15,573
November 30, 1997 $16,538(3) $16,925 $16,580
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
6.68%(1) 7.12%(1) 8.23%(1)
2.41%(2) 6.25%(2) 7.59%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper MA Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the Lipper MA
Municipal Debt Funds objective. The Index, which is adjusted for capital
gains distributions and income dividends, is unmanaged and should not be
considered an investment. There are currently 10 funds represented in this
Index.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - MICHIGAN SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,516 $10,833 $10,795
November 30, 1992 $11,754 $11,919 $11,902
November 30, 1993 $13,197 $13,241 $13,237
November 30, 1994 $12,132 $12,545 $12,473
November 30, 1995 $14,642 $14,916 $14,636
November 30, 1996 $15,386 $15,793 $15,340
November 30, 1997 $16,389(3) $16,925 $16,248
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
6.52%(1) 6.87%(1) 8.09%(1)
2.26%(2) 6.01%(2) 7.45%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper MI Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper MI Municipal Debt Funds objective. The Index, which is adjusted for
capital gains distributions and income dividends, is unmanaged and should
not be considered an investment. There are currently 10 funds represented
in this Index.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - MINNESOTA SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,312 $10,833 $10,707
November 30, 1992 $11,334 $11,919 $11,969
November 30, 1993 $12,767 $13,241 $13,073
November 30, 1994 $11,692 $12,545 $12,308
November 30, 1995 $14,100 $14,916 $14,465
November 30, 1996 $14,835 $15,793 $15,103
November 30, 1997 $15,689(3) $16,925 $16,015
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
5.76%(1) 6.72%(1) 7.41%(1)
1.53%(2) 5.85%(2) 6.77%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper MN Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper MN Municipal Debt Funds objective. The Index, which is adjusted
for capital gains distributions and income dividends, is unmanaged and
should not be considered an investment. There are currently 10 funds
represented in this Index.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - OHIO SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,401 $10,833 $10,786
November 30, 1992 $11,558 $11,919 $11,868
November 30, 1993 $13,083 $13,241 $13,234
November 30, 1994 $11,991 $12,545 $12,515
November 30, 1995 $14,512 $14,916 $14,717
November 30, 1996 $15,243 $15,793 $15,442
November 30, 1997 $16,259(3) $16,925 $16,357
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
6.67%(1) 7.06%(1) 7.97%(1)
2.40%(2) 6.19%(2) 7.33%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper OH Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper OH Municipal Debt Funds objective. The Index, which is adjusted
for capital gains distributions and income dividends, is unmanaged and
should not be considered an investment. There are currently 10 funds
represented in this Index.
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST - PENNSYLVANIA SERIES
GROWTH OF $10,000
Lehman Brothers
Date Total Muni Bond Index(4) Lipper(5)
----------------------------------------------------------
January 15, 1991 $ 9,600 $10,000 $10,000
November 30, 1991 $10,442 $10,833 $10,875
November 30, 1992 $11,640 $11,919 $12,014
November 30, 1993 $13,111 $13,241 $13,425
November 30, 1994 $12,083 $12,545 $12,699
November 30, 1995 $14,458 $14,916 $14,980
November 30, 1996 $15,219 $15,793 $15,708
November 30, 1997 $16,212(3) $16,925 $16,706
Average Annual Total Returns
1 Year 5 Year Life of Fund
------------------------------------
6.53%(1) 6.85%(1) 7.92%(1)
2.26%(2) 5.98%(2) 7.28%(2)
Past performance is not predictive of future returns
- ---------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable front-end sales charge (4%). See the Fund's current
prospectus for complete details on fees and sales charges.
(3) Closing value including the deduction of a 4% front-end sales charge,
assuming a complete redemption on November 30, 1997.
(4) The Lehman Brothers Municipal Bond Index tracks the performance of
municipal bonds with maturities of 2 years or greater and a minimum credit
rating of Baa or BBB, as rated by Moody's Investors Service, Inc. or
Standard & Poor's Corp., respectively. The Index does not include any
expenses, fees or charges. The Index is unmanaged and should not be
considered an investment.
(5) The Lipper PA Municipal Debt Funds Index is an equally-weighted performance
index of the largest qualifying funds (based on net assets) in the
Lipper PA Municipal Debt Funds objective. The Index, which is adjusted for
capital gains distributions and income dividends, is unmanaged and should
not be considered an investment. There are currently 10 funds represented
in this Index.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
PORTFOLIO SUMMARY November 30, 1997 (unaudited)
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
SERIES SERIES SERIES SERIES
- ------------------------------------------------- ------------ -------------- ------------ -----------------
<S> <C> <C> <C> <C>
Credit Ratings (1):
Aaa or AAA........................................ 43% 51% 68% 51%
Aa or AA.......................................... 37 21 14 20
A or A ........................................... 16 21 7 14
Baa or BBB........................................ 4 7 6 15
Non-Rated (2) .................................... -- -- 5 --
Long-Term Portfolio Distribution by Call Date
1998 ............................................. 6 1 -- --
1999 ............................................. -- 1 5 --
2000 ............................................. 5 2 1 4
2001 ............................................. 19 16 20 9
2002 ............................................. 35 32 38 18
2003 ............................................. 9 14 10 28
2004 ............................................. 10 -- -- 4
2005 ............................................. 5 -- 8 11
2006 ............................................. 2 8 10 6
2007 ............................................. -- 6 -- 10
2008+............................................. 9 20 8 10
Average Weighted (3):
Maturity.......................................... 15 Years 18 Years 18 Years 19 Years
Call Protection................................... 5 Years 8 Years 6 Years 7 Years
Per Share Net Asset Value:
November 30, 1996 ................................ $10.59 $10.81 $10.86 $10.92
November 30, 1997 ................................ $10.64 $10.96 $10.97 $11.10
Dividends (4)..................................... $ 0.53 $ 0.55 $ 0.54 $ 0.53
Total Return (5):
12 months ended 11/30/97 ......................... 5.64% 6.55% 6.10% 6.68%
</TABLE>
- ------------
(1) Represents Moody's or Standard & Poor's ratings of the credit quality
of the long-term bonds owned by each Series.
(2) Unrated at time of purchase; deemed by Investment Manager to be
comparable to investment grade securities.
(3) Includes short-term securities.
(4) Includes all income dividends and capital gains distributions, if
any, paid by each Series for the fiscal year ended
November 30, 1997.
(5) Total return figures represent the change in each Series' total value
as of the last business day for each period measured, taking into
account the change in NAV plus compounded, reinvested dividends and
distributions.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
SERIES SERIES SERIES SERIES SERIES SERIES
- ------------ ------------- -------------- ------------ ------------ ----------------
<S> <C> <C> <C> <C> <C>
64% 26% 55% 46% 65% 61%
36 40 17 13 14 21
-- 27 12 33 16 15
-- 7 13 8 5 2
-- -- 3 -- -- 1
-- -- -- -- 3 --
-- -- 5 -- -- --
2 7 -- -- 4 --
27 11 16 5 16 18
33 32 26 19 34 43
10 33 11 14 2 16
-- 5 3 5 3 --
20 -- 17 22 20 5
5 5 7 21 6 5
-- -- -- -- 6 5
3 7 15 14 6 8
18 Years 16 Years 19 Years 18 Years 17 Years 17 Years
5 Years 6 Years 6 Years 7 Years 6 Years 6 Years
$10.78 $10.60 $10.70 $10.90 $10.77 $10.85
$10.94 $10.70 $10.88 $11.11 $10.94 $10.97
$ 0.53 $ 0.49 $ 0.53 $ 0.53 $ 0.53 $ 0.56
6.52% 5.76% 6.99% 7.06% 6.67% 6.53%
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ARIZONA TAX-EXEMPT MUNICIPAL BONDS (93.9%)
General Obligation (12.7%)
$ 200 Chandler, Sierra Vista Refg Ser 1991 (FGIC) ..................... 7.00 % 07/01/12 $ 218,106
1,000 Paradise Valley Unified School District #69, Ser B 1995 (MBIA) .. 5.25 07/01/15 1,006,820
Phoenix,
500 Refg Ser 1993 A ................................................ 5.25 07/01/12 507,160
1,550 Refg Ser 1992 .................................................. 6.375 07/01/13 1,696,583
750 Tucson, Refg Ser 1995 (FGIC) .................................... 5.50 07/01/12 780,000
1,000 Tucson Unified School District #1, 1989 Ser D 1992 (FGIC) ....... 6.10 07/01/11 1,091,560
- ----------- -------------
5,000 5,300,229
- ----------- -------------
Educational Facilities Revenue (5.0%)
1,000 Arizona Board of Regents, Arizona State University Ser 1992 A ... 5.50 07/01/19 1,011,440
1,000 University of Arizona, Telecommunications Ser 1991 COPs ......... 6.50 07/15/12 1,103,840
- ----------- -------------
2,000 2,115,280
- ----------- -------------
Hospital Revenue (9.5%)
700 Arizona Health Facilities Authority, Pheonix Memorial Hospital
Refg Ser 1991** ............................................... 8.20 06/01/21 766,584
2,000 Maricopa County Industrial Development Authority, Catholic
Healthcare West 1992 Ser A (MBIA) .............................. 5.75 07/01/11 2,084,380
1,100 Pima County Industrial Development Authority, Carondelet Health
Care Corp Ser 1993 (MBIA) ...................................... 5.25 07/01/13 1,129,480
- ----------- -------------
3,800 3,980,444
- ----------- -------------
Industrial Development/Pollution Control Revenue (9.2%)
1,000 Greenlee County Industrial Development Authority, Phelps Dodge
Corp Refg 1994 ................................................. 5.45 06/01/09 1,029,470
1,000 Mohave County Industrial Development Authority, Citizens
Utilities Co 1993 Ser B (AMT) .................................. 5.80 11/15/28 1,017,750
1,700 Santa Cruz County Industrial Development Authority, Citizens
Utilities Co Ser 1991 (AMT) .................................... 7.15 02/01/23 1,791,341
- ----------- -------------
3,700 3,838,561
- ----------- -------------
Mortgage Revenue - Multi-Family (2.4%)
955 Pima County Industrial Development Authority, Rancho Mirage Ser
- ----------- 1992 (AMT)(AGRC) ............................................... 7.05 04/01/22 1,010,132
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------
Public Facilities Revenue (4.9%)
Arizona,
$500 Refg Ser 1992 B COPs (AMBAC) ................................... 6.25 % 09/01/10 $ 540,675
500 Ser 1991 COPs (FSA) ............................................ 6.25 09/01/11 536,565
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1997 A (AMBAC)(WI) ............................................. 5.00 07/01/28 969,490
- ----------- -------------
2,000 2,046,730
- ----------- -------------
Transportation Facilities Revenue (14.0%)
1,000 Phoenix, Street & Highway User Refg Ser 1993** ................. 5.125 07/01/11 1,002,130
1,680 Phoenix Civic Improvement Corporation, Airport Terminal Excise
Tax Ser 1989 (AMT) ............................................. 7.80 07/01/11 1,718,455
Tucson,
1,000 Street & Highway User Sr Lien Refg Ser 1993 .................... 5.50 07/01/09 1,040,820
1,000 Street & Highway User Sr Lien Refg Ser 1996 (MBIA) ............. 6.00 07/01/10 1,109,370
1,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ...... 5.25 07/01/21 973,570
- ----------- -------------
5,680 5,844,345
- ----------- -------------
Water & Sewer Revenue (19.9%)
1,000 Arizona Wastewater Management Authority, Wastewater Ser 1992 A
(AMBAC) ........................................................ 5.95 07/01/12 1,055,840
Chandler,
750 Water & Sewer Refg Ser 1991 (FGIC) ............................. 7.00 07/01/12 817,898
1,000 Water & Sewer Refg Ser 1992 (FGIC) ............................. 6.25 07/01/13 1,083,780
1,000 Gilbert, Water & Wastewater Refg Ser 1992 (FGIC) ................ 6.50 07/01/22 1,098,790
Phoenix Civic Improvement Corporation,
1,000 Wastewater Jr Lien Ser 1994 .................................... 5.45 07/01/19 1,014,330
1,000 Wastewater Refg Ser 1993 ....................................... 4.75 07/01/23 910,360
2,200 Tucson, Water Refg Ser 1991 ..................................... 6.50 07/01/16 2,372,678
- ----------- -------------
7,950 8,353,676
- ----------- -------------
Other Revenue (1.7%)
700 Puerto Rico Industrial, Tourist, Educational, Medical &
- ----------- Environmental Control Facilities Financing Authority, Teachers
Retirement 1996 Ser B .......................................... 5.50 07/01/16 719,775
-------------
Refunded (14.6%)
1,150 Arizona Health Facilities Authority, Phoenix Baptist Hospital &
Medical Center Inc & Medical Environments Inc Ser 1992
(MBIA)(ETM) .................................................... 6.25 09/01/11 1,259,423
1,500 Arizona Transportation Board, Sub Highway Ser 1991 A ............ 6.50 07/01/01++ 1,632,690
1,000 Central Arizona Water Conservative District, Ser 1991 B ......... 6.50 05/01/01++ 1,088,290
1,000 Phoenix, Street & Highway User Ser 1992 ......................... 6.25 07/01/02++ 1,092,870
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- ARIZONA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------------------------------------------------------------------------------------------------------------
$1,000 Salt River Agricultural Improvement & Power District, Refg 1992
- ----------- Ser D .......................................................... 6.25% 01/01/02+ $1,070,480
-------------
5,650 6,143,753
- ----------- -------------
37,435 TOTAL ARIZONA TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $36,930,105) ............................................ 39,352,925
-------------
SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATION (6.1%)
1,800 Pinal County Industrial Development Authority, Newmont Mining
Corp Ser 1984 (Demand 12/01/97) ............................... 3.85* 12/01/09 1,800,000
700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1988 A ......................................................... 7.90 07/01/98++ 731,052
- ----------- -------------
2,500 TOTAL SHORT-TERM ARIZONA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (Identified Cost $2,516,278) ................................... 2,531,052
-------------
$39,935 TOTAL INVESTMENTS (Identified Cost $39,446,383) (a) ..................... 100.0% 41,883,977
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 0.0 6,581
------------ -------------
NET ASSETS ............................................................... 100.0% $41,890,558
============ =============
</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.
++ Refunded to call date shown by forward delivery contract.
* Current coupon of variable rate demand obligation.
** All or a portion of these securities are segregated in
connection with the purchase of when issued securities.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross and net unrealized
appreciation is $2,437,594.
Bond Insurance:
- ---------------
AGRC Asset Guaranty Reinsurance Company.
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ------------ --------------
<S> <C> <C> <C> <C>
CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS (94.4%)
General Obligation (5.8%)
$2,000 California, Various Purpose 04/01/93 (FSA) ...................... 5.50 % 04/01/19 $2,021,480
2,500 Carlsbad Unified School District, Ser 1997 (FGIC) ............... 0.00 11/01/16 918,750
3,000 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline Refg
Ser 1996 (FGIC) ................................................ 5.80 09/01/22 3,139,050
- ----------- --------------
7,500 6,079,280
- ----------- --------------
Educational Facilities Revenue (10.5%)
California Educational Facilities Authority,
2,000 Carnegie Institution of Washington 1993 Ser A .................. 5.60 10/01/23 2,022,580
4,000 Claremont Colleges Ser 1992 .................................... 6.375 05/01/22 4,243,920
2,000 Loyola Marymount University Refg Ser 1992 ...................... 6.00 10/01/14 2,066,140
2,500 University of Southern California Ser 1993 B ................... 5.80 10/01/15 2,610,125
- ----------- --------------
10,500 10,942,765
- ----------- --------------
Electric Revenue (9.7%)
2,000 Kings River Conservation District, Pine Flat Power Ser D ........ 6.00 01/01/17 2,085,180
2,000 Los Angeles Department of Water & Power, Refg Issue of 1993
(Secondary AMBAC) .............................................. 5.375 09/01/23 1,971,020
1,000 Sacramento Municipal Utility District, Refg 1993 Ser D (MBIA) ... 5.625 11/15/15 1,020,200
5,000 Southern California Public Power Authority, Mead -Phoenix
(AMBAC) ........................................................ 5.15 07/01/15 4,994,050
- ----------- --------------
10,000 10,070,450
- ----------- --------------
Hospital Revenue (15.1%)
California Health Facilities Financing Authority,
2,000 Catholic Health Corp Ser 1992 (MBIA) ........................... 6.00 07/01/13 2,105,300
2,000 Cedars-Sinai Medical Center Ser 1997 A (MBIA) .................. 5.25 08/01/27 1,961,520
3,000 Scripps Memorial Hospitals Ser 1992 A (MBIA)** ................. 6.375 10/01/22 3,272,580
California Statewide Communities Development Authority,
2,000 Cedars-Sinai Medical Center Ser 1992 COPs ...................... 6.50 08/01/12 2,273,280
2,000 John Muir/Mount Diablo Health COPs (MBIA) ...................... 5.125 08/15/22 1,938,540
2,000 Duarte, City of Hope National Medical Center Ser 1993 COPs ...... 6.00 04/01/08 2,079,500
2,000 Duarte, City of Hope National Medical Center Ser 1993 COPs ...... 6.125 04/01/13 2,078,160
- ----------- --------------
15,000 15,708,880
- ----------- --------------
Industrial Development/Pollution Control Revenue (2.6%)
California Pollution Control Financing Authority,
1,000 Pacific Gas & Electric Co 1992 Ser A (AMT) ..................... 6.625 06/01/09 1,089,050
1,500 San Diego Gas and Electric Co 1996 Ser A ....................... 5.90 06/01/14 1,622,340
- ----------- --------------
2,500 2,711,390
- ----------- --------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ------------ --------------
Mortgage Revenue - Multi-Family (2.1%)
$2,000 California Housing Finance Agency, Rental II 1992 Ser B ......... 6.70 % 08/01/15 $2,121,780
- ----------- --------------
Mortgage Revenue - Single-Family (4.9%)
690 California Housing Finance Agency, Home 1991 Ser C (AMT) (MBIA) . 7.00 08/01/23 726,908
3,000 California Rural Home Finance Authority, 1997 Ser A ............. 6.25 09/01/29 3,337,440
935 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C .............................................. 6.85 10/15/23 988,809
- ----------- --------------
4,625 5,053,157
- ----------- --------------
Public Facilities Revenue (8.7%)
2,000 Los Angeles County, 1991 Master Refg COPs ....................... 6.708 05/01/15 2,113,200
2,000 San Jose Financing Authority, Convention Center Refg 1993 Ser C . 6.375 09/01/13 2,127,620
2,700 Torrance, Refg 1991 COPs ........................................ 6.80 07/01/12 2,926,260
2,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1997 A (AMBAC)(WI) ............................................. 5.00 07/01/28 1,938,980
- ----------- --------------
8,700 9,106,060
- ----------- --------------
Tax Allocation (1.0%)
1,000 Industry Urban-Development Agency, Transportation-Distribution-
- ----------- Industrial Redev Proj #3 1992 Refg ............................. 6.90 11/01/16 1,087,480
--------------
Transportation Facilities Revenue (5.0%)
2,000 Los Angeles County Transportation Commission, Sales Tax Ser
1991-B ......................................................... 6.50 07/01/13 2,141,140
1,000 San Francisco Bay Area Rapid Transit District, Sales Tax Ser
1991 (FGIC) .................................................... 6.60 07/01/12 1,088,710
2,000 San Joaquin Hills Transportation Corridor Agency, Toll Road Refg
Ser 1997 A (MBIA) .............................................. 5.25 01/15/30 1,972,360
- ----------- --------------
5,000 5,202,210
- ----------- --------------
Water & Sewer Revenue (15.5%)
1,000 Alameda County Water District, 1992 COPs (MBIA) ................. 6.20 06/01/13 1,058,340
745 California Department of Water Resources, Central Valley Ser
J-2 ............................................................ 6.00 12/01/20 774,636
1,000 Contra Costa Water Authority, 1992 Ser E (AMBAC) ................ 6.25 10/01/12 1,141,120
3,000 East Bay Municipal Utility District, Water Refg Ser 1992** ...... 6.00 06/01/20 3,154,710
1,000 Los Angeles, Wastewater 1991 Ser C .............................. 7.10 06/01/18 1,062,260
2,600 Metropolitan Water District of Southern California, Waterworks
1997 Ser A (WI) ................................................ 5.00 07/01/26 2,504,190
4,000 San Diego County Water Authority, Ser 1991-B COPs (MBIA) ........ 6.30 04/08/21 4,380,200
2,000 San Francisco Public Utilities Commission, Water 1992 Refg
Ser A .......................................................... 6.00 11/01/15 2,109,460
- ----------- --------------
15,345 16,184,916
- ----------- --------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- CALIFORNIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ------------ --------------
Refunded (13.5%)
$1,000 Berkeley, Alta Bates Medical Center Refg Ser A .................. 6.50% 12/01/02++ $1,116,260
2,000 California Educational Facilities Authority, University of San
Francisco Ser 1992 ............................................. 6.40 10/01/02++ 2,224,460
2,000 California Public Works Board, California State University 1992
Ser A .......................................................... 6.70 10/01/02++ 2,250,500
2,000 Central Coast Water Authority, Ser 1992 (AMBAC) ................. 6.50 10/01/02++ 2,233,140
2,700 Mojave Water Agency, Impr Dist M Morongo Basin Pipeline Ser
1992 ........................................................... 6.60 09/01/02++ 3,022,191
1,000 San Diego County Regional Transportation Commission Sales Tax
1991 Ser A (ETM)** ............................................. 6.00 04/01/08 1,089,350
2,000 Santa Clara Transit District, Sales Tax 1991 Ser A .............. 6.25 12/01/00++ 2,124,020
- ----------- --------------
12,700 14,059,921
- ----------- --------------
94,870 TOTAL CALIFORNIA TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $91,668,951) ........................................................ 98,328,289
--------------
SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS (5.1%)
4,300 Newport Beach, Hoag Memorial Hospital/Presbyterian Ser 1992
(Demand 12/01/97) ............................................. 3.80* 10/01/22 4,300,000
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1988 A ......................................................... 7.90 07/01/98++ 1,044,360
- ----------- --------------
5,300 TOTAL SHORT-TERM CALIFORNIA TAX-EXEMPT MUNICIPAL OBLIGATIONS 5,344,360
- ----------- (Identified Cost $5,322,701) ................................... -------------
$100,170 TOTAL INVESTMENTS (Identified Cost $96,991,652) (a) ...................... 99.5% 103,672,649
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 0.5 536,420
------------ --------------
NET ASSETS .............................................................. 100.0% $104,209,069
============ ==============
</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.
++ Refunded to call date shown by forward delivery contract.
* Current coupon of variable rate demand obligation.
** All or a portion of these securities are segregated in
connection with the purchase of when issued securities.
(a) The aggregate cost for federal income tax purposes approximates
identified cost.
The aggregate gross unrealized appreciation is $6,688,650 and
the aggregate gross unrealized depreciation is $7,653, resulting
in net unrealized appreciation of $6,680,997.
Bond Insurance:
- --------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FLORIDA TAX-EXEMPT MUNICIPAL BONDS (95.4%)
General Obligation (2.5%)
$1,500 Florida Board of Education, Capital Outlay Refg Ser 1992 A ..... 6.40 % 06/01/19 $1,622,295
- ----------- -------------
Educational Facilities Revenue (2.4%)
1,500 Volusia County Educational Facilities Authority, Embry-Riddle
- ----------- Aeronautical University Ser 1996 A ............................. 6.125 10/15/16 1,578,405
-------------
Electric Revenue (9.2%)
2,000 Jacksonville Electric Authority, St Johns River Power Park
Issue 2 Ser 7 ................................................... 5.50 10/01/14 2,017,720
Orlando Utilities Commission,
1,000 Refg Ser 1993 A ................................................ 5.25 10/01/14 999,930
1,000 Ser 1993 ....................................................... 5.125 10/01/19 974,920
2,000 Puerto Rico Electric Power Authority, Power Ser O ............... 5.00 07/01/12 1,965,360
- ----------- -------------
6,000 5,957,930
- ----------- -------------
Hospital Revenue (10.5%)
1,000 Alachua County Health Facilities Authority, Shands Teaching
Hospital & Clinics Ser 1996 A (MBIA) ........................... 6.25 12/01/11 1,141,140
500 Cape Canaveral Hospital District, Cape Canaveral Hospital Ser
1991 COPs (AMBAC) .............................................. 6.875 01/01/21 541,850
1,000 Hillsborough County Industrial Authority, Allegany Health/John
Knox Village of Tampa Bay Inc Ser 1992 (MBIA) .................. 6.375 12/01/12 1,080,960
1,000 Jacksonville, University Medical Center Inc Ser 1992 (Connie
Lee) ........................................................... 6.60 02/01/21 1,088,690
2,000 Orange County Health Facilities Authority, Adventist
Health/Sunbelt Ser 1995 (AMBAC) ................................ 5.25 11/15/20 1,971,100
965 Polk County Industrial Development Authority, United Haven
Hospital 1985 Ser 2 (MBIA) ..................................... 6.25 09/01/15 1,038,745
- ----------- -------------
6,465 6,862,485
- ----------- -------------
Industrial Development/Pollution Control Revenue (9.0%)
Citrus County,
1,000 Florida Power Corp Refg Ser 1992 B ............................. 6.35 02/01/22 1,067,990
2,000 Florida Power Corp Refg Ser 1992 A** ........................... 6.625 01/01/27 2,156,120
1,500 St Johns County Industrial Development Authority, Professional
Golf Hall of Fame Ser 1996 (MBIA) .............................. 5.80 09/01/16 1,574,625
1,000 St Lucie County, Florida Power & Light Co Ser 1992 (AMT) ....... 6.70 05/01/27 1,081,730
- ----------- -------------
5,500 5,880,465
- ----------- -------------
Mortgage Revenue - Single Family (3.5%)
540 Brevard County Housing Finance Authority, Refg Ser 1991 B (FSA) . 7.00 03/01/13 573,070
385 Florida Housing Finance Agency, GNMA Collateral 1990 Ser G-1
(AMT) ......................................................... 7.90 03/01/22 409,120
1,230 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C .............................................. 6.85 10/15/23 1,300,786
- ----------- -------------
2,155 2,282,976
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
Public Facilities Revenue (9.9%)
$1,000 Miami Sports & Exhibition Authority, Refg Ser 1992 A (FGIC) .... 6.15 % 10/01/20 $1,066,360
2,000 Orlando, Capital Improvement Refg Ser 1992 ...................... 6.00 10/01/22 2,079,560
3,000 Palm Beach County, Criminal Justice Ser 1997 (FGIC) ............. 5.75 06/01/13 3,257,700
- ----------- -------------
6,000 6,403,620
- ----------- -------------
Resource Recovery Revenue (3.3%)
950 Broward County, Broward Waste Energy Co North Ser 1984 .......... 7.95 12/01/08 1,035,433
1,000 Lee County, Solid Waste Ser 1991 A (AMT)(MBIA) .................. 6.50 10/01/13 1,078,510
- ----------- ------------
1,950 2,113,943
- ----------- -------------
Transportation Facilities Revenue (20.4%)
Dade County,
1,000 Aviation 1992 Ser B (AMT)(MBIA) ................................ 6.60 10/01/22 1,091,850
1,000 Seaport Refg Ser 1996 (MBIA) ................................... 5.125 10/01/26 977,100
1,000 Florida Department of Transportation, Turnpike Ser 1991 A
(AMBAC) ........................................................ 6.25 07/01/20 1,060,110
Greater Orlando Aviation Authority,
1,000 Ser 1997 (AMT)(FGIC)(WI) ....................................... 5.75 10/01/11 1,072,130
750 Ser 1992 A (AMT)(FGIC) ......................................... 6.50 10/01/12 816,023
1,000 Ser 1993 A (AMT)(AMBAC) ........................................ 5.50 10/01/18 997,460
1,000 Hillsborough County Aviation Authority, Tampa Int'l Airport Refg
Ser 1993 B (FGIC) .............................................. 5.60 10/01/19 1,019,610
1,500 Lee County, Refg Ser 1991 (AMBAC) ............................... 6.00 10/01/17 1,561,290
3,000 Mid-Bay Bridge Authority, Sr Lien Crossover Refg Ser 1993 A .... 6.10 10/01/22 3,109,290
1,500 Osceola County, Osceola Parkway (MBIA) .......................... 6.10 04/01/17 1,593,825
- ----------- -------------
12,750 13,298,688
- ----------- -------------
Water & Sewer Revenue (9.5%)
2,000 Dade County, Water & Sewer Ser 1995 (FGIC) ...................... 5.50 10/01/25 2,024,100
1,000 Orange County, Water Utilities Ser 1992 (AMBAC) ................. 6.25 10/01/17 1,078,150
2,000 Sunrise, Utility Ser 1996 A (AMBAC) ............................. 5.75 10/01/21 2,079,060
1,000 Tampa, Water & Sewer Ser 1995 (FGIC) ............................ 5.125 10/01/17 993,040
- ----------- -------------
6,000 6,174,350
- ----------- -------------
Refunded (15.2%)
1,500 Brevard County School Board, Florida School Boards Assn Inc Ser
1992 A COPs (AMBAC) ............................................ 6.50 07/01/02+ 1,664,100
1,000 Lakeland, Regional Medical Center Ser 1992 A (FGIC) ............. 6.125 11/15/02+ 1,097,440
1,900 Orlando Utilities Commission, Ser 1991 A ........................ 6.50 10/01/01+ 2,087,226
1,000 South Broward Hospital District, Ser 1991 B & C (AMBAC) ........ 6.611 05/01/01+ 1,097,000
2,150 St Lucie County, Sales Tax Ser 1992 (FGIC) ...................... 6.50 10/01/02+ 2,394,606
1,440 Tampa, Water & Sewer Ser 1992 A (FGIC) .......................... 6.00 10/01/02+ 1,560,888
- ----------- -------------
8,990 9,901,260
- ----------- -------------
58,810 TOTAL FLORIDA TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $57,726,647) ........................................................ 62,076,417
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- FLORIDA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS (4.6%)
$1,500 Dade County Health Facilities Authority, Miami Childrens
Hospital Ser 1990 (Demand 12/01/97) ............................ 3.95*% 09/01/20 $1,500,000
1,500 Escambia County, Gulf Power Co Ser 1997 (Demand 12/01/97) ...... 3.95* 07/01/22 1,500,000
- ----------- -------------
3,000 TOTAL SHORT-TERM FLORIDA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (Identified Cost $3,000,000) ......................................................... 3,000,000
-------------
$61,810 TOTAL INVESTMENTS (Identified Cost $60,726,647) (a) ...................... 100.0% 65,076,417
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 0.0 11,724
----------- -------------
NET ASSETS ............................................................... 100.0% $65,088,141
=========== =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
WI Security purchased on a when issued basis.
+ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
** A portion of this security is segregated in connection with the
purchase of a when issued security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross and net unrealized
appreciation is $4,349,770.
Bond Insurance:
- --------------
AMBAC AMBAC Indemnity Corporation.
Connie Lee Connie Lee Insurance Company.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS (96.6%)
General Obligation (7.4%)
Massachusetts,
$ 500 Refg 1992 Ser B ................................................ 6.50 % 08/01/08 $ 572,565
500 Refg 1993 Ser A** .............................................. 5.50 02/01/11 511,550
- ----------- -------------
1,000 1,084,115
- ----------- -------------
Educational Facilities Revenue (28.0%)
Massachusetts Health & Educational Facilities Authority,
100 Amherst College Ser E .......................................... 6.80 11/01/21 109,336
800 Boston College Ser K ........................................... 5.25 06/01/18 787,168
400 Boston University Ser K & L (MBIA) ............................. 6.66 10/01/31 435,344
150 Community College Ser A (Connie Lee) ........................... 6.60 10/01/22 163,751
400 Suffolk University Ser B (Connie Lee) .......................... 6.25 07/01/12 428,348
300 Suffolk University Ser C (Connie Lee) .......................... 5.75 07/01/26 311,310
500 University of Massachusetts Foundation Inc/Medical School
Research Ser A (Connie Lee) ................................... 6.00 07/01/23 520,360
Massachusetts Industrial Finance Agency,
500 College of the Holy Cross (MBIA) .............................. 5.50 03/01/16 511,365
500 Deerfield Academy Ser 1997 (WI) ................................ 5.25 10/01/27 494,020
300 Mount Holyoke College Refg Ser 1992 A (MBIA) ................... 6.30 07/01/13 322,824
- ----------- -------------
3,950 4,083,826
- ----------- -------------
Electric Revenue (7.3%)
500 Massachusetts Municipal Wholesale Electric Company, Power Supply
1992 Ser C ..................................................... 6.625 07/01/18 535,370
500 Puerto Rico Electric Power Authority, Power Ser X ............... 6.00 07/01/15 525,255
- ----------- -------------
1,000 1,060,625
- ----------- -------------
Hospital Revenue (17.2%)
500 Boston, Boston City Hospital -FHA Insured Mtge Refg Ser B ....... 5.75 02/15/13 508,190
Massachusetts Health & Educational Facilities Authority,
100 Charlton Memorial Hospital Ser B ............................... 7.25 07/01/13 109,815
500 Lahey Clinic Medical Center Ser B (MBIA) ....................... 5.625 07/01/15 510,960
1,000 Massachusetts General Hospital Ser F (MBIA) .................... 6.00 07/01/15 1,047,040
200 McLean Hospital Ser C (FGIC) ................................... 6.625 07/01/15 218,304
100 New England Deaconess Hospital Ser C ........................... 7.20 04/01/22 109,254
- ----------- -------------
2,400 2,503,563
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------
Industrial Development/Pollution Control Revenue (7.0%)
$1,000 Massachusetts Industrial Finance Agency, Eastern Edison Co
- ----------- Refg Ser 1993 .................................................. 5.875% 08/01/08 $1,020,310
-------------
Mortgage Revenue - Multi-Family (3.7%)
500 Massachusetts Housing Finance Agency, Rental 1994 Ser A (AMT)
(AMBAC) ........................................................ 6.60 07/01/14 535,320
- ----------- -------------
Mortgage Revenue - Single Family (4.7%)
Massachusetts Housing Finance Agency,
435 Ser 21 (AMT) ................................................... 6.30 06/01/25 448,072
220 Ser 21 (AMT) ................................................... 7.125 06/01/25 235,270
- ----------- -------------
655 683,342
- ----------- -------------
Student Loan Revenue (4.0%)
130 Massachusetts Educational Facilities Authority, Education Loan
Issue D Ser A 1991 (AMT)(MBIA) ................................. 7.25 01/01/09 139,538
400 New England Education Loan Marketing Corporation, 1992 Sub Issue
H (AMT) ........................................................ 6.90 11/01/09 445,512
- ----------- -------------
530 585,050
- ----------- -------------
Transportation Facilities Revenue (6.7%)
500 Massachusetts Port Authority, Ser 1997-B (AMT) .................. 5.375 07/01/27 490,175
500 Massachusetts Turnpike Authority, 1997 Ser A (MBIA) ............. 5.00 01/01/37 473,760
- ----------- -------------
1,000 963,935
- ----------- -------------
Water & Sewer Revenue (10.6%)
500 Boston Water & Sewer Commission, Sr 1992 Ser A .................. 5.75 11/01/13 535,125
500 Massachusetts Water Pollution Abatement Trust, Pool Ser 2 ....... 5.70 02/01/12 527,195
500 Massachusetts Water Resources Authority, 1995 Ser B (MBIA) ...... 5.00 12/01/25 478,235
- ----------- -------------
1,500 1,540,555
- ----------- -------------
13,535 TOTAL MASSACHUSETTS TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $13,224,516) ....................................................... 14,060,641
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MASSACHUSETTS SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------
SHORT-TERM MASSACHUSETTS TAX-EXEMPT MUNICIPAL OBLIGATION (3.4%)
$ 500 Massachusetts Industrial Financing Agency, New England Power Co
- ----------- 1992 Ser (Demand 12/01/97) (Identified Cost $500,000) .......... 4.05*% 10/01/22 $ 500,000
-------------
$14,035 TOTAL INVESTMENTS (Identified Cost $13,724,516) (a) ...................... 100.0% 14,560,641
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 0.0 634
---------- -------------
NET ASSETS ............................................................... 100.0% $14,561,275
========== =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
* Current coupon of variable rate demand obligation.
** A portion of this security is segregated in connection with the
purchase of a when issued security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross and net unrealized
appreciation is $836,125.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
Connie Lee Connie Lee Insurance Company.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MICHIGAN TAX-EXEMPT MUNICIPAL BONDS (94.7%)
General Obligation (13.8%)
$900 Chelsea School District, 1995 Bldg & Site (FGIC) ................ 5.875% 05/01/25 $ 940,977
800 Holly Area School District, 1995 Bldg & Site (FGIC) ............. 5.375 05/01/13 810,888
900 Mona Shores Public Schools, 1995 Bldg & Site (FGIC) ............. 5.80 05/01/17 940,986
- ----------- -------------
2,600 2,692,851
- ----------- -------------
Educational Facilities Revenue (16.9%)
800 Central Michigan University, Refg Ser 1993 (AMBAC)** ............ 5.50 10/01/10 823,344
500 Lake Superior State University, Ser 1997 (MBIA)(WI) ............ 5.125 11/15/19 486,815
1,000 Michigan State University, Ser 1992 A ........................... 6.00 08/15/16 1,052,380
900 Oakland University, Board of Trustees, Ser 1995 (MBIA) .......... 5.75 05/15/26 933,885
- ----------- -------------
3,200 3,296,424
- ----------- -------------
Electric Revenue (6.8%)
800 Michigan Public Power Agency, Belle River 1993 A ................ 5.25 01/01/18 785,352
500 Wyandotte, Electric Refg 1992 (MBIA) ............................ 6.25 10/01/17 539,350
- ----------- -------------
1300 1,324,702
- ----------- -------------
Hospital Revenue (7.3%)
1,000 Michigan Hospital Finance Authority, Mercy Health Services Oblig
Group 1996 Ser R (AMBAC) ....................................... 5.375 08/15/16 1,005,990
400 University of Michigan, Ser 1990 ................................ 6.375 12/01/24 415,864
- ----------- -------------
1,400 1,421,854
- ----------- -------------
Industrial Development/Pollution Control Revenue (2.8%)
500 Monroe County, Detroit Edison Co Collateralized Ser 1-1992 (AMT)
(MBIA) ......................................................... 6.875 09/01/22 547,900
- ----------- -------------
Mortgage Revenue - Multi-Family (9.9%)
Michigan Housing Development Authority,
500 Rental Ser 1992 A .............................................. 6.60 04/01/12 530,965
915 1992 Ser A (FSA) ............................................... 6.50 04/01/23 962,250
400 Ser 1990 A (AMT) ............................................... 7.70 04/01/23 429,224
- ----------- -------------
1,815 1,922,439
- ----------- -------------
Nursing & Health Related Facilities Revenue (6.6%)
1,200 University of Michigan, Medical Service Plan Ser 1991 ........... 6.50 12/01/21 1,294,800
- ----------- -------------
Public Facilities (8.2%)
1,500 Michigan Building Authority, Refg Ser I ......................... 6.25 10/01/20 1,596,000
- ----------- -------------
Transportation Facilities Revenue (1.4%)
250 Wayne County, Detroit Metropolitan Wayne County Airport Sub Lien
Ser 1991 B (AMT)(MBIA) ......................................... 6.75 12/01/21 271,240
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MICHIGAN SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
Water & Sewer Revenue (7.5%)
Detroit,
$1,000 Sewage Refg Ser 1993 A (FGIC) .................................. 5.70 % 07/01/23 $1,021,530
400 Water Supply Refg Ser 1992 (FGIC) .............................. 6.375 07/01/22 433,784
- ----------- -------------
1,400 1,455,314
- ----------- -------------
Refunded (13.5%)
Detroit,
500 Sewage Disposal Ser 1991 (FGIC) ................................ 6.625 07/01/01+ 548,095
600 Water Supply Refg Ser 1992 (FGIC) .............................. 6.375 07/01/02+ 661,404
500 Kentwood Public Schools, 1992 Bldg & Site Refg .................. 6.40 05/01/02+ 549,315
300 Michigan Hospital Finance Authority, Detroit Medical Center
Oblig Group Ser 1991 A ......................................... 7.50 08/15/01+ 338,499
500 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1991 D ..................................................... 6.75 01/01/01+ 544,765
- ----------- -------------
2,400 2,642,078
- ----------- -------------
17,565 TOTAL MICHIGAN TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $17,263,604) ........................................................ 18,465,602
-------------
SHORT-TERM MICHIGAN TAX-EXEMPT MUNICIPAL OBLIGATIONS (5.6%)
900 Delta County Economic Development Corporation, Mead-Escanaba
Paper Corp 1985 Ser E (Demand 12/01/97) ........................ 3.80* 12/01/23 900,000
200 Royal Oak Hospital Finance Authority, William Beaumont Hospital
Ser 1996 J (Demand 12/01/97) ................................... 3.80* 01/01/03 200,000
- ----------- -------------
1,100 TOTAL SHORT-TERM MICHIGAN TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (Identified Cost $1,100,000) ......................................................... 1,100,000
-------------
$18,665 TOTAL INVESTMENTS (Identified Cost $18,363,604) (a) ...................... 100.3% 19,565,602
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ........................... (0.3) (53,232)
----------- -------------
NET ASSETS .............................................................. 100.0% $19,512,370
=========== =============
</TABLE>
- -------------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
+ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
** A portion of this security is segregated in connection with the
purchase of a when issued security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross and net unrealized
appreciation is $1,201,998.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ----------- -----------
<S> <C> <C> <C> <C>
MINNESOTA TAX-EXEMPT MUNICIPAL BONDS (92.5%)
General Obligation (4.9%)
Minneapolis,
$100 Sales Tax Refg Ser 1992 ........................................ 6.25 % 04/01/12 $108,515
300 Dtd 8/15/92 .................................................... 5.90 12/01/13 317,544
- ----------- -----------
400 426,059
- ----------- -----------
Educational Facilities Revenue (14.0%)
Minnesota Higher Education Facilities Authority,
200 Northfield St Olaf College 1992 ................................ 6.40 10/01/21 215,670
1,000 University of Minnesota Ser 1993 A ............................ 4.80 08/15/03 1,012,880
- ----------- -----------
1,200 1,228,550
- ----------- -----------
Electric Revenue (9.2%)
400 Southern Minnesota Municipal Power Agency, Ser 1993 B ........... 5.00 01/01/13 387,620
400 Western Minnesota Municipal Power Agency, Refg 1996 Ser A
(AMBAC) ........................................................ 5.50 01/01/12 415,036
- ----------- -----------
800 802,656
- ----------- -----------
Hospital Revenue (13.1%)
400 Robbinsdale, North Memorial Medical Center Ser 1993 A (AMBAC) ... 5.45 05/15/13 407,300
Rochester,
200 Mayo Foundation/Mayo Medical Center Ser 1992 I ................. 5.75 11/15/21 204,130
200 Mayo Foundation/Mayo Medical Center Ser 1992 F ................. 6.25 11/15/21 215,462
300 Saint Paul Housing & Redevelopment Authority, Health East Refg
Ser 1993-A ..................................................... 6.625 11/01/17 320,040
- ----------- -----------
1,100 1,146,932
- ----------- -----------
Industrial Development/Pollution Control Revenue (13.5%)
500 Anoka County, United Power Assoc Ser 1987 A (NRU-CFC Gtd) (AMT) . 6.95 12/01/08 538,585
400 Bass Brook, Minnesota Power & Light Co Refg Ser 1992 ............ 6.00 07/01/22 412,668
Minneapolis Community Development Agency,
100 Ltd Tax Supported Common Bond Fund Ser 1991-3 .................. 8.25 12/01/11 114,770
100 Ltd Tax Supported Common Bond Fund Ser 1991-1 (AMT) ............ 8.00 12/01/16 112,883
- ----------- -----------
1,100 1,178,906
- ----------- -----------
Mortgage Revenue - Multi-Family (6.0%)
300 Burnsville, Summit Park Apts - FHA Insured Refg Ser 1993 ........ 6.00 07/01/33 306,390
200 Minnesota Housing Finance Agency, Ser 1992 A .................... 6.95 08/01/17 212,468
- ----------- -----------
500 518,858
- ----------- -----------
Mortgage Revenue - Single-Family (10.5%)
155 Minneapolis-Saint Paul Housing Finance Board, GNMA-Backed Phase
IX Ser 1991 (AMT) .............................................. 7.25 08/01/21 163,572
Minnesota Housing Finance Agency,
85 Ser 1990 D (AMT) ............................................... 8.00 01/01/23 89,735
435 Ser 1992 C-1 (AMT) ............................................. 6.75 07/01/23 457,685
200 Ser 1992 H (AMT) ............................................... 6.50 01/01/26 209,450
- ----------- -----------
875 920,442
- ----------- -----------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- MINNESOTA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ----------- -----------
Nursing & Health Related Facilities Revenue (6.3%)
$500 Minneapolis & Saint Paul Housing & Redevelopment Authority,
- ----------- Group Health Plan Inc Ser 1992 ................................. 6.75 % 12/01/13 $548,485
-----------
Public Facilities Revenue (3.7%)
300 Hennepin County, Ser 1991 COPs .................................. 6.80 05/15/17 326,148
- ----------- -----------
Refunded (11.3%)
100 Dakota & Washington Counties Housing & Redevelopment Authority,
GNMA-Backed Ser 1988 (AMT)(ETM) ................................ 8.375 09/01/21 139,544
200 Minnesota Higher Education Facilities Authority, Hamline
University Ser Three-K ......................................... 6.60 06/01/02+ 218,072
Minnesota Public Facilities Authority,
100 Water Pollution Control Ser 1991 A ............................. 6.95 03/01/01+ 110,096
100 Water Pollution Control Ser 1992 A ............................. 6.50 03/01/02+ 110,220
400 Saint Paul Housing & Redevelopment Authority, Civic Center
Ser 1993 (ETM) ................................................. 5.45 11/01/13 409,760
- ----------- -----------
900 987,692
- ----------- -----------
7,675 TOTAL MINNESOTA TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $7,606,837) ......................................................... 8,084,728
-----------
SHORT-TERM MINNESOTA TAX-EXEMPT MUNICIPAL OBLIGATIONS (4.6%)
100 Beltrami County, Northwood Panelboard Co Ser 1991 (Demand
12/01/97) ...................................................... 3.85 * 12/01/21 100,000
300 Minneapolis & St Paul Housing & Redevelopment Authority,
Children's Health Care Ser 1995 B (Demand 12/01/97) ............ 3.90 * 08/15/25 300,000
- ----------- -----------
400 TOTAL SHORT-TERM MINNESOTA TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (Identified Cost $400,000) ........................................................... 400,000
-----------
$8,075 TOTAL INVESTMENTS (Identified Cost $8,006,837) (a) ....................... 97.1% 8,484,728
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.9 257,623
----------- -----------
NET ASSETS ............................................................... 100.0% $8,742,351
=========== ===========
</TABLE>
- ------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
ETM Escrowed to maturity.
+ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$480,820 and the aggregate gross unrealized depreciation is
$2,929, resulting in net unrealized appreciation of $477,891.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ---------- -------------
<S> <C> <C> <C> <C>
NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS (95.2%)
Educational Facilities Revenue (14.9%)
New Jersey Economic Development Authority,
$2,000 Educational Testing Service Ser 1995 A (MBIA) .................. 5.90 % 05/15/15 $2,117,960
1,000 The Lawrenceville School Ser A 1996 ............................ 5.75 07/01/16 1,050,630
500 The Seeing Eye Inc 1991 ........................................ 7.30 04/01/11 532,090
500 Rutgers, The State University Refg Ser R ........................ 6.50 05/01/13 542,445
2,000 University of Medicine & Dentistry, 1997 Ser A (MBIA) ........... 5.00 09/01/17 1,955,640
- ----------- -------------
6,000 6,198,765
- ----------- -------------
Electric Revenue (4.8%)
2,000 Puerto Rico Electric Power Authority, Power Ser O** ............. 5.00 07/01/12 1,965,360
- ----------- -------------
Hospital Revenue (13.9%)
New Jersey Health Care Facilities Financing Authority,
1,000 AHS Hospital Corp Ser 1997 A (AMBAC) .......................... 6.00 07/01/13 1,098,210
1,000 Atlantic City Medical Center Ser C ............................. 6.80 07/01/11 1,098,010
500 Cathedral Health Services Inc -FHA Insured Mtges Ser A ........ 7.25 02/15/21 535,480
1,000 Columbus Hospital Ser A ........................................ 7.50 07/01/08 1,068,270
460 Pascack Valley Hospital Assn Ser 1991 .......................... 6.90 07/01/21 485,663
465 Robert Wood Johnson University Hospital Ser B (MBIA) .......... 6.625 07/01/16 502,916
1,000 Somerset Medical Center Ser A (FGIC) ........................... 5.10 07/01/14 992,440
- ----------- -------------
5,425 5,780,989
- ----------- -------------
Industrial Development/Pollution Control Revenue (9.6%)
500 Middlesex County Pollution Control Financing Authority, Amerada
Hess Corp Refg Ser 1992 ........................................ 6.875 12/01/22 546,025
New Jersey Economic Development Authority,
500 American Airlines Inc Ser 1991 (AMT) ........................... 7.10 11/01/31 546,900
1,000 Elizabethtown Water Co 1995 Ser (AMT)(MBIA) .................... 5.60 12/01/25 1,009,910
300 Jersey Central Power & Light Co 1985 Ser ....................... 7.10 07/01/15 326,262
1,500 Salem County Pollution Control Financing Authority, E I du Pont
de Nemours & Co 1992 Ser A (AMT) ............................... 6.125 07/15/22 1,559,820
- ----------- -------------
3,800 3,988,917
- ----------- -------------
Mortgage Revenue - Multi-Family (8.9%)
New Jersey Housing & Mortgage Finance Agency,
2,000 1995 Ser A (AMBAC) ............................................. 6.00 11/01/14 2,083,140
1,000 Presidential Plaza at Newport -FHA Insured Mtges Refg 1991
Ser 1 ......................................................... 7.00 05/01/30 1,080,200
500 Rental 1991 Ser A (AMT) ........................................ 7.25 11/01/22 527,705
- ----------- -------------
3,500 3,691,045
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ---------- -------------
Nursing & Health Related Facilities Revenue (2.4%)
$925 New Jersey Health Care Facilities Financing Authority, Spectrum
- ----------- For Living - FHA Insured Mortgage Refg Ser B ................... 6.50% 02/01/22 $ 988,807
-------------
Public Facilities Revenue (7.6%)
1,500 New Jersey Sports & Exposition Authority, State Contract 1993
Ser A ......................................................... 5.50 09/01/23 1,514,940
1,700 Puerto Rico Infrastructure Financing Authority, Special Tax Ser
1997 A (AMBAC)(WI) ............................................. 5.00 07/01/28 1,648,133
- ----------- -------------
3,200 3,163,073
- ----------- -------------
Resource Recovery Revenue (2.3%)
900 Warren County Pollution Control Financing Authority, Warren
- ----------- Energy Resource Co Ltd Partnership Ser 1984 (MBIA) ............. 6.60 12/01/07 957,969
-------------
Transportation Facilities Revenue (18.4%)
1,500 Delaware River Port Authority, Ser 1995 (FGIC) .................. 5.50 01/01/26 1,518,450
1,500 New Jersey Highway Authority, Sr Parkway Refg 1992 Ser ......... 6.25 01/01/14 1,613,265
1,000 New Jersey Turnpike Authority, Ser 1991 C ....................... 5.75 01/01/11 1,016,040
1,500 Port Authority of New York & New Jersey, Cons 99th Ser
(AMT)(FGIC) ................................................... 5.75 05/01/15 1,556,280
2,000 Puerto Rico Highway & Transportation Authority, Refg Ser X ...... 5.25 07/01/21 1,947,140
- ----------- -------------
7,500 7,651,175
- ----------- -------------
Water & Sewer Revenue (12.4%)
1,000 Atlantic City Municipal Utilities Authority, Refg Ser 1993 ...... 5.75 05/01/17 1,021,460
1,000 Camden County Municipal Utilities Authority, Sewer Refg Ser 1997
(FGIC) ........................................................ 5.25 07/15/17 1,002,530
1,000 Northwest Bergen County Utilities Authority, Refg 1992 Ser
(MBIA) ......................................................... 6.00 07/15/13 1,062,720
2,000 Passaic Valley Sewerage Commissioners, Ser 1992 D (AMBAC) ....... 5.75 12/01/13 2,073,400
- ----------- -------------
5,000 5,160,110
- ----------- -------------
38,250 TOTAL NEW JERSEY TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $37,298,471) ...................................................... 39,546,210
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW JERSEY SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ----------- ---------------------------------------------------------------- -------- ---------- -------------
SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.0%)
New Jersey Economic Development Authority,
$2,000 Toys "R" Us Inc (Demand 12/01/97) .............................. 3.55*% 04/01/19 $2,000,000
900 United Water New Jersey Inc Ser 1996 B (AMBAC)(Demand
12/01/97) ...................................................... 3.55* 11/01/25 900,000
- ----------- -------------
2,900 TOTAL SHORT-TERM NEW JERSEY TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (Identified Cost $2,900,000) ....................................................... 2,900,000
-------------
$41,150 TOTAL INVESTMENTS (Identified Cost $40,198,471) (a) ...................... 102.2% 42,446,210
===========
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ........................... (2.2) (926,293)
---------- -------------
NET ASSETS ............................................................... 100.0% $41,519,917
========== =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
WI Security purchased on a when issued basis.
* Current coupon of variable rate demand obligation.
** A portion of this security is segregated in connection with the
purchase of a when issued security.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross and net unrealized
appreciation is $2,247,739.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT MUNICIPAL BONDS (93.8%)
General Obligation (11.1%)
$ 500 New York City, 1995 Ser D (MBIA) ................................ 6.20 % 02/01/07 $ 552,980
500 New York State, Refg Ser 1995 B ................................. 5.70 08/15/13 521,630
300 Puerto Rico, Pub Impr Refg Ser 1992 A ........................... 6.00 07/01/14 316,629
- ----------- -------------
1,300 1,391,239
- ----------- -------------
Educational Facilities Revenue (20.4%)
500 Hempstead Industrial Development Agency, Hofstra University Ser
1996 (MBIA) .................................................... 5.80 07/01/15 527,420
New York State Dormitory Authority,
300 Cooper Union Ser 1996 (AMBAC) ................................. 5.375 07/01/16 303,246
400 Manhattan College Ser 1992 (AGRC) .............................. 6.50 07/01/19 430,016
800 State University Ser 1993 A .................................... 5.25 05/15/15 798,168
500 University of Rochester Ser 1993 A ............................. 5.625 07/01/12 513,480
- ----------- -------------
2,500 2,572,330
- ----------- -------------
Electric Revenue (3.3%)
400 Puerto Rico Electric Power Authority, Power Ser X ............... 6.00 07/01/15 420,204
- ----------- -------------
Hospital Revenue (6.1%)
New York State Medical Care Facilities Finance Agency,
500 Hospital -FHA Insured Mtge 1994 Ser A (AMBAC) .................. 6.50 08/15/29 556,100
200 Insured Hospital & Nursing Home - FHA Insured Mtge 1992 Ser A .. 6.70 08/15/23 216,394
- ----------- -------------
700 772,494
- ----------- -------------
Industrial Development/Pollution Control Revenue (15.4%)
500 New York City Industrial Development Agency, Japan Airlines Co
1991 (AMT)(FSA) ................................................ 6.00 11/01/15 529,695
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co 1991 Ser A & B (AMT) ..................... 6.952 07/01/26 1,141,800
250 Rochester Gas & Electric Corp Ser 1992 B (AMT)(MBIA) ........... 6.50 05/15/32 270,200
- ----------- -------------
1,750 1,941,695
- ----------- -------------
Mortgage Revenue - Single Family (5.1%)
New York State Mortgage Agency,
500 Home Owners Ser 27 ............................................. 6.90 04/01/15 539,800
95 Home Owners Ser UU (AMT) ....................................... 7.75 10/01/23 100,803
- ----------- -------------
595 640,603
- ----------- -------------
Public Facilities Revenue (4.1%)
500 New York City Cultural Resources Trust, The New York Botanical
- ----------- Garden Ser 1996 (MBIA) ........................................ 5.75 07/01/16 522,070
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- NEW YORK SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Resource Recovery Revenue (4.3%)
$ 500 Oneida-Herkimer Solid Waste Management Authority, Ser 1992 ...... 6.65% 04/01/05 $ 543,195
- ----------- -------------
Transportation Facilities Revenue (8.8%)
550 Buffalo & Fort Erie Public Bridge Authority, Toll Bridge Ser
1995 (MBIA) .................................................... 5.75 01/01/25 570,454
500 New York State Thruway Authority, Ser C (FGIC) .................. 6.00 01/01/25 531,640
- ----------- -------------
1,050 1,102,094
- ----------- -------------
Water & Sewer Revenue (4.1%)
500 New York City Municipal Water Finance Authority, 1993 Ser A ..... 6.00 06/15/17 520,255
- ----------- -------------
Other Revenue (2.3%)
300 New York City Transitional Finance Authority, 1998 Ser A ........ 5.00 08/15/27 287,883
- ----------- -------------
Refunded (8.8%)
500 New York Local Government Assistance Corporation, Ser 1991 C .... 7.00 04/01/01+ 553,050
500 United Nations Development Corporation, Sr Lien 1992 Refg Ser A 6.00 07/01/03+ 547,875
- ----------- -------------
1,000 1,100,925
- ----------- -------------
11,095 TOTAL NEW YORK TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $10,885,727) ....................................................... 11,814,987
-------------
SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS (4.0%)
100 New York City Cultural Resources Trust, Solomon R Guggenheim
Foundation Ser 1990 (Demand 12/01/97) .......................... 3.75* 12/01/15 100,000
400 Port Authority of New York & New Jersey, Ser 2 (Demand 12/01/97) 3.85* 05/01/19 400,000
- ----------- -------------
500 TOTAL SHORT-TERM NEW YORK TAX-EXEMPT MUNICIPAL OBLIGATIONS
- ----------- (Identified Cost $500,000) ........................................................... 500,000
-------------
$11,595 TOTAL INVESTMENTS (Identified Cost $11,385,727) (a) ...................... 97.8% 12,314,987
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 2.2 271,459
----------- -------------
NET ASSETS ............................................................... 100.0% $12,586,446
=========== =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
+ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$929,290 and the aggregate gross unrealized depreciation is $30,
resulting in net unrealized appreciation of $929,260.
Bond Insurance:
- ---------------
AGRC Asset Guaranty Reinsurance Company.
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OHIO TAX-EXEMPT MUNICIPAL BONDS (92.6%)
General Obligation (16.7%)
$ 300 Bedford School District, Ser 1993 ............................... 6.25 % 12/01/13 $ 322,776
1,000 Delaware City School District, Constr & Impr (FGIC) ............. 5.75 12/01/20 1,036,970
180 Euclid, Ser 1991 ................................................ 6.625 12/01/11 197,663
250 Hilliard City School District, Impr Refg Ser 1992 (FGIC) ........ 6.55 12/01/05 284,683
1,000 North Olmsted, Various Purpose Impr Ltd Tax Ser 1996 (AMBAC) .... 6.20 12/01/11 1,130,640
100 South Euclid, Unltd Tax Recreational ............................ 7.00 12/01/11 110,361
- ----------- -------------
2,830 3,083,093
- ----------- -------------
Educational Facilities Revenue (11.5%)
500 Ohio Higher Eduational Facility Commission, Case Western Reserve
University Ser 1992 ............................................ 6.00 10/01/22 527,445
500 University of Cincinnati, General Receipts Ser G ................ 7.00 06/01/11 550,935
1,000 University of Toledo, Ser 1992 A (FGIC) ......................... 5.90 06/01/20 1,047,240
- ----------- -------------
2,000 2,125,620
- ----------- -------------
Electric Revenue (2.9%)
500 Hamilton!, Refg 1992 Ser A (FGIC) ............................... 6.00 10/15/12 529,970
- ----------- -------------
Hospital Revenue (15.2%)
1,000 Akron Bath & Copley Joint Township Hospital District, Summa
Health Ser 1992 A .............................................. 6.25 11/15/07 1,074,550
670 Cuyahoga County, Meridia Health Ser 1990 ........................ 7.25 08/15/19 720,880
Hamilton County,
475 Bethesda Hospital Inc Ser 1986 A ............................... 7.00 01/01/09 480,918
500 Franciscan Sisters of the Poor/Providence Hospital Ser 1992 .... 6.875 07/01/15 538,070
- ----------- -------------
2,645 2,814,418
- ----------- -------------
Industrial Development/Pollution Control Revenue (5.2%)
400 Ashtabula County, Ashland Oil Inc Refg 1992 Ser A ............... 6.90 05/01/10 429,684
500 Ohio Water Development Authority, Dayton Power & Light Co
Collateralized Refg 1992 Ser A ................................. 6.40 08/15/27 537,170
- ----------- -------------
900 966,854
- ----------- -------------
Mortgage Revenue -Single Family (9.4%)
Ohio Housing Finance Agency,
650 GNMA-Backed 1990 Ser A-1 & 2 (AMT) ............................. 6.903 03/24/31 689,241
1,000 Residential 1996 Ser B-2 (AMT) ................................. 6.10 09/01/28 1,048,050
- ----------- -------------
1,650 1,737,291
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- OHIO SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
Transportation Facilities Revenue (2.8%)
$500 Ohio Turnpike Commission, 1994 Ser A ............................ 5.75 % 02/15/24 $518,490
- ----------- -------------
Water & Sewer Revenue (22.9%)
1,000 Cleveland, Water Works Impr & Refg Ser H 1996 (MBIA) ............ 5.75 01/01/16 1,045,910
1,000 Montgomery County, Water Ser 1992 (FGIC) ........................ 6.25 11/15/17 1,088,420
1,000 Northeast Ohio Regional Sewer District, Wastewater Impr Refg
Ser 1995 (AMBAC) ............................................... 5.60 11/15/13 1,042,400
1,000 Ohio Water Development Authority, Water Pollution Ser 1995
(MBIA) ........................................................ 5.60 06/01/10 1,049,840
- ----------- -------------
4,000 4,226,570
- ----------- -------------
Refunded (6.0%)
1,000 Clermont County, Mercy Health Ser 1991 .......................... 6.733 09/25/01+ 1,105,730
- ----------- -------------
16,025 TOTAL OHIO TAX-EXEMPT MUNICIPAL BONDS
- -----------
(Identified Cost $15,988,525) ........................................................ 17,108,036
-------------
SHORT-TERM OHIO TAX-EXEMPT MUNICIPAL OBLIGATION (4.9%)
900 Ohio Air Quality Development Authority, Sohio Air-British
- ----------- Petroleum Co Ser 1995 (Demand 12/01/97) (Identified Cost
$900,000) ...................................................... 3.80* 11/01/22 900,000
-------------
$16,925 TOTAL INVESTMENTS (Identified Cost $16,888,525) (a) ..................... 97.5% 18,008,036
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES .......................... 2.5 468,184
----------- -------------
NET ASSETS ............................................................... 100.0% $18,476,220
=========== =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
+ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross and net unrealized
appreciaton is $1,119,511.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS (93.7%)
General Obligation (6.1%)
$2,000 Berks County, Second Ser 1992 (FGIC) ............................ 5.75 % 11/15/12 $2,058,980
600 Puerto Rico, Pub Impr Refg Ser 1992 A ........................... 6.00 07/01/14 633,258
- ----------- -------------
2,600 2,692,238
- ----------- -------------
Educational Facilities Revenue (18.7%)
2,000 Delaware County Authority, Villanova University Ser 1995 (AMBAC) 5.80 08/01/25 2,082,440
Pennsylvania Higher Educational Facilities Authority,
750 Allegheny College Impr & Refg Ser 1993 B ....................... 6.00 11/01/22 762,713
500 Temple University First Ser 1991 (MBIA) ........................ 6.50 04/01/21 539,285
1,000 Thomas Jefferson University 1992 Ser A ......................... 6.625 08/15/09 1,094,300
Pennsylvania State University,
1,000 Second Refg Ser 1992 ........................................... 5.50 08/15/16 1,007,160
1,000 Ser B 1992 ..................................................... 5.50 08/15/16 1,007,160
1,000 Swarthmore Borough Authority, Swathmore College Ser 1992 ........ 6.00 09/15/20 1,057,530
655 University Pittsburgh, Cap 1992 Ser A (MBIA) .................... 6.125 06/01/21 697,634
- ----------- -------------
7,905 8,248,222
- ----------- -------------
Hospital Revenue (19.0%)
Allegheny County Hospital Development Authority,
1,000 Presbyterian University Health System Inc Ser 1992 B (MBIA) ... 6.00 11/01/12 1,053,100
2,000 UPMC Health System Ser 1997 B (MBIA) .......................... 5.00 07/01/16 1,943,320
Philadelphia Hospitals & Higher Educational Facilities
Authority,
1,750 Chestnut Hill Hospital Ser of 1992 ............................. 6.375 11/15/11 1,864,450
1,000 Children's Hospital of Philadelphia Ser A of 1993 .............. 5.375 02/15/14 998,300
1,000 Temple University Hospital 1993 Ser A .......................... 6.50 11/15/08 1,111,110
1,250 Sayre Health Care Facilities Authority, Ser 1985 (AMBAC) ........ 7.15 12/01/10 1,384,150
- ----------- -------------
8,000 8,354,430
- ----------- -------------
Industrial Development/Pollution Control Revenue (2.5%)
1,000 Montgomery County Industrial Development Authority, Philadelphia
- ----------- Electric Co Refg 1991 Ser B (MBIA) ............................. 6.70 12/01/21 1,090,810
-------------
Mortgage Revenue - Multi-Family (2.5%)
Pennsylvania Housing Finance Agency,
55 Moderate Rehab Sec 8 Assisted Issue B .......................... 9.00 08/01/01 55,930
1,000 Ser 1992-35 D (AMT) ............................................ 6.20 04/01/25 1,031,140
- ----------- -------------
1,055 1,087,070
- ----------- -------------
Mortgage Revenue - Single Family (6.4%)
2,000 Pennsylvania Housing Finance Agency, Ser 1991-31 C (AMT) ........ 7.00 10/01/23 2,145,480
635 Puerto Rico Housing Finance Corporation, Portfolio One
GNMA-Backed Ser C ............................................. 6.85 10/15/23 671,544
- ----------- -------------
2,635 2,817,024
- ----------- -------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
Resource Recovery Revenue (2.5%)
$1,000 Montgomery County Industrial Development Authority, Ser 1989 ... 7.50 % 01/01/12 $1,100,400
- ----------- -------------
Student Loan Revenue (4.8%)
Pennsylvania Higher Education Assistance Agency,
1,000 1988 Ser D (AMT)(AMBAC) ........................................ 6.05 01/01/19 1,041,880
1,000 1991 Ser B (AMT)(AMBAC) ........................................ 6.854 09/01/26 1,074,930
- ----------- -------------
2,000 2,116,810
- ----------- -------------
Transportation Facilities Revenue (15.5%)
1,000 Guam, Highway 1992 Ser A (FSA) .................................. 6.30 05/01/12 1,083,680
500 Allegheny County, Greater Pittsburgh Int'l Airport Ser 1992
(AMT) (FSA) ................................................... 6.625 01/01/22 539,415
2,000 Delaware River Port Authority, Ser 1995 (FGIC) .................. 5.50 01/01/26 2,024,600
2,000 Pennsylvania Turnpike Commission, Ser O of 1992 (FGIC) .......... 6.00 12/01/12 2,123,080
1,000 Pittsburgh Public Parking Authority, Ser 1992 A (FGIC) .......... 5.875 12/01/12 1,047,880
- ----------- -------------
6,500 6,818,655
- ----------- -------------
Water & Sewer Revenue (5.1%)
2,000 Philadelphia, Water & Wastewater Ser 1995 (MBIA) ................ 6.25 08/01/11 2,249,580
- ----------- -------------
Other Revenue (3.7%)
1,500 Pennsylvania Finance Authority, Cap Impr Refg Ser 1993 .......... 6.60 11/01/09 1,649,760
- ----------- -------------
Refunded (6.9%)
440 Lehigh County Industrial Development Authority, Strawbridge &
Clothier Refg Ser of 1991 (ETM) ................................ 7.20 12/15/01 476,080
1,000 Reading, Ser of 1992 (AMBAC) .................................... 6.50 11/15/02+ 1,097,380
1,345 University Pittsburgh, Cap 1992 Ser A (MBIA) .................... 6.125 06/01/02+ 1,466,830
- ----------- -------------
2,785 3,040,290
- ----------- -------------
38,980 TOTAL PENNSYLVANIA TAX-EXEMPT MUNICIPAL BONDS
- ----------- (Identified Cost $38,625,407) ....................................................... 41,265,289
-------------
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST -- PENNSYLVANIA SERIES
PORTFOLIO OF INVESTMENTS November 30, 1997, continued
PRINCIPAL
AMOUNT (IN COUPON MATURITY
THOUSANDS) RATE DATE VALUE
- -----------------------------------------------------------------------------------------------------------------
SHORT-TERM PENNSYLVANIA TAX-EXEMPT MUNICIPAL OBLIGATION (4.5%)
$2,000 Delaware County Industrial Development Authority, British
Petroleum Co Ser 1985 (Demand 12/01/97) (Identified
Cost $2,000,000) .............................................. 3.85*% 12/01/09 $ 2,000,000
- ----------- ------------
$40,980 TOTAL INVESTMENTS (Identified Cost $40,625,407) (a) ...................... 98.2% 43,265,289
===========
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................... 1.8 790,838
----------- -------------
NET ASSETS .............................................................. 100.0% $44,056,127
=========== =============
</TABLE>
- -------------
AMT Alternative Minimum Tax.
ETM Escrowed to maturity.
+ Prerefunded to call date shown.
* Current coupon of variable rate demand obligation.
(a) The aggregate cost for federal income tax purposes approximates
identified cost. The aggregate gross unrealized appreciation is
$2,639,984 and the aggregate gross unrealized depreciation is
$102, resulting in net unrealized appreciation of $2,639,882.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Corporation.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL STATEMENTS
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1997
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
- -------------------------------------------------- ------------- -------------- ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value*............... $41,883,977 $103,672,649 $65,076,417 $14,560,641
Cash .............................................. 143,058 240,084 203,801 54,741
Receivable for:
Investments sold.................................. -- 3,312,370 50,000 171,095
Interest.......................................... 875,117 1,489,339 832,474 279,737
Shares of beneficial interest sold................ -- 13,000 92,815 19,355
Prepaid expenses .................................. 7,395 5,289 4,935 3,945
------------- -------------- ------------- ---------------
TOTAL ASSETS..................................... 42,909,547 108,732,731 66,260,442 15,089,514
------------- -------------- ------------- ---------------
LIABILITIES:
Payable for:
Investments purchased............................. 958,117 4,404,878 1,070,975 495,904
Shares of beneficial interest repurchased ........ -- -- 21,045 --
Dividends to shareholders......................... 17,178 43,348 26,655 5,838
Investment management fee......................... 12,069 29,879 18,728 4,180
Plan of distribution fee.......................... 5,170 12,805 8,026 1,792
Accrued expenses .................................. 26,455 32,752 26,872 20,525
------------- -------------- ------------- ---------------
TOTAL LIABILITIES................................ 1,018,989 4,523,662 1,172,301 528,239
------------- -------------- ------------- ---------------
NET ASSETS ...................................... $41,890,558 $104,209,069 $65,088,141 $14,561,275
============= ============== ============= ===============
COMPOSITION OF NET ASSETS:
Paid-in-capital.................................... $39,558,282 $ 97,950,650 $60,801,365 $13,694,164
Accumulated undistributed net investment income ... 11,331 28,867 17,770 4,177
Accumulated undistributed net realized gain
(loss)............................................ (116,649) (451,445) (80,764) 26,809
Net unrealized appreciation........................ 2,437,594 6,680,997 4,349,770 836,125
------------- -------------- ------------- ---------------
NET ASSETS....................................... $41,890,558 $104,209,069 $65,088,141 $14,561,275
============= ============== ============= ===============
*IDENTIFIED COST................................. $39,446,383 $ 96,991,652 $60,726,647 $13,724,516
============= ============== ============= ===============
SHARES OF BENEFICIAL INTEREST OUTSTANDING ....... 3,936,426 9,511,764 5,934,863 1,311,817
============= ============== ============= ===============
NET ASSET VALUE PER SHARE
(unlimited authorized shares of $.01 par value) . $10.64 $10.96 $10.97 $11.10
============= ============== ============= ===============
MAXIMUM OFFERING PRICE PER SHARE
(net asset value plus 4.17% of net asset
value)**.......................................... $11.08 $11.42 $11.43 $11.56
============= ============== ============= ===============
</TABLE>
- ------------
** On sales of $25,000 or more, the offering price is reduced.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ------------- ------------ ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
$19,565,602 $8,484,728 $42,446,210 $12,314,987 $18,008,036 $43,265,289
145,947 136,111 80,316 107,944 214,528 216,565
85,921 5,141 -- -- -- --
229,614 142,114 675,454 184,152 285,235 627,477
6,844 -- 16,684 9,677 6,412 6,953
2,912 837 5,218 2,756 2,287 5,400
- ------------- ------------ ------------- ------------- ------------- --------------
20,036,840 8,768,931 43,223,882 12,619,516 18,516,498 44,121,684
- ------------- ------------ ------------- ------------- ------------- --------------
487,833 -- 1,628,798 -- -- --
-- -- 17,231 3,000 4,296 --
7,845 3,256 16,643 4,829 7,349 17,644
5,589 2,511 11,978 3,603 5,381 12,637
2,395 1,076 5,133 1,544 2,306 5,416
20,808 19,737 24,182 20,094 20,946 29,860
- ------------- ------------ ------------- ------------- ------------- --------------
524,470 26,580 1,703,965 33,070 40,278 65,557
- ------------- ------------ ------------- ------------- ------------- --------------
$19,512,370 $8,742,351 $41,519,917 $12,586,446 $18,476,220 $44,056,127
============= ============ ============= ============= ============= ==============
$18,319,135 $8,343,230 $39,266,134 $11,667,269 $17,518,990 $41,396,275
5,232 2,647 11,222 3,219 7,915 11,763
(13,995) (81,417) (5,178) (13,302) (170,196) 8,207
1,201,998 477,891 2,247,739 929,260 1,119,511 2,639,882
- ------------- ------------ ------------- ------------- ------------- --------------
$19,512,370 $8,742,351 $41,519,917 $12,586,446 $18,476,220 $44,056,127
============= ============ ============= ============= ============= ==============
$18,363,604 $8,006,837 $40,198,471 $11,385,727 $16,888,525 $40,625,407
============= ============ ============= ============= ============= ==============
1,784,038 817,112 3,815,760 1,132,617 1,689,151 4,016,632
============= ============ ============= ============= ============= ==============
$10.94 $10.70 $10.88 $11.11 $10.94 $10.97
============= ============ ============= ============= ============= ==============
$11.40 $11.15 $11.33 $11.57 $11.40 $11.43
============= ============ ============= ============= ============= ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF OPERATIONS
For the year ended November 30, 1997
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS
- --------------------------------------- ------------ ------------ ------------ ---------------
<S> <C> <C> <C> <C>
NET INVESTMENT INCOME:
INTEREST INCOME ........................ $2,471,433 $6,040,494 $3,790,946 $842,531
------------ ------------ ------------ ---------------
EXPENSES
Investment management fee............... 152,041 372,728 235,241 52,284
Plan of distribution fee................ 62,891 158,154 98,410 21,550
Transfer agent fees and expenses ....... 14,462 28,578 21,514 5,807
Professional fees....................... 27,784 24,816 26,793 23,622
Shareholder reports and notices......... 9,294 22,869 14,762 3,127
Trustees' fees and expenses............. 1,418 5,418 3,582 1,260
Custodian fees.......................... 2,486 5,281 3,676 1,252
Registration fees....................... 6,913 3,508 5,735 5,624
Other................................... 7,483 11,656 10,023 6,479
------------ ------------ ------------ ---------------
TOTAL EXPENSES ....................... 284,772 633,008 419,736 121,005
Less: amounts waived/reimbursed ....... -- -- -- (2,177)
Less: expense offset ................... (2,480) (5,263) (3,663) (1,252)
------------ ------------ ------------ ---------------
NET EXPENSES ......................... 282,292 627,745 416,073 117,576
------------ ------------ ------------ ---------------
NET INVESTMENT INCOME ................ 2,189,141 5,412,749 3,374,873 724,955
------------ ------------ ------------ ---------------
NET REALIZED AND UNREALIZED GAIN
(LOSS):
Net realized gain (loss)................ (109,978) 61,340 7,528 33,483
Net change in unrealized appreciation .. 271,359 1,234,202 537,792 179,559
------------ ------------ ------------ ---------------
NET GAIN ............................. 161,381 1,295,542 545,320 213,042
------------ ------------ ------------ ---------------
NET INCREASE ........................... $2,350,522 $6,708,291 $3,920,193 $937,997
============ ============ ============ ===============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ------------ ----------- ------------ ---------- ------------ --------------
<S> <C> <C> <C> <C> <C>
$1,127,541 $512,791 $2,446,540 $732,418 $1,133,758 $2,523,312
- ------------ ----------- ------------ ---------- ------------ --------------
69,676 31,997 150,967 45,334 70,502 155,772
29,218 13,431 61,763 19,193 28,294 64,808
10,354 4,369 20,544 4,746 9,304 19,757
24,878 27,092 24,958 23,834 26,434 28,861
3,019 1,839 9,546 2,909 4,457 9,880
1,000 324 2,216 585 979 2,331
1,397 789 2,719 1,276 1,449 2,491
2,060 3,382 4,885 6,652 2,695 2,580
5,093 5,506 8,257 5,098 6,268 7,936
- ------------ ----------- ------------ ---------- ------------ --------------
146,695 88,729 285,855 109,627 150,382 294,416
(3,956) (2,652) -- (3,265) (2,904) --
(1,397) (789) (2,716) (1,269) (1,449) (2,485)
- ------------ ----------- ------------ ---------- ------------ --------------
141,342 85,288 283,139 105,093 146,029 291,931
- ------------ ----------- ------------ ---------- ------------ --------------
986,199 427,503 2,163,401 627,325 987,729 2,231,381
- ------------ ----------- ------------ ---------- ------------ --------------
(5,611) (2,079) 150,746 10,788 (12,075) 8,207
274,701 75,733 554,643 215,377 291,150 509,480
- ------------ ----------- ------------ ---------- ------------ --------------
269,090 73,654 705,389 226,165 279,075 517,687
- ------------ ----------- ------------ ---------- ------------ --------------
$1,255,289 $501,157 $2,868,790 $853,490 $1,266,804 $2,749,068
============ =========== ============ ========== ============ ==============
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL STATEMENTS, continued
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA
------------------------------------ ------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
NOVEMBER 30, 1997 NOVEMBER 30, 1996 NOVEMBER 30, 1997 NOVEMBER 30, 1996
- ------------------------------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income................ $ 2,189,141 $ 2,428,863 $ 5,412,749 $ 6,053,758
Net realized gain (loss)............. (109,978) 234,117 61,340 (188,814)
Net change in unrealized
appreciation........................ 271,359 (594,791) 1,234,202 1,413,134
----------------- ----------------- ----------------- -----------------
NET INCREASE....................... 2,350,522 2,068,189 6,708,291 7,278,078
----------------- ----------------- ----------------- -----------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income................ (2,184,122) (2,422,556) (5,399,835) (6,037,805)
Net realized gain.................... -- -- -- --
----------------- ----------------- ----------------- -----------------
TOTAL.............................. (2,184,122) (2,422,556) (5,399,835) (6,037,805)
----------------- ----------------- ----------------- -----------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales.............. 2,336,830 4,009,521 7,477,913 10,738,339
Reinvestment of dividends and
distributions....................... 1,079,937 1,192,120 2,501,877 2,920,191
Cost of shares repurchased........... (7,940,826) (8,889,549) (20,938,231) (18,809,193)
----------------- ----------------- ----------------- -----------------
NET DECREASE....................... (4,524,059) (3,687,908) (10,958,441) (5,150,663)
----------------- ----------------- ----------------- -----------------
TOTAL DECREASE..................... (4,357,659) (4,042,275) (9,649,985) (3,910,390)
NET ASSETS:
Beginning of period.................. 46,248,217 50,290,492 113,859,054 117,769,444
----------------- ----------------- ----------------- -----------------
END OF PERIOD...................... $41,890,558 $46,248,217 $104,209,069 $113,859,054
================= ================= ================= =================
UNDISTRIBUTED NET INVESTMENT INCOME.. $ 11,331 $ 6,307 $ 28,867 $ 15,953
================= ================= ================= =================
SHARES ISSUED AND REPURCHASED:
Sold................................. 222,217 382,246 695,221 1,015,703
Reinvestment of dividends and
distributions....................... 102,819 114,076 232,768 276,280
Repurchased.......................... (756,888) (850,272) (1,952,197) (1,789,292)
----------------- ----------------- ----------------- -----------------
NET DECREASE....................... (431,852) (353,950) (1,024,208) (497,309)
================= ================= ================= =================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
FLORIDA MASSACHUSETTS MICHIGAN
- ------------------------------------ ------------------------------------ ------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
NOVEMBER 30, 1997 NOVEMBER 30, 1996 NOVEMBER 30, 1997 NOVEMBER 30, 1996 NOVEMBER 30, 1997 NOVEMBER 30, 1996
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C>
$ 3,374,873 $ 3,657,627 $ 724,955 $ 846,815 $ 986,199 $ 1,095,779
7,528 (10,934) 33,483 (6,674) (5,611) 4,837
537,792 (216,205) 179,559 (59,232) 274,701 (91,304)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
3,920,193 3,430,488 937,997 780,909 1,255,289 1,009,312
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(3,366,826) (3,647,904) (722,987) (844,604) (982,775) (1,093,971)
-- -- -- (35,280) -- --
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(3,366,826) (3,647,904) (722,987) (879,884) (982,775) (1,093,971)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
8,867,050 9,196,793 1,064,313 1,641,760 1,770,777 2,833,619
1,179,653 1,309,984 419,440 488,781 545,749 628,246
(16,053,675) (13,805,676) (3,158,448) (2,965,069) (3,939,781) (4,186,713)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(6,006,972) (3,298,899) (1,674,695) (834,528) (1,623,255) (724,848)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(5,453,605) (3,516,315) (1,459,685) (933,503) (1,350,741) (809,507)
70,541,746 74,058,061 16,020,960 16,954,463 20,863,111 21,672,618
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
$ 65,088,141 $ 70,541,746 $14,561,275 $16,020,960 $19,512,370 $20,863,111
================= ================= ================= ================= ================= =================
$ 17,770 $ 9,723 $ 4,177 $ 2,211 $ 5,232 $ 1,808
================= ================= ================= ================= ================= =================
824,008 858,505 97,718 152,246 164,023 267,388
109,387 122,498 38,568 45,436 50,741 59,047
(1,491,135) (1,292,611) (291,669) (275,364) (366,507) (394,837)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(557,740) (311,608) (155,383) (77,682) (151,743) (68,402)
================= ================= ================= ================= ================= =================
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF CHANGES IN NET ASSETS, continued
<TABLE>
<CAPTION>
MINNESOTA NEW JERSEY
------------------------------------ ------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
NOVEMBER 30, 1997 NOVEMBER 30, 1996 NOVEMBER 30, 1997 NOVEMBER 30, 1996
- ------------------------------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income................ $ 427,503 $ 547,067 $ 2,163,401 $ 2,395,464
Net realized gain (loss)............. (2,079) (23,006) 150,746 220,181
Net change in unrealized
appreciation........................ 75,733 (14,644) 554,643 (459,218)
----------------- ----------------- ----------------- -----------------
NET INCREASE....................... 501,157 509,417 2,868,790 2,156,427
----------------- ----------------- ----------------- -----------------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income................ (426,679) (545,720) (2,158,598) (2,389,171)
Net realized gain.................... -- -- -- --
----------------- ----------------- ----------------- -----------------
TOTAL.............................. (426,679) (545,720) (2,158,598) (2,389,171)
----------------- ----------------- ----------------- -----------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Net proceeds from sales.............. 341,882 559,751 3,174,698 4,426,421
Reinvestment of dividends and
distributions....................... 238,618 329,304 1,208,830 1,341,520
Cost of shares repurchased........... (1,835,516) (2,159,547) (8,403,076) (8,594,526)
----------------- ----------------- ----------------- -----------------
NET DECREASE....................... (1,255,016) (1,270,492) (4,019,548) (2,826,585)
----------------- ----------------- ----------------- -----------------
TOTAL DECREASE..................... (1,180,538) (1,306,795) (3,309,356) (3,059,329)
NET ASSETS:
Beginning of period.................. 9,922,889 11,229,684 44,829,273 47,888,602
----------------- ----------------- ----------------- -----------------
END OF PERIOD...................... $ 8,742,351 $ 9,922,889 $41,519,917 $44,829,273
================= ================= ================= =================
UNDISTRIBUTED NET INVESTMENT INCOME.. $ 2,647 $ 1,347 $ 11,222 $ 6,293
================= ================= ================= =================
SHARES ISSUED AND REPURCHASED:
Sold................................. 32,070 53,608 298,058 419,871
Reinvestment of dividends and
distributions....................... 22,587 31,517 113,233 127,384
Repurchased.......................... (173,686) (207,315) (786,812) (818,142)
----------------- ----------------- ----------------- -----------------
NET DECREASE....................... (119,029) (122,190) (375,521) (270,887)
================= ================= ================= =================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
NEW YORK OHIO PENNSYLVANIA
- ------------------------------------ ------------------------------------ ------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
NOVEMBER 30, 1997 NOVEMBER 30, 1996 NOVEMBER 30, 1997 NOVEMBER 30, 1996 NOVEMBER 30, 1997 NOVEMBER 30, 1996
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C>
$ 627,325 $ 734,594 $ 987,729 $ 1,150,244 $ 2,231,381 $ 2,563,671
10,788 (17,737) (12,075) 14,562 8,207 123,735
215,377 34,135 291,150 (137,210) 509,480 (236,754)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
853,490 750,992 1,266,804 1,027,596 2,749,068 2,450,652
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(626,041) (732,659) (985,654) (1,147,419) (2,226,117) (2,557,172)
-- -- -- -- (98,622) --
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(626,041) (732,659) (985,654) (1,147,419) (2,324,739) (2,557,172)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
500,333 1,812,721 1,904,978 2,846,349 2,548,744 3,426,864
327,002 377,028 559,793 684,898 1,234,155 1,356,713
(2,488,429) (2,576,180) (5,477,168) (5,307,661) (7,206,475) (11,556,735)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(1,661,094) (386,431) (3,012,397) (1,776,414) (3,423,576) (6,773,158)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(1,433,645) (368,098) (2,731,247) (1,896,237) (2,999,247) (6,879,678)
14,020,091 14,388,189 21,207,467 23,103,704 47,055,374 53,935,052
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
$12,586,446 $14,020,091 $18,476,220 $21,207,467 $44,056,127 $ 47,055,374
================= ================= ================= ================= ================= =================
$ 3,219 $ 1,935 $ 7,915 $ 2,825 $ 11,763 $ 6,499
================= ================= ================= ================= ================= =================
46,105 169,476 177,550 267,942 236,669 321,119
30,087 35,233 52,107 64,506 114,454 127,040
(230,243) (241,090) (508,953) (502,913) (670,418) (1,081,877)
- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
(154,051) (36,381) (279,296) (170,465) (319,295) (633,718)
================= ================= ================= ================= ================= =================
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1997
1. ORGANIZATION AND ACCOUNTING POLICIES
Dean Witter Multi-State Municipal Series Trust (the "Fund") is registered
under the Investment Company Act of 1940, as amended (the "Act"), as a
non-diversified, open-end management investment company. The investment
objective of each Series is to provide a high level of current income exempt
from both Federal and the designated state income taxes consistent with
preservation of capital.
The Fund, organized on October 29, 1990, as a Massachusetts business trust,
is comprised of ten separate Series (the "Series"); the Arizona Series, the
California Series, the Florida Series, the Massachusetts Series, the Michigan
Series, the Minnesota Series, the New Jersey Series, the New York Series, the
Ohio Series and the Pennsylvania Series. Each of the Series commenced
operations on January 15, 1991, with the exception of the Arizona Series
which commenced operations on April 30, 1991.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures. Actual results could differ
from those estimates.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- Portfolio securities are valued by an outside
independent pricing service approved by the Fund's Trustees. The pricing
service has informed the Fund that in valuing the portfolio securities, it
uses both a computerized matrix of tax-exempt securities and evaluations by
its staff, in each case based on information concerning market transactions
and quotations from dealers which reflect the bid side of the market each
day. The portfolio securities are thus valued by reference to a combination
of transactions and quotations for the same or other securities believed to
be comparable in quality, coupon, maturity, type of issue, call provisions,
trading characteristics and other features deemed to be relevant. Short-term
debt securities having a maturity date of more than sixty days at time of
purchase are valued on a mark-to-market basis until sixty days prior to
maturity and thereafter at amortized cost based on their value on the 61st
day. Short-term debt securities having a maturity date of sixty days or less
at the time of purchase are valued at amortized cost.
B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined by the identified cost
method. Discounts are accreted and premiums are amortized over the life of
the respective securities. Interest income is accrued daily.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1997, continued
C. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply
individually for each Series with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of
its taxable and nontaxable income to its shareholders. Accordingly, no
federal income tax provision is required.
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends
and distributions to its shareholders on the record date. The amount of
dividends and distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their federal tax-basis
treatment; temporary differences do not require reclassification. Dividends
and distributions which exceed net investment income and net realized capital
gains for financial reporting purposes but not for tax purposes are reported
as dividends in excess of net investment income or distributions in excess of
net realized capital gains. To the extent they exceed net investment income
and net realized capital gains for tax purposes, they are reported as
distributions of paid-in-capital.
E. EXPENSES -- Direct expenses are charged to the respective Series and
general 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
Dean Witter InterCapital Inc. (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 had undertaken to waive management fees and assume all
expenses that exceeded 0.50% of the daily net assets with respect to the
Massachusetts, Michigan, Minnesota, New York and Ohio Series through December
31, 1996.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1997, continued
3. PLAN OF DISTRIBUTION
Dean Witter Distributors Inc. (the "Distributor"), an affiliate of the
Investment Manager, is the distributor of the Fund's shares and, in
accordance with a Plan of Distribution (the "Plan") pursuant to Rule 12b-1
under the Act, finances certain expenses in connection with the distribution
of shares of the Fund.
Under the Plan, the expenses of certain activities and services provided by
Dean Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, and others who engage in or support distribution of the Fund's
shares or who service shareholder accounts, including overhead and telephone
expenses incurred in connection with the distribution of the Fund's shares,
are reimbursed.
Reimbursements for these expenses will be made in monthly payments by the
Fund to the Distributor, which will in no event exceed an amount equal to a
payment at the annual rate of 0.15% of the Fund's average daily net assets
during the month. Expenses incurred by the Distributor pursuant to the Plan
in any fiscal year will not be reimbursed by the Fund through payments
accrued in any subsequent fiscal year. For the year ended November 30, 1997,
the distribution fees were accrued at the following annual rates:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------- -------------- ------------ ----------------- ----------------
Annual Rate ..... 0.14% 0.15% 0.15% 0.14% 0.15%
============= ============== ============ ================= ================
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------- -------------- ------------ ----------------- ----------------
0.15% 0.14% 0.15% 0.14% 0.15%
============= ============== ============ ================= ================
</TABLE>
For the year ended November 30, 1997, the Distributor has informed the Fund
that commissions from the sale of the Fund's shares of beneficial interest
were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------- -------------- ------------ ----------------- ----------------
Commissions ..... $78,723 $217,964 $246,992 $33,721 $62,309
============= ============== ============ ================= ================
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------- -------------- ------------ ----------------- ----------------
$10,336 $106,022 $13,171 $61,213 $81,662
============= ============== ============ ================= ================
</TABLE>
Such commissions are not an expense of the Fund; they are deducted from the
proceeds of the sale of the shares of beneficial interest.
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1997, continued
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from the sales of portfolio securities,
excluding short-term investments, for the year ended November 30, 1997 were
as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
-------------- --------------- -------------- ----------------- ----------------
Purchases..... $ 957,700 $17,178,311 $4,445,930 $1,427,580 $ 485,555
============== =============== ============== ================= ================
Sales......... $3,646,510 $27,517,567 $8,134,039 $1,936,616 $ 958,463
============== =============== ============== ================= ================
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
-------------- --------------- -------------- ----------------- ----------------
Purchases..... $-- $5,604,450 $ 523,812 $ 977,570 $3,289,640
============== =============== ============== ================= ================
Sales ........ $ 717,373 $8,586,875 $2,464,444 $3,515,605 $4,919,300
============== =============== ============== ================= ================
</TABLE>
The Fund has an unfunded noncontributory defined benefit pension plan
covering all independent Trustees of the Fund who will have served as
independent Trustees for at least five years at the time of retirement.
Benefits under this plan are based on years of service and compensation
during the last five years of service. Aggregate pension costs for the year
ended November 30, 1997 included in Trustees' fees and expenses in the
Statement of Operations and the accrued pension liability included in accrued
expenses in the Statement of Assets and Liabilities for each of the
respective Series were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MIGHIGAN
------------- -------------- ------------ ----------------- ----------------
Aggregate Pension Costs ...... $ 650 $1,542 $ 956 $ 177 $ 264
============= ============== ============ ================= ================
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------- -------------- ------------ ----------------- ----------------
$ 132 $ 614 $ 176 $ 302 $ 650
============= ============== ============ ================= ================
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------- -------------- ------------ ----------------- ----------------
Accrued Pension Liability .... $3,671 $8,943 $5,512 $1,250 $1,603
============= ============== ============ ================= ================
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------- -------------- ------------ ----------------- ----------------
$ 828 $3,526 $1,086 $1,764 $3,871
============= ============== ============ ================= ================
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
NOTES TO FINANCIAL STATEMENTS November 30, 1997, continued
Dean Witter FSB, an affiliate of the Investment Manager and Distributor, is
the Fund's transfer agent. As of November 30, 1997, each of the Series had
transfer agent fees and expenses payable as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
------------- -------------- ------------ ----------------- ----------------
Transfer Agent Fees and Expenses
Payable ............................ $274 $342 $350 $226 $ 317
============= ============== ============ ================= ================
MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
------------- -------------- ------------ ----------------- ----------------
$57 $671 $101 $209 $2,009
============= ============== ============ ================= ================
</TABLE>
5. FEDERAL INCOME TAX STATUS
At November 30, 1997, 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 2005 TOTAL
- ----------------------------- --------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Arizona ...................... $ 6,700 -- -- $110,000 $116,700
California ................... 76,900 $247,100 $52,900 74,500 451,400
Florida ...................... 35,000 -- -- 44,700 79,700
Michigan ..................... 8,400 -- -- 5,600 14,000
Minnesota .................... 32,000 24,300 20,300 4,800 81,400
New Jersey ................... -- 5,200 -- -- 5,200
New York ..................... -- -- 13,300 -- 13,300
Ohio ......................... 158,100 -- -- 12,100 170,200
</TABLE>
During the year ended November 30, 1997, the following Series utilized
approximate net capital loss carryovers: Massachusetts - $6,700; New Jersey
- - $150,700 and New York - $10,800.
Capital losses incurred after October 31 ("post-October" losses) within the
taxable year are deemed to arise on the first business day of the Funds' next
taxable year. The Florida Series incurred and will elect to defer net capital
losses during fiscal 1997 of $1,000.
<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
NET ASSET REALIZED TOTAL
YEAR VALUE NET AND TOTAL FROM DISTRIBUTIONS DIVIDENDS
ENDED BEGINNING INVESTMENT UNREALIZED INVESTMENT DIVIDENDS TO TO AND
NOVEMBER 30 OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- ---------------- ---------- ------------------------- ------------------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
ARIZONA SERIES
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)
1997 10.59 0.53 0.05 0.58 (0.53) -- (0.53)
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)
1997 10.81 0.55 0.15 0.70 (0.55) -- (0.55)
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)
1997 10.86 0.54 0.11 0.65 (0.54) -- (0.54)
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)
1997 10.92 0.53 0.18 0.71 (0.53) -- (0.53)
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)
1997 10.78 0.53 0.16 0.69 (0.53) -- (0.53)
</TABLE>
- ------------
(a) January 15, 1991 (commencement of operations) to November 30, 1991.
(b) April 30, 1991 (commencement of operations) to November 30, 1991.
* After application of the Fund's expense limitation.
+ Does not reflect the deduction of sales load. Calculated based on the
net asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
(3) Does not reflect the effect of expense offset of 0.01%.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET RATIOS TO AVERAGE NET
ASSETS ASSETS
(AFTER EXPENSES WERE (BEFORE EXPENSES WERE
ASSUMED) ASSUMED)
------------------------ ------------------------
NET ASSET NET ASSETS
VALUE TOTAL END OF NET NET PORTFOLIO
END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
- ----------- ------------ ------------ ---------- ------------ ---------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 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
10.64 5.64 41,891 0.66 (3) 5.04 0.66 5.04 2
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
10.96 6.55 104,209 0.59 5.08 0.59 5.08 17
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
10.97 6.10 65,088 0.62 5.02 0.62 5.02 7
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
11.10 6.68 14,561 0.79 (3) 4.85 0.81 4.83 10
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
10.94 6.52 19,512 0.72 (3) 4.95 0.74 4.93 3
</TABLE>
<PAGE>
DEAN WITTER MULTI-STATE MUNICIPAL SERIES TRUST
FINANCIAL HIGHLIGHTS, continued
- -----------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
NET
NET ASSET REALIZED TOTAL
YEAR VALUE NET AND TOTAL FROM DISTRIBUTIONS DIVIDENDS
ENDED BEGINNING INVESTMENT UNREALIZED INVESTMENT DIVIDENDS TO TO AND
NOVEMBER 30, OF PERIOD INCOME GAIN (LOSS) OPERATIONS SHAREHOLDERS SHAREHOLDERS DISTRIBUTIONS
- ----------------- ---------- ------------ ------------- ------------------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
MINNESOTA SERIES
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)
1997 10.60 0.49 0.10 0.59 (0.49) -- (0.49)
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)
1997 10.70 0.53 0.18 0.71 (0.53) -- (0.53)
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)
1997 10.90 0.53 0.21 0.74 (0.53) -- (0.53)
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)
1997 10.77 0.53 0.17 0.70 (0.53) -- (0.53)
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)
1997 10.85 0.54 0.14 0.68 (0.54) (0.02) (0.56)
</TABLE>
- ------------
(a) January 15, 1991 (commencement of operations) to November 30, 1991.
* After application of the Fund's expense limitation.
+ Does not reflect the deduction of sales load. Calculated based on the
net asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
(3) Does not reflect the effect of expense offset of 0.01%.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
<CAPTION>
RATIOS TO AVERAGE NET RATIOS TO AVERAGE NET
ASSETS ASSETS
(AFTER EXPENSES WERE (BEFORE EXPENSES WERE
ASSUMED) ASSUMED)
------------------------ ------------------------------------
NET ASSET NET ASSETS
VALUE TOTAL END OF NET NET PORTFOLIO
END OF INVESTMENT PERIOD INVESTMENT INVESTMENT TURNOVER
PERIOD RETURN+ (000'S) EXPENSES INCOME EXPENSES INCOME RATE
- ----------- ------------ ------------ ---------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 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 (3) 5.35 0.98 4.88 3
10.60 5.21 9,923 0.50 (3) 5.21 0.96 4.75 5
10.70 5.76 8,742 0.94 (3) 4.68 0.97 4.65 --
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 (3) 5.42 0.67 5.42 14
10.70 4.93 44,829 0.66 (3) 5.23 0.66 5.23 5
10.88 6.99 41,520 0.66 5.02 0.66 5.02 14
10.06 10.73 (1) 3,976 0.15 (2) 6.44 (2) 2.22 (2) 4.37 (2) 51 (1)
10.34 10.35 9,604 0.15 6.45 1.23 5.37 21
11.03 12.91 15,955 0.48 5.61 0.88 5.21 11
9.46 (8.96) 14,522 0.50 5.48 0.82 5.16 14
10.88 21.40 14,388 0.50 (3) 5.43 0.85 5.09 24
10.90 5.46 14,020 0.50 (3) 5.25 0.84 4.91 22
11.11 7.06 12,586 0.82 (3) 4.84 0.84 4.82 4
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 (3) 5.42 0.77 5.16 19
10.77 5.04 21,207 0.50 (3) 5.23 0.75 4.98 32
10.94 6.67 18,476 0.73 (3) 4.90 0.74 4.89 5
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 (3) 5.29 0.66 5.29 8
10.85 5.27 47,055 0.65 (3) 5.17 0.65 5.17 --
10.97 6.53 44,056 0.66 5.01 0.66 5.01 8
</TABLE>
<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, 1997, 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
six 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, 1997 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 12, 1998
<PAGE>
1997 FEDERAL INCOME TAX NOTICE (unaudited)
During the year ended November 30, 1997, the Fund paid to shareholders
dividends per share from net investment income as follows:
<TABLE>
<CAPTION>
ARIZONA CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN MINNESOTA NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- --------- ----------- --------- -------------- --------- ---------- ----------- --------- ------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$0.53 $0.55 $0.54 $0.53 $0.53 $0.49 $0.53 $0.53 $0.53 $0.54
</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 Pennsylvania Series paid to shareholders
long-term capital gains of $0.02 per share.
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Wayne E. Hedien
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
- ---------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
James F. Willison
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
- ---------------------------
Dean Witter Trust FSB
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
- ---------------------------
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
- ---------------------------
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
This report is submitted for the general information of shareholders of
the Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Fund.
This report is not authorized for distribution to prospective investors
in the Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER
MULTI-STATE MUNICIPAL
SERIES TRUST
ANNUAL REPORT
NOVEMBER 30, 1997
