MERRILL
LYNCH
NEW YORK
MUNICIPAL
BOND FUND
FUND LOGO
Semi-Annual Report March 31, 1994
This report is not authorized for use as an offer of sale
or a solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. Past
performance results shown in this report should not be considered
a representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
Merrill Lynch New York
Municipal Bond Fund
Merrill Lynch Multi-State
Municipal Series Trust
Box 9011
Princeton, New Jersey 08543-9011
TO OUR SHAREHOLDERS
Inflationary expectations changed sharply during the March
quarter. Following better-than-expected economic results, Federal
Reserve Board Chairman Alan Greenspan indicated in Congressional
testimony in January that continued strong expansion of the
economy would lead the central bank to tighten monetary policy in
an effort to control inflation. On February 4, 1994, the central
bank broke with tradition and publicly announced a modest 25
basis point (0.25%) increase in short-term interest rates. At the
March 22 meeting of the Federal Open Market Committee, the
Federal Reserve Board again raised the Federal Funds rate by 25
basis points, and also announced the increase.
<PAGE>
Rather than view the Federal Reserve Board's first tightening
move as a preemptive strike against inflation, fixed-income
investors focused on Chairman Greenspan's implicit promise of
further tightening should the rate of inflation accelerate, and
bond prices declined sharply. The setback in the bond market was
also reflected in greater stock market volatility. While the
second increase in the Federal Funds rate was less of a surprise,
investors remained concerned that interest rates would trend
upward sharply. As a result, stock and bond prices continued to
decline through the end of March. The volatility in the US
capital markets was mirrored in international markets. Political
and economic developments, along with concerns of heightened
global inflationary pressures, led to a sell-off in most capital
markets, especially the emerging markets that had appreciated
strongly in 1993.
In the weeks ahead, investors will continue to gauge the pace of
the economic expansion and watch for signs of an overheating
economy. At this time, there is little evidence that the rate of
inflation will increase rapidly. Therefore, although the secular
long-term trend toward lower interest rates may be over, it is
not yet certain whether the pace of economic activity will
accelerate to the point where significant Federal Reserve Board
tightening will be necessary to contain inflation.
The Municipal Market
During the three months ended March 31, 1994, yields on long-term
tax-exempt bonds rose to their highest levels in more than three
years. As measured by the Bond Buyer Revenue Bond Index, the
yield on newly issued municipal bonds maturing in 30 years
increased by over 90 basis points (0.90%) to 6.39%. Yields on
seasoned municipal revenue bonds rose by over 100 basis points in
conjunction with the equally dramatic increase in US Treasury
bond yields. During the March quarter, the yield on long-term US
Treasury securities rose by over 90 basis points to approximately
7.25%.
Municipal bond yields were essentially unchanged in January.
However, following the initial interest rate increase by the
Federal Reserve Board in early February, municipal bond prices
began to slowly erode in concert with taxable bond prices as
investors sold securities in anticipation of further interest
rate increases. This concern also led investors to withdraw from
the tax-exempt market. As a result, total assets of all tax-
exempt bond funds declined by $14 billion to $247 billion between
early February and the end of March. This decline in investor
demand, coupled with concerns that the robust economic recovery
seen in the fourth quarter of 1993 would continue into much of
1994, helped push municipal bond yields higher in February and
March.
<PAGE>
A rise in tax-exempt bond yields the magnitude of that
experienced this past quarter has not been seen since 1987 when
municipal bond rates rose 250 basis points between March and
October. It is very important to note that the municipal bond
price declines of the March quarter, while certainly damaging,
were essentially much different than those in 1987. Recent price
declines largely have been the result of persistent selling
pressures over the last two months. In 1987, the tax-exempt bond
market was much more volatile and, at times, chaotic as investors
sought to liquidate positions without concern to fundamental
value. For the most part, the recent price deterioration has been
orderly, and the municipal bond market's liquidity and integrity
have not been challenged or jeopardized.
To a large extent the municipal bond market has continued to be
supported by a strong technical position. New-issue volume during
the March 1994 quarter declined by over 25% compared to the first
three months of 1993. Less than $50 billion in long-term
municipal bonds have been issued thus far in 1994. This decline
was expected and has been discussed in previous shareholder
reports. This reduced issuance has minimized potential selling
pressure in recent months since institutional investors have been
wary of selling appreciable amounts of securities that they may
be unable to replace later in the year at any price level. We
expect this decline in issuance to continue since we anticipate
recent yield increases to significantly curtail future municipal
bond issuance. Just as higher mortgage rates slow home mortgage
refinancings, the recent rise in bond yields will prevent bond
refinancings from becoming the driving force in bond issuance in
1994 as they were in 1993.
Despite recent price declines, tax-exempt securities remain among
the most attractive investment alternatives available. After the
yield increases experienced in the March quarter, longer-term
municipal securities yield approximately 90% of comparable US
Treasury yields. Purchasers of these municipal bonds also accrue
substantial after-tax yield advantages. To investors in the 39%
marginal Federal income tax bracket, the purchase of a municipal
bond yielding 6.50% represents an after-tax equivalent of 10.65%.
With prevailing estimates of 1994 inflation at no more than 3%--
4%, real after-tax rates in excess of 6.50% easily compensate
longer-term investors for much of the price volatility recently
experienced.
We continue to look for municipal bond yields to decline later
this year and into 1995 as inflationary pressures remain low and
as the domestic economy is further slowed by the impact of higher
interest rates. As this scenario unfolds, we expect currently
available tax-exempt products to generate significant returns for
long-term investors.
<PAGE>
Portfolio Strategy
During the March quarter, long-term interest rates for New York
municipal bonds increased. Merrill Lynch New York Municipal Bond
Fund took advantage of these higher interest rates to increase
its yield. In addition, we view the recent increase in municipal
bond yields as a buying opportunity because individual tax rates
for 1994 have been increased and the future supply of New York
municipal bonds will be less than in 1993.
The Fund has increased its yield by purchasing lower-quality
paper that meets the Fund's credit requirements and by selling
higher-rated bonds that yield less. During the March quarter, the
Fund maintained a cash position of less than 10% to enhance its
current yield in this steep yield curve environment. Short-term
interest rates for bonds with less than a one-year maturity are
less than 3%, while 20-year New York municipal bonds yield more
than 6%. The Fund has targeted buying bonds in the 15-year--35-
year maturity range because that is where the highest yields are
available.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Vice President and Portfolio Manager
April 26, 1994
PERFORMANCE DATA
None of the past results shown should be considered a
representation of future performance. Investment return and
principal value of Class A and Class B Shares will fluctuate so
that shares, when redeemed, may be worth more or less than their
original cost.
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 3/31/94 +0.89% -3.15%
Five Years Ended 3/31/94 +8.33 +7.45
Inception (10/25/88)through
3/31/94 +7.81 +7.00
<PAGE>
[FN]
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 3/31/94 +0.38% -3.31%
Five Years Ended 3/31/94 +7.79 +7.79
Inception (11/1/85)through
3/31/94 +8.24 +8.24
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced
to 0% after 4 years.
**Assuming payment of applicable contingent deferred sales
charge.
PERFORMANCE DATA (concluded)
<TABLE>
Performance Summary--Class A Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<C> <C> <C> <C> <C> <C>
10/25/88--12/31/88 $10.85 $10.76 -- $0.138 + 0.44%
1989 10.76 11.00 -- 0.742 + 9.43
1990 11.00 10.76 -- 0.734 + 4.71
1991 10.76 11.43 -- 0.728 +13.44
1992 11.43 11.74 $0.110 0.727 +10.38
1993 11.74 12.08 0.241 0.775 +11.81
1/1/94--3/31/94 12.08 11.13 -- 0.137 - 6.62
------ ------
Total $0.351 Total $3.981
Cumulative total return as of 3/31/94: +50.48%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains distributions at net asset value on the payable date, and do
not include sales charge; results would be lower if sales charge was included.
</TABLE>
<PAGE>
<TABLE>
Performance Summary--Class B Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<C> <C> <C> <C> <C> <C>
11/1/85--12/31/85 $10.00 $10.34 -- $0.098 + 4.60%
1986 10.34 11.24 $0.073 0.732 +16.95
1987 11.24 10.44 -- 0.722 - 0.79
1988 10.44 10.76 -- 0.685 + 9.92
1989 10.76 11.00 -- 0.687 + 8.89
1990 11.00 10.77 -- 0.680 + 4.29
1991 10.77 11.43 -- 0.672 +12.76
1992 11.43 11.74 0.110 0.668 + 9.82
1993 11.74 12.09 0.241 0.714 +11.34
1/1/94--3/31/94 12.09 11.13 -- 0.124 - 6.80
------ ------
Total $0.424 Total $5.782
Cumulative total return as of 3/31/94: +94.68%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains distributions
at net asset value on the payable date, and do not reflect deduction of any
sales charge; results would be lower if sales charge was deducted.
</TABLE>
<TABLE>
Recent Performance Results*
<CAPTION>
12 Month 3 Month
3/31/94 12/31/93 3/31/93 % Change % Change
<S> <C> <C> <C> <C> <C>
Class A Shares $11.13 $12.08 $11.98 -5.24%(1) -7.86%
Class B Shares 11.13 12.09 11.98 -5.24(1) -7.94
Class A Shares--Total Return +0.89(2) -6.62(3)
Class B Shares--Total Return +0.38(4) -6.80(5)
Class A Shares--Standardized 30-day Yield 5.59%
Class B Shares--Standardized 30-day Yield 5.30%
<FN>
*Investment results shown for the 3-month and 12-month periods are before the deduction of any sales charges.
(1)Percent change includes reinvestment of $0.241 per share capital gains distributions.
(2)Percent change includes reinvestment of $0.763 per share ordinary income dividends and $0.241 per share capital gains
distributions.
(3)Percent change includes reinvestment of $0.137 per share ordinary income dividends.
(4)Percent change includes reinvestment of $0.702 per share ordinary income dividends and $0.241 per share capital gains
distributions.
(5)Percent change includes reinvestment of $0.124 per share ordinary income dividends.
</TABLE>
PORTFOLIO ABBREVIATIONS
To simplify the listings of Merrill Lynch New York Municipal Bond
Fund's portfolio holdings in the Schedule of Investments, we have
abbreviated the names of many of the securities according to the
list below and at right.
<PAGE>
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DDN Daily Demand Notes
GO General Obligation Bonds
HFA Housing Finance Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
LEVRRS Leveraged Reverse Rate Securities
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
TRAN Tax Revenue Anticipation Notes
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<TABLE>
SCHEDULE OF INVESTMENTS (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New York--97.2%
BBB+ Baa1 $ 2,955 Babylon, New York, IDA, Resource Recovery Revenue Bonds (Ogden Martin Systems),
Series C, 8.50% due l/01/2019 $ 3,248
NR Baa1 14,750 Babylon, New York, IDA, Waste Facilities Revenue Bonds (Babylon Community
Waste Management), Series A, 7.875% due 7/01/1999 (d) 16,965
Battery Park City Authority, New York, Revenue Refunding Bonds (Senior Lien),
Series A:
AA A1 4,200 5.25% due 11/01/2017 3,611
AA A1 6,500 4.75% due 11/01/2019 5,117
AA A1 7,800 5.70% due 11/01/2020 7,097
Buffalo, New York, Sewer Authority Revenue Bonds:
AAA Aaa 2,250 Series E, 7.75% due 7/01/1997 (a)(d) 2,508
AAA Aaa 4,000 Series F, 6% due 7/01/2013 (b) 3,990
Clifton Park, New York, Water Authority, Water System Revenue Bonds (b):
AAA Aaa 2,000 Refunding, 5% due 10/01/2026 1,664
AAA Aaa 1,000 Series A, 6.375% due 10/01/2002 (d) 1,091
AAA Aaa 1,210 Erie County, New York, Water Authority, Water Revenue Refunding Bonds
(Fourth Resolution), 7.30% due 12/01/2017 (a)(g) 221
<PAGE>
Grand Central District Management Association Inc., New York, Business
Improvement District, Capital Improvement Revenue Bonds:
AAA A1 2,170 6.50% due 1/01/2002 (d) 2,354
AAA A1 6,500 6.50% due 1/01/2002 (d) 7,050
A A1 1,125 Refunding, 5.125% due 1/01/2014 964
A A1 2,750 Refunding, 5.25% due 1/01/2022 2,307
NR Aa1 6,200 Hornell, New York, IDA, IDR (Crowley Foods, Inc.), 7.75% due 12/01/2016 6,890
AA A1 10,400 Housing New York Corp., Revenue Refunding Bonds, 5% due 11/01/2013 8,812
Metropolitan Transportation Authority, New York, Service Contract Revenue Bonds
(Commuter Facilities):
BBB Baa1 8,475 Refunding, Series 5, 7% due 7/01/2012 9,063
BBB Baa1 1,195 Series 3, 9.25% due 7/01/1999 1,413
BBB Baa1 1,300 Series 3, 9.25% due 7/01/2000 1,568
BBB Baa1 4,370 Series O, 5.75% due 7/01/2013 4,081
BBB Baa1 2,000 Series O, 5.50% due 7/01/2017 1,781
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New York (continued)
Metropolitan Transportation Authority, New York, Service Contract
Revenue Bonds (Transit Facilities):
BBB Baa1 $ 1,595 Refunding, Series 7, 4.75% due 7/01/2019 $ 1,233
AAA Aaa 16,125 Refunding, Series N, 5.35% due 7/01/2012 (b)(g) 5,291
BBB Baa1 4,350 Series 3, 9.25% due 7/01/1999 5,145
BBB Baa1 4,755 Series 3, 9.25% due 7/01/2000 5,737
BBB Baa1 1,845 Series O, 5.75% due 7/01/2013 1,723
BBB Baa1 2,585 Series O, 5.50% due 7/01/2017 2,312
Metropolitan Transportation Authority, New York, Transportation Facilities
Revenue Refunding Bonds, Series N (b)(g):
AAA Aaa 5,230 5.35% due 7/01/2013 1,614
AAA Aaa 1,210 5.35% due 7/01/2014 351
AAA Aaa 2,950 Monroe County, New York, Airport Authority Revenue Bonds (Greater Rochester
International), AMT, 7.25% due 1/01/2009 (c) 3,257
Monroe County, New York, COP:
BBB+ Baa 670 7.375% due 1/01/1996 706
BBB+ Baa 9,770 8.05% due 1/01/2011 10,891
NR A 6,125 Monroe County, New York, IDA, Civic Facilities Revenue Bonds (Genesee Hospital),
Series A, 7% due 11/01/2018 6,429
<PAGE>
A1+ NR 1,000 Nassau County, New York, IDA, Research Facilities Revenue Bonds (Cold Spring
Harbor Lab Project), VRDN, 3.25% due 7/01/2023 (e) 1,000
New York City, New York, GO, UT:
A- Aaa 1,700 Series A, 8.50% due 11/01/1997 (d) 1,943
A- Baa1 15,400 Series D, 9.50% due 8/01/2002 19,092
A- Baa1 1,000 Series H, 7.20% due 2/01/2014 1,075
A1 Baa1 5,000 Series I, 7.75% due 8/15/2018 5,514
AAA Aaa 5,000 New York City, New York, Health and Hospital Authority, Local Government
Revenue Refunding Bonds, Series A, 5.75% due 2/15/2022 (a) 4,640
AA Aa 8,475 New York City, New York, Housing Development Corporation, M/F Housing
Revenue Bonds, Series B, 5.70% due 11/01/2013 (f) 7,862
New York City, New York, IDA, Civic Facilities Revenue Bonds:
A1+ NR 400 (National Audobon Society), 3.25% due 12/01/2014 (e) 400
BBB NR 2,000 (New York Blood Center), 7.20% due 5/01/2012 2,093
BBB NR 3,250 (New York Blood Center), 7.25% due 5/01/2022 3,413
AAA Aaa 6,100 (Rockefeller Foundation Project), 5.375% due 7/01/2023 5,477
BB+ Baa2 2,030 New York City, New York, IDA, Special Facitities Revenue Bonds (American Airlines Inc.
Project), AMT, 7.75% due 7/01/2019 2,109
New York City, New York, Municipal Water Finance Authority Water and Sewer System
Revenue Bonds:
AAA Aaa 10,000 7.82% due 6/15/2012 (c) 8,250
A- A 9,000 6.75% due 6/15/2017 9,238
AAA Aaa 10,000 LEVRRS, 8.376% due 6/15/2019 (c)(h) 10,000
A- A 740 Series B, 5.50% due 6/15/2019 655
A-1+ VMIG1 2,700 Series C, DDN, 2.60% due 6/15/2022 (b)(e) 2,700
New York City, New York, Trust for Cultural Resources Revenue Bonds:
AAA Aaa 3,750 (American Museum of Natural History), Series A, 6.90% due 4/01/2001 (c)(d) 4,189
A1+ VMIG1 6,900 (Soloman R. Guggenheim), Series B, DDN, 3.25% due 12/01/2015 (e) 6,900
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<PAGE> (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New York (continued)
New York State Dormitory Authority Revenue Bonds:
BBB Baa1 $ 9,635 (City University System), Refunding, Series B, 6% due 7/01/2014 $ 9,226
BBB Baa1 3,800 (City University System), Refunding, Series U, 6.375% due 7/01/2008 3,890
BBB Baa1 3,500 (City University System), Series A, 9.25% due 7/01/2000 4,202
BBB Baa1 7,030 (City University System), Series C, 9.25% due 7/01/2000 8,502
BBB Baa1 2,250 (City University System), Series F, 5% due 7/01/2014 1,895
A NR 1,120 (Community Memorial Hospital, Hamilton), 9% due 7/01/2005 1,200
A1+ VMIG1 3,300 (Cornell University), Series B, DDN, 3.25% due 7/01/2025 (e) 3,300
BBB+ Baa1 8,000 (Court Facilities Lease Bonds), Refunding, Series A, 5.625% due 5/15/2013 7,231
BBB+ Baa1 8,000 (Court Facilities Lease Bonds), Refunding, Series A, 5.50% due 5/15/2023 6,858
BBB+ Baa1 10,950 (Court Facilities Lease Bonds), Series A, 5.25% due 5/15/2021 9,082
BBB Baa1 8,135 (Department of Health), Refunding, 5.50% due 7/01/2020 7,016
AAA Aaa 1,000 (Insured-Colgate University), 5.625% due 7/01/2023 (b) 925
AAA Aaa 6,150 (Insured-Fordham University), 5.50% due 7/01/2023 (b) 5,579
NR VMIG1 700 (Oxford University Press, Inc.), Refunding, DDN, 3.05% due 7/01/2023 (e) 700
AA Aa 3,130 (Rochester General Hospital), 8.75% due 8/01/1995 (d)(f) 3,388
BBB+ Baa1 2,250 (State University Educational Facilities), Refunding, Series A, 5.25%
due 5/15/2015 1,955
BBB+ Baa1 9,410 (State University Educational Facilities), Refunding, Series B, 7.50%
due 5/15/2011 10,635
BBB+ Baa1 14,405 (State University Educational Facilities), Refunding, Series B, 5.25%
due 5/15/2013 12,627
BBB- Baa1 5,400 (Upstate Community College), Series A, 5.40% due 7/01/2009 4,947
BBB- Baa1 4,200 (Upstate Community College), Series A, 5.25% due 7/01/2023 3,464
New York State Energy Research and Development Authority, Electric Facilities
Revenue Refunding Bonds (Consolidated Edison Company), AMT:
A+ Aa3 4,000 Series A, 6.75% due 7/15/2027 4,076
A+ Aa3 9,610 Series C, 5.375% due 9/15/2022 8,282
A A1 8,400 New York State Energy Research and Development Authority, Gas Facilities
Revenue Bonds (Brooklyn Union Gas Co. Project), Series II, 7% due 12/01/2020 8,834
New York State Energy Research and Development Authority, PCR:
BBB+ Baa1 4,510 (New York State Electric & Gas Corp.), Series A, AMT, 5.95% due 12/01/2027 4,093
NR NR 2,000 (Niagara Mohawk Corporation Project), Series A, DDN, 3.25% due 3/01/2027 (e) 2,000
A1+ NR 1,600 (Niagara Power Corporation Project), AMT, DDN, Series B, 5.70%
due 7/01/2027 (e) 1,600
AAA Aaa 5,500 New York State Energy Research and Development Authority, Solid Waste Disposal
Revenue Bonds (New York State Electric and Gas Co., Project), Series A, AMT,
5.70% due 12/01/2028 (c) 5,073
New York State Environmental Facilities Corporation, PCR (Water-Revolving Fund):
A Aa 2,450 Series A, 7.25% due 6/15/2010 2,678
A Aa 1,250 Series A, 7% due 6/15/2012 1,358
A Aa 16,350 Series E, 6.875% due 6/15/2010 17,516
<PAGE>
New York State Environmental Facilities Corporation, Special Obligation Bonds
(Riverbank State Park):
BBB NR 1,485 7.25% due 4/01/2007 1,619
BBB NR 3,000 7.25% due 4/01/2012 3,271
BBB NR 8,400 7.375% due 4/01/2022 9,224
New York State, HFA, Service Contract Obligation Revenue Bonds:
BBB Baa1 3,500 Refunding, Series C, 5.875% due 9/15/2014 3,330
BBB Baa1 6,500 Refunding, Series C, 6.125% due 3/15/2020 6,111
BBB Baa1 18,585 Series A, 5.50% due 9/15/2022 16,167
BBB Baa1 3,000 Series C, 6.30% due 9/15/2012 2,952
BBB Baa1 3,000 Series C, 6.30% due 3/15/2022 2,882
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New York (continued)
New York State Job Development Authority Revenue Bonds (e):
NR VMIG1 $ 1,400 Series A-1--A-21, DDN, 3.10% due 3/01/2003 $ 1,400
NR VMIG1 1,200 Special Purpose, Series A-1--A-25, AMT, DDN, 2.85% due 3/01/2007 1,200
New York State Local Government Assistance Corporation Revenue Bonds:
A A 24,740 Refunding, Series C, 5% due 4/01/2021 20,019
A A 1,600 Series A, 7.125% due 4/01/2011 1,731
A A 5,500 Series A, 6.875% due 4/01/2019 5,854
A A 4,000 Series B, 6% due 4/01/2018 3,800
New York State Medical Care Facilities Finance Agency Revenue Bonds:
AAA Aaa 6,820 (Health Insurance Plan of Greater New York), Series B, 8.50% due
12/01/1997 (a)(d) 7,612
AA NR 1,000 (Hospital & Nursing Home Mortgage), Series A, 8.30% due 2/15/1998 (d)(f) 1,146
AA Aa 2,700 (Hospital & Nursing Home Mortgage), Series B, 8.10% due 2/15/2022 2,890
AAA Aaa 4,000 (Long Term Health Care Capital Guaranty Insured), Series D, 6.50%
due 11/01/2015 4,114
BBB+ Baa1 2,200 (Mental Health Services), Series B, 6% due 2/15/2011 2,075
BBB+ Baa1 1,470 (Mental Health Services), Series B, 7.625% due 8/15/2017 1,599
BBB+ Baa1 1,075 (Mental Health Services), Series C, 7.30% due 2/15/2021 1,160
AAA Aaa 3,240 (Mental Health Services), Series C, 7.30% due 2/15/2021 (d) 3,692
BBB+ Baa1 2,710 (Mental Health Services), Series D, 7.40% due 2/15/2018 2,920
BBB+ Baa1 3,700 (Mental Health Services), Series F, 6.50% due 2/15/2019 3,644
AAA Aaa 2,200 (Mental Health Services), Series F, 5.25% due 2/15/2021 (f) 1,913
AAA Aa 10,000 (Presbyterian Hospital), Refunding, Series A, 5.375% due 2/15/2025 8,699
AAA Aaa 6,850 (Saint Francis Hospital Project), Series A, 7.625% due 11/01/2021 (b) 7,616
BBB Baa 7,750 (Security Hospital), Series A, 7.40% due 8/15/2021 8,106
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds:
NR Aa 695 10th Series A, 8.10% due 4/01/2014 739
NR Aa 14,235 Series BB--2, 7.95% due 10/01/2015 15,058
NR Aa 1,750 Series EE--3, 7.75% due 4/01/2016 1,875
NR Aa 2,375 Series FF, 7.95% due 10/01/2014 2,569
NR Aa 1,865 Series GG, AMT, 8.125% due 4/01/2020 1,991
<PAGE>
New York State Power Authority, General Purpose and Revenue Bonds:
AA- Aa 11,750 Refunding, Series Z, 6.50% due 1/01/2019 11,995
AA- Aa 10,000 Series Y, 6.75% due 1/01/2018 10,770
NR NR 9,000 New York State Power Authority, RIB, 7.014% due 1/01/2014 (e) 6,874
AAA Aaa 4,375 New York State Thruway Authority, General Revenue Bonds, Series B, 5%
due 1/01/2020 (c) 3,694
New York State Thruway Authority, Service Contract Revenue Bonds (Local
Highway and Bridge):
BBB Baa1 1,630 6% due 4/01/2002 1,662
BBB Baa1 6,125 5.25% due 4/01/2013 5,296
New York State Urban Development Corporation Revenue Bonds:
BBB Baa1 1,500 (Alfred Technology Resource Income Project), 7.875% due 1/01/2020 1,663
BBB Baa1 9,800 (Correctional Capital Facilities), Refunding, 5.50% due 1/01/2015 8,681
BBB Baa1 7,000 (Correctional Capital Facilities), Series 4, 5.25% due 1/01/2013 6,059
BBB Baa1 3,050 (Correctional Capital Facilities), Series 4, 5.375% due 1/01/2023 2,568
AAA Aaa 3,500 Niagara Falls, New York, Bridge Commission, Toll Revenue Refunding Bonds,
Series B, 5.25% due 10/01/2021(b) 3,060
BBB Baa 3,000 Oneida-Herkimer, New York, Solid Waste Management Authority, Revenue
Refunding Bonds, 6.75% due 4/01/2014 3,021
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New York (concluded)
AAA Aaa $ 4,000 Onondaga County, New York, IDA, Sewer Facilities Revenue Bonds (Bristol-Myers
Squibb Co. Project), AMT, 5.75% due 3/01/2024 $ 3,705
Port Authority of New York and New Jersey, Consolidated Refunding Bonds:
AA- NR 11,850 7.10% due 10/01/2021 9,065
AA- A1 2,820 Eighty-Ninth Series, 5% due 10/01/2012 2,513
AA A1 800 Eighty-Ninth Series, 5.125% due 10/01/2021 705
AA- A1 23,000 Ninety-Second Series, 4.75% due 1/15/2029 17,705
A1+ VMIG1 1,100 Syracuse, New York, IDA, Civic Facilities Revenue Bonds (Syracuse University
Project), DDN, 3.25% due 3/01/2023 (e) 1,100
Triborough Bridge and Tunnel Authority, New York, Revenue Bonds (General
Purpose):
A- Aa 1,000 Refunding, Series B, 5% due 1/01/2020 834
A+ Aa 3,930 Refunding, Series Q, 6.75% due 1/01/2009 4,266
A+ Aa 15,250 Series A, 4.75% due 1/01/2014 12,719
A+ Aa 14,055 Series X, 6.625% due 1/01/2012 14,831
<PAGE>
BBB Baa 5,515 Ulster County, New York, Resource Recovery Agency Revenue Bonds (Solid Waste
Systems), 6% due 3/01/2014 5,145
NR A 2,250 United Nations Development Corp., New York, Revenue Refunding Bonds
(Sub Lien), Series B, 6.25% due 7/01/2026 2,228
AA- Aa3 1,720 Westchester County, New York, Westchester, IDA, Airport Facility Revenue Bonds
(West Chester Airport Association), Series A, AMT, 5.95% due 8/01/2024 1,593
Puerto Rico--1.8%
SP-1+ MIG1++ 1,500 Commonwealth of Puerto Rico, TRAN, Series A, 3% due 7/29/1994 1,501
A Baa1 4,415 Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue
Refunding Bonds, Series X, 5.25% due 7/01/2021 (d) 3,709
Puerto Rico, Industrial, Medical and Environmental Pollution Control
Facilities, Financing Authority Revenue Bonds (Motorola Inc. Project), Series A:
AA- Aa3 2,500 6.75% due 1/01/2014 2,638
NR Aaa 5,500 5.10% due 12/01/2018 4,803
Total Investments (Cost--$720,009)--99.0% 708,547
Variation Margin on Financial Future Contracts--0.0%* 70
Other Assets Less Liabilities--1.0% 7,088
--------
Net Assets--100.0% $715,705
========
<FN>
++Highest short-term rating issued by Moody's Investors
Service, Inc.
(a)AMBAC Insured.
(b)FGIC Insured.
(c)MBIA Insured.
(d)Prerefunded.
(e)The interest rate is subject to change periodically based upon the
prevailing market rate. The interest rate shown is the rate in
effect at March 31, 1994.
(f)FHA Insured.
(g)Represents the yield to maturity on this zero coupon issue.
(h)The interest rate is subject to change periodically and inversely based
upon the prevailing market rate. The interest rate shown is the rate in
effect at March 31, 1994.
*Futures Contracts sold as of March 31, 1994 were as follows:
Number of Expiration Value
Contracts Issue Date (Note 1a)
1,875 United States Treasury Bonds June 1994 $(199,277,344)
Total Futures Contracts $(199,277,344)
=============
(Total Contract Price--$199,934,750)
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL INFORMATION
<CAPTION>
Statement of Assets and Liabilities as of March 31, 1994
<S> <S> <C> <C>
Assets: Investments, at value (identified cost--$720,008,546)(Note 1a) $708,546,948
Cash 36,416
Receivables:
Securities sold $ 24,618,793
Interest 13,198,578
Beneficial interest sold 1,945,431
Variation margin (Note 1b) 70,312 39,833,114
------------
Deferred organization expenses (Note 1e) 712
Prepaid registration fees and other assets (Note 1e) 77,975
------------
Total assets 748,495,165
------------
Liabilities: Payables:
Securities purchased 25,497,676
Beneficial interest redeemed 5,070,844
Dividends to shareholders (Note 1f) 1,360,069
Investment adviser (Note 2) 375,137
Distributor (Note 2) 330,604 32,634,330
------------
Accrued expenses and other liabilities 155,608
------------
Total liabilities 32,789,938
------------
Net Assets: Net assets $715,705,227
============
Net Assets Class A Shares of beneficial interest, $.10 par value,
Consist of: unlimited number of shares authorized $ 289,680
Class B Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized 6,140,355
Paid-in capital in excess of par 706,682,774
Undistributed realized capital gains--net 13,396,610
Unrealized depreciation on investments--net (10,804,192)
------------
Net assets $715,705,227
============
Net Asset Value: Class A--Based on net assets of $32,237,334 and 2,896,801 shares
of beneficial interest outstanding $ 11.13
============
Class B--Based on net assets of $683,467,893 and 61,403,552 shares
of beneficial interest outstanding $ 11.13
============
<PAGE>
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL INFORMATION (continued)
<CAPTION>
Statement of Operations for the Six Months Ended March 31, 1994
<S> <S> <C>
Investment Income Interest and amortization of premium and discount earned $ 23,359,339
(Note 1d):
Expenses: Investment advisory fees (Note 2) 2,099,191
Distribution fees--Class B (Note 2) 1,855,192
Transfer agent fees--Class B (Note 2) 133,606
Printing and shareholder reports 50,996
Accounting services (Note 2) 39,215
Professional fees 31,544
Custodian fees 28,639
Registration fees (Note 1e) 22,643
Trustees' fees and expenses 16,262
Pricing fees 9,077
Transfer agent fees--Class A (Note 2) 5,183
Amortization of organization expenses (Note 1e) 343
Other 10,280
------------
Total expenses 4,302,171
------------
Investment income--net 19,057,168
------------
Realized & Unreal- Realized gain on investments--net 21,198,421
ized Gain (Loss) on Change in unrealized appreciation/depreciation on investments--net (85,563,932)
Investments--Net ------------
(Notes 1d & 3): Net Decrease in Net Assets Resulting from Operations $(45,308,343)
============
</TABLE>
<TABLE>
Statements of Changes in Net Assets
<CAPTION>
For the Six For the Year
Months Ended Ended
March 31, September 30,
Increase (Decrease) in Net Assets: 1994 1993
<S> <S> <C> <C>
Operations: Investment income--net $ 19,057,168 $ 36,795,050
Realized gain on investments--net 21,198,421 15,506,899
Change in unrealized appreciation/depreciation on investments--net (85,563,932) 30,754,959
------------ ------------
Net increase (decrease) in net assets resulting from operations (45,308,343) 83,056,908
------------ ------------
<PAGE>
Dividends & Investment income--net:
Distributions to Class A (903,793) (1,475,206)
Shareholders Class B (18,153,375) (35,319,844)
(Note 1f): Realized gain on investments--net:
Class A (869,887) (194,989)
Class B (19,851,429) (5,828,788)
------------ ------------
Net decrease in net assets resulting from dividends and distributions
to shareholders (39,778,484) (42,818,827)
------------ ------------
Beneficial Interest Net increase in net assets derived from beneficial
Transactions interest transactions 34,835,571 90,154,954
(Note 4): ------------ ------------
Net Assets: Total increase (decrease) in net assets (50,251,256) 130,393,035
Beginning of period 765,956,483 635,563,448
------------ ------------
End of period $715,705,227 $765,956,483
============ ============
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (continued)
<TABLE>
Financial Highlights
<CAPTION>
Class A
For the Six
The following per share data and ratios have been derived from Months Ended
information provided in the financial statements. March 31, For the Year Ended September 30,
Increase (Decrease) in Net Asset Value: 1994 1993 1992 1991 1990
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 12.46 $ 11.77 $ 11.22 $ 10.56 $ 10.81
Operating ------- ------- ------- ------- -------
Performance: Investment income--net .33 .70 .72 .74 .73
Realized and unrealized gain (loss) on
investments--net (1.00) .80 .55 .66 (.25)
------- ------- ------- ------- -------
Total from investment operations (.67) 1.50 1.27 1.40 .48
------- ------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.33) (.70) (.72) (.74) (.73)
Realized gain on investments--net (.33) (.11) -- -- --
------- ------- ------- ------- -------
Total dividends and distributions (.66) (.81) (.72) (.74) (.73)
------- ------- ------- ------- -------
Net asset value, end of period $ 11.13 $ 12.46 $ 11.77 $ 11.22 $ 10.56
======= ======= ======= ======= =======
<PAGE>
Total Investment Based on net asset value per share (5.71%)++ 13.25% 11.77% 13.60% 4.42%
Return:** ======= ======= ======= ======= =======
Ratios to Average Expenses .63%* .64% .65% .66% .67%
Net Assets: ======= ======= ======= ======= =======
Investment income--net 5.40%* 5.80% 6.28% 6.72% 6.79%
======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $32,237 $31,976 $18,973 $13,727 $ 8,905
Data: ======= ======= ======= ======= =======
Portfolio turnover 64.59% 38.31% 35.90% 49.78% 53.82%
======= ======= ======= ======= =======
<FN>
*Annualized.
**Total investment returns exclude the effects of sales loads.
++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (concluded)
<TABLE>
Financial Highlights (concluded)
<CAPTION>
Class B
For the Six
The following per share data and ratios have been derived from Months Ended
information provided in the financial statements. March 31, For the Year Ended September 30,
Increase (Decrease) in Net Asset Value: 1994 1993 1992 1991 1990
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 12.46 $ 11.77 $ 11.23 $ 10.57 $ 10.81
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .30 .64 .67 .67 .68
Realized and unrealized gain (loss) on
investments--net (1.00) .80 .54 .66 (.24)
-------- -------- -------- -------- --------
Total from investment operations (.70) 1.44 1.21 1.33 .44
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.30) (.64) (.67) (.67) (.68)
Realized gain on investments--net (.33) (.11) -- -- --
-------- -------- -------- -------- --------
Total dividends and distributions (.63) (.75) (.67) (.67) (.68)
-------- -------- -------- -------- --------
Net asset value, end of period $ 11.13 $ 12.46 $ 11.77 $ 11.23 $ 10.57
======== ======== ======== ======== ========
Total Investment Based on net asset value per share (5.95%)++ 12.68% 11.12% 13.03% 4.00%
Return:** ======== ======== ======== ======== ========
Ratios to Average Expenses, excluding distribution fees .63%* .64% .66% .67% .68%
Net Assets: ======== ======== ======== ======== ========
Expenses 1.13%* 1.14% 1.16% 1.17% 1.18%
======== ======== ======== ======== ========
Investment income--net 4.89%* 5.32% 5.79% 6.23% 6.28%
======== ======== ======== ======== ========
<PAGE>
Supplemental Net assets, end of period (in thousands) $683,468 $733,981 $616,590 $568,958 $566,095
Data: ======== ======== ======== ======== ========
Portfolio turnover 64.59% 38.31% 35.90% 49.78% 53.82%
======== ======== ======== ======== ========
<FN>
*Annualized.
**Total investment returns exclude the effects of sales loads.
++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch New York Municipal Bond Fund (the "Fund") is part
of the Merrill Lynch Multi-State Municipal Series Trust (the
"Trust"). The Fund is registered under the Investment Company Act
of 1940 as a diversified, open-end investment management company.
The Fund offers both Class A and Class B Shares. Class A Shares
are sold with a front-end sales charge. Class B Shares may be
subject to a contingent deferred sales charge. Both classes of
shares have identical voting, dividend, liquidation and other
rights and the same terms and conditions, except that Class B
Shares bear certain expenses related to the distribution of such
shares and have exclusive voting rights with respect to matters
relating to such distribution expenditures. The following is a
summary of significant accounting policies followed by the Fund.
(a) Valuation of investments--Municipal bonds and other
portfolio securities are traded primarily in the over-the-counter
municipal bond and money markets and are valued at the last
available bid price or yield equivalents as obtained by the
Fund's pricing service from one or more dealers that make markets
in such securities. Financial futures contracts, which are traded
on exchanges, are valued at their last sale price as of the close
of such exchanges. Options, which are traded on exchanges, are
valued at their last sale price as of the close of such exchanges
or, lacking any sales, at the last available bid price. Short-
term investments with a remaining maturity of sixty days or less
are valued on an amortized cost basis, which approximates market
value. Securities and assets for which market quotations are not
readily available are valued at fair value as determined in good
faith by or under the direction of the Board of Trustees of the
Trust.
<PAGE>
(b) Financial futures contracts--The Fund may purchase or sell
interest rate futures contracts and options on such futures
contracts for the purpose of hedging the market risk on existing
portfolio holdings or the intended purchase of securities.
Futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or
yield. Upon entering into a contract, the Fund deposits and
maintains as collateral such initial margin as required by the
exchange on which the transaction is effected. Pursuant to the
contract, the Fund agrees to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in value of the
contract. Such receipts or payments are known as variation margin
and are recorded by the Fund as unrealized gains or losses. When
the contract is closed, the Fund records a realized gain or loss
equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.
(c) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income
tax provision is required.
(d) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are
entered into (the trade dates). Interest income is recognized on
the accrual basis. Original issue discounts and market premiums
are amortized into interest income. Realized gains and losses on
security transactions are determined on the identified cost
basis.
(e) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expense on a
straight-line basis over a five-year period. Costs related to the
organization of the second class of shares are charged to expense
over a period not exceeding five years. Prepaid registration fees
are charged to expense as the related shares are issued.
(f) Dividends and distributions--Dividends from net investment
income are declared daily and paid monthly. Distributions of
capital gains are recorded on the ex-dividend dates.
(g) Non-income producing investments--Written and purchased
options are non-income producing investments.
<PAGE>
2. Investment Advisory Agreement and Transactions with
Affiliates:
The Fund has entered into an Investment Advisory Agreement with
Fund Asset Management, L.P. ("FAM"). Effective January 1, 1994,
the investment advisory business of FAM was reorganized from a
corporation to a limited partnership. Both prior to and after the
reorganization, ultimate control of FAM was vested with Merrill
Lynch & Co., Inc. ("ML & Co."). The general partner of FAM is
Princeton Services, Inc., an indirect wholly-owned subsidiary of
ML & Co. The limited partners are ML & Co. and Merrill Lynch
Investment Management, Inc. ("MLIM"), which is also an indirect
wholly-owned subsidiary of ML & Co.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and
certain other services necessary to the operations of the Fund.
For such services, the Fund pays a monthly fee based upon the
average daily value of the Fund's net assets at the following
annual rates: 0.55% of the Fund's average daily net assets not
exceeding $500 million; 0.525% of average daily net assets in
excess of $500 million but not exceeding $1 billion; and 0.50% of
average daily net assets in excess of $1 billion. The Investment
Advisory Agreement obligates FAM to reimburse the Fund to the
extent the Fund's expenses (excluding interest, taxes,
distribution fees, brokerage fees and commissions, and
extraordinary items) exceed 2.5% of the Fund's first $30 million
of average daily net assets, 2.0% of the next $70 million of
average daily net assets, and 1.5% of the average daily net
assets in excess thereof. FAM's obligation to reimburse the Fund
is limited to the amount of the management fee. No fee payment
will be made to FAM during any fiscal year which will cause such
expenses to exceed the expense limitation at the time of such
payment.
Pursuant to a distribution plan (the "Distribution Plan") adopted
by the Fund in accordance with Rule 12b-1 under the Investment
Company Act of 1940, the Fund pays the Distributor ongoing
account maintenance and distribution fees which are accrued daily
and paid monthly at the annual rates of 0.25% and 0.25%,
respectively, of the average daily net assets of the Class B
Shares of the Fund. Pursuant to a sub-agreement with the
Distributor, Merrill Lynch also provides account maintenance and
distribution services to the Fund. As authorized by the Plan, the
Distributor has entered into an agreement with Merrill Lynch,
Pierce, Fenner & Smith Inc. ("MLPF&S"), an affiliate of MLIM,
which provides for the compensation of MLPF&S for providing
distribution-related services to the Fund. For the six months
ended March 31, 1994, MLFD earned underwriting discounts of
$6,122, and MLPF&S earned dealer concessions of $56,029 on sales
of the Fund's Class A Shares.
<PAGE>
MLPF&S also received contingent deferred sales charges of
$332,306 for the sale of the Fund's Class B Shares during the
period.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary
of ML & Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, MLIM, MLFD, FDS, MLPF&S, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term
securities, for the six months ended March 31, 1994 were
$475,561,894 and $511,252,824, respectively.
Net realized and unrealized gains (losses) as of March 31, 1994
were as follows:
Realized Unrealized
Gains (Losses)
Long-term investments $19,787,375 $(11,460,698)
Short-term investments (1,356,676) (900)
Financial futures contracts 2,767,722 657,406
----------- ------------
Total $21,198,421 $(10,804,192)
=========== ============
As of March 31, 1994, net unrealized depreciation for Federal
income tax purposes aggregated $11,461,598, of which $25,937,105
related to appreciated securities and $37,398,703 related to
depreciated securities. The aggregate cost of investments at
March 31, 1994 for Federal income tax purposes was $720,008,547.
4. Beneficial Interest Transactions:
Net increase in net assets derived from beneficial interest
transactions was $34,835,571 and $90,154,954 for the six months
ended March 31, 1994 and the year ended September 30, 1993,
respectively.
<PAGE>
Transactions in shares of beneficial interest for Class A and
Class B Shares were as follows:
Class A Shares for the Six Dollar
Months Ended March 31, 1994 Shares Amount
Shares sold 588,756 $ 7,090,054
Shares issued to shareholders
in reinvestment of dividends
and distributions 96,689 1,165,894
---------- ------------
Total issued 685,445 8,255,948
Shares redeemed (355,121) (4,229,900)
---------- ------------
Net increase 330,324 $ 4,026,048
========== ============
Class A Shares for the Year Dollar
Ended September 30,1993 Shares Amount
Shares sold 1,289,097 $ 15,472,813
Shares issued to shareholders
in reinvestment of dividends
and distributions 88,322 1,058,599
---------- ------------
Total issued 1,377,419 16,531,412
Shares redeemed (422,810) (5,082,345)
---------- ------------
Net increase 954,609 $ 11,449,067
========== ============
Class B Shares for the Six Dollar
Months Ended March 31, 1994 Shares Amount
Shares sold 4,618,692 $ 56,002,809
Shares issued to shareholders
in reinvestment of dividends
and distributions 1,584,179 19,124,092
---------- ------------
Total issued 6,202,871 75,126,901
Shares redeemed (3,700,983) (44,317,378)
---------- ------------
Net increase 2,501,888 $ 30,809,523
========== ============
<PAGE>
Class B Shares for the Year Dollar
Ended September 30,1993 Shares Amount
Shares sold 10,654,614 $128,316,771
Shares issued to shareholders
in reinvestment of dividends
and distributions 1,620,494 19,382,347
---------- ------------
Total issued 12,275,108 147,699,118
Shares redeemed (5,746,964) (68,993,231)
---------- ------------
Net increase 6,528,144 $ 78,705,887
========== ============
OFFICERS AND TRUSTEES
Arthur Zeikel, President and Trustee
Kenneth S. Axelson, Trustee
Herbert I. London, Trustee
Robert R. Martin, Trustee
Joseph L. May, Trustee
Andre F. Perold, Trustee
Terry K. Glenn, Executive Vice President
Donald C. Burke, Vice President
Vincent R. Giordano, Vice President
Kenneth A. Jacob, Vice President
Gerald M. Richard, Treasurer
Jerry Weiss, Secretary
Custodian
National Westminster Bank NJ
10 Exchange Place
Jersey City, New Jersey 07302
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
