MERRILL LYNCH
NEW YORK
MUNICIPAL
BOND FUND
[FUND LOGO]
STRATEGIC
Performance
Semi-Annual Report
March 31, 1997
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. Statements and other information herein are as
dated and are subject to change. 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. Statements and other
information herein are as dated and are subject to change.
Merrill Lynch New York
Municipal Bond Fund
Merrill Lynch Multi-State
Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011 #10344 -- 3/31/97
Merrill Lynch New York Municipal Bond Fund March 31, 1997
TO OUR SHAREHOLDERS
The Municipal Market Environment
Long-term tax-exempt bonds traded in a relatively narrow range during
the three-month period ended March 31, 1997, with yields closing the
quarter moderately higher. Long-term municipal revenue bond yields, as
measured by the Bond Buyer Revenue Bond Index, rose approximately 15
basis points (0.15%) to 6.09% for the three months ended March 31, 1997.
Most of the recent rise in interest rates occurred during March as a
series of increasingly strong economic indicators culminated in an
increase in short-term interest rates by the Federal Reserve Board.
During the three months ended March 31, 1997, however, US Treasury bond
yields reacted far more negatively to recent economic strength. By March
31, 1997, US Treasury bond yields increased over 45 basis points to
approximately 7.10%.
As in recent quarters, the municipal bond market's relative
outperformance compared to the US Treasury bond market was the result of
the tax-exempt bond market's very strong technical position. During the
six months ended March 31, 1997, approximately $92 billion in long-term
municipal bonds was issued, a decline of nearly 3% compared to the
corresponding period a year earlier. In the three months ended March 31,
1997, new-issue supply declined at a far more significant rate. During
the March 31, 1997 quarter, approximately $38 billion in new long-term
tax-exempt bonds was underwritten, representing a decrease of nearly 10%
compared to the March 31, 1996 quarter. No immediate increase in new-
issue supply is evident. The recent increase in interest rates had the
effect of freezing many issuers who remain both uncertain regarding the
near-term direction of interest rates and unable to refinance existing
debt since the required savings have disappeared.
While overall investor demand declined from levels seen early last year,
it remained strong enough to easily absorb the volume seen in recent
quarters. Individual retail demand increased in recent weeks as tax-
exempt bond yields rose above 6% and the allure of the US equity market
diminished. Property/ casualty insurance companies remained a
particularly visible source of demand in the 15-year-20-year maturity
sector. Additionally, while institutional investors were not especially
active in recent quarters, managed portfolios appeared reticent to raise
large cash reserve positions. Given current supply conditions, the
ability to reinvest such large reserves, in a timely fashion, would be
very difficult.
Going forward, the extent to which interest rates continue to rise
depends upon how quickly the increase in interest rates seen thus far in
1997, compounded by the recent Federal Reserve Board action, impacts the
domestic economy. In recent years, US economic activity slowed whenever
long-term US Treasury bond yields remained above 7% for any appreciable
time. While it is difficult to gauge when interest rates will begin to
decline, it is likely that little additional increase in bond yields
will be necessary to return economic growth to levels acceptable to the
Federal Reserve Board. The tax-exempt bond market's technical position
is likely to remain strong enough to dampen further interest rate
volatility, as it has in recent quarters. This suggests that, in the
near term, municipal bonds may continue to trade in a relatively narrow
range, rewarding neither an overly aggressive nor defensive portfolio
strategy.
Portfolio Strategy
For the six months ended March 31, 1997, we managed Merrill Lynch New
York Municipal Bond Fund with the intention of seeking to sustain an
appealing level of tax-exempt income while trying to achieve
an attractive total return. We entered the six-month period optimistic
that interest rates would decline because of the seemingly attractive
level of interest rates and the tight technical market in municipal
bonds. To take advantage of this scenario, we extended the Fund's
duration and lowered cash reserves to a minimal level. From October 1996
to December 1996, this strategy prevailed as interest rates declined
about 30 basis points. The first quarter of 1997 proved to be extremely
volatile as economic reports suggested strength in the economy with
benign inflation as well as the threat of a tightening by the Federal
Reserve Board. We shifted the Fund's strategy at this point to try to
take advantage of the trading ranges the bond market maintained during
this time. Finally on March 25, 1997, the Federal Reserve Board did
raise the Federal Funds rate by 25 basis points, and interest rates
broke out of a narrow trading range. At this point, the Fund's strategy
shifted again because of the attractive level of interest rates. We
began to lengthen the Fund's duration and reduce cash reserves to take
advantage of an anticipated decline in interest rates, which we foresee
as there are more signs of monetary economic growth.
In Conclusion
We appreciate your ongoing interest in Merrill Lynch New York Municipal
Bond Fund, and we look forward to assisting you with your financial
needs in the months and years to come.
Sincerely,
/S/ARTHUR ZEIKEL
Arthur Zeikel
President
/S/VINCENT R. GIORDANO
Vincent R. Giordano
Senior Vice President
/S/ROBERTO ROFFO
Roberto Roffo
Vice President and Portfolio Manager
May 2, 1997
PERFORMANCE DATA
About Fund Performance
Investors are able to purchase shares of the Fund through the Merrill
Lynch Select PricingSM System, which offers four pricing alternatives:
(bullet) Class A Shares incur a maximum initial sales charge (front-end
load) of 4% and bear no ongoing distribution or account maintenance
fees. Class A Shares are available only to eligible investors.
(bullet) Class B Shares are subject to a maximum contingent deferred
sales charge of 4% if redeemed during the first year, decreasing 1% each
year thereafter to 0% after the fourth year. In addition, Class B Shares
are subject to a distribution fee of 0.25% and an account maintenance
fee of 0.25%. These shares automatically convert to Class D Shares after
approximately 10 years. (There is no initial sales charge for automatic
share conversions.)
(bullet) Class C Shares are subject to a distribution fee of 0.35% and
an account maintenance fee of 0.25%. In addition, Class C Shares are
subject to a 1% contingent deferred sales charge if redeemed within one
year of purchase.
(bullet) Class D Shares incur a maximum initial sales charge
of 4% and an account maintenance fee of 0.10% (but no distribution fee).
None of the past results shown should be considered a representation of
future performance. Figures shown in the "Average Annual Total Return"
tables as well as the total returns and cumulative total returns in the
"Performance Summary" tables assume reinvestment of all dividends and
capital gains distributions at net asset value on the payable date.
Investment return and principal value of shares will fluctuate so that
shares, when redeemed, may be worth more or less than their original
cost. Dividends paid to each class of shares will vary because of the
different levels of account maintenance, distribution and transfer
agency fees applicable to each class, which are deducted from the income
available to be paid to shareholders.
<TABLE>
<CAPTION>
Recent Performance Results
12 Month 3 Month
3/31/97 12/31/96 3/31/96 % Change % Change
<S> <C> <C> <C> <C> <C>
Class A Shares* $11.01 $11.24 $11.05 -0.36% -2.05%
Class B Shares* 11.01 11.25 11.05 -0.36 -2.13
Class C Shares* 11.01 11.25 11.06 -0.45 -2.13
Class D Shares* 11.00 11.24 11.05 -0.45 -2.14
Class A Shares -- Total Return* +5.10(1) -0.75(2)
Class B Shares -- Total Return* +4.57(3) -0.96(4)
Class C Shares -- Total Return* +4.37(5) -0.99(6)
Class D Shares -- Total Return* +4.90(7) -0.87(8)
Class A Shares -- Standardized 30-day Yield 4.65%
Class B Shares -- Standardized 30-day Yield 4.34%
Class C Shares -- Standardized 30-day Yield 4.23%
Class D Shares -- Standardized 30-day Yield 4.56%
* Investment results shown do not reflect sales charges; results shown would be lower
if a sales charge was included.
(1) Percent change includes reinvestment of $0.593 per share ordinary income dividends.
(2) Percent change includes reinvestment of $0.135 per share ordinary income dividends.
(3) Percent change includes reinvestment of $0.537 per share ordinary income dividends.
(4) Percent change includes reinvestment of $0.122 per share ordinary income dividends.
(5) Percent change includes reinvestment of $0.526 per share ordinary income dividends.
(6) Percent change includes reinvestment of $0.120 per share ordinary income dividends.
(7) Percent change includes reinvestment of $0.582 per share ordinary income dividends.
(8) Percent change includes reinvestment of $0.133 per share ordinary income dividends.
</TABLE>
<TABLE>
<CAPTION>
Performance Summary -- Class A Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <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 +10.37
1993 11.74 12.08 0.241 0.775 +11.81
1994 12.08 10.43 -- 0.629 - 8.60
1995 10.43 11.48 -- 0.605 +16.25
1996 11.48 11.24 -- 0.596 + 3.28
1/1/97 -- 3/31/97 11.24 11.01 -- 0.135 - 0.75
Total $0.351 Total $5.809
Cumulative total return as of 3/31/97: +75.50%**
* Figures may include short-term capital gains distributions.
** Figures do not include sales charge; results would be lower if sales charge was included.
</TABLE>
<TABLE>
<CAPTION>
Performance Summary -- Class B Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <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
1994 12.09 10.43 -- 0.573 - 9.14
1995 10.43 11.48 -- 0.549 +15.67
1996 11.48 11.25 -- 0.540 + 2.85
1/1/97 --3/31/97 11.25 11.01 -- 0.122 - 0.96
Total $0.424 Total $7.442
Cumulative total return as of 3/31/97: +123.59%**
* Figures may include short-term capital gains distributions.
** Figures do not reflect deduction of any sales charge; results would be lower if sales
charge was deducted.
</TABLE>
<TABLE>
<CAPTION>
Performance Summary -- Class C Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
10/21/94 -- 12/31/94 $10.76 $10.43 -- $0.107 - 2.05%
1995 10.43 11.48 -- 0.538 +15.55
1996 11.48 11.25 -- 0.528 + 2.74
1/1/97 -- 3/31/97 11.25 11.01 -- 0.120 - 0.99
Total $1.293
Cumulative total return as of 3/31/97: +15.13%**
* Figures may include short-term capital gains distributions.
** Figures do not reflect deduction of any sales charge; results would be lower if sales
charge was deducted.
</TABLE>
<TABLE>
<CAPTION>
Performance Summary -- Class D Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
10/21/94 -- 12/31/94 $10.76 $10.42 -- $0.118 - 2.05%
1995 10.42 11.47 -- 0.594 +16.15
1996 11.47 11.24 -- 0.585 + 3.27
1/1/97 --3/31/97 11.24 11.00 -- 0.133 - 0.87
Total $1.430
Cumulative total return as of 3/31/97: +16.47%**
* Figures may include short-term capital gains distributions.
** Figures do not include sales charge; results would be lower if sales charge was included.
</TABLE>
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 3/31/97 +5.10% +0.90%
Five Years Ended 3/31/97 +6.01 +5.15
Inception (10/25/88)
through 3/31/97 +6.90 +6.38
* Maximum sales charge is 4%.
** Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 3/31/97 +4.57% +0.59%
Five Years Ended 3/31/97 +5.50 +5.50
Ten Years Ended 3/31/97 +5.92 +5.92
* Maximum contingent deferred sales charge is 4% and is
reduced to 0% after 4 years.
** Assuming payment of applicable contingent deferred
sales charge.
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Year Ended 3/31/97 +4.37% +3.38%
Inception (10/21/94)
through 3/31/97 +5.94 +5.94
* Maximum contingent deferred sales charge is 1% and is
reduced to 0% after 1 year.
** Assuming payment of applicable contingent deferred sales charge.
% Return Without % Return With
Sales Charge Sales Charge**
Class D Shares*
Year Ended 3/31/97 +4.90% +0.71%
Inception (10/21/94)
through 3/31/97 +6.44 +4.68
* Maximum sales charge is 4%.
** Assuming maximum sales charge.
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS (in Thousands)
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <C> <C> <C> <C>
New York -- 100.4%
AAA Aaa $4,205 Albany County, New York, Airport Authority, Airport Revenue Bonds, Residual Interest
Trust Receipts, AMT, Series RI-97-7, 8.22% due 12/15/2023 (g)(h) $4,210
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) 16,088
AAA Aaa 4,000 Buffalo, New York, Sewer Authority Revenue Bonds, Series F, 6% due 7/01/2013 (b) 4,226
AA+ Aa1 6,000 Hornell, New York, IDA, IDR (Crowley Foods, Inc.), 7.75% due 12/01/2016 6,240
AAA Aaa 8,500 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds,
Series A, 6.10% due 7/01/2026 (b) 8,658
AAA Aaa 19,500 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Series A, 5.25%
due 4/01/2026 (c) 17,876
AAA Aaa 2,950 Monroe County, New York, Airport Authority Revenue Bonds (Greater Rochester
International Airport), AMT, 7.25% due 1/01/2009 (c) 3,176
BBB+ Baa 9,415 Monroe County, New York, COP, 8.05% due 1/01/2011 10,099
Municipal Assistance Corporation, City of Troy, New York, Series B (c)(i):
AAA Aaa 1,175 5.60% due 7/15/2014 444
AAA Aaa 1,655 5.625% due 1/15/2015 603
AAA Aaa 1,105 5.625% due 7/15/2015 391
AAA Aaa 1,995 5.68% due 1/15/2018 607
AAA Aaa 1,990 5.69% due 1/15/2019 568
AAA Aaa 1,580 5.70% due 7/15/2020 412
AAA Aaa 720 5.71% due 7/15/2021 177
New York City, New York, GO, UT:
BBB+ Baa1 13,980 Refunding, Series A, 7% due 8/01/2007 15,235
BBB+ Baa1 3,000 Series B, 7% due 6/01/2016 3,164
BBB+ Baa1 5,310 Series C, 7.25% due 8/15/2024 5,664
New York City, New York, IDA, Civic Facilities Revenue Bonds:
NR* NR* 2,000 (New York Blood Center Inc. Project), 7.20% due 5/01/2004 (d) 2,255
NR* NR* 6,895 (New York Blood Center Inc. Project), 7.25% due 5/01/2004 (d) 7,793
AAA Aaa 4,690 (USTA National Tennis Center Project), 6.60% due 11/15/2011 (g) 5,088
New York City, New York, IDA, Special Facilities Revenue Bonds, AMT:
BB+ Baa2 2,030 (1990 AMR/American Airlines Inc. Project), 7.75% due 7/01/2019 2,147
A A 5,000 Residual Interest Trust Receipts, Series RI-5, 7.995% due 1/01/2024 (h) 4,806
New York City, New York, Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds:
A-1 VMIG1+ 14,600 Residual Interest Trust Receipts, Series RI-2, 7.825% due 6/15/2025 (h) 14,344
AAA Aaa 1,000 Series A-1994, 7% due 6/15/2015 (b) 1,079
AAA VMIG1+ 4,700 VRDN, Series A, 3.70% due 6/15/2025 (e) 4,700
A1+ VMIG1+ 5,700 VRDN, Series C, 3.65% due 6/15/2023 (b)(e) 5,700
A1+ VMIG1+ 2,500 VRDN, Series G, 3.75% due 6/15/2024 (b)(e) 2,500
AAA Aaa 3,750 New York City, New York, Trust for Cultural Resources Revenue Bonds (American Museum
of Natural History), Series A, 6.90% due 4/01/2001 (c)(d) 4,114
New York State Dormitory Authority Revenue Bonds:
BBB Baa1 6,500 (Consolidated City University System), Series A, 5.625% due 7/01/2016 6,230
A1+ VMIG1+ 4,500 (Cornell University), VRDN, Series B, 3.50% due 7/01/2025 (e) 4,500
BBB Baa1 5,500 (Department of Health), 5.50% due 7/01/2025 5,003
AAA Aaa 16,450 (Mental Health Services Facilities Improvement), Series B, 5.125% due 8/15/2021 (c) 14,891
BBB+ Baa1 20,400 (Mental Health Services Facilities Improvement), Series B, 5.375% due 2/15/2026 18,225
AAA Aaa 2,500 Refunding (City University Systems), Third Generation, Series 1, 5.50% due 7/01/2024 (c) 2,365
BBB+ Baa1 7,000 Refunding (State University Educational Facilities), Series A, 5.25% due 5/15/2015 6,431
BBB+ Baa1 3,500 Refunding (State University Educational Facilities), Series A, 5.50% due 5/15/2019 3,283
BBB+ Baa1 12,000 Refunding (State University Educational Facilities), Series B, 7% due 5/15/2016 12,740
AA Aa 6,650 Refunding (Vassar College), 5% due 7/01/2025 5,898
BBB+ Baa1 17,500 (State University Educational Facilities), 5.50% due 5/15/2026 15,966
AAA Aaa 7,820 New York State Energy Research and Development Authority Facilities Revenue Bonds
(Consolidated Edison Company Inc.), AMT, Series A, 6.75% due 1/15/2027 (c) 8,260
A1+ VMIG1+ 250 New York State Energy Research and Development Authority, PCR (New York Electric
and Gas), VRDN, Series D, 3.20% due 10/01/2029 (e) 250
New York State Environmental Facilities Corporation, PCR, State Water Revolving Fund,
Series E:
A Aa 5,000 6.50% due 6/15/2014 5,337
A- Aa 4,250 (New York City Municipal Water Finance Authority Project), 6.875% due 6/15/2014 4,749
New York State Environmental Facilities Corporation, Special Obligation Revenue Bonds
(Riverbank State Park):
AAA Aaa 2,750 7.25% due 4/01/2002 (d) 3,095
AAA Aaa 5,250 Refunding, 5.125% due 4/01/2022 (a) 4,741
A- A2 1,500 New York State, GO, 5.25% due 3/01/2017 1,390
New York State Local Government Assistance Corporation:
A A3 10,000 Refunding, Series C, 5% due 4/01/2021 8,702
A A3 10,000 Refunding, Series E, 5% due 4/01/2021 8,876
A1+ VMIG1+ 2,400 VRDN, Series B, 3.45% due 4/01/2025 (e) 2,400
New York State Medical Care Facilities Finance Agency Revenue Bonds:
BBB+ Baa1 825 (Mental Health Services Facilities), Series B, 7.625% due 8/15/2001 (d) 929
BBB+ Baa1 345 (Mental Health Services Facilities), Series B, 7.625% due 8/15/2017 377
BBB+ Baa1 1,070 (Mental Health Services Facilities), Series C, 7.30% due 2/15/2021 1,166
BBB+ Baa1 3,665 (Mental Health Services Facilities), Series D, 7.40% due 2/15/2002 (d) 4,119
BBB+ Baa1 1,360 (Mental Health Services Facilities), Series D, 7.40% due 2/15/2018 1,479
BBB+ Baa1 20 (Mental Health Services Facilities Improvement), Series B, 7.625% due 8/15/2017 22
BBB+ Baa1 45 (Mental Health Services Facilities Improvement), Series D, 7.40% due 2/15/2018 50
AAA Aaa 6,140 (Saint Francis Hospital Project), Series A, 7.625% due 11/01/2021 (b) 6,535
BBB Baa 12,200 (Security Hospital), Series A, 7.40% due 8/15/2021 13,286
New York State Mortgage Agency, Revenue Bonds:
NR* Aa2 9,960 (Homeowner Mortgage), AMT, Series 46, 6.65% due 10/01/2025 10,343
NR* Aa 4,900 Series 41-A, 6.45% due 10/01/2014 5,206
AA- Aa 21,205 New York State Power Authority, Revenue and General Purpose Bonds, Series Y,
6.75% due 1/01/2018 22,916
AAA Aaa 4,825 New York State Thruway Authority, General Revenue Bonds, Series B, 5% due
1/01/2020 (c) 4,279
AAA Aaa 6,000 New York State Thruway Authority, Highway and Bridge Trust Fund, UT, Series B,
6.25% due 4/01/2012 (b) 6,277
New York State Urban Development Corporation Revenue Bonds:
BBB Baa1 1,500 (Alfred Technology Resource Inc. Project), 7.875% due 1/01/2000 (d) 1,650
BBB Baa1 15,690 (Correctional Capital Facilities), Series 6, 5.375% due 1/01/2025 14,003
BBB Baa1 1,685 Refunding (Clarkson Center for Advanced Materials), 5.50% due 1/01/2020 1,577
AAA Aaa 8,470 Refunding (Correctional Facilities), Series A, 5.50% due 1/01/2014 (a) 8,378
BBB Baa1 9,475 Refunding (State Facilities), 5.70% due 4/01/2020 9,100
BBB Baa1 3,500 Refunding (University Facility Grant), 5.50% due 1/01/2019 3,285
BBB Aaa 4,000 (State Facilities), 7.50% due 4/01/2001 (d) 4,480
Port Authority of New York and New Jersey, Consolidated Bonds:
AA- A1 8,000 69th Series, 7.125% due 6/01/2025 8,599
AA- A1 9,000 73rd Series, AMT, 6.75% due 4/15/2026 9,548
AA- A1 7,995 76th Series, AMT, 6.50% due 11/01/2026 8,433
AAA Aaa 4,000 Port Authority of New York and New Jersey, Residual Interest Trust Receipts,
Series FR3-108th, AMT, 8.335% due 1/15/2017 (g)(h) 4,045
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds
(Versatile Structure Obligation), VRDN (e):
A1+ VMIG1+ 100 Series 3, 3.65% due 6/01/2020 100
A1+ VMIG1+ 400 Series 5, 3.65% due 8/01/2024 400
AAA Aaa 8,665 Suffolk County, New York, Water Authority, Waterworks Revenue Bonds,
5% due 6/01/2017 (c) 7,742
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds:
AAA Aaa 9,000 Refunding, Series Y, 6.125% due 1/01/2021 (f) 9,493
A+ Aa 5,000 Series X, 6.50% due 1/01/2019 5,331
A- A1 13,050 Triborough Bridge and Tunnel Authority, New York, Special Obligation Refunding
Bonds, Series B, 6.875% due 1/01/2015 14,149
Total Investments (Cost -- $470,395) -- 100.4% 482,993
Liabilities in Excess of Other Assets -- (0.4%) (1,726)
---------
Net Assets -- 100.0% $481,267
=========
(a) AMBAC Insured.
(b) FGIC Insured.
(c) MBIA Insured.
(d) Prerefunded.
(e) The interest rate is subject to change periodically based upon prevailing market rates. The
interest rate shown is the rate in effect at March 31, 1997.
(f) CAPMAC Insured.
(g) FSA Insured.
(h) The interest rate is subject to change periodically and inversely based upon prevailing market
rates. The interest rate shown is the rate in effect at March 31, 1997.
(i) Represents zero coupon bonds; the interest rates shown are the effective yields at the time of
purchase by the Fund.
* Not Rated.
+ Highest short-term rating by Moody's Investors Service, Inc.
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 at right.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
GO General Obligation Bonds
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
UT Unlimited Tax
VRDN Variable Rate Demand Notes
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL INFORMATION
Statement of Assets and Liabilities as of March 31, 1997
<S> <C> <C> <C>
Assets: Investments, at value (identified cost -- $470,394,942) (Note 1a) $482,992,561
Cash 68,773
Receivables:
Interest $8,764,985
Securities sold 3,134,628
Beneficial interest sold 338,648 12,238,261
------------
Prepaid registration fees and other assets (Note 1e) 99,571
------------
Total assets 495,399,166
------------
Liabilities: Payables:
Securities purchased 10,633,737
Beneficial interest redeemed 2,466,634
Dividends to shareholders (Note 1f) 472,694
Investment adviser (Note 2) 214,197
Distributor (Note 2) 145,624 13,932,886
------------
Accrued expenses and other liabilities 199,122
------------
Total liabilities 14,132,008
------------
Net Assets: Net assets $481,267,158
============
Net Assets Class A Shares of beneficial interest, $.10 par value, unlimited
Consist of: number of shares authorized $210,533
Class B Shares of beneficial interest, $.10 par value, unlimited
number of shares authorized 2,978,630
Class C Shares of beneficial interest, $.10 par value, unlimited
number of shares authorized 41,766
Class D Shares of beneficial interest, $.10 par value, unlimited
number of shares authorized 1,140,888
Paid-in capital in excess of par 482,633,380
Accumulated realized capital losses on investments -- net (Note 5) (8,656,990)
Accumulated distributions in excess of realized capital gains
on investments -- net (Note 1f) (9,678,668)
Unrealized appreciation on investments -- net 12,597,619
------------
Net assets $481,267,158
============
Net Asset Class A -- Based on net assets of $23,176,479 and 2,105,334 shares
Value: of beneficial interest outstanding $11.01
======
Class B -- Based on net assets of $327,956,075 and 29,786,299 shares
of beneficial interest outstanding $11.01
======
Class C -- Based on net assets of $4,599,520 and 417,657 shares
of beneficial interest outstanding $11.01
======
Class D -- Based on net assets of $125,535,084 and 11,408,882 shares
of beneficial interest outstanding $11.00
======
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
For the Six Months Ended
March 31, 1997
<S> <C> <C>
Investment Income Interest and amortization of premium and discount earned $15,145,002
(Note 1d):
Expenses:
Investment advisory fees (Note 2) 1,391,899
Account maintenance and distribution fees -- Class B (Note 2) 921,688
Transfer agent fees -- Class B (Note 2) 103,207
Account maintenance fees -- Class D (Note 2) 55,985
Accounting services (Note 2) 34,661
Registration fees (Note 1e) 31,845
Printing and shareholder reports 28,885
Professional fees 28,141
Transfer agent fees -- Class D (Note 2) 26,290
Custodian fees 14,986
Trustees' fees and expenses 13,708
Account maintenance and distribution fees -- Class C (Note 2) 12,182
Transfer agent fees -- Class A (Note 2) 5,138
Pricing fees 5,098
Transfer agent fees -- Class C (Note 2) 1,209
Other 5,906
------------
Total expenses 2,680,828
------------
Investment income -- net 12,464,174
------------
Realized & Realized gain on investments -- net 4,108,502
Unrealized Gain Change in unrealized appreciation on investments -- net (8,458,776)
(Loss) on ------------
Investments -- Net Net Increase in Net Assets Resulting from Operations $8,113,900
(Notes 1b, 1d & 3): ============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
For the Six For the
Months Ended Year Ended
March 31, September 31,
1997 1996
<S> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations: Investment income -- net $12,464,174 $27,863,197
Realized gain on investments -- net 4,108,502 3,915,290
Change in unrealized appreciation on investments -- net (8,458,776) 338,186
------------ ------------
Net increase in net assets resulting from operations 8,113,900 32,116,673
------------ ------------
Dividends & Investment income -- net:
Distributions to Class A (582,123) (1,204,108)
Shareholders Class B (8,860,660) (23,330,565)
(Note 1f): Class C (95,624) (202,740)
Class D (2,925,767) (3,125,784)
Realized gain on investments -- net:
Class A (8,764) --
Class B (155,517) --
Class C (1,632) --
Class D (46,847) --
------------ ------------
Net decrease in net assets resulting from dividends and distributions
to shareholders (12,676,934) (27,863,197)
------------ ------------
Beneficial Interest Net decrease in net assets derived from beneficial interest transactions (37,806,972) (75,010,943)
Transactions ------------ ------------
(Note 4):
Net Assets: Total decrease in net assets (42,370,006) (70,757,467)
Beginning of period 523,637,164 594,394,631
------------ ------------
End of period $481,267,158 $523,637,164
============ ============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
Class A
For the
Six
The following per share data and ratios have been derived Months
from information provided in the financial statements. Ended For the Year
March 31, Ended September 30,
1997 1996 1995 1994 1993
Increase (Decrease) in Net Asset Value:
<S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $11.12 $11.04 $10.88 $12.46 $11.77
Operating ------- ------- ------- ------- -------
Performance: Investment income -- net .30 .59 .61 .64 .70
Realized and unrealized gain (loss) on
investments -- net (.11) .08 .16 (1.25) .80
------- ------- ------- ------- -------
Total from investment operations .19 .67 .77 (.61) 1.50
------- ------- ------- ------- -------
Less dividends and distributions:
Investment income -- net (.30) (.59) (.61) (.64) (.70)
Realized gain on investments -- net --+ -- -- (.11) (.11)
In excess of realized gain on
investments -- net -- -- -- (.22) --
------- ------- ------- ------- -------
Total dividends and distributions (.30) (.59) (.61) (.97) (.81)
------- ------- ------- ------- -------
Net asset value, end of period $11.01 $11.12 $11.04 $10.88 $12.46
======= ======= ======= ======= =======
Total Investment Based on net asset value per share 1.71%++++ 6.19% 7.37% (5.17%) 13.24%
Return:** ======= ======= ======= ======= =======
Ratios to Average Expenses .66%* .66% .67% .63% .64%
Net Assets: ======= ======= ======= ======= =======
Investment income -- net 5.32%* 5.31% 5.67% 5.52% 5.80%
======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $23,176 $21,762 $23,304 $28,301 $31,976
Data: ======= ======= ======= ======= =======
Portfolio turnover 43.26% 114.78% 181.21% 107.96% 38.31%
======= ======= ======= ======= =======
* Annualized.
** Total investment returns exclude the effect of sales loads.
++++ Aggregate total investment return.
+ Amount is less than $.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Class B
For the
Six
The following per share data and ratios have been derived Months
from information provided in the financial statements. Ended For the Year
March 31, Ended September 30,
1997 1996 1995 1994 1993
Increase (Decrease) in Net Asset Value:
<S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $11.12 $11.04 $10.88 $12.46 $11.77
Operating ------- ------- ------- ------- -------
Performance: Investment income -- net .27 .54 .56 .58 .64
Realized and unrealized gain (loss) on
investments -- net (.11) .08 .16 (1.25) .80
------- ------- ------- ------- -------
Total from investment operations .16 .62 .72 (.67) 1.44
------- ------- ------- ------- -------
Less dividends and distributions:
Investment income -- net (.27) (.54) (.56) (.58) (.64)
Realized gain on investments -- net --+ -- -- (.11) (.11)
In excess of realized gain on
investments -- net -- -- -- (.22) --
------- ------- ------- ------- -------
Total dividends and distributions (.27) (.54) (.56) (.91) (.75)
------- ------- ------- ------- -------
Net asset value, end of period $11.01 $11.12 $11.04 $10.88 $12.46
======= ======= ======= ======= =======
Total Investment Based on net asset value per share 1.45%++++ 5.66% 6.82% (5.66%) 12.67%
Return:** ======= ======= ======= ======= =======
Ratios to Average Expenses 1.17%* 1.16% 1.18% 1.14% 1.14%
Net Assets: ======= ======= ======= ======= =======
Investment income -- net 4.81%* 4.80% 5.16% 5.02% 5.32%
======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $327,956 $403,403 $564,963 $645,341 $733,981
Data: ======= ======= ======= ======= =======
Portfolio turnover 43.26% 114.78% 181.21% 107.96% 38.31%
======= ======= ======= ======= =======
* Annualized.
** Total investment returns exclude the effect of sales loads.
++++ Aggregate total investment return.
+ Amount is less than $.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Class C
For the For the
Six For the Period
Months Year Oct. 21,
The following per share data and ratios have been derived Ended Ended 1994+ to
from information provided in the financial statements. March 31, Sept. 30, Sept. 30,
1997 1996 1995
Increase (Decrease) in Net Asset Value:
<S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $11.12 $11.04 $10.76
Operating ------- ------- -------
Performance: Investment income -- net .26 .52 .51
Realized and unrealized gain (loss) on investments -- net (.11) .08 .28
------- ------- -------
Total from investment operations .15 .60 .79
------- ------- -------
Less dividends and distributions:
Investment income -- net (.26) (.52) (.51)
Realized gain on investments -- net --++ -- --
------- ------- -------
Total dividends and distributions (.26) (.52) (.51)
------- ------- -------
Net asset value, end of period $11.01 $11.12 $11.04
======= ======= =======
Total Investment Based on net asset value per share 1.40%++++ 5.55% 7.57%++++
Return:** ======= ======= =======
Ratios to Average Expenses 1.27%* 1.27% 1.27%*
Net Assets: ======= ======= =======
Investment income -- net 4.71%* 4.70% 4.91%*
======= ======= =======
Supplemental Net assets, end of period (in thousands) $4,600 $4,175 $3,556
Data: ======= ======= =======
Portfolio turnover 43.26% 114.78% 181.21%
======= ======= =======
* Annualized.
** Total investment returns exclude the effect of sales loads.
+ Commencement of Operations.
++ Amount is less than $.01 per share.
++++ Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Class D
For the For the
Six For the Period
Months Year Oct. 21,
The following per share data and ratios have been derived Ended Ended 1994+ to
from information provided in the financial statements. March 31, Sept. 30, Sept. 30,
1997 1996 1995
Increase (Decrease) in Net Asset Value:
<S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $11.11 $11.03 $10.76
Operating ------- ------- -------
Performance: Investment income -- net .29 .58 .56
Realized and unrealized gain (loss) on investments -- net (.11) .08 .27
------- ------- -------
Total from investment operations .18 .66 .83
------- ------- -------
Less dividends and distributions:
Investment income -- net (.29) (.58) (.56)
Realized gain on investments -- net --++ -- --
------- ------- -------
Total dividends and distributions (.29) (.58) (.56)
------- ------- -------
Net asset value, end of period $11.00 $11.11 $11.03
======= ======= =======
Total Investment Based on net asset value per share 1.66%++++ 6.09% 7.99%++++
Return:** ======= ======= =======
Ratios to Average Expenses .76%* .76% .76%*
Net Assets: ======= ======= =======
Investment income -- net 5.23%* 5.21% 5.46%*
======= ======= =======
Supplemental Net assets, end of period (in thousands) $125,535 $94,297 $2,572
Data: ======= ======= =======
Portfolio turnover 43.26% 114.78% 181.21%
======= ======= =======
* Annualized.
** Total investment returns exclude the effect of sales loads.
+ Commencement of Operations.
++ Amount is less than $.01 per share.
++++ Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch New York Municipal Bond Fund March 31, 1997
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 management investment company. These unaudited financial
statements reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results for the interim
period presented. All such adjustments are of a normal recurring nature.
The Fund offers four classes of shares under the Merrill Lynch Select
PricingSM System. Class A and Class D Shares are sold with a front-end
sales charge. Class B and Class C Shares may be subject to a contingent
deferred sales charge. All classes of shares have identical voting,
dividend, liquidation and other rights and the same terms and
conditions, except that Class B, Class C and Class D Shares bear certain
expenses related to the account maintenance of such shares, and Class B
and Class C Shares also bear certain expenses related to the
distribution of such shares. Each class has exclusive voting rights with
respect to matters relating to its account maintenance and 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 from one or more dealers that make markets
in the securities. Financial futures contracts and options thereon,
which are traded on exchanges, are valued at their settlement prices as
of the close of such exchanges. Short-term investments with a remaining
maturity of sixty days or less are valued at amortized cost, 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, including valuations furnished by a pricing
service retained by the Trust, which may utilize a matrix system for
valuations. The procedures of the pricing service and its valuations are
reviewed by the officers of the Trust under the general supervision of
the Trustees.
(b) Derivative financial instruments -- The Fund may engage in various
portfolio strategies to seek to increase its return by hedging its
portfolio against adverse movements in the debt markets. Losses
may arise due to changes in the value of the contract or if the
counterparty does not perform under the contract.
(bullet) 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 securities 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. Discounts
and market premiums are amortized into interest income. Realized gains
and losses on security transactions are determined on the identified
cost basis.
(e) Prepaid registration fees -- 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. Distributions in excess of realized
capital gains are due primarily to differing tax treatments for post-
October losses.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is Princeton
Services, Inc. ("PSI"), an indirect wholly-owned subsidiary of Merrill
Lynch & Co., Inc. ("ML & Co."), which is the limited partner. The Fund
has also entered into a Distribution Agreement and Distribution Plans
with Merrill Lynch Funds Distributor, Inc. ("MLFD" or "Distributor"), a
wholly-owned subsidiary of Merrill Lynch Group, Inc.
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.
Pursuant to the distribution plans (the "Distribution Plans") adopted by
the Fund in accordance with Rule 12b-1 under the Investment Company Act
of 1940, the Fund pays the Distributor an ongoing account maintenance
fee and a distribution fee. These fees are accrued daily and paid
monthly, at the annual rates based upon the average daily net assets of
the shares as follows:
Account Distribution
Maintenance Fee Fee
Class B 0.25% 0.25%
Class C 0.25% 0.35%
Class D 0.10% --
Pursuant to a sub-agreement with the Distributor, Merrill Lynch, Pierce,
Fenner & Smith Inc. ("MLPF&S"), a subsidiary of ML & Co., also provides
account maintenance and distribution services to the Fund. The ongoing
account maintenance fee compensates the Distributor and MLPF&S for
providing account maintenance services to Class B, Class C and Class D
shareholders. The ongoing distribution fee compensates the Distributor
and MLPF&S for providing shareholder and distribution-related services
to Class B and Class C shareholders.
For the six months ended March 31, 1997, MLFD earned underwriting
discounts and MLPF&S earned dealer concessions on the sales of the
Fund's Class A and Class D Shares as follows:
MLFD MLPF&S
Class A $759 $5,462
Class D $1,077 $8,240
For the six months ended March 31, 1997, MLPF&S received contingent
deferred sales charges of $250,874 and $726 relating to transactions in
Class B and Class C Shares, respectively.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), 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, PSI, MLFDS, MLFD, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for
the six months ended March 31, 1997, were $210,968,333 and $230,296,492,
respectively.
Net realized and unrealized gains (losses) as of March 31, 1997 were as
follows:
Realized Unrealized
Gains (Losses) Gains
Long-term investments $4,675,346 $12,597,619
Financial futures contracts (566,844) --
---------- -----------
Total $4,108,502 $12,597,619
========== ===========
As of March 31, 1997, net unrealized appreciation for Federal income tax
purposes aggregated $12,597,619, of which $16,642,302 related to
appreciated securities and $4,044,683 related to depreciated securities.
The aggregate cost of investments at March 31, 1997 for Federal income
tax purposes was $470,394,942.
4. Beneficial Interest Transactions:
Net decrease in net assets derived from beneficial interest transactions
was $37,806,972 and $75,010,943 for the six months ended March 31,
1997 and for the year ended September 30, 1996, respectively.
Transactions in shares of beneficial interest for each class were as
follows:
Class A Shares for the Six Months Dollar
Ended March 31, 1997 Shares Amount
Shares sold 468,445 $5,241,622
Shares issued to share-
holders in reinvestment of
dividends and distributions 33,415 374,290
------------ -------------
Total issued 501,860 5,615,912
Shares redeemed (353,823) (3,961,193)
------------ -------------
Net increase 148,037 $1,654,719
============ =============
Class A Shares for the Year Dollar
Ended September 30, 1996 Shares Amount
Shares sold 128,499 $1,441,274
Shares issued to share-
holders in reinvestment of
dividends 67,175 749,799
------------ -------------
Total issued 195,674 2,191,073
Shares redeemed (349,477) (3,907,947)
------------ -------------
Net decrease (153,803) ($1,716,874)
============ =============
Class B Shares for the Six Months Dollar
Ended March 31, 1997 Shares Amount
Shares sold 1,129,435 $12,660,952
Shares issued to share-
holders in reinvestment of
dividends and distributions 394,601 4,422,398
------------ -------------
Total issued 1,524,036 17,083,350
Automatic conversion of
shares (3,690,053) (41,425,942)
Shares redeemed (4,324,657) (48,425,085)
------------ -------------
Net decrease (6,490,674) ($72,767,677)
============ =============
Class B Shares for the Year Dollar
Ended September 30, 1996 Shares Amount
Shares sold 3,354,839 $37,442,180
Shares issued to share-
holders in reinvestment of
dividends 996,711 11,135,115
------------ -------------
Total issued 4,351,550 48,577,295
Automatic conversion of
shares (9,079,555) (101,502,036)
Shares redeemed (10,168,261) (113,251,056)
------------ -------------
Net decrease (14,896,266) ($166,175,797)
============ =============
Class C Shares for the Six Months Dollar
Ended March 31, 1997 Shares Amount
Shares sold 164,089 $1,839,787
Shares issued to share-
holders in reinvestment of
dividends and distributions 7,084 79,382
------------ -------------
Total issued 171,173 1,919,169
Shares redeemed (128,952) (1,446,009)
------------ -------------
Net increase 42,221 $473,160
============ =============
Class C Shares for the Year Dollar
Ended September 30, 1996 Shares Amount
Shares sold 273,667 $3,058,759
Shares issued to share-
holders in reinvestment of
dividends 12,253 136,646
------------ -------------
Total issued 285,920 3,195,405
Shares redeemed (232,545) (2,583,517)
------------ -------------
Net increase 53,375 $611,888
============ =============
Class D Shares for the Six Months Dollar
Ended March 31, 1997 Shares Amount
Shares sold 56,019 $626,935
Automatic conversion of
shares 3,692,220 41,425,942
Shares issued to share-
holders in reinvestment of
dividends and distributions 110,205 1,233,841
------------ -------------
Total issued 3,858,444 43,286,718
Shares redeemed (934,364) (10,453,892)
------------ -------------
Net increase 2,924,080 $32,832,826
============ =============
Class D Shares for the Year Dollar
Ended September 30, 1996 Shares Amount
Shares sold 225,462 $2,508,549
Automatic conversion of
shares 9,085,219 101,502,036
Shares issued to share-
holders in reinvestment of
dividends 105,564 1,172,385
------------ -------------
Total issued 9,416,245 105,182,970
Shares redeemed (1,164,545) (12,913,130)
------------ -------------
Net increase 8,251,700 $92,269,840
============ =============
5. Capital Loss Carryforward:
At September 30, 1996, the Fund had a net capital loss carryforward of
approximately $15,959,000, all of which expires in 2003. This amount
will be available to offset like amounts of any future taxable gains.
OFFICERS AND TRUSTEES
Arthur Zeikel, President and Trustee
James H. Bodurtha, Trustee
Herbert I. London, Trustee
Robert R. Martin, Trustee
Joseph L. May, Trustee
Andre F. Perold, Trustee
Terry K. Glenn, Executive Vice President
Vincent R. Giordano, Senior Vice President
Donald C. Burke, Vice President
Kenneth A. Jacob, Vice President
Roberto Roffo, Vice President
Gerald M. Richard, Treasurer
Jerry Weiss, Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
