Rule 497(b)
Registration No. 33-09778
CHANGES IN TRUST PORTFOLIO
MUNICIPAL SECURITIES TRUST HIGH INCOME SERIES #9
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY
OF COCHISE MULTI-FAMILY MORTGAGE REVENUE BONDS
(LAS BRISAS APARTMENTS PROJECT)
9.55% due 12/15/16
UPDATED INFORMATION
As stated in previous enclosures, a restructuring of this issue was
effected in 1990 providing for a temporary reduction in the interest rate
for a period of several years. The restructuring provided in particular
that after having been reduced to 7%, the interest rate on the Bonds would
be increased annually by one half of one percent and that effective 2/1/94
the rate would rise to 9.55%, the original contractual interest rate on
the Bonds when they were issued in 1986. The terms of the restructuring
provide that the interest rate will remain at 9.55% until the redemption
of the Bonds at maturity or prior call.
The increase in interest payable on the Bonds will result in revised
annual interest distributions per unit of $54.16 under the monthly plan,
$54.73 under the semi-annual plan, and $54.90 under the annual plan. As
of this date, the Bonds represent 18.4% of the aggregate principal amount
of the Bonds in the Trust.
4/7/94
