MERRILL LYNCH
OHIO MUNICIPAL
BOND FUND
FUND LOGO
Annual Report
July 31, 1999
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 Ohio
Municipal Bond Fund
Merrill Lynch Multi-State
Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011
Printed on post-consumer recycled paper
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
TO OUR SHAREHOLDERS
The Municipal Market Environment
During the six months ended July 31, 1999, long-term bond yields
rose significantly. Steady US economic growth combined with
improvement in foreign economies, most notably Japan and Brazil, as
well as an inflation scare in early May put upward pressure on bond
yields throughout the period. Continued strong US employment growth,
particularly the decline in the US unemployment rate to 4.2% in
early June, was among the reasons the Federal Reserve Board cited
for raising short-term interest rates in late June. US Treasury bond
yields reacted by climbing above 6.15% by late June before improving
somewhat to 6.10% by July 31, 1999. During the last six months,
yields on long-term US Treasury securities increased approximately
100 basis points (1.00%).
Long-term tax-exempt bond yields also rose over the last six months.
Until early May, the municipal bond market had been able to
withstand much of the upward pressure on bond yields. However,
investor concerns regarding ongoing US economic strength and the
fear of additional moves by the Federal Reserve Board eventually
pushed municipal bond yields higher throughout June and July. During
the period, yields on long-term tax-exempt revenue bonds rose almost
50 basis points to 5.65%, as measured by the Bond Buyer Revenue Bond
Index.
The ability of the tax-exempt bond market to withstand much of the
recent upward pressure on long-term fixed-income bond yields has
been a reflection of the continued strong technical position the
municipal bond market has enjoyed in recent quarters. During the
last six months, more than $120 billion in long-term municipal bonds
was underwritten, a decrease of more than 20% compared to the same
period a year ago. During the past three months, more than $60
billion in municipal bonds was underwritten. This quarterly issuance
represents a decline of nearly 25% versus the same three-month
period in 1998.
Recently, the municipal supply position deteriorated even further.
Total issuance in July 1999 of $16.5 billion was more than 30% lower
than July 1998 levels. Additionally, in June and July, investors
received more than $40 billion in coupon income and proceeds from
bond maturities and early bond redemptions. These proceeds have
generated significant retail investor interest, easily absorbing the
recent diminished supply. This very favorable supply/demand position
allowed the tax-exempt bond market to outperform its taxable
counterpart in recent months.
However, the recent relative outperformance of the municipal bond
market has somewhat reduced the very attractive tax-exempt bond
yield ratios that were available at the end of 1998. In December
1998, long-term, uninsured municipal bond yields were higher than
those of their taxable counterparts. Historically, long-term tax-
exempt bond yields have been approximately 82%--85% of long-term US
Treasury bond yields. Municipal bond yields rose at a lower rate in
recent months than US Treasury bond yields, causing the yield ratio
to decline. At July 31, 1999, long-term municipal bond yields were
approximately 92% of their taxable counterparts. Current ratios,
while lower than those available at the end of 1998, still represent
historically attractive levels. We expect the municipal bond market
to maintain its strong technical position for the remainder of 1999.
Consequently, there appears to be little reason for the tax-exempt
bond market to underperform the taxable US Treasury bond market.
This suggests that the present bond yield ratio is likely to be
stable in the coming months and a return to a ratio in excess of
100% of taxable Treasury securities is improbable.
Looking ahead, it appears to us that long-term municipal bond yields
will trade in a relatively tight range near current levels. Strong
US economic performance is being balanced by nearly negligible
inflation data, as well as improvements in productivity in both
manufacturing and service industries. Future moves by the Federal
Reserve Board have largely been discounted by bond markets and are
to a great extent reflected in present bond yields.
Any improvement in bond prices is likely to be contingent upon
weakening in both US employment growth and consumer spending. The
100 basis point rise in US Treasury bond yields seen thus far this
year is likely to negatively affect US economic growth. The US
housing market will be among the first sectors likely to be
affected, as some declines have already been evidenced because of
higher mortgage rates. We believe it is also unrealistic to expect
double-digit returns in US equity markets to continue indefinitely.
Much of the US consumer's wealth is tied to recent stock market
appreciation. Any slowing in these incredible growth rates is likely
to reduce consumer spending. We believe that these factors suggest
that the worst of the recent increase in bond yields has passed and
stable, if not slightly improving, bond prices may be expected.
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
Fiscal Year in Review
Given the considerable volatility exhibited by long-term interest
rates during the past year, we made several changes in portfolio
strategy in order to guide the Fund through a difficult investment
environment. Initially, the worldwide economic and financial crisis
witnessed last fall prompted a more constructive outlook on our part
as expectations of sharp declines in long-term interest rates were
soon fulfilled. As a result, the Fund benefited from our efforts to
position the portfolio more aggressively during this period.
However, soon thereafter interest rates began to rise as evidence of
renewed financial market stability slowly mounted. Signs of
continued strength in the domestic economy added to investor
concerns, signaling a shift in market psychology. Our efforts turned
to repositioning the portfolio more defensively as a means to
preserve net asset values. We increased cash reserves temporarily
while we accomplished modest restructuring of the Fund's holdings.
While these efforts helped to insulate the Fund to some degree, the
full impact of the bond market's decline was unavoidable.
Technical limitations inherent within the municipal market and the
Ohio market in particular further hindered our efforts to insulate
the portfolio. New-issue tax-exempt volume in Ohio for the year
declined 25%, far more than the 10% decline in national volume. This
lack of issuance allowed for few opportunities to significantly
restructure the portfolio in a manner consistent with our changing
investment outlook.
Finally, two other investment themes affected the Fund during the
year. First, quality spreads (that is, yield spreads between higher-
rated and lower-rated credits) remained very narrow for most of the
year. In our opinion, investors were not being adequately
compensated for the assumption of added credit risk. Consequently,
we sought to upgrade the average quality of the portfolio. Second,
with many of the Fund's holdings facing early redemption during the
next few years, the current rise in long-term interest rates, in our
opinion, presented an excellent opportunity to sell these holdings
and reinvest the proceeds in securities possessing more attractive
redemption features. We sought to extend the portfolio's average
call protection at an opportune time. Furthermore, we believe that
our proactive approach toward managing call protection should help
to insulate the Fund from any untimely redemptions, which we expect
will help sustain shareholder income for the near term.
As a result of our efforts this year, the Fund generated total
returns for the 12-month period ended July 31, 1999 that closely
mirrored the average return for all Ohio municipal tax-exempt funds,
as measured by Lipper Analytical Services, Inc. However, the Fund
did produce 12-month yields that exceeded the industry average.
In Conclusion
We appreciate your ongoing interest in Merrill Lynch Ohio Municipal
Bond Fund, and we look forward to serving your investment needs in
the months and years to come.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Theodore R. Jaeckel Jr.)
Theodore R. Jaeckel Jr.
Vice President and Portfolio Manager
August 27, 1999
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
PERFORMANCE DATA
About Fund Performance
Investors are able to purchase shares of the Fund through the
Merrill Lynch Select Pricing SM System, which offers four pricing
alternatives:
* 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.
* 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.)
* 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.
* 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 "Recent Performance
Results" and "Average Annual Total Return" 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>
Recent Performance Results*
<CAPTION>
Standardized
12 Month 3 Month Since Inception 30-Day Yield
Total Return Total Return Total Return As of 7/31/99
<S> <C> <C> <C> <C>
ML Ohio Municipal Bond Fund Class A Shares +1.59% -2.11% +60.64% 4.18%
ML Ohio Municipal Bond Fund Class B Shares +1.08 -2.23 +54.71 3.84
ML Ohio Municipal Bond Fund Class C Shares +0.98 -2.17 +32.69 3.74
ML Ohio Municipal Bond Fund Class D Shares +1.49 -2.05 +35.97 4.08
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included. Total
investment returns are based on changes in net asset values for the
periods shown, and assume reinvestment of all dividends and capital
gains distributions at net asset value on the payable date. The
Fund's since inception periods are from 2/28/92 for Class A & Class
B Shares and from 10/21/94 for Class C & Class D Shares.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
PERFORMANCE DATA (continued)
Total Return Based on a $10,000 Investment
ML Ohio Municipal Bond Fund's Class A and Class B Shares--Total
Return Based on a $10,000 Investment
A line graph depicting the growth of an investment in the
Portfolio's Class A Shares and Class B Shares compared to
growth of an investment in the Lehman Brothers Municipal
Bond Index. Beginning and ending values are:
2/28/92** 7/99
ML Ohio Municipal Bond Fund++--
Class A Shares* $ 9,600 $15,422
ML Ohio Municipal Bond Fund++--
Class B Shares* $10,000 $15,471
Lehman Brothers Municipal
Bond Index++++ $10,000 $16,393
ML Ohio Municipal Bond Fund's Class C and Class D Shares--Total
Return Based on a $10,000 Investment
A line graph depicting the growth of an investment in the
Portfolio's Class C Shares and Class D Shares compared to
growth of an investment in the Lehman Brothers Municipal
Bond Index. Beginning and ending values are:
10/21/92** 7/99
ML Ohio Municipal Bond Fund++--
Class C Shares* $10,000 $13,269
ML Ohio Municipal Bond Fund++--
Class D Shares* $ 9,600 $13,053
Lehman Brothers Municipal
Bond Index++++ $10,000 $14,235
[FN]
*Assuming maximum sales charge, transaction costs and other
operating expenses, including advisory fees.
**Commencement of operations.
++ML Ohio Municipal Bond Fund invests primarily in long-term
investment-grade obligations issued by or on behalf of the State of
Ohio, its political subdivisions, agencies and instrumentalities,
and obligations of other qualifying issuers.
++++This unmanaged Index consists of long-term revenue bonds,
prerefunded bonds, general obligation bonds and insured bonds. The
starting date for the Index in the Class C & Class D Shares' graph
is from 10/31/94.
Past performance is not predictive of future performance.
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
PERFORMANCE DATA (concluded)
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 6/30/99 +1.45% -2.61%
Five Years Ended 6/30/99 +6.19 +5.33
Inception (2/28/92)
through 6/30/99 +6.61 +6.02
[FN]
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 6/30/99 +0.94% -2.89%
Five Years Ended 6/30/99 +5.65 +5.65
Inception (2/28/92)
through 6/30/99 +6.08 +6.08
[FN]
*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 6/30/99 +0.74% -0.21%
Inception (10/21/94)
through 6/30/99 +6.11 +6.11
[FN]
*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 6/30/99 +1.26% -2.79%
Inception (10/21/94)
through 6/30/99 +6.66 +5.73
[FN]
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
PORTFOLIO ABBREVIATIONS
To simplify the listings of Merrill Lynch Ohio 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.
AMT Alternative Minimum Tax (subject to)
GO General Obligation Bonds
HFA Housing Finance Agency
M/F Multi-Family
RIB Residual Interest Bonds
RITES Residual Interest Tax-Exempt Securities
RITR Residual Interest Trust Receipts
S/F Single-Family
VRDN Variable Rate Demand Notes
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
SCHEDULE OF INVESTMENTS (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
Ohio--95.1%
AAA Aaa $1,000 Avon, Ohio, Local School District, GO, 6% due 12/01/2020 (b) $ 1,050
AAA Aaa 2,000 Brunswick, Ohio, City School District, GO, Refunding, School
Improvements, 5% due 12/01/2023 (b) 1,910
NR* A2 1,000 Butler County, Ohio, Hospital Facilities Revenue Refunding and
Improvement Bonds (Middletown Hospital), 5% due 11/15/2028 892
AAA Aaa 150 Cleveland, Ohio, Waterworks Revenue Bonds, First Mortgage F-92,
Series A, 6.25% due 1/01/2015 (b) 158
AAA Aaa 1,015 Columbus, Ohio, Limited Tax, GO, Series 1, 4.625% due 6/15/2018 921
AAA Aaa 2,500 Columbus, Ohio, Tax Increment Financing Revenue Bonds, Tax Allocation
(Easton Project), 5.30% due 12/01/2019 (b) 2,467
Cuyahoga County, Ohio, M/F Revenue Bonds (Dalebridge Apartments), AMT (e)(h):
NR* Aaa 1,000 6.50% due 10/20/2020 1,066
NR* Aaa 2,850 6.60% due 10/20/2030 3,047
Dayton, Ohio, Special Facilities Revenue Refunding Bonds (Emery Air Freight):
BBB NR* 1,000 Series A, 5.625% due 2/01/2018 967
BBB NR* 1,000 Series F, 6.05% due 10/01/2009 1,041
NR* Aa2 3,270 Dublin, Ohio, GO, Refunding and Improvement Bonds, Series A, 4.625%
due 12/01/2018 2,950
Franklin County, Ohio, Hospital Improvement Revenue Bonds
(Children's Hospital Project):
NR* Aa3 1,000 5% due 5/01/2018 941
NR* Aa3 2,700 5.20% due 5/01/2029 2,529
NR* Baa3 1,000 Franklin County, Ohio, Hospital Revenue Bonds (Doctors Ohio Health Corp.),
Series A, 5.60% due 12/01/2028 926
AAA Aaa 1,500 Hamilton County, Ohio, Sales Tax Revenue Bonds (Hamilton County
Football Project), Series A, 4.75% due 12/01/2027 (d) 1,318
AAA Aaa 1,200 Huron County, Ohio, GO, Human Services Building, 7.25% due 12/01/2013 (d) 1,374
AA NR* 2,500 Knox County, Ohio, Hospital Facilities Revenue Refunding Bonds (Knox
Community Hospital), 5% due 6/01/2012 2,444
AAA Aaa 1,740 Lakota, Ohio, Local School District, GO, 7% due 12/01/2010 (b) 2,053
A+ NR* 1,660 Loveland, Ohio, City School District, GO, 6.65% due 12/01/2002 (g) 1,815
NR* NR* 2,000 Lucas County, Ohio, Hospital Revenue Bonds (Flower Hospital), 6.125%
due 12/01/2004 (g) 2,167
AAA Aaa 2,000 Lucas County, Ohio, Hospital Revenue Refunding Bonds (Promedia Healthcare
Obligation Group), 5.625% due 11/15/2017 (b) 2,031
AAA Aaa 2,500 Mahoning County, Ohio, Hospital Facilities Revenue Refunding Bonds
(YHA Inc. Project), Series A, 7% due 10/15/2002 (d)(g) 2,650
A A2 2,000 Moraine, Ohio, Solid Waste Disposal Revenue Bonds (General Motors
Corp. Project), AMT, 6.75% due 7/01/2014 2,259
AAA Aaa 3,000 North Canton, Ohio, City School District GO, 6.70% due 12/01/2004 (b)(g) 3,375
Ohio HFA, Mortgage Revenue Bonds, AMT (e):
AAA NR* 1,735 Series A-1, 6.15% due 3/01/2029 1,806
AAA NR* 945 Series B-2, 6.70% due 3/01/2025 (j) 994
AAA Aaa 875 Ohio HFA, S/F Mortgage Revenue Bonds, AMT, RIB, Series B, 10.116%
due 3/31/2031 (a)(e) 953
A1+ VMIG1++ 1,700 Ohio State Air Quality Development Authority, Revenue Refunding Bonds
(Cincinnati Gas and Electric), VRDN, Series A, 3.25% due 9/01/2030 (k) 1,700
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
Ohio (concluded)
<S> <S> <C> <S> <C>
NR* NR* $ 1,900 Ohio State, HFA, Mortgage Revenue Refunding Bonds, RITR, AMT,
Series 15, 7.12% due 9/01/2019 (a)(e)(i) $ 1,881
NR* NR* 1,000 Ohio State Higher Educational Facility, Commission Revenue Bonds
(University of Findlay Project), 6.125% due 9/01/2016 1,021
AA Aa2 1,000 Ohio State Higher Educational Facility, Commission Revenue Refunding
Bonds (Case Western Reserve University), Series D, 6.25% due 7/01/2014 1,120
AA Aa3 1,410 Ohio State Higher Educational Facility, Revenue Refunding Bonds
(Case Western Reserve University), 6.25% due 10/01/2016 1,560
AAA Aaa 2,000 Ohio State Turnpike Commission, Turnpike Revenue Refunding Bonds,
Series A, 5.50% due 2/15/2026 (c) 2,031
NR* Aaa 2,500 Ohio State Water Development Authority, Pollution Control Facilities
Revenue Bonds, RIB, Series 100, 6.695% due 6/01/2019 (a)(d) 2,333
AAA Aaa 1,000 Ohio State Water Development Authority, Pollution Control Facilities Revenue
Refunding Bonds (Pennsylvania Power Co. Project), 6.15% due 8/01/2023 (b) 1,054
AA+ Aa1 2,000 Orange, Ohio, City School District, GO, 5% due 12/01/2023 1,874
Southwest Licking, Ohio, Local School District, GO (c):
AAA Aaa 250 5.75% due 12/01/2015 264
AAA Aaa 200 5.75% due 12/01/2016 211
NR* Aa3 1,000 Toledo-Lucas County, Ohio, Port Authority, Revenue Refunding Bonds
(Cargill Inc. Project), 5.90% due 12/01/2015 1,031
AAA Aaa 1,000 Upper Arlington, Ohio, City School District, GO, 5.25% due 12/01/2022 (d) 971
AAA Aaa 2,000 Westerville, Ohio, Minerva Park and Blendon Township, Joint Hospital District
Revenue Refunding Bonds (St. Ann's Hospital), Series B, 7% due 9/15/2012 (b)(f) 2,155
Puerto Rico--3.9%
A1+ Baa1 2,500 Puerto Rico Commonwealth Highway and Transportation Authority,
Highway Revenue Refunding Bonds, RITES, Series X, 6.47% due 7/01/2004 (a) 2,656
Total Investments (Cost--$66,789)--99.0% 67,966
Variation Margin on Financial Futures Contracts**--0.1% 43
Other Assets Less Liabilities--0.9% 624
--------
Net Assets--100.0% $ 68,633
========
<FN>
(a)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 July 31, 1999.
(b)AMBAC Insured.
(c)FGIC Insured.
(d)MBIA Insured.
(e)GNMA Collateralized.
(f)Escrowed to maturity.
(g)Prerefunded.
(h)FHA Insured.
(i)FSA Insured.
(j)All or a portion of security held as collateral in connection
with open financial futures contracts.
(k)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at July 31, 1999.
*Not Rated.
**Financial futures contracts sold as of July 31, 1999 were as
follows:
(in Thousands)
Number of Expiration Value
Contracts Issue Date (Notes 1a & 1b)
125 US Treasury Bonds September 1999 $ 14,371
--------
Total Financial Futures Contracts Sold
(Total Contract Price--$14,598) $ 14,371
========
++Highest short-term rating by Moody's Investors Service, Inc.
Ratings of issues shown have not been audited by Deloitte & Touche LLP.
See Notes to Financial Statements
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
FINANCIAL INFORMATION
<CAPTION>
Statement of Assets and Liabilities as of July 31, 1999
<S> <S> <C> <C>
Assets: Investments, at value (identified cost--$66,789,015) (Note 1a) $ 67,965,578
Cash 74,291
Receivables:
Interest $ 938,203
Variation margin (Note 1b) 42,969 981,172
------------
Prepaid expenses and other assets 1,367
------------
Total assets 69,022,408
------------
Liabilities: Payables:
Beneficial interest redeemed 154,445
Dividends to shareholders (Note 1e) 47,662
Investment adviser (Note 2) 33,449
Distributor (Note 2) 24,628 260,184
------------
Accrued expenses and other liabilities 129,180
------------
Total liabilities 389,364
------------
Net Assets: Net assets $ 68,633,044
============
Net Assets Class A Shares of beneficial interest, $.10 par value,
Consist of: unlimited number of shares authorized $ 85,037
Class B Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized 472,389
Class C Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized 25,182
Class D Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized 54,482
Paid-in capital in excess of par 66,072,811
Undistributed realized capital gains on investments--net 520,018
Unrealized appreciation on investments--net 1,403,125
------------
Net assets $ 68,633,044
============
Net Asset Value: Class A--Based on net assets of $9,161,360 and 850,370 shares
of beneficial interest outstanding $ 10.77
============
Class B--Based on net assets of $50,891,592 and 4,723,891 shares
of beneficial interest outstanding $ 10.77
============
Class C--Based on net assets of $2,712,702 and 251,816 shares
of beneficial interest outstanding $ 10.77
============
Class D--Based on net assets of $5,867,390 and 544,820 shares
of beneficial interest outstanding $ 10.77
============
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
FINANCIAL INFORMATION (continued)
<CAPTION>
Statement of Operations
For the Year Ended
July 31, 1999
<S> <S> <C> <C>
Investment Income Interest and amortization of premium and discount earned $ 4,140,965
(Note 1d):
Expenses: Investment advisory fees (Note 2) $ 405,731
Account maintenance and distribution fees--Class B (Note 2) 278,539
Professional fees 87,946
Printing and shareholder reports 64,836
Accounting services (Note 2) 56,012
Transfer agent fees--Class B (Note 2) 30,873
Account maintenance and distribution fees--Class C (Note 2) 16,560
Registration fees 8,450
Pricing fees 6,451
Account maintenance fees--Class D (Note 2) 5,961
Custodian fees 5,800
Transfer agent fees--Class A (Note 2) 4,412
Trustees' fees and expenses 4,211
Transfer agent fees--Class D (Note 2) 2,802
Transfer agent fees--Class C (Note 2) 1,567
Other 2,654
------------
Total expenses 982,805
------------
Investment income--net 3,158,160
------------
Realized & Realized gain on investments--net 1,806,200
Unrealized Change in unrealized appreciation on investments--net (4,057,372)
Gain (Loss) on ------------
Investments--Net Net Increase in Net Assets Resulting from Operations $ 906,988
(Notes 1b, 1d & 3): ============
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
FINANCIAL INFORMATION (continued)
<CAPTION>
Statements of Changes in Net Assets
For the Year
Ended July 31,
Increase (Decrease) in Net Assets: 1999 1998
<S> <S> <C> <C>
Operations: Investment income--net $ 3,158,160 $ 3,307,710
Realized gain on investments--net 1,806,200 378,211
Change in unrealized appreciation on investments--net (4,057,372) (114,833)
------------ ------------
Net increase in net assets resulting from operations 906,988 3,571,088
------------ ------------
Dividends & Investment income--net:
Distributions to Class A (438,546) (432,401)
Shareholders Class B (2,333,145) (2,538,683)
(Note 1e): Class C (112,661) (101,635)
Class D (273,808) (234,991)
Realized gain on investments--net:
Class A (82,802) --
Class B (518,154) --
Class C (24,689) --
Class D (76,467) --
------------ ------------
Net decrease in net assets resulting from dividends
and distributions to shareholders (3,860,272) (3,307,710)
------------ ------------
Beneficial Net decrease in net assets derived from beneficial
Interest interest transactions (1,012,661) (2,964,461)
Transactions ------------ ------------
(Note 4):
Net Assets: Total decrease in net assets (3,965,945) (2,701,083)
Beginning of year 72,598,989 75,300,072
------------ ------------
End of year $ 68,633,044 $ 72,598,989
============ ============
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
FINANCIAL INFORMATION (continued)
<CAPTION>
Financial Highlights
The following per share data and ratios have been derived
from information provided in the financial statements. Class A
For the Year Ended July 31,
Increase (Decrease) in Net Asset Value: 1999 1998 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of year $ 11.21 $ 11.17 $ 10.70 $ 10.56 $ 10.50
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .52 .55 .55 .54 .55
Realized and unrealized gain (loss) on
investments--net (.34) .04 .47 .14 .06
-------- -------- -------- -------- --------
Total from investment operations .18 .59 1.02 .68 .61
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.52) (.55) (.55) (.54) (.55)
Realized gain on investments--net (.10) -- -- -- --
-------- -------- -------- -------- --------
Total dividends and distributions (.62) (.55) (.55) (.54) (.55)
-------- -------- -------- -------- --------
Net asset value, end of year $ 10.77 $ 11.21 $ 11.17 $ 10.70 $ 10.56
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 1.59% 5.43% 9.80% 6.56% 6.03%
Return:* ======== ======== ======== ======== ========
Ratios to Average Expenses, net of reimbursement .92% .83% .80% .87% .86%
Net Assets: ======== ======== ======== ======== ========
Expenses .92% .83% .80% .87% .89%
======== ======== ======== ======== ========
Investment income--net 4.70% 4.92% 5.07% 5.03% 5.30%
======== ======== ======== ======== ========
Supplemental Net assets, end of year (in thousands) $ 9,161 $ 9,252 $ 8,506 $ 7,281 $ 7,270
Data: ======== ======== ======== ======== ========
Portfolio turnover 82.55% 35.46% 52.57% 118.21% 169.34%
======== ======== ======== ======== ========
<FN>
*Total investment returns exclude the effects of sales charges.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
FINANCIAL INFORMATION (continued)
<CAPTION>
Financial Highlights (continued)
The following per share data and ratios have been derived
from information provided in the financial statements. Class B
For the Year Ended July 31,
Increase (Decrease) in Net Asset Value: 1999 1998 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of year $ 11.21 $ 11.17 $ 10.70 $ 10.56 $ 10.50
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .47 .50 .49 .49 .49
Realized and unrealized gain (loss) on
investments--net (.34) .04 .47 .14 .06
-------- -------- -------- -------- --------
Total from investment operations .13 .54 .96 .63 .55
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.47) (.50) (.49) (.49) (.49)
Realized gain on investments--net (.10) -- -- -- --
-------- -------- -------- -------- --------
Total dividends and distributions (.57) (.50) (.49) (.49) (.49)
-------- -------- -------- -------- --------
Net asset value, end of year $ 10.77 $ 11.21 $ 11.17 $ 10.70 $ 10.56
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 1.08% 4.90% 9.25% 6.01% 5.49%
Return:* ======== ======== ======== ======== ========
Ratios to Average Expenses, net of reimbursement 1.43% 1.34% 1.31% 1.38% 1.37%
Net Assets: ======== ======== ======== ======== ========
Expenses 1.43% 1.34% 1.31% 1.38% 1.40%
======== ======== ======== ======== ========
Investment income--net 4.19% 4.41% 4.56% 4.52% 4.79%
======== ======== ======== ======== ========
Supplemental Net assets, end of year (in thousands) $ 50,892 $ 55,554 $ 60,072 $ 64,397 $ 64,068
Data: ======== ======== ======== ======== ========
Portfolio turnover 82.55% 35.46% 52.57% 118.21% 169.34%
======== ======== ======== ======== ========
<FN>
*Total investment returns exclude the effects of sales charges.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
FINANCIAL INFORMATION (continued)
<CAPTION>
Financial Highlights (continued)
Class C
For the
Period
The following per share data and ratios have been derived Oct. 21,
from information provided in the financial statements. 1994++ to
For the Year Ended July 31, July 31,
Increase (Decrease) in Net Asset Value: 1999 1998 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 11.21 $ 11.17 $ 10.70 $ 10.56 $ 10.09
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .46 .48 .48 .48 .37
Realized and unrealized gain (loss) on
investments--net (.34) .04 .47 .14 .47
-------- -------- -------- -------- --------
Total from investment operations .12 .52 .95 .62 .84
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.46) (.48) (.48) (.48) (.37)
Realized gain on investments--net (.10) -- -- -- --
-------- -------- -------- -------- --------
Total dividends and distributions (.56) (.48) (.48) (.48) (.37)
-------- -------- -------- -------- --------
Net asset value, end of period $ 10.77 $ 11.21 $ 11.17 $ 10.70 $ 10.56
======== ======== ======== ======== ========
Total Investment Based on net asset value per share .98% 4.79% 9.14% 5.90% 8.50%+++
Return:** ======== ======== ======== ======== ========
Ratios to Average Expenses, net of reimbursement 1.53% 1.44% 1.41% 1.49% 1.50%*
Net Assets: ======== ======== ======== ======== ========
Expenses 4.08% 4.31% 4.46% 4.42% 4.62%*
======== ======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 2,713 $ 2,526 $ 2,412 $ 2,720 $ 874
Data: ======== ======== ======== ======== ========
Portfolio turnover 82.55% 35.46% 52.57% 118.21% 169.34%
======== ======== ======== ======== ========
<FN>
*Annualized.
**Total investment returns exclude the effects of sales charges.
++Commencement of operations.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<TABLE>
FINANCIAL INFORMATION (concluded)
<CAPTION>
Financial Highlights (concluded)
Class D
For the
Period
The following per share data and ratios have been derived Oct. 21,
from information provided in the financial statements. 1994++ to
For the Year Ended July 31, July 31,
Increase (Decrease) in Net Asset Value: 1999 1998 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 11.21 $ 11.16 $ 10.70 $ 10.56 $ 10.09
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .51 .54 .54 .53 .41
Realized and unrealized gain (loss) on
investments--net (.34) .05 .46 .14 .47
-------- -------- -------- -------- --------
Total from investment operations .17 .59 1.00 .67 .88
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.51) (.54) (.54) (.53) (.41)
Realized gain on investments--net (.10) -- -- -- --
-------- -------- -------- -------- --------
Total dividends and distributions (.61) (.54) (.54) (.53) (.41)
-------- -------- -------- -------- --------
Net asset value, end of period $ 10.77 $ 11.21 $ 11.16 $ 10.70 $ 10.56
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 1.49% 5.42% 9.60% 6.45% 8.93%+++
Return:** ======== ======== ======== ======== ========
Ratios to Average Expenses 1.02% .93% .90% .97% .99%*
Net Assets: ======== ======== ======== ======== ========
Investment income--net 4.59% 4.82% 4.97% 4.93% 5.17%*
======== ======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 5,867 $ 5,267 $ 4,310 $ 3,513 $ 3,234
Data: ======== ======== ======== ======== ========
Portfolio turnover 82.55% 35.46% 52.57% 118.21% 169.34%
======== ======== ======== ======== ========
<FN>
*Annualized.
**Total investment returns exclude the effects of sales charges.
++Commencement of operations.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch Ohio Municipal Bond Fund (the "Fund") is part of
Merrill Lynch Multi-State Municipal Series Trust (the "Trust"). The
Fund is registered under the Investment Company Act of 1940 as a non-
diversified, open-end management investment company. The Fund's
financial statements are prepared in accordance with generally
accepted accounting principles, which may require the use of
management accruals and estimates. The Fund offers four classes of
shares under the Merrill Lynch Select Pricing SM System. Shares of
Class A and Class D are sold with a front-end sales charge. Shares
of Class B and Class C 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 in which the Fund invests are traded primarily in the
over-the-counter municipal bond and money markets and are valued at
the last available bid price in the over-the-counter market or on
the basis of 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 remaining maturities 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.
* Financial futures contracts--The Fund may purchase or sell
financial 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) 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.
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
NOTES TO FINANCIAL STATEMENTS (concluded)
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 a
limited partner. The Fund has also entered into a Distribution
Agreement and Distribution Plans with Merrill Lynch Funds
Distributor ("MLFD" or the "Distributor"), a division of Princeton
Funds Distributor, Inc. ("PFD"), which is 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: .55%
of the Fund's average daily net assets not exceeding $500 million;
.525% of average daily net assets in excess of $500 million but not
exceeding $1 billion; and .50% of average daily net assets in excess
of $1 billion.
Pursuant to 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 ongoing account maintenance and distribution
fees. The fees are accrued daily and paid monthly at annual rates
based upon the average daily net assets of the shares as follows:
Account Distribution
Maintenance Fee Fee
Class B .25% .25%
Class C .25% .35%
Class D .10% --
Pursuant to a sub-agreement with the Distributor, Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("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 year ended July 31, 1999, MLFD earned underwriting discounts
and MLPF&S earned dealer concessions on sales of the Fund's Class A
and Class D Shares as follows:
MLFD MLPF&S
Class A $ 298 $ 2,535
Class D $1,073 $69,237
For the year ended July 31, 1999, MLPF&S received contingent
deferred sales charges of $46,755 and $959 relating to transactions
in Class B and Class C Shares, respectively.
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, PSI, FDS, PFD, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the year ended July 31, 1999, were $59,158,242 and $62,069,225,
respectively.
Net realized gains for the year ended July 31, 1999, and net
unrealized gains as of July 31, 1999 were as follows:
Realized Unrealized
Gains Gains
Long-term investments $ 1,806,200 $ 1,176,563
Financial futures contracts -- 226,562
----------- -----------
Total $ 1,806,200 $ 1,403,125
=========== ===========
As of July 31, 1999, net unrealized appreciation for Federal income
tax purposes aggregated $1,176,563, of which $2,447,278 related to
appreciated securities and $1,270,715 related to depreciated
securities. The aggregate cost of investments at July 31, 1999 for
Federal income tax purposes was $66,789,015.
4. Beneficial Interest Transactions:
Net decrease in net assets derived from beneficial interest
transactions was $1,012,661 and $2,964,461 for the years ended July
31, 1999 and July 31, 1998, respectively.
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
Transactions in shares of beneficial interest for each class were as
follows:
Class A Shares for the Year Dollar
Ended July 31, 1999 Shares Amount
Shares sold 189,937 $ 2,132,490
Shares issued to share-
holders in reinvestment of
dividends and distributions 26,959 301,021
----------- -----------
Total issued 216,896 2,433,511
Shares redeemed (191,628) (2,144,491)
----------- -----------
Net increase 25,268 $ 289,020
=========== ===========
Class A Shares for the Year Dollar
Ended July 31, 1998 Shares Amount
Shares sold 214,291 $ 2,394,765
Shares issued to share-
holders in reinvestment of
dividends 22,076 246,854
----------- -----------
Total issued 236,367 2,641,619
Shares redeemed (172,776) (1,932,706)
----------- -----------
Net increase 63,591 $ 708,913
=========== ===========
Class B Shares for the Year Dollar
Ended July 31, 1999 Shares Amount
Shares sold 646,773 $ 7,277,335
Shares issued to share-
holders in reinvestment of
dividends and distributions 128,730 1,438,427
----------- -----------
Total issued 775,503 8,715,762
Automatic conversion of
shares (15,109) (168,630)
Shares redeemed (990,985) (11,008,358)
----------- -----------
Net decrease (230,591) $(2,461,226)
=========== ===========
Class B Shares for the Year Dollar
Ended July 31, 1998 Shares Amount
Shares sold 638,961 $ 7,148,780
Shares issued to share-
holders in reinvestment of
dividends 117,234 1,310,128
----------- -----------
Total issued 756,195 8,458,908
Automatic conversion of
shares (11,946) (134,491)
Shares redeemed (1,168,222) (13,051,017)
----------- -----------
Net decrease (423,973) $(4,726,600)
=========== ===========
Class C Shares for the Year Dollar
Ended July 31, 1999 Shares Amount
Shares sold 114,969 $ 1,292,429
Shares issued to share-
holders in reinvestment of
dividends and distributions 7,613 85,119
----------- -----------
Total issued 122,582 1,377,548
Shares redeemed (96,023) (1,069,071)
----------- -----------
Net increase 26,559 $ 308,477
=========== ===========
Class C Shares for the Year Dollar
Ended July 31, 1998 Shares Amount
Shares sold 68,147 $ 764,188
Shares issued to share-
holders in reinvestment of
dividends 5,920 66,153
----------- -----------
Total issued 74,067 830,341
Shares redeemed (64,751) (719,191)
----------- -----------
Net increase 9,316 $ 111,150
========== ===========
Class D Shares for the Year Dollar
Ended July 31, 1999 Shares Amount
Shares sold 453,317 $ 5,101,859
Automatic conversion
of shares 15,115 168,630
Shares issued to share-
holders in reinvestment of
dividends and distributions 12,986 144,755
----------- -----------
Total issued 481,418 5,415,244
Shares redeemed (406,546) (4,564,176)
----------- -----------
Net increase 74,872 $ 851,068
=========== ===========
Class D Shares for the Year Dollar
Ended July 31, 1998 Shares Amount
Shares sold 140,789 $ 1,583,031
Automatic conversion
of shares 11,950 134,491
Shares issued to share-
holders in reinvestment of
dividends 6,109 68,375
----------- -----------
Total issued 158,848 1,785,897
Shares redeemed (74,988) (843,821)
----------- -----------
Net increase 83,860 $ 942,076
=========== ===========
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
Merrill Lynch Ohio Municipal Bond Fund of
Merrill Lynch Multi-State Municipal Series Trust:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of Merrill Lynch
Ohio Municipal Bond Fund of Merrill Lynch Multi-State Municipal
Series Trust as of July 31, 1999, the related statements of
operations for the year then ended and changes in net assets for
each of the years in the two-year period then ended, and the
financial highlights for each of the years in the five-year period
then ended. These financial statements and the financial highlights
are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and the
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements and the financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned at July 31,
1999 by correspondence with the custodian and broker. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Merrill Lynch Ohio Municipal Bond Fund of Merrill Lynch Multi-State
Municipal Series Trust as of July 31, 1999, the results of its
operations, the changes in its net assets, and the financial
highlights for the respective stated periods in conformity with
generally accepted accounting principles.
Deloitte & Touche LLP
Princeton, New Jersey
September 8, 1999
</AUDIT-REPORT>
IMPORTANT TAX INFORMATION (unaudited)
All of the net investment income distributions paid monthly by
Merrill Lynch Ohio Municipal Bond Fund during its taxable year ended
July 31, 1999 qualify as tax-exempt interest dividends for Federal
income tax purposes.
Additionally, the following table summarizes the taxable
distributions paid by the Fund during the year for each class:
Record Payable Ordinary Long-Term
Date Date Income Capital Gains*
12/21/98 12/31/98 $.016098 $.085933
[FN]
*The entire distribution is subject to the 20% tax rate.
Please retain this information for your records.
Merrill Lynch Ohio Municipal Bond Fund
July 31, 1999
OFFICERS AND TRUSTEES
Terry K. Glenn, President and Trustee
James H. Bodurtha, Trustee
Herbert I. London, Trustee
Robert R. Martin, Trustee
Joseph L. May, Trustee
Andre F. Perold, Trustee
Arthur Zeikel, Trustee
Vincent R. Giordano, Senior Vice President
Kenneth A. Jacob, Vice President
Theodore R. Jaeckel Jr., Vice President
Donald C. Burke, Vice President and Treasurer
Alice A. Pellegrino, Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
