MERRILL LYNCH
NEW JERSEY
MUNICIPAL
BOND FUND
FUND LOGO
Semi-Annual Report
January 31, 1996
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.
<PAGE>
Merrill Lynch New Jersey
Municipal Bond Fund
Merrill Lynch Multi-State
Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011
TO OUR SHAREHOLDERS
Although the partial shutdown of the US Government curtailed the
release of most economic data in the latter part of the six-month
period ended January 31, 1996, it was nonetheless apparent that
gross domestic product (GDP) growth was losing momentum. Consumer
spending is barely growing, the industrial sector is at a virtual
standstill and, despite lower mortgage rates, there is little or no
pick-up in housing activity. With inflationary pressures subdued,
the Federal Reserve Board responded to the slowing economy by
continuing to modestly lower short-term interest rates.
Historically, it has taken some time for shifts in monetary policy
to have an impact on economic growth. Therefore, the Federal Reserve
Board's gradual shift to lowering interest rates, which began early
last year, may not be reflected in a pick-up in real economic growth
until later this year.
The impasse between the Clinton Administration and Congress over the
Federal budget continues, although both sides have made concessions
since the debate began. It appears that investors are currently
focusing on the progress that has been made rather than on the
differences that remain. Initially, President Clinton proposed
deficits of about $190 billion annually through fiscal year 2002,
but now proposes balanced budgets, as do the Republicans. Current
indications are that a piecemeal budget accord is the most likely
outcome. Even without the proposed policy changes, it appears that
the US Federal budget deficit would remain stable at about 2% of GDP
for the rest of the decade. This would be far better than is the
case for most Group of Seven industrial nations, and for the United
States would represent a great improvement over the last 15 years.
Although this may fall short of investors' best expectations, it
appears that the Federal budget debate over the past year has
resulted in a trend toward a more conservative fiscal policy.
The Municipal Market
The municipal bond market rallied strongly over the six months ended
January 31, 1996. Long-term, tax-exempt revenue bond yields, as
measured by the Bond Buyer Revenue Bond Index, declined over 65
basis points (0.65%) to end the January period at 5.69%. Continued
weak economic conditions coupled with low inflation fostered a very
positive environment for almost all fixed-income investments during
the last three months of 1995. Long-term US Treasury bond yields
also declined approximately 65 basis points to 6.00% by January 31,
1996. Both US Treasury and long-term tax-exempt bond yields are near
their lowest levels in the past two years.
The municipal bond market had to contend with a number of
difficulties for much of 1995. Various tax reform proposals have
made the future tax advantage of municipal bonds uncertain. This
has, at a minimum, reduced the overall demand for tax-exempt
securities. At the same time, as municipal bond yields declined, tax-
exempt authorities have rushed to issue debt at near historic low
yield levels. During the six-month period ended January 31, 1996,
approximately $90 billion in municipal securities were underwritten,
an increase of over 30% compared to the same period last year.
However, as early 1995 issuance was significantly reduced, the last
12 months issuance of approximately $160 billion remained the same
as that issued a year earlier. Tax-exempt bond yields declined
throughout the six months ended January 31, 1996, despite investor
uncertainty and increased supply pressures.
It is likely that the municipal market will regain much of the
technical support it enjoyed earlier in 1995. 1995 issuance remained
significantly below levels underwritten in 1993, when over $290
billion in long-term tax-exempt securities were issued. Also,
municipal investors received over $25 billion in bond maturities,
coupon income and early redemptions on January 1, 1996. This $25
billion is almost twice the average monthly issuance for 1995. The
amount of outstanding municipal securities will continue to decline
throughout 1996 and into early 1997. As the uncertainties
surrounding proposed tax reforms are resolved in 1996, the tax-
exempt bond market's renewed technical position should provide
support to municipal bond prices.
Many of the features that made tax-exempt products attractive to
investors last year are still in place. Long-term, A-rated municipal
revenue bonds continue to yield well over 90% of comparable US
Treasury bond yields. Historically, analysts have considered yields
in excess of 82% attractive for long-term investors. For example,
currently available tax-exempt bond yields generate taxable
equivalent yields in excess of 8.50% for an investor in the 36%
Federal income tax bracket. While the uncertainties regarding
potential changes in current tax law remain, it appears that, at
current price levels, bond investors have discounted at least some
of the uncertainty.
Looking ahead, it may be unreasonable to expect to duplicate the
double-digit returns produced by most tax-exempt issues in 1995,
given current municipal bond yields. Municipal bond yields would
have to decline to levels not seen since the 1960s in order to
generate such significant returns in the coming years. While the
current economic environment may still justify additional declines
in interest rates, it may be prudent to expect some period of
consolidation before the interest rate decline resumes. Tax-exempt
bond market performance in 1996 is likely to be generated more by
enhancing current income and limiting credit risk than by
significant interest rate declines.
Portfolio Strategy
We were constructive on the fixed-income market during the six
months ended January 31, 1996. Throughout the period we sought to
acquire new securities which we believed would perform well in an
environment of falling interest rates. This strategy was possible as
a result of a 65% increase in New Jersey municipal issuance for the
six-month period as compared to the corresponding period in 1995. At
the same time, we elected to eliminate from the portfolio those
securities which we believed had poor performance characteristics.
As a result, the portfolio is positioned to be more responsive to
changes in interest rates.
<PAGE>
Looking ahead, we remain positive on long-term interest rates in
response to a backdrop of slow economic growth, low inflation, tight
fiscal policy and the return of favorable technical conditions to
the New Jersey municipal market. Therefore, we will remain fully
invested to seek to enhance the tax-exempt income available to our
shareholders and will consider any significant decline in the market
as an opportunity to adopt a more aggressive investment strategy.
In Conclusion
We appreciate your ongoing interest in Merrill Lynch New Jersey
Municipal Bond Fund, and we look forward to assisting you with your
financial needs in the months and years ahead.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Vice President
(William M. Petty)
William M. Petty
Portfolio Manager
March 6, 1996
We are pleased to announce that William M. Petty is responsible for
the day-to-day management of Merrill Lynch New Jersey Municipal Bond
Fund. Mr. Petty has been employed by Merrill Lynch Asset Management,
L.P. (an affiliate of the Fund's investment adviser) since 1993 as
Vice President and was Assistant Vice President from 1992 to 1993.
Prior thereto, he was employed by J.J. Kenny Municipal Bond Brokers
as Municipal Bond Broker from 1990 to 1992.
<PAGE>
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.
* 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. 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.
Average Annual Total Return
<PAGE>
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 12/31/95 +15.32% +10.71%
Five Years Ended 12/31/95 + 8.01 + 7.14
Inception (8/31/90)
through 12/31/95 + 8.30 + 7.48
[FN]
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 12/31/95 +14.73% +10.73%
Five Years Ended 12/31/95 + 7.47 + 7.47
Inception (8/31/90)
through 12/31/95 + 7.76 + 7.76
[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 12/31/95 +14.61% +13.61%
Inception (10/21/94)
through 12/31/95 +11.32 +11.32
[FN]
*Maximum contingent deferred sales charge is 1% and is reduced to 0%
after 1 year.
**Assuming payment of applicable contingent deferred sales charge.
<PAGE>
% Return Without % Return With
Sales Charge Sales Charge**
Class D Shares*
Year Ended 12/31/95 +15.20% +10.59%
Inception (10/21/94)
through 12/31/95 +11.90 + 8.14
[FN]
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
PERFORMANCE DATA (continued)
<TABLE>
Performance Summary--Class A Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
8/31/90-12/31/90 $10.00 $10.17 -- $0.236 + 4.10%
1991 10.17 10.57 $0.007 0.704 +11.27
1992 10.57 10.78 0.036 0.649 + 8.73
1993 10.78 11.39 0.015 0.635 +11.94
1994 11.39 10.15 -- 0.579 - 5.86
1995 10.15 11.09 -- 0.579 +15.32
1/1/96-1/31/96 11.09 11.10 -- 0.033 + 0.48
------ ------
Total $0.058 Total $3.415
Cumulative total return as of 1/31/96: +53.79%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains
distributions at net asset value on the payable date, and do not
include sales charge; results would be lower if sales charge was
included.
</TABLE>
<PAGE>
<TABLE>
Performance Summary--Class B Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
8/31/90-12/31/90 $10.00 $10.17 -- $0.219 + 3.92%
1991 10.17 10.57 $0.007 0.651 +10.72
1992 10.57 10.79 0.036 0.595 + 8.28
1993 10.79 11.39 0.015 0.579 +11.27
1994 11.39 10.15 -- 0.526 - 6.33
1995 10.15 11.09 -- 0.525 +14.73
1/1/96-1/31/96 11.09 11.11 -- 0.029 + 0.54
------ ------
Total $0.058 Total $3.124
Cumulative total return as of 1/31/96: +49.79%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains
distributions at net asset value on the payable date, and do not
reflect deduction of any sales charge; results would be lower if
sales charge was deducted.
</TABLE>
<TABLE>
Performance Summary--Class C Shares
<CAPTION>
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 $10.34 $10.15 -- $0.103 - 0.83%
1995 10.15 11.09 -- 0.513 +14.61
1/1/96-1/31/96 11.09 11.10 -- 0.029 + 0.44
------
Total $0.645
Cumulative total return as of 1/31/96: +14.16%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains
distributions at net asset value on the payable date, and do not
reflect deduction of any sales charge; results would be lower if
sales charge was deducted.
</TABLE>
PERFORMANCE DATA (concluded)
<PAGE>
<TABLE>
Performance Summary--Class D Shares
<CAPTION>
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 $10.34 $10.15 -- $0.113 - 0.72%
1995 10.15 11.09 -- 0.568 +15.20
1/1/96-1/31/96 11.09 11.11 -- 0.032 + 0.56
------
Total $0.713
Cumulative total return as of 1/31/96: +15.01%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains
distributions at net asset value on the payable date, and do not
include sales charge; results would be lower if sales charge was
included.
</TABLE>
<TABLE>
Recent Performance Results
12 Month 3 Month
1/31/96 10/31/95 1/31/95 % Change % Change
<S> <C> <C> <C> <C> <C>
Class A Shares* $11.10 $10.87 $10.37 + 7.04% +2.12%
Class B Shares* 11.11 10.87 10.37 + 7.14 +2.21
Class C Shares* 11.10 10.87 10.37 + 7.04 +2.12
Class D Shares* 11.11 10.87 10.37 + 7.14 +2.21
Class A Shares--Total Return* +12.92(1) +3.45(2)
Class B Shares--Total Return* +12.45(3) +3.41(4)
Class C Shares--Total Return* +12.23(5) +3.29(6)
Class D Shares--Total Return* +12.91(7) +3.52(8)
Class A Shares--Standardized 30-day Yield 4.30%
Class B Shares--Standardized 30-day Yield 3.97%
Class C Shares--Standardized 30-day Yield 3.87%
Class D Shares--Standardized 30-day Yield 4.20%
<PAGE>
<FN>
*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 $0.577 per share ordinary
income dividends.
(2)Percent change includes reinvestment of $0.143 per share ordinary
income dividends.
(3)Percent change includes reinvestment of $0.523 per share ordinary
income dividends.
(4)Percent change includes reinvestment of $0.130 per share ordinary
income dividends.
(5)Percent change includes reinvestment of $0.511 per share ordinary
income dividends.
(6)Percent change includes reinvestment of $0.127 per share ordinary
income dividends.
(7)Percent change includes reinvestment of $0.567 per share ordinary
income dividends.
(8)Percent change includes reinvestment of $0.141 per share ordinary
income dividends.
</TABLE>
PORTFOLIO ABBREVIATIONS
To simplify the listings of Merrill Lynch New Jersey 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)
CARS Complementary Auction Rate Securities
EDA Economic Development Authority
GO General Obligation Bonds
M/F Multi-Family
RITR Residual Interest Trust Receipts
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<TABLE>
SCHEDULE OF INVESTMENTS (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New Jersey--91.4%
A- NR* $ 1,000 Atlantic City, New Jersey, Municipal Utilities Authority, Water Systems
Revenue Bonds, 7.75% due 5/01/2000 (g) $ 1,156
Atlantic County, New Jersey, Utilities Authority, Solid Waste Revenue
Bonds:
NR* Ba 2,800 7% due 3/01/2008 2,908
NR* Ba 1,400 7.125% due 3/01/2016 1,456
<PAGE>
Cape May County, New Jersey, Industrial Pollution Control Financing
Authority Revenue Bonds (Atlantic City Electric Company Project),
Series A (d):
AAA Aaa 6,000 AMT, 7.20% due 11/01/2029 6,990
AAA Aaa 4,500 Refunding, 6.80% due 3/01/2021 5,546
AAA Aaa 4,000 Essex County, New Jersey, Improvement Authority Revenue Bonds
(Irvington Township School District), 6.625% due 10/01/2002 (g)(h) 4,604
AA A 3,200 Jersey City, New Jersey, School GO, UT, 6.65% due 2/15/2017 3,543
AAA Aaa 3,250 Landis, New Jersey, Sewer Authority Revenue Bonds, CARS, 7.351% due
9/19/2019 (f)(j) 3,571
NR* NR* 5,750 Middlesex County, New Jersey, Pollution Control Financing Authority,
Revenue Refunding Bonds (Amerada Hess), 6.875% due 12/01/2022 6,022
AAA Aaa 1,100 Middlesex County, New Jersey, Utilities Authority, Sewer Revenue Bonds,
Series A, 6.50% due 3/15/2001 (f)(g) 1,235
AAA Aaa 2,000 Monmouth County, New Jersey, Improvement Authority, Sewer Facilities
Revenue Refunding Bonds, 6.75% due 2/01/2001 (d)(g) 2,264
NR* VMIG1++ 100 New Jersey, EDA, Dock Facility, Revenue Refunding Bonds (Bayonne/IMTT
Project), VRDN, Series A, 3.75% due 12/01/2027 (a) 100
BB+ Baa2 2,000 New Jersey, EDA, Economic Development Revenue Bonds (American Airlines
Inc. Project), AMT, 7.10% due 11/01/2031 2,159
New Jersey, EDA, Educational Testing Services Revenue Bonds (d):
AAA Aaa 5,000 Series A, 6% due 5/15/2025 5,303
AAA Aaa 2,500 Series B, 6.25% due 5/15/2025 2,706
A A1 4,500 New Jersey, EDA, Lease Rental Revenue Bonds (Liberty State Park
Project), 6.80% due 3/15/2022 4,904
AAA Aaa 8,750 New Jersey, EDA, Natural Gas Facilities, Revenue Refunding Bonds
(NUI Corp.), Series A, 6.35% due 10/01/2022 (c) 9,582
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New Jersey (continued)
<PAGE>
AAA Aaa $ 2,500 New Jersey, EDA, Revenue Refunding Bonds (RWJ Health Care
Corporation), 6.50% due 7/01/2024 (h) $ 2,783
New Jersey Health Care Facilities Financing Authority Revenue
Bonds:
AAA Aaa 2,000 (JFK Health Systems Obligation Group), 5.625% due 7/01/2020 (f) 2,024
BBB+ NR* 665 (Pascack Valley Hospital Association), 6.90% due 7/01/2021 702
A- A 2,000 Refunding (Atlantic City Medical Center), Series C, 6.80%
due 7/01/2011 2,195
BBB Baa 4,980 Refunding (Englewood Hospital & Medical Center), 6.75% due 7/01/2024 5,258
AAA Aaa 2,000 Refunding (Hackensack Medical Center), 6.625% due 7/01/2017 (f) 2,212
AAA Aaa 7,745 Refunding (Jersey Shore Medical Center), 6.75% due 7/01/2019 (c) 8,820
BBB- Baa 2,950 (Saint Elizabeth Hospital), Series B, 8.25% due 7/01/2020 3,237
A1+ VMIG1++ 200 New Jersey Sports and Exposition Authority Revenue Bonds (State
Contract), VRDN, Series C, 2.85% due 9/01/2024 (a)(d) 200
New Jersey State Educational Facilities Authority Revenue Bonds
(Seton Hall University Project):
AAA Aaa 2,000 Series C, 6.85% due 7/01/2019 (e) 2,194
BBB Baa1 500 Series D, 7% due 7/01/2021 551
New Jersey State Housing and Mortgage Finance Agency,
Home Buyer Revenue Bonds (d):
AAA Aaa 805 AMT, Series B, 7.90% due 10/01/2022 848
AAA Aaa 5,000 AMT, Series M, 7% due 10/01/2026 5,276
AAA Aaa 725 Series A, 7.50% due 4/01/2015 773
A+ NR* 1,115 New Jersey State Housing and Mortgage Finance Agency, M/F Housing
Revenue Bonds (Mont Clarion Project), AMT, Series J, 7.70% due 11/01/2029 1,192
AAA NR* 10,410 New Jersey State Housing and Mortgage Finance Agency, M/F Housing
Revenue Refunding Bonds (Presidential Plaza), 6.95% due 5/01/2013 (i) 11,126
New Jersey State Transportation Trust Fund Authority, Refunding (d):
AAA Aaa 14,700 RITR, Series B, 7.945% due 6/15/2014 (j) 16,060
AAA Aaa 6,335 Series A, 5% due 6/15/2015 6,189
AAA Aaa 5,365 New Jersey State Turnpike Authority, Turnpike Revenue Refunding
Bonds, Series C, 6.50% due 1/01/2016 (d) 6,238
AAA Aaa 3,000 New Jersey Water Supply Authority Revenue Bonds (Delaware and
Raritan System), AMT, 7.875% due 11/01/2013 (d) 3,316
NR* A1 4,135 Passaic County, New Jersey, Refunding Bonds, UT, Series A, 6%
due 9/01/2007 4,630
<PAGE>
AAA Aaa 2,120 Passaic Valley, New Jersey, Water Commission Water Supply Revenue
Bonds, Series A, 6.40% due 12/15/2002 (f)(g) 2,419
Port Authority of New York and New Jersey, Consolidated Bonds:
AA- A1 6,800 69th Series, 7.125% due 6/01/2025 7,509
AA- A1 5,250 72nd Series, 7.35% due 10/01/2002 (g) 6,252
AA- A1 2,000 78th Series, 6.50% due 4/15/2011 2,181
AA- A1 2,000 83rd Series, 6.375% due 10/15/2017 2,172
AAA Aaa 3,300 96th Series, AMT, 6.60% due 10/01/2023 (f) 3,623
AAA Aaa 5,000 104th Series, 4.75% due 1/15/2026 (c) 4,589
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Amount Issue (Note 1a)
<S> <S> <C> <S> <C>
New Jersey (concluded)
AA A1 $ 1,000 Rutgers State University, New Jersey, University Revenue Bonds,
Series P, 6.85% due 5/01/2021 $ 1,112
South Brunswick Township, New Jersey, Board of Education Revenue
Bonds, UT (f):
AAA Aaa 1,215 6.40% due 8/01/2015 1,327
AAA Aaa 1,000 6.40% due 8/01/2016 1,091
AAA Aaa 2,500 Trenton, New Jersey, GO, UT, 6.55% due 8/15/2009 (d) 2,804
University of Medicine and Dentistry, New Jersey, Revenue Bonds (g):
AA A 1,170 Refunding, Series D, 6.50% due 12/01/2001 1,329
AA A 2,750 Series E, 6.50% due 12/01/2001 3,123
AAA Aaa 3,805 West New York, New Jersey, Municipal Utilities Authority, Sewer Revenue
Refunding Bonds, 5.601%** due 12/15/2019 (f) 1,062
Puerto Rico-- 5.9%
AAA Baa1 2,760 Puerto Rico Commonwealth, Aqueduct and Sewer Authority Revenue Bonds,
Series A, 7.875% due 7/01/1998 (g) 3,077
AAA NR* 1,000 Puerto Rico Commonwealth, Highway Authority, Highway Revenue Bonds,
Series Q, 7.75% due 7/01/2000 (g) 1,169
BBB+ Baa1 1,195 Puerto Rico Commonwealth, Infrastructure Special Financing Authority
Revenue Bonds, Series A, 7.75% due 7/01/2008 1,312
AAA NR* 2,055 Puerto Rico Commonwealth, Public Improvement Bonds, GO, 7.70% due
7/01/2000 (g) 2,398
<PAGE>
A- Baa1 2,250 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,
Series S, 7% due 7/01/2006 2,640
AA Aa3 1,500 Puerto Rico Industrial, Medical and Environmental Pollution Control
Facilities, Financing Authority Revenue Bonds (Motorola Inc. Project),
Series A, 6.75% due 1/01/2014 1,659
Total Investments (Cost--$187,395)--97.3% 202,721
Other Assets Less Liabilities--2.7% 5,632
--------
Net Assets--100.0% $208,353
========
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1996.
(b)Interest secured by escrow.
(c)AMBAC Insured.
(d)MBIA Insured.
(e)BIG Insured.
(f)FGIC Insured.
(g)Prerefunded.
(h)FSA Insured.
(i)FHA Collateralized.
(j)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 January 31, 1996.
*Not Rated.
**Represents a zero coupon bond; the interest rate shown is the
effective yield at the time of purchase by the Fund.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION
<PAGE>
<TABLE>
Statement of Assets and Liabilities as of January 31, 1996
<S> <S> <C> <C>
Assets: Investments, at value (identified cost--$187,394,713) (Note 1a) $202,721,022
Cash 75,530
Receivables:
Securities sold $ 8,016,659
Interest 2,660,831
Beneficial interest sold 364,171 11,041,661
------------
Deferred organization expenses (Note 1e) 1,286
Prepaid expenses and other assets (Note 1e) 27,271
------------
Total assets 213,866,770
------------
Liabilities: Payables:
Securities purchased 4,608,532
Beneficial interest redeemed 415,095
Dividends to shareholders (Note 1f) 249,716
Investment adviser (Note 2) 93,832
Distributor (Note 2) 68,835 5,436,010
------------
Accrued expenses and other liabilities 77,810
------------
Total liabilities 5,513,820
------------
Net Assets: Net assets $208,352,950
============
Net Assets Class A Shares of beneficial interest, $.10 par value,
Consist of: unlimited number of shares authorized $ 349,066
Class B Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized 1,474,499
Class C Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized 26,991
Class D Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized 25,538
Paid-in capital in excess of par 196,705,470
Accumulated realized capital losses on investments--net (Note 5) (5,554,923)
Unrealized appreciation on investments--net 15,326,309
------------
Net assets $208,352,950
============
<PAGE>
Net Asset Value: Class A--Based on net assets of $38,761,989 and 3,490,656 shares
of beneficial interest outstanding $ 11.10
============
Class B--Based on net assets of $163,757,066 and 14,744,989 shares
of beneficial interest outstanding $ 11.11
============
Class C--Based on net assets of $2,997,091 and 269,906 shares
of beneficial interest outstanding $ 11.10
============
Class D--Based on net assets of $2,836,804 and 255,376 shares
of beneficial interest outstanding $ 11.11
============
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (continued)
<TABLE>
Statement of Operations
<CAPTION>
For the Six Months Ended
January 31, 1996
<S> <S> <C> <C>
Investment Income Interest and amortization of premium and discount earned $ 6,286,355
(Note 1d):
Expenses: Investment advisory fees (Note 2) $ 574,472
Account maintenance and distribution fees--Class B (Note 2) 412,669
Transfer agent fees--Class B (Note 2) 44,382
Professional fees 32,289
Accounting services (Note 2) 31,719
Printing and shareholder reports 29,269
Transfer agent fees--Class A (Note 2) 8,780
Custodian fees 5,919
Registration fees (Note 1e) 5,885
Account maintenance and distribution fees--Class C (Note 2) 5,850
Trustees' fees and expenses 5,143
Pricing fees 4,487
Account maintenance fees--Class D (Note 2) 1,272
Amortization of organization expenses (Note 1e) 656
Transfer agent fees--Class C (Note 2) 579
Transfer agent fees--Class D (Note 2) 568
Other 2,899
------------
Total expenses 1,166,838
------------
Investment income--net 5,119,517
------------
Realized & Realized gain on investments--net 1,409,979
Unrealized Gain Change in unrealized appreciation on investments--net 6,150,448
on Investments ------------
- --Net (Notes Net Increase in Net Assets Resulting from Operations $ 12,679,944
1b, 1d & 3): ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
FINANCIAL INFORMATION (continued)
<TABLE>
Statements of Changes in Net Assets
<CAPTION>
For the Six For the Year
Months Ended Ended
January 31, July 31,
Increase (Decrease) in Net Assets: 1996 1995
<S> <S> <C> <C>
Operations: Investment income--net $ 5,119,517 $ 10,826,491
Realized gain (loss) on investments--net 1,409,979 (2,749,284)
Change in unrealized appreciation on investments--net 6,150,448 3,708,463
------------ ------------
Net increase in net assets resulting from operations 12,679,944 11,785,670
------------ ------------
Dividends to Investment income--net:
Shareholders Class A (1,044,666) (2,302,263)
(Note 1f): Class B (3,963,023) (8,428,820)
Class C (45,607) (23,237)
Class D (66,221) (72,171)
------------ ------------
Net decrease in net assets resulting from dividends to
shareholders (5,119,517) (10,826,491)
------------ ------------
Beneficial Net decrease in net assets derived from beneficial
Interest interest transactions (6,437,542) (18,720,933)
Transactions ------------ ------------
(Note 4):
Net Assets: Total increase (decrease) in net assets 1,122,885 (17,761,754)
Beginning of period 207,230,065 224,991,819
------------ ------------
End of period $208,352,950 $207,230,065
============ ============
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (continued)
<PAGE>
<TABLE>
Financial Highlights
<CAPTION>
Class A
For the
The following per share data and ratios have been derived Six Months
from information provided in the financial statements. Ended
Jan. 31, For the Year Ended July 31,
Increase (Decrease) in Net Asset Value: 1996 1995 1994 1993 1992
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.71 $ 10.63 $ 11.23 $ 11.03 $ 10.37
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .29 .58 .58 .62 .66
Realized and unrealized gain (loss) on
investments--net .39 .08 (.55) .24 .70
-------- -------- -------- -------- --------
Total from investment operations .68 .66 .03 .86 1.36
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.29) (.58) (.58) (.62) (.66)
Realized gain on investments--net -- -- -- (.04) (.04)
In excess of realized gain on
investments--net -- -- (.05) -- --
-------- -------- -------- -------- --------
Total dividends and distributions (.29) (.58) (.63) (.66) (.70)
-------- -------- -------- -------- --------
Net asset value, end of period $ 11.10 $ 10.71 $ 10.63 $ 11.23 $ 11.03
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 6.40%+++ 6.51% .19% 8.15% 13.57%
Return:** ======== ======== ======== ======== ========
Ratios to Expenses, net of reimbursement .71%* .74% .69% .71% .60%
Average ======== ======== ======== ======== ========
Net Assets: Expenses .71%* .74% .69% .72% .77%
======== ======== ======== ======== ========
Investment income--net 5.30%* 5.57% 5.28% 5.62% 6.15%
======== ======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 38,762 $ 39,482 $ 46,669 $ 47,024 $ 35,042
Data: ======== ======== ======== ======== ========
Portfolio turnover 19.08% 57.17% 65.97% 16.28% 29.58%
======== ======== ======== ======== ========
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<PAGE>
FINANCIAL INFORMATION (continued)
<TABLE>
Financial Highlights (continued)
<CAPTION>
Class B
For the
The following per share data and ratios have been derived Six Months
from information provided in the financial statements. Ended
Jan. 31, For the Year Ended July 31,
Increase (Decrease) in Net Asset Value: 1996 1995 1994 1993 1992
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.71 $ 10.63 $ 11.23 $ 11.03 $ 10.37
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .26 .53 .53 .56 .61
Realized and unrealized gain (loss) on
investments--net .40 .08 (.55) .24 .70
-------- -------- -------- -------- --------
Total from investment operations .66 .61 (.02) .80 1.31
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.26) (.53) (.53) (.56) (.61)
Realized gain on investments--net -- -- -- (.04) (.04)
In excess of realized gain on
investments--net -- -- (.05) -- --
-------- -------- -------- -------- --------
Total dividends and distributions (.26) (.53) (.58) (.60) (.65)
-------- -------- -------- -------- --------
Net asset value, end of period $ 11.11 $ 10.71 $ 10.63 $ 11.23 $ 11.03
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 6.23%+++ 5.97% (.31%) 7.61% 13.10%
Return:** ======== ======== ======== ======== ========
Ratios to Expenses, net of reimbursement 1.21%* 1.25% 1.20% 1.21% 1.10%
Average ======== ======== ======== ======== ========
Net Assets: Expenses 1.21%* 1.25% 1.20% 1.22% 1.28%
======== ======== ======== ======== ========
Investment income--net 4.79%* 5.06% 4.77% 5.11% 5.67%
======== ======== ======== ======== ========
<PAGE>
Supplemental Net assets, end of period (in thousands) $163,757 $164,020 $178,322 $170,652 $129,475
Data: ======== ======== ======== ======== ========
Portfolio turnover 19.08% 57.17% 65.97% 16.28% 29.58%
======== ======== ======== ======== ========
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (concluded)
<TABLE>
Financial Highlights (concluded)
<CAPTION>
Class C Class D
For the For the For the For the
Six Period Six Period
The following per share data and ratios have been derived Months October 21, Months October 21,
from information provided in the financial statements. Ended 1994++ to Ended 1994++ to
January 31, July 31, January 31, July 31,
Increase (Decrease) in Net Asset Value: 1996 1995 1996 1995
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.71 $ 10.34 $ 10.71 $ 10.34
Operating -------- -------- -------- --------
Performance: Investment income--net .26 .40 .28 .44
Realized and unrealized gain on investments--net .39 .37 .40 .37
-------- -------- -------- --------
Total from investment operations .65 .77 .68 .81
-------- -------- -------- --------
Less dividends from investment income--net (.26) (.40) (.28) (.44)
-------- -------- -------- --------
Net asset value, end of period $ 11.10 $ 10.71 $ 11.11 $ 10.71
======== ======== ======== ========
Total Investment Based on net asset value per share 6.08%+++ 7.62%+++ 6.44%+++ 8.05%+++
Return:** ======== ======== ======== ========
Ratios to Expenses 1.32%* 1.39%* .81%* .86%*
Average ======== ======== ======== ========
Net Assets: Investment income--net 4.66%* 4.83%* 5.19%* 5.45%*
======== ======== ======== ========
<PAGE>
Supplemental Net assets, end of period (in thousands) $ 2,997 $ 1,337 $ 2,837 $ 2,390
Data: ======== ======== ======== ========
Portfolio turnover 19.08% 57.17% 19.08% 57.17%
======== ======== ======== ========
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch New Jersey 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. 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 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.
<PAGE>
(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 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.
NOTES TO FINANCIAL STATEMENTS (continued)
<PAGE>
(e) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expense on a straight-
line basis over a five-year period. 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.
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. The Investment Advisory Agreement obligates
FAM to reimburse the Fund to the extent the Fund's expenses
(excluding interest, taxes, distribution fees, brokerage fees and
commissions, and extraordinary items) exceed 2.5% of the Fund's
first $30 million of average daily net assets, 2.0% of the next $70
million of average daily net assets, and 1.5% of the average daily
net assets in excess thereof. FAM's obligation to reimburse the Fund
is limited to the amount of the management fee. No fee payment will
be made to FAM during any fiscal year which will cause such expenses
to exceed expense limitations at the time of payment.
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
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
Maintenance Distribution
Fee Fee
<PAGE>
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 January 31, 1996, MLFD earned underwriting
discounts and commissions 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 $505 $6,639
Class D $495 $3,920
For the six months ended January 31, 1996, MLPF&S received
contingent deferred sales charges of $153,372 and $1,949 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, MLPF&S, MLFDS, MLFD, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended January 31, 1996 were $38,237,448 and
$58,514,172, respectively.
Net realized and unrealized gains (losses) as of January 31, 1996
were as follows:
Realized
Gains Unrealized
(Losses) Gains
<PAGE>
Long-term investments $ 1,811,867 $ 15,326,309
Financial futures contracts (401,888) --
------------ ------------
Total $ 1,409,979 $ 15,326,309
============ ============
As of January 31, 1996, net unrealized appreciation for Federal
income tax purposes aggregated $15,326,309, of which $15,390,069
related to appreciated securities and $63,760 related to depreciated
securities. The aggregate cost of investments at January 31, 1996
for Federal income tax purposes was $187,394,713.
4. Beneficial Interest Transactions:
Net decrease in net assets derived from beneficial interest
transactions was $6,437,542 and $18,720,933 for the six months ended
January 31, 1996 and for the year ended July 31, 1995, respectively.
Transactions in shares of beneficial interest for each class were as
follows:
Class A Shares for the Six Months Dollar
Ended January 31, 1996 Shares Amount
Shares sold 93,011 $ 1,010,188
Shares issued to share-
holders in reinvestment of
dividends 45,019 489,524
----------- ------------
Total issued 138,030 1,499,712
Shares redeemed (334,571) (3,646,783)
----------- ------------
Net decrease (196,541) $ (2,147,071)
=========== ============
Class A Shares for the Year Dollar
Ended July 31, 1995 Shares Amount
Shares sold 285,352 $ 2,994,554
Shares issued to share-
holders in reinvestment of
dividends 107,747 1,124,074
----------- ------------
Total issued 393,099 4,118,628
Shares redeemed (1,096,857) (11,448,312)
----------- ------------
Net decrease (703,758) $ (7,329,684)
=========== ============
<PAGE>
Class B Shares for the Six Months Dollar
Ended January 31, 1996 Shares Amount
Shares sold 1,006,353 $ 10,973,006
Shares issued to share-
holders in reinvestment of
dividends 191,835 2,085,759
----------- ------------
Total issued 1,198,188 13,058,765
Shares redeemed (1,761,773) (19,209,481)
Automatic conversion of
shares (6,897) (75,147)
----------- ------------
Net decrease (570,482) $ (6,225,863)
=========== ============
Class B Shares for the Year Dollar
Ended July 31, 1995 Shares Amount
Shares sold 2,388,253 $ 24,978,371
Shares issued to share-
holders in reinvestment of
dividends 432,890 4,516,904
----------- ------------
Total issued 2,821,143 29,495,275
Shares redeemed (4,280,646) (44,462,443)
Automatic conversion of
shares (534) (5,764)
----------- ------------
Net decrease (1,460,037) $(14,972,932)
=========== ============
NOTES TO FINANCIAL STATEMENTS (concluded)
Class C Shares for the Six Months Dollar
Ended January 31, 1996 Shares Amount
Shares sold 166,396 $ 1,815,104
Shares issued to share-
holders in reinvestment of
dividends 2,469 26,907
----------- ------------
Total issued 168,865 1,842,011
Shares redeemed (23,828) (260,022)
----------- ------------
Net increase 145,037 $ 1,581,989
=========== ============
Class C Shares for the Period Dollar
Oct. 21, 1994++ to July 31, 1995 Shares Amount
Shares sold 133,835 $ 1,406,245
Shares issued to share-
holders in reinvestment of
dividends 1,527 16,223
----------- ------------
Total issued 135,362 1,422,468
Shares redeemed (10,493) (112,724)
----------- ------------
Net increase 124,869 $ 1,309,744
=========== ============
[FN]
++Commencement of Operations.
Class D Shares for the Six Months Dollar
Ended January 31, 1996 Shares Amount
Shares sold 55,888 $ 614,757
Automatic conversion of
shares 6,897 75,147
Shares issued to share-
holders in reinvestment of
dividends 2,185 23,780
----------- ------------
Total issued 64,970 713,684
Shares redeemed (32,754) (360,281)
----------- ------------
Net increase 32,216 $ 353,403
=========== ============
<PAGE>
Class D Shares for the Period
Oct. 21, 1994++ to Dollar
July 31, 1995 Shares Amount
Shares sold 254,777 $ 2,604,492
Automatic conversion of
shares 534 5,764
Shares issued to share-
holders in reinvestment of
dividends 1,732 18,389
----------- ------------
Total issued 257,043 2,628,645
Shares redeemed (33,883) (356,706)
----------- ------------
Net increase 223,160 $ 2,271,939
=========== ============
[FN]
++Commencement of Operations.
5. Capital Loss Carryforward:
At July 31, 1995, the Fund had a net capital loss carryforward of
approximately $5,019,000, 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
Donald C. Burke, Vice President
Vincent R. Giordano, Vice President
Kenneth A. Jacob, Vice President
William M. Petty, Portfolio Manager
Gerald M. Richard, Treasurer
Jerry Weiss, Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
<PAGE>
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
