September 22, 1994
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for
Merrill Lynch Multi-State Limited Maturity Municipal
Series Trust
File No. 811-6282
Dear Sirs:
In accordance with the provisions of Rule 24f-2
under the Investment Company Act of 1940, Merrill
Lynch Multi-State Limited Maturity Municipal
Series Trust (the "Trust") hereby transmits its
Rule 24f-2 Notice (the "Notice") on behalf of
eight of its constituent portfolios: The Merrill
Lynch Arizona, California, Florida, New Jersey,
New York, Pennsylvania, Massachusetts and Michigan
Limited Maturity Municipal Bond Funds,
respectively (collectively referred to herein as
the "Funds").
This Notice is being filed for the fiscal year of
each of the above referenced Funds ended July 31,
1994 (the "Fiscal Year").
Set forth below is the information required by
Rule 24f-2 for each Fund. Included in such
information are the calculations on which the
enclosed filing fee is based.
I.Merrill Lynch Arizona Limited Maturity Municipal
Bond Fund
1. No shares of Beneficial Interest of the Fund
which had been registered under the Securities
Act of 1933 (the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold at the
beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act during
the Fiscal Year other than pursuant
to Rule 24f-2.
3. 895,223 shares of Beneficial Interest were
sold during the Fiscal Year.*
4. 895,223 shares of Beneficial Interest were
sold during the Fiscal Year in reliance
upon registration pursuant to Rule 24f-2.
Transmitted with this Notice is an opinion
of Brown & Wood, counsel for the Trust,
indicating that the securities the registration
of which this Notice makes definite in
number were legally issued, fully paid
and non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $2,599.44 has been
wired. Such fee (which relates to the 895,223
shares referred to in Paragraph (4), is based
upon the actual aggregate sale price for
which such securities were sold during
the Fiscal Year, reduced by the actual
aggregate repurchase price of shares
of Beneficial Interest redeemed or repurchased
during the Fiscal Year. The Trust did not
apply the redemption or repurchase
price of any shares of Beneficial Interest
redeemed or repurchased during the Fiscal Year
pursuant to Rule 24e-2(a) in filings made
pursuant to rule 24(e)(1) of the Investment
Company Act of 1940. The calculation of the
amount on which the filing fee is based as
follows:
(i) Actual aggregate price for the
895,223 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$8,961,360
reduced by
(ii) Aggregate redemption price for
the 142,603 shares of Beneficial
Interest redeemed during the
Fiscal Year.**
$1,423,029
equals amount on which filing fee
is based $7,538,331
____________
*Of this amount 278,239 Class A shares were sold
at an aggregate price of $2,797,175 and 616,984
Class B shares were sold at an aggregate price of
$6,164,185. The aggregate price of all shares of
Beneficial Interest sold during the Fiscal Year
was $8,961,360. All of such amount was sold in
reliance upon registration pursuant to
Rule 24f-2.
**Of this amount 74,510 were Class A shares which
were redeemed at an aggregate price of $744,870
and 68,093 were Class B shares which were redeemed at
an aggregate price of $678,159. The aggregate
price of all shares of Beneficial Interest
redeemed during the Fiscal Year was $1,423,029.
<PAGE>
II.Merrill Lynch California Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of the Fund
which had been registered under the
Securities Act of 1933 (the "Securities Act")
other than pursuant to Rule 24f-2 remained
unsold at the beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal Year other than
pursuant to Rule 24f-2.
3. 1,785,123 shares of Beneficial Interest were
sold during the Fiscal Year.*
4. 1,785,123 shares of Beneficial Interest were
sold during the fiscal Year in reliance upon
registration pursuant to Rule 24f-2.
Transmitted with this Notice is an opinion of
Brown & Wood, counsel for the Trust,
indicating that the securities the
registration of which this Notice makes
definite in number were legally issued, fully
paid and non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $5,250.33 has been
wired. Such fee (which relates to the
1,785,123 shares referred to in Paragraph (4),
is based upon the actual aggregate sale
price for which such securities were
sold during the Fiscal Year, reduced
by the actual aggregate repurchase price
of shares of Beneficial Interest redeemed
or repurchased during the Fiscal Year.
The Trust did not apply the redemption
or repurchase price of any shares
of Beneficial Interest redeemed or
repurchased during the Fiscal Year pursuant
to Rule 24e-2(a) in filings made pursuant to
rule 24(e)(1) of the Investment Company Act
of 1940. The calculation of the amount on
which the filing fee is based as follows:
(i) Actual aggregate price for the
1,785,123 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$17,870,738
reduced by
(ii) Aggregate redemption price for
the 266,339 shares of Beneficial
Interest redeemed during the
Fiscal Year.**
$ 2,644,894
equals amount on which filing fee
is based $15,225,844
____________
*Of this amount 498,638 Class A shares were sold
at an aggregate price of $5,006,409 and 1,286,485
Class B shares were sold at an aggregate sale
price of $12,864,329. The aggregate sale price of
all shares of Beneficial Interest sold during the
Fiscal Year was $17,870,738.
**Of this amount 121,849 were Class A shares which
were redeemed at an aggregate sale price of
$1,206,841 and 144,490 were Class B shares which were
redeemed at an aggregate price of $1,438,053. The
aggregate price of all shares of Beneficial
Interest redeemed during the Fiscal Year was
$2,644,894.
<PAGE>
III. Merrill Lynch Florida Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of the
Fund which had been registered under
the Securities Act of 1933 (the "Securities Act")
other than pursuant to Rule 24f-2 remained
unsold at the beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal year other than pursuant
to Rule 24f-2.
3. 4,448,490 shares of Beneficial Interest
were sold during the Fiscal Year.*
4. 4,448,490 shares of Beneficial Interest were
sold during the Fiscal year in reliance upon
registration pursuant to Rule 24f-2.
Transmitted with this Notice is an opinion of
Brown & Wood, counsel for the Trust,
indicating that the securities the
registration of which this Notice makes
definite in number were legally issued, fully
paid and non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $11,434.72 has
been wired. Such fee (which relates
to the 4,448,490 shares referred to in
Paragraph (4), is based upon the actual
aggregate sale price for which such
securities were sold during the Fiscal
Year, reduced by the actual aggregate
repurchase price of shares of Beneficial
Interest redeemed or repurchased during the
Fiscal Year. The Trust did not apply the
redemption or repurchase price of any shares
of Beneficial Interest redeemed or
repurchased during the Fiscal Year pursuant
to Rule 24e-2(a) in filings made pursuant to
rule 24(e)(1) of the Investment Company Act
of 1940. The calculation of the amount on
which the filing fee is based as follows:
(i) Actual aggregate price for the
4,448,490 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$44,544,961
____________
*Of this amount 2,423,924 Class A shares were sold
at an aggregate price of $24,316,437 and 2,024,566
Class B shares were sold at an aggregate price of
$20,228,524. The aggregate sale price of all
shares of Beneficial Interest sold during the
Fiscal Year was $44,544,961.
<PAGE>
reduced by
(ii) Aggregate redemption price for
the 1,149,735 shares of Beneficial
Interest redeemed during the
Fiscal Year.*
$ 11,384,512
equals amount on which filing fee
is based $ 33,160,449
IV. Merrill Lynch New Jersey Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of the Fund
which had been registered under the Securities
Act of 1933 (the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold at the
beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act during
the Fiscal Year other than pursuant to Rule 24f-2.
3. 1,625,382 shares of Beneficial Interest were
sold during the Fiscal Year.**
4. 1,625,382 shares of Beneficial Interest were
sold during the Fiscal Year in reliance upon
registration pursuant to Rule 24f-2.
Transmitted with this Notice is an opinion of
Brown & Wood, counsel for the Trust,
indicating that the securities the
registration of which this Notice makes
definite in number were legally issued, fully
paid and non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $4,720.53 has
been wired. Such fee (which relates to
the 1,625,382 shares referred to in
Paragraph (4), is based upon the actual
aggregate sale price for which such
securities were sold during the Fiscal
Year, reduced by the actual aggregate
repurchase price of shares of Beneficial
Interest redeemed or repurchased during the
Fiscal Year. The Trust did not apply the
redemption or repurchase price of any shares
of Beneficial Interest redeemed or
repurchased during the Fiscal Year pursuant
to Rule 24e-2(a) in filings made pursuant to
rule 24(e)(1) of the Investment Company Act
of 1940. The calculation of the amount on
which the filing fee is based as follows:
____________
*Of this amount 943,039 were Class A shares which
were redeemed at an aggregate price of $9,343,654
and 206,696 were Class B shares which were redeemed
at an aggregate price of $2,040,858. The aggregate
price of all shares of Beneficial Interest
redeemed during the Fiscal Year was $11,384,512.
**Of this amount 713,522 Class A shares were sold
at an aggregate price of $7,142,005 and 911,860
Class B shares were sold at an aggregate price of
$9,110,233. The aggregate sale price of all
shares of Beneficial Interest sold during the
Fiscal Year was $16,252,238.
<PAGE>
(i) Actual aggregate price for the
1,625,382 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$16,252,238
reduced by
(ii) Aggregate redemption price for
the 258,015 shares of Beneficial
Interest redeemed during the
Fiscal Year.*
$ 2,562,802
equals amount on which filing fee
is based $13,689,436
VI. Merrill Lynch New York Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of the Fund
which had been registered under the Securities
Act of 1933 (the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold at the
beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act during
the Fiscal Year other than pursuant to Rule 24f-2.
3. 1,795,989 shares of Beneficial Interest were
sold during the Fiscal Year.**
4. 1,795,989 shares of Beneficial Interest were
sold during the Fiscal Year in reliance upon
registration pursuant to Rule 24f-2.
Transmitted with this Notice is an opinion of
Brown & Wood, counsel for the Trust,
indicating that the securities the
registration of which this Notice makes
definite in number were legally issued, fully
paid and non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $5,130.01 has been
wired. Such fee (which relates to the
1,795,989 shares referred to in Paragraph (4),
is based upon the actual aggregate sale price
for which such securities were sold during
the Fiscal Year, reduced by the actual aggregate
____________
*Of this amount 125,194 were Class A shares which
were redeemed at an aggregate price of $1,242,893
and 132,821 Class B shares were redeemed at an
aggregate price of $1,319,909. The aggregate
price of all shares of Beneficial Interest
redeemed during the Fiscal Year was $2,562,802.
**Of this amount 688,129 Class A shares were sold
at an aggregate price of $6,868,576 and 1,107,860
Class B shares were sold at an aggregate price of
$11,052,622. The aggregate price of all shares of
Beneficial Interest sold during the Fiscal Year
was $17,921,198.
<PAGE>
repurchase price of shares of Beneficial
Interest redeemed or repurchased during the
Fiscal Year. The Trust did not apply the
redemption or repurchase price of any shares
of Beneficial Interest redeemed or
repurchased during the Fiscal Year pursuant
to Rule 24e-2(a) in filings made pursuant to
rule 24(e)(1) of the Investment Company Act
of 1940. The calculation of the amount on
which the filing fee is based as follows:
(i) Actual aggregate price for the
1,795,989 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$17,921,198
reduced by
(ii) Aggregate redemption price for
the 306,337 shares of Beneficial
Interest redeemed during the
Fiscal Year.*
$ 3,044,284
equals amount on which filing fee
is based $14,876,914
VI. Merrill Lynch Pennsylvania Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of the Fund
which had been registered under the Securities
Act of 1933 (the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold at the
beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act during
the Fiscal Year other than pursuant to Rule 24f-2.
3. 1,174,298 shares of Beneficial Interest were
sold during the Fiscal Year.**
4. 1,174,298 shares of Beneficial Interest were
sold during the Fiscal Year in reliance upon
registration pursuant to Rule 24f-2.
Transmitted with this Notice is an opinion of
Brown & Wood, counsel for the Trust,
indicating that the securities the
registration of which this Notice makes
definite in number were legally issued, fully
paid and non-assessable.
____________
*Of this amount 167,164 were Class A shares which
were redeemed at an aggregate price of $1,662,649
and 139,173 were Class B shares which were
redeemed at an aggregate price of $1,381,635.
The aggregate price of all shares of Beneficial Interest
redeemed during the Fiscal Year was $3,044,284.
**Of this amount 106,856 Class A shares were sold
at an aggregate price of $1,069,053 and 1,067,442
Class B shares were sold at an aggregate price of
$10,675,486. The aggregate sale price of all
shares of Beneficial Interest sold during the
Fiscal Year was $11,744,539.
<PAGE>
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $3,570.03 has been
wired. Such fee (which relates to the 1,174,298
shares referred to in Paragraph (4), is based upon
the actual aggregate sale price for which
such securities were sold during the Fiscal
Year, reduced by the actual aggregate
repurchase price of shares of Beneficial
Interest redeemed or repurchased during the
Fiscal Year. The Trust did not apply the
redemption or repurchase price of any shares
of Beneficial Interest redeemed or
repurchased during the Fiscal Year pursuant
to Rule 24e-2(a) in filings made pursuant to
rule 24(e)(1) of the Investment Company Act
of 1940. The calculation of the amount on
which the filing fee is based as follows:
(i) Actual aggregate price for the
1,174,298 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$11,744,539
reduced by
(ii) Aggregate redemption price for
the 140,135 shares of Beneficial
Interest redeemed during the
Fiscal Year.*
$ 1,391,523
equals amount on which filing fee
is based $10,353,016
VII. Merrill Lynch Massachusetts Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of the Fund
which had been registered under the Securities
Act of 1933 (the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold at the
beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act during
the Fiscal Year other than pursuant to Rule 24f-2.
3. 1,904,721 shares of Beneficial Interest were
sold during the Fiscal Year.**
4. 1,904,721 shares of Beneficial Interest were
sold during the Fiscal Year in reliance upon
registration pursuant to Rule 24f-2.
Transmitted with this Notice is an opinion of
Brown & Wood, counsel for the Trust,
indicating that the securities the
registration of which this notice makes
____________
*Of this amount 13,280 were Class A shares which
were redeemed at an aggregate price of $132,350
and 126,855 Class B shares which were redeemed at
an aggregate price of $1,259,173. The aggregate
price of all shares of Beneficial Interest
redeemed during the Fiscal Year was $1,391,523.
**Of this amount 986,106 Class A shares were sold
at an aggregate price of $9,847,094 and 918,615
Class B shares were sold at an aggregate price of
$9,181,458. The aggregate sale price of all
shares of Beneficial Interest sold during the
Fiscal Year was $19,028,552.
<PAGE>
definite in number were legally issued, fully
paid and non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $5,490.23 has been
wired. Such fee (which relates to the
1,904,721 shares referred to in
Paragraph (4), is based upon the actual
aggregate sale price for which such
securities were sold during the Fiscal
Year, reduced by the actual aggregate
repurchase price of shares of Beneficial
Interest redeemed or repurchased during the
Fiscal Year. The Trust did not apply the
redemption or repurchase price of any shares
of Beneficial Interest redeemed or
repurchased during the Fiscal Year pursuant
to Rule 24e-2(a) in filings made pursuant to
rule 24(e)(1) of the Investment Company Act
of 1940. The calculation of the amount on
which the filing fee is based as follows:
(i) Actual aggregate price for the
1,904,721 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$19,028,552
reduced by
(ii) Aggregate redemption price for
the 311,466 shares of Beneficial
Interest redeemed during the
Fiscal Year.*
$3,107,007
equals amount on which filing fee
is based $15,921,545
VIII. Merrill Lynch Michigan Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of the
Fund which had been registered under
the Securities Act of 1933 (the "Securities Act")
other than pursuant to Rule 24f-2 remained
unsold at the beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal Year other than
pursuant to Rule 24f-2.
3. 679,940 shares of Beneficial Interest
were sold during the Fiscal Year.**
____________
*Of this amount 187,581 were Class A shares which
were redeemed at an aggregate price of $1,874,872
and 123,885 were Class B shares which were
redeemed at an aggregate price of $1,232,135.
The aggregate price of all shares of Beneficial Interest
redeemed during the Fiscal Year was $3,107,007.
**Of this amount 401,323 Class A shares were sold
at an aggregate price of $4,038,248 and 278,617
Class B shares were sold at an aggregate price of
$2,783,049. The aggregate sale price of all
shares of Beneficial Interest sold during the
Fiscal Year was $6,821,297.
<PAGE>
4. 679,940 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this Notice
is an opinion of Brown & Wood, counsel
for the Trust, indicating that the securities
the registration of which this Notice makes
definite in number were legally issued, fully
paid and non-assessable.
5. In accordance with Paragraph (c)
of Rule 24f-2, the fee of $1,991.65 has been
wired. Such fee (which relates to the 679,940
shares referred to in Paragraph (4), is based
upon the actual aggregate sale price for which
such securities were sold during the Fiscal Year,
reduced by the actual aggregate repurchase
price of shares of Beneficial Interest
redeemed or repurchased during the Fiscal
Year. The Trust did not apply the redemption
or repurchase price of any shares of
Beneficial Interest redeemed or repurchased
during the Fiscal Year pursuant to
Rule 24e-2(a) in filings made pursuant to
Rule 24(e)(1) of the Investment Company Act of
1940. The calculation of the amount on which
the filing fee is based as follows:
(i) Actual aggregate price for the
679,940 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$6,821,297
reduced by
(ii) Aggregate redemption price for
the 105,456 shares of Beneficial
Interest redeemed during the
Fiscal Year.*
$1,045,556
equals amount on which filing fee
is based $5,775,741
Please direct any questions relating to this
filing to Robert Harris at Merrill Lynch Asset
Management, P.O. Box 9011, Princeton, NJ
08543-9011 (609) 282-2025 or to Laurin Blumenthal
Kleiman at Brown & Wood, One World Trade Center,
New York, New York 10048, (212) 839-8525.
Very truly yours,
Merrill Lynch Multi-State Limited Maturity
Municipal Series Trust
By /s/ Robert Harris
- - - - - - - - - - -
Robert Harris
Secretary
____________
*Of this amount 62,639 were Class A shares which
were redeemed at an aggregate price of $622,769
and 42,817 Class B shares which were redeemed at
an aggregate price of $422,787. The aggregate
price of all shares of Beneficial Interest
redeemed during the Fiscal Year was $1,045,556.
BROWN & WOOD
One World Trade Center
New York, N.Y. 10048-0557
Telephone: 212-839-5300
Facsimile 212-839-5599
September 20, 1994
Merrill Lynch Multi-State Limited
Maturity Municipal Series Trust
P.O. Box 9011
Princeton, New Jersey 08543-9011
Dear Sir or Madam:
This opinion is furnished in connection with the notice
(the "Notice") to be filed by Merrill Lynch Multi-State
Limited Maturity Municipal Series Trust, a Massachusetts
business trust (the "Trust"), with the Securities and
Exchange Commission pursuant to Rule 24f-2 under
the Investment Company Act of 1940, as amended.
The Notice is being filed to make definite the
registration under the Securities Act of 1933,
as amended, of 14,309,166 shares of beneficial
interest, par value $0.10 per share, of the Trust
(the "Shares") which were sold during the Trust's
fiscal year ended July 31, 1994. The Shares
consist of 895,223 shares of beneficial interest of
Merrill Lynch Arizona Limited Maturity Municipal
Bond Fund (the "Arizona Fund"); 1,785,123 shares
of beneficial interest of Merrill Lynch California
Limited Maturity Municipal Bond Fund (the "California
Fund"); 4,448,490 shares of beneficial interest
of Merrill Lynch Florida Limited Maturity Municipal
Bond Fund (the "Florida Fund"); 1,625,382 shares
of beneficial interest of Merrill Lynch New Jersey
Limited Maturity Municipal Bond Fund (the "New
Jersey Fund"); 1,795,989 shares of beneficial
interest of Merrill Lynch New York Limited Maturity
Municipal Bond Fund (the "New York Fund");
1,174,298 shares of beneficial interest of Merrill Lynch
Pennsylvania Limited Maturity Municipal Bond
Fund (the "Pennsylvania Fund"); 1,904,721 shares
of beneficial interest of Merrill Lynch Massachusetts
Limited Maturity Municipal Bond Fund (the
"Massachusetts Fund"); and 679,940 shares of
beneficial interest of Merrill Lynch Michigan Limited
Maturity Municipal Bond Fund (the "Michigan Fund").
The Arizona, California, Florida, New Jersey, New York,
Pennsylvania, Massachusetts and Michigan Funds
comprise all of the series of the Trust currently
offering their shares to the public.
As counsel for the Trust, we are familiar with the
proceedings taken by it in connection with the
authorization, issuance and sale of the Shares.
In addition, we have examined and are familiar
with the Declaration of Trust of the Trust, the
By-Laws of the Trust and such other documents
as we have deemed relevant to the matters referred
to in this opinion.
Based upon the foregoing, we are of the opinion
that the Shares were legally issued, fully paid and
non-assessable.
In rendering this opinion, we have relied as to
matters of Massachusetts law upon an opinion of
Bingham, Dana & Gould, dated September 20, 1994,
rendered to the Trust.
We hereby consent to the filing of this opinion with
the Securities and Exchange Commission as an
attachment to theNotice.
Very truly yours,
