MERRILL LYNCH
MULTI-STATE
LIMITED MATURITY
MUNICIPAL
SERIES TRUST
FUND LOGO
Semi-Annual Report
January 31, 1995
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.
Merrill Lynch Multi-State
Limited Maturity
Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011
<PAGE>
Merrill Lynch Multi-State Limited Maturity Series Trust
Officers and
Trustees
Arthur Zeikel, President and Trustee
Kenneth S. Axelson, Trustee
Herbert I. London, Trustee
Robert R. Martin, Trustee
Joseph L. May, Trustee
Andre F. Perold, Trustee
Terry K. Glenn, Executive Vice President
Vincent R. Giordano, Senior Vice President
Donald C. Burke, Vice President
Peter J. Hayes, Vice President
Kenneth A. Jacob, Vice President
Gerald M. Richard, Treasurer
Robert Harris, Secretary
Custodian
The Bank of New York
90 Washington Street
New York, New York 10286
Transfer Agent
Financial Data Services, Inc.
Transfer Agency Mutual Funds Operations
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
<PAGE>
TO OUR SHAREHOLDERS
The combination of heightened inflation-
ary concerns, anticipation of further
tightening of monetary policy by the
Federal Reserve Board and the turmoil of
the Mexican currency crisis all exerted
negative influences on the US financial
markets during the January quarter. On
the positive side, increasing signs that the
US economy may be losing momentum
suggested that most of the interest rate
increases for this economic cycle may be
behind us. As a result of these economic
crosscurrents, the US stock and bond
markets continued to be volatile during
the period.
The manufacturing sector proved to be the
driving force behind the US economy
through the final quarter of 1994, making
an important contribution to the substan-
tial increase in corporate earnings. US
companies have been successful at con-
taining labor costs, which are an impor-
tant component of the inflation outlook.
Growth in the economy has not been
translated into higher wages and benefits
for US workers. Consumer spending is
growing at a slower pace than in previous
economic recoveries, but households are
nonetheless spending more than saving,
as the personal savings rate fell to an
all-time annual low in 1994.
<PAGE>
In the weeks ahead, investors will con-
tinue to assess economic data and infla-
tionary trends in order to gauge whether
further increases in short-term interest
rates are likely as 1995 unfolds. Despite the
widespread concerns about rising prices
for raw materials and incipient inflation-
ary pressures, 1994's inflation results were
as positive as those in 1993, creating the
best sustained inflation performance in
30 years. However, it is not likely that such
positive inflation results will be duplicated
in 1995. Investors will also focus on the
progress that the new Congress makes on
both reducing spending and the Federal
budget deficit and passing tax cuts that
promote savings and investment. Legisla-
tive progress, combined with continued
indications of moderate and sustainable
levels of economic growth, would be
positive for the US capital markets. How-
ever, the lagged effects of higher interest
rates could slow the economy sharply and
with it, the growth of corporate profits.
The Municipal Market
The municipal bond market continued to
exhibit considerable interest rate vola-
tility during the three months ended
January 31, 1995. Yields on A-rated munic-
ipal revenue bonds continued to rise
throughout November to a high of 7.37%
as measured by the Bond Buyer Revenue
Bond Index. The tax-exempt bond market
improved dramatically for the remainder
of the quarter, and yields fell by approxi-
mately 60 basis points (0.60%) to a four-
month low of 6.78%. However, the Index
failed to capture much of the rally that
occurred at the end of January as market
yields declined a further ten basis points
into the 6.65% range. Municipal bond
prices have now recaptured much of their
declines of the last six months.
<PAGE>
This improvement in municipal bond
prices during the January quarter was
largely the result of change in investor
sentiment. The series of interest rate
increases engineered during 1994 have
gone a long way in confirming the Federal
Reserve Board's anti-inflationary resolve.
Additionally, the recent signs of a weakening
domestic economy, as well as the negative
near-term impact of the Kobe earthquake and
Mexican currency situation, have allowed
investors to become more comfortable
with the concept that the vast majority of
the recent rise in fixed-income rates has
already occurred. In fact, many economists
believe that yields during 1995 are more
likely to remain stable or decline than
they are to significantly rise again. Con-
sequently, current yield levels are being
viewed as attractive to long-term investors.
In addition to this more positive outlook,
the ongoing strong technical position
of the municipal bond market has fostered
the increase in tax-exempt bond prices seen
in recent months. Over $25 billion in bond
proceeds became available to investors at
year-end 1994 from bond maturities, coupon
payments and early redemptions. However,
during the recent January quarter, new bond
issuance was less than $25 billion, down 50%
from the January 1994 quarter. In January 1995,
less than $7 billion in long-term municipal
securities were issued, making this past
January's issuance the lowest monthly
total since the mid-1980s. Investor demand
has easily surpassed supply, causing bond
prices to rise rapidly. Also, as 1995 annual
issuance is expected to be below the
recent historically low 1994 levels, this
positive technical environment should
continue to support the recent improve-
ments in municipal bond prices into the
coming quarters.
<PAGE>
Portfolio Strategy
Merrill Lynch Arizona Limited Maturity
Municipal Bond Fund
In his recent budget address, Governor
Fife Symington of Arizona proposed an
across-the-board income tax reduction. He
proposed a reduction of 50% for low wage
earners and a less dramatic amount for
higher income taxpayers, attempting to
reduce taxes by a total of $200 million. In
the upcoming months, the legislature will
debate the nature of the cut, whether it
be solely from income tax reductions or a
combination of cuts from property, busi-
ness or other taxes. Symington favors
an all-around income tax reduction since
he ultimately favors an elimination of the
personal income tax altogether. His legis-
lature appears to support a flat tax. The
Governor also stressed the importance of
continuing to improve Arizona's infra-
structure as a means towards maintaining
the State's economic growth, which has
been extremely strong over the past
several years. The Governor projected an
ending balance for the current fiscal year
of $220 million, the result of increased
revenues to the State.
At the end of the October quarter, we had
a very defensive posture in Merrill Lynch
Arizona Limited Maturity Fund and main-
tained cash reserves of approximately 45%.
For the majority of the January quarter,
we utilized a similar portfolio strategy.
In December, the municipal bond market
experienced a great deal of weakness as
many funds experienced redemptions and
were forced to liquidate bonds. This was
exacerbated by "tax selling" as portfolio
managers attempted to realize losses
before the end of the year. In January, we
began to reduce our cash position and
extend our average portfolio maturity,
selling securities with maturities within
two years as they were most vulnerable to
future Federal Reserve Board moves. We
replaced these securities with securities
maturing in five years and longer, rated
AA or better by at least one of the major
rating services and prerefunded bonds.
Our focus in the upcoming quarter will be
the continued diversification of the port-
folio in an environment of very little
new issuance. At the end of the January
quarter, we maintained an average port-
folio maturity of 4.5 years and a cash
position of approximately 35%.
<PAGE>
Merrill Lynch California Limited
Maturity Municipal Bond Fund
On December 6, 1994 Orange County,
California announced that it had filed for
bankruptcy protection under Chapter 11.
At the time of this announcement, Merrill
Lynch California Limited Maturity
Municipal Bond Fund had no exposure to
securities issued by Orange County or any
of its agencies. Despite this negative
development, California's economy con-
tinued to show improvement during the
January quarter. The State has generated
rising sales and personal income tax
receipts that enabled it to meet its budget
during the initial six months of the fiscal
year for the first time in four years. The
State's unemployment rate dropped from
10.1% to 7.4% during 1994 as close to
150,000 net new jobs were created. The
Governor's office projected 220,000 new
jobs in 1995 and 300,000 in 1996. The
California construction industry expe-
rienced a small turnaround from an
extremely poor 1993 and sadly may only
be helped by the disastrous floods and
heavy rain that inflicted over $70 million
in property damage in 13 counties during
January 1995.
The Federal Reserve Board tightened
monetary policy for the sixth time on
November 15, 1994 by raising the Federal
Funds rate from 4.75% to 5.50%. After this
rate hike, we extended Merrill Lynch
California Limited Maturity Municipal
Bond Fund's average maturity to 4.5 years
while maintaining a 28% cash equivalent
position. We executed this extension
because of strong technical factors in the
municipal marketplace. These factors
include large municipal defeasance (the
prerefunding of municipal debt) and an
anticipated lack of new-issue supply.
Diversification, credit quality and yield
remain paramount in importance to the
Fund, and we will continue to closely
monitor the everchanging marketplace.
<PAGE>
Merrill Lynch Florida Limited Maturity
Municipal Bond Fund
During the quarter ended January 31,
1995, the State of Florida continued to
show good economic growth. The State's
economy centers on a growing trade and
services sector, although tourism and
agriculture enjoyed a good year after very
poor initial expectations. Construction
growth remains healthy, with strong com-
mercial building occurring in the Miami
area. The State's adopted budget for fiscal
1995 increases general revenue fund
spending by $1.0 billion, or 7.6%, to $14.3
billion. Revenues are projected to grow by
$872.6 million, or 6.6%. The budget pro-
vides the first required minimum deposit
into the budget stabilization reserve fund
of $120 million, while the working capital
fund is drawn down from $300 million to
$159 million. No new taxes will be imposed
this year. New jobs in Florida's service
sector are expected to continue and bal-
ance future slackening demand for con-
struction and manufacturing jobs because
of continuing higher interest rates.
The Federal Reserve Board tightened
monetary policy for the sixth time on
November 15, 1994 by raising the Federal
Funds rate from 4.75% to 5.50%. After this
rate hike, we extended Merrill Lynch
Florida Limited Maturity Municipal Bond
Fund's average maturity to 4.6 years while
maintaining a 25% cash equivalent posi-
tion. We executed this extension because
of strong technical factors in the munici-
pal marketplace. These factors include
large municipal defeasance (the pre-
refunding of municipal debt) and an
anticipated lack of new-issue supply.
Diversification, credit quality and yield
remain paramount in importance to the
Fund, and we will continue to closely
monitor the everchanging marketplace.
<PAGE>
Merrill Lynch Massachusetts Limited
Maturity Municipal Bond Fund
During the January quarter, economic
growth in the Northeast continued to
lag that of the rest of the nation. The
Massachusetts economy, which has faired
better than the economies of most of its
neighbors, appears to be losing steam.
Rising interest rates have contributed to a
10% decline in home sales in the Common-
wealth over the last three months of 1994.
In addition, there has been no appreciable
job growth since the summer of 1994.
This is evident as the seasonally adjusted
unemployment rate for January stood at
6.0%, slightly higher than the national
rate of 5.7%. However, a bright spot for the
Commonwealth continues to be favorable
help wanted indexes as well as positive
tax receipt income.
The re-election of Governor Weld should
ensure a similar political agenda over the
next four years. Governor Weld began his
second term by proposing a conservative
balanced budget for 1996 in the amount of
$16.7 billion, or 2.6% higher than fiscal
year 1995. In addition, Governor Weld
plans to continue adding to the Common-
wealth's rainy day fund which is budgeted
to end fiscal year 1996 at $420 million.
<PAGE>
Although the municipal bond market
began the January quarter on a negative
note, with yields on ten-year general
obligation bonds reaching their highest
levels of the bear market cycle in mid-
November, we began to change the com-
position of Merrill Lynch Massachusetts
Limited Maturity Municipal Bond Fund.
Concerns of further Federal Reserve Board
tightening and a stronger-than-expected
economy in the fourth quarter prompted
us to reduce the average portfolio maturity
to approximately 3 years and raise cash
reserves to approximately 25% of net
assets at the outset of the quarter. How-
ever, the larger-than-expected increase
in interest rates by the Federal Reserve
Board of 75 basis points in both the
Federal Funds rate and the discount rate
created a market sell-off and subsequent
higher rates for intermediate-term munic-
ipal bonds. However, these higher yields
represented excellent value in what
appeared to be a market that had over-
reacted. For instance, yields on AA-rated
ten-year general obligation bonds traded
at yields which were approximately 85%
of comparable US Treasury notes, which
to an investor in the 39% top marginal
tax-bracket represented an equivalent
yield of over 10.25%, both of which repre-
sented excellent value on a historic basis.
<PAGE>
At this point we began to reduce our cash
position and extend the average portfolio
maturity from approximately 3.0 years to
over 4.2 years by January quarter-end. This
was done both to take advantage of these
historically attractive yields and in antici-
pation of the reduced supply of municipal
bonds available to investors in 1995. By
quarter-end, we had reduced our cash
reserve position to approximately 12% as
investments were concentrated in the
seven-year--ten-year portion of the yield
curve to try to capture the full effect of
any drop in yields that might occur. We
anticipate maintaining this strategy in the
near future as we look for signs that the
economy may be feeling the effects of
the Federal Reserve Board's aggressive
tightening of monetary policy in 1994.
Merrill Lynch Michigan Limited Maturity
Municipal Bond Fund
During the quarter ended January 31,
1995, the State of Michigan continued its
strong economic performance. In terms of
economic growth, 1994 was Michigan's
best year since 1988. Michigan's motor
vehicle production rose 25% over 1993's
strong pace. Housing permits were up 8%
while consumer spending increased 12%.
Michigan's employment picture improved
dramatically in 1994, with total employ-
ment rising almost 4% and unemployment
hovering around a 25-year low with labor
shortages reported in many parts of the
State. Manufacturing employment rose 6%
in Michigan, almost double the rise regis-
tered nationwide and service employment
rose 4.8%. For the first time since 1986,
Michigan surpassed the US average in per
capita income. In 1994, Michigan overtook
New York and Washington to become the
third-largest exporting state behind
California and Texas. Michigan's strong
economy and Governor Engler's policies
also produced a $362 windfall in tax
collections that must be distributed in
the form of a tax cut or a refund by the
end of 1995.
<PAGE>
The Federal Reserve Board tightened
monetary policy for the sixth time on
November 15, 1994 by raising the Federal
Funds rate from 4.75% to 5.50%. After this
rate hike, we extended Merrill Lynch
Michigan Limited Maturity Municipal
Bond Fund's average maturity to 4.7 years
while maintaining a 30% cash equivalent
position. We executed this extension
because of strong technical factors in the
municipal marketplace. These factors
include large municipal defeasance (pre-
refunding of municipal debt) and an
anticipated lack of new-issue supply.
Diversification, credit quality and yield
remain paramount in importance to the
Fund, and we will continue to closely
monitor the everchanging marketplace.
Merrill Lynch New Jersey Limited
Maturity Municipal Bond Fund
During her recent State of the State
address, New Jersey Governor Whitman
voiced her intent to cut State income taxes
for the third time since taking office. This
would be the final stage in her effort to
fulfill her campaign pledge of reducing
personal income taxes by 30%. Also,
during the presentation of her $15.9 billion
budget, Governor Whitman outlined some
options for replacing revenues lost by the
tax cuts. These ideas included the elimina-
tion of as many as 3,400 State jobs and
spending cuts totaling $129 million in
various State departments as well as a
reduction in Medicaid payments and
privatization of some State operations.
Whitman also proposed a reduction in the
corporate income tax rate for small busi-
nesses from 9.0% to 7.5% in an effort to
attract new businesses to the State. This
would make the State's small business
tax the lowest in the nation. State aid to
poor municipalities would be increased in
accordance with legally mandated require-
ments toward the equalization of school
funding. Aid to districts which spend more
than 30% of the State average per pupil
would be reduced. In addition, Whitman's
budget reduced its reliance on one-shot
revenues from $1.6 billion two years ago
to $348 million in 1995 and provided for
a $500 million surplus to preserve the
State's bond rating.
<PAGE>
In early January, the State Labor Commis-
sion reported that 1994 had been the
strongest year since 1988 in terms of job
creation, primarily in service and trade.
Unfortunately, however, manufacturing
employment and construction employ-
ment fell. The unemployment rate is still
one of the highest in the 50 states,
although the State's unemployment rate
fell from 7.0% in December 1993 to 6.1%
in December 1994.
We began the January quarter with the
Fund's cash reserves at approximately 45%
of net assets and an average portfolio
maturity of just under 3 years. We main-
tained this defensive posture in light of
what appeared to be a continued rise in
short-term interest rates. In December,
the municipal bond market experienced a
great deal of weakness as many mutual
funds experienced redemptions and were
forced to liquidate bonds. This was exacer-
bated by "tax selling" as portfolio man-
agers attempted to realize losses before
the end of the year. In January, we began
to reduce our cash position and extend
our portfolio maturity by selling securities
in the two-year range, which would be
impacted by additional Federal Reserve
Board tightening, and by purchasing paper
in the seven-year--ten-year range, while
drawing our cash position down to 27%
by the end of the January quarter. Our
purchases consisted mainly of general
obligation bonds rated AA or better by one
of the major rating services and insured
bonds because of the excellent liquidity
these bonds provide. In the upcoming
months, we will follow the debate over the
governor's budget proposals and monitor
their effect on the Fund.
<PAGE>
Merrill Lynch New York Limited Maturity
Municipal Bond Fund
During the quarter ended January 31,
1995, the most important news in the State
of New York was the defeat of incumbent
Governor Mario Cuomo and the election
of Republican George Pataki. Governor
Pataki's first order of business will be
addressing the State's approximate $4 bil-
lion--$5 billion cash deficit in his 1995--
1996 budget. Governor Pataki's plan will
call for approximately $700 million in
income tax cuts as well as a sweeping
welfare reform plan designed to eliminate
100,000 people from the State welfare
rolls as well as massive Medicaid spending
cuts, sizable reductions in the State's
workforce and caps on school and local
government assistance. Since December,
New York State's deficit for the current
fiscal year increased threefold to $300
million because of continuing problems
in New York's banking, insurance and
securities industries. The New York State
economy continues to show limited
growth. Though there are no recessionary
signals, the area's top employers such
as banks, brokerage firms, defense con-
tractors and pharmaceutical companies
continue to cut jobs and lower salaries.
The Federal Reserve Board tightened
monetary policy for the sixth time on
November 15, 1994 by raising the Federal
Funds rate from 4.75% to 5.50%. After this
rate hike, we extended Merrill Lynch New
York Limited Maturity Municipal Bond
Fund's average maturity to 4.5 years while
maintaining a 25% cash equivalent posi-
tion. We executed this extension because
of strong technical factors in the munici-
pal marketplace. These factors include
large municipal defeasance (prerefunding
of municipal debt) and a lack of new-issue
supply. Diversification, credit quality and
yield remain paramount in importance to
the Fund, and we will continue to closely
monitor the everchanging marketplace.
<PAGE>
Merrill Lynch Pennsylvania Limited
Maturity Municipal Bond Fund
The Commonwealth of Pennsylvania
recently released its audited financials of
the last fiscal year which revealed that the
Commonwealth ended the year with a $79
million unreserved fund surplus. However,
this same report also indicated that
Commonwealth expenditures increased
at a rate double that of its revenues.
In January, newly elected Republican
Governor Tom Ridge initiated his "Keystone
Export Promotion" plan, an effort to create
100,000 jobs by increasing exports of
Commonwealth products and services to
foreign countries. Pennsylvania has seen
strong employment growth in the goods
producing sector. The Commonwealth's
unemployment rate fell from 6.8% in
December 1993 to 6.0% in December 1994.
Early in the period, the Commonwealth's
A1/AA ratings were confirmed when the
State issued $290 million of general
obligation bonds in November. Both
Moody's Investors Service, Inc. and
Standard & Poor's Corporation com-
mended the fiscal restraint exhibited by
the Commonwealth as well as realistic
growth forecasts.
We began the January quarter with cash
reserves of approximately 45% of net
assets and an average portfolio maturity of
just under four years. We maintained
this defensive posture in light of what
appeared to be a continued rise in short-
term interest rates. In December, the
municipal bond market experienced a
great deal of weakness as many mutual funds
experienced redemptions and were forced
to liquidate bonds. This was exacerbated
by "tax selling" as portfolio managers
attempted to realize losses before the end
of the year. In January, we began to reduce
our cash position and extend our portfolio
maturity by selling securities in the
two-year range, which would be impacted
by additional Federal Reserve Board tight-
ening, and by purchasing paper in the
five-year--ten-year range, while drawing
our cash position down to 35% of net
assets by the end of the January quarter.
Upcoming issuance for the Common-
wealth and its municipalities is expected
to be the lowest in several years, and in the
upcoming months we anticipate that we
will continue to reduce our cash position
as opportunities present themselves.
<PAGE>
In Conclusion
We appreciate your interest in Merrill
Lynch Multi-State Limited Maturity
Municipal Series Trust, and we look
forward to assisting you with your finan-
cial needs in the months and years ahead.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
and Portfolio Manager
March 10, 1995
PERFORMANCE DATA
About Fund
Performance
Since October 21, 1994, investors have been 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 1% and bear no ongoing distribution or account mainte-
nance fees. Class A Shares are available only to eligible investors.
*Class B Shares are subject to a maximum contingent deferred
sales charge of 1% if redeemed during the first year, decreasing
1% the next year to 0%. In addition, Class B Shares are subject to
a distribution fee of 0.20% and an account maintenance fee of
0.15%. These shares automatically convert to Class D Shares
after approximately 10 years.
<PAGE>
*Class C Shares are subject to a distribution fee of 0.20% and an
account maintenance fee of 0.15%. 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 1% and
an account maintenance fee of 0.10% (but no distribution fee).
Performance data for the Fund's Class A and Class B Shares are
presented in the "Recent Performance Results" and "Average
Annual Total Returns" tables on pages 7-11. Data for Class C and
Class D Shares are also presented in the "Recent Performance
Results" and "Aggregate Total Returns" tables on pages 8-11.
The "Recent Performance Results" table shows investment results
before the deduction of any sales charges for Class A and Class B
Shares for the 12-month and 3-month periods ended January 31,
1995 and for Class C and Class D Shares for the since inception and
3-month periods ended January 31, 1995. All data in this table
assume imposition of the actual total expenses incurred (net of
reimbursement) by each class of shares during the relevant period.
None of the past results shown should be considered a repre-
sentation 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 Returns
Arizona Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 +1.52% +0.50%
Inception (11/26/93) through 12/31/94 +2.03 +1.10
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 +1.16% +0.19%
Inception (11/26/93) through 12/31/94 +1.67 +1.67
<PAGE>
California Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 -0.55% -1.55%
Inception (11/26/93) through 12/31/94 +0.30 -0.61
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 -0.90% -1.86%
Inception (11/26/93) through 12/31/94 -0.06 -0.06
Florida Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 -0.02% -1.02%
Inception (11/26/93) through 12/31/94 +0.51 -0.40
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 -0.38% -1.34%
Inception (11/26/93) through 12/31/94 +0.15 +0.15
Massachusetts Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 +0.89% -0.11%
Inception (11/26/93) through 12/31/94 +1.28 +0.36
[FN]
*Maximum sales charge is 1%.
**Assuming maximum sales charge.
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 +0.54% -0.43%
Inception (11/26/93) through 12/31/94 +0.92 +0.92
<PAGE>
[FN]
*Maximum contingent deferred sales charge is 1% and reduced to 0%
after 1 year.
**Assuming payment of applicable contingent deferred sales charge.
PERFORMANCE DATA (continued)
Average Annual
Total Returns
(concluded)
Michigan Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 +0.17% -0.83%
Inception (11/26/93) through 12/31/94 +0.63 -0.29
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 -0.18% -1.15%
Inception (11/26/93) through 12/31/94 +0.27 +0.27
New Jersey Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 +1.39% +0.38%
Inception (11/26/93) through 12/31/94 +1.62 +0.69
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 +0.93% -0.05%
Inception (11/26/93) through 12/31/94 +1.25 +1.25
<PAGE>
New York Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 +0.44% -0.57%
Inception (11/26/93) through 12/31/94 +1.06 +0.14
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 +0.08% -0.88%
Inception (11/26/93) through 12/31/94 +0.70 +0.70
Pennsylvania Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/94 +1.02% +0.01%
Inception (11/26/93) through 12/31/94 +1.56 +0.63
[FN]
*Maximum sales charge is 1%.
**Assuming maximum sales charge.
% Return % Return
Class B Shares* Without CDSC With CDSC**
Year Ended 12/31/94 +0.66% -0.31%
Inception (11/26/93) through 12/31/94 +1.19 +1.19
[FN]
*Maximum contingent deferred sales charge is 1% and reduced to 0%
after 1 year.
**Assuming payment of applicable contingent deferred sales charge.
Aggregate
Total Returns
<PAGE>
Arizona Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 +0.11% -0.88%
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 +0.23% -0.77%
California Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 -0.71% -1.70%
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 -0.59% -1.59%
Florida Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 -0.49% -1.48%
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 -0.48% -1.48%
<PAGE>
Massachusetts Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 -0.41% -1.39%
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 -0.35% -1.35%
Michigan Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 -0.37% -1.36%
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 -0.26% -1.26%
New Jersey Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 -0.14% -1.14%
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 +0.07% -0.93%
New York Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 -0.19% -1.18%
<PAGE>
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 -0.07% -1.07%
Pennsylvania Limited Maturity
% Return Without % Return With
Class C Shares* Sales Charge Sales Charge**
Inception (10/21/94) through 12/31/94 -0.01% -1.00%
[FN]
*Maximum contingent deferred sales charge is 1% and reduced to 0%
after 1 year.
**Assuming payment of applicable contingent deferred sales charge.
% Return % Return
Class D Shares* Without CDSC With CDSC**
Inception (10/21/94) through 12/31/94 +0.11% -0.89%
[FN]
*Maximum sales charge is 1%.
**Assuming maximum sales charge.
<PAGE>
<TABLE>
PERFORMANCE DATA (concluded)
<CAPTION>
Standardized
30-day
Recent 12 Month 3 Month Yield
Performance 12 Month 3 Month Total Total As of
Results* 1/31/95 10/31/94 1/31/94++ % Change++ % Change Return++ Return 1/31/95
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona Limited Maturity Class A Shares $9.92 $9.85 $10.08 -1.59% +0.71% +2.20%(1) +1.83%(2) 4.54%
Arizona Limited Maturity Class B Shares 9.92 9.85 10.08 -1.59 +0.71 +1.84(3) +1.74(4) 4.22
Arizona Limited Maturity Class C Shares 9.92 9.85 9.89 +0.30 +0.71 +1.35(5) +1.65(6) 3.91
Arizona Limited Maturity Class D Shares 9.92 9.85 9.89 +0.30 +0.71 +1.51(7) +1.81(8) 4.44
California Limited Maturity Class A Shares 9.73 9.71 10.11 -3.76 +0.21 +0.16(9) +1.33(10) 4.70
California Limited Maturity Class B Shares 9.73 9.71 10.11 -3.76 +0.21 -0.20(11) +1.24(12) 4.42
California Limited Maturity Class C Shares 9.73 9.72 9.76 -0.31 +0.10 +0.75(13) +1.05(14) 3.86
California Limited Maturity Class D Shares 9.73 9.71 9.76 -0.31 +0.21 +0.90(15) +1.31(16) 4.59
Florida Limited Maturity Class A Shares 9.72 9.73 10.07 -3.48 -0.10 +0.47(17) +1.02(18) 4.77
Florida Limited Maturity Class B Shares 9.72 9.73 10.07 -3.48 -0.10 +0.12(19) +0.93(20) 4.45
Florida Limited Maturity Class C Shares 9.72 9.72 9.76 -0.41 0.00 +0.65(21) +0.95(22) 4.10
Florida Limited Maturity Class D Shares 9.72 9.72 9.76 -0.41 0.00 +0.80(23) +1.10(24) 4.65
Massachusetts Limited Maturity Class A Shares 9.78 9.79 10.05 -2.56(25) +0.02(25) +1.46(26) +1.14(27) 4.79
Massachusetts Limited Maturity Class B Shares 9.78 9.79 10.05 -2.56(25) +0.02(25) +1.10(28) +1.05(29) 4.47
Massachusetts Limited Maturity Class C Shares 9.77 9.78 9.82 -0.38(25) +0.02(25) +0.76(30) +1.06(31) 4.68
Massachusetts Limited Maturity Class D Shares 9.77 9.78 9.82 -0.38(25) +0.02(25) +0.82(32) +1.12(33) 4.68
Michigan Limited Maturity Class A Shares 9.74 9.71 10.08 -3.37 +0.31 +0.56(34) +1.45(35) 4.58
Michigan Limited Maturity Class B Shares 9.74 9.71 10.08 -3.37 +0.31 +0.20(36) +1.35(37) 4.27
Michigan Limited Maturity Class C Shares 9.74 9.71 9.76 -0.20 +0.31 +0.88(38) +1.28(39) 4.06
Michigan Limited Maturity Class D Shares 9.73 9.71 9.76 -0.31 +0.21 +0.92(40) +1.32(41) 4.52
New Jersey Limited Maturity Class A Shares 9.86 9.83 10.06 -1.99 +0.31 +1.73(42) +1.30(43) 3.98
New Jersey Limited Maturity Class B Shares 9.87 9.84 10.07 -1.99 +0.30 +1.38(44) +1.21(45) 3.64
New Jersey Limited Maturity Class C Shares 9.70 9.84 9.86 -1.62 -1.42 +0.66(46) +0.57(47) 3.94
New Jersey Limited Maturity Class D Shares 9.87 9.83 9.85 +0.20 +0.41 +1.30(48) +1.39(49) 3.85
New York Limited Maturity Class A Shares 9.76 9.74 10.10 -3.37 +0.21 +0.61(50) +1.34(51) 4.69
New York Limited Maturity Class B Shares 9.76 9.74 10.10 -3.37 +0.21 +0.26(52) +1.25(53) 4.38
New York Limited Maturity Class C Shares 9.76 9.74 9.78 -0.20 +0.21 +0.86(54) +1.16(55) 4.01
New York Limited Maturity Class D Shares 9.77 9.74 9.78 -0.10 +0.31 +1.12(56) +1.42(57) 4.59
Pennsylvania Limited Maturity Class A Shares 9.83 9.81 10.07 -2.38 +0.20 +1.40(58) +1.28(59) 4.49
Pennsylvania Limited Maturity Class B Shares 9.82 9.81 10.07 -2.48 +0.10 +0.94(60) +1.09(61) 4.18
Pennsylvania Limited Maturity Class C Shares 9.83 9.81 9.84 -0.10 +0.20 +0.91(62) +1.11(63) 3.90
Pennsylvania Limited Maturity Class D Shares 9.83 9.81 9.84 -0.10 +0.20 +1.06(64) +1.26(65) 4.39
<PAGE>
<FN>
*Investment results shown do not reflect sales charges; results shown would be lower
if a sales charge was included.
++Investment results shown for Class C and Class D Shares are since inception (10/21/94).
(1) Percent change includes reinvestment of $0.375 per share ordinary income dividends.
(2) Percent change includes reinvestment of $0.108 per share ordinary income dividends.
(3) Percent change includes reinvestment of $0.340 per share ordinary income dividends.
(4) Percent change includes reinvestment of $0.100 per share ordinary income dividends.
(5) Percent change includes reinvestment of $0.092 per share ordinary income dividends.
(6) Percent change includes reinvestment of $0.091 per share ordinary income dividends.
(7) Percent change includes reinvestment of $0.108 per share ordinary income dividends.
(8) Percent change includes reinvestment of $0.106 per share ordinary income dividends.
(9) Percent change includes reinvestment of $0.391 per share ordinary income dividends.
(10) Percent change includes reinvestment of $0.108 per share ordinary income dividends.
(11) Percent change includes reinvestment of $0.356 per share ordinary income dividends.
(12) Percent change includes reinvestment of $0.099 per share ordinary income dividends.
(13) Percent change includes reinvestment of $0.092 per share ordinary income dividends.
(14) Percent change includes reinvestment of $0.091 per share ordinary income dividends.
(15) Percent change includes reinvestment of $0.106 per share ordinary income dividends.
(16) Percent change includes reinvestment of $0.105 per share ordinary income dividends.
(17) Percent change includes reinvestment of $0.393 per share ordinary income dividends.
(18) Percent change includes reinvestment of $0.108 per share ordinary income dividends.
(19) Percent change includes reinvestment of $0.358 per share ordinary income dividends.
(20) Percent change includes reinvestment of $0.099 per share ordinary income dividends.
(21) Percent change includes reinvestment of $0.092 per share ordinary income dividends.
(22) Percent change includes reinvestment of $0.091 per share ordinary income dividends.
(23) Percent change includes reinvestment of $0.107 per share ordinary income dividends.
(24) Percent change includes reinvestment of $0.105 per share ordinary income dividends.
(25) Percent change includes reinvestment of $0.012 per share capital gains distributions.
(26) Percent change includes reinvestment of $0.399 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(27) Percent change includes reinvestment of $0.108 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(28) Percent change includes reinvestment of $0.364 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(29) Percent change includes reinvestment of $0.099 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(30) Percent change includes reinvestment of $0.101 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(31) Percent change includes reinvestment of $0.100 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(32) Percent change includes reinvestment of $0.107 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(33) Percent change includes reinvestment of $0.106 per share ordinary income dividends.
and $0.012 per share capital gains distributions.
(34) Percent change includes reinvestment of $0.391 per share ordinary income dividends.
(35) Percent change includes reinvestment of $0.109 per share ordinary income dividends.
(36) Percent change includes reinvestment of $0.356 per share ordinary income dividends.
(37) Percent change includes reinvestment of $0.100 per share ordinary income dividends.
(38) Percent change includes reinvestment of $0.095 per share ordinary income dividends.
(39) Percent change includes reinvestment of $0.093 per share ordinary income dividends.
<PAGE>
(40) Percent change includes reinvestment of $0.108 per share ordinary income dividends.
(41) Percent change includes reinvestment of $0.107 per share ordinary income dividends.
(42) Percent change includes reinvestment of $0.368 per share ordinary income dividends.
(43) Percent change includes reinvestment of $0.097 per share ordinary income dividends.
(44) Percent change includes reinvestment of $0.334 per share ordinary income dividends.
(45) Percent change includes reinvestment of $0.088 per share ordinary income dividends.
(46) Percent change includes reinvestment of $0.085 per share ordinary income dividends.
(47) Percent change includes reinvestment of $0.084 per share ordinary income dividends.
(48) Percent change includes reinvestment of $0.096 per share ordinary income dividends.
(49) Percent change includes reinvestment of $0.095 per share ordinary income dividends.
(50) Percent change includes reinvestment of $0.397 per share ordinary income dividends.
(51) Percent change includes reinvestment of $0.109 per share ordinary income dividends.
(52) Percent change includes reinvestment of $0.362 per share ordinary income dividends.
(53) Percent change includes reinvestment of $0.101 per share ordinary income dividends.
(54) Percent change includes reinvestment of $0.093 per share ordinary income dividends.
(55) Percent change includes reinvestment of $0.092 per share ordinary income dividends.
(56) Percent change includes reinvestment of $0.108 per share ordinary income dividends.
(57) Percent change includes reinvestment of $0.107 per share ordinary income dividends.
(58) Percent change includes reinvestment of $0.376 per share ordinary income dividends.
(59) Percent change includes reinvestment of $0.105 per share ordinary income dividends.
(60) Percent change includes reinvestment of $0.341 per share ordinary income dividends.
(61) Percent change includes reinvestment of $0.096 per share ordinary income dividends.
(62) Percent change includes reinvestment of $0.089 per share ordinary income dividends.
(63) Percent change includes reinvestment of $0.088 per share ordinary income dividends.
(64) Percent change includes reinvestment of $0.103 per share ordinary income dividends.
(65) Percent change includes reinvestment of $0.102 per share ordinary income dividends.
</TABLE>
Portfolio
Abbreviations
<PAGE>
To simplify the listings of Merrill
Lynch Multi-State Limited Maturity
Municipal Series Trust's portfolio
holdings in the Schedule of
Investments, we have abbreviated
the names of many of the securities
according to the list at right.
ACES SM Adjustable Convertible Extendable Securities
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
COP Certificates of Participation
DATES Daily Adjustable Tax-Exempt Securities
EDA Economic Development Authority
GO General Obligation Bonds
HFA Housing Finance Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
TAN Tax Anticipation Notes
TRAN Tax Revenue Anticipation Notes
UPDATES Unit Price Daily Adjustable
Tax-Exempt Securities
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (in Thousands)
<CAPTION>
Arizona Limited Maturity Municipal Bond Fund
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Arizona--100.8% A1+ P1 $ 200 Apache County, Arizona, IDA, IDR (Tucson Electric Power--Springerville
Project), VRDN, 3.60% due 12/15/2018 (a) $ 200
NR* Aa 300 Arizona Educational Loan Marketing Corp., Educational Loan Revenue
Bonds, AMT, Senior Series, 5.875% due 9/01/2000 300
A1 VMIG1++ 200 Arizona Health Facilities Authority Revenue Bonds (Arizona Voluntary
Hospital Federation), VRDN, Series B, 3.70% due 10/01/2015 (a) (c) 200
AA- A1 350 Central Arizona Water Conservation District, Contract Revenue Bonds
(Central Arizona Project), Series B, 6.50% due 5/01/2001 (e) 373
A1+ VMIG1++ 100 Maricopa County, Arizona, IDA, Hospital Facilities Revenue Bonds
(Samaritan Health Service Hospital), VRDN, Series B2,
3.80% due 12/01/2008 (a) (d) 100
NR* VMIG1++ 300 Maricopa County, Arizona, Pollution Control Corporation, PCR (El Paso
Electric Co.--Palo Verde Project), VRDN, Series E, 4.50%
due 12/01/2014 (a) 300
A1+ P1 400 Maricopa County, Arizona, Pollution Control Corporation, PCR, Refunding
(Arizona Public Service Co.), VRDN, Series C, 3.85% due 5/01/2029 (a) 400
SP1 MIG2 350 Maricopa County, Arizona, TAN, 5% due 7/28/1995 350
AAA Aaa 1,000 Mesa, Arizona, Revenue Refunding Bonds, UT, 6% due 7/01/2001 (b) 1,029
Phoenix, Arizona, Airport Revenue Refunding Bonds, AMT, Series C (d):
AAA Aaa 465 5.60% due 7/01/2002 465
AAA Aaa 480 5.70% due 7/01/2003 482
AAA NR* 1,000 Phoenix, Arizona, Civic Improvement Corporation, Wastewater System Lease
evenue Bonds, 6.125% due 7/01/2003 (e) 1,049
A1+ NR* 300 Phoenix, Arizona, IDA, M/F Housing Revenue Refunding Bonds
(Lynwood Apartments Project), VRDN, 3.70% due 10/01/2025 (a) 300
AA+ Aa 1,000 Phoenix, Arizona, Revenue Refunding Bonds, UT, Series C,
6.375% due 7/01/2002 1,055
A1+ VMIG1++ 100 Pima County, Arizona, IDA, IDR (Tucson Electric Co.), VRDN,
3.60% due 12/01/2022 (a) 100
A1 NR* 300 Pinal County, Arizona, IDA, IDR (Calsonic Incorporated Project), VRDN,
3.55% due 12/01/2005 (a) 300
AA P1 400 Pinal County, Arizona, IDA, PCR (Magma-Copper/Newmont Mining
Corporation), VRDN, 3.95% due 12/01/2009 (a) 400
AAA Aaa 300 Salt River Project, Arizona, Agricultural Improvement and Power
District, Electric System Revenue Bonds, Series A, 7.30% due 1/01/2000 (e) 328
A1 NR* 300 Tucson, Arizona, IDA, M/F Revenue Refunding Bonds (Lincoln Garden
Project), VRDN, 3.55% due 2/01/2006 (a) 300
Total Investments (Cost--$7,989)--100.8% 8,031
Liabilities in Excess of Other Assets--(0.8%) (67)
-------
Net Assets--100.0% $ 7,964
=======
<PAGE>
<FN>
(a)The interest rate is subject to change periodically based upon the prevailing
market rates. The interest rates shown are those in effect at January 31, 1995.
(b)AMBAC Insured.
(c)FGIC Insured.
(d)MBIA Insured.
(e)Prerefunded.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
<CAPTION>
California Limited Maturity Municipal Bond Fund
<PAGE>
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
California--98.2% NR* P1 $ 700 California Health Facilities Financing Authority Revenue Bonds
(Saint Francis Memorial Hospital), VRDN, ACES, Series B,
3.95% due 11/01/2019 (a) $ 700
California Health Facilities Financing Authority Revenue Bonds, VRDN (a):
A1+ VMIG1++ 100 Refunding (Saint Joseph Health System), Series A, 3.70% due 7/01/2013 100
A1+ VMIG1++ 300 (Sutter Health), Series B, 3.80% due 3/01/2020 300
California Pollution Control Financing Authority,
Resource Recovery Revenue Bonds, VRDN (a):
A1 VMIG1++ 300 (Atlantic Richfield Company Project), Series A, AMT,
4.15% due 12/01/2024 300
NR* P1 200 (Delano Project), Series 1991, 3.95% due 8/01/2019 200
NR* P1 200 Refunding (Ultra Power Rocklin Project), Series A, AMT, 4% due 6/01/2017 200
A1+ VMIG1++ 700 California Pollution Control Financing Authority, Solid Waste Disposal
Revenue Bonds (Shell Oil Co.--Martinez Project), VRDN, AMT, Series A,
4.10% due 10/01/2024 (a) 700
California State, GO, UT:
A A1 750 6.75% due 10/01/2003 797
AAA Aaa 750 6.35% due 11/01/2004 (b) 785
AAA Aaa 600 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections--State Prison/Central California Women's Facility, Madera
County), Series A, 7% due 9/01/2000 (e) 656
SP1 MIG1++ 1,000 California State, RAN, Series C, 5.75% due 4/25/1996 1,006
AAA Aaa 500 California Statewide Community Development Authority Lease Revenue
Refunding Bonds (Oakland Convention Center Project),
5.70% due 10/01/2002 (d) 504
A+ NR* 700 East Bay, California, Municipal Utility District, Water System
Revenue Bonds, 7.40% due 6/01/2000 (e) 773
AA Aa 350 Long Beach, California, Water Revenue Refunding Bonds, 4.95% due 5/01/2000 340
AA Aa 500 Los Angeles, California, Harbor Department Revenue Bonds, AMT, Series B,
6% due 8/01/2004 509
AAA Aaa 835 Los Angeles, California, Wastewater System Revenue Bonds, Series 1991-A,
7.10% due 2/01/1999 (c)(e) 901
AAA Aaa 400 Los Angeles County, California, Metropolitan Transportation Authority,
Sales Tax Revenue Bonds (Proposition C--Second Senior), Series B,
8% due 7/01/2003 (d) 458
AA- Aa1 1,000 Los Angeles County, California, Public Works Financing Authority Revenue
Refunding Bonds (Capital Construction), 4.80% due 3/01/2004 910
SP1+ MIG1++ 600 Los Angeles County, California, TRAN, UT, 4.50% due 6/30/1995 600
AAA Aaa 500 Los Angeles County, California, Transportation Commission, Sales Tax
Revenue Bonds (Proposition C--Second Senior), Series A,
6.50% due 7/01/2002 (c)(e) 537
Sacramento County, California, M/F Housing Revenue Bonds, VRDN (a):
NR* VMIG1++ 300 (River Oaks Apartments), Series E, 3.70% due 9/15/2007 300
A1 VMIG1++ 350 Series C, 3.70% due 4/15/2007 350
AA- Aaa 500 San Diego County, California, Regulation Transportation Commission,
Sales Tax Revenue Bonds, Series A, 7.375% due 4/01/1999 (e) 545
AAA Aaa 500 San Francisco, California, City and County Airport Commission,
International Airport Revenue Refunding Bonds, Second Series, Issue 1,
6.10% due 5/01/1995 (d) 502
AAA Aaa 500 Santa Clara County, California, Financing Authority Lease Revenue Bonds
(VMC Facility Replacement Project), Series A, 5.80% due 11/15/2000 (d) 509
<PAGE>
Puerto Rico--3.9% AAA Baa1 500 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,
Series N, 7.125% due 7/01/1999 (e) 541
Total Investments (Cost--$13,922)--102.1% 14,023
Liabilities in Excess of Other Assets--(2.1%) (293)
-------
Net Assets--100.0% $13,730
=======
<FN>
(a)The interest rate is subject to change periodically based upon the prevailing
market rate. The interest rates shown are those in effect at January 31, 1995.
(b)FGIC Insured.
(c)MBIA Insured.
(d)AMBAC Insured.
(e)Prerefunded.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in Thousands)
<CAPTION>
Florida Limited Maturity Municipal Bond Fund
<PAGE>
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Florida--86.2% AAA Aaa $ 1,000 Broward County, Florida, School District Revenue Bonds, UT,
7.125% due 2/15/1999 (f) $ 1,080
Dade County, Florida, Aviation Revenue Refunding Bonds, AMT,
Series A (b):
AAA Aaa 1,000 5.25% due 10/01/1997 998
AAA Aaa 500 5.60% due 10/01/2004 498
AAA Aaa 500 Dade County, Florida, Sales Tax Revenue Refunding Bonds,
7.30% due 10/01/1997 (d) 526
A1+ VMIG1++ 400 Dade County, Florida, Water and Sewer System Revenue Bonds, VRDN,
3.55% due 10/05/2022 (a)(c) 400
AA VMIG1++ 1,700 Florida HFA, Home Ownership Revenue Bonds, AMT, Series G-3,
5.45% due 12/22/1995 (e) 1,700
AAA Aaa 1,000 Florida State Board of Education, Capital Outlay, Public Education
Revenue Refunding Bonds, Series A, 7.25% due 6/01/2000 (f) 1,098
Florida State Division, Board of Finance Department, General Services
Revenue Bonds (Department of Natural Resources):
AAA Aaa 1,730 Refunding, Series A, 6.30% due 7/01/2004 (d) 1,795
AAA Aaa 1,900 Series 2000-A, 6.40% due 7/01/2002 (b) 2,008
A1+ VMIG1++ 1,500 Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric
Company), VRDN, 3.65% due 5/15/2018 (a) 1,500
AA Aa1 4,500 Jacksonville, Florida, Electric Authority, Revenue Refunding Bonds
(Saint John's River), Issue 2, Series 10, 4.70% due 10/01/2001 4,213
AA Aa1 1,000 Jacksonville, Florida, Electric Authority, Special Obligation Revenue
Bonds (Saint John's River), 4th Series, 6.50% due 10/01/2001 1,062
AA Aa1 1,000 Jacksonville, Florida, Electric Authority, Special Obligation Revenue
Refunding Bonds (Saint John's--2), Series 6-B, 6.65% due 10/01/2002 1,072
AAA Aaa 750 Lake County, Florida, Sales Tax Revenue Bonds, 7.70% due
12/01/1995 (c)(f) 782
AA- Aa 800 Lakeland, Florida, Electric and Water Revenue Bonds, 6.70% due 10/01/1999 843
AAA Aaa 1,000 Palm Bay, Florida, Utility Revenue Bonds (Palm Bay Utility Corp.
Project), Series B, 6.20% due 10/01/2002 (d)(f) 1,055
Palm Beach County, Florida, GO, UT:
AA Aa 500 5.60% due 12/01/2001 505
AA Aa 250 5.70% due 12/01/2002 254
NR* VMIG1++ 500 Palm Beach County, Florida, Water and Sewer Revenue Bonds, VRDN,
3.95% due 10/01/2011 (a) 500
AA- Aa 1,500 Pinellas County, Florida, Capital Improvement Revenue Bonds,
5.20% due 10/01/1995 1,505
AAA Aaa 1,000 Reedy Creek, Florida, Improvement District Florida Utility Revenue Bonds,
Series 1991-1, 6.50% due 10/01/2001 (d)(f) 1,065
AAA Aaa 1,335 Saint Lucie County, Florida, School Board, COP, Series A,
7.25% due 7/1/2000 (b)(f) 1,466
A1 VMIG1++ 300 Volusia County, Florida, Health Facilities Authority Revenue Bonds
(Pooled Hospital Loan Program), VRDN, ACES, 3.45% due 11/01/2015 (a)(c) 300
Puerto Rico--8.2% A Baa1 500 Puerto Rico Commonwealth, GO, UT, 5.55% due 7/01/2001 489
A Baa1 1,000 Puerto Rico Commonwealth, Highway and Transportation Authority, Highway
Revenue Refunding Bonds, Series K, 5% due 7/01/2002 929
AAA Baa1 1,000 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,
Series N, 7.125% due 7/01/1999 (f) 1,083
<PAGE>
Total Investments (Cost--$28,857)--94.4% 28,726
Other Assets Less Liabilities--5.6% 1,706
-------
Net Assets--100.0% $30,432
=======
<FN>
(a)The interest rate is subject to change periodically based upon the prevailing
market rate. The interest rates are those shown in effect at January 31, 1995.
(b)AMBAC Insured.
(c)FGIC Insured.
(d)MBIA Insured.
(e)FNMA/GNMA Collateralized.
(f)Prerefunded.
++Highest short-term rating by Moody's Investors Service, Inc.
*Not Rated.
See Notes to Financial Statements.
<CAPTION>
Massachusetts Limited Maturity Municipal Bond Fund
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Massachusetts-- A1+ VMIG1++ $ 400 Boston, Massachusetts, Water and Sewer Commission, General Revenue Bonds,
92.0% VRDN, Series A, 3.65% due 11/01/2024 (a) $ 400
AAA Aaa 1,300 Chelsea, Massachusetts, School Project Loan Act of 1948, UT,
6% due 6/15/2002 (c) 1,340
BBB+ A 500 Massachusetts Municipal Wholesale Electric Company, Power Supply System
Revenue Refunding Bonds, Series B, 6.375% due 7/01/2001 513
A+ A1 400 Massachusetts State Consolidated Loan, Series A, 6.10% due 6/01/2002 412
A A1 500 Massachusetts State Convention Center Authority Refunding Bonds (Hynes
Convention Center), 5.20% due 9/01/1995 501
Massachusetts State Health and Educational Facilities Authority
Revenue Bonds:
A-1 VMIG1++ 500 (Boston University), VRDN, Series H, 3.20% due 2/15/1995 (a) 500
A1+ VMIG1++ 300 (Capital Asset Program), VRDN, Series C, 4% due 7/01/2005 (a)(e) 300
AAA NR* 500 (Holy Cross College), Series F, 8.40% due 5/01/1995 (d) 515
AAA NR* 600 (Melrose-Wakefield Hospital), Series A, 8.625% due 7/01/1996 (d) 640
AAA Aaa 540 Massachusetts State HFA, Housing Revenue Refunding Bonds (Insured--
Rental), AMT, Series A, 5.90% due 7/01/2003 (c) 531
Massachusetts State Industrial Finance Agency, Revenue Bonds:
NR* VMIG1++ 400 (Saint Mark's School--Southborough), 5.25% due 1/09/1996 (a) 400
A1 VMIG1++ 400 (Showa Women's Institute Inc.), VRDN, 3.95% due 3/15/2004 (a) 400
AA- Aaa 400 Massachusetts State Port Authority Revenue Bonds, Series B,
9.375% due 7/01/1995 (d) 416
A+ A1 750 Massachusetts State, Refunding, Series B, 6.25% due 8/01/2001 777
Massachusetts State Water Resource Authority, Series A:
AAA Aaa 500 6.75% due 7/15/2002 (d)(f) 541
SP1 MIG1++ 500 BAN, 4.125% due 10/15/1995 496
NR* A 500 New England Educational Loan Marketing Corp., Massachusetts Student Loan
Revenue Refunding Bonds, Sub-Issue F, 6.60% due 9/01/2002 509
NR* NR* 390 South Hadley, Massachusetts, Industrial Revenue Bonds (South Hadley
Health Care), AMT, Series A, 5% due 12/01/1996 385
AAA Aaa 750 Worcester, Massachusetts, Municipal Purpose Loan, 5.35% due 10/01/2003 (b) 726
<PAGE>
Puerto Rico--6.7% A Baa1 390 Puerto Rico Commonwealth, UT, 5.55% due 7/01/2001 382
AAA Aaa 350 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series J,
9% due 7/01/1995 (d) 367
Total Investments (Cost--$11,173)--98.7% 11,051
Variation Margin on Financial Futures Contracts--(0.0%)++++ (1)
Other Assets Less Liabilities--1.3% 149
-------
Net Assets--100.0% $11,199
=======
<FN>
(a)The interest rate is subject to change periodically based upon the prevailing
market rate. The interest rate shown is the rate in effect at January 31, 1995.
(b)FSA Insured.
(c)AMBAC Insured.
(d)Prerefunded.
(e)MBIA Insured.
(f)Portion of security held as collateral in connection with open financial
futures contracts.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
++++Financial futures contracts sold as of January 31, 1995 were as follows:
<CAPTION>
Value
Number of Expiration (Notes 1a & 1b)
Contracts Issue Date (in Thousands)
<C> <S> <S> <C>
17 US Treasury Bonds March 1995 $(1,723)
(Total Contract Price--$1,716) $(1,723)
=======
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in Thousands)
<CAPTION>
Michigan Limited Maturity Municipal Bond Fund
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Michigan--88.9% AAA Aaa $ 250 Dearborn, Michigan, Economic Development Corp., Hospital Revenue
Bonds (Oakwood Obligated Group), Series A, 6.95% due 8/15/2001 (d)(e) $ 273
AAA Aaa 300 Detroit, Michigan, Distributable State Aid, Refunding Bonds, UT,
5.70% due 5/01/2001 (b) 301
AAA Aaa 250 Detroit, Michigan, Water Supply System, Revenue Refunding Bonds,
6.20% due 7/01/2004 (c) 258
A1+ VMIG1++ 100 Grand Rapids, Michigan, Water Supply System, Revenue Refunding Bonds, VRDN,
4.20% due 1/01/2020 (a)(c) 100
A1+ VMIG1++ 200 Michigan Higher Education Student Loan Authority, Revenue Refunding
Bonds, VRDN, AMT, Series XII-B, 3.65% due 10/01/2013 (a)(b) 200
AAA Aaa 285 Michigan Municipal Bond Authority Revenue Bonds (Local Government Loan
Program), Series C, 5.50% due 5/01/2003 (d) 280
AA Aa 200 Michigan Municipal Bond Authority Revenue Bonds (State Revolving Fund),
7% due 10/01/2004 218
AA A1 500 Michigan Municipal Bond Authority Revenue Refunding Bonds (Local
Government--Qualified School), Series A, 6% due 5/01/2001 512
AA- A1 590 Michigan Public Power Agency, Revenue Refunding Bonds (Belle River Project),
Series A, 5.40% due 1/01/2001 584
AA- A 200 Michigan State Building Authority, Revenue Refunding Bonds, Series I,
6.40% due 10/01/2004 209
AA- A1 250 Michigan State Comprehensive Transportation, Revenue Refunding Bonds,
Series B, 5.625% due 5/15/2003 250
AAA Aaa 175 Michigan State Hospital Finance Authority Revenue Bonds (Henry Ford
Hospital), Series B, 9% due 5/01/2004 (f) 210
UR** VMIG1++ 200 Michigan State Housing Development Authority, Limited Obligation Revenue
Bonds (Laurel Valley), VRDN, 3.50% due 12/01/2007 (a) 200
NR* P1 200 Michigan State Strategic Fund, PCR, Refunding (Consumers Power Project),
VRDN, Series A, 4.10% due 4/15/2018 (a) 200
NR* VMIG1++ 500 Michigan State Strategic Fund, Solid Waste Disposal Revenue Bonds
(Grayling Generating Project), VRDN, AMT, 3.75% due 1/01/2014 (a) 500
AA- A1 265 Michigan State Trunk Line, Refunding Bonds, Series B, 5.50% due 11/15/1998 266
A1 P1 200 Midland County, Michigan, Economic Development Corp., Limited Obligation
Revenue Bonds (Dow Chemical Company Project), VRDN, AMT, Series A,
4.45% due 12/01/2023 (a) 200
AA Aa 250 Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue
Refunding Bonds (William Beaumont Hospital), Series A, 7.75% due 1/01/2003 267
<PAGE>
Puerto Rico--8.1% A Baa1 265 Puerto Rico Commonwealth, GO, UT, 5.55% due 7/01/2001 259
A1+ VMIG1 200 Puerto Rico Commonwealth, Government Development Bank, Revenue Refunding
Bonds, VRDN, 2.95% due 12/01/2015 (a) 200
Total Investments (Cost--$5,476)--97.0% 5,487
Other Assets Less Liabilities--3.0% 169
-------
Net Assets--100.0% $ 5,656
=======
<FN>
(a)The interest rate is subject to change periodically based upon the prevailing
market rate. The interest rate shown is the rate in effect at January 31, 1995.
(b)AMBAC Insured.
(c)FGIC Insured.
(d)MBIA Insured.
(e)Prerefunded.
(f)Escrowed to maturity.
*Not Rated.
**Under Review.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
<CAPTION>
New Jersey Limited Maturity Municipal Bond Fund
<PAGE>
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
New Jersey--99.0% NR* Aaa $ 400 Bergen County, New Jersey, GO, UT, 6.75% due 1/15/1997 $ 413
AAA Aaa 600 Elizabeth, New Jersey, General Improvement and Sewer Utility Refunding
Bonds, GO, UT, 6% due 8/15/2004 (e) 618
SP1+ VMIG1++ 400 Mercer County, New Jersey, Improvement Authority Revenue Bonds, VRDN,
3.25% due 11/01/1998 (a) 400
AA Aa1 500 Monmouth County, New Jersey, General Improvement Bonds, GO, UT,
6.625% due 8/01/2000 528
NR* VMIG1++ 200 New Jersey, EDA, Dock Facility Revenue Refunding Bonds (Bayonne
International Matex Tank Terminal Project), VRDN, Series A,
3.85% due 12/01/2027 (a) 200
New Jersey, EDA, Economic Development Revenue Bonds, VRDN (a):
NR* Aaa 400 (400 International Drive Partners), 3.25% due 4/01/2019 400
A1 VMIG1++ 300 (Dac Realty Corporation), Series A, AMT, 3.55% due 7/01/2006 300
A1 NR* 400 New Jersey, EDA, Industrial and Economic Development Revenue Bonds
(Toys 'R' Us, Inc. Project), VRDN, 3.75% due 9/01/2005 (a) 400
AAA Aaa 1,000 New Jersey, EDA, Market Transition Facility Revenue Bonds, Senior Lien,
Series A, 7% due 7/01/2004 (c) 1,097
NR* Aaa 300 New Jersey, EDA, Revenue Bonds (Hoffman-La Roche Incorporated Project),
VRDN, AMT, 3.95% due 11/01/2011 (a) 300
A1 VMIG1++ 400 New Jersey Sports and Exposition Authority Revenue Bonds (State Contract),
VRDN, Series C, 3.50% due 9/01/2024 (a)(c) 400
AA+ Aa1 400 New Jersey State Government Various Purpose Revenue Bonds,
5.80% due 8/01/2001 (b) 408
A+ Aa 1,000 New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series A, 6% due 6/15/2000 1,027
A A 400 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series A,
5.70% due 1/01/2001 403
AA Aa 400 North Brunswick Township, New Jersey, Board of Education, GO, UT,
6.25% due 2/01/2004 417
NR* Aa 400 Ocean County, New Jersey, Utilities Authority, Wastewater Revenue Bonds,
UT, Series A, 6.125% due 1/01/2003 414
AAA Aaa 1,310 Port Authority of New York and New Jersey, Consolidated Bonds, AMT, UT,
97th Series, 7.10% due 7/15/2004 (d) 1,431
A1+ P1 200 Union County, New Jersey, Industrial Pollution Control Financing
Authority, PCR, Refunding (Exxon Project), VRDN, 3.75% due 7/01/2033 (a) 200
Puerto Rico--4.2% A1+ VMIG1++ 400 Puerto Rico Commonwealth, Government Development Bank, Revenue Refunding
Bonds, VRDN, 2.95% due 12/01/2015 (a) 400
<PAGE>
Total Investments (Cost--$9,693)--103.2% 9,756
Liabilities in Excess of Other Assets--(3.2%) (307)
-------
Net Assets--100.0% $ 9,449
=======
<FN>
(a)The interest rate is subject to change periodically based upon the
prevailing market rate. The interest rate shown is the rate in effect at
January 31, 1995.
(b)Secured by escrow.
(c)MBIA Insured.
(d)FGIC Insured.
(e)AMBAC Insured.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in Thousands)
<CAPTION>
New York Limited Maturity Municipal Bond Fund
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
New Jersey--4.8% SP1+ MIG1++ $ 700 Port Authority of New York and New Jersey, Consolidated Notes, GO, AMT,
Series SS, 4.90% due 9/01/1997 $ 697
<PAGE>
New York--94.9% Nassau County, New York, General Improvement Bonds, UT:
AAA Aaa 600 Series H, 5.10% due 6/15/2003 (e) 576
AAA Aaa 400 Series O, 5.625% due 8/01/2004 (c) 397
AAA Aaa 750 New York City, New York, IDA, Civic Facilities Revenue Bonds
(USTA National Tennis Center Project), 6% due 11/15/2003 (d) 768
A1+ NR* 200 New York City, New York, IDA, IDR (Japan Airlines Company Ltd.
Project), VRDN, AMT, 3.95% due 11/01/2015 (a) 200
AAA VMIG1++ 500 New York City, New York, Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, VRDN, Series G, 3.70% due 6/15/2024 (a)(c) 500
A- Baa1 700 New York City, Refunding Bonds, UT, Series A, 5.75% due 8/01/2002 666
New York State Dormitory Authority Revenue Bonds:
AA Aa 230 (Cornell University), 7.40% due 7/02/1995 233
AA Aa 500 (Cornell University), 6.375% due 7/01/1999 519
BBB+ Baa1 600 Refunding (State University Educational Facilities), Series A,
5.30% due 5/15/2003 555
New York State Energy Research and Development Authority, PCR:
A1+ Aaa 600 (New York State Electric & Gas), 3.25% due 3/15/2015 599
A1+ NR* 1,500 (Niagara Power Corporation Project), VRDN, AMT, Series B,
4.20% due 7/01/2027 (a) 1,500
A- Aa 700 New York State Environmental Facilities Corporation, PCR (State
Water--Revolving Fund), Series E, 5.60% due 6/15/1999 705
A- A 600 New York State Environmental Quality, GO, 6% due 12/01/2004 614
AAA Aaa 1,255 New York State HFA, Refunding (State University Construction),
Series A, 8.10% due 11/01/1998 (b) 1,394
AAA Aaa 725 New York State Medical Care Facilities, Finance Agency Revenue Bonds
(Mental Health Services Facilities), Series A, 7.75% due 2/15/2001 (b) 817
AA Aa 600 New York State Power Authority, Refunding, Series V, 7.10% due 1/01/1999 635
AA NR* 675 New York State Tax Exempt Revenue Bonds (Rochester Museum & Science),
5.60% due 12/01/2015 675
AAA Aaa 500 New York State Urban Development Corporation Revenue Bonds (Correctional
Facilities), Series D, 7.50% due 1/01/1998 (b)(f) 538
A1 VMIG1++ 700 Niagara County, New York, IDA, Solid Waste Disposal, Revenue Refunding
Bonds (Amerian Fuel Company), VRDN, AMT, Series B, 4% due 2/16/1995 (a) 700
A+ Aa 985 Triborough Bridge and Tunnel Authority, New York, Revenue Refunding and
General Purpose Bonds, Series A, 4.60% due 1/01/2004 883
A+ Aa 340 Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, Series R,
6.90% due 1/01/2000 360
Puerto Rico--3.7% AAA Baa1 500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series N,
7.125% due 7/01/1999 (b) 542
Total Investments (Cost--$15,091)--103.4% 15,073
Liabilities in Excess of Other Assets--(3.4%) (497)
-------
Net Assets--100.0% $14,576
=======
<PAGE>
<FN>
(a)The interest rate is subject to change periodically based upon the prevailing
market rate. The interest rate shown is the rate in effect at January 31, 1995.
(b)Prerefunded.
(c)FGIC Insured.
(d)FSA Insured.
(e)MBIA Insured.
(f)AMBAC Insured.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
<CAPTION>
Pennsylvania Limited Maturity Municipal Bond Fund
<PAGE>
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Pennsylvania-- NR* A1 $ 400 Allegheny County, Pennsylvania, IDA, Revenue Refunding Bonds
97.8% (Commercial Development Parkway Center Project), VRDN, Series A,
3.95% due 5/01/2009 (d) $ 400
AAA Aaa 400 Beaver County, Pennsylvania, Hospital Authority, Revenue Refunding
Bonds (Beaver County Medical Center Inc.), 5.70% due 7/01/1999 (c) 402
AAA Aaa 1,500 Delaware County, Pennsylvania, Authority College Revenue Bonds (Haverford
College), 7.375% due 11/15/2000 (a)(e) 1,661
A1+ Aaa 400 Delaware County, Pennsylvania, IDA, Apartment Facilities, Revenue Bonds,
DATES, 3.85% due 12/01/2015 (d) 400
A1+ P1 400 Delaware County, Pennsylvania, IDA, PCR (BP Oil Inc. Project), UPDATES,
3.75% due 2/01/1995 (d) 400
A1 NR* 400 Emmaus, Pennsylvania, General Authority Revenue Bonds, VRDN, Series D-5,
3.70% due 3/01/2024 (d) 400
A1+ Aaa 400 Lehigh County, Pennsylvania, Authority Water Revenue Bonds, VRDN,
3.50% due 11/01/2004 (b)(d) 400
NR* VMIG1++ 400 Pennsylvania Energy Development Authority, Energy Development Revenue
Bonds (B&W Ebensburg Project), VRDN, AMT, 3.70% due 12/01/2011 (d) 400
A1+ NR* 400 Pennsylvania State Higher Education Assistance Agency, Student Loan
Revenue Bonds, Series E, VRDN, 3.65% due 7/01/2018 (d) 400
NR* P1 400 Pennsylvania State Higher Educational Facilities Authority, College and
University Revenue Bonds (Temple University), VRDN,
3.75% due 10/01/2009 (d) 400
AAA Aaa 400 Pennsylvania State Revenue Refunding Bonds, UT, Series A,
6.60% due 1/01/2001 (c) 421
AAA Aaa 1,000 Pennsylvania State Turnpike Commission Turnpike Revenue Bonds, Series K,
7.625% due 12/01/1999 (e) 1,106
AA- A1 1,385 Pennsylvania State University, Revenue Refunding Bonds,
5.85% due 3/01/2002 1,407
Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities
Authority, Hospital Revenue Bonds:
A1+ VMIG1++ 100 (Children's Hospital of Philadelphia Project), VRDN,
3.75% due 3/01/2027 (d) 100
A- NR* 650 (Children's Seashore House), Series B, 7% due 8/15/2003 661
AAA Aaa 425 Washington County, Pennsylvania, Authority Lease Municipal Facility
(Shadyside Hospital Project, Pool Capital) Series C, Sub-Series A,
7.45% due 6/15/2000 (c)(e)(f) 473
Total Investments (Cost--$9,525)--97.8% 9,431
Other Assets Less Liabilities--2.2% 209
-------
Net Assets--100.0% $ 9,640
=======
<PAGE>
<FN>
(a)MBIA Insured.
(b)FGIC Insured.
(c)AMBAC Insured.
(d)The interest rate is subject to change periodically based on prevailing market
rates. The interest rate shown is the rate in effect at January 31, 1995.
(e)Prerefunded.
(f)Escrowed to Maturity.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
<CAPTION>
Arizona California Florida Massachusetts
Limited Limited Limited Limited
As of January 31, 1995 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Assets: Investments, at value* (Note 1a) $ 8,031,068 $ 14,023,306 $ 28,725,532 $ 11,050,751
Cash 61,627 766,460 87,154 100,186
Receivables:
Securities sold 1,036,374 -- 1,663,816 377,860
Interest 52,678 209,662 349,268 125,239
Beneficial interest sold -- 300 298,458 207,383
Investment adviser (Note 2) 52,726 8,242 57,029 56,533
Deferred organization expenses (Note 1e) 36,603 41,135 38,794 36,603
Prepaid registration fees and other assets (Note 1e) 19,919 21,454 29,786 23,267
------------ ------------ ------------ ------------
Total assets 9,290,995 15,070,559 31,249,837 11,977,822
------------ ------------ ------------ ------------
Liabilities: Payables:
Securities purchased 1,049,344 1,201,472 500,375 519,300
Beneficial interest redeemed 207,081 88,057 257,531 203,214
Dividends to shareholders (Note 1f) 7,565 13,135 30,954 11,156
Distributor (Note 2) 1,702 2,797 5,934 1,482
Variation margin on financial futures contracts
(Note 1b) -- -- -- 797
Accrued expenses and other liabilities 60,838 35,566 22,715 42,770
------------ ------------ ------------ ------------
Total liabilities 1,326,530 1,341,027 817,509 778,719
------------ ------------ ------------ ------------
Net Assets: Net assets $ 7,964,465 $ 13,729,532 $ 30,432,328 $ 11,199,103
============ ============ ============ ============
<PAGE>
Net Assets Class A Shares of beneficial interest, $.10 par
Consist of: value, unlimited number of shares authorized $ 19,615 $ 37,019 $ 119,887 $ 60,011
Class B Shares of beneficial interest, $.10 par
value, unlimited number of shares authorized 60,606 103,513 182,204 52,392
Class C Shares of beneficial interest, $.10 par
value, unlimited number of shares authorized 11 11 11 1,843
Class D Shares of beneficial interest, $.10 par
value, unlimited number of shares authorized 82 534 10,917 319
Paid-in capital in excess of par 7,949,278 14,036,096 31,127,127 11,452,661
Accumulated realized capital losses on
investments--net (107,447) (549,391) (875,987) (238,746)
Unrealized appreciation (depreciation) on
investments--net 42,320 101,750 (131,831) (129,377)
------------ ------------ ------------ ------------
Net assets $ 7,964,465 $ 13,729,532 $ 30,432,328 $ 11,199,103
============ ============ ============ ============
Net Asset Value: Class A: Net assets $ 1,945,122 $ 3,602,980 $ 11,656,266 $ 5,866,278
============ ============ ============ ============
Shares of beneficial interest outstanding 196,148 370,190 1,198,864 600,108
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.92 $ 9.73 $ 9.72 $ 9.78
============ ============ ============ ============
Class B: Net assets $ 6,010,041 $ 10,073,457 $ 17,714,108 $ 5,121,546
============ ============ ============ ============
Shares of beneficial interest outstanding 606,058 1,035,134 1,822,042 523,924
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.92 $ 9.73 $ 9.72 $ 9.78
============ ============ ============ ============
Class C: Net assets $ 1,101 $ 1,080 $ 1,079 $ 180,051
============ ============ ============ ============
Shares of beneficial interest outstanding 111 111 111 18,427
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.92 $ 9.73 $ 9.72 $ 9.77
============ ============ ============ ============
Class D: Net assets $ 8,201 $ 52,015 $ 1,060,875 $ 31,228
============ ============ ============ ============
Shares of beneficial interest outstanding 827 5,344 109,173 3,196
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.92 $ 9.73 $ 9.72 $ 9.77
============ ============ ============ ============
<FN>
*Identified cost $ 7,988,748 $ 13,921,556 $ 28,857,363 $ 11,172,690
============ ============ ============ ============
<PAGE>
<CAPTION>
Michigan New Jersey New York Pennsylvania
Limited Limited Limited Limited
As of January 31, 1995 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Assets: Investments, at value* (Note 1a) $ 5,487,158 $ 9,756,059 $ 15,072,533 $ 9,431,060
Cash 107,466 -- 72,378 71,508
Receivables:
Securities sold 209,056 1,490,122 -- --
Interest 51,920 71,870 171,525 110,779
Beneficial interest sold -- 81,709 -- --
Investment adviser (Note 2) 7,081 61,666 7,349 64,571
Deferred organization expenses (Note 1e) 41,135 36,847 41,135 38,332
Prepaid registration fees and other assets (Note 1e) 18,955 21,245 13,620 21,981
------------ ------------ ------------ ------------
Total assets 5,922,771 11,519,518 15,378,540 9,738,231
------------ ------------ ------------ ------------
Liabilities: Payables:
Securities purchased 212,366 1,439,686 568,823 --
Beneficial interest redeemed -- 178,334 176,635 20,313
Dividends to shareholders (Note 1f) 5,824 8,460 15,569 9,107
Distributor (Note 2) 756 2,015 2,443 2,400
Accrued expenses and other liabilities 47,427 442,293 38,983 66,422
------------ ------------ ------------ ------------
Total liabilities 266,373 2,070,788 802,453 98,242
------------ ------------ ------------ ------------
Net Assets: Net assets $ 5,656,398 $ 9,448,730 $ 14,576,087 $ 9,639,989
============ ============ ============ ============
Net Assets Class A Shares of beneficial interest, $.10 par
Consist of: value, unlimited number of shares authorized $ 26,993 $ 23,404 $ 59,182 $ 9,771
Class B Shares of beneficial interest, $.10 par
value, unlimited number of shares authorized 26,935 71,311 87,546 85,823
Class C Shares of beneficial interest, $.10 par
value, unlimited number of shares authorized 11 11 11 11
Class D Shares of beneficial interest, $.10 par
value, unlimited number of shares authorized 4,145 1,036 2,569 2,517
Paid-in capital in excess of par 5,761,453 9,580,080 14,787,536 9,748,962
Accumulated realized capital losses on
investments--net (174,706) (289,747) (341,945) (113,445)
Unrealized appreciation (depreciation) on
investments--net 11,567 62,635 (18,812) (93,650)
------------ ------------ ------------ ------------
Net assets $ 5,656,398 $ 9,448,730 $ 14,576,087 $ 9,639,989
============ ============ ============ ============
<PAGE>
Net Asset Value: Class A: Net assets $ 2,628,851 $ 2,308,131 $ 5,777,504 $ 960,013
============ ============ ============ ============
Shares of beneficial interest outstanding 269,927 234,038 591,816 97,708
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.74 $ 9.86 $ 9.76 $ 9.83
============ ============ ============ ============
Class B: Net assets $ 2,623,064 $ 7,037,311 $ 8,546,544 $ 8,431,454
============ ============ ============ ============
Shares of beneficial interest outstanding 269,352 713,109 875,463 858,231
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.74 $ 9.87 $ 9.76 $ 9.82
============ ============ ============ ============
Class C: Net assets $ 1,081 $ 1,077 $ 1,083 $ 1,091
============ ============ ============ ============
Shares of beneficial interest outstanding 111 111 111 111
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.74 $ 9.70 $ 9.76 $ 9.83
============ ============ ============ ============
Class D: Net assets $ 403,402 $ 102,211 $ 250,956 $ 247,431
============ ============ ============ ============
Shares of beneficial interest outstanding 41,449 10,361 25,695 25,175
============ ============ ============ ============
Net asset value and redemption price
per share $ 9.73 $ 9.87 $ 9.77 $ 9.83
============ ============ ============ ============
<FN>
*Identified cost $ 5,475,591 $ 9,693,424 $ 15,091,345 $ 9,524,710
============ ============ ============ ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF OPERATIONS
<CAPTION>
Arizona California Florida Massachusetts
Limited Limited Limited Limited
For the Six Months Ended January 31, 1995 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Investment Interest and amortization of premium and
Income (Note 1d): discount earned $ 185,430 $ 341,056 $ 792,754 $ 328,873
------------ ------------ ------------ ------------
Expenses: Investment advisory fees (Note 2) 14,522 26,067 59,660 24,758
Professional fees 16,592 14,758 16,731 16,474
Distribution fees--Class B (Note 2) 10,709 19,194 35,934 12,443
Accounting services (Note 2) 16,043 17,075 17,885 15,527
Printing and shareholder reports 7,760 14,640 30,965 12,750
Registration fees (Note 1e) 12,557 9,151 15,197 18,393
Trustees' fees and expenses 1,678 2,685 7,450 2,985
Amortization of organization expenses (Note 1e) 4,241 1,589 6,487 4,003
Transfer agent fees--Class B (Note 2) 1,496 1,364 3,076 1,607
Custodian fees 1,291 1,431 2,730 1,518
Pricing fees 1,498 1,825 1,566 1,547
Transfer agent fees--Class A (Note 2) 457 398 1,656 1,244
Account maintenance fees--Class D (Note 2) 2 8 112 3
Transfer agent fees--Class D (Note 2) 1 2 28 1
Account Maintenance--Class C (Note 2) -- -- -- 67
Transfer agent fees--Class C (Note 2) 2 2 2 22
Other 942 729 2,052 --
------------ ------------ ------------ ------------
Total expenses before reimbursement 89,791 110,918 201,531 113,342
Reimbursement of expenses (Note 2) (67,248) (70,766) (116,689) (81,291)
------------ ------------ ------------ ------------
Total expenses after reimbursement 22,543 40,152 84,842 32,051
------------ ------------ ------------ ------------
Investment income--net 162,887 300,904 707,912 296,822
------------ ------------ ------------ ------------
Realized & Realized loss on investments--net (84,746) (399,914) (423,274) (238,746)
Unrealized Gain Change in unrealized appreciation/depreciation on
(Loss) on investments--net 35,578 147,778 (64,274) (46,995)
Investments--Net ------------ ------------ ------------ ------------
(Notes 1b, Net Increase in Net Assets Resulting from
1d & 3): Operations $ 113,719 $ 48,768 $ 220,364 $ 11,081
============ ============ ============ ============
<PAGE>
<CAPTION>
Michigan New Jersey New York Pennsylvania
Limited Limited Limited Limited
For the Six Months Ended January 31, 1995 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Investment Interest and amortization of premium and discount
Income (Note 1d): earned $ 132,109 $ 275,364 $ 361,169 $ 228,061
------------ ------------ ------------ ------------
Expenses: Investment advisory fees (Note 2) 10,147 22,716 27,228 18,355
Professional fees 14,549 18,386 15,876 17,580
Distribution fees--Class B (Note 2) 4,441 14,023 16,841 16,485
Accounting services (Note 2) 11,606 22,084 6,494 12,840
Printing and shareholder reports 6,764 16,537 16,578 12,717
Registration fees (Note 1e) 9,744 8,496 15,909 16,451
Trustees' fees and expenses 1,260 3,005 2,994 4,265
Amortization of organization expenses (Note 1e) 853 4,200 1,471 351
Transfer agent fees--Class B (Note 2) 647 1,681 1,608 3,276
Custodian fees 1,880 2,120 1,536 1,777
Pricing fees 1,467 1,434 1,819 1,354
Transfer agent fees--Class A (Note 2) 628 826 746 311
Account maintenance fees--Class D (Note 2) 40 11 101 35
Transfer agent fees--Class D (Note 2) 17 5 27 24
Account Maintenance fees--Class C (Note 2) -- 14 -- --
Transfer agent fees--Class C (Note 2) 2 6 2 2
Other 508 916 598 5,373
------------ ------------ ------------ ------------
Total expenses before reimbursement 64,553 116,460 109,828 111,196
Reimbursement of expenses (Note 2) (54,007) (84,383) (70,813) (79,872)
------------ ------------ ------------ ------------
Total expenses after reimbursement 10,546 32,077 39,015 31,324
------------ ------------ ------------ ------------
Investment income--net 121,563 243,287 322,154 196,737
------------ ------------ ------------ ------------
Realized & Realized loss on investments--net (125,490) (200,018) (219,936) (50,819)
Unrealized Gain Change in unrealized appreciation/depreciation on
(Loss) on investments--net 13,555 58,334 (28,512) (91,173)
Investments--Net ------------ ------------ ------------ ------------
(Notes 1b, Net Increase in Net Assets Resulting from
1d & 3): Operations $ 9,628 $ 101,603 $ 73,706 $ 54,745
============ ============ ============ ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
Arizona Limited Maturity California Limited Maturity
For Six For the Period For the Six For the Period
Months Ended Nov. 26, 1993++ Months Ended Nov. 26, 1993++
January 31, to July 31, January 31, to July 31,
Increase (Decrease) in Net Assets: 1995 1994 1995 1994
<S> <S> <C> <C> <C> <C>
Operations: Investment income--net $ 162,887 $ 143,624 $ 300,904 $ 322,517
Realized loss on investments--net (84,746) (22,701) (399,914) (149,477)
Change in unrealized appreciation/
depreciation on investments--net 35,578 6,742 147,778 (46,028)
------------ ------------ ------------ ------------
Net increase in net assets resulting from
operations 113,719 127,665 48,768 127,012
------------ ------------ ------------ ------------
Dividends to Investment income--net:
Shareholders Class A (45,478) (44,448) (84,163) (87,891)
(Note 1f): Class B (117,311) (99,176) (216,355) (234,626)
Class C (11) -- (11) --
Class D (87) -- (375) --
------------ ------------ ------------ ------------
Net decrease in net assets resulting from
dividends to shareholders (162,887) (143,624) (300,904) (322,517)
------------ ------------ ------------ ------------
Beneficial Interest Net increase (decrease) in net assets derived
Transactions from beneficial interest transactions 336,265 7,593,327 (1,252,525) 15,329,698
(Note 4): ------------ ------------ ------------ ------------
Net Assets: Total increase (decrease) in net assets 287,097 7,577,368 (1,504,661) 15,134,193
Beginning of period 7,677,368 100,000 15,234,193 100,000
------------ ------------ ------------ ------------
End of period $ 7,964,465 $ 7,677,368 $ 13,729,532 $ 15,234,193
============ ============ ============ ============
<FN>
++Commencement of Operations.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
<CAPTION>
Florida Limited Maturity Massachusetts Limited Maturity
For the Six For the Period For the Six For the Period
Months Ended Nov. 26, 1993++ Months Ended Nov. 26, 1993++
January 31, to July 31, January 31, to July 31,
Increase (Decrease) in Net Assets: 1995 1994 1995 1994
<S> <S> <C> <C> <C> <C>
Operations: Investment income--net $ 707,912 $ 803,885 $ 296,822 $ 327,953
Realized gain (loss) on investments--net (423,274) (452,713) (238,746) 15,134
Change in unrealized appreciation/
depreciation on investments--net (64,274) (67,557) (46,995) (82,382)
------------ ------------ ------------ ------------
Net increase in net assets resulting from
operations 220,364 283,615 11,081 260,705
------------ ------------ ------------ ------------
Dividends & Investment income--net:
Distributions to Class A (289,583) (424,360) (152,044) (151,876)
Shareholders Class B (413,180) (379,525) (142,657) (176,077)
(Note 1f): Class C (11) -- (1,993) --
Class D (5,138) -- (128) --
Realized gain on investments--net:
Class A -- -- (7,554) --
Class B -- -- (7,097) --
Class C -- -- (476) --
Class D -- -- (8) --
------------ ------------ ------------ ------------
Net decrease in net assets resulting from
dividends and distributions to shareholders (707,912) (803,885) (311,957) (327,953)
------------ ------------ ------------ ------------
Beneficial Interest Net increase (decrease) in net assets derived
Transactions from beneficial interest transactions (2,126,765) 33,466,911 (4,642,866) 16,110,093
(Note 4):
Net Assets: Total increase (decrease) in net assets (2,614,313) 32,946,641 (4,943,742) 16,042,845
Beginning of period 33,046,641 100,000 16,142,845 100,000
------------ ------------ ------------ ------------
End of period $ 30,432,328 $ 33,046,641 $ 11,199,103 $ 16,142,845
============ ============ ============ ============
<PAGE>
<CAPTION>
Michigan Limited Maturity New Jersey Limited Maturity
For the Six For the Period For the Six For the Period
Months Ended Nov. 26, 1993++ Months Ended Nov. 26, 1993++
January 31, to July 31, January 31, to July 31,
Increase (Decrease) in Net Assets: 1995 1994 1995 1994
<S> <S> <C> <C> <C> <C>
Operations: Investment income--net $ 121,563 $ 133,350 $ 243,287 $ 283,444
Realized loss on investments--net (125,490) (49,216) (200,018) (89,728)
Change in unrealized appreciation/
depreciation on investments--net 13,555 (1,988) 58,334 4,301
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 9,628 82,146 101,603 198,017
------------ ------------ ------------ ------------
Dividends to Investment income--net:
Shareholders Class A (68,917) (80,245) (97,814) (131,310)
(Note 1f): Class B (50,804) (53,105) (144,691) (152,134)
Class C (11) -- (357) --
Class D (1,831) -- (425) --
------------ ------------ ------------ ------------
Net decrease in net assets resulting from
dividends to shareholders (121,563) (133,350) (243,287) (283,444)
------------ ------------ ------------ ------------
Beneficial Interest Net increase (decrease) in net assets derived
Transactions from beneficial interest transactions (77,289) 5,796,826 (4,227,432) 13,803,273
(Note 4): ------------ ------------ ------------ ------------
Net Assets: Total increase (decrease) in net assets (189,224) 5,745,622 (4,369,116) 13,717,846
Beginning of period 5,845,622 100,000 13,817,846 100,000
------------ ------------ ------------ ------------
End of period $ 5,656,398 $ 5,845,622 $ 9,448,730 $ 13,817,846
============ ============ ============ ============
<PAGE>
<CAPTION>
New York Limited Maturity Pennsylvania Limited Maturity
For the Six For the Period For the Six For the Period
Months Ended Nov. 26, 1993++ Months Ended Nov. 26, 1993++
January 31, to July 31, January 31, to July 31,
Increase (Decrease) in Net Assets: 1995 1994 1995 1994
<S> <S> <C> <C> <C> <C>
Operations: Investment income--net $ 322,154 $ 314,551 $ 196,737 $ 221,987
Realized loss on investments--net (219,936) (122,010) (50,819) (62,626)
Change in unrealized appreciation/
depreciation on investments--net (28,512) 9,700 (91,173) (2,477)
------------ ------------ ------------ ------------
Net increase in net assets resulting from
operations 73,706 202,241 54,745 156,884
------------ ------------ ------------ ------------
Dividends to Investment income--net:
Shareholders Class A (125,356) (110,834) (20,329) (20,350)
(Note 1f): Class B (192,200) (203,717) (174,882) (201,637)
Class C (11) -- (11) --
Class D (4,587) -- (1,515) --
------------ ------------ ------------ ------------
Net decrease in net assets resulting from
dividends to shareholders (322,154) (314,551) (196,737) (221,987)
------------ ------------ ------------ ------------
Beneficial Interest Net increase (decrease) in net assets derived
Transactions from beneficial interest transactions (208,208) 15,045,053 (740,336) 10,487,420
(Note 4): ------------ ------------ ------------ ------------
Net Assets: Total increase (decrease) in net assets (456,656) 14,932,743 (882,328) 10,422,317
Beginning of period 15,032,743 100,000 10,522,317 100,000
------------ ------------ ------------ ------------
End of period $ 14,576,087 $ 15,032,743 $ 9,639,989 $ 10,522,317
============ ============ ============ ============
<FN>
++Commencement of Operations.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
Arizona Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.97 $ 10.00 $ 9.97 $ 10.00 $ 9.89 $ 9.89
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .21 .23 .19 .20 .10 .12
Realized and unrealized gain (loss)
on investments--net (.05) (.03) (.05) (.03) .03 .03
------- ------- ------- ------- ------- -------
Total from investment operations .16 .20 .14 .17 .13 .15
------- ------- ------- ------- ------- -------
Less dividends:
Investment income--net (.21) (.23) (.19) (.20) (.10) (.12)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.92 $ 9.97 $ 9.92 $ 9.97 $ 9.92 $ 9.92
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 1.59%+++ 2.02%+++ 1.41%+++ 1.78%+++ 1.35%+++ 1.51%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, excluding account maintenance
Net Assets: and distribution fees and net of
reimbursement .28%* .02%* .29%* .03%* .97%* .35%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .28%* .02%* .64%* .38%* .97%* .45%*
======= ======= ======= ======= ======= =======
Expenses 1.90%* 1.82%* 2.26%* 2.18%* 2.55%* 2.00%*
======= ======= ======= ======= ======= =======
Investment income--net 4.18%* 3.37%* 3.83%* 3.02%* 3.80%* 4.38%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 1,945 $ 2,103 $ 6,010 $ 5,575 $ 1 $ 8
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 120.45% 142.37% 120.45% 142.37% 120.45% 120.45%
======= ======= ======= ======= ======= =======
<PAGE>
<CAPTION>
California Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.88 $ 10.00 $ 9.88 $ 10.00 $ 9.76 $ 9.76
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .21 .24 .19 .21 .10 .12
Realized and unrealized loss
on investments--net (.15) (.12) (.15) (.12) (.03) (.03)
------- ------- ------- ------- ------- -------
Total from investment operations .06 .12 .04 .09 .07 .09
------- ------- ------- ------- ------- -------
Less dividends:
Investment income--net (.21) (.24) (.19) (.21) (.10) (.12)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.73 $ 9.88 $ 9.73 $ 9.88 $ 9.73 $ 9.73
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share .61%+++ 1.23%+++ .43%+++ .99%+++ .75%+++ .90%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, excluding account maintenance
Net Assets: and distribution fees and net of
reimbursement .28%* .02%* .28%* .03%* 1.00%* .35%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .28%* .02%* .63%* .38%* 1.05%* .45%*
======= ======= ======= ======= ======= =======
Expenses 1.23%* 1.16%* 1.58%* 1.52%* 1.98%* 1.45%*
======= ======= ======= ======= ======= =======
Investment income--net 4.30%* 3.54%* 3.95%* 3.19%* 3.80%* 4.45%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 3,603 $ 3,804 $10,073 $11,430 $ 1 $ 52
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 84.51% 130.10% 84.51% 130.10% 84.51% 84.51%
======= ======= ======= ======= ======= =======
<PAGE>
<CAPTION>
Florida Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.87 $ 10.00 $ 9.98 $ 10.00 $ 9.76 $ 9.76
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .21 .24 .20 .21 .10 .12
Realized and unrealized loss
on investments--net (.15) (.13) (.16) (.12) (.04) (.04)
------- ------- ------- ------- ------- -------
Total from investment operations .06 .11 .04 .09 .06 .08
------- ------- ------- ------- ------- -------
Less dividends:
Investment income--net (.21) (.24) (.20) (.21) (.10) (.12)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.72 $ 9.87 $ 9.72 $ 9.88 $ 9.72 $ 9.72
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share .63%+++ 1.12%+++ .35%+++ .99%+++ .65%+++ .80%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, excluding account maintenance
Net Assets: and distribution fees and net of
reimbursement .28%* .02%* .29%* .03%* .99%* .35%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .28%* .02%* .64%* .38%* 1.14%* .45%*
======= ======= ======= ======= ======= =======
Expenses .97%* .86%* 1.32%* 1.23%* 1.79%* 1.07%*
======= ======= ======= ======= ======= =======
Investment income--net 4.34%* 3.54%* 4.02%* 3.19%* 3.73%* 4.57%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $11,656 $14,868 $17,714 $18,179 $ 1 $ 1,061
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 89.97% 136.71% 89.97% 136.71% 89.97% 89.97%
======= ======= ======= ======= ======= =======
<PAGE>
<FN>
*Annualized.
**Total investment returns exclude the effects of sales loads.
++Commencement of Operations.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (continued)
<CAPTION>
Massachusetts Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.95 $ 10.00 $ 9.95 $ 10.00 $ 9.82 $ 9.82
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .22 .25 .20 .22 .11 .12
Realized and unrealized loss on
investments--net (.16) (.05) (.16) (.05) (.04) (.04)
------- ------- ------- ------- ------- -------
Total from investment operations .06 .20 .04 .17 .07 .08
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.22) (.25) (.20) (.22) (.11) (.12)
Realized gain on investments--net (.01) -- (.01) -- (.01) (.01)
------- ------- ------- ------- ------- -------
Total dividends and distributions (.23) (.25) (.21) (.22) (.12) (.13)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.78 $ 9.95 $ 9.78 $ 9.95 $ 9.77 $ 9.77
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share .58%+++ 2.01%+++ .40%+++ 1.77%+++ .76%+++ .82%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, excluding account maintenance
Net Assets: and distribution fees and
net of reimbursement .27%* .03%* .28%* .03%* .35%* .34%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .27%* .03%* .63%* .38%* .50%* .44%*
======= ======= ======= ======= ======= =======
Expenses 1.43%* 1.17%* 1.77%* 1.54%* 1.84%* 1.86%*
======= ======= ======= ======= ======= =======
Investment income--net 4.38%* 3.69%* 4.01%* 3.28%* 4.43%* 4.40%*
======= ======= ======= ======= ======= =======
<PAGE>
Supplemental Net assets, end of period (in thousands) $ 5,866 $ 8,097 $ 5,122 $ 8,046 $ 180 $ 31
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 48.03% 57.80% 48.03% 57.80% 48.03% 48.03%
======= ======= ======= ======= ======= =======
<CAPTION>
Michigan Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.92 $ 10.00 $ 9.92 $ 10.00 $ 9.76 $ 9.76
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .21 .24 .20 .22 .10 .12
Realized and unrealized loss
on investments--net (.18) (.08) (.18) (.08) (.02) (.03)
------- ------- ------- ------- ------- -------
Total from investment operations .03 .16 .02 .14 .08 .09
------- ------- ------- ------- ------- -------
Less dividends:
Investment income--net (.21) (.24) (.20) (.22) (.10) (.12)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.74 $ 9.92 $ 9.74 $ 9.92 $ 9.74 $ 9.73
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share .33%+++ 1.66%+++ .15%+++ 1.42%+++ .88%+++ .92%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, excluding account maintenance
Net Assets: and distribution fees and net
of reimbursement .20% .02% .22% .03%* .82%* .24%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .20% .02%* .57% .38%* .88%* .34%*
======= ======= ======= ======= ======= =======
Expenses 2.06% 2.01%* 2.43% 2.38%* 2.79%* 2.27%*
======= ======= ======= ======= ======= =======
Investment income--net 4.34% 3.59%* 4.00% 3.21%* 3.91%* 4.56%*
======= ======= ======= ======= ======= =======
<PAGE>
Supplemental Net assets, end of period (in thousands) $ 2,629 $ 3,435 $ 2,623 $ 2,411 $ 1 $ 403
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 69.21% 204.15% 69.21% 204.15% 69.21% 69.21%
======= ======= ======= ======= ======= =======
<CAPTION>
New Jersey Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.94 $ 10.00 $ 9.95 $ 10.00 $ 9.86 $ 9.85
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .20 .23 .18 .20 .09 .11
Realized and unrealized gain (loss)
on investments--net (.08) (.06) (.08) (.05) (.16) .02
------- ------- ------- ------- ------- -------
Total from investment operations .12 .17 .10 .15 (.07) .13
------- ------- ------- ------- ------- -------
Less dividends:
Investment income--net (.20) (.23) (.18) (.20) (.09) (.11)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.86 $ 9.94 $ 9.87 $ 9.95 $ 9.70 $ 9.87
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 1.18%+++ 1.73%+++ 1.00%+++ 1.59%+++ (.66%)+++ 1.30%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, excluding account maintenance
Net Assets: and distribution fees and net
of reimbursement .27% .03%* .28%* .03%* .36%* .34%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .27%* .03%* .63%* .38%* .51%* .44%*
======= ======= ======= ======= ======= =======
Expenses 1.54%* 1.14%* 1.95%* 1.52%* 2.23%* 2.10%*
======= ======= ======= ======= ======= =======
Investment income--net 3.97%* 3.45%* 3.61%* 3.04%* 3.83%* 3.87%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 2,308 $ 5,933 $ 7,037 $ 7,885 $ 1 $ 102
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 86.31% 205.04% 86.31% 205.04% 86.31% 86.31%
======= ======= ======= ======= ======= =======
<PAGE>
<FN>
*Annualized.
**Total investment returns exclude the effects of sales loads.
++Commencement of Operations.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (concluded)
<CAPTION>
New York Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.91 $ 10.00 $ 9.91 $ 10.00 $ 9.78 $ 9.78
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .21 .25 .20 .22 .10 .12
Realized and unrealized loss
on investments--net (.15) (.09) (.15) (.09) (.02) (.01)
------- ------- ------- ------- ------- -------
Total from investment operations .06 .16 .05 .13 .08 .11
------- ------- ------- ------- ------- -------
Less dividends:
Investment income--net (.21) (.25) (.20) (.22) (.10) (.12)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.76 $ 9.91 $ 9.76 $ 9.91 $ 9.76 $ 9.77
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 0.64%+++ 1.61%+++ 0.46%+++ 1.37%+++ 0.86%+++ 1.12%+++
Return:** ======= ======= ======= ======= ======= =======
<PAGE>
Ratios to Average Expenses, excluding account maintenance
Net Assets: and distribution fees and net of
reimbursement .28%* .03%* .28%* .03%* 1.00%* .34%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .28%* .03%* .63%* .38%* 1.06%* .44%*
======= ======= ======= ======= ======= =======
Expenses 1.19%* 1.24%* 1.54%* 1.60%* 2.06%* 1.33%*
======= ======= ======= ======= ======= =======
Investment income--net 4.37%* 3.68%* 3.99%* 3.31%* 3.78%* 4.54%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 5,777 $ 5,290 $ 8,547 $ 9,743 $ 1 $ 251
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 69.54% 152.73% 69.54% 152.73% 69.54% 69.54%
======= ======= ======= ======= ======= =======
<CAPTION>
Pennsylvania Limited Maturity
Class A Class B Class C Class D
For the For the For the For the For the For the
Six Period Six Period Period Period
The following per share data and ratios have been derived Months Nov. 26, Months Nov. 26, Oct. 21, Oct. 21,
from information provided in the financial statements. Ended 1993++ to Ended 1993++ to 1994++ to 1994++ to
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1995 1994 1995 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.95 $ 10.00 $ 9.95 $ 10.00 $ 9.84 $ 9.84
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .20 .23 .18 .21 .10 .11
Realized and unrealized loss
on investments--net (.12) (.05) (.13) (.05) (.01) (.01)
------- ------- ------- ------- ------- -------
Total from investment operations .08 .18 .05 .16 .09 .10
------- ------- ------- ------- ------- -------
Less dividends:
Investment income--net (.20) (.23) (.18) (.21) (.10) (.11)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.83 $ 9.95 $ 9.82 $ 9.95 $ 9.83 $ 9.83
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share .82%+++ 1.85%+++ .53%+++ 1.61%+++ .91%+++ 1.06%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, excluding account maintenance and
Net Assets: distribution fees and net of reimbursement .28%* .02%* .28%* .03%* .98%* .34%*
======= ======= ======= ======= ======= =======
Expenses, net of reimbursement .28%* .02%* .63%* .38%* 1.04%* .44%*
======= ======= ======= ======= ======= =======
Expenses 1.80%* 1.48%* 2.16%* 1.83%* 2.39%* 2.01%*
======= ======= ======= ======= ======= =======
Investment income--net 4.08%* 3.46%* 3.71%* 3.05%* 3.75%* 4.31%*
======= ======= ======= ======= ======= =======
<PAGE>
Supplemental Net assets, end of period (in thousands) $ 960 $ 990 $ 8,431 $ 9,532 $ 1 $ 247
Data: ======= ======= ======= ======= ======= =======
Portfolio turnover 70.76% 237.47% 70.76% 237.47% 70.76% 70.76%
======= ======= ======= ======= ======= =======
<FN>
*Annualized.
**Total investment returns exclude the effects 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 Multi-State Limited Maturity Municipal Series Trust
(the "Trust") consists of eight separate series: Merrill Lynch Arizona
Limited Maturity Municipal Bond Fund, Merrill Lynch California
Limited Maturity Municipal Bond Fund, Merrill Lynch Florida
Limited Maturity Municipal Bond Fund, Merrill Lynch Massachusetts
Limited Maturity Municipal Bond Fund, Merrill Lynch Michigan
Limited Maturity Municipal Bond Fund, Merrill Lynch New Jersey
Limited Maturity Municipal Bond Fund, Merrill Lynch New York
Limited Maturity Municipal Bond Fund, and Merrill Lynch Pennsyl-
vania Limited Maturity Municipal Bond Fund. Each series of the
Trust is referred to herein as a "Fund." Each 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 Trust 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 Trust.
<PAGE>
(a) Valuation of investments--Municipal bonds and other portfolio
securities in which the Funds invest 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 a remaining maturity of sixty days or less are
valued at amortized cost, which approximates market value.
Securities and assets for which market quotations are not readily
available are valued at fair value as determined in good faith by
or under the direction of the Board of Trustees of the Trust,
including valuations furnished by a pricing service retained by the
Trust, which may utilize a matrix system for valuations. The pro-
cedures 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 Funds 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 Funds 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.
NOTES TO FINANCIAL STATEMENTS (continued)
(c) Income taxes--It is each Fund's policy to comply with the require-
ments of the Internal Revenue Code applicable to regulated invest-
ment companies and to distribute substantially all of its taxable
income to its shareholders. Therefore, no Federal income tax
provision is required.
<PAGE>
(d) Security transactions and investment income--Security trans-
actions 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) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expenses on a straight-
line basis over a five-year period beginning with the commencement
of operations. 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 subsidi-
ary 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 each Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such
services, each Fund pays a monthly fee at the annual rate of 0.35% of
each Fund's average daily net assets. The Investment Advisory
Agreement obligates FAM to reimburse each Fund to the extent
each Fund's expenses (excluding interest, taxes, distribution fees,
brokerage fees and commissions, and extraordinary items) exceed
2.5% of each 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 each Fund is limited to the amount of the management
fee. No fee payment will be made to the manager by any Fund during
any fiscal year which will cause such expenses to exceed expense
limitations at the time of such payment.
For the six months ended January 31, 1995, FAM had voluntarily
waived management fees and reimbursed each Fund for additional
expenses as follows:
<PAGE>
Arizona California Florida
Limited Limited Limited
Maturity Maturity Maturity
Management fee $14,522 $26,067 $59,660
Additional expenses $52,726 $44,699 $57,029
Massachusetts Michigan New Jersey
Limited Limited Limited
Maturity Maturity Maturity
Management fee $24,758 $10,147 $22,716
Additional expenses $56,533 $43,860 $61,667
New York Pennsylvania
Limited Limited
Maturity Maturity
Management fee $27,228 $18,355
Additional expenses $43,585 $61,517
Pursuant to the distribution plans ("the Distribution Plans")
adopted by the Trust in accordance with Rule 12b-1 under the
Investment Company Act of 1940, each Fund pays the Distributor
ongoing account maintenance fees and distribution fees. The Dis-
tributor voluntarily did not collect any Class C distribution fees
for the period ended January 31, 1995. 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 0.15% 0.20%
Class C 0.15% 0.20%
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 each
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 share-
holder and distribution-related services to Class B and Class C
shareholders.
For the six-months ended January 31, 1995, MLFD earned under-
writing discounts and MLPF&S earned dealer concessions on sales
of each Fund's Class A and Class D Shares as follows:
<PAGE>
Arizona California Florida Massachusetts
Limited Limited Limited Limited
Maturity Maturity Maturity Maturity
Class A:
MLFD $101 $ 5 $ 34 $ 2
MLPF&S $925 $ 57 $1,242 $ 14
Class D:
MLFD $ -- $ -- $ 202 $ 10
MLPF&S $ -- $ -- $1,539 $131
Michigan New Jersey New York Pennsylvania
Limited Limited Limited Limited
Maturity Maturity Maturity Maturity
Class A:
MLFD $ 8 $ 30 $ 122 $ --
MLPF&S $509 $421 $4,663 $215
Class D:
MLFD $ 82 $ 4 $ 10 $ --
MLPF&S $607 $ 52 $ 110 $ 15
For the six months ended January 31, 1995, MLPF&S received
contingent deferred sales charges relating to transactions in
Class B Shares of beneficial interest as follows:
Class B Shares
Arizona Limited Maturity $ 7,963
California Limited Maturity 3,691
Florida Limited Maturity 195,891
Massachusetts Limited Maturity 7,191
Michigan Limited Maturity 1,316
New Jersey Limited Maturity 3,804
New York Limited Maturity 3,171
Pennsylvania Limited Maturity 4,605
<PAGE>
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of
ML & Co., is each 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, FDS, MLFD, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended January 31, 1995, were as follows:
Purchases Sales
Arizona Limited Maturity $ 6,887,862 $ 5,357,107
California Limited Maturity 8,391,885 9,061,784
Florida Limited Maturity 25,842,198 21,890,952
Massachusetts Limited Maturity 5,162,750 7,211,656
Michigan Limited Maturity 2,882,696 2,691,719
New Jersey Limited Maturity 6,461,686 8,628,409
New York Limited Maturity 9,678,878 7,628,426
Pennsylvania Limited Maturity 4,399,342 3,957,463
Net realized and unrealized gains (losses) as of January 31, 1995
were as follows:
Realized Unrealized
Arizona Limited Maturity Losses Gains
Long-term investments $ (84,746) $ 42,320
--------- ---------
Total $ (84,746) $ 42,320
========= =========
Realized Unrealized
California Limited Maturity Losses Gains
Long-term investments $(376,378) $ 101,750
Short-term investments (13,549) --
Financial futures contracts (9,987) --
--------- ---------
Total $(399,914) $ 101,750
========= =========
<PAGE>
Realized Unrealized
Florida Limited Maturity Losses Gains (Losses)
Long-term investments $(400,202) $(132,001)
Short-term investments (600) 170
Financial futures contracts (22,472) --
--------- ---------
Total $(423,274) $(131,831)
========= =========
Realized Unrealized
Massachusetts Limited Maturity Losses Losses
Long-term investments $(229,562) $(121,939)
Short-term investments (9,184) --
Financial futures contracts -- (7,438)
--------- ---------
Total $(238,746) $(129,377)
========= =========
Realized Unrealized
Michigan Limited Maturity Losses Gains
Long-term investments $(120,584) $ 11,567
Short-term investments (911) --
Financial futures contracts (3,995) --
--------- ---------
Total $(125,490) $ 11,567
========= =========
NOTES TO FINANCIAL STATEMENTS (continued)
Realized Unrealized
New Jersey Limited Maturity Losses Gains
Long-term investments $(197,438) $ 62,635
Short-term investments (2,580) --
--------- ---------
Total $(200,018) $ 62,635
========= =========
<PAGE>
Realized Unrealized
New York Limited Maturity Losses Losses
Long-term investments $(208,889) $ (18,812)
Short-term investments (560) --
Financial futures contracts (10,487) --
--------- ---------
Total $(219,936) $ (18,812)
========= =========
Realized Unrealized
Pennsylvania Limited Maturity Losses Losses
Long-term investments $ (49,407) $ (93,650)
Short-term investments (1,412) --
--------- ---------
Total $ (50,819) $ (93,650)
========= =========
As of January 31, 1995, net unrealized appreciation/depreciation and
the aggregate cost of investments for Federal income tax purposes
were as follows:
Limited Gross Gross Net Unrealized Aggregate
Maturity Unrealized Unrealized Appreciation Cost of
Portfolio Appreciation Depreciation (Depreciation) Investments
Arizona $ 60,606 $ (18,286) $ 42,320 $ 7,988,748
California 139,755 (38,005) 101,750 13,921,556
Florida 149,390 (281,221) (131,831) 28,857,363
Massachusetts 23,124 (145,063) (121,939) 11,172,690
Michigan 35,384 (23,817) 11,567 5,475,591
New Jersey 74,820 (12,185) 62,635 9,693,424
New York 90,890 (109,702) (18,812) 15,091,345
Pennsylvania 9,351 (103,001) (93,650) 9,524,710
4. Beneficial Interest Transactions:
Net increase (decrease) in net assets derived from beneficial interest
transactions for the six months ended January 31, 1995 and the period
ended July 31, 1994 were as follows:
For the Six For the Period
Increase (Decrease) in Months Ended Nov. 26, 1993++ to
Beneficial Interest Transactions Jan. 31, 1995 July 31, 1994
Arizona Limited Maturity $ 336,265 $ 7,593,327
California Limited Maturity (1,252,525) 15,329,698
Florida Limited Maturity (2,126,765) 33,466,911
Massachusetts Limited Maturity (4,642,866) 16,110,093
Michigan Limited Maturity (77,289) 5,796,826
New Jersey Limited Maturity (4,227,432) 13,803,273
New York Limited Maturity (208,208) 15,045,053
Pennsylvania Limited Maturity (740,336) 10,487,420
<PAGE>
[FN]
++Commencement of Operations.
Transactions in shares for beneficial interest for each class were
as follows:
Arizona Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 29,202 $ 289,377
Shares issued to shareholders in
reinvestment of dividends 1,961 19,336
----------- -----------
Total issued 31,163 308,713
Shares redeemed (45,879) (452,169)
----------- -----------
Net decrease (14,716) $ (143,456)
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 278,239 $ 2,779,806
Shares issued to shareholders in
reinvestment of dividends 2,135 21,321
----------- -----------
Total issued 280,374 2,801,127
Shares redeemed (74,510) (744,870)
----------- -----------
Net increase 205,864 $ 2,056,257
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
<PAGE>
Arizona Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 220,789 $ 2,179,614
Shares issued to shareholders in
reinvestment of dividends 5,865 57,821
----------- -----------
Total issued 226,654 2,237,435
Shares redeemed (179,601) (1,766,922)
----------- -----------
Net increase 47,053 $ 470,513
=========== ===========
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 616,984 $ 6,164,185
Shares issued to shareholders in
reinvestment of dividends 5,114 51,044
----------- -----------
Total issued 622,098 6,215,229
Shares redeemed (68,093) (678,159)
----------- -----------
Net increase 554,005 $ 5,537,070
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
Arizona Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 110 $ 1,091
Shares issued to shareholders in
reinvestment of dividends 1 7
----------- -----------
Net increase 111 $ 1,098
=========== ===========
<PAGE>
Class D Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 819 $ 8,030
Shares issued to shareholders in
reinvestment of dividends 8 80
----------- -----------
Net increase 827 $ 8,110
=========== ===========
[FN]
++Commencement of Operations.
California Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 71,800 $ 701,245
Shares issued to shareholders in
reinvestment of dividends 2,684 26,072
----------- -----------
Total issued 74,484 727,317
Shares redeemed (89,294) (860,194)
----------- -----------
Net decrease (14,810) $ (132,877)
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 498,638 $ 4,981,335
Shares issued to shareholders in
reinvestment of dividends 3,211 31,885
----------- -----------
Total issued 501,849 5,013,220
Shares redeemed (121,849) (1,206,841)
----------- -----------
Net increase 380,000 $ 3,806,379
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
<PAGE>
California Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 123,349 $ 1,189,700
Shares issued to shareholders in
reinvestment of dividends 9,638 93,586
----------- -----------
Total issued 132,987 1,283,286
Shares redeemed (254,632) (2,455,614)
----------- -----------
Net decrease (121,645) $(1,172,328)
=========== ===========
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 1,286,485 $12,864,329
Shares issued to shareholders in
reinvestment of dividends 9,784 97,043
----------- -----------
Total issued 1,296,269 12,961,372
Shares redeemed (144,490) (1,438,053)
----------- -----------
Net increase 1,151,779 $11,523,319
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
California Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 110 $ 1,073
Shares issued to shareholders in
reinvestment of dividends 1 10
----------- -----------
Net increase 111 $ 1,083
=========== ===========
Class D Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 5,311 $ 51,274
Shares issued to shareholders in
reinvestment of dividends 33 323
----------- -----------
Net increase 5,344 $ 51,597
=========== ===========
<PAGE>
[FN]
++Commencement of Operations.
Florida Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 79,811 $ 776,434
Shares issued to shareholders in
reinvestment of dividends 15,447 150,147
----------- -----------
Total issued 95,258 926,581
Shares redeemed (402,054) (3,902,697)
----------- -----------
Net decrease (306,796) $(2,976,116)
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 2,423,924 $24,249,083
Shares issued to shareholders in
reinvestment of dividends 19,775 195,813
----------- -----------
Total issued 2,443,699 24,444,896
Shares redeemed (943,039) (9,343,654)
----------- -----------
Net increase 1,500,660 $15,101,242
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
Florida Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 1,048,452 $10,110,444
Shares issued to shareholders in
reinvestment of dividends 22,344 216,780
----------- -----------
Total issued 1,070,796 10,327,224
Shares redeemed (1,089,606) (10,532,413)
----------- -----------
Net decrease (18,810) $ (205,189)
=========== ===========
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 2,024,566 $20,228,524
Shares issued to shareholders in
reinvestment of dividends 17,982 178,003
----------- -----------
Total issued 2,042,548 20,406,527
Shares redeemed (206,696) (2,040,858)
----------- -----------
Net increase 1,835,852 $18,365,669
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
Florida Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 110 $ 1,073
Shares issued to shareholders in
reinvestment of dividends 1 10
----------- -----------
Net increase 111 $ 1,083
=========== ===========
<PAGE>
Class D Shares for the Period Dollar
October 31, 1994++ to January 31, 1995 Shares Amount
Shares sold 139,654 $ 1,347,540
Shares issued to shareholders in
reinvestment of dividends 178 1,725
----------- -----------
Total issued 139,832 1,349,265
Shares redeemed (30,659) (295,808)
----------- -----------
Net increase 109,173 $ 1,053,457
=========== ===========
[FN]
++Commencement of Operations.
Massachusetts Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 42,643 $ 418,244
Shares issued to shareholders in
reinvestment of dividends and distributions 11,735 114,821
----------- -----------
Total issued 54,378 533,065
Shares redeemed (267,945) (2,623,830)
----------- -----------
Net decrease (213,567) $(2,090,765)
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 986,106 $ 9,847,094
Shares issued to shareholders in
reinvestment of dividends 10,151 101,086
----------- -----------
Total issued 996,257 9,948,180
Shares redeemed (187,582) (1,874,872)
----------- -----------
Net increase 808,675 $ 8,073,308
=========== ===========
<PAGE>
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
Massachusetts Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 86,876 $ 844,807
Shares issued to shareholders in
Investment of dividends and distributions 7,325 71,762
----------- -----------
Total issued 94,201 916,569
Shares redeemed (378,784) (3,678,095)
----------- -----------
Net decrease (284,583) $(2,761,526)
=========== ===========
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 918,615 $ 9,181,458
Shares issued to shareholders in
reinvestment of dividends 8,777 87,462
----------- -----------
Total issued 927,392 9,268,920
Shares redeemed (123,885) (1,232,135)
----------- -----------
Net increase 803,507 $ 8,036,785
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
<PAGE>
Massachusetts Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 38,894 $ 376,971
Shares issued to shareholders in
reinvestment of dividends and distributions 149 1,442
----------- -----------
Total issued 39,043 378,413
Shares redeemed (20,616) (199,766)
----------- -----------
Net increase 18,427 $ 178,647
=========== ===========
Class D Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 6,890 $ 66,693
Shares issued to shareholders in
reinvestment of dividends and distributions 11 104
----------- -----------
Total issued 6,901 66,797
Shares redeemed (3,705) (36,019)
----------- -----------
Net increase 3,196 $30,778
=========== ===========
[FN]
++Commencement of Operations.
Michigan Limited Maturity
<PAGE>
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 23,366 $ 229,600
Shares issued to shareholders in
reinvestment of dividends 1,979 19,270
----------- -----------
Total issued 25,345 248,870
Shares redeemed (101,580) (983,010)
----------- -----------
Net decrease (76,235) $ (734,140)
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 401,323 $ 4,013,429
Shares issued to shareholders in
reinvestment of dividends 2,478 24,576
----------- -----------
Total issued 403,801 4,038,005
Shares redeemed (62,639) (622,769)
----------- -----------
Net increase 341,162 $ 3,415,236
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
Michigan Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 88,635 $ 855,906
Shares issued to shareholders in
reinvestment of dividends 2,737 26,588
----------- -----------
Total issued 91,372 882,494
Shares redeemed (64,968) (626,756)
----------- -----------
Net increase 26,404 $ 255,738
=========== ===========
<PAGE>
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 278,617 $ 2,783,049
Shares issued to shareholders in
reinvestment of dividends 2,148 21,328
----------- -----------
Total issued 280,765 2,804,377
Shares redeemed (42,817) (422,787)
----------- -----------
Net increase 237,948 $ 2,381,590
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
Michigan Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 110 $ 1,073
Shares issued to shareholders in
reinvestment of dividends 1 11
----------- -----------
Net increase 111 $ 1,084
=========== ===========
Class D Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 49,405 $ 477,004
Shares issued to shareholders in
reinvestment of dividends 139 1,347
----------- -----------
Total issued 49,544 478,351
Shares redeemed (8,095) (78,322)
----------- -----------
Net increase 41,449 $ 400,029
=========== ===========
[FN]
++Commencement of Operations.
New Jersey Limited Maturity
<PAGE>
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 125,865 $ 1,240,720
Shares issued to shareholders in
reinvestment of dividends 3,088 30,353
----------- -----------
Total issued 128,953 1,271,073
Shares redeemed (491,825) (4,829,826)
----------- -----------
Net decrease (362,872) $(3,558,753)
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 713,522 $ 7,132,561
Shares issued to shareholders in
reinvestment of dividends 3,582 35,606
----------- -----------
Total issued 717,104 7,168,167
Shares redeemed (125,194) (1,242,893)
----------- -----------
Net increase 591,910 $ 5,925,274
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
New Jersey Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 187,217 $ 1,844,589
Shares issued to shareholders in
reinvestment of dividends 9,226 90,735
----------- -----------
Total issued 196,443 1,935,324
Shares redeemed (276,182) (2,705,626)
----------- -----------
Net decrease (79,739) $ (770,302)
=========== ===========
<PAGE>
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 911,860 $ 9,110,233
Shares issued to shareholders in
reinvestment of dividends 8,809 87,675
----------- -----------
Total issued 920,669 9,197,908
Shares redeemed (132,821) (1,319,909)
----------- -----------
Net increase 787,848 $ 7,877,999
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
NOTES TO FINANCIAL STATEMENTS (concluded)
New Jersey Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 18,910 $ 185,220
Shares issued to shareholders in
reinvestment of dividends 18 182
----------- -----------
Total issued 18,928 185,402
Shares redeemed (18,817) (185,122)
----------- -----------
Net increase 111 $ 280
=========== ===========
<PAGE>
Class D Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 10,904 $ 106,659
Shares issued to shareholders in
reinvestment of dividends 16 151
----------- -----------
Total issued 10,920 106,810
Shares redeemed (559) (5,467)
----------- -----------
Net increase 10,361 $ 101,343
=========== ===========
[FN]
++Commencement of Operations.
New York Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 164,852 $ 1,616,321
Shares issued to shareholders in
reinvestment of dividends 8,210 80,016
----------- -----------
Total issued 173,062 1,696,337
Shares redeemed (114,926) (1,125,930)
----------- -----------
Net increase 58,136 $ 570,407
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 688,129 $ 6,868,576
Shares issued to shareholders in
reinvestment of dividends 7,715 76,559
----------- -----------
Total issued 695,844 6,945,135
Shares redeemed (167,164) (1,662,649)
----------- -----------
Net increase 528,680 $ 5,282,486
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
New York Limited Maturity
<PAGE>
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 210,524 $ 2,053,001
Shares issued to shareholders in
reinvestment of dividends 9,415 91,815
----------- -----------
Total Issued 219,939 2,144,816
Shares redeemed (327,389) (3,171,939)
----------- -----------
Net decrease (107,450) $(1,027,123)
=========== ===========
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 1,107,860 $11,052,622
Shares issued to shareholders in
reinvestment of dividends 9,226 91,580
----------- -----------
Total issued 1,117,086 11,144,202
Shares redeemed (139,173) (1,381,635)
----------- -----------
Net increase 977,913 $ 9,762,567
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
New York Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 110 $ 1,076
Shares issued to shareholders in
reinvestment of dividends 1 10
----------- -----------
Net decrease 111 $ 1,086
=========== ===========
<PAGE>
Class D Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 59,688 $ 576,752
Shares issued to shareholders in
reinvestment of dividends 244 2,364
----------- -----------
Total issued 59,932 579,116
Shares redeemed (34,237) (331,694)
----------- -----------
Net increase 25,695 $ 247,422
=========== ===========
[FN]
++Commencement of Operations.
Pennsylvania Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 18,624 $ 183,544
Shares issued to shareholders in
reinvestment of dividends 678 6,656
----------- -----------
Total issued 19,302 190,200
Shares redeemed (21,139) (207,401)
----------- -----------
Net decrease (1,837) $ (17,201)
=========== ===========
Class A Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 106,856 $ 1,069,053
Shares issued to shareholders in
reinvestment of dividends 969 9,663
----------- -----------
Total issued 107,825 1,078,716
Shares redeemed (13,280) (132,350)
----------- -----------
Net increase 94,545 $ 946,366
=========== ===========
<PAGE>
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
Pennsylvania Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1995 Shares Amount
Shares sold 82,951 $ 812,549
Shares issued to shareholders in
reinvestment of dividends 12,037 118,083
----------- -----------
Total issued 94,988 930,632
Shares redeemed (194,865) (1,900,045)
----------- -----------
Net decrease (99,877) $ (969,413)
=========== ===========
Class B Shares for the Period Dollar
November 26, 1993++ to July 31, 1994 Shares Amount
Shares sold 1,067,442 $10,675,486
Shares issued to shareholders in
reinvestment of dividends 12,521 124,741
----------- -----------
Total issued 1,079,963 10,800,227
Shares redeemed (126,855) (1,259,173)
----------- -----------
Net increase 953,108 $ 9,541,054
=========== ===========
[FN]
++Prior to November 26, 1993 (commencement of operations), the Fund issued
5,000 shares to FAM for $50,000.
Pennsylvania Limited Maturity
Class C Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 110 $ 1,082
Shares issued to shareholders in
reinvestment of dividends 1 10
----------- -----------
Net increase 111 $ 1,092
=========== ===========
<PAGE>
Class D Shares for the Period Dollar
October 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 25,107 $ 244,515
Shares issued to shareholders in
reinvestment of dividends 68 671
----------- -----------
Net increase 25,175 $ 245,186
=========== ===========
[FN]
++Commencement of Operations.
5. Capital Loss Carryforward:
At July 31, 1994, the New York Limited Maturity Fund had a net
capital loss carryforward of approximately $122,000, all of which will
expire in 2002. This amount will be available to offset like amounts
of any future taxable gains.
