September 22, 1995
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for
Merrill Lynch Multi-State Limited
Maturity Municipal Series Trust
File No. 33-50417
Dear Sirs:
In accordance with the provisions
of Rule 24f-2 under the Investment
Company Act of 1940, Merrill Lynch
Multi-State Limited Maturity Municipal
Series Trust (the "Trust") hereby
transmits its Rule 24f-2 Notice
(the "Notice") on behalf of eight of
its constituent portfolios: The Merrill
Lynch Arizona, California, Florida,
New Jersey, New York, Pennsylvania,
Massachusetts and Michigan
Limited Maturity Municipal Bond
Funds, respectively (collectively
referred to herein as the "Funds").
This Notice is being filed for the
fiscal year of each of the above
referenced Funds ended July 31,
1995 (the "Fiscal Year").
Set forth below is the information
required by Rule 24f-2 for each Fund.
Included in such information are the
calculations on which the enclosed
filing fee is based.
I. Merrill Lynch Arizona Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of
the Fund which had been registered
under the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained
unsold at the beginning of the
Fiscal Year.
2. No shares of Beneficial Interest
were registered under the Securities
Act during the Fiscal Year other
than pursuant to Rule 24f-2.
3. 363,743 shares of Beneficial Interest
were sold during the Fiscal Year.*
_____________
*Of this amount 34,228 Class A shares
were sold at an aggregate price of
$344,775, 327,604 Class B shares were
sold at an aggregate price of
$3,257,316, 110 Class C shares were
sold at an aggregate price of $1,091 and
1,801 Class D shares were sold at an
aggregate price of $18,027. The
aggregate price of all shares of Beneficial
Interest sold during the Fiscal Year was
$3,621,209. All of such amount was sold
in reliance upon registration pursuant to
Rule 24f-2.
<PAGE>
4. 363,743 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this
Notice is an opinion of Brown & Wood,
counsel for the Trust, indicating that the
securities the registration of which this
Notice makes definite in number were
legally issued, fully paid and
non-assessable.
5. Since the aggregate sale price of
securities sold during the Fiscal Year
in reliance upon registration pursuant
to Rule 24f-2 is less than the aggregate
redemption price of securities redeemed
during the Fiscal Year, no filing fee is
required in connection with the filing of
this Notice. The calculation is as follows:
(i) Actual aggregate price for the
363,743 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$3,621,209
reduced by
(ii) Actual aggregate redemption price
for the 531,126 shares of
Beneficial Interest redeemed
during the Fiscal Year.*
$5,301,250
equals amount on which
filing fee is based $0
II. Merrill Lynch California Limited
Maturity Municipal Bond Fund
1. No shares of Beneficial Interest of
the Fund which had been registered
under the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained
unsold at the beginning of the
Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal Year other than
pursuant to Rule 24f-2.
3. 663,346 shares of Beneficial Interest
were sold during the Fiscal Year.**
____________
*Of this amount 144,716 Class A shares
were redeemed at an aggregate price
of $1,448,887, 386,410 Class B shares
were redeemed at an aggregate price
of $3,852,363, no Class C shares were
redeemed and no Class D shares were
redeemed. The aggregate price of all shares
of Beneficial Interest redeemed during the
Fiscal Year was $5,301,250.
**Of this amount 81,782 Class A shares
were sold at an aggregate price of
$802,311, 275,065 Class B shares were
sold at an aggregate price of
$2,701,344, 6,910 Class C shares were
sold at an aggregate price of $68,864
and 299,589 Class D shares were sold at
an aggregate price of $2,940,571. The
aggregate sale price of all shares of
Beneficial Interest sold during the
Fiscal Year was $6,513,090.
<PAGE>
4. 663,346 shares of Beneficial Interest
were sold during the fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this
Notice is an opinion of Brown & Wood,
counsel for the Trust, indicating that
the securities the registration of which
this Notice makes definite in number
were legally issued, fully paid and
non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $59.72 has been
wired. Such fee (which relates to the
663,346 shares referred to in
Paragraph (4) is based upon the actual
aggregate sale price for which such
securities were sold during the Fiscal
Year, reduced by the actual aggregate
repurchase price of shares of Beneficial
Interest redeemed or repurchased during
the Fiscal Year. The Trust did not apply
the redemption or repurchase price of
any shares of Beneficial Interest
redeemed or repurchased during the
Fiscal Year pursuant to Rule 24e-2(a)
in filings made pursuant to rule 24(e)(1)
of the Investment Company Act of 1940.
The calculation of the amount on which
the filing fee is based is as follows:
(i) Actual aggregate price for the
663,346 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$6,513,090
reduced by
(ii) Actual aggregate redemption
price for the 656,102 shares of
Beneficial Interest redeemed
during the Fiscal Year.*
$6,339,904
equals amount on which
filing fee is based $173,186
III. Merrill Lynch Florida Limited Maturity
Municipal Bond Fund
1. No shares of Beneficial Interest of
the Fund which had been registered
under the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold
at the beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal Year other than
pursuant to Rule 24f-2.
___________
*Of this amount 118,656 Class A
shares were redeemed at an aggregate
price of $1,147,698, 414,211 Class B
shares were redeemed at an
aggregate price of $4,043,475, 499
Class C shares were redeemed at an
aggregate price of $4,971 and
122,736 Class D shares were redeemed
at an aggregate price of $1,203,760.
The aggregate price of all shares of
Beneficial Interest redeemed during the
Fiscal Year was $6,339,904.
<PAGE>
3. 2,235,985 shares of Beneficial Interest
were sold during the Fiscal Year.*
4. 2,235,985 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this Notice
is an opinion of Brown & Wood, counsel
for the Trust, indicating that the securities
the registration of which this Notice makes
definite in number were legally issued,
fully paid and non-assessable.
5. Since the aggregate sale price of
securities sold during the Fiscal Year
in reliance upon registration
pursuant to Rule 24f-2 is less than the
aggregate redemption price of securities
redeemed during the Fiscal Year, no
filing fee is required in connection with
the filing of this Notice. The calculation
is as follows:
(i) Actual aggregate price for the
2,235,985 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$21,909,659
reduced by
(ii) Actual aggregate redemption
price for the 2,326,150 shares of
Beneficial Interest redeemed
during the Fiscal Year.**
$22,730,260
equals amount on which
filing fee is based $0
IV. Merrill Lynch Massachusetts Limited
Maturity Municipal Bond Fund
1. No shares of Beneficial Interest of the
Fund which had been registered under
the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold
at the beginning of the Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal Year other than
pursuant to Rule 24f-2.
_________________
*Of this amount 189,974 Class A
shares were sold at an aggregate
price of $1,880,488, 1,210,069
Class B shares were sold at an
aggregate price of $11,716,749, 110
Class C shares were sold at an
aggregate price of $1,074 and 835,832
Class D shares were sold at an
aggregate price of $8,311,348. The
aggregate price of all shares of
Beneficial Interest sold during the
Fiscal Year was $21,909,659.
**Of this amount 736,537 Class A
shares were redeemed at an
aggregate price of $7,241,200,
1,472,459 Class B shares were
redeemed at an aggregate price of
$14,333,879, no Class C shares
were redeemed and 117,154 Class D
shares were redeemed at an
aggregate price of $1,155,181. The
aggregate price of all shares of
Beneficial Interest redeemed during
the Fiscal Year was $22,730,260.
<PAGE>
3. 351,648 shares of Beneficial Interest
were sold during the Fiscal Year.*
4. 351,648 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this Notice
is an opinion of Brown & Wood, counsel
for the Trust, indicating that the
securities the registration of which
this Notice makes definite in number
were legally issued, fully paid and
non- assessable.
5. Since the aggregate sale price of
securities sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2 is less than
the aggregate redemption price of
securities redeemed during the Fiscal
Year, no filing fee is required in
connection with the filing of this
Notice. The calculation is as follows:
(i) Actual aggregate price for the
351,648 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$3,459,734
reduced by
(ii) Actual aggregate redemption price
for the 1,009,895 shares of
Beneficial Interest redeemed
during the Fiscal Year.**
$9,883,436
equals amount on which
filing fee is based $0
V. Merrill Lynch Michigan Limited
Maturity Municipal Bond Fund
1. No shares of Beneficial Interest of
the Fund which had been registered
under the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained
unsold at the beginning of the
Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal Year other than
pursuant to Rule 24f-2.
_____________
*Of this amount 113,925 Class A shares
were sold at an aggregate price of
$1,126,023, 144,229 Class B shares
were sold at an aggregate price of
$1,416,046, 61,378 Class C shares were
sold at an aggregate price of $600,360
and 32,116 Class D shares were sold at
an aggregate price of $317,305. The
aggregate sale price of all shares
of Beneficial Interest sold during the
Fiscal Year was $3,459,734.
**Of this amount 499,178 Class A shares
were redeemed at an aggregate price of
$4,904,822, 483,231 Class B shares
were redeemed at an aggregate price of
$4,711,225, 20,616 Class C shares were
redeemed at an aggregate price of
$199,766 and 6,870 Class D shares
were redeemed at an aggregate price
of $67,623. The aggregate price of all
shares of Beneficial Interest redeemed
during the Fiscal Year was $9,883,436.
<PAGE>
3. 208,792 shares of Beneficial Interest
were sold during the Fiscal Year.*
4. 208,792 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this Notice
is an opinion of Brown & Wood, counsel
for the Trust, indicating that the
securities the registration of which this
Notice makes definite in number were
legally issued, fully paid and
non-assessable.
5. Since the aggregate sale price of
securities sold during the Fiscal Year
in reliance upon registration pursuant
to Rule 24f-2 is less than the aggregate
redemption price of securities redeemed
during the Fiscal Year, no filing fee is
required in connection with the filing of
this Notice. The calculation is as follows:
(i) Actual aggregate price for the
208,792 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$2,009,756
reduced by
(ii) Actual aggregate redemption
price for the 301,707 shares of
Beneficial Interest redeemed
during the Fiscal Year.**
$2,942,985
equals amount on which
filing fee is based $0
VI. Merrill Lynch New Jersey Limited
Maturity Municipal Bond Fund
1. No shares of Beneficial Interest of
the Fund which had been registered
under the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained
unsold at the beginning of the
Fiscal Year.
2. No shares of Beneficial Interest were
registered under the Securities Act
during the Fiscal Year other than
pursuant to Rule 24f-2.
____________
*Of this amount 28,337 Class A shares
were sold at an aggregate price of
$280,126, 116,190 Class B shares were
sold at an aggregate price of
$1,105,484, 110 Class C shares were
sold at an aggregate price of $1,073
and 64,155 Class D shares were sold
at an aggregate price of $623,073. The
aggregate price of all shares of Beneficial
Interest sold during the Fiscal Year was
$2,009,756.
**Of this amount 147,187 Class A shares
were redeemed at an aggregate price of
$1,432,908, 115,161 Class B shares
were redeemed at an aggregate price of
$1,122,677, no Class C shares were
redeemed and 39,359 Class D shares
were redeemed at an aggregate price
of $387,400. The aggregate price of all
shares of Beneficial Interest redeemed
during the Fiscal Year was
$2,942,985.
<PAGE>
3. 600,179 shares of Beneficial Interest
were sold during the Fiscal Year.*
4. 600,179 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this Notice
is an opinion of Brown & Wood,
counsel for the Trust, indicating that
the securities the registration of which
this Notice makes definite in number
were legally issued, fully paid and
non-assessable.
5. Since the aggregate sale price of
securities sold during the Fiscal Year
in reliance upon registration pursuant
to Rule 24f-2 is less than the aggregate
redemption price of securities redeemed
during the Fiscal Year, no filing fee is
required in connection with the filing of
this Notice. The calculation is as follows:
(i) Actual aggregate price for the
600,179 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$5,941,896
reduced by
(ii) Actual aggregate redemption
price for the 988,538 shares of
Beneficial Interest redeemed
during the Fiscal Year.**
$9,717,421
equals amount on which
filing fee is based $0
VII. Merrill Lynch New York Limited
Maturity Municipal Bond Fund
1. No shares of Beneficial Interest of the
Fund which had been registered
under the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained
unsold at the beginning of the
Fiscal Year.
2. No shares of Beneficial Interest
were registered under the Securities
Act during the Fiscal Year
other than pursuant to Rule 24f-2.
___________
*Of this amount 147,003 Class A shares
were sold at an aggregate price of
$1,453,019, 318,885 Class B shares
were sold at an aggregate price of
$3,174,748, 65,242 Class C shares
were sold at an aggregate price of
$620,177 and 69,049 Class D
shares were sold at an aggregate price
of $693,952. The aggregate sale price
of all shares of Beneficial Interest sold
during the Fiscal Year was $5,941,896.
**Of this amount 514,441 Class A shares
were redeemed at an aggregate price
of $5,055,460, 382,526 Class B shares
were redeemed at an aggregate price
of $3,775,067, 65,196 Class C shares
were redeemed at an aggregate price of
$622,061 and 26,375 Class D shares
were redeemed at an aggregate price
of $264,833. The aggregate price of all
shares of Beneficial Interest redeemed
during the Fiscal Year was $9,717,421.
<PAGE>
3. 795,922 shares of Beneficial Interest
were sold during the Fiscal Year.*
4. 795,922 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this
Notice is an opinion of Brown & Wood,
counsel for the Trust, indicating that
the securities the registration of which
this Notice makes definite in number
were legally issued, fully paid and
non-assessable.
5. In accordance with Paragraph (c) of
Rule 24f-2, the fee of $151.15 has
been wired. Such fee (which relates to
the 795,922 shares referred to in
Paragraph (4) is based upon the actual
aggregate sale price for which such
securities were sold during the Fiscal
Year, reduced by the actual aggregate
repurchase price of shares of Beneficial
Interest redeemed or repurchased during
the Fiscal Year. The Trust did not
apply the redemption or repurchase
price of any shares of Beneficial Interest
redeemed or repurchased during the
Fiscal Year pursuant to Rule 24e-2(a)
in filings made pursuant to rule 24(e)(1)
of the Investment Company Act of 1940.
The calculation of the amount on which
the filing fee is based is as follows:
(i) Actual aggregate price for the
795,922 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$7,867,882
reduced by
(ii) Actual aggregate redemption
price for the 757,797 shares of
Beneficial Interest redeemed
during the Fiscal Year.**
$7,429,554
equals amount on which
filing fee is based $438,328
____________
*Of this amount 189,338 Class A shares
were sold at an aggregate price of
$1,870,033, 331,365 Class B shares were
sold at an aggregate price of
$3,261,544, 3,813 Class C shares were
sold at an aggregate price of $38,224
and 271,406 Class D shares were sold
at an aggregate price of $2,698,081.
The aggregate price of all shares of
Beneficial Interest sold during the Fiscal
Year was $7,867,882.
**Of this amount 260,265 Class A shares
were redeemed at an aggregate price
of $2,576,091, 454,750 Class B shares
were redeemed at an aggregate price of
$4,436,666, no Class C shares were
redeemed and 42,782 Class D shares
were redeemed at an aggregate price
of $416,797. The aggregate price of all
shares of Beneficial Interest redeemed
during the Fiscal Year was
$7,429,554.
<PAGE>
VIII. Merrill Lynch Pennsylvania Limited
Maturity Municipal Bond Fund
1. No shares of Beneficial Interest of the
Fund which had been registered under
the Securities Act of 1933
(the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold
at the beginning of the Fiscal Year.
2. No shares of Beneficial Interest
were registered under the Securities
Act during the Fiscal Year
other than pursuant to Rule 24f-2.
3. 221,524 shares of Beneficial Interest
were sold during the Fiscal Year.*
4. 221,524 shares of Beneficial Interest
were sold during the Fiscal Year in
reliance upon registration pursuant to
Rule 24f-2. Transmitted with this Notice
is an opinion of Brown & Wood, counsel
for the Trust, indicating that the
securities the registration of which this
Notice makes definite in number were
legally issued, fully paid and
non-assessable.
5. Since the aggregate sale price of
securities sold during the Fiscal Year
in reliance upon registration pursuant
to Rule 24f-2 is less than the
aggregate redemption price of
securities redeemed during the Fiscal
Year, no filing fee is required in
connection with the filing of this
Notice. The calculation is as follows:
(i) Actual aggregate price for the
221,524 shares of Beneficial
Interest sold during the Fiscal
Year in reliance upon registration
pursuant to Rule 24f-2.
$2,192,734
reduced by
(ii) Actual aggregate redemption
price for the 438,957 shares of
Beneficial Interest redeemed
during the Fiscal Year.**
$4,335,357
equals amount on which
filing fee is based $0
___________
*Of this amount 33,049 Class A shares
were sold at an aggregate price of
$326,823, 151,037 Class B shares were
sold at an aggregate price of
$1,497,108, 110 Class C shares were
sold at an aggregate price of $1,082
and 37,328 Class D shares were sold
at an aggregate price of $367,721.
The aggregate price of all shares of
Beneficial Interest sold during the
Fiscal Year was $2,192,734.
**Of this amount 40,535 Class A shares
were redeemed at an aggregate price
of $402,246, 398,422 Class B shares were
redeemed at an aggregate price of $3,933,111,
no Class C shares were redeemed and no
Class D shares were redeemed. The
aggregate price of all shares of Beneficial
Interest redeemed during the Fiscal Year
was $4,335,357.
<PAGE>
Please direct any questions relating to
this filing to Robert Harris at Merrill Lynch
Asset Management, P.O. Box 9011,
Princeton, NJ 08543- 9011 (609) 282-2025
or to Laurin Blumenthal Kleiman at
Brown & Wood, One World Trade Center,
New York, New York 10048,
(212) 839-5525.
Very truly yours,
Merrill Lynch Multi-State Limited
Maturity Municipal Series Trust
By /s/ Robert Harris
- - - - - - - - - - -
Robert Harris
Secretary
BROWN & WOOD
One World Trade Center
New York, N.Y. 10048-0557
Telephone: 212-839-5300
Facsimile 212-839-5599
September 21, 1995
Merrill Lynch Multi-State
Limited Maturity Municipal
Series Trust
P.O. Box 9011
Princeton, New Jersey 08543-9011
Dear Sir or Madam:
This opinion is furnished in
connection with the notice (the
"Notice") to be filed by Merrill
Lynch Multi-State Limited Maturity
Municipal Series Trust, a
Massachusetts business trust (the
"Trust"), with the Securities and
Exchange Commission pursuant to
Rule 24f-2 under the Investment
Company Act of 1940, as amended.
The Notice is being filed to make
definite the registration under the
Securities Act of 1933, as amended,
of 5,441,139 shares of beneficial
interest, par value $0.10 per share,
of the Trust (the "Shares") which
were sold during the Trust's fiscal
year ended July 31, 1995. The
Shares consist of 363,743 shares
of beneficial interest of Merrill
Lynch Arizona Limited Maturity
Municipal Bond Fund (the "Arizona
Fund"); 663,346 shares of
beneficial interest of Merrill Lynch
California Limited Maturity
Municipal Bond Fund (the
"California Fund"); 2,235,985
shares of beneficial interest of
Merrill Lynch Florida Limited
<PAGE>
Maturity Municipal Bond Fund
(the "Florida Fund"); 600,179
shares of beneficial interest of
Merrill Lynch New Jersey Limited
Maturity Municipal Bond Fund
(the "New Jersey Fund");
795,922 shares of beneficial
interest of Merrill Lynch New
York Limited Maturity Municipal
Bond Fund (the "New York
Fund"); 221,524 shares of
beneficial interest of Merrill Lynch
Pennsylvania Limited Maturity
Municipal Bond Fund (the
"Pennsylvania Fund"); 351,648
shares of beneficial interest of
Merrill Lynch Massachusetts
Limited Maturity Municipal Bond
Fund (the "Massachusetts Fund");
and 208,792 shares of beneficial
interest of Merrill Lynch Michigan
Limited Maturity Municipal Bond
Fund (the "Michigan Fund").
The Arizona, California, Florida,
New Jersey, New York,
Pennsylvania, Massachusetts
and Michigan Funds comprise
all of the series of the Trust
currently offering their shares to
the public.
As counsel for the Trust, we
are familiar with the proceedings
taken by it in connection with the
authorization, issuance and sale
of the Shares. In addition, we
have examined and are familiar
with the Declaration of Trust of
the Trust, the By-Laws of the
Trust and such other documents
as we have deemed relevant to
the matters referred to in this
opinion.
Based upon the foregoing,
we are of the opinion that the
Shares were legally issued,
fully paid and non-assessable.
In rendering this opinion, we
have relied as to matters of
Massachusetts law upon an
opinion of Bingham, Dana &
Gould, dated September 20,
1995, rendered to the Trust.
<PAGE>
We hereby consent to the
filing of this opinion with the
Securities and Exchange
Commission as an attachment
to the Notice.
Very truly yours,
