MERRILL LYNCH
MULTI-STATE
LIMITED MATURITY
MUNICIPAL
SERIES TRUST
FUND LOGO
Semi-Annual Report
January 31, 1997
<PAGE>
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Trust unless
accompanied or preceded by the Trust's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
Statements and other information herein are as dated and are subject
to change.
Merrill Lynch Multi-State
Limited Maturity
Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011
Merrill Lynch Multi-State Limited Maturity Municipal Series Trust
Officers and
Trustees
<PAGE>
Arthur Zeikel, President and Trustee
James H. Bodurtha, Trustee
Herbert I. London, Trustee
Robert R. Martin, Trustee
Joseph L. May, Trustee
Andre F. Perold, Trustee
Terry K. Glenn, Executive Vice President
Vincent R. Giordano, Senior Vice President
Donald C. Burke, Vice President
Edward J. Andrews, Vice President
Peter J. Hayes, Vice President
Helen M. Sheehan, Vice President
Gerald M. Richard, Treasurer
Robert Harris, Secretary
Custodian
The Bank of New York
90 Washington Street, 12th Floor
New York, New York 10005
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
TO OUR SHAREHOLDERS
The Municipal Market
Environment
Intermediate-term fixed-income bond yields generally rose during the
three months ended January 31, 1997. Initially, five-year US
Treasury note yields fell approximately 25 basis points (0.25%) to
5.82% by late November as low employment growth and continued low
inflation combined to support lower bond yields. Concurrently,
municipal five-year AAA-rated general obligation bond yields
declined almost 20 basis points to approximately 4.20%. However,
signs of increased economic activity and renewed inflation fears
pushed bond yields higher for the remainder of the period. By the
end of January 1997, US Treasury note yields rose over 25 basis
points to end the three-month period at approximately 6.10%.
Similarly, intermediate-term municipal general obligation bond
yields rose approximately 20 basis points from their lows in late
November to approximately 4.4%. During the three months ended
January 31, 1997, US Treasury note yields rose approximately 19
basis points, while intermediate tax-exempt bond yields were
unchanged.
<PAGE>
The tax-exempt bond market performed well over the January quarter
largely as a result of a continued strong supply position. Over the
six months ended January 31, 1997, over $88 billion in long-term tax-
exempt bonds was underwritten, essentially unchanged from issuance a
year ago. Approximately $50 billion in new municipal bonds was
issued during the three-month period ended January 31, 1997,
representing a decline of over 5% compared to the same period in
1996. This declining trend in bond issuance was even more apparent
recently. Slightly more than $10 billion in long-term bonds was
issued during January 1997, a decrease of over 15% compared to
January 1996 issuance.
However, a number of other factors prevented the municipal bond
market from enjoying even stronger performance. The historic
strength of the US equity market attracted significant investor
interest. Additionally, as tax-exempt bond yields declined again
below 6%, some investors temporarily lost interest in the municipal
bond market. If interest rates continue to decline as they did at
the end of 1994 and throughout 1995, investors, in general, will
quickly adjust to the new levels. The tax advantages generated by
municipal bonds quickly outweigh low nominal yields and investor
demand increases.
The Presidential and Congressional elections this past November
resurrected some investor concerns regarding continued Federal
deficit reduction and potential legislative restrictions on the
municipal bond market. This situation was similar to that at the
beginning of 1996 when tax-exempt bond yields were negatively
impacted by fears that legislation reducing the tax advantages of
municipal bonds would be introduced to aid further deficit
reductions.
However, the US Treasury bond market's recent relatively strong
performance resulted in tax-exempt products becoming a particularly
attractive investment alternative. At current levels, intermediate-
term tax-exempt general obligation bonds yield approximately 71% of
comparable US Treasury note yields. Current levels make tax-
advantage products more attractive than they were mid-year when
yield ratios declined to below 70%. For example, to an investor in
the 36% Federal income tax bracket, a current tax-exempt bond yield
of 4.65% represents a taxable equivalent yield of approximately
7.27%.
Looking forward, the supply of new bond issuance for 1997 is
expected to be very similar to that of 1996, with most annual
estimates falling in the $170 billion--$175 billion range. Investor
demand is also expected to regain its former strength, with 1997
total municipal redemptions (refundings, maturities and coupon
payments) in the $175 billion--$185 billion range. This overall
balance suggests that the positive technical backdrop the municipal
bond market enjoyed in 1996 should continue in 1997. However, it is
likely that seasonal factors may temporally distort this overall
balanced technical scenario. During periods of reduced bond
issuance, the ease and ability to purchase tax-advantaged products
at their current attractive levels may be greatly restricted.
<PAGE>
Portfolio Strategy
Merrill Lynch Arizona Limited
Maturity Municipal Bond Fund
Governor Fife Symington's Republican party recently introduced
legislation that would eliminate the state income tax beginning in
2003 and with it one-third of the state budget. If the State
legislature passes the bill, then a referendum would be added to the
November 1998 ballot. In addition, a group that tried to get a
measure on the ballot last year to eliminate property taxes is
attempting to reintroduce this measure for the November 1998 ballot.
Symington's opponents argue that his effort is solely political
posturing and that he has no intention of seeing the bill to its
fruition. We will monitor the efforts to eliminate both the property
tax and the income tax and their effect on the credits within the
state.
During the quarter ended January 31, 1997, we maintained a
conservative investment posture because the Fund was in a period of
net redemptions for the past year and assets dropped by almost 50%.
Our cash reserve level remains between 20% and 25% of the Fund's
assets, and we maintained an average portfolio maturity of 3 years,
6 months. Our portfolio consists of AA-rated or insured securities
because of the liquidity they provide. We anticipate continuing this
strategy in the upcoming quarter as we expect no significant changes
in the Federal Reserve Board's monetary policy or the interest rate
environment.
Merrill Lynch California Limited
Maturity Municipal Bond Fund
During the quarter ended January 31, 1997, California continued to
experience modest economic growth. Officials expect tax revenues to
be $1 billion more than anticipated this year as the state begins
its third straight year of growth. California received almost $450
million in additional income taxes over the past six months mainly
because of growth in the computer and entertainment industries.
State officials project that California's economy will grow at about
a 2.5% pace for the next two years. This year, the state is expected
to surpass $1 trillion in goods and services produced for the first
time ever. In addition, Governor Wilson released a $66.6 billion
state spending plan for his 1997/1998 budget, which includes a
proposal for a $2 billion bond issue to build extra classrooms for
schools. Wilson also urged State lawmakers to approve a 10% tax cut
over two years for banks and corporations. On the negative side, the
recent flooding in California's agricultural central valley is
expected to top $2 billion in damages and will probably be the most
costly on record.
<PAGE>
At January 31, 1997, the net assets of Merrill Lynch California
Limited Maturity Municipal Bond Fund stood at approximately $14.0
million, a decrease of approximately 4% from October 31, 1996. As we
discussed in our October 31, 1996 shareholder letter, we expected to
maintain a more aggressive investment posture in the January quarter
because of slowing economic growth which enabled the Federal Reserve
Board to leave short-term interest rates unchanged. This posture
enhanced the Fund's performance in November as growth slowed.
However, midway through December increased concerns about wage
pressures fostered dormant inflationary worries and interest rates
rose. We reduced our average portfolio maturity and waited for
interest rates to stabilize and inflationary concerns to subside.
Fourth-quarter gross domestic product (GDP) accelerated mainly
because of an increase in exports and public construction spending.
In late January, interest rates stabilized, and we extended our
maturity back to 4 years, 11 months in anticipation of more modest
growth ahead. We will continue to maintain an aggressive investment
posture in the upcoming quarter since we expect that moderate growth
and continued subdued inflation will allow the Federal Reserve Board
to leave short-term interest rates unchanged and ultimately push tax-
exempt interest rates lower.
Merrill Lynch Florida Limited
Maturity Municipal Bond Fund
During the quarter ended January 31, 1997, Florida continued to
experience modest economic growth. Continued high levels of consumer
confidence and increased personal income growth led to strong
holiday retail sales especially among high-income residents. During
the quarter, Florida's Governor Lawton Chiles outlined his $42
billion budget. The budget, a 5.5% increase over last year's,
includes $185.8 million in new taxes or fees, including $21 million
to be generated from a proposed $.10 hike in the cigarette tax. The
budget also includes a $20 million unemployment insurance tax cut
made possible by a $1.9 billion surplus in Florida's unemployment
account. The State government continues to maintain moderate debt
levels and rational spending practices which reflect positively on
the fiscal outlook. A deposit of approximately $148.6 million is
projected for the current year into the state's budget stabilization
fund bringing its balance to $409.4 million or 2.7% of revenues.
Additionally, general and working capital balances are now expected
at $610.1 million by June 30, 1997. Florida's November economic
forecast showed that state revenues increased $329 million.
<PAGE>
At January 31, 1997, net assets of Merrill Lynch Florida Limited
Maturity Municipal Bond Fund stood at approximately $26.1 million, a
slight decrease from October 31, 1996. As we discussed in our
October 31, 1996 shareholder letter, we expected to maintain a more
aggressive investment posture during the January quarter because of
slowing economic growth which enabled the Federal Reserve Board to
leave short-term interest rates unchanged. This posture enhanced the
Fund's performance in November as growth slowed. However, midway
through December increased concerns about wage pressures fostered
dormant inflationary worries and interest rates rose. We reduced the
average portfolio maturity and waited for interest rates to
stabilize and inflationary concerns to subside. Fourth-quarter GDP
accelerated mainly because of an increase in exports and public
construction spending. In late January, interest rates stabilized,
and we extended the portfolio's maturity to 4 years, 10 months, in
anticipation of more modest growth ahead. We will continue to
maintain an aggressive investment posture in the upcoming quarter
since we believe that moderate growth and continued subdued
inflation will allow the Federal Reserve Board to leave short-term
interest rates unchanged and ultimately push tax-exempt interest
rates lower.
Merrill Lynch Massachusetts Limited
Maturity Municipal Bond Fund
During the quarter ended January 31, 1997, economic activity
increased from the previous quarter in the Commonwealth of
Massachusetts. Although there were periods of slow growth, overall
the Commonwealth developed a solid economic base. By diversifying
beyond manufacturing, Massachusetts developed other sectors, such as
high technology, retail, tourism, healthcare, and banking which
combined to offset declines in any one particular area. This
expansive economic base was also aided by a political environment
which remained favorable under the Weld administration. Finally, low
unemployment levels (3.91% in December), high personal income levels
and high consumer confidence levels allowed the Commonwealth to
remain on track with a continuing stream of positive economic
growth.
Interest rates on US Government securities with maturities of one
year--ten years ended the January quarter modestly higher than their
levels on October 31, 1996. However, interest rates on municipal
bonds with similar maturities were essentially unchanged as investor
demand remained strong and new issue supply was relatively meager,
especially in January. The Fund's average portfolio maturity
continued to run just under 4 years, 5 months, and cash reserves
were approximately 15% at quarter-end. This strategy continued to
serve the Fund well, especially in light of the strong performance
of the municipal bond market relative to taxable fixed-income
products. We anticipate continuing this strategy in the upcoming
quarter as we expect no significant changes in Federal Reserve Board
policy or the interest rate environment.
<PAGE>
Merrill Lynch Michigan Limited
Maturity Municipal Bond Fund
During the quarter ended January 31, 1997, Michigan continued to
experience modest economic growth even though automobile sales
slowed considerably from the pace in the first three quarters of
1996. There was no change in Michigan's unemployment rate which
remained at approximately 4.7% for the September--December period.
Governor John Engler anticipates that the State will have an $88.1
million surplus for fiscal 1996 because of Michigan's improved
economic climate and strong, disciplined fiscal management. Budget
officials said $58.1 million of the surplus is earmarked for the
$1.1 billion budget stabilization fund and the remaining $30 million
for capital remodeling projects around the state. Governor Engler
presented his $8.5 billion general fund budget for fiscal 1998 in
early February.
At January 31, 1997, the net assets of Merrill Lynch Michigan
Limited Maturity Municipal Bond Fund stood at approximately $4.65
million, an increase of approximately 19% from October 31, 1996. As
we discussed in our October 31, 1996 shareholder letter, we planned
to maintain a more aggressive investment posture during the January
quarter because of slowing economic growth which enabled the Federal
Reserve Board to leave short-term interest rates unchanged. This
posture enhanced the Fund's performance in November as growth
slowed. But midway through December increased concerns about wage
pressures fostered inflationary worries and interest rates rose. We
reduced the Fund's average portfolio maturity and waited for
interest rates to stabilize and inflationary concerns to subside.
Fourth-quarter GDP growth accelerated mainly because of an increase
in exports and public construction spending. In late January
interest rates stabilized and we extended our average portfolio
maturity to 4 years, 7 months, in anticipation of more modest growth
ahead. We will continue to maintain an aggressive investment posture
in the upcoming quarter since we expect that moderate growth and
continued subdued inflation will allow the Federal Reserve Board to
leave short-term interest rates unchanged, ultimately causing tax-
exempt interest rates to fall.
Merrill Lynch New Jersey Limited
Maturity Municipal Bond Fund
On January 31, 1997, Governor Christine Todd Whitman introduced her
fiscal 1998 budget. Included in the $16.4 billion budget is a
proposed sale of $3.4 billion bonds to fund the State's pension
system. This issuance would be the state's third-largest ever and
will increase its debt burden by approximately one-third. The
proposed budget includes a surplus of $550 million from fiscal year
1997 and increases spending by approximately $443 million.
<PAGE>
During the three months ended January 31, 1997, we reduced cash
reserves in the portfolio from 18.4% to under 15%, and maintained an
average portfolio maturity of close to the maximum allowed by our
prospectus of just under 5 years. Our fully invested posture
contributed to the Fund's positive investment results in 1996. Given
the current market environment in which demand for New Jersey
municipal bonds exceeds supply, we intend to maintain this posture
in the upcoming months.
Merrill Lynch New York Limited
Maturity Municipal Bond Fund
During the quarter ended January 31, 1997, Governor Pataki proposed
a $66.1 billion budget for fiscal 1998 that would cut the state's
property, estate and gift taxes and eliminate 1,700 jobs. The
proposed budget is 2.2% higher than the current budget and also
assumes an increase in income tax receipts and a decline in business
taxes in the upcoming fiscal year. Through the end of the first four
months of the current fiscal year, receipts are on target with the
financial plan estimates adopted in the prior budget. Economic
forecasts used in the proposed plan forecast a state economy that
continues to exhibit moderate growth at a slightly lower level than
1996 with continued private sector employment growth of
approximately 1.0%. State budget officials promised to facilitate a
more timely adoption of the budget by submitting it earlier this
year. The state was unable to take advantage of the current economic
recovery, now in its sixth year, to reduce its deficit and
strengthen its balance sheets. State personal income growth was
strong led by a booming stock market and consumer confidence at
record levels, yet none of this was used to address New York's
ongoing fiscal shortcomings. Revenues and expenditures for the
proposed budget show gaps emerging in fiscal 1997 and 1998 of $1.4
billion and $3.4 billion, respectively. With little in the way of
reserves and with a history of tapping off budget fund balances
during the recovery, New York is fiscally vulnerable to a dip in
consumer spending, a slowdown in national economic performance or
potential changes in federally mandated programs.
At January 31, 1997, net assets of Merrill Lynch New York Limited
Maturity Municipal Bond Fund stood at approximately $16.3 million, a
decrease of approximately 11% from the October 31, 1996 quarter. As
we discussed in our October shareholder letter, we expected to
maintain a more aggressive investment posture in the January quarter
because of slowing economic growth which enabled the Federal Reserve
Board to leave short-term interest rates unchanged. This posture
enhanced the Fund's performance in November as growth slowed.
However, midway through December increased concerns about wage
pressures fostered dormant inflationary worries and interest rates
rose. We reduced our average portfolio maturity and waited for
interest rates to stabilize and inflationary concerns to subside.
Fourth-quarter GDP accelerated mainly because of an increase in
exports and public construction spending. In late January, interest
rates stabilized, and we extended the portfolio's maturity back to 4
years, 11 months in anticipation of more modest growth ahead. We
will continue to maintain an aggressive investment posture in the
upcoming quarter since we expect that moderate growth and continued
subdued inflation will allow the Federal Reserve Board to leave
short-term interest rates unchanged and ultimately that will push
tax-exempt interest rates lower.
<PAGE>
Merrill Lynch Pennsylvania Limited
Maturity Municipal Bond Fund
Governor Tom Ridge's 1997/1998 budget includes an increase in
spending by 2.7%, roughly the rate of inflation. Highlights of the
budget indicated increases in education, a reduction in business
taxes, and various healthcare and welfare reforms. Pennsylvania's
employment continues to exhibit strong gains and the unemployment
rate remains below the national level. Manufacturing began to
rebound in December after remaining flat in October and November.
The service and retail industries also experienced strong growth.
During the quarter ended January 31, 1997, we maintained cash
reserves of about 13% in Merrill Lynch Pennsylvania Limited Maturity
Municipal Bond Fund and an average portfolio maturity of 3.6 years.
The Fund's limited cash reserve level allowed it to benefit from a
strong technical environment in the municipal market when demand
exceeded supply and reflected the overall outperformance of
municipal bonds relative to taxable fixed-income products for the
January quarter. We anticipate continuing this strategy in the
upcoming quarter and expect no significant changes in Federal
Reserve Board monetary policy or the interest rate environment in
general.
In Conclusion
We appreciate your interest in Merrill Lynch Multi-State Limited
Maturity Series Trust, and we look forward to assisting you with
your financial needs in the months and years ahead.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
<PAGE>
(Edward J. Andrews)
Edward J. Andrews
Vice President and Portfolio Manager
(Peter J. Hayes)
Peter J. Hayes
Vice President and Portfolio Manager
(Helen M. Sheehan)
Helen M. Sheehan
Vice President and Portfolio Manager
March 13, 1997
PERFORMANCE DATA
About Fund
Performance
Investors are able to purchase shares of the Trust 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 maintenance
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. (There is no initial sales charge for
automatic share conversions.)
<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).
None of the past results shown should be considered a representation
of future performance. Investment return and principal value of
shares will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Dividends paid to each class
of shares will vary because of the different levels of account
maintenance, distribution and transfer agency fees applicable to
each class, which are deducted from the income available to be paid
to shareholders.
<TABLE>
Recent
Performance
Results*
<CAPTION>
Standardized
12 Month 3 Month 30-day Yield
12 Month 3 Month Total Total As of
1/31/97 10/31/96 1/31/96 % Change % Change Return Return 1/31/97
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona Limited Maturity Class A Shares $10.08 $10.09 $10.30 -2.14% -0.10% +1.74%(1) +0.83%(2) 3.15%
Arizona Limited Maturity Class B Shares 10.08 10.09 10.30 -2.14 -0.10 +1.37(3) +0.74(4) 2.82
Arizona Limited Maturity Class C Shares 10.09 10.09 10.31 -2.13 0.00 +1.52(5) +0.89(6) 3.02
Arizona Limited Maturity Class D Shares 10.09 10.09 10.31 -2.13 0.00 +1.64(7) +0.90(8) 3.05
California Limited Maturity Class A Shares 10.06 10.07 10.20 -1.37 -0.10 +2.37(9) +0.87(10) 3.30
California Limited Maturity Class B Shares 10.06 10.07 10.20 -1.37 -0.10 +2.00(11) +0.77(12) 2.97
California Limited Maturity Class C Shares 10.06 10.07 10.20 -1.37 -0.10 +2.16(13) +0.82(14) 3.16
California Limited Maturity Class D Shares 10.06 10.07 10.20 -1.37 -0.10 +2.26(15) +0.84(2) 3.20
Florida Limited Maturity Class A Shares 9.98 9.97 10.18 -1.96 +0.10 +2.02(16) +1.14(17) 3.60
Florida Limited Maturity Class B Shares 9.98 9.97 10.18 -1.96 +0.10 +1.65(18) +1.05(2) 3.28
Florida Limited Maturity Class C Shares 9.91 9.91 10.12 -2.08 0.00 +1.67(5) +1.00(19) 3.47
Florida Limited Maturity Class D Shares 9.97 9.97 10.17 -1.97 0.00 +1.91(20) +1.01(21) 3.50
Massachusetts Limited Maturity Class A Shares 9.98 9.99 10.13 -1.48 -0.10 +2.48(22) +0.90(23) 3.39
Massachusetts Limited Maturity Class B Shares 9.99 9.99 10.13 -1.38 0.00 +2.21(24) +0.91(8) 3.06
Massachusetts Limited Maturity Class C Shares 9.98 9.99 10.12 -1.38 -0.10 +2.42(25) +0.86(26) 3.27
Massachusetts Limited Maturity Class D Shares 9.98 9.99 10.12 -1.38 -0.10 +2.48(27) +0.87(10) 3.29
Michigan Limited Maturity Class A Shares 9.99 9.99 10.14 -1.48 0.00 +2.55(28) +1.04(17) 3.46
Michigan Limited Maturity Class B Shares 9.99 9.99 10.14 -1.48 0.00 +2.18(15) +0.95(29) 3.13
Michigan Limited Maturity Class C Shares 9.99 9.99 10.14 -1.48 0.00 +2.09(30) +0.95(29) 3.19
Michigan Limited Maturity Class D Shares 9.98 9.98 10.13 -1.48 0.00 +2.44(31) +1.02(32) 3.36
<PAGE>
New Jersey Limited Maturity Class A Shares 10.13 10.13 10.31 -1.75 0.00 +2.23(33) +1.01(32) 3.31
New Jersey Limited Maturity Class B Shares 10.14 10.14 10.32 -1.74 0.00 +1.87(34) +0.92(14) 2.98
New Jersey Limited Maturity Class C Shares 9.18 9.18 9.34 -1.71 0.00 +2.10(35) +0.97(12) 3.18
New Jersey Limited Maturity Class D Shares 10.13 10.13 10.32 -1.84 0.00 +2.03(36) +0.98(23) 3.21
New York Limited Maturity Class A Shares 10.10 10.10 10.24 -1.37 0.00 +2.87(37) +1.09(38) 3.82
New York Limited Maturity Class B Shares 10.10 10.10 10.24 -1.37 0.00 +2.50(39) +1.00(21) 3.50
New York Limited Maturity Class C Shares 10.10 10.10 10.24 -1.37 0.00 +2.70(40) +1.05(41) 3.70
New York Limited Maturity Class D Shares 10.10 10.10 10.25 -1.46 0.00 +2.67(42) +1.06(43) 3.73
Pennsylvania Limited Maturity Class A Shares 10.15 10.15 10.31 -1.55 0.00 +2.30(44) +0.94(26) 3.24
Pennsylvania Limited Maturity Class B Shares 10.15 10.15 10.31 -1.55 0.00 +1.93(45) +0.85(46) 2.91
Pennsylvania Limited Maturity Class C Shares 10.19 10.19 10.29 -0.97 0.00 +2.53(13) +0.84(47) 3.03
Pennsylvania Limited Maturity Class D Shares 10.16 10.15 10.32 -1.55 +0.10 +2.20(48) +1.02(2) 3.14
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included.
(1)Percent change includes reinvestment of $0.397 per share
ordinary income dividends.
(2)Percent change includes reinvestment of $0.098 per share
ordinary income dividends.
(3)Percent change includes reinvestment of $0.360 per share
ordinary income dividends.
(4)Percent change includes reinvestment of $0.088 per share
ordinary income dividends.
(5)Percent change includes reinvestment of $0.374 per share
ordinary income dividends.
(6)Percent change includes reinvestment of $0.094 per share
ordinary income dividends.
(7)Percent change includes reinvestment of $0.386 per share
ordinary income dividends.
(8)Percent change includes reinvestment of $0.095 per share
ordinary income dividends.
(9)Percent change includes reinvestment of $0.378 per share
ordinary income dividends.
(10)Percent change includes reinvestment of $0.101 per share
ordinary income dividends.
(11)Percent change includes reinvestment of $0.341 per share
ordinary income dividends.
(12)Percent change includes reinvestment of $0.092 per share
ordinary income dividends.
(13)Percent change includes reinvestment of $0.357 per share
ordinary income dividends.
(14)Percent change includes reinvestment of $0.097 per share
ordinary income dividends.
(15)Percent change includes reinvestment of $0.367 per share
ordinary income dividends.
(16)Percent change includes reinvestment of $0.401 per share
ordinary income dividends.
<PAGE>
(17)Percent change includes reinvestment of $0.108 per share
ordinary income dividends.
(18)Percent change includes reinvestment of $0.365 per share
ordinary income dividends.
(19)Percent change includes reinvestment of $0.103 per share
ordinary income dividends.
(20)Percent change includes reinvestment of $0.391 per share
ordinary income dividends.
(21)Percent change includes reinvestment of $0.105 per share
ordinary income dividends.
(22)Percent change includes reinvestment of $0.398 per share
ordinary income dividends.
(23)Percent change includes reinvestment of $0.104 per share
ordinary income dividends.
(24)Percent change includes reinvestment of $0.361 per share
ordinary income dividends.
(25)Percent change includes reinvestment of $0.382 per share
ordinary income dividends.
(26)Percent change includes reinvestment of $0.100 per share
ordinary income dividends.
(27)Percent change includes reinvestment of $0.387 per share
ordinary income dividends.
(28)Percent change includes reinvestment of $0.404 per share
ordinary income dividends.
(29)Percent change includes reinvestment of $0.099 per share
ordinary income dividends.
(30)Percent change includes reinvestment of $0.359 per share
ordinary income dividends.
(31)Percent change includes reinvestment of $0.394 per share
ordinary income dividends.
(32)Percent change includes reinvestment of $0.106 per share
ordinary income dividends.
(33)Percent change includes reinvestment of $0.406 per share
ordinary income dividends.
(34)Percent change includes reinvestment of $0.369 per share
ordinary income dividends.
(35)Percent change includes reinvestment of $0.351 per share
ordinary income dividends.
(36)Percent change includes reinvestment of $0.396 per share
ordinary income dividends.
(37)Percent change includes reinvestment of $0.429 per share
ordinary income dividends.
(38)Percent change includes reinvestment of $0.115 per share
ordinary income dividends.
(39)Percent change includes reinvestment of $0.392 per share
ordinary income dividends.
(40)Percent change includes reinvestment of $0.411 per share
ordinary income dividends.
(41)Percent change includes reinvestment of $0.110 per share
ordinary income dividends.
<PAGE>
(42)Percent change includes reinvestment of $0.418 per share
ordinary income dividends.
(43)Percent change includes reinvestment of $0.112 per share
ordinary income dividends.
(44)Percent change includes reinvestment of $0.393 per share
ordinary income dividends.
(45)Percent change includes reinvestment of $0.356 per share
ordinary income dividends.
(46)Percent change includes reinvestment of $0.090 per share
ordinary income dividends.
(47)Percent change includes reinvestment of $0.089 per share
ordinary income dividends.
(48)Percent change includes reinvestment of $0.383 per share
ordinary income dividends.
</TABLE>
PERFORMANCE DATA (concluded)
Average Annual
Total Returns
Arizona Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +2.35% +1.32%
Inception (11/26/93) through 12/31/96 +4.34 +4.00
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.08% +1.09%
Inception (11/26/93) through 12/31/96 +3.97 +3.97
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.19% +1.21%
Inception (10/21/94) through 12/31/96 +4.80 +4.80
<PAGE>
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +2.34% +1.32%
Inception (10/21/94) through 12/31/96 +5.13 +4.65
California Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.16% +2.13%
Inception (11/26/93) through 12/31/96 +4.31 +3.98
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.79% +1.80%
Inception (11/26/93) through 12/31/96 +3.95 +3.95
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.95% +1.96%
Inception (10/21/94) through 12/31/96 +5.42 +5.42
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.06% +2.03%
Inception (10/21/94) through 12/31/96 +5.60 +5.11
Florida Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +2.69% +1.67%
Inception (11/26/93) through 12/31/96 +4.11 +3.77
<PAGE>
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.33% +1.34%
Inception (11/26/93) through 12/31/96 +3.74 +3.74
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.30% +1.31%
Inception (10/21/94) through 12/31/96 +4.59 +4.59
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +2.49% +1.46%
Inception (10/21/94) through 12/31/96 +5.25 +4.76
Massachusetts Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.18% +2.15%
Inception (11/26/93) through 12/31/96 +4.19 +3.85
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.81% +1.82%
Inception (11/26/93) through 12/31/96 +3.82 +3.82
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.92% +1.93%
Inception (10/21/94) through 12/31/96 +4.95 +4.95
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.08% +2.05%
Inception (10/21/94) through 12/31/96 +5.07 +4.59
<PAGE>
Michigan Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.36% +2.32%
Inception (11/26/93) through 12/31/96 +4.19 +3.85
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.98% +1.99%
Inception (11/26/93) through 12/31/96 +3.81 +3.81
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.89% +1.90%
Inception (10/21/94) through 12/31/96 +4.97 +4.97
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.15% +2.12%
Inception (10/21/94) through 12/31/96 +5.35 +4.87
New Jersey Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.01% +1.98%
Inception (11/26/93) through 12/31/96 +4.49 +4.16
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.64% +1.65%
Inception (11/26/93) through 12/31/96 +4.16 +4.16
<PAGE>
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.80% +1.81%
Inception (10/21/94) through 12/31/96 +0.51 +0.51
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +2.90% +1.88%
Inception (10/21/94) through 12/31/96 +5.53 +5.05
New York Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.45% +2.42%
Inception (11/26/93) through 12/31/96 +4.68 +4.35
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +3.08% +2.09%
Inception (11/26/93) through 12/31/96 +4.31 +4.31
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +3.28% +2.29%
Inception (10/21/94) through 12/31/96 +5.75 +5.75
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +3.45% +2.42%
Inception (10/21/94) through 12/31/96 +6.03 +5.55
Pennsylvania Limited Maturity
% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**
<PAGE>
Year Ended 12/31/96 +3.00% +1.97%
Inception (11/26/93) through 12/31/96 +4.56 +4.23
% Return % Return
Class B Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +2.63% +1.64%
Inception (11/26/93) through 12/31/96 +4.19 +4.19
% Return % Return
Class C Shares++ Without CDSC With CDSC++++
Year Ended 12/31/96 +3.24% +2.24%
Inception (10/21/94) through 12/31/96 +5.48 +5.48
% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
Year Ended 12/31/96 +2.80% +1.77%
Inception (10/21/94) through 12/31/96 +5.64 +5.15
[FN]
*Maximum sales charge is 1%.
**Assuming maximum sales charge.
++Maximum contingent deferred sales charge is 1% and reduced to 0%
after 1 year.
++++Assuming payment of applicable contingent deferred sales charge.
Portfolio
Abbreviations
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.
<PAGE>
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
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
TAN Tax Anticipation Notes
TRAN Tax Revenue AnticipationNotes
UPDATES Unit Priced Demand Adjustable
Tax-Exempt Securities
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<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--92.2% A-1 P1 $ 100 Apache County, Arizona, IDA, IDR (Tucson Electric
Power--Springerville Project), VRDN, Series C, 3.55%
12/15/2018 (a) $ 100
A1+ VMIG1++ 200 Arizona Health Facilities Authority Revenue Bonds (Arizona
Volunteer Hospital Federation), VRDN, Series B, 3.60%
due 10/01/2015 (a)(c) 200
AAA Aaa 200 Arizona State Transportation Board Excise Tax Revenue
Bonds (Maricopa County Regional Area Roads), Series A,
5.75% due 7/01/2004 (b) 212
AA- A1 200 Central Arizona Water Conservation District, Contract
Revenue Bonds (Central Arizona Project), Series B, 6.50%
due 5/01/2001 (e) 219
A1+ P1 200 Maricopa County, Arizona, Pollution Control Corporation,
PCR, Refunding (Arizona Public Service Co.), VRDN, Series
B, 3.70% due 5/01/2029 (a) 200
SP1 NR* 200 Maricopa County, Arizona, Unified School District No. 41
(Gilbert), TAN, Series A, 4.45% due 7/31/1997 201
AAA Aaa 100 Mesa, Arizona, Refunding, UT, 5.80% due 7/01/1999 (b) 104
AAA Aaa 480 Phoenix, Arizona, Airport Revenue Refunding Bonds, AMT,
Series C, 5.70% due 7/01/2003 (d) 503
AA- Aa 200 Phoenix, Arizona, Civic Improvement Corporation, Water System
Revenue Bonds (Junior Lien), 5% due 7/01/2006 200
AA+ Aa1 250 Phoenix, Arizona, Refunding, UT, 5.70% due 7/01/1999 259
A+ Aa 200 Pima County, Arizona, Refunding, Series A, 5.60% due 7/01/1999 207
AAA Aaa 200 Pima County, Arizona, Sewer Revenue Bonds, 6.20% due
7/01/2002 (b)(e) 218
<PAGE> A1+ P1 200 Pinal County, Arizona, IDA, PCR (Magma Copper/Newmont
Mining Corporation), VRDN, 3.60% due 12/01/2009 (a) 200
A1+ NR* 200 Tempe, Arizona, IDA, M/F Housing Revenue Bonds (Elliots
Crossing), VRDN, 3.55% due 10/01/2008 (a) 200
AAA Aaa 200 Tucson, Arizona, Refunding, 5.10% due 7/01/1999 (c) 204
A+ A1 150 Tucson, Arizona, Street and Highway User, Revenue Refunding
Bonds, 5.90% due 7/01/2003 160
AAA Aaa 200 Yuma County, Arizona, Jail District Revenue Bonds, 4.30% due
7/01/1999 (b) 201
Puerto Rico--2.6% A1+ VMIG1++ 100 Puerto Rico Commonwealth, Government Development Bank,
Refunding, VRDN, 3.20% due 12/01/2015 (a) 100
Total Investments (Cost--$3,628)--94.8% 3,688
Other Assets Less Liabilities--5.2% 202
-------
Net Assets--100.0% $ 3,890
=======
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(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
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
California--97.6% California Educational Facilities Authority, Revenue
Refunding Bonds:
NR* A1 $ 500 (Loyola Marymount University), 5.70% due 10/01/2002 $ 528
NR* A 685 (Saint Mary's College), 4.90% due 10/01/2003 690
AAA Aaa 500 California Health Facilities Financing Authority, Revenue
Refunding Bonds (Catholic Healthcare West), Series A, 5.30%
due 7/01/2003 (d) 517
<PAGE> California Pollution Control Financing Authority, PCR,
Refunding, VRDN (a):
A1+ P1 200 (Exxon Project), 3.55% due 12/01/2012 200
A-1 NR* 300 (Pacific Gas and Electric), AMT, Series G, 3.70% due 2/01/2016 300
California Pollution Control Financing Authority, Resource
Recovery Revenue Bonds, VRDN, AMT (a):
A-1 VMIG1++ 200 (Atlantic Richfield Company Project), Series A, 3.70% due
12/01/2024 200
NR* P1 200 Refunding (Ultrapower Malaga Project), Series A, 3.65% due
4/01/2017 200
California State, GO, UT:
A+ A1 750 6.75% due 10/01/2003 838
AAA Aaa 750 6.35% due 11/01/2004 (b) 829
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) 665
AAA Aaa 500 California Statewide Communities Development Authority, Lease
Revenue Refunding Bonds (Oakland Convention Center Project),
5.70% due 10/01/2002 (d) 527
A+ NR* 700 East Bay, California, Municipal Utility District, Water System
Revenue Bonds, Sub-Series, 7.40% due 6/01/2000 (e) 779
AAA Aaa 200 Los Angeles, California, Department of Airports, Airport
Revenue Refunding Bonds, Series A, 6% due 5/15/2005 (b) 216
A+ Aa 650 Los Angeles, California, Department of Water and Power,
Electric Plant Revenue Bonds, 6% due 4/01/2002 693
Los Angeles, California, Harbor Department Revenue Bonds, AMT,
Series B:
AA Aa 275 6% due 8/01/2000 288
AA Aa 295 6% due 8/01/2001 311
AA Aa 500 6% due 8/01/2004 535
Los Angeles County, California, Metropolitan Transportation
Authority, Sales Tax Revenue Refunding Bonds (Proposition
C--Second Senior):
A1+ VMIG1++ 200 Refunding, Series A, VRDN, 3.45% due 7/01/2020 (a)(c) 200
AAA Aaa 400 Series B, 8% due 7/01/2003 (d) 472
AAA Aaa 880 Los Angeles County, California, Public Works Financing
Authority, Lease Revenue Refunding Bonds, Series A, 6% due
9/01/2006 (c) 948
AA- Aa1 1,000 Los Angeles County, California, Public Works Financing
Authority, Revenue Refunding Bonds (Capital Construction),
4.80% due 3/01/2004 996
AAA Aaa 750 San Diego County, California, Regional Transportation
Commission, Sales Tax Revenue Bonds (Second Senior Sales
Tax), Series A, 4% due 4/01/1997 (b) 751
AAA Aaa 700 San Francisco, California, City and County Sewer Revenue
Bonds, Series A, 5.375% due 10/01/1999 (b) 723
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) 526
AAA Aaa 500 University of California, Revenue Refunding Bonds (Multi-Purpose
Projects), Series C, 10% due 9/01/2001 (d) 612
<PAGE>
Puerto Rico--1.4% A1+ VMIG1++ 200 Puerto Rico Commonwealth, Government Development Bank,
Refunding, VRDN, 3.20% due 12/01/2015 (a) 200
Total Investments (Cost--$13,182)--99.0% 13,744
Other Assets Less Liabilities--1.0% 144
-------
Net Assets--100.0% $13,888
=======
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(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
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Florida--94.8% AAA Aaa $ 1,000 Broward County, Florida, School District, UT, 7.125%
due 2/15/1999 (f) $ 1,078
Dade County, Florida, Aviation Revenue Refunding Bonds,
Series A (b):
AAA Aaa 300 5.60% due 10/01/2004 316
AAA Aaa 1,000 AMT, 5.25% due 10/01/1997 1,011
AAA Aaa 1,000 Dade County, Florida, School District, UT, 5.75% due
8/01/2001 (c) 1,052
AAA Aaa 1,185 Dunedin, Florida, Hospital Revenue Bonds (Mease Health Care),
6.75% due 11/15/2001 (d)(f) 1,318
Florida State Board of Education, Capital Outlay (Public
<PAGE> Education):
AAA Aaa 1,000 Refunding, Series A, 7.25% due 6/01/2000 (f) 1,106
AA Aa 850 Refunding, Series A, 5.50% due 6/01/2001 886
AA Aa 1,000 Series B, 5.625% due 6/01/2005 1,059
Florida State Division, Bond Finance Department, General
Services Revenue Bonds (Department of Natural Resources
Preservation):
AAA Aaa 1,730 Refunding (Save Our Coast), Series A, 6.30% due 7/01/2004 (d) 1,853
AAA Aaa 1,000 Series 2000-A, 5.75% due 7/01/2000 (d) 1,046
AAA Aaa 1,900 Series 2000-A, 6.40% due 7/01/2002 (b) 2,071
A A 100 Hillsborough County, Florida, Capital Improvement Revenue
Bonds (County Center Project), Second Series, 6.75% due
7/01/2002 (f) 112
Jacksonville, Florida, Electric Authority, Revenue Refunding
Bonds (Saint John's), Issue 2:
AA Aa1 1,000 Series 6-C, 6.50% due 10/01/2001 1,079
AA Aa1 1,000 (Special Obligation) Series 6-B, 6.65% due 10/01/2002 1,084
AAA Aaa 1,200 Lakeland, Florida, Electric and Water Revenue Refunding
Bonds, Junior Sub-Lien, 6.25% due 10/01/2003 (c) 1,312
A1+ VMIG1++ 800 Manatee County, Florida, PCR, Refunding (Florida Power and
Light Company Project), VRDN, 3.65% due 9/01/2024 (a) 800
AAA Aaa 1,200 North Miami, Florida, Health Facilities Authority, Health
Facility Revenue Bonds (Bon Secours Health System Project),
6% due 8/15/2002 (d)(e)(f) 1,302
AAA Aaa 1,230 Orange County, Florida, Hospital Health Facilities Authority
Revenue Bonds (Orlando Regional Healthcare), Series A, 6% due
10/01/2003 (d) 1,320
AA- Aaa 1,000 Orlando, Florida, Utilities Commission, Water and Electric
Revenue Bonds, Series A, 6.50% due 10/01/2001 (d)(f) 1,102
AAA Aaa 1,000 Palm Bay, Florida, Utility Revenue Bonds (Palm Bay Utility
Corporation Project), Series B, 6.20% due 10/01/2002 (d)(f) 1,098
NR* Baa1 1,360 Pembroke Pines, Florida, Special Assessment No. 94-1, 4.80%
due 11/01/1998 1,371
AAA Aaa 1,235 Saint Lucie County, Florida, School Board, COP, Series A,
7.25% due 7/01/2000 (b)(d)(f) 1,369
Puerto Rico--3.9% A Baa1 1,000 Puerto Rico Commonwealth, Refunding, Improvement Bonds,
UT, 5.30% due 7/01/2004 1,018
Total Investments (Cost--$25,193)--98.7% 25,763
Other Assets Less Liabilities--1.3% 346
-------
Net Assets--100.0% $26,109
=======
<PAGE>
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(b)AMBAC Insured.
(c)FGIC Insured.
(d)MBIA Insured.
(e)FSA Insured.
(f)Prerefunded.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
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-- NR* A1 $ 295 Boston, Massachusetts, Economic Development and Industrial
93.2% Corp., Public Parking Facility, Series 1990, 5% due 7/01/2000 $ 294
AAA Aaa 250 Boston, Massachusetts, UT, Series A, 5% due 11/01/2004 (b) 254
A1+ VMIG1++ 200 Boston, Massachusetts, Water and Sewer Commission, General
Revenue Bonds, VRDN, Series A, 3.40% due 11/01/2024 (a) 200
AAA Aaa 300 Chelsea, Massachusetts, School Project Loan Act of 1948, UT,
6% due 6/15/2002 (c) 320
AAA Aaa 215 Fall River, Massachusetts, GO, 6.30% due 6/01/1998 (e) 222
A1+ NR* 200 Holyoke, Massachusetts, PCR, Refunding (Holyoke Water Power
Project), VRDN, 3.25% due 11/01/2013 (a) 200
AAA Aaa 400 Lynn, Massachusetts, Water and Sewer Commission, Refunding,
4.95% due 12/01/2002 (b) 408
A+ A1 100 Massachusetts Bay Transportation Authority, Massachusetts
General Transportation System, Series A, 4.90% due 3/01/2004 100
AAA Aaa 250 Massachusetts Educational Loan Authority, Educational Loan
Revenue Refunding Bonds, AMT, Issue E, Series B, 5.50% due
7/01/2001 (c) 259
BBB+ Baa 500 Massachusetts Municipal Wholesale Electric Company, Power
Supply System, Revenue Refunding Bonds, Series B, 6.375%
due 7/01/2001 531
A+ A1 750 Massachusetts State, GO, Refunding, Series B, 6.25% due 8/01/2001 803
Massachusetts State Health and Educational Facilities Authority
Revenue Bonds:
A1+ VMIG1++ 300 (Harvard University), VRDN, Series I, 3.50% due 8/01/2017 (a) 300
AAA Aaa 200 Refunding (Baystate Medical Center), Series O, 4.60% due
7/01/2002 (b) 199
A-1 VMIG1++ 200 Massachusetts State Industrial Finance Agency, PCR, Refunding
(North East Power Company), VRDN, 3.60% due 10/01/2022 (a) 200
AAA Aaa 320 Massachusetts State Industrial Finance Agency Revenue Bonds
(Babson College), Series A, 5.40% due 10/01/2003 (e) 333
AA A1 300 Massachusetts State Special Obligation Revenue Bonds (Highway
<PAGE> Improvement Loan), Series A, 5.90% due 6/01/2001 316
AAA Aaa 500 Massachusetts State Water Resource Authority, Series A, 6.75%
due 7/15/2002 (d) 561
NR* A1 500 New England Educational Loan Marketing Corp., Massachusetts
Student Loan Revenue Bonds, AMT, Sub-Issue F, 6.60% due 9/01/2002 538
Puerto Rico--4.2% A Baa1 250 Puerto Rico Public Buildings Authority, Guaranteed Public
Education and Health Facilities, Refunding, Series K, 6.60%
due 7/01/2004 271
Total Investments (Cost--$6,133)--97.4% 6,309
Other Assets Less Liabilities--2.6% 169
-------
Net Assets--100.0% $ 6,478
=======
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(b)FGIC Insured.
(c)AMBAC Insured.
(d)Prerefunded.
(e)MBIA Insured.
*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>
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--93.2% AAA Aaa $ 200 Anchor Bay, Michigan, School District, UT, 6.30% due
5/01/2004 (d) $ 219
A1+ VMIG1++ 100 Bruce Township, Michigan, Hospital Finance Authority,
Health Care System Revenue Bonds (Sisters of Charity--Saint
Joseph's), VRDN, Series A, 3.45% due 5/01/2018 (a)(d) 100
AAA Aaa 150 Chippewa Valley, Michigan Schools, Refunding, UT, 4.90%
<PAGE> due 5/01/2004 (c) 151
AAA Aaa 250 Dearborn, Michigan, Economic Development Corp., Hospital
Revenue Bonds (Oakwood Obligated Group), Series A, 6.95% due
8/15/2001 (d)(e) 279
NR* P1 100 Delta County, Michigan, Economic Development Corp.,
Environmental Improvement Revenue Bonds (Mead Escanaba Paper),
DATES, Series E, 3.60% due 12/01/2023 (a) 100
AAA Aaa 200 Detroit, Michigan, Distributable State Aid, Refunding, UT,
5.70% due 5/01/2001 (b) 208
AAA Aaa 250 Detroit, Michigan, Water Supply System, Revenue Refunding Bonds,
6.20% due 7/01/2004 (c) 271
AAA Aaa 200 Eastern Michigan University, General Revenue Refunding Bonds,
5.40% due 6/01/1998 (b) 204
AAA Aaa 200 Gull Lake, Michigan, Community School District, GO, UT, 6.80%
due 5/01/2001 (c)(e) 221
A-1 VMIG1++ 100 Michigan Higher Education Student Loan Authority Revenue Bonds,
VRDN, AMT, Series XII-D, 3.55% due 10/01/2015 (a)(b) 100
Michigan Municipal Bond Authority Revenue Bonds:
AAA Aaa 200 (Local Government Loan Program), Series C, 5.50% due 5/01/2003 (d) 209
AA Aa 450 Refunding (Local Government--Qualified School), Series A, 6%
due 5/01/2001 476
AA Aa 200 (State Revolving Fund), 7% due 10/01/2004 (f) 228
AA- A1 200 Michigan State Building Authority, Revenue Refunding Bonds,
Series I, 6.40% due 10/01/2004 216
AA- A1 200 Michigan State Comprehensive Transportation, Revenue Refunding
Bonds, Series B, 5.625% due 5/15/2003 210
NR* Aaa 100 Michigan State Hospital Finance Authority, Revenue Bonds
(McLaren Obligated Group), Series A, 7.50% due 9/15/2001 (e) 114
A1+ NR* 100 Michigan State Housing Development Authority, Rental Housing
Revenue Refunding Bonds, VRDN, Series C, 3.60% due 4/01/2019 (a) 100
AA Aa 200 Michigan State Recreation Program, GO, 6% due 11/01/2004 216
A1+ VMIG1++ 100 Michigan State Strategic Fund, Limited Obligation Revenue
Bonds (United Waste Systems Inc. Project), VRDN, AMT, 3.65%
due 4/01/2010 (a) 100
NR* P1 100 Michigan State Strategic Fund, PCR, Refunding (Consumers Power
Project), VRDN, Series A, 3.70% due 4/15/2018 (a) 100
NR* VMIG1++ 100 Michigan State Strategic Fund, Solid Waste Disposal Revenue
Bonds (Grayling Generating Project), VRDN, AMT, 3.65% due
1/01/2014 (a) 100
AAA Aaa 160 Michigan State Underground Storage Tank, Financial Assurance
Authority, Revenue Refunding Bonds, Series I, 6% due 5/01/2004 (b) 172
AAA Aaa 235 Royal Oak, Michigan, Refunding, UT, 4% due 10/01/1997 (b) 236
Puerto Rico--4.9% AAA Aaa 200 Puerto Rico Public Buildings Authority, Guaranteed Public
Education and Health Facilities, Series L, 6.875% due 7/01/2002 (e) 226
Total Investments (Cost--$4,437)--98.1% 4,556
Other Assets Less Liabilities--1.9% 86
-------
Net Assets--100.0% $ 4,642
=======
<PAGE>
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(b)AMBAC Insured.
(c)FGIC Insured.
(d)MBIA Insured.
(e)Prerefunded.
(f)Escrowed to maturity.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
<CAPTION>
New Jersey 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-- NR* Aaa $ 350 Bergen County, New Jersey, General Improvement Bonds, UT,
93.5% 5.20% due 10/01/1999 $ 361
NR* NR* 400 East Orange, New Jersey, BAN (Water and Sewer), GO, UT,
4.75% due 8/28/1997 401
AAA Aaa 600 Elizabeth, New Jersey, General Improvement and Sewer Utility,
Refunding, GO, UT, 6% due 8/15/2004 (b) 647
SP1+ VMIG1++ 300 Mercer County, New Jersey, Improvement Authority Revenue Bonds,
VRDN, 3.15% due 11/01/1998 (a) 300
AA+ Aaa 400 Monmouth County, New Jersey, General Improvement Bonds, GO,
UT, 6.625% due 8/01/2000 421
NR* NR* 195 New Brunswick, New Jersey, Temporary Notes, UT, 4% due
12/09/1997 (e) 195
A1+ VMIG1++ 300 New Jersey Sports and Exposition Authority (State Contract),
VRDN, Series C, 3.35% due 9/01/2024 (a)(c) 300
AAA Aaa 1,000 New Jersey State, EDA, Market Transition Facility Revenue
Bonds, Senior Lien, Series A, 7% due 7/01/2004 (c) 1,130
A-1 Aaa 300 New Jersey State, EDA, Water Facilities Revenue Refunding
Bonds (United Water of New Jersey, Inc. Project), VRDN, Series
A, 3.45% due 11/01/2026 (a)(b) 300
NR* Aaa 200 New Jersey State Transportation Trust Fund Authority
(Transportation System), Series A, 5.40% due 12/15/2002 (f) 209
AAA VMIG1++ 300 New Jersey State Turnpike Authority, Turnpike Revenue
Refunding Bonds, VRDN, Series D, 3.35% due 1/01/2018 (a) (d) 300
<PAGE> NR* Aa 400 Ocean County, New Jersey, Utilities Authority, Wastewater
Revenue Bonds, Series A, 6.125% due 1/01/2003 430
AAA Aaa 1,310 Port Authority of New York and New Jersey, Consolidated
Refunding Bonds, AMT, UT, 97th Series, 7.10% due 7/15/2004 (d) 1,494
AA+ Aaa 340 Union County, New Jersey, Refunding, GO, UT, 5.875% due 3/01/1999 353
Puerto Rico--4.8% SP-1+ MIG1++ 350 Puerto Rico Commonwealth, TRAN, Series 1997-A, 4% due 7/30/1997 351
Total Investments (Cost--$6,952)--98.3% 7,192
Other Assets Less Liabilities--1.7% 127
-------
Net Assets--100.0% $ 7,319
=======
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(b)AMBAC Insured.
(c)MBIA Insured.
(d)FGIC Insured.
(e)Bank Qualified.
(f)Escrowed to maturity.
*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 York--98.8% Nassau County, New York, General Improvement Bonds, UT (c):
AAA Aaa $ 400 Series O, 5.625% due 8/01/2004 $ 423
AAA Aaa 700 Series Q, 5.10% due 8/01/2003 720
AAA Aaa 750 New York City, New York, IDA, Civic Facilities Revenue
Bonds (USTA National Tennis Center Project), 6% due 11/15/2003 (d) 805
AA- Aa 800 New York City, New York, Municipal Assistance Corporation,
Series 68, 7.10% due 7/01/2000 864
<PAGE> A1+ VMIG1++ 600 New York City, New York, Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, VRDN,Series 93-C, 3.65%
due 6/15/2022 (a)(c) 600
BBB+ Baa1 610 New York City, New York, Refunding, UT, Series A, 6% due 8/01/2000 634
A- A 1,000 New York State, Crossover Refunding, 7% due 11/15/2002 1,117
AAA Aaa 500 New York State Dormitory Authority Revenue Bonds (College and
University Education Loan), AMT, 6.30% due 7/01/2002 (e) 541
AA Aa 700 New York State Dormitory Authority Revenue Refunding Bonds
(Cornell University), 5% due 7/01/2005 717
A1+ VMIG1++ 400 New York State Energy Research and Development Authority, PCR
(New York Electric and Gas), VRDN, Series D, 3.65% due
10/01/2029 (a) 400
A- Aa 400 New York State Environmental Facilities Corporation, PCR, State
Water Revolving Fund, New York City Municipal Water Finance
Authority Project, Series E, 5.60% due 6/15/1999 414
A- A 600 New York State Environmental Quality, GO, 6% due 12/01/2004 645
A- A 505 New York State, GO, 6% due 7/15/2006 544
A- A 735 New York State, GO, Refunding, Series B, 6.25% due 8/15/2004 800
New York State Local Government Assistance Corporation:
A A 625 Series A, 7% due 4/01/2005 688
AAA Aaa 600 Series D, 7% due 4/01/2002 (b) 677
New York State Medical Care Facilities Finance Agency, Revenue
Bonds, Series A:
AAA Aaa 725 (Mental Health Services Facilities), 7.75% due 2/15/2001 (b) 825
NR* Aa3 500 (Saratoga Hospital Project), 5.25% due 11/01/2004 510
AA Aa 655 (Security Mortgage Program, Adult Day Care), 6% due 11/15/2003 (f) 696
AA NR* 675 New York State Tax Exempt Revenue Bonds (Rochester Museum &
Science), 5.60% due 12/01/2015 685
AAA VMIG1++ 100 New York State Thruway Authority, General Revenue Bonds, VRDN,
3.65% due 1/01/2024 (a)(c) 100
BBB Baa1 450 New York State Urban Development Corporation, Revenue Refunding
Bonds (Center for Industrial Innovation Project), 4.60% due
1/01/1998 453
AAA Aaa 760 Port Authority of New York and New Jersey, Refunding, AMT, UT,
Consolidated 97th Series, 7.10% due 7/15/2003 (c) 859
AA A1 700 Rockland County, New York, Sewer District, UT, 7.70% due
6/01/1997 (b) 723
Triborough Bridge and Tunnel Authority, New York:
A+ Aa 340 Revenue Bonds, Series R, 6.90% due 1/01/2000 365
A1+ VMIG1++ 200 Special Obligation, VRDN, 3.40% due 1/01/2024 (a)(c) 200
Total Investments (Cost--$15,617)--98.8% 16,005
Other Assets Less Liabilities--1.2% 196
-------
Net Assets--100.0% $16,201
=======
<PAGE>
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(b)Prerefunded.
(c)FGIC Insured.
(d)FSA Insured.
(e)MBIA Insured.
(f)SONYMA 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
S&P Moody's Face Value
STATE Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Pennsylvania-- NR* A1 $ 200 Allegheny County, Pennsylvania, IDA, Revenue Refunding
85.7% Bonds (Commercial Development Parkway Center Mall Project),
VRDN, Series A, 3.70% due 5/01/2009 (a) $ 200
AAA Aaa 400 Beaver County, Pennsylvania, Hospital Authority, Revenue
Refunding Bonds (Medical Center of Beaver County, Inc.),
5.70% due 7/01/1999 (c) 414
A1+ P1 200 Beaver County, Pennsylvania, IDA, PCR, Refunding (Duquesne
Light Company--Beaver Valley), VRDN, Series A, 3.50% due
8/01/2020 (a) 200
AA Aa 1,000 Bucks County, Pennsylvania, UT, Series A, 5.95% due 3/01/2000 1,047
AA- NR* 400 Chester County, Pennsylvania, Health and Educational Facilities
Authority, Health System Revenue Bonds(Mainline Health System),
Series A, 3.95% due 5/15/1997 400
A2 VMIG1++ 200 Chester County, Pennsylvania, IDA, IDR, Refunding (General
Motors Corporation Project), VRDN, 3.60% due 8/01/2001 (a) 200
AA Aa2 100 Delaware County, Pennsylvania, IDA, PCR (BP Oil Inc. Project),
UPDATES, 3.65% due 12/01/2009 (a) 100
AA Aa 250 Delaware County, Pennsylvania, Refunding, GO, UT, 4.80% due
10/01/2004 251
NR* VMIG1++ 400 Pennsylvania Energy Development Authority, Energy Development
Revenue Bonds (B&W Ebensburg Project), VRDN, AMT, 3.55% due
12/01/2011 (a) 400
AA Aa 275 Pennsylvania State Higher Educational Facilities Authority,
College and University Revenue Refunding Bonds (University
of Pennsylvania), Series A, 4.70% due 9/01/1997 277
A+ Aa3 380 Pennsylvania State Higher Educational Facilities Authority,
Revenue Refunding Bonds (Thomas Jefferson University), Series A,
5.75% due 8/15/1998 391
AAA Aaa 255 Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding
<PAGE> Bonds, Series O, 5.35% due 12/01/2002 (d) 265
Philadelphia, Pennsylvania, Hospitals and Higher Education
Facilities Authority, Hospital Revenue Bonds:
NR* Aaa 1,000 (Children's Hospital of Philadelphia Project), Series A, 6.50%
due 2/15/2002 (e) 1,102
A- NR* 650 (Children's Seashore House), Series B, 7% due 8/15/2003 713
SP1+ MIG1++ 400 Philadelphia, Pennsylvania, School District, TRAN, 4.50% due
6/30/1997 401
SP1 MIG1++ 400 Philadelphia, Pennsylvania, TRAN, Series A, 4.50% due 6/30/1997 401
AAA Aaa 400 Union County, Pennsylvania, Higher Educational Facilities
Financing Authority, Revenue Refunding Bonds(Bucknell
University), 6% due 4/01/2002 (b) 425
AAA Aaa 325 Washington County, Pennsylvania, Lease Authority, Municipal
Facility Revenue Bonds (Shadyside Hospital Project), Series
C, Sub-Series C1-A, 7.45% due 6/15/2000 (c)(e)(f) 364
Puerto Rico-- A- Baa1 1,000 Puerto Rico Municipal Finance Agency, GO, UT, Series A, 5.80%
11.8% due 7/01/2004 1,044
Total Investments (Cost--$8,436)--97.5% 8,595
Other Assets Less Liabilities--2.5% 217
-------
Net Assets--100.0% $ 8,812
=======
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at January 31, 1997.
(b)MBIA Insured.
(c)AMBAC Insured.
(d)FGIC Insured.
(e)Prerefunded.
(f)Escrowed to maturity.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
<CAPTION>
Arizona California Florida Massachusetts
Limited Limited Limited Limited
As of January 31, 1997 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Assets: Investments, at value* (Note 1a) $ 3,688,593 $ 13,743,699 $ 25,762,859 $ 6,309,540
Cash 61,911 11,621 22,994 94,615
Receivables:
Interest 24,689 244,170 367,456 73,229
Securities sold 208,961 -- -- --
Investment adviser (Note 2) 19,716 -- -- 17,123
Beneficial interest sold -- -- -- 8,395
Deferred organization expenses
(Note 1e) -- 8,453 28,115 4,599
Prepaid registration fees and other
assets (Note 1e) 15,954 642 11,244 10,162
------------ ------------ ------------ ------------
Total assets 4,019,824 14,008,585 26,192,668 6,517,663
------------ ------------ ------------ ------------
Liabilities: Payables:
Securities purchased 100,179 -- -- --
Beneficial interest redeemed -- 75,450 15,109 25
Dividends to shareholders (Note 1f) 2,036 8,196 16,462 3,917
Investment adviser (Note 2) -- 1,851 8,221 --
Distributor (Note 2) 875 2,946 4,228 1,379
Accrued expenses and other liabilities 27,085 31,951 39,570 34,486
------------ ------------ ------------ ------------
Total liabilities 130,175 120,394 83,590 39,807
------------ ------------ ------------ ------------
Net Assets: Net assets $ 3,889,649 $ 13,888,191 $ 26,109,078 $ 6,477,856
============ ============ ============ ============
Net Assets Class A Shares of beneficial interest,
Consist of: $.10 par value, unlimited shares
authorized $ 8,003 $ 31,242 $ 82,166 $ 13,579
Class B Shares of beneficial interest,
$.10 par value, unlimited shares
authorized 27,126 89,203 115,098 41,804
Class C Shares of beneficial interest,
$.10 par value, unlimited shares
authorized 1,364 549 1,095 2,700
Class D Shares of beneficial interest,
$.10 par value, unlimited shares
authorized 2,089 17,015 63,385 6,793
Paid-in capital in excess of par 3,776,070 13,695,797 26,075,769 6,567,355
Undistributed (accumulated) realized
capital gain (losses) on investments
--net (Note 5) 14,773 (507,808) (798,015) (330,522)
Unrealized appreciation on
investments--net 60,224 562,193 569,580 176,147
------------ ------------ ------------ ------------
Net assets $ 3,889,649 $ 13,888,191 $ 26,109,078 $ 6,477,856
============ ============ ============ ============
<PAGE>
Net Asset Value: Class A: Net assets $ 806,824 $ 3,144,196 $ 8,197,614 $ 1,355,773
============ ============ ============ ============
Shares outstanding 80,028 312,417 821,660 135,791
============ ============ ============ ============
Net asset value $ 10.08 $ 10.06 $ 9.98 $ 9.98
============ ============ ============ ============
Class B: Net assets $ 2,734,464 $ 8,976,276 $ 11,482,487 $ 4,174,610
============ ============ ============ ============
Shares outstanding 271,256 892,034 1,150,983 418,038
============ ============ ============ ============
Net asset value $ 10.08 $ 10.06 $ 9.98 $ 9.99
============ ============ ============ ============
Class C: Net assets $ 137,635 $ 55,237 $ 108,546 $ 269,432
============ ============ ============ ============
Shares outstanding 13,644 5,489 10,949 27,003
============ ============ ============ ============
Net asset value $ 10.09 $ 10.06 $ 9.91 $ 9.98
============ ============ ============ ============
Class D: Net assets $ 210,726 $ 1,712,482 $ 6,320,431 $ 678,041
============ ============ ============ ============
Shares outstanding 20,890 170,147 633,850 67,928
============ ============ ============ ============
Net asset value $ 10.09 $ 10.06 $ 9.97 $ 9.98
============ ============ ============ ============
<FN>
*Identified cost $ 3,628,369 $ 13,181,506 $ 25,193,279 $ 6,133,393
============ ============ ============ ============
<CAPTION>
Michigan New Jersey New York Pennsylvania
Limited Limited Limited Limited
As of January 31, 1997 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Assets: Investments, at value* (Note 1a) $ 4,555,473 $ 7,192,278 $ 16,005,068 $ 8,594,741
Cash 24,977 2,135 63,277 71,011
Receivables:
Securities sold -- 1,145,960 -- --
Interest 59,755 90,173 214,300 145,643
Beneficial interest sold -- -- -- 184,823
Investment adviser (Note 2) 24,062 8,031 4,000 8,648
Deferred organization expenses
(Note 1e) 4,045 6,610 7,246 6,183
Prepaid registration fees and other
assets (Note 1e) 7,914 10,280 5,166 8,464
------------ ------------ ------------ ------------
Total assets 4,676,226 8,455,467 16,299,057 9,019,513
------------ ------------ ------------ ------------
<PAGE>
Liabilities: Payables:
Securities purchased -- 1,054,945 -- --
Beneficial interest redeemed 9,900 32,685 50,500 170,226
Dividends to shareholders
(Note 1f) 2,841 4,566 10,716 4,914
Distributor (Note 2) 667 1,517 3,348 2,116
Accrued expenses and other liabilities 20,994 43,042 33,499 29,978
------------ ------------ ------------ ------------
Total liabilities 34,402 1,136,755 98,063 207,234
------------ ------------ ------------ ------------
Net Assets: Net assets $ 4,641,824 $ 7,318,712 $ 16,200,994 $ 8,812,279
============ ============ ============ ============
Net Assets Class A Shares of beneficial interest,
Consist of: $.10 par value, unlimited shares
authorized $ 14,579 $ 18,535 $ 24,418 $ 7,818
Class B Shares of beneficial interest,
$.10 par value, unlimited shares
authorized 17,472 45,423 94,498 60,758
Class C Shares of beneficial interest,
$.10 par value, unlimited shares
authorized 12 2,977 2,064 76
Class D Shares of beneficial interest,
$.10 par value, unlimited shares
authorized 14,430 5,555 39,406 18,159
Paid-in capital in excess of par 4,628,295 7,230,123 15,897,977 8,629,915
Accumulated realized capital losses
on investments--net (Note 5) (151,856) (224,095) (245,496) (63,511)
Unrealized appreciation on
investments--net 118,892 240,194 388,127 159,064
------------ ------------ ------------ ------------
Net assets $ 4,641,824 $ 7,318,712 $ 16,200,994 $ 8,812,279
============ ============ ============ ============
Net Asset Value: Class A: Net assets $ 1,455,820 $ 1,877,848 $ 2,466,228 $ 793,585
============ ============ ============ ============
Shares outstanding 145,785 185,352 244,181 78,182
============ ============ ============ ============
Net asset value $ 9.99 $ 10.13 $ 10.10 $ 10.15
============ ============ ============ ============
Class B: Net assets $ 1,744,840 $ 4,604,701 $ 9,545,036 $ 6,166,761
============ ============ ============ ============
Shares outstanding 174,722 454,234 944,973 607,581
============ ============ ============ ============
<PAGE> Net asset value $ 9.99 $ 10.14 $ 10.10 $ 10.15
============ ============ ============ ============
Class C: Net assets $ 1,199 $ 273,258 $ 208,361 $ 7,676
============ ============ ============ ============
Shares outstanding 120 29,765 20,635 753
============ ============ ============ ============
Net asset value $ 9.99 $ 9.18 $ 10.10 $ 10.19
============ ============ ============ ============
Class D: Net assets $ 1,439,965 $ 562,905 $ 3,981,369 $ 1,844,257
============ ============ ============ ============
Shares outstanding 144,302 55,551 394,063 181,589
============ ============ ============ ============
Net asset value $ 9.98 $ 10.13 $ 10.10 $ 10.16
============ ============ ============ ============
<FN>
*Identified cost $ 4,436,581 $ 6,952,084 $ 15,616,941 $ 8,435,677
============ ============ ============ ============
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENTS OF OPERATIONS
<CAPTION>
Arizona California Florida Massachusetts
Limited Limited Limited Limited
For the Six Months Ended January 31, 1997 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Investment Income Interest and amortization of premium
(Note 1d) and discount earned $ 98,398 $ 358,947 $ 690,570 $ 173,182
Expenses: Investment advisory fees (Note 2) 7,401 25,974 48,013 12,430
Accounting services (Note 2) 13,957 19,107 29,731 25,275
Professional fees 19,086 18,682 20,497 22,624
Account maintenance and distribution
fees--Class B (Note 2) 4,993 16,474 22,792 7,997
Registration fees (Note 1e) 15,477 8,094 6,790 9,689
Printing and shareholder reports 4,400 12,178 17,588 3,212
Trustees' fees and expenses 1,365 3,771 6,868 1,911
Custodian fees 1,563 2,105 2,357 1,629
Pricing fees 1,180 2,196 1,662 1,556
Transfer agent fees--Class B (Note 2) 1,154 1,675 1,912 1,346
Account maintenance fees--Class D
(Note 2) 206 1,079 3,155 379
Transfer agent fees--Class A (Note 2) 295 477 919 369
Transfer agent fees--Class D (Note 2) 146 320 721 185
Amortization of organization expenses
(Note 1e) -- 1,917 6,093 1,016
<PAGE> Account maintenance and distribution
fees--Class C (Note 2) 104 43 52 203
Transfer agent fees--Class C (Note 2) 57 14 14 74
Other 687 3,773 1,335 455
------------ ------------ ------------ ------------
Total expenses before reimbursement 72,071 117,879 170,499 90,350
Reimbursement of expenses (Note 2) (46,680) (14,842) -- (46,257)
------------ ------------ ------------ ------------
Total expenses after reimbursement 25,391 103,037 170,499 44,093
------------ ------------ ------------ ------------
Investment income--net 73,007 255,910 520,071 129,089
------------ ------------ ------------ ------------
Realized & Realized gain on investments--net 86,211 21,915 81,579 21,735
Unrealized Change in unrealized appreciation on
Gain (Loss) on investments--net (84,407) 4,346 (27,491) (3,357)
Investments--Net ------------ ------------ ------------ ------------
(Notes 1b, 1d & 3): Net Increase in Net Assets Resulting
from Operations $ 74,811 $ 282,171 $ 574,159 $ 147,467
============ ============ ============ ============
<CAPTION>
Michigan New Jersey New York Pennsylvania
Limited Limited Limited Limited
For the Six Months Ended January 31, 1997 Maturity Maturity Maturity Maturity
<S> <S> <C> <C> <C> <C>
Investment Income Interest and amortization of premium
(Note 1d): and discount earned $ 100,485 $ 194,530 $ 441,033 $ 212,779
Expenses: Professional fees 20,223 19,918 19,059 20,002
Accounting services (Note 2) 20,104 15,913 16,975 21,480
Investment advisory fees (Note 2) 7,268 14,025 31,587 15,777
Account maintenance and distribution
fees--Class B (Note 2) 3,175 8,571 17,478 11,060
Registration fees (Note 1e) 12,571 7,399 11,726 7,186
Printing and shareholder reports 2,753 3,293 11,571 3,421
Trustees' fees and expenses 1,017 2,191 4,392 2,314
Custodian fees 1,114 1,871 2,457 2,069
Pricing fees 1,418 1,144 1,328 1,425
Transfer agent fees--Class B (Note 2) 762 1,335 2,010 1,697
Amortization of organization expenses
(Note 1e) 891 1,550 1,668 1,385
Account maintenance fees--Class D
(Note 2) 376 280 2,299 933
Transfer agent fees--Class A (Note 2) 556 529 529 183
Transfer agent fees--Class D (Note 2) 251 130 746 414
Account maintenance and distribution
fees--Class C (Note 2) -- 209 158 2
Transfer agent fees--Class C (Note 2) 2 72 51 3
<PAGE> Other 6,560 554 -- 795
------------ ------------ ------------ ------------
Total expenses before reimbursement 79,041 78,984 124,034 90,146
Reimbursement of expenses (Note 2) (55,762) (31,856) (40,926) (33,075)
------------ ------------ ------------ ------------
Total expenses after reimbursement 23,279 47,128 83,108 57,071
------------ ------------ ------------ ------------
Investment income--net 77,206 147,402 357,925 155,708
------------ ------------ ------------ ------------
Realized & Realized gain on investments--net 21,697 69,121 15,783 37,355
Unrealized Change in unrealized appreciation on
Gain (Loss) on investments--net (5,765) (51,395) 63,501 (1,758)
Investments--Net ------------ ------------ ------------ ------------
(Notes 1b, 1d & 3): Net Increase in Net Assets Resulting
from Operations $ 93,138 $ 165,128 $ 437,209 $ 191,305
============ ============ ============ ============
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
Arizona Limited Maturity California Limited Maturity
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
January 31, July 31, January 31, July 31,
Increase (Decrease) in Net Assets: 1997 1996 1997 1996
<S> <S> <C> <C> <C> <C>
Operations: Investment income--net $ 73,007 $ 229,407 $ 255,910 $ 562,881
Realized gain (loss) on investments
--net 86,211 (691) 21,915 (14,506)
Change in unrealized appreciation on
investments--net (84,407) (45,086) 4,346 102,333
------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations 74,811 183,630 282,171 650,708
------------ ------------ ------------ ------------
Dividends to Investment income--net:
Shareholders Class A (15,282) (37,685) (59,305) (130,650)
(Note 1f): Class B (47,761) (164,444) (156,935) (362,918)
Class C (2,460) (1,762) (990) (2,149)
Class D (7,504) (25,516) (38,680) (67,164)
------------ ------------ ------------ ------------
Net decrease in net assets resulting
from dividends to shareholders (73,007) (229,407) (255,910) (562,881)
------------ ------------ ------------ ------------
<PAGE>
Beneficial Interest Net decrease in net assets derived
Transactions from beneficial interest transactions (564,183) (1,767,011) (1,458,881) (491,496)
(Note 4): ------------ ------------ ------------ ------------
Net Assets: Total decrease in net assets (562,379) (1,812,788) (1,432,620) (403,669)
Beginning of period 4,452,028 6,264,816 15,320,811 15,724,480
------------ ------------ ------------ ------------
End of period $ 3,889,649 $ 4,452,028 $ 13,888,191 $ 15,320,811
============ ============ ============ ============
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
<CAPTION>
Florida Massachusetts Michigan
Limited Maturity Limited Maturity Limited Maturity
For the Six For the For the Six For the For the Six For the
Increase Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
(Decrease) January 31, July 31, January 31, July 31, January 31, July 31,
in Net Assets: 1997 1996 1997 1996 1997 1996
<S> <S> <C> <C> <C> <C> <C> <C>
Operations: Investment
income --net $ 520,071 $ 1,189,088 $ 129,089 $ 335,521 $ 77,206 $ 182,546
Realized gain
(loss) on
investments
--net 81,579 (1,278) 21,735 18,219 21,697 10,083
Change in
unrealized
appreciation
on investments
--net (27,491) (174,866) (3,357) (13,084) (5,765) (23,665)
------------ ------------ ------------ ------------ ------------ ------------
Net increase
in net assets
resulting from
operations 574,159 1,012,944 147,467 340,656 93,138 168,964
------------ ------------ ------------ ------------ ------------ ------------
Dividends & Investment
Distributions to income--net:
Shareholders Class A (160,057) (361,872) (29,213) (118,129) (30,914) (85,288)
(Note 1f): Class B (236,119) (557,931) (80,507) (180,877) (32,067) (80,829)
Class C (1,333) (522) (5,048) (14,474) (21) (41)
Class D (122,562) (268,763) (14,321) (22,041) (14,204) (16,388)
<PAGE> Realized gain
on investments
--net:
Class A -- -- -- -- (568) --
Class B -- -- -- -- (668) --
Class C -- -- -- -- --++ --
Class D -- -- -- -- (543) --
------------ ------------ ------------ ------------ ------------ ------------
Net decrease
in net assets
resulting from
dividends and
distributions
to shareholders (520,071) (1,189,088) (129,089) (335,521) (78,985) (182,546)
------------ ------------ ------------ ------------ ------------ ------------
Beneficial Interest Net increase
Transactions (decrease) in
(Note 4): net assets
derived from
beneficial
interest
transactions (1,967,095) (5,075,030) (936,692) (2,526,578) 602,600 (1,013,383)
------------ ------------ ------------ ------------ ------------ ------------
Net Assets: Total increase
(decrease) in
net assets (1,913,007) (5,251,174) (918,314) (2,521,443) 616,753 (1,026,965)
Beginning of
period 28,022,085 33,273,259 7,396,170 9,917,613 4,025,071 5,052,036
------------ ------------ ------------ ------------ ------------ ------------
End of period $ 26,109,078 $ 28,022,085 $ 6,477,856 $ 7,396,170 $ 4,641,824 $ 4,025,071
============ ============ ============ ============ ============ ============
<CAPTION>
New Jersey New York Pennsylvania
Limited Maturity Limited Maturity Limited Maturity
For the Six For the For the Six For the For the Six For the
Increase Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
(Decrease) January 31, July 31, January 31, July 31, January 31, July 31,
in Net Assets: 1997 1996 1997 1996 1997 1996
<S> <S> <C> <C> <C> <C> <C> <C>
Operations: Investment
income--net $ 147,402 $ 365,818 $ 357,925 $ 671,149 $ 155,708 $ 320,744
Realized
gain (loss)
on
investments
<PAGE> --net 69,121 (12,586) 15,783 27,501 37,355 364
Change in
unrealized
appreciation
on
investments
--net (51,395) (41,469) 63,501 (22,206) (1,758) 12,631
------------ ------------ ------------ ------------ ------------ ------------
Net increase
in net assets
resulting
from
operations 165,128 311,763 437,209 676,444 191,305 333,739
------------ ------------ ------------ ------------ ------------ ------------
Dividends to Investment
Shareholders income--net:
(Note 1f): Class A (44,532) (107,284) (68,135) (174,431) (15,399) (37,384)
Class B (86,970) (241,855) (191,471) (381,150) (106,414) (254,375)
Class C (5,221) (4,447) (4,235) (5,588) (50) (1,049)
Class D (10,679) (12,232) (94,084) (109,980) (33,845) (27,936)
------------ ------------ ------------ ------------ ------------ ------------
Net decrease
in net
assets
resulting
from dividends
to
shareholders (147,402) (365,818) (357,925) (671,149) (155,708) (320,744)
------------ ------------ ------------ ------------ ------------ ------------
Beneficial Interest Net
Transactions increase
(Note 4): (decrease) in
net assets
derived from
beneficial
interest
transactions (1,326,101) (1,750,465) (1,798,414) 1,937,339 (127,819) 150,949
------------ ------------ ------------ ------------ ------------ ------------
Net Assets: Total
increase
(decrease)
in net
assets (1,308,375) (1,804,520) (1,719,130) 1,942,634 (92,222) 163,944
Beginning
of period 8,627,087 10,431,607 17,920,124 15,977,490 8,904,501 8,740,557
------------ ------------ ------------ ------------ ------------ ------------
<PAGE> End of
period $ 7,318,712 $ 8,627,087 $ 16,200,994 $ 17,920,124 $ 8,812,279 $ 8,904,501
------------ ------------ ------------ ------------ ------------ ------------
<FN>
++Amount is less than $1.
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
Arizona Limited Maturity
Class A
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.08 $ 10.17 $ 9.97 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .19 .41 .43 .23
Realized and unrealized gain (loss) on
investments--net --++++ (.09) .20 (.03)
------- ------- ------- -------
Total from investment operations .19 .32 .63 .20
------- ------- ------- -------
Less dividends from investment income--net (.19) (.41) (.43) (.23)
------- ------- ------- -------
Net asset value, end of period $ 10.08 $ 10.08 $ 10.17 $ 9.97
======= ======= ======= =======
Total Investment Based on net asset value per share 1.90%+++ 3.16% 6.47% 2.02%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement .94%* .74% .35% .02%*
Net Assets: ======= ======= ======= =======
Expenses 3.15%* 2.27% 2.05% 1.82%*
======= ======= ======= =======
Investment income--net 3.71%* 4.01% 4.31% 3.37%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 807 $ 813 $ 1,054 $ 2,103
Data: ======= ======= ======= =======
Portfolio turnover 31.63% 43.53% 182.58% 142.37%
======= ======= ======= =======
<PAGE>
<CAPTION>
Arizona Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.08 $ 10.16 $ 9.97 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .17 .37 .39 .20
Realized and unrealized gain (loss) on
investments--net --++++ (.08) .19 (.03)
------- ------- ------- -------
Total from investment operations .17 .29 .58 .17
------- ------- ------- -------
Less dividends from investment income--net (.17) (.37) (.39) (.20)
------- ------- ------- -------
Net asset value, end of period $ 10.08 $ 10.08 $ 10.16 $ 9.97
======= ======= ======= =======
Total Investment Based on net asset value per share 1.72%+++ 2.88% 5.99% 1.78%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.30%* 1.09% .72% .38%*
Net Assets: ======= ======= ======= =======
Expenses 3.51%* 2.61% 2.44% 2.18%*
======= ======= ======= =======
Investment income--net 3.35%* 3.65% 3.95% 3.02%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 2,734 $ 2,885 $ 5,191 $ 5,575
Data: ======= ======= ======= =======
Portfolio turnover 31.63% 43.53% 182.58% 142.37%
======= ======= ======= =======
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
++++Amount is less than $.01 per share.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (continued)
<CAPTION>
Arizona Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.08 $ 10.17 $ 9.89 $ 10.08 $ 10.17 $ 9.89
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .18 .37 .29 .19 .40 .33
Realized and unrealized gain (loss)
on investments--net .01 (.09) .28 .01 (.09) .28
------- ------- ------- ------- ------- -------
Total from investment operations .19 .28 .57 .20 .31 .61
------- ------- ------- ------- ------- -------
Less dividends from investment
income--net (.18) (.37) (.29) (.19) (.40) (.33)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 10.09 $ 10.08 $ 10.17 $ 10.09 $ 10.08 $ 10.17
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 1.92%+++ 2.78% 5.90%+++ 1.95%+++ 3.05% 6.34%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.10%* 1.03% 1.05%* 1.04%* .90% .55%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 3.31%* 2.80% 2.79%* 3.23%* 2.42% 2.39%*
======= ======= ======= ======= ======= =======
Investment income--net 3.54%* 3.86% 3.80%* 3.64%* 3.88% 4.31%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 138 $ 135 $ 1 $ 211 $ 619 $ 19
======= ======= ======= ======= ======= =======
Portfolio turnover 31.63% 43.53% 182.58% 31.63% 43.53% 182.58%
======= ======= ======= ======= ======= =======
<PAGE>
<CAPTION>
California Limited Maturity
Class A
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.05 $ 9.99 $ 9.88 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .19 .39 .42 .24
Realized and unrealized gain (loss) on
investments--net .01 .06 .11 (.12)
------- ------- ------- -------
Total from investment operations .20 .45 .53 .12
------- ------- ------- -------
Less dividends from investment income--net (.19) (.39) (.42) (.24)
------- ------- ------- -------
Net asset value, end of period $ 10.06 $ 10.05 $ 9.99 $ 9.88
======= ======= ======= =======
Total Investment Based on net asset value per share 2.00%+++ 4.56% 5.60% 1.23%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.15%* .94% .40% .02%*
Net Assets: ======= ======= ======= =======
Expenses 1.35%* 1.30% 1.44% 1.16%*
======= ======= ======= =======
Investment income--net 3.69%* 3.89% 4.36% 3.54%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 3,144 $ 3,162 $ 3,527 $ 3,804
Data: ======= ======= ======= =======
Portfolio turnover 7.58% 11.09% 124.72% 130.10%
======= ======= ======= =======
<PAGE>
<CAPTION>
California Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.04 $ 9.99 $ 9.88 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .17 .36 .39 .21
Realized and unrealized gain (loss) on
investments--net .02 .05 .11 (.12)
------- ------- ------- -------
Total from investment operations .19 .41 .50 .09
------- ------- ------- -------
Less dividends from investment income--net (.17) (.36) (.39) (.21)
------- ------- ------- -------
Net asset value, end of period $ 10.06 $ 10.04 $ 9.99 $ 9.88
======= ======= ======= =======
Total Investment Based on net asset value per share 1.91%+++ 4.08% 5.23% .99%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.50%* 1.30% .76% .38%*
Net Assets: ======= ======= ======= =======
Expenses 1.70%* 1.66% 1.80% 1.52%*
======= ======= ======= =======
Investment income--net 3.33%* 3.53% 4.00% 3.19%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 8,976 $ 9,919 $10,363 $11,430
Data: ======= ======= ======= =======
Portfolio turnover 7.58% 11.09% 124.72% 130.10%
======= ======= ======= =======
<PAGE>
<CAPTION>
California Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.05 $ 9.99 $ 9.76 $ 10.05 $ 9.99 $ 9.76
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .18 .37 .31 .18 .38 .33
Realized and unrealized gain on
investments--net .01 .06 .23 .01 .06 .23
------- ------- ------- ------- ------- -------
Total from investment operations .19 .43 .54 .19 .44 .56
------- ------- ------- ------- ------- -------
Less dividends from investment
income--net (.18) (.37) (.31) (.18) (.38) (.33)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 10.06 $ 10.05 $ 9.99 $ 10.06 $ 10.05 $ 9.99
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 1.91%+++ 4.35% 5.60%+++ 1.95%+++ 4.46% 5.85%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.32%* 1.14% .82%* 1.25%* 1.06% .66%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 1.52%* 1.50% 1.98%* 1.45%* 1.40% 1.81%*
======= ======= ======= ======= ======= =======
Investment income--net 3.52%* 3.69% 4.04%* 3.58%* 3.77% 4.28%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 55 $ 55 $ 64 $ 1,713 $ 2,185 $ 1,771
======= ======= ======= ======= ======= =======
Portfolio turnover 7.58% 11.09% 124.72% 7.58% 11.09% 124.72%
======= ======= ======= ======= ======= =======
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (continued)
<CAPTION>
Florida Limited Maturity
Class A
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.96 $ 10.02 $ 9.87 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .20 .40 .43 .24
Realized and unrealized gain (loss) on
investments--net .02 (.06) .15 (.13)
------- ------- ------- -------
Total from investment operations .22 .34 .58 .11
------- ------- ------- -------
Less dividends from investment income--net (.20) (.40) (.43) (.24)
------- ------- ------- -------
Net asset value, end of period $ 9.98 $ 9.96 $ 10.02 $ 9.87
======= ======= ======= =======
Total Investment Based on net asset value per share 2.25%+++ 3.45% 6.05% 1.12%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.05%* .89% .39% .02%*
Net Assets: ======= ======= ======= =======
Expenses 1.05%* .97% 1.03% .86%*
======= ======= ======= =======
Investment income--net 3.98%* 4.01% 4.39% 3.54%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 8,198 $ 7,874 $ 9,849 $14,868
Data: ======= ======= ======= =======
Portfolio turnover 24.14% 39.90% 138.97% 136.71%
======= ======= ======= =======
<PAGE>
<CAPTION>
Florida Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.96 $ 10.02 $ 9.88 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .18 .37 .40 .21
Realized and unrealized gain (loss) on
investments--net .02 (.06) .14 (.12)
------- ------- ------- -------
Total from investment operations .20 .31 .54 .09
------- ------- ------- -------
Less dividends from investment income--net (.18) (.37) (.40) (.21)
------- ------- ------- -------
Net asset value, end of period $ 9.98 $ 9.96 $ 10.02 $ 9.88
======= ======= ======= =======
Total Investment Based on net asset value per share 2.07%+++ 3.08% 5.57% .99%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.41%* 1.24% .75% .38%*
Net Assets: ======= ======= ======= =======
Expenses 1.41%* 1.32% 1.38% 1.23%*
======= ======= ======= =======
Investment income--net 3.63%* 3.66% 4.05% 3.19%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $11,482 $13,690 $16,213 $18,179
Data: ======= ======= ======= =======
Portfolio turnover 24.14% 39.90% 138.97% 136.71%
======= ======= ======= =======
<PAGE>
<CAPTION>
Florida Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.90 $ 10.01 $ 9.76 $ 9.95 $ 10.01 $ 9.76
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .19 .36 .29 .20 .39 .33
Realized and unrealized gain (loss)
on investments--net .01 (.11) .25 .02 (.06) .25
------- ------- ------- ------- ------- -------
Total from investment operations .20 .25 .54 .22 .33 .58
------- ------- ------- ------- ------- -------
Less dividends from investment
income--net (.19) (.36) (.29) (.20) (.39) (.33)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.91 $ 9.90 $ 10.01 $ 9.97 $ 9.95 $ 10.01
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 2.06%+++ 2.48% 5.65%+++ 2.20%+++ 3.35% 6.07%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.22%* 1.21% 1.09%* 1.15%* .99% .67%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 1.22%* 1.23% 1.67%* 1.15%* 1.07% 1.19%*
======= ======= ======= ======= ======= =======
Investment income--net 3.83%* 3.75% 3.83%* 3.88%* 3.91% 4.23%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 109 $ 52 $ 1 $ 6,320 $ 6,406 $ 7,210
======= ======= ======= ======= ======= =======
Portfolio turnover 24.14% 39.90% 138.97% 24.14% 39.90%+++ 138.97%+++
======= ======= ======= ======= ======= =======
<PAGE>
<CAPTION>
Massachusetts Limited Maturity
Class A
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.96 $ 9.96 $ 9.95 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .20 .40 .44 .25
Realized and unrealized gain (loss) on
investments--net .02 --++++ .02 (.05)
------- ------- ------- -------
Total from investment operations .22 .40 .46 .20
------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.20) (.40) (.44) (.25)
Realized gain on investments--net -- -- (.01) --
------- ------- ------- -------
Total dividends and distributions (.20) (.40) (.45) (.25)
------- ------- ------- -------
Net asset value, end of period $ 9.98 $ 9.96 $ 9.96 $ 9.95
======= ======= ======= =======
Total Investment Based on net asset value per share 2.20%+++ 4.08% 4.79% 2.01%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement .99%* .77% .37% .03%*
Net Assets: ======= ======= ======= =======
Expenses 2.30%* 2.15% 1.71% 1.17%*
======= ======= ======= =======
Investment income--net 3.88%* 4.04% 4.45% 3.69%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 1,356 $ 1,719 $ 4,453 $ 8,097
Data: ======= ======= ======= =======
Portfolio turnover 9.37% 22.71% 89.96% 57.80%
======= ======= ======= =======
<PAGE>
<CAPTION>
Massachusetts Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.96 $ 9.96 $ 9.95 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .18 .37 .40 .22
Realized and unrealized gain (loss) on
investments--net .03 --++++ .02 (.05)
------- ------- ------- -------
Total from investment operations .21 .37 .42 .17
------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.18) (.37) (.40) (.22)
Realized gain on investments--net -- -- (.01) --
------- ------- ------- -------
Total dividends and distributions (.18) (.37) (.41) (.22)
------- ------- ------- -------
Net asset value, end of period $ 9.99 $ 9.96 $ 9.96 $ 9.95
======= ======= ======= =======
Total Investment Based on net asset value per share 2.12%+++ 3.70% 4.41% 1.77%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.35%* 1.16% .74% .38%*
Net Assets: ======= ======= ======= =======
Expenses 2.66%* 2.61% 2.08% 1.54%*
======= ======= ======= =======
Investment income--net 3.52%* 3.66% 4.08% 3.28%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 4,175 $ 4,577 $ 4,800 $ 8,046
Data: ======= ======= ======= =======
Portfolio turnover 9.37% 22.71% 89.96% 57.80%
======= ======= ======= =======
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
++++Amount is less than $.01 per share.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (continued)
<CAPTION>
Massachusetts Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.95 $ 9.96 $ 9.82 $ 9.96 $ 9.96 $ 9.82
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .19 .39 .33 .19 .39 .34
Realized and unrealized gain (loss)
on investments--net .03 (.01) .15 .02 --++++ .15
------- ------- ------- ------- ------- -------
Total from investment operations .22 .38 .48 .21 .39 .49
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.19) (.39) (.33) (.19) (.39) (.34)
Realized gain on investments--net -- -- (.01) -- -- (.01)
------- ------- ------- ------- ------- -------
Total dividends and distributions (.19) (.39) (.34) (.19) (.39) (.35)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.98 $ 9.95 $ 9.96 $ 9.98 $ 9.96 $ 9.96
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 2.22%+++ 3.81% 5.00%+++ 2.15%+++ 3.97% 5.09%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.15%* .94% .67%* 1.09%* .93% .70%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 2.45%* 2.37% 2.23%* 2.40%* 2.42% 2.31%*
======= ======= ======= ======= ======= =======
Investment income--net 3.73%* 3.88% 4.32%* 3.78%* 3.89% 4.21%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 269 $ 210 $ 413 $ 678 $ 890 $ 253
======= ======= ======= ======= ======= =======
Portfolio turnover 9.37% 22.71% 89.96% 9.37% 22.71% 89.96%
======= ======= ======= ======= ======= =======
<PAGE>
<CAPTION>
Michigan Limited Maturity
Class A
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.94 $ 9.98 $ 9.92 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .20 .41 .44 .24
Realized and unrealized gain (loss) on
investments--net .05 (.04) .06 (.08)
------- ------- ------- -------
Total from investment operations .25 .37 .50 .16
------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.20) (.41) (.44) (.24)
Realized gain on investments--net --++++ -- -- --
------- ------- ------- -------
Total dividends and distributions (.20) (.41) (.44) (.24)
------- ------- ------- -------
Net asset value, end of period $ 9.99 $ 9.94 $ 9.98 $ 9.92
======= ======= ======= =======
Total Investment Based on net asset value per share 2.55%+++ 3.71% 5.16% 1.66%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement .94%* .74% .27% .02%*
Net Assets: ======= ======= ======= =======
Expenses 3.66%* 2.78% 2.18% 2.01%*
======= ======= ======= =======
Investment income--net 3.90%* 4.06% 4.42% 3.59%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 1,456 $ 1,641 $ 2,302 $ 3,435
Data: ======= ======= ======= =======
Portfolio turnover 14.22% 32.92% 93.08% 204.15%
======= ======= ======= =======
<PAGE>
<CAPTION>
Michigan Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.94 $ 9.98 $ 9.92 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .18 .37 .40 .22
Realized and unrealized gain (loss) on
investments--net .05 (.04) .06 (.08)
------- ------- ------- -------
Total from investment operations .23 .33 .46 .14
------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.18) (.37) (.40) (.22)
Realized gain on investments--net --++++ -- -- --
------- ------- ------- -------
Total dividends and distributions (.18) (.37) (.40) (.22)
------- ------- ------- -------
Net asset value, end of period $ 9.99 $ 9.94 $ 9.98 $ 9.92
======= ======= ======= =======
Total Investment Based on net asset value per share 2.37%+++ 3.32% 4.78% 1.42%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.31%* 1.10% .65% .38%*
Net Assets: ======= ======= ======= =======
Expenses 4.02%* 3.14% 2.56% 2.38%*
======= ======= ======= =======
Investment income--net 3.53%* 3.70% 4.09% 3.21%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 1,745 $ 1,842 $ 2,494 $ 2,411
Data: ======= ======= ======= =======
Portfolio turnover 14.22% 32.92% 93.08% 204.15%
======= ======= ======= =======
<PAGE>
<CAPTION>
Michigan Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.94 $ 9.98 $ 9.76 $ 9.94 $ 9.97 $ 9.76
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .18 .36 .30 .19 .40 .34
Realized and unrealized gain (loss)
on investments--net .05 (.04) .22 .04 (.03) .21
------- ------- ------- ------- ------- -------
Total from investment operations .23 .32 .52 .23 .37 .55
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Investment income--net (.18) (.36) (.30) (.19) (.40) (.34)
Realized gain on investments--net --++++ -- -- --++++ -- --
------- ------- ------- ------- ------- -------
Total dividends and distributions (.18) (.36) (.30) (.19) (.40) (.34)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.99 $ 9.94 $ 9.98 $ 9.98 $ 9.94 $ 9.97
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 2.38%+++ 3.20% 5.40%+++ 2.40%+++ 3.71% 5.72%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.30%* 1.24% .96%* 1.04%* .87% .44%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 3.96%* 3.31% 2.90%* 3.60%* 3.06% 2.38%*
======= ======= ======= ======= ======= =======
Investment income--net 3.56%* 3.57% 3.80%* 3.78%* 3.94% 4.47%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 1 $ 1 $ 1 $ 1,440 $ 541 $ 254
======= ======= ======= ======= ======= =======
Portfolio turnover 14.22% 32.92% 93.08% 14.22% 32.92% 93.08%
======= ======= ======= ======= ======= =======
<PAGE>
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
++++Amount is less than $.01 per share.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (continued)
<CAPTION>
New Jersey Limited Maturity
Class A
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.11 $ 10.15 $ 9.94 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .20 .41 .42 .23
Realized and unrealized gain (loss) on
investments--net .02 (.04) .21 (.06)
------- ------- ------- -------
Total from investment operations .22 .37 .63 .17
------- ------- ------- -------
Less dividends from investment income--net (.20) (.41) (.42) (.23)
------- ------- ------- -------
Net asset value, end of period $ 10.13 $ 10.11 $ 10.15 $ 9.94
======= ======= ======= =======
Total Investment Based on net asset value per share 2.21%+++ 3.68% 6.45% 1.73%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement .94%* .76% .34% .03%*
Net Assets: ======= ======= ======= =======
Expenses 1.74%* 1.78% 1.69% 1.14%*
======= ======= ======= =======
Investment income--net 3.91%* 4.02% 4.10% 3.45%*
======= ======= ======= =======
<PAGE>
Supplemental Net assets, end of period (in thousands) $ 1,878 $ 2,663 $ 2,401 $ 5,933
Data: ======= ======= ======= =======
Portfolio turnover 15.81% 6.57% 131.56% 205.04%
======= ======= ======= =======
<CAPTION>
New Jersey Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.11 $ 10.16 $ 9.95 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .18 .37 .38 .20
Realized and unrealized gain (loss) on
investments--net .03 (.05) .21 (.05)
------- ------- ------- -------
Total from investment operations .21 .32 .59 .15
------- ------- ------- -------
Less dividends from investment income--net (.18) (.37) (.38) (.20)
------- ------- ------- -------
Net asset value, end of period $ 10.14 $ 10.11 $ 10.16 $ 9.95
======= ======= ======= =======
Total Investment Based on net asset value per share 2.13%+++ 3.21% 6.07% 1.59%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.30%* 1.10% .73% .38%*
Net Assets: ======= ======= ======= =======
Expenses 2.10%* 2.12% 2.15% 1.52%*
======= ======= ======= =======
Investment income--net 3.55%* 3.67% 3.80% 3.04%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 4,605 $ 5,152 $ 7,593 $ 7,885
Data: ======= ======= ======= =======
Portfolio turnover 15.81% 6.57% 131.56% 205.04%
======= ======= ======= =======
<PAGE>
<CAPTION>
New Jersey Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 9.16 $ 9.20 $ 9.86 $ 10.11 $ 10.16 $ 9.85
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .18 .34 .26 .20 .40 .32
Realized and unrealized gain (loss)
on investments--net .02 (.04) (.66) .02 (.05) .31
------- ------- ------- ------- ------- -------
Total from investment operations .20 .30 (.40) .22 .35 .63
------- ------- ------- ------- ------- -------
Less dividends from investment
income--net (.18) (.34) (.26) (.20) (.40) (.32)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.18 $ 9.16 $ 9.20 $ 10.13 $ 10.11 $ 10.16
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 2.15%+++ 3.24% (4.01%)+++ 2.16%+++ 3.48% 6.51%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.10%* 1.00% .55%* 1.04%* .84% .62%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 1.89%* 2.04% 2.22%* 1.84%* 1.86% 2.07%*
======= ======= ======= ======= ======= =======
Investment income--net 3.76%* 3.82% 4.06%* 3.81%* 3.93% 4.17%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 273 $ 272 $ 1 $ 563 $ 540 $ 437
======= ======= ======= ======= ======= =======
Portfolio turnover 15.81% 6.57% 131.56% 15.81% 6.57% 131.56%
======= ======= ======= ======= ======= =======
<CAPTION>
New York Limited Maturity
Class A
<PAGE> For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.06 $ 10.05 $ 9.91 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .22 .43 .44 .25
Realized and unrealized gain (loss) on
investments--net .04 .01 .14 (.09)
------- ------- ------- -------
Total from investment operations .26 .44 .58 .16
------- ------- ------- -------
Less dividends from investment income--net (.22) (.43) (.44) (.25)
------- ------- ------- -------
Net asset value, end of period $ 10.10 $ 10.06 $ 10.05 $ 9.91
======= ======= ======= =======
Total Investment Based on net asset value per share 2.56%+++ 4.46% 6.03% 1.61%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement .70%* .50% .33% .03%*
Net Assets: ======= ======= ======= =======
Expenses 1.15%* 1.38% 1.30% 1.24%*
======= ======= ======= =======
Investment income--net 4.19%* 4.28% 4.49% 3.68%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 2,466 $ 3,723 $ 4,811 $ 5,290
Data: ======= ======= ======= =======
Portfolio turnover 26.83% 51.47% 139.16% 152.73%
======= ======= ======= =======
<CAPTION>
New York Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.06 $ 10.05 $ 9.91 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .20 .40 .41 .22
Realized and unrealized gain (loss) on
<PAGE> investments--net .04 .01 .14 (.09)
------- ------- ------- -------
Total from investment operations .24 .41 .55 .13
------- ------- ------- -------
Less dividends from investment income--net (.20) (.40) (.41) (.22)
------- ------- ------- -------
Net asset value, end of period $ 10.10 $ 10.06 $ 10.05 $ 9.91
======= ======= ======= =======
Total Investment Based on net asset value per share 2.38%+++ 4.08% 5.66% 1.37%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.05%* .87% .69% .38%*
Net Assets: ======= ======= ======= =======
Expenses 1.51%* 1.75% 1.65% 1.60%*
======= ======= ======= =======
Investment income--net 3.83%* 3.91% 4.11% 3.31%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 9,545 $10,071 $ 8,822 $ 9,743
Data: ======= ======= ======= =======
Portfolio turnover 26.83% 51.47% 139.16% 152.73%
======= ======= ======= =======
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
++++Amount is less than $.01 per share.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (concluded)
<CAPTION>
New York Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.06 $ 10.05 $ 9.78 $ 10.06 $ 10.05 $ 9.78
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .21 .42 .30 .21 .42 .34
<PAGE> Realized and unrealized gain on
investments--net .04 .01 .27 .04 .01 .27
------- ------- ------- ------- ------- -------
Total from investment operations .25 .43 .57 .25 .43 .61
------- ------- ------- ------- ------- -------
Less dividends from investment
income--net (.21) (.42) (.30) (.21) (.42) (.34)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 10.10 $ 10.06 $ 10.05 $ 10.10 $ 10.06 $ 10.05
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 2.47%+++ 4.28% 5.97%+++ 2.51%+++ 4.35% 6.37%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement .86%* .71% .63%* .80%* .62% .48%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 1.31%* 1.59% 1.63%* 1.25%* 1.49% 1.48%*
======= ======= ======= ======= ======= =======
Investment income--net 4.03%* 4.06% 4.21%* 4.09%* 4.16% 4.47%*
======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 208 $ 214 $ 38 $ 3,982 $ 3,912 $ 2,306
======= ======= ======= ======= ======= =======
Portfolio turnover 26.83% 51.47% 139.16% 26.83% 51.47% 139.16%
======= ======= ======= ======= ======= =======
<CAPTION>
Pennsylvania Limited Maturity
Class A
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.11 $ 10.10 $ 9.95 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .19 .41 .42 .23
Realized and unrealized gain (loss) on
investments--net .04 .01 .15 (.05)
------- ------- ------- -------
Total from investment operations .23 .42 .57 .18
<PAGE> ------- ------- ------- -------
Less dividends from investment income--net (.19) (.41) (.42) (.23)
------- ------- ------- -------
Net asset value, end of period $ 10.15 $ 10.11 $ 10.10 $ 9.95
======= ======= ======= =======
Total Investment Based on net asset value per share 2.32%+++ 4.18% 5.89% 1.85%+++
Return:** ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement .99%* .80% .38% .02%*
Net Assets: ======= ======= ======= =======
Expenses 1.73%* 1.63% 1.90% 1.48%*
======= ======= ======= =======
Investment income--net 3.73%* 4.01% 4.25% 3.46%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 793 $ 833 $ 943 $ 990
Data: ======= ======= ======= =======
Portfolio turnover 20.30% 30.90% 141.52% 237.47%
======= ======= ======= =======
<CAPTION>
Pennsylvania Limited Maturity
Class B
For the For the
The following per share data and ratios Six Period
have been derived from information provided Months For the Nov. 26,
in the financial statements. Ended Year Ended 1993++ to
Jan. 31, July 31, July 31,
Increase (Decrease) in Net Asset Value: 1997 1996 1995 1994
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.11 $ 10.10 $ 9.95 $ 10.00
Operating ------- ------- ------- -------
Performance: Investment income--net .17 .37 .39 .21
Realized and unrealized gain (loss) on
investments--net .04 .01 .15 (.05)
------- ------- ------- -------
Total from investment operations .21 .38 .54 .16
------- ------- ------- -------
Less dividends from investment income--net (.17) (.37) (.39) (.21)
------- ------- ------- -------
Net asset value, end of period $ 10.15 $ 10.11 $ 10.10 $ 9.95
======= ======= ======= =======
Total Investment Based on net asset value per share 2.13%+++ 3.80% 5.51% 1.61%+++
Return:** ======= ======= ======= =======
<PAGE>
Ratios to Average Expenses, net of reimbursement 1.35%* 1.15% .73% .38%*
Net Assets: ======= ======= ======= =======
Expenses 2.09%* 1.99% 2.25% 1.83%*
======= ======= ======= =======
Investment income--net 3.37%* 3.65% 3.87% 3.05%*
======= ======= ======= =======
Supplemental Net assets, end of period (in thousands) $ 6,167 $ 6,264 $ 7,414 $ 9,532
Data: ======= ======= ======= =======
Portfolio turnover 20.30% 30.90% 141.52% 237.47%
======= ======= ======= =======
<CAPTION>
Pennsylvania Limited Maturity
Class C Class D
The following per share data and
ratios have been derived from For the For the For the For the
information provided in the Six For the Period Six For the Period
financial statements. Months Year Oct. 21, Months Year Oct. 21,
Ended Ended 1994++ to Ended Ended 1994++ to
Increase (Decrease) in Net Jan. 31, July 31, July 31, Jan. 31, July 31, July 31,
Asset Value: 1997 1996 1995 1997 1996 1995
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 10.15 $ 10.10 $ 9.84 $ 10.11 $ 10.10 $ 9.84
Operating ------- ------- ------- ------- ------- -------
Performance: Investment income--net .17 .38 .29 .19 .40 .33
Realized and unrealized gain on
investments--net .04 .05 .26 .05 .01 .26
------- ------- ------- ------- ------- -------
Total from investment operations .21 .43 .55 .24 .41 .59
------- ------- ------- ------- ------- -------
Less dividends from investment
income--net (.17) (.38) (.29) (.19) (.40) (.33)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 10.19 $ 10.15 $ 10.10 $ 10.16 $ 10.11 $ 10.10
======= ======= ======= ======= ======= =======
Total Investment Based on net asset value per share 2.11%+++ 4.28% 5.68%+++ 2.37%+++ 4.07% 6.10%+++
Return:** ======= ======= ======= ======= ======= =======
Ratios to Average Expenses, net of reimbursement 1.28%* .97% 1.05%* 1.09%* .96% .57%*
Net Assets: ======= ======= ======= ======= ======= =======
Expenses 1.95%* 1.83% 2.55%* 1.83%* 1.71% 2.08%*
======= ======= ======= ======= ======= =======
Investment income--net 3.41%* 3.84% 3.77%* 3.63%* 3.84% 4.30%*
<PAGE> ======= ======= ======= ======= ======= =======
Supplemental Net assets, end of period
Data: (in thousands) $ 8 $ 1 $ 1 $ 1,844 $ 1,807 $ 382
======= ======= ======= ======= ======= =======
Portfolio turnover 20.30% 30.90% 141.52% 20.30% 30.90% 141.52%
======= ======= ======= ======= ======= =======
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch Multi-State Limited Maturity Municipal Series Trust
(the "Trust") is registered under the Investment Company Act of 1940
as a non-diversified, open-end management investment company
consisting 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 Pennsylvania Limited Maturity
Municipal Bond Fund. These unaudited financial statements reflect
all adjustments which are, in the opinion of management, necessary
to a fair statement of results for the interim period presented. All
such adjustments are of a normal recurring nature. Each series of
the Trust is referred to herein as a "Fund". 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 remaining maturities of sixty days or less are
valued at amortized cost, which approximates market value.
Securities and assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or
under the direction of the Board of Trustees of the Trust, including
valuations furnished by a pricing service retained by the Trust,
which may utilize a matrix system for valuations. The 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.
(c) Income taxes--It is each Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
<PAGE>
(d) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income is recognized on the accrual
basis. Discounts and market premiums are amortized into interest
income. Realized gains and losses on security transactions are
determined on the identified cost basis.
(e) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expense on a straight-
line basis over a five-year period beginning with 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 Trust has entered into an Investment Advisory Agreement with
Fund Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner. The Trust 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 that Fund's average daily net assets.
For the six months ended January 31, 1997, FAM had voluntarily
waived management fees and reimbursed each Fund for additional
expenses as follows:
Arizona California Florida
Limited Limited Limited
Maturity Maturity Maturity
Management fee $ 7,401 $14,842 --
Additional expenses $39,279 -- --
Massachusetts Michigan New Jersey
Limited Limited Limited
Maturity Maturity Maturity
Management fee $12,430 $ 7,268 $14,025
Additional expenses $33,827 $48,494 $17,831
<PAGE>
New York Pennsylvania
Limited Maturity Limited Maturity
Management fee $31,587 $15,777
Additional expenses $ 9,339 $17,298
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, the Fund pays the Distributor
ongoing account maintenance and distribution fees. The fees are
accrued daily and paid monthly at annual rates based upon the
average daily net assets of the shares as follows:
Account Maintenance Fee Distribution 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 the
Trust. The ongoing account maintenance fee compensates the
Distributor and MLPF&S for providing account maintenance services to
Class B, Class C and Class D shareholders. The ongoing distribution
fee compensates the Distributor and MLPF&S for providing shareholder
and distribution-related services to Class B and Class C
shareholders.
For the six months ended January 31, 1997, MLFD earned underwriting
discounts and MLPF&S earned dealer concessions on sales of the
Fund's Class A and Class D Shares as follows:
Arizona California Florida Massachusetts
Limited Limited Limited Limited
Maturity Maturity Maturity Maturity
Class A:
MLFD $ 3 -- -- --
MLPF&S $ 71 -- -- --
Class D:
<PAGE>
MLFD $ 11 $ 40 $ 55 --
MLPF&S $104 $553 $521 $4
Michigan New Jersey New York Pennsylvania
Limited Limited Limited Limited
Maturity Maturity Maturity Maturity
Class A:
MLFD -- -- -- --
MLPF&S -- -- $ 5 --
Class D:
MLFD $ 46 $ 2 $ 8 $ 5
MLPF&S $350 $ 47 $190 $210
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 $ 387
California Limited Maturity 4,270
Florida Limited Maturity 4,303
Massachusetts Limited Maturity 101
Michigan Limited Maturity 197
New Jersey Limited Maturity 2,323
New York Limited Maturity 1,658
Pennsylvania Limited Maturity 2,320
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-
owned subsidiary of ML & Co., is the Trust's transfer agent.
Accounting services are provided to the Trust by FAM at cost.
Certain officers and/or trustees of the Trust are officers and/or
directors of FAM, PSI, MLFD, MLFDS, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended January 31, 1997 were as follows:
<PAGE>
Purchases Sales
Arizona Limited Maturity $ 918,545 $ 1,764,488
California Limited Maturity 936,241 1,083,130
Florida Limited Maturity 6,096,289 6,460,326
Massachusetts Limited Maturity 528,563 919,640
Michigan Limited Maturity 930,159 479,425
New Jersey Limited Maturity 921,445 2,292,514
New York Limited Maturity 4,060,191 4,069,828
Pennsylvania Limited Maturity 1,309,108 1,478,851
NOTES TO FINANCIAL STATEMENTS (continued)
Net realized and unrealized gains (losses) as of January 31, 1997
were as follows:
Realized Unrealized
Arizona Limited Maturity Gains Gains
Long-term investments $ 86,211 $ 59,880
Short-term investments -- 344
--------- ---------
Total $ 86,211 $ 60,224
========= =========
Realized Unrealized
California Limited Maturity Gains Gains
Long-term investments $ 21,915 $ 562,193
--------- ---------
Total $ 21,915 $ 562,193
========= =========
Realized Unrealized
Florida Limited Maturity Gains Gains
Long-term investments $ 81,524 $ 569,580
Short-term investments 55 --
--------- ---------
Total $ 81,579 $ 569,580
========= =========
<PAGE>
Realized Unrealized
Massachusetts Limited Maturity Gains Gains
Long-term investments $ 21,735 $ 176,147
--------- ---------
Total $ 21,735 $ 176,147
========= =========
Realized Unrealized
Michigan Limited Maturity Gains Gains
Long-term investments $ 21,697 $ 118,892
--------- ---------
Total $ 21,697 $ 118,892
========= =========
Unrealized
Realized Gains
New Jersey Limited Maturity Gains (Losses)
Long-term investments $ 69,121 $ 240,212
Short-term investments -- (18)
--------- ---------
Total $ 69,121 $ 240,194
========= =========
Realized Unrealized
New York Limited Maturity Gains Gains
Long-term investments $ 15,783 $ 388,127
--------- ---------
Total $ 15,783 $ 388,127
========= =========
Realized Unrealized
Pennsylvania Limited Maturity Gains Gains
Long-term investments $ 37,355 $ 158,018
Short-term investments -- 1,046
--------- ---------
Total $ 37,355 $ 159,064
========= =========
<PAGE>
As of January 31, 1997, net unrealized appreciation and the
aggregate cost of investments for Federal income tax purposes were
as follows:
Limited Gross Gross Net Aggregate
Maturity Unrealized Unrealized Unrealized Cost of
Portfolio Appreciation Depreciation Appreciation Investments
Arizona $ 60,224 -- $ 60,224 $ 3,628,369
California 562,193 -- 562,193 13,181,506
Florida 596,437 $ (26,857) 569,580 25,193,279
Massachusetts 180,305 (4,158) 176,147 6,133,393
Michigan 119,497 (605) 118,892 4,436,581
New Jersey 240,770 (576) 240,194 6,952,084
New York 388,127 -- 388,127 15,616,941
Pennsylvania 159,064 -- 159,064 8,435,677
4. Beneficial Interest Transactions:
Net increase (decrease) in net assets derived from beneficial
interest transactions for the six months ended January 31, 1997 and
the year ended July 31, 1996, respectively, were as follows:
For the Six For the
Increase (Decrease) in Months Ended Year Ended
Beneficial Interest Transactions Jan. 31, 1997 July 31, 1996
Arizona Limited Maturity $ (564,183) $ (1,767,011)
California Limited Maturity (1,458,881) (491,496)
Florida Limited Maturity (1,967,095) (5,075,030)
Massachusetts Limited Maturity (936,692) (2,526,578)
Michigan Limited Maturity 602,600 (1,013,383)
New Jersey Limited Maturity (1,326,101) (1,750,465)
New York Limited Maturity (1,798,414) 1,937,339
Pennsylvania Limited Maturity (127,819) 150,949
Transactions in shares of beneficial interest for each class were as
follows:
<PAGE>
Arizona Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 784 $ 7,891
Shares issued to shareholders in
reinvestment of dividends 563 5,679
----------- -----------
Total issued 1,347 13,570
Shares redeemed (2,012) (20,276)
----------- -----------
Net decrease (665) $ (6,706)
=========== ===========
Arizona Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 5,200 $ 52,303
Shares issued to shareholders in
reinvestment of dividends 1,441 14,637
----------- -----------
Total issued 6,641 66,940
Shares redeemed (29,641) (304,005)
----------- -----------
Net decrease (23,000) $ (237,065)
=========== ===========
Arizona Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 570 $ 5,727
Shares issued to shareholders in
reinvestment of dividends 2,387 24,073
----------- -----------
Total issued 2,957 29,800
Automatic conversion of shares (1,017) (10,248)
Shares redeemed (16,971) (171,223)
----------- -----------
Net decrease (15,031) $ (151,671)
=========== ===========
<PAGE>
Arizona Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 43,937 $ 449,980
Shares issued to shareholders in
reinvestment of dividends 7,003 66,184
----------- -----------
Total issued 50,940 516,164
Shares redeemed (275,350) (2,797,058)
----------- -----------
Net decrease (224,410) $(2,280,894)
=========== ===========
Arizona Limited Maturity
Class C Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 100 $ 1,008
Shares issued to shareholders in
reinvestment of dividends 249 2,519
----------- -----------
Total issued 349 3,527
Shares redeemed (100) (1,006)
----------- -----------
Net increase 249 $ 2,521
=========== ===========
Arizona Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 13,124 $ 132,973
Shares issued to shareholders in
reinvestment of dividends 162 1,633
----------- -----------
Total issued 13,286 134,606
Shares redeemed (4) (41)
----------- -----------
Net increase 13,282 $ 134,565
=========== ===========
<PAGE>
Arizona Limited Maturity
Class D Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 1,449 $ 14,601
Automatic conversion of shares 1,018 10,248
Shares issued to shareholders in
reinvestment of dividends 325 3,279
----------- -----------
Total issued 2,792 28,128
Shares redeemed (43,319) (436,455)
----------- -----------
Net decrease (40,527) $ (408,327)
=========== ===========
Arizona Limited Maturity
Class D Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 104,371 $ 1,066,013
Shares issued to shareholders in
reinvestment of dividends 2,220 22,565
----------- -----------
Total issued 106,591 1,088,578
Shares redeemed (47,001) (472,195)
----------- -----------
Net increase 59,590 $ 616,383
=========== ===========
California Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 790 $ 7,959
Shares issued to shareholders in
reinvestment of dividends 1,555 15,647
----------- -----------
Total issued 2,345 23,606
Shares redeemed (4,634) (46,585)
----------- -----------
Net decrease (2,289) $ (22,979)
=========== ===========
California Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
<PAGE>
Shares sold 8,087 $ 80,919
Shares issued to shareholders in
reinvestment of dividends 3,445 34,639
----------- -----------
Total issued 11,532 115,558
Shares redeemed (49,796) (500,770)
----------- -----------
Net decrease (38,264) $ (385,212)
=========== ===========
NOTES TO FINANCIAL STATEMENTS (continued)
California Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 156,513 $ 1,578,202
Shares issued to shareholders in
reinvestment of dividends 7,120 71,656
----------- -----------
Total issued 163,633 1,649,858
Shares redeemed (259,100) (2,607,932)
----------- -----------
Net decrease (95,467) $ (958,074)
=========== ===========
California Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 210,376 $ 2,110,120
Shares issued to shareholders in
reinvestment of dividends 15,717 158,020
----------- -----------
Total issued 226,093 2,268,140
Automatic conversion of shares (7,895) (80,134)
Shares redeemed (267,935) (2,686,717)
----------- -----------
Net decrease (49,737) $ (498,711)
=========== ===========
California Limited Maturity
<PAGE>
Class C Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares issued to shareholders in
reinvestment of dividends 3 $ 22
----------- -----------
Net increase 3 $ 22
=========== ===========
California Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 24 $ 250
Shares issued to shareholders in
reinvestment of dividends 8 78
----------- -----------
Total issued 32 328
Shares redeemed (983) (9,913)
----------- -----------
Net decrease (951) $ (9,585)
=========== ===========
California Limited Maturity
Class D Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 23,566 $ 236,850
Shares issued to shareholders in
reinvestment of dividends 908 9,131
----------- -----------
Total issued 24,474 245,981
Shares redeemed (71,859) (723,831)
----------- -----------
Net decrease (47,385) $ (477,850)
=========== ===========
<PAGE>
California Limited Maturity
Class D Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 105,834 $ 1,060,270
Automatic conversion of shares 7,895 80,134
Shares issued to shareholders in
reinvestment of dividends 1,093 10,986
----------- -----------
Total issued 114,822 1,151,390
Shares redeemed (74,548) (749,378)
----------- -----------
Net increase 40,274 $ 402,012
=========== ===========
Florida Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 50,584 $ 505,745
Shares issued to shareholders in
reinvestment of dividends 3,734 37,220
----------- -----------
Total issued 54,318 542,965
Shares redeemed (23,568) (235,397)
----------- -----------
Net increase 30,750 $ 307,568
=========== ===========
Florida Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 91,796 $ 926,979
Shares issued to shareholders in
reinvestment of dividends 11,780 118,180
----------- -----------
Total issued 103,576 1,045,159
Shares redeemed (296,045) (2,960,805)
----------- -----------
Net decrease (192,469) $(1,915,646)
=========== ===========
<PAGE>
Florida Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 75,935 $ 758,252
Shares issued to shareholders in
reinvestment of dividends 10,757 107,223
----------- -----------
Total issued 86,692 865,475
Automatic conversion of shares (3,635) (36,364)
Shares redeemed (307,201) (3,062,988)
----------- -----------
Net decrease (224,144) $(2,233,877)
=========== ===========
Florida Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 374,709 $ 3,773,344
Shares issued to shareholders in
reinvestment of dividends 28,155 282,558
----------- -----------
Total issued 402,864 4,055,902
Shares redeemed (646,498) (6,500,752)
----------- -----------
Net decrease (243,634) $(2,444,850)
=========== ===========
Florida Limited Maturity
Class C Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 5,712 $ 56,834
Shares issued to shareholders in
reinvestment of dividends 33 317
----------- -----------
Net increase 5,745 $ 57,151
=========== ===========
Florida Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 6,623 $ 65,559
Shares issued to shareholders in
reinvestment of dividends 4 41
----------- -----------
Total issued 6,627 65,600
Shares redeemed (1,536) (15,483)
----------- -----------
Net increase 5,091 $ 50,117
=========== ===========
Florida Limited Maturity
Class D Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 155,954 $ 1,556,359
Automatic conversion of shares 3,635 36,364
Shares issued to shareholders in
reinvestment of dividends 2,560 25,508
----------- -----------
Total issued 162,149 1,618,231
Shares redeemed (172,063) (1,716,168)
----------- -----------
Net decrease (9,914) $ (97,937)
=========== ===========
Florida Limited Maturity
Class D Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 316,584 $ 3,192,506
Shares issued to shareholders in
reinvestment of dividends 4,342 43,518
----------- -----------
Total issued 320,926 3,236,024
Shares redeemed (397,363) (4,000,675)
----------- -----------
Net decrease (76,437) $ (764,651)
=========== ===========
<PAGE>
Massachusetts Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 528 $ 5,243
Shares issued to shareholders in
reinvestment of dividends 1,442 14,385
----------- -----------
Total issued 1,970 19,628
Shares redeemed (38,813) (386,185)
----------- -----------
Net decrease (36,843) $ (366,557)
=========== ===========
Massachusetts Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 22,851 $ 226,189
Shares issued to shareholders in
reinvestment of dividends 7,410 74,223
----------- -----------
Total issued 30,261 300,412
Shares redeemed (304,602) (3,055,529)
----------- -----------
Net decrease (274,341) $(2,755,117)
=========== ===========
Massachusetts Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 45,722 $ 455,941
Shares issued to shareholders in
reinvestment of dividends 4,509 44,989
----------- -----------
Total issued 50,231 500,930
Shares redeemed (91,687) (916,252)
----------- -----------
Net decrease (41,456) $ (415,322)
=========== ===========
<PAGE>
Massachusetts Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 163,902 $ 1,649,909
Shares issued to shareholders in
reinvestment of dividends 9,837 98,401
----------- -----------
Total issued 173,739 1,748,310
Shares redeemed (195,993) (1,955,850)
----------- -----------
Net decrease (22,254) $ (207,540)
=========== ===========
NOTES TO FINANCIAL STATEMENTS (continued)
Massachusetts Limited Maturity
Class C Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 5,458 $ 54,530
Shares issued to shareholders in
reinvestment of dividends 411 4,097
----------- -----------
Net increase 5,869 $ 58,627
=========== ===========
Massachusetts Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares issued to shareholders in
reinvestment of dividends 1,201 $ 12,027
Shares redeemed (21,496) (212,811)
----------- -----------
Net decrease (20,295) $ (200,784)
=========== ===========
Massachusetts Limited Maturity
Class D Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
<PAGE>
Shares sold 281 $ 2,613
Shares issued to shareholders in
reinvestment of dividends 731 7,474
----------- -----------
Total issued 1,012 10,087
Shares redeemed (22,421) (223,527)
----------- -----------
Net decrease (21,409) $ (213,440)
=========== ===========
Massachusetts Limited Maturity
Class D Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 101,394 $ 1,009,332
Shares issued to shareholders in
reinvestment of dividends 1,553 15,510
----------- -----------
Total issued 102,947 1,024,842
Shares redeemed (38,979) (387,979)
----------- -----------
Net increase 63,968 $ 636,863
=========== ===========
Michigan Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 1,003 $ 10,000
Shares issued to shareholders in
reinvestment of dividends and
distributions 779 7,771
----------- -----------
Total issued 1,782 17,771
Shares redeemed (20,983) (208,967)
----------- -----------
Net decrease (19,201) $ (191,196)
=========== ===========
<PAGE>
Michigan Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 40,664 $ 405,188
Shares issued to shareholders in
reinvestment of dividends 1,529 15,293
----------- -----------
Total issued 42,193 420,481
Shares redeemed (107,949) (1,077,796)
----------- -----------
Net decrease (65,756) $ (657,315)
=========== ===========
Michigan Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 10,507 $ 105,010
Shares issued to shareholders in
reinvestment of dividends and
distributions 2,217 22,123
----------- -----------
Total issued 12,724 127,133
Shares redeemed (23,221) (231,288)
----------- -----------
Net decrease (10,497) $ (104,155)
=========== ===========
Michigan Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 36,451 $ 365,718
Shares issued to shareholders in
reinvestment of dividends 5,013 50,143
----------- -----------
Total issued 41,464 415,861
Shares redeemed (106,251) (1,063,510)
----------- -----------
Net decrease (64,787) $ (647,649)
=========== ===========
Michigan Limited Maturity
Class C Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares issued to shareholders in
reinvestment of dividends and
distributions 3 $ 22
----------- -----------
Net increase 3 $ 22
=========== ===========
Michigan Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares issued to shareholders in
reinvestment of dividends 4 $ 41
----------- -----------
Net increase 4 $ 41
=========== ===========
<PAGE>
Michigan Limited Maturity
Class D Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 105,057 $ 1,049,619
Shares issued to shareholders in
reinvestment of dividends and
distributions 836 8,342
----------- -----------
Total issued 105,893 1,057,961
Shares redeemed (16,055) (160,032)
----------- -----------
Net increase 89,838 $ 897,929
=========== ===========
Michigan Limited Maturity
Class D Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 29,731 $ 298,909
Shares issued to shareholders in
reinvestment of dividends 1,126 11,245
----------- -----------
Total issued 30,857 310,154
Shares redeemed (1,878) (18,614)
----------- -----------
Net increase 28,979 $ 291,540
=========== ===========
New Jersey Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 4,099 $ 41,574
Shares issued to shareholders in
reinvestment of dividends 3,703 37,482
----------- -----------
Total issued 7,802 79,056
Shares redeemed (85,886) (869,757)
----------- -----------
Net decrease (78,084) $ (790,701)
=========== ===========
<PAGE>
New Jersey Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 102,101 $ 1,042,636
Shares issued to shareholders in
reinvestment of dividends 8,892 90,367
----------- -----------
Total issued 110,993 1,133,003
Shares redeemed (83,997) (856,193)
----------- -----------
Net increase 26,996 $ 276,810
=========== ===========
New Jersey Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 66,891 $ 677,666
Shares issued to shareholders in
reinvestment of dividends 5,837 59,150
----------- -----------
Total issued 72,728 736,816
Automatic conversion of shares (5,706) (57,581)
Shares redeemed (122,212) (1,236,538)
----------- -----------
Net decrease (55,190) $ (557,303)
=========== ===========
New Jersey Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 107,343 $ 1,095,824
Shares issued to shareholders in
reinvestment of dividends 14,061 143,043
----------- -----------
Total issued 121,404 1,238,867
Shares redeemed (359,338) (3,646,563)
----------- -----------
Net decrease (237,934) $(2,407,696)
=========== ===========
<PAGE>
New Jersey Limited Maturity
Class C Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares issued to shareholders in
reinvestment of dividends 70 $ 642
Shares redeemed (1) (4)
----------- -----------
Net increase 69 $ 638
=========== ===========
New Jersey Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 29,124 $ 272,904
Shares issued to shareholders in
reinvestment of dividends 459 4,199
----------- -----------
Net increase 29,583 $ 277,103
=========== ===========
New Jersey Limited Maturity
Class D Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 3,411 $ 34,361
Automatic conversion of shares 5,706 57,581
Shares issued to shareholders in
reinvestment of dividends 922 9,343
----------- -----------
Total issued 10,039 101,285
Shares redeemed (7,922) (80,020)
----------- -----------
Net increase 2,117 $ 21,265
=========== ===========
NOTES TO FINANCIAL STATEMENTS (concluded)
<PAGE>
New Jersey Limited Maturity
Class D Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 47,184 $ 477,087
Shares issued to shareholders in
reinvestment of dividends 728 7,411
----------- -----------
Total issued 47,912 484,498
Shares redeemed (37,500) (381,180)
----------- -----------
Net increase 10,412 $ 103,318
=========== ===========
New York Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 8,093 $ 81,659
Shares issued to shareholders in
reinvestment of dividends 4,290 43,268
----------- -----------
Total issued 12,383 124,927
Shares redeemed (138,364) (1,397,693)
----------- -----------
Net decrease (125,981) $(1,272,766)
=========== ===========
New York Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 44,189 $ 446,602
Shares issued to shareholders in
reinvestment of dividends 11,547 116,691
----------- -----------
Total issued 55,736 563,293
Shares redeemed (164,328) (1,659,912)
----------- -----------
Net decrease (108,592) $(1,096,619)
=========== ===========
New York Limited Maturity
<PAGE>
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 80,958 $ 817,653
Shares issued to shareholders in
reinvestment of dividends 8,769 88,507
----------- -----------
Total issued 89,727 906,160
Automatic conversion of shares (1,413) (14,231)
Shares redeemed (144,455) (1,456,867)
----------- -----------
Net decrease (56,141) $ (564,938)
=========== ===========
New York Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 465,594 $ 4,716,623
Shares issued to shareholders in
reinvestment of dividends 17,959 181,459
----------- -----------
Total issued 483,553 4,898,082
Automatic conversion of shares (3,459) (34,832)
Shares redeemed (356,773) (3,612,208)
----------- -----------
Net increase 123,321 $ 1,251,042
=========== ===========
New York Limited Maturity
Class C Shares for the
Six Months Ended Dollar
January 31, 1997 Shares Amount
Shares issued to shareholders in
reinvestment of dividends 413 $ 4,170
Shares redeemed (1,074) (10,834)
----------- -----------
Net decrease (661) $ (6,664)
=========== ===========
<PAGE>
New York Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 20,376 $ 206,729
Shares issued to shareholders in
reinvestment of dividends 398 4,008
----------- -----------
Total issued 20,774 210,737
Shares redeemed (3,295) (32,843)
----------- -----------
Net increase 17,479 $ 177,894
=========== ===========
New York Limited Maturity
Class D Shares for the
Six Months Ended Dollar
January 31, 1997 Shares Amount
Shares sold 101,400 $ 1,022,222
Automatic conversion of shares 1,412 14,231
Shares issued to shareholders in
reinvestment of dividends 8,440 85,208
----------- -----------
Total issued 111,252 1,121,661
Shares redeemed (106,026) (1,075,707)
----------- -----------
Net increase 5,226 $ 45,954
=========== ===========
New York Limited Maturity
Class D Shares for the
Year Ended Dollar
July 31, 1996 Shares Amount
Shares sold 162,557 $ 1,636,956
Automatic conversion of shares 3,456 34,832
Shares issued to shareholders in
reinvestment of dividends 6,809 68,734
----------- -----------
Total issued 172,822 1,740,522
Shares redeemed (13,363) (135,500)
----------- -----------
Net increase 159,459 $ 1,605,022
=========== ===========
<PAGE>
Pennsylvania Limited Maturity
Class A Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 1,629 $ 16,535
Shares issued to shareholders in
reinvestment of dividends 504 5,109
----------- -----------
Total issued 2,133 21,644
Shares redeemed (6,353) (64,617)
----------- -----------
Net decrease (4,220) $ (42,973)
=========== ===========
Pennsylvania Limited Maturity
Class A Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 5,556 $ 56,865
Shares issued to shareholders in
reinvestment of dividends 1,095 11,133
----------- -----------
Total issued 6,651 67,998
Shares redeemed (17,647) (179,041)
----------- -----------
Net decrease (10,996) $ (111,043)
=========== ===========
Pennsylvania Limited Maturity
Class B Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 98,690 $ 1,000,399
Shares issued to shareholders in
reinvestment of dividends 6,981 70,780
----------- -----------
Total issued 105,671 1,071,179
Shares redeemed (117,744) (1,192,370)
----------- -----------
Net decrease (12,073) $ (121,191)
=========== ===========
<PAGE>
Pennsylvania Limited Maturity
Class B Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 89,391 $ 910,583
Shares issued to shareholders in
reinvestment of dividends 17,173 174,586
----------- -----------
Total issued 106,564 1,085,169
Shares redeemed (220,973) (2,241,767)
----------- -----------
Net decrease (114,409) $(1,156,598)
=========== ===========
Pennsylvania Limited Maturity
Class C Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
Shares sold 726 $ 7,411
Shares issued to shareholders in
reinvestment of dividends 5 47
----------- -----------
Total issued 731 7,458
Shares redeemed (95) (974)
----------- -----------
Net increase 636 $ 6,484
=========== ===========
Pennsylvania Limited Maturity
Class C Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 7,571 $ 82,082
Shares issued to shareholders in
reinvestment of dividends 83 850
----------- -----------
Total issued 7,654 82,932
Shares redeemed (7,650) (82,673)
----------- -----------
Net increase 4 $ 259
=========== ===========
Pennsylvania Limited Maturity
Class D Shares for the Six Months Dollar
Ended January 31, 1997 Shares Amount
<PAGE>
Shares sold 2,145 $ 21,856
Shares issued to shareholders in
reinvestment of dividends 2,988 30,317
----------- -----------
Total issued 5,133 52,173
Shares redeemed (2,194) (22,312)
----------- -----------
Net increase 2,939 $ 29,861
=========== ===========
Pennsylvania Limited Maturity
Class D Shares for the Year Dollar
Ended July 31, 1996 Shares Amount
Shares sold 155,680 $ 1,569,272
Shares issued to shareholders in
reinvestment of dividends 1,844 18,653
----------- -----------
Total issued 157,524 1,587,925
Shares redeemed (16,678) (169,594)
----------- -----------
Net increase 140,846 $ 1,418,331
=========== ===========
5. Capital Loss Carryforward:
At July 31, 1996, each Fund of the Trust had an approximate net
capital loss carryforward as follows: $69,000 in the Arizona Limited
Maturity Fund, of which $66,000 expires in 2003 and $3,000 expires
in 2004; $434,000 in the California Limited Maturity Fund, of which
$156,000 expires in 2003 and $278,000 expires in 2004; $718,000 in
the Florida Limited Maturity Fund, of which $518,000 expires in 2003
and $200,000 expires in 2004; $340,000 in the Massachusetts Limited
Maturity Fund, of which $70,000 expires in 2003 and $270,000 expires
in 2004; $138,000 in the Michigan Limited Maturity Fund, of which
$53,000 expires in 2003 and $85,000 expires in 2004; $281,000 in the
New Jersey Limited Maturity Fund, of which $98,000 expires in 2003
and $183,000 expires in 2004; $207,000 in the New York Limited
Maturity Fund, of which $122,000 expires in 2002, $2,000 expires in
2003 and $83,000 expires in 2004; and $91,000 in the Pennsylvania
Limited Maturity Fund, all of which expires in 2003. These amounts
will be available to offset like amounts of any future taxable
gains.
