MERRILL LYNCH MULTI STATE LTD MATURITY MUN SERIES TRUST, N-30B-2, 1997-06-10

MERRILL LYNCH MULTI STATE LTD MATURITY MUN SERIES TRUST
N-30B-2, 1997-06-10

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MERRILL LYNCH
MULTI-STATE
LIMITED MATURITY
MUNICIPAL
SERIES TRUST

FUND LOGO

Quarterly Report

April 30, 1997

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.

<PAGE>

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

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
<PAGE>
Custodian
The Bank of New York
90 Washington Street, 12th Floor
New York, NY 10005

Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863

TO OUR SHAREHOLDERS

The Municipal Market Environment
Intermediate-term municipal bonds were higher over the three months
ended April 30, 1997. Bond yields initially had risen as investors
became increasingly concerned that the US domestic economic strength
seen thus far in 1997 would continue and that the increase in short-
term interest rates administered by the Federal Reserve Board (FRB)
in late March would be the first in a series of such moves designed
to slow the US economy before any dormant inflationary pressures
were awakened. Five-year tax-exempt bond yields rose approximately
40 basis points (0.40%) to almost 4.85% by mid-April. Similarly,
five-year US Treasury note yields rose over 35 basis points over the
same period to 6.69%. However, in late April economic indicators
were released showing that despite considerable economic growth, any
inflationary pressures, particularly those associated with wage
increases, were well-contained and of no immediate concern. Fixed-
income bond prices staged a significant rally during the last week
of April with five-year US Treasury note yields falling more than 15
basis points to end the month at 6.53%. Five-year municipal bond
yields declined nearly 10 basis points to stand at 4.75% by April
30, 1997.

As in recent quarters, the relative stability of tax-exempt bond
yields was supported by low levels of new municipal bond issuance.
Over the past six months, approximately $90 billion in long-term tax-
exempt bonds was underwritten, a decline of more than 6% versus the
corresponding period a year earlier. During the April 30, 1997
quarter, $41 billion in new long-term municipal bonds was issued,
also a 6% decline in issuance as compared to the April 30, 1996
quarter. Overall investor demand has remained strong, particularly
from property and casualty insurance companies and individual retail
investors.
<PAGE>
Additionally, in recent months much of the new bond issuance was
dominated by a number of larger issues. These included $710 million
in New York City water bonds, $600 million in state of California
bonds, $1 billion in New York City general obligation bonds, $435
million in Dade County, Florida water and sewer revenue bonds, $450
million in Puerto Rico Electric Authority issues, and $930 million
in Port Authority of New York and New Jersey issues. These bonds
have typically been issued in states with relatively high state
income taxes and consequently generally were underwritten at yields
that were relatively unattractive to residents in other states. This
has exacerbated the general decline in overall issuance in recent
years, making the decrease in supply even more dramatic for general
market investors.

The present economic situation remains nearly ideal. The domestic
economy continues to grow steadily with little, if any, sign of a
resurgence in inflation. Recent economic growth generated
considerable unexpected tax revenues for the Federal government.
Forecasts for the 1997 Federal fiscal deficit were reduced to under
$100 billion, a level not seen since the early 1980s. Such a reduced
Federal deficit enhances the prospect for a balanced Federal budget.
All of these factors support a scenario of steady, or even falling,
interest rates in the coming years. Present annual estimates of
future municipal bond issuance remain centered around $175 billion,
indicating that the current relative scarcity of tax-exempt bonds
should continue for at least the remainder of the year. Should
interest rates begin to decline later this year, either as the
result of a balanced Federal budget or continued benign inflation,
investors are unlikely to be able to purchase long-term municipal
bonds at their currently attractive levels.

Portfolio Strategy

Merrill Lynch Arizona Limited
Maturity Municipal Bond Fund
Economic growth in the state of Arizona continues to expand at a
rate which exceeds that of the rest of the nation. The state's
finances reflect this growth, resulting in higher tax revenues which
in turn have spurred higher infrastructure spending. Like other
states which have experienced an explosion of growth and the
incipient need for services and expansion of infrastructure, the
most important challenge facing the state of Arizona will be the
coordination of growth and debt levels. Currently, the state has an
established "rainy day" fund of $233.1 million and ended its last
fiscal year with a $628.2 million unreserved fund balance. Prospects
for Arizona's economic stability are excellent as the state
continues to attract a well-diversified economic base.
<PAGE>
During the three-month period ended April 30, 1997, we maintained
cash reserves of about 20% of net assets in Merrill Lynch Arizona
Limited Maturity Municipal Bond Fund and an average portfolio
maturity of approximately 3.5 years. We maintained a somewhat
defensive posture during the April quarter as it appeared that the
economy was operating at a very strong pace, that the FRB was likely
to raise interest rates, and that securities in the two-year--ten-
year range would be most affected by a FRB tightening. The FRB
raised the Federal Funds rate by 25 basis points on March 25, 1997,
and short-term interest rates rose. However, by April quarter-end,
the limited availability of Arizona intermediate-term municipal
bonds caused these issues to outperform their taxable counterparts.
Despite recent economic data indicating continued growth with benign
inflation, we anticipate that the FRB will again raise interest
rates to ensure that any potential inflationary pressures are
stifled. Consequently, we expect to continue to maintain our current
portfolio strategy in the upcoming months.

Merrill Lynch California Limited
Maturity Municipal Bond Fund
During the quarter ended April 30, 1997, Standard & Poor's Corp.
(S&P) affirmed its A+ rating on the state of California's
outstanding general obligation debt. The rating reflects the broad
improvement in the state's diverse economy, an improving employment
picture, more realistic budget assumptions and break-even operating
results. Strong gains in exports, entertainment, tourism and the
computer services sectors have helped drive the current economic
recovery. State employment has now reached pre-recessionary levels.
Offsetting factors to the state's strong economic performance are
structural impediments such as mandated school funding levels, tough
new mandatory sentencing laws and a still weak financial position
when adjusted for school loans. The immediate impact of Proposition
218 on California municipal credits will be modest. For most cities,
the initiative results in a loss of financial flexibility rather
than an immediate threat to existing revenue streams.

At the completion of the April quarter, net assets of Merrill Lynch
California Limited Maturity Municipal Bond Fund stood at
approximately $15.4 million, an increase of approximately 9% from
January 31, 1997. As we discussed in our January 31, 1997 letter to
shareholders, we had planned to maintain a more aggressive
investment posture into the April quarter because we expected
slowing economic growth to enable the FRB to leave short-term
interest rates unchanged. However, as the April quarter developed,
robust retail sales and housing activity brought on by warm weather,
personal income gains, high consumer confidence and early tax
refunds caused the economy to surge, forcing us to reduce our
average portfolio maturity from 4.1 years to 3.1 years and increase
our cash equivalent securities position to approximately 25% of the
Fund's net assets. We maintained this posture through March and into
April as the FRB, concerned about the inflationary ramifications
that might be brought about by tight labor markets and strong
consumer demand, raised the Federal Funds rate from 5.25% to 5.50%.
In late April, the market appeared oversold while discounting
numerous FRB tightenings. We took this opportunity to extend
portfolio maturity to 4.8 years under the premise that first-quarter
growth was unsustainable and would return to more modest levels and
that inflation would remain subdued. We will continue to monitor
economic statistics closely to enhance total returns while limiting
any net asset value deterioration.
<PAGE>
Merrill Lynch Florida Limited
Maturity Municipal Bond Fund
During the quarter ended April 30, 1997, S&P raised its rating on
the state of Florida's $8.2 billion full faith and credit debt to
AA+. This upgrade reflects the state's financial management
strengths such as the steady funding of the budget stabilization
fund over the last three years, the state's strong economic
expansion relative to the region and the nation, as well as its
continued diversification of its largely service-based economy.
DRI/McGraw Hill projects employment gains of 2.5% annually through
2001, which ranks Florida third in the nation. Florida's service
sector accounts for more than one-third of total state employment.
Growth in the service, construction and trade sectors added more
than 488,000 jobs between 1993 and 1996. The tourism industry, which
continues to be somewhat cyclical, is expected to remain strong
through 1998 because of continued high consumer confidence levels
nationwide. The state expects to end fiscal 1997 with a budget
stabilization reserve of $409 million and a working capital fund of
$219.4 million. These reserves combined represent 4.3% of general
fund revenues, which is the highest reserve level the state has
recorded in more than a decade.

At the completion of the April quarter, net assets of Merrill Lynch
Florida Limited Maturity Municipal Bond Fund stood at approximately
$23.9 million, a decline of approximately 8.5% from January 31,
1997. As we discussed in our January 31, 1997 letter to
shareholders, we had planned to maintain a more aggressive
investment posture in the April quarter because we expected slowing
economic growth to enable the FRB to leave short-term interest rates
unchanged. However, as the April quarter developed, robust retail
sales and housing activity brought on by warm weather, personal
income gains, high consumer confidence and early tax refunds caused
the economy to surge. This scenario caused us to reduce our average
portfolio maturity from 4.1 years to 3.7 years and increase our cash
equivalent securities position to 17% of net assets. We maintained
this posture through March and into April as the FRB, concerned
about the inflationary ramifications that might be brought about by
tight labor markets and strong consumer demand, raised the Federal
Funds rate from 5.25% to 5.50%. In late April, the market appeared
oversold while discounting numerous FRB tightenings. We took this
opportunity to extend our average maturity to 4.5 years under the
premise that first quarter growth was unsustainable and would return
to more modest levels and that inflation would remain subdued. We
will continue to monitor economic statistics closely in an effort to
enhance total returns while limiting any net asset value
deterioration.
<PAGE>
Merrill Lynch Massachusetts
Limited Maturity Municipal
Bond Fund
Overall, the commonwealth of Massachusetts fared well as economic
activity remained positive throughout the quarter ended April 30,
1997. High personal income levels and high consumer confidence
levels have combined with relatively low mortgage rates to allow the
housing sector to remain on a positive growth trend during the April
quarter. The strong economic environment has allowed the
commonwealth to continue reporting better-than-expected revenue
collections. For the nine months ended March 31, 1997, the
commonwealth's total revenue collections were $9.04 billion, or 7.4%
above the comparable period last year. These positive revenue
streams have allowed Governor Weld to initiate programs which reduce
various tax burdens on Massachusetts residents as well as increase
the fiscal-year 1997 revenue estimates by $180 million.

Interest rates ended the April quarter higher with the yield on the
five-year US Treasury note approximately 35 basis points higher than
its level on January 31, 1997. Investors had begun to factor in a
tightening of FRB monetary policy of 25 basis points--50 basis
points as a safeguard against a strong economy and possibly higher
inflation in the future. Then, the FRB did raise the Federal Funds
rate 25 basis points on March 25, 1997, the first tightening of
monetary policy in two years.

The Fund's average portfolio maturity continued to run just over 4
years, and we maintained cash reserves at approximately 15% of net
assets. This somewhat defensive strategy, combined with the
relatively short-term characteristics of the Fund as compared to
other Massachusetts tax-exempt funds, served to enhance the
performance of the Fund during the April quarter compared to its
peer group. We anticipate continuing this strategy into the July
quarter since we expect the FRB to raise in-terest rates one more
time, although the scarce supply of intermediate-term municipal
bonds should cause municipal bonds in the two-year--ten-year
maturity range to outperform their taxable counterparts.

Merrill Lynch Michigan Limited
Maturity Municipal Bond Fund
During the quarter ended April 30, 1997, Michigan's unemployment
rate fell to 4.3% in March, the lowest seasonally adjusted
unemployment rate since the Michigan Employment Security Agency
began taking estimates in 1970. Job gains were spread across several
state industries. Construction and retail trade added 5,000 jobs
each while services added another 7,000 jobs. The manufacturing and
auto industries reported stable employment. In March, a strong
showing by Michigan's apparel, general merchandise, furniture and
appliance retailers helped push up retail sales across the state for
the second month in a row. Also in March, auto sales fell about 3%
with car sales weaker and the US-based automakers' market share
continuing to shrink. Governor Engler presented a $30.9 billion
budget for fiscal 1998 to Michigan legislators. The plan would
increase spending from the state's general fund by 27% to $8.5
billion without proposing tax increases or reductions.
<PAGE>
At the completion of the April quarter, net assets of Merrill Lynch
Michigan Limited Maturity Municipal Bond Fund stood at approximately
$4.5 million, a decrease of approximately 3% from January 31, 1997.
As we had discussed in our January 31, 1997 letter to shareholders,
we planned to maintain a more aggressive investment posture into the
April quarter because we expected slowing economic growth to enable
the FRB to leave short-term interest rates unchanged. However, as
the April quarter developed, robust retail sales and housing
activity brought on by warm weather, personal income gains, high
consumer confidence and early tax refunds caused the economy to
surge, forcing us to maintain a less aggressive maturity stance of
4.3 years while maintaining a 20% cash equivalent position. We
maintained this posture through the April quarter as the FRB,
concerned about the inflation ramifications that might be brought
about by tight labor markets and strong consumer demand, raised the
Federal Funds rate from 5.25% to 5.50%. In late April, the market
appeared oversold while discounting numerous FRB tightenings. We
continued to maintain our position under the premise that first
quarter growth was unsustainable and would return to more modest
levels and that inflation would remain subdued. We will continue to
monitor economic statistics closely in an effort to enhance total
returns while limiting any net asset value deterioration.

Merrill Lynch New Jersey Limited
Maturity Municipal Bond Fund
Governor Christine Todd Whitman presented a $16.4 billion budget for
fiscal year 1998 to the New Jersey legislature. The budget sets out
a plan that would boost spending by 1.3% as compared to the 1997
budget, which ends June 30, 1997. Included in the budget is an
anticipated surplus of $550 million. A notable proposal contained in
the budget is the sale of pension bonds. Proceeds from the bond sale
would be used to eliminate the state's unfunded pension liability
and free up a surplus for use in the 1998 and 1999 fiscal years. The
legislature will be deliberating various elements of the budget
through the spring.

For much of the April quarter, we maintained cash reserves of less
than 20% of net assets and an average portfolio maturity of about
4.5 years. Despite a rise in intermediate-term interest rates
overall in the tax-exempt market, demand for New Jersey state-
specific securities remained strong and the Fund benefited from a
longer average portfolio maturity. Additionally, the short-term
nature of the Fund relative to longer-term bond funds enhanced the
Fund's performance in the period of rising interest rates. However,
at the end of the April quarter, we increased our cash reserve
position with the sale of one of the Fund's largest holdings, Port
Authority of New York and New Jersey, 7.10% due 7/15/04. We sold
these bonds to lock in profits before the Port Authority entered the
market with an approximately $1.0 billion bond deal at April month-
end. We will maintain our increased cash reserve level temporarily
since we expect that the FRB will continue its tightening of
monetary policy that it initiated in late March.
<PAGE>
Merrill Lynch New York Limited
Maturity Municipal Bond Fund
During the quarter ended April 30, 1997, Governor Pataki and the
State legislature acknowledged that New York would miss its April
deadline to adopt a new budget and agreed to extend the deadline
until May 9, 1997. Governor Pataki has proposed a $66.1 billion
budget for fiscal year 1998 but blames the delay on New York
Assembly Democrats who are proposing spending $3 billion--$4 billion
more than he thinks the state can afford. Most of the differences in
the two budgets comes in school spending and Medicaid.

In the April quarter, S&P affirmed its A- rating on the state's
outstanding $5.25 billion general obligation debt based on the
state's diverse economic base that continues to expand modestly,
above-average income levels, improved financial performance and a
relatively high overall debt burden. Fiscal results for 1997 are
expected to be positive with the state economy generating strong
first-quarter revenues because of increases in personal spending and
income and consumer confidence that remains at record levels.

At the completion of the April quarter, net assets of Merrill Lynch
New York Limited Maturity Municipal Bond Fund stood at approximately
$15.4 million, a decrease of approximately 5% from January 31, 1997.
As we had discussed in our January 31, 1997 letter to shareholders,
we had planned to maintain a more aggressive investment posture into
the April quarter because we expected slowing economic growth to
enable the FRB to leave short-term interest rates unchanged.
However, as the April quarter developed, robust retail sales and
housing activity brought on by warm weather, personal income gains,
high consumer confidence and early tax refunds caused us to reduce
our average maturity from 4.1 years to 4.2 years and increase our
cash equivalent position to approximately 25% of the Fund's net
assets. We maintained this posture through March and into April as
the FRB, concerned about the inflationary ramifications that might
be brought about by tight labor markets and strong consumer demand,
raised the Federal Funds rate from 5.25% to 5.50%. In late April,
the market appeared oversold while discounting numerous FRB
tightenings. We took this opportunity to extend our maturity to 4.9
years under the premise that first quarter growth was unsustainable
and would return to more modest levels and that inflation would
remain subdued. We will continue to monitor economic statistics
closely in an effort to enhance total return while limiting any net
asset value deterioration.
<PAGE>
Merrill Lynch Pennsylvania Limited
Maturity Municipal Bond Fund
Governor Tom Ridge presented his fiscal year 1998 budget at the
onset of the period. The $16.4 billion budget proposed an increase
in spending of approximately 3.0% as compared to last year as well
as tax cuts and incentives for businesses. The commonwealth expects
to finish the current fiscal year with a surplus, primarily the
result of stronger-than-anticipated sales tax receipts and larger-
than-expected corporate tax collections. In addition, the
commonwealth is expected to add close to $30.0 million to its "rainy
day" fund.

During the April quarter, we maintained cash reserves of about 13%
of net assets in Merrill Lynch Pennsylvania Limited Maturity
Municipal Bond Fund and an average portfolio maturity of 3.5 years.
We maintained a somewhat defensive posture during the April quarter
as it appeared that the economy was operating at a very strong pace
and that the FRB was likely to raise interest rates as securities in
the two-year--ten-year range would be most affected by a FRB
tightening. The FRB raised the Federal Funds rate by 25 basis points
on March 25, 1997 and short-term interest rates rose. However, by
April quarter-end the limited availability of Pennsylvania
intermediate-term municipal bonds caused these issues to outperform
their taxable counterparts. Despite recent economic data indicating
continued growth with benign inflation, we anticipate that the FRB
will again raise interest rates to ensure that any potential
inflationary pressures are stifled. Consequently, we expect to
continue to maintain our current portfolio strategy in the coming
months.

Sincerely,

(Arthur Zeikel)
Arthur Zeikel
President

(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
<PAGE>

(Peter J. Hayes)
Peter J. Hayes
Vice President and Portfolio Manager

(Edward J. Andrews)
Edward J. Andrews
Vice President and Portfolio Manager

(Helen M. Sheehan)
Helen M. Sheehan
Vice President and Portfolio Manager

May 7, 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.
<PAGE>
* 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.)

* 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. Figures shown in the "Average Annual Total
Return" tables assume reinvestment of all dividends and capital
gains distributions at net asset value on the payable date.
Investment return and principal value of shares will fluctuate so
that shares, when redeemed, may be worth more or less than their
original cost. Dividends paid to each class of shares will vary
because of the different levels of account maintenance, distribution
and transfer agency fees applicable to each class, which are
deducted from the income available to be paid to shareholders.

Average Annual
Total Returns

Arizona Limited Maturity

% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.51% +1.48%
Inception (11/26/93) through 3/31/97 +3.97 +3.66

% Return % Return
Class B Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.14% +1.15%
Inception (11/26/93) through 3/31/97 +3.57 +3.57

% Return % Return
Class C Shares++ Without CDSC With CDSC++++
<PAGE>
Year Ended 3/31/97 +2.34% +1.35%
Inception (10/21/94) through 3/31/97 +4.18 +4.18

% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.40% +1.38%
Inception (10/21/94) through 3/31/97 +4.49 +4.06

[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.

PERFORMANCE DATA (continued)

Average Annual
Total Returns
(continued)

California Limited Maturity

%Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +3.53% +2.49%
Inception (11/26/93) through 3/31/97 +3.99 +3.68

% Return % Return
Class B Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +3.26% +2.26%
Inception (11/26/93) through 3/31/97 +3.62 +3.63

% Return % Return
Class C Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +3.46% +2.46%
Inception (10/21/94) through 3/31/97 +4.85 +4.85
<PAGE>

% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +3.42% +2.39%
Inception (10/21/94) through 3/31/97 +5.01 +4.58

Florida Limited Maturity

% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.79% +1.76%
Inception (11/26/93) through 3/31/97 +3.73 +3.42

% Return % Return
Class B Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.42% +1.44%
Inception (11/26/93) through 3/31/97 +3.36 +3.36

% Return % Return
Class C Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.50% +1.51%
Inception (10/21/94) through 3/31/97 +4.00 +4.00

% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**
<PAGE>
Year Ended 3/31/97 +2.58% +1.56%
Inception (10/21/94) through 3/31/97 +4.59 +4.16

Massachusetts Limited Maturity

% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.84% +1.81%
Inception (11/26/93) through 3/31/97 +3.83 +3.51

% Return % Return
Class B Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.47% +1.48%
Inception (11/26/93) through 3/31/97 +3.45 +3.45

% Return % Return
Class C Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.68% +1.69%
Inception (10/21/94) through 3/31/97 +4.35 +4.35

% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.84% +1.81%
Inception (10/21/94) through 3/31/97 +4.47 +4.04

Michigan Limited Maturity
<PAGE>

% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +3.00% +1.97%
Inception (11/26/93) through 3/31/97 +3.79 +3.48

%Return % Return
Class B Shares* Without CDSC With CDSC++

Year Ended 3/31/97 +2.73% +1.74
Inception (11/26/93) through 3/31/97 +3.45 +3.45

% Return % Return
Class C Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.57% +1.58%
Inception (10/21/94) through 3/31/97 +4.31 +4.31

Class D Shares* %Return Without % Return With
Sales Charge Sales Charge**

Year Ended 3/31/97 +2.90% +1.87%
Inception (10/21/94) through 3/31/97 +4.72 +4.29

New Jersey Limited Maturity

% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.97% +1.94%
Inception (11/26/93) through 3/31/97 +4.11 +3.80

% Return % Return
Class B Shares++ Without CDSC With CDSC++++
<PAGE>
Year Ended 3/31/97 +2.71% +1.72%
Inception (11/26/93) through 3/31/97 +3.77 +3.77

% Return % Return
Class C Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.82% +1.83%
Inception (10/21/94) through 3/31/97 +0.38 +0.38

% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.87% +1.84%
Inception (10/21/94) through 3/31/97 +4.85 +4.42

New York Limited Maturity

% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +3.34% +2.30%
Inception (11/26/93) through 3/31/97 +4.28 +3.97

% Return % Return
Class B Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.97% +1.98%
Inception (11/26/93) through 3/31/97 +3.91 +3.91

% Return % Return
Class C Shares++ Without CDSC With CDSC++++
<PAGE>
Year Ended 3/31/97 +3.27% +2.28%
Inception (10/21/94) through 3/31/97 +5.07 +5.07

% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +3.23% +2.20%
Inception (10/21/94) through 3/31/97 +5.28 +4.85

PERFORMANCE DATA (concluded)

Average Annual
Total Returns
(concluded)

Pennsylvania Limited Maturity

% Return Without % Return With
Class A Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +3.12% +2.09%
Inception (11/26/93) through 3/31/97 +4.22 +3.91

% Return % Return
Class B Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +2.76% +1.76%
Inception (11/26/93) through 3/31/97 +3.85 +3.85

% Return % Return
Class C Shares++ Without CDSC With CDSC++++

Year Ended 3/31/97 +3.34% +2.34%
Inception (10/21/94) through 3/31/97 +4.89 +4.89
<PAGE>

% Return Without % Return With
Class D Shares* Sales Charge Sales Charge**

Year Ended 3/31/97 +2.92% +1.89%
Inception (10/21/94) through 3/31/97 +5.05 +4.61

<TABLE>
Recent
Performance
Results*
<CAPTION>
Standardized
12 Month 3 Month 30-day Yield
12 Month 3 Month Total Total As of
4/30/97 1/31/97 4/30/96 % Change % Change Return Return 4/30/97
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona Limited Maturity Class A Shares $ 9.99 $10.08 $10.09 -0.99% -0.89% +2.78%(1) -0.05%(2) 3.54%
Arizona Limited Maturity Class B Shares 9.99 10.08 10.09 -0.99 -0.89 +2.42(3) -0.14(4) 3.21
Arizona Limited Maturity Class C Shares 10.00 10.09 10.10 -0.99 -0.89 +2.62(5) -0.09(6) 3.36
Arizona Limited Maturity Class D Shares 10.00 10.09 10.09 -0.89 -0.89 +2.78(7) -0.08(8) 3.44
California Limited Maturity Class A Shares 9.98 10.06 9.99 -0.10 -0.80 +3.63(7) +0.08(9) 3.44
California Limited Maturity Class B Shares 9.98 10.06 9.99 -0.10 -0.80 +3.26(10) +0.00(6) 3.12
California Limited Maturity Class C Shares 9.98 10.06 9.99 -0.10 -0.80 +3.47(11) +0.04(2) 3.30
California Limited Maturity Class D Shares 9.98 10.06 9.99 -0.10 -0.80 +3.52(12) +0.06(13) 3.40
Florida Limited Maturity Class A Shares 9.86 9.98 9.95 -0.90 -1.20 +3.10(14) -0.26(15) 3.73
Florida Limited Maturity Class B Shares 9.86 9.98 9.95 -0.90 -1.20 +2.74(16) -0.34(13) 3.42
Florida Limited Maturity Class C Shares 9.80 9.91 9.90 -1.01 -1.11 +2.82(17) -0.20(18) 3.61
Florida Limited Maturity Class D Shares 9.86 9.97 9.95 -0.90 -1.10 +3.00(19) -0.18(20) 3.63
Massachusetts Limited Maturity Class A Shares 9.86 9.98 9.96 -1.00 -1.20 +2.95(21) -0.25(22) 3.87
Massachusetts Limited Maturity Class B Shares 9.87 9.99 9.96 -0.90 -1.20 +2.69(23) -0.33(24) 3.54
Massachusetts Limited Maturity Class C Shares 9.86 9.98 9.96 -1.00 -1.20 +2.79(17) -0.29(25) 3.75
Massachusetts Limited Maturity Class D Shares 9.86 9.98 9.96 -1.00 -1.20 +2.85(26) -0.27(27) 3.77
Michigan Limited Maturity Class A Shares 9.88 9.99 9.96 -0.80 -1.10 +3.21(28) -0.18(20) 3.82
Michigan Limited Maturity Class B Shares 9.88 9.99 9.96 -0.80 -1.10 +2.84(16) -0.26(2) 3.49
Michigan Limited Maturity Class C Shares 9.88 9.99 9.96 -0.80 -1.10 +2.80(23) -0.26(2) 3.44
Michigan Limited Maturity Class D Shares 9.87 9.98 9.96 -0.90 -1.10 +3.00(29) -0.20(18) 3.72
New Jersey Limited Maturity Class A Shares 10.00 10.13 10.10 -0.99 -1.28 +2.97(30) -0.36(27) 3.67
New Jersey Limited Maturity Class B Shares 10.01 10.14 10.11 -0.99 -1.28 +2.60(31) -0.45(32) 3.35
New Jersey Limited Maturity Class C Shares 9.06 9.18 9.15 -0.98 -1.31 +2.82(33) -0.43(34) 3.55
New Jersey Limited Maturity Class D Shares 10.00 10.13 10.10 -0.99 -1.28 +2.87(35) -0.39(25) 3.57
New York Limited Maturity Class A Shares 9.99 10.10 10.04 -0.50 -1.09 +3.75(36) -0.08(37) 3.98
New York Limited Maturity Class B Shares 9.99 10.10 10.04 -0.50 -1.09 +3.38(29) -0.17(20) 3.66
New York Limited Maturity Class C Shares 9.99 10.10 10.04 -0.50 -1.09 +3.58(38) -0.13(39) 3.84
New York Limited Maturity Class D Shares 9.99 10.10 10.04 -0.50 -1.09 +3.65(40) -0.11(41) 3.88
Pennsylvania Limited Maturity Class A Shares 10.07 10.15 10.11 -0.40 -0.79 +3.42(26) +0.10(42) 3.60
Pennsylvania Limited Maturity Class B Shares 10.07 10.15 10.11 -0.40 -0.79 +3.05(33) +0.01(34) 3.28
Pennsylvania Limited Maturity Class C Shares 10.11 10.19 10.09 +0.20 -0.79 +3.63(43) +0.03(44) 3.35
Pennsylvania Limited Maturity Class D Shares 10.07 10.16 10.12 -0.49 -0.89 +3.21(45) -0.03(24) 3.50
<PAGE>
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included.
(1)Percent change includes reinvestment of $0.377 per share
ordinary income dividends.
(2)Percent change includes reinvestment of $0.081 per share
ordinary income dividends.
(3)Percent change includes reinvestment of $0.341 per share
ordinary income dividends.
(4)Percent change includes reinvestment of $0.073 per share
ordinary income dividends.
(5)Percent change includes reinvestment of $0.361 per share
ordinary income dividends.
(6)Percent change includes reinvestment of $0.077 per share
ordinary income dividends.
(7)Percent change includes reinvestment of $0.367 per share
ordinary income dividends.
(8)Percent change includes reinvestment of $0.079 per share
ordinary income dividends.
(9)Percent change includes reinvestment of $0.085 per share
ordinary income dividends.
(10)Percent change includes reinvestment of $0.331 per share
ordinary income dividends.
(11)Percent change includes reinvestment of $0.351 per share
ordinary income dividends.
(12)Percent change includes reinvestment of $0.357 per share
ordinary income dividends.
(13)Percent change includes reinvestment of $0.083 per share
ordinary income dividends.
(14)Percent change includes reinvestment of $0.393 per share
ordinary income dividends.
(15)Percent change includes reinvestment of $0.091 per share
ordinary income dividends.
(16)Percent change includes reinvestment of $0.358 per share
ordinary income dividends.
(17)Percent change includes reinvestment of $0.374 per share
ordinary income dividends.
(18)Percent change includes reinvestment of $0.087 per share
ordinary income dividends.
(19)Percent change includes reinvestment of $0.383 per share
ordinary income dividends.
(20)Percent change includes reinvestment of $0.089 per share
ordinary income dividends.
(21)Percent change includes reinvestment of $0.390 per share
ordinary income dividends.
(22)Percent change includes reinvestment of $0.092 per share
ordinary income dividends.
<PAGE>
(23)Percent change includes reinvestment of $0.354 per share
ordinary income dividends.
(24)Percent change includes reinvestment of $0.084 per share
ordinary income dividends.
(25)Percent change includes reinvestment of $0.088 per share
ordinary income dividends.
(26)Percent change includes reinvestment of $0.380 per share
ordinary income dividends.
(27)Percent change includes reinvestment of $0.090 per share
ordinary income dividends.
(28)Percent change includes reinvestment of $0.394 per share
ordinary income dividends.
(29)Percent change includes reinvestment of $0.384 per share
ordinary income dividends.
(30)Percent change includes reinvestment of $0.395 per share
ordinary income dividends.
(31)Percent change includes reinvestment of $0.360 per share
ordinary income dividends.
(32)Percent change includes reinvestment of $0.082 per share
ordinary income dividends.
(33)Percent change includes reinvestment of $0.344 per share
ordinary income dividends.
(34)Percent change includes reinvestment of $0.078 per share
ordinary income dividends.
(35)Percent change includes reinvestment of $0.385 per share
ordinary income dividends.
(36)Percent change includes reinvestment of $0.420 per share
ordinary income dividends.
(37)Percent change includes reinvestment of $0.098 per share
ordinary income dividends.
(38)Percent change includes reinvestment of $0.403 per share
ordinary income dividends.
(39)Percent change includes reinvestment of $0.094 per share
ordinary income dividends.
(40)Percent change includes reinvestment of $0.410 per share
ordinary income dividends.
(41)Percent change includes reinvestment of $0.095 per share
ordinary income dividends.
(42)Percent change includes reinvestment of $0.086 per share
ordinary income dividends.
(43)Percent change includes reinvestment of $0.342 per share
ordinary income dividends.
(44)Percent change includes reinvestment of $0.080 per share
ordinary income dividends.
(45)Percent change includes reinvestment of $0.370 per share
ordinary income dividends.
</TABLE>

<PAGE>
PORTFOLIO COMPOSITION

Arizona
Limited Maturity
Municipal
Bond Fund

For the Quarter Ended April 30, 1997

Distribution by Market Sector*

General Obligations & Tax Revenue Bonds 35.2%
Utility Revenue Bonds 10.1
Prerefunded Bonds** 6.7
Other Revenue Bonds 48.0
------
Total 100.0%
======

Net assets as of April 30, 1997 were $3,086,448.

Quality Ratings*
(Based on Nationally Recognized Rating Services)

A pie chart showing the following percentages:

AAA/Aaa 46%

AA/Aa 29%

A/A 5%

Other++ 20%

[FN]
*Based on total market value of the portfolio as of April 30, 1997.
**Backed by a fund holding US Treasury or other high-quality
securities.
++Temporary investments in short-term municipal securities.

California
Limited Maturity
Municipal
Bond Fund

<PAGE>
For the Quarter Ended April 30, 1997

Distribution by Market Sector*

General Obligations & Tax Revenue Bonds 31.4%
Prerefunded Bonds** 16.6
Utility Revenue Bonds 13.0
Other Revenue Bonds 39.0
------
Total 100.0%
======

Net assets as of April 30, 1997 were $15,410,359.

Quality Ratings*
(Based on Nationally Recognized Rating Services)

A pie chart showing the following percentages:

AAA/Aaa 42%

AA/Aa 18%

A/A 13%

Other++ 27%

Florida
Limited Maturity Municipal
Bond Fund

For the Quarter Ended April 30, 1997

Distribution by Market Sector*
<PAGE>
Prerefunded Bonds** 41.2%
General Obligations & Tax Revenue Bonds 31.0
Utility Revenue Bonds 16.9
Other Revenue Bonds 10.9
------
Total 100.0%
======

Net assets as of April 30, 1997 were $23,942,276.

Quality Ratings*
(Based on Nationally Recognized Rating Services)

A pie chart showing the following percentages:

AAA/Aaa 65%

AA/Aa 17%

A/A 5%

BBB/Baa 6%

Other++ 7%

Massachusetts
Limited Maturity
Municipal
Bond Fund

For the Quarter Ended April 30, 1997

Distribution by Market Sector*
<PAGE>
General Obligations & Tax Revenue Bonds 37.1%
Utility Revenue Bonds 13.6
Prerefunded Bonds** 4.8
Other Revenue Bonds 44.5
------
Total 100.0%
======

Net assets as of April 30, 1997 were $5,338,925.

Quality Ratings*
(Based on Nationally Recognized Rating Services)

A pie chart showing the following percentages:

AAA/Aaa 33%

AA/Aa 6%

A/A 38%

BBB/Baa 10%

Other++ 13%

PORTFOLIO COMPOSITION (concluded)

Michigan
Limited Maturity
Municipal
Bond Fund

For the Quarter Ended April 30, 1997

Distribution by Market Sector*
<PAGE>
General Obligations & Tax Revenue Bonds 51.0%
Prerefunded Bonds** 18.1
Utility Revenue Bonds 6.8
Other Revenue Bonds 24.1
------
Total 100.0%
======

Net assets as of April 30, 1997 were $4,518,685.

Quality Ratings*
(Based on Nationally Recognized Rating Services)

A pie chart showing the following percentages:

AAA/Aaa 56%

AA/Aa 30%

Other++ 14%

New Jersey
Limited Maturity
Municipal
Bond Fund

For the Quarter Ended April 30, 1997

Distribution by Market Sector*

General Obligations & Tax Revenue Bonds 42.0%
Utility Revenue Bonds 16.0
Other Revenue Bonds 42.0
------
Total 100.0%
======

Net assets as of April 30, 1997 were $6,449,413.

Quality Ratings*
(Based on Nationally Recognized Rating Services)
<PAGE>
A pie chart showing the following percentages:

AA/Aaa 48%

AA/Aa 6%

Other++ 46%

[FN]
*Based on total market value of the portfolio as of April 30, 1997.
++Temporary investments in short-term municipal securities.

New York
Limited Maturity
Municipal
Bond Fund

For the Quarter Ended April 30, 1997

Distribution by Market Sector*

General Obligations & Tax Revenue Bonds 43.1%
Prerefunded Bonds** 14.1
Other Revenue Bonds 42.8
------
Total 100.0%
======

Net assets as of April 30, 1997 were $15,219,848.

Quality Ratings*
(Based on Nationally Recognized Rating Services)

A pie chart showing the following percentages:

AAA/Aaa 37%

AA/Aa 25%

A/A 18%

BBB/Baa 8%

Other++ 12%
<PAGE>
[FN]
*Based on total market value of the portfolio as of April 30, 1997.
**Backed by a fund holding US Treasury or other high-quality
securities.
++Temporary investments in short-term municipal securities.

Pennsylvania
Limited Maturity
Municipal
Bond Fund

For the Quarter Ended April 30, 1997

Distribution by Market Sector*

General Obligations & Tax Revenue Bonds 23.4%
Prerefunded Bonds** 17.3
Utility Revenue Bonds 5.2
Other Revenue Bonds 54.1
------
Total 100.0%
======

Net assets as of April 30, 1997 were $8,101,029.

Quality Ratings*
(Based on Nationally Recognized Rating Services)

A pie chart showing the following percentages:

AAA/Aaa 32%

AA/Aa 21%

A/A 22%

Other++ 25%