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MERRILL LYNCH FLORIDA MUNICIPAL BOND FUND
OF MERRILL LYNCH MULTI-STATE MUNICIPAL SERIES TRUST
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SUPPLEMENT DATED NOVEMBER 9, 1994 TO
STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 21, 1994
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The following paragraph should be inserted after the fifth full paragraph on
page 54 of "APPENDIX I -- ECONOMIC CONDITIONS IN FLORIDA":
The Florida Supreme Court recently determined in KUHNLEIN V. FLORIDA
DEPARTMENT OF REVENUE, 19 Fla. L. Weekly S467, 1994 WL 525900 (1994) that the
$295 vehicle impact fee imposed by the State on certificates of title issued for
vehicles previously titled outside Florida violated the U.S. Constitution. In
making this determination, the Court approved the trial court's order that the
State refund the taxes collected. According to the Department of Highway Safety
and Motor Vehicles, the State has not decided from what source the refunds will
be made. The State's refund exposure may be in excess of $187.2 million.
The Fund cannot predict the impact of this ruling on State finances.
